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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

          Wednesday, March 26, 2025, Vol. 26, No. 61

                           Headlines



A R G E N T I N A

ARGENTINA: IMF to Consider US$20-Billion Deal in Informal Meeting
SCC POWER: Fitch Affirms Sr. Secured Notes Rating at 'CC'


B R A Z I L

BRAZIL: Lifts Rates to Highest Since 2016, Cues Smaller Hike


C O L O M B I A

COLOMBIA: Peso Plunges Amid Political Turmoil and Oil Woes


D O M I N I C A N   R E P U B L I C

CENTRAL ROMANA: MICM Hails Decision to Lift Ban on Sugar Exports


E L   S A L V A D O R

EL SALVADOR: To Get $500M IDB Loan for Macroeconomic Sustainability


T R I N I D A D   A N D   T O B A G O

[] CARIBBEAN AIRLINES: Increases Cold Storage

                           - - - - -


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A R G E N T I N A
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ARGENTINA: IMF to Consider US$20-Billion Deal in Informal Meeting
-----------------------------------------------------------------
Jorgelina do Rosario & Eric Martin at Bloomberg News reports that
the International Monetary Fund intends to discuss a new loan for
Argentina during an informal meeting between its staff and
executive board in Washington, according to people familiar with
the matter.

The meeting is a key step toward a staff-level agreement for a new
Argentina program, according to the people who asked not to be
named because the discussions are private, the report notes.  The
IMF will discuss a four-year extended fund facility of about 15
billion special drawing rights, or nearly US$20 billion, the people
said, adding that the final amount could change after talks with
board members, Bloomberg News says.  

During an informal meeting, IMF staff working on a program usually
briefs the lender's board of directors on the state of negotiations
with the country that's requesting assistance, Bloomberg News
discloses.  Normally, the following step is to announce that IMF
staff and the country reached an agreement that will be formally
submitted to its board for approval, Bloomberg News notes.

Spokespeople for the IMF and Argentina's Economy Ministry didn't
immediately reply to requests for comment.

The informal meeting comes after Argentina's lower house of
Congress voted in favour of President Javier Milei's emergency
executive decree backing a new deal with the Washington-based
lender, Bloomberg News adds.

                  About Argentina

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

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

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

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

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

On 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.

SCC POWER: Fitch Affirms Sr. Secured Notes Rating at 'CC'
---------------------------------------------------------
Fitch Ratings has affirmed SCC Power Plc's $17.861 million
first-lien senior secured notes due in 2028, $310 million
second-lien senior secured notes due in 2028, and $200 million
senior secured notes due in 2032 at 'CC'.

RATING RATIONALE

The rating reflects SCC Plc's operational stage, moderate operating
risks and dependence on Argentina's off-taker and electricity
market coordinator, Compania Administradora del Mercado Mayorista
Electrico (CAMMESA). Fitch views this exposure as systemic but
strongly reliant on federal government subsidies.

The rating also reflects the weaker debt structure, reliance on
refinancing and weaker covenant package that allows for some
additional indebtedness, which could be preferred in the waterfall
ranking. The project benefits from a six-month debt service reserve
account. Ultimately, the ratings reflect SCC's weaker financial
profile and higher refinancing risk assessment.

After the expiry of the regulated PPAs in December 2027, the issuer
will be fully exposed to merchant revenues (spot capacity payments)
and unhedged financial risks as revenues will be peso denominated.
Fitch believes refinancing will be challenging but possible, as the
sponsor is experienced with thermal power plants and Argentina's
power sector framework. Based on the essentiality of the assets to
meet growing power demand, there are incentives for the government
and CAMMESA to create conditions that would allow the issuer to
source additional revenues, which may support refinancing in 2028
and 2032.

KEY RATING DRIVERS

Operation Risk - Midrange

Internally Operated Assets with Parts Supply at Fixed Prices
(Operation Risk: Midrange)

SCC's plants are operated in-house by a trained team and overseen
by experts from ultimate sponsor, MSU Group., which owns three
other gas thermal power plants that together comprise 750 MW. Fitch
views the sponsor's experience in operating similar plants as a
positive for the project. Ultimately, the overhauls are fixed price
through long-term agreements with full subsidiaries of Siemens
S.A.

Supply Risk - Midrange

Fuel Supply Fully Mitigated by the Revenue Framework (Supply Risk:
Midrange)

Both diesel oil and gas are fully supplied by CAMMESA, the
project's sole off-taker. Under the PPA and spot framework, the
project is not required to dispatch in the event of a supply
failure, yet it still receives its fixed capacity payment. This
feature helps isolate fuel supply risk to the project. After the
PPAs expire, CAMMESA would still be responsible for the fuel
supply, although the most recent regulations, yet to be implemented
incentivize generators to procure their own fuel supply.

Revenue Risk - Weaker

Weak Counterparty and Relevant Exposure to Merchant Prices (Revenue
Risk: Weaker)

The thermal plants' sole off-taker is CAMMESA, a private company
that is the wholesale power market administrator and operator in
Argentina. Fitch views CAMMESA's payment risk as systemic; however,
it is strongly dependent on transfers from the national government.
Due to Argentina's power sector characteristics, Fitch views the
credit quality of the systemic risk as one notch below Argentina's
Local Currency Issuer Default Rating (IDR).

Until 2027, the project's revenues will come from USD denominated
fixed capacity payments that cover fixed costs and debt service.
From 2028 to 2032, after most of the PPAs expire, the project will
rely on spot price revenues, which are indexed in Argentinian pesos
and adjusted by the government.

Debt Structure - 1 - Weaker

Non-Amortizing Debt with Cash Sweep Mechanism (Debt Structure:
Weaker)

The debt structure of each of the three notes is non-amortizing,
with a bullet payment at the maturity dates. Nonetheless, the notes
count with a cash sweep mechanism that is triggered quarterly
whenever unrestricted cash amounts are higher than USD15 million.
Additional debt can be issued for the expansion of some of the
already existing power plants and remediation efforts for one
plant, as well as refinancing of current notes without a new rating
confirmation.

The debt also relies on a six-month debt service reserve account
(DSRA). There is no waterfall structure for the onshore accounts
and the intercompany loans among subsidiaries are allowed.

Financial Profile

Under Fitch's base case, the first-lien notes are expected to be
paid before maturity through the cash sweep mechanism. The second-
and third-lien notes are exposed to FX risk and will need to be
refinanced at maturity. The refinancing depends on management's
ability to reduce costs and maintain the plants availability
levels, as well as secure positive cash flows after the current
PPAs mature.

The expected financial profile at the notes' maturity is weak, as
revenues are expected to be much lower. The ratings reflect the
possibility to refinance the notes based on sponsor's sound access
to local market, demonstrated experience with thermal plants
operation and the importance of the assets for the overall system.
The asset permits' tenor are perpetual, which are positive for the
obtention of new revenue streams.

PEER GROUP

SCC Power's closest peer is MSU Energy S.A. (MSU Energy; Long-Term
Foreign Currency and Local Currency IDRs CCC), an Argentine
electric power company that controls thermal power plants. Despite
having the same ultimate parent as SCC, both are evaluated
separately given their different corporate and debt structures.

MSU Energy's ratings reflect its dependence on CAMMESA. However, it
has a fully amortizing debt that will mature when PPAs are still in
place. Therefore, unlike SCC Power, MSU Energy's rated notes are
not exposed to spot capacity revenues. Fitch expects MSU Energy's
leverage to decrease to 4x by 2026 which, along with other factors,
justifies its higher rating.

RATING SENSITIVITIES

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

- Substantial worsening of near-term operating performance relative
to Fitch's expectations;

- Significant payment delays from CAMMESA or impairment of the
project's liquidity levels;

-Impossibility of upstreaming cash from the operating companies to
the issuer due to capital controls or other market dynamics;

- If the issuer does not present a sound strategy to refinancing
the notes by 2027, or if Fitch considers a deterioration in the
local power sector fundamentals.

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

- Successful optimization of SCC's future cash flow by management,
as evidenced by the effective refinance risk mitigation and the
successful remonetization of Matheu's plant equipment;

- Further regulatory developments leading to a market that's less
reliant on support from the Argentine government, or a sovereign
upgrade that could positively affect the company's collections/cash
flow.

SECURITY

- Secured first-lien notes: US$17,861,000; Interest Rate: 6% ;
Maturity: 2028;

- Secured second-lien notes: US$310,000,000; Interest Rate: 8%;
Maturity: 2028;

- Secured third-lien notes: US$200,000,000; Interest Rate: 4% ;
Maturity: 2032.

All notes have bullet amortization at the maturity date, and the
debt structure is secured by a first-priority lien on substantially
all assets of the issuer and its subsidiaries, including
receivables and equipment. It also includes a cash sweep
mechanism.

Criteria Variation

A variation was proposed to the treatment of systemic risk defined
in the Infrastructure and Project Finance Rating Criteria, which
would in principle detach payment risk from any individual
counterparty's credit quality. CAMMESA's payment risk is viewed as
systemic due to the role it plays in the country's power system.
However, it is strongly dependent on transfers from the national
government, which have been significantly delayed over the years.
Therefore, systemic risk in the Argentinian power sector is viewed
to have a credit quality below Argentina's Local Currency IDR.

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
   -----------                 ------        -----
SCC Power Plc

   SCC Power Plc/Energy
   Revenues - First
   Lien/1 LT               LT CC  Affirmed   CC

   SCC Power Plc/Energy
   Revenues - Third
   Lien/3 LT               LT CC  Affirmed   CC

   SCC Power Plc/Energy
   Revenues - Second
   Lien/2 LT               LT CC  Affirmed   CC



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

BRAZIL: Lifts Rates to Highest Since 2016, Cues Smaller Hike
------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
central bank raised its key rate by a full percentage point for the
third meeting and cued a smaller hike at its next gathering as
policymakers weigh resilient inflation and signs of an economic
slowdown.

Policymakers led by Gabriel Galipolo lifted the benchmark Selic to
14.25%, the highest level since October 2016, according to the
report.  The central bank has now tightened by 3.75 percentage
points over its last five decisions, the report notes.

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook.  DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.





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

COLOMBIA: Peso Plunges Amid Political Turmoil and Oil Woes
----------------------------------------------------------
Rio Times Online reports that the Colombian peso traded at 4,163.20
against the U.S. dollar in the morning of March 20, 2025, dealers
reported from trading floors.  This drop follows a turbulent day,
sparked by whispers of the Finance Minister's possible exit,
according to Rio Times Online.

Political uncertainty grips Colombia, unsettling investors and
driving the peso down from 4,130, the report relays.  On March 19,
the peso weakened as oil prices slump, hitting the nation's
export-driven economy hard, the report says.

Brent crude futures slide below key levels, dragging the currency
to 4,150 by day's end, traders note, the report relays.  Meanwhile,
the U.S. dollar flexes strength globally, fueled by expectations of
tighter Federal Reserve policies, adding pressure overnight, the
report discloses.

Volumes stay steady at 120 million dollars in the spot market,
market makers observe, despite the chaos, the report says. Rumors
swirl about a cabinet shake-up, with some predicting a new minister
might tighten fiscal policy soon, the report relays.  Others warn
delays could deepen the peso's troubles, keeping traders on edge,
the report notes.

According to Rio Times, the market buzzes with quotes from insiders
as the peso slips further.  One dealer pegs the rate at
4,162.50–4,163.90, citing thin liquidity and choppy trading
ahead.  ETF flows tell a grim tale: 15 million dollars exit peso
funds, shifting to dollar assets instead, the report relays.

Technically, the peso breaches its 50-day average of 4,120,
signaling more declines, analysts say. Resistance looms at 4,180,
while support at 4,130 barely holds, hinting at a tense day, Rio
Times notes.  The RSI nears 60, showing the dollar's push but not
yet overdone, they add, the report relays.

Behind the numbers lies Colombia's struggle with oil and politics,
a story gripping business minds, the report discloses.  A strong
dollar and weak crude prices batter the peso, yet political clarity
could shift the tide, the report says.  Traders watch U.S. jobless
claims and Bogotá's next move closely.

Transitioning to the bigger picture, Colombia's central bank holds
rates at 9.5%, set late last year, offering little relief, the
report relays.  Investors brace for volatility, knowing oil's
rebound or a stable government could steady the ship, the report
discloses.  For now, the peso's fate hangs on news from the capital
and beyond, the report relays.

This tale of currency and crisis captivates markets, blending hard
data with human stakes. Businesses weigh risks as Colombia
navigates this stormy stretch, eyes fixed on the peso's next step,
the report adds.

As reported in the Troubled Company Reporter on Aug. 7, 2024, Fitch
Ratings has affirmed Colombia's Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'BB+' with a Stable Rating Outlook.




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

CENTRAL ROMANA: MICM Hails Decision to Lift Ban on Sugar Exports
----------------------------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce,
and MSMEs (MICM) welcomed the U.S. Customs and Border Protection
(CBP) decision to lift the withholding release order (WRO) on
Central Romana Corporation, restoring normal access for Dominican
sugar to the U.S. market.

The Ministry of Labor highlighted that this move reflects
confidence in the Dominican Republic as a key trade partner,
according to Dominican Today.  Throughout the process, Dominican
officials engaged in discussions with the U.S. Department of Labor,
the U.S. Trade Representative, and other agencies to address
concerns and strengthen international relations, the report notes.

Minister Victor Ito Bisono emphasized that the decision enhances
global confidence in the country and aligns with President Luis
Abinader's efforts to promote sustainable and competitive trade,
the report relays.  He added that this progress bolsters the
nation's image and expands opportunities for Dominican exports, the
report notes.

                About Central Romana Corporation

As previously reported in the Troubled Company Reporter-Latin
America, on November 23, 2022, U.S. Customs and Border Protection
(CBP) personnel at all U.S. ports of entry detained raw sugar and
sugar-based products produced in the Dominican Republic by Central
Romana Corporation Limited (Central Romana).

CBP issued a Withhold Release Order (WRO) against Central Romana
based on information that reasonably indicates the use of forced
labor in its operations. CBP identified five of the International
Labour Organization's 11 indicators of forced labor during its
investigation: abuse of vulnerability, isolation, withholding of
wages, abusive working and living conditions, and excessive
overtime.

Founded in 1912, Central Romana Corporation stands as the Dominican
Republic's foremost agro-industrial and tourism entity, and the
largest sugar producer in the nation.



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

EL SALVADOR: To Get $500M IDB Loan for Macroeconomic Sustainability
-------------------------------------------------------------------
El Salvador will advance on key reforms aimed at promoting
macroeconomic and fiscal sustainability with a $500 million loan
from the Inter-American Development Bank (IDB).

The IDB loan, known as special development lending, will offer
budgetary support as El Salvador implements structural reforms
following an agreement with the International Monetary Fund in
February to restore fiscal sustainability to boost growth and
resilience.

The IDB financing approved by the IDB Board of Directors will
provide the country with the fiscal space to advance on reforms to
increase tax revenue, reduce public debt, rebuild international
reserves and improve financial governance and integrity.

This latest IDB operation is part of a series of initiatives
approved since 2016 to support policy reforms and institutional
strengthening in El Salvador. These initiatives include projects to
enhance tax and customs administration and measures to mitigate the
economic and social impacts of the COVID-19 pandemic.

The IDB loan has a seven-year maturity, a three-year grace period
and an interest rate based on SOFR.

As reported in the Troubled Company Reporter-Latin America on  Jan.
13, 2025,  Fitch Ratings has upgraded El Salvador's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'.
The Rating Outlook is Stable.



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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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[] CARIBBEAN AIRLINES: Increases Cold Storage
---------------------------------------------
Trinidad and Tobago Guardian reports that local importers and
exporters now have access to a lot more cold storage after majority
state-owned Caribbean Airlines Ltd unveiled a new 5,000 square feet
cold storage unit.

In a news release, the airline said, "This facility was constructed
with that objective in mind adding value to our perishable
customers particularly our local fish exporters. We provide them
with enhanced reliability in their logistics chain," according to
Trinidad and Tobago Guardian.

The cold storage unit was designed and built for Caribbean Airlines
by local T&T manufacturing company Mecalfab Ltd, the report notes.
The unit features optimal, refrigerated temperature control, to a
minimum of 2 degrees Celsius, the report discloses.

Additionally, it can store aircraft pallets for large all-cargo
freighters, the report says.  The unit is also equipped with a
state-of-the-art roller system, the unit was built to accommodate
the easy loading and storage of up to 40 aircraft pallets, the
report notes.

General manager of Cargo and New business Marklan Moseley said the
unit was designed to ensure that perishable export cargo is handled
with the utmost care to continue the trade and economic growth, the
report discloses.

"At Caribbean Airlines Cargo, we reaffirm our dedication to
continuous innovation and service excellence, and this facility was
constructed to preserve the integrity of our customers' shipments
and provide them with enhanced reliability in their logistics
chain," said Moseley at the ribbon cutting ceremony, the report
says.

Caribbean Airlines Cargo said this development further proved its
commitment to supporting the growth and development of trade and
economic activity in the region, the report adds.

                 About Caribbean Airlines

Caribbean Airlines Limited -
http://www.caribbean-airlines.com/providespassenger airline
services in the Caribbean, South America, and North America.  The
company also offers freighter services for perishables, fish and
seafood, live animals, human remains, and dangerous goods.  In
addition, it operates a duty free store in Trinidad.  Caribbean
Airlines Limited was founded in 2006 and is based in Piarco,
Trinidad and Tobago.

Caribbean Airlines is among many airlines whose business has been
greatly affected in 2020 by the slowdown of international travel
caused by the COVID-19 pandemic.  The government of Trinidad &
Tobago guaranteed a US$65 million loan for the airline, and that
funding has helped with the airlines' cash flow shortfall since
May 2020. In September 2020, the airline related it will be
taking cost-cutting measures to help keep it afloat.  The
measures, which was to affect some 1,700 employees, included
salary deductions, no-pay leaves and lay-offs.


                           *********


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

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