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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

          Friday, March 7, 2025, Vol. 26, No. 48

                           Headlines



A R G E N T I N A

ARGENTINA: Appoints Ambassador to United States via Decree
YPF SA: Equinor Approaches Firm on Argentina Shale Assets Sale


B A H A M A S

FTX GROUP: Customer Committee Seeks $3 Million in Ch. 11 Fees


B R A Z I L

SIMPAR SA: S&P Affirms 'BB-' Global Scale LongTerm ICR


J A M A I C A

JAMAICA: Gov't Accepts 91 Bids for $12 Billion Investment Note
JAMAICA: Smaller Firms Have Delayed Financial Filings
JAMAICA: Trade Deficit Narrows as Imports Decline Amid Challenges


T R I N I D A D   A N D   T O B A G O

NORTH AMERICAN TRADING: Trinidad and Tobago Gov't to Pay $70,000

                           - - - - -


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

ARGENTINA: Appoints Ambassador to United States via Decree
----------------------------------------------------------
Buenos Aires Times reports that President Javier Milei has
appointed entrepreneur Alejandro Oxenford as Argentina's new
ambassador to the United States by decree.

Oxenford, 56, was chosen for the role last November but the
government only sent his formal nomination papers to the Senate in
mid-February.  The decision to appoint the businessman by decree
was announced by Presidential Spokesperson Manuel Adorni.

Oxenford is not a career ambassador and as his appointment is
political, it must be approved by the upper house, the report
notes.

The decree naming him as Argentina's envoy in Washington was signed
on the same day President Milei appointed judges Ariel Lijo and
Manuel Garcia-Mansilla to the Supreme Court via the same process,
the report discloses.  That decision has been fiercely criticised
by the opposition and allies of the government, the report says.

Argentina's Embassy in Washington is the nation's most important
ambassadorial post and Oxenford will be expected to deepen ties
with the US President Donald Trump's administration, the report
relays.

The diplomatic outpost has has been without an ambassador since
last October, when Gerardo Werthein stepped down to replace the
departing Diana Mondino as Argentina's foreign minister, the report
says.

                  Oxenford's Background

Oxenford is a technology entrepreneur who began his career in the
1990s with the dotcom boom, the report notes.  He has a strong
track record as an entrepreneur and was one of the pioneers in the
development of Latin American e-commerce platforms, the report
discloses.

Oxenford was born and raised in Palermo, Buenos Aires, and studied
business administration at the Catholic University of Argentina
(UCA) before receiving an MBA from Harvard University, the report
relays.

A successful businessman and entrepreneur, his first major venture
was DeRemate.com, an online auction site that competed fiercely
with e-commerce giant MercadoLibre in the early 2000s and was
eventually sold to its rival in 2005 for US$40 million, the report
relates.

In 2006, 'Alec' (as he is known to his friends) co-founded OLX
(Online Exchange), an online classifieds platform that quickly
gained popularity in emerging markets such as India and Brazil, the
report recalls. In 2014, he launched letgo, a mobile classified ad
app in the United States, the report notes.  Both firms went on to
be classified as "unicorns" – start-ups whose market valuation
exceeds US$1 billion or more, the report relays.

A keen art collector who previously directed the famed arteBA
Foundation and arteBA art fair, Oxenford now takes on the challenge
of strengthening trade and diplomatic ties with the world's biggest
superpower, the report adds.

                  About Argentina

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

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

In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.

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

On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.


YPF SA: Equinor Approaches Firm on Argentina Shale Assets Sale
--------------------------------------------------------------
Jonathan Gilbert & Kari Lundgren at Bloomberg News report that
equinor ASA has discussed selling stakes in Argentine shale oil
assets to its joint venture partner, state-run oil company YPF SA,
according to a person familiar with the matter.

Equinor has held early-stage talks with YPF, which would have
preferential rights in any divestment process, said the person, who
asked not to be identified as the discussions are private,
according to Bloomberg News.

Equinor, Norway's biggest oil company, has started a process to
value and assess the assets, said another person close the
situation, Bloomberg News relays.

Argentine energy publication EconoJournal reported that Equinor had
begun a process to divest its shale assets, Bloomberg News notes.

The market-oriented policies of Argentine President Javier Milei
are helping to catalyse growth in the Vaca Muerta shale region,
Bloomberg News discloses.  The government has a goal of producing
one million barrels of crude daily within a few years, more than
double current output, Bloomberg News says.

Under Milei's hand-picked management team, YPF is focusing its
efforts on the shale patch while offloading aging, conventional oil
fields, Bloomberg News relays.  The company recently opened a
remote shale-operations center at its Buenos Aires headquarters and
acquired a majority stake in a shale-gas field from Exxon Mobil
Corp and Qatar Energy for about US$300 million, Bloomberg News
notes.

Nevertheless, the risks associated with doing business in Argentina
have led several foreign oil companies to exit the country in
recent years, or remain only lightly invested, leaving homegrown
drillers to exploit the shale patch, Bloomberg News says.

Equinor owns a 30 percent stake in the Bandurria Sur area, which
lies in YPF's shale production heartland, Bloomberg News discloses.
YPF owns 40 percent of Bandurria Sur. The companies also hold 50
percent each of the Bajo del Toro project, located further north in
a less-developed, exploratory region, Bloomberg News adds.

As reported in the Troubled Company Reporter-Latin America in
January 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'CCC'.
Additionally, Fitch has affirmed YPF's outstanding senior unsecured
notes at 'CCC' with Recovery Rating of 'RR4'.  The company's
Standalone Credit Profile (SCP) remains 'b', and its ratings are
aligned with Fitch's "Government Related Entities Criteria,"
reflecting government ownership and strategic importance.




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B A H A M A S
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FTX GROUP: Customer Committee Seeks $3 Million in Ch. 11 Fees
-------------------------------------------------------------
Clara Geoghegan at law360.com reports that a committee of non-U.S.
FTX customers has told the Delaware bankruptcy court the group
played an essential role in getting FTX's Chapter 11 plan
confirmed, urging a judge to approve its application for roughly
$2.7 million in fees.

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.  SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




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B R A Z I L
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SIMPAR SA: S&P Affirms 'BB-' Global Scale LongTerm ICR
------------------------------------------------------
S&P Global Ratings affirmed its global-scale long-term issuer
credit and national scale ratings on Simpar at 'BB-' and 'brAA+',
respectively. S&P also affirmed the issue-level ratings on the
company's senior unsecured debentures and senior notes, with a
recovery rating of '4' (35%).

The stable outlook indicates S&P's expectation that the group will
remain focused on efficiency measures to balance continued high
interest rates.

Brazil's high base interest rate and Simpar S.A.'s elevated debt
levels will pressure the group's credit metrics in 2025 and 2026,
with EBIT interest coverage between 1.1x-1.3x and funds from
operations (FFO) to debt of 10%-13%.

Still, the group has been vocal on efficiency measures and
liability management to somewhat offset the heavy interest burden,
leading S&P to now expect more moderate revenue growth with lower
capital expenditure (capex).

S&P said, "We forecast EBIT interest coverage of 1.4x and FFO to
debt near 10% in 2024, which is generally in line with our previous
expectations. However, the higher interest rates of 14% on average
in 2025 and 13.6% in 2026 will pressure such metrics and led us to
revise down our forecasts. We now expect EBIT interest coverage of
1.1x in 2025 and 1.3x in 2026, versus 1.6x-1.8x before, and FFO to
debt of 10%-13% in 2025-2026, versus 13%-17% before.

"In our view, Simpar's scale, diversified business model in the
transportation industry with resilient end market exposure, and
relevant portion of EBITDA pegged to long-term contracts provide
important cash flow predictability during economic downturns.
Moreover, we believe the group is committed to reducing leverage,
mainly through higher operating cash flows and focusing on
liability management. We expect debt to EBITDA of below 4.0x in the
next two years, versus our expectation of about 4.5x by year-end
2024 and 4.8x in 2023.

"We forecast the group's subsidiaries will continue working on
efficiency measures, gradually expanding EBIT margin in the coming
years. We expect Movida, the second largest rent-a-car (RaC) and
long-term fleet management operator domestically, to increase rates
and improve utilization rates for RaC to 80%-85% in the next years
from 75%-80% in 2024 by aligning fleet size to demand. Vamos,
Brazil's largest truck and equipment rental operator, should also
continue signing new contracts with higher prices incorporating
higher interest rates, with limited fixed-cost expansion.
Furthermore, we think JSL will maintain its leadership position as
an integrated logistics operator with the signing of new contracts
and deployment of relevant backlog. Additionally, we expect Automob
to continue absorbing synergies from past mergers and acquisitions
(M&A) and increase returns with a higher number of units sold per
square foot.

"That said, we forecast Simpar's consolidated EBIT margin above 20%
from 2025, compared with 19.7% by year-end 2024.

"After reaching a relevant market position in most segments in
which it operates, we expect lower capex from Simpar in the next
couple of years. After growing significantly in the past few years,
with capex representing 2x-3x EBITDA for several periods, we now
forecast capex will represent about half of EBITDA in the coming
years. The group has consolidated itself among the top players in
most of the segments it which it operates, importantly via M&A
financed with debt. We now expect it to focus on organic growth to
sustain its relevant market positions. We forecast consolidated net
capex of about Brazilian real (R$) 5.7 billion in 2025 mostly
directed to meet new contracts and fleet renewal at Vamos (R$2.5
billion) and Movida (R$1.2 billion) and to meet new contracts at
JSL (R$850 million). We expect Movida and JSL to finance most of
the capex with internal cash, while Vamos will partially fund it
with new debt. With the expected gradual easing of interest rates
from 2026, we expect somewhat higher capex of about R$7.2 billion.

"The stable outlook reflects our view that Simpar group will remain
focused on efficiency measures to balance sustained high interest
rates. We also expect more modest revenue growth this year amid
lower capex. During this period, we don't envision large M&A, and
expect growth to be mostly organic. We forecast FFO to debt of
about 10% in 2025 and above 12% in 2026, and EBIT interest coverage
of 1.1x in 2025 and 1.3x in 2026.

"We could lower the ratings in the next 12-18 months if the group's
cash flows are further pressured amid higher interest rates or
weaker operations than in our base case. Although unlikely
considering the current focus on deleveraging, this could also
happen if the group adopts a more aggressive growth strategy funded
with debt and not accompanied by cash flows. For a downgrade, we
would need to see persistently higher leverage, with EBIT interest
coverage sustained below 1.3x and FFO to debt below 12%.

"In our view, an upgrade is unlikely in the next 12-18 months due
to the high interest rates pressuring Simpar's credit metrics. For
an upgrade, we would expect the company to maintain an EBIT margin
comfortably above 20% and much lower leverage. We would also expect
it to reach and maintain EBIT interest coverage of at least 1.7x
and FFO to debt trending to 20%."




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

JAMAICA: Gov't Accepts 91 Bids for $12 Billion Investment Note
--------------------------------------------------------------
RJR News relays that the Jamaican government is reporting that it
received 197 bids valued at $23.95 billion dollars for the 12
billion it was seeking to raise from its 10-year -7.5% per annum
fixed rate benchmark investment note.

The government however, says it accepted only 91 bids amounting to
the $12 billion, according to RJR News.

The average yield for the successful bids was 6.32% per annum,
while the lowest bid submitted was 6% per annum for $250 million
and the highest bid was 8.42% per annum for $300 million, the
report relays.

            125 Bids Accepted to $14 Billion Note

Meanwhile, the government also says a total 188 bids valued at
$23.71 billion were submitted for the $14 billion it was seeking
from the issuance of its 6.75 year- 9.625% per annum benchmark
investment note, the report relays.

But only 125 of these bids were accepted and only $14 billion
allocated, the report notes.

The average yield was 6.36% per annum, while the lowest submitted
bid was 5.98% per annum for $400 million, the report says.  The
highest bid was 6.84% per annum for $650 million, the report
relays.

                       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.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  


JAMAICA: Smaller Firms Have Delayed Financial Filings
-----------------------------------------------------
Jamaica Observer reports that Jamaica's Junior Market listings are
facing increasing regulatory scrutiny as delayed audits and repeat
compliance failures expose stark disparities with larger peers, new
data show, testing the stock exchange's balancing act between
market integrity and nurturing small-cap growth.

November 2024 enforcement records released by the Jamaica Stock
Exchange (JSE) last month expose stark disparities between the
junior and main markets, with smaller firms accounting for
three-quarters of delayed financial filings despite constituting
just 38 per cent of listed entities, according to Jamaica
Observer.

Andrae Tulloch, chief regulatory officer at the JSE's Regulatory
and Market Oversight Division (RMOD), speaking to reporters at the
Jamaica Observer Business Forum in January, acknowledged the
compliance issues, especially as it relates to Junior Market-listed
companies, the report notes.

"One of the significant challenges . . .  is the . . . delays in
the filing of auditing financial statements," Tulloch pointed out,
the report relays.

Junior Market entities accounted for 75 per cent of all late
financial submissions in November 2024, the report discloses.

Of the eight companies across both the Junior and Main Markets that
were late in submitting their audited financials and/or annual
reports for the month, six were from the Junior Market, the report
says.  These include EduFocal Limited, Medical Disposables &
Supplies Limited, MFS Capital Partners Limited, Tropical Battery
Company Limited, Express Catering Limited, and Fontana Limited, the
report notes.

By the end of November, two of these companies - Express Catering
Limited and Fontana Limited - had rectified their breaches by
submitting their audited reports on November 25 and November 29,
respectively. However, four Junior Market companies - EduFocal
Limited, Medical Disposables & Supplies Limited, MFS Capital
Partners Limited, and Tropical Battery Company Limited - remained
in breach at the close of the month, the report notes.  Since then,
all have rectified the identified breaches except MFS which, up to
February 27, 2025, was the only company yet to sort out its
compliance issues, the report says.

In addition to the Junior Market breaches, two Main Market
companies - Pulse Investments Limited and NCB Financial Group
Limited - also failed to meet their audited financial reporting
deadlines, the report relays.  These delays have contributed to
broader concerns about timely compliance with regulatory
requirements, which the JSE continues to address through
enforcement measures and collaborative efforts with stakeholders,
the report discloses.

The JSE acknowledges that while unaudited reports are generally
submitted on time, audited financials pose a greater challenge due
to their reliance on third-party verification processes, the report
relays.  The exchange has emphasised its commitment to working with
listed companies, especially those on the Junior Market, to improve
compliance rates and ensure market integrity, the report says.

"From the regulator's standpoint, we're unable to eliminate it
totally. However, through constant engagement, we have seen where
there have been improvement in companies who have been under the
whip, and we expect to continue that continuous engagement through
our orientation sessions, through our reminder letters, through our
engagement with them when we're seeing that they are in problems to
have a discussion to say what is really happening," Tulloch noted,
the report notes.

He went on to suggest that part of the solution to the problem may
mean Junior Market companies have to change their financial year to
periods in which audit firms are less busy, the report relates.

"It might be an issue now with the stakeholders looking at how they
structure their year-end, how they entice additional persons to
enter the audit profession," Tulloch said, seguing into a broader
issue — the lack of adequate auditors or availability of
accountants in Jamaica to audit the companies on time, the report
notes.  The Institute of Chartered Accountants of Jamaica (ICAJ)
has noted the problem in previous reports in the Jamaica Observer
and also suggested that the JSE could vary the reporting time for
companies to help compliance.

"I do believe there is a big problem with the accounting community.
I know [Jamaica Observer] has been reporting on it. And I know the
ICAJ recognises it. There is a challenge [with getting auditors],
and I think the people who suffer are the smaller companies and the
more complicated companies," Steven Whittingham, chairman of the
JSE, chipped in, the report says.

"The smaller companies are the ones that are on the fringes that
are impacted," he added.

The records show Junior Market companies averaged 14.5-day delays
in submitting required disclosures — more than double the 6.2-day
lag recorded by Main Market counterparts, the report discloses.
Nearly half (43 per cent) became repeat offenders within a 12-month
period, compared to 17 per cent of larger firms, the report relays.
EduFocal Limited, a Kingston-based education technology provider,
exemplifies systemic challenges, having failed to resolve annual
report deficiencies since April 2024 despite multiple enforcement
actions, the report says.

Tulloch, who was speaking ahead of the February 18 release of the
JSE's Monthly Regulatory Report for November 2024, said the
exchange is "committed to engaging" offenders and has started
research to determine some of the causes of the compliance
breaches, but added that preliminarily, it is down to a number of
factors, the report notes.

"The combination of factors includes possibly [issues with]
internal processes at listed companies, issues in terms of audit
resources, issues in terms of the growth of the accounting and
auditing standards," Tulloch added.

Four Junior Market firms endured suspensions last year for breaches
- double the Main Market's tally - while 73 per cent of November's
26 regulatory breaches involved smaller entities, according to the
JSE's Monthly Regulatory Report for November 2024, the report
recalls.

Overall, timely filing rates declined slightly for unaudited
reports going down from 95 per cent in 2023 to 87 per cent in 2024,
while audited report compliance improved to 67 per cent from 40 per
cent, the report says.

Tulloch said the exchange is working "to alleviate this issue" -
referring to regulatory breaches - though he admits to being "a bit
more lenient" than regulators in other jurisdictions and outlined,
"I'm not sure how much more the stock exchange can do," the report
notes.

Still, he pointed out that since the RMOD was created as an
independent arm and "there has been a significant increase in the
compliance level for listed companies and member dealers in respect
to their filings," the report says.

"So it's for us to now continue to safeguard that and work on
improving that situation. We're seeing, since the turn of COVID,
that there has been a deterioration. So it's for us to investigate
and have that sort of discussion with our stakeholders to see how
can we arrest this," the report relays.

A possible reason for there being more breaches on the Junior
Market than Main Market may also come down to Junior Market
companies facing no monetary fines for breaches of JSE Junior
Market rules, the report notes.

Productive Business Solutions Limited (PBS), a listed company
subject to Main Market rules, was fined $5,000 every day its
audited financials were late during 2024. Based on the report being
227 days past due, PBS was subject to a fine of $1.135 million, the
report discloses.  It also faced a $5,000 a day fine for every day
its annual report was late as well. PBS was suspended from trading
between July to November 2024 for its late audited financials, the
report relays.

In contrast, MFS Capital, Kintyre Holdings (Ja) (formerly iCreate),
and EduFocal Limited, companies that have been suspended and have
submitted their audited numbers late over the last two years, have
not paid a fine for the late submission of their financials or any
other JSE rule breach, the report relates.  ISP Finance Services
Limited, another Junior Market-listed company, faced no monetary
fine for submitting its 2022 annual report in January 2024 when it
was due from April 2023, the report recalls.

The JSE's Regulatory Report only indicates the listed breaches for
Junior Market Companies, while Main Market companies are written up
and fined under the relevant JSE rules for their breaches, the
report notes.  JSE Managing Director Marlene Street Forrest had
told this publication in June 2022 that the JSE was considering the
imposition of fines for Junior Market companies related to any
breach of the rules, the report says.  The latest publicly
available JSE Junior Market rule book does not stipulate any fines
for companies listed on that market, 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.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  


JAMAICA: Trade Deficit Narrows as Imports Decline Amid Challenges
-----------------------------------------------------------------
Dashan Hendricks at Jamaica Observer reports that Jamaica recorded
a 3.4 per cent contraction in merchandise imports through October
2024 while weathering an 11.8 per cent export decline, according to
new data from the Statistical Institute of Jamaica (Statin),
signalling structural economic shifts amid global market
turbulence.

Jamaica's trade deficit narrowed slightly to US$4.63 billion in the
first 10 months of 2024, compared to US$4.65 billion during the
same period in 2023, offering modest relief amid broader economic
challenges, according to Jamaica Observer.  The narrowing was
primarily driven by reduced import spending on raw materials and
fuels rather than robust export growth, the report notes.

The nation spent US$6.14 billion on imports from January to October
2024, down from US$6.35 billion in the same period last year, the
report relays.  The decline was led by reduced purchases of raw
materials and intermediate goods (-11.0 per cent) and fuels (-6.1
per cent), suggesting slower industrial activity and energy
conservation efforts, the report notes.  Notably, imports of
industrial supplies like inorganic chemicals fell by 12.6 per cent,
while construction materials - including steel products - plummeted
by 13.5 per cent, the report discloses.

However, consumer spending remained resilient, the report says.
Imports of household goods rose 3.3 per cent, driven by higher
demand for food and beverages (+6.7 per cent) and non-durables like
clothing (+1.1 per cent), the report relays.  Vehicle imports also
edged up 1.9 per cent, reflecting sustained private consumption,
the report notes.

But the export sector struggles amid a falloff in re-exports, the
report discloses.  Total exports fell to US$1.51 billion, an 11.8
per cent year-over-year decline, the report relays.  The sharp 61.5
per cent drop in re-exports - goods imported and resold abroad - to
US$158.4 million accounted for most of this slump, the report says.
Statin attributed this to reduced transshipment activity,
potentially linked to global supply chain adjustments, the report
notes.

Domestic exports provided a silver lining, growing 4 per cent to
US$1.35 billion, the report says.  The mining sector led this
growth, with alumina exports surging 26.3 per cent to US$499.6
million, offsetting a 17.5 per cent decline in bauxite shipments,
the report relays.  In contrast, manufacturing exports dipped 3.4
per cent, led by an 8 per cent drop in refined petroleum products,
while agriculture faltered 15 per cent due to weaker yam, coffee,
and spice sales, the report notes.

         Geopolitical Shifts Reshape Trade Partnerships

The United States retained its position as Jamaica's largest
trading partner in 2024, but trade patterns revealed significant
changes. Imports from Jamaica's top five suppliers - the US, China,
Brazil, Japan, and Colombia - declined by 5.1 per cent
year-over-year to US$3.71 billion, the report discloses.  This
contraction was largely driven by a 9 per cent drop in imports from
the US, which totaled US$2.36 billion, the report notes.  A
reduction in fuel imports, down 8 per cent, was a key factor behind
this decline, the report says.

On the export side, shipments to the US fell 12.6 per cent to
US$613.9 million, reflecting weaker demand for Jamaican goods in
its largest market, the report relays.  However, Russia emerged as
Jamaica's second-largest export destination, with shipments surging
25.2 per cent to US$147.3 million, fuelled by increased demand for
crude materials, the report notes.  Iceland and the Netherlands
also posted double-digit growth in imports from Jamaica,
highlighting diversification in export markets, the report says.

Regionally, trade presented a mixed picture, the report relays.
Imports from the European Union (EU) rose 4.7 per cent, driven by
increased purchases of machinery and food products, but exports to
the EU dropped 16.5 per cent, reflecting reduced demand for
Jamaican goods such as crude materials, the report notes.  In
contrast, trade with Caricom countries weakened on both fronts:
imports fell 8.1 per cent to US$345.4 million, while exports
declined by 16.4 per cent to US$119.4 million due to a sharp
reduction in fuel exports, the report adds.

      Sectoral Spotlight: Mining Boom vs Manufacturing Slump

Jamaica's mining sector was a standout performer in 2024, with
total revenue from mining and quarrying growing 18 per cent
year-over-year to US$558.8 million, the report relays.  Alumina
exports surged by 26.3 per cent to US$499.6 million, accounting for
37 per cent of domestic exports and offsetting a 17.5 per cent
decline in bauxite shipments, the report says.

In contrast, manufacturing struggled, with export earnings falling
3.4 per cent to US$708.1 million, the report notes.  Refined
petroleum products led the decline with an 8 per cent drop to
US$345.6 million, while food and beverage exports dipped slightly
by 0.7 per cent, the report discloses.  Rum exports were
particularly hard-hit, falling 16.9 per cent to $48 million, though
other alcoholic beverages posted modest growth of 5.8 per cent, the
report says.

The agricultural sector faced persistent challenges, with export
earnings plunging 15.2 per cent to US$64.8 million due to declines
across key commodities such as yams (-9.7 per cent), coffee (-35.4
per cent), and spices (-24.1 per cent), the report relays.  These
declines were attributed to factors such as climate-related
disruptions and increased competition in global markets, 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.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  




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T R I N I D A D   A N D   T O B A G O
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NORTH AMERICAN TRADING: Trinidad and Tobago Gov't to Pay $70,000
----------------------------------------------------------------
Nikita Braxton-Benjamin at Trinidad and Tobago Express reports that
The State has been ordered to pay $70,000 in damages to an
international tobacco company that sued after its business was shut
down due to issues with its licence to operate.

The matter against the Ministry of Health and the office of the
Attorney General, came up for hearing virtually yesterday before
Justice Frank Seepersad, according to Trinidad and Tobago Express.

The claimant, North American Trading Company Ltd, is an
international distributor of tobacco products to Latin America and
the Caribbean and operates within the free zone under the Free Zone
Act, which has since been replaced by the T&T Special Economic
Zones Act, the report notes.

In November 2022, armed officers from the Tobacco Control Unit
(TCU) raided the company's warehouse to search its records, the
report relays.  No search warrant was presented, and nothing
illegal was found during the raid, the report notes.

A statement was, however, requested regarding the claimant's
operations within the free zone, and this was provided, the report
discloses.

Following this, a letter dated February 9, 2023, was received from
the TCU stating that the claimant was in breach of the Tobacco
Control Act and required to cease operations until the appropriate
licences were obtained, the report says.  As a result of this
decision, the claimant stated that it incurred losses of
US$979,714, the report relays.

The decision was suspended a month later but was only withdrawn in
May of that year, following legal advice from the Attorney General,
the report notes.

The court stated that, at the time the decision was made in
February 2023, the TCU, acting under the Ministry of Health, may
have operated under a misapprehension of both fact and law, the
report relays.

The court stated that the TCU had an obligation to conduct a
thorough fact-finding exercise and should have evaluated the
information before acting, the report says.

It was also noted that, "The fact that the TCU may have first acted
upon inaccurate legal advice cannot be used to sanitise or justify
the decision which was effected on the 9 February 2023," the report
says.

Seepersad further stated that the Tobacco Control Act did not grant
the TCU any authority to exercise statutory power within the free
zone, the report relays.

It was further stated that the TCU misunderstood and/or misapplied
the law, having obtained inaccurate legal advice and imposed
unreasonable and unjustified constraints on the North American
Trading Company Ltd's operations, the report notes.

Seepersad said that care and caution must always be exercised by
statutory bodies in the discharge of their mandate, the report
discloses.

"It is troubling, as instances of overreach are frequently coming
before the courts; but this court will not tolerate the
unauthorised, improper or unreasonable exercise of power which
curtails or restricts the rights of citizens. When errors are made,
they cannot be whitewashed, and those responsible should be made to
account," the report relays.

In giving the ruling, Seepersad considered that phone calls from
business associates were received by North American Trading Company
Ltd and the potential impact that occurred to business
relationships following the February 9 decision, the report notes.
The company also stopped exports for which it had approvals from
the Customs and Excise Division. Seepersad said the claimant was
entitled to compensatory damages of $40,000 and vindicatory damages
of $30,000, the report discloses.

It was further declared that the decision of the ministry to cease
operations until the tobacco licences were obtained was illegal,
unreasonable and unfair, and the court also quashed the February 9
one-month decision, the report says.  It was further declared that
the North American Trading Company Ltd's right was infringed, the
report notes.

North American Trading Company Ltd was represented by senior
counsel John Heath and attorneys Lionel Luckhoo and Sheldon Mycoo.
The Ministry of Health was represented by senior counsel Michael
Quamina and attorneys Vincent Jardine, Rachel Wright and Farzana
Ali, the report relays.  Attorneys Sanjeev Lalla, Avion Romain and
Chelsea Downes appeared for the office of the Attorney General, the
report adds.



                           *********


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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