/raid1/www/Hosts/bankrupt/TCRLA_Public/200921.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, September 21, 2020, Vol. 21, No. 189
Headlines
A R G E N T I N A
ARGENTINA: Currency Crackdown Dims Investor Hopes of Rebound
BUENOS AIRES: S&P Lowers Rating on $1.25BB 2024 Global Bond to D
CORDOBA: S&P Lowers ICR to 'CC' Following Debt Exchange Offer
YPF ENERGIA: Moody's Affirms 'Caa3' CFR, Outlook Negative
[*] Fitch Takes Actions on 8 Argentine Banks After Sovereign Action
B R A Z I L
ELETROBRAS: Moody's Raises CFR to Ba2, Outlook Stable
C H I L E
LATAM AIRLINES: Proposes New $2.45BB Financing Deal to U.S. Court
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Issues a Record US$3.8 Billion Bond
[*] DOMINICAN REPUBLIC: Movement to Lift Curfew Gathers Steam
J A M A I C A
JAMAICA: New Stimulus Package for Tourism Sector
X X X X X X X X
LATAM: IDB Says Pandemic Will Affect Future Earnings
[*] BOND PRICING: For the Week Sept. 14 to Sept. 18, 2020
- - - - -
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A R G E N T I N A
=================
ARGENTINA: Currency Crackdown Dims Investor Hopes of Rebound
------------------------------------------------------------
Eliana Raszewski and Jorge Otaola at Reuters report that
Argentina's standing in global markets is at risk once again after
it moved to further restrict access to dollars as foreign reserves
dry, a move analysts say will hit its much-needed economic revival
and investor sentiment.
The central bank on tightened the noose for dollar purchases,
adding a 35% tax on people who tap a $200 monthly quota, and said
card payments abroad would be included in the allowance, according
to Reuters. It also limited corporate access to foreign currency,
the report relays.
The move sparked a selloff of Argentine bonds and stocks, while the
price of dollars in unofficial markets spiked, widening a large gap
with the official rate, the report discloses. It also put
Argentina's inclusion in the MSCI Emerging Markets Index at risk,
the report relates.
"It shows total desperation," said Agustin Monteverde, an economist
at consultancy Massot Monteverde & Asociados in Buenos Aires.
"They have just hung a sign around their necks that says
'meltdown'," he added.
The tightened controls underscore how Argentina's left-leaning
Peronist government is struggling to unwind interventionist
policies that have long dogged the resource-rich country, despite
sealing a major recent debt restructuring deal, the report
discloses.
The report relates discloses the central bank now finds itself in a
precarious position, with net reserves having fallen to as low as
$6.8 billion including holdings of gold, according to a J.P. Morgan
estimate, despite capital controls put in place last year.
Barclays said in a note that the controls would "buy some time,"
but the measures, together with the country's forecast for a deep
4.5% fiscal deficit in 2021, raised worrying signals, the report
relays.
"This is more evidence that authorities are not willing to address
the fiscal and monetary imbalances driving the capital flight and
reserves drain. And they weaken growth prospects," it added.
The South American nation is headed for a 12% economic contraction
this year, which would mark the third straight year of recession,
and is just emerging from its ninth sovereign default after
restructuring nearly $110 billion in foreign currency debt, the
report discloses.
It faces negotiations with the International Monetary Fund to delay
more than $40 billion in payments due in the next few years, the
report discloses. Investors said tighter controls could muddy those
talks, the report relays.
Capital controls have created a nearly 90% divergence between
official and unofficial peso rates, while the central bank has been
printing money to help support emergency government measures to
battle the fallout from the coronavirus pandemic, the report
relates.
Meanwhile, dollar demand has remained high, with Argentines long
wary about the stability of their currency and high inflation, and
fearful of a repeat of the draconian measures of previous
governments, including forced conversions of dollar deposits to
pesos, the report says.
Central bank reserves are officially at $42.5 billion, though on
net terms could be as low as $2.9 billion, excluding gold, J.P.
Morgan calculates, the report notes. That would be down from a
comparable $10.1 billion at the end of last year, the report
discloses.
'Kicking The Can'
Gustavo Ber, chief economist at consultancy Estudio Ber, said the
tightened controls had a negative impact on traders, the report
notes.
"Within a climate of mistrust, these would-be measures do not
resolve underlying imbalances, but can only stretch out the process
of draining reserves over time," he said.
J.P. Morgan said in a note that it was matter of Argentina "kicking
the can down the road".
"In all, we see in these measures a temporary policy arrangement
that does not tackle the factors behind the monetary
disequilibrium, while jeopardizing the pace of an already timid
activity recovery pace post-COVID-19," it added.
The measures will hurt companies' access to dollars in the official
market for settling debt services, with the government looking to
encourage firms to lower their debt loads in foreign currency, the
report relays.
President Alberto Fernandez defended the measures, saying dollars
should be for investment, not savings, the report notes.
"We are building the logic of an economy that no longer promotes
speculation and wants dollars to stop being a speculation tool," he
added.
Some 3.9 million Argentines bought dollars in August in the
official market, according to estimates from market operators, the
report relays. Many sold them immediately in informal markets,
where they can turn a quick profit due a much high dollar valuation
there, the report says.
Economists said the move dimmed hopes for a solid macroeconomic
plan that would generate confidence in the country, lower pressure
on the peso and lead to dollars coming back via investment, the
report relates.
"The government had two paths: to finally propose an economic
program that would allow it to get out of capital controls and
allow public accounts to be put in order, or a new very restrictive
tourniquet," said Fausto Spotorno, an economist at the Orlando
Ferreres & Asociados consultancy, the report notes.
"The latter is what it has just done."
About Argentina
Argentina is a country located mostly in the southern half of South
America. It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri 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.
Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8, 2020.
Fitch's credit rating for Argentina was last reported at CCC
with n/a outlook, a rating upgrade from CC on Sept. 11, 2020.
DBRS' credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020. Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.
As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors. The first
restructuring involved $65 billion in foreign-law bonds. The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds. DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.
DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement. Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.
BUENOS AIRES: S&P Lowers Rating on $1.25BB 2024 Global Bond to D
----------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on the province
of Buenos Aires' $1.25 billion 9.125% bond due 2024 to 'D' from
'CC'.
The New York-law, dollar-denominated bond had a $57 million
interest payment due Sept. 16, 2020. The bond is one of the 11
bonds included in the restructuring proposal that the province
presented April 24, 2020.
The province hasn't made any of its foreign currency foreign law
debt service payments after it presented the restructuring offer.
The province's following bonds are rated 'D' according to S&P's
rating definitions:
-- 4% dollar-denominated medium-term notes due 2020;
-- 4% euro-denominated medium-term notes due 2020;
-- 10.875% notes due 2021;
-- 9.95% notes due 2021
-- 6.5% notes due 2023;
-- 9.125% notes due 2024;
-- 7.875% notes due 2027;
-- 9.625% dollar-denominated bonds due 2028;
-- 4% dollar-denominated long-term par bond due 2035; and
-- 4% euro-denominated long-term par bond due 2035.
These bonds will remain at 'D' pending conclusion of the debt
renegotiations that are currently underway.
Ratings List
Downgraded
To From
Buenos Aires (Province of)
Senior Unsecured due 2024 D CC
CORDOBA: S&P Lowers ICR to 'CC' Following Debt Exchange Offer
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
the province of Cordoba to 'CC' from 'CCC'. The outlook is
negative.
S&P said, "The negative outlook reflects our view that a default of
the province of Cordoba is virtually certain, either through a
distressed debt exchange or a missed payment. Amid Argentina's
economic and financial woes, exacerbated by COVID-19 and isolation
measures, Cordoba has formally announced a debt exchange offer,
which we would most likely consider as distressed.
"We would lower the ratings on Cordoba to selective default (SD) in
the next 6-12 months upon completion of the debt exchange offer,
which we would most likely be consider as distressed and tantamount
to default. We could also lower our ratings to 'SD' if the province
fails to service its debt in a timely manner.
"We would raise our ratings on the province following the
settlement and issuance of the new bonds and the risks of further
debt exchanges or missed payments diminish, including those of
local-law debt. Post-restructuring ratings tend to be in the 'CCC'
or low 'B' categories, reflecting the resulting debt structure, and
the issuer's forward-looking capacity and willingness to service
that debt, which among other factors includes macroeconomic
prospects and potential access to markets. However, our 'CCC+'
ratings and transfer and convertibility assessment on Argentina
constitute a rating cap for provinces, given the risk of the
sovereign restricting access to foreign currency to service debt
and the subnational governments' volatile and underfunded
institutional framework.
"Our 'CC' ratings on Cordoba reflect our view of a virtual
certainty of default, either through a distressed debt exchange, or
a missed debt service payment. The province presented a debt
restructuring offer ahead of a bullet amortization of $710 million
in June 2021, which we believe the province can't meet given the
severely stressed economic and financial situation in Argentina
currently."
The COVID-19 pandemic has exacerbated already very weak
macroeconomic conditions in Argentina, adding pressure to the
province's finances, which were already suffering from two
consecutive years of recession. Cordoba has already used most of
its available budgetary flexibility, curbing expenditures to partly
contain the sharp fall in its revenues. The province has
substantially cut non-essential capital expenditures (capex),
temporarily reduced public-sector salaries, and delinked some
automatic wage adjustments to inflation. The provincial
administration also passed a pension reform to align with the
national pension system in an attempt to reduce the pension deficit
over the medium term. So far, all these measures have allowed the
province to remain current on its debt obligations, while coping
with the public health crisis and economic contraction.
Despite temporary containment measures, pressures to increase
public-sector salaries will likely resume towards the end of the
year amid high inflation. As a result, S&P's base-case scenario
assumes the province's operating surpluses to deteriorate to 1.8%
of operating revenues during 2020-2022, while posting consistent
deficits after capex of 1.6% of total revenues.
Amid these fiscal pressures and a prolonged recession, Cordoba
formally presented a debt exchange offer for its three
international bonds maturing in 2021, 2024, and 2027 for an
outstanding amount of $1.7 billion or 60% of its total debt. The
proposal, still to be negotiated with bondholders, entails no
capital haircuts, but extends maturities, lowers interest rates,
and smoothens the amortization profiles. The province has also
signaled that it would be looking to restructure an Argentine-law
dollar-denominated bond due 2026, although no formal proposal has
been made yet.
The province's international bonds indenture has collective action
clauses (CACs) established at 50% for each bond, and an aggregate
requirement of 66.6%. Reaching the CACs will influence the
forward-looking assessment of the province's creditworthiness,
because it would reduce contingent liabilities from possible
litigation by holdout creditors.
Following the restructuring, the province's debt stock will remain
high. Absent the restructuring, S&P's base-case scenario assumes
debt level to increase to around 60% of operating revenue in 2020,
while interest burden to increase to 3.7% of revenue. Moreover, the
province's debt will continue to be heavily exposed to foreign
currency and subject to volatility in the exchange rate.
Even with the restructuring, the province's liquidity will likely
remain weak. Shortfalls in cash flows due to COVID-19 and the
recession will likely dent the province's already low cash
position, resulting in a debt service coverage ratio below 100% for
the next 12 months. External liquidity sources will be limited,
especially given that most of the province's debt service will be
denominated in foreign currency.
S&P said, "We estimate Cordoba's GDP per capita at $7,500 for 2020.
In line with the national government and other Argentine local and
regional governments (LRGs), the economic outlook for Cordoba is
grim, given our forecast of a 12.5% contraction in 2020 and a
growth of only about 4.8% in 2021.
"While we consider the province's financial management as more
sophisticated than those of most domestic LRGs, we highlight the
province's failure to diminish the share of dollar-denominated debt
in order to make its debt profile more manageable. Moreover, we
usually consider distressed debt exchange processes as a sign of
weak payment culture, which weighs on our view of the province's
financial management."
Cordoba's debt restructuring follows the one at the national level
and is occurring simultaneously with those of other LRGs in the
country. While the sovereign recently gained significant fiscal
space following its debt restructuring, the recession and
structural macroeconomic woes could still prompt the central
government to transfer part of its financial stress to LRGs. The
country has a long history of major changes in economic policy
following shifts in political leadership. S&P assesses the
institutional framework for Argentina's LRGs as volatile and
underfunded, reflecting its perception of the sovereign's very weak
institutional predictability and volatile intergovernmental system
that has been subject to various modifications to fiscal
regulations and lack of consistency over the years, jeopardizing
LRGs' financial planning, and consequently, their credit quality,
and effectively capping the ratings to the sovereign level.
Ratings List
Downgraded
To From
Cordoba (Province of)
Issuer Credit Rating CC/Negative/-- CCC/Negative/--
Cordoba (Province of)
Senior Unsecured CC CCC
To From
Cordoba (Province of)
Analytical Factors cc ccc
YPF ENERGIA: Moody's Affirms 'Caa3' CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service affirmed the Caa3 LT Corporate Family
Rating assigned to YPF Energia Electrica S.A. The outlook remains
negative.
RATINGS RATIONALE
The affirmation of YPF Energia Electrica S.A. Caa3 LT corporate
family rating reflects the exposure of the company's cash flows to
CAMMESA and Moody's view of the credit profile of CAMMESA as being
closely associated with the credit profile of the Government of
Argentina (Ca negative). YPFEE's credit quality is supported by the
stable nature of the company's business model, derived from long
term contracted revenues under long term power purchase agreements
(PPAs) and fixed price capacity payments. The PPA's are long term
(10-20 years) and should provide the issuer with fixed payments
based on availability and denominated in US dollars which mitigates
currency mismatches. Nevertheless, cash flows are currently
experiencing some volatility, given CAMMESA's longer payments terms
under its contractual obligations.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Given the negative outlook Moody's does not expect upward rating
pressures in the near to medium term.
Continued deterioration in CAMMESA's payments under the PPAs could
lead to a downgrade of the ratings. In addition, a further
downgrade of the sovereign or evidence of a significant negative
shift in policies or regulations for this sector will also likely
result in negative rating actions for the company.
CORPORATE PROFILE
YPF Energia Electrica S.A. is an Argentine power generation company
with 1,819 MW of installed capacity in thermal and renewable
plants. Since July 2017 the company has acquired and developed
assets for an installed capacity of 723 MW and it is currently
developing additional 637 MW of power capacity, with an estimated
start of operations during 2020 and 2021. YPFEE was formed in
August 2013 as a result of a spin off from YPF Sociedad Anonima
(YPF, Caa3 negative) its main shareholder. YPF is Argentina's
largest energy company, fully integrated in oil and gas and
majority owned by the government of Argentina.
The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
[*] Fitch Takes Actions on 8 Argentine Banks After Sovereign Action
-------------------------------------------------------------------
Fitch Ratings has reviewed the ratings of six Argentine financial
institutions (FIs) and two Uruguayan branches of Argentine FIs.
This review follows the recent sovereign rating actions taken by
Fitch.
The affected entities are the following:
-- Banco Santander Rio S.A. (Santander Argentina);
-- Banco BBVA Argentina (BBVA Argentina);
-- Banco Macro S.A. (Macro);
-- Banco de la Ciudad de Buenos Aires (Banco Ciudad);
-- Banco Supervielle S.A. (Supervielle);
-- Tarjeta Naranja S.A. (TN);
-- Banco de la Nacion Argentina (Sucursal Uruguay) (BNAUY);
-- Provincia Casa Financiera (Branch of Banco de la Provincia de
Buenos Aires).
The actions, which were mostly upgrades of the Long-Term (LT)
Issuer Default Ratings (IDRs) to 'CCC' from 'CC', follow Fitch's
upgrade on Argentina's sovereign rating on Sept. 10, 2020. No
action was taken on Banco Hipotecario S.A. since that bank's
ratings were recently reviewed following its debt exchange program
and these ratings are not currently capped by the sovereign ratings
or country ceiling.
The rated entities are among the largest private-sector financial
institutions in the country. While the IDRs of Banco Ciudad are
driven by parent support, the IDRs of Santander Rio, BBVA
Argentina, Macro, Supervielle and TN are driven by their Viability
Ratings (VRs), and in the case of TN, its standalone intrinsic
financial profile.
In Fitch's view, regardless of their overall adequate financial
condition, these entities' ratings are constrained by the low IDRs
of Argentina and the still volatile economic and operating
environment. While the ultimate economic and financial market
implications of the coronavirus pandemic are unclear, risks to
Argentina's operating environment are clearly skewed to the
downside. This underpins the agency's negative outlook on the
operating environment and asset quality scores. Fitch's assessment
of the operating environment directly impacts these banks' ratings,
and this is a high influence factor for all banks in this review.
Market volatility, low loan growth, rising nonperforming loans,
higher credit costs and rising administrative expenses due to high
inflation will weigh on financial profiles.
KEY RATING DRIVERS
SANTANDER Argentina / BBVA Argentina / Banco Macro
These banks' Viability Ratings (VR) and IDRs are highly influenced
by Fitch's assessment of Argentina's operating environment at
'ccc', which currently constrains the ratings. The operating
environment remains highly challenging as asset quality continues
to be pressured by a steep recession, which has been exacerbated by
a long lockdown due to the coronavirus pandemic. Additionally, low
loan growth, increasing credit costs and rising operating costs due
to continued high inflation will negatively affect profitability.
Banco de la CIudad de Buneos Aires
Fitch believes Banco Ciudad's parent, the City of Buenos Aires
(CBA; CCC), demonstrates adequate capacity and propensity to
provide support to the bank, should it be needed, driving the
affirmation of its ratings at 'CCC'. Argentina's sovereign rating
represents a constraint on the ratings of Banco Ciudad's sole
shareholder, the CBA. Equalization of the bank's IDRs with those of
its parent is supported by CBA's legal guarantee of the bank's
operations (including deposits, debt securities and wholesale
funding), its full ownership stake, and the bank's integral role in
government operations such as tax collection and payment of city
employee salaries.
Banco Supervielle
Supervielle's VR and IDRs are highly influenced and constrained by
the low sovereign ratings of Argentina (LT IDR CCC) and the
volatile operating environment. The ratings also consider the
bank's moderate franchise and adequate capitalization and
management of funding and liquidity, and the deterioration of the
asset quality indicators. Profitability metrics have been under
pressure in recent years and recently improved aided by increased
holdings of Central Bank short-term issuances.
Tarjeta Naranja
TN's IDRs are predominantly influenced and constrained by
Argentina's volatile operating environment and low sovereign
ratings (LT IDR CCC). The ratings also consider TN's higher risk
appetite relative to bank peers and its business concentration in
credit cards targeting low- and middle-income segments which has
resulted in relevant asset quality deterioration and profitability
pressures. TN's ratings also factor in its robust niche franchise
as the largest credit card issuer in Argentina and one of the top
credit card issuers in the region.
Banco de la Nacion Argentina (Sucursal Uruguay)
BNAUY's is a full branch of Banco de la Nacion Argentina (BNA) and
part of the same legal entity. Its IDRs reflect Fitch's opinion on
BNA's financial and business profile. BNA is fully owned by the
Argentine state, and its liabilities (including its branches
abroad) are guaranteed by the sovereign. In Fitch's view, BNA's
creditworthiness is highly influenced by Argentina's volatile
operating environment. In addition, BNA has a leading franchise and
systemic importance in Argentina as the largest bank in terms of
loans and deposits.
Provincia Casa Financeira
Provincia is a branch of Banco de la Provincia de Buenos Aires
(BAPRO) and part of the same legal entity. Provincia's IDRs
therefore reflect Fitch's opinion of BAPRO's credit profile, which
is highly influenced by the volatile operating environment in
Argentina, and its leading franchise and systemic importance in
Argentina and the Province of Buenos Aires as the third-largest
bank in terms of deposits and the fourth largest by loans as of
December 2019. Fitch also considers the bank's ample liquidity, as
well as its low capital base, above-industry delinquency and high
exposure to the public sector.
RATING SENSITIVITIES
IDRS, VR
SANTANDER Argentina / BBVA Argentina / Banco Macro / Supervielle /
TN / BNAUY / Provincia Casa Financiera
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- The IDRs and VRs would benefit from an upgrade of Argentina's
sovereign rating.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- The IDRs and VRs of these banks would be pressured by a
downgrade of Argentina's sovereign rating or a deterioration in the
local operating environment beyond current expectations that leads
to a significant deterioration in their financial profiles;
-- Any policy announcements that would be detrimental to the
banks' ability to service their obligations, including a tightening
of capital controls to the extent that they restrict debt payments,
would be negative for creditworthiness.
Ciudad
The ratings of Banco Cuidad de BA are also sensitive to any further
changes in ratings of parent, the City of Buenos Aires which are
capped by the country ceiling, or Argentina's sovereign ratings.
SENIOR DEBT
Macro/TN
Ratings on senior debt are primarily sensitive to any change in
these entities' IDRs.
SUBORDINATED DEBT
Macro
Ratings on subordinated debt are primarily sensitive to any change
in Macro's VR.
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
The ratings of Banco de la Nacion Argentina Sucursal Uruguay and
Provincia Casa Financiera reflect Fitch's opinion of Banco de la
Nacion Argentina and Banco de la Provincia de Buenos AIres
financial and business profiles, respectively.
ESG CONSIDERATIONS
Banco de la Ciudad de Buenos Aires has an ESG Relevance Score of
'4' for Governance Structure as it is owned by a sub-national
government, therefore limiting the board's independence and
effectiveness as it can be potentially affected by the government's
plans and incentives. This has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.
Except for the matters discussed, 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 the way in which they
are being managed by the entity(ies).
RATING ACTIONS
Banco de la Ciudad de Buenos Aires
LT IDR; CCC Affirmed; previously CCC
ST IDR; C Affirmed; previously C
LC LT IDR; CCC Affirmed; previously CCC
LC ST IDR; C Affirmed; previously C
Viability; ccc Upgrade; previously cc
Banco de la Nacion Argentina (Sucursal Uruguay)
LT IDR; CCC Upgrade; previously CC
LC LT IDR; CCC Upgrade; previously CC
Banco Santander Rio S.A.
LT IDR; CCC Upgrade; previously CC
ST IDR; C Affirmed; previously C
LC LT IDR; CCC Upgrade; previously CC
LC ST IDR; C Affirmed; previously C
Viability; ccc Upgrade; previously cc
Banco Macro S.A.
LT IDR; CCC Upgrade; previously CC
ST IDR; C Affirmed; previously C
LC LT IDR; CCC Upgrade; previously CC
LC ST IDR; C Affirmed; previously C
Viability; ccc Upgrade; previously cc
senior unsecured; LTCCC Upgrade; previously RR4CC
subordinated; LTC Affirmed; previously RR6C
Banco Supervielle S.A.
LT IDR; CCC Upgrade; previously CC
ST IDR; C Affirmed; previously C
LC LT IDR; CCC Upgrade; previously CC
LC ST IDR; C Affirmed; previously C
Viability; ccc Upgrade; previously cc
Banco BBVA Argentina S.A.
LT IDR; CCC Upgrade; previously CC
ST IDR; C Affirmed; previously C
LC LT IDR; CCC Upgrade; previously CC
LC ST IDR; C Affirmed; previously C
Viability; ccc Upgrade; previously cc
Provincia Casa Financiera
LT IDR; CCC Upgrade; previously CC
LC LT IDR; CCC Upgrade; previously CC
Tarjeta Naranja S.A.
LT IDR; CCC Upgrade; previously CC
ST IDR; C Affirmed; previously C
LC LT IDR; CCC Upgrade; previously CC
LC ST IDR; C Affirmed; previously C
senior unsecured; LTCCC Upgrade; previously RR4CC
===========
B R A Z I L
===========
ELETROBRAS: Moody's Raises CFR to Ba2, Outlook Stable
-----------------------------------------------------
Moody's Investors Service upgraded Centrais Eletricas Brasileiras
SA-Eletrobras ratings to Ba2 from Ba3, including the company's
senior unsecured debt and corporate family rating (CFR).
Simultaneously, Moody's raised the company's baseline credit
assessment (BCA) to ba3 from b1. The outlook for all ratings was
changed to stable from positive.
Rating actions:
Corporate family rating (CFR), upgraded to Ba2 from Ba3
$625 (outstanding) million Senior Unsecured Global Notes due 2021,
upgraded to Ba2 from Ba3
Outlook was changed to stable from positive
RATINGS RATIONALE
The upgrade of Eletrobras' BCA to ba3, reflects the company's
improved credit profile following its business turnaround
initiatives implemented since 2016, allowing the company to resume
an investment path to sustain its dominant market position in the
Brazilian electricity sector. The ratings consider an increased
visibility into the company's investment strategy, as highlighted
on its long-term business plan released in August, with
management's commitment to a disciplined financial approach, where
the consolidated net leverage to the reported EBITDA remains below
2.5x under difference scenarios. The upgrade also incorporates
notable improvements on the company's liquidity position, stemming
from the completion of liability management initiatives that
extended the debt maturity profile. In addition, recent regulatory
allowances on transmission assets will further contribute to
stronger credit metrics through incremental cash generation of
approximately BRL3 billion per year until 2024.
Eletrobras' standalone credit profile remains constrained by the
significant amount of outstanding liabilities and execution risks
associated to Angra 3; a 1.4-gigawatt nuclear power plant project
owned through the subsidiary Eletronuclear. About BRL14 billion, or
43% of the total investments budget through 2024 will be allocated
to the completion of this project, which has been halted since in
2015. The company has already committed BRL3.5 billion of equity
resources to the recovery of construction works through 2021, but
the viability studies, contract renegotiations and financial
settlement are still pending. The process of hiring a new
engineering consortium to complete this project by 2026 may
translate into cost overruns and further delay the project's
completion, which is not fully reflected in the rating's scenario.
For the twelve months ended June 2019, Eletrobras' consolidated
leverage as measured by the cash flow from operations pre-working
capital (CFO pre-WC) to net debt ratio reached 15%, up from 11% in
the three-year average between 2017 and 2019. At the same time, the
cash interest coverage has improved to 2.8x from 2.1x. The
improvement relates to the successful sale of unprofitable
businesses, along with enhanced controls and other initiatives to
support operating efficiency gains, leading to a recurring EBITDA
around BRL8 billion per year, calculated according to Moody's
standards. The rating's scenario considers that the (CFO pre-WC) to
net debt ratio will remain in the 15 to 20% range through 2024 with
the interest coverage in the 2.5x to 3.0x range.
Fitch expects that the company will further pursue its deleveraging
trajectory, supported by the extraordinary transmission revenues
and disciplined execution of its large capex plan -BRL32.5 from
2020 to 2024, despite its expectation of above-historical dividend
distributions given increased profitability. Eletrobras' total
outstanding debt was approximately BRL57 billion according to
Moody's standard adjustments, not including BRL30 billion in
off-balance guarantees to debt issued by unconsolidated
subsidiaries or BRL24 billion in contingent liabilities.
Eletrobras' liquidity position has significantly improved. As of
June 30th, the company reported BRL14.7 billion of short-term cash
and cash equivalents that compare to BRL15.5 billion in debt
obligations through December 2021. About 38% of outstanding debt
matures in 2025 or beyond. Moody's expects the company's cash
generation to cover mandatory cash obligations and maintenance
capital expenditures of its existing assets in the next 12-18
months.
As a government-related issuer, Eletrobras' Ba2 rating takes into
consideration the application of Moody's Joint Default Analysis,
which results in one notch uplift from its standalone credit
profile. This framework incorporates assumptions of high
interdependence with the Government of Brazil (Ba2 stable), the
controlling shareholder, and a moderate level of support. Moody's
view on the support considers Brazil's fiscal consolidation efforts
and potential budget restrictions, which could hinder timely
financial support should Eletrobras face a financial distress.
However, Fitch expects that some level of support from the federal
government would still be forthcoming because of the company's
relevance as the main electric company in Brazil - accounting for
30% of the country's generation capacity and 45% of the installed
transmission lines - and strategic position for regional and
economic development. Historically, evidence of support from the
sovereign has been in the form of cash transfers for equity
increase, deferral on dividend payments, debt guarantees, and loans
granted from state owned banks.
The government plans to dilute its participation in Eletrobras
through an equity offering that will provide the company additional
resources to support its investment strategy. This plan would also
improve profitability based on the repricing of certain generation
contracts and reduction in the exposure to the Angra 3 project.
Nonetheless, the terms and conditions for this capitalization plan
remain unclear and subject to a complex political approval process.
Hence, Moody's has not incorporated any potential implications of
the privatization into Eletrobras' ratings at this time. A
privatization will lead us to reassess the assumptions on the
dependence and support levels coming from Brazil's government. A
material reduction of the Brazilian government's ownership to less
than 20% and limited control could lead us to assess Eletrobras'
credit quality in line with its standalone operating and financial
profile.
The stable outlook on Eletrobras' ratings follows the stable
outlook on the Brazilian government's Ba2 rating. It also
incorporates its view that the company's stand-alone credit profile
will continue to gradually improve over the next 12 to 18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Eletrobras' Ba2 rating would depend on a similar
action on Moody's ratings on the government of Brazil. Upward
rating pressure on Eletrobras' BCA could result from further
improvement on its overall credit metrics, continued financial
discipline towards new investments and operating expenses, along
with a predictable regulatory environment for its electricity
businesses. Quantitatively, a positive action can occur upon clear
indications that CFO pre-WC to net debt and Interest coverage
ratios approaching 25% and 3.0x, respectively, on a sustainable
basis.
Negative rating pressure could result from a rapid deterioration in
the company's liquidity profile resulting from unexpected large
cash outlays or deterioration in its operating performance. Moody's
would consider a downgrade if such pressures were not mitigated by
an extraordinary financial support from its shareholders.
Deterioration in the sovereign's credit quality or perception of
weakened governance could also prompt a downward action.
Quantitatively, the ratings could be downgraded if the CFO pre-WC
to total net debt ratio falls below 10%, or the interest coverage
Ratio remains below 2.0x for two consecutive periods.
Headquartered in Rio de Janeiro, Eletrobras is a holding company
controlled by Brazil's federal government with 51.8% of Eletrobras'
voting capital and 42.6% of its total capital. Eletrobras is the
country's largest energy company with a total installed capacity of
51.3 gigawatts (GW), equivalent to 30% of Brazil's total power
generation segment and interests on a total of 71,503 kilometers
(km) high voltage transmission lines, equivalent to 45% of the
country's electricity network. Investments are held mainly under
separate subsidiaries, being Furnas, Chesf and Eletronorte the
largest ones. In the last twelve months ended June 30, 2020, the
company's adjusted net revenues reached BRL27.2 billion, of which
67% derived from the generation business and 31% from the
transmission segment.
The methodologies used in these ratings were Unregulated Utilities
and Unregulated Power Companies published in May 2017, and
Government-Related Issuers Methodology published in February 2020.
=========
C H I L E
=========
LATAM AIRLINES: Proposes New $2.45BB Financing Deal to U.S. Court
-----------------------------------------------------------------
Fabian Cambero and Aislinn Laing at Reuters report that LATAM
Airlines has presented a new $2.45 billion financing proposal in
the middle of its bankruptcy protection process in the United
States, replacing a proposed debtor-in-possession loan that
prompted the judge to reject the original plan earlier this month.
LATAM, the largest air transport company in Latin America, told the
Chilean securities regulator in a letter that the new
debtor-in-possession loan maintained "basically" the structure
presented in July, according to Reuters.
In one tranche, asset management firm Oaktree Capital Management
amended the proportion of the loan it was offering to $1.125 bln
from $1.3 billion originally, with a group of creditors put
together by investment bank Jefferies Group providing an additional
$175 million, the report notes.
In a second tranche, several key LATAM shareholders, including the
Cueto family, which controls the airline, and Qatar Airways,
changed their offering from the $900 million convertible loan
previously rejected by the judge amid opposition from other
creditors to $750 million with $250 million additional financing
from creditors led by Jefferies Group and $150 million from other
LATAM shareholders or new investors, the report relays.
The report notes that LATAM said in its statement that if new
investors could not be found, key LATAM shareholders and the
Jefferies Group creditors would make up the difference. It also
stipulated that both tranches of loans had to be paid in cash,
rather than equity as previously in the plan rejected by the judge,
the report relays.
The new proposal offers a loan maturity of 18 months and an annual
interest rate of LIBOR plus 15%, the report says. It also requires
LATAM to maintain at least $400 million in liquidity, the report
adds.
LATAM filed for bankruptcy protection in May, aiming to reorder $18
billion in debt as it was hammered by the world travel crisis
generated by the coronavirus pandemic, the report recalls. At the
time, it was the world's largest airline to file for bankruptcy due
to COVID-19, the report notes.
About LATAM Airlines
LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.
LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.
LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.
The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.
The Hon. James L. Garrity, Jr., is the case judge.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; Togut,
Segal & Segal LLP and Claro & Cia in Chile as special counsel;
PricewaterhouseCoopers Consultores Auditores SpA as
independentauditors; and Larrain Vial Servicios Profesionales
Limitada as Latin America investment banker. Prime Clerk LLC is the
claims agent.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Issues a Record US$3.8 Billion Bond
-------------------------------------------------------
Dominican Today reports that the Government of the Dominican
Republic, through the Ministry of Finance, achieved "a successful
issuance of sovereign bonds" of a record US$3.8 billion, Finance
Minister Jochi Vicente said.
He said the resources obtained from this transaction will cover the
commitments assumed by the administration for the end of 2020,
among which are the social assistance programs Stay at Home, FASE
and Pa 'Ti, according to Dominican Today. They will also be used
to finance government plans in the health sector to combat the
pandemic, the report notes.
The total orders received reached US$9.6 billion, or more than 2.5
times the amount that was required, the report relays.
"Never has the country received such a great demand for our issues.
This is an unequivocal sign of the confidence that international
markets are giving our country and the current government," said
Vicente, the report discloses.
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.
Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
[*] DOMINICAN REPUBLIC: Movement to Lift Curfew Gathers Steam
-------------------------------------------------------------
Dominican Today reports that in the Dominican Republic, there is a
whole movement for president Luis Abinader to lift the curfew to
control the agglomerations of people and favor the physical and
social distancing demanded by the health crisis caused by the
coronavirus. Its promoters demonstrate both on social media and in
marches in front of the National Palace, the report notes.
The response to this request has generated a sea of contradictions
between different government actors that reveal a lack of
coordination in their public policies and communication strategy,
according to Dominican Today.
While some insist on the need to maintain the measure to continue
mitigating the impact of the coronavirus on the population, others
speak of more flexible hours, there are even those who affirm that
it is "a political measure and not a health measure," as stated by
none other than the Executive Branch's Communications adviser, Holi
Matos, the report relates.
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.
Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).
=============
J A M A I C A
=============
JAMAICA: New Stimulus Package for Tourism Sector
------------------------------------------------
Durrant Pate at Jamaica Observer reports that a raft of new
stimulus incentives for the tourism sector in Jamaica, which is
trying to make up for lost ground from the COVID-19 pandemic, is
being rolled out by the Government.
This new stimulus package is in addition to the $1.2 billion which
the Government announced for the sector at the start of the
pandemic in Jamaica, back in March this year, according to Jamaica
Observer.
Tourism Minister Edmund Bartlett, who unveiled the new stimulus
package, did not give an overall cost for the entire stimulus
package measures but conservative estimates put it at over three
billion dollars, the report notes.
Most of the stimuli are being channelled through the Tourism
Enhancement Fund (TEF), which has collaborated with key partners to
create several initiatives geared toward helping the small and
medium tourism enterprises (SMTEs) retool and rebound from
COVID-19, the report relays.
Addressing the 59th annual general meeting (AGM) of the Jamaica
Hotel and Tourist Association (JHTA), Bartlett disclosed that loan
packages have been developed for SMTEs like the TEF/EXIM Bank
Jamaica revolving facility, and Jamaica National Small Business
Loans (JNSBL), the report discloses.
He told the virtual AGM, which was streamed via Zoom, that the TEF
continues to provide access to capital for SMTEs to build their
capacity to earn more, particularly via these two loan programs,
the report relays.
"With a Government injection of $1 billion, SMTEs [through TEF/EXIM
Bank Jamaica revolving loan facility] can access between $5 million
and $25 million with a 4.5 per cent interest rate and five years to
repay," Bartlett said, explaining that "through JNSBL, SMTEs can
borrow up to $5 million with a 5% interest rate and 5 years to
repay," the report says.
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.
Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020). Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019). Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).
As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
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.
===============
X X X X X X X X
===============
LATAM: IDB Says Pandemic Will Affect Future Earnings
----------------------------------------------------
Hundreds of millions of children are losing daily learning
opportunities resulting in potentially large losses in education,
health, income, and productivity over their lifetimes due to
preprimary‑program closures, says the new IDB study "Economic
Costs of Preprimary Program Reductions due to COVID-19 Pandemic."
In addition to the devastating impact on children's mental,
physical, and emotional health, the report estimates that the
pandemic will also negatively impact the level of income that these
children will earn as adults.
This study is the first to simulate losses due to preprimary
program closures because of the COVID-19 pandemic on future
earnings when current preschool‑age children become adults for
140 countries. IDB specialists analyzed 140 countries with a
combined population of 6.4 billion people. The results are
alarming: for example, closure of preschool for six months means
losses in future salaries equivalent to 5.3% of gross domestic
product (GDP) in Peru, 4.1% in Mexico, and 3.5% in Jamaica. The
simulation also includes preschool closure scenarios for three and
12 months.
The importance of early childhood development has been long
documented. The child's brain grows more in the first five years
than in the rest of his life, so what happens during these
preschool ages is essential for the full development of a person,
including emotional aspects, health, and productivity. Access to
quality early childhood development, care, and preprimary education
is essential for children's intellectual development, later
educational progress, and lifetime earnings. The training and
accumulation of skills is key to breaking the intergenerational
transmission of poverty, so the interruption of educational
services can deepen pre-existing inequities.
Public policies must mitigate the effects of preschool programs'
closures to reduce potential unprecedented losses in early
childhood, particularly for children from poorer backgrounds. A
better distribution of internet access, computers and other
electronic devices, creation of more hospitable and safer
environments at home for early childhood education, support for
vulnerable parents with hybrid modalities to improve parenting
practices, more mental health resources and delivery of nutritious
foods are some examples of policies that could preserve young
children's physical, mental, and emotional development, both
immediately, and in the long run.
[*] BOND PRICING: For the Week Sept. 14 to Sept. 18, 2020
---------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
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
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
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
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
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
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
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
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
Polarcus Ltd 5.6 71.8 7/1/2022 AE 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
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
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
YPF SA 16.5 67.3 5/9/2022 AR ARS
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR 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
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
mpresa de Transporte 4.3 30.9 7/15/2020 CL CLP
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
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
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
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
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
YPF SA 16.5 67.3 5/9/2022 AR ARS
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
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
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
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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.
.
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