/raid1/www/Hosts/bankrupt/TCRLA_Public/210201.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, February 1, 2021, Vol. 22, No. 17
Headlines
A R G E N T I N A
CORDOBA: S&P Raises ICR to 'CCC+' on Restructuring Finalization
YPF SA: S&P Affirms 'CC' Issuer Credit Rating, Outlook Negative
B A H A M A S
BAHAMAS: Chamber of Commerce Gets Emergency Powers Extension
B R A Z I L
BRAZIL: Moves Up Vaccine Rollout Amid Pressure From Governors
MOVIDA EUROPE: S&P Assigns 'B+' Rating on Senior Unsecured Notes
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Agriculture Minister Says Food Prices Stable
DOMINICAN REPUBLIC: Free Zone Exports Fall 2.89% to US$5.8BB
DOMINICAN REPUBLIC: Program Pays US$52 to Laid Off Workers
E C U A D O R
ECUADOR: IDB OKs $45MM Loan to Strengthen Access to Justice
T R I N I D A D A N D T O B A G O
TCL GROUP: To Shutdown Packaging Plant on Feb. 15
X X X X X X X X
[*] BOND PRICING: For the Week Jan. 25 to Jan. 29, 2021
- - - - -
=================
A R G E N T I N A
=================
CORDOBA: S&P Raises ICR to 'CCC+' on Restructuring Finalization
---------------------------------------------------------------
S&P Global Ratings raised its ratings on the province of Cordoba to
'CCC+' from 'SD'. S&P also raised the issue-level ratings on
Cordoba's senior unsecured notes due in 2024, 2027, and 2029 to
'CCC+' from 'D'. The outlook is stable.
Outlook
The stable outlook reflects S&P's expectation that the province
will take steps to maintain low fiscal deficits after capital
expenditures (capex), which in combination with a manageable debt
service profile, reduces the risk of default, including another
distressed debt exchange in the next 12 months.
Upside scenario
S&P said, "Our ratings on Argentina and the transfer and
convertibility (T&C) assessment, both at 'CCC+', constrain our
ratings on Cordoba. As a result, we could only upgrade Cordoba in
the next 12 months if we were to raise the ratings on Argentina and
the T&C assessment, while the province strengthens its budgetary
performance and liquidity position, including a greater certainty
and track record of its capacity to tap domestic debt markets."
Downside scenario
S&P said, "We would downgrade Cordoba if the risk of a new default,
including a distressed debt exchange, increases within the next 12
months because of worsening budgetary performance and liquidity. We
would also downgrade Cordoba if we downgraded Argentina or the T&C
assessment."
Rationale
The rating action follows the completion of Cordoba's debt
restructuring process. Bondholder participation to amend terms of
the three international law dollar-denominated bonds was above 96%.
This was more than needed to trigger the collective action clauses
in the bond indentures and avoid future holdout litigation. As a
result, Cordoba has restructured about 60% of its total debt stock,
and reduced debt service by $715 million in 2021. The amended terms
also smoothened the amortization profile for the next years,
because principal payments will not exceed $258 million annually
(5% of operating revenues), a significant reduction compared to the
$709 million (13% of operating revenues) bullet payment in 2021
under the previous terms.
Most of the remainder of Cordoba's outstanding debt is held by
multilateral institutions or the national government. However, 8%
of its outstanding debt is one domestically issued (local law)
dollar-denominated bond maturing in 2026 backed by
"co-participaciones" transfers. S&P said, "The province pays debt
service payments quarterly. After the global bond restructuring, we
consider the administration less likely to restructure this bond
than previously expected, and we no longer consider that there is a
virtual certainty of default. The (unrated) bond remains current,
with a coupon payment made Jan. 27. In addition, the relatively
small size of annual debt service during 2021-2022, and the overall
improvement in the province's cash flow following the restructuring
of the global bonds, implies fewer incentives to restructure this
unrated local law bond, in our view. This is reinforced by a record
over the last year of other Argentine provinces obtaining less debt
relief on securities backed by "co-participaciones" or other
guarantees, which are more complex to restructure. Finally, we
believe the province maintaining access to an already limited
domestic market is an additional consideration when deciding
whether to restructure."
S&P said, "Our upgrade of the province and the 2024, 2027, and 2029
global bonds to 'CCC+' reflects Cordoba's more manageable debt
service and our expectation of continued fiscal prudency despite
the challenging socioeconomic context. Recent pension reform,
substantial cuts to capex, and reduced payroll add to the
province's track record of austere policies under dire economic
conditions.
"That said, the severe recession and high spending pressure amid
high inflation have taken a toll on the province's finances. We
estimate operating surplus will average 4.8% of operating revenues
in 2021-2022, down from 10.2% in 2017-2019." At the same time,
limited access to markets and decreasing earmarked transfers from
the national government will likely imply a decline in
infrastructure spending to 8% of operating revenues, from a record
of 17% in 2017-2019.
S&P said, "The restructuring did not include reduction in
principal. As a result, we estimate debt will reach 63% of
operating revenues in 2021, still much higher than the 30% in 2017.
Provincial debt has risen since then, given a combination of a
vulnerable debt composition (with 95% dollar-denominated debt amid
sharp peso depreciation) and the administration's ambitious
infrastructure plan. Nonetheless, we note that the province has
gained fiscal space by reducing the interest burden to 1.9% of
operating revenues for 2021 from 3.4% estimated for 2020.
"The ratings on Cordoba are constrained by our 'CCC+' ratings on
Argentina, the 'CCC+' T&C assessment, and the weak institutional
framework assessment of the Argentine local and regional
governments (LRGs). We assess the institutional framework for
Argentina's LRGs as volatile and underfunded, reflecting our
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."
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
Upgraded; CreditWatch/Outlook Action
To From
Cordoba (Province of)
Issuer Credit Rating CCC+/Stable/-- SD/--/--
Upgraded To From
Cordoba (Province of)
Senior Unsecured CCC+ D
YPF SA: S&P Affirms 'CC' Issuer Credit Rating, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CC' issuer credit rating on
Argentina-based state-owned oil and gas company YPF S.A.
S&P said, "The affirmation follows our view that although the new
offer may be more appealing to investors, significant country risks
including short-term T&C restrictions in Argentina make the
compensation analysis highly uncertain. In addition, as we stated
in our January 11 research update, we view the offer as distressed
given the proximity of the maturity. In our view, absent the
exchange, there is a realistic probability of a conventional
default on the upcoming 2021 maturity due to current T&C
restrictions."
The new offer for the holders of the 2021 bond entails a 9%
interest starting on Jan. 1, 2023 (versus 8.5% in the original
offer); quarterly interest payments at an annual rate of 4% between
May 2021 and Dec. 31, 2022; and a reduced average term than in the
previous offer. S&P centers its analysis only on the offer
applicable to holders of the 2021 bonds because it views the offer
for the rest of YPF's bonds as a liability management.
The company is also offering its shares of its subsidiary, YPF
Energia Electrica S.A. (YPF Luz S.A.; CCC-/Watch Neg/--) as
collateral, and increases the collateralization of the export
collection, and the reserve and payment accounts of the proposed
export-backed credit enhancement.
The negative outlook on YPF reflects its likely downgrade to 'SD'
at the closing of the transaction. S&P said, "Once the debt
exchange is completed, we expect to raise the ratings to the 'CCC'
category, assuming no sharp reduction in Argentina's T&C risks.
Except for the 2021 bond that we don't rate, we will keep the
ratings on the rest of the bonds at 'CCC-' until we reassess the
company's credit quality following the exchange. At that time, we
will also assess any subordination impact on those ratings, if
necessary."
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B A H A M A S
=============
BAHAMAS: Chamber of Commerce Gets Emergency Powers Extension
------------------------------------------------------------
RJR News reports that Bahamas Chamber of Commerce Labour Specialist
Peter Goudie has hailed the government's move to extend the COVID
emergency powers to May 23, which he says will ease uncertainty for
thousands of workers and employers.
Mr. Goudie said still-furloughed workers will gain assurance that
their jobs are safe for another five months, while businesses that
have been devastated by the pandemic gain that time to potentially
recover without being hit by a termination package they are unable
to afford, according to RJR News.
As reported in the Troubled Company Reporter-Latin America on Nov.
17, 2020, S&P Global Ratings lowered its long-term foreign and
local currency sovereign credit ratings on the Commonwealth of
The Bahamas to 'BB-' from 'BB'. At the same time, S&P Global
Ratings revised down its transfer and convertibility assessment to
'BB' from 'BB+'. The outlook is negative.
===========
B R A Z I L
===========
BRAZIL: Moves Up Vaccine Rollout Amid Pressure From Governors
-------------------------------------------------------------
EFE News reports that Brazil's Health Ministry has ceded to
pressure from governors and moved up the start date for its
nationwide vaccine rollout by two days.
The head of that portfolio, Eduardo Pazuello, made the announcement
in the southeastern city of Guarulhos during the launch ceremony
for the distribution of 6 million doses of the CoronaVac, a vaccine
developed by Chinese pharmaceutical company Sinovac Biotech,
according to EFE News.
Heavily populated Sao Paulo state, which leads Brazil in Covid-19
cases and deaths and through its Instituto Butantan biologic
research center has been the main promoter of the Chinese vaccine
in Brazil, has outpaced the federal government in getting its own
inoculation campaign under way, the report notes.
"To all of the victims' families, we offer our solidarity. It's
very difficult to lose someone we love. The first step for the
world's biggest vaccination campaign has been taken," Pazuello said
at one of the ministry's distribution centers located near the Sao
Paulo/Guarulhos international airport, the report relays.
The Anvisa health regulator gave emergency-use authorization for
both the CoronaVac and another vaccine that was developed by
British-Swedish pharmaceutical company AstraZeneca and the
University of Oxford (Covishield) and will be manufactured in
Brazil by the state-run Oswaldo Cruz Foundation (Fiocruz), the
report discloses.
Immediately after their approval, Sao Paulo Gov. Joao Doria - a
former ally of Bolsonaro's who is now his chief political rival -
began rolling out the vaccine for the state's health-care workers,
the report says.
The Health Ministry's announcement in early January that it had
signed a contract with Instituto Butantan for the purchase of up to
100 million doses of the CoronaVac was considered a political
victory for Doria over Bolsonaro, who has consistently downplayed
the seriousness of the coronavirus and also has been critical of
Sinovac's vaccine, the only one currently available in Brazil, the
report relays.
Nevertheless, Sao Paulo's move to roll out the vaccine without
waiting for the start of the federal government's National
Immunization Program irked some elected officials such as the
governor of the northeastern state of Piaui, Wellington Dias, the
report notes.
"The agreement was always that Brazil was going to (start
vaccinating) on the same date. One state has put the others in like
a second category," Dias, a member of the leftist Workers' Party,
said in a message to other governors, according to the Folha de Sao
Paulo daily, the report says.
The federal government has begun shipping more than 4.64 million
CoronaVac doses (out of a total of 6 million) to the states; the
remaining 1.36 million will remain in Sao Paulo, which is carrying
out its regional distribution using heavily guarded trucks and via
air from the cities of Guarulhos and Campinas, the report relates.
The report discloses that the Defense Ministry said in a statement
that three military aircraft in Guarulhos and one in Brasilia,
which will transport badly needed vaccines to the hard-hit
northwestern state of Amazonas, have begun distributing doses
nationwide.
The first vaccines are to be administered in Rio de Janeiro state
in a symbolic ceremony at the foot of the emblematic Christ the
Redeemer statue, with the mayor of Rio de Janeiro city, Eduardo
Paes, and the state governor, Claudio Castro, leading the
proceedings, the report relates.
The federal government, meanwhile, plans to pick up a batch of 2
million doses of the Covishield vaccine in India and is waiting for
authorization from that South Asian country to do so, the report
relays. In the coming months, Fiocruz will produce AstraZeneca's
vaccine on a large scale on Brazilian soil, the report notes.
Brazil's ministries of health, defense and foreign relations had
announced plans for a flight to India, but Bolsonaro said that
logistics problems related to the start of the vaccination drive in
that Asian country would cause a delay of a few more days, the
report adds.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.
S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.
Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Moody's credit rating for Brazil
was last set at Ba2 with stable outlook (April 2018). DBRS's credit
rating for Brazil is BB (low) with stable outlook (March 2018).
As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.
MOVIDA EUROPE: S&P Assigns 'B+' Rating on Senior Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and
recovery rating of '3' to Movida Europe S.A.'s proposed senior
unsecured notes. The rating reflects the credit quality of Movida
Participacoes S.A. (Movida; B+/Stable/--), which will
unconditionally and irrevocably guarantee the notes.
The company will use proceeds of the new issuance for debt
refinancing and to fund its fleet's growth. In this sense, S&P
doesn't expect any major increase in leverage, given that the
additional cash flows from expanded fleet will compensate for the
higher debt level.
Given that this is a sustainability-linked issuance, its terms
specify that Movida must meet its Sustainability Performance Target
to reduce Greenhouse Gas Emissions Intensity to 45.37 tCO2e/R$
million net revenue or less by the end of 2025 (a reduction of 15%
from the 2019 level). If the company fails to do so, the interest
rate payable on the notes will increase by 25 basis points from
January 2026 until the notes' maturity. S&P views Movida's
decision to link its cost of debt to environmental targets as an
example of the company's commitment to improve its sustainability
practices.
Ratings List
New Rating
Movida Europe
Senior Unsecured B+
Recovery Rating 3(65%)
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Agriculture Minister Says Food Prices Stable
----------------------------------------------------------------
Dominican Today reports that the Dominican Republic Minister of
Agriculture Limber Cruz assured that currently, most of the food
products in the basic basket are stable and that this has brought
peace of mind to consumers.
Cruz said that when he arrived at the government, he found bananas
at RD$40 per unit and that it is at RD$20 and up by RD$5 and RD$7,
depending on the variety, type, and place where it is bought,
according to Dominican Today.
He also said that a pound of garlic was RD$300 and currently costs
less than RD$100. He also indicated that the prices of beans,
onion, potatoes, and others "were out of control, and they are
stable," the report notes.
Cruz said that the months of highest inflation were June and July
of last year and that since September, it has been decreasing until
reaching its lowest point, the report relays.
However, the minister indicated that there is still a susceptible
and highly consumed product in the Dominican diet that still shows
some instability in the price, and it is chicken, the report
discloses.
In this regard, he explained that chicken production entails a high
consumption of corn, soybeans, and soybean oil, products that are
bought in the international market and that have been experiencing
increases that exceed up to 40%, the report says.
He added that to this is added the increase in transportation costs
due to increased fuel prices, the report discloses.
"Bringing a container from China that previously consisted of $
2,000 and now costs $ 6,000," explained Cruz during a meeting with
poultry and pork producers, where an agreement was signed to
address this situation, with the presence of the President of the
Republic, Luis Abinader, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
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.
Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
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: Free Zone Exports Fall 2.89% to US$5.8BB
------------------------------------------------------------
Dominican Today reports that customs said exports from the free
zone topped US$5.8 billion in 2020, a drop of 2.89% in relation to
the same period of 2019, date where exports reached US$6.0
billion.
Through its Trade Magazine, Customs said 50.80% of exports
correspond to consumer goods, 35.75% to capital goods and the
remaining 13.44% to raw materials, according to Dominican Today.
"Exports of consumer goods were placed at US$2.96 billion between
January-December 2020, for an absolute variation of -US$325.3
million, when compared to the same period of 2019, when this
destination was located in US$3.32 billion," the report notes.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
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.
Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
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: Program Pays US$52 to Laid Off Workers
----------------------------------------------------------
Dominican Today reports that the beneficiaries of the "Stay at
Home" program and the Progresando con Solidaridad and the ID card
(Cedula) can consume the one-time payment of RD$3,000 (US$52.0)
corresponding to January, the Government said.
The funds were deposited and they can make use of purchases.
Previously, RD$5,000 was deposited, divided fortnightly into
RD$2,500, according to Dominican Today.
The Government extended the "Stay at Home" program until April,
which was scheduled to end last December, the report notes.
On January 4, President Luis Abinader said he was extending the
program "even in a tough year for the finances of the Dominican
State," the report relays.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
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.
Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican
Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the severe
impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
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).
=============
E C U A D O R
=============
ECUADOR: IDB OKs $45MM Loan to Strengthen Access to Justice
-----------------------------------------------------------
The Inter-American Development Bank has approved a $45 million loan
to support Ecuador strengthen its institutional capacity to
guarantee the constitutional right to comprehensive rehabilitation
and protection of adult persons deprived of liberty (PDLs) and
juvenile offenders.
The program aims to improve the quality of social rehabilitation
services, particularly those focused on juvenile offenders and
women deprived of liberty. It is also expected to increase the
level of professionalization and specialization of the technical
staff and penitentiary security agents, and boost the ability of
the country's Constitutional Court to protect PDLs' constitutional
rights.
In addition, the project will help upgrade the Integrated National
Care Service for Adult Detainees and Juvenile Offenders (SNAI,
after its Spanish initials), improving its processes and
harmonizing social rehabilitation centers norms and protocols
throughout the country.
The program will also focus on the professionalization and
specialization of the technical and administrative staff and
penitentiary security agents (PSAs), strengthening the corrections
career path by determining entry qualifications as well as
procedures for recruitment, selection, promotion, demotion, and the
design and structuring of a curriculum for initial and ongoing
training.
The project will foster the design and implementation of an
evidence-based model for the rehabilitation and social reinsertion
of juvenile offenders and women deprived of liberty that will be
based on the construction and equipping of new correction and
social rehabilitation centers. It will also help design manuals for
psychosocial interventions aimed at reducing recidivism risk
factors, and train the personnel on their proper use.
With regard to the Constitutional Court of Ecuador's ability to
protect PDLs' constitutional rights, the program will implement a
new organizational structure to strengthen jurisdictional
management and contribute to adopt a digital case management system
in order to boost the court's efficiency.
The beneficiaries of this project will be the Ecuadorean population
at large, which will experience improvements in the quality and
efficiency of social rehabilitation services and access to justice,
as well as lower crime rates as a result of lower levels of
recidivism. In particular, more than 500 juvenile offenders, and
more than 19,000 male and nearly 1,700 female PDLs will benefit
from access to evidence-based rehabilitation services and from a
system that will help their full and constructive reinsertion into
the social environment upon exiting the National Social
Rehabilitation System.
The IDB's $45 million loan is for a 25-year term, with a 5.5-year
period of grace and an interest rate based on LIBOR.
As reported in the Troubled Company Reporter-Latin America in
September 2020, Fitch Ratings has upgraded Ecuador's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'B-' from 'RD', and
assigned ratings of 'B-' to the new securities issued as part of a
bond exchange. The Outlook is Stable.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TCL GROUP: To Shutdown Packaging Plant on Feb. 15
-------------------------------------------------
Trinidad Express reports that The TCL Group will cease operations
at its paper sack manufacturing subsidiary -- TCL Packaging Limited
("TPL") -- effective February 15.
In a statement a short while ago, said this decision was made,
after a detailed analysis of the short to long term prospects of
the plant's operations, according to Trinidad Express.
TCL outlined that the ongoing significant capital investment
required for equipment upgrades, it became inviable to continue
with this operation, the report notes.
"These capital requirements represent a substantial investment for
the Group, which would be better allocated to satisfy capital
expenditure (CAPEX) requirements for the other subsidiaries within
the company Essentially, the move will further protect the Group's
largest investment -- its cement, concrete and aggregate
manufacturing operations, thereby safeguarding national and
regional construction sectors, economies and interests," the
statement said, the report relays.
TCL noted that over the last four years, the company has made CAPEX
investments of over TT$162 million, focused on maintaining its
cement, concrete and aggregates facilities - a key strategy for
supplying the local market, and export to over 17 countries in
CARICOM, the report says.
The latter, generating much needed foreign exchange (FOREX) for the
national economy with TTD182 million contributed in 2020, the
report notes.
The company assures all employees and stakeholders of its
dedication to creating sustainable value by continuing to provide
industry-leading building solutions, reliably satisfying the needs
of its domestic and regional customers, the report discloses.
"Further, we are committed to adhering to all legal and industrial
labour requirements associated with the closure of TPL, and to
supporting our (former) employees in the transition by extending
counselling services through the Employee Assistance Program (EAP)
as well as the consideration of re-tooling training," TCL added.
The Express contacted chief labour relations officer of the
Oilfield Workers Trade Union (OWTU) Lyndon Mendoza, who said forty
seven workers will be affected and the union was informed of the
closure via a letter from the company and it further advised that
on January 28, TCL will hold a meeting to discuss the closure with
the union, the report relays.
Mendoza said the union is disappointed that TCL is choosing this
route as they are not utilizing the concessions they are receiving
from the Government to save jobs, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Jan. 25 to Jan. 29, 2021
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
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
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD
City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Esval SA 3.5 49.9 2/15/2026 CL CLP
Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
YPF SA 16.5 67.3 5/9/2022 AR ARS
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Provincia de Cordoba 7.1 72.7 8/1/2027 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
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Empresa Provincial de 12.5 0.0 1/29/2020 AR USD
Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
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
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN 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
Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD
Plaza SA 3.5 38.3 8/15/2020 CL CLP
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
Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP
Banco Security SA 3.0 5.6 7/1/2019 CL CLP
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
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
Yida China Holdings Lt 7.0 74.3 4/19/2020 CN 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
*********
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 2021. All rights reserved. ISSN 1529-2746.
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