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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

          Monday, April 21, 2025, Vol. 26, No. 79

                           Headlines



A R G E N T I N A

ARGENTINA: Zombie Mortgage Market Coming Back to Life


B E R M U D A

BERMUDA: Tariffs Could Spell Job Loss, Business Collapse
NABORS INDUSTRIES: Brigade Capital, 2 Others Hold 6.6% Equity


B R A Z I L

AMBIPAR PARTICIPACOES: S&P Assigns 'BB-' Rating to $493MM Notes


C O L O M B I A

COLOMBIA: Declares Economic Emergency Amid Yellow Fever Outbreak
TERMOCANDELARIA POWER: Fitch Affirms BB LongTerm IDR, Outlook Pos.


J A M A I C A

JAMAICA: BoJ Injects $US30MM Into Foreign Exchange Market
JAMAICA: BoJ Receives Two Bids From Financial Institutions
JAMAICA: NIR Went Up by USD312 Million in March


P U E R T O   R I C O

FULL HOUSE: WM Capital's Bid for Relief from Stay Granted

                           - - - - -


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

ARGENTINA: Zombie Mortgage Market Coming Back to Life
-----------------------------------------------------
Hernan Nessi, writing for Reuters, reports that Argentina's
mortgage market, for years almost non-existent due to spiraling
triple-digit inflation and high borrowing costs, is starting to
show signs of coming back to life under the pro-market reforms of
libertarian President Javier Milei.

Reuters says monthly new mortgages in Buenos Aires province, home
to 40% of the country's population, hit the highest level since
2018 at the start of the year, data from the local college of
notaries show. Numbers were up nearly 500% in February
year-on-year, it adds.

"The conditions needed have been set up for the financial system to
offer mortgages, with an initial push from public banks and then
private banks," the report quoted Guillermo Longhi, president of
the Buenos Aires province notaries body, as saying.

According to the report, the overall mortgage loan market, while
still tiny due to the country's years of high inflation and
currency intervention, has tripled in size to the equivalent of
around $2.3 billion, central bank data shows, still well off a peak
of $8.3 billion in 2018.

Longhi said the government needed to ensure financial stability,
keep bringing inflation down and boost confidence in exchange rate
policy, currently tightly controlled, Reuters relates.

"The future of mortgage lending will be conditioned primarily by
the evolution of key macroeconomic variables, such as inflation,
the exchange rate, and overall economic stability," Longhi added,
the report notes.

                    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.
 
On April 11, 2025,  the International Monetary Fund (IMF) approved
a 48-month Extended Fund Facility (EFF) arrangement for Argentina
totaling US$20 billion (or 479 percent of quota), with an immediate
disbursement of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion. The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.
 
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.



=============
B E R M U D A
=============

BERMUDA: Tariffs Could Spell Job Loss, Business Collapse
--------------------------------------------------------
Jessie Moniz Hardy at Royal Gazette reports that a U.S. Senate
finance committee has been told that not all of the proposed US
Trade Representative multimillion-dollar fees for Chinese-built
ships to dock at US ports will be implemented, and they may not be
cumulative.

Implementation of the USTR port fee plan could come as late as
November as a result of the flood of negative feedback that needs
to be considered, news agency Reuters has been told, according to
Royal Gazette.

US president Donald Trump's administration is also slowing its
consideration of a raft of country-by-country tariffs for incoming
goods, the report relates.

But industry insiders in Bermuda have told The Royal Gazette, that
should proposals proceed, it could cause job losses, higher prices
and business collapse in Bermuda.

The Oleander, which brings most of Bermuda's goods and food from
Port Elizabeth, New Jersey, was made in China in 2018, and could
get caught in the USTR net, the report relays.

"Everybody is on edge," conceded Randy Rochester, chief executive
officer of Polaris, the holding company of port operator
Stevedoring Services, the report notes.

During an interview, he said: "I had my team in the office about an
hour ago looking at contingency plans," the report discloses.

He said it would not be easy to find a replacement for the
Oleander, the report says.

"It is a challenge, because it is the smaller ships that enter our
ports," he said. "Ships that go to other regions generally carry
thousands of containers compared to the hundreds the Oleander
brings here," he added.

After finding the right-size vessel, another hurdle would be
finding one not made in China, the report discloses.  Seventy to 80
per cent of ships in the world are manufactured there, the report
says.

Mr Rochester said if Stevedoring Services went from servicing three
ships a week to offloading just one, the company would have to
reconsider the staff levels of port workers, the report notes.

"We could not have 32 stevedores sitting around with nothing to
do," he added.

The firm would also have to freeze expenditures on new equipment,
because of the unknowns, the report relays.

Despite what could be an unprecedented situation, he called himself
an "eternal optimist," the report discloses.

"I am hoping that this, too, shall pass," he said.  "We have to
weather this storm and get back to business as usual," he added,
relates the report.

Anthony Pearman, CEO of Atlantic Import and Export thought new
levies could result in business failure for some people, the report
notes.

"It would not surprise me, if many businesses closed, because of
this," he said, the report relays.

His enterprise is an online one, mainly focused on importing
construction materials such as rebar and lumber, the report notes.
Much of what he brings in through the United States, originates in
China, the report says.

"This could cripple our margins," he added.

He also thought it would push the price of housing construction to
untenable levels, the report relays.

He was looking at bringing items in through other countries, but
would then have to pay more for the extra shipping time and
distance, the report discloses.

"That option is still untested and uncharted," he added.

Lindo's Group of Companies manager Zach Moniz said his grocery
store chain was working on a contingency plan, the report relays.

"Hopefully, we don't need to use it," he said. "Bermuda Container
Line is working hard to make sure we will be covered, one way or
another," the report relates.

He said Bermuda will not run out of food, but might have to adapt
to something different, the report disclsoes.

"If Trump's fee goes through, then certainly the cost of any extra
inbound freight or over land freight incurred will have to be
passed on," he said.  "However, it will not be as much as you
think. The price is not terrible. Some prices might be impacted,
but that is all up in the air right now," he added.

Any price changes would also not happen overnight.

"I have plenty of stock," Mr Moniz said, notes the report. "Local
suppliers have stock and so do our suppliers in the US."

He had faith in the laws of supply and demand, the report says.
"For example, if limes in Mexico are being tariffed and the price
goes up because of the tariffs, supply is probably going to go up.
Then demand will drop because the price went up.  Suddenly they
will have too much supply in Mexico, which will drop the price,"
the report relays.

His hope is that the anxiety over Trump's tariffs, is over soon,
the report notes.

"The tariffs are punitive in the wrong place," Mr. Moniz said,
Reuters relates.  "I understand the desire to want to do something
if he feels China has been manipulating the shipbuilding market all
these years, but Trump is penalizing everyone else but China.  It
is pointless," he added.


NABORS INDUSTRIES: Brigade Capital, 2 Others Hold 6.6% Equity
-------------------------------------------------------------
Brigade Capital Management, LP, Brigade Capital Management GP, LLC,
and Donald E. Morgan, III, disclosed in a Schedule 13G filing with
the Securities and Exchange Commission that as of March 11, 2025,
they beneficially own 946,013 shares of Nabors Industries Ltd.'s
common stock, representing 6.6% of the outstanding shares of
stock.

                           About Nabors

Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets. Nabors
also provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.

Nabors Industries reported a net loss of $11.8 million for the
year ended December 31, 2023, a net loss of $307.22 million in
2022, a net loss $543.69 million in 2021, a net loss of $762.85
million in 2020, a net loss of $680.51 million in 2019, a net loss
of $612.73 million in 2018, and a net loss of $540.63 million in
2017. As of March 31, 2024, the Company had $4.64 billion in total
assets, $3.37 billion in total liabilities, and $522.82 million in
total stockholders' equity.

                           *     *     *

In August 2024, Fitch Ratings has assigned a 'CCC'/'RR6'
rating to Nabors Industries, Inc.'s proposed senior guaranteed
notes (PGN) due 2031. Nabors plans to utilize the proceeds from
these notes to refinance the 7.25% PGN due 2026 held at Nabors
Industries, Ltd. (Bermuda) and for general corporate purposes. The
proposed notes will rank pari passu with Bermuda's existing PGN due
2026 and PGN due 2028.

Nabors' existing 'B-' Long-Term Company Default Rating and Stable
Outlook reflect the softening U.S. drilling environment since the
beginning of 2023, alongside a steadily growing international
segment. Fitch's credit profile assessment is supported by the
expectation that free cash flow (FCF) will be directed toward
gross debt reduction, as well as the company's proactive management
of its maturity profile and its adequate liquidity.

However, these positive factors are partially offset by the
company's large note maturities starting in 2027, which Fitch
anticipates will likely require partial refinancing through
capital markets. Additionally, potential declines in rig activity
and day rates could negatively impact cash flow and restrict FCF
and near-term gross debt reduction. The company's complex capital
structure, combined with the current high-interest rate
environment, could also limit refinancing options and increase
interest expenses.

In March 2024, S&P Global Ratings revised its outlook to stable
from positive and affirmed its 'B-' Company credit rating on
Nabors Industries Ltd. At the same time, S&P affirmed its 'B-'
issue-level rating on the company's senior priority guaranteed
notes, with a recovery rating of '3,' and a 'CCC' issue-level
rating on the company's priority guaranteed notes, with a recovery
rating of '6.'

The stable outlook reflects S&P's expectation for the company's
operating performance, industry fundamentals, near-term debt
maturity profile, and credit metrics to remain appropriate for the
'B-' Company credit rating. The outlook revision reflects S&P's
expectation of reduced free cash flow generation and lower than
anticipated debt reduction.

In July 2024, S&P Global Ratings assigned its 'CCC' issue-level
rating and '6' recovery rating to Nabors Industries Ltd.'s
proposed $550 million senior guaranteed notes due 2031. The
company's subsidiary, Nabors Industries Inc., will issue the notes.
The '6' recovery rating indicates S&P's expectation of negligible
(0%-10%; rounded estimate: 0%) recovery of principal by creditors
in the event of a payment default.



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B R A Z I L
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AMBIPAR PARTICIPACOES: S&P Assigns 'BB-' Rating to $493MM Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating (rounded estimate: 60%) to Ambipar Participacoes e
Empreendimentos S.A. subsidiary, Ambipar Lux S. a. r. l.'s $493
million notes, which are scheduled to mature in February 2033. This
follows the preliminary ratings that were assigned to the notes on
Jan. 22, 2025.

The issuance of the 2033 notes was priced at 10.875%, which is 100
basis points higher than the fixed rate of the existing 2031 notes.
Following the announcement of a tender offer, Ambipar successfully
repurchased $197 million of its 2031 notes. Given that the company
reports in Brazilian real (R$), S&P has considered its funding
costs, including hedging instruments.

The final hedging for the notes was set at a cost of Brazil's
interbank rate (CDI) plus 2.27%. In parallel, Ambipar recently
finalized a new hedge contract for its existing 2031 notes,
resulting in a reduced hedging cost of CDI plus 1.44% from CDI plus
1.68%.

Ambipar recently released its year-end results for 2024, reporting
an EBITDA of R$1.7 billion, a 19% increase on the previous year.
EBITDA margin improved to 29.7% from 29.5% in 2023. Ambipar also
reported a debt-to-EBITDA ratio of 3.6x and funds from operations
(FFO) to debt of 8.1%. The positive outlook on the issuer credit
rating reflects our view that an upgrade of Ambipar could be
possible within the next 12 to 24 months, provided it maintains
debt to EBITDA of up to 3.0x, FFO to debt exceeding 20%, and
positive free operating cash flow (FOCF) to debt, supported by
increasing cash flow and a cautious approach to leverage.

S&P said, "Although we expect a deleveraging trend for Ambipar, we
will closely monitor the effects of the elevated interest rate
environment in Brazil on the company's cost of debt, as well as the
impacts of volatile global markets and potentially lower GDP growth
on its cash flow, particularly in its key markets--Brazil and North
America.'




===============
C O L O M B I A
===============

COLOMBIA: Declares Economic Emergency Amid Yellow Fever Outbreak
----------------------------------------------------------------
Rio Times Online reports that President Gustavo Petro activated
Colombia's economic emergency protocol on April 16, 2025, following
a yellow fever outbreak that killed 45% of confirmed patients since
January.

The virus has infected 74 people and claimed 32 lives, primarily in
Tolima's coffee-growing regions, where vaccination rates lag below
10% among high-risk groups, according to Rio Times Online.

The outbreak originated in deforested zones near the Bosque de
Galilea park, where illegal logging accelerated human-mosquito
contact, the report notes.  Climate shifts pushed Aedes aegypti
mosquitoes into higher altitudes, reaching Bogotá's outskirts for
the first time, the report relays.

Rural Tolima reports 29 cases and 12 deaths in 2025 alone, with
victims largely unvaccinated agricultural workers, the report says.
Petro's administration vaccinated 200,000 residents in Tolima but
faces resistance from local governors refusing resource
allocations, the report discloses.

Only two hospitals in the region can treat severe cases, straining
a healthcare system already hobbled by rugged terrain, the report
says.  The Easter tourism surge risks spreading infected mosquitoes
to urban centers, prompting travel advisories for unvaccinated
visitors to Melgar and Cunday, the report notes.

Nationwide, Colombia confirmed 31 yellow fever cases between 2024
and March 2025, with a 43% fatality rate, the report relates.  PAHO
warns the Americas face heightened outbreak risks, citing 131
regional cases and 53 deaths this year, the report discloses.

Brazil and Peru report similar spikes, linked to deforestation and
climate-driven mosquito migration, the report relays.  Economic
analysts note that the emergency declaration aims to fast-track
hospital upgrades and rural vaccination drives, the report says.

However, Petro criticizes coffee federations for bypassing crisis
meetings, the report notes.  With 18,000 schools slated as
distribution hubs, the plan targets remote communities where health
access remains sporadic, the report says.

The crisis underscores vulnerabilities in Colombia's agricultural
supply chains, as Tolima's coffee farms grapple with labor
shortages and rising operational costs, the report discloses.
Global commodity traders monitor shipment delays, while insurers
recalibrate risk premiums for Andean exports, the report adds.

As reported in the Troubled Company Reporter on Aug. 7, 2024, Fitch
Ratings has affirmed Colombia's Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'BB+' with a Stable Rating Outlook.

TERMOCANDELARIA POWER: Fitch Affirms BB LongTerm IDR, Outlook Pos.
------------------------------------------------------------------
Fitch Ratings has affirmed TermoCandelaria Power S.A.'s (TPL)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB'. The Rating Outlook is Positive. Fitch has also affirmed
TPL's senior unsecured notes at 'BB'.

The ratings reflect the strategic importance of TPL's assets for
Colombia's Atlantic coast, as it provides consistent peaking
availability amid chronic energy transmission constraints. The
ratings further reflect the combined operations of its operating
subsidiaries, Termobarranquilla (TEBSA) and Termocandelaria
(TECAN), competitive market position, and a limited contracted
position.

TPL's Positive Outlook reflects sustained leverage (gross
debt/EBITDA) of 3.3x, solid liquidity and moderate capex needs
following the company's successful debt reduction and maturity
extension. Metrics should trend favorably relative to Fitch's 'BB'
category medians going forward.

Key Rating Drivers

Positive Outlook on Debt Reduction: Fitch's Positive Outlook
reflects TPL's average 3.3x leverage profile driven by a reduced
debt burden from recent refinancing activity and a stable 24%
EBITDA margin. The latter is subject to normalized hydrology
conditions. Fitch expects TPL to maintain a liquidity ratio (Cash +
CFO/Short-term debt) above 1.25x amid low capex pressures that
average only 4% of revenues and cyclical positive FCF. New debt is
expected to be minimal and address working capital needs related to
LNG consumption. Fitch assumes average EBITDA of USD190 million
amid normalized hydrology conditions.

Credit Profile Linked to OpCos: TPL is a holding company that owns
and operates the country's largest portfolio of thermal power
plants through its subsidiaries, TEBSA and TECAN, two highly
efficient combined cycle natural gas generation with a combined
1,529 MW located on Colombia's Atlantic coast. The plants account
for 25% of Colombia's thermal installed capacity and an average 8%
of annual generation. TPL fully owns and controls TECAN and has a
57.38% stake in TEBSA; the latter drives around 70% of TPL's
consolidated EBITDA.

Advantageous Natural Gas Position: TPL benefits from its proximity
to and favorable natural gas contract with Colombia's sole
liquefied natural gas (LNG) import facility, the Sociedad Portuaria
El Cayao (SPEC) LNG terminal. TPL's LNG contract accounts for 72%
of SPEC's capacity and enables it to moderate its supply volumes to
meet the electricity capacity demands during periods of increased
demand and energy volatility within its service area. TPL also
capitalizes on commercializing re-gasified natural gas when
possible. Fitch expects an additional yearly EBITDA of around USD20
million on average through monthly take or pay contracts for the
sale of gas with the newly created "TPL Gas".

Essential Peaker Capacity: TPL provides critical energy during
drought conditions and demand peaks, opportunistically selling
energy through spot market sales in lieu of long-term power
purchase agreements (PPAs). TPL's exposure to demand volatility
compared to baseload providers with long-term PPAs, and the entry
of competitive nonconventional renewable energy projects into
Colombia's coastal region, is mitigated by the company's cost
competitiveness through a lower debt position and essentiality
during strained demand.

Peer Analysis

TPL's capital structure compares positively with Orazul Energy Peru
S.A. (BB/Stable), which has a high medium-term leverage of 4.7x
under Fitch's forecast, which is at the high end of its rating
level. TPL's financial policy and amortization profile are more
conservative, with expected average gross leverage levels
post-expansion below 4.0x. TPL's debt primarily consists of 2031
bonds, a syndicated loan at TEBSA, and working capital-related
debt.

TPL's business risk is higher than multi-asset energy regional
investment-grade peers like AES Panama Generation Holdings, S.R.L.
(BB+/Stable), Kallpa Generacion S.A. (BBB-/Stable) and AES Andes
S.A. (BBB-/Stable). These peers benefit from strong contractual
positions, with PPAs providing cash flow stability through
USD-linked payments and, in Kallpa's case, fuel costs pass-through
clauses related to potential increases in fuel costs.

This results in higher long-term EBITDA visibility compared to TPL,
which remains exposed to exogenous supply/demand dynamics. Although
TPL's key subsidiary TEBSA maintains relative cost efficiency,
placing it within the coastal base load, future additions to the
local renewable energy matrix or expansion of the national
transmission network could potentially displace its strong
competitive coastal region position in the long term.

TPL ratings are two notches below Fenix Power Peru S.A.
(BBB-/Stable). As a single-asset generator with a high proportion
of take-or-pay costs, and its deleveraging target of an average of
2.7x, Fitch believes Fenix's standalone credit quality is in line
with a 'BB+' rating. However, Fenix's ratings are buoyed by its
strong support from its parent Colbun S.A. (BBB+/Stable).

Key Assumptions

- The reliability charge increases at an average U.S. CPI rate of
2.0%.

- Natural gas title transfer facility at USD12/thousand cubic feet
(mcf) in 2025 and USD8/mcf in 2026 and USD7/mcf thereafter;

- Debt, excluding intercompany loan, of USD439.9 million;

- Total capex of USD54 million in 2025 and below USD31 million in
2026 and below USD30 million thereafter;

- Combined annual generation over the medium-term averaging at
2,400 gigawatt hours.

- TEBSA and TECAN's availability factors at 90%.

- Dividend payments contingent on excess cash.

RATING SENSITIVITIES

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

- Consolidated leverage levels above 4.8x for a sustained period;

- EBITDA/interest coverage of 2.0x or below for a sustained period
or a debt service coverage ratio below 1.2x;

- Adverse regulatory changes in Colombia that weaken the company's
commercial policy;

- A weakening of the company's out-of-merit generation profile that
affects revenue visibility.

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

- Reduced debt levels that result in sustained total debt/EBITDA of
below 3.3x and a debt service coverage ratio above 1.8x;

- An improved contractual position.

Liquidity and Debt Structure

TPL's liquidity improved significantly in 2024, driven by enhanced
EBITDA generation, reduced debt levels, and an extended debt
amortization schedule following the issuance of USD425 million
notes due in 2031. Proceeds were used to refinance the company's
existing 2029 notes. As of Dec 31st, 2024, consolidated cash on
hand increased to USD196 million, sufficient to cover approximately
USD90 million in short-term debt for working capital needs.

Fitch expects CFO to average around USD80 million over the rating
period. Fitch considers refinancing risks for TPL low, since its
lending relationships with both local and international banks
provide additional flexibility for its working capital needs if
needed.

Issuer Profile

TPL, a holding company, owns and operates 1,529MW of thermal power
capacity in Colombia's Atlantic region via Termobarranquilla
(TEBSA) and Termocandelaria (TECAN), accounting for 7% of national
electricity generation and around 25% of thermal installed capacity
as of 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
   -----------                 ------          -----
TermoCandelaria
Power, S.A.           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
=============

JAMAICA: BoJ Injects $US30MM Into Foreign Exchange Market
---------------------------------------------------------
RJR News reports that the Bank of Jamaica intervened in the foreign
exchange market, pumping US$30 million on April 9 in order to ease
the pressure on the dollar.

The report says the move was prompted by the perception that the
country's trade deficit will widen because of the 10% tariff
imposed on Jamaica exports by the United States. Additionally,
there are concerns that US immigration policies will have a
negative impact on tourism and remittance flows.

NCB purchased US$6 million at J$158.11, First global bought
US$4million, followed by Citibank with US$2.9 million at the same
rate, the report relates. BNS and JMMB also bought US$2 million
each at the same rate.

The central bank also said 299 bids, valued at J$50 billion, were
submitted for the J$27 billion it was seeking in order to mop-up
excess Jamaican dollars in a two-pronged approach to help stabilise
the Jamaican dollar, RJR News relates.

The Jamaican currency has been slipping following Trump's decision
to slap the 10% tariff on Jamaican exports to the USA, notes the
report.

The BoJ revealed, however, that it had accepted only 204 bids,
valued at the $27 billion it was seeking, the report relays.

The average yield on successful bids was 5.72-per cent per annum.
The total sum of fixed rate CD's outstanding is $83 billion, which
is programmed at $3.482 billion this fiscal year, 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: BoJ Receives Two Bids From Financial Institutions
----------------------------------------------------------
RJR News reports that the Bank of Jamaica says it received two bids
from financial institutions, valued at J$900 million, for the $800
million in liquidity it wanted them to take up.

The average interest rate was 6.02 per cent per annum, according to
RJR News.

The highest submitted interest rate was 6.02 per cent for $800
million, while the lowest was 5.9% per annum for $100 million, the
report notes.

Meanwhile, the bank says it will be seeking to take another eight
billion dollars out of circulation, in order to ease the pressure
on the dollar, the report relays.

This will be done through the offering of another Certificate of
Deposit at an interest rate of 6.25 per cent per annum, the report
says.

The bank also says investors will have to submit competitive bids
for $7.6 billion of this amount but they do not have to do so for
the remaining $400 million, the report notes.

The interest paid on this instrument, which will mature on May 16,
2025, will be taxable at a rate of 25 per cent, 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.

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: NIR Went Up by USD312 Million in March
-----------------------------------------------
RJR News reports that Jamaica's Net International Reserves (which
measures the difference between its foreign assets and foreign
liabilities) climbed by US$312 million to US$5.79 billion in
March.

In February, the figure stood at $5.47 billion, according to RJR
News.

The increase was due to a jump in the country's foreign assets by
US$303.7 million to US$5.83 billion in March, up from US$5.52
billion in February, the report notes.

Over the period, the country's foreign liabilities fell to US$40.76
million from US$49.4 million in February, 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.

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.  



=====================
P U E R T O   R I C O
=====================

FULL HOUSE: WM Capital's Bid for Relief from Stay Granted
---------------------------------------------------------
Judge Maria de los Angeles Gonzalez of the United States Bankruptcy
Court for the District of Puerto Rico granted WM Capital Partners
53, LLC's motion for relief from stay in the bankruptcy case of
Full House Development, Inc.

The Debtor opposes the motion for relief from stay.

The Debtor filed its bankruptcy petition at the same time as two
other related entities: Convention Center Parking Inc., Case No.
24-04516 and Golden Triangle Realty S.E., Case No. 24-04514. In the
instant case, only two creditors have filed proofs of claim, to
wit, the Puerto Rico Department of Treasury, in the amount
$3002.05, and WM Capital, in the original amount of $57,591,876.70
amended on March 19, 2025, to $49,246,225.10.

WM Capital's claim is cross-collateralized with the real properties
in all three related debtor entities, thus the same claim was filed
in each of the three cases.

WM Capital's secured interest was perfected on Sept. 24, 2004, when
Debtor executed a Mortgage Note in the amount of $800,000. The
First Mortgage Note is secured by three properties owned by Debtor:
"Parcel A", "Parcel B", and "Parcel C".

On Sept. 1, 2022, the Court of First Instance of Puerto Rico,
Superior Court of San Juan, issued an Amended Judgment in favor of
WM Capital, and against, among others, Golden Triangle and Debtor,
in the amount of $23,569,530.00 for principal and $17,435,913.85
for interest calculated as of April 9, 2021, which continue
accruing daily, at a rate of $3,067.24 as agreed, until the total
payment of the debt, plus the amounts agreed to in certain
mortgages and the advances allowed by these for $59,793.65, plus
$4,224,248.00 for costs, expenses, and attorney's fees. The State
Court Judgment also authorized the sale in public action of, among
others, the properties.

WM Capital argues that the lifting of the stay is warranted under
11 U.S.C. Sec. 362(d)(2) because Debtor has no equity in the
properties. It contends the properties are not necessary for an
effective reorganization.

WM Capital asserts that Debtor holds no equity on its real estate,
nor does it own any assets which could help it raise operating
capital. It contends Debtor has also admitted that it has no source
of income, and there is no indication in the docket that the
Property, which is a vacant lot of land, has any realistic prospect
of generating income. Under these facts, it alleges that Debtor
cannot prove it has a reasonable possibility of an effective
reorganization. Moreover, given that WM Capital is basically the
only secured creditor (besides CRIM, which is listed as secured
with an unknown amount), and practically the only non-insider
unsecured creditor (besides governmental entities) in this case, as
well as being well undersecured, it will be entitled to vote under
its secured and unsecured portion of its debt with respect to any
potential plan of reorganization that may be filed by Debtor.

Without WM Capital's support, it is highly unlikely that Debtor can
confirm a plan. This is because WM Capital would control the entire
portion of the secured class of any prospective plan, as well as
the unsecured class considering the amount of its deficiency
claim.

On the other hand, any proposed reorganization plan that may be
filed by Debtor would not be confirmable under 11 U.S.C. Secs.
1129(a)(11) and 1129(b)(2) of the Code if WM Capital were to make a
11 U.S.C. Sec. 1111(b) election to treat its debt as fully secured,
as Debtor does not have the financial capacity to make the required
payments under this scenario.

Debtor further contends that pursuant to 11 U.S.C. Sec.362(d)(2),
WM Capital must prove that the subject properties are not necessary
for an effective reorganization. The subject properties are part of
a major project that must be administered jointly to maximize their
return to the benefit of all creditors, particularly WM Capital.

Debtor contends that the lifting of the stay will prejudice the
bankruptcy estate and creditors.

The Court finds Debtor failed to present credible evidence on the
feasibility of a plan of reorganization, that it will, in fact, be
able to generate enough income to pay WM Capital in full, plus
interest, within the next three years. And with the evidence
presented the Court is unable to conclude that a reorganization can
occur within a reasonable period of time, or that it is even
possible. Debtor has essentially only one creditor, WM Capital, and
it is requesting the lifting of the stay.

A copy of the Court's decision is available at
https://urlcurt.com/u?l=Br9Cxy from PacerMonitor.com.

                  About Full House Development

Full House Development, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-04515) on Oct. 21, 2024. In the petition signed by David
Santiago Martinez, president, the Debtor disclosed $700,000 in
assets and $45,229,691 in liabilities.

Judge Edward A. Godoy oversees the case.

Alexis Fuentes-Hernandez, Esq., represents the Debtor as counsel.


                           *********


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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