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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

          Tuesday, January 14, 2025, Vol. 26, No. 10

                           Headlines



A R G E N T I N A

ARGENTINA: Milei Makes US$4.3BB Payment to Int'l. Bondholders


B R A Z I L

ALUPAR INVESTIMENTO: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
BANCO PAN: Fitch Alters Outlook on 'BB' Long-Term IDR to Positive
BRAZIL: Experienced Third-Largest Annual Outflow of Dollars 2024
HIDROVIAS DO BRASIL: Moody's Puts 'B1' CFR on Review for Downgrade


J A M A I C A

JAMAICA: Borrows $102.2 Billion During April to November Period
JAMAICA: Fulton Seeks Dedicated Fund to Develop Agriculture Sector
NCB FINANCIAL: Reports Decline In Compensation Paid to Workers


P E R U

INRETAIL SHOPPING: Moody's Ups CFR to Ba1, Alters Outlook to Stable


U R U G U A Y

NAVIOS SOUTH: S&P Alters Outlook to Positive, Affirms 'B' ICR

                           - - - - -


=================
A R G E N T I N A
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ARGENTINA: Milei Makes US$4.3BB Payment to Int'l. Bondholders
-------------------------------------------------------------
Buenos Aires Times reports that Argentina's government paid more
than US$4 billion to international bondholders, marking another
step in President Javier Milei's efforts to restore investor
confidence.

The government had US$4.341 billion worth of debt, between
principal and interest payments, due on a slate of hard-currency
notes,  restructured in 2020 by former economy minister Martín
Guzman,according to Buenos Aires Times.  The payment included some
US$2.65 billion of credits issued under New York law in a 2020
restructuring.

The government had previously announced that it would meet its debt
obligations, the report relates.  Despite a chronic shortage of
cash, authorities pledged to have the money ready months ago,
saying in July and October that they'd tap funds available from
fiscal surpluses and the country's international reserves.

The tab, roughly double the amount paid to creditors last year,
follows the government's unveiling of a US$1-billion repurchase
agreement with five top banks, including JPMorgan Chase & Co and
Citigroup Inc, that will buttress the country's treasure chest of
dollars for future debt payments this year, the report discloses.
This could pave the way for more favourable international financing
conditions, the report says.

President Javier Milei highlighted the repayments on social media,
writing: "Debts must be paid. Long live freedom!"

Finance Secretary Pablo Quirno, in a post on X, said: "They say
promises are debts . . . .  in this case, PAID!"

Making the repayments is a significant milestone for the Milei
government, which views it as a strong signal to the markets,
according to Buenos Aires Times.  

Argentina faces repayments totalling US$18.5 billion this year and
will need to seek alternative financing options. Of this, nearly
US$ 6 billion is tied to the nation's US$44.5-billion IMF loan
program, which will likely be refinanced under a new agreement,
which is under negotiation, the report points out.

Quirno has previously assured that Economy Minister Luis Caputo has
the funds to meet all payments due until June, the report notes.

The bond payments made included  Bonares (AL29, AL30, AL35, AL38,
and AL41), euro-denominated global bonds (GE29, GE30, GE35, GE38,
GE41, and GE46), and US dollar-denominated bonds (GD29, GD30, GD35,
GD38, and GD41), 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.



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B R A Z I L
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ALUPAR INVESTIMENTO: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Alupar Investimento S.A.'s and its
subsidiary Alupar Chile Inversiones SpA's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'BB+' and 'BBB-',
respectively. Alupar and its subsidiary Foz do Rio Claro Energia
S.A.'s National Scale Ratings and outstanding local debentures were
affirmed at 'AAA(bra)', and subsidiary Amazonia Empresa
Transmissora de Energia S.A.'s (AETE) at 'AA+(bra)'. The Rating
Outlooks for the corporate ratings are Stable.

Alupar's ratings reflect its low business risk relative to its
diversified portfolio of power transmission assets in Brazil, with
predictable revenues and high operating margins. Its generation
activities help mitigate operational and regulatory risks. Fitch
expects the group will maintain high financial flexibility and
leverage consistent with its rating, despite negative FCF from high
investments during 2026-2028.

Alupar's Foreign Currency IDR is constrained by Brazil's 'BB+'
country ceiling, while Brazil's operating environment limits the
Local Currency IDR. Alupar Chile's and Foz do Rio Claro's ratings
mainly reflect Alupar's high legal incentives to support these
companies, while the AETE's rating benefits from medium operational
incentives.

Key Rating Drivers

Predictable Revenues: Alupar's credit profile benefits from its
energy transmission and generation operations mainly in Brazil,
supported by a sizable and diversified asset base that dilutes
operational and regulatory risks. Transmission concessions will not
expire until 2030, while generation concessions extend to 2044,
with expirations staggered over the subsequent years.

For transmission, concession revenue (Permitted Annual Revenues
[PAR]) is generated from asset availability, free from demand risk
and is annually adjusted for inflation. This segment represents 80%
of the group's consolidated EBITDA. In generation, long-term
contracts to sell a large part of the asset's assured energy and
partial hydrological risk protection contribute to expected strong,
predictable performance.

Leverage to Remain Adequate: Alupar's consolidated financial
leverage is expected to align with its IDRs over the rating
horizon, given the current pre-operational projects portfolio.
Except in 2027, when investments peak, Alupar's adjusted net
debt/EBITDA ratios should stay below 3.5x, reaching 3.2x in 2024
and 3.0x in 2025, according to Fitch's methodology. These adjusted
net leverage ratios include guarantees for non-consolidated
projects, treated as off-balance sheet debt, estimated at BRL375
million in 2024 and BRL640 million in 2025 from Transnorte Energia
S.A. (TNE).

Growing Cash Generation: The operation of new assets and robust
EBITDA margins (85%-90%) are expected to increase the group's
consolidated cash generation. Using regulatory accounting, Fitch
forecasts EBITDA of BRL2.9 billion for 2025 and BRL3.1 billion for
2026, with cash flow from operations (CFFO) reaching BRL1.9 billion
annually, despite higher interest payments due to increased debt.
Significant investments of BRL8.8 billion from 2025 to 2028 and
dividends at 50% of regulatory net income should result in negative
FCF from 2026 to 2028, averaging BRL1.1 billion annually. FCF is
anticipated to remain positive in 2024 and 2025 at BRL818 million
and BRL106 million, respectively.

Asset Recompositing is Positive: Fitch considers Alupar's new
investments crucial for maintaining consolidated revenues. Of the
BRL2.6 billion consolidated PAR for its operating assets in
2024/2025, BRL784 million (30%) is linked to concessions expiring
from 2030 to 2032. Alupar's recent success in transmission
auctions, including in Latin American, will add BRL1.1 billion in
revenues once projects are complete. This is expected to occur
gradually until the end of 2029. New projects will require
significant additional debt, but the group's positive track record
in developing and financing transmission projects mitigates
construction risks.

Parent Strengthens Subsidiaries' Ratings: Using Fitch's "Parent and
Subsidiary Linkage Criteria," Alupar Chile's IDRs and Foz do Rio
Claro's National Scale Rating are equalized with Alupar's due to
the high legal incentives to support both subsidiaries. AETE lacks
legal or strategic incentives of support from Alupar, but medium
operational incentives benefit its rating. Alupar does not
guarantee AETE's debt or have cross-defaults, owning 32.06% of
AETE, which, while not significant in consolidated revenues (around
1% of PAR), offers synergies with four other assets in the group.
Fitch projects AETE's standalone net leverage will be a low 2.5x by
the end of 2024.

Derivation Summary

Alupar's financial profile is stronger than Latin American peers
Interconexion Electrica S.A. E.S.P. and Consorcio Transmantaro S.A.
in Colombia and Transelec S.A. in Chile, all rated BBB/Stable.
These peers share low business risk profiles and predictable cash
flows, typical of transmission companies in a regulated industry.
The main difference in Alupar's IDRs is due to the location of its
main revenue-generating assets. While peers operate in countries
with higher IDRs, Alupar's ratings are negatively affected by
Brazil's 'BB+' country ceiling.

Compared to Transmissora Alianca de Energia Eletrica S.A.'s (Taesa;
Local and Foreign Currency IDRs BB+/Stable), also in Brazil, both
companies benefit from a diversified transmission portfolio.
However, Fitch expects higher leverage metrics for Taesa in the
coming years due to strong investment plans, explaining the
difference in the Local Currency IDR.

Key Assumptions

- PARs adjusted annually by inflation;

- Generation scaling factor of 0.89 in 2025 and 0.91 in 2026;

- Operating expenses adjusted by inflation;

- Distribution of dividends equivalent to 50% of net income (net
income based on regulatory accounting standards);

- Consolidated investments of BRL8.8 billion during 2025-2028
period and absence of acquisitions and/or new investments out of
the current portfolio.

RATING SENSITIVITIES

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

- A deterioration in Alupar's consolidated financial profile, with
net adjusted leverage above 3.5x and EBITDA interest coverage below
2.5x, both on a sustainable basis, could lead to a downgrade of the
Local Currency IDR;

- A weakening of Alupar's operating environment may result in a
downgrade of the Local Currency IDR;

- A downgrade of Brazil's sovereign rating would result in a
similar rating action on Alupar's Foreign Currency IDR;

- A two-notch downgrade of Alupar's Local Currency IDR may lead to
a downgrade of the National Scale Rating;

- A lower incentive for Alupar to support Alupar Chile, Foz do Rio
Claro and AETE may lead to a downgrade of their ratings;

- Net debt/EBITDA ratio above 5.0x at AETE level could result in a
negative rating action on its ratings.

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

- Positive rating action for the company's Foreign Currency IDR
depends on an upgrade on Brazil's sovereign rating;

- Positive rating action for the company's Local Currency IDR
depends on improvements of Alupar's operating environment and
EBITDA interest coverage above 4.5x;

- An upgrade is not applicable to the National Scale Rating as it
is at the highest level;

- Higher incentive for Alupar to support AETE may lead to an
upgrade on its rating.

Liquidity and Debt Structure

The Alupar group is expected to maintain high liquidity position
and broad access to banking and capital markets. As of September
2024, the group's cash position of BRL3.5 billion covered its
short-term debt of BRL2.4 billion by 1.5x. Fitch anticipates that
operating cash generation from new assets will adequately service
debt. On Sept. 30, 2024, total consolidated adjusted debt was
BRL12.3 billion, mainly from debentures issuances (BRL9.9 billion
or 81%) and Banco Nacional de Desenvolvimento Economico e Social
loans (BNDES; BRL542 million, or 5% of the total).

The holding company plans to use its significant cash reserves to
meet project needs, maintaining a debt maturity schedule compatible
with its cash flow expectations. As of Sept. 30, 2024, its cash
position was BRL794 million (23% of the consolidated amount),
slightly exceeding total debt of BRL683 million. This debt (Holding
level) was fully paid in 4Q24, backed by a new BRL850 million
debenture issuance in October 2024, maturing in 2034. Dividends,
totaling BRL687 million received in the LTM ended Sept. 30, 2024,
are the main funding source, with a total debt-to-received
dividends ratio was 1.0x. Alupar aims to maintain the net
debt-to-received dividends ratio below 1.0x over in following
years.

Issuer Profile

Alupar is a non-operational holding company active in the energy
transmission and generation segments mainly in Brazil, with small
operations in other Latin America countries. The company's shares
are traded at B3 in Brazil.

Summary of Financial Adjustments

Net revenues and EBITDA net of construction revenues and cost.

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

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                Prior
   -----------                 ------                -----
AETE - Amazonia
Empresa Transmissora
de Energia S.A.       Natl LT   AA+(bra)  Affirmed   AA+(bra)

   senior unsecured   Natl LT   AA+(bra)  Affirmed   AA+(bra)

Foz do Rio Claro
Energia S.A.          Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

Alupar Chile
Inversiones SpA       LT IDR    BB+       Affirmed   BB+
                      LC LT IDR BBB-      Affirmed   BBB-

Alupar Investimento
S.A.                  LT IDR    BB+       Affirmed   BB+
                      LC LT IDR BBB-      Affirmed   BBB-
                      Natl LT   AAA(bra)  Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)  Affirmed   AAA(bra)

BANCO PAN: Fitch Alters Outlook on 'BB' Long-Term IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised Banco Pan's (PAN) Rating Outlook for its
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to Positive from Stable. Additionally, Fitch has affirmed PAN's
Long-Term IDRs at 'BB'. The Outlook revision follows a recent
similar rating action on parent, Banco BTG Pactual S.A.
(BB/Positive/B). Please see "Fitch Revises BTG Pactual and BTGH's
Outlook to Positive; Affirms IDRs at BB," published on Dec. 17,
2024.

Fitch has also affirmed the bank's Shareholder Support Rating (SSR)
at 'bb', reflecting high probability of support from BTG. The
bank's Viability Rating (VR) and National Ratings were not part of
this review and were last affirmed on Oct. 3, 2024. There has been
no significant development in the bank's financial performance
since that time.

Key Rating Drivers

Parent Change Drives Outlook Revision: PAN's IDRs, National
Ratings, and SSR are equalized with BTG's Long-Term IDRs and
reflect Fitch's view of a high probability of support from PAN's
parent bank, if needed. The Positive Outlooks on PAN's Long-Term
IDRs mirrors its parent's Outlook.

Fitch's assessment of the bank's institutional support reflects the
parent's support strength, indicated by PAN's 'BB' Long-Term IDR.
Both the parent and PAN operate under the same jurisdiction and are
subject to the same regulations in Brazil. BTG Pactual holds 100%
of PAN's voting shares and has strong incentives to support to PAN,
as it is viewed as a strategic division of the group's consumer
finance activities in Brazil.

Highly Integrated Entity: PAN's operational and managerial
integration with BTG Pactual, large reputational risks of default
to its parent, cross-default clauses on BTG's international
issuances and potential acceleration of parent debt, contribute to
Fitch's overall support assessment.

VR Not Affected: PAN's VR, indicating standalone credit strengths,
remains unaffected by recent developments. The VR reflects its
well-established niche franchise in Brazil, compared to mid-sized
peers, focusing on consumer finance for low-income clients. Recent
asset quality and profitability improvements stem from an adequate
business mix, healthy pre-impairment profits, effective risk
controls and a large share of secured lending. For details on PAN's
VR, refer to Fitch's commentary dated Oct. 3. 2024.

Rating Sensitivities

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

PAN's IDRs, SSR and National Ratings would be downgraded if Banco
BTG Pactual's IDR were downgraded, if the subsidiary becomes less
strategic for the group, or if PAN becomes significantly less
integrated, which Fitch does not expect. PAN's IDRs also remain
sensitive to a downgrade of Brazil's sovereign rating, which
currently has a Stable Outlook.

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

The bank's Long-Term IDRs could be upgraded if BTG Pactual's
ratings were upgraded. This assumes that the parent's propensity to
support the bank remains broadly intact.

Public Ratings with Credit Linkage to other ratings

PAN's ratings are driven by BTG's ratings.

ESG Considerations

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          Prior
   -----------                        ------          -----
Banco PAN S.A.     LT IDR              BB  Affirmed   BB
                   ST IDR              B   Affirmed   B
                   LC LT IDR           BB  Affirmed   BB
                   LC ST IDR           B   Affirmed   B
                   Shareholder Support bb  Affirmed   bb

BRAZIL: Experienced Third-Largest Annual Outflow of Dollars 2024
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that according to data
from Brazil's Central Bank, the country experienced its
third-largest annual outflow of dollars in 2024.  The South
American nation saw a net exodus of $15.9 billion, marking a
significant shift in capital flows, according to Rio Times Online.
This figure trails only the record outflows seen in 2019 and 2020,
the report notes.

The financial account bore the brunt of this capital flight, the
report relays.  It registered a negative flow of $84.396 billion
for the year, the report notes.  This resulted from $589.989
billion in foreign currency inflows against $674.385 billion in
outflows, the report discloses.  The account covers various
transactions, including foreign direct investments and portfolio
investments, the report says.

Despite the overall negative trend, Brazil's trade balance remained
positive, the report relates.  It posted a surplus of $68.478
billion in 2024. Exports totaled $298.456 billion, while imports
reached $229.978 billion.  Export figures included $33.150 billion
in advance exchange contracts and $73.745 billion in advance
payments.

According to the Rio Times Online, the Brazilian real suffered
significantly throughout the year.  It depreciated by 27.36%
against the US dollar, ending 2024 as the worst-performing major
currency globally, the report notes.  This sharp decline prompted
repeated interventions from the Central Bank to stabilize the
exchange rate.

December proved particularly challenging for Brazil's currency
reserves, the report notes.  The Central Bank depleted over 8% of
its international reserves that month alone.  This marks the
largest monthly drop since record-keeping began in 2008, the report
recalls.  Reserves fell from $363 billion to $332.3 billion,
reaching their lowest point since February 2023.

Several factors contributed to this capital exodus, the report
relays.  High interest rates in developed economies, particularly
the United States, attracted investors seeking safer returns, the
report says.  The strong US dollar encouraged a shift away from
emerging markets like Brazil, the report notes.  Domestic fiscal
concerns also played a role in eroding investor confidence, adds
the report.

Rio Times Online relates that President Lula da Silva's economic
policies faced criticism throughout the year.  Some argued that his
administration relied too heavily on government spending to boost
growth, the report relays.  A November spending package failed to
reassure markets about Brazil's growing budget deficit.

The situation mirrors trends in other emerging markets but appears
more pronounced in Brazil, the report notes.  Neighboring countries
have not experienced capital flight of this magnitude, the report
discloses.  This raises questions about Brazil's economic
resilience and policy direction, the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings has upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to
Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from
(P)Ba2; and maintained the positive outlook.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'.  Fitch Ratings
affirmed on Dec. 15, 2023, Brazil's  Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB'  with a Stable Outlook.  
DBRS' credit rating for Brazil was last reported at BB with
stable outlook at July 2023.

HIDROVIAS DO BRASIL: Moody's Puts 'B1' CFR on Review for Downgrade
------------------------------------------------------------------
Moody's Ratings placed under review for downgrade Hidrovias do
Brasil S.A.(Hidrovias)'s B1 corporate family rating and the B1
backed senior unsecured ratings of the notes issued by Hidrovias
International Finance S.a.r.l. due 2025 and 2031 fully and
unconditionally guaranteed by Hidrovias and its fully-owned
subsidiaries, except for the bauxite operations subsidiaries
(guarantor group). Previously, the outlook was stable.

The review was prompted by an increased liquidity risk after the
cancelation of a up to BRL1.5 billion capital increase which was
expected to close in December 2024. Despite the cancelation of the
capital increase, reference shareholder Ultrapar Participações
S.A., via its subsidiary Ultrapar Logística Ltda., has provided
BRL500 million as an advance for future capital increase to help
Hidrovias fund upcoming bond maturity of $150 million (BRL928
million) due in late January 2025. The company plans to approve a
new capital increase during the first quarter of 2025.
Additionally, Hidrovias announced the issuance of BRL400 million in
debentures which it expects to raise during January, before the
bond maturity, which will be fully redeemed with the execution of
the capital increase.

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

The review will focus on the company's ability to meet its
short-term debt obligations, including the bond due in late January
2025, and to successfully execute the planned capital increase, or
further actions to sustain liquidity. The review will also observe
initiatives to reduce the company's leverage and improve its
capital structure, including the reduction of its debt balance of
BRL4.6 billion as of September 2024.

The terms have not been disclosed, but a capital increase of BRL1.2
billion, equivalent to the floor of the cancelled capital increase,
will improve financial flexibility of Hidrovias to put in place
expansion investments in its North Corridor and support liquidity
with an adequate cash balance consistent covering 12 to 18 months
maturities. The capital increase could strengthen Ultrapar's
position as a reference shareholder if the company subscribes to
possible leftovers, strengthening the perception of support by
Ultrapar as it approaches a 50% stake in Hidrovias from 42%. Even
with the successful capital increase gross leverage will remain
high, therefore the review will also focus on the visibility of
initiatives regarding the deleveraging process which will accompany
the capital increase.

Notwithstanding the ratings review, Hidrovias' ratings reflect the
company's solid business model, with about 80% of its revenue
coming from long-term take-or-pay agreements with strong
off-takers. The agreements contain minimum volume guarantees and
cost pass-through clauses, which translate into predictable cash
flow, high capacity utilization rates and high operating margins
for the company. The positive outlook on agricultural production
and waterborne transportation in Government of Brazil (Ba1
positive) and Government of Paraguay (Baa3 stable), and the
strategic location of Hidrovias' operations also support its
ratings.

The ratings are constrained by the company's high gross leverage,
short operating track record and small size compared with that of
its peers Moody's rate. The high degree of product and geographic
concentration also constrains Hidrovias' ratings because it exposes
the company to adverse weather conditions that could limit
agricultural production and river navigability. As an inland
operator, the company is exposed to climate-related risks such as
low rainfall and river water levels, which hurt volumes and may
increase costs. Hidrovias also has a high degree of client
concentration, although the clients' good credit quality and
history of contract compliance mitigate related risks.

Headquartered in Sao Paulo, Hidrovias do Brasil S.A. is South
America's largest independent provider of integrated logistics
focused on waterway transportation. The company's operations
include shipping, transshipment, storage and port services for dry
bulk cargo, including grains, iron ore, bauxite, fertilizers and
pulp in the Paraná-Paraguay waterway and the Amazon river systems,
as well as port operations in Barcarena (Para) and Santos (Sao
Paulo). In the 12 months that ended September 2024, the company
generated BRL1.6 billion ($317 million) in revenue, with an
adjusted EBITDA margin of 27%, mainly from shipping activities and
other logistics services.

The principal methodology used in these ratings was Shipping
published in June 2021.



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

JAMAICA: Borrows $102.2 Billion During April to November Period
---------------------------------------------------------------
RJR News reports that the Government of Jamaica borrowed $102.22
billion during the period April to November of this fiscal year.

This was $2.15 billion or 2.2% more than projected for, according
to RJR News.

Some $55 billion of this amount was obtained from the domestic
market and $46.49 billion from external sources, the report adds.

                        About Jamaica

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

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  

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.

JAMAICA: Fulton Seeks Dedicated Fund to Develop Agriculture Sector
------------------------------------------------------------------
RJR News reports that immediate past president of the Jamaica
Agricultural Society, Lenworth Fulton, says he supports the
opposition's call for a dedicated fund to develop the agriculture
sector, financed by the taxes on imported food.

The proposal was made by Opposition Spokesman on Agriculture Dr.
Dayton Campbell, according to RJR News.

Mr. Fulton welcomed the proposal, noting that the agriculture
sector is hampered by the lack of affordable financing, poor rural
road network as well as a lack of marketing and processing
facilities, the report adds.

                        About Jamaica

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

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  

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.


NCB FINANCIAL: Reports Decline In Compensation Paid to Workers
--------------------------------------------------------------
RJR News reports that the NCB Financial Group is reporting that the
wages, salaries and allowances paid to its workers tumbled to $1.64
billion last year from the restated amount of $5.32 billion
recorded in 2022, before the separation of Patrick Hylton and
Dennis Cohen as its two top level executives.

The group adds that the steep fall in compensation was recorded,
although the bill included wages for the new CEO Robert Almedia and
CFO Malcolm Sadler, according to RJR News.

This contributed to the generation of $21 billion in net profits
during the last financial year, despite a large write-down due to
International Financial Reporting Standard 18, which deals with
reporting of insurance income, the report notes.

As reported in the Troubled Company Reporter-Latin America on Nov.
18, 2024, Fitch Ratings published NCB Financial Group Limited's
(NCBFG) 'B+' Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) and 'B' Short-Term Foreign and Local Currency IDRs.
The Rating Outlook for the Long-Term IDRs is Positive.




=======
P E R U
=======

INRETAIL SHOPPING: Moody's Ups CFR to Ba1, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Ratings has upgraded InRetail Shopping Malls (IRSM)
Corporate Family Rating to Ba1 from Ba2, and the backed senior
unsecured ratings to Ba1 from Ba2. The outlook changed to stable
from positive.

RATINGS RATIONALE

The upgrade of IRSM's rating to Ba1 reflects the continued track
record of strong operating and financial performance sustaining
metrics commensurate to Ba1 rating. IRSM's Moody's-adjusted total
debt plus preferred stocks to gross assets improved to 34.8% at the
end of September 2024 from 35.9% at the end of 2023, while net debt
to EBITDA ratios will remain within 2.5x to 3.5x range in the next
12 to 18 months. The strong operating performance and strengthened
credit metrics reflect sustained improvements in InRetail Shopping
Malls'.

InRetail Shopping Malls' operating performance will remain strong
through 2025 and 2026. Moody's-adjusted net debt to EBITDA and
fixed charge coverage ratio reached 3.3x and over 3.3x,
respectively, in the twelve months ended in September 2024,
compared to 3.9x and 3.0x in 2023. Even under a weaker consumption
environment and increased debt, the net debt to EBITDA ratio is
expected to remain close to 3.0x through 2026, along with a fixed
charge coverage ratio above 3.0x, supported by good financial
management, an adequate maturity profile, and the good liquidity
demonstrated by InRetail Shopping Malls.

IRSM's Ba1 rating continues to reflect its position as the largest
Peruvian mall company, with a total of 22 good-quality properties
accounting for a gross leasable area (GLA) of 860,000 square meters
(sqm), strategically located in and around the country's 12 largest
cities, with a concentration in the capital city of Lima.

LIQUIDITY

IRSM has good liquidity with approximately $34.8 million (PEN144.8
million) cash on hand and $19.8 million (PEN74.6 million) in debt
maturing before the end of 2026. The company's debt maturity
schedule is comfortable, and cash balance covers short-term 2025
financial debt maturities by 1.8x. Additionally, IRSM has
approximately $89.7 million (PEN338.8 million) in money market
mutual funds that could be used to support liquidity and debt
service.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company's
credit metrics and liquidity will remain strong over the next 12-18
months and that the company will maintain its good liquidity and
liability management.

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

InRetail Shopping Malls' ratings could be upgraded if the company
maintains its positive free cash flow generation over time along
with a good liquidity profile, diversified sources of capital, and
no significant amount of pledged assets. Quantitatively, an upgrade
would require, on a sustained basis, a Moody's-adjusted total debt
plus preferred stock to gross assets lower than 30%, a fixed charge
coverage ratio above 3.5x, and an increase in gross assets to at
least $2 billion.

On the other hand, InRetail Shopping Malls' ratings could be
downgraded if the company faces significant operating or liquidity
challenges, significantly increases the amount of pledged assets,
or if its credit metrics deteriorate on a sustained basis. This
could include Moody's-adjusted total debt plus preferred stock to
gross assets above 35%, a fixed charge coverage ratio below 2.5x,
and secured debt to gross assets above 20%

COMPANY PROFILE

InRetail Shopping Malls is a Peruvian real estate trust dedicated
to the management, leasing, and development of shopping malls under
the "Real Plaza" (RP) banner. The firm is a privately held
subsidiary of InRetail Real Estate Corp., the real estate division
of InRetail Perú Corp., which holds 100% of IRSM and is one of the
leading and largest multiformat retailers in the Andean region.
Ultimately, the corporate structure is part of the holding company
Intercorp Peru Ltd., a large Latin American business conglomerate.
As of September 30, 2024, IRSM had ownership interests in a
portfolio of 22 shopping malls with a total of approximately 860
thousand square meters (sqm) of gross leasable area (GLA).

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in February 2024.



=============
U R U G U A Y
=============

NAVIOS SOUTH: S&P Alters Outlook to Positive, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on shipping and logistics
company Navios South American Logistics Inc. (NSAL) to positive
from stable and affirmed its 'B' long-term issuer credit rating.

S&P subsequently withdrew its rating at the issuer's request.

At the time of the withdrawal, the positive outlook indicated the
increased flexibility in its capital structure and the possibility
of an upgrade if NSAL maintained adequate liquidity and adjusted
debt to EBITDA consistently below 5.0x,

NSAL's successful liability management extends its debt maturity
profile and provides financial flexibility. In July 2024, the
company entered into a $300 million senior secured loan with the
purpose of partially refinancing the $500 million senior notes due
in 2025. The amortizing loan includes a balloon payment at maturity
in 2029.

Additionally, NSAL signed a loan agreement with N Shipmanagement
Acquisition Corp., an entity affiliated with Angeliki Frangou (NSAL
controlling shareholder), for $190 million. The shareholder loan is
unsecured and bears interest both in cash and in kind, with full
interest PIK (payment in kind) option. The loan does not
contemplate capital repayments ahead of the senior facility and can
be converted into equity at the option of the lender. S&P believes
the loan has equity-like characteristics that provides financial
flexibility to the company.

The liability management exercise was completed with an additional
$50 million amortizing senior term loan with balloon payment in
2029.

Time charter contracts provide stability and protection against low
river levels, and we forecast improved performance in 2025. For dry
cargo, 80% of the available days of barge fleet are fixed. In
cabotage (transportation of refined oil and oil-related products on
Argentina's coast), the contracted time charter equivalent per day
for each vessel for 2025 ensures stable results, especially
considering that 80% of available days are also fixed. Around 70%
of NSAL's revenues correspond to take-or-pay contracts that have
tempered the negative impact of river levels below the 70-year
historical level.

The barge business was the most affected by this situation--mainly
during the third quarter of 2024. But the cabotage segment and, to
a lesser extent, the port unit also suffered from underperformance
because of lower volumes and prices under such circumstances (and,
specifically for the port unit, due to the low river level in the
Corumba area affecting iron ore export volumes).

S&P said, "We forecast consolidated EBITDA generation of around
$110 million in 2024, with margins around 38%, down from $121
million in EBITDA and 40% margins in 2023. Given that river levels
have normalized and J&F is performing dredging work that should
ensure somewhat better conditions, we project EBITDA reaching $130
million and margins close to 40% in 2025 and 2026.

"Moreover, we do not forecast major expansions or investments, so
capital expenditures (capex) should ease to around $30 million from
around $60 million in 2024 and $52 million in 2023. This would
result in positive free operating cash flow to debt of around 10%,
that should allow NSAL to meet minimum cash requirements under its
senior facility and cover debt amortization. We expect leverage to
be 5.5x in 2024 and decline to 4.7x in 2025 and 2026."

At the time of the withdrawal, the positive outlook mainly
reflected the increased flexibility in its capital structure and
stronger performance expectations in 2025. The positive outlook
indicated the possibility of an upgrade if NSAL maintained adequate
liquidity, adjusted debt to EBITDA consistently below 5.0x, and
some headroom in coverage and leverage covenants.



                           *********


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 2025.  All rights reserved.  ISSN 1529-2746.

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