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250808.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 Friday, August 8, 2025, Vol. 26, No. 158 Headlines A R G E N T I N A ARGENTINA: IMF Relaxes Reserves Target by US$5 Billion in 2025 B A H A M A S FTX GROUP: Binance Founder Seeks Exit From $1.76B Clawback Suit B A R B A D O S BARBADOS: Expands MSMEs' Access to Financing with US$50MM IDB Loan B R A Z I L AZUL SA: Court Sets Chapter 11 Exit Timeline by End of 2025 AZUL SA: Taps Grant Thornton Auditores Independentes as Auditor INTERCEMENT BRASIL: Debtholders Propose Competing Bankruptcy Plan NU FINANCEIRA: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Moody's Ups Debt Ratings to Ba2, Outlook Stable DOMINICAN REPUBLIC: Pours RD$210M Into Weekly Fuel Subsidy J A M A I C A DIGICEL GROUP: Upsizes Refinancing to Nearly USD3 Billion JAMAICA: BOJ Reports Financial Performance for First Half of 2025 M E X I C O LEISURE INVESTMENTS: Court OKs Miscellaneous Assets Sale P A N A M A FIRST QUANTUM: S&P Affirms 'B' ICR on Gold Streaming Transaction P A R A G U A Y FRIGORIFICO CONCEPCION: S&P Withdraws 'B' Issuer Credit Rating P E R U TELEFONICA DEL PERU: Secures Chapter 15 Recognition T R I N I D A D A N D T O B A G O TRINIDAD CEMENT: Reports $12 Million Loss - - - - - ================= A R G E N T I N A ================= ARGENTINA: IMF Relaxes Reserves Target by US$5 Billion in 2025 -------------------------------------------------------------- Manuela Tobias at Bloomberg News reports that the International Monetary Fund gave Argentina breathing room on a key benchmark after it missed the target this month, making it easier for the country to continue with its US$20-billion funding programme. Argentina will now need to raise net hard-currency reserves to negative US$2.6 billion by the end of this year to unlock the next tranche of IMF funds, about US$5 billion lower than the earlier target, according to Bloomberg News. The figure is currently at negative US$6.4 billion, in part because of a sovereign bond payment last month, Bloomberg News notes. The IMF approved a US$2-billion disbursement to Argentina after granting the country a waiver, or pardon, on the reserves accumulation target, according to an IMF staff report published Friday, Aug. 1, Bloomberg News relays. Argentina met its other targets, including its budget surplus goal, notes the report. It missed the negative US$1.1 billion benchmark for reserves by about US$3.6 billion as of June 13, Bloomberg News says. Before the IMF approved the program in April, Argentina was already running through its reserves amid market turmoil, and the funding did little to generate inflows, Bloomberg News relays. Officials also prioritized "greater price discovery and continued disinflation," contributing to the outflows, the IMF staff said, Bloomberg News discloses. Reserves are now taking longer than expected to rebuild amid a widening of the current account deficit, it said, Bloomberg News relays. Argentina is taking steps to fix the reserves issue, according to the staff report, Bloomberg News notes. These include bond issuances and block foreign exchange purchases, which have driven up reserves by US$2 billion since June Privatisations, asset sales and concessions are also expected to bring in more greenbacks, Bloomberg News says. The IMF eased the reserves accumulation schedule after a request from Argentina, relates the report. The target is only expected to get back on track by the end of 2027, when Argentina's presidential election will also take place, Bloomberg News notes. The next disbursement will be available in late January at the earliest, instead of in November in the previous schedule. Dollar bonds dropped across the curve by as much as 0.7 cents on the dollar, also pushed by a broader risk-off mood dominating global markets as US President Donald Trump shakes global trade with new tariffs, Bloomberg News discloses. The mild move suggests that investors were already pricing in the government's failure to meet the IMF target ahead of January debt payments, Bloomberg News relays. Argentina's economy is expected to expand about 5.5 percent this year, with inflation expected to fall to around 20 percent to 25 percent, according to the IMF, adds Bloomberg News. 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. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. 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+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B A H A M A S ============= FTX GROUP: Binance Founder Seeks Exit From $1.76B Clawback Suit --------------------------------------------------------------- Sydney Price at law360.com reports that former Binance CEO Changpeng Zhao asked a Delaware bankruptcy judge to dismiss him from a clawback suit filed by the estate of bankrupt crypto exchange FTX seeking to recover $1.76 billion it says FTX illegally transferred before its collapse two years ago, saying the transaction was outside the court's jurisdiction. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =============== B A R B A D O S =============== BARBADOS: Expands MSMEs' Access to Financing with US$50MM IDB Loan ------------------------------------------------------------------ Barbados is enhancing access to finance for micro, small, and medium-sized enterprises (MSMEs) through a US$50 million loan from the Inter-American Development Bank (IDB). This program, supported under the IDB's Flexible Financing Facility, aims to stimulate productive investments across the MSME sector. The funding will be used to provide loan guarantees through eligible financial intermediaries, enabling MSMEs to invest in areas such as property, facilities and equipment, infrastructure, and the adoption of new technologies, techniques, or processes. The program is expected to benefit an estimated 188 firms directly and other suppliers and partners indirectly, and increase economic activity. This loan represents the third of a successful series of projects which has so far helped extend credit to over 170 unique MSME beneficiaries. MSMEs represent over 90% of formal businesses in Barbados and contribute nearly 60% of private-sector employment. However, many face challenges accessing affordable credit. By reducing the perceived credit risk, the IDB-backed guarantees will allow lenders to offer more competitive interest rates and improved repayment terms. The guarantees will cover up to 80% of a loan, with a maximum of US$1 million per loan. The program also targets underserved segments, including women-owned or led businesses, exporters, and firms investing in renewable energy, energy efficiency, and climate resilience solutions. The IDB sovereign guaranteed loan, approved by the Bank's Board of Executive Directors, has a 25-year maturity, a 5.5-year grace period, and an interest rate tied to the Secured Overnight Financing Rate (SOFR). =========== B R A Z I L =========== AZUL SA: Court Sets Chapter 11 Exit Timeline by End of 2025 ----------------------------------------------------------- Gabriel Diniz Tavares of Bloomberg Law reports that a U.S. court hearing held Thursday, July 24, 2025, reinforced Azul's goal of completing its Chapter 11 restructuring by year-end, according to Fabio Campos, the airline's institutional and corporate vice president. The court also approved $1.6 billion in debtor-in-possession (DIP) financing to support the process, the report states. Campos noted that all aircraft lessors are actively working toward fleet agreements. "At this stage of the restructuring, we must focus on what's best for Azul both in the short term and over the longer horizon—prioritizing a fleet that delivers maximum efficiency," he said. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal Counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Azul S.A. and its affiliates. AZUL SA: Taps Grant Thornton Auditores Independentes as Auditor --------------------------------------------------------------- Azul S.A. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Grant Thornton Auditores Independentes Ltda. as auditor. The firm will render these services: (a) prepare an audit report in accordance with auditing standards issued by the Public Company Accounting Oversight Board (PCOAB) on the consolidated balance sheets of Azul S.A. as of December 31, 2025, and 2026, and the respective consolidated statements of income, comprehensive income, changes in equity and cash flows, prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (the "IASB"). The financial statements will be issued in English; (b) prepare an opinion on internal controls over financial reporting, pursuant to section 404 of the Sarbanes Oxley Act; (c) prepare an audit report in accordance with Brazilian and International Standards on Auditing on the consolidated balance sheets of Azul S.A. as of December 31, 2025, and 2026 and the related individual and consolidated statements of income, comprehensive income, changes in equity and cash flows, prepared in accordance with IFRS Accounting Standards issued by the IASB. The financial statements will be issued in both Portuguese and English; (d) prepare an audit report in accordance with Brazilian and International Standards on Auditing on the individual and consolidated balance sheets of Azul Linhas Aereas Brasileiras S.A. as of December 31, 2025, and 2026, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, prepared in accordance with IFRS Accounting Standards issued by the IASB. The financial statements will be issued in both Portuguese and English; and (e) prepare quarterly reports in accordance with Brazilian and International Standards on Review of Azul S.A.'s individual and consolidated interim financial information on June 30 and September 30, 2025, and March 31, June 30, and September 30, 2026. Grant Thornton Brazil intends to charge the Debtors R$7,250,424 for the services performed in connection with the 2025 fiscal year in eight monthly installments, as has been historically customary in the ordinary course between the Debtors and Grant Thornton Brazil prior to the petition date. In addition, the firm will seek reimbursement for expenses incurred. Elica Daniela da Silva Martins, a partner at Grant Thornton Auditores Independentes, 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: Elica Daniela da Silva Martins Grant Thornton Auditores Independentes Ltda. Avenida Jose de Souza Campos, 507 Sao Paulo, Brazil About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. INTERCEMENT BRASIL: Debtholders Propose Competing Bankruptcy Plan ----------------------------------------------------------------- Augusto Decker of Bloomberg Law reports that the debtholders of InterCement bonds and local notes are preparing an alternative bankruptcy protection plan to counter the proposal expected from the company, according to O Estado de S. Paulo, citing a source close to the group. A creditor assembly was scheduled for July 24 to vote on InterCement's debt restructuring proposal. The bondholder group intends to present its own plan if it deems the company's offer unreasonable, the report says. Itau has reportedly sold its InterCement debt holdings to bondholders, according to Valor Economico. About Intercement Brasil Intercement Brasil is a producer of cement and concrete based in Brazil. Overall, the Company has 34 production units, with an active capacity of more than 33 million tons of cement per year, employing more than 6,000 professionals. Intercement Brasil and affiliates sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11226) on July 15, 2024. The firm's foreign representative is Antonio Reinaldo Rabelo Filho. The Foreign Representative's counsel is John K. Cunningham, Esq. at WHITE & CASE LLP. NU FINANCEIRA: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Nu Financeira S.A. – SCFI's (Nu or Nubank) long- and short-term local and foreign currency deposit ratings at Ba1 and Not Prime, respectively. Moody's also affirmed Nu's long- and short-term local and foreign currency Counterparty Risk Ratings at Baa3 and Prime-3, respectively, and long- and short-term Counterparty Risk Assessments at Baa3(cr) and Prime-3(cr), respectively. Concurrently, Moody's affirmed Nu's Baseline Credit Assessment (BCA) and Adjusted BCA at ba1. The outlook on the long-term deposit ratings remains stable. In addition, Moody's also affirmed the long- and short-term foreign currency issuer ratings of Ba2 and Not Prime, respectively, of Nu Holdings Ltd, the group's holding company domiciled in the Cayman Islands. The outlook on the long-term issuer rating remains stable. RATINGS RATIONALE The affirmation of Nu's ba1 BCA reflects the issuer's robust operation as one of the largest credit card lender in Brazil, characterized by a strong growth trajectory, a client base that reached 118.6 million in March 2025, and new businesses in Mexico and Colombia. The BCA also incorporates Nu's competitive edge over large incumbent retail banks, shown through low client acquisition costs and operating expenses attributed to its fully digital business model. Nu's capitalization and large position of low-cost core deposits have also been key drivers for the ba1 BCA. These strengths are moderated by a business operation still largely comprised of credit cards, representing 68% of gross loans, alongside personal loans accounting for roughly 33% of the total. Currently, Nu's strategic efforts are focused on enhancing its product diversification, including payroll loans to public employees and loans to small and medium sized companies. Considering its consumer-banking focus, the large volume of loans to individuals in Nu's loan book results in low borrower concentration, which helps to reduce exposure to challenging economic conditions, inflationary pressure and high rates that could affect the company's core segment of low income individuals. The BCA affirmation also reflects Nu's adequate capital position, with total tangible common equity to risk-weighted assets (TCE/RWA) at 23.5% for the holding company in March 2025, and a regulatory common equity tier 1 (CET1) ratio of 13.8% in Brazil, well above the minimum requirement. Nu Holdings Ltd maintained excess capital of $2.3 billion and cash reserves at its subsidiaries totaling $2.0 billion, reinforcing the group's capacity to support growth of its operations in Brazil, Mexico and Colombia, and to absorb unexpected shocks. Nu's profitability has improved steadily since March 2023, when the company began reporting positive bottom-line results. Consistent loan growth and an inherently low-cost operation are key pillars that have underscored the gradual strengthening in earnings generation for Nu. As such, Moody's ratios of consolidated net income to tangible assets reached 4.2% in March 2025, up from 3.5% one year prior. Despite this, credit costs still weigh relevantly on Nu's profitability, as loan-loss provisions represented 55% of pre-provision income in March 2025, which reflects the heightened credit risk of the consumer lending segment, particularly amid high interest rates and household indebtedness. In March 2025, Nu's problem loan ratio, measured as Stage 3 loans under IFRS to gross loans, was 8.2%, compared to 7.6% in the previous year. Despite these challenges, Nu maintained loan loss reserves at 190.9% of Stage 3 loans and at 15.6% of gross loans, providing a substantial cushion to absorb additional credit losses. Further product diversification, including investment services and insurance, will likely benefit Nu's earnings generation in future quarters, although intense competition from incumbent banks in these segments has resulted in slower growth than Nu has experienced in credit cards. Nu's access to granular, low-cost retail deposits positively impacts its credit profile. In March 2025, time deposits from individuals accounted for approximately 71.8% of Nu's total funding instruments, including payables to credit card networks. These deposits grew 48% year-over-year on a foreign-exchange-neutral basis, underpinned by strong client adherence to NuConta, a fee-free digital account. Moody's ratios of market funds to tangible banking assets for Nu was 4.3% at the same date, indicating the company's low reliance on wholesale funding instruments. However, Nu's continued growth and diversification strategy will likely require it to seek to institutional facilities to efficiently match longer-tenure credit products. Nu also holds a substantial volume of liquid assets, primarily comprising cash, resources with the central bank, and Brazilian government securities. These assets collectively represented 53.9% of tangible banking assets in March 2025. However, Nu's liquidity has gradually decreased in recent quarters due to steady loan growth. This trend is likely to persist over the next 12 to 18 months as Nu continues its growth trajectory, although liquid assets are expected to remain sufficient to comfortably cover short-term liabilities. The stable outlook on Nu's long-term deposit ratings reflects Moody's expectations that the issuer's adequate capitalization and track record of loan underwriting will continue to offset the credit risks arising from its still predominant exposure to unsecured retail loans and risks related to the high rate cycle on household indebtedness. The Ba2 issuer rating assigned to Nu Holdings Ltd is positioned one notch below Nu's Ba1 deposit rating, reflecting the structural subordination of the holding company's liabilities to those of Nu and its other subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Nu's BCA and deposit ratings are aligned with the Government of Brazil's (Brazil) Ba1 sovereign rating; therefore, a rating upgrade is unlikely at this time given the stable outlook on Brazil's rating. Conversely, downward pressure on Nu's BCA and ratings could arise from a sustained weakening in asset quality metrics, which could lead to profitability deterioration and a diminished capacity for Nu to absorb credit losses. Moreover, a scenario in which Nu reports net losses while continuing to pursue strong growth could undermine its capital position and negatively affect its ratings. Nu Holdings Ltd's long-term issuer rating is positioned one notch below Nu's adjusted BCA and would move in tandem with Nu's adjusted BCA. Nu's ratings are at the same level as Brazil's bond rating; therefore, the ratings assigned to Nu Holdings Ltd would face downward pressure if either Brazil's sovereign rating is downgraded or if Nu's adjusted BCA is downgraded. The principal methodology used in these ratings was Banks published in November 2024. Nu's "Assigned BCA" score of ba1 is set three notches below the "Financial Profile" initial score of baa1 to account for the issuer's high concentration in credit card operations, as well as the negative pressure on capital and liquidity resulting from its expansion in Brazil, Mexico, and Colombia. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Moody's Ups Debt Ratings to Ba2, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has upgraded the Government of Dominican Republic's long-term local and foreign-currency issuer and senior unsecured debt ratings to Ba2 from Ba3. The outlook has been changed to stable from positive. The upgrade reflects the Dominican Republic's sustained high growth rates and economic diversification, which enhance income levels and overall economic strength. This, combined with recent improvements to the country's institutional quality and policy frameworks, and a track record of political stability and social cohesion, bolster the sovereign's resilience to shocks. The external position has also improved, supported by robust foreign direct investment, tourism receipts and remittances, which mitigate the country's exposure to external vulnerability risks. The stable outlook balances these credit strengths with structural fiscal challenges, including a narrow revenue base, weak debt affordability and high foreign-currency exposure. While Moody's expects the government to continue to gradually make progress in improving revenue collection via administrative measures and revenue reforms, significant constraints on fiscal strength will likely continue to limit the sovereign's credit profile at the Ba2 level over the near to medium term. The local-currency ceiling has been raised to Baa2 from Baa3, three notches above the sovereign rating. The Baa2 local currency ceiling reflects a diversified economy, moderate government footprint in the economy, average predictability and reliability of institutions, overall low political risk and relatively contained external imbalances. The foreign-currency ceiling has been raised to Baa3 from Ba1, one notch below the local-currency ceiling, to reflect the economy's moderate level of external indebtedness, open capital account and historically lower overall policy effectiveness. RATINGS RATIONALE RATIONALE FOR UPGRADE TO Ba2 The Dominican Republic's sovereign credit profile has strengthened materially from a combination of sustained high long-term growth rates that boost income levels and ongoing diversification across sectors, along with a significant strengthening of the country's institutional framework. High, sustained economic growth rates, which have averaged around 5% annually over the past 15 years, and a marked rise in per capita income levels, are the result of a track record of macroeconomic stability, structural reforms and economic diversification. Tourism in particular has, and continues to be, a very important, dynamic engine of growth that attracts a high level of both domestic and foreign investment, which Moody's expects to continue to diversify geographically and up the value chain. In addition to high growth rates, since 2020 the Dominican Republic's institutions have strengthened, reflected in both the quality of legislative and executive institutions and the strength of civil society and the judiciary. Government measures have broadly focused on enhancing the efficiency, transparency, and accountability of the public sector and contribute to improved overall government effectiveness. Such measures include constitutional reforms that enforce presidential term limits, administrative reforms that merge government agencies and streamline institutions, and more recently the implementation of a new Fiscal Responsibility Law (FRL) that establishes clear fiscal rules to limit government spending and fiscal deficits. The government has also continued to deepen local capital markets and made significant long-term improvements in the quality of banking sector regulation. High political and social cohesion and limited political polarization provide further support to the sovereign credit profile. The resulting high political stability relative to Ba-rated and regional peers, helps the Dominican Republic attract sustained high foreign direct investment, rising tourism receipts and a steady inflow of overseas remittances that support the country's foreign-exchange reserves at historically high levels, strengthening the external position and limiting susceptibility to event risks. RATIONALE FOR STABLE OUTLOOK The stable outlook balances these credit strengths with the Dominican Republic's comparatively weaker fiscal position. Overall, while the Dominican Republic's fiscal strength reflects improvements in fiscal deficit and debt trends since the pandemic, it also highlights long-standing credit challenges related to a shallow revenue base and high exposure to foreign-currency borrowing, which contribute to weaker debt affordability metrics relative to peers. Moody's expects a general government fiscal deficit of around 3.2% of GDP in 2025 and around 3.0% thereafter, resulting in the stabilization of the debt burden at around 48% of GDP over the next two years. However, at 16% of GDP, government revenue intake is one of the lowest among Ba-rated peers (with a median of 28%). Absent the implementation of significant revenue reforms, low revenue will continue to be a fiscal constraint. Meanwhile, debt affordability is also very weak, and the share of foreign-currency borrowing is high, which exposes the government's balance sheet to exchange rate risk. For example, in 2024, interest payments amounted to 21% of government revenue – almost twice the median of Ba-rated peers – and around 66% of the government's debt was denominated in foreign-currency. Looking ahead, while Moody's expects the government to prioritize local-currency debt issuances and pursue administrative measures to gradually improve revenue collection and reduce tax evasion, along with more significant revenue reforms, debt affordability will likely remain significantly weaker than peers, constraining the rating at the Ba2 rating level in the near to medium term. ESG CONSIDERATIONS The Dominican Republic's ESG Credit Impact Score (CIS-4) indicates the rating is lower than it would have been if ESG risk exposures did not exist. For the Dominican Republic, this mainly reflects high exposure to environmental risk related to physical climate risks that are impacted by climate change. SUMMARY OF MINUTES FROM RATING COMMITTEE GDP per capita (PPP basis, US$): 29,150 (2024) (also known as Per Capita Income) Real GDP growth (% change): 5% (2024) also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 3.3% (2024) Gen. Gov. Financial Balance/GDP: -3% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: -3.4% (2024) (also known as External Balance) External debt/GDP: 44.2% (2024) Economic resiliency: baa2 Default history: At least one default event (on bonds and/or loans) has been recorded since 1983. On July 29, 2025, a rating committee was called to discuss the rating of the Dominican Republic, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength, have materially increased. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if debt affordability improves and foreign-currency exposure diminishes. In particular, increased debt affordability supported by higher government revenue on the back of broad-based tax reforms, would strengthen the country's fiscal position and overall sovereign credit profile. The rating could be downgraded if economic growth looks likely to be weaker than Moody's currently expect on a sustained basis, or if fiscal prospects materially deteriorate relative to Moody's expectations. The rating would face downward pressure if the authorities deviated from their current medium-term fiscal consolidation plans, resulting in a material increase in the public debt ratio. A weakening of external accounts, such as a persistent widening of the current account deficit or a sustained decline in foreign-exchange reserves, would also exert downward pressure on the sovereign credit profile. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. 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. DOMINICAN REPUBLIC: Pours RD$210M Into Weekly Fuel Subsidy ---------------------------------------------------------- Dominican Today reports that the Dominican government had said it will maintain its subsidy on essential fuels for the week of August 2-8, 2025, allocating RD$210.2 million to shield consumers from volatile oil markets, Vice Minister of Domestic Trade Ramon Perez Fermin disclosed. Under the program, subsidies will reduce the cost of liquefied petroleum gas (LPG) by RD$9.45 per gallon, regular diesel by RD$16.06, and premium diesel by RD$15.82, according to Dominican Today. "Although we're seeing some signs of stabilization internationally, geopolitical, economic and trade pressures continue to push energy prices upward," Perez Fermin said, underscoring the government's commitment to consumer protection, the report notes. Retail pump prices for the coming week remain largely unchanged. Premium gasoline will stay at RD$290.10 per gallon, and regular gasoline at RD$272.50, the report says. Regular diesel holds at RD$224.80, while premium diesel remains RD$242.10. Jet fuel (Avtur) and kerosene will see modest drops -- RD$2.60 and RD$2.70 per gallon, respectively -- bringing them to RD$193.25 and RD$224.90, the report discloses. Fuel oil #6 will climb RD$2.47 to RD$163.00, and fuel oil 1%S will rise RD$3.40 to RD$174.25. LPG remains fixed at RD$137.20 per gallon, and natural gas at RD$43.97 per cubic meter, the report relays. The Central Bank's daily exchange‐rate publications set the week's average at RD$61.06 per U.S. dollar, the report notes. Looking ahead, officials will continue to monitor global developments and adjust subsidy levels to balance fiscal responsibility with consumer relief, 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 ============= DIGICEL GROUP: Upsizes Refinancing to Nearly USD3 Billion --------------------------------------------------------- Jamaica Observer reports that Jamaica-based telecom company Digicel Group has upsized its senior secured notes offering to approximately US$1.99 billion, an increase of US$440 million from the originally planned US$1.55 billion. Alongside this, it is securing nearly US$1 billion in new loans, bringing its total refinancing package close to US$3 billion, according to Jamaica Observer. JPMorgan Chase & Co and Barclays Plc are leading the underwriting of this landmark refinancing, with initial pricing discussions indicating yields slightly below earlier estimates, the report notes. The financing move aims to address maturing debts through 2027 and 2028, strengthen the company's financial position, and follows a creditor-led restructuring and the recent resolution of a US Department of Justice investigation, the report relays. Digicel is offering senior secured notes due in 2032 with a fixed interest rate of 8.625 per cent, the report discloses. Senior secured notes are debt instruments that provide lenders with a high level of security, as they hold top priority claims on a company's assets in the event of financial distress, the report says. The notes' "senior" status means they are repaid before other debt classes, while being "secured" means they are backed by substantial company collateral, mainly its operating assets held via subsidiaries, the report notes. The offering is expected to close on August 7, 2025, subject to customary closing conditions, the report relays. In connection with the upsized offering of the notes, Digicel has cancelled its planned issuance of US$415 million senior unsecured notes due 2033, which would have carried higher yields and lacked collateral backing, the report discloses. In addition to the bond issuance, Digicel is arranging new credit facilities comprising a seven-year term loan and a five-year revolving credit facility, the report relates. The term loan involves scheduled repayments over seven years, providing a reliable source of long-term financing, while the revolving credit facility acts like a flexible credit line that Digicel can draw on as needed to meet operational or liquidity requirements, the report says. Together, these new loans amount to roughly US$950 million, the report relays. Context: Why the Refinancing is Critical This near US$3-billion refinancing package is designed primarily to retire substantial maturing debt obligations, the report notes. The company currently has about US$2.3 billion of secured debt -- including bonds and term loans -- that come due in May 2027, alongside approximately US$455 million of unsecured bonds maturing in November 2028, the report relays. These older debts carry relatively high interest rates, notably 9 per cent and 10.50 per cent, and refinancing them with longer-dated debt aims to ease Digicel's short-term cash flow pressures and improve financial flexibility, the report discloses. The proceeds from the new notes and loan facilities, together with available cash, will be used to redeem in full the outstanding 9.00 per cent senior secured first lien notes due 2027 and the 10.50 per cent senior notes due 2028, alongside paying related fees and expenses, the report notes. The upsizing of the bond offering from US$1.55 billion to US$1.99 billion was reportedly driven by investor demand and Digicel's desire to raise sufficient funds to fully refinance existing obligations, the report relays. JPMorgan Chase & Co and Barclays Plc are serving as lead banks on this transaction, underwriting and helping to place the new debt with investors, the report says. Recent Corporate Developments In 2023, Digicel underwent a significant restructuring when creditors, including Contrarian Capital Management, PGIM Inc, and GoldenTree Asset Management, executed a debt-for-equity swap that effectively transferred ownership control to these funds, the report recalls. This creditor takeover aimed to stabilise the company's finances and operations amid challenging market dynamics, the report relays. Adding to this stabilzation, the US Department of Justice dropped an investigation earlier in 2025 concerning potential violations of the Foreign Corrupt Practices Act, removing a significant overhang for the company and investors alike, the report notes. These developments likely contributed to renewed investor interest and more favorable financing terms, the report relays. Security and Guarantees All new notes and loans will be guaranteed by Digicel Intermediate Holdings Limited (DIHL), the direct parent company of Digicel International Finance Limited (DIFL), and various subsidiaries, with liens on substantially all assets of DIFL and its guarantors, the report relays. Subject to certain exceptions and agreed security principles, the debts will be secured on a first priority basis, granting lenders the highest legal claim over pledged collateral, the report notes. Notably, the revolving credit facility will hold payment priority on collateral proceeds during any enforcement or insolvency proceedings, the report discloses. The secured nature of this debt provides investors with priority claims over collateral, enhancing their protection in the event of default or insolvency proceedings, the report says. Founded by Irish entrepreneur Denis O'Brien, Digicel serves about nine million customers across 25 markets, primarily in the Caribbean and Central America, the report relays. The company offers mobile, broadband, and business communication solutions throughout the region, the report adds. About Digicel Group Digicel Group is a mobile phone network provider operating in 33 markets across the Caribbean, Central America, and Oceania regions. The company is owned by the Irish billionaire Denis O'Brien, is incorporated in Bermuda, and based in Jamaica. As reported in the Troubled Company Reporter-Latin America in April 2020, Moody's Investors Service downgraded Digicel Group Limited's probability of default rating to Caa3-PD from Caa2-PD. At the same time, Moody's downgraded the senior secured rating of Digicel International Finance Limited to Caa1 from B3. All other ratings within the group remain unchanged. The outlook is negative. Also in April 2020, the TCR-LA reported that Fitch Ratings has downgraded Digicel Limited to 'C' from 'CCC', and its outstanding debt instruments, including the 2021 and 2023 notes to 'C'/'RR4' from 'CCC'/'RR4'. Fitch has also downgraded Digicel International Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding debt instruments, including the 2024 notes and the 2025 credit facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the Negative Rating Outlook from DIFL. JAMAICA: BOJ Reports Financial Performance for First Half of 2025 ----------------------------------------------------------------- RJR News reports that the Bank of Jamaica is reporting strong financial performance for the first half of the year. Between January and July 9, the central bank raked in net profits of $19.3 billion, with total assets climbing to $1.2 trillion. That's up from $1.1 trillion over the same period last year, according to RJR News. The increase was driven mainly by a jump in foreign assets, which rose to $923.5 billion in July -- up from $818.9 billion last year, the report notes. But the bank's local assets took a hit, falling sharply from $270 billion last July to $242.6 billion this 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. =========== M E X I C O =========== LEISURE INVESTMENTS: Court OKs Miscellaneous Assets Sale -------------------------------------------------------- Leisure Investments Holdings LLC and its affiliates obtained approval from the U.S. Bankruptcy Court for the District of Delaware to establish procedures to sell Miscellaneous Assets, free and clear of all liens, claims, and encumbrances. The Debtors and their affiliates operate more than 30 attractions -- dolphin habitats, marinas and water, theme, and adventure parks in eight countries across three continents, with primary operations in Mexico, the United States, and the Caribbean, including Jamaica, Cayman Islands, Dominican Republic and St. Kitts. The Company also has locations in Italy and Argentina. The Company's parks are home to approximately 2,400 animals from more than 80 species of marine life, including hundreds of marine mammals (such as dolphins, sea lions, manatees and seals), birds, and reptiles. As of 2023, the Company's marine mammal family included approximately 295 dolphins, 51 sea lions, 18 manatees and 18 seals. In the ordinary course of operating their business, the Debtors have amassed and are currently in possession of, or have a right to possess, certain assets, including, but not limited to, animals; real estate and other real property and fixtures of de minimis value to the Debtors and equipment, furniture, supplies, intellectual property and other miscellaneous tangible and intangible personal property (Personal Property Asset and collectively, the Personal Property Assets and collectively with the Animals and Real Property Assets, the Miscellaneous Assets), which are and will be a burden to the Debtors' estates. The details of the sale procedure of the Miscellaneous Assets can be found at: https://urlcurt.com/u?l=X07PCQ The Court has authorized the Debtor to sell the Miscellaneous Assets in accordance with the following procedures and the terms of the Order: -- Real Property Assets: If the sale consideration from a purchaser of a Real Property Asset or Real Property Assets does not exceed $1 million, on a per-transaction basis, the Debtors shall file a notice, with the Court and serve the Miscellaneous Asset Sale Notice. -- Personal Property Assets: If the sale consideration from a purchaser for a Personal Property Asset or multiple Personal Property Assets, on a per-transaction basis, is less than or equal to $250,000, the Debtors shall file a Miscellaneous Asset Sale Notice with the Court and serve such Miscellaneous Asset Sale Notice by first-class mail, electronic mail or facsimile on the Notice Parties. The Court held that the Notice of any sale of the Miscellaneous Assets in accordance with the Miscellaneous Asset Sale Procedures and the terms of this Order shall be sufficient notice of the sale of such assets. Any sale of Miscellaneous Assets shall be subject to the prior consent of the Prepetition First Lien Noteholders and DIP Lenders The Debtors are authorized and empowered to take all actions necessary to implement the relief granted in the Order. 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. =========== P A N A M A =========== FIRST QUANTUM: S&P Affirms 'B' ICR on Gold Streaming Transaction ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit and issue ratings on First Quantum Minerals Ltd. (FQM). The negative outlook reflects that S&P could lower the ratings if the delays at the Cobre Panama mine extended beyond the second half of 2025 and no other counteraction measures are taken. The situation at the Cobre Panama mine remains unresolved, but the idled concentrates have now been shipped and sold. As part of its prudent liquidity management, First Quantum Minerals Ltd. (FQM) is launching a gold-streaming agreement linked to production at the Kansanshi mine. The Cobre Panama mine remains closed while negotiations take place, but the idled stockpiles have now been shipped and sold. The resolution of the Cobre Panama mine continues to be on hold with the mine remaining idle since FQM's concession to operate was deemed unconstitutional in 2023. Some progress was made earlier this year when the company was authorized to sell the 120,000 tons of idled copper concentrates following the discontinuation and suspension in March 2025 of its formal arbitration case with the International Chamber of Commerce (ICC) and Canada-Panama free trade agreement with Miami courts. As of July, all of the idle concentrates have now been shipped and sold which has produced $330 million in gross cash proceeds equating to $250 million of EBITDA for the company, and has reduced company net leverage by 0.6x. While the mine remains closed with no clear resolution on the re-opening, the company continues to engage with the Panamanian government. When negotiations conclude, S&P expects it to take at least six months for the mine to ramp-up to nameplate production. The proposed gold-streaming arrangement is credit positive to the company's metrics and liquidity. FQM will receive an upfront consideration of $1 billion in exchange for 26% of the gold byproducts, streamed from the Kansanshi assets in Zambia. As part of this agreement, which represents around a 2.0% cost of capital for FQM, Royal Gold will pay FQM 20%-35% of the spot gold price per ounce, at the time of delivery. The stream is fully unsecured and will run through the life of the Kansanshi assets. The stream represents around 2% of revenue from Kansanshi, providing ample headroom to meet FQM's obligations. S&P said, "In our view, the proposed streaming transaction is equity-like, as opposed to the Cobre-Panama stream agreements. We view favorably the low proportion of debt repayment from the stream (around 20% for advance term loan amortization), which would be more debt-like in the instance where streaming was done in lieu of borrowing. The streaming agreement will have a positive impact on FQM's liquidity profile, while also reducing reported net leverage by 0.6x, nonetheless the stream does not change our financial risk profile assessment of 'Aggressive' for the company. We expect FQM will use the upfront consideration mainly to retain cash on the balance sheet and bolster its liquidity, and we estimate the reduction in FQM's annual cash flow related to future gold deliveries will be minimal relative to our current assumptions. The improved liquidity position should allow FQM to operate more easily while the negotiations with the Panamanian government continue. Lastly, we do not expect to apply debt-like adjustments to our estimated credit measures for the transaction, subject to final documentation. Furthermore, we assume that the previously discussed minority divestment of the Zambian assets will not be required. "The negative outlook reflects that we could lower the ratings if the delays at Cobre Panama mine extend beyond the second half of 2025 and no other counteraction measures are taken. "We may downgrade FQM in the next six to nine months if we consider that the restart of production at Cobre Panama mine is unlikely or is significantly delayed beyond the second half of 2025, leading to longer periods of EBITDA and cash flow pressure, along with increased leverage. "We might change the outlook to stable if there is more certainty regarding the Cobre Panama mine's restart. We note that a completion of a minority stake divestment in Zambia is less likely to lead to a change in the outlook as long as the situation in Panama remains unchanged." =============== P A R A G U A Y =============== FRIGORIFICO CONCEPCION: S&P Withdraws 'B' Issuer Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew its 'B' long-term issuer credit and issue ratings on Frigorifico Concepcion S.A. and the issuer's senior secured notes at the issuer's request. The outlook on the issuer credit rating was negative at the time of the withdrawal. ======= P E R U ======= TELEFONICA DEL PERU: Secures Chapter 15 Recognition --------------------------------------------------- Marco Schaden of Latin Lawyer reports that a telecommunications company based in Lima has received full U.S. recognition for the restructuring it began in Peru in February 2025, after telling a Texas court it needed protection from creditor lawsuits in the U.S., citing that a substantial share of its debt is subject to U.S. law. About Telefonica del Peru Telefonica del Peru sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90022) on February 25, 2025. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Foreign Representative is Timothy O'Connor and is represented by Charles R. Koster, Esq., at WHITE & CASE LLP, in Houston, Texas. As reported in the Troubled Company Reporter-Latin America on March 17, 2025, Moody's Ratings has downgraded Telefonica del Peru S.A.A. (TdP)'s corporate family rating and senior unsecured ratings to C from Caa3. The outlook was revised to stable from negative. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD CEMENT: Reports $12 Million Loss ----------------------------------------- Ryan Hamilton-Davis at Trinidad and Tobago News day reports that cement company, Trinidad Cement Ltd ( TCL), has reported a $12 million loss for the three-month period between April and June 2025 in its consolidated financial reports ending on June 30, 2025. The three-month loss is a stark turnaround from the same period the year before, when it reported $98 million in profits, according to Trinidad and Tobago News. In the chairman's report, chairman David Inglefield and managing director Francisco Aguilera Mendoza explained that the loss for the quarter was because of a $16 million impairment of fixed assets in Barbados, following a business model change and an $18 million severance and restructuring costs in Barbados, along with other operations in the group, the report notes. In 2023, TCL confirmed that it planned to cut its workforce in its Barbados-based subsidiary Arawak Cement Company Ltd, the report recalls. The financial report, published on the TT Stock Exchange website on July 30, noted that revenue for the quarter was up, Trinidad and Tobago News relays. TCL reported an increase in revenue to $618 million, a 1.7 per cent increase over the same period the year before, when it earned $607 million, the report discloses. "This growth was driven by strong sales volumes in Guyana and favourable pricing in Jamaica and TT, which helped offset weaker domestic volumes in TT and increases in input costs," the financial report said, Trinidad and Tobago News relays. For the six-month period ending June 30, TCL recorded an increase in revenue by five per cent, from $1.18 billion to $1.2 billion, the report notes. Operating profits for the six-month period was $120 million, a reduction from $244 million in 2024, the report relays. For the six-month period, TCL reported a profit of $73.5 million as compared to $176 million the year before, the report discloses. "In TT, our strategy will centre on defending our market position and distinguishing our brands in an increasingly dynamic and competitive environment," TCL said, the report notes. "We recognise the importance of maintaining exceptional customer service and delivering valuable offerings, while responding rapidly and effectively to shifts in industry demands and challenges." TCL expressed its commitment to upholding the quality of its products and service innovations and supporting local manufacturing that delivers significant benefits to the economy, the report says. "Conditions that foster sustainable local manufacturing encourage investment, support employment stability and improve supply chain resilience while preserving the growth of foreign exchange earnings through exports," it said, the report adds. ********* 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 * * *