250911.mbx

250911.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, September 11, 2025, Vol. 26, No. 182 Headlines A R G E N T I N A ARGENTINA: Accuses Chinese Bank of Driving Peso Drop BUENOS AIRES: Weighs Bond Sales Before Midterms C O L O M B I A CONOCOPHILLIPS: To Lay Off Nearly Quarter of its Employees D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Tourism Contributes US$9B Annually to Economy J A M A I C A JAMAICA: Small Businesses Turn to Private Ops to Ship Parcels M E X I C O BED BATH: Asks tZERO Board to Replace CEO with Urgency BRASKEM IDESA: S&P Downgrades ICR to 'CCC' After Adviser Hires P A N A M A BANCO LATINOAMERICANO: Moody's Rates AT1 Capital Notes 'Ba2(hyb)' P E R U ORAZUL ENERGY: Moody's Rates New $380MM Sr. Unsecured Notes 'Ba2' T R I N I D A D A N D T O B A G O TRINIDAD CEMENT: Generates US$4 Million in Forex Earnings - - - - - ================= A R G E N T I N A ================= ARGENTINA: Accuses Chinese Bank of Driving Peso Drop ---------------------------------------------------- Ignacio Olivera Doll at Bloomberg News reports that a top official in Argentine President Javier Milei's government said a Chinese bank deliberately pushed down the peso's value on Monday, Sept. 1, taking advantage of thin liquidity in the foreign-exchange market that day. ". . . a Chinese bank tried to move up the dollar's price and made the peso go up by 40 against the dollar on a very small volume," Finance Secretary Pablo Quirno said in an interview with local TV channel A24, according to Bloomberg News. "That happens because of illiquidity in the market," he added. On Sept. 1, Argentina's FX market traded with reduced volume, as is usual when there is a US holiday, and the peso slid 2.7 percent, Bloomberg News relays. The government disclosed that the Treasury would begin intervening in the currency market to support its "liquidity and normal functioning," after the country's assets slumped amid a series of political and economic setbacks for President Milei ahead of a key vote, Bloomberg News relays. In Argentina, two Chinese banks currently operate: Industrial and Commercial Bank of China (ICBC), which ranks eighth in the system with US$5.9 billion in assets, and Bank of China, which is in 65th place with US$50.8 million in assets, according to Central Bank data published in May 2025, Bloomberg News notes. A spokeswoman for ICBC's press office in Buenos Aires said in a WhatsApp message that the company has operated in Argentina for many years in compliance with regulations and will continue to support the country's growth, Bloomberg News discloses. Bank of China didn't immediately respond to a request for comment. Quirno said this wasn't the first time a bank acted intentionally against the peso, Bloomberg News says. "We've faced these operations since the beginning of this government. Last year, one of the banks exercised its puts with the intention of hurting us," he added. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. 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. BUENOS AIRES: Weighs Bond Sales Before Midterms ----------------------------------------------- Buenos Aires Times reports that Buenos Aires City and Santa Fe Province are weighing international bond sales in the narrow window between the provincial election in Buenos Aires Province and the October midterms. Buenos Aires is considering selling as much as US$600 million abroad, with up to US$400 million in new debt and the rest in an exchange offer targeted at retail holders to stretch out maturities, the people said, according to Buenos Aires Times. The proceeds would largely go to refinancing, as officials prepare for a US$300-million payment coming due in June 2026, the report notes. Authorities believe that if President Javier Milei's administration does well in the provincial elections, it would create a small window between then and the midterm vote to tap markets, the report relays. To be sure, the La Libertad Avanza leader's party is not expected to win the Buenos Aires Province vote, but losing by a narrow range could send a positive signal ahead of the national legislative elections in October, in which around half of the seats in Congress are at play, the report discloses. Buenos Aires City is still in the monitoring phase, working alongside arranging banks JPMorgan Chase & Co, Banco Santander SA, Bank of America Corp and Deutsche Bank AG, one of the people said, the report notes. City officials, who travelled to New York last December to test appetite, now plan to conduct a virtual roadshow. In the meantime, yields are rising, the report discloses. The City is is looking to issue a five- to seven-year bond, the people said, the report relays. Santa Fe, meanwhile, is preparing a separate sale of up to US$800 million in the same post-vote window, two people said, the report discloses. The province aims to raise US$500 million, while the rest will be used for a tender offer. The plan, however, is on hold pending approval from the federal government, which was requested two months ago, the report notes. Santander and JPMorgan were tapped as bookrunners. "Talks with the national government continue on good terms and they are still waiting for an issuance week to be defined," the province's press office said in a written response to questions, notes the report. Santa Fe faces hefty repayments on its 2027 bond, with three annual installments starting in November of US$83 million each, the report says. Officials see market access in the coming weeks as critical to easing that burden. The province is planning to sell a five-year maturity bond, the people added. For now, both the city and the province are watching election results closely, with final decisions hinging on investor sentiment in the weeks ahead, the report relays. As reported in the Troubled Company Reporter-Latin America on Feb. 13, 2025, S&P Global Ratings raised its foreign and local currency issuer credit ratings to 'B-' from 'CCC' on the City of Buenos Aires. S&P also raised its foreign and local currency issuer credit ratings to 'CCC+' from 'CCC' on Province of Buenos Aires (PBA). The outlook on the issuer credit ratings are stable. S&P also raised its issue-level ratings on the LRG to the current issuer credit rating level from 'CCC'. =============== C O L O M B I A =============== CONOCOPHILLIPS: To Lay Off Nearly Quarter of its Employees ---------------------------------------------------------- Trinidad Express reports that oil giant ConocoPhillips is planning to lay off up to a quarter of its workforce, amounting to thousands of jobs, as part of broader efforts from the company to cut costs. A spokesperson for ConocoPhillips confirmed the layoffs, noting that 20% to 25% of the company's employees and contractors would be impacted worldwide, according to Trinidad Express. ConocoPhillips currently has a global headcount of about 13,000-meaning that the cuts would impact between 2,600 and 3,250 workers, the report notes. "We are always looking at how we can be more efficient with the resources we have," a ConocoPhillips' spokesperson said via e-mail, adding that the company expects the "majority of these reductions" to take place before the end of 2025, the report relays. The company's stock now sits at under US$95 per share, down nearly 14% from a year ago, the report discloses. News of the coming layoffs was first reported by Reuters, with anonymous sources telling the outlet that CEO Ryan Lance detailed the plans in a video message earlier, the report relays. In that video, Reuters reported, Lance said the company needed "fewer roles" while he cited rising costs, the report notes. Last month, ConocoPhillips reported second-quarter earnings of US$1.97 billion, the report discloses. That beat Wall Street expectations, but was down from the nearly US$2.33 billion the company reported for the same period last year, the report says. In its latest earnings, reported on August 7, ConocoPhillips continued to point to cost cutting efforts-noting that it had identified more than US$1 billion in cost reductions and margin optimization, the report notes. The company also said it had agreed to sell its Anadarko Basin assets for US$1.3 billion, the report adds. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Tourism Contributes US$9B Annually to Economy ----------------------------------------------------------------- Dominican Today reports that the tourism sector contributes US$9 billion annually to the Dominican Republic's economy through the country's natural capital -- the collection of natural resources and ecosystem services -- representing 22% of the nation's GDP, according to economist Víctor Gomez Valenzuela. He shared these insights during a lecture at Intec University as part of the fourth edition of the Permanent Seminar on Dominican Reality (Semper), supported by a World Bank study he led. Gomez Valenzuela highlighted that the Dominican Republic has become the sixth-highest performing economy in Latin America, Central America, and the Caribbean, largely driven by tourism and growth in other service sectors, according to Dominican Today. Compared regionally, the Dominican economy is about 30% larger than Costa Rica's, three times Honduras', four times Nicaragua's, and six times Haiti's, positioning the country as a regional economic leader, the report notes. He explained that the economy is predominantly service-based, with moderate industrial and manufacturing activity, while agriculture contributes less over time as the economy modernizes, the report relays. Natural capital provides both use values, such as water, wind, and solar energy, and non-use values, such as aesthetic enjoyment, the report says. Regarding tourism, Gomez Valenzuela noted that 20% of the sector's production value depends on the country's natural beauty, particularly its pristine beaches and coastal ecosystems, which attract visitors seeking unspoiled scenic landscapes, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. S&P Global Ratings affirmed its 'BB' long-term foreign and local currency sovereign credit ratings on the Dominican Republic on December 3, 2024. The outlook remains stable. S&P also affirmed its 'B' short-term sovereign credit ratings and kept the transfer and convertibility (T&C) assessment unchanged at 'BBB-'. Fitch, on November 26, 2024, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Positive. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. ============= J A M A I C A ============= JAMAICA: Small Businesses Turn to Private Ops to Ship Parcels ------------------------------------------------------------- RJR News reports that the suspension of parcel shipments to the United States by Jamaica Post, has left many small businesses scrambling for alternatives. The suspension took effect on August 26, just before the end of the US de minimis rule, which had allowed imports valued on the US$800 duty-free, according to RJR News. Jamaica Post says the suspension of international parcel shipments will remain in place until further notice, the report notes. The last flight carrying outbound parcels left Jamaica on August 28, the report discloses. Since then, small businesses have been forced to turn to private operators such as Digicel, DHL, FedEx and Tara at a higher cost than before, 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 =========== BED BATH: Asks tZERO Board to Replace CEO with Urgency ------------------------------------------------------ Dale Quinn of Bloomberg News reports that Bed Bath & Beyond is pushing for a leadership shake-up at tZERO, urging the board to remove its CEO in order to, as it said, "move forward with urgency." Executive Chairman Marcus Lemonis emphasized in a letter that significant capital has been invested in the company but results remain disappointing, according to the report. "The time has come for real change," he wrote, the report related. The retailer requested that tZERO's board meet within 48 hours to make a decision, the report added. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BRASKEM IDESA: S&P Downgrades ICR to 'CCC' After Adviser Hires -------------------------------------------------------------- On Sept. 9, 2025, S&P lowered its issuer credit and issue-level ratings on Mexican polyethylene producer Braskem Idesa S.A.P.I. to 'CCC' from 'B-'. The ratings remain on CreditWatch negative, indicating that S&P could lower its ratings if S&P determine a distressed restructuring or payment default is certain. Braskem Idesa's main shareholder Braskem S.A. (Braskem: BB-/Watch Neg/--) recently disclosed that it has engaged restructuring advisers, suggesting the company could consider a debt restructuring or face a payment default over a much shorter time horizon than S&P expected. The company's liquidity is already tight against its current capital structure and interest payments, while operating cash generation is limited due to industry and business conditions. S&P said, "The downgrade follows Braskem's recent disclosure that it hired restructuring advisers, which we think increases the probability of a restructuring event in the coming months. Following our last publication on Braskem Idesa, we expected to evaluate potential options to address the company's current capital structure and liquidity challenges within a 90-day timeframe." This assessment depended on favorable industry and financial conditions to strengthen its cash balance and cover the remaining interest payments for the second half of the year. However, the current announcement from the main shareholder increases the risk of a debt restructuring process that could negatively affect its 7.45% notes due 2029 and 6.99% notes due 2032, as interest payments remain high when compared with its current business and financial position. =========== P A N A M A =========== BANCO LATINOAMERICANO: Moody's Rates AT1 Capital Notes 'Ba2(hyb)' ----------------------------------------------------------------- Moody's Ratings has assigned a Ba2 (hyb) foreign currency preferred stock non-cumulative rating to Banco Latinoamericano de Comercio Exterior (Bladex)'s proposed issuance of perpetual callable subordinated non-preferred non-cumulative Additional Tier 1 (AT1) capital notes, with an optional redemption on first call date and on any interest payment date thereafter. RATINGS RATIONALE The Ba2 (hyb) preferred stock non-cumulative rating for the AT1 securities, reflects Moody's assessments of the notes' deeply subordinated claim in liquidation, the non-cumulative coupon deferral features, and the limited protection from residual equity. The notes are senior only to Bladex's capital instruments that qualify as Common Equity Tier 1 (CET1) and are positioned three notches below the bank's baa2 Adjusted Baseline Credit Assessment. Under the terms of the notes, principal will be partially or fully written down in the event that (i) the bank's Tier 1 capital ratio, as calculated pursuant to applicable Panamanian capitalization regulations, falls below 5.125%; (ii) determination by the Superintendency of Banks of Panama (SBP) of a write-off of the notes, or (iii) a decree by the reorganizer or the reorganization board (as the case may be) appointed by the SBP pursuant to a reorganization process of the Issuer ordered by such entity. In addition, Bladex, as a going concern, may choose not to pay interest on these securities on a non-cumulative basis. As such, the interest payments on these capital securities are fully discretionary. These securities are senior to common shareholders but junior to all depositors, general creditors, senior debt and subordinated debt holders. In June 2025, Bladex reported a Total Tier 1 regulatory ratio of 13.9%, well above the write-down trigger of 5.125. According to SBP regulation, the minimum Tier 1 capital ratio is set at 6.5% as of total, which includes the capital conservation buffer of 0.50% that will apply until June 2025. This buffer will increase by 75 bps from July 2025 through June 2026, and then 125 bps thereafter, and by July 2026, banks will be required to maintain a minimum total Tier 1 capital of 8.5%. Bladex's baa2 baseline credit assessment reflects the bank's superior asset quality, stable and adequate capitalization. The bank has been focusing on increasing its business diversification, including lending and funding structure, which will improve future earnings generation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The AT1 securities rating could be upgraded if Bladex's BCA is upgraded, which could occur if the bank maintains its improved earnings generation amid the expansion of its loan book and core deposit base. Higher capital positions in the medium and long-term would also pressure the rating upward, while the bank's asset quality metrics remain on track. Further improvements to the bank's funding profile would add positive pressure to its ratings and assessments. The AT1 securities rating could be downgraded if Bladex's BCA is downgraded, if the bank's credit fundamentals deteriorate unexpectedly, such as a sudden decline in core capital or a marked weakening in asset quality, ultimately impacting its earnings. Downward pressure may also result from adverse changes in the operating conditions within Latin America where the bank operates, as increased macroeconomic and political risks could negatively impact the bank's financial profile. The principal methodology used in this rating was Banks published in November 2024. 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. ======= P E R U ======= ORAZUL ENERGY: Moody's Rates New $380MM Sr. Unsecured Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to the proposed $380 million senior unsecured notes due 2032 (New Notes) to be issued by Orazul Energy Peru S.A. (Orazul). Proceeds from the New Notes will fund a tender offer for the $363 million 2027 bond outstanding and the repayment of $5 million short-term borrowings incurred to finance capital expenditures and other operating expenses, in addition to the payments related to fees and expenses. The assigned rating to Orazul's proposed notes is based on preliminary documentation. Moody's do not anticipate changes in the main conditions that the bond will carry. Should issuance conditions and/or final documentation deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the rating and act accordingly. RATINGS RATIONALE The Ba2 rating assigned to the New Notes is in line with Orazul's Ba2 corporate family rating, as it will rank pari-passu with future senior unsecured obligations of the company. Proceeds will be primarily used to support Orazul's liability management strategy, implying no material change to Moody's underlying assumptions on the company's leverage metrics. The New Notes will contribute to enhance the company's debt maturity profile. The New Notes entail standard covenants that restrict Orazul's ability to create liens or engage in substantial reorganization, including mergers, consolidation or asset sales. It also includes change of control provisions in the case this would trigger a ratings decline, adding further protections to creditors. The Ba2 rating reflects Orazul's characteristics as an unregulated power company, operating with solid business fundamentals in a well-developed market in Peru (Government of Peru, Baa1 stable), a country that has a supportive institutional framework for private investors. The company's medium-term contracted position and low investment needs entail visibility on expected cash generation, which further support the assigned rating. Constraining the rating is the company's relatively small size compared to its regional peers, the limited market diversification and concentration of output from hydro resources, which are exposed to variable climate conditions. The Ba2 senior unsecured rating aligns with Orazul's CFR considering the company's streamlined capital structure, where the New notes will constitute most of its outstanding debt. Orazul's client base is well-diversified with revenues fairly split among regulated and non-regulated clients, and some concentration in the mining sector. The company's contracted position with an average 5.5 years as of June 2025 supports Moody's expectations of future cash flow stability and predictability. Additionally, the company has a reasonable track record of successful re-contracting, which sustains Moody's assumptions of cash flow stability as contracts start to expire. Nonetheless, Orazul's size and revenues are smaller and its credit metrics are weaker than those of its sister company Kallpa Generacion S.A. (Kallpa, Baa3 stable) and other peers in the region, such as Niagara Energy S.A.C. (Baa3 stable), which constrains the relative positioning of its rating. Historical and projected credit metrics encompass high leverage and an overall high distribution policy, as typical of operating mature companies, resulting in relatively low cash retention ratios. However, Moody's acknowledges that dividend payments are discretionary, and that the company has demonstrated flexibility to delay distributions over the years, as necessary. The Ba2 rating is one notch above the grid-indicated outcome of Ba3, which incorporates Moody's views of the benefits of cash flow stability brought by the company's business profile and commercial policy integration with its sister company Kallpa, its shared management team and potential synergies. RATING OUTLOOK The stable outlook reflects Moody's expectations that the company will sustain cash flow performance without the need to materially incur additional debt, resulting in a ratio of FFO to net debt of at least 12% over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Positive pressure on the rating could emerge if Orazul is able to sustain a ratio of FFO to net debt above 18% and RCF to net debt to debt above 12%. A rating upgrade would also require strong liquidity position. Orazul rating can be downgraded if its performance is below Moody's expectations and credit metrics deteriorate such that FFO to net debt and interest coverage are consistently below 12% and 2.8x respectively. Negative rating pressure would also build up if the company fails to maintain an adequate liquidity position. COMPANY PROFILE Orazul Energy Peru is a Peruvian power producer, that owns and operates two hydroelectric power plants with a combined capacity of 376 MW, Cañon del Pato and Carhuaquero, and a 1 MW solar plant, all located in northern Peru. Controlling the company is Nautilus Energy Partners LLC, in turn controlled by the ISQ group. LIST OF AFFECTED RATINGS Issuer: Orazul Energy Peru S.A. Assignments: Senior Unsecured, Assigned Ba2 The principal methodology used in this rating was Unregulated Utilities and Power Companies published in August 2025. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD CEMENT: Generates US$4 Million in Forex Earnings --------------------------------------------------------- Andrea Perez-Sobers at Trinidad and Tobago Guardian reports that local cement manufacturer Trinidad Cement Limited (TCL) has generated close to US$4 million in foreign exchange earnings during the month of July, a historic achievement that underscores TCL's growing regional footprint and its pivotal role in T&T's manufacturing landscape. In addition to the record-breaking July performance, TCL reported a 44 per cent increase in its monthly average export revenue for the January to July 2025 period, compared to the same timeframe in 2024, according to Trinidad and Tobago Guardian. In a statement, the company said the success is being hailed as a significant contribution to the national economy, particularly in supporting foreign exchange generation, a critical need in the current economic climate, the report relays. Speaking of the achievement, TCL General Manager Gonzalo Rueda Castillo said the export record reflects more than just numbers; it is a signal of the company's strategic direction, the report discloses. "This milestone stands as a testament to our broader agenda of building a resilient, inclusive, and sustainable local cement industry," Rueda Castillo said, the report says. "We applaud all our employees for this tremendous achievement. It shows their dedication to our shared goals of national development, operational excellence, and strategic market expansion, consistently ensuring that we satisfy the rising demand for the TCL cement brand across regional markets." The company noted that TCL exports sustainable, lower-CO2 cement products, which are less carbon-intensive than ordinary Portland cement, the report discloses. These products are part of the company's environmental strategy to reduce its carbon footprint both locally and across its CARICOM export markets, the report says. It stated that from its Claxton Bay facility, TCL serves not only the domestic market but also regional destinations, delivering fresh, high-quality cement typically within five days, a significant logistical advantage over extra-regional suppliers, who often require upwards of twenty days for shipment, the report relays. "By maintaining these efficient supply chains, TCL supports critical infrastructure and construction projects throughout the Caribbean, while strengthening regional economic integration and cooperation, the report notes. As TCL celebrates this record-breaking performance, the cement company added that it remains focused on scaling its operations and delivering value to stakeholders," the company added. As reported in the Troubled Company Reporter-Latin America on Feb. 6, 2017, S&P Global Ratings said that it raised its long-term corporate credit rating on Trinidad Cement Limited Group (TCL) to 'B' from 'B-'. S&P also raised its issue-level rating on the company's senior secured term loan to 'B' from 'B-'. ********* 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 * * *