---

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

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

          Wednesday, January 22, 2025, Vol. 26, No. 16

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Projects Strong Economic Growth in 2025
ARGENTINA: Midterm Elections Set Limit on Search for Spending Cuts
ARGENTINA: Milei's Budget Cuts Nets First Surplus in Over a Decade
[*] Moody's Takes Actions on 3 Argentina Banks Amid Rating Hike
[*] Moody's Takes Actions on 6 Argentinean Regional & Local Gov'ts.

[*] Moody's Takes Actions on 7 Argentina Companies Amid Rating Hike
[*] Moody's Ups 6 Argentina Infra Companies on Country Ceiling Hike


B R A Z I L

BRAZIL: Economic Activity Downshifts as Key Rate Goes Higher
MONDEE HOLDINGS: Files for Chapter 11, Brazil Entities Not Affected
USIMINAS INT'L: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba2'
USIMINAS INT'L: S&P Rates Proposed Unsecured Notes 'BB'


C O L O M B I A

GRUPO SUPRA: Fitch Puts 'BB+' LongTerm IDRs on Watch Evolving


E L   S A L V A D O R

DAVIVIENDA SALVADORENO: Fitch Hikes LongTerm IDR to 'B+'


J A M A I C A

JAMAICA: Egg Production Far Below Current Demand
JAMAICA: Growth in BPO Sector Slowing


X X X X X X X X

[*] LATAM: Exports Grow Amid Global Uncertainty

                           - - - - -


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

ARGENTINA: IMF Projects Strong Economic Growth in 2025
------------------------------------------------------
Buenos Aires Times reports the International Monetary Fund (IMF)
has predicted that Argentina's economy will boom in the next two
years, forecasting growth of five percent in 2025 and 2026.

Fund technicians, publishing updated forecasts in the IMF's regular
World Economic Outlook report, estimated that Argentina's economy
shrank by 2.8 percent in 2024 - an improvement of 0.2 points on its
most recent forecast, according to Buenos Aires Times.

The 2026 forecast is a rise of 0.3 points on previous estimates,
underlining the optimism within the multilateral lender for
President Javier Milei's government, the report notes.

More generally, global growth is expected to increase slightly this
year while remaining stuck below its pre-pandemic average, said the
IMF in its report, highlighting the growing economic divide between
the United States and European countries, the report relays.

In its flagship report, the IMF said it expects global growth to
hit 3.3 percent this year, up 0.1 percentage point from its
previous forecast in October, and to remain at 3.3 percent in
2026.

"Growth is steady," IMF chief economist Pierre-Olivier Gourinchas
told AFP in an interview, adding that it remained below the average
global growth rate in the first two decades of the 21st century of
3.7 percent, the report discloses.

The IMF expects the global inflation rate to continue decelerating,
reaching 4.2 percent this year and 3.5 percent in 2026, with prices
cooling faster in advanced economies than in emerging markets, the
report says.

"Among advanced economies, the interesting development here is the
strength and resilience and growth of the US economy," Gourinchas
said, pointing to the IMF's decision to hike its outlook for US
growth to 2.7 percent in 2025 and to 2.1 percent in 2026, the
report relates.

"The labor market has been strong, there is strong demand, private
demand is robust, there is good confidence," he said.

One of the risks to the IMF's forecasts is policy uncertainty in
the United States, where Donald Trump is preparing to return to the
White House, the report discloses.

The IMF did not include the Republican president-elect's policy
proposals in its forecasts and instead based its projections on
existing US policies, the report says.

"The bottom line is, when we look at the risk for the US, we see an
upside risk on inflation," he added.

Referencing Argentina, Gourinchas said that the Milei government
had "implemented fiscal measures that resulted in a fiscal
contraction of around five percent of GDP, and this is one of the
main drivers – now we are seeing the economy rebounding,” the
report notes.

He emphasised that the recovery began to be observed in the second
half of 2024 and noted that in the third quarter, Argentina saw
four percent growth, the report says.

Gourinchas also highlighted the "increase in bank credit, and this
will help stabilise the Argentine economy."

The official described the reduction in inflation as "an impressive
achievement” and revealed that discussions are ongoing on this
matter, although he refrained from providing further details, the
report discloses.

These figures were published just days before President Javier
Milei is set to meet with the head of the organisation, Kristalina
Georgieva, the report notes.

The meeting will take place in Washington during the president's
trip to the United States to attend Donald Trump's inauguration,
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 Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

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.

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: Midterm Elections Set Limit on Search for Spending Cuts
------------------------------------------------------------------
In the Opinion section of Buenos Aires Times, Jose Calero of
Noticias Argentinas relates that the markets believe that Javier
Milei won't be able to repeat this year's level of cuts in 2025, as
the midterm elections will clearly set a limit on capabilities.

The report notes that the President takes pride in having carried
out an unprecedented public spending cut.

Federico Sturzenegger, Argentina's Deregulation & State
Transformation minister, is counting down the days to achieve the
goal of spending cuts.

According to the Asociacion Argentina de Presupuesto y
Administracion Financiera Publica (ASAP), the leading
non-governmental body in the field, during the first eight months
of 2024, the government reduced public spending by 30.1 percent
year-on-year, adjusted for inflation: in other words, by nearly a
third, the report discloses.

If 2024 was the year of indiscriminate adjustment, including some
35,000 layoffs throughout the public administration, this year the
government will need precision to eliminate more than 3,200
regulations that are in its sights, the report says.  

Milei's "chainsaw" is targeting secretariats, sub-secretariats,
directorates, national funds, trusteeships and numerous state
agencies, the report notes.  Public companies like Aerolíneas
Argentinas, which Milei aims to privatise after restructuring, are
also in his sights, the report discloses.

According to the President, the adjustment has mostly fallen on the
political and financial "caste."  But specialists mostly agree -
and this is also reflected in polls - that the middle class and
pensioners have been the most heavily impacted by spending cuts
aimed at achieving fiscal balance, according to the report.

                          Chainsaw Cuts

To achieve the goal of spending cuts, the government applied the
"chainsaw" to pensions, capital spending, and discretionary
transfers to the provinces. In the case of pensioners, there was a
30- percent spending cut across the year, the report says.

Furthermore, investments in almost all infrastructure projects
ceased, which, if not corrected, will lead to increased
deterioration of roads, ports, and energy, the report relays.
Discretionary fund transfers to provinces were cut by 70 percent,
the report adds.

                         State Scapel

Part of the spending cut decisions Sturzenegger proposes to Milei
are linked to "operations" his teams conduct unexpectedly across
various establishments, the report relays.  These include various
public offices and even the National Arts Fund.

Sturzenegger also targets the prison oversight agency, which
reports to Congress and employs 500 people who monitor abuses in
institutions, the report notes.  This agency will likely be reduced
to minimum staffing levels and possibly transferred to the Security
Ministry, led by the increasingly empowered Patricia Bullrich, the
report says.

Public companies are not yet in the crosshairs, as most depend on
the Economy Ministry, the report notes.  However, this sector has
been reduced by over 12,000 positions, the report says.  According
to the government's organisational map, this has already led to the
elimination of nearly 200 entities, the report relates.

New restrictions for adding staff to the national public
administration have also been announced. One requirement for hiring
a new employee is that three people must be let go first before
another can be hired - the "three-for-one" rule, the report
relays.

                     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 Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

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.

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: Milei's Budget Cuts Nets First Surplus in Over a Decade
------------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that President Javier
Milei made good on his promise to deliver a fiscal surplus in his
first year, achieving a feat not seen in over a decade in
Argentina's deficit-prone economy.

"Today's fiscal result must be understood as a landmark in our
history," Economy Minister Luis Caputo posted on X. "There is no
more deficit in Argentina," according to  Bloomberg News.

South America's second-largest economy posted a surplus equivalent
to 1.8 percent of gross domestic product, and 0.3 percent after
accounting for interest payments in 2024, according to Caputo,
Bloomberg News notes.  The last time the country achieved such a
feat was during the country's commodities boom, Bloomberg News
relays.

Since taking office just over a year ago, Milei halted nearly all
public works and transfers to the nation's provinces, slashed
pension expenditures and public salaries, weaned the country off
generous energy and transport subsidies and hacked away at more
than 30,000 government jobs, Bloomberg News discloses.  Milei
achieved the drastic cuts with slim minorities in both houses of
Congress and even vetoed two bills passed by wide margins that
would have increased spending on pensions and higher education last
year, Bloomberg News says.

"Despite the political pushback, they've maintained their
credibility by doing the tough choices on fiscal, Bloomberg News
relays.  So that's their ace in their hands," said Stuart
Sclater-Booth, a portfolio Manager for emerging-market debt at
Stone Harbor Investment Partners, Bloomberg News says.

Milei boasted of his commitment to austerity throughout the
presidential election while often brandishing a chainsaw, but most
surprising has been Argentines' resolute support for him in spite
of the brutal measures, Bloomberg News notes.  The libertarian's
approval rating remained near 50 percent in December, according to
LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News,
and optimism about the economy's future continues to grow.

Thanks in large parts to his budget cuts and ensuing macroeconomic
stability, Milei was able to bring down annual inflation from near
300 percent to 118 percent in December, Bloomberg News notes.
While his shock therapy deepened a recession in the first half of
the year, Argentina's economy grew in the third quarter, Bloomberg
News says.  The International Monetary Fund expects Argentina to
grow five percent in 2025, 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 Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

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.

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.


[*] Moody's Takes Actions on 3 Argentina Banks Amid Rating Hike
---------------------------------------------------------------
Moody's Ratings has taken rating actions on three Argentinean
banks, including:

1. Banco de Galicia y Buenos Aires S.A.U. (Galicia),
2. Banco Macro S.A. (Macro), and
3. Banco Santander Argentina S.A. (Santander Argentina).

All long-term foreign currency (FC) deposits, senior unsecured debt
-including debt programs- and counterparty risk ratings, where
applicable, assigned to these entities were upgraded, while all
other ratings and assessments remained unchanged.  In turn, the
ratings outlook on the long-term deposits for the three banks
remains stable.

These rating actions were prompted by the raise of Argentina's
country ceilings to Caa1, from Caa3 in the case of foreign currency
(FC), and to B3, from Caa1 in the case of local currency (LC).

RATINGS RATIONALE

The recently announced decision to raise Argentina's LC and FC
ceilings, which indicate the highest rating level that generally
can be assigned to the financially strongest obligations of issuers
domiciled in a country, was based on improved economic policy
predictability and consistency, which have significantly reduced
monetary and fiscal imbalances. The government has eased
restrictions on cross-border payments and foreign exchange
convertibility, increasing FC liquidity despite the country's low
capital account openness. Additionally, the government's reduced
intervention in the economy suggests a lower risk of transfer and
convertibility issues, which reduces the chance of those risks
affecting the repayment capacity of banks' FC obligations.

The upgrade of the FC deposit, senior unsecured debt and long-term
counterparty risk ratings, where applicable, reflects the fact that
these ratings were previously constrained by the country ceiling,
capturing the risk of transfer and convertibility risks affecting
the capacity of banks of honoring their FC obligations. Although
these risks remain significant as implied by the level of the
ceiling, they are now lower and therefore they no longer constrain
the ratings of these banks. Therefore, after this action, these
banks' FC ratings are in line with their LC ratings. However, the
impact of the weak creditworthiness of the Government of Argentina,
currently rated Ca with stable outlook, continues to limit bank
ratings in Argentina due to banks' direct and indirect
interlinkages, including the high exposure of banks to sovereign
debt securities and the challenging operating conditions to banking
businesses. In turn, the main drivers of the differentiation
between banks' ratings and the sovereign rating stem from the fact
that, while banks' direct exposure to sovereign debt is
significant, it is not sufficient on its own to cause bank defaults
in the event of a sovereign default, as banks continue to hold
ample capital and liquidity buffers and are mostly funded by
domestic local-currency deposits.

This rating action does not imply a change in Moody's assessment of
the three banks' standalone credit profiles, neither to their LC
ratings, and therefore all other ratings and assessments assigned
to these banks remained unchanged.

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

Following the change in the FC country ceiling for Argentina and
the corresponding changes to the entities' ratings, the FC ratings
of Galicia, Macro and Santander Argentina are no longer constrained
by the ceiling. Therefore, further upward movement of the ceilings
would not exert upward pressure on these banks' ratings.

Upward movement on these banks' ratings is unlikely at this point
and would be more dependent on a multi-notch upgrade of the
Government of Argentina's Ca sovereign rating, which currently has
a stable outlook.

Negative pressures on these banks' ratings could arise from a
downgrade of the Argentinean sovereign rating, by an unexpected
deterioration in the country's operating environment for banks, or
a deterioration of the financial institutions' financial
fundamentals.

LIST OF AFFECTED RATINGS

Issuer: Banco Macro S.A.

Upgrades:

LT Counterparty Risk Rating (Foreign Currency), Upgraded to Caa2
from Caa3

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)Caa2 from (P)Caa3

LT Bank Deposits (Foreign Currency), Upgraded to Caa2 STA from
Caa3 STA

Outlook Actions:

Outlook, Remains Stable

Issuer: Banco de Galicia y Buenos Aires S.A.U.

Upgrades:

LT Counterparty Risk Rating (Foreign Currency), Upgraded to Caa2
from Caa3

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)Caa2 from (P)Caa3

Senior Unsecured (Foreign Currency), Upgraded to Caa2 STA from
Caa3 STA

LT Bank Deposits (Foreign Currency), Upgraded to Caa2 STA from
Caa3 STA

Outlook Actions:

Outlook, Remains Stable

Issuer: Banco Santander Argentina S.A.

Upgrades:

LT Counterparty Risk Rating (Foreign Currency), Upgraded to Caa1
from Caa3

LT Bank Deposits (Foreign Currency), Upgraded to Caa1 STA from
Caa3 STA

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2024.

[*] Moody's Takes Actions on 6 Argentinean Regional & Local Gov'ts.
-------------------------------------------------------------------
Moody's Ratings has taken rating actions on six Argentinean
regional and local governments (RLGs), including:

1. the City of Buenos Aires,
2. Province of Cordoba (Cordoba),
3. Province of Mendoza (Mendoza),
4. Province of Santa Fe (Santa Fe),
5. Province of Chubut (Chubut), and
6. the Province of Tierra del Fuego (Tierra del Fuego).

All baseline credit assessment, long term issuer, senior unsecured
and secured ratings assigned to these entities were upgraded.  In
turn, the ratings outlook for all these RLGs remains stable.

These rating actions were prompted by the raise of Argentina's
country ceilings, to Caa1 from Caa3 in the case of foreign currency
(FC) and to B3 from Caa1 in the case of local currency (LC).

RATINGS RATIONALE

The recent decision to raise Argentina's LC and FC ceilings was
based on Moody's view of improved economic policy predictability
and consistency, which have reduced monetary and fiscal imbalances.
This improvement derives from the government easing restrictions on
cross-border payments, thus increasing FC liquidity and reducing
foreign exchange transfer and convertibility risks, despite the
still low capital account openness. The new country ceilings
indicate the highest rating level that generally can be assigned to
the financially strongest obligations of issuers domiciled in a
country supporting the rating upgrades for a selected group of RLGs
for which Moody's see lower chance of transfer and convertibility
risks affecting their FC obligations repayment capacity.

The upgrade of the baseline credit assessment (BCA), senior secured
and unsecured debt and issuer ratings, where applicable, reflects
the fact that these assessments and ratings are subject to transfer
and convertibility risks, as captured in Moody's FC ceiling,
affecting their capacity to honor their FC obligations on time. The
drivers of the ceilings change also apply to these assessments and
ratings.

Although transfer and convertibility risks have now diminished,
they remain significant as conveyed by the Ca Issuer Rating, with a
stable outlook, for the Government of Argentina. Strong
macroeconomic and financial linkages between Argentinean RLGs' and
the sovereign imply that the two sets of ratings are connected and
that the RLG ratings' cannot be much above the sovereign rating.

For the City of Buenos Aires, the two-notch upgrade to caa1 from
caa3 on the BCA and to Caa1 from Caa3 on the senior unsecured debt
ratings incorporate Moody's expectations that the City will
continue to exhibit an above average credit profile relative to its
regional peers, as measured by its operating and financial results,
low dependance on federal transfers and refinancing needs. In
Moody's view, the City of Buenos Aires is resilient to the
prevailing capital market access restrictions because its funding
needs are small and the exposure to foreign-currency debt is
manageable given its cash generation and liquidity position. The
rating also takes into account the issuer's track record of
effective liability management during the recent and ongoing
economic downturn.

For the Provinces of Cordoba, Mendoza and Santa Fe, the two-notch
upgrade to caa2 from ca on the BCA and to Caa2 from Ca for the
senior unsecured debt and issuer ratings, reflect their adequate
revenue bases, strong economic fundamentals and track records of
prudent fiscal policies, which have resulted in strong operating
results. These provinces have historically shown a high degree of
fiscal prudence, moderate debt levels and currently adequate
liquidity reserves which help mitigate their upcoming refinancing
needs. Moody's further expect the Provinces of Cordoba, Mendoza and
Santa Fe to keep relying on strong fiscal results and alternative
financing channels to prudently manage the largest capital
maturities coming due in the following years.

Finally, for the Provinces of Chubut and Tierra del Fuego, the
one-notch upgrade to caa3 from ca on the BCA and to Caa3 from Ca on
the senior secured debt and issuer ratings incorporate an
anticipated improvement of hydrocarbon royalties which increase the
provinces' revenue bases and secure their international notes
balanced by Argentina's intervention over local oil and gas prices
given a history of such intervention in Argentina. Unlike most of
their Argentine peers, Chubut and Tierra del Fuego receive US
dollar-linked revenues from hydrocarbon royalties providing a
natural hedge to the provinces' US dollar-denominated debt. The
risk differential with higher ratings assigned to regional peers is
related to their track record of weaker fiscal policies, more
volatile operating results and higher leverage.

RATIONALE FOR THE STABLE OUTLOOKS

The stable outlooks for all entities is aligned with the stable
outlook for the sovereign rating and it captures Moody's
expectation that economic and financial pressure faced by the six
regional and local governments will not differ materially over the
next 12-18 months. The outlook also incorporates Moody's
expectation that bondholders will not face losses exceeding those
captured in the rating category.

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

Upward movement on these RLGs' ratings would require an upgrade of
the Government of Argentina's Ca sovereign rating accompanied by a
further change in the country ceilings. In addition, an upgrade of
the RLGs' ratings would require the current macroeconomic
stabilization process to consolidate and the RLGs to maintain sound
financial performance, including ample liquidity buffers and
adequate operating and cash financing balances.

Negative pressures on the RLGs' ratings could arise from a
downgrade of the Argentinean sovereign ratings, by an unexpected
deterioration in the country's operating environment for RLGs, or a
deterioration of their financial fundamentals.

The principal methodology used in these ratings was Regional and
Local Governments published in May 2024.


[*] Moody's Takes Actions on 7 Argentina Companies Amid Rating Hike
-------------------------------------------------------------------
Moody's Ratings has taken rating actions on several companies
operating in Argentina. These actions were prompted by the raise of
Argentina's country ceilings, to Caa1 from Caa3 in the case of
foreign currency (FC) and to B3 from Caa1 in the case of local
currency (LC).

ISSUERS AND RATINGS AFFECTED

The Related Entities are:

1. Arcor S.A.I.C.
2. Pan American Energy, S.L.
3. Pan American Energy, S.L., Argentine Branch
4. Raghsa S.A.
5. Telecom Argentina S.A.
6. Vista Energy Argentina S.A.U.
7. YPF Sociedad Anonima

Arcor S.A.I.C.'s Corporate Family Rating was upgraded to Caa1 from
Caa2. The outlook remains stable.

Pan American Energy, S.L.'s (PAE) CFR was upgraded to B3 from Caa1.
Similarly, Pan American Energy, S.L., Argentine Branch's (PAE
Argentine Branch) backed senior unsecured notes were upgraded to B3
from Caa1, reflecting the rating of PAE, which fully guarantees the
notes.  The outlook remains stable.

Raghsa S.A.'s CFR and senior unsecured notes ratings were upgraded
to Caa1 from Caa2. The outlook remains stable.

Telecom Argentina S.A.'s CFR was upgraded to Caa1 from Caa3. The
outlook remains stable.

Vista Energy Argentina S.A.U. 's CFR and senior unsecured notes'
rating were upgraded to Caa1 from Caa2. The outlook remains
stable.

YPF Sociedad Anonima's senior unsecured notes' ratings and senior
secured notes' rating were upgraded to Caa1 from Caa3. The rating
of the medium-term notes program was upgraded to (P)Caa1 from
(P)Caa3. Moody's have also assigned a Caa1 CFR to YPF, and Moody's
have withdrawn its Caa3 issuer rating. YPF's Baseline Credit
Assessment (BCA) was upgraded to caa1 from caa3. The outlook
remains stable.

RATINGS RATIONALE

The recently announced decision to raise Argentina's LC and FC
ceilings–which indicate the highest rating level that generally
can be assigned to the financially strongest obligations of issuers
domiciled in a country–was based on improved economic policy
predictability and consistency, which have significantly reduced
monetary and fiscal imbalances. The government has eased
restrictions on cross-border payments and foreign exchange
convertibility, increasing FC liquidity despite low capital account
openness. Additionally, the government's reduced intervention in
the economy suggests a lower risk of transfer and convertibility
issues, which reduces the chance of those risks affecting banks' FC
obligations repayment capacity.

Still, the creditworthiness of these companies cannot be completely
de-linked from the credit quality of the Argentinean government,
and thus their ratings need to closely reflect the risk that they
share with the sovereign. Moody's view that there is presently a
limit to the rating of these issuers in relation to the sovereign
ratings in line with Moody's Rating Methodology "Assessing the
Impact of Sovereign Credit Quality on Other Ratings" published on
June 20, 2019.

Arcor S.A.I.C.

Arcor S.A.I.C.'s (Arcor) rating is supported by its position as one
of the largest producers of sweets globally and a leading local
manufacturer of cookies, processed food and corrugated cardboard;
strong diversification in terms of revenue and assets abroad, which
include plants, distribution centers and commercial offices; solid
access to local and foreign capital markets; and conservative
financial policy.

The rating is mainly constrained by the company's high exposure to
Argentina as the main operating market; and moderate exposure to
foreign currency risk. Arcor's rating also reflects Moody's view
that the company's creditworthiness cannot be completely de-linked
from the credit quality of the Government of Argentina (Ca stable)
and, thus, the rating needs to closely reflect the risk that the
company shares with the sovereign.

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

Pan American Energy, S.L.

Pan American Energy, S.L. 's (PAE) credit profile is supported by
its status as the second-largest integrated oil and gas producer
and one of the largest exporters of hydrocarbons in Argentina, with
a sound market position and financial and operating performance;
good foreign-currency liquidity; and sizable exports. PAE also has
exploration, development and production interests in Bolivia and
Mexico, and renewable power generation projects in Argentina and
Brazil. PAE's main subsidiary is Pan American Energy, S.L.,
Argentine Branch (PAE Argentine branch), which typically accounts
for around 87% of PAE's total oil and gas production and holds
PAE's refining assets.

PAE's strong sponsors, which provide certain operational advantages
in terms of technical knowledge, administrative practices and
corporate governance policies, also support the rating. PAE is 50%
owned by BP p.l.c. (BP, A1 stable) and 50% owned by BC Energy
Investments Corp (BC, formerly known as Bridas Corporation). BC is
a privately owned oil and gas company, which is 50% owned by Bridas
Energy Holdings Ltd. and 50% owned by CNOOC International LTD, a
subsidiary of CNOOC Limited (CNOOC, A1 negative).

Given PAE's high exposure to Argentina 's business environment (88%
of revenues as of fiscal-year 2023 were derived from operations in
Argentina), its rating reflects Moody's view that PAE's
creditworthiness cannot be completely de-linked from the credit
quality of the Argentine government and, thus, the ratings need to
closely reflect the risk that the company shares with the
sovereign. However, PAE's credit profile stands out among other
Argentine companies because of the company's robust sponsors, sound
credit metrics, and diverse income sources, including Argentina's
exports (contributing to 27% of revenues as of 2023) and operations
across various countries. These elements, in conjunction with its
substantial liquidity, enhance its ability to handle foreign
currency debt.

PAE's ratings are mainly constrained by its geographic
concentration of assets and operations in Argentina, although this
is partially mitigated by some assets and operations in Bolivia,
Mexico and Brazil, and by sales diversification through exports.
The company is also exposed to regulatory risks within Argentina's
local hydrocarbon market. Additionally, the company is vulnerable
to the volatility of energy commodity prices.

PAE's stable outlook reflects the company's solid credit metrics
for its rating category and good liquidity. However, PAE's
creditworthiness cannot be completely de-linked from the credit
quality of the Argentine government, from which it generates the
bulk of its revenue, and thus its ratings and outlook incorporate
the risks that it shares with the sovereign, in line with Moody's
cross-sector rating methodology, Assessing the Impact of Sovereign
Credit Quality on Other Ratings, published in June 2019.

Raghsa S.A.

Raghsa S.A.'s (Raghsa) ratings are mainly supported by its
high-quality assets; high occupancy rates; and healthy tenant base.
The ratings reflect Raghsa's moderate leverage for the rating
category compared with its high-quality assets, which are mostly
unencumbered and support its liquidity sources. Raghsa owns three
office buildings, accounting for around 95,672 square meters (sqm)
of leasable area as of August 2024, with an average of 95%
occupancy. In addition, Raghsa owns 5,189 sqm of land bank in
Buenos Aires; a parking space property in New York City; a luxury
residential building in New York City. Raghsa's credit profile is
also supported by its very good liquidity. Cash and marketable
securities are mainly denominated in US dollars and amounted to
$112 million as of August 31, 2024, with a cash to total debt ratio
at 41%, and no significant debt maturities until 2027.

Raghsa's ratings are constrained by its smaller size than peers and
the concentration of its portfolio in three office buildings in the
City of Buenos Aires. The rating also reflects Moody's view that
the creditworthiness of the company cannot be completely de-linked
from the credit quality of the Government of Argentina (Ca stable),
and, therefore, the rating closely reflects the risk that the
company shares with the sovereign.

Raghsa's stable outlook reflects Moody's view that the
creditworthiness of the company will be supported by steady revenue
and cash flow generation from the broad base of tenants, high
occupancy rates and multiple-year lease contracts. Raghsa's
creditworthiness cannot be completely de-linked from the credit
quality of Argentina, where it generates the bulk of its revenue,
and, therefore, the company's rating and outlook also incorporate
the risks that it shares with the sovereign, in line with Moody's
cross-sector rating methodology, Assessing the Impact of Sovereign
Credit Quality on Other Ratings, published in June 2019.

Telecom Argentina S.A.

Telecom Argentina S.A. 's Caa1 rating is supported by the company's
position as one of the three major telecommunications service
providers in Argentina and its solid financial metrics for its
rating category. Telecom Argentina is also the second largest
mobile player in Paraguay and Pay TV player in Uruguay. The
company's robust financial indicators, underscored by a strong cash
flow, conservative financial strategy, and sufficient liquidity,
further support the rating.

The company's rating is mainly constrained by the concentration of
the company's operations in Argentina (Ca stable), a highly
competitive telecom market, and moderate exposure to
foreign-currency financing risk. Most of the company's revenue is
generated in Argentine pesos, and just over half of its total debt
is denominated in foreign currency. However, this is partially
offset by more revenue linked to the evolution of the U.S. dollar
(19%) than expenses in that currency (12%), and additionally, the
company covers its 12-month cash flows of principal and interest
mainly with its cash position and, in some cases, with currency
futures contracted in local markets. It is important to note that
the longstanding regulatory oversight of Argentina's telecom
industry has been significantly reduced in the past twelve months.

The company's stable outlook reflects the company's good credit
metrics for its rating category and good liquidity. However, the
company´s creditworthiness cannot be completely de-linked from the
credit quality of Argentina, where it generates the bulk of its
revenue, and thus its ratings and outlook also incorporate the
risks that it shares with the sovereign.

Vista Energy Argentina S.A.U.

Vista Energy Argentina S.A.U. 's (Vista Argentina) ratings reflect
its robust competitive position in the oil production in Government
of Argentina (Ca stable), bolstered by high-quality assets in the
Vaca Muerta formation and significant growth potential in both
production and reserve development. The company has strong
profitability due to low operational and development costs and
enjoys considerable financial flexibility with proven access to
both local and international debt markets. The rating is also
supported by its solid capital structure characterized by low
leverage and strong cash flow generation.

The company is a subsidiary of its ultimate parent Vista Energy,
S.A.B. de C.V ("Vista Group"), headquartered in Mexico, that holds
substantial cash reserves in foreign currency, offering financial
support to Vista Argentina if needed.

Vista Argentina's ratings are constrained by the concentration of
operations in one area, the Bajada del Palo Oeste concession,
although this is partially mitigated by sales diversification
through export markets. The company is also exposed to regulatory
risks within Argentina's local hydrocarbon market, though reliance
on crude exports and reduced dependence on natural gas (which faces
stricter regulations) partially offsets this risk. Additionally,
the company is vulnerable to the volatility of energy commodity
prices.

Vista Argentina's stable outlook reflects the company's solid
credit metrics for its rating category and good liquidity. However,
its creditworthiness cannot be completely de-linked from the credit
quality of the Argentine government, where it generates the bulk of
its revenue, and thus its ratings and outlook incorporate the risks
that it shares with the sovereign.

YPF Sociedad Anonima

The ratings of YPF Sociedad Anonima (YPF) reflect the company's
large oil and gas production and its reserve size; solid cash
generation and credit metrics for its rating category; status as
the largest industrial corporate and energy company in the domestic
market; and links with the Government of Argentina (Ca stable), its
controlling shareholder, which combine YPF's underlying Baseline
Credit Assessment (BCA) that expresses a company's intrinsic credit
risk, and Moody's view of moderate support from the Argentine
government and high dependence on the domestic market for its
operations. The rating reflects Moody's view that the company's
creditworthiness cannot be completely de-linked from the credit
quality of the Argentine government and, thus, the ratings need to
closely reflect the risk that the company shares with the
sovereign.

Key rating challenges for YPF's ratings are its concentration of
operations in Argentina, a moderate-to-high foreign-currency risk
given that most of the company's debt is denominated in foreign
currency, coupled with refinancing risk; and exposure to the
volatility of energy commodity prices.

The stable outlook reflects Moody's view that YPF's main
shareholder, the Argentine state, will exert no influence over the
company to spend in capital spending or dividends beyond its
operating cash flow generation capacity. However, YPF's
creditworthiness cannot be completely de-linked from the credit
quality of the Argentine government, and, thus, its ratings also
incorporate the risks that it shares with the sovereign.

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

Arcor S.A.I.C.

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

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

Pan American Energy, S.L.

PAE's ratings could be upgraded if there is an upgrade of the
government of Argentina's Ca rating and PAE maintains good
liquidity and good credit metrics for its rating category.
Additionally, if PAE broadens and diversifies its operations beyond
Argentina, this could also exert upward pressure on its ratings.

PAE's ratings could be downgraded if the company registers a
significant deterioration in liquidity or registers a significant
deterioration of credit metrics on a sustained basis. PAE's ratings
could also be downgraded if there is a downgrade of the government
of Argentina's rating.

Raghsa S.A.

An upgrade of Raghsa would depend on an upgrade of the Government
of Argentina's rating, currently at Ca with a stable outlook. Also,
an upgrade could also be supported by growth and diversification of
operations outside Argentina.

The ratings could be downgraded (1) if the Government of
Argentina's Ca rating is downgraded; (2) reduced liquidity, coupled
with a deterioration in the company's credit metrics.

Telecom Argentina S.A.

An upgrade of Telecom Argentina would depend on an upgrade of the
Government of Argentina's rating, currently at Ca with a stable
outlook. However, for an upgrade to be considered, the company
would have to maintain its leading market position while expanding
its internal cash flow generation and sustaining its prudent
financial policies and healthy credit metrics.

The ratings could be downgraded (1) if the government of
Argentina's Ca rating is downgraded; (2) if its operating margin or
market position weakens; (3) an excessive increase in leverage or a
deterioration in liquidity could also trigger a rating downgrade.

Vista Energy Argentina S.A.U.

An upgrade of Vista Argentina would depend on an upgrade of the
Government of Argentina's rating, currently at Ca with a stable
outlook. Also, an upgrade could also be supported by growth and
diversification of operations outside Argentina, while maintaining
a good liquidity.

The ratings could be downgraded if the government of Argentina's Ca
rating is downgraded. Also, a downgrade could be triggered by
reduced liquidity at Vista Argentina and/or its parent, Vista
Group, coupled with a significant deterioration in credit metrics.

YPF Sociedad Anonima

YPF's ratings could be upgraded if there is an upgrade of the
Government of Argentina's Ca rating and YPF maintains good credit
metrics for its rating category. Upgrade pressure could also be
triggered if the company further expands and diversifies its
operations outside Argentina while maintaining an adequate
liquidity profile.

YPF's ratings could be downgraded if the company registers a
significant deterioration in liquidity or if it loses access to
debt markets or foreign currency, significantly restricting the
company's ability to meet debt obligations. The ratings could also
be downgraded if if the Government of Argentina's rating is
downgraded.

The principal methodology used in rating Pan American Energy, S.L.,
Pan American Energy, S.L., Argentine Branch was Integrated Oil and
Gas published in September 2022.


[*] Moody's Ups 6 Argentina Infra Companies on Country Ceiling Hike
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings of six infrastructure
companies operating in Argentina, following the raise of the
foreign currency country ceiling to Caa1 from Caa3. The rating
outlooks on those ratings remain stable.  

ISSUERS AND RATINGS AFFECTED

The Related Entities are:

1. Aeropuertos Argentina 2000 S.A.
2. Empresa Distribuidora y Com. Norte S.A.
3. Genneia S.A.
4. Pampa Energia S.A.
5. Transportadora de Gas del Sur S.A.
6. YPF Energia Electrica S.A.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=RyOwXi

RATINGS RATIONALE

The recently announced decision to raise Argentina's LC and FC
ceilings–which indicate the highest rating level that generally
can be assigned to the financially strongest obligations of issuers
domiciled in a country–was based on improved economic policy
predictability and consistency, which have significantly reduced
monetary and fiscal imbalances. The government has eased
restrictions on cross-border payments and foreign exchange
convertibility, increasing FC liquidity despite low capital account
openness. Additionally, the government's reduced intervention in
the economy suggests a lower risk of transfer and convertibility
issues, which reduces the chance of those risks affecting
companies' FC obligations repayment capacity.

Still, the creditworthiness of the Argentine infrastructure issuers
cannot be completely de-linked from the credit quality of the
Argentinean government, and thus their ratings need to closely
reflect the risk that they share with the sovereign. Moody's view
that there is presently a limit to the rating of these issuers in
relation to the sovereign ratings in line with Moody's Rating
Methodology "Assessing the Impact of Sovereign Credit Quality on
Other Ratings" published on June 20, 2019.

The power generation companies in particular are highly exposed to
CAMMESA, the agency controlled by the Government of Argentina (Ca
stable) that manages the wholesale electricity market and the main
offtaker under the power companies' power purchase agreements
(PPAs).

DETAILED CONSIDERATIONS

Transportadora de Gas del Sur S.A.

Transportadora de Gas del Sur S.A. (TGS, Caa1 Stable) credit
profile reflects its strong credit metrics, moderate leverage and
the relevance of its gas transportation business for the country.
It further incorporates the successful refinancing of its 2025
Notes, recent tariff adjustments and adequate operations both in
the regulated and unregulated segments.

As a counterbalance, the company is exposed to the credit quality
of the Government of Argentina (Ca stable), its operating
environment as well as the uncertainties around the evolving
regulatory framework for regulated companies. The rating factors in
TGS' exposure to foreign currency debt, that is partially mitigated
by an improved amortization profile and strong cash position.

The stable outlook on TGS mainly mirrors the stable outlook on the
Ca Argentine bond rating and reflects Moody's expectations that
operating conditions for TGS will not differ materially over the
next 12-18 months.

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

An upgrade of the company's rating will require an improvement in
operating conditions and financial metrics, coupled with further
upgrade of the sovereign country ceiling.

Deterioration in the operating environment or a significant
negative shift in policies or regulations for the companies in the
infrastructure sector will likely result in negative pressures on
TGS' rating.

Empresa Distribuidora y Comercializadora Norte S.A.

Empresa Distribuidora y Comercializadora Norte S.A. 's (Edenor,
Caa1 Stable) credit profile reflects its links to the credit
quality of the Government of Argentina (Ca stable) and the
country's regulatory framework with an inconsistent track record on
the sufficiency of tariffs and returns. Balanced by the company's
relatively low financial leverage and strong market position as an
essential provider of electricity distribution services in the
northwestern zone of the greater Buenos Aires metropolitan area and
the northern part of the City of Buenos Aires.

The rating incorporates Edenor's improved debt maturity profile and
recent tariff adjustments which are expected to considerably
restore the company's operating margins. However, the company is
exposed to significant amounts of commercial debt as a result of
differing payments of its energy purchases, which constrains the
rating. While this allowed Edenor to retain cash balances and cover
its operating expenditures it has also increased the company's
liabilities.

Edenor's stable rating outlook is in line with the stable outlook
on the sovereign and reflects Moody's expectations of improving
operating conditions for regulated utilities in Argentina over the
next 12-18 months.

An upgrade of the company's rating will require an improvement in
operating conditions and financial metrics, coupled with further
upgrade of the sovereign FC ceiling.

A downgrade of the country FC ceiling, deterioration in the
operating environment or a shift in policies or regulations that
lead to reduced ability to improve cash generation and higher
liquidity needs, would result in negative rating pressure.

Aeropuertos Argentina 2000 S.A.

Aeropuertos Argentina 2000 S.A. (AA2000) credit profile factors in
the company's solid asset fundamentals as the leading airport
network in Argentina that serves coverage of the entire sovereign
state. The ratings takes into consideration the company's strong
financial metrics underpinned by a concession that extends to 2038
and continues to sustain US dollar denominated tariffs. The credit
quality further incorporates the stable passenger profile mix that
is mainly composed by origin and destination passengers that
continues to support traffic levels.

The rating is tempered by the challenging local operating
environment for Argentine issuers. While the company's ability to
generate cash flows linked to the US Dollar help de-link the
issuer's credit quality from the Government of Argentina (Ca
stable), AA2000 is still subject to the local operating
environment, macroeconomic volatility, local regulations and policy
shifts.

The stable outlook reflects Moody's expectation of a manageable
debt maturity profile and adequate liquidity supported by the
ongoing traffic recovery. AA2000 asset fundamentals and cash
generation capacity support Moody's view of a gradual strengthening
in financial metrics as passenger traffic continues to growth.

An upgrade of AA2000's ratings will require a further raise of the
sovereign FC ceiling. At the same time, an upgrade of AA2000's
ratings would require verification of better-than-expected traffic
growth that results in credit metrics such as a Cash Interest
Coverage remaining above 4.5x and Funds From Operations to debt
above 14%, as measured by us.

A downgrade of the sovereign FC ceiling, or evidence of a
significant negative shift in policies or regulations will likely
result in downward pressure on AA2000's ratings. In addition, a
significant reduction of anticipated cash flows due to
lower-than-expected traffic levels or higher-than-expected
indebtedness, which causes credit metrics to deteriorate on a
consistent basis, could exert downward pressure on the rating.

Gennia S.A.

Genneia S.A.'s (Genneia, Caa1 Stable) credit profile reflects the
company's strong asset base and its positioning as the main
renewable power producer in Argentina, with a solid operating track
record and energy production levels, including average load factors
of over 46% and 28% for its wind and solar projects respectively.
It's long term contracted position with an average remaining life
of PPAs of 11 years, adequate liquidity and a balanced debt
maturities also support the credit profile.

While Genneia's exposure to CAMMESA is mitigated by the Foder
guarantee on several of its Renovar PPAs (56% of total revenues)
contracts as well as by its sales to private counterparties in the
term market (Mater, around 13% of total revenues), given the
history of government intervention in the electricity market and
CAMMESA's reliance on government transfers to make payments to
power generators, Moody's believe downside risks persist.

Genneia's stable outlook reflects Moody's expectation of continued
improvement in the market framework for power companies and that
the company will continue to prudently manage its financing needs
while maintaining solid liquidity and sound operations.
Quantitatively, the stable outlook incorporates Moody's expectation
of solid credit metrics such that company's leverage stands at
around 3x debt/EBITDA and CFO (pre-WC)/debt in the range of 20%-25%
over the next 12-18 months.

Given the current constraining factors and the exposure to CAMMESA,
an upgrade of the ratings will require a further raise of the
sovereign FC ceiling while the company sustains a strong credit
profile.  Quantitatively, an upgrade would require Genneia to
consistently report (CFO pre-WC)/debt above 25% and RCF/Debt above
15%.

A rating downgrade could be triggered by an unexpected change to
the regulatory framework for the company's operations that results
in lower-than-expected revenue and cash flow. A more aggressive
financial policy that entails higher than expected leverage or
distributions could also prompt a downgrade. Quantitatively, (CFO
pre-WC)/debt below 15% and RCF/Debt 10% could prompt a negative
rating action.

Pampa Energia S.A.

Pampa Energia S.A.'s (Pampa, Caa1 Stable) credit profile reflects
its solid market position, strong liquidity and low leverage.
Pampa's credit profile also considers that the company will
continue developing its business strategy of enhancing its market
position in both of its main business segments, power generation
and E&P while continue investing in the business to increase its
power capacity and gas and oil production without materially
increasing leverage.

However, the concentration of the company's operations in Argentina
and exposure to local regulation and to CAMMESA continues to
constrain the credit profile.

Pampa's stable outlook reflects Moody's expectation of continued
improvement in the market framework for power and energy companies
and that the company will continue to prudently manage its
financing needs while maintaining sound operations. Quantitatively,
the stable outlook incorporates Moody's expectation of solid credit
metrics such that company's leverage stands below 3x debt/EBITDA
and CFO (pre-WC)/debt in the range of 20%-25% over the next 12-18
months.

Given the current constraining factors, an upgrade of the ratings
will require a further raise of the sovereign FC ceiling coupled
with improved operating conditions in the power and energy sectors
while the company sustains a strong credit profile.
Quantitatively, an upgrade would require Pampa to consistently
report (CFO pre-WC)/debt above 25% and RCF/Debt above 15%.

A deterioration in the operating environment or a significant
negative shift in policies or regulations for the companies in the
infrastructure and O&G sectors will likely result in negative
pressures on Pampa's ratings. In addition, a weakening in the
company's liquidity cushion or a deterioration on its credit
metrics such that its ratio of CFO pre-WC)/debt is below 15% and
RCF/Debt 10% could also prompt a rating downgrade.

YPF Energia Electrica S.A.

YPF Energia Electrica S.A. (YPFEE, Caa1 stable) credit profile
reflects its strong positioning and asset base in the power market
in Argentina, representing a 7.3% share of the country's total
installed capacity and over 9.2% and 10.1% share in terms of
renewable installed capacity and renewable energy supply. The
company's successful development of renewable projects, with a
sound operating track record and high production levels also add to
its credit quality. The nature of YPFEE's business model, derived
from contracted revenue under long-term power-purchase agreements
(PPAs) further supports its credit quality.

While the YPFEE's cash flows show some diversification among
private counterparties (around 35% of total revenues), CAMMESA's
reliance on government transfers to make its contractual payments
and persisting risks of unilateral changes to the PPA contract's
terms and conditions continue to constrain the ratings and the
credit profile.

YPFEE's stable outlook reflects Moody's expectation that the
company will continue to generate stable cash flow from its PPAs
while maintaining sound operations and liquidity. The rating and
the outlook incorporate Moody's view that leverage, as measured by
debt/EBITDA, will hover around 2x-3x and that the company's CFO
(pre WC) will be comfortably over 20%.

Given the current constraining factors and the exposure to CAMMESA,
an upgrade of the ratings will require a further raise of the
sovereign FC ceiling coupled with improved operating conditions in
the power sector. Quantitatively, an upgrade would require YPFEE to
consistently report (CFO pre-WC)/debt above 25% and RCF/Debt above
15%.

A rating downgrade could be triggered by an unexpected change to
the regulatory framework for the company's operations that results
in lower-than-expected revenue and cash flow. A more aggressive
financial policy that entails higher than expected leverage or
distributions could also prompt a downgrade. Quantitatively, (CFO
pre-WC)/debt below 15% and RCF/Debt 10% could prompt a negative
rating action.

The principal methodology used in rating Aeropuertos Argentina 2000
S.A. was Privately Managed Airports and Related Issuers published
in November 2023.




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

BRAZIL: Economic Activity Downshifts as Key Rate Goes Higher
------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
economic activity barely grew on the month in November as central
bankers try to tame consumer demand by raising interest rates.

The central bank's economic activity index, a proxy for gross
domestic product, ticked up 0.1% from the month prior, slightly
above the forecast for no change from economists in a Bloomberg
survey.

From a year before, the gauge grew 4.11%, according to a report
published, according to globalinsolvency.com.  The bank also
revised October's monthly growth to 0.09% from 0.14% before, the
report notes.

                         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 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.


MONDEE HOLDINGS: Files for Chapter 11, Brazil Entities Not Affected
-------------------------------------------------------------------
Mondee Holdings, Inc. (OTC: MOND), a travel marketplace and
artificial intelligence (AI) technology company, announced that it
has entered into a restructuring support agreement which outlines a
series of transactions that will strengthen the Company's balance
sheet and position it for long term success, including a term sheet
to sell substantially all of the assets of the Company to a newly
formed entity owned by, among others, affiliates of TCW Asset
Management Company LLC and Wingspire Capital LLC.  If the TCW Bid
is the successful one, following the closing of the sale, Mr.
Prasad Gundumogula will have a 75% equity stake in, and serve as
CEO of, the newly formed entity.

To effect the sale of the Company to the current bidder or another
party with a higher and/or better offer, the Company has
voluntarily initiated Chapter 11 proceedings.  The Company's
existing secured lenders will continue to support the Company
throughout its Chapter 11 proceeding by committing to an
additional
$27.5 million financing for operating capital, in addition to the
$21.5 million of financing they recently made available to the
Company.  Throughout the court supervised process, the Company will
operate its business as usual and will continue to support its
customers and partners without disruption. The Chapter 11
proceedings do not impact Mondee entities in Brazil, Mexico, India
and Canada.

"T[he] announcement marks an important step forward for Mondee, our
valued customers, partners, and our dedicated team as we continue
to transform our business for the future," said Jesus Portillo,
newly appointed Chief Executive Officer.  "With a sustainable
capital structure and a structured sales process, we will be
well-equipped to enhance our leadership in the travel market. We
have taken decisive action to overcome past challenges and are
encouraged by employee engagement, organizational culture, and our
ability to deliver best-in-class products and services."

Mondee is in the process of filing "first day" motions with the
Court. The relief requested will ensure a smooth transition into
Chapter 11 and the ability to maintain normal operations, including
Mondee's commitments to customers and partners and the payment of
employee wages and benefits.

The Company is seeking to move expeditiously through this process
and emerge from Chapter 11 in the beginning of the second quarter
of 2025.

                   About Mondee Holdings

Established in 2011, Mondee is a travel marketplace and artificial
intelligence (AI) technology company with its headquarters based in
Austin, Texas. The Company operates 21 offices globally across the
United States and Canada, Brazil, Mexico, India, and Greece. Mondee
is driving change in the leisure and corporate travel sectors
through its broad array of innovative solutions. Available both as
an app and through the web, the Company's platform processes over
50 million daily searches and generates a substantial
transactional
volume annually. Mondee Marketplace includes access to Abhi, one of
the most powerful and fully integrated AI travel planning
assistants in the market. Mondee's network and marketplace include
approximately 65,000 travel experts, 500+ airlines, and over one
million hotels and vacation rentals, 30,000 rental car
pickup locations, and 50+ cruise lines. The Company also offers
packaged solutions and ancillary offerings that serve its global
distribution.  On the Web: http://www.mondee.com/

On Jan. 14, 2025, Mondee Holdings, Inc. and 20 affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. D. Del. Lead Case No.
25-10047).

The cases are pending before the Honorable J. Kate Stickles.

Mondee is represented by Fried, Frank, Harris, Shriver & Jacobson
LLP and Young Conway Stargatt & Taylor LLP as legal counsel, M3
Advisory Partners as restructuring advisor, and Piper Sandler & Co.
as restructuring investment banker.  Kroll is the claims agent.

TCW is represented by Proskauer Rose LLP and Prasad Gundumogula is
represented by White & Case LLP.


USIMINAS INT'L: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba2'
------------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to the proposed $500
million Senior Unsecured Global Notes to be issued by Usiminas
International S.A.R.L. ("Usiminas International") and
unconditionally guaranteed by Usinas Siderúrgicas de Minas Gerais
S.A. ("Usiminas").

The proposed issuance is part of Usiminas' liability management
strategy and proceeds will be used to fund the concurrent tender
offer for Usiminas' $430 million senior unsecured notes due 2026,
and for general corporate purposes, thus reinforcing the company's
cash position, lengthening the debt amortization schedule and
improving its financial flexibility.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by us to date and assume that these
agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

Usiminas' Ba2 ratings reflect the company's solid position in the
Brazilian flat-steel market and its track record of quickly
adjusting operations to market conditions in Brazil. The ratings
are also supported by Usiminas' good credit metrics and liquidity
through economic and commodity cycles, and its enhanced financial
flexibility to withstand the volatility in its main end markets.
Usiminas has been able to prevent cash burn and maintain covenant
compliance in the recent past, which reduces the potential
liquidity risks in tougher operating environments.

The ratings are mainly constrained by Usiminas' exposure to the
volatility of the automotive industry in Brazil because of its
concentration in flat-steel production in the country. Although
Usiminas' ability to downsize provides some flexibility, its
concentration of operations in two plants introduces event risks
and is an additional negative credit consideration.

Usiminas' consolidated EBITDA has decreased to BRL2.4 billion in
the 12 months that ended September 2024 from BRL2.6 billion in 2023
and BRL7 billion in 2022 as steel prices in Brazil declined with
tougher competition from imports. The company's gross leverage
ratio increased to 3.1x in the twelve months ended September 2024
from 2.6x in 2023 and 1x in 2022, but net leverage ratios remained
stable at below 1x. Moody's expect Usiminas' operating performance
to recover with higher sales volumes, efficiency gains related to
the recent investments in its blast furnace and stable prices in
the domestic market, which will help reduce gross leverage to
2.5x-3x in the next 12-18 months. Overtime, Moody's expect
Usiminas' leverage to remain within a normalized range of 1.5x-3.5x
through commodity cycles, and its net leverage ratio will remain
stable over time based on a sustainably high cash position of above
BRL5 billion.

LIQUIDITY

Usiminas has good liquidity, supported by a total cash position of
BRL5.9 billion as of the end of September 2024, sufficient to cover
its total reported debt by 1.1x; a comfortable debt amortization
schedule with no debt maturities until 2026; and a significant
buffer under its financial covenants. Assuming the company is
successful in completing the proposed issuance and concurrent
tender offer, the next relevant debt maturity will be in 2029.
About BRL3.4 billion in cash is available at the parent level, with
the remainder held primarily by the mining subsidiary, MUSA. This
cash is only accessible to Usiminas via a dividend upstream, which
requires approval from MUSA's minority shareholder, Sumitomo
Corporation (Baa1 stable). In September 2024, Usiminas announced
the issuance of at least BRL1.6 billion in debentures due in 5 and
7 years, and used the proceeds to partially repurchase the
outstanding notes due 2026, lengthening its debt amortization
schedule. The proposed issuance will refinance the remaining
outstanding amount of the notes due 2026, thus lengthening
Usiminas' debt schedule further.

The company's normalized annual cash flow from operations is
sufficient to cover non-discretionary cash outflow such as
maintenance capital spending (around BRL800 million) and net
interest payments (about BRL200 million). In addition, the
company's dividend payments are usually capped at the minimum
required by Brazilian law (25% of net income). The company's total
capital spending will amount to BRL1.0-1.5 billion in 2024 and
Moody's expect Usiminas to continue generating positive free cash
flow despite the recent weakness in the steel market, which
supports the company's credit quality during the downturn.

Usiminas' strong cash position and ability to quickly adjust
operations to market conditions show its commitment to financial
discipline. All these factors support Moody's view that the company
will continue to prevent cash burn, thereby reducing liquidity and
covenant breach risks. Moody's expect Usiminas to maintain its
conservative financial approach to leverage and liquidity, matching
any future potential expansion investments (that is, investments at
MUSA and new rolling lines) with its internal cash generation, thus
preserving its creditworthiness.

RATING OUTLOOK

The stable rating outlook incorporates Moody's assumption that
Usiminas will maintain good liquidity and adequate credit metrics
over the next 12-18 months despite softening market conditions, and
that the company will maintain a disciplined approach to
liquidity.

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

An upgrade of Usiminas' ratings would require further strengthening
of the company's capital structure through gross debt reduction or
an improvement in the business profile that would reduce Usiminas'
exposure to the volatility in the flat-steel market in Brazil.
Quantitatively, an upgrade would also require strong operating
performance and market fundamentals on a sustained basis, with
Moody's-adjusted leverage remaining below 2.5x, interest coverage
of at least 3.5x (EBIT/interest expense) and maintenance of strong
liquidity and cash flow, which will enhance the buffer to withstand
the volatility in its end markets.

The ratings would be downgraded if Usiminas' performance
deteriorates significantly with no prospects of improvement, with
leverage exceeding 4.0x, EBIT/interest declining below 2.0x,
liquidity contracting significantly or if market conditions
deteriorate.

COMPANY PROFILE

Headquartered in Belo Horizonte, Minas Gerais, Usinas Siderurgicas
de Minas Gerais S.A. (Usiminas) is the largest integrated
flat-steel manufacturer in Latin America. It has a production
capacity of 5 million tons of crude steel and sales capacity for
6.9 million tons of flat-rolled steel products. The company
reported consolidated net revenue of BRL26.2 billion ($4.8 billion)
for the 12 months that ended September 2024. Usiminas also owns
iron ore mines, as well as steel distribution and capital goods
subsidiaries in Brazil. In the 12 months that ended September 2024,
Usiminas produced 8.8 million tons of iron ore, of which 6.0
million tons were sold to third parties.

The principal methodology used in this rating was Steel published
in November 2021.


USIMINAS INT'L: S&P Rates Proposed Unsecured Notes 'BB'
-------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Usiminas
International S.a.r.l.'s proposed senior unsecured notes with an
intermediate maturity. S&P also assigned a recovery rating of '3'
to the proposed notes, indicating its expectation of meaningful
recovery (50%-90%; rounded estimate: 65%) for creditors in a
hypothetical default. The parent company, Usinas Siderurgicas de
Minas Gerais (Usiminas; BB/Stable/-- and brAAA/Stable/--) will
fully and unconditionally guarantee the notes. Therefore, the
rating on the senior unsecured notes reflects the parent's credit
quality.

The proceeds will be used to repay debt, including the outstanding
2026 notes that are being tendered, with the remainder for general
corporate purposes. S&P expects the transaction will not materially
affect Usiminas' leverage, but it will improve the capital
structure by extending the group's average debt maturity.

Usiminas' leverage increased in 2024, as weaker steel and iron ore
prices pressured EBITDA and cash flow, despite solid volumes and
cost-cutting initiatives implemented after the blast furnace No. 3
revamp at Ipatinga Steelworks. For 2025, uncertainties regarding
the effects of imported steel competition on domestic prices,
higher interest rates affecting consumption, weaker foreign
exchange rates increasing costs, and volatile demand for iron ore
globally could cause the company's performance to deviate from our
expectations. Still, in S&P's base case it assumes higher EBITDA of
Brazilian real (R$) 3.6 billion in 2025, versus an estimated R$1.5
billion in 2024, from solid volumes and a continuous focus on cost
efficiency. This should benefit Usiminas' leverage, with gross debt
to EBITDA falling to below 3.0x in 2025, from its expectation of
4.5x by year-end 2024.

Issue Ratings -- Recovery Analysis

Key analytical factors

S&P said, "The recovery rating on Usiminas International' senior
unsecured debt is '3', which reflects our expectation of meaningful
recovery (50%-90%; rounded estimate: 65%) in a hypothetical
default. This scenario considers a payment default in 2030 and an
erosion of the company's operating performance stemming from a
severe decline in domestic demand for steel and much lower steel
and iron ore prices, in addition to tightening access to credit
markets.

"We analyze the default scenario on a going-concern basis, assuming
that the group would likely be under reorganization in this
hypothetical scenario. We apply a 5.0x multiple to our projected
emergence-level EBITDA at the year of default (equivalent to the
sum of the company's capital expenditure for maintenance and its
interest payment for the year of default), in line with the
multiple for the upstream metals and mining industry."

This results in a gross recovery value estimate of R$8.7 billion,
net of administrative expenses, which would be finally distributed
among each debt instrument according to the structure of guarantees
and subordination.

Simulated default assumptions

-- Simulated year of default: 2030
-- EBITDA at emergence: R$1.7 billion
-- Implied enterprise value (EV) multiple: 5.0x
-- Estimated gross EV at emergence: R$8.7 billion

Simplified waterfall

-- Net EV after 5% administrative costs: R$8.3 billion

-- Minority equity ownership at Mineracao Usiminas (MUSA):
    R$873 million

-- Total secured debt totaling R$ 132 million

-- Total unsecured debt totaling R$8.5 billion, related to
    the company's bonds, debentures, and other debt.

-- Recovery expectations for the existing unsecured debt
    are in the 50%-90% range (meaningful recovery).

All debt amounts during default include six months of prepetition
interest.




===============
C O L O M B I A
===============

GRUPO SUPRA: Fitch Puts 'BB+' LongTerm IDRs on Watch Evolving
-------------------------------------------------------------
Fitch Ratings has placed Grupo de Inversiones Suramericana S.A.'s
(Grupo Sura) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) of 'BB+', its National Long-Term and Short-term
Ratings of 'AAA(col)' and 'F1+(col)', respectively, and its senior
unsecured global and local notes on Rating Watch Evolving (RWE).

This action follows Grupo Sura's ongoing ownership changes and
liquidity management challenges stemming from maturing debt in
2026. In December 2024, Grupo Sura and Grupo Argos S.A. (Grupo
Argos) announced a spin-off agreement, resulting in the cessation
of cross-ownership. This transaction, along with other ownership
changes that have already occurred, could impact Grupo Sura's
financial profile.

Resolution of the transaction may take six months or more. Fitch
will resolve the Rating Watch upon transaction close and
confirmation of capital structure details and upon completion of
the tender offer. Fitch will assess Grupo Sura's credit profile and
the impacts of these events using Fitch's Non-Bank Financial
Institution Criteria.

Key Rating Drivers

Ownership Changes: In 2024, Grupo Sura completed its divestment
from Grupo Nutresa S.A., with the group's primary focus and income
source now centered on its financial services activities,
contributing to nearly 90% of its income. Bancolombia (BB+/Stable)
is expected to become its most significant investment, with its
income contribution anticipated to exceed 50% in the coming years.
Also, in 2024, Grupo Sura completed the buyout of Grupo Bolivar
S.A.'s 9.7% ownership stake in Sura Asset Management S.A. (Sura
AM), a subsidiary of Grupo Sura. Additionally, by 2026, Grupo Sura
plans to complete its divestment from Grupo Argos, further
emphasizing its focus on financial services.

Liquidity Challenges: Grupo Sura faces significant debt maturity in
2026. In early 2025, the group made a tender offer for up to USD200
million, which will alleviate some liquidity pressure for 2026.
However, challenges remain, as the group might need to issue debt
to refinance upcoming maturities. The group's liquidity management
has been adequate, and while market challenges may arise, Fitch
believes the company will be able to adequately manage its
liquidity profile.

Stable Income Contributors: Grupo Sura's primary income source is
dividends from its investments, mainly Bancolombia, Sura AM
(BBB/Stable), and Suramericana. These companies have solid business
models and stable performance, which Fitch expects to continue,
providing Grupo Sura with stable cash flow to support its liquidity
management. Fitch anticipates Bancolombia's income contribution to
increase over the next four years to between 55%-60% from the
current 40%.

Rating Sensitivities

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

The ratings could change negatively based on Fitch's assessment of
its credit profile using a criteria approach for investment
companies. This evaluation will consider the credit profile of its
main investments, the effective management of liquidity challenges
due to high debt maturities over the next two years, expected
dividend flows from the operating companies, and debt levels
impacting its debt coverage ratios.

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

The ratings could change positively based on Fitch's assessment of
its credit profile using a criteria approach for investment
companies. This evaluation will consider the credit profile of its
main investments, the effective management of liquidity challenges
due to high debt maturities over the next two years, expected
dividend flows from the operating companies, and debt levels
impacting its debt coverage ratios.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Grupo Sura's global senior unsecured long-term debt is rated at the
same level as its Long-Term IDR, as the likelihood of default on
the notes is the same. Likewise, the national scale senior
unsecured long- and short-term debt are rated at the same level as
the issuer's national long-term and short-term ratings.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The ratings on Grupo Sura's senior unsecured debt would move in
line with its global and national scale IDRs, respectively.

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           Recovery   Prior
   -----------             ------           --------   -----
Grupo de Inversiones
Suramericana S.A.      LT IDR      BB+ Rating Watch On   BB+
                       LC LT IDR   BB+ Rating Watch On   BB+
                       Natl LT AAA(col)Rating Watch On   AAA(col)
                       Natl ST F1+(col)Rating Watch On   F1+(col)

   senior unsecured    LT          BB+ Rating Watch On   BB+

   senior unsecured    Natl LT AAA(col)Rating Watch On   AAA(col)

   senior unsecured    Natl ST F1+(col)Rating Watch On   F1+(col)




=====================
E L   S A L V A D O R
=====================

DAVIVIENDA SALVADORENO: Fitch Hikes LongTerm IDR to 'B+'
--------------------------------------------------------
Fitch Ratings has upgraded Banco Davivienda Salvadoreno, S.A.'s
(Davivienda Sal) Long-Term Issuer Default Rating (IDR) to 'B+' from
'B', its Shareholder Support Rating (SSR) to 'b+' from 'b' and
Viability Rating (VR) to 'b-' from 'ccc+' following the recent
upgrade of El Salvador's Long-Term Foreign Currency IDR to 'B-'
from 'CCC+' on Jan. 7, 2025. ` The Rating Outlook for Davivienda
Sal's LT IDR is Stable, aligned with the Salvadoran sovereign's IDR
Outlook.

Fitch also revised its assessment of the Salvadoran banking
system's operating environment (OE) to 'b-' from 'ccc+',
maintaining the stable trend. This upward revision is aligned with
the sovereign rating upgrade which could result in greater access
and better funding conditions for the banking system, granting it,
to some extent, more financial flexibility. Likewise, the slight
reduction in the government's challenges over the last year could
mitigate potential impacts on the credit and financial profile of
the local banking system.

The national ratings of Davivienda Sal and its local holding
company, Inversiones Financieras Davivienda, S.A. (IF Davivienda),
are not directly affected by the sovereign upgrade.

Key Rating Drivers

Parent Support Drives Ratings: Davivienda Sal's IDRs are driven by
its SSR of 'b+', mirroring Fitch's assessment of the ability and
propensity of its Colombian parent Banco Davivienda S.A.
(Davivienda) to provide timely support to its subsidiary if
required. Davivienda's ability to offer support is reflected in its
'BB+' IDR and Stable Outlook.

Country Risks Heavily Influence Support: Fitch believes El
Salvador's country risks, reflected in its Country Ceiling (CC) of
'B+', weigh heavily on Davivienda Sal's ability to use parent
support. The CC considers transfer and convertibility risks and
limits Davivienda Sal's SSR and Long-Term IDR, at 'b+' and 'B+',
respectively, which is a three-notch stepdown from Davivienda's
IDR. However, Fitch believes the Colombian parent's ability and
propensity to support its subsidiary is sufficiently good,
resulting in Davivienda Sal's Long-Term IDR and SSR at two notches
above the sovereign's Long-Term IDR of 'B-'.

Regional Key Role for Parent: In the support assessment, Fitch
weighs the role of Davivienda Sal as part of the consolidated
regional operations in Central America of Davivienda. Fitch also
considers the significant reputational risk that a default by
Davivienda Sal would pose to its Colombian parent and other group
subsidiaries. This is due to the group's the relevant footprint,
market position and business strategy in Colombia and Central
America, along with its shared commercial brand.

Operating Environment Highly Weigh in VR: Davivienda Sal's VR is
limited by the Salvadoran banking system's OE score of 'b-'. Fitch
believes that Salvadoran sovereign risks have a significant impact
on the credit profile of local banks, influencing their funding
sources and financing costs. These banks have high exposure to
sovereign debt and risks, yet they have demonstrated consistent
performance. Their financial profile has shown resilience and
stability in recent years, indicating a stable OE trend for the
foreseeable future. This stable trend aligns with the Stable
Outlook of the Salvadoran sovereign rating.

Consistent Business and Financial Profile: Davivienda Sal's stable
business profile encompasses its diversified business model and
consolidated market position (fourth largest bank in the local
system) in a high-risk jurisdiction. The bank's consistent
financial performance reflects its intrinsic creditworthiness,
demonstrated by controlled asset quality despite local OE risks and
moderate operating profitability, although slightly lower than its
rating peers. As of 3Q24, Davivienda Sal's impaired loans to total
loans metric was close to 2.3% and its operating profit to risk
weighted assets (RWA) was around 1.7%.

Davivienda Sal's stable capitalization mirrors its moderate credit
growth in recent years. In addition, its consistent deposits base
and diversified funding sources contribute to stable liquidity.
Fitch's assessment of Davivienda Sal's capitalization and funding
profile also incorporates the ordinary support from Davivienda. As
of 3Q24, its Fitch Core Capital (FCC) to RWA ratio was slightly
above 14% and its loans to deposits metric was close to 100%, which
is comparable to those of similarly rated peers.

Rating Sensitivities

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

- As Davivienda Sal's Long-Term IDR and SSR are currently capped by
the Salvadoran CC, they are more sensitive to any change in the
sovereign ratings than to any change in its Colombian parent, given
the wide three-notch stepdown of Davivienda Sal's LT IDR relative
to Davivienda's LT IDR. Therefore, negative changes in the bank's
Long-Term IDR and SSR would mirror negative movements in El
Salvador's CC;

- Any negative change in Davivienda Sal's Long-Term IDR and SSR
stemming from a parent's rating downgrade should reflect a three or
more notches downgrade in Davivienda's IDR, although this is not
Fitch's base scenario;

- Any perception by Fitch of a relevant reduction of the strategic
importance of Davivienda Sal for its parent could trigger a
downgrade of its SSR and IDRs;

- The bank's Short-Term IDR would only be downgraded if its
Long-Term IDR were downgraded to 'CCC+' or below;

- A downgrade of El Salvador's sovereign rating could lead to a
downward revision of Fitch's assessment of the OE score for
Salvadoran banks, which would pressure Davivienda Sal's VR.
Davivienda Sal's VR could also be downgraded due to material
deterioration of its business position delivering relevant credit
impairment, reduced funding sources and lower earnings,
specifically if this affects the operating profit to RWAs ratio,
resulting in consistent operating losses along FCC-to-RWAs ratios
consistently below 10%.

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

- Davivienda Sal's VR, Long-Term IDR and SSR could be upgraded
following an upgrade of El Salvador's sovereign rating and its CC.
As Davivienda Sal's VR and IDR are capped by the sovereign IDR and
by the Salvadoran CC, respectively, they are more sensitive to any
change in the sovereign ratings than to any change in its Colombian
parent. Fitch would also maintain the two-notch uplift from the
sovereign for the SSR;

- The upside potential for Davivienda Sal's VR is limited due to
Fitch's assessment of the OE. Davivienda Sal's VR could only be
upgraded over the medium term on an improvement in the OE while
maintaining solid business and financial profiles.

VR ADJUSTMENTS

The VR of 'b-' has been assigned below the 'b' implied VR, due to
the following adjustment reason: OE/Sovereign Rating Constraint
(negative).

Summary of Financial Adjustments

For Davivienda Sal, Fitch reclassified prepaid expenses as
intangibles and deducted them from the total equity to reflect
their low loss absorption capacity.

Public Ratings with Credit Linkage to other ratings

Davivienda Sal's ratings are linked to their parent, Davivienda'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 Davivienda
Salvadoreno, S.A.   LT IDR              B+ Upgrade    B
                    ST IDR              B  Affirmed   B
                    Viability           b- Upgrade    ccc+
                    Shareholder Support b+ Upgrade    b




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

JAMAICA: Egg Production Far Below Current Demand
------------------------------------------------
RJR News reports that Jamaica's daily egg production is way below
the quantity demanded by locals and the hotel sector, according the
Mark Campbell, President of the Jamaica Farmers Association.

Elaborating, he stressed that the country is currently producing
only 650,000 eggs per day, while the demand is for 900,000 per day,
according to RJR News.

He also said that, based on the uncertainties involved in egg
production, he could not tell the nation when the daily production
will be sufficient to meet the daily demand for the commodity, 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.


JAMAICA: Growth in BPO Sector Slowing
-------------------------------------
RJR News reports that Gloria Henry, a former president of the
Global Services Industry Association, has pointed to a deceleration
in the rate of growth in the sector in Jamaica.

This, because of the challenges involved in getting the quality of
employees needed to service certain accounts, according to RJR
News.

She says however that the ministries of Industry Investment &
Commerce and Education & Youth are aware of the problem and have
reactivated the Global Services Skills Council, 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.




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

[*] LATAM: Exports Grow Amid Global Uncertainty
-----------------------------------------------
The value of exports from Latin America and the Caribbean grew by
an estimated 4.1% in 2024, recovering from a 1.6% decline in 2023,
according to the latest Trade Trends Estimates for Latin America
and the Caribbean, a report published by the Inter-American
Development Bank (IDB).

Drawing on data for 2024, the report attributes the region's export
growth to higher shipment volumes, as prices stagnated.

While the trade outlook for Latin America and the Caribbean has
improved significantly over the past year, with the region's
exports exiting a contractionary phase, the report cautions that
there are still no signs of sustained growth.

"The risks to regional trade remain balanced, but projections point
to only modest growth given the prevailing uncertainty in the
global economy,” said Paolo Giordano, Principal Economist at the
IDB's Productivity, Trade, and Innovation Sector, who coordinated
the report. "To ensure foreign trade continues to make a meaningful
contribution to economic growth, the region needs to prioritize
reforms and investments that boost productivity, facilitate trade,
and attract investment,” he added.

Export performance varied significantly across the subregions of
Latin America and the Caribbean. This year's trade growth was
spearheaded by South America, where export volumes surged. The
Caribbean's performance also rallied. Mexico saw a modest
acceleration in export growth, due to improved prices. In contrast,
exports from Central America remained stagnant.

                       Export Prices

The prices of Latin America and the Caribbean's main export
commodities declined steadily in 2024, with the exception of coffee
and copper. Coffee prices surged by 57.7% year-on-year, while those
of copper grew by 9.4%. In contrast, there were significant
year-on-year drops for soybeans (-22.1%), sugar (-13.7%), iron
(-9.2%), and oil (-2.7%).

The report expects this downward trend to continue into the coming
quarters, as global markets remain highly volatile.

                    Performance by Subregion

South America's exports grew by an estimated 4.0% in 2024, after
falling by 4.4% in 2023. The driving force behind this increase was
export volumes, which surged from 3.6% growth in 2023 to 6.9% in
2024, amid ongoing price declines.

Exports from Mesoamerica increased by an estimated 3.5% in 2024,
building on the previous year's growth. This outcome was almost
entirely underpinned by Mexico, which experienced 4.0% export
growth. In contrast, exports from Central America stagnated in 2024
(0.1%).

Exports from the Caribbean rallied significantly, growing by 18.3%
in 2024 after a 14.9% drop in 2023.

The region's total imports also rebounded, showing modest growth
(3.2%) after a sharp decline in 2023 (-6.8%).



                           *********


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.

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

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

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


                  * * * End of Transmission * * *