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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, January 10, 2025, Vol. 26, No. 8

                           Headlines



A R G E N T I N A

ARGENTINA: Has the Dollars Needed to Meet This Year's Debt Deadline
ARGENTINA: Poverty Rate Has Fallen to 36.8%, Expert Reports Say
COMPANIA LATINOAMERICANA: Fitch Hikes LongTerm IDRs to 'CCC'


B A R B A D O S

BARBADOS: Closes Debt-For-Climate Loan, CIBC Says


B R A Z I L

ANDRADE GUTIERREZ: Talks to Creditors After Missed Payment


J A M A I C A

JAMAICA: Hill Seeks to Suspend Tariff for Cheaper Ice Importation


M E X I C O

TOTAL PLAY: Fitch Assigns 'B-' Rating to New $870MM Sr. Sec Notes
TOTAL PLAY: Moody's Rates New $870MM Sr. Secured Global Notes 'B3'


P U E R T O   R I C O

ALUMAX INC: Seeks to Hire Vilarino & Associates as Legal Counsel
IGLESIA ESCUELA: Seeks to Hire C. Conde & Assoc. as Legal Counsel

                           - - - - -


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

ARGENTINA: Has the Dollars Needed to Meet This Year's Debt Deadline
-------------------------------------------------------------------
Buenos Aires Times reports resident Javier Milei's government has
secured the necessary dollar reserves to meet its upcoming debt
obligations, boosting bullish trends in the financial markets.

Argentina's Treasury has taken advantage of last year's fiscal
surplus to purchase approximately US$7 billion, ensuring it can
cover its debt repayments through 2025, according to Buenos Aires
Times.

This proactive step means the government will not need to tap the
capital markets for financing to meet its obligations, the report
notes.

Currently, the government holds US$6.009 billion in the Central
Bank of Argentina (BCRA) to cover upcoming capital repayments due
in January and July, the report relays.  This is in addition to a
nearly US$1 billion transfer made to the Bank of New York Mellon
(BNY) in October to cover interest payments on Argentine bonds,
including Global and Bonar securities, due, the report relays.

The development has helped reinforce the view in financial markets
that the government is unlikely to lift the 'cepo' currency
controls until after the midterms, as it has already secured
funding for its 2025 debt obligations, the report says.  This is
true regardless of whether a new deal is struck with the
International Monetary Fund (IMF) or whether the country enters
into a repurchase agreement (REPO), the report relays.

Argentina faces two significant capital repayments this year:
US$2.901 billion each in January and July, along with coupon
payments totaling around US$1.8 billion in both months, the report
discloses.

Despite this, the government's ability to cover these commitments
has had a notable impact on the country's risk profile, with
country risk (measured by the sovereign bond spread) plummeting
from 1,556 basis points in mid-2024 to the current 637, the report
notes.

In this context, Economy Minister Luis Caputo is working to
finalise a new IMF program by the first quarter of the year, while
President Milei has indicated that negotiations will include the
disbursement of fresh funds, which could further bolster the
Central Bank's reserves, the report says.  However, should the
government proceed to use part of its Central Bank reserves to
cover January's debt repayments, they are likely to fall by around
US$3 billion, the report notes.

                          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.

In March 2022, the International Monetary Fund (IMF) approved a
new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of
monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Nov. 15, 2024,  Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'.  Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's  confidence in the
authorities' ability to make upcoming  foreign-currency bond
payments without seeking relief of some  sort.

S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national
scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating.  The S&P ratings have
been affirmed as of August 2024.  S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress
in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.

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. upgraded Argentina's Long-Term Foreign and Local
Currency
Issuer Ratings to B (low) from CCC on November 25, 2024. The
trend on all ratings is Stable.

ARGENTINA: Poverty Rate Has Fallen to 36.8%, Expert Reports Say
---------------------------------------------------------------
Buenos Aires Times reports Argentina's poverty rate accelerated to
a peak of 52.9 percent in the first half of 2024, the highest level
in almost two decades, but at least two reports say the situation
has since improved.

With inflation tumbling from a peak of a monthly 25.5 percent and
wages recovering some of the lost ground, the number of poor people
had been reduced to as low as 36.8 percent by the end of the second
half of last year, according to some private estimates, according
to Buenos Aires Times.

Nevertheless, specialists warn of an "aggravation" of scarcity in
low-income sectors and the risks of "structural poverty," the
report notes.

The data stem from the rigourous measurements by th economist and
Universidad Torcuato Di Tella (UTDT) lecturer Martin
Gonzalez-Rozada, the report relays.  The specialist estimated
December's Total Basic Shopping-Basket, calculating a reduction of
poverty by 16.1 percentage points from its peak, the report
discloses.

The study is updated every month, based on the projection of the
structure of the job market and the data on total family earnings
from the EPH (Encuesta Permanente de Hogares) household survey of
the INDEC statistics bureau corresponding to the half-year in
question while contrasting the total family earning with the
average Basic Shopping-Basket projections for the same period, the
report discloses.

Gonzalez-Rozada projected a basic shopping-basket of 313,360 pesos
per adult equivalent to the second half of last year for an
interannual increase of 178.7 percent while the projection of total
family earnings yielded an interannual increase of 207.1 percent,
the report says.

Proceeding from this statistical information and the simulation of
the EPH microdata for the last two quarters of last year, the
poverty rate was projected. The expert noted that "the projected
incidence can be mechanically broken down into a weighted average
between a poverty rate of 38.8 percent for the third quarter of
2024 and 34.8 percent for the fourth," the report notes.

The CNCPS prognosis of destitution was 8.6 percent after having
registered 20.2 percent in the first quarter and 16 percent in the
second, the report discloses.  If corroborated, this would be a
steeper drop than that calculated by the UTDT’s Nowcast, the
report relays.

Beyond the private estimates based on official data, INDEC will be
issuing the definitive number for the second half of last year in
mid-March, the report relays.  These figures are published every
six months in the 3rd and 9th months of the year (March and
September), the report notes.

Meanwhile the ODSA (Observatorio de la Deuda Social Argentina)
poverty watchdog of the UCA Catholic University voiced that
although the projected indices had reached similar levels to the
previous year for the third quarter of 2024, the consumer capacity
of households was reduced by the higher costs of basic services
such as electricity, water, gas and transport, among others, the
report says.

Unlike the line traced by the total shopping-basket, the
measurement of multidimensional poverty does not only focus on
family earnings but also the lack of access to basic sources of
welfare in from one to six dimensions, the report discloses.

"The current panorama shows an aggravation of the situation in this
sense - multidimensional poverty (measured as income plus one lack)
increased inter-annually from 39.8 to 41.6 percent and within that
figure structural poverty (three wants or more) also rose from 22.4
to 23.9 percent," they alerted, 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.

In March 2022, the International Monetary Fund (IMF) approved a
new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of
monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Nov. 15, 2024,  Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'.  Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's  confidence in the
authorities' ability to make upcoming  foreign-currency bond
payments without seeking relief of some  sort.

S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national
scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating.  The S&P ratings have
been affirmed as of August 2024.  S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress
in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.

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. upgraded Argentina's Long-Term Foreign and Local
Currency
Issuer Ratings to B (low) from CCC on November 25, 2024. The
trend on all ratings is Stable.

COMPANIA LATINOAMERICANA: Fitch Hikes LongTerm IDRs to 'CCC'
------------------------------------------------------------
Fitch Ratings has upgraded Compania Latinoamericana de
Infraestructura y Servicios' (CLISA) Long-Term Local and Foreign
Currency Issuer Default Ratings (IDRs) to 'CCC' from 'RD' on
completion of its consent solicitation. Additionally, Fitch has
upgraded CLISA's senior secured rating to 'CCC' with a Recovery
Rating of 'RR4' from from 'C'/'RR4'.

The upgrade follows the successful completion of its consent
solicitation to amend the terms and conditions of its 2027 senior
secured notes. The ratings reflects CLISA's improved liquidity and
leverage profile following the completion of a debt restructuring
as part of a Fitch defined Distressed Debt Exchange (DDE). The
ratings also reflects Argentina's (CCC/Stable) challenging
operating environment.

Key Rating Drivers

Completion of DDE and Debt Restructuring: On Dec. 17, 2024, CLISA
announced the successful completion of a consent solicitation to
amend the terms of its USD358 million bond due 2027 with
approximately 94% of bondholders consenting. The agreed upon terms
include a reduced principal amount of USD270 million, of which
USD200 million is due on Dec. 2031 and USD70 million due Dec.
2034.

Fitch believes the agreement with majority bondholders to amend
terms of the 2027 bonds indicates the company completed a DDE. Per
Fitch's criteria, a DDE occurs when a restructuring or exchange
imposes a material reduction in terms compared to existing
contractual terms and has the effect of allowing the issuer to
avoid an eventual probable default.

Revised Bond Terms and Security Measures: The new terms include a
cash step-up coupon that starts at 3.5% and reaches 8.5% over the
course of four years. The bond is secured by the shares of certain
subsidiaries, including CLISA's waste management unit, Cliba
I.U.S.A. The USD70 million portion due in 2034 follows a redemption
schedule, starting at 32.35% of par for up to 30 months, with
gradual increases thereafter. CLISA is to issue a separate senior
unsecured "Redeemable Bond" within the next six months to pay down
the USD70 million, reducing the senior secured principal to USD200
million.

Furthermore, 40% of CLISA's shares were placed in a trust. If CLISA
does not redeem this USD70 million tranche (or the redeemable bond
when issued) within 36 months or defaults on payment, bondholders
will have the right to take ownership of the shares in the trust in
exchange for the USD70 million. Consenting bondholders will receive
a USD25 million consent consideration.

Improved Liquidity and leverage: Fitch estimates that CLISA's
liquidity profile will improve and refinancing risks will reduce
after this transaction. However, these will remain subject to the
volatile Argentinean operating environment. Post-restructuring,
Fitch estimates USD leverage should decrease below 4x net debt to
EBITDA (including self-liquidating facilities) and trend toward
3x-3.5x in the next 18 months. CLISA is projected to maintain an
EBITDA coverage ratio above 2x, contingent on improved Argentinean
macroeconomic conditions.

Significant Counterparty Risk: CLISA faces high counterparty risk
due to its strong ties to the Argentine public sector, which
generates 80% to 90% of its revenue. The construction business
heavily depends on government projects at federal, provincial and
municipal levels. Regular public service contract negotiations pose
renewal risks, while collection delays from the public sector
impact revenue and profitability.

As of 3Q24, three fourths of CLISA's revenues came from its waste
management, transportation and water utility concessions, with the
rest stemming from its construction operations. Over the last 12
months, the more stable waste management business accounted for the
majority of CLISA's EBITDA.

Derivation Summary

CLISA's profitability is lower than Companhia de Saneamento Basico
do Estado de Sao Paulo (SABESP; BB+/Stable). The company's overall
EBITDA margin as of YE 2023 was 8.7% and under 7% as of 3Q24. Its
Waste Management division margins are usually in the 20%-30% range
and expected to be under 20% in 2024. SABESP's EBITDA margin was
around 48.3% in the same period. However, CLISA compares much more
favorably against Aguas y Saneamientos Argentinos S.A. (CCC), which
has a loss-making operation.

CLISA underperforms SABESP but outperforms Aguas y Saneamientos in
credit metrics. Fitch projects CLISA's gross EBITDA leverage
post-restructuring to exceed 4.5x, compared to SABESP's below 3.5x.
CLISA's operating profile is weaker than SABESP's, consistently
showing lower liquidity metrics. However, Aguas y Saneamientos is
weaker, with loss-generating operation needing shareholder capital
injections and facing greater refinancing risks.

Fitch also views CLISA's credit profile as much weaker than its
U.S. peers in the waste management industry such as Waste
Management Inc. (A-/Stable) and Waste Connections Inc. (A-/Stable).
These companies have stronger scale, margins, FCF generation,
leverage and operating environments.

Key Assumptions

- EBITDA Margin of at least 7.5% in 2025;

- Revenues slightly improve in 2025;

- Company fulfils all terms of consent including issuance of USD70
million redeemable note;

- FX remains under 1,300ARS/USD in 2025.

Recovery Analysis

CLISA's bonds have an 'RR4' Recovery Rating. The recovery analysis
assumes that CLISA would be a going concern (GC) in bankruptcy and
that it would be reorganized rather than liquidated.

GC Assumptions:

- A 10% administrative claim.

- The GC EBITDA is estimated at USD75 million. The GC EBITDA
estimate assumes a discounted scenario where CLISA's waste
management business represents the vast majority of the company's
EBITDA with little to no contribution from its other businesses.

- EV multiple of 5x.

With these assumptions, Fitch's waterfall generated recovery
computation (WGRC) for the senior unsecured notes is in the 'RR1'
band. However, according to Fitch's "Country-Specific Treatment of
Recovery Ratings Criteria," the Recovery Rating for corporate
issuers in Argentina is capped at 'RR4'.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- A material weakening in liquidity;

- A deterioration of the operating environment in Argentina;

- Failure adhere to the terms and conditions of the of the December
2024 consent agreement.

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- An upgrade is unlikely currently. However, Fitch may reassess the
rating upon an upgrade of the Argentina sovereign and the company's
ability to maintain its net EBITDA leverage below 3x and EBITDA
Fixed Coverage above 2.5x on a sustained basis.

Liquidity and Debt Structure

After completion of its debt restructuring, Fitch estimates CLISA
will materially improve its liquidity position due to a decrease in
debt service. This results from the reduction of the principal on
its USD senior secured bond from USD358 million to USD270 million
and a lower cash interest rate of 3.5% for 2025.

According to the consent terms, the company plans to issue a senior
unsecured bond for USD70 million of the principal due, which will
have a PIK only coupon of 7%. As of September 30, 2024, the company
had readily available cash in hand of ARS23 billion and short-term
debt of ARS461 billion.

Issuer Profile

CLISA is a leading Argentine infrastructure company in business for
over 115 years. The company is organized into four main business
segments: Construction, Waste Management, Transportation and Water
Services. The company is mostly focused on public infrastructure.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

CLISA-Compania Latinoamericana de Infraestructura y Servicios has
an ESG Relevance Score of '4' for Governance Structure due to
ownership concentration, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                 Rating        Recovery   Prior
   -----------                 ------        --------   -----
CLISA-Compania
Latinoamericana
de Infraestructura
y Servicios           LT IDR    CCC  Upgrade            RD
                      LC LT IDR CCC  Upgrade            RD

   senior secured     LT        CCC  Upgrade   RR4      C



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

BARBADOS: Closes Debt-For-Climate Loan, CIBC Says
-------------------------------------------------
Andrea Perez-Sobers at Trinidad Guardian reports that Barbados has
completed an unprecedented debt-for-climate operation to finance
water and sewage projects resilient to climate change.

In a news release, CIBC Caribbean said through support from its
international funding partners, Barbados replaced outstanding, more
expensive debt with more affordable financing, generating US$125
million in fiscal savings which will be used to enhance water
resource management and increase water and food security, according
to Trinidad Guardian.

CIBC Caribbean, as lead arranger, closed the sustainability-linked
loan transaction earlier, the report relays.

"The loan was backed by US$300 million in guarantees - US$150
million each from the Inter-American Development Bank (IDB) and the
European Investment Bank (EIB), the latter under the European
Union's Global Gateway Initiative.  With the support of the
guarantees, Barbados secured a long-tenor, local currency loan at
favourable conditions arranged by CIBC Caribbean, with regional
banks investing in the transaction," the release stated, Trinidad
Guardian discloses.

CIBC Caribbean noted that the debt conversion will create the
necessary fiscal space to finance upgrading the South Coast sewage
treatment plant into a modern water reclamation facility plus
several associated facilities, Trinidad Guardian says.

The water reclamation facility, one of the first in the Caribbean,
it said will produce water of a suitable quality for use in
agricultural irrigation and groundwater recharge, Trinidad Guardian
relays.  The additional fiscal space also allows for investments to
reduce water losses and improve the sewer system, Trinidad Guardian
notes.

"The reduction in marine and groundwater pollution will help
protect marine ecosystems and nearshore reefs, groundwater quality
and safeguard public health.  The IDB and the Green Climate Fund
(GCF) are providing a total of US$110 million upfront funding for
the project, including a US$40 million grant from the GCF," the
release detailed, Trinidad Guardian discloses.

It explained that Barbados, one of the world's most water-scarce
countries, faces an average per capita water availability four
times less than the global average—a challenge set to worsen with
climate change. It also faces a large annual food import bill, as
farmers lack water to expand crop production, Trinidad Guardian
says.

The buy-back will finance a new facility to boost water management,
food security and resilience, Barbados' Prime Minister Mia Mottley
said in the release, Trinidad Guardian relays.

"In the face of the climate crisis, this groundbreaking transaction
serves as a model for vulnerable states, delivering rapid
adaptation benefits for Barbados," she added.

CIBC Caribbean's CEO, Mark St. Hill commenting on the completion
said, "Barbados' initiative enhances climate resilience and sets a
benchmark for sustainable adaptation for the Caribbean.  CIBC
Caribbean is honoured to again collaborate with the Government of
Barbados and multilateral agencies like the IDB and EIB in setting
precedents for innovative financial mechanisms that drive
environmental stewardship in our region.  This partnership
underscores our commitment to accelerating climate action and
fostering sustainable development across the Caribbean," Trinidad
Guardian adds.



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

ANDRADE GUTIERREZ: Talks to Creditors After Missed Payment
----------------------------------------------------------
Hernan Goicochea at Latin France reports that Brazilian
infrastructure company Andrade Gutierrez Engenharia is in
discussions with creditors about a possible debt restructuring deal
after missing a coupon payment on its 2029 global bonds last month,
according to Fitch Ratings.  

"The company announced it will prioritize its liquidity to execute
the backlog and has chosen to engage in discussions with an ad hoc
group of bondholders for a more comprehensive renegotiation," the
ratings agency said in a report, Latin France relays.   

Andrade Gutierrez failed to pay $19 million in semi-annual interest
on its 9% 2029 senior secured notes due on December 30 and entered
into a 30-day grace period to make the payment, Latin France
discloses.  The firm has initiated talks with the financial advisor
for an ad hoc group of holders of its 2029 and 2040 notes about a
renegotiation, according to Fitch, Latin France says.

Tha ratings agency downgraded Andrade Gutierrez's credit rating to
C from CC following the missed payment, adding that it would place
the firm on restricted default if it fails to pay the coupon within
the grace period, Latin France relates.  

The construction firm reported having BRL472 million ($76.5
million) in cash and marketable securities and BRL523 million in
short-term debt as of September 30, Latin France says.

It will have to pay roughly BRL458 million in interest this year,
including BRL354 million on the 2029 notes, according to the
ratings agency, Latin France discloses.  

"AGE's liquidity is weak and insufficient to cover interest
payments," Fitch said, Latin France relays.  Fitch cut Andrade
Gutierrez's rating to CC from CCC- in July last year after the
company made an interest payment on the 2029s two business days
later than scheduled, recalls the report.  The company issued $413
million worth of 2029s in November 2022 as part of a debt exchange,
it adds.



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

JAMAICA: Hill Seeks to Suspend Tariff for Cheaper Ice Importation
-----------------------------------------------------------------
RJR News reports that industry, Investment and Commerce Minister,
Senator Aubyn Hill, says he will be asking CARICOM to suspend the
30 per cent Common External Tariff on goods imported from outside
of the region in order to allow Pure National to import ice from
the USA for six months at an affordable price.

The company recently revealed that it had to increase the price of
imported ice by between $100 and $200 per bag because the high
costs involved, including the CET, have led to an increase in its
cost of operations, according to RJR News.

There is currently a shortage of ice in the country because of a
recent fire which destroyed 90 per cent of Pure National's
productive capacity, the report notes.

                        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.  In September 2023, S&P
Global Ratings raised 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', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  

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
===========

TOTAL PLAY: Fitch Assigns 'B-' Rating to New $870MM Sr. Sec Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B-' with a Recovery Rating of 'RR4'
rating to Total Play Telecomunicaciones S.A.P.I de C.V.'s (Total
Play) new senior secured senior notes due in 2032 (New Fiber Notes)
for an amount of up to $870 million. Net debt proceeds will be used
to exchange any and all of the outstanding 6.375% unsecured notes
due 2028.

The New Fiber Notes are being issued as part of an exchange offer
for Total Play's existing $600 million senior unsecured notes due
in 2028. With the notes exchange, Total Play is seeking bondholders
to consent to amend the 2028 documents. The amendments eliminate
substantially all restrictive covenants, certain events of default
and other provisions contained in the existing notes indenture.

Fitch does not deem the exchange offer a distressed debt exchange
(DDE), as it is not expected to result in a material reduction in
terms, and Total Play is not conducting the exchange to avoid a
traditional payment default, bankruptcy or similar insolvency
proceedings.

Key Rating Drivers

Debt Refinancing:  With this transaction, Total Play is reducing
its refinancing needs and extending its debt maturity profile. The
expected senior secured note rating is equalized with Total Play's
Long-Term Issuer Default Rating (IDR) and reflects a capital
structure that heavily leans toward a secured debt structured with
a proportion of subordinated creditors.

Assuming a 100% exchange, around 94% of the total debt will be
secured. The original 2028 notes that may not be tendered in the
exchange will be subordinated from the IDR, as the new notes are
secured by the fiber network and accounts receivables and, in
Fitch's view, have lower recovery prospects in an event of
default.

Exchange Offer Transaction: The offer was secured by a New Fiber
Trust holding 100% of Total Play's Neutral Transport Network, and
preferred and exclusive earmarked claims on customer cashflows will
provide coverage of 1.3x the immediate next payment and first lien
on Debt Service Reserve Account.

The New Fiber Notes bear an annual interest rate of 11.125%, with
an amortization of 6.25% per quarter in 2029, 2030, 2031 and 2032.
There is a new money requirement, whereby exchange participants
must commit an amount equal to $0.45 for every $1.00 of principal
exchanged to purchase additional New Fiber Notes.

Expectation of Neutral to Positive FCF: As of the last 12 months
(LTM) ended in September 2024, Total Play generated close to MXN3
billion in FCF, supported by a lower capital intensity of around
27% (2023: 39%). Fitch expects FCF to be neutral to positive in
2025, with a capital intensity closer to 30%, and the company to
use available liquidity to repay close to MXN3 billion in 2025
notes, bank loans and leases.

Increasing Cost of Debt: The use of secured debt further limits
Total Play's financial flexibility. The secured senior notes'
interest rates are between 10.5% and 11.125%, which is higher than
the original 2025 and 2028 senior unsecured notes, and the recent
Cebures issuances were between 50bps and 150bps above previous
spreads. The company's percentage of secured debt and cash interest
expense will increase given its limited financing options,
impacting cash flow generation.

Profitability Continuously Improving: Operational performance is in
line with Fitch's expectations, with solid revenue and EBITDA
expansion in recent years, backed by extensive network deployment
that increased homes passed, business scale and profitability.
Increased network penetration, while maintaining a low-cost
structure and working capital requirements, is key to growing
revenue and expanding margins. Fitch expects network penetration to
increase to between 31% and 32% by YE 2025 from 12% in 2018, and
EBITDA margins to reach about 45% at YE 2025. Fitch expects EBITDA
to continue to improve in 2025, maintaining leverage ratios below
3.5x.

Market Share and Diversification: Total Play is an important
participant in the industry in terms of network coverage, homes
passed and revenue-generating units. The company has maintained
strong growth despite operating in a competitive industry. Total
Play reached 17.6 million homes passed and 5.1 million subscribers
in 3Q24, with about five times faster annual average subscriber
growth than the industry average since 2019. Total Play has a
balanced revenue mix and customer and service diversification.

ESG - Governance Structure: Fitch believes Grupo Salinas'
governance-related events add uncertainty about similar practices
in the future. TV Azteca's default and Total Play's private
exchange of the 2025 notes in 2024, support Fitch's previous
assessment that Grupo Salinas is uneven in its treatment of
stakeholders. Fitch believes these practices could impact Total
Play's ability to access funding.

Derivation Summary

Total Play's ratings reflect its limited liquidity position and
refinancing risk. Compared with Grupo Televisa, S.A.B.
(BBB-/Negative), which has a more diversified business, Total Play
has higher net leverage, a smaller market share and lower network
penetration in the local market.

Cable & Wireless Communications Limited (C&W BB-/Stable) has higher
leverage than Total Play and solid liquidity position, with a
long-dated debt amortization profile, and better service and
geographic diversification. C&W benefits from operations in a
series of mainly duopoly markets, excluding Panama mobile. Revenue
mix per service is well-balanced, with mobile accounting for around
28% of total sales, fixed-line at 25% and business to business with
47% of revenue in 2023. C&W's strengths are tempered by Liberty
Latin America Ltd.'s financial management, which limits any
material deleveraging.

VTR Finance N.V. (CCC) has higher leverage than Total Play and also
faces limited financial flexibility. Its rating also reflects the
expectation of a weak operational performance due to the
continuation of a highly competitive environment in Chile and a
sustained negative FCF.

Key Assumptions

- Revenue CAGR from 2024 to 2026 of 6% due to the company's
strategy of increasing in-network penetration;

- EBITDA margins of 44% in 2024 and 45% in 2025;

- Capex more aligned with customer increases, with a capex to sales
ratio at around 30% in 2025;

- FCF generation neutral to positive in 2025;

- No dividend payments.

Recovery Analysis

Fitch's criteria consider bespoke recovery analysis for issuers
with 'B+' IDRs and below. The bespoke recovery analysis assumes
that Total Play would be considered a going concern in bankruptcy
and that the company would be reorganized rather than liquidated.

Total Play's going concern EBITDA of MXN9.7 billion is based on
Fitch's expectation of a sustainable, post-reorganization EBITDA
level. This is compared with an LTM EBITDA of MXN19.5 billion as of
3Q24, and reflects the increased competition in the Mexican market
and the company's limited financial flexibility. The enterprise
value/EBITDA multiple applied is 5.0x. This figure reflects Total
Play's market position.

Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of debt in the capital
structure. Fitch's debt waterfall assumptions consider total debt
as of Nov. 30, 2024. The waterfall results in a 'RR4' Recovery
Rating for the senior secured notes due in 2028, and a 'RR6'
Recovery Rating for the 2025 and 2028 senior unsecured notes. Given
the high amount of cashflow that go the master trust, there is
subordination in the unsecured 2025 notes and 2028 notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Failure to address its refinancing needs and short-term
obligations, launching of a coercive debt exchange or announcing a
debt restructuring;

- Neutral to negative CFO-Capex/Total Debt that prevents further
liquidity improvements;

- Weaker operating performance and loss of market share;

- Unfavorable regulatory changes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The possibility of any positive ration action in the short term is
unlikely. However, factors that could be considered positive for
the issuer's credit quality include:

- Change in the funding mix toward unsecured debt and a
diversification of its funding sources;

- A more balanced capital structure in terms of liabilities and
equity;

- A CFO-Capex/Total Debt consistently at or above 2.5%.

Liquidity and Debt Structure

Limited Liquidity: Total Play's financial flexibility remains
limited, with exposure to risks coming from short-term obligations
and an increasing share of secured debt. However, lower capex
intensity has driven positive FCF generation during 2024, improving
the company's liquidity.

As of September 2024, Total Play had short-term debt and
obligations of MXN9.2 billion (including factoring and leasing of
MXN3.1 billion) maturing in 2025 and accounts payable of MXN16
billion. As of the same period, the company had readily available
cash and equivalents of MXN3.5 billion and restricted cash of
MXN2.4 billion, which Fitch assumes will be used for debt
repayment.

The company expects to refinance around MXN5.0 billion maturing in
2025 and use cash to pay for the remainder of the 2025 notes and
amortizations related to bank loans and leases.

Fitch factors accounts payable of approximately MXN1.5 billion in
its debt calculations. The factoring adjustment allows Fitch to
compare issuers that may use different sources of funding, as
immediate replacement funding is required if the payables financing
shuts down.

Issuer Profile

Total Play Telecomunicaciones S.A.P.I de C.V. is a Mexican provider
of fixed telecommunications services to residential and enterprise
customers including government entities. The company offers
pay-television, fixed-broadband and fixed-voice services through
its competitive fiber-to-the-home (FTTH) via a gigabit
passive-optical network (GPON) network.

Date of Relevant Committee

20 December 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Total Play Telecomunicaciones, S.A.P.I. de C.V. has an ESG
Relevance Score of '5' for Governance Structure due to the
ownership concentration and the company's aggressive related-party
treatment toward different stakeholders, which has a negative
impact on the credit profile and is highly relevant to the rating
in conjunction with other factors.

Total Play Telecomunicaciones, S.A.P.I. de C.V. has an ESG
Relevance Score of '4' for Financial Transparency due to the level
of detail and transparency of financial disclosure that is weaker
than other industry peers. This has a negative impact on the credit
profile and is highly relevant to the rating in conjunction with
other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating         Recovery   
   -----------             ------         --------   
Total Play
Telecomunicaciones,
S.A.P.I. de C.V.

   senior secured       LT B-  New Rating   RR4

TOTAL PLAY: Moody's Rates New $870MM Sr. Secured Global Notes 'B3'
------------------------------------------------------------------
Moody's Ratings assigned a B3 rating to Total Play
Telecomunicaciones, S.A.P.I. de C.V. and Subsidiaries's (Total
Play)'s proposed up to $870 million in Backed Senior Secured Global
Notes due 2032. Total Play's outstanding ratings, including its B3
Corporate Family Rating, the B3 rating on its Backed Senior Secured
Global Notes due 2028, the Caa1 rating of its Backed Senior
Unsecured Global Notes due 2025 and 2028, all remain unchanged. The
stable outlook remains unchanged as well.

The proposed notes are offered in exchange for Total Play's $600
million senior unsecured notes due 2028. The proposed secured notes
will have a higher coupon of 11.125% (compared to the 6.375% coupon
of the existing notes) and will be amortizing over sixteen
quarterly equal installments from 2029 to 2032.

To participate in the exchange offer, investors must commit to
provide an additional amount of $270 million that will be used to
repay short term debt maturities. Therefore, this transaction will
improve liquidity leaving manageable maturities in 2025 and 2028.

The rating of the proposed senior secured notes assumes that the
final transaction documents will not be materially different from
draft legal documentation reviewed by us to date and that these
agreements are legally valid, binding and enforceable. The new
notes will be secured by the same collateral of other existing
secured debt and will benefit from fiber network assets as
collateral.

RATINGS RATIONALE

The proposed transaction does not affect the company's B3 CFR that
considers the company's relatively small size when compared to
other global rated peers; with 18% market share in broadband and
12% in Pay TV, in Mexico, as of June 2024, respectively. The rating
also incorporates the company's geographic concentration in only
one market and Moody's expectation of slightly positive FCF
(Moody's adjustments include leases payments to capex) through
2026. The rating also considers the company's track record of
aggressive financial strategy and high refinancing risk.

Total Play's B3 CFR also reflects the company's high-quality
network, which is the only 100% fiber-to-the-home (FTTH)
infrastructure in Mexico; history of successful organic growth; and
low churn of 1.5% as of September 2024. The B3 rating also factors
in the company´s track record of growth, experienced management
team and Moody's-adjusted leverage of 3.5x and EBITDA margin of
35.2% for the 12 months that ended September 2024.

As of September 2024, around 73% of Total Play's debt is secured by
about 49% of the company's total revenue, with a trust formally
assigned to manage the debt service with different regulated and
non-regulated financial institutions. Pro forma for the
transaction, assuming that the full outstanding amount will be
exchanged and the new money requirement reaches $270 million,
secured debt will represent the bulk of Total Play's debt.
Unsecured debt will be comprised only by close to $57 million
Backed Senior Unsecured Global Notes due 2025. Unsecured debt will
benefit only from the residual cash flow in the waterfall after the
repayment of the secured debt. Therefore, the Caa1 rating on the
company's senior unsecured notes, one notch below the secured debt,
reflects the effective subordination to Total Play's secured debt.

Liquidity is adequate. Total Play has been able to improve
liquidity during the last year through bond exchanges and liability
management transactions. Also, in the same period, the company has
been able to tap both local and international capital markets to
refinance a total of MXN14,893 million (-$780 million). For the
twelve months ended in September 2024, the company generated
positive (Moody's adjusted) free cash flow (FCF) of MXN2,737
million (-$137 million) on capex normalization, following its
aggressive footprint expansion and on improved working capital
management.

Going forward, liquidity sources will be enough to meet its funding
needs through 2026. Pro forma for the proposed transaction, debt
maturing through 2026 will amount to $110 million, favorably
comparing with liquidity sources amounting to MXN9,386 million
($494 million), considering cash of MXN3,507 million and restricted
cash of MXN2,379 million as of September 2024 and MXN3,500 million
related to the issuance of local notes in October and November of
2024. Additional sources include the roll over nature of the
company's revolving credit facilities (RCFs), with maturities
amounting to MXN7,300 million through 2026. Moreover, Moody's
assessment of Total Play's liquidity considers an expectation of
slightly positive to neutral free cash flow (FCF) over the same
period.

The payment of the company's secured debt will be reserved in the
company's restricted cash line at least three months in advance.
This build up will be accounted in the working capital line and for
this reason, Moody's assume that going forward the working capital
changes would be neutral to slightly negative, on average.

The stable outlook reflects Moody's view that Total Play will
sustain its adequate liquidity, generating positive FCF and
extending its maturities at least twelve months in advance; it also
reflects Moody's view that the company will maintain its
competitive position and strong operating and financial metrics.

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

The ratings could be upgraded if Total Play builds a track record
of sustained adequate liquidity including positive FCF generation.
Quantitatively, an upgrade would also require the maintenance of
leverage below 4x and (EBITDA - CAPEX) / Interest Expense above
1x.

Total Play's ratings could be downgraded if there's lower than
expected profitability or organic growth. Leverage above 5x or any
liquidity deterioration due to lower than expected FCF, or if the
company is unable to rollover its short term debt, leading to
increasing refinancing risk would also trigger a downgrade.

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

Headquartered in Mexico, Total Play Telecomunicaciones, S.A.P.I. de
C.V. and Subsidiaries (Total Play) offers fixed-telephone, pay-TV
and broadband internet services to residential customers, and
managed IT services for business customers and government entities.
As of September 30, 2024, the company offered these services
through its fully owned fiber optic network, which covers 17.6
million homes passed with 29% penetration and 5.1 million
subscribers generating revenue of MXN44,028 million (about $2.2
billion).



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

ALUMAX INC: Seeks to Hire Vilarino & Associates as Legal Counsel
----------------------------------------------------------------
Alumax Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire Vilarino & Associates, LLC as
attorneys.

The firm's services include:

     (a) advise the Debtor concerning its duties, powers, and
responsibilities;

     (b) advise the Debtor in connection with a determination
whether reorganization is feasible;

     (c) assist the Debtor concerning negotiations with creditors
to propose and confirm a viable plan of reorganization;

     (d) prepare, on behalf of the Debtor, the necessary legal
papers or documents;

     (e) appear before the bankruptcy court, or any court in which
the Debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;

     (f) perform such other legal services for the Debtor as may
be
required in these proceedings or in connection with the operation
of/and involvement with its business; and

     (g) employ other professional services, if necessary.

The firm will be paid at these hourly rates:

     Javier Villarino, Attorney     $225
     Associates                     $175
     Paralegals                     $100

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer in the amount of $7,000 from the
Debtor.

Mr. Villarino disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Javier Villarino, Esq.
     Villarino & Associates LLC
     P.O. Box 9022515
     San Juan, PR 00902
     Telephone: (787) 565-9894
     Email: jvillarino@vilarinolaw.com

         About Alumax Inc.

Alumax Inc. manufactures aluminum doors and windows with its
manufacturing infrastructure located in San Sebastian, Anasco,
Ponce and San Domingo.

Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. P.R. Case No. 24-05312) on December 6, 2024. In
the
petition filed by Frank J. Jimenez, Cruz as president, the Debtor
reports total assets of $416,851 and total liabilities of
$2,954,034.

The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND
ASSOCIATES, LLC.

IGLESIA ESCUELA: Seeks to Hire C. Conde & Assoc. as Legal Counsel
-----------------------------------------------------------------
Iglesia Escuela Castillo Fuerte, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ the Law
Firm of C. Conde & Assoc. as its counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its duties, powers and
responsibilities;

     (b) advise the Debtor in connection with a determination
whether a reorganization is feasible and, if not, help it in the
orderly liquidation of its assets;

     (c) assist the Debtor with respect to negotiations with
creditors for the purpose of arranging the orderly liquidation of
assets and/or for proposing a viable plan of reorganization;

     (d) prepare on behalf of the Debtor necessary legal papers or
documents;

     (e) appear before the bankruptcy court, or any court in which
Debtor assert a claim interest or defense directly or indirectly
related to this bankruptcy case;

     (f) perform such other legal services for the Debtor as may
be
required in these proceeedings or in connection with the operation
of/and involvement with its business;

     (g) provide, if necessary, any and all notary services
allowed
under Notary Law, which will not constitute or represent any
conflict to this attorney or the client; and

     (h) employ other professional services, if necessary.

The firm will be paid at these hourly rates:

     Carmen Conde Torres, Senior Attorney    $350
     Associates                              $300
     Junior Attorney                         $275
     Clerical Analyst/Accounting Analyst     $150

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer of $15,000 from the Debtor.

Ms. Conde Torres disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of
the Bankruptcy Code.

The firm can be reached through:

     Carmen D. Conde Torres, Esq.
     C. Conde & Assoc.
     254 De San Jose Street, Suite 5
     Old San Juan, PR 00901
     Telephone: (787) 729-2900
     Facsimile: (787) 729-2203
     Email: condecarmen@condelaw.com

                About Iglesia Escuela Castillo Fuerte

Iglesia Escuela Castillo Fuerte, Inc. sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-05680)
on
December 30, 2024, listing under $1 million in both assets and
liabilities.

Carmen D. Conde Torres, Esq., at C. Conde & Assoc. serves as the
Debtor's counsel.


                           *********


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

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