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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

          Wednesday, February 26, 2025, Vol. 26, No. 41

                           Headlines



A R G E N T I N A

ARGENTINA: Buenos Aires & Cordoba Eye Debt Sales
ARGENTINA: Looks to Purchase Winter LNG Imports in Early March
ARGENTINA: Scandal Fuels Sell-Off on Favorite Memecoin Platform
PROVINCE OF SALTA: S&P Affirms 'B-' ICR & Alters Outlook to Stable


B R A Z I L

NATURA & CO: Brazil Unit Talks with IG4 for Potential Avon Deal


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Egg Prices Rise Due to Avian Flu Epidemic
DOMINICAN REPUBLIC: Pest Affects Potatoes, Tomatoes, Chili Peppers
DOMINICAN REPUBLIC: Rise of the Dollar Hits the Pockets of Locals


J A M A I C A

JAMAICA: Economy Declines 0.9 Per Cent in 2024


T R I N I D A D   A N D   T O B A G O

DIGICEL GROUP: To Cut Jobs in Trinidad and Tobago

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Buenos Aires & Cordoba Eye Debt Sales
------------------------------------------------
Kevin Simauchi at Bloomberg News reports that two Argentine
regional governments are exploring a return to international bond
markets after a near decade-long absence, tapping into Wall Street
confidence that the economy is rebounding and inflation is finally
back under control.

Buenos Aires City - which oversaw a failed debt tender offer toward
the end of 2024 - and Córdoba Province are each mulling the sale
of around US$500 million of bonds between March and May, according
to people with direct knowledge of the matter, Bloomberg News
discloses.

State officials have met with investors to gauge demand since the
second half of last year, aided by banks including JPMorgan Chase &
Co and Santander, the people added, asking not to be identified as
the deliberations are private, Bloomberg Newssays.  Spokespeople
from both lenders declined to comment.

The plans, while still in their preliminary stages, highlight how
Argentina's provinces are benefitting from bullishness surrounding
the government's austerity measures and its success in slashing
inflation, Bloomberg News discloses.  If they succeed in issuing
bonds, it could serve as an early signal to investors that the
sovereign may also look to launch its own return to capital
markets, Bloomberg News says.

It's an auspicious moment for Argentina.  The economy is expected
to bounce back from a bruising recession and grow 4.6 percent this
year, with annual inflation projected to slow to 23.2 percent by
the end of 2025 from 118 percent in 2024, according to a January
Central Bank survey, Bloomberg News relays.  Its dollar bonds were
some of the best trades in emerging markets last year, and the
country is in talks with the International Monetary Fund for a new
agreement that's expected in the next few months, Bloomberg News
notes.

Still, President Javier Milei's administration has no shortage of
challenges ahead. Poverty has surged, long term investments have
yet to materialise and the country's web of currency and capital
controls remains in place, Bloomberg News discloses.

Milei became embroiled in a scandal over his promotion of a
cryptocurrency that soared in value before collapsing, Bloomberg
News notes.  The debacle, which triggered calls for his impeachment
and lawsuits, caused a slide in the country's assets, Bloomberg
News relays.

                        Trying Again

Buenos Aires City is considering a sale in March or April,
depending on developments between Milei and the IMF, one of the
people said, Bloomberg News says.  Economy Minister Luis Caputo has
said that final details of an IMF deal are currently being ironed
out, Bloomberg News relays.

Fund managers have said an IMF accord with fresh cash would trigger
another rally in sovereign notes, reducing the extra yield
investors demand to hold Argentine debt -- a potential boon to
regional bonds, Bloomberg News discloses.

As one of the country's richest regions, Buenos Aires has avoided
the defaults that have plagued South America's second-largest
economy, Bloomberg News notes.  Still, local officials were
unsuccessful in a December debt tender in which they only secured
the participation of people holding about a third of outstanding
bonds due 2027, as they struggled to track down enough retail
investors who owned the securities, Bloomberg News says.

Currently, the municipality's 2027 dollar notes change hands at par
and yield around 303 basis points over US treasuries, according to
pricing data compiled by Bloomberg.  Some US$330 million of
principal and interest on those bonds are due in June, Bloomberg
News relays.

                      Riding Coattails

Córdoba is keen to follow with a debt sale of its own between
April and May, Bloomberg News notes.  The province wants to see if
it can ride the coattails of Buenos Aires' operation, should it
drum up enough demand, one of the people added.   

The local government currently has international bonds due in 2025,
2027 and 2029 with payments on some of those notes tallied at
roughly US$149 million coming due in June, Bloomberg News relays.

Even if both sales go ahead, a sovereign issuance wouldn't be sure
to follow, Bloomberg News notes.  Earlier this year, Milei said he
plans to tap capital markets after he lifts the country's currency
controls, although he did not provide a specific timeline,
Bloomberg News discloses.  Economy chief Caputo previously told
investors in New York that the goal was to issue debt by
2026,Bloomberg News  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 Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.

On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

On Nov. 15, 2024, Fitch Ratings 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.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.


ARGENTINA: Looks to Purchase Winter LNG Imports in Early March
--------------------------------------------------------------
Ruth Liao at Bloomberg News reports that Argentina's state-owned
gas importer ENARSA will start buying liquefied natural gas in
early March, ahead of the start of the southern hemisphere winter,
according to traders familiar with the matter.

The South American importer relies heavily on spot LNG cargoes
during most of its winter, which typically runs from late April to
early September, according to Bloomberg News.  Colder temperatures
increase demand for the heating fuel, and Argentina's re-entry into
the spot market may restrict immediate supply and put the country
in competition with buyers in Asia and Europe, Bloomberg News
says.

ENARSA's first purchase tender could be launched early next month
for future deliveries, said traders who requested anonymity because
the talks are private, Bloomberg News discloses.  The volume
requested is likely to be similar to demand in 2024, according to
one of the traders, Bloomberg News says.

Argentina's Energy Secretariat typically calculates natural gas
demand and then commissions state-run ENARSA to submit bids for LNG
cargoes, Bloomberg News relays.  A spokesman for the ministry did
not immediately respond to a request for comment.

Argentina imported 1.5 million metric tons of LNG in 2024, its
lowest level since 2019, Bloomberg News recalls.  Demand has
fluctuated in recent years and fell in 2024 due to the start of a
major pipeline connecting Vaca Muerta shale supplies to Buenos
Aires, Bloomberg News says.

The country is about to revive its own plans to export gas via LNG,
although the proposed projects still need financing before
construction and supply to global markets can begin, Bloomberg News
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 Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.

On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

On Nov. 15, 2024, Fitch Ratings 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.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.


ARGENTINA: Scandal Fuels Sell-Off on Favorite Memecoin Platform
---------------------------------------------------------------
Olga Kharif at Bloomberg News reports that the Solana
cryptocurrency sank to the lowest level since early November as the
president of Argentina became embroiled in a scandal involving a
memecoin launched on the token's blockchain.

Solana, the sixth-largest crypto token, has lost about 25 percent
of its market value since February 14 as Argentina President Javier
Milei came under scrutiny for promoting a token called Libra on the
Solana blockchain, according to Bloomberg News.  Solana is a
network that has become popular for developers of crypto memecoins
due to its low fees and fast transaction fees.     

The roughly US$20-billion slide has drawn attention to the sudden
surges and crashes in memecoins as promoters have been issuing
thousands of the tokens, which generally have no underlying value,
Bloomberg News notes.  

Nearly 60,000 tokens have been launched through Pump.fun, which
lets anyone issue a token on Solana, according to tracker Dune,
Bloomberg News relays.

"The market is concerned about liability contagion," said Henry
Elder of UTXO Management, Bloomberg News discloses.  "Every hour it
seems that another leader in the Solana ecosystem is implicated in
Libra and other extractive token launches that have featured almost
exclusively in that ecosystem for several months," he added.

Another high-profile meme token issued on Solana by US President
Donald Trump has lost nearly 80 percent of its value since its Jan.
19 peak, according to tracker CoinMarketCap, Bloomberg News relays.
A memecoin tied to First Lady Melania Trump is down 70 percent,
Bloomberg News notes.  Libra, which has caused political turmoil in
Argentina, is down nearly 90 percent since it came out,
CoinMarketCap data show, Bloomberg News says.

Other cryptocurrencies were hit hard, Bloomberg News relays.
Bitcoin slumped below US$94,000 for the first time, Bloomberg News
discloses.  Ether was down more than five percent, while altcoins
such as Cardano and Chainlink were off around 9%, Bloomberg News
says.

Memecoins, which aren't usually tied to any product or service, are
viewed as a cultural phenomenon in crypto. Long-time versions such
as Dogecoin, which features a picture of a dog, started as a joke
but has garnered a following including billionaire Elon Musk, and
now has a US$36-billion market value, Bloomberg News relays.  In
recent years, other memecoins have been trying to engage loyal
followers as well, with the likes of Shiba Inu and Pepe making
their debuts. But many memecoins' buyers have become victims of
pump-and-dump schemes and rug pulls, in which the coins' creators
run up their prices and then exit, leaving others holding the bag
as the price crashes, Bloomberg News notes.

There could be other reasons for Solana's price decline as well,
such as potential large sales of the token by Solana investors,
with about US$1.8-billion worth of the token hitting the market on
March 1 due to unlocks, Elder said, Bloomberg News discloses.  Some
coins granted to or purchased by certain parties can't be sold
until they unlock on a certain day, Bloomberg News says.

"Many investors are front-running expected sales from those that
are unlocking," said Jeff Dorman, chief investment officer at Arca,
Bloomberg News notes.  "Further, the negative sentiment created
from Pump.fun" and other parties involved "in the TRUMP, MELANIA,
and LIBRA tokens have weighed on price," he added.

                      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 Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.

On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

On Nov. 15, 2024, Fitch Ratings 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.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.


PROVINCE OF SALTA: S&P Affirms 'B-' ICR & Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings, on Feb. 24, 2025, affirmed its 'B-' global
scale issuer credit and issue ratings on the province of Salta. The
outlook remains stable.

Outlook

The stable outlooks reflect our expectation of continuity of
Salta's cautious fiscal execution amid a moderate economic recovery
and the decline in inflation, while risks posed by Argentina's weak
external liquidity and persistent economic vulnerabilities remain
pronounced.

Downside scenario

S&P said, "We could lower the ratings on the province of Salta in
the upcoming 12 months if adverse developments undermine the
sovereign's already limited access to financing amid increased
macroeconomic instability or a tightening of access to foreign
exchange, impairing the Argentine local and regional governments'
(LRGs') ability to service their foreign-currency debt. We could
also downgrade the province following a deterioration of its fiscal
profile that could heighten liquidity pressures."

Upside scenario

S&P said, "We could raise the ratings in the next 12 months
following an improvement in the province's liquidity position,
either from stronger cash reserves or its ability to tap debt
markets. In addition, Salta and all other LRGs in Argentina are
capped by the 'B-' transfer and convertibility (T&C) assessment of
Argentina. An upgrade of Salta would also require an improvement in
the T&C assessment and/or the predictability of the fiscal federal
system, which could stem from the sovereign's improved
creditworthiness. This could occur amid further improvements in
external liquidity and declining economic vulnerabilities, which
would set the stage for greater stability and continued economic
recovery."

Rationale

The 'B-' ratings on Salta reflect our expectation that continued
cautious budget execution, coupled with the accumulated cash
reserves, will facilitate timely payment of the province's
relatively low debt in the next 12 months. However, the
creditworthiness is constrained by Salta's track record of low and
volatile economic growth, as well as the short-term nature of
financial management and planning, exacerbated partly by
Argentina's macroeconomic imbalances and swings in economic
policies at the national level.

The expected economic recovery should alleviate some budgetary
pressure in the short term, but economic vulnerabilities in
Argentina remain significant.

Argentina has been implementing reforms that have helped stabilize
the economy by narrowing the central government deficit, reducing
high inflation, and deregulating many sectors. S&P said, "We expect
GDP to grow 4% or more this year, following two consecutive years
of economic contraction. Both investment and private consumption
began to rise in the second half of 2024, but they remain below
previous peaks. Argentina and Salta's growth lags that of other
countries at a similar level of wealth. We expect Argentina's GDP
per capita will be about $16,000 (at the official exchange rate)
and Salta's to reach $10,000 in 2025."

Foreign investments in the lithium sector could enhance Salta's
economic growth trajectory and diversify its economy, which is
currently concentrated in the agricultural sector. Despite its
mining potential, Salta's mineral exports were $300 million in
2025, accounting for nearly 2% of its GDP in 2024. Projects such as
Mariana, Centenario Ratones, and Sal de Oro have invested the
equivalent of 15% of Salta's GDP in the past five years, with
production expected to ramp up in 2025. However, the rise in the
provincial tax revenue is likely to be modest because of relatively
low royalty rate and sluggish lithium prices.

S&P expects Salta's administration to continue using conservative
revenue assumptions, as economic projections are subject to
uncertainty. Volatility and the lack of predictability of
Argentina's policies have led to swings in economic direction,
including exchange rate regimes, approaches to monetary policy, as
well as changes to the intergovernmental fiscal system. The central
government has historically passed fiscal stress to LRGs, most
recently in the form of cuts to nonautomatic transfers or increased
spending responsibilities.

Fluid economic conditions have shortened Salta's fiscal planning
horizon, as seen in other provinces. Nonetheless, the
administration remains committed to austerity. In the past four
years, Salta has generated operating and after-capex surplus, while
gradually reducing its debt burden.

Market constraints and high uncertainty have led to more cautious
spending and very low debt burden.

S&P said, "We expect Salta's operating surplus to be about 6% of
operating revenue in 2025, consistent with 2023 and 2024 figures,
as its fiscal performance has been resilient to the steep revenue
erosion in 2024. Transfers from the central government account for
70% of Salta's revenue. They fell by 10% in real terms in 2024 due
to the economic downturn and the central government's "shock
therapy," which included cuts to provincial nonautomatic transfers.
Salta's budgetary belt tightening amid an average inflation rate of
220% helped mitigate the impact on its fiscal accounts. We estimate
that payroll grew by 180% in 2024, while capital expenditures
(capex) increased by 60%, resulting in significant real cuts.

"The approval of the personal income tax (national tax that is
transferred to provinces) reform in July 2024 and the rebound of
consumption in the last quarter of 2024 have alleviated budgetary
pressures. However, the rapid decline in inflation, while positive
for economic development, could pose some fiscal challenges in the
short term, particularly regarding payroll management and slower
nominal revenue growth, which pose risk for mismatches. Considering
Salta's track record of austere fiscal policies, we estimate
expenditure will grow in line with revenue.

"We expect capex to increase only gradually over the coming years
and lead to moderate deficits after capex. Salta, and most
Argentine LRGs remain locked out of global capital markets since
the default of 2020. This has led to continuous declines in debt
burden, which could reach 12% of operating revenues in 2025; higher
than expected depreciation could add some volatility to our
metrics.

The international bond due 2027 represents 60% of Salta's debt
burden and payments scheduled for 2025 totals $110 million (3% of
operating revenues). Based on our estimates, Salta's free and
available cash should cover about 67% of financing needs for the
next 12 months, depending on the exchange rate movements. However,
S&P expects Salta to cover its financing needs with loans from
multilateral lending agencies and domestic banks.

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

  Ratings Affirmed

  Salta (Province of)

  Issuer Credit Rating          B-/Stable/--

  Salta (Province of)

  Senior Unsecured              B-




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B R A Z I L
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NATURA & CO: Brazil Unit Talks with IG4 for Potential Avon Deal
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazilian
cosmetics maker Natura & Co is in exclusive talks with asset
manager IG4 for the potential sale of Avon's operations outside
Latin America, it said, sending its shares higher.

Natura is one of the largest conglomerates in the global CF&T
segment, consisting of two iconic brands, Natura and Avon.
Company's founders control approximately 38% of shares, while the
remainder are listed on the Brazilian stock exchange.

As reported in the Troubled Company Reporter-Latin America on April
5, 2024, Fitch Ratings has upgraded Natura &Co Holding S.A.(Natura)
and Natura Cosmeticos S.A.'s Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) to 'BB+' from 'BB' and National Scale
Rating to 'AAA(bra) from 'AA+(bra)'. Fitch has also upgraded Natura
& Co Luxembourg Holdings S.a.r.l's unsecured notes to 'BB+' from
'BB'. In addition, Fitch has affirmed Avon Products, Inc. and its
unsecured notes at 'BB'. Rating Outlook is Stable. In August 2024,
Fitch affirmed its
ratings.

On Aug. 13, 2024, S&P Global Ratings lowered its issuer credit
rating on Avon Products Inc. (API), a subsidiary of Natura & Co
Holding S.A, to 'D' from 'BB-'. At the same time, S&P lowered its
issue rating on API's debt to 'D' from 'BB-'.

                 About AIO US and Avon Products

AIO US Inc., Avon Products Inc, and some of its affiliates are
manufacturers and marketers of beauty, fashion, and home products
with operations and customers across the globe.

AIO US and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on
Aug. 12, 2024. In the petition filed by Philip J. Gund as chief
restructuring officer, AIO US disclosed $1 billion to $10 billion
in assets and debt.

Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are
counsel to the Debtors.  Ankura Consulting Group LLC serves as
restructuring advisor to the Debtors.  Rothschild & Co US Inc is
the Debtors' investment banker and financial advisor.  Epiq
Corporate Restructuring LLC acts as claims and noticing agent to
the Debtors.




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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: Egg Prices Rise Due to Avian Flu Epidemic
-------------------------------------------------------------
Dominican Today reports that the price of a dozen eggs has just
broken a record, surpassing 2023.  On January 12, the US
authorities published new consumer price indices, according to
Dominican Today.  The price of twelve category A eggs, one of the
best qualities, was $4.95 on average in American cities, compared
to $2.52 a year ago, the report notes.  In a month, the index rose
15.2%, compared to just 0.4% for food products.  Prices can vary
from city to city and store to store, the report relays.

This increase is weighing on consumers, the report relays.  

There is also a decrease in egg production due to avian influenza,
the report cites.  Avian flu circulates on farms.  For three years,
cases of the virus have been detected on farms.  The hens die or
are slaughtered.  The number of contaminations continues to
increase.  It quadrupled between October and December last year,
with more than 18 million birds infected in December, the report
relays.

Recent climate catastrophes aren't helping: Hurricanes in the
Southeast and fires in California have disrupted the migrations of
wild birds that spread the virus, the report adds.  And all these
contaminations have reduced the number of chickens, the report
discloses.

But while the shortage is undeniable, there is also the issue of
price gouging: companies that raise prices to increase their
margins, the report relays.  According to Farm Action, as of 2020,
five companies control 36% and 40% of the country's laying hen
farms, the report notes.  According to the same report, large
groups have increased their profit margins by up to 40% on the
price of a dozen eggs in 2022 and 2023 based on avian flu and
inflation, the report says.  And Donald Trump has not proposed any
measures to combat it, the report adds.

                   About Dominican Republic

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

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

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

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.


DOMINICAN REPUBLIC: Pest Affects Potatoes, Tomatoes, Chili Peppers
------------------------------------------------------------------
Dominican Today reports that a new pest has arrived in the
Dominican Republic -- the golden potato nematode.  It can decimate
that crop by 100% and attack tomato, eggplant, chili pepper, and
some weed plantations in the same way, according to the report.

Producers concerned about the damage this worm can cause reported
it being detected in potato fields in Constanza in November, the
report notes.

With more than 25,000 species registered and no cure, it is the
most dangerous in the world, say researchers, the report cites.  To
prevent its spread, they recommend not taking planting material
from Constanza to other areas of the country, the report
discloses.

This pest can last more than 50 years in the soil without
cultivation, and the farm that receives it cannot be planted again
with potatoes, the report notes.

The United States Department of Agriculture issued an alert for
this pest without indicating it is in the Dominican Republic, the
report relays.  Experts say that the Dominican Republic must notify
the presence of the golden potato nematode or potato cyst nematode,
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.


DOMINICAN REPUBLIC: Rise of the Dollar Hits the Pockets of Locals
-----------------------------------------------------------------
Dominican Today reports that the rise of the dollar has many
Dominicans "up to their necks," worried about the impact that the
depreciation of the peso has on the prices of products and
services.

According to the Central Bank's exchange rates, the U.S. currency
closed at RD$62.0090 for purchase and RD$62.2529 for sale, values
that will serve as a reference until February 14, 2025, the report
notes.

"That affects all sectors and all of us workers, because when the
dollar goes up, everything skyrockets. Here it affects us all, it
should have control, let's see what the Central Bank does. It
cannot continue to rise like this, it is too expensive," said a
citizen, according to Dominican Today.

Meanwhile, those who are engaged in buying and selling currencies
have also noticed the upward trend. "I have always seen the
variations of the dollar, it goes up and down, but in 2025 it broke
all the schemes," the report notes.

                     Dollar Price in DR

Despite the popular unrest, economists say that the rise of the
dollar does not represent an imminent risk to the country's
economic stability, the port says.

Luis Reyes, former director of the Budget, stated that "the
fundamental imbalances of the Dominican economy, the fundamental
deficits continue to be sustainable in the short and medium term,
therefore, the concern that has been expressed about the
depreciation of the exchange rate and the effect that this could
have on inflation and on the stability of the economy is
unfounded," the report adds.

              About the 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
=============

JAMAICA: Economy Declines 0.9 Per Cent in 2024
----------------------------------------------
Kellaray Miles at the Jamaica Observer reports that economic
activities last year failed to deliver growth as real value-added
for the local economy contracted 0.9 per cent between January to
December of 2024 in Jamaica, data from Planning Institute of
Jamaica (PIOJ) has shown.

In comparison to 2023, when real GDP is estimated to have grown by
approximately 2 per cent, the downturn seen in 2024, PIOJ Director
General Dr Wayne Henry said, comes as a result of lower real value
added for both the goods producing and the services industries
which went down 2.3 per cent and 0.3 per cent respectively,
according to Jamaica Observer.

"Within goods producing, all industries recorded lower output
levels, led by agriculture, forestry & fishing, down 3.4 per cent
and construction, down 2.8 per cent," he said in presenting the
preliminary estimates for the October-December quarter and overall
2024 calendar year period, the report relays.

Within the goods producing division the manufacturing industry also
saw declines of 1.3 per cent as mining & quarry went down 0.4 per
cent, the report discloses.

"For the services industry, all industries declined with the
exception of electricity & water supply; transport, storage &
communication; finance & insurance services and hotels &
restaurant," Henry further said, the report says.

The economy which continues to reel from the impacts of weather
related shocks brought on since Hurricane Beryl and other
hydrological events in the year, took most of its beating in the
last two quarters of 2024, the report discloses.

Following a flat performance which saw little to no growth or a
meagre expansion of 0.1 per cent in the April-June quarter, gross
domestic product (GDP) output for the July-September quarter later
fell 3.5 per cent continuing into the subsequent October-December
quarter when it shrank 1.8 per cent, the report says.

Prior to the reported downturns the economy registered some 12
quarters of consecutive growth since the onslaught of the COVID-19
pandemic, the report relays.

As most major industries recorded declines during the last quarter,
the finance and insurance sector as well as that for transport
storage and communication were said to be only two registering
growth of one per cent each, the report notes.  This was similar to
that for the full calendar year when both grew 1.6 per cent and 1.9
per cent respectively, the report says.

Amid the two consecutive quarters of contraction and recurring
talks of a recession, Henry said the economy, despite significant
challenges stemming from the hydrological shocks and the resultant
downturn in output, was not found to be in a recession at this
time, the report relays.

To this end, the contractions he said are likely to be temporary
and should see the economy returning to growth in the near-term or
as early as the current January to March quarter as the prospects
continue to be generally positive, the report discloses.

"For the January to March 2025 quarter, growth is projected to be
within the range of 0.1 per cent to 1.0 per cent.  However, for
fiscal year 2024/25 the economy is expected to contract within the
range of 0.5 per cent to 1.5 per cent," Henry noted, the report
says.

"The PIOJ is projecting that the economy will return to positive
output performance [growth] in the January-March 2025 quarter. We
will continue to monitor and track developments in the economy and
will update our assessment as new data becomes available," he also
said during the briefing held midweek, the report relays.

Preliminary data for January 2025 already indicates growth for the
mining & quarrying industry following a 3.8 per cent expansion in
bauxite production and 20 per cent increase in crude bauxite, the
report notes.  A 6.2 per cent decrease in alumina production was,
however, recorded, coupled with 1 per cent decline in airport
arrivals during the month, 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.




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

DIGICEL GROUP: To Cut Jobs in Trinidad and Tobago
-------------------------------------------------
Trinidad and Tobago Express reports that Trinidad and Tobago has
been identified as one of seven countries where the Digicel Group
has confirmed that jobs will be made redundant as part of a
decentralisation plan aimed at remaining "relevant and
competitive".

However, despite queries, Digicel T&T has not yet released specific
details on the scale of the job cuts here, according to Trinidad
and Tobago Express.

This announcement comes less than a week after Abraham Smith worked
his final day as chief executive officer of Digicel T&T before
returning to the United States, the report notes.

Smith's replacement has not been formally named yet, the report
relays.

In a statement, Digicel said the decentralisation plan would impact
some roles at group level in a number of markets including Jamaica,
St Lucia, Cayman, El Salvador, Haiti and the United States, the
report discloses.

Digicel stated it had started a consultation period with staff, the
report says.

In its statement, Digicel said it "continuously looks for ways to
be more efficient to allow us to provide even better service to our
customers," the report notes.

"The pace of change in our hyperconnected world is furious, and the
onus is on us to evolve in real time to ensure we remain relevant
and competitive.  Central to that is ensuring we have the right
talent in the right places across and through our organisation," it
stated.

Digicel said it had spent the "last number of months carefully
reviewing our organisation to structure and redesign our business
to be fit for growth," the report relays.

"As always we are committed to assisting our people through this
period and to ensuring they are treated with the utmost dignity and
respect through the process. Likewise we will of course honour our
commitments to them in line with local labour laws and practices,"
it stated, the report discloses.

Last January, Digicel completed an almost 18-month restructuring
exercise, during which its founder, Denis O'Brien, stepped down as
chairman and assumed a non-executive position on the board, the
report recalls.

O'Brien, an Irish businessman who founded Digicel in Jamaica in
2001 and had served as chairman since its inception, was replaced
by Rajeev Suri, the report notes.

On May 1 last year, Marcelo Cataldo was appointed as the new group
chief executive of Digicel, the report relays.

The restructuring followed a debt-for-equity swap in which a group
of bondholders took 90% control of the highly-leveraged business,
valued at US$1.7 billion, the report notes.

O'Brien retains a 10% shareholding in the company, the report
adds.

                  About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America in April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.



                           *********


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
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2025.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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