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250717.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, July 17, 2025, Vol. 26, No. 142 Headlines A R G E N T I N A ARGENTINA: Milei's OK Rating Holds as Locals Worry About Jobs BLOCKFI INC: Court Authorizes Disposal of Customer Data, Inventory B E L I Z E BELIZE: Economic Data Points to Subdued Growth in the Near Term B R A Z I L SAO PAULO: USD4BB Metro Expansion Faces High Hopes & Hard Questions C H I L E CHILE: Top Copper Nation Sweats on Details of Trump's 50% Tariff D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Experts Debate Impact of U.S. Tariff Policy M E X I C O DEL MONTE: Seeks to Hire Stretto Inc as Claims and Noticing Agent X X X X X X X X LATAM: CARICOM Urged to Fix Regional Trade Inefficiencies - - - - - ================= A R G E N T I N A ================= ARGENTINA: Milei's OK Rating Holds as Locals Worry About Jobs ------------------------------------------------------------- Patrick Gillespie at Bloomberg News reports that President Javier Milei's approval rating and positive image remained well above domestic peers in June even as Argentines became increasingly worried about the job market after unemployment rose earlier this year. Milei's approval and disapproval ratings both stood at 44 percent last month while nearly 12 percent of respondents were unsure about the libertarian leader, according to LatAm Pulse, a monthly poll conducted by AtlasIntel for Bloomberg News. With tumbling inflation amid a stable currency, Milei also maintained the highest positive image of all major Argentine political leaders at 47 percent, according to Bloomberg News. The encouraging polling figures contrast with growing concerns about Argentina's labour market, which saw unemployment in the formal sector rise to 7.9 percent in the first quarter -- the highest in more than three years, Bloomberg News notes. Over 70 percent of Argentines have a negative view of the current job market and unemployment edged over inflation to rank as the problem most often cited in June, according to the AtlasIntel poll, Bloomberg News relays. Formal private sector employment was down by 115,000 jobs in March, the most recent month of data, compared to November 2023 right before Milei took office and implemented abrupt policy changes, Bloomberg News discloses. Construction, manufacturing and transportation lead all industries by formal job losses, according to official statistics, Bloomberg News notes. Meanwhile, the government has cut more than 50,000 state jobs. Informal jobs in Argentina, which tend to have lower salaries and fewer benefits, rose by 224,000 in the first quarter from a year ago, the INDEC national statistics bureau reported, Bloomberg News relates. Despite economic growth projected to top five percent this year, the job cuts have translated into weaker wage growth: From January to April, private sector salaries rose 9.6 percent compared to 11.6 percent inflation over that time, according to INDEC data, Bloomberg News notes. Last year, those wages soared 148 percent, galloping past 118 percent annual inflation, Bloomberg News adds.. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 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. BLOCKFI INC: Court Authorizes Disposal of Customer Data, Inventory ------------------------------------------------------------------ The Honorable Michael B. Kaplan of the United States Bankruptcy Court for the District of New Jersey granted the motion of BlockFi Inc., and its debtor affiliates for an order authorizing the abandonment and disposal of all remaining customer data and inventory. In August 2023, the Claims, Noticing, and Solicitation Agent for BlockFi, Kroll, suffered a data breach that compromised various data and information pertaining to BlockFi and BlockFi customers. Following the Kroll Data Breach, BlockFi notified regulators of numerous jurisdictions of the breach. On Oct. 3, 2023, the Court entered its Revised Findings of Fact, Conclusions of Law, and Order (I) Approving the Disclosure Statement Relating to the Third Amended Joint Chapter 11 Plan of BlockFi Inc. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code on a Final Basis and (II) Confirming the Third Amended Joint Chapter 11 Plan of BlockFi Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code confirming the Plan, which went effective on Oct. 24, 2023. As this wind-down proceeds, the Wind-Down Debtors continue to maintain personal and financial information on various BlockFi customers and parties that obtained services from BlockFi, as well as financial, employee, human resources, operational, legal, compliance, and intellectual property data and information. On Feb. 20, 2025, the Court entered a preliminary disposal order, thereby authorizing the Wind-Down Debtors to initiate disposal of certain Data Inventory, specifically, certain inactive physical inventory and closure of the WeWork office. By way of this Motion, the Wind-Down Debtors now seek permission to dispose of all remaining data and inventory. Dereje Lakew -- a creditor and party in interest -- opposed this request. According to the Court, retention of the Data Inventory presents a burden to the continuing post-confirmation administration of the bankruptcy estate. Judge Kaplan explains, "The costs associated with continued storage and security of the Data Inventory will further deplete estate assets that would otherwise have been preserved. To date, the Wind-Down Debtors have expended millions of dollars to store, maintain, and protect the customer data. Continued retention of the Data Inventory would necessitate hiring a data custodian and secure storage/security capacities. Likewise, the indefinite retention of personally identifiable information and other sensitive customer data presents unnecessary exposure to potential cybersecurity breaches, which itself burdens the estate, and disposal of the Data Inventory is necessary to mitigate such risk." Moreover, the Court defers to the Wind-Down Debtors' judgment that there is little need for the Data Inventory at this late stage in the case. The Data Inventory is therefore of no significant value to the Wind-Down Debtors and presents a burden to the continuing post-confirmation administration of the estate, the Court concludes. Mr. Lakew raises multiple arguments in support of his Objection, including that: i) allowing the Wind-Down Debtors to dispose of records could significantly prejudice creditors by eliminating critical evidence necessary for investigating potential misconduct, mismanagement, or fraudulent activities that occurred prior to or during the bankruptcy case; ii) the Wind-Down Debtors are obligated to preserve and maintain financial records pursuant to Secs. 521 and 727(a)(3) of the Bankruptcy Code; and iii) 17 CFR Sec. 240.17a-4 mandates that BlockFi retain certain records for six or seven years. Mr. Lakew also submits that the Internal Revenue Service recommends retention of financial records for at least seven years. The Court is not persuaded by any these assertions. The Court adopts the arguments advanced by the Wind-Down Debtors and finds that the requested relief is both appropriate and necessary to limit the risk of possible future data breaches and conclude these chapter 11 cases in an orderly, lawful, and efficient manner. The Wind-Down Debtors' proposed notice and disposal procedures fully protect the interests of customers, regulators, and other parties in interest. Indeed, as noted by the Wind-Down Debtors, certain laws, regulations, Bankruptcy Code provisions, Chapter 11 Plan Provisions, and BlockFi's own Privacy Policy strongly point to disposal of Data Inventory upon case closure. Given the anticipated near-term completion of BlockFi's wind-down, BlockFi will no longer have a clear need to retain any of its Data Inventory. Of equal, if not paramount concern to the Court is the ongoing cybersecurity risks facing the WindDown Debtors' storage and post-confirmation administration as a result of continued retention of the information. Therefore, the Court holds the objection is overruled, and the Debtors' Motion Authorizing the Abandonment and Disposal of all Remaining Data is granted. A copy of the Court's Order dated July 1, 2025, is available at https://urlcurt.com/u?l=blGBrs from PacerMonitor.com. About BlockFi Inc. BlockFi Inc. was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi said it was building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. On Oct. 3, 2023, the Court confirmed BlockFi's Third Amended Joint Chapter 11 Plan. =========== B E L I Z E =========== BELIZE: Economic Data Points to Subdued Growth in the Near Term --------------------------------------------------------------- An International Monetary Fund team led by Metodij Hadzi-Vaskov held discussions for the 2025 Article IV consultation with Belize during July 1—11. The team met with Mr. John Briceno, Prime Minister; Mr. Christopher Coye, Minister of State; Mr. Joseph Waight, Financial Secretary; Mr. Kareem Michael, Governor of the Central Bank; and other senior government officials, representatives of the opposition, the private sector, and labor unions. After a remarkable recovery following the pandemic, preliminary economic data points to subdued growth in the near term while inflation has decelerated, and the public debt-to-GDP ratio has declined sharply. Growth is expected to converge to its potential of about 2 percent over the medium term, reflecting capacity constraints. In an unchanged policies scenario, the public debt-to-GDP ratio is projected to fall more slowly, requiring additional fiscal consolidation and growth-enhancing structural reforms to reduce debt to 50 percent of GDP by 2030. Policy priorities include revenue mobilization and reprioritization of expenditure; greater spending in priority areas; expanded access to finance; accelerating growth-enhancing and structural reforms; and building resilience to natural disasters. Recent Developments, Outlook, and Risks Belize's economy has recovered strongly following the pandemic, supporting improvements in social outcomes and financial stability. After expanding by a cumulative 27.6 percent between 2021 and 2023, real GDP grew by 8.1 percent in 2024, driven by tourism, trade, and transport. Consequently, the poverty rate declined substantially to 22 percent in 2024, from 36 percent in 2021, according to the multidimensional poverty index. The strong economic recovery, combined with the prudent management of public sector wages and a sharp rebound in government revenues, improved the primary fiscal balance to 1.7 percent of GDP in FY2024. Consequently, public debt fell sharply to 61.1 percent of GDP by end-2024 from 103.3 percent of GDP in 2020, supported as well by a debt-for-marine protection swap and a negotiated discount on Belize's Petrocaribe debt. Financial stability risks have declined, following the accumulation of additional tier 1 capital among vulnerable banks and a decline in aggregate nonperforming loans. Staff's preliminary analysis suggests Belize's external position in 2024 was stronger than the level implied by fundamentals and desirable policies. Growth is expected to slow considerably in the near term before converging to its potential of about 2 percent over the medium term. Staff projects growth to decelerate to 1.5 percent in 2025 in line with the observed slowdown in stayover visitor arrivals growth and weak agricultural sector performance as a result of unfavorable weather conditions and fungal disease affecting sugarcane. Growth is expected to recover in 2026, before gradually moderating to 2 percent over the medium term, absent increased hotel and flight capacity. Staff expects inflation to decline further to 1.3 percent over the medium term as inflationary pressures from major trading partners and oil prices subside. Public debt is expected to fall more slowly as a percentage of GDP, reflecting slower nominal growth and higher spending on salaries. The current account deficit is expected to moderate to about 1.2 percent of GDP over the medium term, largely on account of lower oil prices. Staff projects a gradual increase in international reserves to about 4 months of imports, albeit not reaching the ARA metric by 2030. Staff assesses risks to the outlook as tilted to the downside. External downside risks stem from higher global policy uncertainty and increased trade barriers—which would weigh on Belize's growth and current account—and higher-for-longer global interest rates. Domestically, increased or sustained climate-related disasters could cause severe damage to the agriculture, energy, and tourism sectors. A slowdown in the economy could also increase risks to the financial sector. However, the implementation of several large infrastructure projects—particularly in the energy, utilities, and transport sectors—could push growth higher over the medium term. Policy Priorities The policies implemented by the authorities have been broadly consistent with staff advice and technical assistance recommendations. Legislative amendments to allow for the introduction of electronic tax invoicing, new penalties for tax noncompliance, and a requirement that all taxes are paid before the sale of any entities or businesses have sought to improve tax administration. The central bank has reduced its holdings of government securities and increased the level of international reserves. The passage of the Fiscal Incentives Act—which encourages the formalization of firms—and the establishment of the collateral registry have the potential to increase firms' access to credit. The central bank also required vulnerable banks to accumulate additional tier 1 capital to reduce financial stability risks. However, reforms to the Pension Plan for Public Officials (PPPO) have been delayed. Going forward, the authorities remain committed to making use of capacity development to further strengthen institutions and the policy framework. Reducing public sector debt to below 50 percent of GDP would help build fiscal buffers against adverse shocks. This would require gradually increasing the primary surplus to 2 percent of GDP by FY2026, supported by: * Greater revenue mobilization. This could be achieved by broadening the base of the General Sales Tax, raising specific taxes and fees, and improving revenue administration; * Reprioritization of current expenditure through reforms to the PPPO to reduce the present value of future deficits and lower fiscal risks; and * Expanding priority spending on targeted social programs, infrastructure, and crime prevention. This adjustment should be part of a broader medium-term fiscal strategy with clear targets and measures, which—combined with improvements to public financial management—would enhance its credibility and lay the foundation for the development of a well-designed fiscal responsibility law with specific fiscal rules. Accelerating the implementation of growth-enhancing structural reforms would foster job creation and boost potential growth. Belize's potential growth has significantly declined over the past decade, driven in part by negative growth in total factor productivity in the period since the global financial crisis up to the COVID-19 pandemic. Expanding ongoing efforts to address structural barriers and promote growth remains a key priority. In particular: Strong economic activity in the services sector requires more and better skilled labor. The demographic push, which has been a consistent driver of Belize's growth over the past decades, is expected to diminish over time. The authorities recognize constraints to growth resulting from the tight labor market and are devising various initiatives to address these challenges, including improving intermediation services to help match job seekers to job vacancies, engaging with the private sector to reduce skill mismatches, and introducing legislative amendments regarding seasonal migrant workers. Policies that aim at increasing female labor force participation, including enhancing childcare and education, would support the strong economic activity in the services sector and mitigate the expected impact from decelerating population growth. Addressing key bottlenecks in the tourism sector is necessary to accelerate growth in stayover arrivals and support tourism growth over the medium term. Priorities include developing road infrastructure to ease cross-district transportation and expanding flight capacity. The degree of resource misallocation among firms in Belize is one of the highest in the Caribbean, leading to lower aggregate productivity. Continued efforts to improve the business climate and address structural barriers, in particular reforms to improve firms' access to finance, business license and permits processes, tax administration, and workforce education, would help foster productivity growth and job creation. Rising sea levels, hurricanes, floods, droughts, and coastal erosion pose significant threats to the economy, particularly to tourism, agriculture, and energy. Given Belize's vulnerability to natural disasters, continued efforts to enhance resilience to natural disasters remains essential. The authorities have made considerable progress toward building resilience, including plans to invest in a battery energy storage system and renewable energy, and developing a Climate Finance Strategy. In this context, adoption of a Disaster Resilience Strategy to complement the National Preparedness and Response Plan would further help to provide a coherent guide to the authorities' efforts and could help facilitate coordination of donor support. Strengthening the currency peg requires accumulating additional international reserves. Successfully implementing structural reforms and fiscal consolidation—combined with a gradual reduction in the central bank's large stock of government securities—is crucial to accelerating official reserve accumulation. Combining this with reforms to develop the domestic capital market, including the introduction of a fully market-based auction for Treasury Notes, would also increase the government's access to domestic private sector finance and help to reduce excess liquidity in the financial system. Such reforms would also provide opportunities for the Social Security Board to reduce the share of cash instruments in their investment portfolio, improving the General Social Security Scheme's long-term viability. Improving the private sector's access to finance and enhancing the financial safety net should be key policy priorities. Accelerating growth in private sector credit could be supported by initiatives to: - Increase the demand for credit from domestic firms and households. Savings deposits at domestic banks are subject to a regulatory 2½ percent floor on interest earned, while lending spreads are widest among the largest and most liquid banks. Removing this floor and supporting greater competition among domestic banks could reduce private sector borrowing costs, which remain elevated even amid high excess liquidity. - Removing constraints to expanding the supply of credit. This includes ensuring that domestic banks have sufficient capital above the regulatory requirement, reducing information asymmetries between borrowers and lenders by operationalizing the credit bureau, and expanding access to grants and other non-debt instruments for early-stage firms. - Operationalizing the deposit insurance framework and improving coordination across regulatory agencies would further enhance financial stability. Belize should build on the successful completion of its Anti-Money Laundering/Countering-Terrorism Financing (AML/CFT) assessment with the Caribbean Financial Action Task Force (CFATF). In its report published in January 2025, the CFATF assessed Belize as compliant or largely compliant on all of the FATF's 40 Recommendations and substantially effective in achieving several immediate outcomes of a sound AML/CFT framework. Going forward, the authorities are encouraged to continue addressing the remaining shortcomings in the AML/CFT framework, including: finalizing and approving the National Risk Assessment; enhancing risk-based supervision; and strengthening the collection of beneficial ownership information of legal entities. The team would like to thank the authorities and other counterparts for their warm hospitality and constructive policy dialogue. =========== B R A Z I L =========== SAO PAULO: USD4BB Metro Expansion Faces High Hopes & Hard Questions ------------------------------------------------------------------- Iolanda Fonseca at Rio Times Online reports that Sao Paulo is moving forward with its largest construction project ever: a new metro line connecting the city center to Guarulhos, home to Brazil's busiest airport. The Line 19-Celeste project, according to official Metro and state government sources, will cost at least BRL20 billion (about US$4 billion), according to Rio Times Online. The project is split into three parts, with construction contracts set to be awarded in late July, the report notes. Fifteen major construction groups, both Brazilian and international, have shown interest, the report relays. Companies like Acciona, Power China, Andrade Gutierrez, and Queiroz Galvão have all visited the project site, the report discloses. The state government plans to sign contracts by year's end, notes Rio Times. Land purchases and engineering work will continue through early 2026, with construction expected to start soon after, the report relays. The Metro aims to finish the line by 2031. The state has already set aside R$400 million this year for land purchases and promises more funding in 2026, the report recalls. Officials say the state budget will cover the costs, but some companies worry about long-term funding, the report says. The project requires huge upfront spending on tunnel-boring machines, and payments to builders will only come later, the report notes. This setup may favor foreign companies that can get cheaper loans, the report relates. Some construction firms also criticize the strict technical requirements and claim there are errors in the project's cost estimates, the report discloses. The Metro says it will consider justified changes and insists the rules are fair, the report says. Delays have plagued past metro projects in Sao Paulo, especially during Brazil's major corruption investigations, the report relays. The Metro says this time will be different because it has split the job into three parts and will use three tunnel-boring machines at once, the report notes. The government is also considering handing over the operation of the new line to a private company after construction, following a model used for another metro line, the report discloses. This project could change daily life for millions in Sao Paulo and Guarulhos, making commutes faster and boosting the local economy, the report relays. But with high costs, tight deadlines, and tough competition, the stakes are high. Business leaders and residents alike are watching to see if Sao Paulo can deliver on its promise to build a better metro, the report notes. As reported in the Troubled Company Reporter-Latin America on June 16, 2025, Fitch Ratings has affirmed the Brazilian State of Sao Paulo's (Sao Paulo) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB' with a Stable Rating Outlook and its Short-Term Foreign and Local Currency IDRs at 'B'. ========= C H I L E ========= CHILE: Top Copper Nation Sweats on Details of Trump's 50% Tariff ---------------------------------------------------------------- globalinsolvency.com, citing Bloomberg News, reports that Chile, by far the biggest shipper of copper into the U.S., is waiting for details to emerge following President's Donald Trump's bombshell comments on tariffs. Trump sent shock-waves through the global copper industry by telling reporters that he would be slapping a 50% levy on copper imports -- about double what the market was pricing in, according to the report. Chile, and particularly state-owned Codelco, would be the most affected producer given the country accounts for about 500,000 metric tons of the total of 700,000 tons of refined metal the US imports a year, the report notes. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Experts Debate Impact of U.S. Tariff Policy --------------------------------------------------------------- Dominican Today reports that since April 5, 2025, President Donald Trump has imposed 10% tariffs on Dominican products imported into the United States. Although this measure could have a direct impact on economic growth and financial stability in the Dominican Republic, local and international experts indicated that these new policies create new challenges for the national economy, especially in promoting the development of free trade zones and creating new actions to address the new tariffs, according to Dominican Today. The meeting was held at the JW Marriott Hotel under the theme "Impacts and risks of the United States tariff policy on the Dominican Republic's financial sector Sector" by the Dominican Republic Risk Management Club (CGRRD) and the Deloitte professional services network, the report notes. With keynote addresses from Fabio Salas, Tax and Legal Services Partner, and Daniel Gonzalez, Senior Manager of Economic Analysis, both at Deloitte, they provided insight into the historical context of these new measures, as well as the current outlook for the nation to implement them, the report relays. For Gonzalez, this tariff policy would only be sustainable in the short term, the report notes. However, it is effective in sending political signals or addressing specific crises; its sustainability is low due to the economic distortions it presents, the report discloses. "Generally, this tariff policy will have a short-term effect because it is a political rather than an economic rationale, the report says. It responded more to trade imbalances in those countries that had a trade surplus, and the government reacted somewhat, also driven by its voter base," he stated during his speech, the report relays. He added that these tariff increases typically raise prices for consumers in the country that imposes them, leading to increased inflation, a reduction in purchasing power, and harming those they are intended to benefit, the report notes. The event also featured expert panels discussing how Dominican companies can adapt to overcome the challenges of the new tariffs while maintaining competitiveness, as well as the impact of this policy on credit risk, 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. =========== M E X I C O =========== DEL MONTE: Seeks to Hire Stretto Inc as Claims and Noticing Agent ----------------------------------------------------------------- Del Monte Foods Corporation II Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will seek reimbursement for expenses incurred. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. =============== X X X X X X X X =============== LATAM: CARICOM Urged to Fix Regional Trade Inefficiencies --------------------------------------------------------- RJR News reports that Chief Executive Officer and Technical Director of the CARICOM Private Sector Organization, Dr. Patrick Antoine, has proposed addressing trade inefficiencies as a key strategy to mitigate the potential impact of the impending 10-seline tariff on regional exports to the United States. Speaking at a Business Breakfast Forum in Montego Bay, Dr. Antoine noted that CARICOM is facing a potential fallout of approximately $542.3 million per annum, consequent on proposed implementation of the baseline tariff, according to RJR News. This is according to a CPSO study, conducted across Caribbean nations, the report relays. Dr. Antoine noted that by addressing trade inefficiencies, the Caribbean could unlock substantial cost savings across key sectors, the report discloses. ********* 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 * * *