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251201.mbx 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, December 1, 2025, Vol. 26, No. 239 Headlines A R G E N T I N A ARGENTINA: Spent US$803MM Last Week on Importer Dollar Demand BUENOS AIRES: Fitch Affirms 'B-(EXP)' Rating on Sr. Unsecured Notes B R A Z I L BANCO TOPAZIO: Moody's Withdraws 'B1' Deposit Ratings NEW FORTRESS: Secures Forbearance on 2029 Notes Interest to Dec C A Y M A N I S L A N D S MONTEGO BAY AIRPORT: S&P Affirms 'BB+' Debt Rating, Outlook Stable C O S T A R I C A COSTA RICA: Fitch Assigns 'BB' Rating to EUR1BB Sr. Sec. Notes D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Economy Grows 2.2% in 1st Nine Mos. of 2025 J A M A I C A JAMAICA: BOJ Accepts 148 Bids Despite Stronger Demand for CD JAMAICA: Producer Prices Down for Mining & Manufacturing P A R A G U A Y PARAGUAY: IDB OKs $70MM Loan to Expand Transmission System P U E R T O R I C O PUERTO RICO: Board Calls Tighter Financial Controls to Avert Ch.11 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Spent US$803MM Last Week on Importer Dollar Demand ------------------------------------------------------------- Kevin Simauchi at Bloomberg News reports that Argentina's Central Bank sold some US$803 million in hard-currency reserves last week after officials rushed to meet a surge in demand from importers for dollars ahead of a major bond payment. The monetary authority stepped in on three straight business days as Argentina's auto industry clamoured for the US currency to pay suppliers abroad following President Javier Milei's move to eliminate a key tax on imports at the start of the week, according to Bloomberg News. Officials sold the biggest single day amount of foreign reserves since Oct. 2019 on Thursday, Dec. 26, according to government data, the report notes. The operations on Friday, Dec. 27, included an additional $25 million in hard-currency reserves sold, Bloomberg News says. The Central Bank's operation at the end of last year risks denting the government's efforts to replenish its treasure chest of reserves, a resource necessary for Milei's team to eventually lift the country's thicket of capital controls that's hampered investment, Bloomberg News relays. Argentina also needs the funds to make a series of payments to sovereign bondholders, which jump to some US$9 billion in 2024, half of which comes due in some 13 days, Bloomberg News discloses. Despite praise for Milei's reforms from Wall Street, investors have lamented over Argentina's shortage of net foreign reserves, which is the difference between the Central Bank's cash on hand and the nation's debt liabilities, Bloomberg News says. Calculations for the exact amount of net reserves vary from negative US$10.4 billion to US$4.6 billion in the red depending on how various piles of money are counted, according to local brokerage PPI, Bloomberg News notes. The peso that trades in Argentina's parallel market, known as the blue-chip swap, edged higher by about 0.65 percent to 1185 pesos per dollar, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a new 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota). The IMF Executive Board's decision allowed the authorities an immediate disbursement of an equivalent of US$9.65 billion in March 2022. Argentina's IMF-supported program seeks to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy, involving a gradual elimination of monetary financing of the fiscal deficit and enhancements in the monetary policy framework. In June 2024, the IMF Board completed an eighth review of the Extended Arrangement under the Extended Fund Facility for Argentina. The IMF Board's decision enabled a disbursement of around US$800 million to support the authorities' efforts to entrench the disinflation process, rebuild fiscal and external buffers, and underpin the recovery. On Nov. 15, 2024, Fitch Ratings has upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'. Argentina's upgrade to 'CCC' from 'CC' reflects developments that have improved Fitch's confidence in the authorities' ability to make upcoming foreign-currency bond payments without seeking relief of some sort. S&P, in March 2024, raised its local currency sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and its national scale rating to 'raB+' from 'SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed its 'C' short-term foreign currency rating. The S&P ratings have been affirmed as of August 2024. S&P said the stable outlook on the long-term ratings balances the risks posed by pronounced economic imbalances and other uncertainties with recent progress in making fiscal adjustments, reducing inflation, and undertaking structural reforms to address long-standing microeconomic weaknesses that have contributed to poor economic performance for many years that it would likely consider to be distressed. Moody's Investors Service, in September 2022, affirmed Argentina's Ca foreign-currency and local-currency long-term issuer and senior unsecured ratings. The outlook remains stable. The decision to affirm the Ca ratings balances Argentina's limited market access, weak governance, and history of recurrent debt restructurings with recent efforts to marshal fiscal and monetary measures to start addressing underlying macroeconomic imbalances in the context of the IMF program that was approved in 2022, according to Moody's. DBRS, Inc. 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. BUENOS AIRES: Fitch Affirms 'B-(EXP)' Rating on Sr. Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has affirmed City of Buenos Aires' upcoming senior unsecured notes (Series 13 notes) for up to USD600 million at 'B-(EXP)' under the city's USD2.3 billion Medium Term Note Programme (B-). The affirmation reflects the fact that the expected terms and conditions are mainly unchanged relative to the rating assigned on Dec. 9, 2024 (See: Fitch Assigns 'B-(EXP)' Expected Rating to City of Buenos Aires' Proposed Bond). The upcoming bond issuance was priced on Nov. 18, 2025, and will be up to USD600 million, denominated in U.S. dollars, accrue a fixed interest rate of 7.8% per annum with semi-annual payments, and will amortize in three equal payments on Nov. 26 of 2031, 2032, and 2033; maturing on Nov. 26, 2033. The settlement date will be on Nov. 26, 2025. Therefore, the final rating is contingent upon Fitch's receipt of all final documents conforming to information already received. The notes will be Buenos Aires' direct, unconditional, unsubordinated and unsecured general obligation and will rank pari passu in right of payment compared with its other unsecured obligations. The applicable law for the notes would be the England law. The issuance is according to laws (6.504 and 6.734) that allow borrowing for the city of up to USD1.100 billion. The expected proceeds of the notes will be used to fund amortization payments in accordance with authorizations. Key Rating Drivers The expected rating of the notes is at the same level of Buenos Aires City's Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) of 'B-', since, by definition, it reflects the timely payment of the entity's financial obligations in FC. On September 11, Fitch affirmed Buenos Aires' ratings. For details, please review Fitch's latest Rating Action Commentary, "Fitch Affirms City of Buenos Aires at 'B-'; Outlook Stable,". Buenos Aires' current Standalone Credit Profile is 'bb-' and the entity continues to meet Fitch's criteria requirements for a rating of 'B-', which is above Argentina's 'CCC+' sovereign rating, due to its strong budget, lack of need for external debt refinancing, and sufficient liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade : A downgrade of Argentina's Country Ceiling would negatively affect City of Buenos Aires' ratings as well as any introduction of regulatory impediments for the Argentine provinces to access foreign exchange. The IDR could be downgraded if the ADSCR drops below 1.0x in tandem with a liquidity coverage ratio below 1.0x underpinned by lower operating margins and unrestricted cash; regardless of whether the payback ratio remains below 5x. Thus, City of Buenos Aires will not meet all the conditions to be rated above the sovereign. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: An upgrade on Argentina's Country Ceiling above 'B-' could positively benefit City of Buenos Aires' ratings provided that the payback ratio remains below 5x and ADSCR above 2.0x. Public Ratings with Credit Linkage to other ratings Buenos Aires' IDR is capped by Argentina's country ceiling. 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 ----------- ------ ----- Buenos Aires, City of senior unsecured LT B-(EXP) Affirmed B-(EXP) =========== B R A Z I L =========== BANCO TOPAZIO: Moody's Withdraws 'B1' Deposit Ratings ----------------------------------------------------- Moody's Ratings has withdrawn all ratings of Banco Topazio S.A.'s (Topazio), including the B1 and Not Prime long- and short-term local- and foreign-currency deposit ratings, as well as the Ba3 and Not Prime local- and foreign-currency counterparty risk ratings, in the long- and short-term, respectively. The bank's baseline credit assessment (BCA) and adjusted BCA were also withdrawal at b1 and counterparty risk assessments (CRAs) of Ba3(cr) and Not Prime(cr), in the long- and short-term, respectively. The outlook on the long-term deposit ratings was changed to rating withdrawn from stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Banco Topazio S.A. is headquartered in Porto Alegre, Brazil, with assets of BRL2.3 billion and shareholders' equity of BRL283 million as of June 2025. NEW FORTRESS: Secures Forbearance on 2029 Notes Interest to Dec --------------------------------------------------------------- New Fortress Energy Inc. announced on November 18, 2025, that it has signed a forbearance agreement with representatives of the holders of its new senior secured notes due 2029. Under this agreement, the due date for interest payments scheduled for November 17, 2025 has been effectively extended to December 15, 2025. During the forbearance period, NFE expects to continue to work constructively with the company's stakeholders. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur withinthe next 12 months. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. =========================== C A Y M A N I S L A N D S =========================== MONTEGO BAY AIRPORT: S&P Affirms 'BB+' Debt Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' global scale rating on Montego Bay Airport Revenue Finance Ltd.'s (MoAir) debt. The stable outlook incorporates S&P's expectations that despite lower projected traffic, the project will still be able to post DSCRs above 1.2x in the next 12-24 months. After Hurricane Melissa temporarily halted operations at Sangster International Airport, S&P expects its traffic to decline 8%-10% for 2025 and 2026 relative to 2024, with 4.4 million-4.6 million passengers per year, as reconstruction of the airport and tourist accommodations in Montego Bay continues. S&P said, "Therefore, we now project Montego Bay Airport Revenue Finance Ltd. (MoAir) to post a minimum debt service coverage ratio (DSCR) of around 1.25x in 2026, down from our previous expectation of 1.8x, though the cost structure of the project provides sufficient liquidity to absorb the passenger volume decline." Montego Bay's Sangster International Airport (SIA) is owned by the Airport Authority of Jamaica (AAJ). The AAJ operated SIA for approximately 29 years (previously operated by the government of Jamaica since 1949), but in 2003, it granted a 30-year concession to MBJ Airports Ltd. (MBJA). As part of the agreement, MBJA committed to transfer the concession's revenue share to the AAJ as a concession fee payment. In 2015, Grupo Aeroportuario del Pacifico S.A.B de C.V. (GAP), a private airport operator, acquired 75% of MBJA's stake, becoming the major stakeholder of the operating vehicle. As part of the agreement, the concession's revenue share consists of a base concession fee payment paid monthly, as well as an additional concession fee and excess benefit payments paid once every year, if applicable. With the remainder of the revenue, the operator must cover SIA's operations, maintenance, and capital expenditure (capex). The concession fee is, therefore, senior to any of the airport's expenses. At the direction of the government, the AAJ transferred its revenue share from the concession to a bankruptcy-remote nonrecourse special purpose vehicle established in the Cayman Islands, Montego Bay Airport Revenue Finance Ltd. (MoAir). MoAir issued $400 million in senior secured 144A/Reg S notes. The noteholders hold a pledge of the shares of MoAir; the right to receive its revenue share; and the project's accounts, including an offshore six-month debt service reserve account (DSRA). S&P said, "Considering its characteristics, we rate the project according to our "Principles Of Credit Ratings" methodology. Particularly, we assess the cash flow coverage according to the contractual cash waterfall at the project level. We think notionally amending the project's cash flow waterfall by adding operating costs wouldn't capture the overall ability to cover these costs, given that MoAir doesn't receive all the airport's revenue. "Instead, to recognize the importance of continued operations for ongoing cash flow, we consider GAP (the current major stakeholder of the concessionaire MBJA) to be a material and irreplaceable counterparty, the credit quality of which directly affects that of the issuer. However, if the concession were not renewed and GAP was no longer the operator, the same terms would apply to the new counterparty. "Although the airport closed for only five days due to the hurricane, we expect lower passenger traffic until third-quarter 2026 as tourist accommodations in Montego Bay gradually recover. Hurricane Melissa, a Category 5 storm and the strongest to hit Jamaica in the country's history, caused heavy damage in the country and halted operations at SIA on Oct. 26. The airport, which sustained significant damage, resumed commercial flights on Oct. 31. "Despite the short closure, we expect the impact on passenger traffic to persist. Reconstruction works remain to be done at the airport and more important to tourist accommodations. The bulk of SIA's passenger traffic is tourism related, and the western side of the island, where SIA is located, took the heaviest damage. The storm resulted in the closure of seven of the airport's 18 gates, as well as damage to the concourse roof on the west side of the airport, flooding of departure lounges, and other structural damage such as shattered windows. "The airport remains operating at partial capacity, with 11 out of 18 gates, and we expect most of the damage to be repaired by the end of the year or in early 2026. However, the damage to the Montego Bay area's infrastructure and accommodations are the most important milestone in the full recovery of SIA's operations. Many buildings, including a significant number of hotels, were gutted by the storm and sustained considerable damage to their ground floors. In addition, broken power lines and fallen trees were visible throughout residential streets, complicating immediate access and recovery, and other material infrastructure assets like the port, container terminal, oil storage facility, and water treatment plant were all flooded. Roads and other infrastructure suffered damage, with at least 40% of buildings and roads on the western side of the island reportedly affected. "Considering this, we expect traffic in the airport to decline 8%-10% for 2025 and 2026 from 2024 levels, resulting in 4.4 million-4.6 million passengers per year. We think passenger traffic recovery will correlate to the expected reconstruction of accommodations in the region, returning to our previous assumptions by third-quarter 2026, with about 1.3 million passengers for this quarter. "The revised traffic levels lower our minimum DSCR expectations to about 1.25x in June 2026 from our previous 1.80x. From that point onward, the minimum DSCR gradually improves to our previous expectation by June 2028. Nonetheless, credit metrics remain within rating thresholds, and we continue to expect the project to meet its scheduled interest payments without the need of extraordinary support from the government. "We continue to view the project as able to withstand a hypothetical sovereign stress event, which allows us to rate it at the level of our 'BB+' transfer and convertibility assessment for Jamaica, one notch above the sovereign credit rating (BB/Positive/B). We expect the project to withstand a hypothetical sovereign stress scenario because of the resiliency under our stress test, which incorporates a decrease of 10% in passenger volumes and no rate adjustments. We believe the project would be able to withstand such stress without depleting its DSRA." In addition, the project's accounts are held offshore in Citibank N.A. (A+/Stable/A-1), where the airport's operator will directly transfer the funds related to the revenue share pledge. The airport's revenue is also denominated in U.S. dollars, mitigating any foreign exchange risks. S&P said, "The stable outlook incorporates our expectations that the project will still be able to post DSCRs above 1.2x during the next 12-24 months, although we expect the effects of Hurricane Melissa to result in a 65% and 55% reduction in passengers for November and December, respectively, from previous expectations, and a 30% reduction in the first half of 2026, leading to 4.4 million-4.6 million passengers for 2025 and 2026. "We could lower the rating or revise the outlook to negative if we believe passenger volumes could fall further from our revised forecasts, causing the minimum DSCR to drop consistently below 1.15x. This could occur if repairs to tourist accommodations, utilities, and related infrastructure in the area take longer than expected, dragging down tourist traffic in the airport, which represents the bulk of passenger volumes. "Moreover, if the mechanism that obliges the Jamaican government to fulfill the minimum payment at 28% is triggered, and therefore it becomes a material and irreplaceable counterparty, we could lower the rating on the project to the same level as the sovereign rating. Finally, we could lower the rating if the airport operator's creditworthiness weakens to 'BB' or below, since we consider it a material and irreplaceable counterparty to the project." An upgrade is unlikely in the coming 12 months, given it would require an upgrade of Jamaica, an upward revision of the T&C assessment, and an upward revision of the project's SACP in the second phase to 'bbb-' or higher. =================== C O S T A R I C A =================== COSTA RICA: Fitch Assigns 'BB' Rating to EUR1BB Sr. Sec. Notes -------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating to Costa Rica's EUR1 billion notes maturing Nov. 21, 2030. The notes were issued in Costa Rica's local capital market and made accessible to foreign entities via Global Depositary Notes (GDNs). The 'BB' rating applies to both the local-market issuance (ISIN CRG0000B64J7) and the associated GDNs (ISINs XS3239964664 and XS3239964581). The notes are denominated and settled in euros and have a coupon of 6.47%. Key Rating Drivers The bond ratings are in line with Costa Rica's Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) of 'BB'. Fitch affirmed the LT FC IDR at 'BB' on Feb. 25, 2025 and revised the Outlook to Positive from Stable. ESG Governance: Costa Rica has an ESG Relevance Score of '5' for Political Stability and Rights and '5' [+] for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. Costa Rica has a high WBGI ranking at 71, reflecting its long track record of stable and peaceful political transitions, well-established rights for participation in the political process, strong institutional capacity, effective rule of law and low level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The bond rating would be sensitive to any negative changes in Costa Rica's Long-Term Foreign Currency IDR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The bond rating would be sensitive to any positive changes in Costa Rica's Long-Term Foreign Currency IDR. Date of Relevant Committee 24-Feb-2025 ESG Considerations Costa Rica has an ESG Relevance Score of '5' for Political Stability and Rights. WBGI have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Costa Rica has a percentile rank above 50 for the respective governance indicator but has a track record of political gridlock that is highly relevant to a -2 QO notch adjustment, this has a negative impact on the credit profile. Costa Rica has an ESG Relevance Score of '5' [+] for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as WBGI have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Costa Rica has a percentile rank above 50 for the respective governance indicators, this has a positive impact on the credit profile. Costa Rica has an ESG Relevance Score of '4' [+] for Human Rights and Political Freedoms as the Voice and Accountability pillar of the WBGI is relevant to the rating and a rating driver. As Costa Rica has a percentile rank above 50 for the respective governance indicator, this has a positive impact on the credit profile. Costa Rica has an ESG Relevance Score of '4' [+] for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Costa Rica, as for all sovereigns. As Costa Rica has record of 20+ years without a restructuring of public debt, which is captured in Fitch's SRM variable, this has a positive impact on the credit profile. 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 ----------- ------ Costa Rica senior unsecured LT BB New Rating =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Economy Grows 2.2% in 1st Nine Mos. of 2025 --------------------------------------------------------------- Dominican Today reports that the Dominican Republic's economy expanded by 2.2% between January and September 2025, compared to the same period in 2024, according to the Central Bank (BCRD). Governor Hector Valdez Albizu attributed the growth to key sectors such as agriculture (3.9%), mining (3.7%), financial services (7.4%), and tourism (3.3%), which benefited from the arrival of 8.6 million visitors, a 2.7% increase year-over-year. Valdez Albizu highlighted that exports reached US$11.6 billion, up 11.7%, while tourism revenues totaled US$8.5 billion and remittances US$8.9 billion, according to Dominican Today. Foreign direct investment stood at US$4 billion, led by projects in mining, energy, and communications, the report notes. The Central Bank projects that the economy will gradually return to its potential growth in the coming quarters as global conditions stabilize and investment increases, the report relays. The Economic Commission for Latin America and the Caribbean (ECLAC) estimates overall growth of 3.4% for the Dominican Republic by the end of 2025, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: BOJ Accepts 148 Bids Despite Stronger Demand for CD ------------------------------------------------------------ RJR News reports that the Bank of Jamaica says demand was strong for its latest 6 per cent certificate of deposit (CD) offer. Investors submitted 231 bids, valued at $32.4 billion, even though the central bank was only looking to absorb $18 billion from the market to help stabilize the Jamaican dollar, according to RJR News. In the end, the BOJ accepted 148 bids totalling the targeted $18 billion, the report notes. The average yield on the offer came out at 5.85 per cent per annum, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. 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: Producer Prices Down for Mining & Manufacturing -------------------------------------------------------- RJR News reports that the Statistical Institute of Jamaica (STATIN) is reporting that producer prices for both the mining and quarrying and manufacturing industries fell in October. According to the latest Producer Price Index, the mining and quarrying industry recorded a 4.2 per cent decline for the month, the report notes. This was mainly driven by a 4.4 per cent drop in the index for bauxite mining and aluminum processing, the major group within the sector, according to RJR News. Producer prices in the manufacturing industry were also down, slipping by 0.2 per cent in October. STATIN says this was largely due to a 1.6 per cent decrease in the index for refined petroleum products, the report discloses. That decline was partially offset by a small 0.1 per cent increase in the index for the largest component of the sector food - beverages and tobacco, the report relays. Looking at the 12 months between October 2024 and October 2025, producer prices in mining and quarrying plunged by 31.7 per cent, reflecting a 32.9 per cent drop in bauxite mining and aluminum processing, the report notes. 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 A R A G U A Y =============== PARAGUAY: IDB OKs $70MM Loan to Expand Transmission System ---------------------------------------------------------- The Inter-American Development Bank (IDB) Board of Executive Directors has approved a $70 million loan under the Specific Investment Loan (ESP) modality to support the expansion of Paraguay's high-voltage transmission system and strengthen the institutional capacity of the National Electricity Administration (ANDE). This operation is the third stage of a $400 million Conditional Credit Line for Investment Projects (CCLIP), approved in May 2020 to finance the country's Sustainable Energy Investment Program. The project aims to increase the reliability and maximum transmission capacity of the National Interconnected System (SIN), as well as improve the efficiency and operational flexibility of the transmission network in the Metropolitan Area of Asunción (AMA). It also includes strengthening ANDE's commercial management through the modernization of its IT system. Overall, the project will benefit 1.8 million customers of the SIN nationwide, improving service quality and customer care. More specifically, it will directly impact 1.2 million users in the AMA, ensuring a more reliable, flexible, and efficient electricity supply. The project will support the acquisition of land and easement rights for transmission lines, the construction of the Emboscada substation in the metropolitan area, the reconfiguration of two existing 500kV transmission lines, and the interconnection of the new substation with the 220kV network through the construction of two 220kV transmission lines. Additionally, it will promote the implementation of a modern, integrated IT system to optimize ANDE's commercial management, along with institutional strengthening activities that include technical and operational training and strategic planning. The $70 million loan has a repayment term of 24.5 years, a grace period of 6 years, an interest rate based on SOFR, and a local counterpart contribution of $16.4 million. The operation is complemented by co-financing of $70 million from the European Investment Bank (EIB) and a non-reimbursable contribution of $11.5 million from the European Union's Latin America and Caribbean Investment Facility (LACIF). ===================== P U E R T O R I C O ===================== PUERTO RICO: Board Calls Tighter Financial Controls to Avert Ch.11 ------------------------------------------------------------------ The San Juan Star Daily reports that Puerto Rico risks slipping back into fiscal distress unless it adopts stronger financial controls, the Financial Oversight and Management Board warned in a detailed report to Congress. Although oversight is beginning to wind down, the board says chronic deficits could return without improved accounting practices and consistent financial reporting, says the report. Progress on the governor's directive for responsible budgeting has been uneven, and the government has yet to produce current audited financial statements, with the latest completed for fiscal year 2022. The board emphasizes that timely audits and reliable data are critical for restoring market confidence, as required under PROMESA. Federal auditors have flagged persistent delays as a barrier to investors' ability to evaluate Puerto Rico's financial health. The report notes that despite substantial debt restructuring, durable fiscal stability will require increased transparency, long-term financial planning, consensus revenue estimates and strict limits on borrowing. These reforms, the board warns, are essential for Puerto Rico to regain full fiscal autonomy, the report states. To strengthen governance, the board recommends creating a single executive budget office with authority over forecasting, planning and budget development. It also stresses expanding the government's debt-management framework to include monitoring tools and early-warning indicators. The report devotes significant attention to the Department of Education, which faces declining enrollment, underspending and inequitable resource distribution. With federal stimulus funds running out, the board urges the adoption of student-based budgeting by 2027 and says long-term improvements will depend on political commitment and effective local leadership, according to report. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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