/raid1/www/Hosts/bankrupt/TCRLA_Public/240429.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 29, 2024, Vol. 25, No. 86
Headlines
A R G E N T I N A
ARGENTINA: Economy Slumped for Fourth Straight Month in February
ARGENTINA: Gov't Blocks Reparation Payments to Victims of Terrorism
INCAA: Pres. Orders Closure; Puts Staff On Leave
B R A Z I L
BANCO ALFA: Moody's Withdraws 'Ba2' Deposit Ratings
BRADSEG PARTICIPACOES: Fitch Affirms BB+ LongTerm IDR, Outlook Neg.
VALE SA: Faces Challenges Yet Holds Steady in Q1
E L S A L V A D O R
EL SALVADOR: S&P Rates US$1BB Notes and Interest-Only Notes 'B-'
J A M A I C A
JAMAICA: Transportation Costs up 10% at March
M E X I C O
TOTAL PLAY: Fitch Affirms 'CCC' Rating on Sr. Unsecured Debt
T R I N I D A D A N D T O B A G O
NIQUAN ENERGY: To Send Home 80 Employees
X X X X X X X X
LATAM: Early 2024 Inflation Dynamics Across Latin America
[*] BOND PRICING: For the Week April 22 to April 26, 2024
- - - - -
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A R G E N T I N A
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ARGENTINA: Economy Slumped for Fourth Straight Month in February
----------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that Argentina's economy
slumped for a fourth straight month in February as President Javier
Milei's economic shock therapy plan took hold.
Economic activity fell 3.2 percent in February from a year ago,
less than expectations for a six-percent drop, according to
analysts surveyed by Bloomberg. On a monthly basis, activity
declined 0.2 percent, according to government data published by the
INDEC statistics bureau, Bloomberg News relays.
Argentina's economy contracted 1.9 percent in the fourth quarter of
2023.
Since taking office in December, Milei lifted price controls, froze
public works and sharply devalued the currency,Bloomberg News
discloses. His austerity measures helped cool monthly inflation in
the first three months of the year, falling from a three-decade
high of 26 percent in December, Bloomberg News notes. Milei used
high inflation to further skim costs by letting public wages and
pensions fall far behind monthly rises in consumer prices,
Bloomberg News says.
The effort is, according to Milei, paying off, Bloomberg News
notes. The president went on national television to trumpet the
country's first quarterly fiscal surplus since 2008, Bloomberg News
recalls. The surplus, he said, is the key to eradicating
inflation, the source of perennial crisis in Argentina, Bloomberg
News says.
"I want to tell Argentines that I understand the situation is hard
but also that we are halfway there. This is the last stretch in a
heroic effort Argentines are doing and for the first time in a long
time, this time will be worth it," he said at a prime time address
from the presidential palace, flanked by his economy minister and
Central Bank governor, Bloomberg News notes.
Economists are more cautious, Bloomberg News says. They interpret
the fiscal surplus as good news but worry about its sustainability,
given its crippling impact on economic activity, Bloomberg News
relays. Construction activity slumped 24.6 percent annually in
February and spending at small- and medium-size businesses --
Argentina's largest sector of employment -- fell 12.6 percent in
March, Bloomberg News notes.
Economists surveyed by Argentina's Central Bank forecast gross
domestic product contracting 3.5 percent this year, according to a
March poll, 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.
ARGENTINA: Gov't Blocks Reparation Payments to Victims of Terrorism
-------------------------------------------------------------------
Buenos Aires Times reports President Javier Milei's government has
announced that it will halt compensation payments to exiled victims
of state terrorism during Argentina's 1976-1983 dictatorship as it
carries out a comprehensive audit to detect "cases with
irregularities."
Justice Minister Mariano Cuneo Libarona confirmed the move as he
claimed the scheme was subject to widespread corruption in a
late-night television interview broadcast, according to Buenos
Aires Times.
Describing the reparations system as a "festival of payments," he
claimed the alleged graft "could not have happened without
political support," the report notes.
Via a government resolution (Nº RS-2024-40979055-APN-MJ), Cuneo
Libarona has ordered "a comprehensive audit of all the requests
made under the laws of patrimonial reparation for victims of state
terrorism," said the Milei administration, the report relays.
"The Ministry decided to carry out this audit because different
cases have been detected with irregularities in the processing,
granting and/or payment," the Justice Ministry said in a press
release published on social media, Buenos Aires Times says.
The decision to audit all requests stems from a ruling handed down
in a case known as 'Martinez Moreira, Adrian y otros
s/defraudacion, falsificacion de documentos públicos y asociacion
ilicita,' the report discloses.
In it "a group of people were prosecuted for the crimes of illicit
association, falsification of public and private documents, use of
public documents, false testimony, false denunciation, fraud and
defrauding the national public administration," the executive
reported, Buenos Aires Times notes.
Cuneo Libarona announced that "in turn, there are other criminal
cases being processed for irregularities arising from duplicate
payments or payments made to people who lack documentation to
support their request," the report relays.
The move is the latest government intervention into human rights
policies, Buenos Aires Times discloses. Since taking office last
December, President Milei has reopened debate about the 1976-1983
military dictatorship, calling for a "complete memory" of the
conflict, the report notes.
The libertarian leader has questioned estimates from human rights
groups as to the number of disappeared under state terrorism and
demanded compensation for the victims of left-wing terrorism and
guerrilla violence, the report says.
Reparations Scheme
The reparations program came into being after a number of victims
initiated lawsuits against the Argentine state, the report says.
Under the existing scheme, which is underpinned by six national
laws enacted between 1991 and 2013, victims of the last
civil-military dictatorship are provided with economic
compensations and pensions, the report discloses.
Those who can apply for reparation are, among others, persons who
suffered a forced disappearance, relatives of those killed by state
terrorism, and persons born during the deprivation of liberty of
their mothers, or who as minors were detained, as long as the
detention and disappearance was for political reasons, the report
notes.
During last year's election campaign, Victoria Villarruel, Milei's
vice-president, had hinted at her desire to audit the compensation
scheme, the report relays. Two years ago, Federal Judge Ariel Lijo
(who has been nominated by President Milei for a Supreme Court
vacancy) investigated a number of Uruguayans who had received
payments from the Argentine justice system, the report says.
Concerns about irregularities pre-date the Milei administration.
Former human rights secretary Horacio Pietragalla Corti, who served
in the Peronist government led by former president Alberto
Fernandez (2015-2019), presented his portfolio as a plaintiff in
August 2021 after gathering information about alleged fraudulent
manoeuvres involving fake relatives of the disappeared, the report
recalls.
Five individuals were later prosecuted in late 2023 as members of a
criminal organization that provided false testimony and defrauded
the public administration, the report notes.
The previous Peronist government (2019-2023) initiated legal action
and investigations against "gangs" specialised in obtaining such
reparations, the report discloses.
'This is Fun for Me'
After initially announcing the measure on social media, Cuneo
Libarona gave a television interview to LN+, during which he vowed
to clamp down on those who had abused the system, the report
relays.
The Justice Ministry will move against "people who, with false
documents, false witnesses and false forms, invented and claimed to
be victims and who received more than 150,000 dollars," he claimed,
alleging more than 100 corrupt cases in total, the report notes.
Cuneo Libarona reported that the audit will cover 7,996
compensation payments in total, as well as the cases of 14,400
exiled people, the report notes.
"There I have a lot of fraud about who was there and who wasn't.
There are 350 lawsuits for 100,000 dollars. There are 350
judgements of 100,000 dollars each," he insisted to LN+, the report
relays.
"There are a lot of righteous [people] and a lot of sinners, what I
want is to discover the gang of sinners. I want to see the files,
this is fun for me and I am very passionate about it," he declared,
the report notes.
Villarruel, who is close to the military, called on her social
media accounts to "audit the spurious business of human rights" and
"review the millions of dollars in compensation that were given,"
the report discloses.
Pietragalla observed that the previous government had denounced
corruption and said the complete suspension of payments "is a
strategy to not give answers to the current files, to delay the
obligations of the State, to not recognize the victims of State
terrorism and to taint [with] a mantle of suspicion our
administration," 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.
INCAA: Pres. Orders Closure; Puts Staff On Leave
------------------------------------------------
Buenos Aires Times reports that President Javier Milei's government
announced that INCAA National Institute of Cinema and Audiovisual
Arts will close doors temporarily ahead of international
reorganization. All employees were told services are "no longer
required" until new structure is in place.
According to the report, Pres. Milei has ordered the closing of
INCAA as his 'chainsaw' plan of public spending cuts deepens. Staff
have been placed on mandatory leave until further notice.
Workers will be relocated and given new functions, said government
sources, who said details of INCAA's redesign would be revealed
shortly, the report notes.
"Until officers are relocated, based on their technical and
professional skills in terms of the needs of the new structure, we
communicate that, effective immediately, they need not go to INCAA
offices and their services will not be required," read an internal
email to staff shared with local media, the report relays.
The report discloses that INCAA's temporary closure comes in the
middle of the 25th BAFICI International Buenos Aires Independent
Cinema Festival, which ran until April 28.
Sources from the institute told the Noticias Argentinas news agency
that BAFICI events organized with INCAA's support, including a
number of screenings at the historic Gaumont Theatre, would go
ahead, the report relays.
Local media reports suggest that the institution's new organisation
chart will see the number of INCAA departments halved, trimmed from
eight to four, the report notes.
A number of reforms to the institute, including funding cutbacks,
are outlined in Milei's 'Omnibus'/'Ley de Bases' reform bill, which
is currently under debate in Congress, the report says.
INCAA's current boss Carlos Pirovano has blocked "any outlay
(expense) linked to support and institutional contributions" and
ordered the non-renewal of contracted staff, the report discloses.
Overtime payments have been banned and any financial support to
projects has been suspended, reported Noticias Argentinas, the
report adds.
INCAA is a non-governmental public entity aimed at fostering
audiovisual productions in Argentina. It currently sits under the
Culture Secretariat within the orbit of the Human Capital Ministry
and has 645 employees, some 500 of them permanent staff. Among the
films that have benefitted from its support are eight Oscar
nominees, including Best International Feature winners El Secreto
de Sus Ojos ("The Secret in Their Eyes," 2009) and La Historia
Oficial ("The Official Story").
===========
B R A Z I L
===========
BANCO ALFA: Moody's Withdraws 'Ba2' Deposit Ratings
---------------------------------------------------
Moody's Ratings has withdrawn all ratings and assessments assigned
to Banco Alfa de Investimento S.A. (Alfa). The ratings withdrawn
are the bank's long-and short-term local and foreign currency
deposit ratings of Ba2/Not Prime, its long- and short-term
Counterparty Risk Ratings of Ba1/Not Prime, its long- and
short-term Counterparty Risk Assessments of Ba1(cr)/Not Prime(cr)
and its Baseline Credit Assessment (BCA) and Adjusted BCA of ba2.
The outlook on the long-term deposit ratings was changed to rating
withdrawn from stable.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
Banco Alfa de Investimento S.A. is headquartered in Sao Paulo,
Brazil, with assets of BRL28.7 billion and shareholders' equity of
BRL1.67 billion as of December 31, 2023.
BRADSEG PARTICIPACOES: Fitch Affirms BB+ LongTerm IDR, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed the Local Currency Long-Term Issuer
Default Rating (IDR) of Bradseg Participacoes S.A.'s (Bradseg) at
'BB+' with a Negative Outlook. Fitch has also affirmed the National
long term rating of Bradesco Seguros at 'AAA(bra)' with a Stable
Outlook. The rating reflects the company's strategic importance to
its parent Banco Bradesco (Bradesco), of which it is a core
subsidiary.
KEY RATING DRIVERS
Support-Driven Ratings: Bradseg's IDRs are aligned with the ratings
of its parent, Bradesco. The Outlook for Bradseg's IDR mirrors
Bradesco's, which is one notch above Brazil's sovereign ratings
(BB/Stable). The Negative Outlook on Bradesco's IDRs reflects
greater deterioration of its asset quality and profitability than
Fitch previously expected. The bank incurred a significant increase
in payment delays on retail loans, mainly from unsecured loans in
the low-income segment.
In applying Fitch's insurance criteria regarding the impact of
ownership on Bradseg' ratings, Fitch considered how the ratings
would theoretically be affected under Fitch's bank support
criteria. Fitch's insurance criteria are principles based regarding
ownership, and the referenced bank criteria was used to help inform
Fitch's judgment in applying those principles.
Core Subsidiary: Fitch views Bradseg as a 'core subsidiary' of
Bradesco, and therefore its ratings are equalized with those of its
parent. This is based on the strategic importance of Bradseg's
insurance operations, which complement the main retail banking
activities, common branding and high contribution of Bradseg to
group profits. The insurance holding company has consistently
contributed to the bank's consolidated earnings historically.
Robust Market Position: The rating also reflects the company's
leading position, consistent performance and diversified revenue
base. Bradseg had a leading position and overall market share of
approximately 22.7% as of September 2023. The rating also considers
the company's strong distribution capacity, underpinned by the wide
branch network of its parent, good performance and comfortable
capitalization ratios.
Very Strong Capitalization: Bradseg's capitalization ratios are
very strong and comfortable. During 2023, leverage ratios showed a
slight improvement and remained at favorable levels due to equity
valuation adjustments that reinforced equity. Bradseg and its
insurance subsidiaries continue to meet regulatory capital
requirements, on a consolidated basis, the group has a large
cushion in its regulatory capital base, which was 154% of the
minimum requirement in December 2023 (142% in 2022). Any need for
additional support would be manageable for Bradesco, which remains
comfortably capitalized.
Strong Performance Ratios: During 2023 Bradseg continued to show
solid and strong profitability with a ROAE of 24% (21% in 2022),
with strong premium growth of 12% in 2023, reaching BRL106.6
billion. Operating income grew by 32% in the year and the financial
result grew by 10%. Net profit increased by 32% compared to 2022
due to the increase in revenue, improvement in losses and
commercial ratios and increase in financial results. The company
has a solid and consistent track record of technical results
through cycles. This reflects their strong underwriting skills,
control systems and pricing practices.
Sovereign Bonds Influences Investment Risk: Bradseg follows a
conservative asset/liability management practice that is the
responsibility of the parent company and portfolio composition
remains stable compared with previous years. BradSeg's investment
portfolio is concentrated in government securities, which made up
81% of the total exposure in 2023.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Bradseg' IDR has limited upside potential, as it is equalized to
that of Banco Bradesco, the ratings of which are constrained by its
operating environment. Over the medium term, the ratings could
benefit from stabilization and eventual improvement of Fitch's
assessment of the operating environment for Brazilian banks.
- For the national scale rating, this sensitivity is not
applicable, given that the National LT rating of Bradseg was
affirmed at 'AAA(bra)'.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Bradseg' rating are linked to that of Banco Bradesco. Therefore,
any negative change in the bank's ratings would affect Bradseg's
ratings, as would a change in its willingness to provide support,
which Fitch considers highly unlikely.
- Bradseg's National Ratings are sensitive to changes in
creditworthiness relative to other Brazilian issuers.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Bradseg's rating is directly linked to the IDR of Banco Bradesco,
the company's ultimate parent.
Entity/Debt Rating Prior
----------- ------ -----
Bradseg
Participacoes S.A. LC LT IDR BB+ Affirmed BB+
Natl LT AAA(bra) Affirmed AAA(bra)
VALE SA: Faces Challenges Yet Holds Steady in Q1
------------------------------------------------
Richard Mann at Rio Times Online reports that in the vast
landscapes of Brazil, where nature's bounty runs as deep as the
mines of Para, Vale stands as a titan.
This global leader in iron production navigated the first quarter
with resilience, even as net profits dipped, according to Rio Times
Online.
They reported a profit of $1.679 billion, down 9% from last year's
figures, Rio Times Online notes. As iron prices wavered, the
company faced challenges, the report relays.
Sales of iron and copper, however, painted a brighter picture with
notable volume increases, Rio Times Online discloses.
This mixed financial landscape led to a slight decline in earnings
before interest, taxes, depreciation, and amortization, totaling
$3.479 billion, the report says.
A few weeks ago marked a positive stride with a 6.1% boost in iron
ore production, fueled by the robust operations at S11D, the report
adds.
About Vale SA
Vale S.A. is a Brazilian multinational corporation engaged in
metals and mining and one of the largest logistics operators in
Brazil.
As reported in the Troubled Company Reporter-Latin America in
September 2019, Moody's Investors Service affirmed Vale S.A.'s Ba1
senior unsecured ratings and the ratings on the debt issues of
Vale Overseas Limited, fully and unconditionally guaranteed by
Vale S.A. Moody's also affirmed the Ba2 senior unsecured ratings
of Vale Canada Ltd. The outlook changed to stable from negative.
At the same time, Moody's America Latina Ltda. affirmed Vale's
Ba1/Aaa.br corporate family rating and the Ba1/Aaa.br ratings on
its senior unsecured notes. The outlook changed to stable from
negative.
=====================
E L S A L V A D O R
=====================
EL SALVADOR: S&P Rates US$1BB Notes and Interest-Only Notes 'B-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue ratings to El Salvador's
US$1 billion 9.250% notes due in April 2030 and to interest only
(I/O). The notional amount and the maturity of the I/O notes are
tied to the $1 billion notes.
The I/O notes' initial interest rate is 0.25%, with the possibility
of a step-up to 4% after 18 months depending on the outcome of a
macro test that has the following conditions:
-- The sovereign's ability to enter into an IMF program; or
-- It attains a rating of at least 'B' (or equivalent) from two of
the major credit rating agencies.
The interest rate may go up to 4% if neither of the conditions are
met or may stay at 0.25% if the country meets one of them. The
macro test will be first measured 18 months after closing, and will
be reassessed for each semiannual interest payment period.
S&P said, "We rate the I/O notes based on our Principles of Credit
Ratings because our Sovereign Rating Methodology does not include
provisions to rate interest-only notes issued by sovereign
entities. Given the relationship between the US$1 billion notes and
the I/O notes (the notional amount, the maturity, and the
cross-default clauses), we view the I/O notes essentially as extra
return on the $1 billion notes. As a result, we rate the I/O notes
at the same level as the notional reference notes, and we generally
expect the ratings to move in tandem."
The sovereign is using the issuance proceeds for the following
purposes:
-- Partially buy back three sovereign bonds maturing 2025, 2027,
and 2029;
-- Make interest and principal payments under the 2025 bond not
otherwise repurchased through its maturity date; and
-- Pay direct obligations of the Ministry of Finance according to
the Republic's approved budget.
The ratings on both notes are the same as the long-term foreign
currency sovereign credit rating on El Salvador (B-/Stable/B).
S&P said, "Our 'B-' long-term ratings on El Salvador incorporate
the country's institutional weaknesses, as indicated by
difficulties in predicting policy responses amid poor checks and
balances, modest per capita GDP at $5,300, and only moderate GDP
growth prospects due to persistently low investment and
productivity. In addition, the sovereign has a very high debt
burden, around 70% of GDP (including debt with pension funds). It
also lacks monetary flexibility because of full dollarization.
"The stable outlook indicates our view of balanced risks between El
Salvador's midterm fiscal relief from the debt refinancing process
started in 2022, and persistent fiscal and debt risks as debt
service payments remain high and financing alternatives are
somewhat limited."
=============
J A M A I C A
=============
JAMAICA: Transportation Costs up 10% at March
---------------------------------------------
RJR News reports that the Statistical Institute of Jamaica (STATIN)
says Jamaican commuters and motorists faced a double digit increase
in transportation costs over the last year.
The average cost of goods and services related to the "Transport"
division went up by 10 per cent for March 2023 to March 2024,
according to RJR News.
Looking at the month of March, there was a 0.2 per cent average
increase in the index for the 'Transport' division, the report
notes.
This was propelled mainly by a 0.7 per cent uptick in costs
associated with the 'Operation of Personal Transport Equipment,'
the report relays.
Higher petrol prices were linked to the increase in that group, the
report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
===========
M E X I C O
===========
TOTAL PLAY: Fitch Affirms 'CCC' Rating on Sr. Unsecured Debt
------------------------------------------------------------
Fitch Ratings has affirmed Total Play Telecomunicaciones, S.A.P.I.
de C.V.'s at 'CCC'/'RR5' the remaining balance of its senior
unsecured debt due 2025 and 2028.
The affirmation follows a debt exchange of the company's original
2025 senior unsecured notes for amortizing senior secured bonds due
in 2028, with a 10.5% interest rate and secured by accounts
receivables. Total Play announced that the debt exchange resulted
in 84.5% (USD305.5 million) of the aggregate principal amount being
exchanged. The company's capital structure has changed and now
heavily leans toward a secured debt structure. Fitch believes that
this leaves the remainder of the original 2025 and 2028 notes in a
weaker debt ranking.
KEY RATING DRIVERS
Governance Concerns: Fitch believes Grupo Salinas'
governance-related events add uncertainty about similar practices
in the future. TV Azteca's default and Total Play's private
exchange support Fitch's previous assessment that Grupo Salinas is
uneven in its treatment of stakeholders. Fitch believes these
practices could impact Total Play's ability to access funding.
Debt Refinancing: With the debt exchange Total Play reduced its
refinancing needs and extended its debt maturity profile. Total
Play's Long-Term Issuer Long-Term Issuer Default Rating (IDR) of
'CCC+' reflects a capital structure heavily leaned to a secured
debt structured with a proportion of subordinated creditors. With
the 84.5% exchange, around 72% of the total debt will be secured.
Total Play launched a debt exchange offer on its USD575 million
unsecured bond due in 2025. The offer was secured by accounts
receivables, with an annual interest rate of 10.5% and have an
increasing amortization schedule. The original 2025 that were not
tendered in the exchange and the original 2028 notes are
subordinated from the IDR given that, in Fitch's view, they have
lower recovery prospects in an event of default as a result of
higher secured debt proportion.
Increasing Cost of Debt: The use of secured debt further limits
Total Play's financial flexibility. The new secured senior notes'
interest rate is 10.5%, which is higher than the original 2025
senior unsecured notes. The company's percentage of secured debt
and cash interest expense will increase given its limited financing
options, impacting cash flow generation.
Expectation of Neutral FCF: Fitch expects FCF to be neutral in
2024, given Total Play's MXN12.5 billion capex plan, a level that
would not allow the company to address its refinancing needs and
prioritize debt repayment by strengthening liquidity. Total Play
also faces higher interest expense and a more competitive
landscape.
Fitch expects FCF to be neutral to positive in 2025-2026,
considering average annual capex of MXN13 billion. Fitch believes
the company has the ability to cut non-essential capex temporarily
by nearly half from a current 2024 capex budget of MXN12.5 billion
to MXN6 billion. Total Play has historically always reported
negative FCF generation. The company has invested MXN70 billion,
mainly in network deployment in the last five years, with
capex/revenue ratios of 62% in 2022, 64% in 2021 and 73% in 2020.
This ratio decreased to 39% in 2023, and Fitch projects a level of
28.1% in 2024.
Profitability Continuously Improving: Operational performance is in
line with Fitch's expectations and enabled the company to generate
positive cash flow from operations (CFO) in 2023. Total Play's
services are performing well, with solid revenue and EBITDA
expansion in recent years, backed by extensive network deployment
that increased homes passed, business scale and profitability.
Increased network penetration, while maintaining a low-cost
structure and working capital requirements, is key to growing
revenue and expanding margins. Fitch expects network penetration to
increase to 29.0% as of YE 2024, compared with 12% in 2018, while
EBITDA margins reach about 42.7% at YE 2024. Fitch expects EBITDA
to continue to improve in 2024, maintaining leverage ratios below
3.5x.
Market Share and Diversification: Total Play is an important
participant in the industry in terms of network coverage, homes
passed and revenue generating units. The company has maintained
strong growth despite operating in a competitive industry. Total
Play reached 17.5 million homes passed and 4.7 million subscribers
in 4Q23, a faster growth rate of 35% than the industry average of
6%. Total Play has a balanced revenue mix and customer and service
diversification.
ESG - Governance Structure: Fitch believes Grupo Salinas'
governance-related events add uncertainty about similar practices
in the future. TV Azteca's default and Total Play's private
exchange support Fitch's previous assessment that Grupo Salinas is
uneven in its treatment of stakeholders. Fitch believes these
practices could impact Total Play's ability to access funding.
DERIVATION SUMMARY
Total Play's ratings reflect its tight liquidity position and
refinancing risk. Compared with Grupo Televisa, S.A.B.
(BBB/Negative), which has a more diversified business, Total Play
has higher leverage, a smaller market share and lower network
penetration.
Cable & Wireless Communications Limited (C&W BB-/Stable) has
similar leverage to Total Play and a solid liquidity position, with
a long-dated debt amortization profile and better service and
geographic diversification. C&W benefits from operations in a
series of mainly duopoly markets, excluding Panama mobile. Revenue
mix per service is well-balanced, with mobile accounting for around
26% of total sales, fixed-line at 26% and business to business with
48% of revenue in 2022. C&W's strengths are tempered by Liberty
Latin America Ltd.'s financial management, which limits any
material deleveraging.
VTR Finance N.V. (CCC-) has higher leverage than Total Play and
also faces limited financial flexibility. Its rating also reflects
the expectation of a weak operational performance in 2024 due to
the continuation of a highly competitive environment in Chile and a
sustained negative FCF.
KEY ASSUMPTIONS
- Revenue growth of 10% in 2024 due to the company's strategy of
increasing in-network penetration;
- EBITDA margins of 43% in 2024;
- Capex to sales ratio at around 28.1% in 2024, capex should be
more aligned to customer increases;
- FCF generation turning neutral in 2024;
- No dividend payments.
RECOVERY ANALYSIS
Fitch's criteria consider bespoke recovery analysis for issuers
with 'B+' IDRs and below. The bespoke recovery analysis assumes
that Total Play would be considered a going concern in bankruptcy
and that the company would be reorganized rather than liquidated.
Total Play's going concern EBITDA of MXN9.4 billion is based on
Fitch's expectation of a sustainable, post-reorganization EBITDA
level. This compares with a YE EBITDA of MXN17.2 billion and
reflects the increased competition in the Mexican market and the
company's limited financial flexibility. The enterprise
value/EBITDA multiple applied is 5.0x. This figure reflects Total
Play's market position.
Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of debt in the capital
structure. Fitch's debt waterfall assumptions consider total debt
as of Dec. 31, 2023. The waterfall results in a 'RR5' Recovery
Rating for the original 2025 and 2028 senior unsecured notes. Fitch
considers that given the high amount of cashflows that go the
master trust, there is subordination in the original 2025 notes and
2028 notes.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade
The possibility of any positive ration action in the short term is
unlikely. However, factors that could be considered positive for
the issuer's credit quality include:
- Change in the funding mix towards unsecured debt and a
diversification of its funding sources;
- A more balanced capital structure between liabilities and
equity;
- A CFO-Capex/Total Debt ratio consistently at or above 2.5%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade
- Failure to address its refinancing needs and short-term
obligations, launching of a coercive debt exchange or announcing a
debt restructuring;
- Neutral to negative CFO-Capex/Total debt ratio that prevents
further liquidity improvements;
- Weaker operating performance and loss of market share;
- Unfavorable regulatory changes;
- For the senior unsecured issuances, the increase in secured debt
could have a negative impact that result in an additional notch
downgrade.
LIQUIDITY AND DEBT STRUCTURE
Exchange Intended to Improve Liquidity: Liquidity benefited from
the exchange of 84.5% of the USD362 million unsecured notes due
2025, for new secured amortizing notes due in 2028. However Total
Play's financial flexibility remains limited. The company is still
exposed to risk from short- term debt and obligations of MXN9.1
billion (including factoring and leasing of MXN4.5 billion) that
matures in 2024 and an accounts payable amount of MXN13 billion.
The company had readily available cash and equivalents of MXN2.3
billion as of Dec. 31, 2023 and restricted cash of MXN3.3 billion,
which Fitch assumes will be used for debt repayment. The company
expects to refinance MXN1.0 billion in local bonds that mature in
April 2024.
The increase in the percentage of secured debt limits Total Play's
financial flexibility. Its liquidity position is tempered by still
elevated capex in 2024, (at 28.1% capex/revenue), that continues to
pressure its FCF generation, higher interest expense and a
difficult market environment as it aims to execute on refinancing
short-term debt.
Fitch factors accounts payable of approximately MXN2.2 billion in
its debt calculations. The factoring adjustment allows Fitch to
compare issuers that may use different sources of funding, as
immediate replacement funding is required if the payables financing
shuts down.
ISSUER PROFILE
Total Play Telecomunicaciones S.A. de C.V. (BB-/Stable) is a
Mexican provider of fixed telecommunications services to
residential and enterprise customers including government entities.
The company offers pay-television, fixed-broadband and fixed-voice
services through its competitive fiber-to-the-home (FTTH) via a
gigabit passive-optical network (GPON) network.
ESG CONSIDERATIONS
ESG Relevance Score of '5' for Governance Structure due to the
ownership concentration and the company's aggressive related-party
treatment toward different stakeholders, which has a negative
impact on the credit profile and is highly relevant to the rating
in conjunction with other factors.
Total Play Telecomunicaciones, S.A.P.I. de C.V. has an ESG
Relevance Score for Financial Transparency of '4' due to the level
of detail and transparency of financial disclosure that is weaker
than other industry peers. This has a negative impact on the credit
profile and is highly relevant to the rating 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
----------- ------ -------- -----
Total Play
Telecomunicaciones,
S.A.P.I. de C.V.
senior unsecured LT CCC Affirmed RR5 CCC
=====================================
T R I N I D A D A N D T O B A G O
=====================================
NIQUAN ENERGY: To Send Home 80 Employees
----------------------------------------
RJR News reports that approximately 80 employees at NiQuan Energy
Trinidad Limited will be out of work at the end of this month.
The company's founder, Ainsley Gill, informed staff members that
expected funding will not materialize as planned, leading to the
mothballing of the gas-to-liquids plant, according to RJR News.
Mr Gill said the disproportionate curtailment of gas supply
suffered by NiQuan, followed by the wrongful termination of the gas
supply contract, has left the company with no other alternative,
the report notes.
The troubled gas-to-liquids plant was placed in asset-preserving
silent mode last September due to a lack of natural gas and
financial constraints, the report relays.
In August last year, NiQuan lost its bid for an injunction against
the government to compel the state to resume its natural gas
supply, the report adds.
===============
X X X X X X X X
===============
LATAM: Early 2024 Inflation Dynamics Across Latin America
---------------------------------------------------------
Richard Mann at Rio Times Online reports that in the first quarter
of 2024, Latin America displayed a remarkably wide spectrum of
varying inflation rates.
Argentina recorded the world's highest consumer price index, while
Costa Rica experienced deflation, illustrating the region's varied
economic conditions, according to Rio Times Online.
During this period, Brazil and Mexico, two of the largest economies
in Latin America, aimed to adjust their monetary policies to
pre-pandemic inflation levels, the report notes.
[*] BOND PRICING: For the Week April 22 to April 26, 2024
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Issuer Name Cpn Price Maturity
Cntry Curr
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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
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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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