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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, March 21, 2025, Vol. 26, No. 58

                           Headlines



A R G E N T I N A

ARGENTINA: Milei Pledges ARS200BB for Bahia Blanca After Criticism


B E R M U D A

BERMUDA: Chamber Report Seeks Urgent Solutions On Economy


B R A Z I L

BRAZIL: Unveils Broader Income Tax Exemption Plan
HAITONG BANCO: S&P Affirms 'BB' Long-Term ICR, Outlook Stable


J A M A I C A

JAMAICA: Accepts 31 Bids Valued at $4BB for 25-Yr. Note
JAMAICA: Inflation Rate Dipped in February, STATIN Says


M E X I C O

MEXICO: Peso Stalls at 20.07 as Fed's Steady Hand Guides Markets

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A R G E N T I N A
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ARGENTINA: Milei Pledges ARS200BB for Bahia Blanca After Criticism
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Buenos Aires Times reports that five days on from the tragedy that
swept through the port city, President Javier Milei travelled to
Bahia Blanca, southern Buenos Aires Province, to oversee
reconstruction.

Heavy storms and dangerous flooding left at least 16 people dead in
the port city, according to Buenos Aires Times.  Around a hundred
remain missing, including two young sisters aged one and five, the
report notes.

Almost 100 people remained unaccounted for, but authorities believe
most are simply unable to reach because of damage to the city's
phone masts and power cuts, the report relays.

Milei's arrival in Bahia Blanca came after he was criticized for
failing to visit the storm-thrashed city, the report discloses.

Immediately after his visit, he pledged 200 billion pesos
(approximately US$185 million) for the reconstruction of the
deluge-stricken city, the report relays.

Milei's announcement came after heavy criticism from opposition
leaders and Buenos Aires Province Governor Axel Kicillof, who had
branded a previous pledge of US$10 million insufficient, the report
notes.

He asked Milei that "a part" of the new debt that Argentina is
negotiating with the International Monetary Fund be earmarked for
Bahia Blanca and its reconstruction, the report relays.

"'Since we are talking about a new agreement with the IMF, I hope
that a portion of that credit will be used for issues like this,
and not for gambling or financial speculation," said Kicillof, the
report says.

He also asked Milei for an urgent meeting in order to solve issues
related to reconstruction, the report discloses.

Differentiating himself from the national government's stance, the
governor described the storm that hit the city as "neither a
biblical punishment nor a horror movie, but a product of climate
change," the report notes.

"An event like this has to be foreseen as much as possible and we
have to be prepared," Kicillof said at a press conference in Bahia
Blanca, the report relays.

The lower house Chamber of Deputies unanimously approved a bill to
declare an environmental, economic and housing emergency in Bahia
Blanca, with the aim of providing the city with resources, the
report discloses.

                     President's Visit

According to Buenos Aires Times, Milei visited the city, five days
after the floods.  He monitored reconstruction work in the city,
which was left devastated by the unprecedented storm, and spoke
with members of the emergency services.

The President's office did not release details of the trip prior to
his departure in a bid to head off protests from residents, the
report discloses.  But Milei and his sister, Presidential
Chief-of-Staff Karina Milei, were insulted by some locals as they
visited a temporary military bridge installed to cross the
Maldonado Canal, the report relays.

In a video shared online, an individual off-screen berates the
Milei siblings and Defence Minister Luis Petri, accusing them of
only "coming here for the photo-op" and demands greater assistance,
the report says.

Petri, along with Security Minister Patricia Bullrich, have also
been abused by local residents in recent days, the report relays.

Bahia Blanca Mayor Federico Susbielles reiterated midweek that the
storm had caused severe damage and affected most people in the
city, notes the report.  He said electricity had now been restored
to about 70 percent of households across the city of 350,000
people, the report says.

Susbielles, who has estimated at least US$400 million would be
needed for reconstruction, said the President had assured him that
"he won't abandon Bahia Blanca," the report relays.

In a statement on X, Milei's office said the government money
allocated for rehabilitation would be disbursed "without
intermediaries," the report discloses.

The city of 350,000 people was hit by torrential rains that in just
a few hours doubled the annual average, the report relays.

Rescuers are still searching for two sisters, aged one and five,
who were travelling with their parents when their car became
marooned in the fast-rising waters, the report discloses.

A delivery van driver managed to rescue the children and their
mother and bring them aboard his vehicle but it too filled with
water, relatives of the family told local media, the report relays.
The four climbed onto the roof of the van but a flood surge ripped
away the driver and the girls. The mother survived, as did the
children's father, but the body of the delivery driver was found,
the report relays.

"There are likely to be more deaths," warned Bahia Blanca's chief
prosecutor, Juan Pablo Fernandez, in an interview with Radio Mitre,
the report relays.  

                     Arrests, Donations

Fernandez also said police had received dozens of reports of
thefts, looting of businesses and burglaries of vacant homes.
Seventeen people have been arrested, he revealed, the report
relays.

A "train of solidarity" carrying tons of food, clothes and
toiletries arrived in Bahia Blanca with donations collected at
various stops along the 600-kilometre route it travelled from
Buenos Aires City, the report notes.

More than 4,000 volunteers joined a call from the local mayor's
office to help with the distribution of donations and clean-up
work, the report relays.

Football clubs and local sporting associations have also launched
campaigns to raise money for the victims, the report discloses.
The Argentine Football Association released a video of national
team coach Lionel Scaloni calling for donations to be made via the
Red Cross, the report says.

Albiceleste captain Lionel Messi took to Instagram to wish "much
strength to all those who are having a rough time in this difficult
moment," the report relays.

Argentine-born Pope Francis, in hospital with pneumonia, said he
felt "close to the suffering" of the victims, the report notes.

Classes at schools remain suspended until further notice. Half of
the 200 schools surveyed were damaged, the mayor's office said,
with more than 20 thought to be unusable, the report says.

The deluge also flooded the main hospital, tore down bridges,
damaged roads and houses and swept away pretty much everything in
its path, the report relays.

Thousands of people were evacuated, of whom about 370 remained in
shelters, according to authorities, the report notes.

The government ordered three days of national mourning following
Bahia Blanca's worst disaster in decades, 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 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 E R M U D A
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BERMUDA: Chamber Report Seeks Urgent Solutions On Economy
---------------------------------------------------------
David Fox at The Royal Gazette reports that a worrying report from
the economic committee of the Bermuda Chamber of Commerce raises
far more questions than answers and shares concerns about the state
of the economy and its future.

Entitled "Head or Tails – A Coin Has Two Sides" March 2025, the
report investigates the need for urgent solutions when dynamic
forces, including immigration policies and recent population
emigration, has the island ageing at a faster rate than most
Organisation for Economic Co-operation and Development countries,
according to The Royal Gazette.

Using conventional and non-conventional data sources, the report
estimates a substantially lower resident population than previously
stated – somewhere between 54,651 and 56,683 as of October 2024,
the report notes.

That is a 10 per cent decrease from the 2016 Census figure of
63,779, the report discloses.

In employment, the analysts forecast: "Around 25.3 per cent of the
population is 65 years old and over, and this is to increase to
30.3 per cent in 2030, 33.9 per cent in 2035 and 37.2 per cent in
2040, with an old-age dependency ratio (the ratio of those 65+ to
the working-age population) of 0.75 in 2040, versus 2024 of 0.42
and the 2016 rate of 0.26," the report relays.

That is the case for more investment in infrastructure and health
options beyond simply new daycare facilities, together with a sound
immigration policy at the forefront of any agenda, the report
notes.

The report follows alarm raised a year ago at the chamber's annual
Budget Breakfast followed by its deep dive into economic statistics
that showed the 2023 job count remained lower than pre-pandemic
numbers, the report relays.

The chamber also commented on inflation reporting, noting average
food inflation in the US was up 28 per cent from December 2019
through to October 2024, and up in Bermuda by 24.4 per cent, the
report says.

The report called for legislative tabling of the long-awaited
Landlord Tenant Act as a pressing matter, although conceding there
had not yet even been any consultation over a public draft, The
Royal Gazette notes.

"Rent control covers 55 per cent of residential ARVs [annual rental
value] and coupled with minimal development, it is time for the
concept of rent control to be modernized, which should see that a
portion of units within the rent control parameters can pass on a
specified increase each year under certain conditions.

"We appreciate this is not a popular option but it is viewed as one
means to make the overall rental market more attractive for
investors and landlords alike, to help increase supply," the report
discloses.

But there is concern with the reporting of sound economic growth
through gross domestic product figures, which showed total
household and government expenditure remained nearly flat (0.9 per
cent), capital formation dropped sharply (19 per cent) and imports
of goods and services were flat, notes the report.

"Meanwhile, exports of goods and services – driven primarily by
international business and tourism – grew by 17 per cent.

"The net impact of exports minus imports surged by 37 per cent,
fuelling GDP growth.

"Yet, despite some visible signs of revival, like new buildings on
Front Street, this export-driven uptick has not translated into a
broader recovery for Bermuda's domestic economy, as yet.

"Household spending remains stagnant and the decline in capital
investment signals caution, leaving many residents feeling little
of the GDP's reported gains," the report adds.



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B R A Z I L
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BRAZIL: Unveils Broader Income Tax Exemption Plan
-------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's
government unveiled a long-promised plan to exempt individuals
earning up to BRL5,000 ($881.27) per month from income tax, with
the revenue gap set to be covered by new levies on high earners and
profits and dividends sent abroad.

The proposal, initially announced late last year when it triggered
a negative market reaction over fiscal concerns, was one of
President Luiz Inacio Lula da Silva's key campaign promises, and is
now seen as crucial for the president to regain popularity amid
declining approval ratings, according to the report.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook.  DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.


HAITONG BANCO: S&P Affirms 'BB' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Haitong Banco de Investimento do Brasil S.A., removed it from
CreditWatch developing (where S&P placed it on Feb. 20, 2025), and
assigned a stable outlook. At the same time, S&P affirmed its
'brAAA' national scale and its 'B' short-term global scale ratings
on the bank. S&P revised the outlook on the national scale rating
to stable from negative.

The merger between Haitong Securities Co. Ltd. (HTS) and Guotai
Junan Securities Co. Ltd. (GTJA) has materialized.  On March 14,
2025, GTJA merged with HTS, assuming all assets and liabilities.
The new entity, likely China's largest broker, may receive
government support from Shanghai. It will be renamed Guotai Haitong
Securities Co. Ltd., pending shareholder and regulatory approval.
GTJA's group credit profile (GCP) remains 'bbb' (two notches above
that of HTS before the transaction).

S&P said, "We believe our long-term ratings on Haitong Brasil
benefit from the likelihood of group support from a higher-rated
parent.  HB remains strategically important to the merged entity,
now with a stronger GCP. Moreover, we view Haitong Brasil as a core
subsidiary due to its significant revenue contribution, strategic
role in Latin America, and the parent's long-term commitment to
Brazilian operations. Therefore, we expect Haitong Brasil to
benefit from these factors.

"Haitong Brasil's role and importance to the new entity, as well as
its local exposure, are key considerations in our ratings analysis.
  The bank has historically contributed about one-third of HB's
balance sheet and operating revenue. However, it operates in a
different market, limiting its contribution to the broader group.
Still, we expect the bank to gradually improve its operating
performance in 2025 following weak results in 2023 and 2024, which
mainly stemmed from decreasing margins and the effects from one-off
events.

"The stable outlook on our ratings on Haitong Brasil for the next
12 months mirrors the outlook on the foreign currency sovereign
rating on Brazil (BB/Stable/B), which limits the ratings on the
bank. We also incorporate its importance as a core subsidiary of
HB.

"We expect the Brazilian subsidiary to remain fully aligned with
HB's strategy and to continue representing a significant part of
the consolidated revenue and balance sheet. Therefore, we believe
the group will provide support to the bank under any foreseeable
circumstances, except in the event of sovereign distress. Due to
significant local country risk, Haitong Brasil's core status is
uncertain in such a scenario.

"We could lower the ratings on Haitong Brasil if we lowered the
ratings on the sovereign. Moreover, we could lower the ratings if
the subsidiary's strategic importance to its parent significantly
decreases, which could occur if Haitong Brasil's revenue
contribution to the group diminishes, or if Brazil's importance to
the new group reduces.

"We could raise our long-term rating on Haitong Brasil if we raise
the sovereign rating, provided the group's strategy in Latin
America and Haitong Brasil's core subsidiary status are unchanged.
The bank is already at the maximum national rating scale."



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J A M A I C A
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JAMAICA: Accepts 31 Bids Valued at $4BB for 25-Yr. Note
-------------------------------------------------------
RJR News reports that the Government has disclosed that 44 bids,
valued at $5.87 billion, were submitted for its 25 year 12.25% per
annum benchmark investment note, due in 2050.

However, it accepted only 31 bids, valued at four billion dolalrs,
while advising that the average yield was 7.89% per annum,
according to RJR News.

The lowest bid submitted was 7.5% per annum for $49.35 million,
while the highest bid submitted was 12% per annum for $50 million,
the report notes.

                  Twenty Billion Dollars

The government also disclosed that 137 bids, valued at $21.12
billion, were received for the 20 billion dollars it wanted to
secure from the 15 year benchmark investment note, due in 2040, the
report discloses.

It pointed out, however, that only 123 bids, valued at $20 billion,
were accepted, the report says.

The average yield for the successful bids was 7.47% per annum, the
report relays.

The lowest bid was 5.25% per annum for 50 million dollars; while
the highest was 8.19% per annum for $440 million, adds the report.

                        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.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  

JAMAICA: Inflation Rate Dipped in February, STATIN Says
-------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica is
reporting that the country's inflation rate (changes in consumer
prices) dipped to -0.9 percentage points during the month of
February.

This on the back of lower food, non-alcoholic beverages, housing,
water, electricity, gas and fuel prices, according to RJR News.

STATIN also says the point to point rate (the rate from February
2024 to February 2025) fell to 4.4% from 4.7% for January 2024 to
January 2025, the report relays.

Jamaica is an island country situated in the Caribbean Sea, the
report notes.  Jamaica is an upper-middle income country with an
economy heavily dependent on tourism, the report relays.  Other
major sectors of the Jamaican economy include agriculture, mining,
manufacturing, petroleum refining, financial and insurance
services, the report discloses.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  




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M E X I C O
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MEXICO: Peso Stalls at 20.07 as Fed's Steady Hand Guides Markets
----------------------------------------------------------------
Rio Times Online reports that traders fixed the USD/MXN rate at
20.07 in the morning of March 20, 2025, at 08:28 AM CET, reflecting
the latest market pulse.

The US Federal Reserve's decision shapes the story, following a
tense wait on March 19, according to Rio Times Online.  The Peso
softens, caught between Mexico's woes and a firm Dollar, the report
notes.

According to Rio Times, "March 19, pushes the USD/MXN above 20.00,
as traders hold their breath for the Fed's call.  The Fed sticks to
a cautious path, skipping aggressive rate cuts, which nudges the
Dollar up overnight."

The pair steadies near 20.07, with quiet trading signaling a
wait-and-see mood after Mexico's March 18 bank holiday slows
earlier action, the report relays.

Mexico's economy drags, with industrial output down 0.9%
year-over-year from August 2024, denting Peso confidence, the
report discloses.  Global markets mix signals, as the US Dollar
Index holds near 102.84, limiting sharp moves, the report says.

Tariff uncertainties under President Trump add pressure, while
trade talk rumors swirl without traction, relates Rio Times. Market
makers chime in early, the report says.  A forex strategist says,
"The Peso treads water at 20.07, with the Fed offering little spark
and volumes still low," notes the report.

Another notes, "The pair locks in a 20.05-20.10 range overnight,
with ETF outflows hinting at tariff hedges," the report discloses.
Trading stays moderate, but picks up as US desks open, the report
relays.

The pair opens at 20.07, testing 20.10 in Asia before easing back,
the report relates.  Technically, 20.00 supports, with 19.94 as the
next floor, while 20.20 resists, eyeing 20.34 if breached, the
report says.  The RSI at 55 shows balance, but the 50-day average
at 20.25 looms overhead, notes Rio Times.

Analysts stay wary, pegging year-end USD/MXN at 19.69, though
tariffs could lift it, the report discloses.  Mexico's US trade
link fuels long-term hope, yet short-term gloom prevails.  Whispers
of an April Banxico rate cut stir, but no one bites yet, the report
says.

The Fed's restraint props the Dollar, while Mexico's holiday lag
and weak data cap the Peso, notes the report.  Traders now eye US
jobless claims or consumer confidence for cues, the report
discloses.  A dip below 20.00 might boost the Peso, but 20.20 could
cement Dollar strength by weekend, the report adds.


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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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