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250519.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 Monday, May 19, 2025, Vol. 26, No. 99 Headlines A R G E N T I N A ARGENTINA: Fitch Hikes LongTerm IDRs to 'CCC+' ARGENTINA: To Scrap Mobile Phone Import Tariffs and Cut Tech Taxes B R A Z I L BRAZIL: Lula and Xi to Ink Deals as it Shrugs Off Trade Threats D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: To Discuss Trade & Investment Opportunities J A M A I C A JAMAICA: BOJ Generates Net Profits of $9.7 Billion P U E R T O R I C O BED BATH: Court Approves $1.95MM ERISA Deal RITE AID: Walgreens Offers Support Amid Bankruptcy Closures - - - - - ================= A R G E N T I N A ================= ARGENTINA: Fitch Hikes LongTerm IDRs to 'CCC+' ---------------------------------------------- Fitch Ratings has upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. Fitch typically does not assign Rating Outlooks to sovereigns with a rating of 'CCC+' or below. Key Rating Drivers Upgrade to 'CCC+': Argentina's upgrade reflects the launch of a new IMF program and major liberalization of the foreign-exchange (FX) market, which have bolstered external liquidity and the durability of President Javier Milei's economic stabilization program. The economic recovery and disinflation have already exceeded its prior expectations and should be further supported by these policy changes. These developments have enhanced the sovereign's capacity to make near-term debt service payments, although challenges and uncertainties over the medium-term persist, as captured in its 'CCC+' rating. Reserve accumulation is not assured under the new FX regime due to the authorities' preference for a strong currency, while external market access remains prohibitively costly. Legislative midterm elections in October will likely be an important determinant of international reserve dynamics and market access, as they represent a crucial test of support for Milei's economic program, as well as a source of potential volatility during the campaign. FX Liberalization: In April, the authorities replaced the crawling-peg with a new exchange-rate regime in which the peso will float within a band (1,000-1,400 per USD, widening 2% per month), requiring FX intervention at the upper and lower bounds, and allowing discretionary intervention within the band to manage volatility. The authorities dismantled FX controls, preserving only some to gradually unwind pockets of pent-up FX demand (e.g. corporate dividends), as well as the 'dollar blend' scheme that had been diverting some FX export earnings from the official market. The start of the new regime has been smooth, with the peso depreciating towards the center of the band (1,200/USD) and fluctuating and appreciating afterward. Large-Scale Multilateral Support: The FX market liberalization is backed by a new Extended Fund Facility (EFF) with the IMF providing funding of USD20 billion over four years, with a substantial USD12 billion provided up front in April and another USD3 billion subject to reviews in June and November. Gross international reserves, which fell significantly to USD24 billion due to FX demand in anticipation of the devaluation, are now around USD38 billion after the arrival of the IMF funds. Net reserves (excluding the China swap, bank reserve requirements, and other short-term FX liabilities) rose from negative USD7 billion to positive USD5 billion. Pledged funds from other multilaterals should further support the reserves position. Further Reserve Buildup Uncertain: The authorities have signaled that they do not intend to purchase FX within the band, reflecting a preference for a strong currency as an anchor for disinflation. This approach to the new FX regime reduces the chances of reserve losses seen earlier this year, but also clouds the path for the gains envisioned in the EFF. Peso appreciation to the bottom of the band could allow for reserve buildup, but this may only occur as a result of carry-trade inflows (which the authorities are encouraging) rather than the current account (set to shift back into deficit from a 1% of GDP surplus in 2024) and thus may be precarious. Reserve buildup could also come from external borrowing, but options are currently limited as global bond yields have fallen remain high at around 10%-12%. Debt Payments Rising: Annual federal government USD bond payments (interest and capital) total USD8.6 billion in 2025 (half of which half was paid in January, with the rest due in July) and will rise above USD11 billion in the coming years. The authorities have been able to buy sufficient FX to make bond payments so far and have a larger cushion for upcoming payments thanks to the up-front EFF funds. But some combination of reserve buildup and market access will eventually be needed to more durably bolster repayment capacity. Prospects for both of these conditions may hinge on the outcome of upcoming elections, which could have major bearing on market confidence and FX inflows by demonstrating the support and viability of Milei's economic program. Entrenched Fiscal Anchor: Milei's economic program has centered on an aggressive fiscal adjustment to quickly end monetary financing from the central bank (BCRA), and unwind past financing. The federal primary deficit of 2.3% of GDP in 2023 flipped to a 1.8% surplus in 2024. Even preserving this fiscal improvement will require further efforts, as much of the real reduction in spending induced by high inflation last year will revert as inflation declines. But Fitch expects the authorities can meet their 1.6% primary surplus goal in 2025, considering their unwavering commitment to this key policy anchor, and a robust recovery in taxes seen so far. The overall fiscal surplus of 0.3% of GDP in 2024 under the official cash-basis accounting does not capture large capitalizing interest on various domestic securities, which if included would show a moderate overall fiscal deficit. But the sharp primary fiscal adjustment has improved underlying debt dynamics, while real currency appreciation and inflation effects induced a dramatic reduction in federal government debt/GDP to 83% of GDP in 2024 from 157% in 2023, and should deliver a further reduction to 72% in 2025 in its projections. Seeking Remonetization: Capital-account liberalization creates a new dynamic for the Treasury, forcing it to compete for funds that were previously captive, and lifting the domestic yield curve. However, the strong fiscal position and a large cash buffer (recently boosted by a large dividend from the BCRA) give it room to maneuver. In recent auctions, the Treasury has only partially rolled over maturing securities to free up liquidity for reactivation of credit to the private sector (i.e. "remonetization"), thus assuming a key role in monetary policy alongside the BCRA. Disinflation Still on Track: Inflation rose to 3.7% m/m in March after five months below 3%, driven by seasonal factors but also devaluation expectations. The FX liberalization does not appear to have posed an inflation setback, as it did not entail a major depreciation, and with limited pass-through as it is a more sustainable regime that has helped calm behavior among price-setting agents. Fitch expects inflation to fall below 2% m/m by 4Q25 and to 28% in interannual terms by December (down from a peak of 289% in April 2024), though it could face some resistance from rebounding domestic demand and potential currency volatility surrounding elections. Swift Economic Recovery: Argentina's economy is achieving a swift recovery, supported by disinflation that is increasing real incomes, and reactivation in credit intermediation after a long period of crowding-out by public borrowing. Microeconomic reforms, deregulation efforts, and large investments in energy and mining are lifting economic prospects as well, both via their direct effects and a broader boost to business confidence. Real GDP contracted 1.7% in 2024, much less than its previous projection, and Fitch expects a strong 5.6% recovery in 2025. Elections Loom: Legislative midterm elections will take place on October 26, though several provincial races have been pulled earlier into May. The economic recovery and disinflation have supported approval for President Milei despite some missteps (e.g. "cryptogate"), and likely continuation of these trends could support chances for his La Libertad Avanza party to gain seats and strengthen alliances. However, elections could be a source of financial-market volatility, as seen in the past, particularly should Milei's popularity falter or candidates eager to change the policy direction gain traction. ESG - Governance: Argentina has an ESG Relevance Score (RS) of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model (SRM). Argentina has a medium WBGI ranking at the 43rd percentile, reflecting a recent record of peaceful political transitions, moderate scores for institutional capacity rule of law and control of corruption, and favorable score for participation in the political process. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: Increased likelihood of restructuring or default, due to depletion of external liquidity or erosion of market confidence that undermine the sovereign's ability to make upcoming debt payments; - Macro: Policy setbacks or political shocks that undermine macroeconomic stability and prospects for recovering market access. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External Finances: Sustained build-up in international reserves, and/or increased confidence in prospects for recovery of external market access. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Argentina a score equivalent to a rating of 'B-' on the Long-Term Foreign-Currency IDR scale. However, in accordance with its rating criteria, Fitch's sovereign rating committee has not utilized the SRM and Qualitative Overlay (QO) to explain the ratings in this instance. Ratings of 'CCC+' and below are instead guided directly by the rating definitions. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Country Ceiling The Country Ceiling for Argentina is 'B-'. For sovereigns rated 'CCC+' or below, Fitch assumes a starting point of 'CCC+' for determining the Country Ceiling. Fitch's Country Ceiling Model produced a starting point uplift of 0 notches. Fitch's rating committee applied a +1 notch qualitative adjustment to this, under the Balance of Payments Restrictions pillar. This +1 notch reflects that strict FX controls have largely been rolled back, with some lingering restrictions affecting corporates (e.g. unremitted dividends), and that even during periods of FX restrictions many corporates avoided restructurings or were able to access the official FX market after restructurings. Fitch does not assign Country Ceilings below 'CCC+', and only assigns a Country Ceiling of 'CCC+' in the event that transfer and convertibility risk has materialized and is impacting the vast majority of economic sectors and asset classes. ESG Considerations Argentina has an ESG Relevance Score of '5' for Political Stability and Rights as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Argentina has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Argentina has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as WBGIs have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Argentina has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile. Argentina has an ESG Relevance Score of '4' [+] for Human Rights and Political Freedoms as the Voice and Accountability pillar of the WBGIs is relevant to the rating and a rating driver. As Argentina has a percentile rank above 50 for the respective Governance Indicator, this has a positive impact on the credit profile. Argentina has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Argentina, as for all sovereigns. As Argentina has a fairly recent restructuring of public debt in 2020 and another default event remains a real possibility in Fitch's view, this has a negative impact on the credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Argentina LT IDR CCC+ Upgrade CCC ST IDR C Affirmed C LC LT IDR CCC+ Upgrade CCC LC ST IDR C Affirmed C Country Ceiling B- Affirmed B- ARGENTINA: To Scrap Mobile Phone Import Tariffs and Cut Tech Taxes ------------------------------------------------------------------ Buenos Aires Times reports that Argentina's government will eliminate import tariffs on mobile phones and reduce taxes on other electronic products in a bid to bring down costs and tackle smuggling and theft. Presidential Spokesperson Manuel Adorni announced at a press conference that upcoming changes would slash the current 16-percent import tariff on mobile phones to zero, according to Buenos Aires Times. The policy will be implemented in two phases, said President Javier Milei's top spokesperson: first, a cut to eight percent with immediate effect once a decree is published in the coming days, followed by a full removal as from January 15, 2026, the report notes. Internal taxes on mobile phones, televisions and air conditioning units would also be lowered, the report relays. For imported devices, the rate will fall from 19 percent to 9.5 percent, the report discloses. For those manufactured in Argentina's southern Tierra del Fuego Province, a heavily subsidied hub for such production, it will drop from 9.5 percent to zero, the report says. The Milei government says the changes will reduce crime and bring Argentina closer in line with regional prices, the report notes. "A high-end 5G phone currently costs twice as much in Argentina as it does in Brazil or the United States," claimed Adorni, branding the current situation "ridiculous," the report relays. Electronic goods are significantly more expensive in Argentina than in most neighbouring countries, due to a combination of import restrictions, high internal taxes and local manufacturing subsidies, the report discloses. Industry analysts say the current regime harms competitiveness and restricts access to modern devices, the report notes. The government boldly estimated that the reforms could lower the retail price of imported electronics to consumers by at least 30 percent, the report relays. Adorni framed the decision as part of President Milei's campaign pledge to slash taxes, the report says. "As President Javier Milei pledged at the start of his administration, as the fiscal surplus consolidates, taxes will continue to be reduced. The money the state steals from people through taxes must be returned to Argentines' pockets," he added. 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 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) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further 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. S&P Global Ratings, in February 2025, lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings on Argentina. The outlook on the long-term foreign currency rating remained stable. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, in November 2024, 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-'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== BRAZIL: Lula and Xi to Ink Deals as it Shrugs Off Trade Threats --------------------------------------------------------------- Buenos Aires Times reports that Brazil's Luiz Inácio Lula da Silva insists he doesn't want to pick between the US and China as his two largest trading partners wage a trade war. But it's increasingly clear which side he'd choose if forced. Lula and China's Xi Jinping are set to ink new trade-related agreements in Beijing, with eyes on opening new markets for Brazilian agricultural goods and expanding Chinese investments into infrastructure projects meant to speed up the delivery of those products across the Pacific, according to Buenos Aires Times. The deals will mark the latest step in Lula's efforts to transform Brazil's commodities-heavy economy with Chinese assistance, while sending one of the strongest signals yet that Donald Trump's protectionist threats have done little to dissuade the leader of Latin America's largest economy from betting even bigger on Beijing, the report notes. "If it depends on my government and my willingness, Brazil and China will be unavoidable partners and our relationship will be indestructible," Lula said at a forum of Brazilian and Chinese businesses, ahead of his meeting with Xi. "China needs Brazil, and Brazil needs China," the report discloses. The state visit will be the third between Xi and Lula since 2023, the report recalls. Add global summits and events they've both attended, and there are few world leaders with whom the Brazilian has spent more time during his third term in office, the report says. The agreements will build on deals struck during Xi's trip to Brasília in November, when they cinched accords for China to boost financing of Brazilian infrastructure projects and open new markets to the South American nation's agricultural goods, the report notes. Brazil's trade with China has grown steadily over the last decade, with total flows reaching US$158 billion last year, nearly double its amount with the United States, the report relays. Lula has sought to further deepen the ties, betting on Chinese investment and support for a development strategy meant to move his nation up the global value chain, the report discloses. Colombian President Gustavo Petro, who will also meet Xi while in Beijing for a forum between China and the Community of Latin American and Caribbean States, said that he plans to sign onto China's Belt and Road Initiative, potentially denting his already shaky relations with the United States, the report notes. Lula has bucked calls to join, instead seeking to benefit from its aims without formally signing on, the report relays. He recently organised a ministerial task force to maintain regular talks with Beijing on new business opportunities, including ambitious projects like a transoceanic railroad that would connect Brazil's Atlantic coast to the Pacific in Peru, where the new Chinese-owned Chancay port opened last year, the report discloses. Most of Brazil's new transport infrastructure will ultimately lead to Chancay, with products destined for China and other Asian markets Brazil is eager to explore, the report says. The interest is mutual, as China seeks to expand its presence throughout a region the United States has long considered its own, the report relays. It is eager to build on the successful revival of Brazil's automotive industry, which Chinese companies like BYD Co Ltd and Great Wall Motor Co Ltd fuelled, the report notes. Nationwide sales of electrified vehicles surged nearly 90 percent to more than 177,000 in 2024 from a year prior, according to Brazil's electric vehicle association, the report says. Of that total, 61 percent were from Chinese brands, nearly all of which came from BYD and GWM, the report relays. On the eve of Lula's meeting with Xi, a group of Chinese businesses announced investments of 27 billion reais (US$4.7 billion) in the South American nation over the coming years, the report notes. Along with GWM, the list includes new semiconductor factories from Shenzhen Longsys Electronics Co Ltd and the arrival of both the world's largest fast food chain, Mixue Group, and a delivery app called Keeta, the report says. "China has emerged as a major buyer from Brazil and what we want is to diversify the investment and partnership agenda," Eduardo Saboia, the secretary for Asia and the Pacific at Brazil's Foreign Ministry, said, the report relays. "Our partnership is ambitious and the work is complex, dense and promising," he added. Lula has also joined China in using global multilateral institutions to push back against Trump's trade policies, spearheading an agreement among the BRICS bloc of emerging market nations that criticised US protectionism last month, the report notes. Without naming Trump, the group of 10 countries founded by Brazil, Russia, India, China and South Africa raised "serious concerns about the rise of unjustified unilateral protectionist measures," including reciprocal tariffs, in a statement that followed a meeting of BRICS foreign ministers in Rio de Janeiro, the report discloses. So far, that has generated little response from Washington, which has engaged in a diplomatic blitz in other corners of Latin America but largely avoided Brazil, the report relays. That could change, however, as Lula's government continues to embrace China while also seeking to capitalise on the trade war by moving into markets Trump's tariffs have made more expensive for US agricultural goods, the report says. Brazil plans to take more than 150 representatives of its agribusiness sector to China later this month for meetings, events and Asia's largest food trade fair in Shanghai, the report notes. It's aiming for talks to expand trade for a long list of products that includes corn, ethanol, sorghum, sesame and coffee, said Luis Rua, the Agriculture Ministry's secretary of commerce and international relations, the report relays. New approvals of Brazilian beef, pork and chicken plants for export to China will also be on the agenda, the report says. Brazil wants to discuss measures to start sorghum exports to China after it authorised purchases of the product late last year, the report notes. And it's seeking to open the Chinese market to Brazilian DDG, a byproduct of corn ethanol, and expand its exports of the biofuel, the report discloses. "In this time of trade war, Brazilian businessmen and the Brazilian government are making themselves available," Rua said. "Showing our faces at this moment is important so the trade partner can see Brazil is there, including the decision-makers," she added. 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. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: To Discuss Trade & Investment Opportunities --------------------------------------------------------------- Dominican Today reports that Fernando Gonzalez Nicolas, president of the Commonwealth Countries Roundtable in the Dominican Republic, announced the launch of a workshop series focused on trade and investment opportunities across the 56 Commonwealth nations. The initiative begins on June 10 with a session dedicated to the United Kingdom and will later feature countries such as Canada, Jamaica, India, Guyana, and Australia, according to Dominican Today. Gonzalez Nicolas emphasized that engaging with these markets is essential to diversifying the Dominican Republic's economy, particularly in exports, investment, and tourism, the report discloses. He described diversification as a national priority, the report notes. The Commonwealth spans six continents, uniting 2.7 billion people under shared democratic systems, the English language, and a collective GDP of $15 trillion, the report says. King Charles III serves as its ceremonial head, the report relays. In 2023, major Dominican exports to Commonwealth countries included gold, rum, cigars, bananas, coffee, cocoa, textiles, and medical products, the report discloses. Top buyers were India (US$685 million), Canada, Jamaica, and the UK, among others, the report notes. I nvestments from these nations have flowed into sectors like banking, energy, mining, and manufacturing in free zones, the report relays. Government officials, business leaders, and industry representatives will take part in the workshops, which aim to strengthen Dominican foreign trade through long-term partnerships and new market opportunities, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: BOJ Generates Net Profits of $9.7 Billion -------------------------------------------------- RJR News reports that the Bank of Jamaica says it generated net profits of $9.7 billion for the year to date. The bank is also reporting that its assets climbed to $1.2 trillion or 33.6% of GDP as at April 23 this year, compared with $1.1 trillion for the similar period last year, according to RJR News. This increase was due to a jump in its foreign assets to $929.7 billion in April from $815.1 billion last year, the report notes. Its local assets, however, dipped to $241.9 billion in April from $274.9 billion last year, 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. ===================== P U E R T O R I C O ===================== BED BATH: Court Approves $1.95MM ERISA Deal ------------------------------------------- Ryan Harroff of Law360 reports that a New Jersey federal judge has tentatively approved a $1.95 million settlement in a proposed class action claiming Bed Bath & Beyond's 401(k) committee mishandled the retirement plan for 2,100 employees prior to its termination and the company's bankruptcy filing. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. RITE AID: Walgreens Offers Support Amid Bankruptcy Closures ----------------------------------------------------------- In light of Rite Aid's recent bankruptcy filing, Walgreens is committed to assisting Rite Aid customers and employees who are impacted by store closures in their local community. For customers who want to transfer their prescriptions to Walgreens: We recognize the trust patients have placed in their Rite Aid pharmacists, and Walgreens is here to continue that care with compassion and consistency. Walgreens is dedicated to meeting patients' needs for continued access to trusted, high-quality pharmacy and health services in communities across the country. This includes those who may be impacted by Rite Aid store closures or other changes to their local pharmacy's operations. "Pharmacists are deeply embedded in their neighborhoods, and I know how difficult it can be for patients to lose access to their community pharmacy and the pharmacists they interact with regularly," said Rick Gates, chief pharmacy officer, Walgreens. "Our Walgreens pharmacy teams are here to make it easy for patients who are affected by these changes, whether that's by helping quickly transfer a prescription, answering questions about a medication, or providing health services like vaccines and testing." With some Rite Aid store closures expected to begin in the coming weeks, Walgreens encourages patients to transfer their prescriptions as soon as possible to avoid care interruptions. By visiting Walgreens.com/transferRX, customers can easily find their nearest Walgreens location and transfer their prescriptions securely. Patients can also call 1-833-961-1642 if they need further assistance in transferring scripts. For employees interested in open positions at Walgreens: In response to the nationwide shortage of pharmacists, Walgreens is actively working to attract and hire skilled professionals. Rite Aid employees who are impacted by this news are encouraged to explore Walgreens opportunities near them and to visit jobs.walgreens.com to learn more. There is also a dedicated phone line (833-Join-Wag) and email inbox (JoinOurStores@walgreens.com) for Rite Aid employees to leverage. We value the time that employees have invested at Rite Aid and intend to recognize Rite Aid service for eligible individuals joining our team. In the coming weeks, Walgreens will also host virtual informational sessions for pharmacists, pharmacy interns, pharmacy managers and pharmacy technicians. "As a pharmacist myself with more than 30 years into a fulfilling career at Walgreens, I know firsthand how powerful it is when you are empowered to work to the top of your education, supported by a strong team that's focused on patient care," said Gates. "At Walgreens, that's what we're about, giving our team members a chance to grow, both personally and professionally." Walgreens has several programs designed to help team members grow in their careers, including opportunities to expand clinical skills and transition into pharmacy, specialty pharmacy and corporate roles. Walgreens also employs innovative technology like micro-fulfillment centers to give pharmacy teams more time with patients. Dedicated investments in team members through programs like PharmStart, Pharmacy Educational Assistance Program tuition assistance and Student Loan 401(k) Match ensures employees can build their future while serving their community. About Walgreens Founded in 1901, Walgreens (www.walgreens.com) has a storied heritage of caring for communities for generations, and proudly serves nearly 9 million customers and patients each day across its approximately 8,500 stores throughout the U.S. and Puerto Rico, and leading omni-channel platforms. Walgreens has approximately 220,000 team members, including nearly 90,000 healthcare service providers, and is committed to being the first choice for retail pharmacy and health services, building trusted relationships that create healthier futures for customers, patients, team members and communities. Walgreens is the flagship U.S. brand of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), an integrated healthcare, pharmacy and retail leader. Its retail locations are a critical point of access and convenience in thousands of communities, with Walgreens pharmacists playing a greater role as part of the healthcare system and patients' care teams than ever before. Walgreens Specialty Pharmacy provides critical care and pharmacy services to millions of patients with rare disease states and complex, chronic conditions. About Rite Aid Corp. Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, Alvarez & Marsal North America, LLC as financial, tax and restructuring advisor, and Kroll Restructuring Administration as claims and noticing agent. 2nd Attempt Rite Aid Corp. and subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-14861) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Michael B. Kaplan oversees the case. The Debtor is represented by Michael D. Sirota, Esq., Warren A. Usatine, Esq., Felice R. Yudkin, Esq., and Seth Van Aalten, Esq. at COLE SCHOTZ P.C. and Andrew N. Rosenberg, Esq., Alice Belisle Eaton, Esq., Christopher Hopkins, Esq., and Sean A. Mitchell, Esq. at PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP. Advisors to the Company include Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal), Guggenheim Securities, LLC (investment banking), Alvarez & Marsal (financial), and Joele Frank, Wilkinson Brimmer Katcher (strategic communications). A&G Realty Partners LLC serves as real estate advisory services provider to the Debtor, while Kroll Restructuring Administration LLC acts as claims and noticing agent to the Debtor. ********* 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 * * *