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250508.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, May 8, 2025, Vol. 26, No. 92 Headlines A R G E N T I N A ARGENTINA: Francos Faces Congress Grilling Over Crypto Scam B R A Z I L ADECOAGRO S.A.: S&P Affirms 'BB' ICR Following Ownership Change BRAZIL: Trump's Sanctions Hammer Looms Over Brazil's Top Judiciary JBS SA: Greenpeace Protest Halts Annual Shareholder Meeting RUMO SA: Moody's Affirms 'Ba2' Corp. Family Rating, Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Cost of Basic Food Basket Rises in March DOMINICAN REPUBLIC: Min. Wage for Free Trade Zone Workers Up by 25% T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO NGL: Incurs $119.4MM Loss for Year Ended 2024 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Francos Faces Congress Grilling Over Crypto Scam ----------------------------------------------------------- Buenos Aires Times reports that Cabinet Chief Guillermo Francos faced a Congress grilling as he defended President Javier Milei's role in promoting the failed cryptocurrency '$LIBRA,' though he left several questions unanswered and critics dissatisfied. "The President does not and did not maintain any link with the project," Francos told deputies, firmly rejecting claims that presidential involvement in the scheme was inappropriate, according to Buenos Aires Times. The hearing was part of an ongoing probe ordered by lawmakers into the collapse of the '$LIBRA' memecoin last February 14, which followed a now-deleted post by Milei on X endorsing the coin, the report notes. The token briefly surged in value before plummeting 90 percent of its value in two hours, with estimated losses for investors running into the hundreds of millions of dollars, the report relays. The report discloses that Milei subsequently deleted his original post and stated that he "was not aware of the details of the project." Dozens of legal complaints have been filed against the President and the other parties involved, both in Argentina and the United States, the report says. Congress approved the formation of an investigative committee last month to determine whether Milei acted in good faith in the so-called "cryptogate" scandal, the report notes. Several government officials have been summoned to testify, though some did not turn up, the report relays. Raise Awareness' Francos told lawmakers the President had simply "published a post on his personal X account, as he's done many times before, to raise awareness of a project that - according to what he'd been told - aimed to boost the Argentine economy by funding small businesses and local ventures," the report notes. He insisted there had been "no coordination, intervention or participation by the national government . . . nor was there any contractual relationship, economic benefit, compensation, commitment, agreement or participation of any kind," the report says. Despite that, Francos acknowledged that Milei had met with '$LIBRA' promoters Julian Peh, a Singaporean entrepreneur, and US businessman Hayden Mark Davis, as well as Mauricio Novelli, an Argentine said to have introduced them to the President months before the coin's launch, the report discloses. The Cabinet chief said Milei deleted the post "in light of the fall-out from the project's launch, having had no role in the cryptocurrency's development, to avoid speculation and give it no further exposure," the report says. Francos then appeared to contradict himself when asked about the origins of Milei's involvement, the report relays. Insisting the president acted independently and with no prior arrangement, he had earlier admitted that Milei had learned about the "Viva La Libertad" project - another name for the coin - in a series of meetings with crypto entrepreneurs from September 2024 onward, including during a Tech Forum in October organised by Novelli, the report notes. Milei himself revealed on X that he had a "very interesting" meeting with Davis at the Casa Rosada on January 30, the report recalls. "He advised me on the impact and applications of blockchain technology and artificial intelligence in the country," he wrote in a post on social media, the report discloses. Novelli is the co-founder of N&W Professional Traders, a financial training company where Milei taught classes before entering politics. The President previously confirmed that he has known his "for years," the report adds. Critics Unsatisfied Opposition deputies repeatedly pressed Francos on why Milei's original post included specific details required to access the crypto token - despite the head of state using his official account and presidential profile to promote what Francos claimed was "a private business," the report relays. Francos said the President had simply shared public information, but was quickly challenged. "There's no record of that contract being published before Milei tweeted it on February 14," pointed out opposition Union por la Patria (UxP, Peronist) lawmaker Itai Hagman, the report discloses. Asked how the President first heard about the project, Francos replied that it was "public knowledge," though he was unable to provide an example to support that claim, the report says. Francos denied any intention to defraud investors and said purchasing the cryptocurrency involved "a highly complex process with steps completely inaccessible to anyone unfamiliar with crypto-asset trading," the report relays. Yet his repeated admission of ignorance over key details raised questions, the report notes. Pressed about the fate of the millions of dollars raised during the coin's brief window of viability, Francos replied bluntly: "I have no idea." Other opposition lawmakers criticised Francos for his lack of preparation, the report discloses. He went on to criticise the opposition's handling of the scandal, accusing them of turning the hearings into "a media tribunal" designed purely for "political gain and electoral speculation," the report relays. Francos, who warned the investigative committee not to exceed its mandate, also defended Presidential Chief-of-Staff Karina Milei, who authorised the crypto promoters' visits to the Casa Rosada, the report relays. "Between December 10, 2023 and December 31, 2024, the presidential chief-of-staff authorised 494 entries to the Casa Rosada," Francos stated, notes the report. "It's worth pointing out that both the President and all members of the national administration regularly meet with private-sector individuals involved in projects that could benefit the country. Obviously, no commitment is made simply by holding a meeting, nor does it imply any formal relationship." The session began with a two-hour procedural dispute over whether Economy Minister Luis Caputo and Justice Minister Mariano Cuneo Libarona should be compelled to appear, the report discloses. Both had been summoned but declined to attend, citing prior commitments, 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. On April 11, 2025, the International Monetary Fund (IMF) approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. 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. =========== B R A Z I L =========== ADECOAGRO S.A.: S&P Affirms 'BB' ICR Following Ownership Change --------------------------------------------------------------- On May 6, 2025, S&P Global Ratings affirmed its 'BB' global scale issuer credit rating on Adecoagro S.A. and its 'BB' issue rating on the senior unsecured notes. The stable outlook reflects S&P's expectation that Adecoagro will continue to operate in line with its track record, supported by the new ownership--namely, maintaining leverage below 2.0x and a prudent approach to cash outflows, including investments and dividend payouts. The rating affirmation reflects S&P's view that the terms agreed between Tether and Adecoagro point to continuity of the company's current strategy following the change in ownership. In particular, the company will keep the current management team and, at a minimum, three independent members on the board of directors (it currently has eight out of nine). It will also maintain the current financial policies, such as maximum leverage below 2.0x and dividend payouts limited to 40% of net cash from operations. In addition, the independent members on the board will have veto power on matters that could present a conflict of interest between Tether and the company, including business discontinuities, further acquisitions, and related parties transactions. S&P said, "Our base-case expectation is that net leverage will stay below 2.0x in 2025 and 2026. This is aligned with Adecoagro's record of controlling leverage and maintaining a prudent approach to cash outflows, as capital expenditures (capex) and dividends, which has also contributed to the maintenance of an adequate liquidity cushion despite volatility in the industry. "We view Tether Investments as a managed fund, and therefore the ultimate subject of analysis continues to be Adecoagro. Nevertheless, we will continue to monitor how financial policies develop under the new ownership. In particular, a more aggressive approach to leverage or shareholders' remuneration, through the use of the financial sponsor's ownership, could limit our financial risk profile and put pressure on the ratings. For now, we have a limited track record on acquisitions and investments strategy of Tether, including a timeframe for divestments, as well as limited information on the credit quality of its shareholders." Solid EBITDA and consistent cash flows will help Adecoagro to maintain current leverage. S&P said, "Brent oil prices have been declining--we revised our assumption to $65 for the remainder of 2025 from $70 previously--which can pressure ethanol prices in Brazil. Still, supportive demand and domestic currency depreciation could limit the negative impact on prices. The same should continue to support sugar prices, mainly considering the company's volume already fixed, despite uncertainties around South Asia's sugar output. For Adecoagro, we assume average ethanol and sugar prices around Brazilian real (R$) 2.3 per liter and R$2,540 per ton, respectively, in 2025, from R$2.4 and R$2,490 in 2024." Nevertheless, despite drier weather likely weakening sugarcane volumes for the 2025/2026 harvest, S&P still considers crushing volume close to 13 million-13.5 million tons, from 12.8 in the previous harvest, because of improving yields. In Argentina, ongoing investments in efficiency and productivity, higher volumes, and better prices for some commodities, such as corn, will support profitability in the region. All things considered, we forecast consolidated nominal EBITDA of US$525 million in 2025. S&P Said, "Also, we continue to expect the company to support its investments--which we forecast at about US$355 million per year in 2025 and 2026--with cash generation. We expect free operating cash flow (FOCF) in excess of $85 million before leasing, but about negative R$23 million after leasing payments. "The stable outlook reflects our expectation that Adecoagro will control leverage and maintain a prudent approach to shareholders' remuneration and investments under the new ownership, in line with its track record. We also expect that the company will sustain results in Brazil, from a greater harvest area for sugarcane and favorable prices, and in Argentina, from improving yields. We expect leverage to remain at about 1.5x-2.0x and funds from operations to debt around 50% in the next few years, despite negative FOCF after lease payments. "We could take a negative rating action if we see rising risks of more aggressive financial policies affecting Adecoagro's growth strategy, leverage, and dividends approach. We could also take a negative rating action on the company in the next 12-18 months if it can't maintain sources of cash at least 20% above uses for the following 12 months to cushion against foreign exchange rate and commodity price volatility, as well as the seasonality of the industry. This could result from adverse climate conditions weighing on productivity and volumes while prices for its main products drop, impairing cash generation. "Although unlikely in the next 12-18 months, we could raise the rating on the company if it maintains a conservative financial strategy amid the new ownership, while it increases volumes in Brazil and Argentina and maintains competitive cash costs for its sugarcane operations despite challenging weather conditions, leading to adjusted debt to EBITDA below 1.5x and FOCF to debt above 15%, both consistently throughout commodity cycles. We would also look for sources over uses of cash for the next 12 months of comfortably above 1.2x in any period of the year." BRAZIL: Trump's Sanctions Hammer Looms Over Brazil's Top Judiciary ------------------------------------------------------------------ Iolanda Fonseca at Rio Times Online reports that Eduardo Bolsonaro disclosed that David Gamble, Trump Administration's Sanctions Coordinator, was scheduled to arrive in Brasilia last May 5 to evaluate potential sanctions against Supreme Court Justice Alexandre de Moraes. This diplomatic move signals a potential turning point in Brazil's judicial power dynamics, where progressive judges have wielded expansive authority against conservatives, according to Rio Times Online. Gamble plans meetings with Senator Flavio Bolsonaro and likely former President Jair Bolsonaro, currently recovering from surgery, the report notes. His primary objective involves gathering firsthand accounts about Justice Moraes' rulings that allegedly restrict speech rights and target right-wing figures, the report relays. The Supreme Court's power expanded dramatically since 2019 through the self-initiated "Fake News Inquiry," the report discloses. Justice Moraes assumed unprecedented authority to investigate conservatives, suspend social media accounts, order police raids, and block platforms like Rumble and X, the report says. These actions reflect what critics call judicial overreach against conservative voices, the report notes. Recent polls indicate growing public concern about judicial activism, the report relays. A 2021 survey revealed 63% of Brazilians view the judiciary as threatening democracy rather than protecting it, the report says. Both left and right political parties have proposed constitutional amendments to limit the court's powers, suggesting cross-partisan recognition of problematic judicial overreach, the report discloses. Trump's team characterizes Moraes' decisions as "extraterritorial censorship" that threatens American sovereignty and business interests, the report relays. Potential sanctions could include travel bans for targeted Brazilian officials and financial restrictions affecting Brazilian institutions operating in America, the report discloses. Brazil recently enacted an Economic Reciprocity Law enabling countermeasures against countries imposing trade restrictions, the report says. This tool gives Brazil options to respond should the US implement sanctions, the report notes. The Brazilian congress also recently advanced legislation to restrict the Supreme Court's powers, the report relays. Though unlikely to pass immediately, this legislative push demonstrates growing institutional resistance against judicial supremacy, the report discloses. This international pressure, combined with domestic political developments, suggests the era when progressive judges could freely rule against conservatives without consequences may be ending, the report says. The upcoming Gamble visit represents the first concrete step toward rebalancing Brazilian judicial power through international diplomatic intervention, the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. JBS SA: Greenpeace Protest Halts Annual Shareholder Meeting ----------------------------------------------------------- greenpeace.org reports that Meat giant JBS SA was forced to temporarily halt its annual shareholder meeting following interruptions by Greenpeace Brazil activists protesting the company's role in environmental destruction and climate breakdown. Cristiane Mazzetti, Campaigner, Greenpeace Brasil said: "We took action because JBS and its rapacious appetite for profit represents everything wrong with industrial agriculture. Its supply chain keeps fuelling deforestation in vital ecosystems like the Amazon and its colossal emissions - particularly methane - rival even those of some fossil fuel companies. "JBS's meat empire was built on broken promises, environmental destruction and many corruption scandals. It shouldn't be rewarded with a New York Stock Exchange listing and offshoring to the Netherlands that will line the pockets of its billionaire bosses and fund a global expansion that will help tip the planet deeper into climate chaos. Companies like JBS have no place on the public markets," the report relays. The activists were forcibly removed from the Sao Paulo headquarters of JBS, the world's largest meat company, after interrupting a shareholder presentation by displaying hand banners reading '#RespectTheAmazon' and 'JBS: Your Profit, Our Extinction' in Portuguese, greenpeace.org discloses. A further ten activists protested at the entrance to the building, with some handcuffing themselves to the railings, greenpeace.org says. Others unveiled a large banner reading 'JBS profits, forests burn', a reference both to the company's links to deforestation in the Amazon and industrial agriculture's outsized contribution to climate change. A giant 1200m2 banner bearing the same message was installed by Greenpeace Brazil climbers upon the roof of an adjacent JBS building, greenpeace.org discloses. Two of the activists impersonated billionaire JBS bosses Joesley and Wesley Batista, whose involvement in a string of high-profile corruption scandals are well established, greenpeace.org relays. An online dossier documenting JBS' long history of broken promises, and allegations of environmental and human rights abuses and political corruption was published by Greenpeace Brasil, greenpeace.org notes. As events unfolded in Brazil, protesters targeted JBS and JBS subsidiary buildings and products in several European countries, including in Luxembourg, the Netherlands, Sweden and Italy, greenpeace.org relays. Mazzetti continued: "We are calling for JBS' listing to be stopped and for the Netherlands' regulator - Bureau Financieel Toezicht - to step up. We urgently need governments to hold industrial agriculture to account for the damage it's causing around the world, so we can stop this beef behemoth in its tracks," greenpeace.org discloses. The protest comes days after the US Securities and Exchange Commission greenlit an application by JBS to list shares on the New York Stock Exchange. The listing is paired with a restructure that relocates JBS' parent company from Brazil to the Netherlands, greenpeace.org says. "The planned restructure would also increase the voting control of the billionaire Batista brothers from 48% to almost 85%, limiting the ability of minority shareholders to influence the company on environmental or human rights issues. Earlier this month, it was reported that a $5 million USD donation by Pilgrim's Pride, a poultry company owned by JBS, was the largest given to President Donald Trump's inauguration fund," greenpeace.org adds. About JBS SA JBS S.A. is a Brazilian company that is a large meat processing enterprise, producing factory processed beef, chicken, salmon, pork, and also selling by-products from the processing of these meats. It is headquartered in Sao Paulo. It was founded in 1953 in Anapolis, Goias. As reported in the Troubled Company Reporter-Latin America in August 2021, S&P Global Ratings revised the global scale outlook on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS USA) to positive from stable and affirmed its 'BB+' issuer credit rating. The recovery expectations remain unchanged, and S&P affirmed the 'BB+' ratings on the senior unsecured notes and the 'BBB' ratings on the secured term loans. RUMO SA: Moody's Affirms 'Ba2' Corp. Family Rating, Outlook Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Rumo S.A. (Rumo)'s Ba2 corporate family rating. At the same time, Moody's affirmed the Ba2 rating of the $500 million backed senior unsecured sustainability-linked notes due in 2032 issued by Rumo Luxembourg S.a r.l. and unconditionally backed by Rumo. The outlook is stable. RATINGS RATIONALE The Ba2 corporate family rating (CFR) for Rumo S.A. reflects its market position as Brazil's largest independent rail operator, covering regions responsible for approximately 86% of Brazil's soybean and corn production. The company's strong growth prospects, adequate credit quality and liquidity, with gross leverage having declined to 3.1x in December 2024, from a peak of 7.3x in 2021, and a solid shareholder structure and corporate governance and strong management of Cosan S.A. (Cosan, Ba2 negative). Rumo's ratings are constrained by its large exposure to agricultural commodities, competitive dynamics and high customer concentration in trading companies, although these risks are somewhat mitigated by the existence of take-or-pay-contracts. The lack of geographic diversification and execution risks also constraint the company's ratings. LIQUIDITY As of December 2024, Rumo reported BRL8.4 billion in cash and cash equivalents, sufficient to cover short-term debt (including leases) by 3.9x and all debt maturities until 2028. Historically, Rumo has generated weak to negative Free Cash Flow (FCF) because of high capital spending. Moody's believes FCF will remain negative in 2025 with a high interest rate environment pressuring interest coverage and the execution of a large capital spending plan to increase its networks and operating capacity (capex of BRL5.8 billion to BRL6.5 billion on a reported basis in 2025). The new concession agreements signed in 2019-21 and the Lucas do Rio Verde extension will improve Rumo competitive position and increase transported volumes. Despite the high capital spending plan and prospects of negative FCF, Rumo has some mitigants to its liquidity risks, such as its high cash position, secured long-term funding to cover capital spending, access to capital markets even during downturns because of its stable business model and implicit support from its shareholder, Cosan. Although, given its current high leverage, Moody's do not expect any direct support from Cosan, and that any dividend distribution by Rumo would actually help the holding company to sustain its own interest coverage. Rumo's covenant compliance is adequate and sustainable even during the peak of its investment program. The company has no exposure to foreign-currency volatility because it hedges all principal and interest payments denominated in USD. RATING OUTLOOK The stable outlook reflects Moody's expectations that Rumo will maintain its adequate liquidity, ample market access, and controlled leverage to mitigate risks regarding its large capital spending program in the next 12-18 months and negative free cash flow outlook. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on Rumo's ratings could arise if Rumo maintains a high operating margin while improving its cash generation and reducing leverage. Quantitatively, positive rating pressure would require the maintenance of Moody's-adjusted debt/EBITDA below 4.0x, EBIT Margin above 35%, Retained Cash Flow/Net Debt above 20% and positive free cash flow generation, all on a sustained basis. Moody's could downgrade Rumo's rating if its Moody's-adjusted leverage remains above 4.5x after the conclusion of its investment cycle or adjusted interest coverage ratio, measured as EBITDA/Interest Expense, remains persistently below 2.0x. The rating could also be downgraded if the company's liquidity deteriorates significantly because of heavy capital spending plans, unfavorable rulings in judicial disputes or changes in the regulatory framework that hurt Rumo's business profile (such as the revocation of a concession without adequate compensation). Certain upgrade and downgrade triggers were updated to reflect the new methodology scorecard published in April 2025. COMPANY PROFILE Rumo S.A. is the largest independent rail-based logistics operator in Latin America. Operations comprise five long-term rail concessions, totaling around 15,000 kilometers (km) of rail tracks, about 1,500 locomotives and over 35,000 railcars, through which the company transports agricultural commodities and industrial products. Additionally, Rumo develops the intermodal logistics of containers and related storage services through Brado Logistica. In 2024, Rumo recorded net revenue of BRL13.9 billion ($2.6 billion) and Moody's-adjusted EBITDA of BRL8.5 billion. The principal methodology used in these ratings was Surface Transportation and Logistics published in April 2025. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Cost of Basic Food Basket Rises in March ------------------------------------------------------------ Dominican Today reports that in March 2025, the national cost of the basic food basket in the Dominican Republic rose to RD$46,716.79, an increase of RD$146.09 compared to the previous month. While the rise appears modest, it underscores ongoing inflationary pressures affecting household budgets across income levels, according to Dominican Today. The highest increases were observed in the 4th and 5th income quintiles-representing wealthier households -- due in part to rising costs of vehicles, airline tickets, and telecommunications, including streaming services, the report notes. Meanwhile, inflation was less pronounced among lower-income households (quintiles 1 and 2), largely thanks to stable or slowed prices for food and non-alcoholic beverages, which account for a greater share of their spending, the report relays. Overall inflation in March was 3.58% year-on-year, remaining within the Central Bank's target range of 4.0% +/- 1%, the report discloses. However, transportation was the sector with the greatest monthly impact, contributing 0.11 percentage points to overall inflation, mainly due to higher costs for vehicles, airfare, and repair services, the report relays. Despite stable fuel prices, transportation-related costs continue to exert pressure on the cost of goods and services, 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. S&P Global Ratings affirmed its 'BB' long-term foreign and local currency sovereign credit ratings on the Dominican Republic on December 3, 2024. The outlook remains stable. S&P also affirmed its 'B' short-term sovereign credit ratings and kept the transfer and convertibility (T&C) assessment unchanged at 'BBB-'. Fitch, on November 26, 2024, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Positive. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. DOMINICAN REPUBLIC: Min. Wage for Free Trade Zone Workers Up by 25% ------------------------------------------------------------------- Dominican Today reports that Labor Minister Eddy Olivares announced a 25% increase in the minimum wage for workers in the Dominican Republic's free trade zone sector. The raise, approved by the National Wage Committee, will be implemented in two phases: a 13% hike starting July 1, 2025, followed by a 12% increase on June 1, 2026. Olivares emphasized that this wage adjustment aligns with President Luis Abinader's commitment to improving working conditions and ensuring fair compensation, according to Dominican Today. He noted that the decision reinforces the government's efforts to uphold decent employment and labor rights as outlined in the Dominican Labor Code, the report notes. The minister reaffirmed the administration's dedication to promoting policies that dignify work across all productive sectors, stressing that fair wages remain a priority for the current government, 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. S&P Global Ratings affirmed its 'BB' long-term foreign and local currency sovereign credit ratings on the Dominican Republic on December 3, 2024. The outlook remains stable. S&P also affirmed its 'B' short-term sovereign credit ratings and kept the transfer and convertibility (T&C) assessment unchanged at 'BBB-'. Fitch, on November 26, 2024, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Positive. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO NGL: Incurs $119.4MM Loss for Year Ended 2024 --------------------------------------------------------------- Trinidad Express reports that Trinidad and Tobago NGL Ltd has recorded a net loss after tax of $119.4 million for its year ended December 31, 2024. Chairman of TTNGL Dr Joseph Ishmael Khan explained in the company's summary financial statements that an unrealized impairment charge of $184.3 million caused TTNGL to record the loss after tax, according to Trinidad Express. But he said this was a substantial improvement from the $547.7 million loss reported in 2023, the report notes. "It is important to note that the impairment is non-cash in nature and reflects conservative assumptions regarding long-term gas supply, NGL content, and product prices. There remains strong potential for positive revisions to these assumptions in future periods, particularly as new upstream gas developments materialise. The recognition of such improvements would allow for the reversal of previously recorded unrealised losses," Khan explained, the report relays. He noted that TTNGL's share of profit from its core investment in Phoenix Park Gas Processors Ltd (PPGPL) rose to $66.6 million in 2024, from $28.1 million in 2023-an increase of 137%, the report says. PPGPL delivered a profit after tax of US$25.3 million in 2024, the report discloses. This performance was underpinned by improvements across key operational metrics, Khan said, the report notes. Excluding the effects of impairment, Khan stated that earnings per share increased to $0.42 in 2024, up from $0.17 in 2023 with available cash also strengthening to $165.6 million, positioning TTNGL to meet future obligations and invest in value-enhancing opportunities, the report says. Reflecting on the broader macroeconomic landscape, Khan noted that while inflationary pressures eased in the latter part of 2024, the global environment remained uncertain, the report notes. He said elevated geopolitical risks, including trade tensions, policy shifts in major economies, and ongoing conflicts in the Middle East and Europe, continued to pose challenges, the report relays. "These uncertainties, while formidable, reaffirm the importance of maintaining financial resilience, operational excellence, and strategic flexibility. Domestically, T&T's economy grew by 1.9%, supported by the strength of the non-energy sector. Inflation fell to 1.3%, although unemployment edged slightly higher. These mixed signals underscore the importance of careful stewardship and proactive management as we navigate forward," he added. Khan highlighted several key financial drivers behind PPGPL's strong operational results in 2024: -- Increased NGL production, supported by marginally higher gas volumes to Point Lisas (1,052 mmscfd versus 1,008 mmscfd in 2023) and improved uptime efficiency; -- A 10% improvement in the NGL content of the gas stream; -- Ongoing cost rationalisation efforts. Trinidad & Tobago NGL Ltd. operates as an investment holding company. It engages in the process and distribution of natural gas. The company was founded on September 13, 2013 and is headquartered in Couva, Trinidad & Tobago. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *