/raid1/www/Hosts/bankrupt/TCRLA_Public/230605.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, June 5, 2023, Vol. 24, No. 112
Headlines
B R A Z I L
BANCO BMG: Moody's Alters Outlook on 'B1' Deposit Ratings to Neg.
INTERCEMENT PARTICIPACOES: Fitch Lowers IDRs to 'CC'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Associations Express Concerns Over Rental Bill
DOMINICAN REPUBLIC: Establish Support for Crude Oil Refinery
DOMINICAN REPUBLIC: Lower Inflation Normalize Monetary Policy
E C U A D O R
BANCO PICHINCHA: Fitch Alters Outlook on 'B-' LongTerm IDR to Neg.
INTERNATIONAL AIRPORT: Fitch Affirms B- Rating on $400MM Sec. Notes
J A M A I C A
JAMAICA: IDB Champions MSMEs to Lead Economic Growth
M E X I C O
PETROLEOS MEXICANOS: $152.2M Bank Debt Trades at 16% Discount
P U E R T O R I C O
NEONATOLOGIST ASSOCIATES: Taps Hatillo Law Office as Counsel
T R I N I D A D A N D T O B A G O
CARIBBEAN AIRLINES: Improves Fuel Efficiency, Employs More Women
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week May 29 to June 2, 2023
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B R A Z I L
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BANCO BMG: Moody's Alters Outlook on 'B1' Deposit Ratings to Neg.
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Moody's Investors Service has affirmed Banco BMG S.A. (BMG)'s B1
long-term local and foreign currency deposit ratings and changed
the outlook on the ratings to negative from stable. At the same
time, Moody's affirmed the bank's b1 Baseline Credit Assessment
(BCA) and adjusted BCA, the Not-Prime short-term local and foreign
currency deposit ratings, the Ba3/Not-Prime long- and short-term
local and foreign currency Counterparty Risk Ratings and the
Ba3(cr)/Not-Prime(cr) long- and short-term Counterparty Risk
Assessments.
RATINGS RATIONALE
The change in outlook to negative from stable reflects BMG's weaker
capital position and the challenges the bank will face to restore
its loss-absorption capacity in a context of squeezed interest
margins and rising credit costs. Taking into account the negative
impact on the bank's rating arising from bank's low core
capitalization, Moody's also changed its governance issuer profile
score to G-3 from G-2 and ESG credit impact score to CIS-3 from
CIS-2. Moody's acknowledges that BMG has been gradually expanding
from its traditional core payroll lending business towards other
product offerings, which will ultimately help the bank to reduce
its high business concentration that historically exposes its
financial fundamentals to a highly regulated and competitive
segment. However, this diversification strategy has yet to prove
capable of generating sustainable earnings, while macroeconomic
headwinds in Brazil exacerbate its associated execution and asset
risks.
Concurrently, the affirmation of BMG's b1 BCA takes into
consideration the resilient risk profile of its credit portfolio,
with over 80% of its loan book comprising granular low-risk payroll
and secured loans. In the past eight years, BMG reported problem
loan ratios that averaged 3.6% and peaked at 4.5% in June 2018.
With a loan book predominantly denominated in fixed and regulated
interest rates, and of long duration, BMG's net interest margin
(NIMs) is highly sensitive to the country's monetary cycle. Amid
elevated policy rates, the bank's NIM dropped to 9.1% in March
2023, consistently declining from 19.2% in the first half of 2020.
Bank's margins will remain constrained by the potential
government's pressure around the regulated interest rate caps
imposed on payroll credit products for retirees and pensioners,
which were lowered in March 2023 to 1.97% from 2.14% on payroll
loans, and to 2.89% from 3.06% on payroll credit cards. About 55%
of BMG's loan book as of December 2022 was composed of payroll
credit to retirees and pensioners.
While the expansion into high-yield unsecured credit portfolio and
fee-based activities will partly offset the regulatory risks on
bottom-line results, loan losses provisions should rise as a result
of a weaker economic activity in 2023 and high household
indebtedness. Credit origination will slowdown in 2023 and BMG has
a track record of quickly adjusting costs to changes in business
dynamics to shield bank's profitability through market downturns,
which will be expected over the next two quarters. The bank's
operation benefits from the flexibility stemming from its
third-party-distribution-based operating structure.
The combination of accelerated balance sheet growth with moderate
earnings retention drove Moody's adjusted tangible common equity to
risk weighted assets (TCE ratio) down to 5.0% in March 2023, from
8.4% in December 2021, lowering the bank's loss absorption
capacity. In 2023, subdued profitability will continue to weigh on
bank's internal capital generation and result in lower realization
of its large stock of deferred tax assets (DTAs). Despite that,
BMG's reduced risk appetite will contain further capital pressure,
at the same time that the reversion of unrealized losses on
domestic government bonds will reduce the strain on capitalization
as these securities approach maturities through the end of 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, Moody's are currently not anticipating
upward pressures on BMG's ratings. Rating outlook could return to
stable if the bank shows an improvement in capitalization metrics
whereas it sustainably restores profitability, indicating
management's ability to offset pressures from harsh competition and
regulatory risks for its core product.
Conversely, BMG's ratings could be downgraded if bank's capital
ratios decline further, or if there is a deterioration in bank's
liquidity and funding conditions. Also, downward pressure on its
financial profile could stem from a failure in the implementation
of bank's diversification strategy or changes in regulatory
framework leading to a consistent decline in profitability, and
therefore bank's capital replenishment capacity.
METHODOLOGY USED
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
INTERCEMENT PARTICIPACOES: Fitch Lowers IDRs to 'CC'
----------------------------------------------------
Fitch Ratings has downgraded the Long-Term Local and Foreign
Currency Issuer Default Ratings (IDRs) of InterCement Participacoes
S.A. (InterCement) and its wholly owned subsidiary InterCement
Brasil S.A. to 'CC' from 'CCC.' Fitch has also downgraded
InterCement Financial Operations BV's 2024 notes to 'CC'/'RR4' from
'CCC'/'RR4' and InterCement's national scale rating to 'CC(bra)'
from 'CCC(bra)'.
The downgrade reflects Fitch's view that Intercement is likely to
enter in a debt restructuring process soon, while it completes
additional asset sales. Within this period, the company's strategy
to preserve cash could also accelerate a default-like process.
Fitch expects the restructuring process will fall within its
definition of a default-like process, which would result in a
downgrade to 'C'. InterCement's credit risks has been pressured by
persistently high refinancing risks and limited refinancing
alternatives despite improving operating cash flow generation and
asset divestures. Excluding its operations in Argentina (IDR C),
the cash flow from which cannot be fully accessed, InterCement has
an unsustainable capital structure.
KEY RATING DRIVERS
Short-Term Debt Pressure: Fitch considers that a strategy to
preserve cash is likely in the event of a potential debt
restructuring process. Intercement's cash on hand as of March 31,
2023 was USD183 million and its most immediate debt maturities
during 2023 totaled USD189 million. As of March 31, 2023,
InterCement's total consolidated debt was USD1.7 billion, primarily
consisting of USD548 million of 2024 unsecured bonds and USD881
million of local debentures due 2027. The Loma Negra shares are
collateral for the debentures, which have the option to move up
their maturity date to May 2024 (before the bonds) if the bonds are
not refinanced.
Challenge to Complete Refinancing: InterCement is working with
creditors to extend borrowings that are due within the next nine
months while continuing to discuss asset sales, mainly for its
African subsidiaries, and assessing opportunities to execute
refinancing of its outstanding 2024 bonds and local debentures. In
a scenario of potential asset sale, Fitch estimates resources to be
in the USD200 million-USD250 million range, which would represent
less than 15% of total debt.
High Leverage Excluding Argentina: InterCement faces currency
control restrictions at its operations in Argentina, which
increases its dependence on the Brazilian operation's cash flow
generation to serve its financial obligations. Loma Negra
C.I.A.S.A., InterCement's 51% owned Argentine subsidiary, generates
around 50% of InterCement's consolidated adjusted EBITDA but holds
only 9% of the net debt.
Excluding Loma Negra, InterCement's net debt to adjusted EBITDA
would be approximately 6.1x, per Fitch's calculations, for the last
12-month period ended March 31, 2023. On a proportional basis,
excluding the 48% of Loma Negra that InterCement does not own,
leverage was 4.3x for the same period. That represents an
improvement over the 2019/2020 period, with an average of 7.5x in
2019 and 5.8x in 2020, respectively. On consolidated basis,
InterCement's leverage was 3.2x for the last 12-months ended March
31, 2023, 2.8x in 2021 and an average of 5x during 2019-2020. Fitch
forecasts InterCement's adjusted net debt/EBITDA ratio, on a
consolidated basis, will move toward 3.0x-3.5x by YE 2023 and to
around 5.8x when excluding Argentina's operations.
Weak Economic Growth to Limit CFFO Expansion: The scenario of weak
economic growth, high inflation and interest rates places
additional pressure on InterCement's ability to boost its operating
cash flow from operations (CFFO) in Brazil. Consumption in Brazil's
cement market declined 3% during 2022 and forecasts indicate flat
performance for 2023. Despite the lower profitability, the company
has improved its conversion of EBITDA to cash, mostly due to
working capital relief. In Brazil, InterCement's utilization rate
was around 74% in 2022. The company has around 12.3 million tons in
total active capacity and 5 million tons of hibernated capacity.
Consolidated Approach: As per Fitch's Parent and Subsidiary Linkage
Rating Criteria, Fitch equalizes the ratings for Intercement and
Intercement Brasil. This mainly reflects effective control and
ample access to strategic and financial decisions, cross
guarantees, asset collaterals (Loma Negra's shares as collateral of
Intercement Brasil's local debentures) and financial covenants. The
operations in Brazil represent 33% of InterCement's EBITDA and 29%
of its debt.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Proactive steps by the company to materially bolster its capital
structure, including asset sale, allowing a smooth refinancing of
its capital market debt without material reduction in terms.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- A downgrade may occur if, in Fitch's judgment, a default or
default-like process has begun, which would be represented by a 'C'
rating.
LIQUIDITY AND DEBT STRUCTURE
Limited Financial Flexibility: InterCement has high refinancing
risks and its ability to continue to secure funding in the short
term is uncertain. With the increasing interest rates in Brazil,
its operating cash flow will be tight during 2023. As of March 31,
2023, InterCement had USD189 million in cash and USD1.7 billion in
total debt. Debt schedule amortizations were USD183 million in
2023, USD906 million in 2024 (including USD548 million of senior
notes), USD253 million in 2025, USD238 million in 2026 and USD122
million in 2027.
ISSUER PROFILE
InterCement is a large cement producer with 20 million tons of
total consolidated cement sales and annual production capacity of
35 million tons. The company has a diversified portfolio of assets
with operations in Brazil, Argentina, Mozambique and South Africa.
ESG CONSIDERATIONS
InterCement has an ESG Relevance Score of '4' for Governance
Structure due to limited board independence through ownership by
key shareholder Mover Participacoes S.A. This has a negative impact
on the credit profile and is relevant to the ratings in conjunction
with other factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
InterCement
Financial
Operations BV
senior
unsecured LT CC Downgrade RR4 CCC
InterCement
Brasil S.A. LT IDR CC Downgrade CCC
LC LT IDR CC Downgrade CCC
Natl LT CC(bra)Downgrade CCC(bra)
InterCement
Participacoes
S.A. LT IDR CC Downgrade CCC
LC LT IDR CC Downgrade CCC
Natl LT CC(bra)Downgrade CCC(bra)
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Associations Express Concerns Over Rental Bill
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Dominican Today reports that the Association of Real Estate Agents
and Companies (AEI) expressed its disagreement with several aspects
of the bill on real estate rentals and evictions in the Dominican
Republic. The association believes that these measures are
detrimental to the dynamic real estate sector, which is crucial for
the economy and foreign direct investment, according to Dominican
Today.
Alberto Bogaert, the president of AEI, stated that the new
legislation significantly alters the rental dynamics in the country
due to changes that were made without consensus, the report notes.
These changes include limitations on the amount of deposit,
restrictions on the landlord's right to choose tenants, and the
power to evict tenants who breach their contractual obligations, he
report dicloses.
The bill has already passed the initial review in the Chamber of
Deputies, where it was approved in the first reading, the report
relays. It will now go back to the special commission for further
study, then undergo a second reading in the Chamber of Deputies
before being sent to the Senate for analysis, the report notes.
The bill proposes the collection of a single deposit for rental
units and prohibits discrimination based on nationality, ethnicity,
beliefs, social status, or other factors when determining rental
conditions, the report discloses.
Given the progress of the bill, the AEI believes that a
comprehensive review is necessary to avoid jeopardizing real estate
investment in the country and to ensure that the rental market
remains robust, the report relays.
The Dominican Association of Builders and Housing Promoters
(Acoprovi) also provided its contributions and observations on the
bill, the report says. They emphasized the importance of having a
rental law that addresses the current reality and provides
comprehensive legal security to ensure the well-being of all
parties involved and access to decent housing, the report notes.
Both associations are closely monitoring the progress of the
legislative process and hope that the bill will be approved to
strengthen the regulatory framework of the real estate sector, 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.
TCRLA reported in April 2019 that the Dominican To 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, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
DOMINICAN REPUBLIC: Establish Support for Crude Oil Refinery
------------------------------------------------------------
Dominican Today reports that the governments of the Dominican
Republic and Guyana have signed a Memorandum of Understanding to
enhance cooperation in the petroleum industry. The agreement
encompasses areas of mutual interest, including the Dominican
Republic's support for investment in and construction of a crude
oil refinery, as well as collaboration on the extraction of refined
petroleum products in the South American nation, according to
Dominican Today.
During an official visit to Guyana, President Luis Abinader led the
delegation to initiate relations between the two countries, the
report notes. Guyana, situated on the North Atlantic coast, became
an oil-producing country in 2019 and is projected to become the
world's fourth-largest offshore oil producer, surpassing Qatar, the
United States, Mexico, and Norway, the report discloses.
ExxonMobil and its consortium discovered significant oil deposits
over 190 kilometers (100 miles) off the coast of Guyana in May
2015, the report recalls. Despite being one of the poorest
countries in South America, Guyana boasts substantial reserves of
gold, diamonds, and bauxite, the report notes.
More than 40% of Guyana's population lived on less than $5.50 per
day when oil production began in December 2019, the report notes.
Production, expected to reach around 380,000 barrels per day, is
forecasted to increase to 1.2 million barrels per day by 2027,
according to recent reports by the AP news agency, the report
says.
President Abinader's visit to Guyana includes engagements with a
business delegation, the report relates. The Memorandum of
Understanding aims to establish a framework for facilitating and
enhancing bilateral cooperation in the hydrocarbons sector, based
on equality and mutual benefit, 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.
TCRLA reported in April 2019 that the Dominican To 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, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
DOMINICAN REPUBLIC: Lower Inflation Normalize Monetary Policy
-------------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) announced its decision to begin normalizing the
monetary policy stance in response to the convergence of inflation
to its target range sooner than anticipated.
At its May 2023 meeting, the BCRD decided to reduce the monetary
policy interest rate (MPR) by 50 basis points, lowering it from
8.50% to 8.00% per year, according to Dominican Today.
Consequently, the rate of the permanent facility for liquidity
expansion (1-day Repos) decreases to 8.50% per year, while the rate
of remunerated deposits (Overnight) drops to 7.50% per year, the
report notes.
The BCRD stated that the decision to lower the reference interest
rate is based on the progress made in curbing domestic inflation
through the monetary tightening program initiated in November 2021,
as well as the government's implementation of subsidies, the report
relays. The bank also cited the easing pressures of domestic
demand, the moderation of international prices for raw materials,
and the reduction in container transport costs as contributing
factors, the report discloses.
The reduction in the monetary policy interest rate will be
accompanied by additional liquidity measures and proposals to the
Monetary Board aimed at facilitating favorable financing conditions
for productive sectors and households, the report says. The BCRD
expects these measures to enhance the transmission of monetary
policy and gradually revive economic growth to its potential level
within the monetary policy horizon, 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.
TCRLA reported in April 2019 that the Dominican To 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, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
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E C U A D O R
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BANCO PICHINCHA: Fitch Alters Outlook on 'B-' LongTerm IDR to Neg.
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Fitch Ratings has conducted a portfolio review of five Ecuadorian
Banks following the revision of the country's sovereign Rating
Outlook to Negative from Stable. Fitch's outlook for the Ecuadorian
banking system's 'ccc+' operating environment (OE) assessment
remains stable.
The stable outlook on the OE reflects Fitch's view that GDP per
capita and the operating risk index (ORI) metrics have room for
deterioration and will still be commensurate with the OE assessment
of 'ccc+', which is below the implied score of 'bb'.
Fitch has revised the Outlooks of Banco Pichincha C.A. y
Subsidiarias (Pichincha), Banco de la Produccion S.A. y
Subsidiarias (Produbanco), and Banco Guayaquil S.A. (Guayaquil) to
Negative from Stable while affirming their Long-term (LT) Issuer
Default Ratings (IDRs) at 'B-'. The Negative Outlook on these banks
mirrors the sovereign's Outlook. In Fitch's view, Ecuadorian bank
ratings driven by their intrinsic profiles are constrained by the
sovereign's rating of 'B-'. Fitch has also affirmed Banco del
Austro, S.A.'s (Austro) IDR at 'CCC+'.
Fitch has upgraded Banco ProCredit S.A.'s (ProCredit Ecuador) IDR
to 'B' from 'B-' with a Negative Outlook. The upgrade reflects
Ecuador's country ceiling (CC) upgrade to 'B' from 'B-'. The
Negative Outlook on Banco Procredit's support-driven IDRs) mirrors
the sovereign's Outlook.
Fitch affirmed the short-term (ST) IDRs for Pichincha, Produbanco,
Guayaquil, and Procredit at 'B' and for Austro at 'C'.
For additional details see "Fitch Revises Ecuador's Outlook to
Negative; Affirms IDR at 'B-''', dated May 23, 2023.
KEY RATING DRIVERS
IDRs, VRs and GSR
Locally Owned Private Banks
Fitch has affirmed Pichincha and Guayaquil LT and ST IDRs at 'B-'
and 'B', respectively. The Outlooks were revised to Negative from
Stable following Fitch's action on Ecuador's Sovereign rating.
The Viability Ratings (VR), or standalone creditworthiness of
Pichincha, Guayaquil and Austro were affirmed and drives their
IDRs. Ecuador's sovereign rating and broader OE considerations
highly influence these banks' VRs, given the impact of the
prolonged political uncertainty on these banks' financial
performance. The heightened sovereign political risks and potential
for renewed social unrest could negatively result in rising
non-performing loans, and limit the banks' profitability and
internal capital-generation capacity.
Pichincha's Viability Rating (VR) was affirmed at 'b-', reflecting
adequate asset quality and improved profitability. Despite
deterioration in asset quality due to unwinding of forbearance
regulatory measures and Capitalization metrics deterioration, sound
reserves coverage for impaired loans provide a sound cushion to
absorb potential losses.
Guayaquil's Viability Rating (VR) was affirmed at 'b-', reflecting
stable profitability, capitalization, funding and liquidity
metrics. Asset quality ratios deteriorated due to the unwinding of
the regulatory flexibility but remain within the current rating
category.
Austro's Viability Rating (VR) was affirmed at 'ccc+', reflecting a
stable financial profile. Asset quality ratios deteteriorated due
to the unwinding of the regulatory flexibility but remain within
the current rating category, which already incorporates possible
further deteriorations on asset quality that could arise from a
more challenging operating environment.
Pichincha and Guayaquil's Government Support Rating (GSR) of 'ns'
reflects that despite these banks' sizable market position in the
local market, Fitch believes that there is no reasonable assumption
of support forthcoming from the sovereign due to Ecuador's limited
financial flexibility and the lack of a lender of last resort.
Austro's Government Support Rating (GSR) of 'ns' reflects that
there is no reasonable assumption that such support will be
available since it is not considered a domestic systemically
important bank (D-SIB).
Foreign-Owned Private Banks
Banco Procredit's Shareholder Support Rating (SSR) support its
IDRs. The SSR was upgraded to 'b' from 'b-' following the upgrade
of Ecuador's CC to 'B' from 'B-'. Banco Procredit's SSR reflects
Fitch's view of parent support (ProCredit Holding AG&Co.KGaA's
(PCH) rated BBB/Stable) as robust; however, this rating is
constrained by Ecuador's transfer and convertibility risks captured
by the CC. Fitch's assessment of support considers the strategic
role Banco Procredit plays for ProCredit Group through its
operation, providing core products and services of the group. The
ProCredit group is an international group of development-oriented
commercial banks with a focus on Eastern Europe. Ecuador is the
group's only remaining operation in Latin America.
Banco Procredit's LT IDR (xgs) has been upgraded to 'B(xgs)' from
B-(xgs) following the upgrade of the support driven IDRs. The bank
is not rated as public-sector policy bank; however, its IDRs
incorporate assumptions of government support.
Banco Procredit's VR was affirmed at 'ccc+' and reflects the bank's
asset quality deterioration and profitability derived mainly from
the regulatory forbearance ending and as a result of increased loan
impairment charges and funding costs, respectively. Despite the
deterioration, Procredit Ecuador's metrics remain commensurate with
its rating category. The rating also incorporates the ordinary
support from its ultimate parent in terms of capitalization and
stable funding and liquidity structure.
Fitch Ratings also has affirmed Produbanco LT and ST IDRs at 'B-'
and 'B', respectively. The Rating Outlooks also was revised to
Negative from Stable following a similar rating action in Ecuador's
Sovereign Rating. Banco de la Produccion S.A. y Subsidiarias'
(Produbanco) SSR of 'ccc' reflects Fitch's view of possible
external support from its majority shareholder Promerica Financial
Corporation (PFC, 'B'/Positive; 62.2% ownership). Ability to
support is limited by the ample size of Produbanco vs. PFC (32% of
consolidated assets) and the percent of ownership given the
existence of other relevant minority shareholders, although it
plays a key role for PFC. This maintain the three notches of
Produbanco's SSS from the PFC's IDR.
Produbanco's VR was affirmed at 'b-'and reflects the bank's sound
asset quality, stable capitalization levels and an adequate funding
and liquidity structure. Its profitability performance deteriorated
slightly as a result of a lower Net Interest Margin and higher
credit costs but remains within the current rating category.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
IDRs and VR
- The IDRs are sensitive to changes in the sovereign rating,
country ceiling, or further deterioration within the local
operating environment;
- Pichincha and Guayaquil's IDRs and VR could be downgraded if
there is a significant deterioration of asset quality or
profitability lead into a sustained decline in the bank's
FCC-to-RWA ratio below 9%;
- Produbanco's VR and IDR would be downgraded if the Fitch Core
Capital to RWA ratio is sustained below 9% without a credible plan
to strengthen and restore capitalization metrics along with a
deterioration of its profitability performance;
- Banco Procredit's IDRs could be downgraded if PCH's propensity or
ability to support materially weakened. Banco Procredit's VR could
also be downgraded in the event of a sharp deterioration of the
asset quality and consequently of its profitability metrics that
would significantly reduce capital metrics;
- Austro's IDRs and VRs could be downgraded if deterioration in
asset quality or profitability leads to a sustained decrease in
Fitch Core Capital to RWAs.
GSR
- Pichincha, Guayaquil and Austro's GSR has no downgrade potential
as it is at the lowest possible level.
SSR
- Banco Procredit's SSR could be downgraded if PCH's propensity or
ability to support materially weakens.
- Produbanco' SSR could be downgraded if PCH's propensity or
ability to support materially weakens.
XGS
- The LT IDR (xgs) of Banco Procredit could be downgraded if PCH's
ability or propensity to provide support weakens, as assessed by
Fitch. The former could stem from an increase in country risks as
assessed by Fitch.
- ST ex-government support rating is primarily sensitive to changes
in the LT ex-government support ratings and could be downgraded if
the latter is downgraded and the new LT ratings map to lower
short-term ratings in accordance with Fitch's criteria.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
IDRs and VR
- Pichincha, Guayaquil, Produbanco, and Austro's upside potential
is limited. In the LT, a rating upgrade would require improved
prospects for the operating environment and a meaningful and
sustained improvement in the banks' core profitability, along with
improvement in the bank's asset quality and capitalization.
- Banco Procredit's IDR could be upgraded in the event of an
upgrade in the country ceiling and Ecuador's sovereign rating. The
VR has limited upside potential considering the still challenging
operating environment. An upgrade of Banco Procredit's VR would
also require sustainable improvements on profit ratios.
GSR
- Ecuador's propensity or ability to provide timely support to
Pichincha, Guayaquil and Austro is not likely to change given the
sovereign's low sub-investment-grade IDR. As such, the GSR has no
upgrade potential.
SSR
- Banco Procredit's SSR could be upgraded in the event of an
upgrade in the country ceiling and Ecuador's sovereign rating.
- Produbanco's SSR has limited upgrade potential over the rating
horizon, given its size and relevance relative to PFC.
XGS
- An upgrade of the LT IDR (xgs) of Banco ProCredit, which is
constrained by Ecuador's transfer and convertibility risks, would
require an upgrade of Ecuador's Country Ceiling, provided Fitch's
view on the parent bank's ability and propensity to provide support
remains otherwise unchanged.
- The short-term ex-government support ratings is primarily
sensitive to a change in the LT ex-government support rating and
could be upgraded if the latter is upgraded and the new LT rating
map to higher short-term ratings in accordance with Fitch's
criteria.
VR ADJUSTMENTS
Pichincha and Guayaquil's VR of 'b-' has been assigned below the
'b' implied VR due to the following adjustment reason: Operating
Environment (Negative).
Banco del Austro's VR of 'ccc+' has been assigned below the 'b-'
implied VR due to the following adjustment reason: Risk Profile
(negative).
Pichincha, Guayaquil, Produbanco, Austro, and Banco Procredit:
Fitch has assigned an Operating Environment score of 'ccc+' that is
below the 'bb' category implied score due to the following
adjustment reasons: Macroeconomic Stability (Negative).
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
Banco Pichincha
C.A. y
Subsidiarias LT IDR B- Affirmed B-
ST IDR B Affirmed B
Viability b- Affirmed b-
Government Support ns Affirmed ns
Banco del
Austro S.A. LT IDR CCC+ Affirmed CCC+
ST IDR C Affirmed C
Viability ccc+ Affirmed ccc+
Government Support ns Affirmed ns
Banco de la
Produccion S.A.
Produbanco y
Subsidiarias LT IDR B- Affirmed B-
ST IDR B Affirmed B
Viability b- Affirmed b-
Shareholder Support ccc Affirmed ccc
Banco Guayaquil,
S.A. LT IDR B- Affirmed B-
ST IDR B Affirmed B
Viability b- Affirmed b-
Government Support ns Affirmed ns
Banco ProCredit
S.A. LT IDR B Upgrade B-
ST IDR B Affirmed B
Viability ccc+ Affirmed ccc+
LT IDR (xgs) B(xgs)Upgrade B-(xgs)
ST IDR (xgs) B(xgs)Affirmed B(xgs)
Shareholder Support b Upgrade b-
INTERNATIONAL AIRPORT: Fitch Affirms B- Rating on $400MM Sec. Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed International Airport Finance S.A.'s
USD400 million senior secured notes at 'B-'. The Rating Outlook is
Stable. The issuance was made in connection with Corporacion
Quiport S.A. (Quiport), the concessionaire of Quito's Mariscal
Sucre International Airport.
The affirmation and Stable Outlook reflect the fact that Quiport's
credit profile remains commensurate with its current rating,
despite the Outlook revision to Negative from Stable on Ecuador's
Long-Term Foreign Currency Issuer Default Rating (LT FC IDR) of
'B-'. Quiport's ability to service its debt under severe traffic
shocks supports its Stable Outlook in light of the Negative Outlook
of Ecuador's 'B-' LT FC IDR.
The revision of Ecuador's Outlook to Negative reflects elevated
downside credit risks to Ecuador's ratings amid prolonged political
uncertainty and potential for renewed social unrest. President
Guillermo Lasso's recent disbanding of Congress could impact
investment and growth prospects. In Fitch's opinion, ongoing
governability challenges and weakening of political stability will
continue hindering the sovereign's chances of regaining market
access and may weaken its macro and fiscal trajectory relative to
'B' rated peers.
RATING RATIONALE
The rating reflects Quiport's strategic but somewhat modest traffic
base, comprising mostly origin and destination (O&D) and
leisure-oriented passenger traffic, a history of moderate
volatility, and some competition from Guayaquil's Jose Joaquin de
Olmedo International Airport, the country's second largest airport.
It also reflects a tariff setting mechanism that allows for
indexation according to increases in U.S. and Ecuadorian consumer
prices. The rated debt is fixed-rate, fully amortizing and includes
additional liquidity in the form of an offshore debt service
reserve account (DSRA) and a stand-by letter of credit (SLOC),
enough to cover 12 months of debt service.
Quiport's rating also reflects the projected financial profile
through 2025 based on Fitch's expectation of traffic recovery
combined with the company's intensive capital improvement program
and the scheduled increase in mandatory principal payments. Under
Fitch's Rating Case, minimum and average (2023-2032) debt service
coverage ratios (DSCR) are 1.0x (2024) and 1.4x, respectively.
Rating case maximum leverage, measured as net debt to cash flow
available for debt service (CFADS) is 5.1x for 2024. Credit metrics
are adequate for the assigned rating according to applicable
criteria.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Slower than expected traffic recovery below 90% in 2023, relative
to 2019 levels, or deterioration of the project's liquidity
sources;
- Further negative rating action on Ecuador's sovereign rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Clear signals of sustained traffic recovery above 97% in 2023
relative to 2019 levels;
- Actual DSCRs close to 1.1x on a sustained basis.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Prior
----------- ------ -----
International
Airport
Finance S.A.
International
Airport Finance
S.A./Senior
Secured Notes/1 LT LT B- Affirmed B-
=============
J A M A I C A
=============
JAMAICA: IDB Champions MSMEs to Lead Economic Growth
----------------------------------------------------
Jamaica Observer reports that the Inter-American Development Bank's
(IDB) top Caribbean executive Tariq Alli said that the hemispheric
bank is championing the growth of micro, small and medium-sized
enterprises (MSMEs) to drive the sustained economic growth of
Jamaica.
Pointing to IDB studies that indicate MSMEs, which number about
400,000, contributing around 44 per cent to Jamaica's gross
domestic product, Alli, the IDB country representative for Jamaica
and general manager of the Caribbean Country Department, said
businesses in the MSME group are "a real priority for the IDB,"
according to Jamaica Observer.
This, he said, is the reason for the collaboration between the bank
and the Ministry of Industry, Investment and Commerce (MIIC) on the
launch of the MSME Business Roadshow, which took place Tuesday at
IDB's Jamaica office in St Andrew, the report notes. Alli revealed
during the event that both teams have been working together on the
initiative for over a year after realizing alignment in strategies,
the report relays.
The MSME Roadshow aims to address several pain points that MSMEs
face including managing intellectual property, meeting and
maintaining standards, internationalization and exports, among
other challenges, over a two-year period, the report notes. The
IDB has provided US$250,000 or approximately $37 million toward the
project, the report says.
"It will have several services in one location for companies at
different stages in their business life cycle, from those that are
just starting to companies that just starting to export. It will
bring much-needed services to entrepreneurs in the north, south,
east and west," Alli said, the report relays.
In the first phase of the program, the MIIC and it associated
agencies will stop in Kingston, Mandeville, Ocho Rios and Montego
Bay to offer business development services to MSMEs, the report
relays.
While acknowledging that the road show will not resolve all the
challenges of MSMEs, Alli pointed out that the objective is to
"help put entrepreneurs on the right track to achieving their
financial goals, the report discloses.
"MSMEs are critical drivers to the sustained economic and social
development of Jamaica. Development cannot happen without their
growth and I think that such an initiative will make the life of
entrepreneurs a bit easier and support them as they seek success,"
the IDB official stated, the report says.
However, he argued that while the country earns international
praise and acclaim for its macroeconomic indicators continue to
improve, including significant debt reduction and developing
adequate buffers to shocks, "the day-to-day operations" of MSMEs do
not reflect that economic reality, the report notes. In this
regard, Alli welcomed the Government of Jamaica prioritising MSMEs
at the forefront of its economic development agenda and enacting
policies to support their growth, the report adds.
The report relays that At the same time, he pointed out that
working with MSMEs formed part of the IDB's country strategy of
working closer with the private sector
"A significant pillar of the IDB's country strategy [for] Jamaica
is working more closely with the private sector. This has been
echoed in conversations with the authorities, that they see the
private sector reactivation a key to leading the path to economic
growth for the country," the IDB country representative said, the
report relays.
"But we know that the private sector is more than just the big name
companies that we are well very much accustomed to — the
household names in Jamaica. It involves the very, very important
MSME space," he continued, the report notes.
The MSME Roadshow will complement the IDB's Boosting Innovation,
Growth and Entrepreneurship Ecosystem program, which is being
implemented by the Development Bank of Jamaica, the report
discloses.
Minister of Industry, Investment and Commerce Senator Aubyn Hill,
who spoke at the launch, noted that the Government of Jamaica is
aware that supporting the MSME subsector is crucial given the
important role it plays in creating jobs, strengthening
communities, and increasing contribution to macroeconomic growth
and sustainable development, the report says.
"This strategic and focused effort at engaging with and
strengthening the MSME sector, through this MIIC/IDB MSME Business
Roadshow is critical to the country's long-term economic growth. It
comes against the background of the ministry's development and
ongoing monitoring of the nation's MSME and Entrepreneurship
Policy, and our recognition that many players within the sector
face major challenges in their daily operations, thus impacting
their profitability and sustainability," he explained, the report
notes.
Among the challenges he listed were the lack of formalisation,
capacity building, upskilling, financial management and marketing
initiatives, the report says.
In tandem with the road show, the MIIC will be hosting capacity
building workshops with the Jamaica Business Development Centre in
public procurement, the report discloses.
At the same time, the MSME Roadshow will also showcase the
opportunities under the Productive Inputs Relief (PIR) for
qualifying manufacturers. The PIR is an incentive available to
qualifying manufacturers to assist with the duty-free import of raw
materials, intermediate goods, packaging materials and equipment to
go into the manufacturing process, the report relays.
Senator Hill said his ministry estimates that 816 companies have
benefited from the incentive with 202 in the last year receiving
approvals valuing around $88.5 billion, the report adds.
As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
===========
M E X I C O
===========
PETROLEOS MEXICANOS: $152.2M Bank Debt Trades at 16% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Petroleos Mexicanos
is a borrower were trading in the secondary market around 84.5
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $152.2 million facility is a Term loan that is scheduled to
mature on January 28, 2031. The amount is fully drawn and
outstanding.
Petroleos Mexicanos operates as an oil and gas exploration and
production services. The Company offers pipeline carriage,
petrochemical distributor and shipping centers, logistics, and fuel
commercialization services. Petroleos Mexicanos serves customers in
Mexico.
=====================
P U E R T O R I C O
=====================
NEONATOLOGIST ASSOCIATES: Taps Hatillo Law Office as Counsel
------------------------------------------------------------
Neonatologist Associates, PSC seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Hatillo
Law Office, PSC to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Jaime Rodriguez-Perez, Esq. $250
Paralegals $50
Law Clerks $50
The firm received a retainer of $7,262 from the Debtor.
Jaime Rodriguez-Perez, Esq., a member of Hatillo Law Office,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jaime Rodriguez-Perez, Esq.
Hatillo Law Office, PSC
P.O. Box 678
Hatillo, PR 00659
Telephone: (787) 262-4848
Email: hatillolawoffice@yahoo.com
About Neonatologist Associates
Neonatologist Associates, PSC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 23-01393) on May
9, 2023, with as much as $1 million in both assets and liabilities.
Miguel A. Suarez Villamil, president of Neonatologist Associates,
signed the petition.
Judge Maria De Los Angeles Gonzalez oversees the case.
Jaime Rodriguez-Perez, Esq., at Hatillo Law Office, PSC serves as
the Debtor's counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
CARIBBEAN AIRLINES: Improves Fuel Efficiency, Employs More Women
----------------------------------------------------------------
Trinidad and Tobago Newsday reports that fuel efficiency and
greater workplace diversity are among the achievements of Caribbean
Airlines under its sustainability program, the leading regional
carrier has announced.
The airline achieved its two per cent fuel reduction goal in fuel
usage through its "advanced and fuel-efficient 737-8 jet fleet and
other proactive initiatives," the airline said in a statement,
according to Trinidad and Tobago Newsday.
Its workforce is now 50 per cent female with 30 per cent in senior
managerial positions, it said, the report notes.
These were in keeping with the principles of the airline's
environment, social and governance (ESG) guidelines which it
launched at its head office in Piarco, the report relays.
"As a responsible corporate citizen, Caribbean Airlines is
dedicated to investing in the destinations we serve, positively
impacting the lives of people throughout the region," said Garvin
Medera, CEO of Caribbean Airlines. "The launch of our
sustainability programme symbolises our commitment to making a
difference and ensuring that our efforts are easily recognisable as
belonging to the Caribbean Airlines brand," the report notes.
The airline said it continues to make progress in reducing CO2
emissions, aligning with TT's commitment to the Paris Agreement's
goals for achievement by 2030. The efforts of its fuel management
committee led to the achievement of two per cent reduction goal,
the report discloses. The airline said it is also is fully
compliant with the International Civil Aviation Organization's
(ICAO) carbon offsetting scheme in aviation (Corsia) by
consistently submitting verified CO2 emission reports within the
annual deadline, the report says.
It also said the increase in the number of female employees
demonstrates "its commitment to gender equality and inclusivity,"
the report notes.
The company has also streamlined its corporate social
responsibility initiatives around three pillars - education,
community, and wellness, under the themes Caribbean Careers,
Caribbean Community, and Caribbean Medical Travel, the report
relays.
Caribbean Careers focuses on educating students about the career
opportunities within the aviation industry, the report discloses.
"Dedicated employees from Caribbean Airlines volunteer their time
to visit schools, sharing their experiences and motivating young
minds to pursue their dreams with passion and purpose," ther eport
relays.
Through the Caribbean Community pillar, the airline has partnered
with numerous registered non-governmental organizations to support
outreach programs that provide relief to the disadvantaged and
assist at-risk groups in society, the report notes.
Under the Caribbean Medical Travel pillar, the company works with
accredited non-profit organisations and healthcare professionals to
facilitate medical missions across the region, the report
discloses.
To provide a central platform for the sustainability program, the
airline has launched a dedicated website at
cs.caribbean-airlines.com that highlights its sustainability
initiatives and projects, the report relays.
"Caribbean Airlines remains dedicated to creating a sustainable
future while delivering exceptional service to its customers.
Through its sustainability program, the airline is actively
contributing to inspiring future generations, supporting the
betterment of the Caribbean region, and the communities it serves,"
it said, the report adds.
About Caribbean Airlines
Caribbean Airlines Limited -
http://www.caribbean-airlines.com/providespassenger airline
services in the Caribbean, South America, and North America. The
company also offers freighter services for perishables, fish and
seafood, live animals, human remains, and dangerous goods. In
addition, it operates a duty free store in Trinidad. Caribbean
Airlines Limited was founded in 2006 and is based in Piarco,
Trinidad and Tobago.
Caribbean Airlines is among many airlines whose business has been
greatly affected in 2020 by the slowdown of international travel
caused by the COVID-19 pandemic. The government of Trinidad &
Tobago guaranteed a US$65 million loan for the airline, and that
funding has helped with the airlines' cash flow shortfall since
May 2020. In September 2020, the airline related it will be
taking cost-cutting measures to help keep it afloat. The
measures, which was to affect some 1,700 employees, included salary
deductions, no-pay leaves and lay-offs.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week May 29 to June 2, 2023
------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
UEP Penonome II SA 6.5 73.6 10/01/2038 PA USD
UEP Penonome II SA 6.5 74.1 10/01/2038 PA USD
Guaranteed 5.4 73.7 01/29/2038 KY USD
Guaranteed 5.3 71.9 03/23/2038 KY USD
Helenbergh China 8 32.9 11/07/2024 KY USD
Agile Group Holdings 6.1 41 10/13/2025 KY USD
Agile Group Holdings 5.5 45 04/21/2025 KY USD
Agile Group Holdings 5.5 39.2 05/17/2026 KY USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alibaba Group 2.7 67.4 02/09/2041 KY USD
Alibaba Group 3.2 65.2 02/09/2051 KY USD
Agile Group Holdings 5.8 50.2 01/02/2025 KY USD
QNB Finance 11.5 62.1 1/30/2025 KY TRY
SYN prop e tech SA 13.6 20.3 3/15/2024 BR BRL
Yango Cayman 12 3.9 09/15/2023 KY USD
MSU Energy SA 6.9 70.8 02/01/2025 AR USD
MSU Energy SA 6.9 71.2 02/01/2025 AR USD
Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL
Jamaica Government 8.5 68.9 12/21/2061 JM JMD
Jamaica Government 6.3 72.7 07/11/2048 JM JMD
Kaisa Group Holdings 10.9 9.1 KY USD
Lani Finance 3.1 68.6 10/19/2048 KY AUD
Lani Finance 1.9 63.3 10/19/2048 KY EUR
Lani Finance 1.7 60 03/14/2049 KY EUR
Lani Finance 1.9 62.3 09/20/2048 KY EUR
QNB Finance 3.4 75.4 10/21/2039 KY AUD
QNB Finance 13.5 55.7 10/06/2025 KY TRY
QNB Finance 2.9 75.3 12/04/2035 KY AUD
Ruta del Maipo 2.3 53.5 12/15/2024 CL CLP
Santander Consumer 2.9 73.1 11/27/2034 CL AUD
Seagate HDD Cayman 3.4 73.4 07/15/2031 KY USD
Seazen Group 4.5 63.6 07/13/2025 KY USD
Silk Road Investments 2.9 68.8 01/23/2042 KY AUD
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Skylark 1.8 58.2 04/04/2039 KY GBP
YPF SA 1 69.8 01/10/2026 AR USD
YPF SA 7 61.6 12/15/2047 AR USD
YPF SA 7 61 12/15/2047 AR USD
Fospar S/A 6.5 1.3 05/15/2026 BR BRL
Frigorifico 7.7 71.1 07/21/2028 PY USD
Frigorifico 7.7 71.4 07/21/2028 PY USD
Galaxy Digital 3 62.5 12/15/2026 KY USD
Generacion 9.9 73.1 12/01/2027 AR USD
Generacion 12.5 0 02/16/2024 AR USD
Gol Finance Inc 8.8 40.5 KY USD
Gol Finance Inc 8.8 42 KY USD
Goldman Sachs 2.3 75.9 06/30/2040 KY EUR
Greenland Hong Kong 10.2 45.9 KY USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Tencent Holdings 3.2 66.2 06/03/2050 KY USD
Tencent Holdings 3.2 66.5 06/03/2050 KY USD
Tencent Holdings 3.3 63 06/03/2060 KY USD
Tencent Holdings 3.3 63.5 06/03/2060 KY USD
Three Gorges Finance 3.2 74.2 10/16/2049 KY USD
VTR Comunicaciones 5.1 55.3 01/15/2028 CL USD
VTR Comunicaciones 5.1 53.6 01/15/2028 CL USD
VTR Comunicaciones 4.4 54.4 04/15/2029 CL USD
VTR Comunicaciones 4.4 54.5 04/15/2029 CL USD
Banco del Estado 3.1 72.5 02/21/2040 CL AUD
Banco del Estado de 1.7 70 03/01/2032 CL EUR
Banco del Estado 2.8 68.9 03/13/2040 CL AUD
Banco del Estado 1.7 69.2 07/05/2032 CL EUR
Banco GNB Sudameris 7.5 73.3 04/16/2031 CO USD
Banco GNB Sudameris 7.5 73.4 04/16/2031 CO USD
Banco Santander Chile 1.3 57.6 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.3 02/28/2039 CL AUD
Panama Bond 4.5 73.5 01/19/2063 PA USD
Panama Bond 4.3 74.8 04/29/2053 PA USD
Panama Bond 3.9 66.8 07/23/2060 PA USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Pearl Holding III 9 30.5 10/22/2025 KY USD
Peruvian Bond 3.6 68.6 01/15/2072 PE USD
Peruvian Bond 2 69.5 11/17/2036 PE EUR
Peruvian Bond 2.8 61.1 12/01/2060 PE USD
Peruvian Bond 1.3 72.1 03/11/2033 PE EUR
Peruvian Bond 3.2 60.9 07/28/2121 PE USD
Vista Energy 1 73 03/03/2028 AR USD
Voyager II 3.3 74.3 03/23/2034 KY AUD
Transocean Inc 6.8 67.6 03/15/2038 KY USD
Inversiones Latin 5.1 44.6 06/15/2033 CL USD
Inversiones Latin 5.1 44.8 06/15/2033 CL USD
KWG Group Holdings 7.4 15.8 01/13/2027 KY USD
KWG Group Holdings 6 40.8 01/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 02/13/2026 KY USD
KWG Group Holdings 7.4 26.5 03/05/2024 KY USD
KWG Group Holdings 6 19.4 08/10/2025 KY USD
KWG Group Holdings 6 16.8 08/14/2026 KY USD
KWG Group Holdings 7.9 27.5 08/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
Telecom Argentina SA 1 56.5 02/10/2028 AR USD
Telecom Argentina SA 1 64.2 03/09/2027 AR USD
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 3.9 54.8 02/15/2061 CO USD
Colombia Bond 4.1 61.9 02/22/2042 CO USD
Colombia Bond 5.6 72.7 02/26/2044 CO USD
Colombia Bond 3.1 74 04/15/2031 CO USD
Colombia Bond 3.3 72.1 04/22/2032 CO USD
Colombia Bond 5.2 67.3 05/15/2049 CO USD
Colombia Bond 4.1 58.8 05/15/2051 CO USD
Colombia Bond 5 66.9 06/15/2045 CO USD
Colombia Bond 6.3 63 07/09/2036 CO COP
Colombia Bond 6.3 63 07/09/2036 CO COP
Banco Davivienda SA 6.7 66.5 CO USD
Banco de Chile 2.7 75.4 03/09/2035 CL AUD
Banco de Chile 1.7 69.5 04/26/2032 CL EUR
Chile Bond 1.3 52 01/22/2051 CL EUR
Chile Bond 3.1 66.9 01/22/2061 CL USD
Chile Bond 1.3 65.4 01/29/2040 CL EUR
Chile Bond 1.3 71.2 07/26/2036 CL EUR
Chile Bond 3.3 66.6 09/21/2071 CL USD
China Maple Leaf 2.3 75 01/27/2026 KY USD
China SCE Group 6 29 02/04/2026 KY USD
China SCE Group 7.4 56.2 04/09/2024 KY USD
China SCE Group 7 35.2 05/02/2025 KY USD
China SCE Group 6 42.9 09/29/2024 KY USD
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Earls Eight 2.3 75.2 05/20/2032 KY AUD
Earls Eight 1.7 71.4 06/20/2032 KY AUD
Ecopetrol SA 4.6 75 11/02/2031 CO USD
Ecopetrol SA 5.9 63.9 11/02/2051 CO USD
Ecopetrol SA 5.9 65.5 05/28/2045 CO USD
eHi Car Services 7 64.9 09/21/2026 KY USD
El Salvador Bond 6.4 62.3 01/18/2027 SV USD
El Salvador Bond 6.4 62 01/18/2027 SV USD
El Salvador Bond 7.1 48.5 01/20/2050 SV USD
El Salvador Bond 7.1 48.6 01/20/2050 SV USD
El Salvador Bond 5.9 46 01/30/2025 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 8.6 58.1 02/28/2029 SV USD
El Salvador Bond 8.6 57.9 02/28/2029 SV USD
El Salvador Bond 8.3 56.4 04/10/2032 SV USD
El Salvador Bond 8.3 56.3 04/10/2032 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 9.5 54.6 07/15/2052 SV USD
El Salvador Bond 9.5 54.5 07/15/2052 SV USD
El Salvador Bond 7.6 49.9 09/21/2034 SV USD
El Salvador Bond 7.6 50 09/21/2034 SV USD
Banda de Couro 8 69.1 01/15/2027 BR BRL
Alibaba Group 3.3 63 02/09/2061 KY USD
AMTD IDEA Group 4.5 52.5 KY SGD
AAC Technologies 3.8 68.6 06/02/2031 KY USD
ACEN Finance 4 70.9 KY USD
AES Tiete 6.8 0.7 04/15/2024 BR BRL
Agile Group Holdings 13.5 40.7 KY USD
Agile Group Holdings 8.4 38.1 KY USD
Agile Group Holdings 7.9 31 KY USD
Argentina Bonar Bonds 1 19.8 7/09/2029 AR USD
Argentina Bonar Bonds 1 27.5 08/05/2023 AR USD
Argentina Treasury 2.5 25.3 11/30/2031 AR ARS
Argentine Bond 0.5 19.5 07/09/2029 AR EUR
Argentine Bond 1 23.7 07/09/2029 AR USD
Argentine Bond 0.1 21.5 07/09/2030 AR EUR
Argentine Bonos 16 72.6 10/17/2023 AR ARS
Argentine Bonos 15.5 22.2 10/17/2026 AR ARS
Ascent Finance 3.4 58.4 02/06/2043 KY AUD
Ascent Finance 3.8 59.8 06/28/2047 KY AUD
Ascent Finance 1.2 61.4 07/12/2047 KY EUR
Astra Cumulative 1.5 60.6 11/01/2029 KY 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 2023. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *