/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/231106.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, November 6, 2023, Vol. 24, No. 222 Headlines B R A Z I L BRAZIL: Dollar Drops as Brazil Cuts Rates BRAZIL: Sugar Supply Threat Looms as Shortages Near USINA CORURIPE: Moody's Lowers CFR to B3, Outlook Remains Negative C A Y M A N I S L A N D S INVESTCORP HOLDINGS: Fitch Alters Outlook on 'BB' Ratings, to Neg. J A M A I C A JAMAICA: Looking to Encourage Competition in Banking Industry M E X I C O TOTAL PLAY: Moody's Cuts CFR to Caa1 & Sr. Unsecured Notes to Caa2 P A N A M A BAC INT'L: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable P E R U CAMPOSOL SA: Moody's Lowers CFR to Caa1, Outlook Remains Negative T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Bank of Jamaica Suspends TTD Exchange TRINIDAD & TOBAGO: Real Forex Culprits Are the Big Businesses X X X X X X X X LATAM: Currencies Stand Firm in Volatile October [*] BOND PRICING COLUMN: For the Week Oct. 30 to Nov. 3, 2023 - - - - - =========== B R A Z I L =========== BRAZIL: Dollar Drops as Brazil Cuts Rates ----------------------------------------- Richard Mann at Rio Times Online reports that the US dollar dropped following news of slower-than-expected job growth in the United States for October. After a national holiday, Brazilian investors responded, according to Rio Times Online. They considered monetary policies from Brazil and the US, the report notes. The Brazilian central bank cut the Selic rate, the report relays. It dropped by 0.50 percentage points. Now, it's 12.25% per year, the report notes. The US Federal Reserve made no change, the report says. Its rates stayed between 5.25% and 5.50%, the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-', with a Stable Outlook. The upgrade reflects better-than-expected macroeconomic and fiscal performance amid successive shocks in recent years, proactive policies and reforms that have supported this, and Fitch's expectation that the new government will work toward further improvements. In mid-June 2023, S&P Global Ratings, revised the outlook on its long-term global scale ratings on Brazil to positive from stable. S&P affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. S&P also affirmed its 'brAAA' national scale rating, and the outlook remains stable. The transfer and convertibility assessment remains 'BB+'. The positive outlook reflects signs of greater certainty about stable fiscal and monetary policy that could benefit Brazil's still-low GDP growth prospects. Continued GDP growth plus the emerging framework for fiscal policy could result in a smaller government debt burden than expected, which could support monetary flexibility and sustain the country's net external position. Moody's credit rating for Brazil was last set at Ba2 in 2018 with stable outlook. Moody's affirmed the Ba2 issuer ratings and senior unsecured bond ratings in April 2022. DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term Foreign and Local Currency - Issuer Ratings to BB from BB (low). At the same time, DBRS Morningstar confirmed Brazil's Short-term Foreign and Local Currency - Issuer Ratings at R-4. The trend on all ratings is Stable (March 2018). BRAZIL: Sugar Supply Threat Looms as Shortages Near --------------------------------------------------- Richard Mann at Rio Times Online reports that the sugar industry is on high alert as the world's leading sugar trading firm, Alvean, anticipates a crisis, evoking memories of the early 2010s when sugar prices soared to record highs. Alvean is based in Brazil and controlled by the Brazilian Copersucar and is renowned for its extensive market reach and expertise in the sugar industry, according to Rio Times Online. The company's chief executive points to a string of supply deficits, the report notes. Damaged crops and clogged trade routes are causing alarm, the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-', with a Stable Outlook. The upgrade reflects better-than-expected macroeconomic and fiscal performance amid successive shocks in recent years, proactive policies and reforms that have supported this, and Fitch's expectation that the new government will work toward further improvements. In mid-June 2023, S&P Global Ratings, revised the outlook on its long-term global scale ratings on Brazil to positive from stable. S&P affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. S&P also affirmed its 'brAAA' national scale rating, and the outlook remains stable. The transfer and convertibility assessment remains 'BB+'. The positive outlook reflects signs of greater certainty about stable fiscal and monetary policy that could benefit Brazil's still-low GDP growth prospects. Continued GDP growth plus the emerging framework for fiscal policy could result in a smaller government debt burden than expected, which could support monetary flexibility and sustain the country's net external position. Moody's credit rating for Brazil was last set at Ba2 in 2018 with stable outlook. Moody's affirmed the Ba2 issuer ratings and senior unsecured bond ratings in April 2022. DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term Foreign and Local Currency - Issuer Ratings to BB from BB (low). At the same time, DBRS Morningstar confirmed Brazil's Short-term Foreign and Local Currency - Issuer Ratings at R-4. The trend on all ratings is Stable (March 2018). USINA CORURIPE: Moody's Lowers CFR to B3, Outlook Remains Negative ------------------------------------------------------------------ Moody's Investors Service has downgraded to B3 from B2 the Corporate Family Rating of Usina Coruripe Acucar e Alcool ("Coruripe"). At the same time, Moody's downgraded to B3 from B2 the Backed Senior Secured Global Notes issued by Coruripe Netherlands B.V., backed by Coruripe and GTW Agronegocios S.A. The outlook for both entities are maintained negative. RATINGS RATIONALE The downgrade was prompted by Coruripe's persistently weak liquidity with an estimated BRL384 million in cash, and BRL677 million in marketable inventories, compared to BRL1.5 billion in short-term debt (including leases) as of September 2023. The carry of such inventories and debt maturities makes the company reliant on the constant refinancing of short-term lines. Moody's expects Coruripe cash balance to replenish until the end of the harvest, March 2024, with the sale of its sugar and ethanol inventories. Negative rating pressure would increase if Coruripe is unable to refinance its short-term lines and raise new debt to reinforce its liquidity during the present harvest or if its cash balance at the end of the harvest is insufficient to cover short-term debt. Historically Coruripe's liquidity has been weak with large short-term amortizations and some exposure to dollar denominated debt entailing high refinancing risks. In 2023-24, Moody's expects EBITDA to increase 16% to BRL1.7 billion, but capital expenditure to remain high with capex surpassing BRL1.2 billion. Coruripe's B3 ratings incorporate its scale as the 9th largest sugar-ethanol group in Brazil with a crushing capacity of 16 million tons of sugarcane per harvest and capacity utilization of around 95% to 99%, cluster organization with ample access to sugarcane and logistic infrastructure. The ratings are also supported by the company's production in two distinct regions that allow a more stable production throughout the year, because of different harvest periods in each region. The B3 ratings are constrained by a weak liquidity profile and Coruripe's exposure to the volatile sugar-ethanol sector coupled with its reliance on the Minas Gerais cluster which concentrates 78% of total crushing capacity. Coruripe has a lower cost than Brazil's average, but higher than close peers such as Adecoagro S.A. (Ba2, Stable) and Sao Martinho S.A. Despite the higher cost profile, agreements with local farmers associations allow Coruripe costs to fluctuate along with its selling prices, mitigating market volatility and increasing flexibility for the company to create a long-term hedging curve. Coruripe also presents a lower production mix flexibility than peers, being more focused on sugar than ethanol. Since 2019 sugar prices have increased consistently and since early 2023 prices increased over 23% to 27.1 UScts/lb. This has provoked a constant shift up in the futures sugar price curve which allows Coruripe to hedge future sales for 2023-24, 2024-25 and 2025-26, which will benefit the company once the commodity spot prices trends down in the next three years, according to Moody's expectations. Coruripe is a family-owned private company, with developing governance. Coruripe has a good cash flow from operations to debt metric at an average 18% in the last five harvests and relatively low gross leverage at an average 4.0x, during the same period. Moody's expects crushing levels to reach full capacity in 2023-24 as the plantations recover from severe weather impact in 2021-22 when the company crushed only 12 million tons. Although Moody's expects Coruripe to sustain (EBITDA-Capex)/Interest Expense above 1.0x, in 2022-23 the ratio reached as low as 0.3x and in 2023-24 Moody's estimates it at 0.7x. The negative outlook reflects the weak liquidity and high refinancing risk. Unless Coruripe continues to reinforce its liquidity, so that cash at the end of the harvest covers its short-term debt, and continues to successfully refinance its short-term debt the ratings could be further downgraded. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade A rating upgrade would require the refinancing of short-term debt and reinforcement of liquidity with a cash position above short-term debt levels during the harvest cycle. Also, effective crushing levels remaining consistently above 14 million tons per harvest. Quantitatively: maintenance of Cash/ST Debt above 1.0x; Debt/EBITDA below 5.0x; Cash flow from operations/debt above 10%; Interest coverage with EBITA/Interest Expense above 1.25x. Factors that could lead to a downgrade A rating downgrade could result from Coruripe's inability refinance its short-term debt and reinforce its liquidity during the harvest, coupled with an expected negative free cash flow. Quantitatively: EBITA/Interest Expense below 1.00x; Debt/EBITDA expected to remain above 6.0x; Cash flow from operations/debt below 7.5%. The principal methodology used in these ratings was Protein and Agriculture published in November 2021. Headquartered in Coruripe, State of Alagoas, Usina Coruripe Acucar e Alcool is a sugar and ethanol producer, and an electricity generator. It has five crushing units, one in the State of Alagoas and the other four in the State of Minas Gerais (B2 ratings under review), with more than 15 million tons of crushing capacity. During the 12 months that ended June 2023, the company generated revenue of BRL3,767 million and Moody's-adjusted EBITDA of BRL1,490 million. =========================== C A Y M A N I S L A N D S =========================== INVESTCORP HOLDINGS: Fitch Alters Outlook on 'BB' Ratings, to Neg. ------------------------------------------------------------------ Fitch Ratings has revised the Outlook on Investcorp Holdings B.S.C. (Closed) and its related entities' (collectively Investcorp) Long-Term Issuer Default Ratings (IDR) to Negative from Stable, and affirmed the ratings at 'BB'. Fitch has affirmed the Short-Term IDRs at 'B'. The rating actions are part of a periodic peer review of the alternative investment management industry, which comprises 11 publicly rated global firms. For more information on the broader sector review, see Fitch Ratings Completes 2023 Alternative Investment Manager Peer Review KEY RATING DRIVERS The Negative Outlook reflects the decline in Investcorp's fee-related EBITDA (FEBITDA), driven by lower activity fees amid a challenging investment climate and the resulting increase in leverage and weakened interest coverage metrics. These were exacerbated by the rising interest-rate environment, as a large proportion of Investcorp's debt is floating rate. An inability to delever within the next year or two could lead to negative rating action. The affirmation reflects Investcorp's solid and increasingly diversified franchise, a sound fundraising record and good client relationships, particularly among Gulf Cooperation Council countries. This is balanced against a much smaller scale relative to higher-rated peers, a lower FEBITDA margin and a historically greater reliance on deal activity fees. Rating constraints for the industry include reputational risk, which can affect the company's ability to raise funds, and legal and regulatory risk, which could alter the alternative investment management industry. Economic conditions have also become more challenging, including rising interest rates, inflationary pressure, elevated recession risk, geopolitical risk and an increased risk of a US government shutdown, all of which may pressure investment performance and fundraising. Investcorp announced on October 24, 2023 its intention to float a newly-created investment vehicle, Investcorp Capital plc, on the Abu Dhabi Securities Exchange, which would be largely capitalised by co-investments and underwriting assets transferred from Investcorp. The new entity will fund similar investments through a combination of debt and equity issuances. Fitch believes the transaction, along with continued growth in committed capital fund structures, could be favorable over time, with a demonstrated reduction in FEBITDA volatility, greater fee-based recurring revenue and a significant drop in leverage. Fitch will continue to monitor the impact of the transaction on Investcorp's credit metrics. Investcorp's assets under management (AUM) totaled USD48 billion in the financial year ending June 2023 (FYE23), up by 12.4%, with a management target of USD100 billion. Fundraising was down amid a challenging market backdrop, with USD3.2 billion raised in FY23 (FY22: USD7.4 billion). Core operating performance - as measured by the FEBITDA margin, which excludes investment income from co-investments, performance fees and Fitch's estimate of performance-related compensation - was 7.8% in FY23, down from 21.5% in FY22. Performance fees totaled USD34 million and balance-sheet gains amounted to USD133 million in FY23. While these earnings streams can be volatile, they provide additional earnings capacity to support debt repayment. Fitch expects modest deleveraging relative to FYE23 levels using proceeds from the recently announced transaction, with potentially more meaningful deleveraging over time with support from FEBITDA growth. Fitch has historically taken a hybrid approach to assess Investcorp's leverage in light of the firm's cash-generative business model and heavy balance-sheet utilisation. However, Fitch expects the company to shift to a balance-sheet light business model and will place more emphasis on cash-flow based leverage, measured by gross debt/FEBITDA, which was a high 31x at FYE23, up from 11x at FYE22. Interest coverage, as measured by FEBITDA/interest expense on corporate debt, declined sharply to 0.3x in FY23 (FY22: 2.5x), given lower earnings and higher interest expense associated with floating-rate debt. Fitch believes Investcorp had adequate liquidity at FYE23, with USD183 million of cash, deposits with financial institutions and other liquid assets, along with around USD1 billion of undrawn borrowing capacity on its corporate revolvers to service its debt obligations. Debt maturities are fairly long-dated, with no near-term debt maturities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to materially reduce cash flow leverage (gross debt/FEBITDA) from its elevated level. - Interest coverage ratio (FEBITDA/interest expense) remaining below 2x for a sustained period. - FEBITDA margin at below 10% for a sustained period. - Large declines in AUM that impair the firm's management fee-generating capacity; weaker investment performance or a continued challenging investment climate that adversely affects the firm's ability to raise capital. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Outlook could be revised to Stable if FEBITDA sustainably improves its financial metrics to be commensurate with a 'BB' rating, in particular, interest coverage sustainably at above 2x along with improved cash flow leverage - Fee-paying AUM growth, enhanced AUM diversity and platform scalability that results in FEBITDA growth and margin expansion; further institutionalisation of the investor base; a higher management fee contribution from committed capital fund structures; and enhanced incentive earning potential. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS SENIOR UNSECURED DEBT Investcorp's senior unsecured debt rating is equalised with its Long-Term IDR, reflecting a largely unsecured funding profile, expectations for average recovery prospects under a stress scenario and joint and several guarantees by Investcorp S.A. (BB/Negative); the group's principal operating and asset-owning subsidiary. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating will move in tandem with the IDR. Although not envisioned by Fitch, were Investcorp to experience an increase in secured debt as a percentage of total debt, this could result in the unsecured debt rating being notched below Investcorp's Long-Term IDR. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS The Long-Term IDR of each entity is equalised with Investcorp's Long-Term IDR. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings of Investcorp S.A. and Investcorp Capital Ltd. will move in tandem with Investcorp's ratings. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The business profile score has been assigned below the implied score due to the following reason: business model The asset performance score has been assigned below the implied score due to the following reason: risk profile and business model The capitalisation and leverage score has been assigned above the implied score due to the following reason: risk profile and business model 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 Prior ----------- ------ ----- Investcorp Capital Ltd. LT IDR BB Affirmed BB ST IDR B Affirmed B senior unsecured LT BB Affirmed BB Investcorp S.A. LT IDR BB Affirmed BB ST IDR B Affirmed B senior unsecured LT BB Affirmed BB Investcorp Holdings B.S.C. (Closed) LT IDR BB Affirmed BB ST IDR B Affirmed B senior unsecured LT BB Affirmed BB ============= J A M A I C A ============= JAMAICA: Looking to Encourage Competition in Banking Industry ------------------------------------------------------------- RJR News reports that Finance Minister Dr. Nigel Clarke has said the government is seeking to encourage competition in the local banking industry. Dr. Clarke noted that, at present, the commercial banking sector is dominated by two major players, according to RJR News. The finance minister said that will change, since "an absence of rigorous, ruthless competition does not serve the public interest," the report notes. He acknowledged that the current system is the result of the collapse of the financial sector in the 1990s, the report recalls. Dr. Clarke said part of what is being explored to address the issue, is to make it easier for Jamaicans to switch banks without facing invisible barriers, the report discloses. "The central bank has been seeking the assistance of the World Bank to help with developing a scheme in Jamaica that can support deposit portability, where it becomes easier for consumers and customers of bank institutions to move their deposits and their accounts from one entity to another without invisible barriers," he noted. Another aspect of the proposal is for the establishment of an electronic 'Know Your Customer' database that all banks can access so customers will not be required to reproduce their information in the event they want to transfer their accounts, the report note. Dr. Clarke was speaking at the 61st meeting of the CARICOM Committee of Central Bank Governors in Kingston, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. The upgrade of Jamaica's rating to B1 reflects the government's sustained commitment to fiscal consolidation and debt reduction. The positive outlook reflects Moody's assessment that a continuation of the favorable fiscal trajectory will further increase Jamaica's credit resilience. S&P Global Ratings raised on September 13, 2023, its long-term foreign and local currency sovereign credit ratings on Jamaica to 'BB-' from 'B+', and affirmed its short-term foreign and local currency sovereign credit ratings at 'B'. The stable outlook reflects S&P's expectation that the government will remain committed to prudent fiscal policies and reducing debt, as well as supportive economic policies including a flexible exchange rate regime and effective monetary policy. In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. =========== M E X I C O =========== TOTAL PLAY: Moody's Cuts CFR to Caa1 & Sr. Unsecured Notes to Caa2 ------------------------------------------------------------------ Moody's Investors Service has downgraded Total Play Telecomunicaciones, S.A.P.I. de C.V. 's Corporate Family Rating to Caa1 from B2 and its Backed Senior Unsecured Global Notes ratings to Caa2 from B3, with a negative outlook. Previously, the ratings were on review for downgrade. This rating action concludes the review for downgrade initiated on August 14, 2023. This rating action reflects Total Play's tight liquidity position coupled with the company's heavy reliance on external funding that negatively compares with material debt amortizations of around $1.2 billion through 2025 amid tight credit conditions. The negative outlook reflects uncertainties around the execution of the company's liability management plan in the current tight liquidity environment, increasing the risk of a debt restructuring or a distressed exchange. RATINGS RATIONALE The company has been successful in executing its operational strategy, reaching 16% of the market share in the Mexican broadband market as of March 2023; with churn at 1.6%, EBITDA margin at 43% and leverage at 3.3x for the last twelve months ended September 2023. However, all these positives are offset by Total Play's tight liquidity position, resulting from the company's aggressive financial policies. The tight liquidity provides little flexibility to maneuver in the coming months to meet debt maturities, capex needs and secure funds to refinance MXN8.2 billion (USD443 million) in debt maturing through 2024 and additional MXN15.5 billion (USD804 million) maturing in 2025, which includes its $575 million in senior unsecured notes due in November 2025. Total Play's persistent negative free cash flow (FCF) strained the company's liquidity because of the constant need to refinance maturities and increase debt to fund capital spending. The company has been able to refinance some of its debt increasing its secured debt, which Moody's expects to remain above 60% of the company's capital structure going forward, effectively subordinating the senior unsecured holders. The company expects an important capex reduction following the completion of its expansion plan in early 2023, with capex of MXN15.6 bn in 2023 and MXN11.9 billion in 2024, which represent 38% and 24.9% of revenues, respectively. This reduction will materially reduce negative FCF to around MXN1 billion in 2024 from MXN11.5 in 2022. These FCF figures include Moody's standard adjustments. Despite the cash burn reduction, as of September 2023, the company's sources of liquidity total MXN5.9 billion (USD317 million) including MXN1.7 billion in cash; MXN300 million available under its MXN6 billion committed facility with a non-regulated entity and MXN3.8 billion in restricted cash as part of the structure related to the existing secured debt. However, as of September 2023, around MXN1.8 billion (USD100 million) of the restricted cash is related to margin calls; although the company expects to receive $43 million back during 4Q23. Total Play's Caa1 CFR reflects the company's high-quality network, which is the only 100% fiber-to-the-home (FTTH) infrastructure in Mexico; history of successful organic growth; and low churn of 1.6% as of September 2023. The Caa1 rating also factors in the company's track record of growth, experienced management team and Moody's-adjusted EBITDA margin of 43% for the 12 months that ended September 2023. Tight liquidity is a key constraint to Total Play's Caa1 CFR, given the sizable amount of debt coming due in the 2024-2025 period and the company's reliance on external funding. The rating also considers Total Play's relatively small size when compared to other global rated peers; with 16% market share in broadband and 9% in Pay TV, as of March 2023. Total Play is behind larger operators including America Movil, S.A.B. de C.V. (Baa1 stable) and Grupo Televisa, S.A.B. (Baa2 stable). The rating also incorporates the company's geographic concentration in only one market and Moody's expectation of neutral to negative FCF (Moody's adjustments include leases payments to capex) through 2024. The Caa2 rating on the senior unsecured notes incorporates the effective subordination to Total Play's secured debt. Currently, around 59% of Total Play's debt is secured by about 40% of the company's total revenues, with a trust formally assigned to manage the debt service with different regulated and non-regulated financial institutions. The senior unsecured notes represent the bulk of total unsecured debt and close to 40% of total debt and benefit from the residual cash flows in the waterfall after the repayment of the secured debt. The company generates the bulk of its revenue in Mexican pesos, while around 80% of its capital spending is denominated in US dollars. To narrow this gap, Total Play has different agreements in place with suppliers to fix foreign-currency transactions or even share the risk of currency depreciation in some cases. At the same time, the company hedges coupon payments on the senior unsecured notes. Nonetheless, given the Mexican peso appreciation and high interest rates in 2023, the company had margin calls of that totaled USD100 million during 3Q23. The company does not expect additional outflows; furthermore, it expects the release of $43 million of these margins calls in the 4Q23. Additional margins calls will put further pressure on the company's already weak liquidity. Governance considerations have been a key driver of the rating action and include the company's heavy reliance on markets to refinance upcoming maturities coupled with limited liquidity sources. These factors are reflected in the company's governance risks (Issuer Profile Score or "IPS") of G-5 and Total Play's Credit Impact Score CIS-5, since ESG considerations are a major constraint for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Total Play materially improves its liquidity while securing alternative sources to address its debt maturities through 2025 at least 12 months in advance. Quantitatively, an upgrade would also require the maintenance of leverage below 4.5x and (EBITDA - CAPEX) / Interest Expense above 1x. Total Play's ratings could be downgraded if the company's liquidity worsens further or the company is unable to refinance the debt maturing in 2024, increasing the risk of a distressed exchange or debt restructuring. Headquartered in Mexico, Total Play Telecomunicaciones, S.A.P.I. de C.V. (Total Play) offers fixed-telephone, pay-TV and broadband internet services to residential customers, and managed IT services for business customers and government entities. As of September 30, 2023, the company offered these services through its fully owned fiber optic network, which covers more than 145,000 kilometers and 17.5 million homes passed with 26.4% penetration, 11.1 million revenue generating units (RGUs) and 4.6 million subscribers, generating revenue of MXN39,566 million (about $2.1 billion) for the 12 months that ended September 30, 2023. The principal methodology used in these ratings was Telecommunications Service Providers published in September 2022. =========== P A N A M A =========== BAC INT'L: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable ---------------------------------------------------------------- Moody's Investors Service affirmed all ratings and assessments assigned to BAC International Bank, Inc (BAC), including the Ba1/Not Prime long and short-term local and foreign currency deposit ratings, as well as the Baa3/Prime-3 long and short-term foreign currency counterparty risk ratings. At the same time, BAC's Baseline Credit Assessment (BCA) and Adjusted BCA, both at ba1, as well as its Baa3(cr)/Prime-3(cr) long and short-term Counterparty Risk Assessments were affirmed. The local and foreign currency deposit rating outlooks were maintained at stable. RATINGS RATIONALE The affirmation of BAC's BCA at ba1 acknowledges the bank's good track record of maintaining disciplined risk structure that has supported strong profitability and stable liquidity profile over the past 5 years. These credit strengths are counterbalanced by the relatively weak operating conditions in Central America where BAC operates, including in the Government of Costa Rica (B2 stable), the Government of Guatemala (Ba1 stable), the Government of Honduras (B1 stable), the Government of El Salvador (Caa3 stable) and the Government of Nicaragua (B3 stable). In the Government of Panama, a country rated Baa3 stable, BAC had 22% of loans as of June 2023. Historically, BAC reported good asset quality metrics reflecting management's conservative underwriting policies, business diversification and deep knowledge of the markets where it operates in Central America. Despite the challenging operating environment in the region, economic activity in these countries has been resilient in 2023, particularly in Costa Rica, Panama and Guatemala. The better-than-expected economic performance in the region has been instrumental in counterbalancing the effects of tight monetary conditions and lingering inflationary pressures on households' repayment capacity, and consequently, on the retail lending portfolio that accounted for 54% of the banks' loans in June 2023. Problem loan ratio stood at 2.9% of gross loans in June 2023, below the 4.3% one year earlier, supported by the effect of 12% increment in loans in the 12 month period. Moody's expect delinquencies ratio to gradually return to the historical five-year average of 3.5% as economic dynamism in the region decelerates in 2024, and loan loss reserves to remain adequate above 100% of problem loans (stage 3 assets per IFRS accounting standards). In June 2023, reserve coverage stood at 109% of problem loans, up from 88% a year earlier. Additionally, the affirmation also reflects the strong profitability metrics reported by BAC over the past five years, that benefit from ample net interest margins, of 5.5% in June 2023, combined with robust fee-income activities, which contributed to one third of total net revenue. Net income to tangible banking assets ratio averaged 1.6% over the past five fiscal years and stood at 2.0% in the first half of 2023, partly supported by lower loan loss provisions that fell to 26% of pre-prevision income as of June 2023, from 40% between 2018-2022. Capitalization benefits from BAC's robust earnings stream that provides adequate capital replenishment to support asset growth, maintaining good loss absorption capacity. The bank's tangible common equity (TCE) to risk weighted assets (RWAs) ratio stood at 11.0% as of June 2023, up from 10.5% in June 2022. Although RWAs had an increment of 12% in 12 months ended in June, the bank's TCE expanded 17% supported by a strong earning generations and despite high dividend payout to shareholders. The bank's large and stable customer deposit base benefits from its well-established and large retail franchise in Central America. Largely funded by core deposits, that accounted for 85% of total liabilities in June 2023, the bank's growing deposits mitigate risks associated with the global financial market volatility that will prevail in 2024. This, combined with ample liquidity buffers which accounted for nearly a third the balance sheet as of June 2023, further supports BAC's financial flexibility. The bank's ample liquidity buffers reflect high liquidity reserve requirements maintained in the countries where it operates, given the absence of a lender of last resort in some of its main markets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS BAC's BCA and ratings could be upgraded if there was a significant and sustained improvement in the operating conditions of countries in Central America where the bank operates, while the bank maintains sound financial performance and capital position. Conversely, downward pressures to the BCA could arise from substantial and long-lasting strain on asset quality, leading to a notable decrease in the bank's profitability and capitalization. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in July 2021. ======= P E R U ======= CAMPOSOL SA: Moody's Lowers CFR to Caa1, Outlook Remains Negative ----------------------------------------------------------------- Moody's Investors Service has downgraded Camposol S.A.'s Corporate Family Rating and the rating of its 6% $350 million Backed Senior Unsecured Notes due 2027 and guaranteed by Camposol's parent company, CSOL Holding Ltd. to Caa1 from B3. The outlook is maintained negative. The downgrade of Camposol's ratings reflects persistent tight liquidity and weak credit metrics. Although the company has been able to rollover short term debt and gradually improve credit metrics and cash flow generation; Moody's believes that higher interest expense amid a deteriorated economic environment will continue to pressure the company's cash generation, leverage, and coverage metrics through 2024. The rating action also considers the increasing refinancing risk associated with the company's $206 million in short term debt as of June 2023. The negative outlook reflects the company's persistently weak liquidity and pressures over the company's cash flow generation capacity due to high interest expenses. The negative outlook also reflects the tight liquidity observed in the global and domestic capital markets that increase the risk of a distressed exchange. RATINGS RATIONALE The Caa1 ratings of Camposol incorporate the company's tight liquidity that has been under pressure by working capital needs since 2022. The high working capital consumption has been driven by the increasing inventories of fertilizers and other inputs, creating a financing gap that the company has been financing with short term debt. In 2023, El Nino's weather phenomenon impacted the blueberry harvesting season in Peru delaying by a few weeks production and therefore collections. In May 2023, the company refinanced $80 million of its short term debt towards medium term. Camposol executed $50 million in the 2Q23 and the remaining $30 million will be executed during 3Q23. At the same time, Camposol still has some capacity under its uncommitted credit lines that it uses for working capital purposes and that the company has been able to renew with local and international banks. The company also renewed its committed facility; however, it will be reduced to $40 million from $60 million starting on November 1, 2023. Despite these efforts, the company's liquidity remains tight, with $207 million coming due in the next twelve months as of June 2023 which negatively compare to the company's liquidity of $51 million, which includes $28 million in cash and $23 million available under its committed facility. While EBITDA generation will improve from 2022 levels based mainly on cost reductions; funds from operations will remain subdued due to higher interest expenses at around $45 million in 2023, compared to $26 million in 2022, offsetting some of these benefits. Moody's expects free cash flow to be neutral in 2023 due to a reduction of capex and no dividend distribution. Moody's also expects the company's liquidity to improve towards the end of 2023 based on the sales and collections of the blueberry season, which prices started to pick up in September 2023, bust most of these cash flows will be pushed towards 1Q24 due to El Nino. The company continues working on refinancing its short term debt and extending maturities. For this reason, Moody's believes that any leverage reduction will be primarily driven by EBITDA improvement rather than a material debt reduction maintaining weak operating metrics with leverage above 6x and interest coverage at around 1x through 2024. EBITDA generation, as reported by the company, during the first six months of 2023 increased 44% to $33.6 million, despite flat revenue growth and a 5.6% reduction in volumes. The Caa1 ratings reflect the company's position as a vertically integrated producer of fresh and frozen fruits, its portfolio of fruits with increasing demand and the expertise of its senior management. Camposol's ratings are constrained by its modest geographic diversification, with most of its productive assets concentrated in Peru; its relatively small size compared with that of its industry peers; weak liquidity and high leverage; its exposure to weather events; and the commoditized and seasonal nature of the company's highest-selling fruits. The downgrade also reflects governance considerations as key drivers of the rating action including the high refinancing risk and liquidity management in tight credit conditions, which is reflected now in the company's Financial Strategy and Risk Management assessment that was changed to 5 from 4, Management Credibility and Track Record to 4 from 3 and the overall exposure to governance risks (Issuer Profile Score or "IPS") to 5 (G-5) and Camposol's Credit Impact Score to 5 (CIS-5), from 4. The ESG Credit Impact Score is CIS-5, revised from CIS-4, since ESG considerations are a major constraint for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Camposol's ratings could be upgraded if the company improves its liquidity profile by extending the maturity of its short term debt and addressing its short term debt maturities. Longer term, positive pressure could arise should the company increases its size and geographic diversification, while maintaining an adequate liquidity and adj. debt/EBITDA below 6x, EBITA/interest expense is above 1.5x. The ratings could be downgraded if Camposol's liquidity worsens further or if the company is unable to rollover its short term debt. Lack of success in improving credit metrics such that Camposol's adj. debt/EBITDA is consistently maintained above 7x without clear prospects of improvement or EBITA/interest expense remains below 1.0x. The principal methodology used in these ratings was Protein and Agriculture published in November 2021. Based in Lima, Peru, Camposol S.A. (Camposol) is the main operating subsidiary of CSOL Holding Ltd. and Subsidiaries and a vertically integrated producer of branded fresh fruit. Camposol's main products are avocados and blueberries, which are sold to the largest retailers and wholesalers in the world. Camposol reported revenue of $466 million for the last twelve months ended June 2023. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Bank of Jamaica Suspends TTD Exchange -------------------------------------------------------- Trinidad Express reports that the Bank of Jamaica (BOJ) announced that it will be suspending the exchange of Trinidad and Tobago dollars at its banking counter until further notice. The BOJ explained that the suspension is in effect while the existing arrangements for repatriating Trinidad and Tobago banknotes is being reviewed, according to Trinidad Express. "BOJ wishes to advise the public that the existing arrangement for BOJ to repatriate Trinidad and Tobago banknotes is currently under review," an interim notice posted stated, the report notes. "In this regard, effective November 6, 2023, the exchange of Trinidad and Tobago dollars at BOJ’s banking counter is suspended until further advised. Please be guided accordingly," it stated, the reprot says. The BOJ did not specify the reason for the review but said that the temporary suspension will remain in effect until further notice, the report adds. TRINIDAD & TOBAGO: Real Forex Culprits Are the Big Businesses ------------------------------------------------------------- Verdel Bishop at Trinidad Express reports that CHAIRMAN of the Confederation of Regional Business Chambers Vivek Charran says small and medium-sized enterprises (SMEs) should not be blamed for the country's foreign exchange woes. Speaking at virtual National Conversations on Economic and Financial Sustainability hosted by The University of the West Indies (UWI), on the topic "An Assessment of Economic and Financial Sustainability of Trinidad and Tobago: Meeting the Forex Needs of T&T", Charran said between 2012 and 2015, large companies used billions of US dollars in forex, which has continued to increase, according to Trinidad Express. "When it comes to forex, particularly the use of forex, there are two major categories that tend to be blamed for our present situation—SMEs that use their credit cards to buy goods and who use forex to buy goods, the report notes. "Credit card usage and SMEs are the major culprits when we talk about the control of forex. I believe that the forex is controlled at the lower end of the spectrum, which is credit cards and what is given to SMEs, but not on the higher end," Charran said, the report relays. Charran added, "In looking at the amount of forex that was used from 2012 to 2015, a three-year period of the top three companies at that time in distribution and retail used something like almost US$ 1 billion. When we look at manufacturing, we see US$430 million over three years; and when we look at cars and car dealerships, almost US$500 million over the last three years, the report discloses. "When you divide that by three, you get an idea of what, at the very high end of T&T terms of business, at the largest end of business, was the amount of forex that was used by them. If we move to 2023 and look also at the growth at the larger companies, we cannot say that this forex usage has abated to any extent; so when it is I hear credit usage is the major culprit or that SMEs are one of the problems when we talk about controlling forex, it is really controlled at the lower end of the spectrum but not at the higher end," Charran said, the report says. Charran said during the Covid-19 pandemic, the majority of the forex used by the economy was from essential businesses such as energy companies and multinationals, the report discloses. "So also, the idea that many small and medium businesses were utilizing forex during the period 2020-2022, I would have to disagree," he said, the report says. Demand and Migrants Financial consultant and entrepreneur Ved Seereeram said the demand for foreign exchange has increased significantly as a result of migrants in Trinidad and Tobago, the report discloses. "My feeling is we are not only supporting an additional ten per cent of our population, we have to find forex for that; but they are supporting communities in Venezuela as well, so the demand for forex has increased significantly as a result of migrants in T&T," Seereeram said, the report notes. Seereeram noted there are also implications for this country from world trends such as conflict and currency wars, the report relays. "The currency wars have been going on for years, and we have to find out the implications for T&T. We cannot ignore world trends. Major economies are on the brink. America is really living off of monopoly money, and its major exports are printing money and selling, the report says. He said that with ongoing economic issues with the United Kingdom, reparations would be impossible, the report notes. "The UK is falling apart. Most citizens of the poorer class as well as the middle class have to choose between rent and food. So those of us who are claiming reparations of US$33 trillion, I will not encourage them to keep up their hopes because they are not going to get it," Seereeram said, the report relays. Seereeram said there are common fallacies to be mindful of -- including an increase in oil prices, which may not be good for the country, the report discloses. "Without the refinery, we have to import fuel, and as prices rise, the cost of imported fuel may be more than the revenues from exports. We need to work out a financial model to show, where oil prices rise to US$100, what is the impact on our import of fuel. We will have to dip into our pockets of savings to meet the import of petroleum, the report says. "Imagine T&T without oil and gas. No income, no FX earning, a significant decline in government revenues, the government cannot service debt, the IMF steps in, the government is forced to cut expenditures and subsidies, export manufacturers are no longer competitive, the government tax base further declines, the population no longer can pay income taxes, discretionary income declines, the economy further shrinks, and there is no FX to import food and other essentials," Seereeram said, the report discloses. Seereeram said it is important to develop an alternate structure for the economy, the report says. "Is there a possibility of this, and what is the likelihood given the events on the global market? We do not have time to contemplate; we need to develop an alternate structure of the economy and act very fast. So, the strategy I would recommend is to preserve savings and reserves, ensure control of FX, restructure and diversify the economy, wisely use savings for deepening the economy, export manufacturing and import substitution to save on FX, and develop the local industries," Seereeram said, adding that restructuring should focus on areas including agriculture, agro processing, recycling, micro industries, and local tourism, the report says. Rethink Forex Management UWI lecturer and economist Dr Marlene Attzs stressed the importance of embracing changes and rethinking how forex should be managed, the report relays. "Whether or not we need to rethink our management of foreign exchange, it is clear that there is market distortion that is not conducive to sustainability, the report notes. "The energy sector is experiencing a lot of volatility coupled with the rise in production, which means that we are going to be challenged in terms of our foreign exchange earnings, so some things have to give," she said. Additionally, Attzs said, "The market conditions that we are experiencing now require us to embrace the changes that we are seeing, understand what is happening in terms of the foreign exchange market both in terms of demand and supply, and we certainly have to rethink the model in terms of how we are managing our foreign exchange both from the demand side and also the supply side in T&T," the report discloses. Raise Retirement Age Prof Roger Hosein called for a series of implementations, including an increase in the labor force participation rate and an increase in the retirement age, the report discloses. Also among his recommendations was to get murders and home invasions down which, he noted, will increase confidence in the economy, avoid suppressing domestic capital formation and reduce capital flight, the report says. "Set out a 100-day plan that sends shock waves to the criminal world. Widen the EximBank arrangement, given its success. Make it necessary for all Venezuelans working in T&T to be registered. It is absolutely essential that we find a way to reduce the skewed labour market participation of the Venezuelans, as it is creating a perverse structure of output and employment and has serious adverse implications for our stock of foreign reserves," Hosein said, the report adds. =============== X X X X X X X X =============== LATAM: Currencies Stand Firm in Volatile October ------------------------------------------------ Iolanda Fonseca at Rio Times Online reports that in October, Latin American currencies withstood a volatile dollar and outperformed other emerging markets in 2023. Excluding the unique situation of the Argentine peso, these currencies showed remarkable stability, according to Rio Times Online. For instance, the Chilean peso encountered challenges, the report notes. The Central Bank of Chile responded by pausing rate cuts and stopping reserve purchases to avoid inflation risks, the report adds. [*] BOND PRICING COLUMN: For the Week Oct. 30 to Nov. 3, 2023 ------------------------------------------------------------- Issuer Cpn Price Maturity Country Curr ------ --- ----- -------- -------- ---- 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 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 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 Three Gorges Finance 3.2 74.2 10/16/2049 KY USD Telecom Argentina SA 1 56.5 02/10/2028 AR USD Telecom Argentina SA 1 64.2 03/09/2027 AR USD eHi Car Services 7 64.9 09/21/2026 KY USD Earls Eight 2.3 75.2 05/20/2032 KY AUD 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 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 Kaisa Group Holdings 10.9 9.1 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 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 Tencent Holdings 3.8 74.1 04/22/2051 KY USD Tencent Holdings 3.9 72.3 04/22/2061 KY USD Tencent Holdings 3.2 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 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 Earls Eight 0.1 63.8 12/20/2031 KY AUD 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 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 MSU Energy SA 6.9 71.2 02/01/2025 AR USD Jamaica Government 8.5 68.9 12/21/2061 JM JMD Jamaica Government 6.3 72.7 07/11/2048 JM JMD 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 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 Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL 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 Vista Energy 1 73 03/03/2028 AR USD Voyager II 3.3 74.3 03/23/2034 KY AUD 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 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 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 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 * * *