/raid1/www/Hosts/bankrupt/TCRLA_Public/230921.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

          Thursday, September 21, 2023, Vol. 24, No. 190

                           Headlines



A R G E N T I N A

ARGENTINA: Inflation Hits 124% as Cost-of-Living Crisis Spreads


C O L O M B I A

GRAN TIERRA: S&P Affirms 'B' Issuer Credit Rating, Outlook Pos.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Senate OKs Tax Exemptions for Luxury Vessels


H O N D U R A S

HONDURAS: IDB Approves $20MM Aid in Response to Hurricane Julia


J A M A I C A

CARIBBEAN CEMENT: To Export as Local Market Sends Mixed Signals
NCB FINANCIAL: No Settlement Yet With Former Top Bosses


P A N A M A

MULTIBANK INC: Moody's Affirms 'Ba1' Deposit & Unsec. Debt Ratings


X X X X X X X X

LATAM: Currencies Surge Amid Global Upswings

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Inflation Hits 124% as Cost-of-Living Crisis Spreads
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
annual inflation rate shot up to 124.4% in August after a sharp
devaluation of the peso currency, with a 12.4% rise in the month
the fastest since 1991, which is driving a painful cost-of-living
crisis in the South American country.

The soaring prices, which rose more than expected, are forcing
hard-hit shoppers to run a daily gauntlet to find deals and cheaper
options as price hikes leave big differences from one shop to the
next, with scattered discounts to lure shoppers, according to
globalinsolvency.com.

The August monthly inflation reading - a figure that would be
eye-watering even as an annual figure in most countries worldwide -
is pushing poverty levels past 40% and stoking anger at the
traditional political elite ahead of October elections, the report
notes.

"It's so hard. Each day things costs a little more, it's like
always racing against the clock, searching and searching," said
Laura Celiz as she shopped for groceries in Tapiales on the
outskirts of Buenos Aires, the report relays.

"You buy whatever is cheaper in one place and go to the next place
and buy something else." Her husband, Fernando Cabrera, 59, was
doing sums on a calculator to compare fruit and vegetable prices,
the report discloses.

"In this way we try to beat inflation or at least compete with it a
little," he added. Argentina is caught in a cycle of economic
crises, with a major loss of confidence in the peso driving steady
depreciation, triple-digit inflation, negative central bank
reserves and a flagging economy due to drought hitting farming, the
report says.

The country is also battling to salvage a $44 billion deal with the
International Monetary Fund (IMF) and facing the prospect of a $16
billion legal bill after a U.S. court ruling related to the state
takeover of energy firm YPF a decade ago, the report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of its rated bond issues are affected.

S&P said the negative outlook on the long-term ratings is based
on the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among
the opposition, constrain the sovereign's ability to implement
timely changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default event of some sort appears probable in the coming years,
regardless of the outcome of upcoming elections. The affirmation of
the LC IDR at 'CCC-' follows the peso debt swap in June that Fitch
did not deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.




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C O L O M B I A
===============

GRAN TIERRA: S&P Affirms 'B' Issuer Credit Rating, Outlook Pos.
---------------------------------------------------------------
S&P Global Ratings, on Sept. 19, 2023, affirmed its 'B' issuer
credit rating on Colombia-based oil and gas producer Gran Tierra
Energy Inc. (GTE) and assigned its 'B' issue-level rating to its
proposed amortizing senior secured bond due 2029.

S&P also placed its 'B' issue-level rating on the company's senior
unsecured debt on CreditWatch with negative implications given the
higher risk of subordination in the next 90 days.

The positive outlook on GTE continues to reflect that S&P expects
its production to increase towards 35,000 barrels of oil equivalent
per day (boepd) in the next 12 to 18 months, while it benefits from
rising crude oil prices and keeps leverage below 2.0x.

GTE announced its plans to exchange part or all of its existing
senior unsecured notes due 2025 and 2027 for the proposed 9.5%
senior secured notes due 2029 with scheduled amortizations for up
to $539.7 million. S&P said, "In our view, this refinancing will
allow for more manageable maturities through 2026 and 2029 to
reduce total debt. GTE should also benefit from its increasing
operating cash flow and lack of expected major investment
commitments in the next two years. Once the transaction concludes,
we expect GTE's weighted average maturity (WAM) to strengthen to
longer than four years (versus three years as of June 30, 2023)."

S&P said, "We anticipate that GTE will benefit from consistent
operating netbacks of about $60.0 per barrel in the next 12 to 18
months, equivalent to a 79.5% netback margin (versus a 75.7%
netback margin in 2022). This, together with no additional debt
expected for the company, will allow GTE to maintain debt to EBITDA
at about 1.5x. We think the company's refinancing strategy is
focused on debt repayment while oil prices remain stable and before
growth opportunities come along that require higher investments.

"Our base-case scenario includes the company's production growth to
34,000 boepd in the next 12 months and about 36,000 boepd by the
end of 2024. These production levels would be similar to
higher-rated peers such as Geopark Ltd. (B+/Stable/--), which
produces about 36,580 boepd as of June 30, 2023. If this
materializes, we could upgrade GTE within the next 18 months.

"The Colombian government approved tax reform, especially in terms
of the oil and gas industry. We have analyzed the expected effects
that these changes will have on GTE's financial risk profile,
considering current oil prices of about $85 per barrel in 2023 and
2024.

"We think the company's tax payment will increase about 15.0%, but
without material negative implications to its credit metrics. We
continue to expect debt to EBITDA to average 1.5x for the next 24
months."




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Senate OKs Tax Exemptions for Luxury Vessels
----------------------------------------------------------------
Dominican Today reports that in a second reading, the Senate has
granted approval to a contentious bill that offers tax exemptions
to a specific category of luxury vessels, encompassing yachts and
sailboats.

The approved project, which was passed during an extraordinary
Senate session, stipulates that yachts, competitive yachts,
motorboats, personal watercraft like jet skis, sailing boats, and
other similar vessels will be exempt from taxes for a period of ten
years, commencing from the date of the law's promulgation,
according to Dominican Today.

This initiative, introduced by Senators Alexis Victoria Yeb and
Ginette Bournigal, also outlines that investments made in
infrastructure developments intended to promote recreational
nautical tourism will enjoy tax benefits, the report notes.
Article 48 of the project further exempts real estate taxes on land
and improvements utilized in nautical activities, the report
relays.

Paragraph two of article 48 specifically states, "Complete
exemption from import duties, contributions, or liens applicable to
the importation of materials, equipment, furniture, and accessories
used in the construction, renovation, and commercial outfitting of
the service activity or products associated with recreational
nautical tourism," the report discloses.

Supporters of the project argued that the Dominican Republic
possesses significant potential to harness recreational nautical
tourism, citing the country's unique geographical advantage, with
75% of its border adjacent to the sea, the report says.

The bill's objectives underscore promoting nautical tourism by
establishing regulations governing navigation and nautical
equipment for recreational, private, and commercial purposes, the
report notes.

The legislation excludes maritime vessels engaged in commerce,
scientific research vessels, artisanal fishing vessels, and
auxiliary port vessels from its provisions, the report says.

The proposal will now move forward for consideration in the Chamber
of Deputies, 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.

As reported in the Troubled Company Reporter - Latin America on
Sept. 15, 2023, S&P Global Ratings assigned its 'BB' issue rating
to the Dominican Republic's 11.25% Dominican peso (DOP) linked bond
for DOP71 billion (equivalent to US$1.25 billion) maturing in 2035.
The rating on the bond is the same as the long-term local currency
sovereign credit rating on the Dominican Republic (BB/Stable/B).
The country used about 57% of the DOP-linked bond to roll over a
peso-denominated bond maturing in 2026, and will use the rest of
the proceeds for general budgetary purposes.

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.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.




===============
H O N D U R A S
===============

HONDURAS: IDB Approves $20MM Aid in Response to Hurricane Julia
---------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $20 million
emergency program for Honduras to help mend the destruction from
Hurricane Julia, which caused widespread flooding in the country in
October 2022.

The program's goal is to rebuild part of the road, social, and
flood protection infrastructure that was damaged by this weather
event. The storm affected nearly 200 municipalities throughout the
country and killed four people. It destroyed houses, bridges, and
highways and dealt a major blow to the economy's productive
sectors.

This program, which is approved by the IDB's Executive Board of
Directors, aims to help those affected by the floods resume their
normal social and economic activities and allow them to regain
access to basic public services.

The resources will fund activities that benefit families and the
economy in areas impacted by the flood, like repairing around 100
sections of main national highways, secondary roads, and local
roads, as well as approximately 30 bridges, box culvert bridges,
and fords. The program will also overhaul flood control works
(levees and canals) damaged by the storm and social services like
schools and drinking water systems. The program will directly
benefit an estimated 1.23 million people.




=============
J A M A I C A
=============

CARIBBEAN CEMENT: To Export as Local Market Sends Mixed Signals
---------------------------------------------------------------
David Rose at Jamaica Observer reports that despite a slight
reduction in cement volumes during the first half of the year,
Caribbean Cement Company Limited (CCC) is looking to grow its
export business with its additional spare capacity.

This was revealed by Managing Director Yago Castro at the company's
virtual annual general meeting (AGM), according to Jamaica
Observer.  He noted that while volumes were down two to three per
cent year-to-date, the company would have had its annual shutdown
in January relative to the September/October timelines that would
have impacted comparative numbers, the report notes.  CCC produced
957,204 tonnes of cement in 2022 which was two per cent lower than
the record 979,297 tonnes produced in 2021, the report relays.  CCC
exported $41.96 million worth of cement in 2022 and sold 960 tonnes
in 2021 to the export markets, the report notes.

"We are more than capable to fully supply all the needs of Jamaica
today.  We're starting to target other export markets to allocate
the spare capacity.  We'll be doing our first exportation of cement
to some Caribbean island and that will happen as soon as the 15th
of September.  That's a real game-changer and also an example of
how big our spare capacity is right now as the company has been
able to upgrade the production output," Castro said in response to
queries about volumes in 2023, the report discloses.  The Caribbean
country to which the shipment will go is Turks and Caicos, the
report notes.

Caribbean Cement is looking to significantly increase its exports
following the planned US$40-million (US$6.18-billion) expansion of
its facilities to grow its production capacity by 30 per cent, the
report says.  The original timeline was for the first half of 2024,
but the new timeline has been moved to the first quarter of 2025
based on the company planning to complete the necessary connections
during the general shutdowns, the report says.

"The project is coming along very well. I was meeting with a team
of more than 20 engineers that Cemex has sent from Mexico. They are
working on pushing forward the project. The project will be very
well-advanced next year and will likely have to wait until the
beginning of 2025. It's precisely that time frame why we're going
to do the general shutdown of the kiln in 2025," Castro explained,
the report discloses.

CCC's sales peaked at $25 billion in 2022 with its net profit
jumping 24 per cent to $5.38 billion. This improved performance
allowed for the company to clear its bank debt and pay $1.5032 per
share or a $1.28-billion dividend, the first payment in 17 years,
the report says.

When Castro was asked how the multibillion-dollar expansion would
be financed, he said, "The company is financially wise in a very
strong situation.  So, zero worries about how we're going to
structure the financing of the project. We have internally the
resources to do it.  It might be that the company decides to use
some bank debt.  We have corporate finance guys who are designing
the optimal financing structure to fund a project like this," the
report relays

CCC had $2 billion (US$12.7 million) in a deposit investment
account with Cemex Innovation Holdings and $715.73 million in cash
at the end of the second quarter, the report notes.

Higher cement prices and a five per cent rise in sequential
quarterly sales pushed revenue for the second quarter up 12 per
cent to $7.48 billion, the report notes.  A reduction in fuel costs
and operating expenses resulted in net profit rising 49 per cent to
$2.16 billion, the report discloses.

For the six-month period, revenue was marginally up to $14.28
billion, but net profit was down 20 per cent to $2.45 billion as it
incurred higher costs related to the January shutdown, the report
relays.  Earnings per share was down from $3.57 to $2.87.

Total assets increased seven per cent to $31.49 billion with
current assets rising 34 per cent to $8.66 billion, the report
notes.  Total liabilities and shareholders' equity closed the
period at $9.06 billion and $22.43 billion, respectively, the
report says.

CCC's share price marginally increased to $50.84 which pushed the
company's market capitalisation to $43.27 billion, the report
notes.  However, the stock price is down 16 per cent year-to-date.
Shareholders on record as of August 24 are set to receive a $1.8976
dividend or $1.62 billion on October 6 following the approval of
the resolution at the AGM, the report says.

The decline in cement sales has been attributed to the slowdown in
self-construction customers that buy bagged cement, the report
discloses.  However, the significant jump in high rises and hotel
rooms continue to remain robust, the report relays.

"We're seeing a slight decline in the cement sales in the first
half of 2023. At the same time, we're seeing very robust growth and
you can see it out there with the high-rise buildings and hotels.
Retail is very important in Jamaica and we're very bullish about
the country," Castro closed, the report adds.

                     About Caribbean Cement

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.  

As reported in the Troubled Company Reporter-Latin America in
August 2021, Jamaica Observer  relayed that after enduring years of
sluggish results and a mountain of debt, Caribbean Cement has
shrunk its long-term debt from $11.39 billion in 2018 to $500
million as at June 30, 2021.  At the same time, the company
reported $3.09 billion in net profit over the six months which
ended June 30. Its profit for all of 2020 was $3.2 billion.  The
performance is coming off a challenging decade for the cement
producer which included four consecutive years of losses from 2009
to 2013.


NCB FINANCIAL: No Settlement Yet With Former Top Bosses
-------------------------------------------------------
Jamaica Observer reports that the NCB Financial Group is yet to
complete negotiations with its former president and CEO Patrick
Hylton and his deputy, Dennis Cohen, over the settlement in
relation to their separation from the company.

At the centre of the negotiations is the size of the separation
package for the two men who served the financial conglomerate for
the last two decades, including what value the company should
compensate the men for shares they were asked to surrender in July
2021, according to Jamaica Observer.

Both men were asked to surrender 95.1 million shares valued at
$13.8 billion at the time with the understanding that, over time,
they would recoup that value, the report notes.

Some were recouped in compensation for both men to the tune of $3.6
billion in the last financial year, the report relays.

Hylton told the Jamaica Observer in July this year that he and
Cohen were asked to consider amendments to their compensation and
both made certain proposals in that regard, the report notes.

However, with no agreement reached, both men were initially sent on
a three-week vacation leave on July 17 during which time they were
informed they would be separated from the company with negotiations
started to facilitate that, while an interim CEO, Robert Almeida,
was appointed, the report discloses.

"We are in the middle of negotiations still.  We still have not yet
completed it, but I am optimistic that we will come to an agreement
that is mutually acceptable to them and to the institution,"
Michael Lee-Chin, the NCB Financial Group chairman, told the
Business Observer, the report says.

The point of contention is what value to compensate Hylton and
Cohen for the shares given they are valued at $6.6 billion now,
roughly half the $13.8 billion they were valued over two years ago,
the report notes.

Lee-Chin would not be drawn on what an 'acceptable' separation
package will look like for the institution or when negotiations
could be completed, but instead reiterated, "we are negotiating,"
when asked for more clarity, the report says.  He said he hopes the
negotiations will be wrapped up soon, but said that depends on the
other parties, the report adds.




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P A N A M A
===========

MULTIBANK INC: Moody's Affirms 'Ba1' Deposit & Unsec. Debt Ratings
------------------------------------------------------------------
Moody's Investors Service has affirmed Multibank, Inc.'s long- and
short-term foreign currency deposit ratings at Ba1 and Not Prime,
respectively, and its foreign currency senior unsecured debt rating
at Ba1. The rating agency has also affirmed the bank's long- and
short-term foreign currency Counterparty Risk Ratings at Baa3 and
Prime-3, respectively, and long- and short-term Counterparty Risk
Assessments at Baa3(cr) and Prime-3(cr), respectively.
Concurrently, Moody's downgraded the bank's Baseline Credit
Assessment (BCA) to ba2, from ba1, and affirmed its Adjusted BCA at
ba1. The outlook on the long-term deposit and senior unsecured debt
ratings remained stable.

RATINGS RATIONALE

The downgrade to Multibank's BCA reflects the deterioration of the
bank's asset quality metrics over the past six quarters that driven
from its highly concentrated portfolio in the construction segment
challenged over the past three years. In June 2023, problem loan
ratio, measured as loans classified as Stage 3 (IFRS9), stood at
8.3% of gross loans, significantly above the 4.8% at the end of
2021, and above that of its Panamanian peer average. This
deterioration resulted from the transfer of certain corporate
exposures in the construction sector to Stage 3 classification, a
conservative measure while the restructuring and monitoring process
is completed. Despite recent reinforcement in provisions for loan
losses, Multibank continues to maintain low loan loss reserve
buffer that covered just 25% stage 3 loans as of June 2023, and 72%
when considered the 90-day nonperforming loans. That said,
Multibank maintains adequate collateral and LTV ratios. Moody's
expects Multibank's asset risks to remain high in the next 12 to 18
months amid moderating economic activity in 2023 and 2024 in Panama
that will further pressure borrowers' repayment capacity.

Multibank's profitability remain subdued in the first six months of
2023 with net income to tangible banking assets falling to 0.05% in
June 2023, down from 0.4% average over the last two years. The
bank's financial performance was affected by a combination of
higher loan loss provisioning and moderate credit growth, while the
bank was also impacted by a sharp increase of funding costs.
Moody's foresees that profitability will tight because of higher
for costs of funds, moderate loan origination as the bank continues
to adopt conservative underwriting policies to address asset risk
pressures.

As a medium-sized bank, Multibank is largely funded by market-based
resources, which accounted for 28% of tangible banking assets in
June 2023, with a low participation in the system's core deposits
compared to peers in Panama. In February 2023, the bank issued a
new 5-year $300 million senior unsecured bond following the
maturity of a same size senior notes in November 2022, but at much
higher cost amid tighter financial markets. Moody's expects that
increases in funding costs will soften in the outlook horizon, as
the bank continues to focus on a funding diversification strategy
that will help to enhance its deposit franchise while replacing
expensive credit lines with other commercial banks by core deposits
from individual customers.

Capital is a key credit driver on Multibank's ba2 BCA supported by
full earnings retention in the past two years and limited credit
risk growth. In June 2023 the bank's tangible common equity stood
at around 14.3% of risk-weighted assets, Moody's preferred capital
metric, in line with historic levels. Moody's expects that the
bank's capitalization will remain a credit strength supported by a
conservative dividend policy and a mild expansion of its loan
book.

The affirmation of Multibank's Ba1 long-term deposit and debt
ratings reflects Moody's assessment of a very high probability of
support from its ultimate parent, Banco de Bogota S.A. (Baa2
stable, ba1), which results in one notch of uplift from the bank's
ba2 BCA.

The stable outlook on Multibank's ratings is based on Moody's
expectation that the bank's capitalization and its highly
collateralized portfolio will continue to offset the credit risks
stemming from its elevated asset-risk metrics, while its
profitability gradually recovers.

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

An upgrade of Multibank's rating would arise if the bank reports
sustainable and material improvement in the level of problem loans,
combined with an increase in loan loss reserve coverage that would
support the loss absorption capacity. Upward pressures to the BCA
would also depend on the bank's ability to enhance its funding
profile by adding more granular and lower cost resources that would
help to improve margins and earnings profile, and ultimately
benefiting capital ratios.

Conversely, the ratings could be downgraded in case further
weakening in the bank's asset quality metrics, resulting in higher
credit losses, which would in turn, impair profitability and
capital buffers.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




===============
X X X X X X X X
===============

LATAM: Currencies Surge Amid Global Upswings
--------------------------------------------
Richard Mann at Rio Times Online reports that emerging market
currencies are having a strong week, thanks mostly to Latin
American money.  European currencies trimmed losses, according to
Rio Times Online.

Brazil, Colombia, and Mexico saw their currencies rise, the report
notes.  These countries offer high interest rates, attracting
risk-friendly investors, the report relays.

These gains follow new U.S. inflation data and signs of a stable
economy in China. In contrast, Peru's Sol weakened as the country's
central bank eased monetary policy, the report says.

Hungarian, Czech, Bulgarian, and Romanian currencies went up, the
report notes.  However, these currencies faced issues due to the
Euro's recent behavior, the report adds.



                           *********


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.

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of the same firm for the term of the initial subscription or
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