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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, December 10, 2025, Vol. 26, No. 246

                           Headlines



A R G E N T I N A

ARGENTINA: Labor Reforms Revive Tensions Bet. Banks and Fintechs


B A R B A D O S

BARBADOS: IDB OKs $200M to Improve Resilience of Water Services


B R A Z I L

ICBC DO BRASIL: Moody's Affirms Ba2 Deposit Ratings, Outlook Stable


J A M A I C A

EDUFOCAL LIMITED: Trading Suspension Lifted
GWEST CORP: Incurs $7.03MM Net Loss Despite Higher Revenues in Q2
JAMAICA: BOJ's 6% Certificate of Deposit Oversubscribed


P A R A G U A Y

PARAGUAY: IDB OKs $19MM-Loan to Strengthen Trade & Investment


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: To Suspend BVI, Puerto Rico Routes in 2026

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A R G E N T I N A
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ARGENTINA: Labor Reforms Revive Tensions Bet. Banks and Fintechs
----------------------------------------------------------------
Ignacio Olivera Doll & María Clara Cobo at Bloomberg News report
that resident Javier Milei's upcoming labour reform plan is
reviving longstanding tensions between the country's banks and its
fast-growing financial technology platforms.

Among several sweeping changes, salaried workers could choose
whether to have their pay-cheques deposited to a virtual wallet or
a bank, according to a person with knowledge of the matter,
according to Bloomberg News.

Currently, only banks are permitted under Argentina law to receive
direct deposits. The law could benefit companies including Mercado
Pago - the payments platform of e-commerce giant MercadoLibre -
while traditional banks including Santander, BBVA and Banco Galicia
may be affected, Bloomberg News relays.

The government was to publish its labour reform proposal December
9, the day before a new Congress officially starts, Bloomberg News
notes.  Still, that hasn't stopped industry associations
representing both banks and fintechs from issuing duelling
statements critical of each other, Bloomberg News says.

The banks said fintechs would be riskier destinations for
pay-cheques and pensions, arguing that they face less scrutiny from
Argentine regulators, Bloomberg News discloses.  Diverting a larger
share of payroll flows to digital wallets would also drain stable
funding from banks, curb their ability to lend to companies and
households, and increase financial-stability risks, according to
the statement obtained Bloomberg News.

In response, the fintech group said banks were trying to defend a
"captive business," not protect savers. Digital accounts are
supervised by Argentina's Central Bank, 100 percent of user funds
ultimately sit in accounts segregated from company assets and
there's never been an instance in which a licensed payments
provider failed to return a client's money, notes a statement
obtained by Bloomberg News.

Milei's Deregulation & State Transformation Ministry, which is
spearheading the reform efforts, didn't respond to a request for
comment.

The dispute reflects broader tensions across Latin America as
rapidly expanding fintechs seek to encroach on services long
dominated by banks, Bloomberg News notes.  In Mexico, several
digital lenders have been racing to secure full banking licences so
they can offer payroll products, Bloomberg News relays.  That
stands in contrast to Argentina's plan, which could let digital
wallets receive salaries without first entering the formal banking
system, Bloomberg News discloses.

If approved, the measure would likely shrink the deposit pool banks
in Argentina have relied on for decades, industry observers say,
Bloomberg News relays.  While the country's checking accounts often
offer little to no interest on deposits, many fintech platforms pay
interest rates of around 25 percent, near the country's inflation
rate, Bloomberg News notes.

It's far from the first time the two sides have squared off. In
recent years, banks have accused Mercado Pago of "abusive conduct"
with regard to QR payments. Months later, Mercado Pago claimed
banks were acting as a "cartel,"  Bloomberg News adds.

                       About Argentina

Argentina is a country located mostly in the southern half of
South America. Its capital is Buenos Aires. Javier Milei is the
current president of Argentina after winning the November 19,
2023 general election. He succeeded Alberto Angel Fernandez
in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank.  Historically, however,
its economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion.  The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.

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.




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B A R B A D O S
===============

BARBADOS: IDB OKs $200M to Improve Resilience of Water Services
---------------------------------------------------------------
The Board of Executive Directors of the Inter-American Development
Bank (IDB) approved a US$200 million Conditional Credit Line for
Investment Projects (CCLIP) to improve the resilience of potable
water supply services in Barbados.

Under this new program, the Board also approved an US$80 million
first individual investment loan and US$4 million non-reimbursable
financing from the IDB CLIMA pilot program.

The program will support improvements in the reliability and
operational efficiency of the Barbados Water Authority's (BWA)
water distribution system, as well as strengthen BWAs technical
capacity to design and implement water projects and develop
monitoring and reporting capabilities on national goals.

More than 153,000 people will directly benefit from a more reliable
water service, particularly in low rainfall periods, while the
entire population of Barbados —approximately 280,000 people —
will indirectly benefit from the development and implementation of
the national Water Resources Management Plan that includes a
Drought Management Plan.

The BWA will also improve its operational efficiency and
incorporate resilience measures into its designs, contributing to
better service delivery.

IDB-supported investments will finance the first phase of
rehabilitating the aged network by replacing 100 km of deteriorated
and high-risk water pipelines to reduce physical losses. The
program will also support interventions to monitor and reduce
non-revenue water through improved leak detection, large-scale
installation of bulk meters, and enhanced system monitoring.

In addition, the program will finance activities to strengthen
BWA's technical and operational capacity to manage and maintain
potable water supply infrastructure. Furthermore, this operation
will finance interventions that support Barbados´ agenda to
advance innovative green financing solutions.

This operation is aligned with the ONE Caribbean initiative, the
IDB Group's comprehensive, regional approach to promoting
sustainable development in the Caribbean and Small Island
Developing States.

The first individual operation has repayment terms of 25 years, a
grace period of 5,5 years, and an interest rate based on SOFR.




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B R A Z I L
===========

ICBC DO BRASIL: Moody's Affirms Ba2 Deposit Ratings, Outlook Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed ICBC do Brasil Banco Multiplo S.A.'s
(ICBC do Brasil) long- and short-term local and foreign currency
deposit ratings at Ba2 and Not Prime, respectively. Moody's also
affirmed the bank's long- and short-term local and foreign currency
Counterparty Risk ratings at Ba1 and Not Prime and long- and
short-term Counterparty Risk Assessments at Ba1(cr) and Not
Prime(cr), respectively. Concurrently, Moody's affirmed the bank's
Baseline Credit Assessment (BCA) at b2 and its adjusted BCA at ba2.
The outlook on the long-term deposit ratings remains stable.

RATINGS RATIONALE

The affirmation of ICBC do Brasil's b2 BCA reflects the bank's
narrow business scope, focused on trade finance operations for a
small number of large corporates, resulting in significant
single-name exposure and low profitability indicators compared with
other banks in Brazil.

Although the bank reported no problem loans as of June 2025,
charge-offs averaged nearly 20% of gross loans in 2023 and 2024.
The loan book has contracted since 2022, while concentration risk
remains elevated. As of June 2025, the largest 11 exposures
represented 208% of tangible common equity (TCE) and include
renegotiated loans.

After five consecutive years of negative bottom line results, ICBC
do Brasil posted a net income to tangible assets ratio of 0.6% for
the first six months of 2025. This performance was supported by
provision reversals and investment income from domestic government
securities, which accounted for 67% of total assets as of June
2025. Moody's expects net interest margins and credit origination
to remain constrained over the next 12–18 months, reflecting the
bank's focus on large corporates, a highly competitive segment.

In June 2025, the bank's TCE to risk-weighted assets ratio stood at
13.3%, while its regulatory tier 1 capital ratio remained robust at
48.4%, supported by perpetual bonds issued to the parent bank. The
b2 BCA also incorporates as positive drivers the bank's ample
liquidity and prudent management of asset and liability term
matching, which helps to mitigate risks arising from reliance on a
concentrated corporate deposit base.

ICBC do Brasil's Ba2 deposit ratings reflect a three-notch uplift
to the bank's b2 BCA stemming from Moody's assessments of high
affiliate support from its controlling entity, Industrial &
Commercial Bank of China Ltd (ICBC, A1 negative, baa1). Moody's
incorporations of parental support considers the parent's majority
ownership, management integration, and the subsidiary's strategic
significance amid strong trade ties between Brazil and China. The
stable outlook on ICBC do Brasil's Ba2 long-term deposit ratings is
predicated on Moody's expectations that the parent bank will
continue to provide a very high level of affiliate support. The
outlook also incorporates Moody's expectations that the bank will
maintain strong oversight of liquidity and capital metrics.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

ICBC do Brasil's deposit ratings could face upward pressure if the
bank reports stronger profitability indicators, which could be
supported by an expanded range of product and services. A
consistent decline in borrower concentration would also be positive
for the ratings. Upward pressure to the ratings could also derive
from a multiple-notch upgrade in the parent's BCA.

Conversely, the ratings could be downgraded if there is a
significant deterioration in asset quality indicators and loss
absorption capacity, or if there is a shift in its conservative
approach to liquidity management. ICBC do Brasil's deposit ratings
would face downward pressure if its parent's BCA suffers a
multiple-notch downgrade.

The principal methodology used in these ratings was Banks published
in November 2025.

ICBC do Brasil Banco Multiplo S.A.'s "Assigned BCA" score of b2 is
set three notches below the "Financial Profile" initial score of
ba2 to reflect high concentration of exposures to single borrowers
and limited business scope.



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J A M A I C A
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EDUFOCAL LIMITED: Trading Suspension Lifted
-------------------------------------------
RJR News reports that the Jamaica Stock Exchange has lifted the
suspension of trading in the ordinary shares of EduFocal Limited,
effective Friday December 5.

The JSE said the decision follows EduFocal's submission of all
outstanding financial reports including both its audited and on
audited financial statements, according to RJR News.

This brings the company back into full compliance with the
exchange's reporting requirements, the report notes.

Meanwhile, EduFocal is reporting a return to net profits for the
end of June this year, the report relays.

EduFocal posted profits of half a million dollars compared with a
$12 million loss in its unaudited results for the second quarter
ended June 30, 2025, the report discloses.

The e-learning company, however, reported lower revenue for the
reporting period of $13 million compared with over $30 million for
the same period last year, the report says.

For the six months to the end of June, EduFocal has reported a loss
of $800,000 but this is a reduction of last year's losses of $37
million, the report adds.


GWEST CORP: Incurs $7.03MM Net Loss Despite Higher Revenues in Q2
-----------------------------------------------------------------
RJR News reports that GWest Corporation is reporting a net loss of
$7.03 million, despite a $15.3 million spike in its revenues to
$142.2 million during the second quarter of this year, which ended
on September 30.

This was a deterioration when compared with a net loss of $3.83
million recorded on revenues of $126.9 million during the same
period of the previous year, according to RJR News.

The company noted that its revenues were negatively affected by a
19 per cent decline in patient fees due to delays in the renewal of
its accreditation with the Ministry of Health and Wellness, which
led to a reduction in its ability to carry out many medical
procedures, the report notes.

The company said it received its improved accreditation status on
October 14 this year, the report relays.

GWest is also reporting that its direct expenses of $44.5 million
was 66 per cent of total revenues during the quarter under review,
compared with 64 per cent of revenues during the second quarter of
last year, the report adds.

JAMAICA: BOJ's 6% Certificate of Deposit Oversubscribed
-------------------------------------------------------
RJR News reports that the Bank of Jamaica said investors showed
strong interest in its latest move to reduce the amount of cash in
the system.

The auction of the central bank's 6 per cent certificate of deposit
was heavily oversubscribed, with investors offering more than $40
billion, even though the bank only wanted to take just over $31
billion out of circulation, according to RJR News.

The average interest rate on the successful bids came in just under
6 per cent, the report notes.

The Bank of Jamaica says the total value of the certificates of
deposit now in the system stands at roughly $137 billion, 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.  




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P A R A G U A Y
===============

PARAGUAY: IDB OKs $19MM-Loan to Strengthen Trade & Investment
-------------------------------------------------------------
The Board of Executive Directors of the Inter-American Development
Bank (IDB) has approved a $19 million loan to boost Paraguay's
international integration by attracting investment, promoting
exports, and modernizing border management.

The program, which will be implemented by the Ministry of Industry
and Commerce (MIC), aims to improve tools for facilitating and
promoting foreign investment, advance trade integration and the
internationalization of MSMEs, and reduce the time and cost of
trade with Brazil.

The initiative includes the development of digital platforms such
as the Single Window for Investment Attraction (VUAI), the
strengthening of the country brand, and the implementation of
business development services for internationalization. It will
also focus on modernizing border management through the
establishment of a coordinated border management model at the new
International Integration Bridge between the cities of Presidente
Franco and Foz do Iguaçu.

This initiative will benefit more than 600 exporting companies and
190 new foreign companies established in the country, which will
receive investment attraction services, contributing to
international integration, economic diversification, and more
sustainable and inclusive growth. In addition, the modernization of
the border crossing is expected to speed up the transit of about
135,000 export and import vehicles per year, significantly reducing
times (from 50 to 25 hours) and costs.

Additionally, the project seeks to improve the business and
investment climate, complementing the IDB's support for Paraguay's
process of joining the Organization for Economic Cooperation and
Development (OECD).

The loan has a repayment term of 22.5 years, an eight-year grace
period, and an interest rate based on SOFR.



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T R I N I D A D   A N D   T O B A G O
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CARIBBEAN AIRLINES: To Suspend BVI, Puerto Rico Routes in 2026
--------------------------------------------------------------
RJR News reports that Caribbean Airlines (CAL) disclosed
significant adjustments to its regional network, including the
suspension of all flights to Tortola in the British Virgin Islands
and San Juan in Puerto Rico, effective January 10, 2026.

The move forms part of the carrier's ongoing network optimisation
program, according to RJR News.

The airline says the decision follows a detailed review of route
performance and how best to deploy its resources, the report notes.


Passengers affected by the changes will be contacted directly and
provided with full refunds where applicable, the report relays.

As part of the restructuring, CAL will also streamline operations
at its Barbados hub beginning February next year, and reallocate
aircraft and crew to Trinidad, while preserving links throughout
the northern and eastern Caribbean, the report says.

Acting CEO Nirmala Ramai said the adjustments are essential to
strengthening service reliability and competitiveness while
safeguarding the airline's long-term viability, the report
discloses.

                     About Caribbean Airlines

Caribbean Airlines Limited provides passenger airline services in
the Caribbean, South America, and North America.  The company also
offers freighter services for perishables, fish and seafood, live
animals, human remains, and dangerous goods.  In addition, it
operates a duty free store in Trinidad.  Caribbean Airlines Limited

was founded in 2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on Oct.
21, 2025, Joel Julien at Trinidad and Tobago Express said that
Caribbean Airlines Limited has finally submitted its audited
financial statements for the year ended December 31, 2016, nearly
nine years after the financial period closed.

The independent audit by KPMG Chartered Accountants, completed in
April 2025, resulted in a qualified opinion after the auditors were
unable to fully verify the accuracy of several key financial items
reported by the airline for that year, in part due to the prolonged
duration of the audit, according to Trinidad and Tobago Express.

Caribbean Airlines is among many airlines whose business has been
greatly affected in 2020 by the slowdown of international travel
caused by the COVID-19 pandemic.  The government of Trinidad &
Tobago guaranteed a US$65 million loan for the airline, and that
funding has helped with the airlines' cash flow shortfall since May
2020. In September 2020, the airline related it will be taking
cost-cutting measures to help keep it afloat.  The measures, which
was to affect some 1,700 employees, included salary deductions,
no-pay leaves and lay-offs.



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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.
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Chapman, Editors.

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