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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Thursday, January 16, 2025, Vol. 26, No. 12

                           Headlines



A R G E N T I N A

YPF SA: Argentina Won't Reveal Location of Central Bank's Gold
[*] ARGENTINA: Locals Are Increasingly Positive About Milei Economy


B R A Z I L

[*] JBS SA: To Fund $4MM on Preventing Illegal Child Labor


J A M A I C A

JAMAICA: CDB to Fund UWI Project to Tackle Water Challenges


V E N E Z U E L A

VENEZUELA: New US Sanctions Heighten Uncertainty Over Country


X X X X X X X X

LATAM: Help Coming for Recovery of Coconut Industry Post Hurricane

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A R G E N T I N A
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YPF SA: Argentina Won't Reveal Location of Central Bank's Gold
--------------------------------------------------------------
Buenos Aires Times reports lawyers representing Argentina in a New
York court have refused to reveal the location of the Central
Bank's (BCRA) gold reserves, at least some of which is believed to
be overseas.

In an ongoing lawsuit related to the 2012 expropriation of state
energy firm YPF, the lawyers told Judge Loretta Preska that the
government could not reveal the location of the reserves to their
opponents in the case, according to Buenos Aires Times.

Preska has ordered compensation for the nationalization of the
state oil company and the plaintiffs are seeking repayment, the
report notes.

"The Republic has repeatedly informed the plaintiffs that only the
BCRA, a legally separate entity, holds the gold reserves. Citing a
single news article from almost six months ago, the plaintiffs
claim, 'It has been widely reported that Argentina's gold reserves
have been transferred to London,'" reads a statement sent by
Argentina to Judge Preska's office, the report says.

The document was shared by Sebastian Maril, an analyst at the Latam
Advisors consultancy firm, on X, the report relays.

The plaintiffs, who are seeking to enforce a US$ 16.1 billion
ruling against Argentina, are attempting to seize assets from
institutions such as the BCRA, Banco Nación, and YPF, among
others, the report discloses.

"As we have informed the plaintiffs, the Republic does not possess
information about any movements of the BCRA's gold reserves, the
report says.  These matters fall exclusively within the remit of
the BCRA's reserve management," the submission continued, the
report relays.

Economy Minister Luis Caputo had previously confirmed that some of
Argentina's gold reserves had been moved abroad, the report notes.
He argued that this was a sound decision to generate a proper
return on these holdings, the report adds.

                       About YPF SA

YPF S.A. is a vertically integrated, majority state-owned Argentine
energy company, engaged in oil and gas exploration and production,
and the transportation, refining, and marketing of gas and
petroleum products.

Founded in 1922, YPF was an oil company established as a state
enterprise.  YPF was later privatized under president Carlos Menem
and was bought by the Spanish firm Repsol in 1999, and the
resulting merged company was call Repsol YPF.  

In 2012, about 51% of the firm was renationalized and this was
initiated by President Cristina Fernandez Kirchner.  The government
of Argentina agreed to pay $5 billion compensation to Repsol.

As reported in the Troubled Company Reporter-Latin America in
November 2024, Fitch Ratings upgraded YPF S.A.'s IDR and bond
ratings to 'CCC' from 'CCC-', in line with the sovereign,
which its ratings are linked to. The bond has an 'RR4' recovery
rating.

In September 2024, S&P Global Ratings assigned its 'CCC'
issue-level rating to YPF S.A.'s (CCC/Stable/--) proposed senior
unsecured notes due 2031.


[*] ARGENTINA: Locals Are Increasingly Positive About Milei Economy
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Patrick Gillespie at Bloomberg News reports that Argentines are
turning more optimistic about the future of their nation's
beleaguered economy, a shift that stands to embolden
austerity-minded President Javier Milei ahead of midterm elections
later this year.

Nearly half of Argentines or 49% of them said in December that they
expect the economy to improve over the next six months, an
eight-point increase from October, according to LatAm Pulse, a
survey conducted by AtlasIntel for Bloomberg News.  The share that
expects it to worsen fell to 39 percent from 53 percent two months
prior, according to Bloomberg News.

While only 19 percent currently rate the economy as good, it is the
first LatAm Pulse survey in which the number of Argentines
expressing a positive outlook about the next six months has
exceeded those expecting worse times ahead, Bloomberg News notes.

A growing sense among consumers that the coming months won't be as
bad as once thought is among the factors fuelling the optimism,
Bloomberg News relays.  The number of Argentines who said they
expect to make fewer purchases over the next six months fell to 43
percent in December from 57 percent in October, Bloomberg News
says.

Milei is entering 2025 with momentum on his side that the more
positive outlook is set to fortify, potentially bolstering his
political strength ahead of legislative elections later this year,
Bloomberg News discloses.

Argentina exited a brutal recession in the third quarter of 2024,
and economic activity is picking up while inflation continues to
cool, Bloomberg News relays.  The central bank unveiled a
US$1-billion repurchase agreement with five international lenders,
including some Wall Street banks, a vote of confidence from
markets, Bloomberg News notes.  Milei is also anticipating
additional support from the US once president-elect Donald Trump
takes office later in January, Bloomberg News says.

The libertarian president's approval rating remained steady at 47
percent in December, the poll found, Bloomberg News notes.

AtlasIntel surveyed 1,842 people in Argentina between December
27-31.  The poll has a confidence level of 95 percent and a margin
of error of plus or minus two percentage points, Bloomberg News
adds.

                         About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country’s economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

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 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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[*] JBS SA: To Fund $4MM on Preventing Illegal Child Labor
----------------------------------------------------------
nationalhogfarmer.com reports that the U.S. Department of Labor has
entered into an agreement with JBS USA Food Co. in which the
nation's leading meat packing processor and slaughterhouse will
provide $4 million to assist individuals and communities affected
by unlawful child labor practices nationwide.

The Jan. 13 agreement commits JBS to holding key elements of its
supply chain, third-party contractors and service providers
accountable for illegal child labor, according to
nationalhogfarmer.com.  They are also creating a targeted
advertising campaign to raise awareness about unlawful child labor
practices, the report notes.

"Under this agreement, JBS USA Food Co. has adopted creative and
forward-thinking compliance measures to combat illegal child
labor," said Wage and Hour Administrator Jessica Looman. "JBS has
taken responsibility for children performing dangerous work at its
facilities by proposing concrete and enforceable solutions to
address those issues, setting the standard as a market leader in
preventing illegal youth employment," the report discloses.

JBS will fund $4 million towards preventing illegal child labor and
supporting victims of child labor nationwide while prioritizing its
efforts in the communities of Guntersville, Alabama; Greeley,
Colorado; Ottumwa, Iowa; Worthington, Minnesota; and Grand Island,
Nebraska, the report says.

The funds may provide direct assistance to affected individuals and
community organizations in the form of scholarships, stipends and
educational aid including assistance to community organizations to
fund English as a second language teaching positions, literacy, job
training and housing, the report notes.

"Host companies like JBS have enormous leverage to help prevent
child labor in their supply chains and even more broadly in the
industry," said Solicitor of Labor Seema Nanda, the report
discloses.  "With this agreement, JBS USA Food Co. is taking
significant steps to ensure children are not put in harm's way at
its facilities or by its contractors," he added.

In addition to the establishment of the $4 million fund for victims
of child labor and community-based causes, the agreement requires
JBS to do the following:

-- Host or sponsor a symposium focused on preventing illegal child
   labor for industry leaders, non-profits and other interested
   parties committed to combating unlawful child labor.

-- Hire a child labor compliance specialist to review policies,
   develop training materials and conduct unannounced audits.

-- Maintain a toll-free ethics hotline for the anonymous
   reporting of compliance concerns.

-- Incorporate a zero-tolerance policy in any contract
   agreements with third-party sanitation firms or poultry
   catching service providers.

-- Notify the department when contracts have been terminated
   because of child labor violations.

-- Conduct community outreach to educate communities about
   the prohibitions on child labor at meat packing
   establishments.

-- Create targeted advertising campaigns to raise awareness
   about unlawful child labor in Alabama, Colorado, Iowa,
   Minnesota and Nebraska.

-- Require nationwide training on prevention of illegal child
   labor to all third-party sanitation employers at JBS
   facilities and all JBS employees at meat packing
   establishments.




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J A M A I C A
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JAMAICA: CDB to Fund UWI Project to Tackle Water Challenges
-----------------------------------------------------------
RJR News reports that the Caribbean Development Bank has approved a
grant of US$909,000 to The University of the West Indies to bolster
water resource management and climate resilience efforts in
Jamaica's coastal and inland communities.

This initiative seeks to address critical challenges associated
with water security and the impacts of climate change on the
island, according to RJR News.

According to the World Resources Institute, despite Jamaica's
abundant freshwater supply, the country remains one of the 36 most
water-stressed nations globally, the report notes.

By targeting some of the most vulnerable communities, the project
aims to enhance water access and security while equipping residents
to better cope with the impacts of climate change, 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.




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V E N E Z U E L A
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VENEZUELA: New US Sanctions Heighten Uncertainty Over Country
-------------------------------------------------------------
Joel Julien at Trinidad Express reports that the United States'
offer of a reward for information leading to the arrest of
Venezuelan President Nicolas Maduro, along with sanctions on eight
officials - including the head of Venezuela's state-owned oil
company, Petroleos de Venezuela, S.A. (PdVSA) - has created further
uncertainty regarding this country's relations with our nearest
neighbour, former energy minister Kevin Ramnarine has said.

The US Department of State disclosed that as part of the Narcotics
Rewards Program, it is offering US$25 million for information
leading to the arrest of Maduro, according to Trinidad Express.

The announcement came on the same day Maduro was sworn in for a
third six-year term in office, the report notes.

The US Office of Foreign Assets Control (OFAC) announced that is
was sanctioning eight Venezuelan officials who lead key economic
and security agencies "enabling Nicolas Maduro's repression and
subversion of democracy in Venezuela," the report relays.

Among those sanctioned is the president of PdVSA, Hector Andres
Obregon Perez, who was appointed to the position in August last
year, the report discloses.

The US described PdVSA as "a primary source of Venezuela's income
and foreign currency," the report says.

"OFAC sanctioned PdVSA in January 2019. Previously, Obregon was the
executive vice-president of PdVSA. Obregon also served as director
general of the office of the Ministry of Communication and
Information, general director of the Autonomous Service of
Registries and Notaries, president of the Venezuelan Foreign Trade
Corporation, and president of the Economic and Social Development
Bank," it stated, the report notes.

Given the recent development, Mr. Ramnarine told the Express that
"these latest sanctions and the reward offer for information on
Nicolas Maduro introduce more uncertainty into arrangements with
Venezuela," the report relays.

"While the Trinidad and Tobago Government will argue (as it usually
does) that these sanctions and the rewards being offered have no
bearing on the licences that were entered into with respect to
Dragon and Coucina-Manakin, the fact is, yet another layer of
sanctions on Venezuelan officials makes it harder to do business
with Venezuela," Mr. Ramnarine said, the report says.

"A licence is one thing, but actually implementing an upstream
development is another thing. The two licences are with Venezuela
and not PdVSA. However, you cannot be involved in Venezuela's oil
and gas sector and avoid touching PdVSA at some point in time," he
said.

Mr. Ramnarine said it should be noted that these latest sanctions,
along with Venezuelan opposition leader Edmundo González being
recognised as the winner of the presidential election, are coming
from the Biden administration, the report relays.

"We have to wait and see what President Trump's stance on Venezuela
will be, but we can get an idea from the past positions of Marco
Rubio, the next Secretary of State and from previously expressed
views of Elon Musk. These latest sanctions and the reward offer for
information on Nicolas Maduro introduce more uncertainty into
arrangements with Venezuela," Mr. Ramnarine said, the report
notes.

"At the heart of that uncertainty are the two OFAC licenses which
expire in 2025 and 2026 respectively. Will the Trump administration
extend these licences? We have to wait and see. I believe that
given the proposed ascendancy of Minister Stuart Young, these
matters will dominate our policies in 2025," he stated, the report
relays.

Energy expert Anthony Paul said that this country should have a
better understanding of the situation in the weeks to come, the
report notes.

"We'll get a better sense of how much more the US intends to
tighten the noose around Maduro in a couple of weeks. Nothing will
happen re Dragon until then anyway," Paul stated in a WhatsApp
message, the report says.

Speaking during a sitting of the Senate last June in response to a
question, Energy Minister Young stated that this country's 30-year
agreement with Venezuela to develop the Dragon Gas Field is not
with PdVSA, but with the government of Venezuela, which is a
sovereign entity, the report discloses.

"There is also a concept called sovereign immunity, so while you
may have a decision against a commercial entity called PdVSA, and
payments with respect to PdVSA, that does not automatically equate
to the Government of Venezuela," Young said then, adding that the
T&T government had the foresight to structure the deal to exclude
PdVSA, the report adds.

Contacted for comment on the latest development, Young did not
respond.

                        About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after the
death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Moody's has withdrawn 'C' local currency and foreign currency
ceilings for Venezuela in September 2022.  Standard & Poors has
also withdrawn its 'SD/D' foreign currency sovereign credit
ratings and 'CCC-/C' local currency ratings on Venezuela in
September 2021 due to lack of sufficient information.  Fitch
withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June
2019 due to the imposition of U.S. sanctions on the country's
government.




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X X X X X X X X
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LATAM: Help Coming for Recovery of Coconut Industry Post Hurricane
------------------------------------------------------------------
RJR News reports that the Agro-Investment Corporation and the
Coconut Industry Board have joined forces to provide fertiliser and
other inputs to support the recovery of the coconut industry
post-Hurricane Beryl.

The provision is under the Alliances for Coconut Industry
Development for the Caribbean Phase II initiative, which aims to
improve the resilience and competitiveness of small scale farmers,
according to RJR News.

This is to ensure better integration in local, regional and global
markets, the report notes.



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

Troubled Company Reporter-Latin America is a daily newsletter
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