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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

          Monday, February 17, 2025, Vol. 26, No. 34

                           Headlines



B A H A M A S

CCA CONSTRUCTION: BML Properties Seeks Appointment of Examiner


B E R M U D A

APEX GROUP: Moody's Rates New Senior Secured First Lien Debt 'B2'
APEX GROUP: S&P Rates New $3.5BB Senior Secured Term Loan 'B-'


C A Y M A N   I S L A N D S

BPGIC HOLDING: Creditors Meeting Set Feb. 18
HEC INTERNATIONAL: March 21 Deadline Set for Proof of Debt
TRIDENT ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


C H I L E

CAP SA: Fitch Lowers LongTerm IDRs to 'BB+', Outlook Stable


C O L O M B I A

PATRIMONIO AUTONOMO: Fitch Affirms 'BB+' Rating on Loans & Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Records Figure in Renewable Energy Generation


G U A T E M A L A

GUATEMALA: Fitch Alters Outlook on BB Foreign Currency IDR to Pos.


G U Y A N A

GUYANA: Inks Drone-Delivered Medical Aid with IDB


J A M A I C A

JAMAICA: Alumina Exports Surge, But Trade Challenges Persist


V I R G I N   I S L A N D S

JKL DIGITAL: Cork Gully & CPP Appointed as Liquidators


X X X X X X X X

[] BOND PRICING: For the Week from Feb. 10 to Feb. 14, 2025

                           - - - - -


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B A H A M A S
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CCA CONSTRUCTION: BML Properties Seeks Appointment of Examiner
--------------------------------------------------------------
BML Properties, Ltd. filed with the U.S. Bankruptcy Court for the
District of New Jersey a motion to appoint an independent examiner
in the Chapter 11 case of CCA Construction, Inc.

BMLP explains that it was awarded over $1.6 billion by a New York
court less than three months ago. The New York Court found, after a
trial spanning two weeks, that there was clear and convincing
evidence that CCA committed fraud. This entailed CCA diverting
resources for the construction of a resort in the Bahamas "to buy a
competing hotel development down the road" and conducting an
"absolute sham and shakedown" of BMLP to obtain $54 million to buy
that competing hotel.

Now in bankruptcy, CCA remains inextricably linked to its
affiliates and its Chinese state-owned parent, China State
Construction Engineering Corp. Ltd. (CSCEC). CCA has sought a DIP
loan from CSCEC Holding Company, Inc., its immediate parent and a
subsidiary of CSCEC, of up to $40 million on a secured,
super-priority basis, with the ability to make future draws outside
of any court-approved budget.

BMLP claims that CCA has been outspoken with the bankruptcy court
about its belief that "BMLP is not entitled to its money back" and
its confidence about its likelihood of success on appeal. This
hubris is remarkable in light of the 74-page post-trial decision
rejecting CCA's position, the deferential standard of review on
appeal, and the fact that, just days before making these
representations in its first day pleadings, the appellate court in
New York had denied CCA's motion for an unbonded stay of
enforcement pending appeal in which CCA argued it was likely to
succeed on appeal.

BMLP notes that CCA attempted to significantly restrict the time
period it was required to search documents and opposed the
deposition of Mr. Yan Wei, CCA's chief executive officer and
chairman, who submitted a declaration in support of CCA's first day
motions. CCA's counsel has also informed BMLP that, going forward,
any information would only be produced through formal discovery
processes, making it more difficult and costly for BMLP to obtain
information about CCA.

CCA's insistence that all future requests for information go
through formal discovery rather than freely disclosing the
information requested by the estate's largest creditor bespeaks the
level of obstruction that CCA, likely acting at the behest of
CSCEC, will impose on these proceedings. Rather than efficiently
providing information, CCA insists on making BMLP's efforts to
obtain information as complicated and costly as possible, according
to BMLP.

BMLP seeks the appointment of an independent examiner to
investigate, inter alia, the dealings between CCA and its nominal
affiliates to identify instances of fraud, dishonesty,
incompetence, misconduct, mismanagement, or irregularity in the
management of CCA's affairs in the lead up to, and throughout, this
Chapter 11 case.

Counsel for BML Properties, Ltd.:

     Robert K. Malone, Esq.
     Brett S. Theisen, Esq.
     Christopher P. Anton, Esq.
     Kyle P. McEvilly, Esq.
     Gibbons P.C.
     One Gateway Center
     Newark, New Jersey 07102-5310
     Telephone: (973) 596-4500
     Email: rmalone@gibbonslaw.com
            btheisen@gibbonslaw.com
            canton@gibbonslaw.com
            kmcevilly@gibbonslaw.com

                      About CCA Construction

CCA Construction Inc., doing business as China Construction America
Inc., ProServ Shared Services, and Plaza Construction, was
established in 1993 as a Delaware corporation, and it is a direct
subsidiary of CSCEC Holding Company, Inc., also a Delaware
corporation. CSCEC Holding, CCA, and CCA's subsidiaries are
discrete pieces of CSCEC's broader business, which is operated by
more than 100 distinct entities located throughout the world, eight
of which are publicly traded. Together, the group of affiliated
entities makes up the largest construction company in the world,
operating in more than 100 countries and regions globally, covering
investment, development, construction engineering, survey and
design.

CCA Construction Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22,
2024. In the petition filed by Yan Wei, chairman and chief
executive officer, the Debtor reports reports estimated assets
between $100 million and $500 million and estimated liabilities
between $1 billion and $10 billion.

Honorable Bankruptcy Judge Christine M. Gravelle handles the case.

The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson,
Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at
Debevoise & Plimpton LLP, in New York as general bankruptcy
counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A.
Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in
Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting
Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC,
dba Verita Global, is the administrative advisor.




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B E R M U D A
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APEX GROUP: Moody's Rates New Senior Secured First Lien Debt 'B2'
-----------------------------------------------------------------
Moody's Ratings assigned B2 rating to the proposed senior secured
first lien bank credit facilities issued by Apex Group Treasury
Limited and Apex Group Treasury LLC respectively. All other ratings
of Apex Structured Intermediate Holdings Ltd. (Apex), including its
corporate family rating at B2 and its probability of default rating
at B2-PD, are unaffected. The rating outlook on all entities is
stable.

The proceeds of the proposed TLB issuance are slated to refinance
the outstanding term loan and revolving debt and extend the debt
maturities.

RATINGS RATIONALE

The rating action reflects the leverage-neutral nature of Apex's
proposed refinancing transaction coupled with a maturity extension.
The proceeds of the proposed term loan will repay the outstanding
$2,445 million TLB due 2028 and EUR745 million TLB due 2028, as
well as approximately $285 million outstanding on its revolving
credit facility. In addition, the debt maturities will be extended
to 2032 from 2028.

Apex has continued to report strong performance and slow down the
pace and volume of M&A activities with an overall reduction in the
amount of pro forma and exceptional costs. Between year-end 2023
and the twelve months ending November 2024, Apex's overall EBITDA
adjustments decreased to $269 million from $352 million. Moody's
continue to expect this figure to reduce as the company delivers on
the synergies of acquisitions closed in 2023 and 2024 and
implements its planned management actions.

Pro forma for the refinancing, Moody's expect Apex's debt/EBITDA
leverage to be approximately 6.8x for the twelve months ending
November 2024 on a Moody's-adjusted basis (after adjusting for
exceptional items considered recurring). This is a material
reduction from 9.1x for 2023, although still slightly above Moody's
expectation of 6.5x for the rating category.  Moody's anticipate
that the company's leverage will continue to reduce as its
M&A-fueled growth slows down and the benefits of already-closed
acquisitions are realized.

Apex's B2 corporate family rating incorporates its position as one
of the largest independent fund services providers globally,
characterized by largely recurring revenue streams with limited
exposure to market volatility. The company benefits from a
diversified customer base with high retention rates, contributing
to its financial stability. Additionally, Apex demonstrates good
profitability and the potential for substantial free cash flow
generation, which further supports its credit profile and
operational resilience in a competitive market.

The rating also takes into consideration Apex' elevated financial
leverage and a high level of pro forma adjustments to EBITDA.
Integration risks related to recently closed acquisitions add
complexity to the company's operations. Historically, Apex's
acquisitive growth strategy constrained its deleveraging potential;
however, the pace of acquisitions has been reducing and Moody's
expect it to remain very limited. Additionally, Apex faces exposure
to regulatory and legal risks, which could impact its financial
health and operational stability. These factors introduce
uncertainties that weigh on the company's overall credit profile.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Governance is an important rating driver for Apex and this rating
action was driven by Moody's expectation that the company will
continue to moderate its M&A activities and reduce the volume of
its exceptional costs in EBITDA.

LIQUIDITY

Moody's consider Apex's liquidity to be adequate. As of November
30, 2024, the company had $61 million of operating cash on balance
sheet, as well as access to the $460 million revolving credit
facility (RCF) due July 2026, which Moody's expect to be refinanced
with an extended maturity and undrawn at closing. Apex's liquidity
profile further benefits from its good cash generation ability and
will be helped by the maturity extension.

STRUCTURAL CONSIDERATIONS

Pro forma for the refinancing, the company's debt facilities will
consist of a first-lien term loan due 2032, as well as a pari passu
ranking RCF. The B2 rating on the first-lien senior secured
facilities is in line with the B2 CFR given that it is the only
debt raised within the restricted group.  Apex has an approximately
$2.4 billion PIK note outstanding at the holding company outside
the restricted group.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company
will grow its EBITDA through a combination of good organic revenue
growth and the successful realisation of synergies related to the
various recently completed acquisitions. Moody's further anticipate
Apex to continue to de-lever with debt/EBITDA below 6.5x on a
Moody's adjusted basis over the next 12-18 months, after deductions
for exceptional items deemed recurring. The outlook further assumes
that liquidity will remain adequate and that any larger
acquisitions will not lead to material re-leveraging. Furthermore,
the outlook also incorporates Moody's expectations that currently
large exceptional costs and unrealized synergies will reduce and
free cash flow generation will strengthen.

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

The ratings could be upgraded if Moody's-adjusted debt/EBITDA
sustainably decreases to below 5.5x, (after adjusting for
exceptional items considered recurring), Apex maintains high
operating profitability and substantial free cash flow generation.
Moreover, Apex would need to execute the integration of the
recently closed acquisitions and realise targeted synergies
successfully leading to a substantial reduction in one-off items
and other EBITDA adjustments.

The ratings could be downgraded if Apex fails to reduce its
Moody's-adjusted debt/EBITDA to below 6.5x (after adjusting for
exceptional items considered recurring). A significant decrease in
EBITA margins from the current high levels or sustained reduction
in free cash flow generation would also put pressure on the
rating.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

CORPORATE PROFILE

Apex is one of the largest independent providers of fund
administration services, financial and corporate solutions, founded
in 2003 by its current CEO and with headquarters in Bermuda. The
group is a global operator with presence in 50 countries across the
world, serving more than 10,000 clients with over $3 trillion of
assets on its platforms. Apex is majority-owned by private equity
firm Genstar (56%), with minority shareholders TA Associates (24%),
Management (12%), Mubadala (5%) and Carlyle (1%).


APEX GROUP: S&P Rates New $3.5BB Senior Secured Term Loan 'B-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating to Apex Group
Ltd.'s new $3.5 billion equivalent senior secured term loan due
2032. S&P expects the term loan to be split into a $2.6 billion
U.S. dollar-denominated tranche, to be issued by Apex Group
Treasury LLC, and a $0.9 billion equivalent euro tranche, to be
issued by Apex Group Treasury Ltd. S&P assigned its '3' recovery
rating to the new senior secured term loan, indicating its
expectation of meaningful recovery prospects (50%-70%; rounded
estimate: 50%) for debtholders in the event of a payment default.

Apex (B-/Stable/--) intends to use the net proceeds to repay its
existing senior secured debt due 2028 ($3.2 billion) and the amount
drawn under its revolving credit facility (RCF; $284 million). In
S&P's view, the transaction will modestly improve Apex's credit
profile, as it extends the company's maturities while freeing up
capacity under the RCF to improve liquidity.

S&P Said, "We note positively that over the past 24 months, Apex
has progressed swiftly through its multiple organizational and
operational transformation programs. However, the phase-out of
exceptional costs and delivery of efficiency initiatives are
ongoing. Once fully realized and, alongside a modest acquisition
appetite, we expect these programs will translate into material
reported EBITDA growth in the next 12-24 months.

"Underpinned by healthy growth in assets-on-platform and a high
client retention rate, we expect Apex will continue to demonstrate
strong organic growth prospects, helping to further improve credit
metrics. Pro forma the transaction, we forecast Apex will post
elevated debt to EBITDA of 12x-13x (7x-8x excluding the
payment-in-kind note), positive free operating cash flow
generation, and tight cash interest coverage sustained below 2x in
2025. The stable outlook is unchanged and reflects our view that
Apex will continue to expand revenue by integrating its
acquisitions while increasing profitability, enabling potential
leverage reduction from 2025. However, we view debt-funded
acquisitions as a core part of Apex's strategy, resulting in
leverage that -- while improving consistently from above 20x in
2023 -- is likely to remain elevated."




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C A Y M A N   I S L A N D S
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BPGIC HOLDING: Creditors Meeting Set Feb. 18
--------------------------------------------
The Official Liquidators of BPGIC Holdings Limited, which is in
liquidation, disclosed that a meeting of creditors will be held on
Feb. 18, 2025 at 9:00 a.m. via teleconference.

The purpose of the meeting is:

a. To lay before the meeting the first report of the joint
   official liquidarors covering the period of Nov. 20, 2023
   (date of appointment) through Dec. 31, 2024.

b. To consider, and if thought fit, approve the basis and
   amount of liquidators’ fees and expenses for the period
   through April 30, 2024.

c. The creditor wishing to attend the meeting should send
   written notice of their intention to do so, together with
   a completed proof of debt form.

The joint liquidator is Alexander Lawson.

Contact for inquiries:

          Catherine Anderson-Bond
          2nd Floor, Flagship Building
          142 Seafarers Way
          PO Box 2507
          George Town, Grand Cayman
          KYI-1104 Cayman Islands
          Email: canderson@alevarezmarsal.com


HEC INTERNATIONAL: March 21 Deadline Set for Proof of Debt
----------------------------------------------------------
The Official Liquidators of HEC International Ltd, which is in
liquidation, disclosed that it intended to declare a final
dividend.

Any creditor who has not already lodge a creditor's proof of debt
with the official liquidator must do so not later than March 21,
2025.

The liquidator can be reached at:

         Graham Robinson
         Official Liquidator

Contact for enquiries:

         Andrea Hennessy
         Crowe Cayman Ltd
         941 Solaris Avenue
         Camana Bay, Grand Cayman
         Cayman Island, KYI-1204
         Tel No: +345 814-2417
         Email: andrea.hennessy@crowe.com


TRIDENT ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Trident Energy, L.P.'s Long-Term Issuer
Default Rating (IDR) at 'B+' and removed it from Rating Watch
Positive (RWP). The Outlook is Stable. Fitch has affirmed Trident
Energy Finance PLC's notes' senior unsecured rating at 'B+' and
removed it from RWP. The Recovery Rating is 'RR4'.

The rating actions reflects underperformance of the group's
existing assets, offset by improved scale following completion of
the acquisition of assets in the Republic of Congo in January 2025.
Trident now benefits from a relatively less concentrated asset base
with the company's few fields in less favourable operating
environments in Brazil (BB/Stable) and Equatorial Guinea. However,
Fitch expects lower production growth.

Fitch expects the resulting scale in terms of production volumes
and EBITDA generation to remain in line with the 'B+' rating
through the cycle. Rating strengths include very low leverage,
strong cash flow generation, and strong reserve life.

Key Rating Drivers

Transformative Acquisition Closed: Trident acquired the assets in
Congo from TotalEnergies SE (AA-/Stable), and Chevron Corporation
as of January 2025, with an effective date for the transaction in
April 2023. The acquisition increases the group's scale and
geographical diversification, and should improve profitability.
Trident will maintain a conservative financial profile, given the
relatively low cash consideration, which has been financed with
conservative levels of debt and USD72.5 million of sponsor equity.

Production Underperformance in Existing Assets: Fitch previously
expected 2024 production from Brazil and Equatorial Guinea to reach
42kboe/d and around 65kboe/d by 2027. As of 9M24 it averaged just
over 33kboe/d and Fitch now expects it to remain below 50kboe/d
through 2027. This is mostly due to underperformance at Trident's
Brazil asset base with actual production averaging around 23kbbl/d
compared with its prior expectation of around 30kbbl/d.

Fitch understands this is driven by temporary bottlenecks that
Trident expects to resolve in the medium term, but Fitch has
re-based its expectations for Brazil to around 25kbbl/d for 2025,
expected to ramp-up to run-rate production of over 35kbbl/d by
2027, vs. its prior expectation of around 47kbbl/d in 2027. Fitch
furthermore assumes assets in Equatorial Guinea will generate flat
production volumes around 10kboe/d through 2028 compared with its
prior expectation of production growing to 13-15kboe/d.

Geographic Concentration: Trident's production has historically
been highly concentrated in Brazil. It is already significantly
exposed to operations in Equatorial Guinea, and following the
acquisition of assets in Congo it is now similarly exposed to
Congolese operations. Fitch views Equatorial Guinea and Congo as
less favourable operating environments. Fitch continues to apply
Brazil's Country Ceiling, as EBITDA from Brazil assets sufficiently
covers Trident's interest costs. However, Fitch has factored the
increased exposure to less favourable operating environments into
the 'B+' rating.

Fiscal Optimisation Progresses: During 2024, Trident successfully
negotiated the removal of the ICMS state tax recharge on volumes
produced in Brazil, which has removed an approximately 13% discount
on its realised pricing on these volumes as of the beginning of
2024. In addition, the company has negotiated a lower discount on
Brazil volumes and commissioned a floating storage and offloading
vessel to be able to freely market its production globally.

Congo Boosts Existing Production: The acquisition of the Congo
assets represents an immediate upside to Trident's production
volumes, putting it on track to reach 68kboe/d total production in
2025, and around 70-75kboe/d on average in the latter years of its
forecast. This is below its prior assumptions due to the
transaction closing later than initially expected and lower
production assumed in Brazil and Equatorial Guinea. It is in line
with the 'B+' rating.

Contingent ICMS Liability: As part of the removal of the ICMS tax
recharge, Trident indemnified Petrobras against a potential adverse
ruling by the state's tax authority. As such, Trident has recorded
a contingent liability of USD75 million as of 3Q24. Fitch views
positively the lack of any negative developments over 2024, as well
as the company's robust liquidity and cash flow generation, which
should be more than sufficient to absorb any outflows connected to
this liability.

Favourable Reserve Dynamics: As of end-2023, Trident's 1P reserve
life of 13 years and 2P reserve life of 21 years are strong. While
it is likely to decline as production ramps up, it will continue to
be supportive of the rating. Fitch assumes the acquisition of Congo
assets will dilute reserve life, reducing pro-forma 2P reserve life
to around 13 years, but this will remain commensurate with the
rating.

Strong Cash Flow Generation: Trident's assets are higher-cost with
Fitch-defined unit opex of around USD28/bbl estimated for 2024.
However, this will decline to around USD20/bbl following the Congo
acquisition, and capex needs are low given the lack of greenfield
projects and exploration spending. The payback period of
development and optimisation projects is also fairly short,
supporting positive free cash flow (FCF) generation post-dividends
for 2025-2029.

Low Leverage: Fitch expects Trident to maintain low leverage
through the cycle, with EBITDA leverage averaging around 1.6x and
EBITDA net leverage averaging around 1.2x between 2025 and 2029.
Fitch expects Trident will continue to fund all capex from internal
sources. Fitch further assumes that dividends will commence in 2026
and amount to 75% of excess operating cash flows after capex, debt
service requirements, while meeting the group's minimum cash
requirements.

Derivation Summary

Fitch rates Trident one notch below Energean plc (BB-/Stable) and
Ithaca Energy plc (BB-/Stable) and in line with Kosmos Energy Ltd.
(B+/Stable), SierraCol Energy Limited (B+/Stable) and GeoPark
Limited (B+/Stable).

Trident's through-the-cycle production of around 70kboe/d is lower
than that of Kosmos's (80kboe/d) exit-rate production for 2024, but
much higher than that of SierraCol (43kboe/d) and GeoPark
(38kboe/d). Energean has materially higher production of 154kboe/d
from continuing operations as of 2024 as well as Ithaca at
100-110kboe/d post-merger.

Trident's post-acquisition 2P reserves base of 344mmboe is similar
to Ithaca (368mmboe) but smaller than Energean's continuing
operations 2P reserves (around 1bn boe) and Kosmos's (520mmboe) as
of end-2023. However, this is still larger than SierraCol's
118mmboe and GeoPark's 115mmboe. Kosmos and Ithaca are more
geographically diversified than Trident's post-acquisition business
profile, but Trident will be better diversified than SierraCol,
GeoPark, and Energean.

Fitch expects Trident's EBITDA leverage to improve to around 1.6x
in 2025-2028 after the ramp-up from Congo assets. This is weaker
than GeoPark's 1.3x and SierraCol's 1.1x but stronger than Kosmos's
average 2.5x in mid-cycle.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Brent crude oil price to 2028 in line with its base case price
deck

- Production averaging 70kboe/d to 2028

- Capex averaging around USD340 million a year to 2028

- Earn-out payments averaging around USD70 million per year to
2028

- Dividend payments commencing in 2026

Recovery Analysis

Fitch's Key Assumptions for Recovery Analysis

- Its recovery analysis assumes that Trident would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated.

- Trident's GC EBITDA reflects its view on EBITDA generation from
the group's assets in Brazil and Equatorial Guinea, assuming a
sustained period of low Brent prices. This is followed by a
moderate recovery yielding a GC EBITDA of around USD225 million.

- Fitch will only consider GC EBITDA and liquidation value
attributable to the relevant collateral pool backing the rated
instrument. Therefore, Fitch will exclude the Congo reserve-based
loan (RBL) and GC EBITDA and liquidation value attributable to the
Congo assets from recovery calculation.

- Fitch have applied an enterprise value (EV)/EBITDA multiple of
3.5x to calculate a GC EV, reflecting the risks associated with the
small size and assets located in less favourable jurisdictions.

- The USD600 million senior unsecured notes are subordinated to the
USD240 million corporate RBL. The notes are guaranteed on a senior
basis by Trident, and on a senior subordinated basis by several
restricted subsidiaries owning the assets in Brazil and Equatorial
Guinea, as well as the new Congo assets. These are also the
guarantors of the USD240 million corporate RBL. While the Congo
subsidiaries also guarantee the notes on a senior subordinated
basis, they will primarily be backstopping the Congo RBL and are
therefore considered a separate creditor group.

- After deducting 10% for administrative claims and taking into
account its Country-Specific Treatment of Recovery Ratings
Criteria, its analysis generated a waterfall-generated recovery
computation (WGRC) in the 'RR4' band, indicating a 'B+' instrument
rating. The WGRC output percentage on current metrics and
assumptions is 50%.

RATING SENSITIVITIES

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

- EBITDA gross leverage above 2x or EBITDA net leverage above 1.5x
on a sustained basis

- Failure to maintain production above 50kboe/d on a sustained
basis

- Aggressive shareholder distributions or deteriorating liquidity

- EBITDA from Brazil failing to cover gross interest expense

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

- Establishing a record of production well over 75kboe/d on a
sustained basis

- EBITDA gross leverage below 1x or EBITDA net leverage below 0.5x
on a sustained basis

Liquidity and Debt Structure

As of 30 September 2024, Trident had unrestricted cash and cash
equivalents of USD100 million and an undrawn RBL of USD185 million.
The acquisition was partly funded by USD360 million of RBL and will
start amortising from October 2025. Fitch expects Trident's FCF
generation to remain strong post-acquisition and could comfortably
cover capex required and near-term obligations.

Issuer Profile

Trident was established in 2016. The company's expertise is focused
on extraction from mid-life producing O&G assets that can deliver
production growth while generating significant FCF. Trident is
backed by two PE sponsors: Warburg Pincus and Quantum Energy
Partners.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating        Recovery   Prior
   -----------               ------        --------   -----
Trident Energy, L.P.   LT IDR B+  Affirmed            B+

Trident Energy
Finance PLC

   senior unsecured    LT     B+  Affirmed   RR4      B+




=========
C H I L E
=========

CAP SA: Fitch Lowers LongTerm IDRs to 'BB+', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded CAP S.A.'s Long Term Foreign and Local
Currency Issuer Default Ratings (IDRs) and senior unsecured notes
to 'BB+' from 'BBB-'. Fitch has also downgraded CAP's National
Long-Term Ratings to 'A+(cl)' from 'AA-(cl)'. Fitch has affirmed
CAP's National Equity Rating at First Class Level '2(cl)'. The
Rating Outlook is Stable.

The downgrade reflects the weakening of CAP's financial structure
due to its main subsidiaries' performance, together with runoffs
that the company experienced in 2024. CAP's mid-sized mining
operations, limited operational diversification, high-exposure to a
single commodity, despite its profitable long-lived iron ore
business, moderate capital structure and remaining challenges to
improve if its financial flexibility are more consistent with 'BB'
rating category.

CAP's net leverage is expected to peak at 2.9x in 2025, considering
Fitch's midcycle price assumptions. The Stable Outlook reflects the
expectations that CAP will stabilize leverage at around 2.5x in the
projected horizon.

Key Rating Drivers

Leverage to Peak in 2025: CAP's leverage is expected to rise in
2025, reaching 2.9x by YE due to weaker operating performance and
increased debt. Fitch anticipates that as the company's performance
begins to recover, cash cost decreases mainly due to lower energy
costs and the effects of one-time impacts dissipate, CAP will
stabilize leverage ratios at approximately 2.5x in the medium term,
assuming no new significant investments. CAP has the challenge to
manage its capital structure and investments opportunities in the
medium term as it seeks to further improve its high-grade iron ore
share through optimization of current assets and new brownfields
projects.

Structurally Lower Operational Performance: The company's EBITDA,
including dividends to minorities, is expected to decrease to
USD508 million in 2025, USD544 million in 2026, and USD513 million
in 2027, based on Fitch's price estimates of USD90 per tonne in
2025, USD85 per ton in 2026, and USD75 per tonne in 2027. FCF is
projected at -USD13 million in 2025, USD85 million in 2026, and
USD24 million in 2027, considering a moderation in both capital
expenditures and dividends under a low-price scenario assumption.

CSH's Suspension to Eliminate Cash Burn: In 2024, Siderúrgica
Huachipato's CAP integrated steelmaking subsidiary, was
indefinitely suspended due to consistently negative EBITDA, which
resulted from increased penetration of low-priced Chinese imports
that markedly affected steel-making margins and prompted the local
industry. This suspension of operations is expected to have a net
impact in cash of between USD120 million and USD140 million, most
of which has already occurred during 2024.

Reserves Offset Low Diversification: Over 90% of CAP's consolidated
EBITDA comes from iron ore mining, which has significantly stronger
profitability, market position and more stable than the steelmaking
and processing businesses. Fitch considers the long reserve life of
CAP's iron ore mining business as a positive factor. CAP's iron ore
mining business had 622 million tonnes of iron ore contained in
reserves in 2023, which represents less than 50 years of mine life
at an expected production rate of around 17 million tonnes per
year.

Average Cost Position: CAP's iron ore mining business shows an
average cost position at the low part of the third quartile on the
business cost curve for seaborne iron ore according to CRU, which
could vary according to the production blend into more competitive
valleys, such as that of the Los Colorados mine. In addition, the
company has the flexibility to change its production mix depending
on the value of premiums and iron price, being able to focus on the
production of products with larger margins. This has historically
helped the company to maintain healthy profitability during
different iron ore price scenarios.

Equity Rating: CAP's equity rating is based on the company's strong
credit profile, its long track record in the stock market, and a
market presence of 100%. CAP also reports market capitalization of
USD814 million, as an important player in the Santiago stock
market, and high levels of daily trading volume that averaged USD1
million over the last month (as of Feb. 3, 2025).

Derivation Summary

CAP's ratings are constrained by its small size relative to the
global mining industry and low mining and geographic
diversification. Ferrexpo plc (Ferrexpo; CCC+), compared to CAP,
exports globally at 12 million tonnes of pellets (pre-war) compared
with CAP's pellet production capacity of 4.0 million tonnes. CAP
also has a capacity of 12.5 million tonnes of pellet feed and
sinter feed, reaching a total production capacity of 16.5 million
tonnes. Ferrexpo benefits from a slightly better position along the
global iron ore cost curve. However, Ferrexpo's rating also
reflects its heightened operating risk for the company following
Ukraine's military invasion by Russia and several legal claims.

Compared with Brazilian steel maker and high-grade iron ore miner
Companhia Siderurgica Nacional (CSN) (BB/Stable), CAP is less
diversified based on the share of iron ore and steel in EBITDA
(share of +90% - the rest from Infrastructure and steel processing
- against 70% expected for CSN - the rest from cement, energy and
transportation- in 2025), worse positioned in costs and
profitability (third quartile vs first to second quartile in
seaborne iron ore business costs), and smaller in size (16 million
tons of iron ore vs 42 million tons and about 30% of CSN's EBITDA
generation). However, CAP's net leverage is lower (2.7x vs 3.4x
expected for 2024), its managerial strategy is more conservative
and lacks the key person risk that CSN has.

In comparison with Brazilian pellets producer Samarco Mineracao
S.A. em Recuperacao Judicial (Samarco)(B-/Stable), CAP is smaller
in size (2 million tons vs 9.5 million tons of pellets) and in
EBITDA generation (about 60% to 50% of Samarco), albeit almost as
operationally and geographically concentrated. However, CAP has
lower leverage (2.7x vs 5.0x expected for 2024) higher financial
flexibility and does not deal with the remediation expenses after a
past environmental incident the way Samarco does.

Key Assumptions

- Fitch's mid-cycle prices are at USD110/tonne for 2024;
USD90/tonne for 2025; USD85/tonne for 2026 and USD75/tonne for
2027;

- Cash costs of around USD53/tonne for 2024 and 2025 and
USD47/tonne for 2026;

- Compania Minera del Pacifico S.A.'s shipments of approximately
15.3 million tonnes for 2024; 16.1 million tonnes for 2025; 16.0,
million tonnes for 2026;

- Freight costs of USD20/tonne for the whole projected period;

- Capex at USD350 million in 2024 and 2025, and USD312 million in
2026;

RATING SENSITIVITIES

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

- Total debt/EBITDA and Net debt/EBITDA above 3.5x and 3.0x, on a
sustained basis;

- Consolidated cost profile consistent with the fourth quartile;

- A significant and prolonged deterioration in liquidity and
persistent negative FCF.

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

- Total debt/EBITDA and Net debt/EBITDA below 2.5x and 2.0x, on a
sustained basis;

- Improvement of maturity profile, reducing short to medium term
refinancing risks;

- Consolidated cost profile consistent with the second quartile.

Liquidity and Debt Structure

CAP has a track record of being exposed to ongoing refinancing
risks and dependence on access credit market. As of September 2024,
CAP reported USD460 million in cash and an available revolving
credit facility of USD450 million (with USD320 million fully
available, as per CAP Management the RCF availability has increased
to USD450 million as of December 2024), and short-term debt of
USD560 million. This short-term debt primarily corresponds to
working capital funding via trade lines.

Cintac restructured liabilities amounting to USD143 million through
a syndicated loan that begins amortization in 2027. During 2024,
CAP, on a consolidated basis, adjusted its debt maturity profile,
making it more manageable compared to YE 2023.

Issuer Profile

CAP is a medium- to small-scale Chilean iron ore miner focused on
high-quality iron ore production with a significant proportion of
EBITDA derived from the mining activity. Iron ore production is
exported mainly to China.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
123456789012345678901234567890123456789012345678901234567890123456
   Entity/Debt            Rating                  Prior
   -----------            ------                  -----
CAP S.A.        LT IDR        BB+      Downgrade        BBB-

                LC LT IDR     BB+      Downgrade        BBB-

                Natl LT       A+(cl)   Downgrade        AA-(cl)

                Nat Equity
                Rating        Primera
                              Clase
                              Nivel 2  Affirmed

   senior
   unsecured    LT            BB+      Downgrade        BBB-

   senior
   unsecured    Natl LT       A+(cl)   Downgrade        AA-(cl)




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

PATRIMONIO AUTONOMO: Fitch Affirms 'BB+' Rating on Loans & Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of the following debt
instruments of Patrimonio Autonomo Union del Sur (in connection
with the Rumichaca - Pasto toll road project in Colombia) at
'BB+':

- USD Loan A: USD125 million at SOFR + 2.375% due in May 2030;

- USD Loan B: USD152 million at SOFR + 2.75% for years one to
  seven and 3% for years eight until maturity, due in May 2037;

- COP Loan: COP1,019.5 billion at IPC + 5.25% due in April 2030;

- UVR Notes: COP1,027.5 billion at 6.6% due in February 2041.

Fitch has also affirmed the National Long-Term Ratings for all of
the debt at 'AAA(col)'.

The Rating Outlook is Stable.

RATING RATIONALE

The ratings reflect the project's robust concession agreement
structure, which limits exposure to revenue risk via traffic
top-ups and grantor payments, as well as an adequate tariff
adjustment mechanism that increases toll rates by inflation. The
project's strong debt structure is characterized by robust debt
service reserve accounts backed by a letter of credit (LOC)
provided by investment-grade (IG) entities for the USD loans and
from a liquidity facility for the COP debt. Cash sweep mechanisms
largely protect the transaction from traffic performance materially
higher or lower than expected, and the project's distribution test
was satisfactory.

Fitch's rating case (FRC) minimum loan life coverage ratio (LLCR)
of 1.4x is robust for the rating category according to Fitch's
applicable criteria and the project's revenue profile. However, the
rating is constrained by the transaction's exposure to the credit
quality of Agencia Nacional de Infraestructura's (ANI) obligations
under the concession agreement. ANI is a credit-linked entity to
the Government of Colombia (Local Currency IDR 'BB+'/Stable).

KEY RATING DRIVERS

Revenue Risk - Volume - Midrange

Low Exposure to Volume Risk: Around 70% of the project's revenues
consist of ANI's contributions, which mostly stem from future
budget allocations (FBA) and top-up payments. The remainder comes
from collections at the El Placer toll station and ANI's
compensations for 90% of the estimated toll revenues at the shadow
toll booth of Ipiales. Fitch believes the ANI payment obligations
under the concession agreement are consistent with the project's
credit quality.

Although traffic has exhibited a certain degree of volatility and
the tolls at El Placer are higher than on other routes, the road
offers significant time savings, reducing price elasticity compared
to competing roads.

Sources of revenue are subject to infrastructure availability,
service levels and quality standards, based on the fulfillment of
indicators provided in the concession agreement. There are clearly
defined, unambiguous, back-to-back penalty deduction mechanisms in
the concession agreement with robust cure periods. Deductions are
legally capped at 10%. The contract limits fines imposed on the
concessionaire and penalty clauses in case of early termination of
the agreement.

Revenue Risk - Price - Midrange

Inflation Adjusted Tolls: Tariffs are adjusted annually by
Colombian inflation and are somewhat elevated compared to national
peers. Although the inflationary adjustments in 2023 and 2024 have
not been applied in a timely manner due to decisions implemented by
the Colombian government, Fitch expects that these adjustments will
catch up in the short term. The contractual mechanism establishes
the compensation for the differences in the collection of tariffs.
If the net present value of toll collections received by the
eighth, 13th, 18th, and last year of the concession is below
guaranteed values, the ANI must cover any shortfalls after
deductions.

Infrastructure Dev. & Renewal - Midrange

Adequate Maintenance Plan: The project depends on a moderately
developed capital and maintenance plan to be implemented directly
by the concessionaire. The program will be funded mainly from
project cash flows, and the concession agreement does not include
hand-back requirements. However, the concessionaire must
continuously operate and maintain the road in compliance with
pre-established contractual requirements.

As per the Independent engineer (IE) Infrata Limited (Infrata), the
O&M plan is reasonable and the budget allowances are at the upper
end of the range compared to similar 4G Colombian projects,
anticipating reduced cost overruns. The structure benefits from a
robust 12-month forward-looking O&M reserve account (OMRA) and a
dynamic major maintenance reserve of the forward-looking
maintenance costs forecasted for the first year, 66% of expenses to
be incurred during the second year, and 33% for the following third
year.

Debt Structure - 1 - Stronger

Robust Debt Structure: The project's debt is fully amortizing,
senior secured, comprising USD-, UVR- and COP-denominated
financings. USD-denominated debts are matched with USD-linked
revenues settled in COP, as 57% of future budget allocations are
USD-linked but are partially exposed to a variable interest rate.
UVR-denominated debts are indexed to inflation; similarly, the COP
debt interest rate is exposed to inflation fluctuations.

Structural features include 12-month debt service reserve accounts
(DSRA) in the form of a LOC provided by IG entities for the USD
loans and a liquidity facility from Union Para La Infraestructura
for the COP debt, and cash sweep mechanisms for traffic over and
underperformance, according to pre-established debt service
coverage ratio (DSCR) levels. While the UVR tranche legal maturity
dates extend beyond the minimum concession termination date, deemed
as a negative feature, Fitch believes it is highly unlikely the
toll collection present value will be reached by the concession's
25th anniversary.

Financial Profile

The most relevant financial metric for the project is LLCR, given
the transaction's debt structure. Fitch's base case (FBC) and FRC
minimum LLCR are 1.4x. This metric is strong for the rating
category according to applicable criteria and compared with other
similarly rated transactions, particularly in light of the
project's low exposure to volume risk. Fitch's sensitivity analysis
(under base case assumptions) shows that the project could
withstand severe increases in Opex and major maintenance, and
non-traffic growth.

PEER GROUP

Rumichaca is comparable to Fideicomiso P.A. Pacifico Tres (Pacifico
Tres; 'BB+'/Stable and 'AA+(col)'/Rating Watch Positive). Both
projects are part of Colombia's 4G toll road program, present
similar revenue streams that result in a low exposure to volume
risk, and have debt structures with robust mechanisms.

Both projects have also completed their construction phase, have a
similar contribution of toll revenues to total revenues (between
30% and 40%), and are equally exposed to volume risk. Pacifico Tres
and Rumichaca have LLCRs of 1.5x and 1.4x, respectively, and their
ratings are both constrained by the counterparty risk under the
concession contract of ANI.

RATING SENSITIVITIES

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

- Deterioration of the financial and/or operational performance of
the project that leads to a minimum projected LLCR below 1.3x under
Fitch rating case assumptions;

- Deterioration of Fitch's view of the credit quality of ANI's
contributions to the project.

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

- For the international ratings only: improvement in Fitch's view
regarding the credit quality of ANI's grantor obligations.

SECURITY

The security package is the usual and customary for project
financings of this nature. It includes a pledge of the project
company's shares, a first priority security interest in all of its
assets, a pledge of all onshore and offshore accounts, and the EPC
contract security package. It also includes all proceeds from
credit enhancements and insurance / reinsurance and a pledge of the
right to receive the termination payment under the CA.

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
   -----------                    ------               -----
Patrimonio Autonomo
Union del Sur

   Patrimonio Autonomo
   Union del Sur/Project
   Revenues - First
   Lien/1 LT               LT      BB+      Affirmed   BB+

   Patrimonio Autonomo
   Union del Sur/Project
   Revenues - First
   Lien/1 Natl LT          Natl LT AAA(col) Affirmed   AAA(col)




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Records Figure in Renewable Energy Generation
-----------------------------------------------------------------
Dominican Today reports that the Dominican Republic reached a
milestone in its energy transition by registering a record 1,101
megawatts (MW) in renewable energy generation, representing 46.5%
of the power online.

The Minister of Energy and Mines, Joel Santos, highlighted this
progress as part of the national strategy to diversify the energy
matrix and reduce dependence on fossil fuels, according to
Dominican Today.

He explained that the country is accelerating tenders for renewable
energy projects, with the aim of having these sources represent 25%
of the energy matrix by 2025, the report notes.

The renewable generation recorded this Friday was 743.6 MW of
solar, 328 MW of wind, and 28.6 MW of biomass, reflecting the
country’s potential to continue moving towards a more sustainable
energy system, the report discloses.

This growth has been sustained in recent years, the report says.
The Dominican Republic’s energy matrix closed in 2024 with a
generation capacity of 1,396 MW through renewable sources (solar,
wind, and biomass), equivalent to 23.32% of the national generation
capacity, the report notes.

An increase of more than 137% compared to 2020, when the capacity
of these sources was 588 MW and represented 11.94%, the report
says.

In addition, the country has more than 460 MW installed on the
roofs of residences, businesses, and industries for
self-consumption, which shows a strong commitment to decentralizing
and democratizing access to clean energy, the report relays.

In 2024, 27 new renewable energy parks were incorporated, some of
which have already started production, while others will come into
operation in 2025, the report notes.  Together, they will
contribute 1,567.47 MW to the national energy system, the report
says.

On the other hand, in addition to promoting renewable energies,
thermal generation projects are being developed, mainly using
natural gas, with a capacity under construction of 2,179 MW for the
next four years, the report discloses.

More than 600 MW will come into operation this year with the
commissioning of three new plants, 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.




=================
G U A T E M A L A
=================

GUATEMALA: Fitch Alters Outlook on BB Foreign Currency IDR to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook for Guatemala's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive
from Stable. Fitch has also affirmed the IDR at 'BB'.

Key Rating Drivers

Positive Outlook: The revision of Guatemala's Outlook to Positive
reflects Fitch's expectations of continued solid growth momentum
and stability, policy prudence, and current account surpluses that
support a build-up in external buffers. The authorities are
targeting higher fiscal spending, which could offer some economic
upside by addressing infrastructure bottlenecks and social needs,
while still preserving low fiscal deficits and debt-to-GDP relative
to peers.

Governance challenges remain a key rating constraint. The current
government has made progress on its legislative agenda and remains
focused on combatting corruption and other governance issues.
However, it faces a tough path for reforms that could ensure
lasting institutional improvements. U.S. trade protectionism and
migration policies are a source of uncertainty and risk in the
macro outlook, but Fitch expects Guatemala to avoid negative
scenarios.

Solid Growth Momentum: Fitch estimates GDP grew by 3.7% in 2024, up
from 3.5% in 2023. This growth is favorable despite a major
contraction in public investment (-20%), supported by dynamic
private investment and consumption driven by higher real wages and
remittances. Fitch projects growth of 3.8% in the coming years, in
line with Guatemala's potential (3.5%-4.0%), driven by private
consumption and fiscal impulse amid increased social spending and
capex.

The growth outlook faces mixed risks. Upside potential could emerge
from successful execution of the government's spending plans, the
global nearshoring trend, or stronger-than-expected U.S. growth
that could boost remittances and exports. Conversely, stricter U.S.
immigration policies and trade protectionism could negatively
affect remittances and exports.

Robust External Liquidity: Fitch estimates the current account
surplus moderated to 2.5% of GDP in 2024 from 3.1%% in 2023, due to
widening deficits in the trade and services balances, partly offset
by larger remittance inflows. Fitch expects the current account to
remain in surplus over the forecast period, gradually declining to
2.2% by 2026 as strong domestic demand boosts imports and
remittances grow at a slower rate.

In 2024, reserves rose by 14.6% to USD24.4 billion, given the
current account surplus supporting large net FX purchases by the
Central Bank (BanGuat), and sovereign external borrowing. The
sovereign net foreign asset position, estimated at 9.8% of GDP in
2024, is well above the peer group median of 0.5% and the strongest
in Latin America.

Fiscal Deficits to Remain Low: The central government (CG) fiscal
deficit fell to 1.0% of GDP from 1.3% in 2023, below the 2.6%
projected in the modified budget passed in August 2024. Fiscal
revenues have averaged 12.4% of GDP in the last four years, a
significant improvement from 11.2% in 2019, potentially signaling a
stabilization in gains from the tax agency's administrative
efforts.

Expenditures to GDP fell to 13.4% from 13.7% in 2023, as
authorities operated with the smaller 2023 budget for most of 2024.
The general government fiscal balance was 0.0% in 2024, given the
surplus of the social security institute, well below the 'BB'
median of 3.2%.

Fitch projects a higher CG deficit of 2.2% in 2025, below the 3.1%
forecast in the 2025 budget. The budget projects revenues to grow
in line with GDP at 12.3%, which Fitch finds credible. Further
administrative gains in tax collections could offer some upside.
The budget forecasts a 2pp increase in expenditures to 15.4% of
GDP, mostly for social spending and capex, but Fitch expects a
smaller rise given execution challenges.

Debt Likely to Remain Low: The authorities resumed domestic
borrowing in 2024 after negative net issuance in 2023, which,
coupled with larger-than-usual Eurobond issuance and a lower fiscal
deficit, resulted in larger deposit accumulation. The budget
projects debt issuance to double to USD3.2 billion in 2025,
compared with the 2024 budget, mostly in the local market. Fitch
forecasts this will modestly raise consolidated general government
debt (net of social security holdings)/GDP to 25.2% in 2025, from
24.5% in 2024, still far below the 'BB' median of 53.3%.

Interest/revenues is projected to remain stable at 8.9%, in line
with the 'BB' median, reflecting a small debt stock but a narrow
revenue base.

Inflation Slows: Inflation has declined since mid-2023 to below the
official target of 4% +/-1pp, reaching 1.7% yoy as of Dec. 2024,
due to falling imported inflation and its secondary effects.
BanGuat has cut the policy rate by 50bps to 4.5% since August 2024,
roughly in line with the U.S. Federal Funds rate. Inflation
expectations remain anchored.

Agenda Progress, Governance Challenges: Despite governance
challenges in his first year, including the disqualification of his
Semilla party to function as a political block and legislative
fragmentation, President Arevalo advanced reforms and the 2025
budget in Congress. Fitch believes further progress on Arevalo's
agenda will depend on his ability to continue navigating complex
and fluid political dynamics in Congress, partly because of
uncertainty related to Semilla's party status.

Given these challenges, it is uncertain if Arevalo will be able to
deliver reforms that ensure lasting improvement in governance
beyond his term. Although governance challenges have not had major
macroeconomic spill overs, they remain a key barrier to upward
ratings momentum.

Guatemala's composite governance indicators were at the 27th
percentile in 2024, well below the peer median of 46, driven by
weak "control of corruption" and "rule of law". The U.S. government
under President Biden offered crucial support to Arevalo in his
transition and anti-graft efforts, including via sanctions on
individuals. Officials from the incoming Trump administration have
been critical of these sanctions, but have indicated they will
preserve them.

ESG - Governance: Guatemala has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model.
Guatemala has a low WBGI ranking at the 27th percentile, reflecting
relatively weak rights for participation in the political process,
weak institutional capacity, uneven application of the rule of law
and a high level of corruption.

RATING SENSITIVITIES

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

- Structural: Renewed social instability and/or political gridlock
that affect macroeconomic performance, budget approvals or
government financing flexibility;

- Macro: Lower-than-expected growth performance or weaker
medium-term growth prospects, for example, caused by lower
remittances or social unrest;

- Public Finances: A material widening of the fiscal deficit,
particularly should this be driven by erosion in tax collection.

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

- Macro: Continued strong economic momentum and evidence of
improved medium-term growth prospects;

- Structural: Evidence of improving governability and reduction in
political risk;

- Public Finances: Maintenance of prudent fiscal policy that
preserves low fiscal deficits and keeps debt/GDP broadly stable.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Guatemala a score equivalent to a
rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Guatemala is 'BBB-', two notches above the
LT FC IDR. This reflects strong constraints and incentives,
relative to the IDR, against capital or exchange controls being
imposed that would prevent or significantly impede the private
sector from converting local currency into foreign currency and
transferring the proceeds to non-resident creditors to service debt
payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+2 notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG Considerations

Guatemala has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Guatemala has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Guatemala has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Guatemala has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Guatemala has an ESG Relevance Score of '4'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Guatemala has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Guatemala has an ESG Relevance Score of '4[+]' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Guatemala, as for all sovereigns. As
Guatemala has track record of 20+ years without a restructuring of
public debt and captured in its SRM variable, this has a positive
impact on the credit profile.

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
   -----------                  ------           -----
Guatemala        LT IDR          BB   Affirmed   BB
                 ST IDR          B    Affirmed   B
                 LC LT IDR       BB   Affirmed   BB
                 LC ST IDR       B    Affirmed   B
                 Country Ceiling BBB- Affirmed   BBB-

   senior
   unsecured     LT              BB   Affirmed   BB




===========
G U Y A N A
===========

GUYANA: Inks Drone-Delivered Medical Aid with IDB
-------------------------------------------------
IDB Lab, the innovation and venture arm of the Inter-American
Development Bank (IDB), is partnering with 19Labs to pilot the use
of drone technology for delivering critical medical supplies to
some of Guyana's remote hinterland communities.

This initiative enhances the country's expanding telemedicine and
digital health network by providing a cost-effective, long-range,
two-way drone-delivery system that can transport medical supplies
in remote and geographically isolated regions.

The pilot is expected to benefit over 20,000 residents served by 15
telemedicine centers in most remote communities. By combining drone
delivery with telemedicine, the initiative will enhance supply
chain efficiency, reduce stockpiling of medical supplies and
associated waste, while ensuring that communities have regular and
emergency access to medications.

The success of this pilot will guide the nationwide expansion of
drone technology as a valuable complement to telemedicine
services.

19Labs is a pioneer in transforming rural healthcare solutions
across Latin America. Through its partnership with Guyana's
Ministry of Health, the company has introduced telemedicine
services to connect regional hospitals to remote health facilities.
The new drone program will enhance these efforts by ensuring timely
and reliable delivery of medical supplies and blood samples for lab
testing, improving access to care, and reducing transportation time
and costs.

"This project represents a monumental leap forward in our
commitment to innovation and excellence. By integrating
cutting-edge drone technology, we are not only enhancing healthcare
delivery in remote regions but also setting a new standard for
accessibility and efficiency," said Irene Arias Hofman, CEO of IDB
Lab. "This initiative underscores our dedication to addressing the
healthcare challenges faced by underserved communities and
reinforces our role in driving progress in health innovation."

19Labs' drone delivery solution goes beyond existing systems by
offering sustainable, extensible, and long-term solutions for rural
healthcare logistics. "Our work in Latin America has shown an
urgent need for drone delivery solutions for remote areas. No
provider offers a cost-effective, long-range, two-way drone system
for deliveries exceeding 100 kilometers safely. After a year of
development, we are proud to launch our solution in Guyana in early
2025," said Ram Fish, CEO and Founder of 19Labs.

The project will create training and local job opportunities for
drone operators, technicians, and community coordinators. It
includes the development of a scalable business model for
replication in other regions.

The partnership between IDB Lab and 19Labs exemplifies how
innovation and collaboration can transform healthcare systems and
set a precedent for sustainable, scalable healthcare solutions
across the globe.




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

JAMAICA: Alumina Exports Surge, But Trade Challenges Persist
------------------------------------------------------------
Jamaica Observer reports that Jamaica's alumina exports increased
by 25.9 per cent to US$447.3 million during the first nine months
of 2024, helping to mitigate significant declines in other export
categories.

This growth contributed to a 17 per cent rise in overall export
revenue from the mining and quarrying sector, which reached
US$500.7 million, according to data from the Statistical Institute
of Jamaica, according to Jamaica Observer.

Despite this positive performance in alumina exports, total
domestic exports rose by only 3.7 per cent to US$1,209.6 million,
the report notes.  Total exports, however, fell by 10.8 per cent to
US$1,360.5 million due to a sharp 57.8 per cent contraction in
re-exports, which were valued at US$150.9 million for the period,
the report discloses.

The broader export landscape revealed significant weaknesses across
key industries, the report says.  Agricultural exports dropped by
15.6 per cent to US$58.3 million, driven by reduced shipments of
staple products such as coffee, which declined by 32.1 per cent to
US$13.3 million; yams, which fell by 15.1 per cent to US$26.8
million; and herbs and spices, which decreased by 20.8 per cent to
US$4.2 million, the report disclsoes.  Manufacturing exports also
declined by 3.4 per cent to US$636.9 million, largely due to an 8
per cent reduction in refined petroleum product shipments, which
totalled US$306.9 million, and weaker demand for processed foods,
the report says.

On the import side, Jamaica's total spending fell by 4.2 per cent
to US$5,520.6 million, reflecting reduced imports of raw materials
and intermediate goods (down 12.4 per cent) as well as fuels and
lubricants (down 6.3 per cent), the report notes.  However,
consumer goods imports edged up by 1.2 per cent to US$1,442.8
million, while spending on capital goods excluding motor cars,
increased by 8.7 per cent to US$613.5 million, the report relays.

Jamaica's trade relationships with its major partners showed
evolving dynamics during the review period, the report notes.
Imports from the United States, Jamaica's largest trading partner,
fell by 9.6 per cent to US$2,123.9 million due to reduced spending
on mineral fuels and machinery and transport equipment, the report
says.  In contrast, imports from China rose by 12.5 per cent to
US$510.8 million, reflecting stronger economic ties with the Asian
economy, the report relays.

Export markets presented a mixed picture as revenues from Jamaica's
top five destinations — the United States, Russian Federation,
Iceland, Netherlands, and Canada — increased by 15.4 per cent to
US$967.1 million due to higher shipments of crude materials, such
as alumina, the report notes.

Trade with regional blocs highlighted further challenges for
Jamaica's external sector strategy, the report discloses.  Imports
from Caricom countries fell by 11.9 per cent to US$305.8 million
due primarily to lower spending on food and mineral fuels, while
exports declined by 12.6 per cent to US$106.7 million as earnings
from beverages and tobacco fell marginally and mineral fuel exports
contracted sharply, 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.




===========================
V I R G I N   I S L A N D S
===========================

JKL DIGITAL: Cork Gully & CPP Appointed as Liquidators
------------------------------------------------------
Stephen Cork and Hadley Chilton of Cork Gully and Glenn Harrigan of
CPP Financial Consultants Limited have been appointed as joint
liquidators of JKL Digital Capital Limited on Jan. 20, 2025 by an
order of the Eastern Caribbean Supreme Court in the High Court of
Justice British Virgin Islands, pursuant to Section 159 of the BVI
Insolvency Act, 2003.

Creditors of the company should submit details of their claims,
including their contact details and all relevant supporting
documents, as soon as possible.

The liquidators can be reached at:

          Stephen Cork
          Hadley Chilton
          Cork Gully
          1st Floor Royal Chambers
          St. Julian's Avenue
          St. Peter Port
          Guernsey GYI 3JX
          Website: corkgully.com
          Tel No: +44-020-7268 2150

          Email: stephencork@corkgully.com
          Tel No: +44(0)7880-788164

          Email: hadleychilton@corkgully.com
          Tel No: +44(0)7839-284610


          Glenn Harrigan
          CCP Financial Consultants Limited
          Road Town, Tortola VG 1110
          British Virgin Islands
          Email: gharrigan@ccpbvi.com
          Tel No: +1(284)494-6777




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

[] BOND PRICING: For the Week from Feb. 10 to Feb. 14, 2025
-----------------------------------------------------------
Issuer Name          Cpn   Price  Maturity        Cntry  Curr
-----------          ---   -----  --------        -----  ----
2W Ecobank SA         14.55  41.75  11/24/2029    BR    BRL
ACEN Finance Ltd  4  65.37               KY    USD
ACEN Finance Ltd  4  65.37               KY    USD
Aeropuerto Internacional 5.13  71.62   8/11/2061    PA    USD
Aeropuerto Internacional 4  75.41   8/11/2041    PA    USD
Aeropuerto Internacional 5.13  71.7    8/11/2061    PA    USD
Aeropuerto Internacional 4  75.33   8/11/2041    PA    USD
Aguas Do Rio 1 Spe SA  7.69   0.96   9/15/2042    BR    BRL
Aguas Do Rio 1 Spe SA  7.36   0.99   9/15/2034    BR    BRL
Aguas Do Rio 1 Spe SA  6.9   9.82   1/15/2034    BR    BRL
Aguas Do Rio 1 Spe SA  7.2   8.81   1/15/2042    BR    BRL
Alfa Desarrollo SpA  4.55  74.7  9/27/2051    CL    USD
Alfa Desarrollo SpA  4.55  74.66   9/27/2051    CL    USD
Alibaba Group Holding    3.15  66.06   2/9/2051     KY    USD
Alibaba Group Holding    2.7  69.08   2/9/2041     KY    USD
Alibaba Group Holding    3.25  63.14   2/9/2061     KY    USD
AMTD IDEA Group          1.5   7.5               KY    USD
AMTD IDEA Group          4.5  56.39               KY    SGD
Argentina Bonar Bonds  1  67.91   7/9/2029     AR    USD
Argentina Treasury Bond  3.3     45.8    4/30/2024    AR    USD
Argentine Int'l Bond  0.13  72.92   7/9/2030     AR    EUR
Ascent Finance Ltd  3.78  62.13   6/28/2047    KY    AUD
Ascent Finance Ltd  3.4  62.17   2/6/2043     KY    AUD
Ascent Finance Ltd  1.19  59.9  7/12/2047    KY    EUR
Astra Cumulative         1.5  66.73  11/1/2029     KY    USD
At Home Cayman         11.5  70.06   5/12/2028    KY    USD
At Home Cayman         11.5  66.6  5/12/2028    KY    USD
Athon Geracao            7.33   0.97   9/15/2041    BR    BRL
Athon Geracao            7.33   0.98   9/15/2041    BR    BRL
AYC Finance Ltd          3.9  63.25               KY    USD
Banco de Chile          3.12  70.88   2/21/2040    CL    AUD
Banco de Chile          2.8  67.53   3/13/2040    CL    AUD
Banco Santander          3.05  69.55   2/28/2039    CL    AUD
Banda de Couro S/A  7.96  38.14   1/15/2027    BR    BRL
Baraunas II              7.96   9.72   1/15/2027    BR    BRL
Bishopsgate Ltd          4.81  67.29   8/14/2044    KY    GBP
Bolivian Int'l Bond  4.5  62.65   3/20/2028    BO    USD
Bolivian Int'l Bond  7.5  63   3/2/2030    BO    USD
Bolivian Int'l Bond  4.5  62.56   3/20/2028    BO    USD
Bolivian Int'l Bond  7.5  63.07   3/2/2030     BO    USD
Brasol Participacoes    13.15   1.03   6/27/2027    BR    BRL
Brazilian Int'l Bond  4.8  70.53   1/14/2050    BR    USD
BRQ Solucoes EM         13.15  42.02   3/18/2025    BR    BRL
Caja de Ahorros          3.65  72.06  12/22/2031    PA    USD
CFLD Cayman Investment   2.5   4.1  1/31/2031    KY    USD
CFLD Cayman Investment   2.5   4.84   1/31/2031    KY    USD
CFLD Cayman Investment   2.5   3.07   1/31/2031    KY    USD
CFLD Cayman Investment   2.5   4.1  1/31/2031    KY    USD
CFLD Cayman Investment   2.5   4.91   1/31/2031    KY    USD
CFLD Cayman Investment   2.5   4.91   1/31/2031    KY    USD
CFLD Cayman Investment   2.5   4.14   1/31/2031    KY    USD
CFLD Cayman Investment   2.5   3.07   1/31/2031    KY    USD
CFLD Cayman Investment   2.5   3.07   1/31/2031    KY    USD
Chile Int'l Bond  3.5  69.98   1/25/2050    CL    USD
Chile Int'l Bond  4  75.74   1/31/2052    CL    USD
Chile Int'l Bond  3.25  59.92   9/21/2071    CL    USD
Chile Int'l Bond  3.86  75.66   6/21/2047    CL    USD
Chile Int'l Bond  3.1  72.57   5/7/2041     CL    USD
Chile Int'l Bond  3.1  59.8  1/22/2061    CL    USD
Chile Int'l Bond  3.5  68.64   4/15/2053    CL    USD
Chile Int'l Bond  1.25  70.14   1/29/2040    CL    EUR
Chile Int'l Bond  1.25  56.4  1/22/2051    CL    EUR
CK Hutchison             3.38  72.54   9/6/2049     KY    USD
CK Hutchison 19 II Ltd  3.38  72.71   9/6/2049     KY    USD
CK Hutchison 20 Ltd  3.38  72.46   5/8/2050     KY    USD
CK Hutchison 20 Ltd  3.38  72.37   5/8/2050     KY    USD
Colombia Int'l Bond  5  69.42   6/15/2045    CO    USD
Colombia Int'l Bond  3.88  54.03   2/15/2061    CO    USD
Colombia Int'l Bond  4.13  58.78   5/15/2051    CO    USD
Colombia Int'l Bond  5.2  69.16   5/15/2049    CO    USD
Colombia Int'l Bond  5.63  75.39   2/26/2044    CO    USD
Colombia Int'l Bond  4.13  64.74   2/22/2042    CO    USD
Colombia Int'l Bond  7.25  59.83  10/26/2050    CO    COP
Colombia Int'l Bond  6.25  65.57   7/9/2036     CO    COP
Colombia Int'l Bond  6.25  65.57   7/9/2036     CO    COP
Colombia Int'l Bond  7.25  59.83  10/26/2050    CO    COP
Colombian TES          6.3  65.21   7/9/2036     CO    COP
Colombian TES          7.3  59.62  10/26/2050    CO    COP
CODELCO                  3.15  60.47   1/15/2051    CL    USD
CODELCO                  3.15  60.43   1/15/2051    CL    USD
CODELCO                  3.7  66.98   1/30/2050    CL    USD
CODELCO                  3.7  66.96   1/30/2050    CL    USD
CODELCO                  3.58  74.6  7/22/2039    CL    AUD
Eco Securitizadora   5   0  7/15/2025    BR    BRL
Ecopetrol SA          5.9  71.27   5/28/2045    CO    USD
Ecopetrol SA          5.88  68.44  11/2/2051     CO    USD
eHi Car Services Ltd    12  67.92   9/26/2027    KY    USD
eHi Car Services Ltd  7  70.39   9/21/2026    KY    USD
El Salvador Int'l Bond  0.25   1.99   4/17/2030    SV    USD
El Salvador Int'l Bond  0.25   1.97   4/17/2030    SV    USD
Elektra Noreste SA  3.87  72.89   7/15/2036    PA    USD
Elektra Noreste SA  3.87  72.89   7/15/2036    PA    USD
Embotelladora Andina SA  3.95  74.85   1/21/2050    CL    USD
Embotelladora Andina SA  3.95  74.98   1/21/2050    CL    USD
Embotelladora Andina SA  6.5  14.43   6/1/2026     CL    CLP
EFE                  3.07  58.52   8/18/2050    CL    USD
EFE                  3.83  64.05   9/14/2061    CL    USD
EFE                  3.07  58.59   8/18/2050    CL    USD
EFE                  6.5  5.59  1/1/2026     CL    CLP
EFE                  3.83  64.02   9/14/2061    CL    USD
ETESA                  5.13  72.51   5/2/2049     PA    USD
ETESA                  5.13  72.98   5/2/2049     PA    USD
Metro                    3.69  64.73   9/13/2061    CL    USD
Metro                    3.69  64.81   9/13/2061    CL    USD
Metro                    5.5  36.07   7/15/2027    CL    CLP
ENA Master Trust  4  74.24   5/19/2048    PA    USD
ENA Master Trust  4  74.29   5/19/2048    PA    USD
Enel Generacion Chile    6.2  24.11  10/15/2028    CL    CLP
Equatorial Goias        13.62   1.07  10/15/2029    BR    BRL
Equatorial Para         13.86   1.04   5/15/2028    BR    BRL
Esval SA          3.5   6.74   2/15/2026    CL    CLP
Exata Participacoes16  1.3          8/15/2028    BR    BRL
Exata Participacoes16  1.3          8/15/2028    BR    BRL
Fospar S/A          6.53   1  5/15/2026    BR    BRL
Generacion Mediterranea  6.5   0.01   7/28/2026    AR    ARS
General Shopping        10  63.57        KY    USD
General Shopping        10  64               KY    USD
Genneia SA          2  73.3  7/14/2028    AR    USD
Greenland HK            10.21  15.14               KY    USD
Grupo Casas Bahia       13.94   1.03  11/28/2030    BR    BRL
Grupo Casas Bahia       13.95   1.04  11/28/2029    BR    BRL
Grupo Casas Bahia       13.94   1.03  11/28/2030    BR    BRL
Herbalife Ltd          4.25  70.75   6/15/2028    KY    USD
ICBC DO Brasil           3.3  60.07               BR    USD
Kanastra-1 Co           14.65   1.05  10/11/2027    BR    BRL
Lani Finance Ltd  3.14  63.49  10/19/2048    KY    AUD
Lani Finance Ltd  1.7  67.18   3/14/2049    KY    EUR
Lani Finance Ltd  1.85  69.57   9/20/2048    KY    EUR
Lani Finance Ltd  1.92  70.62  10/19/2048    KY    EUR
Lani Finance Ltd  2.87  61.86   4/23/2048    KY    AUD
Light Servicos           4.21  45 12/19/2032    BR    USD
Link Finance Cayman      2.18  74.38  10/27/2038    KY    HKD
LIPSA Srl          2.99  0.01    8/23/2025    AR    USD
Logan Group Co Ltd  7  4.01               KY    USD
Longfor Group Holdings   3.85  70.09   1/13/2032    KY    USD
Luminis III Ltd          2.32  48.21   9/22/2048    KY    USD
Luminis III Ltd          2.42  52.99   9/22/2048    KY    AUD
Luminis IV Ltd          3.15  68.91   1/22/2042    KY    AUD
Luminis Ltd          2.31  52.44   9/22/2048    KY    AUD
Lunar Funding I Ltd  1.66  65.52   8/11/2056    KY    GBP
Marfrig Global Foods    14.07   0.91  11/7/2028     BR    BRL
Mizuho Markets Cayman   18.21  35.03   1/22/2026    KY    USD
MTR Corp CI Ltd          3.38  75.38   6/2/2046     KY    USD
MTR Corp CI Ltd          3.38  75.36   6/15/2046    KY    USD
New World China Land     4.8  63.23   1/23/2027    KY    USD
NIO Inc                  3.88  74.03  10/15/2029    KY    USD
NIO Inc                  4.63  72.75  10/15/2030    KY    USD
Panama Gov't Int'l Bond  3.87  55.26   7/23/2060    PA    USD
Panama Gov't Int'l Bond  4.5  62.65   4/1/2056     PA    USD
Panama Gov't Int'l Bond  4.5  64.69   4/16/2050    PA    USD
Panama Gov't Int'l Bond  2.25  72.66   9/29/2032    PA    USD
Panama Gov't Int'l Bond  4.5  61.42   1/19/2063    PA    USD
Panama Gov't Int'l Bond  4.3  62.36   4/29/2053    PA    USD
Panama Gov't Int'l Bond  4.5  66.9  5/15/2047    PA    USD
Peruvian Int'l Bond  2.78  54.49  12/1/2060     PE    USD
Peruvian Int'l Bond  3.55  68.81   3/10/2051    PE    USD
Peruvian Int'l Bond  3.3  73.3  3/11/2041    PE    USD
Peruvian Int'l Bond  3.23  54.23   7/28/2121    PE    USD
Peruvian Int'l Bond  3.6  62.26   1/15/2072    PE    USD
Petroleos del Peru SA  5.63  65.05   6/19/2047    PE    USD
Petroleos del Peru SA  5.63  65.01   6/19/2047    PE    USD
Petrolera Energia SA  5.5   0.01   1/23/2026    AR    USD
Provincia de Cordoba  7.13  24.79  10/27/2026    AR    USD
Provincia de la Rioja  7.5  57.26   7/20/2032    AR    USD
Provincia del Chaco      4   0.01  12/4/2026     AR    USD
Prumo Logistica SA  6.97   1.07   1/15/2026    BR    BRL
Prumo Logistica SA  6.97   1.04   1/15/2032    BR    BRL
Prumo Logistica SA  6.97   1.07   1/15/2028    BR    BRL
QNB Finance Ltd          2.85  74.46  12/4/2035     KY    AUD
QNB Finance Ltd          3.36  70.53  10/21/2039    KY    AUD
Rech Agricola S/A 14.15   1.     1/1/2030     BR    BRL
Silk Road Investments    2.85  66.55   1/23/2042    KY    AUD
Skylark Ltd          1.77  58.95   4/4/2039     KY    GBP
Autopista Central  5.3  25.55  12/15/2026    CL    CLP
Vespucio Norte Express   5.3  40.88  12/15/2028    CL    CLP
SQM                  3.5  65.59   9/10/2051    CL    USD
SQM                      3.5  65.78  9/10/2051    CL    USD
Southern Water           3  68.55  5/28/2037    KY    GBP
SPE Saneamento Rio 4 SA  7.69   0.96  9/15/2042    BR    BRL
SPE Saneamento Rio 4 SA  6.9   9.88  1/15/2034    BR    BRL
SPE Saneamento Rio 4 SA  7.36   0.99  9/15/2034    BR    BRL
SPE Saneamento Rio 4 SA  7.2   9.21  1/15/2042    BR    BRL
Special Grains SA        3.8   0.01 11/5/2025     AR    USD
Sylph Ltd          2.66  67.67   3/25/2036    KY    USD
Sylph Ltd          2.37  63.19   9/25/2036    KY    USD
Telefonica del Peru      7.4  55.96   4/10/2027    PE    PEN
Telefonica del Peru      7.38  55.96   4/10/2027    PE    PEN
Tencent Holdings  3.29  63.87   6/3/2060     KY    USD
Tencent Holdings  3.24  67.32   6/3/2050     KY    USD
Tencent Holdings  3.84  74.93   4/22/2051    KY    USD
Tencent Holdings  3.94  73.45   4/22/2061    KY    USD
Tencent Holdings  3.84  75.06   4/22/2051    KY    USD
Tencent Holdings  3.24  67.46   6/3/2050     KY    USD
Tencent Holdings  3.29  63.92   6/3/2060     KY    USD
Tencent Holdings  3.94  73.42   4/22/2061    KY    USD
Three Gorges Finance     3.2  73.94  10/16/2049    KY    USD
Travessia               13.29  35 10/7/2030     BR    BRL
Travessia         13.15   1.01   4/27/2029    BR    BRL
Travessia         13.15   1.01   4/27/2029    BR    BRL
Travessia         13.15   1.03   4/27/2029    BR    BRL
Travessia         13.15   0.18   4/27/2029    BR    BRL
Travessia de Creditos    9   1.61   1/20/2032    BR    BRL
True Securitizadora     13.15  70.25   3/25/2030    BR    BRL
Uruguay Notas del        2.45  68.83   1/27/2037    UY    UYU
Uruguay Notas del        1.8  70.16   8/29/2033    UY    UYU
Uruguay Notas del        2.2  57.11   5/13/2040    UY    UYU
Uruguay Notas del        2.25  68.73   7/20/2036    UY    UYU
Uruguay Notas del        2  47.77   9/1/2047     UY    UYU
Vert                    13.32  22.88   4/16/2029    BR    BRL
Virgo Cia De             6.97   0.93   6/5/2038     BR    BRL
Virgo Cia De            14.39   1.66   6/5/2038     BR    BRL
Virgo Cia De            14.39   1.66   6/5/2038     BR    BRL
Vortex Opco LLC          8  33.73   4/30/2030    KY    USD
Vortex Opco LLC          8  33.97   4/30/2030    KY    USD
Zhongliang Holdings      5   6.82   7/1/2027     KY    USD
Zhongliang Holdings      5   6.62   7/1/2027     KY    USD
Zhongliang Holdings      5   6.62   7/1/2027     KY    USD



                           *********


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
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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.
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