/raid1/www/Hosts/bankrupt/TCRLA_Public/231017.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
Tuesday, October 17, 2023, Vol. 24, No. 208
Headlines
A R G E N T I N A
ARGENTINA: Bank Raises Interest Rate to 145% as Peso Falters
ARGENTINA: Economy to Contract 2.5% This Year, IMF Says
TELECOM ARGENTINA: Fitch Gives B Rating on New $100MM Unsec. Notes
TELECOM ARGENTINA: Moody's Rates New $100MM Unsecured Notes 'Caa3'
TELECOM ARGENTINA: S&P Rates New $100MM Sr. Unsecured Notes 'CCC-'
YPF SA: Argentina Appeals US$16-Bil. Payout Order for Expropriation
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: EU Rejects Fewer Products
DOMINICAN REPUBLIC: Reports 84% Increase in Budget for Non-Profits
DOMINICAN REPUBLIC: Seeks to Remove Sugar Tariffs
P U E R T O R I C O
GRUPO HIMA: Court Approves $7MM DIP Loan From Alter Domus
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A R G E N T I N A
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ARGENTINA: Bank Raises Interest Rate to 145% as Peso Falters
------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
central bank raised the country's benchmark interest rate to 145%
from 118%, a source close to the matter told Reuters, as the South
American country battles triple-digit annual inflation.
The hike follows the rapid freefall of Argentina's peso, with the
currency surpassing the psychological barrier of 1,000 pesos per
U.S. dollar earlier with less than two weeks before a crucial
presidential election, according to globalinsolvency.com.
Inflation has sapped wages and savings and pushed two out of every
five people in Argentina below the poverty line as the country
prepares to vote in general elections scheduled for October 22, the
report notes. Argentina's monthly inflation rate stood at 12.7% in
September, according to data from the country's statistics agency
released, landing above a Reuters poll forecast of 11.5%, the
report relays. That brought the annual inflation rate to 138.3%,
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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.
ARGENTINA: Economy to Contract 2.5% This Year, IMF Says
-------------------------------------------------------
Buenos Aires Times reports that Argentina's economy will contract
2.5 percent this year and inflation will end the year at 121.7
percent, according to a new forecast by the International Monetary
Fund (IMF).
By then, the cost of living will then have risen 135.7 percent from
the previous year and unemployment will rise to 7.4 percent, the
multilateral lender said, according to Buenos Aires Times.
The estimates come from the IMF's latest World Economic Outlook
report, which was published at this year's annual meeting in
Morocco. The revised forecasts are the first issued since the
August devaluation of the peso - reportedly an imposition by the
organization to authorize a disbursement of US$7.5 billion from
Argentina's record US$44.5-billion credit program, the report
notes.
The IMF forecasts are more optimistic than those offered by local
consultants, many of whom estimate a contraction of 3.5 percent of
gross domestic product this year and a distinctly higher inflation
rate, the report discloses.
The most recent survey of market expectations by the Central Bank
predicted that consumer prices will rise 170 percent this year, the
report discloses. In contrast, the IMF said that measured "end to
end" inflation will reach 135.7 percent, while measured on average
it will be 121.7 percent, the report relays.
Outlook for 2024
For the coming year, the IMF forecasts an improvement in economic
activity of 2.8 percent, likely recovering all that will be lost
this year, the report notes.
On the basis of a lower level of activity in the second half of the
year as a result of the recession, the IMF calculates that
unemployment will be 7.4 percent, but next year with the
improvement in activity it would be reduced to 7.2 percent, the
report relays.
It should be noted that most private analysts also expect the
economy to grow in 2024 as the effects of the drought are overcome
and additional dollars are expected to come in from the energy
sector, the report discloses.
However, Argentina's economic outlook and approach to inflation
could be shifted dramatically by whoever wins the election on
October 22, the report says.
The IMF paper published makes no reference to Argentina's fiscal
deficit, which the government wants to keep to 1.9 percent of GDP
in line with targets stated in the IMF program, the report relays.
The work is also based on the fact that Argentina will maintain an
agreement with the organisation and that there will not be a
default placing the country outside the global financial network,
the report notes.
The IMF is holding its Annual Summit in Marrakech. Unlike in
previous years, Economy Minister Sergio Massa will not be
travelling due to the ongoing election campaign, the report
discloses. He is likely to be represented in Morocco by his deputy
minister Gabriel Rubinstein. Central Bank Governor Miguel Pesce
will be in attendance, the report relays.
Regional Forecasts
For the IMF, Latin American and Caribbean as a whole will grow 2.3
percent this year in GDP terms, 0.4 percentage points more than
forecast in July, the report says.
The lender also improved the forecasts for Brazil, which will grow
3.1 percent (one percentage point more than estimated in July) and
Mexico, whose economy will expand 3.2 percent (0.6 percentage
points), the report relays.
Globally, the institution maintained its global growth forecast of
three percent for 2023, and cut its 2024 forecast by one tenth of a
percentage point to 2.9 percent, compared to July's estimate, 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.
TELECOM ARGENTINA: Fitch Gives B Rating on New $100MM Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a long-term rating of 'B'/'RR3' to
Telecom Argentina S.A.'s proposed approximate USD100 million senior
unsecured notes issuance due October 2025. The proceeds will be
used to fund the company's bid in the upcoming 5G spectrum auction
in Argentina.
Telecom Argentina's ratings reflect Fitch's expectation that the
company will be able to continue passing along the effects of
inflation as Argentinian courts continue to extend an injunction
against price freezes. The majority of the company's operations and
assets are in Argentina, an operating environment (OE)
characterized by macroeconomic instability. The company has
historically demonstrated an ability to pass through the majority
of inflation effects to consumers, somewhat blunting macroeconomic
concerns.
The company benefits from a robust financial and operational
profile, underpinned by its operational cash flow generation,
relatively conservative capital structure, and strong competitive
position in both fixed and mobile services.
KEY RATING DRIVERS
Country Ceiling Limits Foreign Currency Ratings: Telecom
Argentina's Long-Term Foreign Currency Issuer Default Rating (IDR)
is constrained by Argentina's 'B-' Country Ceiling. Fitch believes
the company's default would most likely be driven by transfer and
convertibility restrictions, not by a material deterioration of the
company's operating profile.
Strong Operator, Weak Operating Environment (OE): Telecom Argentina
is the country's leading integrated operator, with strong
competitive positions in both fixed and mobile services. The
company's strong product offerings and brand recognition support
its robust cash flow. The company has historically weathered the
turbulent macroeconomic environment by increasing service prices to
offset rising operating expenses, enabling it to maintain strong
credit metrics.
Courts Maintain Price-Setting Independence: In 2021, Argentine
courts ruled in favor of Telecom Argentina and against Ente
Nacional de Comunicaciones (ENACOM) regarding the company's ability
to raise prices with inflation, following government efforts to
freeze or control telecom service prices. The courts have since
continued to extend the injunction against price freezes, most
recently in August 2023, for an additional six months.
Telecom Argentina has continued to raise prices quarterly, albeit
at a rate below prevailing inflation over the last two years given
higher than anticipated realized inflation and some competitive
pressures. Since 2H22, the company has successfully increased the
frequency of raising its prices to more closely match inflation and
has been implementing price increases on a monthly basis since
March 2023. Fitch expects the company to continue increasing prices
as necessary to pass through the majority of inflation. This should
allow the company to maintain a healthy EBITDA margin near 30% over
the rating horizon.
Financial Profile in Line with IG Peers: Telecom Argentina's
financial structure ranks among the strongest of Fitch-rated
telecom companies in the region, due to the company's conservative
capital structure and positive cash flow. Fitch forecasts net
debt/EBITDA to range between 2.1x and 2.4x over the rating horizon,
in line with stronger investment-grade (IG) operators throughout
the region. Fitch estimates the company will refinance upcoming
maturities over the medium term as necessary and maintain debt
around USD2.2 billion.
DERIVATION SUMMARY
The speculative ratings of Telecom Argentina compare with those of
other Argentine issuers YPF S.A. (CCC-) and Arcor S.A.I.C.
(B/Stable) that have solid business and capital structures but
whose ratings are restricted by the difficulties of operating in
Argentina amid high inflation and government imposed capital
controls. Arcor's ratings are higher than those of YPF and Telecom
Argentina due to its operations in Brazil and the cash it holds
abroad in its foreign subsidiaries.
The company's business and financial profile are in line, or
superior to, regional IG telecom operators including Telefonica
Moviles Chile S.A. (BBB-/Stable), Empresa Nacional de
Telecomunicaciones S.A. (BBB/Stable), and Colombia
Telecomunicaciones (BBB-/Negative). Telecom Argentina has either a
more conservative capital structure, or a stronger market position,
or both. Ultimately, both the Foreign Currency (FC) and Local
Currency (LC) IDR will continue to be driven by the difficulties of
the Argentine OE.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
Include
- The company is able to pass on the majority of inflation to
consumers each year;
- Net leverage around 2.0x-2.4x;
- EBITDA margins below 30%;
- Capital intensity around 17%-18%.
RECOVERY ANALYSIS
For going-concern EBITDA, Fitch assumes that the company would be
unable to pass on a significant portion of the projected inflation
of Argentina, while the company's expenses would rise at inflation.
This scenario implies a significant drop in EBITDA margins to 20%.
Fitch uses a 4x multiple, lower than the average telecom EV/EBITDA
multiple of 5x-7x, to account for a discount for Argentine assets.
Although Fitch's recovery methodology suggests a 'RR1' recovery for
Telecom Argentina, the methodology also applies a standard cap of
'RR4' for instrument ratings in Argentina. Fitch applies
country-specific caps to instrument ratings for a given
jurisdiction, reflecting Fitch's view that average recoveries could
be lower in regimes that are debtor-friendly and/or have weak
enforceability, and higher in regimes that are creditor-friendly
and/or have strong enforceability. The caps limit the assignment of
higher Recovery Ratings for obligations of issuers that are
incorporated, or whose assets or cash flows are located in less
creditor-friendly jurisdictions. However, per Fitch's Country
Specific Treatment of Recovery Criteria, when an issuer actually
enters a distressed or defaulted state, such as Argentina (CC),
Fitch can assign a higher recovery rating for an issuer instrument
if it believes that recoveries in the individual case will be
consistent with a higher Recovery Rating, as is in this case.
Therefore, the recovery rating for Telecom Argentina's senior
unsecured notes is assessed at 'RR3'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Telecom Argentina's FC IDR is bound by Argentina's 'B-' Country
Ceiling; therefore, an upgrade of the Argentine sovereign rating
and concurrent upgrade of the Argentine Country Ceiling would
result in an upgrade;
- Telecom Argentina's LC IDR is constrained by the difficult
Argentine OE; therefore, a decrease in macroeconomic turmoil could
result in an upgrade.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Telecom Argentina's FC IDR is bound by Argentina's 'B-' Country
Ceiling; therefore, a downgrade of the Argentine sovereign rating
and concurrent downgrade of the sovereign's Country Ceiling would
result in a downgrade;
- A material increase in regulatory interference that inhibits the
company's ability to pass through inflationary effects and
devaluation could result in a downgrade.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Telecom Argentina has adequate liquidity given
near-term maturities and ample ability to borrow in local capital
markets, with cash of ARS80 billion against short-term debt of
ARS234 billion as of June 2023. The majority of Telecom Argentina's
cash and debt are U.S. dollar-denominated. In June 2023, the
company issued a new dollar-linked local issuance in the amount of
USD87 million, and in July 2023, the company issued another
dollar-linked local issuance in the amount of USD180 million. Both
were issued at a premium to par, and the proceeds were used in part
to repay the scheduled amortization of the principal portion of the
Class 5 2025 notes on Aug. 7.
The company has some operations in Paraguay and Uruguay, but Fitch
does not consider these substantial enough to circumvent the
Argentine Country Ceiling (B-). While Telecom Argentina's
refinancing risk is manageable, the risk of Argentine capital
controls will continue to constrain the company's ratings. Telecom
Argentina's liquidity and financial flexibility are supported by
the company's robust cash flow, which Fitch expects to cover capex
and the company has a long history of refinancing and rolling over
bank debt and international agency (e.g. International Finance
Corporation) loans. As such, Fitch expects the company to maintain
debt of around USD2.2 billion over the coming years. The company's
ability to pass on inflation to consumers has been critical for
their ability to maintain cash flow.
ISSUER PROFILE
Telecom Argentina S.A. is the largest integrated telecommunications
services provider in Argentina, offering broadband, pay TV and
fixed and mobile telecommunications services throughout the
country. The company also has smaller operations in Paraguay and
Uruguay.
SUMMARY OF FINANCIAL ADJUSTMENTS
Standard lease adjustments applied.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
Telecom Argentina S.A.
senior
unsecured LT B New Rating RR3
TELECOM ARGENTINA: Moody's Rates New $100MM Unsecured Notes 'Caa3'
------------------------------------------------------------------
Moody's Investors Service has assigned a Caa3 rating to Telecom
Argentina S.A.'s up to $100 million Senior Unsecured Notes (with
the potential to expand to $150 million) due in 2025. The other
ratings of Telecom Argentina and stable outlook are unchanged.
The net proceeds will mainly be allocated for general corporate
activities, including funding investments in specific assets linked
to the development of the 5G spectrum auctioned in the bidding
process overseen by ENACOM (Ente Nacional de Comunicaciones,
Argentina's communications regulatory authority) in October 2023,
and other purposes. The rating of the notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.
RATINGS RATIONALE
The proposed notes for up to $100 million will not lead to an
increase in gross debt levels, with Telecom Argentina's total debt
anticipated to stay around $2.6-2.7 billion through 2024, in line
with 2021-2022 levels. However, due to marginally lower EBITDA
margins, the leverage metrics as measured by gross debt to EBITDA
are expected to be in the 2.5x-3.0x range in 2023-24, including
Moody's standard adjustments, compared with a debt/EBITDA ratio of
2.0x in 2022. Despite these factors, Moody's expect the company
will continue generating positive free cash flow and finance
approximately $600 million in capital spending in 2023 through its
internal cash flow.
Moody's expects the financial profile of Telecom Argentina will
stay robust in 2023-2024, bolstered by its low leverage and robust
cash generation prior to capital expenditure. Despite the sluggish
economic environment, the demand for telecom and pay-TV services
for the company is expected to stay relatively steady through 2024,
aided by Telecom Argentina's sound business model and convergent
telecom services, as well as consumers' efforts to maintain their
living standards. However, the economic stagnation in Argentina
will likely hinder the company's ability to fully align their
pricing with inflation in 2023-24, despite being permitted to do so
by Argentine courts. Nevertheless, Moody's anticipates that Telecom
Argentina's EBITDA margin, adjusted for inflation, will be around
26%-27% through 2023-24, a slight decrease from the average 29% in
2021-2022.
Telecom Argentina's Caa3 ratings are supported by the company's
market position as the largest integrated telecom operator in
Argentina; its solid market share of around 36% in pay-TV, 44% in
broadband, 44% in fixed telephony and 34% in mobile services; and
robust financial metrics for its rating category, supported by its
strong cash flow from operations and conservative financial
policy.
Telecom Argentina's ratings are mainly constrained by a tight
regulatory oversight of Argentina's telecom industry, which poses
operating risks; its concentration of operations in Argentina
(Government of Argentina, Ca stable); and foreign-currency
financing risk, because the company generates most of its revenue
in Argentine pesos.
Telecom Argentina has adequate liquidity. As of June 30, 2023, the
company had AR$80.1 billion in cash and marketable securities ($312
million), and Moody's expect Telecom Argentina to generate
sufficient operating cash flow over the next 12 months to cover
debt repayments, capital spending and dividends. The main source of
the company's liquidity is cash flow from operations and financing
from third parties, including first-class financial institutions
and domestic and international capital markets. Telecom Argentina's
bank credit access and notes program allow it to finance short-term
obligations and its investment plan, in addition to its operative
cash flow.
Roughly 58% of Telecom Argentina's financial debt was denominated
in US dollars as of June 30, 2023, and most of the company's
revenue is generated in local currency. The company generates
foreign currency revenue through its operations in Paraguay, which
accounted 5.1% of sales in 2022, and the company also provides
certain data services with tariffs linked to the US dollar, which
account for another 10% approximately.
The stable rating outlook reflects the stable outlook on
Argentina's sovereign rating. The company´s creditworthiness
cannot be completely de-linked from the credit quality of
Argentina, where it generates the bulk of its revenue, and thus its
ratings and outlook also incorporate the risks that it shares with
the sovereign.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade of Telecom would depend on an upgrade of the Government
of Argentina's rating, currently at Ca with a stable outlook.
However, for an upgrade to be considered, the company would have to
maintain its leading market position while expanding its internal
cash flow generation and sustaining its prudent financial policies
and healthy credit metrics.
The ratings could be downgraded (1) if the government of
Argentina's Ca rating is downgraded; (2) if its operating margin or
market position weakens; (3) an excessive increase in leverage or a
deterioration in liquidity could also trigger a rating downgrade.
The principal methodology used in this rating was
Telecommunications Service Providers published in September 2022.
Headquartered in Buenos Aires, Argentina, Telecom Argentina S.A. is
one of the three major telecommunications service providers in
Argentina. The company offers mobile, broadband, fixed and pay-TV
services to the residential, corporate and government sectors, and
it is one of the largest private-sector companies in the country.
As of the last twelve months ended in June 2023, Telecom
Argentina's revenue amounted to $4.1 billion (converted to US
dollars from constant Argentine pesos), with total assets of $9.9
billion. As of June 2023, the company had a subscriber base of 20.6
million clients in mobile, 4.1 million in broadband and 3.1 million
in Pay TV.
TELECOM ARGENTINA: S&P Rates New $100MM Sr. Unsecured Notes 'CCC-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC-' issue rating to Telecom
Argentina S.A.'s proposed senior unsecured notes for $100 million
with a two-year bullet maturity.
Telecom will use the proceeds mostly for general corporate purposes
and to finance investments related to the development of 5G.
Specifically, it's participating in the bidding process for the 5G
spectrum auction that is being conducted by ENACOM (the national
communications and media regulator in Argentina).
Recently, the central bank issued a communication that allows
Argentine companies to avoid the requirement to liquidate the
proceeds of new foreign financial debt at the official exchange
rate. They can instead liquidate proceeds through the stock
exchange (at the CCL or MEP rates). This applies only to debt
issued after Oct. 2, 2023, and with a grace period on principal of
at least one year.
In line with this new regulation, Telecom will be able to purchase
dollars through the stock exchange (CCL or MEP) to repay principal
on the proposed notes. It can do so without jeopardizing access to
the official exchange market for other permitted uses (i.e.,
imports or previously issued foreign debt).
S&P said, "The rating on the notes is the same as the issuer credit
rating on Telecom (CCC-/Negative/--) because we don't believe
there's significant contractual or structural subordination. We
estimate priority debt represents only about 2.5% of consolidated
financial obligations pro forma of the proposed notes, and Telecom
has no material secured debt.
"The 'CCC-' rating on Telecom is lower than its 'b' stand-alone
credit profile. We cap the rating on the company at our transfer
and convertibility (T&C) assessment of Argentina. Only about 7% of
the company's revenues and EBITDA come from operations outside the
country, which we don't believe would be enough to fully cover
foreign-currency obligations if the sovereign were to further
restrict access to foreign exchange. The company remains vulnerable
to Argentina's volatile regulatory and macroeconomic conditions,
including the central bank's restrictions on accessing foreign
currency and transferring funds abroad.
"Our stand-alone credit profile on Telecom reflects its solid
market position as the leading telecommunications and first fully
convergent (with fixed and mobile telecommunication, pay TV, and
internet services all integrated) operator in Argentina. The
company also generates ample free operating cash flow while
maintaining manageable leverage despite its large capex plans and
the weaker economic conditions in Argentina. In this sense, we
forecast Telecom to post solid free operating cash flow and
leverage at about 2.5x in the next two years."
YPF SA: Argentina Appeals US$16-Bil. Payout Order for Expropriation
-------------------------------------------------------------------
Buenos Aires Times reports that Argentina lodged an appeal against
a New York court ruling ordering it to pay nearly US$16.1 billion
to two companies that were not compensated in the 2012
nationalization of oil giant YPF.
Then-president Cristina Fernández de Kirchner expropriated 51
percent of the shares of YPF, which was partially controlled by
Spanish giant Repsol, according to Buenos Aires Times.
Two years later, Repsol was compensated with US$5 billion to settle
litigation, the report notes.
Not so for minority shareholders such as Petersen Energía or Eton
Park Capital, which together held 25.4 percent of YPF's capital,
the report relays. In 2015, they filed a lawsuit alleging the
country had not submitted a takeover bid as mandated by law, the
report recalls.
Last month, US District Judge Loretta Preska (US Court of Appeals
for the Second Circuit) ordered Argentina, mired in economic and
political crisis, to compensate Petersen Energía and Eton Park
Capital, the report discloses.
Preska ruled on the amount after a three-day trial in Manhattan in
July on the proper formula for calculating the amount of damages
Argentina owed shareholders. In September, she ordered Argentina to
pay US$8.4 billion in damages and US$7.6 billion in interest to
shareholders, the report notes.
The plaintiffs then asked Preska to order Argentina to deposit a
guarantee equivalent to the full amount of the ruling with the
court, given it believes the state intends not to pay, the report
relays.
The expropriation case was brought in US courts because YPF shares
trade on the New York Stock Exchange. The protracted litigation
included an unsuccessful appeal to the US Supreme Court by
Argentina in 2019, the report notes.
The case was sponsored by litigation fund Burford Capital, which
acquired the right to prosecute the claims for 15 million euros
(US$16.6 million) in 2015. The fund's share is around US$6.2
billion, which would give Burford a return of more than 37,000
percent on its initial investment, the report relays.
Argentina argues that such a payout would cause "irreparable damage
to the [Argentine] population, which suffers from high inflation
caused by an unprecedented drought," according to the appeal filing
as quoted by the Télam state news agency, the report discloses.
Furthermore, "the country does not have access to the capital
market to issue a bond and deposit a guarantee," it said, the
report notes.
In the 1990s, when Argentina privatised its oil firm, it included
in its bylaws a regulation stating that if the country decided to
nationalise the entity in the future it must make a tender offer
for all Class D shares at a predetermined price, the report says.
But when Argentina eventually nationalised YPF in 2012, then-deputy
economy minister Axel Kicillof said the tender offer requirement
was a "bear trap" and that only "fools" would expect Argentina and
YPF to comply, according to a court filing, the report adds.
About YPF SA
YPF S.A. is a vertically integrated, majority state-owned Argentine
energy company, engaged in oil and gas exploration and production,
and the transportation, refining, and marketing of gas and
petroleum products.
Founded in 1922, YPF was an oil company established as a state
enterprise. YPF was later privatized under president Carlos Menem
and was bought by the Spanish firm Repsol in 1999, and the
resulting merged company was call Repsol YPF.
In 2012, about 51% of the firm was renationalized and this was
initiated by President Cristina Fernandez se Kirchner. The
government of Argentina agreed to pay $5 billion compensation to
Repsol.
In April 2023, S&P Global Ratings lowered its local and foreign
currency ratings on YPF SA to 'CCC-' from 'CCC+'. The outlook on
these ratings is now negative. The downgrade follows a similar
action on S&P's long-term foreign currency ratings and T&C on
Argentina, following announced plans that, if implemented, would
oblige some nonfinancial public-sector entities to exchange or sell
their holdings of global-and local-law dollar-denominated bonds
issued during the 2020 restructuring for other locally issued peso
debt, likely dollar-and/or inflation-linked bonds. In S&P's view,
the lack of clarity and the apparent motivation for the potential
transaction underscore heightened credit vulnerabilities, in
particular given the increasing pressures from the severe drought
that Argentina is facing, which further constrains the already
disrupted FX market. This expected greater pressure on the FX
markets also explains S&P's downward revision of the T&C assessment
to 'CCC-'.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: EU Rejects Fewer Products
---------------------------------------------
Dominican Today reports that the European Union maintains stringent
standards for accepting foreign-grown products into its market, and
this includes products from the Dominican Republic, a major
exporter of organic bananas and cocoa to Europe. While the
frequency of physical controls on Dominican green beans was reduced
from 50% to 30% over the past year, there are still concerns
regarding at least two products under special observation,
according to Dominican Today.
Between 2020 and 2023, 18 notifications were registered on a
digital platform of the European Commission, involving eight
countries that raised observations, some of which included alerts
or rejections of Dominican fruits and vegetables due to elevated
pesticide levels, the report notes.
Although these notifications are considered lower than in previous
years (over 25 rejections in 2014 and about 20 in 2019), they
underscore the importance of adhering to European standards, the
report relays. Notable incidents include Germany, where a shipment
of eggplants was destroyed for exceeding allowable pesticide
levels, and Belgium, which rejected a shipment of pineapples due to
pesticide residue above accepted parameters, the report notes.
While these incidents remain a concern, the Dominican Republic is
actively addressing the issue, the report discloses. In the first
nine months of 2023, the country exported chili peppers, eggplants,
and long beans, which are subject to increased controls due to a
history of pesticide residue findings, the report relays. Luis
Araque, Head of the Trade Section of the European Union delegation
in the Dominican Republic, noted that progress is being made, with
fewer notifications and relaxed controls on some products, the
report relays.
Araque explained that the Dominican Republic was required to
accompany these products with a health certificate to demonstrate
compliance with maximum residue limits, the report discloses. For
chili peppers, controls have been relaxed since 2022, with no new
notifications. Eggplants and green beans saw significant
improvements as well, the report says.
The Ministry of Agriculture in the Dominican Republic attributes
the increase in pesticide use to climate change-induced pest
outbreaks, leading to producers applying more pesticides since
2014, the report relays. The ministry has developed a plan to
address these issues, including temporary suspensions of
non-compliant producers from exporting, the report notes. By
implementing protocols, rejections to the European Union decreased
by 80% in 2022 compared to 2019, the report recalls.
In addition, the ministry has taken 203 samples for shipments and
certificates, with 16% being retained in the country to prevent
rejections in the destination market, the report relays. These
efforts demonstrate the Dominican Republic's commitment to meeting
European standards and improving its export quality, 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.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has changed the outlook on the Government of Dominican
Republic's ratings to positive from stable and affirmed the local
and foreign-currency long-term issuer and senior unsecured ratings
at Ba3.
Moody's said the key drivers for the outlook change to positive
are: (i) sustained high growth rates have enhanced the scale and
wealth levels of the economy; and (ii) a material decline in the
government debt burden coupled with improved fiscal policy
effectiveness will support medium-term debt sustainability. The
affirmation of the Ba3 ratings balances the Dominican Republic's
strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.
DOMINICAN REPUBLIC: Reports 84% Increase in Budget for Non-Profits
------------------------------------------------------------------
Dominican Today reports that the National Center for the
Development and Promotion of Nonprofit Associations (CASFL) of the
Ministry of Economy, Planning and Development reported an 84%
increase in the budget for nonprofit associations working with
children, older people, and people with disabilities.
Thus, the budget went from RD$280 million in 2020 to RD$517 million
in 2024 to improve the quality of the projects implemented in
partnership with the ASFLs, according to Dominican Today.
CASFL specifies that in the ASFL budget for 2024, funds have been
recommended for 755 nonprofit organizations operating in 16
different areas of action, with a total budget of RD$2,389,137,516,
representing an increase of 4% about 2023 and 26% about 2019, the
report recalls.
In addition, it maintains that six organizations have been
reallocated to the ASFL budget for a correct imputation of
spending, with an amount of RD$529,857,869, the report notes. This
adds up to 761 NPOs for an amount of RD$ 2,918,995,385, the report
relays.
The governing body notes that by 2024, some 1,000 NPOs submitted
projects aligned with the priority policies of the National
Multi-Year Public Sector Plan (PNPSP), with the objective that the
organizations' activities respond to the population's needs, the
report says.
Most recommended organizations (420 ASFLs) will impact the policy:
"Towards a comprehensive policy for the creation of opportunities."
In second and third place, the NPOs will contribute to the
guidelines: "Towards quality education with equity" and "access to
universal health," 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.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has changed the outlook on the Government of Dominican
Republic's ratings to positive from stable and affirmed the local
and foreign-currency long-term issuer and senior unsecured ratings
at Ba3.
Moody's said the key drivers for the outlook change to positive
are: (i) sustained high growth rates have enhanced the scale and
wealth levels of the economy; and (ii) a material decline in the
government debt burden coupled with improved fiscal policy
effectiveness will support medium-term debt sustainability. The
affirmation of the Ba3 ratings balances the Dominican Republic's
strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.
DOMINICAN REPUBLIC: Seeks to Remove Sugar Tariffs
-------------------------------------------------
Dominican Today reports that to lower the cost of sugar, the
Executive Branch submitted a bill to provisionally remove the
tariffs paid for the importation of sugar and thus "respond to the
increase in the prices of this product" after the storm Fiona,
which hit the country in September 2022.
The zero rate for sugar would be established for a provisional
period of three months, according to Dominican Today. The measure,
proposed in a bill, argues that sugar is a good that makes up the
family basket and is used directly in producing other products, so
"urgently" a reduction in its cost, the report notes.
"The few rains registered have caused a severe drought that has
affected the agricultural sector, especially the production of
sugar, limiting its availability at reasonable prices in the local
market," alleges the congressional piece, the report discloses.
The same bill, proposed by President Luis Abinader, contemplates
the possibility of temporarily authorizing duty-free imports of
some food products and thus stabilizing their prices, the report
relays. The measure would only be taken in emergency or disaster
situations, the report says.
For the correct importation, the Government will ensure that the
imported products have a guaranteed sanitary requirement "to
safeguard the food guarantee and the health of the inhabitants,"
the report discloses.
Inazucar will determine the necessary quotas for stabilization, the
report notes.
In an article of the bill, the Dominican Sugar Institute (Inazucar)
is ordered to determine the import of sugar with quantitative
ceilings and establish the administration mechanisms, the report
discloses.
Not Retroactive
The bill makes it clear that all the provisions of the zero-rate
import provisions will not apply to imports entering the country
before the law is enacted, in case Congress approves it, the report
relays.
Other Products Imported for Six Months
The same initiative includes other products of the family basket
(not specified) that would be imported for a transitional period of
six months, the report discloses. If approved, the law will allow
the Executive Power to make imports without another regulation, but
only when a catastrophe or national emergency warrants it, 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.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has changed the outlook on the Government of Dominican
Republic's ratings to positive from stable and affirmed the local
and foreign-currency long-term issuer and senior unsecured ratings
at Ba3.
Moody's said the key drivers for the outlook change to positive
are: (i) sustained high growth rates have enhanced the scale and
wealth levels of the economy; and (ii) a material decline in the
government debt burden coupled with improved fiscal policy
effectiveness will support medium-term debt sustainability. The
affirmation of the Ba3 ratings balances the Dominican Republic's
strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.
=====================
P U E R T O R I C O
=====================
GRUPO HIMA: Court Approves $7MM DIP Loan From Alter Domus
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
authorized Grupo HIMA San Pablo, Inc. and affiliates to use cash
collateral and obtain postpetition financing, on an interim basis.
The Debtor is permitted to obtain senior secured postpetition
financing on a superpriority basis in the aggregate principal
amount of $7 million, pursuant to the terms and conditions of the
Debtor-in-Possession Credit Agreement, by and among the Debtors,
Alter Domus (US) LLC, as administrative agent and collateral
agent.
The DIP facility is due and payable through the earliest of (i) the
date that is six months following the closing date, (ii) the
effective date and the date of the substantial consummation of a
plan of reorganization that has been confirmed by Bankruptcy Court
order, (iii) the date the Bankruptcy Court orders the conversion of
the bankruptcy case of any of the Loan Parties to a Chapter 7
liquidation, (iv) the acceleration of the Loans or termination of
the Commitments under the Facility, including as a result of the
occurrence of an Event of Default, and (v) the date of consummation
of one or more sales that, in the aggregate, constitutes a sale of
all or substantially all of the DIP Collateral.
The Debtors are required to consummate a Company Sale no later than
160 days after the Petition Date.
Pursuant to the First Lien Credit Agreement, dated as of January
29, 2013, with Alter Domus (US) LLC, as administrative agent and
collateral agent, the Prepetition First Lien Lenders made available
to the Co-Borrowers, (a) Term Loans in an aggregate principal
amount not in excess of $149 million, and (b) Revolving Loans in an
aggregate principal amount at any time outstanding not in excess of
$14 million, all of which are ratified.
As of the Petition Date, the Loan Parties owed not less than $162
million in principal outstanding under the Prepetition First Lien
Loan, including $25.372 million of superpriority loans.
Pursuant to a Second Lien Credit Agreement, dated as of January 29,
2013, with Wilmington Trust, National Association as administrative
agent and collateral agent, the Prepetition Second Lien Lenders
made available to the Co-Borrowers a term loan in the principal
amount of $86 million. Each of the Guarantors provided an
unconditional joint and several guaranty of the Prepetition Second
Lien Obligations arising under the Prepetition Second Lien Loan
Documents.
As of the Petition Date, the Loan Parties owed not less than (i)
$86 million in principal outstanding under the Prepetition Second
Lien Loan plus (ii) accrued and unpaid interest with respect
thereto, fees, costs, and expenses, and all other Obligations under
the Prepetition Second Lien Loan Documents.
The Court ruled that the Prepetition First Lien Obligations of each
DIP Lender will be rolled up, and converted into DIP Obligations by
means of a "cashless roll" by each such DIP Lender on a 4:1 basis
based on (i) the amount of DIP Loans actually funded into the DIP
Funding Account (and on such day as the DIP Loans are actually
funded into the DIP Funding Account) plus (ii) the Commitment Fee
due and payable to such DIP Lender under the Closing Date Fee
Letter. For the avoidance of doubt, the amount of the DIP Roll-Up
Loans will be $30.8 million.
To the extent of any diminution in the value of the Prepetition
Secured Parties' respective interests in their collateral
(including cash collateral) from the Petition Date arising from the
use, sale, or lease of such collateral or the imposition of the
automatic stay, the Prepetition Secured Party is granted (i) senior
replacement liens in all assets of the Debtors, which replacement
Liens will be senior to any prepetition statutory liens in favor of
Centro de Recaudacion de Ingresos Municipales and (ii) to the
extent the Replacement Liens do not provide sufficient protection
of the Prepetition Secured Parties' interests, a superpriority
claim against the Debtors pursuant to 11 U.S.C. section 507(b), in
each case, subject to the priorities set forth in the Intercreditor
Agreement dated January 31, 2013. The Replacement Liens will be
deemed duly valid and perfected upon entry of this Order without
the need for further action by any party or further Court Order.
A copy of the order is available at https://urlcurt.com/u?l=karEYQ
from PacerMonitor.com.
About Grupo HIMA San Pablo, Inc.
Grupo HIMA San Pablo, Inc. serves as a diversified healthcare
services holding company pursuant to a corporate reorganization of
several businesses related by common ownership. Through its
subsidiaries and affiliates, the Company primarily owns and
operates hospital facilities and other healthcare related
businesses. As of August 2023, the HIMA GROUP operates four
hospitals, with over 1,200 licensed beds, including an Oncological
Hospital, a multi-specialty physician practice management company,
Home Care Service (including infusion therapies and wound care), a
free-standing Ambulatory Center and a 16-Ambulance Service
Company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 23-02510) on August 15,
2023. In the petition signed by Armando J. Rodriguez-Benitez, chief
executive officer, the Debtor disclosed up to $1 billion in assets
and up to $500 million in liabilities.
Judge Enrique S. Lamoutte Inclan oversees the case.
Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, represents
the Debtor as legal counsel.
*********
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
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