/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/200511.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 Monday, May 11, 2020, Vol. 21, No. 94 Headlines B R A Z I L AB CONCESSOES: Moody's Affirms Ba3 CFR, Alters Outlook to Neg. CHINA CONSTRUCTION: S&P Affirms 'BB-/B' Ratings COMPANHIA AGUAS: Moody's Affirms Ba3 CFR, Alters Outlook to Neg. C O L O M B I A BANCO GNB SUDAMERIS: Fitch Rates Upcoming Tier 2 Notes 'BB-(EXP)' BANCO GNB SUDAMERIS: Moody's Rates New Subordinated Debt 'B2(hyb)' D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Greenback's Price Continues to Rise DOMINICAN REPUBLIC: To Set a Rice Harvest Record DOMINICAN REPUBLIC: Wants Sanitary Measures Eased to Reboot Economy E L S A L V A D O R [*] Fitch Affirms 'B' IDR on 2 Salvadoran Banks, Outlook Negative H O N D U R A S HONDURAS: S&P Affirms 'BB-/B' SCR, Outlook Stable J A M A I C A JAMAICA: To Be Added to EC's "Financial Risk" List T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Credit Unions Sign on to Emergency Loan Program X X X X X X X X [*] BOND PRICING: For the Week May 4 to May 8, 2020 - - - - - =========== B R A Z I L =========== AB CONCESSOES: Moody's Affirms Ba3 CFR, Alters Outlook to Neg. -------------------------------------------------------------- Moody's America Latina Ltda. affirmed AB Concessoes' group corporate family rating at Ba3 on the global scale rating and A3.br on the national scale rating. The outlook changed to negative from stable for all the ratings. Ratings affirmed: Issuer: AB CONCESSOES S.A Corporate Family Rating: Ba3 (global scale) and A3.br (national scale) Issuer: TRIANGULO DO SOL AUTO - ESTRADAS S/A Issuer Rating: Ba3 (global scale) and A3.br (national scale) Issuer: Rodovias das Colinas S.A. Issuer Rating: Ba3 (global scale) and A3.br (national scale) Senior Secured: Ba3 (global scale) and A3.br (national scale) Outlook Actions: The outlook for all ratings was changed to Negative from Stable. RATINGS RATIONALE The outlook change reflects the negative pressure in traffic volumes for the next 12-18 months due to the coronavirus outbreak and its effects in activity as the Brazilian economy goes into recession. There is significant downside risk to its revised forecast if lockdowns are prolonged, which would further limit traffic volumes. Other factors related to the economic downturn that could also pressure traffic performance include rising unemployment and the failure of government measures to boost consumer confidence, reflected in the negative outlook, as well as potential covenant breach at Colinas. Moreover, the group has a significant refinancing need in 2021, which could be hurt by tighter debt markets, with no additional source of liquidity if needed as Moody's sees deterioration in the ultimate parent (Atlantia S.p.A. Ba2, negative) ability to support the Brazilian operation, since its credit profile has significantly weakened to below investment grade in the last months. Nonetheless, the ratings still consider the group will be able to adequately and timely access the debt markets in order to meet its refinancing needs specially in the second half of 2021. The weaker cash generation pressures the group's liquidity profile and increases refinancing risk, at the same time TRIANGULO DO SOL AUTO - ESTRADAS S/A concession matures, which corresponds to almost half of the group's revenue. Also, the breakdown will further delay the ramp up of Concessionaria da Rodovia MG-050 S.A.'s concession, increasing the contagion risk from its weaker credit profile that puts additional pressure on cash transfers from Rodovias das Colinas S.A. and Triangulo do Sol to support Nascentes das Gerais' financial needs and high capital spending. AB Concessoes operates through an overall consolidated financial management practice where Colinas and Triangulo do Sol have significant intercompany loan receivables from the parent. Also, in case of Triangulo do Sol there are also cross-default provisions with suspensive conditions with the parent AB Concessoes, in case of bankruptcy of the holding. Therefore, the credit quality of both concessionaires remains linked to that of the group. On a standalone basis, Colinas and Triangulo do Sol benefit from the overall mature nature of their concessions, with low capex needs and a solid track record that support relatively stable and predictable cash flows. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS In light of the negative outlook, an upgrade of the ratings is unlikely at this time. Negative pressure could arise if there is a prolonged or deeper slump in traffic volumes than expected, leading to further deterioration in the group's liquidity and higher refinancing risk. The ratings could be downgraded if Moody's perceives challenges in addressing the group's upcoming refinancing needs as well as material time and cost overruns in the parent's capital investment program. Potential contagion risk from Nascentes das Gerais' weaker credit profile could also affect the ratings, given the additional pressure on cash transfers from Triangulo do Sol and Colinas to the parent. A negative outcome on the ongoing judicial dispute that involves Colinas and Triangulo do Sol with ARTESP could also weigh on the ratings. Quantitatively, the ratings could be downgraded if DSCR stays below 1.1x on a sustained basis. AB Concessoes S.A. is one of the five largest toll road operators in Brazil, operating 1,120 kilometers. In addition to Colinas and Triangulo do Sol, the company also controls Nascentes das Gerais and has a 50% stake in Concessionaria Rodovias do Tietê S.A. AB Concessoes' shareholders are Atlantia S.p.A. (Ba2 Negative), with a controlling stake of 50%+1 share, while Hauolimau Empreendimentos e Participaçoes S.A. (Bertin's Group and Tarallo's Family) holds the remaining stake. Colinas and Triangulo do Sol are the two main toll road concessionaires of the AB Concessoes Group, accounting for around 90% of the consolidated EBITDA. They are mature toll roads located in the State of Sao Paulo (Ba2 stable), with concession contracts expiring in 2028 and 2021, respectively. In 2019, AB Concessoes had BRL1.2 billion in net sales and BRL976 million in EBITDA, according to Moody's standard adjustments. Colinas responded for 47% of the consolidated EBITDA, while Triangulo do Sol had a 42% stake and Nascentes das Gerais the remaining 11%. The principal methodology used in these ratings was PrivatelyManaged Toll Roads published in October 2017. CHINA CONSTRUCTION: S&P Affirms 'BB-/B' Ratings ----------------------------------------------- S&P Global Ratings Services affirmed its 'BB-/B' global scale and 'brAAA' national scale ratings on China Construction Bank (Brasil) Banco Multiplo S.A. (CCB Brasil). At the same time, S&P revised upward the bank's stand-alone credit profile (SACP) to 'b+' from 'b-'. CCB Brasil's loan portfolio has been transitioning to larger corporate exposures and Chinese companies with stronger creditworthiness in the past few years. At the same time, its legacy portfolio, which generated high losses for the bank in the past, is gradually shrinking through charge-offs. As a result, the bank's nonperforming loans (NPLs) plummeted to 2.3% by the end of 2019 from 11.7% in 2016 and 4.7% in 2017, while its charge-offs plunged to 1.4% of outstanding loans from 18.8% in 2015 and 3.7% in 2017. COMPANHIA AGUAS: Moody's Affirms Ba3 CFR, Alters Outlook to Neg. ---------------------------------------------------------------- Moody's America Latina Ltda. has affirmed the corporate family ratings of Ba3 in the global scale and A2.br in the national scale of Companhia Aguas de Itapema. Moody's also affirmed the Ba2/Aa3.br ratings assigned to the company's senior secured debentures. As part of this rating action, Moody's changed Aguas de Itapema's outlook to negative from stable. RATINGS AFFECTED: Issuer: Companhia Aguas de Itapema Corporate Family Rating affirmed at Ba3 (global scale) and A2.br (national scale) Gtd. Senior Secured Debenture affirmed at Ba2 (global scale) and Aa3.br (national scale) Outlook: changed to negative from stable RATINGS RATIONALE The change in outlook to negative reflects a combination of factors that threaten the ability of Aguas de Itapema to maintain credit metrics, including a protracted and contentious regulatory process to review the company's tariffs and contractual rebalancing of the concession agreement. In addition, the company faces various delays to complete pending investment projects that would bring additional revenues. The negative outlook captures its expectation of a rapidly deteriorating economic environment resulting from the unprecedented and widening spread of the coronavirus outbreak. Aguas de Itapema is highly exposed to the tourism activity in Brazil, which is a material concern given how the outbreak will affect travel and tourism patterns and adds further negative pressure to prospective cash flow generation. Moody's notes that the essentiality of water and sewage services partially helps protect Aguas de Itapema from the more direct effects of the coronavirus outbreak. In 2019, the company reported funds from operations interest coverage of 1.7x and FFO to Net Debt of 7.1%. Moody´s expects that the company's expansion of new sewage connections that concluded in the first quarter of 2020 will contribute to a short-term improvement of the company´s credit metrics, reflected in FFO interest coverage ranging between 2.5x-2.8x and FFO / Net debt in the range of 12%-16% over the next 12-18 months. Its updated Moody's debt service coverage ratio averages 1.6x for the period between 2020 and 2027, roughly unchanged in comparison to its previous expectation of 1.7x. The company's amortizing debt profile and relatively short duration further contribute to its expectation of improved metrics under normal circumstances. Moody's will closely review if the company is able to maintain those metrics despite the severe downturn that Moody's expects. The affirmation of the ratings reflects the company's historical track record of consistent revenue growth and adequate operations. The revenue profile is seasonal, reflective of the economic profile of its service area as a summer season destination. The credit view also incorporates the company's small scale and market concentration compared to peers in the regulated water utility sector and the relatively weak regulatory environment, given the exposure to political and social interferences and pending tariff adjustment discussions. Since 2017, Aguas de Itapema has been unable to adjust tariffs as per the original terms of the concession. While the concession was originally granted by the city of Itapema and regulated by the Intermunicipal Sanitation Regulatory Agency, the regulatory purview was transferred in 2017 to the Regulatory Agency for Public Services of the State of Santa Catarina. The Ba2/Aa3.br senior secured ratings continue to recognize the protections embedded in the debentures, including credit rights related to the concession, a waterfall and cash collection mechanism that prioritizes debenture payments relative to other debts through irrevocable collection bank notices. Additional structural enhancements include the inability to distribute dividends above the legal minimum level of 25% of net income if DSCRs are below 1.70x and limitations to incur additional debt above BRL1.0 million without prior creditors approval. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, Moody's does not anticipate upward rating pressure. Yet, a favorable conclusion of the tariff review and stable credit metrics with FFO interest coverage at 2.8x, FFO / Net debt around 14% and DSCR of 1.7x could support a stabilization of the ratings. The ratings could be downgraded under a negative tariff review or a weakening of results leading to FFO interest coverage below 2.0x, FFO / Net debt below 12%, and DSCR below 1.5x. Aguas de Itapema holds a concession until 2044, originally granted in 2004 to expand, operate and maintain the water and sewage services of the city of Itapema, in the state of Santa Catarina, Brazil. The original concession agreement would expire in 2029, but was amended in 2015 to accommodate the city´s plan to expand its sanitation network. Itapema is home to a fixed population of approximately 60,000 inhabitants, but the water and sewage infrastructure is designed to serve a peak population of almost 5x to 8x greater than the fixed population during the summer time. In the last twelve months ended December 2019, Aguas de Itapema generated operating net revenues of BRL49.5 million and EBITDA of BRL24.2 million, after the application of Moody's standard adjustments for non-financial corporations. The company is 100% owned by CONASA Infraestrutura S.A, an infrastructure holding group. The principal methodology used in these ratings was Regulated Water Utilities published in June 2018. =============== C O L O M B I A =============== BANCO GNB SUDAMERIS: Fitch Rates Upcoming Tier 2 Notes 'BB-(EXP)' ----------------------------------------------------------------- Fitch Ratings has assigned Banco GNB Sudameris S.A.'s upcoming issue of U.S. dollar-denominated, 11-year Tier 2 notes an expected long-term rating of 'BB-(EXP)'. The amount of the U.S. dollar-denominated notes is yet to be determined. The final rating is contingent upon receipt of final documents conforming to information already received. Proceeds from the issue will be used for general purposes and are expected to count as regulatory Tier 2 capital at the bank, although Fitch does not formally assign equity-credit to these notes. Interest will be paid semiannually. The notes may be redeemed at the option of the issuer no earlier than six years before they are due, subject to prior approval from the Colombian Superintendence of Finance, if the bank maintains its capital ratios in accordance with regulatory requirements. KEY RATING DRIVERS The upcoming issuance is expected to be rated two notches below GNB's Viability Rating of 'bb+', to reflect loss severity exclusively. There will be no notching due to incremental nonperformance risk. The notes will be subordinated in right of payment to the prior payment in full, in cash or cash equivalents, of all outstanding obligations due in respect of the bank's senior liabilities, whether outstanding on the issue date or incurred after that date. Additionally, the notes will be senior in right of payment only to subordinated instruments constituting Tier 2 capital subordinated indebtedness that is designated junior to the notes, subordinated instruments constituting Tier 1 capital and the bank's capital stock. The rating on the notes does not incorporate incremental nonperformance risk given the relatively low write-off trigger (regulatory common equity Tier 1 at or below 4.5%) - which, in Fitch's view, would only be effective at the point of nonviability and also considering the fact that coupons are not deferred or cancellable before the principal write-off trigger is activated. If GNB's capital falls below 4.5%, the outstanding principal amount of these notes may be permanently reduced to the extent required to restore the bank's capital ratio to 6%. This full write-down feature of the notes heavily influences the two-notch loss severity applied. The securities, which are expected to comply with local Tier II capital requirements, will rank junior to all senior unsecured creditors, pari passu with all other present or future Tier II capital subordinated indebtedness and senior to the bank's capital stock, including any other instrument that may qualify at Tier I capital according to local banking regulations. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: As the expected subordinated debt rating is two notches below GNB's VR anchor, the expected rating is sensitive to an upgrade in the bank's VR. The rating is also sensitive to a narrower notching from the VR if there is a change in Fitch's view on the nonperformance of these instruments on a going concern basis, which is not the baseline scenario. Factors that could, individually or collectively, lead to negative rating action/downgrade: As the expected subordinated debt rating is two notches below GNB's VR anchor, the expected rating is sensitive to a downgrade in the bank's VR. The rating is also sensitive to a wider notching from the VR if there is a change in Fitch's view on the nonperformance of these instruments on a going concern basis, which is not the baseline scenario. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Financial Institutions issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG CONSIDERATIONS Banco GNB Sudameris S.A.: 4; Governance Structure: 4 Unless otherwise disclosed in this section, the highest level of environmental, social and governance (ESG) credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, due to either their nature or the way in which they are being managed by the entity. The governance structure subfactor has a score of 4 - mainly related to key person risk and business continuity considerations. BANCO GNB SUDAMERIS: Moody's Rates New Subordinated Debt 'B2(hyb)' ------------------------------------------------------------------ Moody's Investors Service has assigned a B2(hyb) long-term foreign currency subordinated debt rating to the proposed notes to be issued by Banco GNB Sudameris S.A. The notes will be unsecured subordinated obligations and will rank junior to all GNB's existing and future senior obligations and will rank senior only to GNB's capital stock. The notes will be due in 2031. The B2 (hyb) debt rating is on review for downgrade, in line with the review for downgrade of GNB's baseline credit assessment. The capital securities are Basel III-compliant, and their terms and conditions have been defined so as to qualify the notes for treatment as Tier 2 capital pursuant to Colombian regulation. Assignments: Issuer: Banco GNB Sudameris S.A. Subordinate Regular Bond/Debenture, Assigned B2(hyb); Placed Under Review for Downgrade RATINGS RATIONALE The B2(hyb) rating assigned to the new Tier 2 subordinated notes is positioned two notches below the ba3 adjusted baseline credit assessment, in line with Moody's standard notching guidance for contractual non-viability subordinated debt with a full or partial principal write-down triggered at or close to the point of non-viability. The rating reflects the risk of a full or partial write-down of principal in the event that (1) the bank's regulatory Basic Solvency ratio (equivalent to the CET1 ratio) falls below 4.5% (which Moody's considers to be below the point of non-viability) on either an individual (i.e. treating the bank's Central American subsidiaries as investments) or fully consolidated basis; or (2) the regulators determines that the Basic Solvency ratio needs to be restored to 6.0%. The notes will only be written down in an amount sufficient to restore the Basic Solvency ratio to 6% under either circumstance. The notes will rank (i) junior to all present and future senior indebtedness of the issuer, (ii) junior to all other present or future "preferred" subordinated indebtedness, (iii) pari passu with all other present or future unsecured Tier II subordinated indebtedness and (iv) senior to securities junior to the notes as well as to all classes of capital stock of the issuers. GNB's ba3 baseline credit assessment reflects the bank's historically low non-performing loan ratios, a result of its sizeable exposure to low-risk secured payroll loans, as well as the good performance of its commercial loan portfolio, despite GNB's exposure to higher risk SMEs. At the same time, the bank's financial profile is still challenged by its low capitalization levels and the bank's predominant reliance on wholesale funding. Moody's believes GNB's exposure to environmental risks is low, consistent with its general assessment for the global banking sector. GNB's exposure to social risks is moderate, consistent with Moody's general assessment for the global banking sector. As well, governance risks are largely internal rather than externally driven. Moody's sees GNB's history of frequent acquisitions, directly or through its holding company, as potentially exposing it to operational, controls and governance shortfalls. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's review for downgrade of GNB Sudameris' ratings incorporates the proposed acquisition of BBVA Paraguay, which will increase the scope and size of GNB and expose it to weaker operating conditions in Paraguay. Moody's has commented that the bank's increased presence in Paraguay can lead to a change in GNB Sudameris' weighted Macro Profile to "Moderate" from "Moderate +". The review will assess the effect that a larger presence in a potentially more volatile market could have on GNB Sudameris' asset quality and earnings that could lead to downward pressures on its baseline credit assessment. In addition, the ratings review will assess the trend in the bank's capitalization ratio resulting from recent investments in real estate, in addition to dividend payments to its holding company, Gilex Holding S.a.r.l. (issuer rating at B2), to service the holding company's debt. As of December 2019, GNB's Moody's tangible common equity had weakened to a relatively low 6.7% of risk-weighted assets, from 7.8% in December 2017. The ratings on the Tier 2 notes are notched from GNB's adjusted BCA. As such, the ratings of the securities will move in tandem with GNB's adjusted BCA. Given the current review for downgrade, there is no upward pressure on GNB's ratings. Conversely, GNB's ratings could be downgraded if the exposure to potentially more volatile market conditions changes its weighted Macro Profile, and consequently, its solvency or liquidity assessment. In addition, if the bank's capitalization levels decrease further in conjunction with the transaction, that could lead to a rating change. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Greenback's Price Continues to Rise ------------------------------------------------------- Dominican Today reports that the price of the US dollar in the country continues to rise, and was selling between RD$55.50 and RD$57.30, according to the website of the banks and S&Ls. The average for the sale of the US currency was RD$54.65 per US$1, according to the Central Bank, reports Dominican Today. In the three main Dominican banks: Banreservas, Popular and BHD Leon, the currency costs the public RD$55.50 per US$ 1 in the first and RD$55.75 per dollar in the last two, the report notes. Meanwhile, Banco del Progreso's rate is RD$57.30 per dollar, 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. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related 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. On April 16, 2020, S&P Global Ratings revised its outlook on the long-term ratings on the Dominican Republic to negative from stable. At the same time, S&P affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings. The transfer and convertibility (T&C) assessment is unchanged at 'BB+'. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). DOMINICAN REPUBLIC: To Set a Rice Harvest Record ------------------------------------------------ Dominican Today reports that the Dominican Republic will set a record rice harvest this month, with more than 8 million, 100-pound sacks, Agriculture Minister, Osmar Benitez, affirmed. In a meeting with President Danilo Medina in the National Palace, the official also disclosed that the Government will buy 2.2 million eggs weekly, through the Ministry of Agriculture and the social assistance agencies that deliver food to the most vulnerable families, according to Dominican Today. In addition, Medina instructed the purchase of 1.2 million pounds of chicken from small farms, 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. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related 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. On April 16, 2020, S&P Global Ratings revised its outlook on the long-term ratings on the Dominican Republic to negative from stable. At the same time, S&P affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings. The transfer and convertibility (T&C) assessment is unchanged at 'BB+'. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). DOMINICAN REPUBLIC: Wants Sanitary Measures Eased to Reboot Economy ------------------------------------------------------------------- Dominican Today reports that Public Health Minister, Rafael Sanchez Cardenas, raised the need to make sanitary measures more flexible to reactivate the economy, due to the crisis unleashed by the pandemic. Sanchez Cardenas stressed the need to make the social distancing and sanitary measures more flexible, according to Dominican Today. "The great challenge we have is how to produce a relaxation of sanitary measures so that the economy can begin to move and guarantee the stability of the country, both economically and socially, as a fundamental need of any of the nations of the world," 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. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related 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. On April 16, 2020, S&P Global Ratings revised its outlook on the long-term ratings on the Dominican Republic to negative from stable. At the same time, S&P affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings. The transfer and convertibility (T&C) assessment is unchanged at 'BB+'. Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). ===================== E L S A L V A D O R ===================== [*] Fitch Affirms 'B' IDR on 2 Salvadoran Banks, Outlook Negative ----------------------------------------------------------------- Fitch Ratings has affirmed the 'B' Issuer Default Ratings of Banco Agricola, S.A. and Banco Davivienda Salvadoreno, S.A. and revised their Rating Outlooks on the Long-Term IDRs to Negative from Stable following El Salvador's sovereign rating Outlook revision to Negative from Stable on April 30, 2020. Fitch has also affirmed the Viability Ratings and Support Ratings of these banks. Agricola and Davivienda Sal's IDRs are rated above the sovereign rating based on the potential support they could receive from their parents, which are both rated 'BBB-'/Negative. Their IDRs are capped by the Salvadorian Country Ceiling. The Negative Outlook indicates that the IDRs of these banks would be downgraded in the event of a Salvadoran sovereign rating and Country Ceiling downgrade. Conversely, a revision of the sovereign's IDR Outlook to Stable would likely prompt a similar action on the banks' IDR Outlooks. Fitch also affirmed Agricola Senior Trust's rating of 'B/RR4'. In accordance with Fitch's rating criteria, the recovery prospects of the senior unsecured debt of Agricola are average and are reflected in a Recovery Rating of 'RR4'. The national ratings of Agricola and Davivienda Sal and their holdings, as well as those of other financial institutions rated in El Salvador, are unaffected. KEY RATING DRIVERS IDRs Agricola's and Davivienda Sal's IDRs are driven by the ability and propensity from their respective shareholders, Bancolombia S.A. (BBB-/Negative) and Banco Davivienda S.A. (BBB-/Negative), to provide support if necessary. Fitch's assessment of the parents' ability to support is highly influenced by the constraint El Salvador's 'B' Country Ceiling imposes on these banks' ratings, as it is materially lower than their parents' ratings. However, in Fitch's opinion, the owners' commitment to their subsidiaries is sufficiently strong to allow both entities to be rated above the sovereign rating. According to Fitch's criteria, the Country Ceiling captures transfer and convertibility risks that, in this case, could limit the subsidiaries' ability to use parent support. VRs Agricola's and Davivienda Sal's VRs are highly influenced by El Salvador's operating environment, which in addition to the country's GDP per capita and the World Bank's Ease of Doing Business ranking, reflects the country's sovereign rating, less developed but evolving regulatory framework compared with other LatAm countries and incremental downside risks in the banking sector due to the coronavirus' impact on the economy. The operating environment is under a significant degree of uncertainty regarding the magnitude and extent of the negative effects the economic prospects could have on the banks' performance. Agricola's VR also factors, with moderate importance, the bank's leading franchise in the local market due to a strong market share close to 26% of total loans and total deposits as of December 2019, as well as its diversified business model and leadership in most business lines. Agricola's financial profile is commensurate with its ratings. However, Fitch considers Agricola's strong financial metrics could face pressure in the face of deterioration in the macroeconomic situation, initially asset quality and profitability. Davivienda Sal's VR also reflects its strong local franchise, remaining the second largest bank by assets, accounting for 14.7% of banking system assets as of December 2019. The bank's core financial metrics remain in line with its current VR, although Fitch believes these could deteriorate given the current economic situation, initially asset quality and profitability, over the rating horizon. SRs The banks' SRs are based on Fitch's opinion of shareholders' capacity and propensity to give support to their subsidiaries, if required. These ratings are also constrained by El Salvador's sovereign rating, as reflected in the Country Ceiling. According to Fitch's criteria, Agricola's and Davivienda Sal's 'B' IDRs correspond with an SR of '4'. AGRICOLA SENIOR TRUST The rating for Agricola Senior Trust's five-year U.S. dollar-denominated loan participation notes is aligned with the Agricola's IDR, as the likelihood of default is the same as Agricola given the senior unsecured nature of the loan participation. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: AGRICOLA AND DAVIVIENDA SAL IDRs, VRs and SRs -- Agricola's and Davivienda Sal's ratings remain sensitive to changes in El Salvador's sovereign and Country Ceiling ratings. Negative changes in the banks' IDRs and SRs would mirror any movement in El Salvador's sovereign ratings and Country Ceiling. -- The VRs of both institutions are sensitive to changes in El Salvador's operating environment, including its sovereign rating. Downgrades in Agricola's and Davivienda Sal's VRs could also come from a material deterioration in the banks' financial profile. AGRICOLA SENIOR TRUST -- The rating of the notes would be downgraded in case of negative rating actions on Agricola's IDR. Factors that could, individually or collectively, lead to positive rating action/upgrade: AGRICOLA AND DAVIVIENDA SAL IDRs, VRs and SRs -- Agricola's and Davivienda Sal's IDRs and VRs, could be upgraded in the event of an upgrade of El Salvador's sovereign rating and Country Ceiling. However, the Negative Outlook on the IDRs results in a limited upside in the near future. -- The VRs are limited by the worsening operating environment as a result of the impact of the economic disruption from the coronavirus outbreak. An improvement of the operating environment that improves the banks' financial metrics could lead to an upgrade of their VRs. -- Agricola's and Davivienda Sal's SRs are constrained, but could be upgraded if El Salvador's sovereign and Country Ceiling ratings are upgraded by more than one notch, as this would reflect a reduction in the potential constraints on the banks' capacity to receive extraordinary support. AGRICOLA SENIOR TRUST -- The rating of the notes is aligned with Agricola's long-term IDR, and would mirror any positive change in the bank's IDR. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Financial Institutions issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. SUMMARY OF FINANCIAL ADJUSTMENTS Agricola: Prepaid expenses were reclassified as intangible assets and were deducted from Fitch Core Capital. Davivienda Sal: Prepaid expenses were reclassified as intangibles and deducted from Fitch Core Capital. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Ratings of Agricola and Agricola Senior Trust ultimately reflect the support the bank may receive from its ultimate shareholder, Bancolombia, if required. Ratings of Davivienda Sal reflect the support it may receive from its ultimate shareholder, Banco Davivienda, if required. ESG CONSIDERATIONS The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). Banco Agricola, S.A. - LT IDR B; Affirmed - ST IDR B; Affirmed - Viability b-; Affirmed - Support 4; Affirmed Banco Davivienda Salvadoreno, S.A. - LT IDR B; Affirmed - ST IDR B; Affirmed - Viability b-; Affirmed - Support 4; Affirmed Agricola Senior Trust - Senior unsecured; LT B; Affirmed =============== H O N D U R A S =============== HONDURAS: S&P Affirms 'BB-/B' SCR, Outlook Stable ------------------------------------------------- On May 6, 2020, S&P Global Ratings affirmed its 'BB-/B' long- and short-term sovereign credit ratings on Honduras. The outlook remains stable. We also affirmed our 'BB' transfer and convertibility (T&C) assessment. Outlook S&P said, "The stable outlook reflects our view that the government's commitment to fiscal moderation, its ample access to funding sources, and economic recovery in 2021 will contain the potential deterioration of public finances and external liquidity stemming from the COVID-19 pandemic and global recession. We assume that fiscal deficits will remain contained after the one-off expansion in 2020. We also expect that a combination of economic recovery starting next year and cautious economic policies will help reverse the near-term deterioration in the sovereign's fiscal and debt profiles." Downside scenario S&P could lower the ratings over the next 12 months if the impact of the economic downturn is more severe than its base case, or if the recovery is less robust, weighing on trend GDP growth and keeping high fiscal deficits for longer. Additionally, a consistent deterioration in the current account that could weaken the country's external liquidity position could lead to a downgrade. Upside scenario S&P said, "In contrast, we would raise the ratings over the next two years if the economy recovers faster than we expect from the severe external shock, and if the faster-than-expected growth translates into stronger fiscal results. Additionally, we could raise the rating if monetary policy flexibility improves, or if there is more effective policymaking and strengthening of public institutions of governance, thereby reducing the long-term risk of instability and policy uncertainty." Rationale The ratings on Honduras reflect the country's low per capita GDP, shortcomings in governance and public institutions (including in public enterprises), and exchange-rate rigidities that constrain monetary policy effectiveness. The ratings also incorporate a track record of improved fiscal indicators and moderate external vulnerabilities. Honduras' economic, fiscal, and debt trajectories will deteriorate because of the global economic downturn and the impact of the COVID-19 pandemic. However, S&P expects the government will take steps to stabilize the economy while addressing immediate health and social costs associated with the pandemic. The country's ample access to official sources of funding should sustain external liquidity and financial market stability. Institutional and economic profile: Developing, but still weak, governing public institutions limit the sovereign's ability to promote economic growth -- The government has made little progress in establishing clear rules for reelection and continues working to reduce crime and corruption. -- S&P expects per capita income to remain low, at about $2,600, and maintaining sustainable economic growth is a policy priority. -- The impact of COVID-19 will make it even more difficult to accelerate economic growth over the next three years. S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will peak about midyear. The COVID-19 pandemic and the global recession will have a severe impact on Honduras' economy in 2020. The government has declared a national state of emergency and adopted containment measures, including a nationwide curfew and closing of national borders. The authorities have taken fiscal and monetary and macrofinancial measures to respond to the health care and humanitarian crisis, protect employment, and mitigate the impact on economic activity. Congress approved a special economic rescue law deferring to the second half of 2020 payments of income taxes and social contributions, favoring small and midsize enterprises (SMEs). Value-added tax payments were also deferred for SMEs in nonessential sectors not operating during the curfew. The decree also introduced a one-off income tax credit (10% of salary expenses) for companies maintaining precrisis employment levels, as well as basic unemployment benefits for workers in the formal sector during the national curfew, to be financed jointly by employers, the government, and the social security system. The decree also included authorization of expedited purchasing procedures for emergency expenditures related to the crisis, as well as authorization for additional borrowing by the government of $2.5 billion in 2020-2021. S&P said, "We project Honduras' economy will contract by 2.5% in 2020, down from 2.7% growth in 2019. The impact of containment measures, lower investor confidence, and financial market volatility will constrain consumption and investment. In addition, a drop in remittances, which account for 22% of GDP in 2019, will hit private consumption. Exports will also fall, as about 40% are typically destined to the U.S. We expect GDP growth to accelerate to 3.8% in 2021, in line with a global recovery, and then hover around 3.5% in the next couple of years." On a per capita basis, the forecast implies GDP contraction of 4% in 2020 and average growth of 2% over 2021-2023. Over the midterm (about three to five years), Honduras' economic growth rate is constrained by limited, albeit expanding, physical infrastructure, the large size of the informal sector, and its vulnerability to external shocks. Honduras' reliance on the U.S. economy is a long-term challenge. Looking beyond the pandemic, raising potential growth will require steps to foster competitiveness and investment. President Juan Orlando Hernandez began his second four-year term in January 2018 with a more difficult political environment and high social tensions. Nevertheless, S&P expects continuity in key economic policies to support favorable growth prospects in the midterm. Although, S&P believes there could problems in the longer term if the government fails to address institutional weaknesses in key public institutions and establish clear rules for reelection. Honduras continues to face high crime, and despite continued progress in reducing homicides, the rate remains high. S&P believes a continued commitment to fighting corruption is key to strengthening the Honduran justice system. The Honduran government entered into a 24-month program with the International Monetary Fund (IMF) in July 2019 to help stabilize its finances and undertake reforms, especially in the energy sector. The government-owned electricity company Empresa Nacional de Energía Electrica (ENEE) poses a major fiscal weakness, typically running losses of around 1% of GDP annually. Under the original plan, the government had committed to gradually reduce the losses to 0.8% of GDP by 2020, a target that will not be met due to the disruptions caused by recession. Despite the recession, S&P expects the government to remain committed to the reform program, albeit with delays and modifications. Among the planned policies are a new tariff scheme; unbundling the ENEE in subsidiaries for generation, transmission, and distribution; and reducing financing costs and electricity losses. In S&P's opinion, ongoing energy reform will lower production costs and create a more efficient electricity system, improving the economy's overall competitiveness. Flexibility and performance profile: Government debt will rise in 2020 because of emergency fiscal measures and the economic downturn but will likely stabilize at moderate levels -- S&P estimates the general government fiscal deficit to widen to 4.4% of GDP in 2020 from an estimated 0.7% surplus last year, pushing net general government debt to 40.4% of GDP, from 34.5% of GDP in 2019. -- Energy-sector reforms continue to face challenges to ensure ENEE's sustainability, which are being addressed by the two-year blended standby arrangement (SBA) and standby credit facility (SCF) signed with the IMF. -- S&P expects Honduras' external indicators to remain solid despite tough global conditions. S&P said, "Honduras' general government posted an estimated surplus of 0.7% of GDP in 2019. Excluding surpluses in public-sector pension funds (which we include in our general government balance), the fiscal balance was likely a deficit of 2.5% of GDP. We assume that economic contraction will boost the fiscal deficit toward 4.4% of GDP (or around 5.8% excluding pension fund surpluses), reflecting a loss of revenues and higher expenditures due to the COVID-19 pandemic. Subsequently, we expect the general government deficit to gradually decrease toward 1.8% of GDP. "Despite fiscal worsening in 2020, we expect continued cautious fiscal policy should lead to a stable general government debt burden during 2021-2023. Following expected general government deficits, the net general government debt could increase toward 40.4% of GDP in 2020 from 34.5% in 2019. (We deduct intergovernmental debt holdings from our calculation of general government debt, and we further deduct liquid government assets to calculate net general government debt.) "To finance the larger deficit spending, we expect increased debt issuance in the global and local capital markets. In addition, the government has solid relationships with multilateral institutions and access to credit lines." The composition of Honduras' debt remains favorable, with most of its external debt owed to multilateral institutions and with gradual improvement in its domestic debt profile. More than 70% of the total debt is in foreign currency. Moreover, interest payments on the debt are projected to remain around 13% of general government revenues. The government has continued to take steps to bolster its economic and fiscal resilience. An SBA and an SCF with total access of US309.2 million were approved on July 15, 2019. The program aims at maintaining macroeconomic stability and supporting growth through reforms to foster revenue mobilization, secure sustainability in the electricity sector, and improve governance and the business climate. Recently, the government accessed US$143 million available under the SBA/SCF agreement to mitigate COVID-19 shocks. Honduras' shortfalls in basic services and infrastructure, which will require long-term expenditures, constrain its fiscal flexibility. S&P estimates that contingent liabilities from the financial sector and the nonfinancial public sector are limited. S&P said, "We expect Honduras' external profile to remain stable despite global volatility. We expect the drop in exports and reduced inflows of remittances, given weaker global demand and U.S recession, respectively, to be offset by a decline in imports--due to subdued domestic demand--and the fall in oil prices. As a result, we expect the current account deficit (CAD) to narrow to 4.4% of GDP in 2020, from an estimated 5.6% in 2019. Although we expect a drop in foreign direct investment inflows, they will likely continue to largely cover the CADs. Such inflows were around 4% of GDP on average in the past three years." Accordingly, S&P forecasts Honduras' narrow net external debt to increase to 25% of current account receipts this year and hover around 29% during 2021-2023. The country's gross external financing needs will likely average 93% of current account receipts and usable reserves over the same period. Honduras has a crawling peg exchange rate regime and a small domestic capital market, which limit the effectiveness of monetary policy. Honduras has heavily managed its exchange rate within a narrow band since 2011, though it has taken steps to loosen foreign exchange restrictions in the transition toward inflation targeting. The central bank has loosened requirements to surrender U.S. dollars, allowing banks to sell 60% of their foreign exchange inflows in the interbank market. S&P expects inflation to stay within the central bank's target of 4% (plus or minus 1%) in 2020-2023. Dollar-denominated assets and liabilities in the banking system account for about one-third of commercial bank claims and deposit liabilities, creating a vulnerability to sharp movements in the exchange rate. In accordance with S&P's 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 committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. 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 Ratings Affirmed Honduras Sovereign Credit Rating BB-/Stable/B Transfer & Convertibility Assessment BB Senior Unsecured BB- ============= J A M A I C A ============= JAMAICA: To Be Added to EC's "Financial Risk" List -------------------------------------------------- RJR News, citing Reuters, reports that Jamaica is among twelve countries the European Commission is set to add to its list of states that pose financial risks to the bloc because of anti-money laundering and terrorism financing shortfalls. Reuters said the information was contained in a draft document, according to RJR News. It said the document is still subject to changes, the report notes. The other countries set to be added to the EU list are The Bahamas, Barbados, Botswana, Cambodia, Ghana, Mauritius, Mongolia, Myanmar, Nicaragua, Panama and Zimbabwe, the report relates. It said the countries pose significant threats to the financial system of the European Union, the report discloses. Under EU law, banks and other financial and tax firms are obliged to scrutinize more closely their clients who have dealings with countries on the list, the report relates. In a follow-up interview with Radio Jamaica News, Finance Minister Dr. Nigel Clarke said, despite progress over the years, Jamaica has long had deficiencies in its anti-money laundering framework. The strength of Jamaica's Anti-Money Laundering/Combating the Financing of Terrorism framework was assessed in 2005 and again in 2015, through mutual evaluation exercises, the report relates. Dr. Clarke said substantial deficiencies were identified in both instances, noting that "persons with ill-gotten gain have found it far too easy to use those proceeds to buy houses, working through attorneys and real estate agents, to buy cars . . . to buy jewelry, to hire accountants, to gamble at gambling shops, to borrow money from financial institutions. . ," the report relays. The Finance Minister affirmed that there is an action plan to address the deficiencies, including the "finalization of all the businesses and professions, such as the real estate, legal, accounting, financial, the jewelry (stores), the remittance, the pawn broking, the car dealershps, and the non-profit sector. . .," the report discloses. He said the action plan will need broad based support in order to be effective, the report adds. As reported in the Troubled Company Reporter-Latin America on April 23, 2020, S&P Global Ratings said that on April 16, 2020, it revised its outlook on Jamaica to negative from stable. At the same time, S&P Global Ratings affirmed its 'B+' long-term foreign and local currency sovereign credit ratings, its 'B' short-term foreign and local currency sovereign credit ratings on the country, and its 'BB-' transfer and convertibility assessment. On April 17, 2020, the TCR-LA reported that Fitch Ratings has revised Jamaica's Outlook to Stable from Positive. The Long-Term Foreign-Currency Issuer Default Rating is affirmed at B+. The Outlook change reflects the shock to Jamaica from the coronavirus pandemic, which is expected to lead to a sharp contraction in its main sources of foreign currency revenues: tourism, remittances and alumina exports. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Credit Unions Sign on to Emergency Loan Program ------------------------------------------------------------------ Trinidad Express reports that six credit unions have signed their liquidity support loan agreements with the Ministry of Finance and will start providing loans to members whose incomes have been eroded or depleted as a result of the Covid-19 pandemic. The program, which is financed by the Government, is intended to provide funds to members so that they can continue to pay their bills and feed families until their circumstances can be improved or when they can turn around their situations, according to Trinidad Express. Loans will be granted at an annual rate of six per cent with a maximum principal amount of $15,000, the report notes. Participating credit unions include Community Care Credit Union, PSCU Credit Union, Pentecostal Credit Union, Venture Credit Union, Runnemede Credit Union and Mason Hall Credit Union, the report relates. All the participating credit unions will receive backroom technical support from the Central Finance Facility (CFF), the financial and developmental institution of the local cooperative movement, the report discloses. This follows the signing of the agreement with the Government on April 27, 2020, for the establishment of a Government-financed liquidity support loan facility which will back the coronavirus relief loan, the report relates. This loan facility was specially established to enable credit unions to provide the necessary support to their members who have been negatively affected by the Covid-19 pandemic, the report relays. Present at the signing were Minister of Finance, Colm Imbert, Vice President of the Central Finance Facility (CFF), Lyndon Byer and President of the Cooperative Credit Union League of Trinidad & Tobago, Joseph Remy, the report discloses. In a statement, the Central Finance Facility said individuals can access the facility by contacting their respective credit unions or contacting the Central Finance Facility (CFF) at 739 4496 or via e-mail: c19support@centralfinancefacility.com. "As the country continues to battle the effects of the Covid-19 pandemic, the Central Finance Facility (CFF) continues to press for the survival and security of its members and their membership," said the CFF, the report relates. In a statement issued on March 18, outlining the measures it had taken to support the population, the Ministry of Finance said: "The Government will institute a liquidity support loan programme through the credit union movement to its members. The objective of the programme would be to provide liquidity support to individuals and those small businesses who qualify for credit union loans. "Individuals and businesses who access the program will be expected to repay the loans advanced to them within 12 months after the end of the affected period. These loans will attract a reduced interest rate of 50 per cent of the existing credit union interest rate, ie from 12 per cent to six per cent, and will be supported with funding from the Government," the report notes. The Government and the Co-operative Credit Union League (CCUL) signed a memorandum of understanding (MOU) for the roll out of the $100 million emergency income loan facility on April 27, the report adds. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week May 4 to May 8, 2020 --------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Empresa Provincial de 12.5 0.0 1/29/2020 AR USD Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD SACI Falabella 2.3 50.6 7/15/2020 CL CLP Sylph Ltd 2.4 65.1 9/25/2036 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Banco Security SA 3.0 27.4 6/1/2021 CL CLP Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Plaza SA 3.5 38.3 8/15/2020 CL CLP Banco Security SA 3.0 5.6 7/1/2019 CL CLP Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD YPF SA 16.5 67.3 5/9/2022 AR ARS Provincia del Chubut A 4.5 2208 3/30/2021 AR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD Noble Holding Internat 6.2 62.2 8/1/2040 KY USD YPF SA 16.5 67.3 5/9/2022 AR ARS Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD Fospar S/A 6.5 1.2 5/15/2026 BR BRL Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Esval SA 3.5 49.9 2/15/2026 CL CLP ********* 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 2020. 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 * * *