/raid1/www/Hosts/bankrupt/TCRLA_Public/240612.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
Wednesday, June 12, 2024, Vol. 25, No. 118
Headlines
A R G E N T I N A
ARGENTINA: Begins to Slash Energy Subsidies For Low-Income Locals
B R A Z I L
BRAZIL: Leaked Meeting Rattles Markets
BRAZIL: Oil Output Declines in April
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Mirex Announces Enforcement of Investment Deal
P E R U
PERU: Economy Rebounds in Early 2024
P U E R T O R I C O
DISTRIBUIDORA NARANJITO: Taps Cynthia Fraticelli as Accountant
FHT RENTAL: Unsecured Creditors to Get 0% in Plan
- - - - -
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A R G E N T I N A
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ARGENTINA: Begins to Slash Energy Subsidies For Low-Income Locals
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Manuela Tobias at Bloomberg News reports that electricity bills
will soar this month for most Argentine households heading into a
particularly harsh winter as President Javier Milei marches on with
economic shock therapy.
For the first time since Milei took office, low-income homes will
see the energy cost of their utility bills double on average in
June, while middle-class families could see prices rise 155
percent, according to Bloomberg News. While most Argentines only
pay five percent of the real cost of electricity, that figure will
jump to a third for low-income households and nearly half for
middle-class citizens, the Energy Secretariat said in a series of
press statements, Bloomberg News notes.
Sharply raising utility prices stands to test just how much of
Milei's austerity Argentines are willing to endure, Bloomberg News
relays. The libertarian president continues to enjoy approval
ratings above 50 percent, far better than his predecessors,
Bloomberg News discloses. Removing subsidies has long been
considered a politically costly move, however, and sparked an
internal divide in the previous government, causing ministers to
resign, Bloomberg News says.
Milei's team, led by Economy Minister Luis Caputo, is working to
unwind generous energy subsidies that last year cost Argentina the
equivalent of 1.5 percent of its gross domestic product, Bloomberg
News relays. The government hopes to lower that number to about
0.8 percent this year, according to a senior energy official who
asked not to be named discussing sensitive government matters,
Bloomberg News notes.
The removal of subsidies has been riddled with stops and starts
this year as the economic team balances the need to slow down
inflation running at a nearly 300 percent annual pace and balance
Argentina's notoriously bloated budget, Bloomberg News relays. At
the same time, a cold spell hit the Buenos Aires area in May, and
the government says this winter could be the coldest since 1980,
Bloomberg News recalls.
Some people's energy bills could spike even higher after the
government set a ceiling on electricity consumption to qualify for
subsidies, Bloomberg News discloses. While in May, there was no
limit to how much a poor household could consume while enjoying
subsidies, in June their electric costs will jump to nearly the
full price after they consume 350 kilowatt-hours per month - the
amount the government estimates 70 percent of those households
spend on a monthly basis, Bloomberg News notes. The roof is set at
250 kilowatt-hours per month for middle-income earners, down from
400, Bloomberg News says.
Businesses and high-income earners will also see hikes in their
bills this month, although less aggressive bumps because the
government had already stripped significant subsidies earlier this
year, Bloomberg News relays.
This isn't the first time lower income earners will see their bills
multiply, Bloomberg News notes. Earlier this year, the government
began to thaw prices for the fixed costs of delivering gas and
electricity, which it regulates, Bloomberg News relays. Those
prices will climb on a monthly basis starting in July, tied to
expected future inflation, the official said. The government
expects inflation to continue to slow down in the coming months,
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 R A Z I L
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BRAZIL: Leaked Meeting Rattles Markets
--------------------------------------
Rio Times Online reports that a confidential discussion leaked in
Sao Paulo last June 7, 2024. Finance Minister Fernando Haddad met
with top bank executives, stirring significant market volatility,
according to the report.
Immediately, stock prices dipped, and interest rates surged, the
report relays. The meeting focused on government spending
strategies, crucial for Brazil's economic stability, the report
notes.
Rio Times Online discloses that Haddad proposed solutions for
escalating mandatory expenses that might restrict funds for other
vital areas.
Although he made no firm commitments, the mere hint of fiscal
instability alarmed investors, the report relays.
Attendees included Mario Leao, president of Santander Brazil, and
executives from major institutions like Itaú and Bradesco, the
report notes.
After the meeting, misinterpretations about potential fiscal
changes spread, worsening the market reaction, the report relays.
Before the leak, the Ibovespa index had climbed 1.23%, the report
says. Yet, it plunged 1.73% post-leak, with the dollar reaching R$
5.3247, its highest since January 2023, the report notes.
Interest rates jumped more than 0.40 percentage points, the report
discloses. Haddad countered allegations of misinformation
vigorously, the report relays.
The report relays that Haddad confirmed no changes to fiscal
policies and stressed the government's readiness to cut
expenditures if required.
Fiscal Fears: Leaked Meeting Rattles Brazil's Markets
From Sao Paulo's financial hub, Haddad underscored the government's
adherence to existing fiscal frameworks, the report notes.
The leak also sparked questions about increasing mandatory costs,
like healthcare and education, which could deplete funds for
discretionary spending, the report relays.
Haddad acknowledged having plans to present to President Lula, but
specifics remained undisclosed, the report notes.
Additionally, he addressed concerns about possible increases in the
government's real spending cap, currently at a 2.5% annual
increase, the report discloses.
By emphasizing the economic impact of such decisions, Haddad
reassured the financial community about his dedication to fiscal
discipline, the report relays.
Market reactions likely stem from fears of Haddad's weakening
influence or doubts about fiscal policy continuity, the report
relays.
Despite this, attendees affirmed Haddad's consistency in addressing
these fiscal challenges, the report relays.
To conclude, after the market downturn, Haddad reiterated the
importance of clear communication, the report relays.
Haddad invited direct queries to prevent future misinterpretations,
showcasing a proactive stance in maintaining fiscal integrity, the
report adds.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
A strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook. Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
BRAZIL: Oil Output Declines in April
------------------------------------
Richard Mann at Rio Times Online reports that Brazil's oil
exploration in the vast Atlantic's pre-salt reserves faced a slight
decrease in April 2024, according to the ANP agency.
Amid these deep waters, the country recorded an oil production of
3.194 million barrels daily, a 4.8% reduction from March, according
to Rio Times Online.
Nonetheless, this figure represents a resilient 1.7% increase
compared to the same month last year, the report notes.
Similarly, natural gas production was at 136.68 million cubic
meters daily, decreasing by 5.1% from March but showing a 3.5%
increase over the prior year, the report relays.
Brazilian Oil Output Declines in April
The total output of oil and gas stood at 4.054 million barrels of
oil equivalent per day, the report relays.
Despite a slight setback from March's 4.262 million, this was
nearly on par with April of the previous year's 4.032 million, the
report discloses.
April's production, primarily from the oceanic pre-salt zones,
accounted for 77.8% of the national output, the report notes.
Here, explorers extracted 3.156 million barrels equivalent, a 5.8%
decrease from March but a 4.5% year-on-year increase, the report
relays.
Moreover, offshore fields were the source of 97.3% of the oil and
85.9% of the gas, the report notes.
Petrobras, leading the charge either solo or in consortium, was
responsible for 88.49% of this output, using 509 offshore wells and
6,016 onshore, the report says.
This narrative is more than a series of numbers, the report relays.
It highlights the essential role of energy in driving and
sustaining economies, the report notes.
Shifts in production levels resonate through global markets,
impacting everything from gas prices to international
relationships, the report adds.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
A strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook. Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.
DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: Mirex Announces Enforcement of Investment Deal
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Dominican Today reports that the Ministry of Foreign Affairs
(Mirex) has announced the entry into force of the "Agreement for
the Promotion and Protection of Investments between the Fund for
International Development and the Dominican Republic" signed in May
2022.
The agreement aims to stimulate capital flow from member states of
the Organization of Petroleum Exporting Countries (OPEC) to the
Dominican Republic, according to Dominican Today. It seeks to
promote investments and identify collaboration opportunities
between high-income countries and the Dominican Republic, the
report notes.
"This agreement represents a significant milestone in stimulating
the flow of capital to the Dominican Republic from OPEC member
states, promoting the creation of jobs and the development of
capabilities in our country," stated the Foreign Ministry, the
report relays.
The agreement ensures environmental conservation, respect for human
rights, and adherence to international corporate social
responsibility standards, the report discloses. Additionally, it
establishes an effective dispute resolution framework, providing
security and confidence to investors, the report says.
Mirex reaffirmed the government's commitment to attracting
responsible investments, highlighting the importance of this
agreement in fostering economic growth and development, the report
adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On 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.
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P E R U
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PERU: Economy Rebounds in Early 2024
------------------------------------
Juan Martinez at Rio Times Online reports that in the first quarter
of 2024, Peru's economy marked a notable comeback, registering a
growth of 1.4%, according to the Central Bank.
This recovery signals a positive shift from the previous year's
0.6% contraction, according to Rio Times Online.
Key to this turnaround were the mining sectors, especially gold and
copper, benefiting significantly from rising global prices, the
report notes.
Construction and petroleum extraction also played crucial roles,
with construction growing by 5.1% and the extraction industries by
7.6%, the report relays.
These sectors bounced back strongly, reflecting a broader recovery
momentum, despite 2023's challenges from anti-government protests
and severe weather events, the report discloses.
Domestically, demand surged by 2.1%, driven by increased public
investment in infrastructure and rising household incomes, which
boosted consumer spending, the report says.
Rio Times Online notes that the government's strategic investments,
which saw a dramatic increase of 39.9%, were pivotal in enhancing
local and regional infrastructures.
However, it wasn't all positive news, the report relays. The
fishing and aquaculture sector saw a sharp decline of 29.4%,
suffering from reduced catches both maritime and continental, the
report says.
Similarly, the manufacturing sector dipped by 6.1%, with
significant downturns in production of non-metallic mineral
products, food, and textiles, the report discloses.
Despite these challenges, the Peruvian government projects an
optimistic economic growth of 3.1% by the end of 2024, the report
notes.
This optimism is underpinned by the stabilization of the mining
sector and expected improvements in both public and private
investments, the report relays.
The focus is now on sustaining these growth drivers and addressing
the lagging sectors to ensure a well-rounded economic recovery, the
report notes.
Background - Peru's Economy Rebounds
In the first five months of 2023, Peru saw a modest 1.23% rise in
the national Consumer Price Index (CPI), the report relays.
This figure, reported by the National Institute of Statistics and
Informatics (INEI), signifies subtle but key changes in the
country's economic landscape, the report discloses.
In Metropolitan Lima, the heart of Peru's economy, the CPI dipped
by 0.09% in May, the report says. Consequently, the five-month
cumulative rate reached 1.45%, the report adds.
=====================
P U E R T O R I C O
=====================
DISTRIBUIDORA NARANJITO: Taps Cynthia Fraticelli as Accountant
--------------------------------------------------------------
Distribuidora Naranjito Import & Export Corp. seeks approval from
the U.S. Bankruptcy Court for the District of Puerto Rico to
Cynthia Garcia Fraticelli, a practicing accountant in Ponce, P.R.
The Debtor requires an accountant to prepare its monthly operating
reports and periodic statements of operations; represent it in tax
investigation; file all pending PR Treasury corporate tax returns;
prepare state and federal tax returns; and provide other
accounting
services necessary to administer its bankruptcy estate.
The accountant will receive a monthly fee of $125 for her
services.
As disclosed in court filings, Ms. Fraticelli is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Ms. Fraticelli maintains an office at:
Cynthia I. Garcia Fraticelli
Urb. Bella Vista
4111 Calle Nuclear
Ponce, PR 00716
Tel: (787) 613-0411
Fax: (787) 812-3409
About Distribuidora Naranjito Import & Export Corp.
Distribuidora Naranjito Import & Export Corp. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr.
D.P.R. Case No. 24-00711) on February 26, 2024, listing $1,039,957
in assets and $2,352,350 in liabilities. The petition was signed
by
Osmar A. Aymat Rivera as president.
Modesto Bigas-Mendez, Esq. at Modesto Bigas Law Office represents
the Debtor as counsel.
FHT RENTAL: Unsecured Creditors to Get 0% in Plan
-------------------------------------------------
FHT Rental, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a Disclosure Statement describing Plan of
Reorganization dated May 16, 2024.
The Debtor is a domestic Corporation, authorized to do business in
Puerto Rico, since it was created on October 19, 2000.
Since its inception the corporation has been administered by its
president, Mr. Felix A. Torres Garcia, a Civil Engineer with
practice dedicated to survey existing and new construction
projects.
General unsecured creditors are classified in Class 3 and will
receive a distribution of 0%.
Class 3 consists of General Unsecured Claims. The Debtor will
surrender to the creditor the real property securing this claim.
The allowed unsecured claims total $165,140.00. This Class is
impaired.
Payments to the creditors will be made by the surrender of the
collateral securing the creditors' claims.
The Plan Proponent believes that they produce sufficient income
from their salaries to pay all the claims and expenses that are
entitled to be paid on that date. The Debtor's financial reports
show that they have sufficient assets to fund the plan.
A full-text copy of the Disclosure Statement dated May 16, 2024 is
available at https://urlcurt.com/u?l=I9LwIa from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Modesto Bigas Mendez, Esq.
Modesto Bigas Law Office
P.O. Box 7462
Ponce, PR 00732
Telephone: (787) 844-1444
Facsimile: (787) 842-4090
Email: mbiasmendez@gmail.com
About FHT Rental
FHT Rental, Inc., a company in Ponce, P.R., filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case
No. 24-00296) on Jan. 30, 2023, with up to $50,000 in assets and up
to $10 million in liabilities. Felix A. Torres Garcia, president,
signed the petition.
Modesto Bigas Mendez, Esq., serves as the Debtor's counsel.
*********
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