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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, January 3, 2024, Vol. 25, No. 3

                           Headlines



A R G E N T I N A

ARGENTINA: New Report Forecasts 225% Inflation Over Next 12 Months
YPF SA: May Sell Bond to Pay $16 Billion YPF Lawsuit Award


C A Y M A N   I S L A N D S

SIGNUM VERDE: S&P Raises 2007-04 Repack Notes Rating to 'BB'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Shows Resilience Against Inflation in 2023


J A M A I C A

JAMAICA: Spent 7.5% More to Import Consumer Goods at August


P E R U

PERU: IDB OKs $700M Loan to Improve Water Services in Juliaca


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Taxes, Measures Takes Effect Jan. 1, 2024


X X X X X X X X

LATAM: Export of Services Slowed Slightly in Q1

                           - - - - -


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A R G E N T I N A
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ARGENTINA: New Report Forecasts 225% Inflation Over Next 12 Months
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Buenos Aires Times reports that inflation in Argentina skyrocketed
in December and could reach 225.9 percent over the next 12 months,
according to a new survey.

The report, prepared by the Finance Research Centre of Universidad
Torcuato Di Tella, says that the December devaluation of the peso
introduced by President Javier Milei's government saw inflation
expectations soar, according to Buenos Aires Times.

According to the report, the increase in inflation expectations is
driven by the higher-income bracket (242.6 percent, on average),
whereas in the low-income bracket the average is 188.2 percent,
Buenos Aires Times notes.

In addition, the leap experienced by the rate for the next 12
months has a monthly correlative: inflation expected for the next
30 days was 17.31 percent in November and recorded a value of 27.96
percent in the last month of the year; thus, the median went from
12 to 30 percent, while the average went from 14.46 percent to
27.96 percent, Buenos Aires Times relays.

The Universidad Di Tella explained that as has been happening over
the last few months, the expected monthly inflation is at annual
values far above the average expectations by homes for the next 12
months, Buenos Aires Times discloses.

By regions, both in Buenos Aires City and Greater Buenos Aires, and
in other parts of the country, there were considerable increases in
inflationary expectations, Buenos Aires Times says.

On a case-by-case basis, Greater Buenos Aires increased by 117.5
percent, going from 100.3 percent in November to 217.8 percent in
December; in Buenos Aires City, the increase is 118 percent, going
from a 115.4-percent average in November to 233.4 percent in
December, the report relays.  Outside Buenos Aires, the increase
was 119.5 percent, going from 108.9 percent to 228.4 percent, the
report discloses.

In the meantime, the report revealed that the average expected
inflation as perceived by homes is rising in both higher- and
lower-income sectors, the report says.

In December, both income segments experienced rises in inflation
expectations for the next 12 months: in the case of the
higher-income segment, the increase was much more considerable than
that of the lower-income segment, Buenos Aires Times relays.

For the first group, it went from 104.7 percent on average in
November to 242.6 percent in December; in the lower-income group,
it climbed from 112.5 percent to 188.2 percent over the same
period, Buenos Aires Times 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.

YPF SA: May Sell Bond to Pay $16 Billion YPF Lawsuit Award
----------------------------------------------------------
Bloomberg News reports that Argentina's President Javier Milei is
considering issuing a perpetual bond to pay a $16 billion lawsuit
award stemming from the nationalization of state-run energy company
YPF.

Swinging between political jabs and policy intentions, Milei
suggested that the government would issue the bond without a fixed
maturity while charging Argentines the "Kicillof tax," named after
Buenos Aires Governor Axel Kicillof who spearheaded efforts to
nationalize YPF in 2012, according to the report.

"Here we have a problem because we don't have the money, we don't
have $16 billion, that's the reality - but we have the willingness
to pay," he said in a TV interview with La Nacion, the report
notes.

"What we're going to do, it's an idea we're working on, is to
create the Kicillof tax, meaning pay this fund with a perpetual
bond," he added.

Milei was referring to litigation fund Burford Capital, which
acquired the right to pursue the claims in 2015 and stands to
collect the biggest share of the award, the report notes.  Shares
of the fund rose as much as 14% in London, the report adds.

                          About YPF SA
       
YPF S.A. is a vertically integrated, majority state-owned Argentine
energy company, engaged in oil and gas exploration and production,
and the transportation, refining, and marketing of gas and
petroleum products.

Founded in 1922, YPF was an oil company established as a state
enterprise.  YPF was later privatized under president Carlos Menem
and was bought by the Spanish firm Repsol in 1999, and the
resulting merged company was call Repsol YPF.  

In 2012, about 51% of the firm was renationalized and this was
initiated by President Cristina Fernandez se Kirchner.  The
government of Argentina agreed to pay $5 billion compensation to
Repsol.

In April 2023, S&P Global Ratings lowered its local and foreign
currency ratings on YPF SA to 'CCC-' from 'CCC+'.  The outlook on
these ratings is now negative.  The downgrade follows a similar
action on S&P's long-term foreign currency ratings and T&C on
Argentina, following announced plans that, if implemented, would
oblige some nonfinancial public-sector entities to exchange or
sell their holdings of global-and local-law dollar-denominated
bonds issued during the 2020 restructuring for other locally issued
peso debt, likely dollar-and/or inflation-linked bonds. In S&P's
view, the lack of clarity and the apparent motivation for the
potential transaction underscore heightened credit vulnerabilities,
in particular given the increasing pressures from the severe
drought that Argentina is facing, which further constrains the
already disrupted FX market. This expected greater pressure on the
FX markets also explains S&P's downward revision of the T&C
assessment to 'CCC-'.




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C A Y M A N   I S L A N D S
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SIGNUM VERDE: S&P Raises 2007-04 Repack Notes Rating to 'BB'
------------------------------------------------------------
S&P Global Ratings raised to 'BB' from 'BB-' its credit rating on
Signum Verde Ltd.'s series 2007-04 notes.

The upgrade follows its Dec. 20, 2023, rating action on Petrobras
Brasileiro S.A.

Under S&P's "Global Methodology For Rating Repackaged Securities"
criteria, it weak-link its rating on Signum Verde's series 2007-04
notes to the lowest of:

-- S&P's issuer credit rating (ICR) on Petrobras Brasileiro as
reference entity;

-- S&P's issues rating on the bonds issued by Citigroup Inc.;

-- S&P's ICR on Goldman Sachs International as credit default swap
counterparty; and

-- S&P's ICR on Bank of New York Mellon (The) as custodian.

Therefore, following S&P's recent rating action on Petrobras
Brasileiro, it has raised to 'BB' from 'BB-' its rating on Signum
Verde's series 2007-04 notes.




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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: Shows Resilience Against Inflation in 2023
--------------------------------------------------------------
Dominican Today reports that throughout 2023, the Dominican
Republic faced challenges due to the high cost of essential
products, influenced by global events beyond local control.  The
COVID-19 pandemic, which affected the world from early 2020 to
2022, and the Russia-Ukraine war starting in February 2022,
significantly impacted the world economy, according to Dominican
Today.  These events increased freight costs for raw materials and
fertilizers, raising food production and housing project costs in
the Dominican Republic, the report notes.  Despite this, prices
remained relatively stable in 2023, with maritime freight costs
dropping by over 50%, the report relays.

Opposition politicians have criticized the government for these
economic pressures. However, Eddy Alcantara, executive director of
the National Institute for the Protection of Consumer Rights (Pro
Consumidor), states that the Dominican Republic was one of the
Ibero-American countries least impacted by inflation in 2023, the
report discloses.  This is supported by a study from the
Ibero-American Forum of Government Consumer Protection Agencies
(FIAGC), placing the country third among those least affected by
inflation, behind Paraguay and Bolivia, the report says.

Essential products like fresh chicken, eggs, oil, and rice showed
price stability. Fuel prices remained almost constant throughout
the year, benefiting from government subsidies, the report notes.
For example, Premium Gasoline and Regular Gasoline saw a slight
reduction in price by the end of December 2023, the report
discloses.

Additionally, the government maintained various measures to
mitigate inflation's impact, the report relays.  These included
fuel subsidies and financial support to sectors like electricity,
transportation, and food production, the report notes.  In 2022,
the government allocated substantial funds to these sectors,
positively impacting product prices in 2023, the report relays.

The Central Bank's financial policies, such as interest rate
adjustments, have been effective in curbing inflation, with
expectations for the recovery of real wages for the working class,
the report discloses.  Juan Lantigua, manager of Institutional
Relations at the Savings and Credit Bank (Banfondesa), noted that
these policies significantly benefit the working class, 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.



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J A M A I C A
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JAMAICA: Spent 7.5% More to Import Consumer Goods at August
-----------------------------------------------------------
RJR News reports that Jamaica spent 7.5 per cent more on the
importation of consumer goods at the end of August.

STATIN says the increase was mainly due to a 4.4 per cent growth in
the cost to bring in food and beverages mainly for household
consumption, according to RJR News.

The import of capital goods (excluding motor cars) was up 20.8 per
cent, while 34.5 per cent more money was spent on imports related
to Transport Equipment, the report notes.

The import of passenger motor vehicles was the major contributing
factor to the increase, the report relays.

It was valued at US$282 million, an increase of 46.8 per cent, the
report adds.

                      About Jamaica

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

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.



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P E R U
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PERU: IDB OKs $700M Loan to Improve Water Services in Juliaca
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $700
million Conditional Credit Line for Investment Projects for Peru,
along with a first individual loan of $350 million under this line,
which will finance a program to provide water, sanitation, and
storm drainage services for the city of Juliaca, in the Puno
region.

The operations were approved by the IDB's Board of Executive
Directors. The Conditional Credit Line for Investment Projects aims
to boost the quality of life of beneficiaries in Juliaca by
improving the management and quality of basic services, and making
those services more accessible. Meanwhile, the first individual
loan under this credit line will enhance living conditions for the
residents of Juliaca by improving the accessibility, quality and
management of drinking water and sewerage services, adopting an
approach that takes climate change into account.

The project will directly benefit 300,000 people, or approximately
100,000 households, with new or improved drinking water and
sewerage connections. It will therefore cover the entire population
of Juliaca, closing access gaps. In addition, the company
SEDAJuliaca will benefit from strengthening initiatives and actions
to boost its efficiency, which will also indirectly benefit the
entire population of the city.

According to the Peruvian Institute of Economics, Puno is the
poorest region in Peru, with a poverty rate almost 20 points above
the national average. Juliaca is the most populous city in the
Department of Puno and is the hub for much of the region's
commercial activity. Despite this, the city's drinking water and
sewerage coverage rates are 67.2% and 70.4%, respectively, which
are lower than the averages for the Puno region and Peru as a
whole.

To address these challenges, the project will fund drinking water
supply and sewerage works to increase coverage and improve service
quality.

It will also finance improvements in water and sewerage service
management and in SEDAJuliaca's capacities.

The facility's first individual loan of $350 million has a 15-year
repayment term, a 7-year grace period, an interest rate based on
the Secured Overnight Financing Rate (SOFR), and an additional $75
million local contribution.



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T R I N I D A D   A N D   T O B A G O
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TRINIDAD & TOBAGO: Taxes, Measures Takes Effect Jan. 1, 2024
------------------------------------------------------------
Vishanna Phagoo at Trinidad Express reports that these are the
taxes and measures to be implemented from January 1:

                           Property tax

The highly controversial property tax takes effect from January 1,
2024.

"We do intend to collect property tax in 2024," Finance Minister
Colm Imbert told the in Parliament earlier in December, where he
also announced adjustments to the regime including the annual
deadline, according to Trinidad Express.

People who have not yet received their valuation notices for
residences will soon do so via TTPost, he said, adding that the
Government wanted "certainty" in implementing the tax, the report
notes.

When Imbert delivered the 2024 budget in the Parliament in October,
he had advised that the collection of property taxes will be
effective in the financial year 2024, the report notes.

Speaking during The Finance Bill 2023, Imbert noted that
implementation of the property tax was "just a couple weeks away,"
the report relays.

He said Clause (6) of the Bill made adjustments that will waive the
revenues from property tax for 2023 and previous years, the report
discloses.

"I want people to understand that property tax is applicable from
January 1, 2024," Imbert stressed, the report says.

  Export Sales of Manufacturing Companies: Business Levy Charge

"Madam Speaker, export sales facilitate international trade and
stimulate domestic economic activity by creating employment,
production, and revenues.  In this highly globalised and
competitive environment within which businesses operate, I propose
to exempt from business levy manufacturing companies whose gross
receipts fall within the 30% tax bracket from business levy charges
regarding only export sales.  This measure aims to create a
competitive advantage for local manufacturing businesses to engage
in exports," Mr. Imbert said during the budget presentation, the
report relays.

He said this initiative will take effect from January 1, 2024 at an
estimated tax loss of $20 million. This measure will require an
amendment to the Corporation Tax Act, Chap. 75:02, the report
notes.

Energy Sector:

Supplemental Petroleum Tax

Trinidad Express relays that Mr. Imbert proposed an increase in the
Sustainability Incentive from 20% to 25% concerning the rate of
supplemental petroleum tax for any mature marine or small marine
oil fields.

"This will encourage smaller oil producers and lease operators in
small and mature marine oil fields to incentivise further their
production," Mr. Imbert said, the report notes.

"In the Finance Act 2023, I also propose to introduce adjustments
to the supplemental petroleum tax (SPT) regime for the shallow
water areas, similar to what was implemented for small onshore
producers, introducing a new threshold of $75 per barrel for SPT
for small shallow water producers. Where feasible, we will also
make suitable adjustments to the capital expenditure allowances for
small shallow water producers," Mr. Imbert added.

These measures will take effect on January 1, 2024, and will
require amendments to the Petroleum Taxes Act, Chap. 75:04, the
report relays.

Investment Tax

Allowance: Cybersecurity

"With the rapid advancement of technology and the growth of the
digital economy, the increasing threat of cyber-attacks means that
more secured and concerted effort are required to protect sensitive
information from being penetrated," Mr. Imbert said, the report
notes.

"To aid in reducing this risk, I propose to introduce a
Cybersecurity Investment Tax Allowance of up to $500,000 for
companies which incur expenditure in respect of investments in
cybersecurity software and network security monitoring equipment.
To qualify for this allowance, the expenditure must be certified by
iGovTT," he added.

Mr. Imbert said this measure is envisioned to incentivise companies
to invest in cybersecurity for two years from January 1, 2024 to
December 31, 2025, the report discloses.

This measure will require amendments to the Corporation Tax Act,
Chap. 75:02 and will result in an estimated tax loss of $8 million,
the report relays.

Exempt Income

Expenditure Earned

"Madam Speaker, over the years, there has been legislative
ambiguity with respect to the treatment of expenditures claimed
against exempt income. From a tax administration perspective, since
the income is already exempt from taxation, any expenditure
incurred towards earning such income should not be allowed as a
deduction since it reduces the tax on the non-exempt income," Mr.
Imbert said,  the report says.

He proposed to amend the tax legislation to address this issue by
disallowing expenditures incurred in earning exempt income, subject
to specific provisions of the tax law stating otherwise, the report
discloses.

This initiative, he said, will protect the tax base in Trinidad and
Tobago, harmonise the law, and bring the country into alignment
with standard practice in jurisdictions worldwide, the report
relays.

Imbert said this measure is anticipated to yield approximately $75
million in tax savings and will take effect on January 1, 2024, the
report notes.

         Public and Private Schools: Corporate Sponsorship

"Education plays a vital role in enhancing the progress and growth
of society and is a powerful tool to make the world a better place.
In this context, I propose to introduce a 150 percent tax allowance
of up to $500,000 on corporate sponsorship to public and private
schools registered with the Ministry of Education," Mr. Imbert
said, the report relays.

He said it is envisioned that this measure will encourage the
enhancement of these schools to ensure that access to and delivery
of education are promoted, the report discloses.

This measure will take effect on January 1, 2024, and will require
amendments to the tax legislation, the report adds.



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X X X X X X X X
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LATAM: Export of Services Slowed Slightly in Q1
-----------------------------------------------
RJR News reports that the export of services from Latin America and
the Caribbean slowed slightly in the first quarter of 2023.

The Inter-American Development Bank says there was a 27.8 per cent
growth in the region's services being offered to the rest of the
world, according to RJR News.

That's compared with 37.7 per cent growth in the first quarter of
2022, the report notes.

The region still outperformed the global average for the quarter
which was 1.3 per cent, the report relays.

The latest report from the IDB indicated that the region's export
of services will continue to slow in the coming months, the report
discloses.

It said there are downside risks associated with weak external
demand for services, due to the recessionary effects of monetary
policies, the report says.

Over the last two to three years, central banks around the world
have tightened monetary policy in a bid to slow inflation, the
report adds.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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