/raid1/www/Hosts/bankrupt/TCRLA_Public/240115.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, January 15, 2024, Vol. 25, No. 11
Headlines
A R G E N T I N A
AEROLINEAS ARGENTINAS: Milei Government Slashes Management
ARGENTINA: High Figure Expected for INDEC Dec Inflation Disclosure
ARGENTINA: JP Morgan Warns of Dollarization Risks Under Milei
ARGENTINA: Readies US$1-Billion Bond Payment Amid IMF Deal Rework
B R A Z I L
BRAZIL: Proposes Bankruptcy Rules Overhaul in Favor of Creditors
BRAZIL: Unexpected Rise in Consumer Price Index
E C U A D O R
ECUADOR: S&P Affirms B-/B Sovereign Credit Ratings, Outlook Stable
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: 2023 Challenges Continue This Year
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Jan. 8 to Jan. 12, 2024
- - - - -
=================
A R G E N T I N A
=================
AEROLINEAS ARGENTINAS: Milei Government Slashes Management
----------------------------------------------------------
Buenos Aires Times reports that President Javier Milei's government
has introduced large cutbacks at state airline Aerolineas
Argentinas, reportedly slashing its management positions by more
than 40 percent.
The changes at the flagship carrier were announced by
Infrastructure Minister Guillermo Ferraro in an official release,
according to Buenos Aires Times. According to the statement, the
number of managers at the firm has been reduced by 43 percent
compared to staffing levels last month, down from 14 to only eight,
the report notes.
"In order to endow the company with greater functionality, the
eight managers who starting now will be part of the new organic
structure of Aerolineas Argentinas will be: Press and Institutional
Relations, Legal Affairs, Economic and Financial, Commercial, Human
Resources, Technical and Fleet, Operation Coordination, and Aerial
Policy and Corporate Services," a document specified, the report
relays.
In parallel, direct reports to the company's general management
were also reduced, the report discloses. These actions, according
to the Ministry, are part of a "comprehensive streamlining plan"
which seeks to optimize the airline's operational structure, amid a
policy of reform and reduction of the State aimed to be developed
by La Libertad Avanza's administration, the report says.
"The government is moving forward with the promised measures of
reduction and efficiency of public expenditure, one of the main
objectives of President Javier Milei," concluded the release, the
report notes.
Aerolineas Argentina last year transported a record-breaking number
of passengers with more than 13.8 million flying with the state-run
company, the report relays. That figure overtook the 12.9 million
recorded pre-pandemic in 2019, the report recalls.
In the domestic market, nearly 11 million travellers took flights,
with 1.8 million travelling within the region, particularly to
Brazil, with the United States, the Caribbean and Europe also
recording growth, the report notes. In all, the company averaged
84 percent occupancy on its flights, the report relays.
Aerolineas Argentinas is one of the state-run companies named by
Milei that he intends to privatize. He previously said he would
authorise a handover of shares - likely to employees - and has
moved to free up the nation's air-travel industry, the report
relays.
Regulations allowing the sell off of the state carrier are among
those up for debate in the recent Omnibus Law presented in Congress
last December, the report notes. The reforms are "aimed at
generating more competition and economic efficiency, reducing the
tax burden, improving the quality of services, promoting private
investment and professionalizing company management," said the
government earlier this month, the report relays.
Previous governments have spent hundreds of millions of dollars a
year to prop up Aerolineas Argentinas, which has heavy debts, the
report discloses. Between 2008 and June 2023, the state pumped in
more than US$8 billion to the company, according to a report by
Bloomberg Linea, Buenos Aires Times relays.
As of June 2023, commercial and financial debt amounted to just
over US$600 million, a curve that has been declining since 2019,
when liabilities reached US$1 billion, the report adds.
About Aerolineas Argentinas
Headquartered in the Torre Bouchard, located in San Nicolas,
Buenos Aires, Aerolineas Argentinas, formerly Aerolineas
Argentinas S.A., is Argentina's largest domestic and international
airline. It is the national airline and carries around 70% of
Argentina's domestic traffic and 40% of international flights from
Ministro Pistarini International Airport, which is located in
Ezeiza, Buenos Aires. Aerolineas Argentinas is currently owned in
its majority by the Argentine government, which seized the airline
from Spanish tourism company Grupo Marsans in 2009.
In June 2001, the airline filed for protection from creditors and
went into administration. In 2002, a Buenos Aires judge accepted
its debt restructuring agreement with creditors.
ARGENTINA: High Figure Expected for INDEC Dec Inflation Disclosure
------------------------------------------------------------------
Buenos Aires Times reports that the INDEC National Statistics
Bureau will reveal Argentina's 2023 inflation rate, with most
private estimates expecting the annual figure to surpass 200
percent.
INDEC's consumer price index (CPI) is expected to be between 20 and
30 percent for December, though President Javier Milei cautioned
this week that it could be worse, according to Buenos Aires Times.
According to the libertarian, Argentina was "set up for 45 percent"
and if it comes in at 30 percent of lower for the final month of
last year, it would be a "great number," the report notes.
The official figure, set to be published by INDEC, will be a big
leap from the 12.8 percent average price rise registered in
November 2023 in the final days of the Alberto Fernandez
administration, the report relays.
The subsequent devaluation of the peso, with the official exchange
rate now closer to 800 pesos per greenback, and the removal of
price controls on selected items led to large hikes across nearly
all sectors of the economy, the report discloses.
Public transport fares, tolls and underground fares, along with
significant rises by private health insurance firms, have led
increases while food and goods have also soared.
Milei, who took office on December 10, said that the figure was the
responsibility of the previous government, the report says.
"Let me be clear: they are responsible. I did what I had to do:
send a very orthodox shock adjustment program," he said, defending
the decisions in office, the report relays.
"If we look at the first and second week of December, it placed the
inflationary dynamic at a monthly 45 percent, if you see a 30
figure, it's a great number," he said, adding that Economy Minister
Luis Caputo should be celebrated, the report discloses.
The last month of 2023 featured a cohabitation of two
administrations: Fernández's Frente de Todos government and the La
Libertawd Avanza administration since December 10, the report
relays.
Argentina has not seen a cumulative annual inflation rate of more
than 200 percent since the hyperinflation registered in the early
1990s, the report recalls.
According to most consultancy firms, the figure for December will
be between 20 and 25 percent, the report notes.
"The rise in the CPI in December is explained by the release of
prices which were artificially delayed. This is something that had
helped show a lower CPI in previous months, which was
unsustainable," read a recent report from the Libertad y Progreso
Foundation, which reported a 29-percent rise for last month and a
cumulative 219-percent increase, the report discloses.
In the meantime, Eco Go forecast 29.4 percent and finished 2023
with 222.8-percent inflation, by explaining that the end of price
agreements "was coupled with the devaluation and the seasonal
dynamic itself" in December, the report says.
They also specified that foods and beverages registered a
34-percent rise, the report discloses.
Presidential Spokesman Manuel Adorni anticipated that inflation in
December will be around 30 percent in his daily press conference,
which the government deems an auspicious result, 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: JP Morgan Warns of Dollarization Risks Under Milei
-------------------------------------------------------------
Buenos Aires Times reports that JP Morgan investment bank has
warned that dollarization "will fail if implemented" in Argentina
since the country lacks the necessary conditions to push through a
plan with those characteristics. The warning figures among the 10
forecasts for 2024 made by JPMorgan financial strategist Michael
Cembalest in an extensive report for the bank's Eye on the Market,
according to Buenos Aires Times.
Cembalest points out that the government would need a two-thirds
majority in Congress to approve the necessary constitutional
reforms, as well an "important volume of foreign currency reserves
and much higher saving rates before even making the attempt," the
report notes.
According to Cembalest, "convertibility schemes are generally only
viable in places with some combination of the following: high
levels of productivity, entrepreneurial flexibility and dynamism to
permit the economy to absorb shocks, lenders of last resort on a
par with the European Central Bank and the European Commission and
substantial important foreign currency reserves linked to
commodities to protect the monetary link when it becomes
necessary," the report relays.
"Argentina does not have any of these attributes and although
President [Javier] Milei will give it a try, I doubt that he can
'de-Peronise' the country sufficiently. Dollarization will give
way in a fairly short period," the analyst forecast, the report
discloses.
Cembalest's 10 predictions also include United States President Joe
Biden dropping out of the presidential race due to failing health
with the Democrats finding another candidate amid positive economic
trends and continuing conflict between Ukraine and Russia, 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: Readies US$1-Billion Bond Payment Amid IMF Deal Rework
-----------------------------------------------------------------
Buenos Aires Times reports that Argentina is set to make a near
US$1-billion payment to foreign bondholders while the government of
President Javier Milei continues talks with the International
Monetary Fund (IMF) as he seeks to restore investor confidence in
the serial-defaulting nation.
Interest on several hard-currency bonds comes due soon, marking a
major test for Milei just a month after he took office promising to
overhaul South America's second-largest economy, according to
Buenos Aires Times. Despite being short on cash, the government is
expected to make the payments in part by dipping into foreign
reserves that got a boost from Milei's initial shock measures, the
report notes.
"It would be a big surprise if they were to default," Cathy
Hepworth, head of emerging-market debt at PGIM Fixed Income said
about the payment, the report relays. "It's a little less certain
as the year progresses and as we get to next year," she added.
The tab comes due just as the government meets with IMF officials
in an attempt to get its US$44-billion aid programme back on track,
the report discloses. The country isn't seeking a new programme
nor requesting fresh funding, Presidential Spokesman Manuel Adorni
told reporters in Buenos Aires.
Economy Minister Luis Caputo and Milei's Cabinet Chief Nicolás
Posse, will meet an IMF delegation led by Luis Cubeddu and Ashvin
Ahuja, the report relays. Fund officials met with technical teams
from the country's Central Bank, the report discloses.
Argentine officials are hoping to reach an agreement that would
unlock a US$3.3-billion disbursement the government needs to repay
the IMF by the end of the month, the report notes. The payment was
originally scheduled for November, but the change of government
delayed talks, the report says.
Bond Payments
Optimism that Argentina will stay current on its obligations has
helped drive an outsize performance for its dollar bonds, the
report relays. Over the past three months, the debt has returned
43%, better than the nine percent average for a Bloomberg index of
emerging-market sovereign debt, the report discloses.
But the payment alone won't alleviate Wall Street's concerns about
Argentina, whose overseas bonds still trade in distressed
territory, the report relays. Over the past few weeks, the
currency has come under fresh pressure, local bonds auctions meant
to settle importer debts have flopped, and labor unions have called
for nationwide protests later this month, the report says.
All of that threatens to further limit upside on the bonds. Notes
due in 2030 fell some 1.1 cents and money managers demand nearly
2,000 basis points of extra yield over US Treasuries to hold the
country's dollar debt, JPMorgan data show, well above the threshold
for distress, the report notes.
The country has another US$1.7 billion of interest and principal
that comes due in July, the report relays.
Samy Muaddi, who oversees $25 billion emerging-market debt at T.
Rowe Price, said that if Argentines embrace Milei and his push for
belt-tightening, the bonds "could go significantly higher," the
report discloses.
"But we're betting against history if that proves to be the case,"
he added.
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.
===========
B R A Z I L
===========
BRAZIL: Proposes Bankruptcy Rules Overhaul in Favor of Creditors
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazil's
government submitted a bill to Congress on January 10, 2024, that
would modernize bankruptcy regulations, aiming to speed up
proceedings by giving creditors more control over the process.
According to finance ministry official Marcos Pinto, Brazil's
current regulations date to the 1980s, and the average bankruptcy
process in the country lasts more than 11 years, according to
globalinsolvency.com.
With the changes, the government expects to cut that length in half
while increasing recovery levels and reducing the cost of credit,
Pinto added in a press release, the report notes. The bill would
allow creditors to appoint a manager to oversee the bankrupt estate
and sell off assets, the report relays.
Currently, Brazil's bankruptcy code requires a judge to appoint an
administrator, the report discloses. Giving creditors the power to
choose a manager would "expedite the sale of assets to pool
together resources to settle debts," Pinto said, 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.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
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: Unexpected Rise in Consumer Price Index
-----------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's National
Broad Consumer Price Index (IPCA) saw a 0.56% increase in December,
as the Brazilian stats agency IBGE reported.
This rise was greater than November's 0.28% and surpassed the
forecasts of economists surveyed by Bloomberg, who had expected a
0.50% increase, according to Rio Times Online.
This increase brought the IPCA's total rise in 2023 to 4.62%, the
report notes. This rate fits within the inflation target the
National Monetary Council (CMN) set, 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.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
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).
=============
E C U A D O R
=============
ECUADOR: S&P Affirms B-/B Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings, on Jan. 11, 2024, revised its rating outlook on
Ecuador to negative from stable. S&P also affirmed its 'B-/B' long-
and short-term sovereign credit ratings. S&P's transfer and
convertibility (T&C) assessment remains 'AAA'.
Outlook
The negative outlook indicates risks that the policy measures the
Ecuadorian authorities implemented may be insufficient to improve
fiscal performance and regain market access ahead of a challenging
debt service profile starting in 2025. Manageable commercial debt
payments this year should help contain credit risks. However,
amortization becomes more challenging once principal payments begin
on Ecuador's 2030 bond, which was issued in the latest debt
restructuring. Delays in undertaking steps to reduce the fiscal
deficit and improve investor confidence could make it more
difficult for the government to fill its financing gap.
Downside scenario
S&P said, "We could lower the ratings in the next 12 months if we
perceive a weakening of the government's ability to prevent further
widening of fiscal imbalances beyond our expectations or if support
from multilateral and bilateral creditors is more limited than
expected. Because access to international markets is still
uncertain, larger fiscal deficits may increase reliance on
short-term debt, raising refinancing risk.
"At the same time, indications that the sovereign may be less
willing to service its debt would prompt us to downgrade it. At the
current rating level, we would likely consider a broad debt
restructuring, debt repurchase, or debt exchange as distressed and
tantamount to default."
Upside scenario
S&P could revise the outlook to stable if it sees progress in
policy adjustments or reforms that strengthens Ecuador's financial
profile. A faster reduction of Ecuador's fiscal deficit or more
clarity on its financing strategy could contain the country's
vulnerabilities. This scenario would likely facilitate Ecuador's
access to financing, especially from private creditors locally and
globally.
Rationale
The outlook revision to negative reflects S&P's view that rising
financing needs are increasing liquidity pressures. The
government's intention to push debt payments owed to the central
bank due in 2025-2026 for a longer amortization period, the
accumulation of arrears to decentralized entities, and the
depletion of government deposits all highlight the rising cash
stress.
S&P said, "We estimate the government's financing needs are US$9
billion-US$10 billion this year. The rollover of local debt (around
$2.5 billion), mostly in the hands of the social security
institute, along with access to multilateral and bilateral lending,
mitigates domestic rollover risk in the near term. However,
financing needs will increase in 2025-2026. The amortization
schedule of the international bonds and the IMF loan principal
payments are significant at $2 billion in 2026.
"Our 'B-' long-term ratings on Ecuador are based on its
long-standing institutional weaknesses--including debt
restructuring in 2008 and 2020--exacerbated by episodes of
heightened social tension that have weakened investor confidence. A
very difficult relationship between the executive and the
legislative branch until May 2023 seems to have improved with the
election of new authorities in October 2023."
President Daniel Noboa took office in November after winning the
second round of early elections with 52% of the votes. Like his
predecessor, he has to deal with a very fragmented assembly. That
said, the approval of the economic reform, which aimed to improve
the business environment, and the recent energy reform indicated a
more productive relationship between the two powers after a year of
political standstill.
That said, the short-term mandate of the president and lawmakers,
both elected to finish the 2021-2025 term, might limit political
desire as well as capacity to implement structural reforms.
Moreover, worsening public security might limit the effectiveness
of governance and the administration's ability to reverse the
recent fiscal deterioration.
The president declared a state of emergency on Jan. 9, following
the rapid escalation of the security conflict and gang warfare in
recent days. The decision was supported by representatives of
opposition political parties. The emergency might increase public
acceptance of difficult economic decisions in the short term.
However, the full repercussions of the security problem on the
economy and on future policymaking have yet to be seen.
S&P expects GDP growth to decelerate to 1.2% in 2024, from an
estimated 1.8% in 2023. The economic slowdown, coupled with the
fall in oil income and stagnation of policymaking at the end of the
outgoing administration, pushed the general government deficit to
3.5% of GDP in 2023, from a balanced position in 2022.
The economic reform approved included a tax amnesty that is planned
to bring around 1% of GDP in collection for 2024. This should
compensate for the end of the emergency tax imposed during the
pandemic, but it will not be enough to substantially close the
fiscal gap. Moreover, the gradual unwinding of oil drilling in the
Yasuni region, expected to start in the second half of 2024, adds
to fiscal challenges in the near term.
The administration has recently indicated plans to reduce the
burden of fuel subsidies, estimated around 2.5% of GDP. However,
changes to fuel prices have been a historical source of conflict
with indigenous groups. Structural changes to taxation or subsidies
are not likely to be made before the February 2025 elections, in
our opinion.
S&P said, "We expect the change in net general government debt to
average 3% of GDP in 2024-2027. This would slowly push net general
government debt to just below 60% of GDP by 2027 and interest to an
average of 8% of general government revenues. The debt burden
remains moderate and lower than that of peers rated 'B-'."
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED
ECUADOR
Transfer & Convertibility Assessment
Local Currency AAA
ECUADOR
Senior Unsecured B-
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
ECUADOR
Sovereign Credit Rating B-/Negative/B B-/Stable/B
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: 2023 Challenges Continue This Year
-----------------------------------------------------
Andrea Perez-Sobers at Trinidad and Tobago Guardian reports that
re-elected Supermarket Association of Trinidad and Tobago (SATT)
president, Rajiv Diptee, says crime continues to be a major problem
for supermarket owners in Trinidad and Tobago and action must be
taken by the relevant authorities.
Speaking with Guardian Media Ltd, Diptee said this crime situation
is affecting people who want to continue to do business in TT.
He noted that there must be a level of seriousness from the T&T
Police Service, at the level of policies and legislation, that
govern criminal activity, the report notes.
Also, Diptee indicated that SATT is prepared to support the
administration, with discussions and decisions, the report
discloses.
"It is important that we continue to lend a voice, because it is
not just violent crimes. You have seen some kidnappings. You have
seen a higher level of fraud, cyber-attacks," the relays.
He said for 2024, there continue to be challenges, which include
the ease of doing business, the institutional red tape, and the
ongoing challenge of accessing foreign exchange, the report
discloses.
"We are continuing to work with the EximBank, to ensure that there
is availability for the continued reassurance of supply chains and
food items on supermarket shelves," Diptee highlighted, the report
says.
The report discloses that the supermarket operator, who has been
serving as the SATT head since 2018, added that the association
continues to put its footprint on the ongoing discussions on food
security nationally and regionally.
At SATT's annual meeting (AGM), he thanked SATT executives for
their unwavering support in every endeavor the association has
undertaken, the report relays.
"Leading such a team, rich in qualities that tackle challenges
head-on, has been an immense privilege. Their dedication and
solution-oriented mindset have steered us through the tumultuous
times, particularly during the challenges posed by the pandemic.
Our strength lies not just in our operations but in the
relationships, we've fostered," he stated, the report notes.
As the leading voice in the sector advocating for change and
progress in delivering public welfare, Diptee said its
collaboration with the Ministry of Trade and Industry stands as a
testament to their stakeholder representation, the reprot relays.
"Whether it's the Beverage Container Bill, discussions on Property
Tax, consultations regarding VAT adjustments, or initiatives on
improving social services, we've been consistently engaged in
critical dialogue, always with the wellbeing of our customers at
the forefront," the report notes.
"Moreover, our engagement with civil society organisations has
fortified our organisational structure. The establishment of the
Caribbean Supermarket Association and our partnership with regional
entities like the Caricom Private Sector Organisation highlights
our commitment to extending discussions on food security beyond
borders.
"Our collaborative efforts have resulted in impactful projects like
the Caribbean Food and Beverage Trade Show, a grand success in
2023, with anticipation building for this year's promising calendar
of events," Diptee concluded, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Jan. 8 to Jan. 12, 2024
-------------------------------------------------------------
Issuer Cpn Price Maturity
Country Curr
------ --- ----- --------
------- ----
Empresas Gasco SA 7.3 20.4 12/1/2025 CL CLP
QNB Finance Ltd 3.4 71.3 10/21/2039 KY AUD
Banco del Estado de Chile 3.1 70.7 2/21/2040 CL AUD
Sylph Ltd 2.7 68.1 3/25/2036 KY USD
Banco Santander Chile 3.1 70.7 2/28/2039 CL AUD
Luminis III Ltd 2.3 39.4 9/22/2048 KY USD
Ascent Finance Ltd 1.2 61.6 7/12/2047 KY EUR
Spica Ltd 2.0 74.2 3/24/2033 KY AUD
Lani Finance Ltd 1.7 63.8 3/14/2049 KY EUR
Luminis Ltd 2.3 54.5 9/22/2048 KY AUD
Luminis III Ltd 2.4 54.9 9/22/2048 KY AUD
Skylark Ltd 1.8 59.2 4/4/2039 KY GBP
Amwaj Ltd 4.5 51.8 KY USD
Earls Eight Ltd 1.7 71.0 6/20/2032 KY AUD
Santander Consumer Chile SA 2.9 72.1 11/27/2034 CL AUD
Earls Eight Ltd 0.1 63.1 12/20/2031 KY AUD
Farfetch Ltd 3.8 1.5 5/1/2027 KY USD
Colombia Telecomunicaciones 5.0 65.0 7/17/2030 CO USD
Volcan Cia Minera SAA 4.4 63.2 2/11/2026 PE USD
Spirit Loyalty Cayman Ltd 8.0 72.0 9/20/2025 KY USD
Longfor Group Holdings Ltd 3.4 57.7 4/13/2027 KY USD
YPF SA 7.0 73.6 12/15/2047 AR USD
Brazil Gov't Int'l Bond 4.8 74.2 1/14/2050 BR USD
Seazen Group Ltd 6.0 53.5 8/12/2024 KY USD
Telefonica Moviles Chile SA 3.5 73.2 11/18/2031 CL USD
Camposol SA 6.0 69.4 2/3/2027 PE USD
Longfor Group Holdings Ltd 4.0 46.4 9/16/2029 KY USD
Falabella SA 3.4 73.5 1/15/2032 CL USD
Ecopetrol SA 5.9 72.5 11/2/2051 CO USD
CFLD Cayman 2.5 7.7 1/31/2031 KY USD
Tencent Holdings Ltd 3.8 72.8 4/22/2051 KY USD
Argentina Bonar Bonds 1.0 35.9 7/9/2029 AR USD
Bolivian Gov't Int'l Bond 4.5 49.3 3/20/2028 BO USD
Shui On Development 5.5 66.2 3/3/2025 KY USD
BRF SA 5.8 71.7 9/21/2050 BR USD
Longfor Group Holdings Ltd 4.5 53.7 1/16/2028 KY USD
Agile Group Holdings Ltd 5.8 16.5 1/2/2025 KY USD
Argentina Gov't Int'l Bon 0.5 32.7 7/9/2029 AR EUR
Shui On Development 5.5 56.3 6/29/2026 KY USD
Petroleos del Peru SA 4.8 70.5 6/19/2032 PE USD
Tencent Holdings Ltd 3.2 65.0 6/3/2050 KY USD
Petroleos del Peru SA 5.6 60.2 6/19/2047 PE USD
Agile Group Holdings Ltd 5.5 12.1 5/17/2026 KY USD
Banco Davivienda SA 6.7 72.1 CO USD
Longfor Group Holdings Ltd 3.9 41.5 1/13/2032 KY USD
VTR Comunicaciones SpA 5.1 58.5 1/15/2028 CL USD
Seazen Group Ltd 4.5 30.0 7/13/2025 KY USD
Gol Finance Inc 8.8 25.3 KY USD
Panma Gov't Int'l Bond 3.9 56.3 7/23/2060 PA USD
Powerlong Real Estate 7.0 9.5 12/6/2025 KY USD
Argentina Gov't Int'l Bond 0.1 34.7 7/9/2030 AR EUR
Banco Nacional de Panama 2.5 74.2 8/11/2030 PA USD
Powerlong Real Estate 6.3 9.3 8/10/2024 KY USD
Credivalores-Crediservicios 8.9 23.5 2/7/2025 CO USD
CFLD Cayman Investment 2.5 2.6 1/31/2031 KY USD
Argentine Bonos del Tesoro 15.5 32.3 10/17/2026 AR ARS
VTR Comunicaciones SpA 4.4 58.4 4/15/2029 CL USD
Tencent Holdings Ltd 3.9 70.8 4/22/2061 KY USD
Alibaba Group Holding Ltd 3.3 60.5 2/9/2061 KY USD
Spirit Loyalty/ Spirit IP 8.0 72.8 9/20/2025 KY USD
Alibaba Group Holding Ltd 2.7 66.0 2/9/2041 KY USD
Alibaba Group Holding Ltd 3.2 63.3 2/9/2051 KY USD
Sociedad Quimica 3.5 67.2 9/10/2051 CL USD
Agile Group Holdings Ltd 6.1 13.0 10/13/2025 KY USD
Aeropuerto Internacional 5.1 74.2 8/11/2061 PA USD
eHi Car Services Ltd 7.0 66.6 9/21/2026 KY USD
Colombia Gov't Int'l Bond 3.9 58.6 2/15/2061 CO USD
Colombia Gov't Int'l Bond 5.2 74.5 5/15/2049 CO USD
ENAP 4.5 74.4 9/14/2047 CL USD
Chile Gov't Int'l Bond 3.5 72.3 4/15/2053 CL USD
Agile Group Holdings Ltd 5.5 14.0 4/21/2025 KY USD
Bolivian Gov't Int'l Bond 7.5 54.7 3/2/2030 BO USD
Hilong Holding Ltd 9.8 50.8 11/18/2024 KY USD
AYC Finance Ltd 3.9 62.2 KY USD
AySA 7.9 74.3 5/1/2026 AR USD
Colombia Telecomunicaciones 5.0 65.1 7/17/2030 CO USD
Peru Gov't Int'l Bond 3.2 58.2 7/28/2121 PE USD
ETESA 5.1 71.8 5/2/2049 PA USD
Agile Group Holdings Ltd 7.9 3.3 KY USD
Powerlong Real Estate 7.1 9.4 1/15/2026 KY USD
ENA Master Trust 4.0 70.1 5/19/2048 PA USD
Panma Gov't Int'l Bond 4.5 65.9 4/16/2050 PA USD
Panma Gov't Int'l Bond 4.5 62.1 1/19/2063 PA USD
ACEN Finance Ltd 4.0 64.2 KY USD
Chile Gov't Int'l Bond 3.1 63.3 1/22/2061 CL USD
CODELCO 3.7 68.8 1/30/2050 CL USD
Guacolda Energia SA 4.6 64.4 4/30/2025 CL USD
Powerlong Real Estate 4.0 9.3 7/12/2024 KY USD
Peru Gov't Int'l Bond 2.8 58.7 12/1/2060 PE USD
Panma Gov't Int'l Bond 4.5 63.7 4/1/2056 PA USD
Peru Gov't Int'l Bond 3.6 72.3 3/10/2051 PE USD
Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD
Spirit Loyalty/ Spirit IP 8.0 72.8 9/20/2025 KY USD
El Slavador Gov't Int'l Bond 7.1 68.5 1/20/2050 SV USD
Peru Gov't Int'l Bond 3.6 67.0 1/15/2072 PE USD
Panma Gov't Int'l Bond 4.5 67.4 5/15/2047 PA USD
Agile Group Holdings Ltd 7.8 4.4 KY USD
General Shopping Finance Ltd 10.0 69.3 KY USD
Chile Gov't Int'l Bond 3.3 63.2 9/21/2071 CL USD
Empresa de los 3.1 60.3 8/18/2050 CL USD
Argentina Treasury Dual Bond 3.3 45.8 4/30/2024 AR USD
Panma Gov't Int'l Bond 4.3 63.5 4/29/2053 PA USD
China Yuhua Education 0.9 65.3 12/27/2024 KY HKD
Spirit Loyalty/Spirit IP 8.0 71.8 9/20/2025 KY USD
CK Hutchison Int'l 20 Ltd 3.4 73.8 5/8/2050 KY USD
Bonos Para La Reconstruccion 5.0 50.2 10/31/2027 AR USD
Colombia Gov't Int'l Bond 4.1 68.0 2/22/2042 CO USD
Empresa de los Ferrocarriles 3.8 67.7 9/14/2061 CL USD
CODELCO 3.2 61.8 1/15/2051 CL USD
Bishopsgate Asset Finance 4.8 69.3 8/14/2044 KY GBP
Tencent Holdings Ltd 3.3 61.3 6/3/2060 KY USD
Telefonica Moviles Chile SA 3.5 73.3 11/18/2031 CL USD
Falabella SA 3.4 73.6 1/15/2032 CL USD
Greenland Hong Kong 10.2 13.2 KY USD
Provincia de Cordoba 7.1 39.9 10/27/2026 AR USD
CFLD Cayman 2.5 3.0 1/31/2031 KY USD
Chile Gov't Int'l Bond 1.3 54.8 1/22/2051 CL EUR
At Home Cayman 11.5 66.6 5/12/2028 KY USD
Peru Gov't Int'l Bond 2.0 74.5 11/17/2036 PE EUR
China Overseas Finance 3.1 73.7 3/2/2035 KY USD
Lunar Funding I Ltd 1.7 73.2 8/11/2056 KY GBP
VTR Comunicaciones SpA 5.1 58.7 1/15/2028 CL USD
El Slavador Gov't Int'l Bond 7.6 71.8 9/21/2034 SV USD
Banco Nacional de Panama 2.5 74.4 8/11/2030 PA USD
Chile Gov't Int'l Bond 1.3 68.7 1/29/2040 CL EUR
El Slavador Gov't Int'l Bond 7.6 72.5 2/1/2041 SV USD
Sociedad Quimica 3.5 67.1 9/10/2051 CL USD
Tencent Holdings Ltd 3.8 72.9 4/22/2051 KY USD
Volcan Cia Minera SAA 4.4 63.0 2/11/2026 PE USD
Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050 CO COP
Empresa de Transporte 3.7 65.8 9/13/2061 CL USD
Guacolda Energia SA 10.0 67.9 12/30/2030 CL USD
Petroleos del Peru SA 5.6 60.2 6/19/2047 PE USD
CFLD Cayman 2.5 8.6 1/31/2031 KY USD
ETESA 5.1 72.0 5/2/2049 PA USD
Camposol SA 6.0 70.0 2/3/2027 PE USD
Chile Gov't Int'l Bond 1.3 74.6 7/26/2036 CL EUR
Southern Water Services 3.0 69.4 5/28/2037 KY GBP
VTR Comunicaciones SpA 4.4 58.4 4/15/2029 CL USD
Three Gorges Finance I 3.2 71.1 10/16/2049 KY USD
AES Argentina Generacion SA 8.0 94.4 7/15/2025 AR USD
QNB Finance Ltd 13.5 67.6 10/6/2025 KY TRY
AMTD IDEA Group 1.5 7.5 KY USD
CODELCO 3.7 68.7 1/30/2050 CL USD
Bolivian Gov't Int'l Bond 4.5 48.6 3/20/2028 BO USD
Gol Finance Inc 8.8 29.1 KY USD
QNB Finance Ltd 11.5 73.1 1/30/2025 KY TRY
Petroleos del Peru SA 4.8 70.6 6/19/2032 PE USD
Aeropuerto Internacional 5.1 74.1 8/11/2061 PA USD
CFLD Cayman 2.5 2.3 1/31/2031 KY USD
Bolivian Gov't Int'l Bond 7.5 54.2 3/2/2030 BO USD
Tencent Holdings Ltd 3.9 70.7 4/22/2061 KY USD
Empresa de Transporte 3.7 66.1 9/13/2061 CL USD
Aruba Gov't Int'l Bonds 6.5 62.8 5/6/2028 AW USD
YPF SA 1.0 65.3 4/25/2027 AR USD
BRF SA 5.8 71.6 9/21/2050 BR USD
Banco Davivienda SA 6.7 71.0 CO USD
Telecom Argentina SA 1.0 73.2 3/9/2027 AR USD
SPE Saneamento RIO 1 SA 7.2 10.6 1/15/2042 BR BRL
SPE Saneamento RIO 1 SA 6.9 10.4 1/15/2034 BR BRL
CODELCO 3.2 61.7 1/15/2051 CL USD
ENAP 4.5 74.4 9/14/2047 CL USD
Logan Group Co Ltd 7.0 3.9 KY USD
Bonos Para La Reconstruccion 3.0 59.9 5/31/2026 AR USD
Telecom Argentina SA 1.0 65.5 2/10/2028 AR USD
Empresa de los Ferrocarriles 3.1 60.1 8/18/2050 CL USD
Tencent Holdings Ltd 3.2 64.9 6/3/2050 KY USD
Hilong Holding Ltd 9.8 51.9 11/18/2024 KY USD
Credivalores-Crediservicios 8.9 23.9 2/7/2025 CO USD
Guacolda Energia SA 4.6 63.9 4/30/2025 CL USD
ENA Master Trust 4.0 69.3 5/19/2048 PA USD
Tencent Holdings Ltd 3.3 61.4 6/3/2060 KY USD
Jamaica Government Bond 8.5 73.0 12/21/2061 JM JMD
SPE Saneamento Rio 4 SA 7.2 10.1 1/15/2042 BR BRL
El Slavador Gov't Int'l Bond 5.9 59.0 1/30/2025 SV USD
CFLD Cayman 2.5 3.0 1/31/2031 KY USD
CFLD Cayman 2.5 3.0 1/31/2031 KY USD
CODELCO 3.6 74.2 7/22/2039 CL AUD
At Home Cayman 11.5 66.6 5/12/2028 KY USD
El Slavador Gov't Int'l 7.1 68.6 1/20/2050 SV USD
General Shopping Finance 10.0 69.3 KY USD
Hilong Holding Ltd 9.8 51.3 11/18/2024 KY USD
CK Hutchison International 3.4 74.0 5/8/2050 KY USD
CFLD Cayman 2.5 2.0 1/31/2031 KY USD
Equatorial Para 11.0 1.0 5/15/2028 BR BRL
El Slavador Gov't Int'l 7.6 72.1 9/21/2034 SV USD
Industrias Metalurgicas 1.0 72.6 12/30/2031 AR USD
YPF SA 7.0 73.4 12/15/2047 AR USD
CFLD Cayman 2.5 8.5 1/31/2031 KY USD
Generacion Mediterranea SA 12.5 0.0 2/16/2024 AR USD
Provincia de la Rioja 7.5 57.1 7/20/2032 AR USD
Enel Generacion Chile SA 6.2 29.0 10/15/2028 CL CLP
SPE Saneamento Rio 4 SA 6.9 10.4 1/15/2034 BR BRL
Sociedad Quimica 4.9 55.7 1/5/2030 CL CLP
Provincia de la Rioja 4.5 58.7 1/20/2027 AR USD
Link Finance Cayman 2009 2.2 72.7 10/27/2038 KY HKD
ICBC DO Brasil Banco 3.3 59.6 BR USD
Provincia del Chaco 4.0 0.0 12/4/2026 AR USD
El Slavador Gov't Int'l Bond 7.6 72.6 2/1/2041 SV USD
Jamaica Government Bond 6.3 67.7 7/11/2048 JM JMD
Empresa de los Ferrocarriles 6.5 11.1 1/1/2026 CL CLP
Empresa de los Ferrocarriles 3.8 67.6 9/14/2061 CL USD
AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL
Inversiones CMPC SA 1.5 57.2 7/3/2025 CL CLP
Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050 CO COP
Elektra Noreste SA 3.9 74.2 7/15/2036 PA USD
Amwaj Ltd 6.4 72.8 KY USD
Colombia Gov't Int'l Bond 5.0 73.7 6/15/2045 CO USD
Silk Road Investments Ltd 2.9 66.3 1/23/2042 KY AUD
Banco del Estado de Chile 2.8 67.2 3/13/2040 CL AUD
Vert Cia Securitizadora SA 11.5 56.5 2/15/2024 BR BRL
Guacolda Energia SA 10.0 70.0 12/30/2030 CL USD
Colombia Gov't Int'l Bond 6.3 72.5 7/9/2036 CO COP
AMTD IDEA Group 4.5 61.3 KY SGD
Elektra Noreste SA 3.9 74.2 7/15/2036 PA USD
GDM Argentina SA 2.5 0.0 9/8/2024 AR USD
QNB Finance Ltd 2.9 73.4 9/16/2035 KY AUD
Nuevosur SA/Chile 4.0 40.6 3/21/2028 CL CLP
SYN prop e tech SA 11.3 20.8 3/15/2024 BR BRL
Esval SA 3.5 16.7 2/15/2026 CL CLP
Esval SA 3.4 23.6 3/15/2028 CL CLP
Colombian TES 6.3 72.2 7/9/2036 CO COP
Colombia Gov't Int'l Bond 6.3 72.5 7/9/2036 CO COP
Colombian TES 7.3 71.1 10/26/2050 CO COP
Banco Santander Chile 1.3 72.5 11/29/2034 CL EUR
2W Ecobank SA 10.3 26.3 11/24/2029 BR BRL
Sociedad Concesionaria 5.3 36.6 12/15/2026 CL CLP
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
Luminis IV Ltd 3.2 69.9 1/22/2042 KY AUD
Ascent Finance Ltd 3.8 66.2 6/28/2047 KY AUD
Banda de Couro Energetica 8.0 64.6 1/15/2027 BR BRL
Baraunas II Energetica 8.0 24.0 1/15/2027 BR BRL
Astra Cumulative Return 1.5 61.7 11/1/2029 KY USD
Genneia SA 2.0 56.2 7/14/2028 AR USD
Colombia Gov't Int'l Bond 4.1 62.9 5/15/2051 CO USD
Panma Gov't Int'l Bond 2.3 70.5 9/29/2032 PA USD
Argentina Gov't Int'l Bond 1.0 38.5 7/9/2029 AR USD
Chile Gov't Int'l Bond 3.5 72.9 1/25/2050 CL USD
Rio Alto Energias Renovaveis 7.0 28.4 7/15/2027 BR BRL
Travessia Securitizadora 9.0 1.6 1/20/2032 BR BRL
Hector A Bertone SA 1.9 0.0 4/7/2024 AR USD
Sociedad Concesionaria 5.3 49.3 12/15/2028 CL CLP
Empresa de Transporte 5.5 57.8 7/15/2027 CL CLP
Embotelladora Andina SA 6.5 23.0 6/1/2026 CL CLP
Sylph Ltd 3.1 74.3 9/25/2035 KY USD
Sylph Ltd 2.4 64.0 9/25/2036 KY USD
Lani Finance Ltd 1.9 66.1 9/20/2048 KY EUR
Lani Finance Ltd 1.9 67.2 10/19/2048 KY EUR
Banco de Chile 2.7 74.4 3/9/2035 CL AUD
Lani Finance Ltd 3.1 65.7 10/19/2048 KY AUD
Dibens Leasing S/A 10.6 30.9 3/1/2035 BR BRL
QNB Finance Ltd 2.9 72.1 12/4/2035 KY AUD
Ascent Finance Ltd 3.4 66.6 2/6/2043 KY AUD
Dibens Leasing S/A 10.6 32.4 3/1/2035 BR BRL
Itau Unibanco SA/Nassau 5.8 20.5 5/20/2027 BR BRL
Sylph Ltd 2.9 73.9 6/24/2036 KY AUD
Dibens Leasing S/A 10.6 36.6 3/1/2035 BR BRL
*********
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 2024. 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 * * *