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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

          Friday, December 19, 2025, Vol. 26, No. 253

                           Headlines



A R G E N T I N A

ARGENTINA: Inflation Picked Up More Than Expected After Key Vote
ARGENTINA: S&P Ups Long-Term SCR to 'CCC+', Outlook Stable


C A Y M A N   I S L A N D S

SHELF DRILLING: Moody's Withdraws 'B3' CFR on Bond Repayment


C H I L E

AUTOMOTORES GILDEMEISTER: 98.21% Tenders, Offers Open Until Dec 22


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Ruling Party Delivers 2026 Budget Despite Opposition


J A M A I C A

JAMAICA: BOJ Rakes in Net Profits of $23BB for the Year to November
JAMAICA: Gov't. Urged to Speed up Assistance to Micro Enterprises


P U E R T O   R I C O

ASOCIACION HOSPITAL: Seeks to Extend Exclusivity to Feb. 23, 2026


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Moody's Affirms Ba2 Ratings, Outlook Now Neg.

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Inflation Picked Up More Than Expected After Key Vote
----------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that inflation accelerated
for the third straight month in Argentina even after President
Javier Milei's midterm victory as beef, transport and energy prices
rose.

Consumer prices rose 2.5 percent in November, above the median
estimate of economists surveyed by Bloomberg, and up from October's
2.3 percent reading.  Annual inflation picked up to 31.4 percent
from 31.3 percent, the first increase since it peaked four months
after Milei took office, according to government data published,
according to Bloomberg News.

Fuel, energy and transport costs all spiked in real terms in
November. The currency, meanwhile, stayed relatively stable,
compared with a nearly five-percent drop in October amid electoral
volatility ahead of the October 26 vote, Bloomberg News says.

Argentina's economy was widely expected to contract in the third
quarter, but 0.5 percent month-on-month growth in September despite
the turbulence took analysts by surprise, Bloomberg News relays.
The statistics agency revised up multiple monthly prints, Bloomberg
News discloses.

Bloomberg News relays that Milei's libertarian party won the
midterm election by a wide margin, sending bonds soaring and
stabilising the currency.  The new Congress, where Milei now holds
95 of the 257 seats in the lower house and 20 of 72 Senate seats,
took office, Bloomberg News discloses.  Milei sent an ambitious
labour reform, Bloomberg News relays.

Argentina is expected to finish the year with 30.4 percent annual
inflation, according to the latest Central Bank survey of
economists. Growth is expected at 4.4 percent, revised up from 3.9
percent last month, 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.


ARGENTINA: S&P Ups Long-Term SCR to 'CCC+', Outlook Stable
----------------------------------------------------------
On Dec. 17, 2025, S&P Global Ratings raised its local currency
sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P
also raised its long-term foreign currency sovereign credit rating
to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign
currency rating. The outlook on the long-term ratings is stable. In
addition, S&P raised its issue ratings on local currency bonds to
'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility
assessment is unchanged.

Outlook

S&P said, "The stable outlook on the long-term ratings reflects our
view that the government will advance its economic adjustment
program, including running a fiscal surplus and reducing inflation,
while sustaining economic growth. The outlook balances risks posed
by persistent economic vulnerabilities with improved fiscal
outcomes and strengthening investor confidence about the course of
economic policy. Recent steps to gain access to external capital
markets should bolster the government's liquidity and give it
greater flexibility to manage its debt."

Downside scenario

S&P said, "We could lower the ratings during the coming year if
recent progress in stabilizing the economy stalls, undermining the
government's efforts to gain access to external commercial funding.
Similarly, in the event of future debt exchanges, we would analyze
such transactions to determine their impact on the ratings, if any,
taking into account the macroeconomic and policy context and the
low rating level."

Upside scenario

S&P said, "We could raise the ratings during the coming year if we
see improved external liquidity, declining economic
vulnerabilities, and greater policy certainty, setting the stage
for continued economic recovery. Skillful management of inflation
and the exchange rate could create conditions for sustained
stability and growth. Under such a scenario, the government would
enjoy better access to voluntary funding from external and domestic
capital markets, as well as official lenders, to meet substantial
foreign currency commercial debt servicing needs in 2026 and
2027."

Rationale

The upgrade reflects the government's improved access to liquidity
and its declining economic vulnerabilities. Lack of access to
external capital markets contributed to the government's continued
use of debt exchanges in 2024 and 2025 in the local market to
manage much of its peso maturities.

S&P said, "We lowered our local currency sovereign credit ratings
on Argentina to 'SD' in February 2025 based on our view that,
absent the participation of creditors in such debt exchanges, there
would have been a conventional default, given the sovereign's acute
macroeconomic vulnerabilities and limited ability to extend
maturity and place paper in the local market. We viewed those debt
exchanges as distressed and tantamount to default."

Recent developments indicate that the government is gaining better
access to capital markets, boosting liquidity. Economic imbalances
have declined, thanks to lower inflation and a fiscal surplus
during 2025. The Argentine central bank obtained a $20 billion
currency swap line from the U.S. Federal Reserve in September. In
October, President Milei's political party did well in midterm
national elections, bolstering investor confidence in the
administration's ability to implement its economic plans and to
pass its 2026 budget.

In December, the government issued a local law $1 billion
dollar-denominated bond purchased largely by domestic investors.
The government is likely to get dollar funding from repurchase
agreements with global banks to pay amortization on its commercial
external debt due in January 2026.

Such developments improve creditworthiness and could reduce the
likelihood of a conventional default if the government undertakes
future debt exchanges and creditors decide not to participate in
them. S&P evaluates the impact of debt exchanges on the rating
based on, among other things, the government's overall financial
metrics and access to alternative liquidity.

Institutional and economic profile: The success of President Javier
Milei's economic program depends on gaining better access to
external funding while stabilizing the economy

-- A history of macroeconomic instability and sharp changes in
economic policy underpin the low credibility and predictability of
Argentina's governing institutions.

-- Recent midterm elections boosted the political standing of
President Javier Milei, raising the administration's ability to
secure Congressional approval for important fiscal and economic
laws.

-- The economy is likely to grow above 4% in 2025 and decelerate
moderately in coming years.

S&P's ratings on Argentina reflect weak institutions and a history
of large swings in economic policy following changes in political
leadership. Prolonged political polarization has hindered the
ability of Argentine governments to implement their economic
agenda. Volatile policies have led to swings in exchange rate
regimes, approaches to monetary policy, the size of the state, and
its influence on investment and growth--all contributing to low GDP
growth. This has also impaired sovereign debt payment capacity and
undermined the debt payment culture.

President Javier Milei has sought to break from Argentina's past by
implementing drastic changes in economic policy after his election
in 2023. His political standing rose significantly following
midterm elections in October 2025, when his party and its allies
won nearly 41% of the votes, versus 32% for the opposing Peronist
party in an election to renew half of the Chamber of Deputies and
one-third of the Senate.

Facing a divided opposition, Milei now has more scope to pass his
budget and to negotiate with other political parties to advance
tax, labor, and potentially pension reforms. Milei's strong
electoral showing raises the likelihood of political cooperation
with the country's powerful governors who have influence over
deputies elected in their provinces.

GDP is likely to expand above 4% in 2025 and may grow 3%-4% in
2026-2028, depending on the success of the adjustment plan, but our
projections are subject to much uncertainty. Argentina has posted
poor GDP growth on average over the past two decades. S&P said, "As
a result, we incorporate below-average growth in our analysis of
creditworthiness. We expect GDP per capita will be around $14,700
in 2025, compared with about US$14,600 in 2017 (the long-term
stagnation reflects a combination of economic contraction and
currency depreciation)."

Milei has used fiscal policy as the anchor of the stabilization
plan but also used the exchange rate, either as a crawling peg or a
band, as a secondary tool to bring down inflation. The strategy has
largely worked but at the cost of an appreciating currency (in real
terms) and of limited inflows of foreign exchange, that have
resulted in low net international reserves. The government recently
introduced more flexibility into the exchange rate band and
announced plans to accumulate more foreign exchange reserves.

Flexibility and performance profile: High debt, vulnerable external
profile, and poor monetary flexibility

-- A sustained fiscal adjustment, combined with tight monetary
policy, is key to the economic stabilization strategy.

-- Despite impressive fiscal outcomes and falling inflation,
Argentina remains vulnerable to default because of its limited
access to foreign exchange.

-- High but declining inflation and exchange rate uncertainty lead
to low monetary flexibility.

Regaining access to global capital markets is an important step to
support refinancing and is key to better creditworthiness. The
government is likely to largely meet its foreign currency debt
service owed to commercial creditors (both domestic and external)
in 2026 largely through a combination of dollar purchases in the
foreign exchange market and borrowing both at home and abroad.

Argentina's net foreign exchange reserves, which deduct debt owed
to China for a currency swap, reserve requirements on dollar
deposits in the banking system, and other liabilities (such as
loans from the IMF), are likely to remain negative, absent larger
inflows of dollars. Gross reserves (including gold and available
swap lines from China) are likely to be around $40 billion by the
end of 2025. Reserves should increase modestly in coming months.

The current account deficit is likely to reach 1% of GDP in 2025
from a similar size surplus last year, partly reflecting a smaller
trade surplus (as imports rise with economic recovery), a smaller
services deficit (less outbound tourism), and a larger income
deficit. The financial account was affected in 2025 by private
capital outflows, including residents investing abroad (especially
after adverse election results for Milei in the Province of Buenos
Aires in September).

Based on the assumption of gradual economic stabilization, the
current account deficit is likely to be 1% of GDP again in 2026.
S&P expects foreign direct investment and portfolio inflows to
improve and residents to repatriate some funds from abroad.

S&P projects narrow net external debt to average above 150% of
current account receipts (CARs) in 2025-2026 and gross external
financing needs to usable reserves and current account receipts to
average 150%. Successful development of Argentina's nonconventional
energy resources should improve GDP growth and balance-of-payments
dynamics over time. The energy sector is growing rapidly and could
generate a trade surplus of $8 billion in 2025.

Fiscal surpluses are the anchor of the stabilization program. The
general government is likely to run a small fiscal surplus in 2025
and a near balance in 2026. The composition of the new Congress
after the midterm elections will help Milei resist pressure to
compromise on his fiscal targets in 2026.

Argentina has very little monetary flexibility due to its history
of high inflation. While formally independent, its central bank
lacks de facto operational independence. It also lacks any formal
inflation targeting or other regime to manage inflation. Inflation
is likely to fall toward an average of 42% in 2025, from 220% in
the previous year, and decline toward 19% in 2026 and 10% in 2027.
There has been less pass through from exchange rate depreciation
into inflation in recent months.

S&P said, "The banking sector of Argentina is in group 9 under our
Banking Industry Country Risk Assessment. (BICRAs are on a scale
from 1 to 10, with group 1 representing the lowest-risk banking
systems and group 10 the highest-risk ones.) Argentine banks
continue to show good liquidity and regulatory solvency. Just over
22% of loans and 26% of deposits (as of September) are in foreign
currency. Reported nonperforming loans increased in 2025 to around
4% of total loans but are fully covered by loss provisions. Central
bank repos and government securities together account for 31% of
the banking system's assets. Loans from resident financial
institutions to the private sector were 16.4% as of December 2024,
and we estimate they will be about 22% by the end of 2025.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable." At the onset of the committee, the chair confirmed
that the information provided to the Rating Committee by the
primary analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Upgraded  
                               To               From
  Argentina  

  Sovereign Credit Rating  
  Foreign Currency        CCC+/Stable/C      CCC/Stable/C
  Senior Unsecured             CCC+              CCC

  Upgraded; Outlook Action  
                               To               From
  Argentina  
  Sovereign Credit Rating  
  Local Currency          CCC+/Stable/C      SD/--/SD

  Ratings Affirmed  

  Argentina  

  Transfer & Convertibility Assessment  
  Local Currency              B-



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C A Y M A N   I S L A N D S
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SHELF DRILLING: Moody's Withdraws 'B3' CFR on Bond Repayment
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Moody's Ratings has withdrawn Shelf Drilling, Ltd.'s (Shelf
Drilling) B3 Corporate Family Rating and B3-PD Probability of
Default Rating. Prior to the withdrawal, the outlook was stable.
The rating action reflects the full repayment and termination of
the debt following the acquisition of Shelf Drilling by ADES
International Holding, Ltd. (ADES).

RATINGS RATIONALE

Moody's have withdrawn the ratings as a result of the repayment in
full of all outstanding debt including the $315 million senior
secured notes (SSNs) due in 2028 issued by Shelf Drilling (North
Sea) Holdings, Ltd. and the $1,095 million backed SSNs due in 2029
issued by Shelf Drilling Holdings, Ltd.

On November 25, 2025, ADES completed the acquisition of Shelf
Drilling. Subsequently, the trading of Shelf Drilling's shares was
suspended a day after. In conjunction with the closing of the
transaction, the company has exercised its redemption option on its
outstanding debt and all debt has been repaid as of December 10,
2025. As a result, Shelf Drilling's debt obligations are no longer
outstanding and Moody's have withdrawn all ratings.

COMPANY PROFILE

Shelf Drilling, Ltd. is a Cayman Islands incorporated holding
company that owns 33 jackup rigs including 5 rigs through a full
ownership in its subsidiary, Shelf Drilling (North Sea) Holdings,
Ltd. The company conducts drilling operations through various
subsidiaries in the Southeast Asian, Middle Eastern, Indian, West
African, North Sea and North African/Mediterranean markets. Shelf
Drilling generated revenues of $983 million and Moody's-adjusted
EBITDA of $313 million for the last 12 months ended June 30, 2025.
The company is listed on the Oslo Stock Exchange since June 2018.



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C H I L E
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AUTOMOTORES GILDEMEISTER: 98.21% Tenders, Offers Open Until Dec 22
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Automotores Gildemeister SpA announced on Dec. 15, 2025, the early
results of the previously announced and extended:

(i) offer to all Eligible Holders of the Company's 7.50% Junior
Secured Notes due 2027 to exchange any and all of their outstanding
Existing Junior Notes for new 7.50% Senior Secured PIK Toggle Notes
due 2032 to be issued by AG Chile Holding II SpA, a newly
incorporated holding company, and cash, and

(ii) offer to all Eligible Holders of the Company's 10.00%
Subordinated Notes due 2035 to exchange any and all of their
outstanding Existing Subordinated Notes for new 10.00% Subordinated
Secured PIK Toggle Notes due 2035 to be issued by the Issuer, and
cash.

Upon the consummation of the Exchange Offers and the related
Consent Solicitations, the Issuer will become the parent of the
Company.

The New Notes will bear interest at a rate and in the manner set
forth in the confidential offering memorandum and consent
solicitation statement, dated November 21, 2025 (as supplemented on
November 28, 2025, and as it may be further supplemented and
amended from time to time, the "Exchange Offering Memorandum") and
will have such other terms and provisions as described in the
Exchange Offering Memorandum.

Concurrently with the Exchange Offers, and on the terms and subject
to the conditions set forth in the Exchange Offering Memorandum,
the Issuer commenced the solicitation of consents from Eligible
Holders of the Existing Notes to adopt certain proposed amendments
to the indentures governing the Existing Notes to:

(a) eliminate substantially all of the restrictive covenants,
certain events of default and related provisions and definitions
contained in each of the Existing Notes Indentures and the Existing
Notes,

(b) with respect to the Existing Junior Notes and the indenture
governing the Existing Junior Notes only, release the liens on all
of the collateral securing such Existing Junior Notes and eliminate
any requirement to provide collateral in the future to secure the
Existing Junior Notes and

(c) permit the Company, in its sole discretion and at any time upon
or following the consummation of the Exchange Offers and the
Consent Solicitations, to cause the applicable trustee for the
Existing Notes (or any successor trustee appointed under the
applicable indenture governing the Existing Notes) to:

   (i) exchange each beneficial interest in the existing global
notes representing any Existing Notes and held via the book-entry
facilities of DTC for one or more certificated or uncertificated
notes representing such Existing Notes, in registered form, and

  (ii) maintain a register of such certificated or uncertificated
notes in order to register the record ownership of such Existing
Notes as well as transfers and exchanges of such Existing Notes.

As of 5:00 P.M., New York City time, on December 12, 2025, the
Company has received, from Eligible Holders, valid and unwithdrawn
tenders and related Consents, as reported by the Exchange Agent,
representing $414,509,370 in aggregate principal amount of the
Existing Notes, or approximately 98.21% of the aggregate principal
amount of Existing Notes outstanding.

To the extent that all of the Existing Notes validly tendered prior
to the Early Exchange Time (and not validly withdrawn prior to the
Withdrawal Deadline) are accepted for exchange by the Company in
accordance with the terms of the applicable Exchange Offer, the
Issuer expects to issue approximately $237,271,787 in aggregate
principal amount of New 2032 Notes and approximately $105,084,932
in aggregate principal amount of New 2035 Notes on December 18,
2025.

The Company also announced that the Issuer has amended the Minimum
Participation Condition applicable to the Existing Junior Notes
Exchange Offer, such that the Issuer's obligation to accept for
exchange Existing Junior Notes validly tendered (and not validly
withdrawn) pursuant to the Existing Junior Notes Exchange Offer and
related Consent Solicitation is subject to the condition that
Eligible Holders representing at least 97% of the outstanding
aggregate principal amount of the Existing Junior Notes validly
tender (and do not validly withdraw) such Existing Junior Notes on
or prior to the Expiration Time.

No amendment has been made to the Minimum Participation Condition
applicable to the Existing Subordinated Notes Exchange Offer.

In addition, as of the Early Exchange Time, the Issuer has received
the requisite number of Consents in each of the concurrent Consent
Solicitations from Eligible Holders of Existing Notes to adopt the
Proposed Amendments with respect to each series of Existing Notes.
On December 12, 2025, the Company entered into supplemental
indentures with respect to each of the Existing Notes Indentures
with the applicable Existing Notes Trustee (as defined in the
Exchange Offering Memorandum) and, with respect to the Existing
Junior Notes, the Existing Junior Notes Collateral Agent, and the
guarantors party thereto to reflect the Proposed Amendments, but
the Proposed Amendments will become operative only upon the
Exchange Offers on the Early Settlement Date, as further described
in the Exchange Offering Memorandum.

As of 5:00 P.M., New York City time, on December 5, 2025, the right
to withdraw tenders of Existing Notes and revoke related Consents
in connection with each of the Exchange Offers and related Consent
Solicitations expired.

Accordingly, any Existing Notes which were tendered for exchange at
or before such time and any Existing Notes which are tendered
anytime thereafter may not be validly withdrawn and Consents may no
longer be revoked, unless required by applicable law, or the Issuer
determines in the future in its sole discretion to reinstate
withdrawal and revocation rights.

The Exchange Offers and the Consent Solicitations will expire at
5:00 P.M., New York City time, on December 22, 2025, unless
extended. Subject to the tender acceptance procedures described in
the Exchange Offering Memorandum, Eligible Holders who validly
tender their Existing Notes after the Early Exchange Time but at or
prior to the Expiration Time will receive the Late Exchange
Consideration (as such term is defined in the Exchange Offering
Memorandum).

No consideration will be paid for Consents in the Consent
Solicitations. Accrued and unpaid interest on the Existing Notes
validly tendered after the Early Exchange Time and at or prior to
the Expiration Time will be paid in cash by the Issuer to, but not
including, the final settlement date of the Exchange Offers, which
is expected to occur promptly after the Expiration Time and no
later than three business days after the Expiration Time.

Each participating Eligible Holder must validly tender all of the
Existing Notes it holds.

The consummation of each of the Exchange Offers and the Consent
Solicitations is subject to, and conditioned upon, the satisfaction
or waiver by the Issuer of, the Minimum Participation Condition,
the Requisite Consents Condition and the General Conditions (each
as defined in the Exchange Offering Memorandum).

Subject to applicable law, the Issuer reserves the right, in its
sole discretion, to amend, extend, terminate or withdraw one of the
Exchange Offers and related Consent Solicitations without amending,
extending, terminating or withdrawing the other, at any time and
for any reason, including if any of the conditions set forth under
"Conditions to the Exchange Offers and the Consent Solicitations"
in the Exchange Offering Memorandum with respect to the applicable
Exchange Offer is not satisfied as determined by the Issuer in its
sole discretion.

As of the Early Exchange Time, and the Minimum Participation
Condition and the Requisite Consents Condition with respect to each
series of Existing Notes have been satisfied.

The New Notes and the offerings thereof have not been registered
with the Securities and Exchange Commission under the Securities
Act of 1933, as amended, or any state or foreign securities laws.

The Exchange Offers and Consent Solicitations will only be made,
and the New Notes are only being offered and issued, to holders of
Existing Notes that are:

(a) reasonably believed to be qualified institutional buyers as
defined in Rule 144A promulgated under the Securities Act,

(b) non-U.S. persons, in transactions outside the United States, as
defined in Regulation S under the Securities Act, or

(c) "accredited investors" within the meaning of Rule 501 of
Regulation D under the Securities Act (such holders, the "Eligible
Holders").

Only Eligible Holders that have completed and returned the
eligibility certification to the Exchange Agent are authorized to
receive and review the Exchange Offering Memorandum and to
participate in the Exchange Offers and Consent Solicitations.
Copies of all the documents relating to the Exchange Offers and
Consent Solicitations may be obtained from the Exchange Agent,
subject to confirmation of eligibility by the Exchange Agent. There
will be no letter of transmittal for the Exchange Offers.

Eligible Holders of the Existing Notes are urged to carefully read
the entire Exchange Offering Memorandum, including the information
presented under "Risk Factors" and "Cautionary Statement About
Forward-Looking Statements" before making any decision with respect
to the Exchange Offers or the Consent Solicitations.

None of the Company, the Issuer, the Exchange Agent, the
Information Agent, the Existing Notes Trustee, the New Notes
Trustee (as defined in the Exchange Offering Memorandum), the
Collateral Agent (as defined in the Exchange Offering Memorandum),
the Supporting Noteholders (as defined in the Exchange Offering
Memorandum) or any affiliate of any of them makes any
recommendation as to whether any Eligible Holder of Existing Notes
should tender or refrain from tendering all or any portion of the
principal amount of such Eligible Holder's Existing Notes for New
Notes in the Exchange Offers.

No one has been authorized by any of them to make such a
recommendation. Each Eligible Holder of Existing Notes must make
its own decision with respect to whether to tender Existing Notes
in the Exchange Offers and, if so, the amount of Existing Notes as
to which action is to be taken. Each Eligible Holder of Existing
Notes should consult with its advisors as needed to make its
decision to tender Existing Notes pursuant to the Exchange Offers
and to deliver Consents pursuant to the Consent Solicitations and
to determine whether it is legally permitted to participate in the
Exchange Offers and Consent Solicitations under applicable laws or
regulations.

S&P Global has been appointed as the exchange agent and information
agent for the Exchange Offers and Consent Solicitations.

Questions concerning the Exchange Offers and the Consent
Solicitations may be directed to the Exchange Agent, in accordance
with the contact details shown on the back cover of the Exchange
Offering Memorandum.

About Automotores Gildemeister SpA

Automotores Gildemeister is a leading automotive distributor and
dealer group founded in 1986 and headquartered in Santiago, Chile.
The company is best known as the official distributor of Hyundai
vehicles in Chile and Peru, and also represents other brands such
as Volvo, Land Rover, Jaguar, JAC, Mahindra, Geely, JMC, among
others.

It operates across Chile, Peru and Costa Rica, with a network of
own- and third-party dealers with over 1,000 employees regionally.
Its business model includes vehicle sales (new and used), financing
and insurance solutions, after-sales services, spare parts aiming
to provide a comprehensive mobility ecosystem.

Automotores Gildemeister has played a key role in Hyundai's growth
in Latin America and maintains a strong market presence through
innovation, customer service, and a diversified portfolio of
automotive brands.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REP: Ruling Party Delivers 2026 Budget Despite Opposition
-------------------------------------------------------------------
Dominican Today reports that the ruling Modern Revolutionary Party
(PRM) used its overwhelming congressional majority to approve the
Dominican Republic's 2026 General State Budget, securing passage
without a single vote from the opposition.  The spending plan,
totaling RD$1.744 trillion, was adopted in two consecutive readings
in the Chamber of Deputies, reflecting the governing party's tight
control of the legislative agenda, according to Dominican Today.

A central point of contention was Article 45 of the budget bill,
which once again postpones the enforcement of mandatory annual
salary indexation established in the Tax Code, the report notes.
PRM deputies voted en bloc to maintain the suspension, effectively
preventing the adjustment of taxable income brackets to inflation
in 2026, the report relays.  The measure passed with 130 votes from
government legislators, while opposition members were unanimously
against it, the report says.

Efforts by Fuerza del Pueblo lawmakers Llaniris Espinal and Carlos
de Perez to modify the article and mandate indexation were rejected
by 126 PRM deputies, the report discloses.  A subsequent attempt to
strike Article 45 entirely, introduced by Fuerza del Pueblo
deputies Rafael Castillo, Seline Mendez, and Miguel Espinal, along
with Charlie Mariotti of the PLD, was also defeated by the same
ruling-party majority, the report notes.  Opposition leaders argued
that the decision undermines workers' rights and contradicts the
legal requirement for annual inflation-based adjustments, the
report says.

Defending the budget, Francisco Javier Paulino, the PRM deputy who
chaired the bicameral committee that reviewed the bill, said the
revenue projections reflect "significant economic growth" and
affirmed that the spending plan prioritizes continuity across
government ministries, the report discloses.  He described the
RD$1.744 trillion allocation as evidence of the country's economic
resilience and a framework that supports ongoing public investment,
the report relays.

Opposition responses were sharp, the report says.  Fuerza del
Pueblo spokesman Rafael Castillo labeled the refusal to apply
salary indexation an "abuse," arguing that compliance with the
statute is neither discretionary nor a political concession, the
report relays.  PLD deputy Danilo Diaz criticized the budget for
allocating excessive funds to debt interest payments and offering
inadequate capital investment, while PRD national deputy Ramon
Raposo condemned what he viewed as disproportionate funding
directed to the Presidency at the expense of youth, culture, and
women's programs, the report notes.

PRM deputy Soraya Suarez countered that the suspension of
indexation is offset by substantial government subsidies for
housing and fuel, which she said "help compensate the population"
amid inflationary pressures, 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
=============

JAMAICA: BOJ Rakes in Net Profits of $23BB for the Year to November
-------------------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) is reporting net
profits of $23 billion for the year to November 26.

This is slightly higher than the $20.5 billion generated as at
November 25 last year, according to RJR News.

This was due to an increase in its foreign assets to $985 billion
this year, mainly because its foreign bonds and long-term
securities climbed to $56 billion from $54 billion last year, the
report notes.

The bank's time deposits also jumped to $890.3 billion from $802.6
billion, while its special drawing rights with International
Monetary Fund (IMF) zipped to $38.8 billion from $6 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.  


JAMAICA: Gov't. Urged to Speed up Assistance to Micro Enterprises
-----------------------------------------------------------------
RJR News reports that Chairman of the Jamaica Association for
Micro-Financing, Dr. Blossom O'Meally Nelson, said identifying
members of the micro enterprise sector remains a major challenge
and she is urging the government to speed up assistance to these
small operators.

She says the sector is hard to reach because no national database
exists to show how many micro businesses operate or where they are
located, according to RJR News.

Dr. O'Meally Nelson believes the problem could be resolved by
offering small entrepreneurs a grant tied to formal registration,
the report notes.

She suggested a simple system in which each operator would receive
a government issued card and $5,000 after providing their name,
address and details of their business activity, the report relays.


She also welcomed the $10 billion support program proposed by the
development back of Jamaica, saying it could provide meaningful
relief once microbusinesses are properly identified, 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 U E R T O   R I C O
=====================

ASOCIACION HOSPITAL: Seeks to Extend Exclusivity to Feb. 23, 2026
-----------------------------------------------------------------
Asociacion Hospital El Maestro, Inc. asked the U.S. Bankruptcy
Court for the District of Puerto Rico to extend its exclusivity
periods to file a plan of reorganization and obtain acceptance
thereof to February 23, 2026 and April 24, 2026, respectively.

The Debtor explains that the tasks of transitioning its operations
and reconciling them with this ongoing proceeding, coupled with
the
unique complexity of navigating into this bankruptcy proceeding,
just after being subject to garnishments with IRS, managing the
business basically "COD" (cash on demand), and getting access to
cash through cash collateral stipulations, made forming a plan of
reorganization within the first 120 days virtually impossible.

This is the Debtor's first request for extension of the Exclusive
Periods and comes just over three months after the Petition Date.
The Debtor anticipates that the requested 60-day extension of the
Exclusive Periods will allow the Debtor sufficient time to
evaluate
the potential claims, developing and implementing viable
strategies, which in the best and hoped scenario, maximizes
recovery to creditors and reinstates the facilities to their full
operational state.

The Debtor claims that it is not seeking an extension of its
Exclusive Periods to pressure creditors. To the contrary, the
Debtor has cooperated and worked constructively and in good faith
with all of its officers in the three months since the filing to
comply with all requirements, filing and duties, and resolve all
matters that have come into play through consent. To this date the
Debtor efforts have been aimed towards stabilizing Debtor's
operations and reconciling them with this ongoing proceeding.
Further, all matters that have arisen have been resolved in an
amicable fashion with all interested parties.

The Debtor asserts that consistent with its fiduciary duty, the
company will use these extended Exclusive Periods to continue to
negotiate with interested parties to reach a reorganization or, at
the very least, propose in good faith a plan that maximizes value
for all. Debtor has acted and will continue in good faith, being
forthcoming in diligence, analysis, and collaboration with all
parties. The Debtor's substantial progress in negotiating with its
creditors and administering its case supports the extension of the
Exclusive Periods.

Further, whatever alternative or strategy is to be implemented,
necessarily will be required to be discussed and even potentially
approved by Banco Popular de Puerto Rico (BPPR) as secured
creditor. Certainly, upon receipt of a formal offer from an
interested party, Debtor and its secured creditor will have
context
and substance to engage in conversations that may lead to the
filing of a consensual plan.

Accordingly, debtor is currently working on receiving a formal
offer from an interested party, which ultimately will aid and
dictate the contents of a plan or the negotiations between the
debtor, its secured creditor and to be proffered to all parties in
interest. Despite this progress, however, work remains to be done,
and such work requires an extension of the Debtor's Exclusive
Periods.

Asociacion Hospital El Maestro, Inc. is represented by:

     Wigberto Lugo Mender, Esq.
     Lugo Mender Group, LLC
     100 Carr. 165 Suite 501
     Guaynabo, PR 00968
     Telephone: (787) 707-0404
     Facsimile: (787) 707-0412
     Email: wlugo@lugomender.com

                   About Asociacion Hospital Del Maestro Inc.

Asociacion Hospital Del Maestro Inc., also known as Hospital El
Maestro, is a nonprofit general medical and surgical hospital
located in San Juan, Puerto Rico, that was founded in 1955 to serve
the teaching community and has since expanded to provide services
to the broader population. The hospital operates about 126 staffed
beds and offers emergency care, intensive care, radiology, surgery,
hemodialysis, and a range of medical specialties for children and
adults. It is accredited by the Joint Commission and functions as a
501(c)(3) organization with a focus on healthcare, education, and
community service.

Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on
August 25, 2025. In its petition, the Debtor reports total assets
of $13,396,955 and total liabilities of $39,669,466.

Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the
case.

The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender
Group,
LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as
financial consultant; and IEC Consulting, LLC as investment
consultant.

Banco Popular de Puerto Rico, as secured creditor, is represented
by:

   Luis C. Marini-Biaggi, Esq.
   Carolina Velaz-Rivero, Esq.
   Marini Pietrantoni Muniz, LLC
   250 Ponce De León Ave.
   Suite 900
   San Juan, PR 00918
   Tel.: (787) 705-2171
   lmarini@mpmlawpr.com
   cvelaz@mpmlawpr.com



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: Moody's Affirms Ba2 Ratings, Outlook Now Neg.
----------------------------------------------------------------
Moody's Ratings has changed the Government of Trinidad & Tobago's
outlook to negative from stable and affirmed the Ba2 long-term
local and foreign currency issuer and senior unsecured ratings.

The change in outlook to negative reflects rising external
vulnerability, as liquid foreign exchange reserves (defined as
gross reserves excluding gold and special drawing rights; FX
reserves) have fallen by 24% over the past year to $3.2 billion as
of August 2025, below Moody's previous projection for stabilization
at about $4 billion. This has intensified foreign exchange
shortages and reduced coverage of upcoming external debt payments.
While Moody's expects new hydrocarbon projects to bolster foreign
exchange inflows and, consequently, reserves, this is unlikely
before 2027. In the meantime, the government's ability to prevent
further erosion of reserves and maintain the stability of the
currency peg will hinge on the effectiveness of other announced
initiatives, including transfer pricing legislation.

The affirmation of Trinidad & Tobago's Ba2 rating reflects its
profile as a mature energy producer, characterized by a steady
decline in hydrocarbon production over the past decade and weak
trend growth. High income levels, a history of political stability
and a moderate track record of institutional quality and governance
support the rating. Fiscal risks stemming from a relatively high
debt burden are mitigated by substantial buffers, including the
Heritage and Stabilization Fund (HSF), amounting to 25% of GDP and
invested in external assets, as well as domestic cash-equivalent
assets of about 20% of GDP.

Local currency (LC) and foreign currency (FC) country ceilings
remain unchanged at Baa2 and Ba1, respectively. The three-notch gap
of the LC ceiling at Baa2 with the sovereign rating reflects the
economy's significant exposure to the hydrocarbon sector with
spillovers to activity in the non-energy sector, balanced by low
exposure to domestic and geopolitical risk. The FC ceiling remains
at Ba1. The two-notch gap with the LC ceiling captures potential
transfer and convertibility risks reflected in the track record of
balance of payments weakness over the past few years, which has
contributed to reported foreign exchange shortages and may affect
the import capacity of small and medium-sized businesses.

RATINGS RATIONALE

RATIONALE FOR THE NEGATIVE OUTLOOK

ERODING FOREIGN EXCHANGE RESERVE BUFFERS INCREASE EXTERNAL RISKS

Trinidad & Tobago's balance of payments risk has increased due to a
significant decline in liquid foreign exchange reserves, which fell
to $3.2 billion in August 2025 (3.8 months of imports), a 24%
year-on-year drop from $4.2 billion recorded in August 2024 (5
months of imports). If sustained, the current pace of drawdown
would significantly reduce coverage of external debt service
payments and may undermine confidence in the sustainability of the
peg.

A key driver of the secular decline in FX reserves over the past
decade has been falling energy production, with natural gas
production peaking in 2010 and weakening since. In Moody's views,
the continued decline in reserves despite a positive current
account balance also reflects efforts to maintain the nominal
exchange rate against the US dollar within the TTO6.7–TTO6.8
range amid mounting depreciation pressures, pointing to potentially
weaker future reserve coverage. While approved natural gas
projects, such as Shell's Manatee field, should support FX
generation and boost growth starting 2027, the risk of further FX
reserve drawdown to critical levels during the next two years is
significant.

The negative outlook reflects the risk that the implementation of
the new government's announced measures, such as enhancing
Eximbank's focus on key exporters, advancing transfer pricing
legislation, strengthening the fight against financial crime, and
intensifying economic diversification efforts toward non energy
exports, are insufficient to arrest the decline before new energy
projects come on-stream.

Moody's do not count HSF assets as part of foreign exchange
reserves because they are only accessible under specific conditions
and are not readily available for immediate balance-of-payments
support or currency intervention.

RATIONALE FOR THE Ba2 AFFIRMATION

The affirmation of the Ba2 rating balances Trinidad & Tobago's
comparatively high income levels and substantial fiscal buffers,
including the HSF and estimated cash/cash equivalent reserves
totaling about 45% of GDP in fiscal 2025, against a high government
debt burden and moderate capacity for monetary and fiscal policy
adjustment. While fiscal risks are mitigated by these buffers, the
credit profile remains exposed to the economy's dependence on price
and output developments in the energy sector, which accounted for
about 25% of nominal GDP on average over the past five years, 35%
of fiscal revenue and 80% of exports.

Trinidad & Tobago's fiscal profile has deteriorated over the past
decade in line with weakening trend growth and energy revenue, and
Moody's projects the adjusted general government debt-to-GDP ratio
(defined as central government debt plus non-self serviced
government guaranteed debt of SOEs and statutory bodies) to peak at
about 85% in fiscal 2026 before declining thereafter, supported by
higher real GDP growth recovering to 3.2% in 2027 from projected
-0.8% in 2025 and 0.1% for 2026. The government has introduced
targeted revenue-enhancing and spending control measures in the
fiscal 2026 budget to reduce the fiscal deficit to 2.2% of GDP from
4.6% in fiscal 2025, although Moody's expects fiscal consolidation
to proceed more gradually without a significant pick-up in growth,
hydrocarbon prices and energy revenue.

Despite an increase in the debt burden and a tighter liquidity
environment, the government's debt affordability has not worsened
materially since it benefits from low-cost financing options. These
include withdrawals from the HSF of about $370 million (1.4% of
GDP) in fiscal 2024 and $410 million (1.6% of GDP) in fiscal 2025
as a result of significant energy revenue underperformance relative
to the budget target. In addition, the government has resorted to
central bank overdrafts over the past two years. Over the next two
years, Moody's expects the interest-to-revenue ratio to remain
below 14%, in line with rating peers.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE RISKS

Trinidad & Tobago's ESG Credit Impact Score at CIS-4 reflects the
credit profile's exposure to environmental risk derived from carbon
transition risk as a mature carbon producer.

Trinidad & Tobago's (T&T) E-5 assessment is driven by carbon
transition risk. T&T is a mature hydrocarbon producer facing a
natural production decline, with proven gas reserves covering about
11 years of production. Several large projects that are either
underway or that will materialize with a high likelihood over the
next five years underpin Moody's expectations of a broadly stable
energy production profile over the next decade, including by
leveraging T&T's Atlantic LNG infrastructure as regional hub for
gas from other producers in the region. However, the overall weak
energy production trend weighs on T&T's growth outlook and on the
ability to replenish the economy's foreign exchange reserve buffers
that have declined over the past decade.

Exposure to social risks at S-3 indicates that social
considerations historically have not materially impacted Trinidad &
Tobago's credit profile, supported by an ample social safety net
and a "very high" tier ranking in the Human Development Index.
However, Trinidad & Tobago also records a comparatively high crime
rate with almost 45.7 homicides per 100,000 population in 2024 that
could adversely impact the business environment in the future.

The influence of governance on Trinidad & Tobago's credit profile
is moderate (G-3 issuer profile score) but benefits from
significant efforts in recent years to improve data reporting and
reduce data limitations and institutional constraints that limit
the government's capacity to execute fiscal policy.

GDP per capita (PPP basis, US$): 34,857 (2024) (also known as Per
Capita Income)

Real GDP growth (% change): 2.5% (2024) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.5% (2024)

Gen. Gov. Financial Balance/GDP: -5.3% (2024) (also known as Fiscal
Balance)

Current Account Balance/GDP: 4.8% (2024) (also known as External
Balance)

External debt/GDP: 63.8% (2024)

Economic resiliency: ba1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On December 09, 2025, a rating committee was called to discuss the
rating of the Trinidad & Tobago, 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
not materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The issuer
has become increasingly susceptible to event risks.

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

Stabilization and rebuilding of FX reserves to levels that
materially reduce external vulnerability, supported by higher
hydrocarbon output, would lead to a return to a stable outlook. A
sustained decline in the debt-to-GDP ratio supported by credible
fiscal consolidation and structural revenue gains, improving fiscal
strength, would also support credit quality. Diversification of
non-energy exports and evidence of durable policy effectiveness and
institutional capacity to maintain these improvements would also
support an upgrade.

Downward pressure could arise if FX reserves continue to decline,
undermining confidence in the sustainability of the de facto peg.
Although not Moody's baseline, in a worst-case scenario where the
pace of drawdown accelerates and reserves fall below three months
of imports, a multi-notch downgrade could materialize over time.
Failure to implement fiscal reforms, resulting in persistent
deficits and a debt burden significantly above 85% of GDP, would
signal weaker institutions and governance effectiveness, consistent
with a lower rating level.

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.


                           *********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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