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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, September 20, 2023, Vol. 24, No. 189

                           Headlines



A R G E N T I N A

ARGENTINA: 'Protests' Rivals' Policies W/ Public Works 'Shutdown'


B R A Z I L

AEGEA SANEAMENTO: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
BRAZIL: Expects Rates to Fall by at Least 50 BPS, Minister Says
BRAZIL: Industry Confidence Drops After Five Months


C H I L E

CHILE: Minister Signals Hard Economic Adjustments Are Nearly Done


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Completes Bond Repurchase Operation
[*] DOMINICAN REPUBLIC: Coconut Water Will Enter US Markets


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Inflation Plagues Country

                           - - - - -


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A R G E N T I N A
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ARGENTINA: 'Protests' Rivals' Policies W/ Public Works 'Shutdown'
-----------------------------------------------------------------
Buenos Aires Times reports that for many residents in Argentina, it
can often seem as if the country is the world capital of street
blockades, demonstrations and protests - now, it seems, even the
government is getting in on the act.

Public Works Minister Gabriel Katopodis headed assemblies of
construction workers with the aim of "creating awareness" as to the
potential post-election changes which the ruling coalition's rivals
would implement in the sector, according to Buenos Aires Times.
And so, the government staged a nationwide public works lockout
against the opposition proposals for the sector - a demonstration
in case in comes to pass, if you will, the report notes.

Katopodis headed the half-hour protest commencing at 10am
personally, the report relays.

"We are kicking off this lockout at the works to repair Avenida
Gaona in Morón [in Buenos Aires Province] and the same thing is
now happening in provinces across the country in order to enter
into conversation with the workers as to the risks facing public
works," remarked the official, the report discloses.

Along the same lines he continued: "We are carrying out an
Infrastructural Development Plan with schools, universities, roads,
aqueducts and sewage plants for all Argentina and the opposition
says that it must be halted, eliminating public works. Argentina
can only be great with public works," the report relays.

Katopodis further maintained that the protest measure pursues the
intention of talking to the workers in assemblies so that those
conversations may be echoed in the intimacy of the family with the
aim of underlining the problems facing public works should
libertarian frontrunner Javier Milei win in October (since he has
assured that his government would shut down the ministry), the
report notes.

"The workers will down tools and hold assemblies to discuss what it
would mean for Argentina were public works to be halted by a
government not our own.  That is a militant way of running this
ministry, convincing, persuading and explaining what is at stake,"
reflected the state official before the lockout started, the report
says.

Interviewed by journalist Antonio Fernández Llorente for Radio
Splendid - 990, he added: "For the first time in a long while the
works will be halted so that the workers can convince their
children as to what is at stake in this election," the report
discloses.

Katopodis further revealed that it was a move conversed with the
Chamber of Construction and the UOCRA building workers union with
the aim of explaining to and discussing with the workers the run-up
to the general elections of October 22, given the proposal of the
libertarian candidate Javier Milei (La Libertad Avanza) to close
down the ministry and of Patricia Bullrich (Juntos por el Cambio)
to revert to the system of public-private partnership (PPP), the
report relays.

"We want to talk to the foremen and the workers with those
conversations reaching each family.  We don't want the children of
the workers to vote without understanding what they are placing at
risk and that there is an opposition which says that it has decided
to halt the plan for infrastructure.  It must be explained what
that means, that no more schools, hospitals or universities will be
built and that there will be no more sewage works," argued
Katopodis, the report notes.

"We are at a turning-point and we believe that the workers must
take sides," he completed his argument, the report says.

President Alberto Fernández also got in on the act. "History will
say that we are the government that in four years has done the most
public works in the country," he said, the report relays.

"For us Argentina is not Puerto Madero, Argentina is all of
Argentina, and everyone needs to live better," he added.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri 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.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of its rated bond issues are affected.

S&P said the negative outlook on the long-term ratings is based
on the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among
the opposition, constrain the sovereign's ability to implement
timely changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default event of some sort appears probable in the coming years,
regardless of the outcome of upcoming elections. The affirmation of
the LC IDR at 'CCC-' follows the peso debt swap in June that Fitch
did not deem to be a "distressed debt exchange" (DDE).

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. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.




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B R A Z I L
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AEGEA SANEAMENTO: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
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Fitch Ratings has affirmed Aegea Saneamento e Participacoes S.A.'s
(Aegea) Long-Term Foreign Currency (FC) and Local Currency (LC)
Issuer Default Ratings (IDRs) at 'BB' and the National Long-Term
Rating (NLTR) of Aegea and its subsidiaries at 'AA(bra)'. At the
same time Fitch withdrew the ratings of Nascentes do Xingú S.A.
(Xingú). The corporate Rating Outlook is Stable.

Aegea's ratings reflect its strong business position and
diversified asset base within the Brazilian water/wastewater
industry, with expected growing operational cash generation and
leverage trending to more moderate levels as it develops its
subsidiaries. Fitch views the high debt at the holding level as
manageable, considering the group's proved access to diversified
sources of funding and the estimated increase of dividends inflow.
Aegea should continue to generate negative FCF due to its capex
needs and higher interest payments.

Fitch has withdrawn the ratings of Xingú for commercial reasons.

KEY RATING DRIVERS

Solid Business Position: Aegea is the leading private player in the
water/wastewater industry in Brazil. The company has a diversified
portfolio of assets, which mitigates the operational, hydrological,
political and regulatory risks associated to its business. The
groups credit profile benefits from predictable demand and increase
in operational scale from new projects and acquisition. The
company's recent acquisition, Companhia Riograndense de Saneamento
(Corsan; AA(bra)/Stable) is credit positive, despite elevating its
leverage profile in the short-term. Fitch expects, given Aegea
track record, it will improve its efficiency and further strengthen
its cash flow profile.

Moderate Leverage: Fitch's ratings case assumes that Aegea will
deleverage from its current peak of 4.5x in 2023 to 4.0x in 2025.
The deleveraging will be supported by Corsan's EBITDA margin growth
to 60% by 2028, from 23% in 2022. The ongoing operating development
of non-consolidated important subsidiary Águas do Rio (AdR) should
also support deleveraging given the expected upstream of dividends
starting in 2026. Aegea concentrates most of its debt at the
holding level, which makes the company reliant on cash upstreamed
from dividends.

Debt Concentration at the Holding Level: Fitch considers the debt
at Aegea as high, but manageable as dividends from subsidiaries
should increase. At the end of June 2023, the holding company had
outstanding debt of BRL9.8 billion, which compares Fitch's base
case assumption that Aegea will receive BRL716 million in annual
dividends on average from 2023 to 2025, increasing substantially in
2026 to around BRL1.7 billion as AdR starts to contribute.

Negative FCF: The consolidated EBITDA estimate for Aegea is BRL2.7
billion with 44% EBITDA margin in 2023, increasing to BRL4.6
billion and margin of 48% in 2024. This profitability is amongst
the highest of its local peers. The assumptions consider strong
average total billed volume growth of 35% during the next two years
mainly due to the incorporation of Corsan and a tariff increase
mostly linked to inflation. The consolidated cash flow from
operations (CFFO) should be around BRL470 million in 2023 and
BRL1.3 billion in 2024. Aegea's annual FCF should remain negative
and register BRL2.6 billion, on annual average in the next two
years, mainly pressured by annual average investments of BRL2.7
billion and dividends of almost BRL790 million.

Consolidated Approach: Fitch views Aegea's consolidated profile as
stronger than the subsidiaries' profiles. Its ratings are supported
by its diversified portfolio of concessions leading to a
predictable and stable cash flow profile. The company guarantees
around 100% of most subsidiaries' debt and has cross default
languages on its financial instruments leading to high legal
incentive of support.

Non-mature subsidiaries are strategic for the company's growth,
which are estimated to represent the majority of growth. The fully
integrated corporate structure leads to the equalization of the
ratings, given combination of high legal and medium-high strategic
and operational incentive to support. In the case of Prolagos and
Guariroba, which are matured subsidiaries, Fitch views the
standalone credit profile of both companies equal to Aegea's.,

DERIVATION SUMMARY

Aegea's LC IDR is positioned one notch below Companhia de
Saneamento Basico do Estado de Sao Paulo (Sabesp; BB+/Stable),
which has lower leverage and a more predictable cash generation
coming from its recently established tariff framework. Positively,
Aegea has a more diversified portfolio of concessions in terms of
geography, which brings lower operational and regulatory risks.
Aegea and Sabesp have strong EBITDA margins. Sabesp carries higher
political risk, given its state-ownership, yet benefits as the
country's largest water/wastewater utility with economies of scale.
Transmissora Alianca de Energia Eletrica S.A. (LC IDR BBB-/Negative
and FC IDR BB+/Stable), a power transmission company, has a better
credit profile than Aegea given a more predictable cash flow, in
addition to strong financial profile and lower regulatory risk.

Aegea's activity in Brazil is influenced by the country's operating
environment, which is subject to volatile macroeconomic
environments and mostly explains the difference in ratings from
Wessex Water Limited (WWL; BBB-/Stable), a holding company with
water operations in England. WWL subsidiaries' operating position
is strong compared with rated peers in the UK water sector due to a
long-standing record of strong operational and regulatory
performance.

KEY ASSUMPTIONS

- Annual average of total volume billed growth of 5% in 2023-2025;

- Tariff increase in line with Fitch's inflation estimates added by
already approved real tariff increase for certain subsidiaries;

- Average annual capex of BRL3.2 billion in 2023-2025;

- Average annual dividend distributions of BRL732 million in the
next three years;

- Equity injection of BRL1.4 billion in 2023-2024 on
non-consolidated subsidiaries;

- Corsan's EBITDA margin growth to 60% until 2027;

- Dividends upstreamed from AdR of BRL970 million in 2026 to
Aegea;

- CDI curve of 11.75% by the end of 2023, 9.0% in 2024 and 8.5%
thereafter.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Consolidated net debt/EBITDA sustainably below 3.0x and
maintenance of adequate liquidity profile.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Perception of unexpected additional relevant cash contributions
on subsidiaries;

- Deterioration of liquidity profile on a consolidated and
standalone basis and/or weaker financial flexibility;

- Consolidated net leverage sustainably trending to above 4.0x;

- Sustainable EBITDA interest coverage below 2.5x.

LIQUIDITY AND DEBT STRUCTURE

Proven Financial Flexibility: Aegea benefits from demonstrated debt
market access, which is important to support the significant
planned investments and necessary injections at subsidiaries. The
company has to continuously fund its negative FCF generation and
manage its debt refinancing needs. By the end of June 2023, Aegea's
total debt was BRL12.7 billion, on a consolidated basis. The debt
was mainly comprised of the outstanding bond (BRL2.6 billion,
adjusted by hedged derivatives) and debentures (BRL7.6 billion).
Fitch considered 100% of Aegea group's BRL1.2 billion outstanding
issued preferred shares as debt, according to the agency's
criteria. The group's liquidity profile was strong with cash and
equivalents at BRL1.8 billion, which compares with BRL1.4 billion
of short-term debt.

ISSUER PROFILE

Aegea manages and operates water/wastewater concessions in 489
municipalities in 13 Brazilian states, supported by long-term
contracts. The company is controlled by Equipav Group with 52.8%
ownership with remining shares owned by GIC (Singaporean sovereign
fund: 34.3%) and Itausa S.A. (12.9%).

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
   -----------               ------                -----
Aegea Saneamento e
Participacoes S.A.   LT IDR    BB     Affirmed       BB
                     LC LT IDR BB     Affirmed       BB
                     Natl LT   AA(bra)Affirmed   AA(bra)

   senior
   unsecured         Natl LT  AA(bra) Affirmed   AA(bra)

Aguas de Teresina
Saneamento SPE S.A.  Natl LT AA(bra)  Affirmed   AA(bra)

   senior
   unsecured         Natl LT AA(bra)  Affirmed   AA(bra)

Companhia
Riograndense de
Saneamento Corsan    Natl LT AA(bra)  Affirmed   AA(bra)

   senior
   unsecured         Natl LT AA(bra)  Affirmed   AA(bra)

Prolagos S.A. –
Concessionaria de
Servicos Publicos
de Agua e Esgoto     Natl LT AA(bra)  Affirmed   AA(bra)

   senior
   unsecured         Natl LT AA(bra)  Affirmed   AA(bra)

Aegea Finance
S.a r.l.

   senior
   unsecured         LT      BB       Affirmed       BB

Aguas Guariroba
S.A.                 Natl LT AA(bra)  Affirmed   AA(bra)

   senior
   unsecured         Natl LT AA(bra)  Affirmed   AA(bra)

Nascentes do
Xingu
Participacoes
e Administracao
S.A.                 Natl LT AA(bra)  Affirmed   AA(bra)

                     Natl LT WD(bra)  Withdrawn  AA(bra)


BRAZIL: Expects Rates to Fall by at Least 50 BPS, Minister Says
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that the Brazilian
government expects cuts of at least 50 basis points in the central
bank's benchmark interest rate over the remaining three meetings
this year, aiming to end 2023 with the rate below 12%, Planning
Minister Simone Tebet said.

The Selic rate stands at 13.25% after the central bank embarked on
an easing cycle last month with a half-percentage-point reduction,
marking the end of nearly a year of holding rates steady to combat
high inflation, according to globalinsolvency.com.

The next monetary policy decision is scheduled for Sept. 20. During
an interview with TV GloboNews, Tebet voiced support for the formal
autonomy of the central bank, the report notes.

Regarding the easing process, she said her main concern was related
to the delay in its commencement, the report relays.  Policymakers
have consistently stressed that the central bank will keep the 50
basis point rate cut pace, with eventual changes contingent on
significant shifts in the inflation outlook, the report says.
Tebet also expressed confidence in the process of eliminating the
primary budget deficit in 2024, emphasizing that, in addition to
the measures already put forth to achieve this goal, Finance
Minister Fernando Haddad has other revenues that were not yet
factored into the calculations, the report adds.

                              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.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).


BRAZIL: Industry Confidence Drops After Five Months
---------------------------------------------------
Richard Mann at Rio Times Online reports that in September,
Brazil's industry confidence dipped to 51.9, a 1.3-point decrease
from August.

Still, it's above the 50-point optimism benchmark, the report
notes.  Yet, it's below the 54.1 historical average, according to
Rio Times Online.

The National Industrial Confederation CNI notes concerns. Current
views on Brazil's economy caused the drop. The Current Conditions
Index stayed at 47.3 points, the report relays.

This index was recovering before, the report discloses.  But its
rise stopped recently.

The six-month forecast index dropped to 54.2. Company projections
fell to 57.2, the report adds.

                              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.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).




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C H I L E
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CHILE: Minister Signals Hard Economic Adjustments Are Nearly Done
-----------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Chile's
finance minister said the job of stabilizing the nation's economy
following a period of high inflation and overheated expansion is
nearly complete as consumer price pressures wane.

The annual inflation rate is about third of what it was a year ago
and will continue declining to 4% in December, Mario Marcel said in
a Bloomberg Television interview from London, where he is meeting
business executives as part of the Chile Day investors event,
according to globalinsolvency.com.

That consumer price level would be just above the central bank's 3%
target, the report notes.

"We started combining fiscal policy with monetary policy to
stabilize the economy and that job is almost complete," said
Marcel, who's a former Chilean central bank governor, the report
relays.  "The adjustment has reflected mostly in stabilizing the
level of GDP."

The Cambridge University-trained minister is now trying to guide
Chile out of an economic slowdown that was engineered to rein in
torrid demand and smother the fastest inflation since 1992, the
report notes.  Its gross domestic product is expected to shrink
this year, according to a Bloomberg survey, marking one of the
worst performances in Latin America. He is getting help from the
central bank, which has started the region's most aggressive cycle
of interest rate cuts after having lifted borrowing costs to the
highest in over two decades, the report adds.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Completes Bond Repurchase Operation
-------------------------------------------------------
Dominican Today reports that the Dominican Government, under the
supervision of the Ministry of Finance, has successfully completed
a comprehensive repurchase operation involving an international
bond indexed to Dominican pesos maturing in 2026, with a total
value of 40,792.05 million pesos.

The Ministry explained that the offers received since September 5,
when the initiative was presented to investors, amounted to 59.97%
of the total amount in circulation for this particular instrument,
according to Dominican Today.

For the repurchase, the government issued bonds maturing in 2035,
valued at 71,000 million pesos (equivalent to 1,252.18 million
dollars) with a coupon rate of 11.25%, the report notes.
Remarkably, offers were received for 154,767 million pesos, which
represents an impressive 2.2 times the demand for the subscribed
amount, the report relays.

Minister of Finance, Jochi Vicente, expressed his satisfaction with
the success of this operation, highlighting that it underscores the
trust investors have in the government's proactive debt management
and its commitment to ensuring risk indicators remain sustainable,
the report notes.

Vicente remarked, "When we go out to the capital markets, both
domestically and internationally, we see the appetite of investors
for our bonds, and that is a sign that we are managing public
finances correctly because no one puts their money where they have
no guarantees," the report discloses.

The transaction was strategically conducted to take advantage of
favorable market conditions. It facilitated the repurchase of the
2026 bond while allocating the rest of the resources to meet the
financing needs outlined in the General State Budget for 2023, the
report says.

The issuance of bonds in pesos serves to reduce the proportion of
foreign currency in the debt portfolio of the non-financial public
sector, decreasing it from 71.8% in January 2023 to 68.7%, the
report discloses.  This move helps mitigate exchange rate risk on
fiscal accounts and simultaneously increases the average maturity
period by 0.23 years, improving the Dominican State's refinancing
risk, the report saysa.

Furthermore, this successful operation reflects investors'
confidence in the Dominican currency and enhances its presence in
the international market, the report notes.  Vice Minister of
Public Credit, Maria Jose Martinez, emphasized that these results
align with the government's commitment to executing the medium-term
debt strategy, aimed at reducing both refinancing and exchange
risk, ultimately working towards achieving an Investment Grade
status, the report relays.

                   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.

As reported in the Troubled Company Reporter - Latin America on
Sept. 15, 2023, S&P Global Ratings assigned its 'BB' issue rating
to the Dominican Republic's 11.25% Dominican peso (DOP) linked bond
for DOP71 billion (equivalent to US$1.25 billion) maturing in 2035.
The rating on the bond is the same as the long-term local currency
sovereign credit rating on the Dominican Republic (BB/Stable/B).
The country used about 57% of the DOP-linked bond to roll over a
peso-denominated bond maturing in 2026, and will use the rest of
the proceeds for general budgetary purposes.


TCRLA reported in April 2019 that the Dominican To related 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.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.


[*] DOMINICAN REPUBLIC: Coconut Water Will Enter US Markets
-----------------------------------------------------------
Dominican Today reports that the governments of the Dominican
Republic and the United States, as well as the Dominican Republic
and Jamaica, have given the green light for the export of water
coconuts and avocados, respectively, in a move that has been hailed
as a significant boon for the nation's agricultural sector.

The Ministry of Agriculture made this encouraging announcement,
highlighting the positive impact of President Luis Abinader's
administration on the country's agricultural producers, according
to Dominican Today.  Ibrahim Shaqir, the Head of the Animal and
Plant Health Inspection Service (APHIS-USDA), conveyed the approval
through a communication addressed to the Dominican Republic's
Ministry of Agriculture's Plant Health Department, under the
leadership of Rosa Lazala, the report notes.  A similar
notification was sent to the government of Jamaica through the
Dominican ambassador in that country, Angie Martínez, the report
relays.

In the communication from APHIS, it was stated: "APHIS kindly
confirms that the revised import requirements came into effect
immediately, as mentioned in our letter of August 22, 2023. We hope
to receive the immature coconuts from the Dominican Republic
without shell and water or in the shell (with at least 75% of the
green outer shell removed) and with water, in accordance with APHIS
import requirements currently listed on our Agricultural Commodity
Import Requirements (ACIR) website," the report discloses.

Minister Limber Cruz expressed his gratitude to the dedicated
efforts of his plant health and ACTO (Agreement on the Application
of Sanitary and Phytosanitary Measures) team for their diligent
work in overseeing all aspects of commercial export treaties, the
report notes.  He recognized the immense business opportunity that
now lies ahead for the Dominican Republic, thanks to these
approvals, 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.

As reported in the Troubled Company Reporter - Latin America on
Sept. 15, 2023, S&P Global Ratings assigned its 'BB' issue rating
to the Dominican Republic's 11.25% Dominican peso (DOP) linked bond
for DOP71 billion (equivalent to US$1.25 billion) maturing in 2035.
The rating on the bond is the same as the long-term local currency
sovereign credit rating on the Dominican Republic (BB/Stable/B).
The country used about 57% of the DOP-linked bond to roll over a
peso-denominated bond maturing in 2026, and will use the rest of
the proceeds for general budgetary purposes.

TCRLA reported in April 2019 that the Dominican To related 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.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.




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

TRINIDAD & TOBAGO: Inflation Plagues Country
--------------------------------------------
Sherlan Ramsubhag at Trinidad Express reports that inflation is one
of the biggest issues plaguing Trinidad and Tobago, says chairman
of the Confederation of Regional Business Chambers Vivek Charran.

Charran made the comment during a pre-budget discussion on TV6's
Morning Edition show, according to Trinidad Express.

He expressed his belief that property tax would create inflationary
pressure in the economy, the report notes.

Large businesses with many branches and young, qualified people
with young families who are renting would be most affected by
property tax, Charran said, the report relays.

Dealing with inflation and bringing inflation under control will
benefit the economy, he said, the report notes.

"If inflation drops significantly we are hoping that employment
will rise. If employment rises and there is also growth in the
economy, we're hoping that people will have the ability to earn
more money over time," he added.

He said there were currently talks within the business community
about the increase in minimum wage, the report says.

Charran mentioned that timing was essential when talking about the
issue of an increase in minimum wage because it could create
further inflationary pressure on the economy, the report
discloses.

He said recent reports by the Central Bank revealed people were
taking fewer consumer loans, the report says.

Relatively low interest rates in local banks did, however, allow
for businesses to access capital and additional financing to deal
with debt that they would have incurred during the Covid-19 period,
he said.

"What this shows is a picture of what businesspeople in Trinidad
are facing right now," he added.



                           *********


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 2023.  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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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