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

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

          Thursday, January 23, 2025, Vol. 26, No. 17

                           Headlines



A N T I G U A   A N D   B A R B U D A

ANTIGUA & BARBUDA: In Talks With Investor Over CUB Share Purchase
[*] ANTIGUA & BARBUDA: PM Urges Hospitality Workers to Form Union


A R G E N T I N A

UENO BANK: S&P Assigns 'BB' Rating on New Senior Unsecured Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Trade Relations with China Poses Challenges


J A M A I C A

JAMAICA: BOJ Pumps US$40 Million Into Forex Market


M E X I C O

KUO SAB: S&P Raises Issuer Credit Rating to 'BB', Outlook Stable


P U E R T O   R I C O

NUGEN GROUP: Seeks to Tap Alexis Fuentes-Hernandez as Counsel
SILVER AIRWAYS: U.S. Trustee Unable to Appoint Committee

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A N T I G U A   A N D   B A R B U D A
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ANTIGUA & BARBUDA: In Talks With Investor Over CUB Share Purchase
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RJR News reports that the Antigua & Barbuda government has met with
an unnamed investor regarding its plans for the purchase of the
government shares in the Caribbean Union Bank.

In 2016, the government invested an estimated EC$30 million into
the bank, making it the largest shareholder in the financial
institution that was founded in 2005 by the Executive Corporate
Holdings Inc, according to RJR News.

At that time, Prime Minister Gaston Browne defended the decision of
his administration to invest in the CUB, saying the acquisition of
the bank is of strategic interest to the government, as opposed to
a bailout, the report notes.


[*] ANTIGUA & BARBUDA: PM Urges Hospitality Workers to Form Union
-----------------------------------------------------------------
RJR News reports that Prime Minister of Antigua & Barbuda Gaston
Browne has encouraged hospitality workers to form their own union
to advocate for better salaries and working conditions.

His suggestion follows a heated exchange between some hospitality
workers and the Antigua & Barbuda Workers Union over wages in the
hotel sector, according to RJR News.

Prime Minister Browne further recommended that this new collective
be supported by a credit union, supermarket, and construction
company to provide members with access to financial services,
affordable goods, and housing, the report notes.

The Prime Minister has expressed his dissatisfaction with the
handling of negotiations for the hospitality sector, the report
relays.

He says there needs to be an independent organization focused
exclusively on the needs of hospitality workers, the report adds.




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A R G E N T I N A
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UENO BANK: S&P Assigns 'BB' Rating on New Senior Unsecured Notes
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S&P Global Ratings assigned its 'BB' issue rating to Ueno Bank
S.A.'s (BB/Stable/--) proposed senior unsecured notes, with up to
five years tenor, subject to market conditions. The bank will use
the proceeds for general corporate purposes, including financing
growth opportunities and credit origination.

S&P said, "Our rating on the notes is at the same level as our
issuer credit rating on Ueno Bank because of the notes' seniority.
We don't expect the issuance to change our view of the bank's
funding profile.

"Our rating on Ueno Bank reflects its reasonably good position in
the consumer and microcredit segments in Paraguay, bolstered by
effective branding and innovative digital solutions -- both of
which have facilitated the rapid expansion of its customer base. We
expect the bank's capital base, along with the capitalization of
its earnings, will help it execute its business plan. We forecast a
risk-adjusted capital ratio of approximately 5.5% for the next
12-24 months, calculated according to S&P Global Ratings'
methodology. Our analysis considers Ueno Bank's growth strategy --
both organic and inorganic -- along with the associated risks from
Vision Banco's loan portfolio. Furthermore, the rating reflects a
stable, diversified, and geographically dispersed deposit base
similar to other banks in the system."

The rating factors in a one-notch upward adjustment due to ongoing
support from the bank's owner, Grupo Vazquez S.A.E. (not rated).
This adjustment considers the group's experience in the financial
sector and synergies with other companies in the group, which
bolster the bank's business and risk profiles.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Trade Relations with China Poses Challenges
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Dominican Today reports that the trade relationship between the
Dominican Republic and China has grown considerably since the
establishment of diplomatic relations on May 1, 2018, but it comes
with significant challenges, as highlighted in a recent analysis by
Jose Pena Santana for El Nuevo Diario.  According to Santana, while
China has emerged as one of the Dominican Republic's main trade
partners, this burgeoning relationship is marked by a striking
trade imbalance.

Santana points out that Chinese imports to the Dominican Republic
have been increasing rapidly, while Dominican exports to China
remain stagnant, according to Dominican Today.  
This disparity has resulted in a growing trade deficit, which
poses long-term risks to the country's economic development, the
report notes.  Santana notes that without a strategic approach to
bolster exports, the Dominican Republic risks entrenching a
lopsided trade relationship, potentially undermining its economic
sovereignty, the report relays.

Citing data from the Observatory of Economic Complexity (OEC), the
National Statistics Office (ONE), and the General Directorate of
Customs (DGA), Santana underscores the urgent need for a balanced
trade strategy, the report discloses.  As of the first half of
2024, Chinese exports to the Dominican Republic reached $2.08
billion, marking a 7.42% increase from the same period in 2023, the
report says.  Conversely, Dominican exports to China decreased by
7.31%, falling from $83.40 million to $77.30 million, the report
notes.

The article emphasizes the need for the Dominican Republic to
diversify its export offerings and enhance the competitiveness of
its goods in the Chinese market, the report relates.  Santana
argues that this can be achieved through a more aggressive trade
policy that promotes innovation, quality, and the diversification
of Dominican products, the report discloses.  Additionally,
diplomatic efforts to secure preferential access to the Chinese
market could help bridge the trade gap, the report notes.

Santana concludes by urging policymakers to view the growth in
Chinese imports not only as an opportunity but also as a strategic
challenge, the report relates.  Addressing this imbalance, he
suggests, requires concerted efforts to transform China from a mere
supplier into a true strategic partner for the Dominican Republic,
the report adds.

                 About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.




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J A M A I C A
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JAMAICA: BOJ Pumps US$40 Million Into Forex Market
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RJR News reports that the Bank of Jamaica (BOJ) intervened in the
foreign exchange market with U$40 million.

The central bank instructed dealers to sell these funds to end
users at no more than 20 cents above the buying price, according to
RJR News.

A total of 48 bids valued at US$85.6 million were submitted but
only 25 were accepted, the report notes.

JMMB Bank purchased $8 million; followed by Victoria Mutual
Building Society with $6 million; Sagicor Bank $5.5 million;
GraceKennedy Currency Trading Services, $5.51 million; and Bank of
Nova Scotia, $5 million, the report adds.

                       About Jamaica

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

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  In September 2023, S&P
Global Ratings raised its long-term foreign and local currency
sovereign credit ratings on Jamaica to 'BB-' from 'B+', and
affirmed its short-term foreign and local currency sovereign credit
ratings at 'B', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  In March 2022, Fitch Ratings affirmed Jamaica's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'.
The Rating Outlook is Stable.




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M E X I C O
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KUO SAB: S&P Raises Issuer Credit Rating to 'BB', Outlook Stable
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S&P Global Ratings raised its global scale issuer credit and
issue–level ratings on KUO S.A.B. de C.V. to 'BB' from 'BB-'. S&P
also raised its national scale issuer credit rating to 'mxA' from
'mxA-'.

The stable outlook on KUO reflects S&P's expectation that it will
maintain EBITDA margins above 10%, resulting in a weighted debt to
EBITDA of about 2.5x and funds from operations (FFO) cash interest
expense above 6x on a consistent basis, stemming from an increasing
demand for the company's products in Asia and expected less
volatile prices in raw materials for the pork meat segment.

The upgrade stems from an improvement in KUO's credit metrics due
to the sale of its aftermarket business. The company announced the
closing of the sale to Frasle Mobility for about $370 million. KUO
will use the proceeds for debt prepayment, dividend distribution,
and to strengthen its cash position. S&P said, "We view this
transaction in line with the company's strategy to reduce its
leverage and exposure to a volatile industry (auto suppliers).
Therefore, KUO's credit metrics will significantly improve during
the first quarter of 2025, such as debt to EBITDA of about 1.7x,
much lower than our previous base-case expectation of about 3.1x.
As a result, we revised our assessment of the company's financial
risk profile to significant from aggressive."

KUO's EBITDA will remain resilient thanks to expected solid growth
of the pork meat and chemicals segments. S&P said, "Although the
aftermarket segment represented about 20% of the company's EBITDA,
we believe that KUO will compensate for the EBITDA decline by
expanding the pork meat segment. We expect this segment to remain
healthy given strong product demand in Asia, mainly Japan and South
Korea, coupled with higher sales prices. The segment's EBITDA
jumped 102% during the third quarter of 2024, compared with the
same quarter in 2023. Moreover, the chemicals business has been
resilient during 2024 thanks to higher volume and prices of its
main applications (asphalt and adhesives), as well as the
company’s ability to gain additional share from European
competitors, which have had problems meeting demand because of the
Middle East conflict."

KUO will also improve its capital structure with the proceeds from
the sale. As a result, KUO will slightly extend its weighted
average maturity to three years, resulting in a comfortable
maturity schedule. S&P also expects the average cost of debt to
slip to about 6.0% from 6.2% at the end of September 2024, while
its liquidity position is supported by its available committed
credit lines of about $290 million.




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P U E R T O   R I C O
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NUGEN GROUP: Seeks to Tap Alexis Fuentes-Hernandez as Counsel
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Nugen Group Incorporated seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Alexis
Fuentes-Hernandez, Esq., an attorney practicing in San Juan, Puerto
Rico, to handle its Chapter 11 case.

The attorney will be paid at his hourly rate of $250 plus
reimbursement for expenses incurred.

The attorney also received a retainer of $6,760.

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

The attorney can be reached at:

     Alexis Fuentes-Hernandez, Esq.
     P.O. Box 9022726
     San Juan, PR 00901
     Telephone: (787) 722 5216
     Facsimile: (787) 722 5206
     Email: fuenteslaw@icloud.com

                    About Nugen Group Incorporated

Nugen Group Incorporated is a Puerto Rico-based food services
company operating in San Juan.

Nugen Group Incorporated sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 25-00045) on January 9,
2025. In its petition, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.

Alexis Fuentes-Hernandez of Fuentes Law Offices, LLC represents the
Debtor as counsel.


SILVER AIRWAYS: U.S. Trustee Unable to Appoint Committee
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The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Silver Airways, LLC, according to court dockets.
    
                        About Silver Airways

Silver Airways, LLC is a regional U.S. airline operating flights
between gateways in Florida, the Southeast and The Bahamas. The
Silver Airways fleet is comprised of modern, state of the art
aircraft with reliable, fuel-efficient turbo-prop engines.

In the summer of 2018, Silver completed the acquisition of Seaborne
Airlines, a San Juan, Puerto Rico-based air carrier serving
destinations throughout Puerto Rico, the U.S. Virgin Islands, and
other countries in the Caribbean. Seaborne provides connections
throughout the Caribbean via the carrier's hub in San Juan, while
also serving as the most critical link between St. Croix and St.
Thomas with the carrier's seaplane operation.

Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11
petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on December 30,
2024. At the time of the filing, Silver Airways reported $100
million to $500 million in assets and liabilities while Seaborne
reported $1 million to $10 million in assets and liabilities.

Judge Peter D. Russin oversees the cases.

Brian P. Hall, Esq., at Smith, Gambrell & Russell, LLP is the
Debtors' legal counsel.



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

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

Copyright 2025.  All rights reserved.  ISSN 1529-2746.

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