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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

          Friday, February 9, 2024, Vol. 25, No. 30

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Denies Discussing New Program with Country
ARGENTINA: Ruling Party Submits New Draft of Omnibus Law


B A H A M A S

[*] BAHAMAS: Economy Continues to Rebound Vigorously


B A R B A D O S

FTX GROUP: Abandons Efforts to Restart Crypto Exchange


B R A Z I L

BRAZIL: Rising Debt Surpasses Argentina's in Latin America


C H I L E

CHILE: Central Bank Slashes Interest Rate by Full Percentage Point


J A M A I C A

ICREATE: Vows Legal Action Against Sagicor Investments


P U E R T O   R I C O

PUERTO RICO: Bondholder Fight Puts PREPA' Future Revenue at Risk

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: IMF Denies Discussing New Program with Country
---------------------------------------------------------
Buenos Aires Times reports that the International Monetary Fund
(IMF) is not negotiating a new program with Argentina, the director
of the multilateral organisation Kristalina Georgieva said.

"At this point we're not discussing a new program," said Georgieva
in a press conference, a day after the Fund's executive board
green-lighted the disbursement of US$4.7 billion, the latest
tranche of Argentina's US$44-billion loan program, according to
Buenos Aires Times.

Last month, IMF staff officials approved the seventh review of
Argentina's credit agreement, the report notes.

"Given the ambition they showed when we discussed the seventh
review it seemed like review number one, because there's a
drastically different approach," said Georgieva, who went out of
her way to praise President Javier Milei's plans, the report
relays.

In a country with three-digit inflation, few international no
reserves and runaway poverty, "we totally back the decision to
approach these problems with more ambition than we have seen in
previous years and to tell people the truth," she stated, the
report discloses.

"What I can tell you is that so far we have seen a good team" and
"a very pragmatic president, without any ideological limitations,"
said the IMF managing director, who said the libertarian is seeking
"ways for the country to get out of this difficulty," the report
notes

The director of the Fund applauds the government's state desire to
eliminate currency controls multiple exchange rates, to prevent
monetary financing of the Central Bank and to hit a fiscal surplus
of approximately two percent of the GDP this year, before interest
payments on debt, 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: Ruling Party Submits New Draft of Omnibus Law
--------------------------------------------------------
Buenos Aires Times reports that in the context of the second day to
debate the Omnibus Law in the Chamber of Deputies in Argentina, a
"draft" of the bill presented by the ruling party has finally
turned up.  Even though it is not the final text, the document in
question introduces a series of modifications and also contains
additions from all sectors which required a modification of the
original bill, as part of the negotiations in the house, according
to Buenos Aires Times.  Among the most important changes, the
delegated powers are diminished because the number of emergencies
that enable them are reduced to six, excluding the fiscal part, in
tune with Economy minister Luis Caputo's announcements, the report
notes.

The session in Congress had been developed with strong criticism by
the opposition, especially Union por la Patria deputies, because
the text of the law had not been made available to them, the report
relays.

Given that, a rough version of the draft of the Law of Bases was
disclosed, which arrived in Parliament after Karina Milei and
Manuel Adorni went to Congress to dialogue with Martin Menem, the
report discloses.  This meeting was also attended by Cristian
Ritondo, on behalf of PRO and other leaders close to La Libertad
Avanza such as Eduardo "Lule" Menem, cousin of the president of the
Lower House, the report says.

"A public emergency in economic, financial, security, tariff,
energy and administrative matters until December 31, 2024", reads
article 3 of the draft's text, the report notes.

Among the most substantial changes, the privatization scheme was
modified, now broken down into annexes, the report relays.  The
initiative still does not convince the opposition and negotiations
continue about it, the report says.

Thus, the state-run companies listed there are declared "subject to
privatization, to the extent that the companies listed in annex II
"may only be privatised partially, the State having to maintain a
majority interest in the capital or majority in corporate
decisions," the report notes.

In the new scheme, the companies subject to partial privatization
are:

BANCO DE LA NACION ARGENTINA

NUCLEOELECTRICA ARGENTINA S.A.

EMPRESA ARGENTINA DE SOLUCIONES SATELITALES S.A.


The following is the list of companies to be privatised wholly.

Annex I – State-run companies subject to privatisation:

ADMINISTRACIÓN GENERAL DE PUERTOS S.E.

AGUA Y SANEAMIENTOS ARGENTINOS S.A.

Aerolíneas Argentinas

Correo Argentino

YCRT

Construccion de Viviendas para la Armada Argentina S.E.

ENERGIA ARGENTINA S.A.

INTERCARGO S.A.U.

Innovaciones Tecnologicas Agropecuarias S.A.

Playas Ferroviarias de Buenos Aires S.A.

Polo Tecnologico Constituyentes S.A.

Talleres Navales Darsena Norte S.A.C.I. y N.

Nacion Bursatil S.A.

Nación Reaseguros S.A.

Nación Seguros de Retiro S.A.

Nación Servicios S.A.

Annex VIII – State-run companies subject to privatization:

ADMINISTRACION DE INFRAESTRUCTURAS FERROVIARIAS S.E.

OPERADORA FERROVIARIA S.E

BELGRANO CARGAS Y LOGISTICA S.A.

Ferrocarriles Argentinos S.E.

Empresa Argentina de Navegacion Aerea S.E.

Desarrollo del Capital Humano Ferroviario SAPEM

CORREDORES VIALES S.A.

Annex IX - State-run companies subject to privatization:

TELAM S.E.

EDUC.AR S.E.

Contenidos Publicos S.E.

Radio y Television Argentina S.E.


                      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.




=============
B A H A M A S
=============

[*] BAHAMAS: Economy Continues to Rebound Vigorously
----------------------------------------------------
The Executive Board of the International Monetary Fund (IMF), on
Jan. 19, 2024, concluded the Article IV consultation [1] with The
Bahamas and endorsed the staff appraisal without a meeting on a
lapse-of-time basis.

The Bahamas' economy continues to rebound vigorously, driven by
large tourism inflows. Real GDP growth is estimated to have reached
4.3 percent in 2023 (from 14.4 percent in 2022), while the
unemployment rate fell below 9 percent. Inflation has been on a
downward path since mid-2022. Backed by a strong recovery of
tourism, the current account deficit is projected to have narrowed
to 6.2 percent of GDP in 2023 (from 8.2 percent in 2022).

A strong cyclical recovery in revenues and a wind down of
pandemic-related spending improved the fiscal balance. The fiscal
deficit narrowed to 3.9 percent of GDP in 2022/23, while central
government debt fell to 84 percent of GDP. Under current policies,
staff projects a deficit of 2.6 percent of GDP in 2023/24 with debt
falling to 78 percent of GDP by 2027/28. The financial sector
remains robust, with abundant liquidity and declining NPLs. Private
credit growth is muted and underperforming relative to output
growth.

The economic outlook is favorable, albeit with downside risks.
Tourist arrivals and real average spending, which surpassed
pre-pandemic levels in 2023, should continue to rise in the
near-term, boosting real GDP and helping to narrow external and
fiscal imbalances. Risks to the outlook include an economic
slowdown in tourism source markets and the potential for costly
natural disasters. Building fiscal buffers and investing in
renewable energy infrastructure will help address downside risks
stemming from natural disasters, global economic uncertainty, and
climate change. Raising potential growth beyond 1.5 percent is
conditional on addressing bottlenecks in the energy sector and
labor markets.

Executive Board Assessment

The Bahamas near-term growth prospects are favorable, but policy
adjustments will be needed to strengthen potential growth and ease
downside risks. The economy is in the midst of a solid expansion,
with signs of continuing strength across sectors. A strong recovery
of tourism has helped regain the ground that was lost after
hurricane Dorian and the Covid crisis. Unemployment is at its
lowest level since 2008 while inflation has been on a downward path
and is lower than in regional peers. The more favorable economic
environment provides space for the authorities to reorient their
policy framework toward the pursuit of greater fiscal
sustainability, social equity, and climate resilience.

The fiscal stance would benefit from a faster reduction in
debt-to-GDP. The implementation of the OECD global minimum
corporate income tax provides an opportunity to introduce a
well-designed corporate income tax and a personal income tax on
highest earners. There is scope to revise existing tax preferences
and exemptions, aiming for a more progressive and efficient tax
system. Moreover, rationalizing SOEs' spending would alleviate
current expenditure pressures. Efficiency gains in spending and
improvements in the financial management of SOEs would not only
support debt reduction, but also free up resources to invest on
social outcomes and infrastructure.

Enhancing debt management and improving fiscal transparency and
accountability would soften investors' concerns about high rollover
needs and potentially reduce the reliance on international markets
for fiscal financing. Particularly, the authorities should consider
extending competitive auctions to domestic government securities
across maturities, increasing the predictability of sovereign
issuance plans, and lowering the limit on central bank advances to
the government. The publication of beneficial ownership information
for providers that obtain public contracts, as well as publication
of audited financial statements of SOEs, and an independent process
to select members of the fiscal council are best practices that
would be beneficial for The Bahamas. Finally, any deviations from
the targets mandated in the PFM Act should be time-bound and
underpinned by clear guidance on the speed at which the authorities
will revert to their goals.

Continued efforts to implement the 2019 FSAP recommendations and
enhance the supervision and regulation of crypto assets would help
better identify and mitigate risks to the financial system. The
Resolution Unit within the central bank and the Financial Stability
Council should be adequately staffed and made operational, while
deposit insurance coverage should be increased, and the Deposit
Insurance Corporation's governance could be improved. Additionally,
further amendments to the DARE Act could be considered to align the
framework with global standards – accompanied by additional
resources for onsite inspections. Lastly, the expansion of
financial sector data collection would assist in identifying
systemic risk and designing macroprudential policies.

To mitigate climate related risks, the authorities should take
advantage of climate financing opportunities and consider reforms
to the property insurance market. To fully exploit new avenues for
climate finance, the authorities should build effective
measurement, reporting and verification frameworks for
climate-related projects, develop projects that have co-benefits
across other SDG, and partner with established institutions in
climate finance. Regarding the insurance sector, a public mandate
to carry a minimum level of property insurance could be considered
in combination with an expansion of partial public funding of
micro-insurance products, land-planning, and incentives for
resilient infrastructure investments.

Accelerating the transition to renewable energy would improve
electricity affordability and reliance in The Bahamas, consequently
supporting private sector growth and reducing the country's
vulnerability to terms of trade shocks. Hastening solar projects
and improving the national electricity company's governance
structure could help lower costs, increase the reliability of
energy supply, and raise the share of renewables toward the
authorities' goal of 30 percent by 2030. A higher base rate for
electricity would help cover the cost of needed investments in
renewable energy, while private-public partnerships could be
expanded and private investments in renewables incentivized through
direct subsidies or tax credits.

Rising potential growth beyond 1.5 percent and improving social
outcomes entail a reorientation of spending towards education,
healthcare, targeted social transfers and infrastructure.
Bottlenecks related to the reliability of energy transmission and
shortages of skilled labor need to be addressed. Closing remaining
gaps in digitalization of public services and data gathering can
help reduce frictions that dis-incentivize private investment as
well as improve the targeting of social assistance programs. By
failing to target social assistance, public spending is regressive,
contributing to poor outcomes in health, education, and energy
provision.




===============
B A R B A D O S
===============

FTX GROUP: Abandons Efforts to Restart Crypto Exchange
------------------------------------------------------
Dietrich Knauth at Reuters reports that FTX has abandoned efforts
to restart its crypto exchange, instead opting for a liquidation
that should repay customers in full, a company attorney said.

FTX has been negotiating for months with potential bidders and
investors, but none were willing to put in enough money to rebuild
the FTX exchange, FTX attorney Andy Dietderich said at a bankruptcy
court hearing in Delaware, according to Reuters.

The failed negotiations underscored the fact that FTX was never
what it appeared to be, and founder Sam Bankman-Fried never built
the underlying technology or administration necessary to run the
company as a viable business, Dietderich said. Bankman-Fried has
been convicted on fraud charges related to his operation of FTX,
the report notes.

"FTX was an irresponsible sham created by a convicted felon,"
Dietderich said, the report relays.  "The costs and risks of
creating a viable exchange from what Mr. Bankman-Fried left in a
dumpster were simply too high," he added.

The report discloses that FTX will instead focus on liquidating its
assets to repay customers whose cryptocurrency deposits were locked
when the company filed for bankruptcy in November 2022.

FTX has recovered over $7 billion in assets to repay customers, and
it has reached agreements with various government regulators who
have agreed to wait until customers are fully repaid before
attempting to collect on about $9 billion in claims, Dietderich
said, the report says.

FTX now expects to pay all customers in full, although it will
calculate their repayment based on cryptocurrency prices from
November 2022, when the crypto market was suffering a prolonged
slump, the report notes.

Dozens of FTX customers have complained that they are being
shortchanged by the use of November 2022 prices, the report says.
The price of bitcoin has risen to about $43,300 from its November
2022 price of $16,872, for example, the report relays.

U.S. Bankruptcy Judge John Dorsey overruled those customer
complaints and approved FTX's use of 2022 prices during the
hearing, saying U.S. bankruptcy law is "very clear" that debts must
be repaid based on their value at the date when a company filed for
bankruptcy, the report relays.

"I have no wiggle room on that," Dorsey said. "The Bankruptcy Code
says what it says, and I am obligated to follow it," the report
notes.

FTX said that customers should not expect quick repayment, because
the company still needs to investigate which customer claims are
legitimate, the report discloses.

With a hole in its balance sheet that left 9 million customers
facing billions in potential losses, FTX filed for bankruptcy
protection in November 2022, the report says.

Jurors in Manhattan convicted Bankman-Fried on Nov. 2 on all seven
fraud and conspiracy counts he faced, the report relays.
Bankman-Fried's sentencing is March 28.  He is expected to appeal
his conviction, the report adds.

                        About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from
the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.   

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets.  However, only $900 million of those assets
were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor.  Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker.  Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation.  Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




===========
B R A Z I L
===========

BRAZIL: Rising Debt Surpasses Argentina's in Latin America
----------------------------------------------------------
Richard Mann at Rio Times Online reports that in 2023, Brazil
surpassed Argentina to become the most indebted country in Latin
America.

This significant shift, marked by public debt reaching
approximately 85% of its gross domestic product (GDP), emphasizes
the changing economic landscape of the region, according to Rio
Times Online.

The Institute of International Finance, as reported by Instituto
Millenium, provided data that highlights the fiscal challenges
faced by Brazil, the report relays.

Under President Luiz Inacio Lula da Silva, the Brazilian government
concluded its first year with a substantial primary deficit of
R$230.5 billion, 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).




=========
C H I L E
=========

CHILE: Central Bank Slashes Interest Rate by Full Percentage Point
------------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Chile's
central bank slashed its key interest rate by a full percentage
point, speeding up the pace of monetary easing for the second
meeting in a row after inflation slowed more than expected last
month.

Four of the five policymakers voted to cut borrowing costs to
7.25%, with the other backing a reduction of 125 basis points,
according to globalinsolvency.com.

The decision was forecast by 17 of 21 analysts in a Bloomberg
survey, with three others predicting 75 basis points and one seeing
125 basis points, the report notes.

"The Board considers that the convergence of inflation to the 3%
target would materialize sooner than expected," policymakers said
in the statement accompanying the decision, the report relays.  The
key interest rate will "reach its neutral level during the second
part of 2024," the report notes.

Policymakers have now lowered borrowing costs by four percentage
points since July as their 3% inflation goal comes into reach and
domestic activity picks up very gradually, the report discloses.

While other Latin American nations are also relaxing monetary
policy, Chile has more room to do so because its economy fared far
worse last year, the report says.  Bets for steeper cuts were also
juiced by December's drop in both the headline inflation rate and a
core gauge that excludes volatile items, the report adds.




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

ICREATE: Vows Legal Action Against Sagicor Investments
------------------------------------------------------
Javaughn Keyes at RJR News reports that listed Junior Market
company iCreate Limited says it will be taking legal action against
Sagicor Investments.

The company says it is challenging the decision made by Sagicor
Investments to place the digital and creative firm into
receivership, according to RJR News.

"I will not be silenced, and that is why I have called this press
conference," CEO and founder of iCreate Tyrone Wilson declared as
he announced the company's decision, the report notes.

He said the decision was made after careful discussion with his
legal team, the report relays.

It comes less then 48 hours since it was made public that iCreate
paid off the outstanding funds on the $24 million bond it took from
Sagicor Investments in 2020, the report discloses.

"Once we got notice of the purported receivership, we immediately
sought legal representation and engaged the services of Henlin
Gibson Henlin led by King's Counsel Georgia Gibson Henlin, the
report says.  iCreate contends that Sagicor Investments Jamaica
Limited Appointment of Receivership is invalid - a stance clearly
communicated to Sagicor by our legal team throughout the last six
weeks," the report notes.

He said contrary to public perception, iCreate has continued to
manage its operations independently since the notice of appointment
of receivership, the report discloses.
  
According to Mr. Wilson, the relationship between Sagicor and
iCreate has broken down, the report relays.

"The sudden receivership has raised significant concerns with
iCreate, particularly regarding the motive behind this drastic
action, as prior to the purported appointment of Ken Tomlinson as
receiver, best efforts were made by me personally to engage
Sagicor, which were ignored," the iCreate boss pointed out, the
report discloses.   

The value of damages being sought has not been disclosed, as Radio
Jamaica News understands the claim is being made for what's
considered "general damages," the report relays.  The sum would
therefore be determined by the court, based on evidence presented
by iCreate's legal team, which may include expert evidence, the
report notes.

In response to iCreate's decision, Sagicor Investments said it
wishes to reassure its stakeholders that it is confident in the
propriety and legality of its actions relating to the receivership,
the report relays.

Sagicor Investments said it is prepared to vigorously defend any
litigation that may be filed against it in this matter, the report
adds.




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

PUERTO RICO: Bondholder Fight Puts PREPA' Future Revenue at Risk
----------------------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico's
bankrupt power utility and its creditors squared off in court
Monday, January 29, 2024, on whether bondholders have a legal
right
to the electricity provider's future revenue.

The debate before the US Court of Appeals for the First Circuit
centers around whether the island's main energy supplier, Electric
Power Authority or Prepa, must repay its creditors more than just
the roughly $19 million sitting in reserve accounts that a
bankruptcy court last year ruled was the bondholders' only secured
lien.

                        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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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