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251218.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, December 18, 2025, Vol. 26, No. 252 Headlines A R G E N T I N A ARGENTINA: Pres. Gets Warning as Inflation Rises to Monthly 2.5% D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Markets Struggle Amid "Sky-High" Prices DOMINICAN REPUBLIC: New Free Zone Approvals Poised to Boost Economy E C U A D O R ECUADOR: IDB OKs $250M Investment Guarantee for Housing Program J A M A I C A JAMAICA: Tax Revenues Fell Below April to October Target P E R U PERU: IDB OKs $100MM Loan to Boost Innovation & Entrepreneurship P U E R T O R I C O CONCORDE METRO: Seeks to Hire Christiansen Commercial as Broker PUERTO RICO: Bayamon Hospital Debt Maturity Extended - - - - - ================= A R G E N T I N A ================= ARGENTINA: Pres. Gets Warning as Inflation Rises to Monthly 2.5% ---------------------------------------------------------------- Buenos Aires Times reports that Argentina government data delivered a warning to President Javier Milei as statisticians revealed that inflation accelerated last month above the expectations of most analysts. Data from Argentina's Consumer Price Index (CPI), tracked by the INDEC national statistics bureau, shows that prices increased 2.5 percent in November - 0.2 points above the 2.3 percent recorded in October, according to Buenos Aires Times. As a result, cumulative inflation over the last 11 months rose to 27.9 percent, with prices up 31.4 percent year-on-year, the report notes. While the news will be of concern to the Milei government, the figure was far from unexpected, the report. Inflation has now remained above the two-percent threshold for three consecutive months and accelerated for the last four, the report relays. On the positive side, monthly price increases have not surpassed three percent since March of this year, the report notes. The report discloses that Economy Minister Luis Caputo highlighted in a post on X that cumulative inflation through November is "the lowest for this period of the year since 2017." "After almost two years in office, and starting from 25.5 percent monthly in December 2023, inflation has fallen to its lowest levels in eight years," the minister declared, the report relays. Most analysts and private consulting firms had forecast a November monthly rate of 2.3 percent to 2.5 percent, the report says. Housing, water, electricity, gas and other utilities led November's increases, rising 3.4 percent. Transport (three percent) and food and non-alcoholic beverages (2.8 percent) were the categories with the highest increases in the penultimate month of the year, the report notes. The lowest increases were clothing and footwear at 0.5 percent and household equipment and maintenance, up 1.1 percent last month, the report discloses. Of particular concern, as the holiday season approaches, is the price of beef. According to INDEC's report, in the Buenos Aires metropolitan area, Argentines paid between nine percent and 13 percent more in November for some of the most commonly consumed cuts of meat, the report relays. A EcoGo report noted that "the wholesale price of beef continues to rise," so consumer prices may see further increases "in the short term," Buenos Aires Times discloses. The overall monthly acceleration was in line with prices in the capital, which climbed 2.4 percent last month, according to City Hall's IDECBA institute, the report relays. In the first 11 months of the year, prices in Buenos Aires City increased 28.3 percent, said the agency, the report notes. Economists and consultancy firms consulted by the Central Bank's REM market expectations survey had forecast a rate of between 2.3 percent and 2.5 percent, noting price hikes for food and non-alcoholic beverages, utilities and transport, the report relays. Annual inflation is now estimated at 30.4 percent, the report discloses. While the figure is a far cry from the triple-digit annual inflation recorded under the previous government, Milei and his economic team boldly predicted earlier this year that the monthly rate would be one percent by December, the report says. At least two consultancy firms forecast that inflation in the last month of the year will be 2.3 percent, the report relates. The Equilibra consultancy firm had placed November inflation at 2.5 percent, driven by increases in housing, water, electricity and utilities, transport and communication. It now sees an annual rate of 31 percent, the report notes. Another firm, EcoGo, also estimated 2.5 percent, propelled by a three-percent hike in food prices, most notably meat and fruit, the report relays. "November was a month of normalisation but also of corrections, which helped keep inflation on the rise," its analysis stressed, the report notes. The Fundacion Libertad y Progreso Foundation projected November inflation at 2.3 percent, with a year-on-year rate of 31.2 percent, the report notes. With inflation stabilised at close to two percent per month at the end of the year, but showing no sign of a sharper drop, Milei's economic team is closely watching the evolution of three key variables in December and January: regulated prices, fresh foods (meat and fruit) and transport and energy costs, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. 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. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Markets Struggle Amid "Sky-High" Prices ----------------------------------------------------------- Dominican Today reports that merchants in Santo Domingo are sounding the alarm as festive season crowds fail to materialize in major markets such as Nuevo de la Duarte and Villa Agricolas. Vendors report little to no customers, attributing the downturn to exorbitant food prices and consumers simply lacking cash to spend, even during what should be a bustling holiday period, Listín Diario reported, according to Dominican Today. Salaries averaging around RD$20,000 a month are being stretched to cover a basic basket costing up to RD$45,000, forcing shoppers to buy far less than they need. Fernando Araujo, a stall owner, remarked that families are "doing magic" to make ends meet, and often leave with "less than half" of their planned purchases, the report notes. Staple items have seen dramatic price hikes, with salted cod jumping from RD$150 to RD$225 per pound, rice returning to RD$40 per pound, and pork being sold at RD$125 -- sometimes at a loss -- yet still failing to attract buyers, the report relays. Consumer groups have labeled the steep increases "criminal," criticizing government price oversight mechanisms as ineffective and calling for immediate intervention from President Abinader, the report says. Community organizations warn a harsh reality is emerging: families are shifting to less nutritious, cheaper foods just to fill their stomachs, the report relays. They report a worrying rise in health issues tied to poor diet, including gastrointestinal illnesses and tuberculosis, the report discloses. These groups are urging the government to curb the rising costs of basic foods to prevent a deepening humanitarian crisis in 2026, 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. DOMINICAN REPUBLIC: New Free Zone Approvals Poised to Boost Economy ------------------------------------------------------------------- Dominican Today reports that the approval of 20 new free zone companies and two industrial parks by the National Council of Free Zones of Export (CNZFE) is expected to generate significant economic momentum across key productive sectors in the Dominican Republic. With more than RD$1.12 billion in projected investment for the companies and over USD$3.03 billion for the new parks, the announcement marks one of the most substantial expansions of the free zone regime in recent years. Analysts anticipate a direct impact on job creation, export growth, and regional economic development, according to Dominican Today. The installation of the La Delgada Industrial Park and the Duran Ventura Free Zone represents a critical step in expanding national industrial capacity, the report notes. These parks are positioned to attract high-value operations linked to global supply chains, especially in technology-driven services, light manufacturing, and specialized production, the report says. Their location strategy is expected to strengthen the industrial footprint in provinces such as Santo Domingo, Santiago, San Pedro de Macoris, San Cristóbal, and San Juan, contributing to more balanced socioeconomic development, the report discloses. The companies approved for operation -- spanning call centers, software development, BPO services, tobacco processing, textile manufacturing, cosmetics production, and steel-related fabrication -- point to a growing diversification within the free zone ecosystem. This broad mix of activities is likely to reinforce the country's export portfolio, stimulate demand for skilled labor, and encourage knowledge transfer into the domestic economy, the report relays. Government officials highlighted the strategic importance of these approvals during the CNZFE council session, the report notes. Industry and Commerce Minister Víctor "Ito" Bisonó described the expansion as evidence of sustained investor confidence and reaffirmed the role of the free zone sector as a key pillar of national economic growth, the report discloses. The positive performance registered in 2025 —82 new companies and 10 industrial parks approved— underscores an environment conducive to long-term investment and industrial competitiveness, the report adds. By strengthening regulatory certainty and promoting a stable business climate, the administration of President Luis Abinader continues to position the Dominican Republic as a regional hub for export-oriented industries, the report relays. The participation of public and private sector leaders, including representatives from Adozona and the MICM, signals unified institutional support for a sector that remains central to the country's economic trajectory heading into 2026, the report notes. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= E C U A D O R ============= ECUADOR: IDB OKs $250M Investment Guarantee for Housing Program --------------------------------------------------------------- The Executive Board of the Inter-American Development Bank (IDB) approved an investment guarantee of $250 million to support the program "Social Housing Financing in Ecuador II", aimed at reducing the housing deficit and improving access to housing for middle-income households in the country. The operation will mobilize additional resources through a financial structure that combines sovereign debt with mortgage securitization mechanisms. The funds generated by issuing the sovereign instrument backed by the IDB guarantee will be channeled into mortgage loans through intermediary financial institutions, using an execution mechanism developed for the operation. The plan is expected to generate a US$1 billion mortgage portfolio, contributing to the construction of more than 11,000 affordable homes. The program will provide direct benefits to middle-income families while generating broader positive effects. It will strengthen the financial system and its capacity to originate and manage mortgage portfolios, stimulate the construction sector through increased activity, and deliver societal gains by reducing the housing deficit and alleviating the negative impacts of overcrowding and informality. More than 80% of Ecuadorian households cannot access a standard single-family home in the formal market, according to a recent IDB study. For middle-income families, the main barriers are the lack of affordable mortgage credit, a shallow capital market, and limited savings capacity to cover the down payment. The maximum term of the guarantee will be 25 years, with a weighted average life of up to 15 years and three months. ============= J A M A I C A ============= JAMAICA: Tax Revenues Fell Below April to October Target -------------------------------------------------------- RJR News reports that the Ministry of Finance says tax revenues and grants were running at $608.7 billion to $5.5 billion below the amount budgeted for during the period April to October of this fiscal year. The ministry is also reporting that tax revenues which came in at $505 billion were $2.6 billion lower than the amount it expected to collect during the period, according to RJR News. As a result, it spent only $636.9 billion during the period, although the original plan was to spend $641.26 billion, the report notes. The fiscal deficit was running at $27 billion, while the plan was for it to run at $28.2 billion, the report relays. The primary balance, the amount of revenue and grants which is set aside to service the debt, was $70 billion, $2.1 billion less than the amount projected, 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. ======= P E R U ======= PERU: IDB OKs $100MM Loan to Boost Innovation & Entrepreneurship ---------------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a $100 million loan to increase business productivity in Peru through investments in innovation. The plan aims to boost investment in innovation, finance the growth of new ventures, reduce technological gaps among micro, small, and medium-sized enterprises (MSMEs), promote greater private financing, and expand these opportunities to all regions of the country. The goal is to raise the productivity of Peru's SMEs, which is significantly lower than that of large companies in the country and compared to their OECD counterparts. The program is the second individual operation under the Conditional Credit Line for Investment Projects (CCLIP) "Sectoral Innovation Program," which seeks to increase business productivity nationwide. The initiative will benefit more than 135,000 MSMEs with potential to invest in innovation, as well as 5,000 innovative startups. This program will be implemented by the Ministry of Production through the National Program for Technological Development and Innovation (PROINNOVATE) and is aligned with the IDB Group's Country Strategy with Peru 2022–2026, which prioritizes productive development, environmental sustainability, and digital transformation. The IDB's specific investment financing will have an amortization period of 17.6 years, a grace period of seven years, and an interest rate based on SOFR. The program will also include a local counterpart of $22 million, for a total of $122 million. ===================== P U E R T O R I C O ===================== CONCORDE METRO: Seeks to Hire Christiansen Commercial as Broker --------------------------------------------------------------- Concorde Metro Seguros LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Christiansen Commercial Real Estate as co-broker. The Debtor needs a broker to market and sell its commercial office condominium units located within Metro Medical Center building at the Bayamon Municipality. The firm will receive a 6 percent commission of the property's sale price. Gabriel Mendez, a broker at Christiansen Commercial Real Estate, 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: Gabriel J. Mendez Christiansen Commercial Real Estate 250 Ave. Munoz Rivera Ste. 350 San Juan, PR 00918 About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Mildred Caban Flores presides over the case. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. PUERTO RICO: Bayamon Hospital Debt Maturity Extended ---------------------------------------------------- The San Juan Star reports that the Financial Oversight and Management Board for Puerto Rico has approved an extension for a $35 million bond tied to the purchase and rehabilitation of HIMA San Pablo Bayamon Hospital. Under Section 207 of PROMESA, the bond's maturity date has been moved from December 1, 2025, to June 1, 2026. The approval comes amid a broader hospital crisis in Puerto Rico, including a recent closure in Humacao that left 150 workers unemployed. The request for the extension was submitted on November 19, 2025 by the Fiscal Agency and Financial Advisory Authority (AAFAF) on behalf of the Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority (AFICA). Originally approved in November 2023, the bonds were issued through a private placement to finance the Bayamon hospital acquisition and fund urgent repairs and maintenance. The oversight board confirmed that all other bond terms remain unchanged, the report states. The additional time will allow the Obligated Groupo Sociedad Espanola de Auxilio Mutuo y Beneficiencia de Puerto Rico and Hospital Espanol Auxilio Mutuo de Puerto Rico Inc. to finalize a comprehensive capital expenditure and long-term financing plan, to be submitted to AFICA, AAFAF, and the board by June 1, 2026. The board emphasized that repayment is not guaranteed by the Commonwealth, and obligations rest solely with the Obligated Group, according to report. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. ********* 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 * * *