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250716.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 Wednesday, July 16, 2025, Vol. 26, No. 141 Headlines A R G E N T I N A ARGENTINA: Modi and Milei Vow to Boost Trade After Meet ARGENTINA: Rush of Farm Dollars Fails to Lift Peso Ahead of Vote PROVINCE OF CORDOBA: Fitch Puts 'CCC+' Final Rating to USD Notes C A Y M A N I S L A N D S RASMALA TRADE: Deloitte & Al Fattan Name as Liquidators D O M I N I C A N R E P U B L I C [] DOMINICAN REPUBLIC: AmChamDR Highlights Customs Reforms E L S A L V A D O R COMISION EJECUTIVA: S&P Rates New $580MM Bullet Issuance Notes 'B-' J A M A I C A DIGICEL GROUP: Considers Refinancing $2B Debt as Concerns Ease JAMAICA: Expands CBI-Eligible Tariff Lines JAMAICA: MSMEs Urged to Become Investment-Ready M E X I C O GRUPO TELEVISA: Moody's Gives Ba1 CFR, Cuts Unsecured Debt to Ba1 LEISURE INVESTMENTS: Commissioner Enters Miami Seaquarium Case T R I N I D A D A N D T O B A G O CONSOLIDATED ENERGY: Moody's Cuts CFR to 'B3', Outlook Stable - - - - - ================= A R G E N T I N A ================= ARGENTINA: Modi and Milei Vow to Boost Trade After Meet ------------------------------------------------------- AFP News reports that ways to boost trade ties were the dominant theme during talks as President Javier Milei hosted Indian Prime Minister Narendra Modi at the Casa Rosada. Modi, 74, urged the expansion of New Delhi's preferential trade deal with South America's Mercosur bloc during his visit - the first by a sitting Indian head of state to Buenos Aires since 1968, according to AFP News. "President Milei and I discussed ways to diversify trade ties, cooperation in agriculture, defence, security, energy and more. There is immense scope in areas like pharmaceuticals and sports as well," the Indian leader said in a post on social media, AFP News notes. The bilateral talks in Buenos Aires was the latest stop on Modi's whistlestop diplomatic tour, culminating in the summit of BRICS emerging economies in Brazil, AFP News relays. The report discloses that diplomats from both countries at the meeting, which included lunch, decided to "deepen bilateral relations and commercial ties," according to a statement from Argentina's Presidency. Indian foreign ministry diplomat Periasamy Kumaran told reporters Modi "requested Argentina's support in expanding the India-Mercosur preferential trade agreement," the report discloses. The Mercosur regional trade bloc, comprising Argentina, Bolivia, Brazil, Paraguay and Uruguay, is seeking closer ties with Asian economies in the face of US President Donald Trump's global trade war, the report notes. "The two leaders discussed the necessity of diversifying and expanding bilateral trade" in sectors including defence, technology and health, said Kumaran, the report says. They also touched upon cooperation in the energy sector, including gas and petrol, as well as lithium, a key mineral for the clean energy transition, the report relays. Argentina is the world's fifth-largest producer of lithium, according to the US Geological Survey, AFP News discloses. The visit generated high expectations in Argentina, especially in the nation's agricultural and mining sectors, the report relays. The Casa Rosada believes links with India have high strategic value, the report notes. "Excellent meeting with President Javier Milei of Argentina," Modi wrote on X of the leaders' second bilateral talks, AFP News relays. "We are marking 75 years of India-Argentina diplomatic relations and five years since we elevated our relationship to a Strategic Partnership. We have covered significant ground in our bilateral relations, but we agree that the journey ahead is even more promising!" India was Argentina's fifth largest trading partner in 2024, with bilateral trade up 33 percent to US$5.23 billion, according to figures from the Indian External Affairs Ministry, AFP News relates. Modi arrived in Argentina and was welcomed by the local Indian community, the report discloses. Before his meeting with Milei, he laid a wreath at the statue of Argentina's national hero Jose de San Martin, the report relays. He visited the Mahatma Gandhi monument in the Palermo neighbourhood of the capital, later receiving the freedom of the city from Buenos Aires City Mayor Jorge Macri, 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 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. 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+'. 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. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Rush of Farm Dollars Fails to Lift Peso Ahead of Vote ---------------------------------------------------------------- Ignacio Olivera Doll at Bloomberg News reports that peso traders were expecting the Argentine currency to strengthen as soybean exporters exchanged record amounts of dollars after selling their harvest. Instead, the opposite happened: the peso, which has been weakening against the US currency since April, slid another four percent. Three months after President Javier Milei lifted Argentina's currency controls, early investor optimism has given way to growing caution, according to Bloomberg News. With midterm elections looming in October and mounting concerns over the country's current account deficit, many are now hedging against a potential decline in the peso and other local assets, including JPMorgan, which started unwinding its position in Argentine peso-denominated Treasury notes, Bloomberg News notes. It's a marked change from the start of the administration, when the peso strengthened 45 percent in real terms on the back of Milei's policies, including his efforts to slash inflation and cut government spending, Bloomberg News relays. But, the 2024 levels were soon viewed as overvalued, and investors now expect the Argentine peso to weaken further, Bloomberg News discloses. That shift could pressure central bankers as they look to balance the peso without heavily tapping reserves or tightening monetary policy, Bloomberg News says. "It's no surprise there's pressure on the exchange rate – the real exchange rate has appreciated, the current account deficit has widened, and the country continues to face a shortage of reserves," Bloomberg News quotes Fernando Losada, an economist at Oppenheimer in New York, as saying. The peso's latest slide comes despite US$1.6 billion in dollar sales from agricultural exporters over the past week, Bloomberg News notes. Soybean farmers are converting their dollars at a remarkable pace, spurred by government incentives to front-load sales, Bloomberg News relates. But the supply is being absorbed all too quickly, indicating that market participants are getting ready to move out of the peso, Bloomberg News discloses. Demand for dollars has been on the rise, fueled by retail investors who seek protection amid growing uncertainty ahead of the vote, Bloomberg News relates. Travellers and employees who received their mid-year 'aguinaldo' bonus in pesos are also turning to dollars, Bloomberg News says. Milei's party aims to secure more congressional seats in the upcoming elections, but public disapproval of the government remains roughly on par with approval levels, according to the latest AtlasIntel poll, Bloomberg News discloses. "We knew there would be FX tension ahead of the elections, but everything got pulled forward," said Martin Polo, head strategist at local brokerage Cohen Aliados Financieros. Adding to the quest for dollars is the growing demand from corporates ahead of the elections, he said, Bloomberg News relays. That's resulted in dollar-linked bonds posting returns of five percent during the past week, outperforming local debt instruments, he added. Futures traders are bracing for a continued peso slide. Derivatives pricing suggests another 10 percent fall by late September, putting the official exchange rate just above 1,300 pesos per US dollar, Bloomberg News notes. The pace of the devaluation would be nearly twice as fast as that of projected inflation over the same time period, indicating that markets are expecting more currency pain than price pressure, Bloomberg News relays. The 1,200 level is now viewed as the new floor for the peso, a level that seemed distant just a few weeks ago, Bloomberg News discloses. The government aims to keep the currency within a floating band of around 972 to 1,439 pesos per dollar, a range agreed with the International Monetary Fund, Bloomberg News notes. If market expectations turn out to be true, the devaluation in the peso since the removal of currency controls on April 14 will exceed 20 percent, compared with single-digit inflation over the same period, Bloomberg News relates. Headwinds for the peso are growing in a country that ran a current account deficit of US$5.2 billion in the first quarter, according to the INDEC national statistics bureau, Bloomberg News discloses. So far, Argentina's Central Bank has stuck to tight monetary policy, limiting the amount of money in the economy to support the peso and keep inflation in check, Bloomberg News notes. It has refrained from buying dollars, in line with its recent agreement with the IMF, Bloomberg News says. But that restrictive stance has begun to affect bank interest rates, which financial institutions offer to their clients to attract deposits, Bloomberg News notes. In certain cases, real rates now exceed 30 percent, making it more difficult for businesses and households to borrow, and holding back the economic recovery, Bloomberg News discloses. "Economic activity continues to show signs of fatigue. April's rebound wasn't enough, and the data from May and June confirm a slow, volatile and uneven recovery," Polo said, Bloomberg News relays. Signs of an economic slowdown could spell trouble for Milei on the campaign trail, and may force a looser stance on liquidity management, Bloomberg News notes. Central Bank authorities relaxed the liquidity coverage ratio, which sets the minimum amount of high-quality liquid assets that banks must hold, to free up cash for private-sector lending, Bloomberg News relays. And, the Central Bank will stop offering short-term debt notes after the government decided to move toward fewer monetary liabilities and a "zero money printing" regime to fight inflation, Bloomberg News notes. As a result, there's about 11 trillion pesos that banks will be able to allocate to other parts of the economy, Bloomberg News relays. To soften the impact on rates, the Central Bank plans to raise statutory reserve requirements on certain money market funds to 36 percent from 20 percent, according to a recent report by Grit Capital Group, Bloomberg News discloses. That will lower returns and likely push investors to seek better yields elsewhere, Bloomberg News says. "This puts the government in a tough spot," Polo said. "There's a huge amount of pesos that will have to find a new home, and that's going to push interest rates down," he added. Lower rates however discourage investments in peso-denominated instruments, likely encouraging buying of dollar-linked assets. "That would be like throwing fuel on the fire," Polo added, Bloomberg News notes. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. 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+'. 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. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. PROVINCE OF CORDOBA: Fitch Puts 'CCC+' Final Rating to USD Notes ---------------------------------------------------------------- Fitch Ratings has assigned Province of Cordoba's (CCC+) USD725 million 9.75% senior unsecured US-dollar notes due 2032 a final rating of 'CCC+'. The notes are rated at the same level as the province's Issuer Default Ratings (IDRs). The notes will be a direct, unconditional, unsecured, and unsubordinated general obligation of the province and will rank pari passu in right of payment compared with its other unsecured obligations. The notes are governed by and construed in accordance with the laws of the state of New York. The final rating is in line with the expected rating that Fitch assigned on June 23, 2025, as the receipt of final documentation conformed to the information already received. The Province used the net proceeds from the sale of the notes for the repurchase of the Step-up International Notes due 2027 validly tendered and accepted in the Tender Offer, and the remainder to finance infrastructure projects and/or repay existing liabilities. On July 1, 2025, the province announced the Tendered Aggregate Amount of the Existing Notes validly tendered was USD360,338,929. The Aggregate Purchase Amount accepted for purchase was USD360,338,929; 69.82% of the outstanding principal amount of the existing notes (USD516,107,058). This tender offer took place amid ongoing reforms and fiscal adjustments in Argentina, as the central government targets macroeconomic stabilization and recovery of international investor confidence. Key Rating Drivers The notes' final rating is at the same level as Cordoba's Long-Term Foreign Currency IDR of 'CCC+', which reflects adequate debt service coverage ratio for the next 12 months. On Sept. 12, 2024, Fitch affirmed Province of Cordoba's ratings. For details, please see "Fitch Affirms Province of Cordoba at 'CCC+'". As of December 2024, the province had strong liquidity, coupled with positive operating balance and financial equilibrium product of its sustained positive budgetary performance. This transaction marks a milestone for Cordoba—Argentina's second-largest province by GDP—due to the broader context of Argentine sub-sovereign issuers managing liabilities after years of macroeconomic turbulence; 2017 was the last year in which Argentine local and regional governments tapped the international market. Cordoba's initiative may lead the way for similar operations by other provinces looking to manage refinancing risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Argentina's Country Ceiling below 'CCC+' and any regulatory restrictions to access foreign exchange by local and regional governments; - Fitch could downgrade Cordoba's IDR if the province's estimated actual debt service coverage ratio drops below 1.0x in tandem with a liquidity coverage ratio below 1.0x, underpinned by lower operating margins and unrestricted cash, regardless of whether the payback ratio remains below 5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - If the impact on the SCP from the asymmetric risk wears off as the Province continues to meet Fitch's criteria requirements to be rated above Argentina's sovereign rating: maintains a strong budget, does not need to undertake external refinancing of debt, and has sufficient available liquidity. Date of Relevant Committee 11 September 2024 Entity/Debt Rating Prior ----------- ------ ----- Cordoba, Province of senior unsecured LT CCC+ New Rating CCC+(EXP) =========================== C A Y M A N I S L A N D S =========================== RASMALA TRADE: Deloitte & Al Fattan Name as Liquidators ------------------------------------------------------- By order of the Grand Court of the Cayman Islands, the voluntary liquidation of Rasmala Trade Finance Fund whose registered offices is situated care of Deloitte & Touche LLP, PO Box 1787, 8th floor, 60 Nexus Way, Camana Bay, Grand Cayman, KY1-1109, Cayman Island ("Deloitte Cayman") be continued under the supervision of the court. Michael Green and Grant Hiley of Deloitte Cayman and Paul Leggett of Deloitte Professional Services (DFIC) Limited, AL Fattan Currency House, DFIC, Building 1 Dubai, United Arab Emirate, were appointed as joint official liquidators ("JOLs"). Creditors of the company are invited to prove their debts or claims and to establish any title they have under the ACT, contingent or otherwise, by July 23, 2025. The proof of debt form can be requested by contacting the JOLs at: Grant Hiley Joint Official Liquidator Audra Graham Deloitte & Touche LLP Tel: +1 (345) 949-7500 Email: augraham@deloitte.com =================================== D O M I N I C A N R E P U B L I C =================================== [] DOMINICAN REPUBLIC: AmChamDR Highlights Customs Reforms ---------------------------------------------------------- Dominican Today reports that Francesca Rainieri, president of the American Chamber of Commerce of the Dominican Republic (AmChamDR) and chair of the National Trade Facilitation Committee (CNFC), praised the leadership of Customs Director General Eduardo "Yayo" Sanz Lovaton during the CNFC's 25th plenary session. Rainieri highlighted the significant improvements the General Directorate of Customs (DGA) has achieved under his direction, noting their positive impact on trade and the national economy, according to Dominican Today. Rainieri emphasized that more than the achievements themselves, it is the vision, dedication, and passion demonstrated by Sanz Lovaton and his team that have driven the institution's transformation, the report notes. She also underlined the importance of continued public-private collaboration, particularly during global trade disruptions and logistical challenges, the report relays. Sanz Lovaton reaffirmed his administration's commitment to modernization, announcing that three international tenders have already been launched to overhaul the Customs IT system, the report relays. He called on not only the CNFC but also the National Logistics Cabinet to support the ongoing reforms with transparency and broad sectoral involvement, the report says. Perla de la Rosa presented updates on the 2023–2026 CNFC Action Plan and outlined progress on key initiatives, including the enhancement of the canine inspection units (K9), risk management systems, and upgrades to the Single Window for Foreign Trade (VUCE), the report discloses. She also reported on continuous training efforts and improvements in laboratory certification monitoring, the report relays. Rosario del Castillo, CNFC coordinator, introduced new team members and reviewed compliance levels for the 2024 and 2025 operational plans, the report notes. Other participants included senior representatives from AmChamDR, logistics and maritime companies, as well as key government institutions such as the ministries of Agriculture, Trade, Foreign Affairs, Defense, and Health, the report relays. The CNFC continues to serve as a platform for dialogue and coordination in support of the World Trade Organization's Trade Facilitation Agreement, 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. ===================== E L S A L V A D O R ===================== COMISION EJECUTIVA: S&P Rates New $580MM Bullet Issuance Notes 'B-' ------------------------------------------------------------------- S&P Global Ratings has assigned its 'B-' issue rating to Comision Ejecutiva Hidroelectrica del Rio Lempa's (CEL's) proposed $580 million bullet issuance notes due 2035. The notes will be guaranteed by the Republic of El Salvador. Therefore, the rating on the notes mirrors the long-term 'B-' sovereign issuer credit rating on El Salvador, reflecting the effects of credit substitution and the guarantee. The company will use the issuance proceeds to refinance its outstanding debt owed to domestic lenders and multilateral organizations and contribute to the country's Power System Fund. The guarantee is one of payment, not collection, given that the guarantor agrees to pay the guaranteed obligations on the date due. Therefore, the sovereign agrees to act as a principal obligor, not merely surety. Other conditions of the guarantee include restrictions of the guarantor to terminate or amend the guarantee. CEL was established as an entity under the sovereign's executive branch to study the feasibility of electricity generation on the Lempa River. CEL became a public utility following the 1945 legislative decree. The entity is regulated by the following laws: Ley de la Comisión Ejecutiva Hidroelectrica Del Rio Lempa and Reglamento para la aplicacion de la ley de Comision Ejecutiva Hidroelectrica Del Rio Lempa. CEL currently generates energy through five hydroelectric power plants located in different parts of the Lempa river basin. ============= J A M A I C A ============= DIGICEL GROUP: Considers Refinancing $2B Debt as Concerns Ease -------------------------------------------------------------- Irene Garcia Perez and Jill R. Shah of Bloomberg News report that Digicel Group is working with JPMorgan Chase & Co. on a potential refinancing of more than $2 billion in debt, according to sources familiar with the discussions. The deal could move forward in the coming weeks, said the sources, who requested anonymity due to the private nature of the talks. The refinancing effort follows the company's update to creditors that the U.S. Department of Justice ended its investigation earlier this year into possible violations of the Foreign Corrupt Practices Act. Digicel also pointed to stronger financial performance and recent leadership changes, the sources said. About Digicel Group Digicel Group Holdings Ltd. is the leading digital provider in 25 markets across the Caribbean, Central America, and Asia Pacific. The company is owned by the Irish billionaire Denis O'Brien, is incorporated in Bermuda, and based in Jamaica. Digicel Group sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11479) on Sept. 11, 2023. The petition was signed by Lawrence Hickey, as foreign representative. The Debtor's counsel in the Chapter 15 case is Timothy E. Graulich, Esq. at Davis Polk & Wardwell LLP. JAMAICA: Expands CBI-Eligible Tariff Lines ------------------------------------------ RJR News reports that Jamaica has expanded the number of tariff lines under which it exports goods to the United States under the Caribbean Basin Initiative (CBI). That's according to data released by the CARICOM Private Sector Organization, the report notes. The CBI was established in 1983 through an agreement between the then US President Ronald Reagan and former Prime Minister Edward Seaga, according to RJR News. The data show that Jamaica increased its export categories from 86 in 2007 to 104 this year, the report relays. Trinidad and Tobago and Guyana have also recorded similar growth, the report discloses. The report highlights agro-processing as the region's most promising yet most vulnerable export sector under the initiative, the report says. It notes that exports from the region's agro-processing sector to the United States jumped from US$99 million in 2007 to US$224 million in 2024, the report relays. However, the sector remains under threat from tariffs imposed by current US President Donald Trump, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: MSMEs Urged to Become Investment-Ready ----------------------------------------------- RJR News reports that access to affordable capital continues to be a major hurdle for Jamaica's micro, small, and medium-sized enterprises, due to the country's limited private equity landscape. But, investor and associate member of FirstAngels Caribbean and RevUP Jamaica, Delroy McLean, said businesses in this sector must become more investment-ready, according to RJR News. He noted that raising capital is not just about having a great product, it's also about scalability, expansion, and market penetration, the report notes. Meanwhile, Douglas Orane, former chairman and CEO of the GraceKennedy Group, and now a member of FirstAngels Caribbean, emphasized that every investment is ultimately an investment in people, not business ideas, the report relays. Sandra Glasgow, founder of FirstAngels Caribbean, said the RevUP program was designed to close a gap identified in its early phase, the report says. She explained that while MSME entrepreneurs have great ideas, many lack the knowledge and expertise to turn them into commercially viable businesses, 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. =========== M E X I C O =========== GRUPO TELEVISA: Moody's Gives Ba1 CFR, Cuts Unsecured Debt to Ba1 ----------------------------------------------------------------- Moody's Ratings has downgraded Grupo Televisa, S.A.B. ("Televisa")'s senior unsecured ratings and senior unsecured shelf ratings to Ba1 and (P)Ba1 from Baa3 and (P)Baa3. Moody's have assigned a Ba1 corporate family rating and withdrawn the Baa3 long term issuer rating on Televisa. The outlook remains negative. RATINGS RATIONALE The downgrade of Televisa's ratings to Ba1 reflects that credit metrics remain challenged by persistent subscriber declines across all the business lines. The total RGU's (revenue generating units) declined by 6.3% and RGU's in the broadband Cable segment declined 1.2% in March 2025, on a year over year basis. Televisa expects credit metrics to stabilize in 2025, but while the company has been repaying debt, this has not been enough to offset the decline in revenues and EBITDA, maintaining gross leverage well above Moody's downgrade trigger of 3x. Moody's adjusted gross leverage was 4.7 x for the last twelve months ended March 2025 and 4.6x as reported by the company. Moody's-adjusted EBITDA margin, incorporates non-cash impairments related Sky's intangible assets, the equity income from non-controlling associates and interest income, which is materially high given the company's large cash balances. The negative outlook reflects Moody's views that Televisa's operating performance will continue to be challenged by subscriber losses and that Moody's-adjusted gross leverage will remain above 4x beyond 2026. Televisa's Ba1 ratings are supported by the company's track record of conservative financial management including strong liquidity, positive free cash flow (FCF) generation and a comfortable maturity profile. The ratings incorporate Moody's expectations that the company's Moody's-adjusted gross leverage will trend down towards 4x driven by debt reduction and stabilization of EBITDA generation. The company's Ba1 also considers Televisa's market position in Mexico, with 21% market share in broadband and a leading position in the Pay-TV market with 57% as of March 2025, as per the telecom regulator. Televisa's rating also takes into consideration the company's 42.6% stake in TelevisaUnivision, Inc., the controlling company of Univision Communications Inc. (TelevisaUnivision, B2 negative). Conversely, Televisa's Ba1 ratings incorporate a secular decline in its (DTH) Sky segment in Mexico and limited growth in number of subscribers in the broadband segment, where the company has been growing below the industry levels, as per Mexico's telecom regulator. Televisa's ratings consider its geographic concentration in Mexico, the competitive environment in the Cable segment, a capital-intensive business; and the company's operating scale, which is smaller than that of other rated peers. Televisa's liquidity is strong, supported by $2.1 billion in cash as of March 2025 and the company's $500 million committed revolving credit facility due in April 2029. Televisa receives around $60 million per annum in hard currency from TelevisaUnivision, including the dividend from the preferred shares and leases. Moody's assessments on liquidity includes an increase in capex to 19.5% of revenues, on average in the 2025-2027 period, up from 14.6% in 2024. Moody's expects the company to cover this increase with its own cash flow; however, this strategy will reduce the company's FCF, which will represent less than 2% of total debt through 2027, down from 13.5% for the last twelve months ended March 2025. Governance considerations have been a key driver of the rating action and include the company's tolerance to high gross leverage and uncertainties around the FIFA-related matter. These factors are reflected now in the company's Financial Strategy and Risk Management assessment that was changed to 3 from 2 and Compliance and Reporting to 3 from 2. The overall exposure to governance risks (Issuer Profile Score or "IPS") and Televisa's Credit Impact Score remain unchanged at G-3 and CIS-3, respectively. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The outlook could be changed to stable if the company manages to stabilize its growth in revenue and earnings, while leverage starts reducing. Longer term, the ratings could be upgraded if Televisa executes on its strategy, with broadband subscribers growing, at least, in line with the industry positioning the company to withstand additional pressures in the DTH business. Positive pressure would require a sustained organic revenue and EBITDA growth and the maintenance of positive FCF. Quantitatively, positive pressure could arise if Moody's-adjusted leverage ratio is sustained below 3.0x, and its RCF / Net debt above 35%, while the company maintains a strong liquidity on a sustained basis. The ratings could be downgraded if the erosion of margins and operating cash flow continues, or if there is a significant decline in subscribers or market position due to competition or operating disruption, particularly in the broadband segment. Moody's could downgrade Televisa's ratings if there is any deterioration in the company's liquidity profile including sustained negative FCF due to lower profitability, competitive pressures or due to a material impact related to the FIFA matter. Quantitatively, negative pressure could also arise if the company fails to maintain its Moody's adjusted leverage below 4.0x and RCF/net debt is not maintained above 25%. Moody's have decided to withdraw the rating(s) for Moody's own business reasons. Televisa's Ba1 rating is two notches above the Ba3 scorecard-indicated outcome. This is reflective of the company's established market position in Mexico and Moody's expectations of gross leverage improvements and stabilization of the company's subscriber trends in 2025, driven by positive net adds in the broadband segment. Televisa primarily operates as a cable (Izzi brand) and DTH (Sky) satellite operator in Mexico. In the Cable segment, the company grew through acquisitions of local and regional cable companies. For the 12 months that ended March 2025, Televisa's revenue was $3.2 billion and the company reported 15.2 million RGUs in the Cable segment, passing 19.9 million homes, and 4.7 million RGUs in the Sky segment. LEISURE INVESTMENTS: Commissioner Enters Miami Seaquarium Case -------------------------------------------------------------- Miami Today reports that the Miami-Dade commissioner representing the district that includes the Miami Seaquarium has been authorized to lead negotiations with the site's current operators regarding the bidding, auction, and bankruptcy proceedings tied to the future of the county-owned attraction. According to the report, Commissioner Raquel Regalado, who has a background in bankruptcy law and valuation, received unanimous support from fellow commissioners to coordinate with Mayor Daniella Levine Cava on a potential agreement -- subject to final commission approval. "I can practice in bankruptcy court and I have expertise in valuation," Regalado told the board during the meeting. Her request was not listed on the meeting's agenda, and commissioners had no written motion or supporting documents at the time of the vote. "This is unfolding in real time, so we need to be involved," Regalado said. "Otherwise, decisions will be made without our input. They're already speaking with different parties who have ideas for the site, and we either engage now or risk being excluded." The Seaquarium, located on Virginia Key off the Rickenbacker Causeway, has drawn scrutiny from the mayor and other officials, who have questioned whether the site should remain a tourist destination -- particularly one centered on marine life. The attraction's main draw, the killer whale Lolita, died two years ago, and concerns over the treatment of animals have persisted, according to Miami Today. Commissioner Juan Carlos Bermudez voiced frustration over the lack of documentation but ultimately supported the motion. "I hate getting motions without anything in front of me," he said. "If we knew this was coming, why didn't the county attorney's office provide a copy?" County attorneys have been attending the Delaware bankruptcy proceedings and have met with the debtors in possession, who expressed a desire for the county to be involved in determining the site's future use. Regalado's motion officially brings the county into the decision-making process, pending court and commission approval, the report states. As previously reported by the Troubled Company Reporter - Latin America, The Dolphin Company which manages multiple dolphin habitats and theme parks including the Miami Seaquarium, has filed for bankruptcy in the U.S. to restructure its debt and address financial difficulties. About Leisure Investments Holdings LLC Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. ===================================== T R I N I D A D A N D T O B A G O ===================================== CONSOLIDATED ENERGY: Moody's Cuts CFR to 'B3', Outlook Stable ------------------------------------------------------------- Moody's Ratings downgraded Consolidated Energy Limited's (CEL or the company) long-term corporate family rating and probability of default rating to B3 from B2 and to B3-PD from B2-PD respectively. Concurrently Moody's downgraded the ratings of the existing backed senior secured term loan B and the backed senior secured revolving credit facility (RCF) to B2 from B1 and the rating of the backed senior unsecured notes to Caa1 from B3 issued by Consolidated Energy Finance, S.A.(CEF). The outlook was changed to stable from negative on both entities. RATINGS RATIONALE The rating downgrade reflects CEL's high Moody's adjusted leverage of 9.0x debt/EBITDA at the end of Q1 2025, which Moody's expects to decline towards a still relatively high 6.0x over the next 12-18 months on a sustained basis. When considering $146 million of insurance proceeds for equipment failures in previous years, Moody's expects leverage to decline towards 5.0x by year end 2025 before increasing back towards 6.0x in Moody's adjusted base case reflecting the absence of the one-time insurance proceeds. To reduce its gross debt meaningfully, Moody's believes CEL requires at least mid-cycle methanol and ammonia price (Moody's assumptions, different from CEL's assumptions) to generate meaningful free cash flow (excl. insurance proceeds) amid its relatively high interest expense of more than $280 million annually and the company owning only 50% of its cash generative subsidiary in the US Natgasoline LLC (B3 positive, Natgasoline) and 60% of Oman Methanol Company (OMC), while fully consolidating them. Furthermore, the downgrade reflects a relatively opportunistic financial policy. The presence of financial transactions and linkages (e.g. existence of $393 million 10.52% loan from CEL to its parent Proman AG (Proman) maturing in January 2031 and CEL providing guarantees for $460 million of five year term loan facilities outside of the restricted group coming due in December 2028, which is not serviced by CEL. This weighs negatively on CEL's rating as reflected in Moody's governance consideration. Additionally, Moody's financial policy assessment incorporates CEL not addressing all upcoming maturities at least one year before coming due and the relatively small size of its RCF at the CEF level of only $140 million coming due in February 2029, of which only $13.3 million were available at end of Q1 2025. According to CEL $15 million of the RCF have been repaid recently. The B3 rating also reflects the risk that CEL continues to support the financing needs of its shareholder. At the same time CEL's rating is supported by its leading market position in methanol, which is underpinned by its competitive cost position reflected by high EBITDA margins and ability to generate strong cash flows at above mid cycle commodity prices under Moody's assumptions. Positively, Moody's notes that the Natgasoline turnaround has been completed successfully and that the plant is operating at high operating rates since the beginning of 2025. The rating furthermore reflects Moody's expectations that CEL will stringently apply FCF generation and any repayments of the $393 million intercompany loan to its shareholder Proman to reduce gross debt on a sustainable basis. LIQUIDITY PROFILE CEL's liquidity profile is weak. As of Q1-25 the company had $149.6 million of cash on balance sheet (incl. $16.9 million restricted cash). Furthermore, the group has $28.3 million available under its $140 million RCF issued by CEF. The company has a largely undrawn $60 million revolver at the level of Natgasoline, which matures in March 2028. In combination with Moody's expectations of FFO generation of around $400 million for 2025 (incl. significant insurance repayments of about $146 million in 2025), these sources should be sufficient to accommodate swings in working capital and capital expenditures of around $125 - $150 million per annum. But absent any additional financing these sources potentially will be insufficient to repay its upcoming $227 million outstanding fixed rate bond coming due on May 15, 2026 considering that meaningful amounts of its cash sits at the level of Natgasoline and OMC. Moody's assessments of CEL's liquidity profile still takes into account the expectation that the backed senior unsecured bond issued by CEF coming due in 2026 will be refinanced in H2 2025 by a combination of internal cash generation, the intended repayment of the $393 million loan by its shareholder Proman AG and / or additional debt issuance. STRUCTURAL CONSIDERATIONS CEF's outstanding backed senior unsecured bonds are rated Caa1, one notch below the B3 CFR, reflecting the priority ranking of the backed senior secured term loan B and the $140 million RCF, which are rated B2. The rating of the backed senior unsecured bonds also reflects the structural subordination of CEF's creditors to those of its US-based operating subsidiary, Natgasoline, which is not a guarantor for CEF's bonds and whose financial debt is largely secured against respective assets. Natgasoline has total Moody's adjusted debt of $986 million, while the replacement value of the facility is approximately $2.2 bn (estimated by the company). The rating of the backed senior secured bank credit facilities is B2, one notch above CEL's CFR, because of their priority ranking in the capital structure. RATING OUTLOOK The stable outlook reflects Moody's views that CEL will be able to address CEF's upcoming $227 million outstanding backed senior unsecured maturity in May 2026 and its good market position in the global methanol markets will enable it to generate meaningful cash at times of above mid cycle commodity prices (Moody's assumptions). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider upgrading CEL's rating if the company reduces its Moody's adjusted debt/EBITDA to below 5.5x under mid cycle conditions, increases its interest cover to above 2.5x interest expense/EBITDA (1.4x per Q1 2025), builds a track record of a more conservative financial policy as evidenced by refinancing upcoming maturities at least one year before coming due and manages to generate significant free cash flow. Moody's could downgrade CEL's rating if the company fails to reduce its Moody's adjusted leverage below 6.5x under mid cycle conditions, its interest cover remains below 1.5x interest expense / EBITDA, its liquidity situation worsens (if the company is unable to refinance CEF's upcoming $227 million outstanding backed senior unsecured bond coming due in May 26 before year end 2025) or if the company supports additional financing needs of its shareholder. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ********* 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 * * *