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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, February 28, 2025, Vol. 26, No. 43

                           Headlines



A R G E N T I N A

ARGENTINA: Milei Opens Up Largest Bank to Private Capital


B R A Z I L

AZUL SA: To Go 'Back to Basics' After Challenging 2024
MARFRIG GLOBAL: S&P Affirms 'BB+' ICR, Outlook Stable


G U A T E M A L A

ENERGUATE TRUST: Fitch Alters Outlook on 'BB' LongTerm IDRs to Pos.


J A M A I C A

JAMAICA: GOJ Looks to Raise $9BB From 21-Year Investment Note


P E R U

PERU: Economy Seen Growing 4% This Year with Stable Inflation


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: January Sees Inflation Rate Rise to 0.7%


V I R G I N   I S L A N D S

VIRGIN ISLANDS: USVI Governor Wants 25% Tariff on BVI Goods

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Milei Opens Up Largest Bank to Private Capital
---------------------------------------------------------
Buenos Aires Times reports that President Javier Milei has issued a
decree transforming Argentina's largest bank into a private
company, paving the way for an injection of capital into Banco
Nacion.

Through the move, Banco Nacion has been turned into a joint stock
company, according to Buenos Aires Times.  The news was confirmed
by Presidential Spokesperson Manuel Adorni, who wrote on social
media: 'The President of the Nation has just signed the decree that
transforms Banco de la Nacion Argentina into a public limited
company. God bless the Argentine Republic. End," the report notes.

Milei, 54, issued the decree before flying to the United States,
where he will hold a series of key meetings and deliver a speech at
a gathering of conservative leaders in Washington DC, the report
relays.

Banco Nacion, as it is most commonly known, is Argentina's largest
bank and was tasked with providing social assistance to the
population, the report discloses.  Previously state-owned, the
Milei administration had initially included it in a list of
companies to be privatised that was sent to Congress in a sweeping
reform bill, the report says.

During negotiations, the government eventually agreed to remove the
bank from the list, in order to smooth the bill's passage, the
report discloses.

The same bill, which subsequently became law, also granted Milei
extraordinary powers to declare an economic, financial, energy and
administrative emergency for a period of one year, hence the
framework for this latest move, the report says.

"The transformation of Banco de la Nacion Argentina into a public
limited company will contribute to modernising its legal and
operational structure, allowing greater flexibility in its
management and adaptation to the best practices of the financial
market," Milei wrote in the decree, the report relays.

In a statement issued last year, the bank's authorities described
the transformation into a "sociedad anonima" or public limited
company as "essential," stating it would allow Banco Nacion to
"increase lending to PyMES (small and medium sized businesses) and
families," the report discloses.

"To sustain growth, the institution will need to increase its
funding, which it will be able to do by opening up its capital, for
which it is essential that it becomes a public limited company and
that it has the approval of Congress," it said in a statement, the
report says.

The conversion into a public limited company could allow the entry
of capital without necessarily implying privatisation and changes
in the internal structure as well as in financial products, credit
policies and utility billing, aimed at maximising profitability,
the report notes.

Banking unions reacted angrily to the decree, stressing the success
of Banco Nacion, the report discloses.

It is "contradictory to want to sell what works, unless the only
objective is a spurious negotiation and a new scam," said a number
of groups in a statement, the report says.

The La Bancaria union stressed that Banco Nacion "has the best
profitability figures in the financial system, concentrates the
largest number of clients, deposits, credits and assistance to
companies and individuals." It said it had called a "state of alert
and mobilisation" against the decree, the report relays.

Official data released by the bank corroborate its strong
performance, the report discloses.

During 2024, the bank's disbursements registered "an extraordinary
growth of more than 600 percent," the institution said at the end
of January, noting that it has "the best collectability rate in
recent history," the report relays.

As a result, it "increased its market share by more than 600 basis
points to 17.5 per cent of the total," the bank said, "reaffirming
its leadership in the financial system by any measure: assets,
deposits, loans and equity," it added.

According to the decree, the shareholders of the transformed state
will be the Argentine state, which will hold 99.9 percent "and will
exercise all its rights through the Economy Ministry," and the
Fundacion Banco Nacion, with 0.1 percent of shares, the report
relays.

                      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.




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B R A Z I L
===========

AZUL SA: To Go 'Back to Basics' After Challenging 2024
------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazilian
airline Azul SA expects to go "back to basics" and be able to focus
more on its operations this year, Chief Executive John Rodgerson
said, after a challenging 2024 marked by some market disruptions
and a major debt restructuring.

"I am excited about 2025. It can't be worse than 2024," he told
Reuters in an interview as the carrier reported fourth-quarter core
earnings slightly above market expectations, with full-year figures
matching its previously released outlook, according to
globalinsolvency.com.

                      About Azul S.A.

Headquartered in Barueri near the City of Sao Paulo, Brazil, Azul
S.A. is a Brazilian airline founded by David Neeleman in 2008.  The
company is the largest airline in Brazil by number of cities
covered and departures, serving more than 160 destinations with an
operating fleet of 168 aircraft and operating more than 900 flights
daily.  In the twelve months ended in June 2024, Azul generated
BRL18.7 billion ($3.4 billion) in net revenue.

On Feb. 3, 2025, Fitch Ratings upgraded Azul's Issuer Default
Ratings to 'CCC' from 'RD' to reflect its post-restructuring risk
profile.  The Positive Outlook reflects expectations of Azul's
credit profile strengthening in the short to medium term due to
cash flow improvements and potential liquidity events from its
restructuring plan.  High leverage, limited financial flexibility
and industry risks remain rating constraints.

On Jan. 31, 2025, S&P Global Ratings raised its long-term issuer
credit rating on Azul to 'CCC+' from 'SD' (selective default) and
its national scale rating to 'brBB+' from 'SD'.  S&P also affirmed
its 'CCC-' issue rating on Azul's 2026 senior unsecured notes, for
which the recovery rating remains '6', indicating S&P's expectation
of minimal recovery (0%) in the event of a payment default.  S&P
said, "The positive outlook reflects our expectation that capacity
growth and a strong yield environment will support sound EBITDA
margins, reduce leverage below 5.0x, and improve funds from
operations (FFO) to debt close to or above 10% by year-end 2025."

On Dec. 18, 2024, Moody's Ratings commented that Azul S.A.'s Caa2
corporate family rating (CFR), the Caa1 rating of the backed senior
secured first lien debt and Caa2 rating of the backed senior
secured debts of Azul Secured Finance LLP (Delaware), and the CAA
backed senior unsecured debt ratings of Azul Investments LLP and
negative outlook remain unchanged following the company's
announcement of an exchange offer for its 2028, 2029 and 2030
notes.  The negative outlook reflects Azul's tight liquidity
profile and the company's reliance on additional renegotiations
with lessors or additional refinancing initiatives that could be
considered distressed exchanges to remain solvent.


MARFRIG GLOBAL: S&P Affirms 'BB+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB+' and 'brAAA' corporate global
and national scale rating, as well as the 'BB+' issue ratings on
Brazil-based protein processor Marfrig Global Foods S.A.'s debts
with a recovery rating of '3' (50%).

The stable outlook indicates that Marfrig will keep debt to EBITDA
below 3.0x despite subdued margins in the U.S. beef operations and
larger cash outflows with dividend and investments.

More resilient EBITDA and cash flows, despite industry volatility,
drove the stronger assessment of Marfrig's business risk profile.

S&P said, "We think Marfrig's business has strengthened amid a
sound geographic and protein diversification, and we expect solid
EBITDA generation despite weaker margins in all its business in
2025. In our view, the business strengths will soften the
volatility inherent to its commoditized businesses. We are revising
its business risk profile to 'satisfactory' from 'fair'.

"In 2024, the 81.7% stake in NB represented 47% of revenues, the
50.5% stake in BRF represented 42% of revenues, and the remaining
11% was generated by Marfrig Brazil, which, after the assets' sale
to Minerva S.A. consists of four slaughtering and processing plants
and six processed plants. For 2025, we expect that South America
will have a significant increase in revenues, as we forecast a more
than 30% increase in cattle prices, but with some margin
compression to 9.0%, from 9.5% in 2024, due to weaker domestic
market and sustainable higher cattle prices, offset by a sound
export demand. In North America, we expect margins to further
compress to 2.0%, from 2.5% in 2024, following lower volumes and
still high cattle costs. In BRF we assume higher global supply
volumes to result in lower margins. The diversification shows that,
even assuming a decline in profits, consolidated margins should
remain around 9.0% and 9.5% in 2025 and 2026, respectively."

Uruguay plants remain as discontinued operation, pending regulatory
entities approval. Marfrig's South American operations had a 30%
reduction in volumes from 2023 to 2024, as the company sold part of
its division to Minerva. The transaction was approved, and the
company received R$5.7 billion from the sale, added to the R$1.5
billion received at the signing of the contract in 2023. The
transaction is still pending the three plants in Uruguay, which are
in the second round of negotiation with Minerva. The sale price of
these remaining assets is about R$700 million, which is not
consider in S&P's forecast.

S&P said, "EBITDA improvement and cash inflows from assets sales
resulted in debt to EBITDA below 3.0x, and we expect that Marfrig
will continue deleveraging for the next few years. As of September
2024, debt to EBITDA was of 3.6x, from 4.5x in the same period of
2024, due to higher EBITDA, specially from BRF. For 2024, leverage
will reduce significantly, following debt amortizations
announcements and the proceeds from the assets' sale. Thus, 2024
net leverage should close around 2.8x, from 4.8x in 2023, and we
forecast a continuous debt reduction for the following years, with
net debt to EBITDA around 2.5xx beginning in 2026."

Capital allocation and targeted financial policies will be key for
further positive rating actions. Following years of relevant
acquisitions and divestments, S&P expects Marfrig to gradually
increase capital expenditures and shareholders' remuneration, but
with limited impact on leverage. Capital allocation, along with the
proven stability the business diversification will bring to EBITDA,
will be key to further rating changes.

The stable outlook reflects the expectation of continued debt
reduction following recent asset sales and BRF's strong
performance, desipte subdued margins in the U.S. beef operation and
larger cash outflows with dividends and investments. S&P forecasts
debt to EBITDA of 2.7x in 2025 and 2.5x in 2026, while free
operating cash flow (FOCF) should exceed R$1.5 billion in 2025.

S&P said, "We can lower the ratings if cash flow volatility
exacerbates, due to working capital mismanagement or much weaker
industry scenario, with debt to EBITDA exceeding 3.5x under a
normalized industry cycle. Sizable acquisitions and/or
shareholders' remuneration could also weaken metrics.

"We could upgrade Marfrig if it consistently maintains leverage
below 2.5x, despite business volatility and fluctuating profits and
credit metrics, due to the strengths of its subsidiaries. In this
scenario the company would generate internal cash flows from
operations and use it to reduce nominal debt."




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G U A T E M A L A
=================

ENERGUATE TRUST: Fitch Alters Outlook on 'BB' LongTerm IDRs to Pos.
-------------------------------------------------------------------
Fitch Ratings has affirmed Energuate Trust's Long-Term Local and
Foreign Currency Issuer Default Ratings (IDRs) at 'BB' and its $330
million bond due in 2027 at 'BB'. Fitch revised the Rating Outlook
for the IDRs to Positive from Stable.

Energuate's ratings reflect exposure to the Guatemalan
(BB/Positive) government due to systemic subsidies and the integral
role of electricity provision to a large and remote service area
covering 73% of the country's population.

Energuate is the holding company of the combined operations of the
two rural distribution companies (discos) Distribuidora de
Electricidad del Oriente S.A. (DEORSA) and Distribuidora de
Electricidad del Occidente S.A. (DEOCSA). The discos are owned by
Threelands Energy, Ltd. Sàrl, which is responsible for controlling
both distribution companies that manage the Energuate Trust. Fitch
views the ownership structure as neutral to Energuate's credit
profile, as it has resulted in financial, managerial and
operational continuity.

Key Rating Drivers

Sovereign Exposure Drives Positive Outlook: Energuate's connection
to the Guatemalan sovereign rating is based on the company's
receipt of systemic government subsidies, which account for 14% of
average revenues, and exposure to government counterparty risk
based on the extensive service area that covers nearly
three-quarters of the population.

Subsidies help ensure electricity availability to low-usage,
typically low-income customers, prioritizing economic development
and advancement among the country's most rural communities. The
Guatemalan government, through the Instituto Nacional de
Electrificacion, has maintained a strict 30-day payment cycle, and
Energuate will shut off service if payments are not made for two
months.

VAD Tariff Supports Strong Cash Flow: Energuate's gross margin is
primarily driven by a regulated value added from distribution (VAD)
tariff charged to customers that represents 99% of total
ratepayers. The VAD tariff is set by the independent regulator
Comision Nacional de Energia Electrica every five years to recover
operating expenses, capex and a 7% regulatory weighted average cost
of capital.

The VAD cycle renewed in Nov. 2024 with a relatively flat
remuneration rate compared with the previous cycle. The renewal
includes semi-annual adjustments for inflation and foreign
exchange, and quarterly adjustments for variable electricity
generation costs. The renewal also authorized Energuate the option
to expend a discretionary $47 million in additional capex for
quality of service to be recognized in future tariff adjustments
and in the following renewal process.

Strong Margins, Stable Leverage: Energuate has maintained a
favorable 26% average EBITDA margin since 2019, supported by stable
and growing revenue via the VAD tariff. Fitch's base case projects
leverage remaining around 3x going forward with amortizing debt,
regularly adjusted tariffs, and the full draw down of $175 million
in multilateral development bank debt for capex. The company has
rating headroom to use a mix of cash and additional debt to support
the potential supplementary capex spending per the VAD renewal.

Challenging Structural Inefficiencies, Cost Savings Plan: The rural
service area presents financial and operational challenges from
high energy theft, violent crime and an informal economy, driving
annual energy losses (uncollected revenue) of around 19.6%. The VAD
compensates for up to 14.9% of energy losses, with any excess
becoming a financial loss for the company. Loss and theft reduction
measures account for the largest share of the company's capex plan
(estimated 28%), followed by revenue-generating capex for new
connections and technical quality (estimated 26% and 23%,
respectively).

Geographic Factors Discourage Competition: The low population
density of Energuate's service area and high investment
requirements to reach new clients disincentivizes competition and
mitigates risks from the non-exclusivity of the concession. The
concession includes 21 of 22 departments in Guatemala, excluding
Sacatepéquez. It includes an area of 101,914 km2 and 95,881 km of
distribution lines that will deliver about 4,431 GWh of electricity
at YE 2024. Fitch's base case expects a 3% average growth in energy
demand and customer base yoy through 2027, based conservatively on
historical averages.

Derivation Summary

Energuate's profitability compares favorably to that of Elektra
Noreste S.A. (ENSA; BB+/Stable), a minority state-owned
distribution company in Panama that is also linked to the sovereign
(Panama, BB+/Stable).

Like Energuate, ENSA is a regulated utility with entirely domestic
cash flows, partly supported by structural government subsidies (5%
of ongoing revenues for ENSA versus 14% on average for Energuate).
ENSA's average EBITDA margin of around 20% is weaker than
Energuate's but stronger than that of regional peers', whose
margins are closer to 13%-14%. Energuate's leverage is improving to
below 3x, compared with ENSA's 3.5x.

Energuate's linkage to its host government also compares well to
generation companies AES Espana B.V. (BB-/Positive) and Empresa
Generadora de Electricidad Haina, S.A. (BB-/Positive) of the
Dominican Republic (BB-/Positive). Both companies receive material
support, albeit indirectly, from government transfers to
state-owned distribution companies to compensate for high energy
losses, low collection rates, and substantial structural
subsidies.

Key Assumptions

- VAD tariff prices from 2024 renewal, adjusting semi-annually for
inflation and foreign exchange;

- Annual average consolidated revenue growth of 1.6% through 2027;

- Annual average inflation of around 3.9% through 2027;

- Annual taxes averaging 25% of income;

- Average energy losses of 17.6% in 2024-2027;

- Minimal foreign exchange fluctuation, reflecting Guatemala's
managed float;

- Average capex of around $70 million annually through the medium
term, supported by FCF and development bank loans;

- Refinancing of Energuate's bonds before 2027;

- Additional $175 million in multilateral development debt to be
disbursed across 2024 and 2025;

- Maintenance of minimum target cash balance post-obligations above
$8 million policy level;

- Dividends approximate prior year's net income.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A negative rating action on Guatemala's sovereign rating;

- A significant weakening in the country's electricity regulation
system, either through tariff adjustments or a material change in
subsidies received by Energuate;

- Weaker operational results due to higher-than-expected energy
losses and lower-than-anticipated tariff increases;

- A significant interference in Energuate's capital structure that
results in debt/EBITDA sustained at 5.5x or greater.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Energuate's geographically limited operations and fundamental
exposure to macroeconomic conditions make an upgrade unlikely
barring a positive rating action on the sovereign rating, in
combination with sustained debt/EBITDA below 3.5x.

Liquidity and Debt Structure

Energuate's liquidity is supported by stable cash flows and a
comfortable amortization profile. The company's main financial
obligations include a $330 million 144A/REG S bond due in 2027 and
a $329 million local-currency long-term loan due in 2043. Fitch
expects the company's 2027 bond to be refinanced before maturity.

In May 2024, the company secured a syndicated loan for $175 million
from the International Finance Corporation ($100 million) and the
Japan International Cooperation Agency ($75 million) to support
capex. The loan has a two-year drawdown period and will finance
Eneguate's annual capex from June 2024 to Dec. 2027. No funds have
been drawn as of June 30, 2024.

Liquidity is further supported by short-term revolving lines of
credit for working-capital purposes totaling $80 million, of which
$25 million is committed and the remaining $55 million is
uncommitted. Energuate's cash on hand as of Sept. 30, 2024 was $91
million.

Issuer Profile

Energuate Trust holds Guatemala's two largest rural electricity
distribution companies, DEORSA (northeast) and DEOCSA (west). The
service area covers 73% of the population, excluding Guatemala
City, with approximately 2.5 million regulated customers across 21
of the country's 22 departments at YE 2024.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                 Rating          Prior
   -----------                 ------          -----
Energuate Trust       LT IDR    BB  Affirmed   BB  
                      LC LT IDR BB  Affirmed   BB

   senior unsecured   LT        BB  Affirmed   BB




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J A M A I C A
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JAMAICA: GOJ Looks to Raise $9BB From 21-Year Investment Note
-------------------------------------------------------------
RJR News reports that the Government of Jamaica will be floating a
21-year fixed rate 11.25% per annum investment note on February
26.

The aim of the instrument is to snap-up $9 billion to help fund
this year's budget, according to RJR News.

Interest will be paid semi-annually on the instrument, which will
mature on February 12, 2046, the report relays.

Some $450 million of the $9 billion being offered will be allocated
under competitive bidding and the minimum subscription or amount
which can be purchased is $1,000, the report discloses.

This amount is part of the $250 billion which will be borrowed to
fund this year's budget, while $158 billion will be borrowed to
fund next year's budget, the report says.

Some $68 billion will be snapped-up from external bilateral sources
and $90 billion from the domestic market, 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.




=======
P E R U
=======

PERU: Economy Seen Growing 4% This Year with Stable Inflation
-------------------------------------------------------------
globalinsolvency.com, citing of Reuters, reports that Peru's gross
domestic product (GDP) will likely expand by 4% this year and rank
as the second-fastest growing economy in Latin America, a senior
official told reporters, as inflation is seen holding for another
year at around 2%.

The Andean economy is bouncing back from recession, with the
government of President Dina Boluarte and the central bank
forecasting positive prospects for 2025, including fewer
inflationary pressures and more investment, according to
globalinsolvency.com.




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

TRINIDAD & TOBAGO: January Sees Inflation Rate Rise to 0.7%
-----------------------------------------------------------
Trinidad and Tobago Express reports that the rate of inflation in
Trinidad and Tobago for January 2025 was 0.7%.

The rate measures the percentage change in the All Items Index for
the month of January 2025 over January 2024, according to Trinidad
and Tobago Express.

The 0.7% figure represents an increase from the previous period
(December 2024/December 2023) of 0.5%, the Central Statistical
Office (CSO) said in a media release, the report notes.

The inflation rate for the comparative period (January 2024/January
2023) was 0.3%, the report discloses.

The All Items Index calculated from the prices collected for the
month of January 2025 was 124.9, representing an increase of 0.2
points or 0.2% above the All Items Index for December 2024, the CSO
stated, the report says.

The Index for Food and Non-Alcoholic Beverages increased from 152.4
in December 2024 to 153.2 in January 2025, reflecting an increase
of 0.5%, the report relays.  "Contributing significantly to this
increase was the general upward movement in the prices of cucumber,
fresh carite, ochroes, pumpkin, pimento, garlic, fresh king fish,
frozen whole chicken, soya bean oil and cabbage, the report
discloses.  However, the full impact of these price increases was
offset by the general decreases in the prices of tomatoes, fresh
whole chicken, Irish potatoes, oranges, carrots, green sweet
peppers, eggs, ice cream, ­onions and celery," the CSO said, the
report says.

A further review of the data for January 2025 compared to December
2024 reflected increases in the sub-indices for Alcohol and Tobacco
of 0.3%, Clothing and Footwear of 0.3%, Health of 0.1%, Transport
of 0.1%, Recreation and Culture of 0.3%, Hotels, Cafes and
Restaurants of 0.1%, and Miscellaneous Good and Services of 0.4%,
it noted, the report notes.

This period also showed a decrease in the sub-index for
Furnishings, Household Equipment and Routine Maintenance of the
House of -0.4%, the report says.

All other sections remained unchanged, the CSO stated, the report
adds.




===========================
V I R G I N   I S L A N D S
===========================

VIRGIN ISLANDS: USVI Governor Wants 25% Tariff on BVI Goods
-----------------------------------------------------------
RJR News reports that the Governor of the neighbouring US Virgin
Islands, Albert Bryan Jr. has requested an emergency session with
his legislature to discuss imposing a 25% tariff on imports from
the British Virgin Islands and introducing travel fees for
non-residents crossing between the two territories.

According to an article published by the VI Consortium, the
proposal, which aims to address economic imbalances and protect
local businesses, was revealed in a letter sent to Senate president
Milton Potter, the report notes.

The proposed measures include setting tariffs on imported goods
from the BVI at 25% or higher and implementing new entry and exit
fees for non-residents traveling to and from the US Virgin Islands
via the BVI, according to RJR News.



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S U B S C R I P T I O N   I N F O R M A T I O N

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