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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, February 14, 2024, Vol. 25, No. 33

                           Headlines



A R G E N T I N A

ARCOR SAIC: Moody's Affirms 'Caa2' CFR, Outlook Remains Stable
ARGENTINA: Goldman, Barclays, Citi Get Up-Close Look at Country
BLOCKFI INC: DOJ Bid to Seize Assets Faces Another Obstacle


B R A Z I L

LOCALIZA RENT: Moody's Affirms 'Ba2' CFR, Outlook Stable
UNIGEL PARTICIPACOES: Prepares to File for Bankruptcy in Brazil


C O S T A   R I C A

LIBERTY COSTA RICA: Moody's Hikes CFR & Senior Secured Notes to B1


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Producing Banana is Very Complex


J A M A I C A

JAMAICA: Spent US$1.91BB on Raw Materials for Jan. to Sept. 2023


M E X I C O

AXTEL SAB: Moody's Affirms 'B2' CFR & Alters Outlook to Stable


P U E R T O   R I C O

GUR-MEAT INC: Seeks Continued Cash Collateral Access


T R I N I D A D   A N D   T O B A G O

MASSY HOLDINGS: Whistleblower Unconcerned by CEO's Retirement


X X X X X X X X

LATAM: Inflation Progress Tempered by Soaring Food Price Pressures

                           - - - - -


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A R G E N T I N A
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ARCOR SAIC: Moody's Affirms 'Caa2' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed Arcor S.A.I.C.'s Caa2
corporate family rating. The outlook remains stable.

RATINGS RATIONALE

Arcor S.A.I.C.'s (Arcor) Caa2 rating is supported by its position
as one of the largest producers of sweets globally and a leading
local manufacturer of cookies, processed food and corrugated
cardboard; strong diversification in terms of revenue and assets
overseas, which include plants, distribution centers and commercial
offices; solid access to local and foreign capital markets; and
conservative financial policy. The ratings are mainly constrained
by the company's high exposure to Argentina as the main operating
market; and moderate exposure to foreign currency risk. Arcor's
rating also reflects  Moody's view that the company's
creditworthiness cannot be completely de-linked from the credit
quality of the Government of Argentina (Ca stable) and, thus, the
rating needs to closely reflect the risk that the company shares
with the sovereign.

In the nine months ended in September 2023 (9M 2023), the company
generated around 73% of revenue in Argentina and the remaining 27%
through its international operations, mainly in Brazil (8%) and the
Andean Region (10%). Also, the company's revenues are diversified
through exports, which typically account for around 10% of revenue
derived from Argentina. Moody's expects Arcor's geographic
diversification of revenue to increase in the next few years aided
by organic growth in Chile, Mexico, Brazil, Peru and other markets
such as Angola, where the company inaugurated a new plant in
partnership with Webcor in 2022 that produces candy, cookies and
chocolates, which in turn will be used to platform Arcor's products
in Africa. However, Arcor's current international and export
businesses lack the critical mass to become a significant EBITDA
contributor. In addition, Arcor's rating is constrained by the
intense competition it faces from well-capitalized local and global
companies.

The economic climate in Argentina will remain challenging in
2024-25, marked by enduring high inflation, significant
unemployment, and a general decline in work conditions. This
stagnation will likely hinder Arcor from adjusting its prices in
line with inflation in 2024, with some erosion in the firm's profit
margins as it attempts to maintain sales volume and market share.
Nonetheless, the impact on Arcor's performance will be limited due
to its varied product range and extensive footprint.

Arcor's consolidated liquidity has improved with available cash
balances and short-term investments of around ARS68 billion ($200
million) as of September 2023, of which a portion were located in
subsidiaries abroad. Moody's expects the company to generate
foreign-denominated cash to cover capital investments and debt
repayment.

Also, recently Arcor improved its foreign-exchange exposure from US
dollar-denominated debt. As of September 2023, only 54% of total
debt was denominated in foreign currency, down from 74% in
September 2022. In addition, its revenue from international
business helps mitigate this risk. Moody's expects the company to
continue to roll over its short-term debt, given the ample
revolving credit available through facilities in different
countries, including Argentina, Brazil and Chile, and the company's
ample access to the local capital market.

The stable outlook on Arcor's ratings reflects Moody's expectation
that the company´s credit metrics and operations will remain solid
through the next 12-18 months. Also, Arcor's creditworthiness
cannot be completely de-linked from the credit quality of the
Argentine government, and thus its ratings and outlook also
incorporate the risks that it shares with the sovereign, in line
with Moody's cross-sector rating methodology Assessing the Impact
of Sovereign Credit Quality on Other Ratings, published in June
2019.

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

Given Arcor's strong dependence on the Argentinean market, an
upward rating movement would be subject to the ratings' relative
position to the Government of Argentina 's (Ca stable) ratings. An
upgrade would require the company demonstrating a stronger
resilience to the underlying macroeconomic conditions in its key
markets, with a particular focus on Argentina. This resilience can
be exemplified through a strategic expansion and diversification of
Arcor's operations outside of Argentina.

A downgrade to Arcor's rating could be prompted by a weakening of
liquidity, indicating potential difficulties in meeting short-term
obligations. Additionally, a downgrade of the Argentine
government's rating could also lead to a corresponding downgrade
for Arcor, given the strong interconnectedness between the
company's and the country's economic health.

The principal methodology used in this rating was Consumer Packaged
Goods published in June 2022.

Headquartered in Cordoba, Argentina, Arcor is one of the largest
food companies in the country, with around $3.5 billion in revenue
in last twelve months (LTM) Sep-23. Arcor is focused on three
business divisions: consumer food products (confectionary,
chocolates, ice cream, cookies, crackers, snacks, cereals and
food), agribusiness, and packaging. The company has presence in 120
countries, and owns over 45 plants in Latin America and Africa,
with a total of around 20,000 employees.


ARGENTINA: Goldman, Barclays, Citi Get Up-Close Look at Country
---------------------------------------------------------------
Kevin Simauchi, Manuela Tobias & Ignacio Olivera Doll at Bloomberg
News report that Buenos Aires Times reports that one of Wall
Street's largest banks are set to visit Argentina just as Javier
Milei tries to come back from a massive defeat in Congress.

Representatives from Goldman Sachs Group Inc and Barclays Plc will
visit the South American nation starting February 12, people
familiar with the matter said, asking not to be named discussing
private information, according to Bloomberg News.

Both firms have invited a handful of clients to join, the people
added, declining to give more details, Bloomberg News notes.

Bloomberg News relays that Citigroup Inc's Chief Executive Officer
Jane Fraser is also expected to be in Buenos Aires, one person with
direct knowledge of the matter said.  

All of the firms are expected to meet with government officials,
including representatives from Milei's office, the Economy Ministry
and the Central Bank, Bloomberg News says.

Spokespeople for Goldman Sachs and Barclays declined to comment. A
Citi spokesperson didn't immediately provide comment. Government
press offices didn't respond to a request for comment.

The visits come just days after President Milei's hallmark reform
package stalled in congress amid a lack of support, Bloomberg News
discloses.  Goldman Sachs convened a virtual call between its
clients and Federico Sturzenegger, one of Milei's top advisers,
where he spoke about delays related to the so-called omnibus
package, according to a person with direct knowledge of the call,
Bloomberg News notes.

The legislative setback put a dent in the rally seen in Argentine
sovereign bonds since Milei was elected in November promising
radical change to pull the economy back from the brink of its sixth
recession in a decade, Bloomberg News 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.


BLOCKFI INC: DOJ Bid to Seize Assets Faces Another Obstacle
-----------------------------------------------------------
Emily Lever of Law360 reports that a New Jersey bankruptcy judge
dealt another blow to the Justice Department's efforts to seize
assets stemming from criminal conduct related to the BlockFi
bankruptcy, saying the U.S. government cannot pause an adversary
case through criminal forfeiture.

                         About BlockFi Inc.

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others.  BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried.  BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer.  BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year.  Kirkland & Ellis is also advising Celsius
and Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC, as strategic
and communications advisor.  Kroll Restructuring Administration,
LLC, is the notice and claims agent.




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B R A Z I L
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LOCALIZA RENT: Moody's Affirms 'Ba2' CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed Localiza Rent a Car S.A.'s
Ba2 corporate family rating. The outlook is stable.

RATINGS RATIONALE

Moody's estimates revenues of BRL29.2 billion for Localiza in 2023,
up 64.4% in comparison to 2022, influenced by the integration of
Locamerica Rent a Car S.A. (former owner of the Unidas brand)
assets starting on Q3 2022, increasing rental volumes, and higher
rental prices. Moody's estimates adjusted EBITDA at BRL11.6 billion
in 2023, 56.2% higher year-over-year, with an EBITDA margin of
39.7% in 2023 compared to 41.8% in 2022. On September 23, 2020,
Localiza's and Locamerica's shareholders announced an agreement to
combine both companies' operations through a share swap that
resulted in the incorporation of Locamérica into Localiza. On
November 12, 2020, both companies' shareholders approved the
transaction and on December 15, 2021, CADE (Brazilian Anti-trust
Authority) approved the deal with restrictions. In order to move
forward with the merger certain Locamerica assets were sold to
funds managed by Brookfield Corporation (A3 stable), including
49,296 vehicles and the Unidas brand. The merger was consummated
and became effective on July 1, 2022. Moody's believes the merger
has improved Localiza's scale and bargaining strength, and it
should provide further profitability gains with cost synergies in
2024.

Localiza Ba2 rating is supported by the company's stable operating
performance and cash flow, and resilient and flexible business
model, which helps it weather economic and auto market slowdowns.
Localiza's leading market shares in both the car and fleet rental
segments in Brazil, and its improved scale and market share after
the merger with Unidas also support the ratings. The company has
historically maintained robust profitability as a result of low
fleet maintenance requirements, high utilization rates, attractive
discounts from automobile manufacturers and expertise in the
used-car sales market. The rating also reflects the company's
adequate corporate governance practices and strong liquidity.

Conversely, Localiza's rating is constrained by the
capital-intensive nature of the car rental business, as well as its
lack of a significant international footprint, with virtually all
of its revenue generated in Brazil; the Government of Brazil
(Brazil, Ba2 stable). The company's relatively high gross
Moody's-adjusted leverage stemming from its fast growth strategy is
a rating constraint.

As of September 2023, Localiza reported BRL8.5 billion in cash and
cash equivalents, and about BRL6.5 billion in short-term debt.
Additionally, the company has a consolidated fleet of over 606
thousand vehicles (both in the car and fleet rental divisions),
mostly unencumbered and with an estimated market value of above
BRL47.6 billion, which is an alternative source of liquidity,
especially during economic downturns. The company's cash balance,
alongside its unencumbered fleet value, covers the totality of
Localiza's Moody's-adjusted debt of BRL37.9 billion.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Localiza will
continue to grow while maintaining solid profitability and adequate
leverage and cash generation.

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

The rating could be downgraded if Localiza's liquidity deteriorates
because of weakness in operations and inability to sell used cars,
or if its car rental utilization rate decline to below 60% for an
extended period of time. A sustained deterioration in credit
metrics, measured by gross debt/EBITDA sustainably above 4.0x and
EBITDA interest coverage below 3.0x without prospects of
improvement could also lead to a downgrade. Finally, a downgrade of
Brazil's sovereign rating could result in a downgrade of Localiza's
rating.

Localiza's rating could be upgraded if the company is able to
increase its market share, geographic diversification and revenue,
while maintaining healthy credit metrics on a sustained basis. An
upgrade of Brazil's sovereign rating would also be required for an
upgrade of Localiza's rating.

Founded in 1973 and headquartered in Belo Horizonte, Minas Gerais,
Brazil, Localiza Rent a Car S.A. (Localiza) operates car rental and
fleet rental businesses and has a used-car sales business to deploy
and renew its fleet in Brazil. The company franchises rental car
operations in Brazil and in five countries in South America. In
2023 the company started operations in Mexico with 900 vehicles. As
of September 2023, the company had a total fleet of 606.932 cars in
Brazil and four other countries. The company is the market leader
in Brazil in terms of car rental, with the largest number of car
rental locations and presence in all main Brazilian airports. In
the 12 months that ended September 2023, the company reported net
revenue of BRL26.9 billion ($5.3 billion) and Moody's-adjusted
EBITDA of BRL10.3 billion, figures which already present a full 12
months contribution of Locamerica.

The principal methodology used in this rating was Equipment and
Transportation Rental published in February 2022.


UNIGEL PARTICIPACOES: Prepares to File for Bankruptcy in Brazil
---------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Unigel
Participacoes SA is preparing to file for bankruptcy protection in
Brazil after talks with creditors stalled.

The chemical producer was granted a 60-day protection from
creditors by a court on Dec. 14, but a mediation process didn't
result in an agreement, according to globalinsolvency.com.  

Local bondholders declared the early maturity of some notes last
year, triggering an acceleration of the troubled fertilizer maker's
debt and prompting the company to seek protection in court, the
report notes.

The firm - which was also holding separate talks with external
bondholders - was cut to default by S&P Global Ratings in November
after missing payment of a $23.2 million coupon, the report notes.


Unigel is owned by the billionaire Slezynger family.  Its dollar
notes due in 2026 traded near par until May, when the company said
that its first-quarter earnings had plummeted amid plunging
fertilizer prices globally and high interest rates at home, the
report relays.  The bonds traded for about 33.5 cents on the dollar
as of November, according to Trace data, the report notes.




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C O S T A   R I C A
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LIBERTY COSTA RICA: Moody's Hikes CFR & Senior Secured Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded Liberty Servicios Fijos LY,
S.A. ("Liberty Costa Rica") corporate family rating to B1 from B2
and Liberty Costa Rica Senior Secured Finance's senior secured
notes to B1 from B2. The rating outlook is stable.

RATINGS RATIONALE

The rating upgrade reflects Liberty Costa Rica's solid operating
performance following the integration of Telefonica S.A.
(Telefonica, Baa3 stable)'s mobile assets in Costa Rica. Moody's
expects Liberty Costa Rica to generate Moody's-adjusted EBITDA
margin and leverage at 38% and 3x, respectively, on a sustained
basis. The upgrade also reflects the upgrade of the Government of
Costa Rica's ratings to B1 positive from B2 stable.

Liberty Costa Rica successfully executed on its integration
strategy which is largely complete, eliminating execution risks.
The company managed to implement price increases in May 2023,
record adds in postpaid segment while rebranding its services to
Liberty, which replaced the previous brands "Cabletica" and
"Movistar". In 2023, Liberty Costa Rica substantially achieved the
$15 million run-rate synergies communicated at the time of the
acquisition supporting EBITDA margin at 38% in 2024 from 35.7% for
the last twelve months ended September 2023.

The market in Costa Rica is highly competitive; however, Moody's
believes that Liberty Costa Rica's integrated business model and
leading market shares with positive trends, will allow it to
continue capturing growth and maintain stable credit metrics given
upside potential of cross and up selling strategies. The strategy
for growth include fixed broadband growth, prepaid to postpaid
migration, and business to business (B2B). As of December 2022,
Liberty Costa Rica holds around 46% mobile market share, 25% in pay
TV, 25% in broadband and 11% in voice according to the country's
regulator. The Costa Rican market has other operators including the
incumbent Instituto Costarricense de Electricidad (ICE) ("ICE", Ba3
positive), America Movil, S.A.B. de C.V. (Baa1 stable) and Millicom
International Cellular S.A. ("Tigo", Ba2 stable).

The regulator in Costa Rica announced the 5G auction expected in
2024, which would intensify competition in the country. While there
is no information regarding the investment needed, or date of the
auction, Liberty Costa Rica as well as other operators expect the
commercial launch of their 5G offerings late in 2024. Liberty Costa
Rica infrastructure covers 742 thousand Homes Passed offering up to
1GB speed with its own infrastructure comprised by 20% fiber to the
home (FTTH) and 80% hybrid fiber-coaxial (HFC), as of September 30,
2023. Moody's expects positive free cash flow before dividends,
including capex around 15% of revenues, as per own estimates.

Liberty Costa Rica's geographic concentration is tempered by Costa
Rica's economic strength with a small yet relatively diversified
economy with high wealth levels and stable growth. The country's
GDP per capita of $25,000 (on a purchasing power parity basis,
2022) places it well above the $10,916.5 median for sovereigns
rated at the B level. In 2022, Costa Rica's real GDP expanded by
4.6%, and Moody's estimates that the economy's long-term growth
potential is likely to be moderately high at around 3.5%.

Liberty Costa Rica's B1 CFR reflects the company's integrated
business model and its solid competitive position in Costa Rica,
with leading market shares in the country. The B1 ratings also
consider its good liquidity with no major maturities before 2031,
and Liberty Latin America Ltd. ("LLA")'s ownership, implicit
support and proven expertise in acquiring assets, supporting the
integration of its business, operations and growth.

The B1 ratings of Liberty Costa Rica consider its modest revenue
size compared with that of its global peers, and geographic
concentration in one market, Costa Rica. Liberty Costa Rica is 80%
owned by LLA with the balance owned by Sidera Visus, S.A., as such,
LLA controls and consolidates Liberty Costa Rica, together with its
other two credit pools; Liberty Communications PR Holding LP (B1
stable) and Cable & Wireless Communications Limited (Ba3 stable).
While LLA has financial policies that include high tolerance to
leverage and distributions to its parent company, this is mitigated
by LLA running Costa Rica at lower leverage levels than in other
silos as indicated both by the current leverage level and lower
incurrence based leverage levels for the silo and LLA's
conservative liquidity management.

Liberty Costa Rica has good liquidity, generating neutral to
positive free cash flow after paying dividends to LLA. While the
company does not have a dividend policy, Moody's assumes that
excess cash flow after repaying operational expenses, interest and
capex at around 15% of revenues, will be distributed to
shareholders. Further supporting the company's liquidity, Liberty
Costa Rica has access to a $60 million senior secured revolving
credit facility which matures in 2028 and shares the same
guarantors and collateral with the term loans.

The company's capital structure is comprised by the $400 million
senior secured notes issued by Liberty Costa Rica Senior Secured
Finance, used to purchase a 100% participation in the $400 million
Term Loan B provided by Inter-American Investment Corporation ("IDB
Invest" Aa1, stable) to Liberty Costa Rica; and a $50 million Term
Loan A tranche directly from IDB Invest. While IDB Invest is the
lender of record for both the Term Loan A and B, Liberty Costa Rica
is the ultimate source of repayment through the bond participation
agreement and pursuant the loan agreement with IDB Invest.

The Term Loans A and B are guaranteed by Liberty Telecomunicaciones
de Costa Rica LY, S.A.  and Liberty Gestión de Infraestructura LY,
S.A., and secured by first ranking pledges over the shares of
Liberty Costa Rica and the guarantors and certain subordinated
shareholder loans.

The stable outlook reflects Moody's expectation that, despite
competitive environment, Liberty Costa Rica will successfully
execute its growth strategy with moderate growth, EBITDA margin
above 38%, leverage around 3x and positive free cash flow
generation.

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

Given Liberty Costa Rica's relatively small scale, an upgrade is
unlikely in the near term. However, ratings could be upgraded if
leverage is sustained below 3.5x (Moody's adjusted consolidated
debt-to-EBITDA), and Retained Cash Flow to debt (Moody's adjusted)
is sustained above 20%.

A positive rating action could also be conditional on larger scale,
sustainable growth in revenue earnings and free cash flow, while
maintaining adequate liquidity. Upward pressure would also require
an upgrade of Costa Rica's sovereign rating, currently at B1.

Moody's could downgrade Liberty Costa Rica's ratings if its
leverage is maintained at a level higher than 4x and
(EBITDA-capex)/interest expense declines below 1.5x for a prolonged
period. A downgrade would also occur if liquidity weakens due to
weak operating performance, higher than expected investment needs
or higher-than-expected shareholder remuneration with retained cash
flow to net debt below 15%. A negative rating action of the
Government of Costa Rica's ratings would also put negative pressure
on the ratings of Liberty Costa Rica.

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

Liberty Costa Rica is a leading integrated operator in Costa Rica,
offering broadband, mobile, Pay TV and fixed telephony services,
with about 741.9 thousand homes passed and 516.2 thousand revenue
generating unit (RGUs) as of September 2023, and revenue of CRC
289.5 billion (around $517 million) for the last twelve months
ended September 2023. LLA acquired an 80% stake in Liberty Costa
Rica (formerly Cabletica) in October 2018 for an enterprise value
of CRC146 billion (about $250 million; valuation for 100% of the
business).  




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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: Producing Banana is Very Complex
----------------------------------------------------
Dominican Today reports that the banana situation in the Dominican
Republic has worsened due to government debts for compensation for
damages caused by atmospheric phenomena and the presence of a
mite.

The report discloses that there is a possibility that soon the
banana, which is now imported from the Dominican Republic, may
change its origin due to the deterioration in the competitiveness
of local production, a change that, if it occurs, will be felt on
the palate.

The problem with bananas, as with other fruits, is that consumers
are demanding lower and lower prices, but costs are increasing,
according to Dominican Today.  In the case of the Dominican
Republic, the situation has worsened due to outstanding debts of
the Government for compensation for damages caused by atmospheric
phenomena and the presence of a mite, which has not attacked other
competing countries to the extent that it has done in the Dominican
Republic, which is attributed to climatic conditions in the
country, the report notes.

President Luis Abinader has just created, through decree number
62-24, the Dominican Plantain Commission (Codoplatano) as an
inter-ministerial commission, which will jointly support the
agricultural sector dedicated to the production and
commercialization of plantains, the report relays.

The commission will also advise the President in developing public
policies to promote its cultivation, production, marketing,
processing, and export, the report notes.

Hopefully, taking into account the importance of this product as a
generator of foreign exchange and jobs, this commission will
propose comprehensive solutions that will reverse the bad moment
that the production of this fruit is going through and that the
proposed measures will be implemented, the report says.

It is estimated that total banana exports amounted to 62.99 million
banana boxes in 2023, while in 2022, they totaled 63.99 million
boxes, for a decrease of only 0.26 percent, the report says.

Dominican banana exports are below 200 containers per week,
experiencing a more than 50% decrease, the report notes.

                  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: Spent US$1.91BB on Raw Materials for Jan. to Sept. 2023
----------------------------------------------------------------
RJR News reports that Jamaica spent US$1.91 billion on the
importation of "Raw Materials/Intermediate Goods" for the first
nine months of 2023.

The Statistical Institute of Jamaica (STATIN) says this was 7 per
cent more than the US$1.78 million spent in the January to
September 2022 review period, according to RJR News.

The higher import bill was linked to more money spent on
'Construction Materials' and 'Parts and Accessories of Capital
Goods (except Transport Equipment),' the report notes.

'Construction Materials' increased by 32.8 per cent to US$610
million, due mainly to higher imports of petroleum products, the
report relays.

Imports of 'Parts and Accessories of Capital Goods (except
Transport Equipment)' were valued at US$233 million, 24 per cent
above the 2022 period, the report discloses.

                        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.




===========
M E X I C O
===========

AXTEL SAB: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Axtel, S.A.B. de C.V.'s B2
corporate family rating. The outlook changed to stable from
negative.    

RATINGS RATIONALE

The affirmation of the rating and the change in outlook to stable
reflects Axtel ability to improve its credit profile beyond Moody's
expectations during 2023. The improvement resulted from Axtel's
ability to sustain revenue growth fueled by the enterprise and
government segments.

For the full year ended in December 2023, Axtel's total revenue
increased by 5% driven by the enterprise segment, accounting for
72% of total revenue. The company is improving its solutions
portfolio through specialization and vertical focus allowing it to
capitalize digital transformation -- such as cloud and
cybersecurity – opportunities. Axtel has also been able to  grow
its government clients base through state or local governments
previously unattended. Although the wholesale segment
underperformed in 2023 due to a tough comparison basis after an
extraordinary high level of dark fiber contracts in 2022, Moody's
believes that Axtel is well positioned to capture nearshoring
opportunities due to wide fiber network, its status as independent
operator and its ample coverage within industrial parks and data
centers.

The stronger than anticipated operating performance supported
Axtel's debt reduction efforts. As of December 2023, total debt
decreased to MXN11 billion from MXN12.3 billion at the end of 2022.
Leverage declined to  3.2x in 2023 from 3.8x as of December 2022.
Through this period, Axtel paid close to $400 million (MXN6.9
billion) related to its global notes maturing in 2024 with the
proceeds from syndicated and bilateral loans totaling MXN265
million.

Revenue growth will continue to grow at around 2% to 4% in 2024-25,
in line with Mexico´s gross domestic product (GDP) growth.
However, the company still faces headwinds related with Mexico's
presidential election in 2024. Fiscal conditions will deteriorate
further as a result of a material increase in the deficit driven by
higher social spending, still-high borrowing costs, and increased
expenditures in flagship projects. The next administration, which
will take office on 1 October, will face major hurdles as it moves
to bring the government deficit back to levels closer to those
observed in previous years. For 2024, prospects of an economic
slowdown in the Government of United States of America (US, Aaa
negative) could weigh on Mexican industrial activity. Additionally,
during the first year of a new administration economic activity
typically decelerates.

Axtel's liquidity is adequate. After the company successfully
completed its liability management plan in July 2023,  it was able
to prepay  close to $314 million outstanding under its Senior Notes
due November 2024. Proceeds came from a bilateral loan and
syndicated credit facility with a 5-year term and allowed the
company to extend the average life of its debt to 4.4 years.
Although most of the company's capex is tight to signed contracts,
given the expectation of sustained growth, Moody's considers that
annual capex will remain close to MXN2 billion through 2025, which
should be fully covered by cash generated by the operation,
estimated at around MXN2.5 billion annually. Along with cash of
MXN1,207 million as of December 2023, the stronger cash generation
will allow Axtel to fully cover cash needs with internal sources,
although liability management efforts should continue considering
the $35 million, $86 million and $211 million in debt due in 2025,
2026 and 2027, respectively.

The stable outlook reflects Moody's expectation that Axtel will be
able to sustain the positive operating trend based on its strategic
focus on consistent and profitable growth and opportunities posed
by the nearshoring and digital transformation. The outlook also
considers Axtel's improved liquidity profile after the successful
refinance of its 2024 notes.

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

Axtel's rating could be upgraded if the company is able to continue
to diversify its customer base while registering sustained organic
revenue and EBITDA growth, higher operating margins and gradual
leverage reduction. Additionally, the company would need to
refinance comfortably its upcoming debt maturities. Specifically,
Axtel would need to maintain:

Total adjusted debt/EBITDA below 4.0x

Retained cash flow (RCF)/net debt above 20%

Axtel's rating could be downgraded if the company is unable to
extend its maturity profile or if its liquidity deteriorates. The
rating would suffer downward pressure if Axtel maintains on a
sustained basis:

Total adjusted debt/EBITDA above 4.5x

EBITDA minus capital spending coverage of gross interest expense
below 1.5x.

Based in Monterrey, Mexico, Axtel, S.A.B. de C.V. (Axtel) is a
Mexican information and communication technology company that
serves the enterprise and government segments with a portfolio of
IT and telecommunication solutions. Axtel's infrastructure includes
a fiber network of close to 48,000 kilometers. For the full year
ended December 31, 2023, Axtel's revenue totaled MXN11 billion.

The principal methodology used in this rating was
Telecommunications Service Providers published in November 2023.




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

GUR-MEAT INC: Seeks Continued Cash Collateral Access
----------------------------------------------------
Gur-Meat, Inc. and secured creditor Banco Popular de Puerto Rico
advised the U.S. Bankruptcy Court for the District of Puerto Rico
that they have reached an agreement regarding the Debtor's use of
cash collateral and desire to memorialize the terms of this
agreement into an agreed order.

On January 10, 2024, secured creditor Banco Popular de Puerto Rico,
filed a Motion to Inform Default under Cash Collateral Stipulation
and Termination of Authority to use cash collateral, the Debtor
disagreed and filed a Notice of Intent to oppose Docket No. 156.
The Debtor also filed a Motion for Leave to consign funds in Docket
No. 167.

The Parties are engaged in settlement negotiations which, if
successful, will resolve the controversies related to the Motion
and will pave the way for the consensual confirmation of a plan.
Accordingly, to allow the Parties time to conclude such settlement
negotiations. The Parties have agreed on the consensual use of
BPPR's cash collateral from February 1 through February 16, 2024,
under the same terms and conditions of the original Stipulation,
and in accordance with the budget.

A copy of the stipulation is available at
https://urlcurt.com/u?l=5YIcAj from PacerMonitor.com.

                        About Gur-Meat Inc.

Gur-Meat Inc. is engaged in the business of processing meat
products and the selling of pre-packaged food products to fast food
restaurants and other constituents of the food industry since March
2009.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. P.R. Case No. 23-01914) on June 23,
2023. In the petition signed by Mariely Ramos Rojas, president, the
Debtor disclosed $292,906 in assets and $3,598,904 in liabilities.

Judge Maria De Los Angeles Gonzalez oversees the case.

Javier Vilarino, Esq., at Villarino and Associates, represents the
Debtor as legal counsel.




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

MASSY HOLDINGS: Whistleblower Unconcerned by CEO's Retirement
-------------------------------------------------------------
Joel Julien at Trinidad Express reports that Angelique
Parisot-Potter, Massy Holdings' former general counsel and
executive vice-president of Business Integrity, says she is not
concerned about Gervase Warner's early retirement from the
conglomerate.

Instead, Parisot-Potter is anxious to hear about the results of the
investigation into the allegations she made in a 13-page statement,
which she believes is now long overdue, according to Trinidad
Express.

ANXIOUS ABOUT PROBE: Massy Holdings' former general counsel and
executive vice-president of Business Integrity, Angelique
Parisot-Potter, the report notes.

A newspaper advertisement from Massy yesterday announced that
Warner, who has been the conglomerates's CEO since 2009, would be
proceeding on early retirement on his 59th birthday on April 6, the
report discloses.

"Over the course of the next two months, he will work alongside
David Affonso, executive vice-president and executive chairman of
the Integrated Retail Portfolio, who will succeed him as the group
CEO," Massy stated.

"This transition period reflects Gervase's commitment to ensuring a
smooth handover of leadership responsibilities and maintaining
continuity within the organisation," it stated, the report says.

The report relays that Massy said that throughout his 14-year
tenure, Warner "has shown exceptional care for the group and its
employees, making decisions that priorities their well-being and
the long-term success of the company".

"This forward thinking approach has been instrumental in driving
the group's profitability, which has seen a compound annual growth
rate of 15% over the last five years," Massy stated, the report
notes.

The announcement of Warner's early retirement comes amid an
investigation into allegations of "significant governance and
fiduciary concerns", raised by Parisot-Potter, the report
discloses.

Among the concerns raised by Parisot-Potter was a claim that a
Massy executive leadership training programme involved employees
being trained to communicate with the dead and self-heal with
"white light energy," the report says.

Parisot-Potter officially resigned as Massy's executive
vice-president Business Integrity and Group general counsel
effective December 27, 2023, the report notes.

  Parisot-Potter Concerned by Delay in Report on Investigation

Trinidad Express says that Senior counsel Kerwyn Garcia, husband of
President Christine Kangaloo, and attorney Visham Jaisingh, a
partner at Fitzwilliam, Stone, Furness-Smith and Morgan, were
appointed by the Massy board to conduct a comprehensive
investigation into the allegations made by Parisot-Potter.

Garcia and Jaisingh are to report to the board through its
independent non-executive director and chairperson of the
Governance, Nomination and Remuneration Committee, Luisa Lafaurie
Rivera, Trinidad Express notes.

The findings of the investigation, however, have not yet been
revealed, the report relays.

This, Parisot-Potter said she finds concerning, the report relays.

"When I raised concerns at the AGM on 18th December 2023, the
chairman Robert Rile, replied and stated that the company was
already in 'some investigations'," Parisot-Potter told the Express
via WhatsApp.

"A month later, by letter dated 18th January 2024 I was advised
that an investigator had been appointed, and in accordance with the
timeline outlined in that letter, findings should have been
expected by 29th January 2024," she added.

Parisot-Potter had initially signaled her intention to participate
in the investigation, the report notes.

"I advised that I would contribute to the investigation but that I
would not sign a confidentiality agreement, which was required if I
was participating.  I declined due to a breakdown in trust and
concerns over protecting my professional reputation, especially
after being placed on administrative leave prior to any
investigation. The company also publicly challenged the truth of my
statements and launched a character assault against me in
statements to its staff and the media," she said, the report
discloses.

Parisot-Potter said to date, she has not heard anything on the
matters she raised or on the outcome of the investigation.

"Mr Warner's present or future relationship with the company is not
my concern. As a shareholder, what I would like to know from Mr
Warner, the chair, Mr Riley and the board of Massy Holdings and
those who represent them, are to get answers to my 13-page document
on the serious issues I raised related to legal and ethical
conduct, and to which shareholders are entitled," Parisot-Potter
said, Trinidad Express notes.

"I don't see myself as part of the investigation, although I agreed
to contribute. The company should have completed their
investigation by now and we are awaiting communication from them.
This is now overdue," she added.

Trinidad Express relays that Parisot-Potter said she believes the
board had no choice but to ensure that the investigation was done,
as it is their fiduciary responsibility to the shareholders.

"Mr Warner's choice to leave the company at this critical juncture
should have no bearing on what we hope is a fair and transparent
process," Parisot-Potter said, the report says.

           Massy Sees Drop in Profit in Latest Results

Massy Holdings has reported a $27.2 million drop in its total
comprehensive income for the three months ended December 31, 2023
when compared to the corresponding period in 2022, the report
recalls.

Massy recorded total comprehensive income of $192.8 million for the
period ended December 31, 2023, the report notes.

"Although group revenue grew by 18% (7.8% without acquisitions)
from $3.6 billion (US$535 million) to $4.3 billion (US$633
million), group PBT from Continuing Operations declined by 2% from
$301 million (US$44.8 million) to $294 million (US$43.7 million),"
Robert Riley stated, the report relays.

"Each portfolio experienced unique isolated setbacks and the
Investment Holding Company (IHC) made some changes that increases
net expenses and non-recurring/ one-off impacts to the P&L," he
stated, the report notes.

Riley said the board is confident in the strength of the group and
its strategy as it pursues its vision to be "a Global Force for
Good, An Investment Holding Company with a Caribbean Heart," the
report relays

              Affonso to Take Over as Group CEO

Affonso has been on the Massy Holdings board since 2019.

He is the conglomerate's executive vice-president and executive
chairman of its Integrated Retail Portfolio (IRP).

The IRP operates 66 supermarket doors and seven food and non-food
distribution businesses across the Caribbean, extending from
Southeast Florida, USA to Guyana, the report relays.

"David's tenure with the Massy Group spans over three decades,
during which he has demonstrated exceptional leadership and
dedication to the organisation's growth and success," Massy stated,
the report discloses.

Massy said Affonso's "extensive experience and keen business acumen
have been invaluable assets to the group," the report notes.

"Under David's guidance, the IRP has become a cornerstone of the
group's operations, accounting for approximately 65% of its revenue
and 50% of its profit before tax in the last financial year," it
stated, the report says.

"David's contributions to the Massy Group exemplify his unwavering
commitment to excellence and his ability to drive sustainable
growth and profitability. As he assumes the role of group CEO, we
are confident that his leadership will usher in a new era of
continued success and prosperity for the organisation," it stated,
the report adds.




===============
X X X X X X X X
===============

LATAM: Inflation Progress Tempered by Soaring Food Price Pressures
------------------------------------------------------------------
Andrew Rosati, Matthew Malinowski and Max de Haldevang at Bloomberg
News report that Brazil's and Chile's consumer prices rose more
than expected in January while Mexico's annual inflation sped up
for the third straight month as policymakers in those countries
faced renewed food cost pressures.

Annual inflation in Brazil unexpectedly ran above the central
bank's tolerance range, at 4.51 percent, while Chile consumer
prices rose past estimates, hitting 3.8 percent from a year ago,
according to data published, according to Bloomberg News.  Mexico's
cost of living increased 4.88 percent in 12 months, picking up for
the third straight time, Bloomberg News notes.

All three nations were buffeted by sharp increases in staple food
goods, Bloomberg News relays.  Brazil's food and beverages jumped
1.38 percent on the month as carrots, potatoes and beans became
more expensive, while Chile's food gained 1% on rises in meat,
bread and cereals, Bloomberg News notes.  Mexico's fruit and
vegetable costs surged 9.53% alone, Bloomberg News says.

The consumer price readings underscore challenges facing Latin
American policymakers as they calibrate future interest rate cuts,
Bloomberg News discloses.  Most of the region's major
inflation-targeting central banks have already begun reducing
borrowing costs, while Mexico has signalled it will mull the start
of its own easing cycle, Bloomberg News relays.  Still, more
expensive food represents a risk in many nations, with crops under
threat of floods and droughts sparked by the El Nino weather
pattern, Bloomberg News notes.

                         Inflation Blame

Brazilian policymakers led by Roberto Campos Neto have lowered the
benchmark Selic by a half-point in each of their past five meetings
and have pledged to keep that pace for at least the next two.
Global food and energy prices are showing some stability, Campos
Neto said at an event, Bloomberg News discloses.

Still, El Nino has returned with a vengeance in the South American
summer, unleashing torrential rains in parts of the country and
leaving others uncommonly dry, Bloomberg News relays.  Rice and
potatoes are among the most affected crops, Bloomberg News notes.

Mexico's central bank, known as Banxico, is broadly expected to
hold borrowing costs steady later before delivering its first
reduction in March, Bloomberg News relays.  Governor Victoria
Rodriguez has said the institution will consider rate cuts in
coming months, with board members underscoring they should be
gradual, Bloomberg News notes.

Tomato prices drove almost half Mexico's monthly cost-of-living
increase in January, driven by El Niño and climate change, said
Barclays Plc chief Latin America economist Gabriel Casillas,
Bloomberg News discloses.  Still, policymakers have gotten some
respite, given the impact of closely-watched core inflation on
overall price growth is back to pre-pandemic levels, he said,
Bloomberg News notes.

Chilean policymakers slashed their interest rate by a full
percentage point while one board member voted for an even more
aggressive reduction of 125 basis points, initially whetting bets
of another acceleration in easing, Bloomberg News relays.  Still,
swap rates rose in trading, as the report and the implementation of
a new consumer price index could limit near-term policy
flexibility, Bloomberg News notes.

Elsewhere in the region, Colombian central bank Governor Leonardo
Villar emphasised the need for caution in domestic interest rate
cuts, saying that El Niño still poses risks, Bloomberg News
discloses.

For Andres Abadia, chief Latin America economist at Pantheon
Macroeconomics, food price pressures are a commonality throughout
the region, Bloomberg News notes.  "El Nino is to blame in all of
these countries," he added.



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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