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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, December 27, 2023, Vol. 24, No. 259

                           Headlines



A R G E N T I N A

ARGENTINA: Cuts Key Rate to 100% by Swapping Main Policy Tool
ARGENTINA: Experts, Critics Slam Milei's Massive Reform Plan


B E R M U D A

BERKING RE: A.M. Best Assigns B(Fair) Fin'l. Strength Rating


B R A Z I L

BRAZIL: Credit Rating Raised by S&P After Tax Code Overhaul
BRAZIL: Sao Paulo Booms and Leads Brazil in Farming Exports


C H I L E

EMPRESA ELECTRICA: Moody's Affirms Ba1 Rating on Sr. Secured Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: APORDOM Urges Not to Politicize Port Issue


J A M A I C A

JAMAICA: BOJ Maintains 7% Policy Interest Rate


P U E R T O   R I C O

PUERTO RICO: 14 States File Amicus Brief in PREPA Bond Fight

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Cuts Key Rate to 100% by Swapping Main Policy Tool
-------------------------------------------------------------
Bloomberg News reports that Argentina's central bank changed its
benchmark tool for monetary policy, replacing four-week notes with
one-day transactions in a bid to lower borrowing costs.

The monetary authority will no longer auction its 28-day Leliq
notes, which until now were used to determine its policy rate,
according to the report.

Instead, the 1-day repo notes that currently pay an interest rate
of 100% will serve as the bank's new policy benchmark, the report
notes.

The move aims to free up pesos for Argentine banks and strengthen
demand for treasury notes, the report relays.  Shortly after the
central bank issued its statement, the government announced details
of a peso debt auction, with maturities of up to three years, the
report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.

ARGENTINA: Experts, Critics Slam Milei's Massive Reform Plan
------------------------------------------------------------
Buenos Aires Times reports that leading constitutional experts in
Argentina have condemned Javier Milei's economic and labour reform
package, branding "unconstitutional" the libertarian leader's
attempts to introduce sweeping changes via presidential decree.

The emergency decree announced by President Milei via nationwide
broadcast and published in the Official Gazette triggered strong
reactions, according to Buenos Aires Times.  Criticism centered on
the move implying an advance of the Executive Branch on
parliamentary prerogatives, the report notes.

The decree has over 300 reforms although President Milei singled
out 30 as the main ones, the report discloses.

The emergency decree repeals the Rent Law, the Anti-Hoarding Law
and legislation dictating a balanced display of brands on
supermarket shelves and the "compre nacional" law giving priority
to Argentine products for state purchases, the report discloses.
While scrapping industrial and commercial promotion, it also
repeals the norm banning the privatization of public enterprises,
as well as "modernizing" labour legislation and reforming the
Customs Code, the report relays.

"Article  99, clause 3 of the Constitution establishes as a rule
that the Executive Branch may not legislate . . .  with emergency
decrees an exception subject to rules," explained Andres Gil
Dominguez, one of the best-known lawyers, via the social networks,
the report says.

"Repealing or amending 300 laws via an emergency decree is a bid to
concentrate public power vetoed by Article 29 of the Constitution .
. .  the extinction of Congress as the heart of democracy," said
Gil Dominguez, concluding: "These are times for prudence, strategy
and constitutional resistance," the report relays.

Another constitutional lawyer, Raul Ferreyra, adopted a similar
stance, the report discloses.

"The decree is openly unconstitutional since the urgency is
nonexistent.  Anything permanent has to be amended by Congress.
This is an open violation of the separation of powers and the
self-attribution of extraordinary powers . . .  something never
seen in 40 years of democracy," he told Radio 10, the report
relays.

"The law to control emergency decrees sucks. None of the 900 sent
to Congress have ever been rejected," he complained, the report
discloses.

One of the most recent opinions came from constitutional law
professor Daniel Sabsay, who told the La Nacion newspaper that the
emergency decree is unconstitutional and "insane," the report
relays.

"The exceptional circumstances required by the Constitution for an
emergency decree do not exist. I don't remember anything like it,
neither in the times of [Carlos] Menem, nor under a military
government," he assured, the report says.

Despite their alignment with the Juntos por el Cambio coalition
that is expected to back Milei's reforms in Congress, Union Civica
Radical Senator Martin Lousteau and former Buenos Aires City mayor
Horacio Rodriguez Laretta added their voice to the criticism, the
report notes.

"Argentina needs reforms but not by decree. The instrument for this
to happen is a law of Congress," said Rodriguez Larreta in a social
media post entitled 'Not this way.'

"We have to prevent another president, with a similar DNU, from
being able to reverse everything in four years. The separation of
powers is the centrepiece of our democracy," he added.

Ex-government officials also came out to slam the reform bid,
focussing especially on the use of emergency decrees, the report
relays.

Vilmar Ibarra, Legal & Technical secretary to the Presidency during
Alberto Fernández's government, issued strident criticism, warning
that Milei's actions are a clear "violation of the division of
powers," the report discloses.

In a long thread of messages on the social network X, she described
the measures as "authoritarian" and questioned if the decrees were
drafted by private law firms, which is prohibited, the report
notes.

"Everything points to the fact that this mega-urgent decree may
have been prepared by private law firms . . .  Who has prepared
this decree? Who is paying them? Because, as President Javier Milei
says, nothing comes for free," she wrote. "This may be a criminal
corruption case."

The report discloses that Ibarra, a former senator and deputy who
has years of experience in writing government legislation and left
office just 10 days ago, also questioned whether Milei's reform
package is constitutional.

"The Constitution authorises urgent decrees under exceptional
circumstances. If an urgent decree repeals 300 laws and amends
others the Executive Branch is claiming prohibited legislative
powers, it is an encroachment on the separation of powers," she
wrote, the report relays.

Ibarra questioned if the decree had been properly drafted and
studied by the Legal and Technical Secretariat, the report notes.

"If the announced mega-decree is issued, it will be an
unconstitutional, anti-republican decision, which starts a path of
authoritarianism which ought to cause great alarm," she concluded,
the report says.

Those allegations were rejected by those involved in authoring the
decree. Seeking to explain the government's thinking, presidential
advisor Federico Sturzenegger said that the idea was to "give an
image of regime change," the report notes.

Milei "has to give a quick signal," he argued in a radio interview,
adding that it was just "a slice of the reforms the president wants
to make," the report discloses.

"We will see if the castes are willing to make their privileges
explicit," said Sturzenegger, who served as Central Bank governor
from 2015 to 2018 and as a national deputy between 2013 and 2015,
the report relays.

Mocking those who demonstrated on the streets of Buenos Aires to
show their opposition to the measures, the economist quipped: "I
was shocked at how quickly they read the DNU," the report says.

The top measures had already been outlined by Milei in his speech.
Acknowledging the sheer number of reforms in his decree, the
president highlighted the 'top 30' headline changes he is seeking,
the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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 E R M U D A
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BERKING RE: A.M. Best Assigns B(Fair) Fin'l. Strength Rating
------------------------------------------------------------
AM Best has assigned the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+(Fair)" to Berking Re
Limited (Berking Re) (Bermuda). The outlook assigned to these
Credit Ratings (ratings) is stable.

The ratings reflect Berking Re's balance sheet strength, which AM
Best assesses as strong, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management (ERM).

Berking Re was incorporated in Bermuda on February 11, 2022 and
licensed as a Class 3A insurer effective January 6, 2023. The
company is wholly owned by PFY Health Technology Co., Ltd. (PFY
Cayman or PFY Group).

Berking Re was initially capitalized at USD 3.0 million as of
year-end 2022. According to its unaudited financial statements, the
company received capital injections during 2023 and its share
capital and contributed surplus increased to USD 4.3 million as of
the end of October 2023.

Berking Re's risk-adjusted capitalization, as measured by Best's
Capital Adequacy Ratio (BCAR), is projected to be at a robust level
throughout its initial five-year business plan (2024-2028). This
result is supported by Berking Re's prudent investment strategy,
albeit the BCAR score shows a moderate downward trend over the
five-year period as the company expands its underwriting portfolio.
Notwithstanding, the limited size of the company's current capital
and surplus exposes its balance sheet strength to potential
volatility arising from uncertainties in executing business and
capital plans. In addition, in the event that PFY Group is not able
to provide capital support to Berking Re in a timely manner, the
company's capital position may be subject to further pressure.

As a start-up reinsurance company, Berking Re expects to report a
net loss in its first year due to set-up costs and limited premiums
written; it expects to be profitable in the second year along with
top line growth and stable investment returns. The company is
exposed to both elevated operational risk and business execution
risk; however, it is partially offset by the expected prudent
underwriting strategy and risk selection, as well as the strategic
and operational support from PFY Group.

The company will focus on health reinsurance in China, with major
product lines in medical and 90-day pharmacy insurance, as well as
personal accident and liability products. While the overall premium
scale remains very small with product concentration in the initial
phase, the product risk of health insurance is considered moderate.
Berking Re expects to grow its business scale by sourcing the
majority of its premiums written through the affiliated company PFY
Health Technology (Shanghai) Co., Ltd.'s established insurance
client network.

Berking Re is in the process of establishing its ERM framework. AM
Best expects Berking Re to develop its ERM framework in line with
its implementation plan, as the company grows its business size and
risk exposure increases.

AM Best expects Berking Re's corporate governance, coupled with
regulatory oversight, to be adequate in safeguarding the company's
capital and assets. However, the company remains exposed to the
potential contagion risk if the parent group experiences adverse
financial developments or negative external factors.

Negative rating actions could occur if the company experiences
material deviations from its business plan, including adverse
deviations from its projections on business scale and operating
performance, or a significant deterioration in risk-adjusted
capitalization. Negative rating actions also could occur if there
are substantial adverse deviations in PFY Group's capital plan or
adverse development in PFY Group's business plan, which have a
material negative impact on Berking Re's business operations and
credit fundamentals. Positive rating actions could occur if the
company can further strengthen its balance sheet strength in line
with the expansion plan.

Ratings are communicated to rated entities prior to publication.
Unless stated otherwise, the ratings were not amended subsequent to
that communication.



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B R A Z I L
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BRAZIL: Credit Rating Raised by S&P After Tax Code Overhaul
-----------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that S&P
Global Ratings lifted Brazil's credit score after the recent
approval of an overhaul of the country's tax code added to a series
of economic reforms that have been implemented in the past few
years.

S&P raised Brazil's sovereign rating by one notch to BB, two levels
below investment grade, putting it on par with Guatemala and
Dominican Republic, according to the report. The outlook is stable.


"While it will be implemented gradually, the reform is a
significant overhaul of the tax system and will likely translate
into productivity gains over the long term," the ratings firm said
in a statement, the report relays.

Brazil's Congress finalized a drastic overhaul of the country's tax
code, completing an effort that had eluded lawmakers and leaders
for three decades, the report notes.

The plan, which aims to simplify one of the world's most complex
systems, was a priority of President Luiz Inacio Lula da Silva and
Finance Minister Fernando Haddad as part of a broader economic
agenda meant to help shore up the country's finances, 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.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.

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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).


BRAZIL: Sao Paulo Booms and Leads Brazil in Farming Exports
-----------------------------------------------------------
Lachlan Williams at Rio Times Online reports that in the past 11
months, Sao Paulo's agribusiness has achieved a remarkable
milestone by amassing $25 billion in exports and shown significant
resilience and adaptability.

Representing a 5.3% increase from the previous year, this growth
indicates the sector's robust recovery and advancement, according
to Rio Times Online.

These insights, provided by the State Government Agency, place Sao
Paulo's agribusiness in a broader global and domestic market
context, the report notes.

                          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.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.

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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).



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C H I L E
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EMPRESA ELECTRICA: Moody's Affirms Ba1 Rating on Sr. Secured Notes
------------------------------------------------------------------
Moody's Investors Service affirmed Empresa Electrica Cochrane SpA
(Cochrane)'s Ba1 Senior Secured Global Notes and changed the
outlook to negative from stable.

RATINGS RATIONALE

The rating action reflects Moody's perception of a deterioration in
the weighted average credit quality of the project's off-takers,
given that one of those is currently experiencing high liquidity
pressure due to a significant maturity of a shareholder loan in
less than a year. While Cochrane continues to benefit from its
strong contractual position, with a significant portion of its
revenues and cash flows arising from fixed charges, the negative
outlook reflects Moody's view that a weakened counterparty risk
profile could expose the project to delays in collection,
contractual disputes or ultimately more volatile revenues if part
of the contracted output is redirected to the spot market.

The weighted average credit quality of counterparts is a rating
constraint. Cochrane has an aggregated contracted load of 483 MW
with three off-takers: Sierra Gorda SCM (SG, 251 MW or 52% of the
load, Power Purchase Agreement (PPA) expiration: December 2034),
Quebrada Blanca S.A.'s expansion (QB2, 122 MW or 25% of the load,
PPA expiration: December 2037) and Sociedad Quimica y Minera de
Chile S.A. (SQM, Baa1 stable, 110 MW or 23% of the load, PPA
expiration: December 2030). The PPAs include fixed charges that are
sized to fully cover Cochrane's fixed costs, including debt
service, and are subject to a monthly inflation adjustment
mechanism, a credit positive. The weighted-average life of
Cochrane's PPAs is around 11 years and exceeds the maturity of the
debt in 2027. Moody's offtaker evaluation also considers the
capacity payments received from the electricity system in Chile
(Government of Chile A2, stable) representing about 15% of
Cochrane's operating cash flows.

The Ba1 senior secured rating continues to reflect the project's
sound operations and cash flows visibility that is supported by the
robust terms of its availability based PPAs and the system's
capacity payments. This cash flow predictability underpins the
project's ability to report a debt service coverage ratio (DSCR) of
at least 1.4x during the life of the notes (1.5x at year-end 2022).
It also encompasses the terms and conditions of the PPAs with a
favorable allocation of risks in favor of Cochrane, such as robust
termination payments and a priority of claim for the collection of
receivables in the event of a counterparty bankruptcy. Particularly
in the case of SG, Moody's note the payments under the PPA have a
priority over its shareholder's subordinated loan due in December
2024, which partially mitigates the risk for Cochrane in a
distressed credit event of this counterparty. Further tempering
Cochrane's credit quality is Moody's expectation that dividend
distributions will remain sizable, but fully funded with internally
generated cash flow.

The negative outlook incorporates Moody's view that a weaker
counterparty risk could add financial pressure to the project's
cash flows or expose future cash flows to higher volatility from,
for example, sales to the spot market.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The outlook stabilization is possible if Cochrane's
weighted-average counterparty risk improves and credit metrics
remain strong with a DSCR above 1.8x on a sustained basis.

A downgrade of Cochrane is likely if Moody's see a further
deterioration in the offtakers' credit quality, leading to a
weighted average counterparty risk that is weakly positioned for
the Ba1 rating coupled with less cash flow predictability that
leads the project's DSCR to less than 1.4 times.

Negative pressure on the rating will also be considered if Moody's
see a higher-than-expected risk for Cochrane's exposure to carbon
transition, a more aggressive cash distribution policy or
additional changes to its ownership and capital structure that
translate into unexpected negative consequences on the issuer's
ability to service debt on time.

Company Profile

Empresa Electrica Cochrane SpA (Cochrane) is a privately held
joint-stock special-purpose vehicle organized under the laws of the
Republic of Chile. Cochrane owns and operates two units 550
megawatt (MW, gross) coal-fired generation facility in northern
Chile. The complex includes a 20 MW Battery Energy Storage System
(BESS). It also shares some installations with Empresa Electrica
Angamos SpA (Angamos), which owns and operates an adjacent 558 MW
coal-fired plant.

Cochrane's majority indirect shareholder is AES Andes S.A. with 57%
ownership rights. In September 2020, AES Andes S.A. sold a portion
of its economic rights to the Investment Fund TIF Inversiones SpA
(indirect interest: 3%; economic interest: 30%), owned by Toesca
Infraestructura II Fondo de Inversión. In June 2020, Daelim Energy
Co acquired a direct 40% interest in Cochrane from Mitsubishi
Corporation (A2 stable).

The principal methodology used in this rating was Power Generation
Projects published in June 2023.



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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: APORDOM Urges Not to Politicize Port Issue
--------------------------------------------------------------
Dominican Today reports that Jean Luis Rodriguez, the executive
director of the Dominican Port Authority (APORDOM), has called for
a non-politicized approach to the recent worker protests at the
Cabo Rojo port construction site.  

During a thanksgiving mass marking APORDOM's 53rd anniversary at
the Primate Cathedral of America, Rodriguez addressed the
situation, emphasizing the minor scale of the protests relative to
the total workforce, according to Dominican Today.

Rodriguez explained that the Ministry of Labor had stepped in to
resolve what he described as a misunderstanding of labor laws,
leading to an agreement between the parties involved, the report
relays.  He reassured that the construction work at the port has
not been halted and announced the impending arrival of a cruise
ship to Pedernales, anticipated to boost the local and regional
economy, the report notes.

The delay in the cruise ship's arrival was attributed to changes in
the cruise line's schedule rather than the construction pace, the
report says. President Luis Abinader had previously convened a
working table last September to ensure collaborative efforts among
state institutions for the port's completion, the report notes.

Concluding his remarks, Rodriguez reflected on the transformations
and advancements at APORDOM since his tenure began, highlighting
the financial and institutional progress made under his leadership,
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.

On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.



=============
J A M A I C A
=============

JAMAICA: BOJ Maintains 7% Policy Interest Rate
----------------------------------------------
RJR News reports that the local policy interest rate will remain at
7 per cent until February next year.

The rate offered to deposit taking institutions was last adjusted
in November 2022, according to RJR News.

The Bank of Jamaica's Monetary Policy Committee says the decision
was made, as based on the current trends, core inflation is being
contained, which augurs well for the longer-term inflation outlook,
the report notes.

The central bank says the key drivers of headline inflation, such
as international commodity prices and shipping costs, also
continued to decline, the report says.

In fact, it says commodity prices and international oil prices have
trended below the bank's forecast, mainly due to the
weaker-than-forecast impact of production cuts by major oil
producers, the report discloses.

Average grains prices were also well below the bank's forecast and
are expected to remain below projections over the near term, the
report notes.

While it lauds the trends, the central bank is still lamenting the
slow upward adjustment of interest rates offered on deposits, the
report says.

Financial institutions have, however, continually adjusted interest
rates on loans, the report relays.  

The committee also views the exchange rate as having remained
generally stable, given the monetary policy actions as well as
strong tourism and remittance inflows, the report discloses.

The next policy decision announcement is due on February 20, 2024.

                      About Jamaica

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

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.



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

PUERTO RICO: 14 States File Amicus Brief in PREPA Bond Fight
------------------------------------------------------------
Emily Lever of Law360 reports that attorneys general from 14 states
have filed an amicus brief in an appeal of the Puerto Rico Electric
Power Authority's bankruptcy plan in the First Circuit, arguing
that eliminating bondholders' security interest in future revenues
would undermine municipal bond markets nationwide.

                       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.

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's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.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
O'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 Website 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 2023.  All rights reserved.  ISSN 1529-2746.

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