/raid1/www/Hosts/bankrupt/TCRLA_Public/240401.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, April 1, 2024, Vol. 25, No. 66
Headlines
A R G E N T I N A
ARGENTINA: Sales down 3.5% in Feb as Consumption Continues to Fall
ARGENTINA: Wages Suffer Record Drop After Milei Devalues Peso
B A H A M A S
BAHAMAS: Central Bank Reduces Exchange Control
B R A Z I L
GOL LINHAS: Committee Taps Stocche Forbes as Brazilian Counsel
INTERCEMENT PARTICIPACOES: Fitch Affirms 'C' LongTerm IDRs
JBS SA: Looking to Put Batista Brothers Back on Board
C O L O M B I A
GRUPO DE INVERSIONES: S&P Affirms 'BB+' ICR, Outlook Negative
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Ortiz Encourages Promipyme Loans for Businesses
M E X I C O
NEMAK SAB: Moody's Cuts CFR & Senior Unsecured Notes Rating to Ba2
P A N A M A
ENA NORTE: S&P Cuts Debt Rating to CCC+ on Rising Refinancing Risk
PANAMA CANAL RAILWAY: Moody's Ups Rating on Sr. Sec. Notes to Ba1
P U E R T O R I C O
AES PUERTO RICO: Moody's Withdraws Caa3 Rating on Sr. Secured Bonds
EYEWEAR SHOP: Amended Plan Clarifies Oriental Bank's Claims Pay
X X X X X X X X
[*] BOND PRICING: For the Week March 25 to March 29, 2024
- - - - -
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A R G E N T I N A
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ARGENTINA: Sales down 3.5% in Feb as Consumption Continues to Fall
------------------------------------------------------------------
Buenos Aires Times reports that consumer consumption continues to
fall in Argentina.
A new report by the Camara Argentina de Comercio y Servicios (CAC)
group reveals that consumer sales slowed 3.5 percent year-on-year
last month, implying a non-seasonal 1.5-percent increase as against
January (that is, discounting the usual seasonal effects throughout
the year), according to Buenos Aires Times.
The data comes from CAC's consumer indicator index, which reflects
the monthly consumption of end goods and services in households,
the report notes.
As in January, high inflation continues to affect purchasing power,
leading to an even deep slump in consumption, the report relays.
Overall, the CAC index shows that consumption dropped 2.7 percent
in the first two months of the year, the report discloses.
Cutback on subsidies in real terms, along with the impact of
adjustment from collective bargaining talks that are outpaced by
inflation, have heavily affected spending by families, Buenos Aires
Times says. Not to mention the impact of inflation, which has
continued in two digits for the first two months of the year, the
report notes.
In February 2024, consumer prices rose 13.2 percent, with annual
inflation now at 276.2 percent, Buenos Aires Times relays. Prices
have increased 36.6 percent so far this year, the report notes.
The INDEC national statistics bureau revealed that sales rates at
supermarkets, wholesalers and shopping centres all declined in
January, the report notes. All rates were negative, showing the
other side of the monetary squeeze: a strong recession and a sudden
halt of consumption, the report relays.
In January, there was a drop in consumption at all levels. A
13.8-percent drop in the total sales rate, at constant prices
compared to January 2023 for supermarkets, said INDEC, the report
adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.
Fitch Ratings 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: Wages Suffer Record Drop After Milei Devalues Peso
-------------------------------------------------------------
Patrick Gillespie at Bloomberg News, citing a new government,
reports private-sector wages in Argentina fell the most in nearly
three decades after President Javier Milei's currency devaluation.
Pay-cheques plunged 11 percent in December from November when
adjusted for inflation, the largest monthly loss in income since
the government's labour market reports began 29 years ago,
according to Bloomberg News. The decline, while partially
compensated by wage gains in January, led to a "significant drop"
in consumer purchasing power, the government said, Bloomberg News
notes.
The data help explain why spending at small businesses has seen
double-digit declines every month since Milei took office on
December 10, Bloomberg News relays. Although markets and
economists view his swift policy changes as long overdue,
Argentina's powerful labour movement is resisting, Bloomberg News
discloses. A major union representing government workers plans to
strike after rejecting what it called an "unacceptable" pay
increase from the Milei administration, Bloomberg News relays.
While Milei still enjoys relatively high approval ratings at home
and investor applause abroad, his shock therapy, including a 54
percent December peso devaluation, stands to send Argentina deeper
into recession this year and make it more difficult to pass his big
reforms through an already hostile congress, Bloomberg News relays.
Economists surveyed by Argentina's Central Bank in February expect
gross domestic product to contract 3.5 percent this year, Bloomberg
News adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.
Fitch Ratings upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
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B A H A M A S
=============
BAHAMAS: Central Bank Reduces Exchange Control
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Jamaica Observer reports that the Central Bank of the Bahamas (CBB)
says effective today, April 1 this year, it will be introducing
further reforms, which relax exchange control administration (ECA)
on certain current, (mostly trade-relate) and capital,
investment-related transactions.
The CBB said that the decision was taken after consultation with
the minister of finance, and that measures impacting the Investment
Currency Market (ICM) will take effect on June 1 this year,
according to Jamaica Observer.
"This secondary timeline would allow commercial banks to put in
place amended reporting templates to track ICM transactions," the
report notes.
The CBB said that the liberalization measures further increase the
delegated limits within which commercial banks can approve foreign
currency sales to the public, the report relays.
"As such, they further reduce the need for the members of the
public to apply to the central bank to make foreign currency
purchases. Also of note, the reforms further streamline the
process that local businesses would have to satisfy to access
financing in foreign currency, and reduce the involvement of the
exchange control approval process in additional categories of
residential real estate inflows," it said, the report discloses.
The central bank said that the liberalization measures are expected
to positively impact the ease of doing business, while sustaining
the emphasis on external reserves adequacy and safeguarding the
country's fixed exchange rate regime, ther eport relays.
"In particular, the reporting frameworks used by commercial banks,
continue to permit timely, ongoing monitoring of foreign exchange
market activities that allows central bank to make timely policy
changes if necessary.
"Although the reforms to the ICM would allow individual investors
to operate more freely within annual limits, the framework would
preserve the five per cent premium on foreign currency purchases,
which is a key determinant of usage," it added, the report says.
The central bank said it will continue to review exchange control
administration, and identify areas for reform, "as long as the
reforms are assessed as being sustainable, given the Bahamian
dollar fixed exchange rate regime," the report adds.
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B R A Z I L
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GOL LINHAS: Committee Taps Stocche Forbes as Brazilian Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Gol Linhas Aereas
Inteligentes S.A., seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ Stocche, Forbes,
Filizzola, Clapis e Cursino de Moura Sociedade de Advogados, CNPJ
nº 17.073.496/0001-26, as its Brazilian counsel.
The firm's services include:
a. participating in meetings of the Committee and
subcommittees formed thereby (whether such meetings are in-person,
telephonic, or otherwise), and otherwise advising the Committee
with respect to its rights, powers, and duties in the Chapter 11
Cases from a Brazilian law perspective;
b. assisting and advising the Committee in its meetings and
negotiations with the Debtors and other parties in interest
regarding Brazilian law issues;
c. advising the Committee regarding issues of Brazilian law;
d. responding to inquiries from individual creditors related
to Brazilian law issues;
e. reviewing and analyzing motions, applications, orders, and
other pleadings filed with the Court, to the extent they involve
aspects of Brazilian law;
f. assisting and advising the Committee with respect to
applicable foreign proceedings (especially if in Brazil) that may
arise in the course of the Chapter 11 Cases; and
g. performing all other necessary legal services in the
Chapter 11 Cases as may be requested by the Committee.
The firm's standard hourly rates are as follows:
BRL USD
Partners III R$2,700 $540.89
Partners II R$2,500 $500.82
Partners I R$2,300 $460.76
Associates IV R$1,800 $360.59
Associates III R$1,600 $320.53
Associates II R$1,300 $260.43
Associates I R$1,100 $220.36
Paraprofessionals R$800 $160.26
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Stocche
disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: The firm did not represent the Committee prior to the
Chapter 11 Cases.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The Committee and Stocche expect to develop a
prospective budget and staffing plan to comply with the U.S.
Trustee's requests for information and additional disclosures, and
any other orders of the Court, recognizing that in the course of
the Chapter 11 Cases there may be unforeseeable fees and expenses
that will need to be addressed by the Committee and the firm.
Stocche Forbes is a "disinterested person" as that term is defined
in section 101(14) of the Bankruptcy Code and as used in section
328(c) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Guilherme de Figueiredo Forbes, Esq.
Stocche, Forbes, Filizzola,
Clapis e Cursino de Moura
Sociedade de Advogados,
CNPJ nº 17.073.496/0001-26
R. Sao Bento, 18
14th floor - Center
CEP: 20090-010
Tel.: 21 3609-7900
Email: gforbes@stoccheforbes.com.br
About Gol Linhas
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes and its affiliates and subsidiaries
voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 24-10118) on Jan. 25, 2024. As of the bankruptcy filing,
the Debtors estimated $1 billion to $10 billion in both assets and
liabilities.
Judge Martin Glenn oversees the cases.
The Debtors tapped Milbank, LLP as bankruptcy counsel; Seabury
Securities, LLC as restructuring advisor, financial advisor and
investment banker; Alixpartners, LLP as financial advisor; and
Hughes Hubbard & Reed, LLP as aviation counsel. Kroll
Restructuring
Administration, LLC is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
INTERCEMENT PARTICIPACOES: Fitch Affirms 'C' LongTerm IDRs
----------------------------------------------------------
Fitch Ratings has affirmed InterCement Participacoes S.A.
(InterCement) and InterCement Brasil S.A's Long-Term Local and
Foreign Currency Issuer Default Ratings (IDRs) at 'C'. Fitch has
also affirmed the National Long-Term Credit Rating at 'C(bra)', and
the 2024 notes issued by InterCement Financial Operations BV at
'C'/'RR4'.
The ratings reflect InterCement's 'standstill status' while
continuing to negotiate its debt-restructuring plan. The company
has already announced that it has hired a financial advisor to
evaluate strategic alternatives, such as private placement, merger,
or partnership with a strategic player, or even a potential full
divestment. At this time, Fitch has limited visibility of
InterCement`s future performance - given the uncertainties around
the final asset-sale structure and the remaining operating cash
flow basis.
KEY RATING DRIVERS
Standstill Status: InterCement has announced two renewals of its
standstill agreement with local debentures holders since 2Q23, with
the current maturity at May 2024. As of Sep. 30 2023, its local
debentures were USD893 million, out of a total debt of USD1.8
billion, per Fitch's calculations. The debentures have the shares
of Loma Negra C.I.A.S.A (Loma Negra), its 51% owned Argentinean
subsidiary, as collateral. The debentures are due in 2027 but hold
the option to anticipate a maturity to May 2024, before its
unsecured bonds (USD549 million) due July 2024, if the latter is
not refinanced.
Challenge to Complete Refinancing: InterCement has tried to find
alternatives to boost its holding and Brazilian capital structures
over the last few years. It raised USD272 million with an asset
sale (14% total debt) in 2023 (USD232 million during December), and
this is likely be used to prepay debt. As of Sep. 30 2023,
InterCement had USD158 million of cash and USD1 billion as
short-term debt, including USD549 million of the unsecured notes,
USD194 million of local debentures, and USD73 million of senior
notes in Argentina).
Shrinking Portfolio: InterCement completed three non-core asset
sales in different geographies during 2023, closing the year with
operations only in Brazil and Argentina. The company sold its
operations in Egypt, Mozambique and South Africa. The Brazilian and
Argentine operations represented around 35% and 53%, respectively,
of consolidated adjusted EBITDA (USD476 million) in 2022, and the
other three countries contributed 11% (USD52 million).
Despite highly volatile macroeconomic scenarios and
currency-control restrictions in Argentina, InterCement was able to
benefit from Loma Negra's strong operating cash flow generation and
unleveraged capital structure. Loma Negra distributed around USD246
million of dividends during 2022 and 2023. The subsidiary generates
on average around 55% of InterCement's consolidated adjusted EBITDA
but holds only 13% of the net debt.
Unsustainable Capital Structure: On a proforma basis, incorporating
the asset sale of South Africa and Mozambique, InterCement's net
debt to adjusted EBITDA would be approximately 9.1x (excluding Loma
Negra), per Fitch's calculations. On a proportional basis,
excluding the 49% of Loma Negra that InterCement does not own,
leverage stood at 4.8x as of LTM Sep 30 2023, per Fitch`s
calculations. These levels show a deterioration from the past two
years, with an average of 3.9x in 2021 and 4.4x in 2022,
respectively. On consolidated basis, InterCement proforma leverage
was 5.7x in Sep 30 2023, 3.8x in 2022 and 3.0x in 2021.
DERIVATION SUMMARY
InterCement's rating reflects its standstill status, pending
negotiations for a full debt restructuring with creditors.
KEY ASSUMPTIONS
- Brazilian and Argentinian volumes to have declined marginally in
2023.
- Capex levels around USD125 million in 2023.
- Dividends to minorities and preferred shareholders of around
USD65 million in 2023.
KEY RECOVERY RATING ASSUMPTIONS
Going-Concern (GC) Approach
The GC EBITDA estimate reflects Fitch's view of a sustainable
post-reorganization EBITDA, excluding Loma Negra and allowing
InterCement to cover maintenance capex and interest. The enterprise
value (EV)/EBITDA multiple applied is 5.0x, reflecting
InterCement's a mid-cycle multiple, considering its strong market
share in Brazil and Argentina.
Fitch applies a waterfall analysis to the post-default EV based on
the relative claims of the debt in the capital structure. The debt
waterfall assumptions consider the company's proforma total debt.
These assumptions result in a recovery rate for the unsecured bonds
within the 'RR2' range, but due to the soft cap of Brazil at 'RR4',
InterCement's senior unsecured are rated at 'C'/'RR4'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Proactive steps by the company to bolster its capital structure
significantly, including asset sales, allowing a smooth refinancing
of its capital-market debt without a material reduction in terms.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- An uncured payment default on any material financial obligation
would lead to a downgrade of the IDRs to 'RD'.
The completion of a proposed exchange offer would lead to a
downgrade of the Long-Term IDRs to 'RD'. The IDRs would be
subsequently upgraded to a rating level reflecting the
post-distressed debt exchange (DDE) credit profile.
LIQUIDITY AND DEBT STRUCTURE
High Refinancing Risks: As of Sep. 30 2023, InterCement had USD158
million of cash and USD1 billion as short-term debt, including
USD549 million of unsecured notes, USD194 million of local
debentures and USD73 million of senior notes in Argentina.
Remaining debt maturities includes USD116 million due 4Q24, USD305
million in 2025, USD288 million in 2026 and USD117 million in
2027.
ISSUER PROFILE
InterCement is a large cement producer with 15 million tons of
total consolidated cement sales during 2022 and annual production
capacity of 19 million tons, considering only its currently
operations in Brazil and Argentina.
ESG CONSIDERATIONS
InterCement has an ESG Relevance Score of '4' for Governance
Structure due to limited board independence through ownership by
key shareholder Mover Participacoes S.A. This has a negative impact
on the credit profile and is relevant to the ratings in conjunction
with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
InterCement
Financial
Operations BV
senior
unsecured LT C Affirmed RR4 C
InterCement
Brasil S.A. LT IDR C Affirmed C
LC LT IDR C Affirmed C
Natl LT C(bra)Affirmed C(bra)
InterCement
Participacoes
S.A. LT IDR C Affirmed C
LC LT IDR C Affirmed C
Natl LT C(bra)Affirmed C(bra)
JBS SA: Looking to Put Batista Brothers Back on Board
-----------------------------------------------------
Ryan McCarthy at meatpoultry.com reports that in a recent notice to
shareholders, JBS SA confirmed that it will propose adding Wesley
and Joesley Batista back to the board of directors.
The item was added to the agenda for JBS's annual shareholder
meeting, which will be held on April 26. The brothers joined the
Pilgrim's Pride board of directors in February 2024, according to
meatpoultry.com.
The report notes that the Batista brothers stepped down from their
JBS positions in 2017 due to accusations regarding "Operation Weak
Flesh," which exposed bribes paid to food safety inspectors in
Brazil. The brothers faced allegations that they and other JBS SA
executives bribed almost 2,000 politicians at all levels of
government, including Michel Temer, former Brazilian president, the
report notes.
The Batistas and other JBS executives were charged with corruption
in 2018, the report recalls.
Prosecutors also alleged the Batista brothers permitted the sale of
millions of JBS shares weeks before submitting evidence of the
bribes to officials, knowing the company's share price would fall
after the disclosures, meatpoultry.com says.
The Batista brothers spent six months in pretrial detention and
were banned from holding management positions at J&F-owned
companies, the report notes.
The brothers returned to their management roles at J&F in 2020
after a ruling by the Brazil's Superior Court of Justice, the
report relays.
Both Batistas were acquitted of insider trading during May and
November 2023 by the Brazilian Securities and Exchange Commission
(CVM), the report notes.
JBS SA is also discussing when it might launch a potential initial
public offering (IPO) in the United States.
In January, senators asked the US Securities and Exchange
Commission (SEC) to examine the company before allowing it to trade
on American stock exchanges, the report adds.
About JBS SA
As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook on
JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS
USA) to positive from stable and affirmed its 'BB+' issuer credit
rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.
===============
C O L O M B I A
===============
GRUPO DE INVERSIONES: S&P Affirms 'BB+' ICR, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit and issue-level
ratings on affirmed its 'BB+' issuer credit and issue-level ratings
on Colombia-based investment holding Grupo de Inversiones
Suramericana S.A.
The negative outlook for the next 12-24 months indicates a
potential downgrade if the company's portfolio value continues
declining, particularly due to lower market capitalization of its
listed subsidiaries, raising the loan-to-value (LTV) metric above
20%. Additionally, the outlook on the company reflects the negative
outlook on the sovereign.
Grupo Sura announced an agreement to sell its stakes and Grupo
Argos' stakes in Grupo Nutresa to JGDB Holding S.A.S., Nugil
S.A.S., and International Capital Holding LLC (IHC). At the same
time, these three companies will relinquish their stakes in Grupo
Sura. The company completed the exchange of shares in February
2024. This has narrowed Grupo Sura's number of its assets to four
subsidiaries (Bancolombia S.A. y Companias Subordinadas, Grupo
Argos, Suramericana S.A, and Sura Asset Management S.A.) from five.
Grupo Nutresa, with consolidated sales of about $5 billion in
fiscal 2023 and a presence in the consumer products industry across
17 countries, was an important liquid asset (it represented about
21% of the issuer's total portfolio).
S&P said, "We revised our assessment of Grupo Sura's business risk
profile to weak from fair, and consequently, our anchor assessment
to 'bb+' from 'bbb-'. However, these revisions have no effect
either on the company's stand-alone credit profile (SACP) or on our
issuer credit rating, as there are no further effects coming from
modifiers."
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D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Ortiz Encourages Promipyme Loans for Businesses
-------------------------------------------------------------------
Dominican Today reports that former Major League player David Ortiz
urges Dominican entrepreneurs to take advantage of loans offered by
the National Council for the Promotion and Support of Micro, Small,
and Medium Enterprises (Promipyme).
During his official visit, Ortiz, who was received by Promipyme's
director Fabricio Gomez Mazara, emphasized the competitive interest
rates offered by the institution, according to Dominican Today.
Encouraging microbusinesses and entrepreneurs, especially the
youth, Ortiz highlighted the growth opportunities these credit
facilities represent, the report notes. He assured them that they
would be in excellent hands and encouraged them to mention his name
when applying, the report relays.
In response, Gomez Mazara expressed gratitude for Ortiz's visit and
shared details about Promipyme's upcoming credit day scheduled for
April 3 in Hato Mayor, the report says. This initiative aims to
support micro and medium-sized businesses in the province, the
report relates.
The visit concluded with a photo session where Ortiz spent time
with Promipyme employees' children and enjoyed lunch with senior
officials of the institution. This event reaffirmed Ortiz's
commitment to business development and the economic empowerment of
Dominicans, the report notes.
Gomez Mazara emphasized that Promipyme has financed approximately
RD$1,600 million to microentrepreneurs, with 62% directed to women,
demonstrating their commitment to inclusion and economic
empowerment, the report discloses.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income. According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.
In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3. Moody's said the key drivers
for the outlook change to positive are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
===========
M E X I C O
===========
NEMAK SAB: Moody's Cuts CFR & Senior Unsecured Notes Rating to Ba2
------------------------------------------------------------------
Moody's Ratings downgraded Nemak, S.A.B. de C.V.'s ("Nemak")
corporate family rating to Ba2 from Ba1. Moody's also downgraded
the ratings of Nemak's 2028 and 2031 Senior Unsecured Notes to Ba2
from Ba1. The outlook for the ratings was maintained stable.
RATINGS RATIONALE
The downgrade of Nemak's ratings to Ba2 reflects the company's
weakened profitability and increased debt levels, and Moody's
assessment that Nemak's leverage ratios is more commensurate with a
lower rating. Nemak's EBITA margins (including Moody's adjustments)
fell to 3.4% in 2023 from 4.2% in 2022 despite the heavy
investments made by the company in the last two years, while higher
financial expenses, inflationary pressures and exchange rate
fluctuations led to a decline in EBITA to interest ratio to 1.8x in
2023 from 3.8x in 2022.
Nemak's gross leverage (adjusted gross debt/EBITDA, including
Moody's adjustments) has remained above 3.5x since December 2022
and at year-end 2023 increased to 4.1x, while gross debt increased
to $1.8 billion from $1.6 at the end of 2022. The increase was
bolstered by higher cash requirements to cover $537 million in
investments during this period, mainly related to the construction
of three new plants specializing in battery housing for fully
electric vehicles. Moody's estimates that leverage will remain on
this level during the next 18 months as Nemak's deleveraging
strategy will take longer due to a global slowdown pace on the
transition to electric vehicles (EV's), and slow global growth of
internal combustion engine vehicles. The completion of Nemak's
deleverage strategy, will decrease financial expenses, improving
EBITA margins.
Moody's believes that Nemak's credit metrics could improve in the
next 18-24 months only if sales volumes increase per the three new
plants operations and if the company successfully implements
strategies to overcome inflationary pressures, including the
negotiation on the cost-sharing agreements with the original
equipment manufacturers (OEMs). Similarly, Nemak announced that it
will decrease its capital investments and will look to a more
efficient approach on existing resources in the upcoming years. As
such, Moody's expects EBITA margins improve to levels of 4% and
EBITA-to-interest expense to rise above 2.0x in 2025 and after.
LIQUIDITY
Moody's assesses Nemak's liquidity as good to meet all of the
company's payment obligations over the next 12-18 months. The
company reported cash on hand of $322 million at the end of 2023
that can cover 1.08x its short-term debt and current portion of
long term debt, which totaled around $298 million as of the same
date. In addition, Nemak has a committed credit facilities of $420
million, which is fully available. Nemak's debt maturity schedule
is well-laddered with no greater maturities until 2028, when the
EUR sustainability linked bond is due.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that Nemak's
turnaround efforts, including its deleverage strategy along with
financial expenses reduction, operating cost management and
reducing CAPEX spending, will allow Nemak to reach positive Free
Cash Flow (FCF) generation and post a gradual improvement in credit
metrics. The outlook also assumes that Nemak will continue
prudently managing its liquidity during the upcoming two years.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Nemak is able to execute its
deleverage strategy at a constant pace along with their CAPEX
reduction plan and margins improvements. Quantitatively, the rating
upgrade will require Debt / EBITDA (Moody's adjusted) below 3.0x,
EBITA margins (Moody's adjusted) above 6%, and EBITA-ti-interest
coverage above 3.5x on a sustainable basis. Additionally, Nemak has
to register positive FCF measures as FCF/debt in the low to
mid-single digits through the next 12-18 months.
Moody's could downgrade Nemak's ratings if there is a greater-than
expected decline in automobile sales hurting Nemak's operations or
liquidity. Quantitatively, if its Debt-to-EBITDA (as adjusted by
Moody's) remains above 4x, EBITA margins (as adjusted by Moody's)
approaching 3% and EBITA-to-interest coverage need to sustain
improvements above its current levels.
The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.
COMPANY PROFILE
Nemak, S.A.B. de C.V. produces aluminum cylinder heads, engine
blocks, transmission components, and structural and electric
vehicle components for light vehicles manufactured by more than 50
customers worldwide, with 70% of its sales volumes coming from Ford
Motor Company (Ba1, STA), Volkswagen Aktiengesellschaft (VW, A3
STA), General Motors Company (Baa2, STA), Stellantis N.V.
(Stellantis, Baa1 STA) and Bayerische Motoren Werke
Aktiengesellschaft (BMW, A2 STA). Nemak's products are mainly sold
in North America and Europe, which account for 88% of its
consolidated revenues. Nemak's reported revenues by $5 billion at
year-end 2023. Nemak's scale is supported by its large footprint
across the globe, having a total of 38 productions facilities
distributed in 15 countries.
===========
P A N A M A
===========
ENA NORTE: S&P Cuts Debt Rating to CCC+ on Rising Refinancing Risk
------------------------------------------------------------------
On March 27, 2024, S&P Global Ratings lowered its issue rating on
ENA Norte Trust to 'CCC+' from 'BB-'.
The stable outlook reflects S&P's expectation that the project will
generate enough cash flow in the coming 12 months to cover debt
service, which consists of only interest payments.
S&P said, "In 2023, the project's traffic increased 6.2% and debt
prepayments totaled $38.1 million, below our previous projections
of 9%-11% and $44 million-$45 million, respectively. This mainly
stemmed from the temporary closures of the north corridor in
October and November 2023 due to unprecedented public protests in
Panama City against a copper mining project. That situation and
weaker traffic performance in the past six years, due to the
COVID-19 pandemic, lower Panamanian GDP growth, and increasing
competition from alternative routes and the metro, resulted in a
higher stock of debt as of December 2023 than we originally
forecast, given that under the cash flow sweep mechanism, less debt
was repaid.
"Incorporating the outstanding principal amount as of December
2023, our latest GDP growth forecast for Panama, and a correlation
factor between GDP growth and traffic growth of 1x in 2024 and 0.5x
afterward, we now expect lower principal payments until April 2028.
The shortfall introduces refinancing risk that we had not
envisioned originally. The project structure considers the
existence of a six-month debt service reserve account of $6.3
million, a major maintenance reserve account of $1.25 million, a
capital expenditure reserve account of $1.5 million, and accessible
accounts totaling $11.9 million, which can be used to reduce the
amount of debt at maturity, decreasing the amount to refinance."
PANAMA CANAL RAILWAY: Moody's Ups Rating on Sr. Sec. Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the rating of Panama Canal Railway
Company's ("PCRC") global senior secured notes to Ba1. The rating
outlook remains stable.
RATINGS RATIONALE
The rating upgrade to Ba1 on PCRC's senior secured global notes
reflects the approved extension of the concession for an additional
25 years through February 2048 as the Panama Marine Authority
confirmed PCRC's compliance on its contractual obligations.
Additionally, Moody's observes the solid performance and increase
in transported container volume due to the transit restrictions
imposed in the Panama Canal because of the intense droughts in the
region due to El Niño Phenomenon, as a positive credit development
supporting credit metrics in the near term.
The climate-related event has caused the Panama Canal Authority to
restrict ship crossings to manage and preserve water levels at
reservoirs in the Gatun Lake. As a consequence of the implemented
restrictions that aim the reduction of the amount and weight of
vessels passing through, PCRC's available capacity and service to
transport cargo across the isthmus via land as an alternative is
boosting operated container volume by 8% during 2023 and roughly a
projected 22% in 2024, leading the company to record improved Debt
Service Coverage Ratios ("DSCR") to approximately 2.4x during 2024
under Moody's Base Case. The company continues to deleverage as the
outstanding $35.3 million senior secured notes amortize through
2026. As of September 2023, the LTM FFO/Debt recorded is 83.2%
while cash available is approximately $14 million.
The Ba1 rating recognizes PCRC's well-established railway system
with available capacity to transport roughly 650,000 containers per
year without extensive additional capital investment needs.
Tempering the rating is PCRC's concentrated customer base with
short-term contracts and no minimum volume contracted, which
exposes the company to shifts in global trade dynamics.
Additionally, the project is exposed to broad competition with
other ports in the region but Moody's expect the company to
maintain a relatively stable market position over the remaining
debt tenor through 2026.
OUTLOOK
The stable rating outlook reflects Moody's view that higher
container volumes will result in PCRC's financial metrics being in
line with the assigned rating, as illustrated by a DSCR in the
range of 2.1x - 2.5x in the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
A continuous improvement of container volumes leading to Debt
Service Coverage Ratios of above 2.8x on a sustained and projected
basis will exert an upgrade on the rating.
Poor container volume performance that weakens projected Debt
Service Coverage ratio below 1.7x on a projected and sustained
basis would exert downward pressure on the ratings.
PROFILE
Panama Canal Railway Company (PCRC) was incorporated in 1996 to
undertake the granted concession by the Government of Panama to
develop, construct and operate a railroad and its infrastructure,
providing an efficient intermodal link between the Atlantic and
Pacific ports. PCRC provides freight service with port-to-port
transshipment capabilities through a 47-mile railway, in addition
to passenger service. It holds a recently extended concession
throughout February 2049.
PCRC's freight services are leveraged by customers that need
cost-efficient and timesaving options for cargo transshipment
between the Pacific and Atlantic ports bypassing Panama Canal
restrictions. The business model targets to complement the Panama
Canal services, rather than compete with them, as it benefits from
traffic growth in the region.
LIST OF AFFECTED RATINGS
Issuer: Panama Canal Railway Company
Upgrades:
Senior Secured Regular Bond/Debenture, Upgraded to Ba1 from Ba2
Outlook Actions:
Outlook, Remains Stable
The principal methodology used in this rating was Generic Project
Finance Methodology published in January 2022.
=====================
P U E R T O R I C O
=====================
AES PUERTO RICO: Moody's Withdraws Caa3 Rating on Sr. Secured Bonds
-------------------------------------------------------------------
Moody's Ratings has withdrawn the Caa3 rating assigned to AES
Puerto Rico, L.P.'s (AES PR or Project) senior secured obligations,
including the senior secured bonds 2000 Series A issued by the
Puerto Rico Industrial, Tourist, Educational, Medical, and
Environmental Control Facilities Financing Authority on behalf of
AES PR. At the time of the withdrawal the rating outlook was
negative.
RATINGS RATIONALE
The withdrawal of the Caa3 rating and negative outlook follows the
redemption of all outstanding senior secured bonds 2000 Series A
following a debt restructuring effective as of March 1, 2024
(approximately $145 million principal outstanding at the time of
default June 1, 2023). AES PR defaulted on its debt on June 1, 2023
and had negotiated a debt restructuring and amendment to the power
purchase agreement with PREPA over the last few months. Consenting
bondholders exchanged their senior secured bonds Series A (around
$156 million principal and accrued interest) against $112 million
in new senior secured notes due June 1, 2028 and around $44 million
in preferred shares.
AES PR owns and operates a 454 megawatt (MW) coal-fired
cogeneration facility located in Guayama, Puerto Rico. The project
sells all of its firm energy and capacity pursuant to a power
purchase agreement to PREPA, a public corporation and governmental
agency of the Commonwealth of Puerto Rico.
LIST OF AFFECTED RATINGS
Issuer: AES Puerto Rico, L.P.
Withdrawals:
Senior Secured Regular Bond/Debenture, Withdrawn, previously rated
Caa3
Issuer: P.R. Ind Tour Ed Med & Env Ctl Facs Fin Auth
Backed Senior Secured Revenue Bonds, Withdrawn, previously rated
Caa3
Outlook Actions:
Outlook, Changed To Rating Withdrawn From Negative
EYEWEAR SHOP: Amended Plan Clarifies Oriental Bank's Claims Pay
---------------------------------------------------------------
Eyewear Shop LLC submitted an Amended Disclosure Statement
describing its Amended Plan of Reorganization dated March 19,
2024.
The Amended Disclosure Statement and Amended Plan does not alter
any rights of creditors. The only purpose of the amendment is to
consistently specify that the payments to Class 1 will be made
during 120 consecutive months.
The purpose of the Amended Disclosure Statement is to provide such
information as Debtor believes may be deemed necessary for its
creditors to make an informed decision in exercising their rights
to vote on Debtor's Amended Plan. Particularly, this Amended
Disclosure Statement describes the background of the events that
occurred before and the significant events during the bankruptcy
case.
Class 1 is for secured creditor Oriental Bank, which provides for
a secured amount of $70,161 payable in 120 monthly installments of
principal and annual interest at 11% of $966.47 is used as the
insured. The remainder of the claim of $164,923 is unsecured and
is treated in class 3.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 2 consists of General unsecured claims in the amount
$10,000 or less (convenience class). One-time cash dividend of
$1,000, payable at effective date on a pro-rata basis over the
amount of allowed claims in this class. Currently, the cash
dividend represents 5.55% of the allowed claims within this class.
* Class 3 consists of General unsecured in the amount of
$10,001 or more. Monthly cash dividend of $250, beginning on the
effective date of the plan, during a period of 60 consecutive
months, distributed on a pro-rata basis over the amount of allowed
claims in this class. The sum of these 60 monthly payments is
$15,000 and currently represents 7.67% of the allowed claims within
this class.
* Class 4 consists of Equity Interest Holders. There will be
no distribution to this class.
Payments and distributions under the Plan will be funded by the
cash flow from future income of the Debtor.
A full-text copy of the Amended Disclosure Statement dated March
19, 2024 is available at https://urlcurt.com/u?l=WoCB5J from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Carlos A. Ruiz Rodriguez, Esq.
Licenciado Carlos Alberto Ruiz, LLC
P.O. Box 1298
Caguas, PR 00726
Telephone: (787) 286-9775
Email: carlosalbertoruizquiebras@gmail.com
About Eyewear Shop
Eyewear Shop, LLC, operates an optical and lens store in San Juan,
Puerto Rico.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 23-01967) on June 28, 2023,
with as much as $1 million in both assets and liabilities.
The Debtor tapped Carlos A. Ruiz Rodriguez, Esq., at Licenciado
Carlos Alberto Ruiz, LLC as bankruptcy counsel and Albert Tamarez
Vasquez, CPA, at Tamarez CPA, LLC as accountant.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 25 to March 29, 2024
---------------------------------------------------------
Issuer Name Cpn Price Maturity
Cntry Curr
---------- --- ----- --------
----- ----
Aeropuerto de Tocumen 5.1 69.7 8/11/2061 PA USD
Aeropuerto de Tocumen 4.0 70.9 8/11/2041 PA USD
Aeropuerto de Tocumen 5.1 69.7 8/11/2061 PA USD
Aeropuerto de Tocumen 4.0 70.3 8/11/2041 PA USD
AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL
Agile Group Holdings 5.8 16.3 1/2/2025 KY USD
Agile Group Holdings 6.1 13.4 10/13/2025 KY USD
Agile Group Holdings 5.5 13.0 5/17/2026 KY USD
Agile Group Holdings 7.9 3.3 KY USD
Agile Group Holdings 5.5 15.0 4/21/2025 KY USD
Agile Group Holdings 7.8 3.3 KY USD
Alfa Desarrollo SpA 4.6 74.5 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 74.7 9/27/2051 CL USD
Alibaba Group Holding 3.2 65.4 2/9/2051 KY USD
Alibaba Group Holding 2.7 68.6 2/9/2041 KY USD
Alibaba Group Holding 3.3 62.9 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55.3 KY SGD
Amwaj 6.4 71.6 KY USD
Amwaj 4.5 50.9 KY USD
Argentina Bonar Bonds 1.0 43.7 7/9/2029 AR USD
Argentina Treasury Dual 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Tesoro 15.5 40.3 10/17/2026 AR ARS
Argentine Gov't Int'l Bond 1.0 47.5 7/9/2029 AR USD
Argentine Gov't Int'l Bond 0.5 41.9 7/9/2029 AR EUR
Argentine Gov't Int'l Bond 0.1 42.5 7/9/2030 AR EUR
Ascent Finance 1.2 61.0 7/12/2047 KY EUR
Ascent Finance 3.4 66.6 2/6/2043 KY AUD
Ascent Finance 3.8 67.9 6/28/2047 KY AUD
Astra Cumulative 2019 1.5 62.1 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 70.6 5/12/2028 KY USD
AYC Finance 3.9 63.2 KY USD
Banco Davivienda SA 6.7 65.8 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 2.7 75.1 3/9/2035 CL AUD
Banco del Estado de Chile 3.1 71.2 2/21/2040 CL AUD
Banco del Estado de Chile 2.8 67.7 3/13/2040 CL AUD
Banco Nacional de Panama 2.5 75.4 8/11/2030 PA USD
Banco Nacional de Panama 2.5 75.2 8/11/2030 PA USD
Banco Santander Chile 3.1 71.2 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.9 11/29/2034 CL EUR
Banda de Couro Energetica 8.0 55.1 1/15/2027 BR BRL
Baraunas II Energetica S/A 8.0 12.5 1/15/2027 BR BRL
Bishopsgate Asset Finance 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov'tInt'l Bond 4.5 58.3 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond 7.5 59.4 3/2/2030 BO USD
Bolivian Gov'tInt'l Bond 4.5 58.5 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond 7.5 59.5 3/2/2030 BO USD
Bonos Para La Reconstruccion 5.0 63.6 10/31/2027 AR USD
Bonos Para La Reconstruccion 3.0 60.5 5/31/2026 AR USD
Bonos Para La Reconstruccion 5.0 51.9 10/31/2027 AR USD
Brazilian Gov't Int'l Bond 4.8 74.1 1/14/2050 BR USD
BRF SA 5.8 78.1 9/21/2050 BR USD
BRF SA 5.8 78.1 9/21/2050 BR USD
Caja de Compensacion 2.4 49.6 4/5/2025 CL CLP
Camposol SA 6.0 72.3 2/3/2027 PE USD
Camposol SA 6.0 72.6 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
Chile Gov'tInt'l Bond 3.5 72.7 1/25/2050 CL USD
Chile Gov'tInt'l Bond 3.1 73.6 5/7/2041 CL USD
Chile Gov'tInt'l Bond 3.1 62.8 1/22/2061 CL USD
Chile Gov'tInt'l Bond 3.5 72.3 4/15/2053 CL USD
Chile Gov'tInt'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov'tInt'l Bond 1.3 54.0 1/22/2051 CL EUR
Chile Gov'tInt'l Bond 3.3 62.9 9/21/2071 CL USD
Chile Gov'tInt'l Bond 1.3 74.4 7/26/2036 CL EUR
China Yuhua Education Corp 0.9 65.1 12/27/2024 KY HKD
CK HutchisonInt'l 19 II 3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 19 II 3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 20 3.4 74.1 5/8/2050 KY USD
CK HutchisonInt'l 20 3.4 74.1 5/8/2050 KY USD
Colombia Gov't Int'l Bond 4.1 61.2 5/15/2051 CO USD
Colombia Gov't Int'l Bond 3.9 57.2 2/15/2061 CO USD
Colombia Gov't Int'l Bond 5.2 72.4 5/15/2049 CO USD
Colombia Gov't Int'l Bond 4.1 66.7 2/22/2042 CO USD
Colombia Gov't Int'l Bond 7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Gov't Int'l Bond 7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 5.0 71.6 6/15/2045 CO USD
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombian TES 7.3 70.9 10/26/2050 CO COP
Colombian TES 6.3 73.1 7/9/2036 CO COP
Coopeucha 4.6 38.3 6/1/2029 CL CLP
CODELCO 3.7 67.4 1/30/2050 CL USD
CODELCO 3.2 61.0 1/15/2051 CL USD
CODELCO 3.7 67.3 1/30/2050 CL USD
CODELCO 3.2 61.0 1/15/2051 CL USD
CODELCO 3.6 74.7 7/22/2039 CL AUD
Earls Eight 0.1 64.5 12/20/2031 KY AUD
Earls Eight 1.7 72.4 6/20/2032 KY AUD
Ecopetrol SA 5.9 73.6 5/28/2045 CO USD
Ecopetrol SA 5.9 70.5 11/2/2051 CO USD
El Salvador Gov'tInt'l Bond 7.1 68.3 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.0 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.8 2/1/2041 SV USD
El Salvador Gov'tInt'l Bond 5.9 65.1 1/30/2025 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.6 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.1 68.4 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.9 2/1/2041 SV USD
Embotelladora Andina SA 6.5 23.2 6/1/2026 CL CLP
EFE 3.8 65.7 9/14/2061 CL USD
EFE 3.1 59.8 8/18/2050 CL USD
EFE 3.1 59.8 8/18/2050 CL USD
EFE 3.8 65.8 9/14/2061 CL USD
EFE 6.5 11.1 1/1/2026 CL CLP
ETESA 5.1 71.5 5/2/2049 PA USD
ETESA 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 3.7 65.0 9/13/2061 CL USD
Metro SA 5.5 50.1 7/15/2027 CL CLP
Metro SA 5.0 63.8 5/11/2025 AR USD
ENAP 4.5 73.2 9/14/2047 CL USD
ENAP 4.5 73.2 9/14/2047 CL USD
ENA Master Trust 4.0 70.5 5/19/2048 PA USD
ENA Master Trust 4.0 70.9 5/19/2048 PA USD
Enel Generacion Chile SA 6.2 29.2 10/15/2028 CL CLP
Equatorial Energia 10.9 1.1 10/15/2029 BR BRL
Equatorial Energia 10.8 1.0 5/15/2028 BR BRL
Esval SA 3.5 13.1 2/15/2026 CL CLP
Farfetch 3.8 4.3 5/1/2027 KY USD
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
GDM Argentina SA 2.5 0.0 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterranea SA 4.6 0.0 11/12/2024 AR ARS
General Shopping Finance 10.0 66.2 KY USD
General Shopping Finance 10.0 65.0 KY USD
Genneia SA 2.0 56.9 7/14/2028 AR USD
Greenland Hong Kong 10.2 13.4 KY USD
Guacolda Energia SA 4.6 70.5 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.1 12/30/2030 CL USD
Guacolda Energia SA 4.6 71.8 4/30/2025 CL USD
Guacolda Energia SA 10.0 70.1 12/30/2030 CL USD
Hector A Bertone SA 1.9 0.0 4/7/2024 AR USD
Hilong Holding 9.8 68.7 11/18/2024 KY USD
Hilong Holding 9.8 69.7 11/18/2024 KY USD
Hilong Holding 9.8 69.4 11/18/2024 KY USD
Multiplo SA 3.3 59.5 BR USD
Itau Unibanco SA/Nassau 5.8 20.2 5/20/2027 BR BRL
Jamaica Gov't Bond 6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond 8.5 73.0 12/21/2061 JM JMD
Lani Finance 1.7 63.5 3/14/2049 KY EUR
Lani Finance 1.9 66.9 10/19/2048 KY EUR
Lani Finance 3.1 66.1 10/19/2048 KY AUD
Lani Finance 1.9 65.8 9/20/2048 KY EUR
Link Finance Cayman 2009 2.2 70.0 10/27/2038 KY HKD
LIPSA Srl 1.0 0.0 8/23/2024 AR USD
Logan Group Co 7.0 5.1 KY USD
Longfor Group Holdings 4.0 43.3 9/16/2029 KY USD
Longfor Group Holdings 3.4 56.1 4/13/2027 KY USD
Longfor Group Holdings 3.9 38.4 1/13/2032 KY USD
Longfor Group Holdings 4.5 53.1 1/16/2028 KY USD
Luminis III 2.3 41.8 9/22/2048 KY USD
Luminis III 2.4 55.3 9/22/2048 KY AUD
Luminis IV 3.2 70.4 1/22/2042 KY AUD
Luminis 2.3 54.8 9/22/2048 KY AUD
Lunar Funding I 1.7 8/11/2056 KY GBP
MTR Corp CI 2.8 73.3 9/6/2047 KY HKD
MTR Corp CI 3.0 73.1 3/11/2051 KY HKD
MTR Corp CI 3.0 75.4 4/26/2047 KY HKD
MTR Corp CI 3.2 73.7 2/5/2055 KY HKD
MTR Corp CI 3.0 73.1 3/11/2051 KY HKD
NIO Inc 4.6 73.1 10/15/2030 KY USD
Panama Gov'tInt'l Bond 4.5 63.1 4/1/2056 PA USD
Panama Gov'tInt'l Bond 2.3 70.2 9/29/2032 PA USD
Panama Gov'tInt'l Bond 3.9 55.8 7/23/2060 PA USD
Panama Gov'tInt'l Bond 4.5 64.9 4/16/2050 PA USD
Panama Gov'tInt'l Bond 4.5 62.0 1/19/2063 PA USD
Panama Gov'tInt'l Bond 4.5 66.6 5/15/2047 PA USD
Panama Gov'tInt'l Bond 4.3 62.6 4/29/2053 PA USD
Peruvian Gov'tInt'l Bond 3.6 71.8 3/10/2051 PE USD
Peruvian Gov'tInt'l Bond 2.8 57.3 12/1/2060 PE USD
Peruvian Gov'tInt'l Bond 3.2 57.3 7/28/2121 PE USD
Peruvian Gov'tInt'l Bond 3.6 65.7 1/15/2072 PE USD
Peruvian Gov'tInt'l Bond 3.3 74.3 3/11/2041 PE USD
Petroleos del Peru SA 5.6 68.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 68.3 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.6 10/27/2026 AR USD
Provincia de la Rioja 7.5 45.9 7/20/2032 AR USD
Provincia de la Rioja 4.5 51.8 1/20/2027 AR USD
Chaco Argentina 4.0 0.0 12/4/2026 AR USD
QNB Finance 13.5 63.1 10/6/2025 KY TRY
QNB Finance 11.5 71.7 1/30/2025 KY TRY
QNB Finance 2.9 74.2 9/16/2035 KY AUD
QNB Finance 2.9 72.9 12/4/2035 KY AUD
QNB Finance 3.0 75.4 2/14/2035 KY AUD
QNB Finance 3.4 72.0 10/21/2039 KY AUD
Radiance Holdings Group 7.8 49.6 3/20/2024 KY USD
Rio Alto Energias Renovaveis 7.0 29.1 7/15/2027 BR BRL
Santander Consumer Chile SA 2.9 72.7 11/27/2034 CL AUD
Seazen Group 6.0 75.2 8/12/2024 KY USD
Seazen Group 4.5 34.1 7/13/2025 KY USD
Shui On Development Holding 5.5 61.2 6/29/2026 KY USD
Shui On Development Holding 5.5 73.0 3/3/2025 KY USD
Silk Road Investments 2.9 66.8 1/23/2042 KY AUD
Skylark 1.8 59.0 4/4/2039 KY GBP
Autopista Central 5.3 37.2 12/15/2026 CL CLP
Autopista Central 5.3 50.6 12/15/2028 CL CLP
SQM 3.5 65.5 9/10/2051 CL USD
SQM 3.5 65.5 9/10/2051 CL USD
Southern Water Service 3.0 70.8 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 1 SA 6.9 10.5 1/15/2034 BR BRL
SPE Saneamento Rio 4 SA 7.2 10.2 1/15/2042 BR BRL
SPE Saneamento Rio 4 SA 6.9 10.2 1/15/2034 BR BRL
Spica 2.0 74.9 3/24/2033 KY AUD
Spirit Loyalty Cayman 8.0 72.2 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 73.0 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 70.3 9/20/2025 KY USD
Spirit Loyalty Cayman 8.0 72.5 9/20/2025 KY USD
Sylph 2.7 68.5 3/25/2036 KY USD
Sylph 3.1 74.7 9/25/2035 KY USD
Sylph 2.4 64.2 9/25/2036 KY USD
Sylph 2.9 74.5 6/24/2036 KY AUD
Telecom Argentina SA 1.0 74.0 3/9/2027 AR USD
Telecom Argentina SA 1.0 66.1 2/10/2028 AR USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Tencent Holdings 3.2 67.9 6/3/2050 KY USD
Tencent Holdings 3.3 64.0 6/3/2060 KY USD
Tencent Holdings 3.9 73.9 4/22/2061 KY USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.6 6/3/2050 KY USD
Tencent Holdings 3.9 73.9 4/22/2061 KY USD
Tencent Holdings 3.3 64.1 6/3/2060 KY USD
Three Gorges Finance 3.2 71.6 10/16/2049 KY USD
Grupo Travessia 9.0 1.6 1/20/2032 BR BRL
Volcan Cia Minera SAA 4.4 62.2 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 62.0 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 61.6 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.8 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 61.9 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 60.6 4/15/2029 CL USD
YPF SA 7.0 72.6 12/15/2047 AR USD
YPF SA 1.0 66.8 4/25/2027 AR USD
YPF SA 7.0 72.3
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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.
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contact Peter A. Chapman at 215-945-7000.
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