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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

          Thursday, January 25, 2024, Vol. 25, No. 19

                           Headlines



B R A Z I L

3R PETROLEUM: S&P Assigns 'B+' LongTerm ICR, Outlook Stable
AMBIPAR PARTICIPACOES: S&P Assigns 'BB-' LT ICR, Outlook Stable
AMERICANAS SA: Shareholders Consider Association With Competitor
BRAZIL: Agribusiness Sets New Export Record in 2023
BRAZIL: Struggle to Integrate Affordable Air Travel



C H I L E

VTR FINANCE: S&P Affirms 'CCC' ICR on New M&G Modifier Assessment


C O L O M B I A

COLOMBIA: Economy Beats Expectations, Calming Recession Fears
ISAGEN SA: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
SEGUROS DE VIDA: S&P Affirms 'BB+' ICR & Alters Outlook to Negative


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: French President Shows Support for Projects
[*] DOMINICAN REPUBLIC: Promegan Revolutionizing Livestock


J A M A I C A

JAMAICA: Gov't Still on Quest to Boost Productivity, Minister Says
JAMAICA: Inflation Soars to 10-Mo. High in 2023 on Transport Costs

                           - - - - -


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B R A Z I L
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3R PETROLEUM: S&P Assigns 'B+' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings, on Jan. 22, 2024, assigned its 'B+' long-term
issuer credit rating to Brazil-based junior oil and gas company 3R
Petroleum Oleo e Gas S.A. and 'BB-' issue rating to its proposed
senior secured notes. The '2' recovery rating on the notes
indicates its expectation of substantial recovery (rounded
estimate: 85%) in case of a default.

S&P said, "The stable outlook incorporates our view that 3R will
continue to strengthen its operations through asset revitalization,
resulting in solid cash generation in the next two years.

"We expect 3R to reach an average daily production of around 50,000
boe in 2024, compared to an average of 34,425 boe/day in 2023. We
believe the revitalization plan will organically increase
production over the next few years.

"We also expect such investments to reduce production costs,
enabling greater operating cash flow to offset the debt the company
raised to acquire the assets. Still, the company has lower
production capacity and reserves than its main local peer Prio S.A.
(foreign currency: BB-/Stable/--; Brazil National Scale:
brAA+/Stable/brA-1+) and has been slower to reduce leverage
following acquisitions.

"We forecast yearly capex at around Brazilian real (R$) 2.3
billion-R$2.5 billion in 2024 and 2025, mainly directed to
revitalizing Potiguar and offshore assets. As a result, we expect
drilling activities to represent a smaller portion of total
investments in 2024."

After incorporating the recently acquired assets, 3R has been
gradually decreasing production costs. The company is renegotiating
contracts, improving equipment and production infrastructure, and
reactivating wells and workovers that will likely lower costs.

S&P said, "We forecast lifting costs per barrel of around US$18 in
2024 and close to US$16 in 2025, compared to an average of about
US$22 in 2023. This should result in an EBITDA margin for the
company's exploration and production segment of around 55%-60% in
2024 and 60%-65% in 2025. The consolidated EBITDA margin should
remain around 40%-50%, and we anticipate the mid and downstream
segment, which should remain around 10% of consolidated EBITDA,
will have margins of around 3.5%-5.0%.

"We expect gross debt to EBITDA of around 2.5x in 2024 and 1.5x in
2025, mainly from higher cash generation after 12 months of full
consolidation of the acquired assets and operational improvements.

"We assume the company will maintain relatively stable debt levels
of around R$7.0 billion-R$7.5 billion over the next few years, as
operating cash flow in 2024 should already be sufficient to cover
capex needs. With that, we expect new debt issuances to refinance
upcoming maturities.

"Under our midcycle Brent oil price assumptions of US$55/barrel,
3R's credit metrics would deteriorate, with gross debt over EBITDA
around 4.5x-5.0x in 2024. However, we believe the company could
reduce capex to control leverage in this scenario as most of its
assets are onshore."

Maha Energy, which holds a 5% stake in 3R's total shares, recently
suggested that 3R merge its onshore operations with those of
PetroReconcavo S.A. (not rated). The assets of the two companies
are located in the Potiguar and Reconcavo basins, which could
enable operational synergies. The combined onshore company would
have a daily production of about 57,300 boe, based on 2023
figures.

S&P said, "We don't incorporate the potential transaction in our
current credit analysis, because there is no formal proposal yet.
However, if 3R engages in new mergers or acquisitions, we expect it
to maintain net debt over EBITDA below 2x, in line with
management's expectations.

"Environmental factors are a negative consideration in our credit
analysis of 3R because of the downside risks for profitability and
product demand amid the transition to renewable energy sources."
Still, the company's focus on mature oil fields, with relatively
lower production costs than exploratory players, makes it more
resilient. 3R has some environmental projects related to renewable
energy for its operations and the reduction of gas emissions,
although they are at early stages.


AMBIPAR PARTICIPACOES: S&P Assigns 'BB-' LT ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Ambipar Participacoes e Empreendimentos S.A. S&P also
assigned a 'BB-' issue rating to the proposed green bonds of
Ambipar Lux S.a.r.l.

The stable outlook considers S&P's expectation for operating
results to gradually improve while cash flow generation in the
upcoming 12-24 months results in a steady reduction in indebtedness
to below 3.5x, based on the company's strong liability management
strategy, merger and acquisition (M&A) activity, investment
management, and its expectation that dividend payouts won't
jeopardize liquidity.

Ambipar recently announced its intention to issue a seven-year
senior unsecured green bond of approximately $500 million through
Ambipar Lux S.a.r.l., with proceeds used to repay outstanding
debentures in the Brazilian market. As a result, S&P expects the
company's gross debt to remain unchanged at around Brazilian real
(R$) 7 billion but with a smoother maturity schedule and more
flexibility under existing financial covenants.

S&P has assigned a management and governance (M&G) assessment of
neutral to Ambipar. This assignment follows the Jan. 7 publication
of S&P Global Ratings' revised criteria for evaluating the credit
risks presented by an entity's M&G framework.

With over R$4.7 billion in revenue and R$1.3 billion in EBITDA in
the 12 months ended September 2023, Ambipar has smaller scale than
its global peers such as those in the U.S. but larger scale and
greater diversification than domestic players. The company's solid
business model encompasses a wide variety of services in its two
main subsidiaries:

-- Environmental ESG Participacoes S.A. mainly does waste
management and recovery. It represents around 50% of revenue and
benefits from agreements with an average duration of five years and
low contractual exposure to volume risk.

-- Ambipar Emergency Response aims to mitigate environmental
damage from accidents. It represents about 50% of revenue and is
backed by renewable contracts of about three years.


AMERICANAS SA: Shareholders Consider Association With Competitor
----------------------------------------------------------------
Leonardo Lara of Bloomberg News reports that Americanas' leading
shareholders don't rule out the possibility of an association with
a relevant digital competitor, if the retailer's operations
recovers more firmly in the coming months, Valor Economico reports
citing unidentified sources.

Plan for association with a digital competitor will depend on the
performance of operations from now on, says the newspaper citing an
unidentified person familiar with the matter.

Valor says, citing high-level executives from Americanas'
competitors, who weren't identified, that there is no room at this
time for negotiation due to the high level of uncertainty
involving
the group.

                       About Americanas SA

Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail.  It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.

The retailer nosedived in January 2023 after becoming mired in an
accounting scandal.  The firm filed for bankruptcy at a court in
Rio de Janeiro on Jan. 19, 2023.

Americanas sought protection under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25, 2023.  White &
Case LLP, led by John K. Cunningham, is the U.S. counsel.


BRAZIL: Agribusiness Sets New Export Record in 2023
---------------------------------------------------
Oliver Mason at Rio Times Online reports that in 2023, Brazil's
agribusiness sector reached a landmark, exporting a record $166.6
billion worth of goods.

This impressive amount accounts for 49% of the nation's total
exports for the year, according to Rio Times Online.

According to the Ministry of Agriculture and Livestock, this
represents a significant growth of $7.68 billion, or 4.8%, compared
to the previous year, the report notes.

The grain sector was a major contributor to this success, which saw
a 24.3% increase in exports, amounting to 193.02 million tons, 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: Struggle to Integrate Affordable Air Travel
---------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that in 2023, Brazil's
aviation industry faced challenges integrating budget airlines into
its domestic market, a trend also observed across Latin America.

The Brazilian government aimed to reduce air travel costs but
encountered obstacles due to the country's high operational
expenses, especially labor and legal costs, according to Rio Times
Online.

The National Civil Aviation Agency (ANAC) highlighted the necessity
for more affordable air travel options with a noteworthy 32% surge
in average ticket prices, 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.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.

In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.

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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VTR FINANCE: S&P Affirms 'CCC' ICR on New M&G Modifier Assessment
-----------------------------------------------------------------
S&P Global Ratings stays its ratings on VTR Finance N.V. (VTR),
including its 'CCC' issuer credit rating, following the assignment
of the new M&G assessment.

S&P Global Ratings assigned a new M&G modifier assessment of
negative to VTR. The action follows the revision to S&P's criteria
for evaluating the credit risks presented by an entity's M&G
framework. The terms management and governance encompass the broad
range of oversight and direction conducted by an entity's owners,
board representatives, and executive managers. These activities and
practices can impact an entity's creditworthiness and, as such, the
M&G modifier is an important component of S&P's analysis.

S&P's M&G assessment of negative reflects material deficiencies in
the management and governance that clearly increase VTR's credit
risk. Since the Covid-19 pandemic, the company has experienced a
sharp deterioration of its brand and customer satisfaction, and a
drop in subscribers, revenue, EBITDA, and cash flow. This evidences
the board and management's failure to respond effectively to an
operational crisis and adjust strategy. Moreover, after the
creation of the ClaroVTR joint venture (JV) the availability of
information about the latter (including consolidated financial
statements) and its financial strategy have been very limited.
There has been no guidance about the JV's business plan, its
strategic views on VTR, and details on future financial support
specific to VTR, which are fundamental for our analysis.

All ratings on VTR remain unchanged.




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C O L O M B I A
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COLOMBIA: Economy Beats Expectations, Calming Recession Fears
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that
Colombia's economy grew at its fastest pace in nine months in
November, beating all forecasts and calming fears of a recession.

The ISE economic activity index, a proxy for gross domestic
product, rose 2.3% from a year earlier, the statistics agency
reported, according to globalinsolvency.com.

That was its first expansion in four months, and exceeded all 15
forecasts of economists surveyed by Bloomber, the report relays.

Agriculture, oil and mining, government services and the financial
sector led the expansion, while manufacturing and construction
contracted, the report discloses.

The central bank began easing monetary policy in December amid
cooling inflation and weak growth. President Gustavo Petro and
Finance Minister Ricardo Bonilla have called on the central bank to
cut interest rates to boost job creation, the report relays.
Policymakers are expected to lower the benchmark rate to 8.25% by
the end of the year, from 13%, according to the central bank's most
recent survey of analysts, the report adds.


ISAGEN SA: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised the outlooks on Colombia-based Isagen
S.A. E.S.P. and Oleoducto Central, S.A. (OCENSA) to negative from
stable. At the same time, S&P affirms its 'BB+' ratings on these
infrastructure entities.

S&P said, "We have assigned a new management and governance (M&G)
assessment of neutral to Isagen and OCENSA. This assignment follows
the Jan. 7 publication of S&P Global Ratings' revised criteria for
evaluating the credit risks presented by the entities' M&G
framework.

"We revised our outlook on Colombia to negative on subdued economic
growth prospects. The outlook revision on Colombia follows our
expectation that GDP growth for 2024 will be in line with that of
the previous year: 1.3%. This is mainly because private-sector
investment sentiment has failed to recover, which could impair the
sovereign's financial profile. In addition, we continue to see a
consistently wider deficit than pre-pandemic levels, even after the
implementation of the fiscal reform.

"We could lower our ratings on Colombia in the next two years if
economic growth is below our expectations, we see indication of
lower economic resilience, and fiscal policies pose higher external
vulnerabilities.

"We took the same rating action on Isagen and OCENSA. Isagen sells
about 35% of its energy to distributors, which have their rates set
by the regulator. Therefore, we believe payments to Isagen -- in
case of a regulatory interference in distributors' rates -- could
deteriorate. In addition, Isagen sells a portion of its output on
the spot market, which we believe could also be lowered to the
regulatory minimum amid a recession. As a result, the sovereign
rating continues to cap the rating on Isagen, in our view.

"Following the sovereign outlook revision, we took a similar rating
action on Ecopetrol S.A. (BB+/Negative/--). Therefore, we did the
same on its subsidiary OCENSA because we don't believe there are
meaningful regulatory mechanisms or other structural barriers that
restrict the parent from accessing the subsidiary's cash flows in a
scenario of distress. In addition, Ecopetrol is OCENSA's main
client, representing the bulk of volume transported and revenue."

Outlook

The negative outlook on Isagen and OCENSA mirrors that on Colombia,
which in turn reflects that potentially persistent weak investor
confidence, denting private-sector investment, may prevent GDP
growth from returning to its trend rate of just above 3% in the
next couple of years. Low economic growth may indicate weaker
economic resilience and could, absent corrective measures,
contribute to fiscal slippage or higher external vulnerabilities.

Downside scenario

S&P said, "We could lower the ratings on Isagen and OCENSA in the
next 12-24 months if we were to lower the rating on Colombia, which
could happen if economic growth will be below our expectations. We
could also lower the sovereign rating if wider-than-expected
current account deficits worsen Colombia's already weak external
profile or if unexpected fiscal slippage erodes public finances.

"Although currently unlikely, we could revise downward Isagen's
stand-alone credit profile (SACP) if the company adopts a more
aggressive commercial strategy or it repays its intercompany loan
from its parent faster than we expect, impairing its financial
flexibility. This could result in debt to EBITDA consistently above
4.0x or funds from operations to debt below 20%.

"We could revise downward OCENSA's SACP if its financial
performance weakens, with net debt to EBITDA rising to more than
2x. We view such a scenario as unlikely in the next 24 months,
given our expectations that OCENSA's EBITDA will remain robust and
there are no planned near-term investments that require further
financing."

Upside scenario

S&P said, "We could raise the ratings on these companies in the
next two years if we take a similar action on the sovereign, while
all other factors remain unchanged. Conversely, we could revise the
outlook on the sovereign to stable during the next 12-24 months if
the risk to Colombia's economic growth diminishes, likely coupled
with policy steps that improve the sovereign's financial profile. A
larger and more diverse export sector, helping to reduce external
vulnerability and strengthen economic resilience, could prompt us
to revise the outlook to stable."

  Ratings List

  ECOPETROL S.A.

  RATINGS AFFIRMED  

  OLEODUCTO CENTRAL, S.A. (OCENSA)

  Senior Unsecured                   BB+

  RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION

                                    TO              FROM
  OLEODUCTO CENTRAL, S.A. (OCENSA)

  Issuer Credit Rating         BB+/Negative/--    BB+/Stable/--


  ISAGEN S.A. E.S.P.

  RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION

                                    TO              FROM
  ISAGEN S.A. E.S.P.

  Issuer Credit Rating         BB+/Negative/--    BB+/Stable/--


SEGUROS DE VIDA: S&P Affirms 'BB+' ICR & Alters Outlook to Negative
-------------------------------------------------------------------
S&P Global Ratings revised the outlooks on its long-term ratings on
Seguros de Vida Suramericana S.A. and Seguros Generales
Suramericana S.A. to negative from stable. At the same time, S&P
affirmed the 'BB+' ratings on the insurers.

The action on Suramericana's operating insurers mirrors the action
on Colombia, where the companies' operations are based. S&P bases
its ratings on the group's core operating insurance subsidiaries --
Seguros de Vida Suramericana and Seguros Generales Suramericana --
on Suramericana's 'bb+' group credit profile (GCP).

The foreign currency rating on Colombia (BB+/Negative/B) constrains
Suramericana and its subsidiaries' credit quality because S&P
doesn't think the group could withstand a sovereign default
scenario, given its large asset concentration in the country. As a
result, our ratings on Suramericana's core subsidiaries move in
tandem with the foreign currency rating on Colombia.




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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: French President Shows Support for Projects
-------------------------------------------------------------------
Dominican Today reports that in a letter to President Luis Abinader
dated December 31, 2023, French President Emmanuel Macron expressed
France's commitment to strengthening bilateral relations with the
Dominican Republic.  The letter underscores France's eagerness to
contribute to infrastructure and urban mobility projects in the
country, according to Dominican Today.

President Macron specifically commended the Dominican Government's
trust in French companies for the development of key projects like
the Santo Domingo Metro lines, the report notes.  He conveyed
France's interest in participating in the construction of a third
metro line in the Dominican capital, suggesting the possibility of
an intergovernmental agreement and a financing offer to support
this initiative, the report relays.

Additionally, Macron addressed the situation in Haiti, appreciating
the Dominican Republic's diplomatic efforts in advocating for a UN
Security Council resolution to deploy a multinational mission in
Haiti, the report discloses.

Furthermore, Macron announced a forthcoming visit by a member of
the French government to the Dominican Republic in early 2024, the
report says.  This visit aims to reinforce bilateral cooperation
and further the progress of the discussed projects, the report
relays.

The Dominican Presidency, in a press release, welcomed this
gesture, seeing it as a sign of France's interest in fortifying
ties with the Dominican Republic, the report notes.  The government
views this as a positive step towards enhancing the partnership
between the two nations, particularly in the realms of development
and infrastructure, with a focus on transportation and urban
mobility, 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.


[*] DOMINICAN REPUBLIC: Promegan Revolutionizing Livestock
----------------------------------------------------------
Dominican Today reports that the Livestock Improvement Project in
the Dominican Republic, Promegan, achieved 17,000 inseminations by
enhancing 13 existing artificial insemination services and
establishing 12 new ones.  Funded by the Presidency of the
Republic, the program, conducted in collaboration with Conaleche
and Livestock, aims to boost livestock herd productivity and
promote sustainability in Dominican livestock farming, according to
Dominican Today.

Promegan focuses on two main components: promoting improved
pastures and genetic herd improvement, the report notes.  In
genetic improvement, it conducts reproductive diagnoses and
implements the Fixed Time Insemination (IATF) technique, donating
semen straws to support ranchers. The program also donated tanks to
aid insemination activities, the report relays.

In pasture enhancement, 116,500 plots were planted, and support
measures, including "grass in hand," led to 55,000 tasks across
various provinces, the report discloses.  Seed donations and
herbicide distribution further promoted pasture development, the
report notes.

To strengthen institutional capacities, Promegan acquired 40
all-terrain vehicles and 50 motorcycles, the report relays.  The
project also secured 130 technological tools, enhancing assistance
and supervision in land labeling, grass planting, and genetic
improvement processes in livestock production, 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: Gov't Still on Quest to Boost Productivity, Minister Says
------------------------------------------------------------------
Javaughn Keyes at RJR News reports that Finance Minister Dr. Nigel
Clarke says the Jamaican government continues to improve spending
on projects which can boost productivity.

Speaking at a Mayberry Investor's Forum, Dr. Clarke said boosting
the local transport sector is one area where productivity could be
enhanced, according to RJR News.

"People have to get to work.  The more time people spend getting to
work is the less productive time that exists. If from public
investment, we can cut that too by half an hour or by 45 minutes,
the gains to the society would be immense in terms of recovery of
lost time.  And that is what we mean by productivity enhancing
investment," the report relays.

To achieve this, he said, would require investments in road
infrastructure to ensure efficient and safe travel, the report
notes.

Dr. Clarke said the local workforce also has to be enriched, the
report discloses.

"Productivity is enhanced by well-placed and thoughtful human
capital investment. And that's where we are focused in terms of the
Education Reform Commission - making investments in education to
ensure that each person who leaves school is more productive than
the same person 30 years before," 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.


JAMAICA: Inflation Soars to 10-Mo. High in 2023 on Transport Costs
------------------------------------------------------------------
Karena Bennett at Jamaica Observer reports that higher rates for
passenger transport services pushed inflation to a 10-month high at
6.9 per cent for the year spanning December 2022 to December 2023.
This is the highest inflation has been measured in Jamaica since
February 2023 when the Statistical Institute of Jamaica (Statin)
said it was 7.8 per cent, according to Jamaica Observer.

The point-to-point inflation rate is outside of the Bank of
Jamaica's (BOJ) target range of four to six per cent, the report
notes.  It also solidifies concerns raised by the BOJ during the
final quarter of 2023 when the central bank took the decision to
keep the policy interest rate steady at 7 per cent, despite
inflation settling down within the prescribed range for the months
of September and October, the report relays.

In the last two discussion notes from the Monetary Policy Committee
meetings, the BOJ has held firm on its stance to hold policy
interest rate steady, citing concerns of a rise in inflation above
the bank's target range for much of the period between the December
2023 and March 2025 quarters, primarily due to the continued impact
of the increases in selected PPV fares, the report discloses.

At the time, the central bank warned that the announced increases
in taxi fares, cumulatively, would add approximately two percentage
points to inflation, given that the cost of transportation
services' significant weight on the Consumer Price Index or CPI
basket, the report relays.

A countervailing measure later taken by the Government to
temporarily reduce JUTC public passenger fares effective January 1,
2024, is forecast to bring annual inflation closer to 5.9 per cent
during this period, the report discloses.  The impact of that
reduction will not be fully known until mid-February when inflation
data for January is published, the report says.

"The All-Jamaica CPI point-to-point inflation for the period
December 2022 to December 2023 was 6.9 per cent.  This was 0.6
percentage points higher than the 6.3 per cent for the period
ending November 2023. The divisions that contributed significantly
to this were 'Food and Non-Alcoholic Beverages' [8.7 per cent],
'Transport' [10.6 per cent] and 'Restaurants and Accommodation
Services' [9.4 per cent]," the State agency said in its report,
Jamaica Observer relays.

The report said the increase in the index for the 'Transport'
division was mainly impacted by the group 'Passenger transport
services' which rose by 16.5 per cent largely due to a 16.6 per
cent rise in the index for 'Passenger transport by road,' Jamaica
Observer notes.

Meanwhile, all classes within the 'Food and Non-Alcoholic
Beverages' division increased on a year-on-year basis, but the
class ‘vegetables, tubers, plantains, cooking bananas and pulses'
had the strongest impact with an increase of 17.5 per cent in its
index, the report discloses.  The increase in the segment was
directly related to higher prices for agricultural produce such as
sweet potato, yam, Irish potato, tomato, carrot, and cabbage,
Statin said, the report relays.

It added that the index 'Restaurants and Accommodation Services'
also contributed to the uptick in inflation data, Jamaica Observer
discloses.  The index rose by 9.4 per cent for the review period,
mainly influenced by a similar 9.4 per cent increase in the index
of the group ‘Food and Beverage Serving Services' due to
increased prices for meals consumed away from home, the report
says.

Amid the upward trend in annual inflation for the country, the
Statin reported that inflation also increased by 0.5 per cent for
month of December 2023, the report relays.

"The main contributor was a 2.5 per cent increase in the index for
the 'Housing, Water, Electricity, Gas and Other Fuels' division,
largely influenced by higher costs for rent, electricity, water and
sewage," it said, the report notes.

Also contributing to the monthly inflation rate was a 0.3 per cent
increase in the index for the ‘Food and Non-Alcoholic Beverages'
division due primarily to increases in the classes, ‘Ready-made
food and other food products n.e.c', up 4.2 per cent and ‘fruit
and nuts', up 1.8 per cent, the report relays.

The inflation rate for December 2023 was, however, tempered by a
0.4 per cent decline in the index for the 'Transport' division due
to lower fuel prices, 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.



                           *********


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

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