/raid1/www/Hosts/bankrupt/TCRLA_Public/240819.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, August 19, 2024, Vol. 25, No. 166
Headlines
A R G E N T I N A
ARGENTINA: Milei Delivers its Biggest Public Spending Cut in 60Yrs
B E R M U D A
BORR DRILLING: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
B R A Z I L
ATLAS LITHIUM: Incurs $12.4 Million Net Loss in Second Quarter
OI SA: Reports 70% Cut in Financial Debt
J A M A I C A
JAMAICA: BOJ Conducts Third Forex Flash Sale
JAMAICA: Growth in 'Other Services' Industry at 2.6% in Q1
X X X X X X X X
LATAM: ECLAC Cuts Growth Projections for Latin America, Caribbean
[*] BOND PRICING: For the Week Aug. 12 to Aug. 16, 2024
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A R G E N T I N A
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ARGENTINA: Milei Delivers its Biggest Public Spending Cut in 60Yrs
------------------------------------------------------------------
Buenos Aires Times, citing a report by the IERAL Institute of the
Mediterranea Foundation, reports that the financial figure of the
national public sector in the first 2024 was the best one in the
last 64 years, with an adjustment by 5.6 points of the GDP,
prompted by expenditure cutbacks.
The analysis showed that "only taking into account the improvement
in the financial figure of 1 percent of the GDP or above, there are
eight cases in six decades and a half, headed by the aforementioned
first half of 2024, followed by 1985, when the Austral Plan caused
an improvement by 4.6 points of the GDP in the fiscal figure, and
then the fiscal adjustments of 2003 (1.8 points of the GDP), 2002
(1.7), 1977 (1.7), 1967 (1.5), 1984 (1.4) and 1991 (1.0),"
according to Buenos Aires Times.
As for the motor which sustained this figure, unlike what happened
in other periods, the entity led by the former head of the ANSES
Social Security Administration, Osvaldo Giordano, held that "what
makes the adjustment of the first semester more noteworthy is that
the entire improvement in the financial figure must be attributed
to a reduction in the public expenditure, while in 1985, when there
was also a strong improvement, the entire contribution was by a
rise in resources (+6.2 percent of the GDP), whilst the expenditure
that year went up by 1.6 points of the GDP," the report notes.
Still in that line, it stressed that "in the eight years when
significant improvements were experienced in the financial figure
of the public sector between 1961 and 2024, only on 3 occasions did
the adjustment in the expenditure contribute more than the rise in
income, the first half of 2024 being the most outstanding case,"
the report relays.
By specifying the most significant cutbacks, the report specified
that "in 2024, the adjustment by 5.4 points of the GDP in the
expenditure is explained by the reduction in transfers (pensions,
subsidies, transfers to provinces, etc.), by 3.7 points of the GDP,
followed by the lower capital expenditure (1.4), and decrease in
the expenditure in personnel (0.3)," the report discloses.
The study specified that the fiscal figure of June led to a primary
surplus of 0.08 percent of the GDP, and a financial surplus of 0.04
percent, with a first semester which culminated with a 1.2-percent
surplus and a financial surplus of 0.4 percent of the GDP, the
report says.
In this respect, from IERAL they explained that "this results from
an annual reduction of the expenditure by 35 percent, since total
income fell by 5 percent, in both cases in constant values," the
report relays.
They further stated that the highest annual adjustments in the
expenditure came from transfers to provinces (-98 percent in
capital transfers and -74 percent in current transfers), public
investment (-71 percent), economic subsidies (-43 percent) and
pensions (-27%), the report notes.
As for the way the cutbacks were distributed so far this year, they
specified that "the adjustment in the primary expenditure was by 39
percent annually in January, to then slow down the fall until
April, when the reduction was 24 percent annually", whereas
"starting in May the adjustment became quicker again, and the
semester ended with a 35-percent drop in June," the report
discloses.
Thus, they revealed that "what has been slowing down the drop are
the expenditure in personnel, pensions and capital expenses, which
fell less in the last three months of the semester than earlier
this year", while "on the other hand, the adjustment was
accelerated in the last two months by other operating expenses,
transfers to universities and subsidies to energy and transport".
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 Aug. 8, 2024, affirmed its 'CCC/C' foreign
and local currency sovereign credit ratings on Argentina. S&P also
affirmed its 'raB+' national scale rating on the country. The
outlook on the long-term ratings remains stable. S&P's 'CCC'
transfer and convertibility assessment for Argentina remains
unchanged.
S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and other
uncertainties with recent progress in making fiscal adjustments,
reducing inflation, and undertaking structural reforms to address
long-standing microeconomic weaknesses that have contributed to
poor economic performance for many years.s 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 E R M U D A
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BORR DRILLING: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
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Fitch Ratings has affirmed Borr Drilling Limited's (Borr) Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook and Borr
IHC Limited and Borr Finance LLC's notes' senior secured rating at
'B' following the tap of its existing 2028 senior secured bonds.
The Recovery Rating is 'RR4'. The notes are guaranteed by Borr.
Borr's rating reflects its strong near-term revenue visibility from
a robust contracted order backlog, high-specification jack-up fleet
and strong relationship with key customers, which is partially
offset by exposure to Petroleos Mexicanos (PEMEX; B+/Stable). The
rating further reflects high leverage, with deleveraging in 2025
contingent on growing EBITDA and reductions to total gross debt,
with limited headroom for additional issuances or shareholder
distributions beyond its current expectations.
Borr's IDR also incorporates moderate scale, a concentrated rig
fleet of only jack-up rigs, the inherent cyclicality of the
offshore drilling market, as well as increasing shareholder
distributions.
Key Rating Drivers
Financial Policy Limits Rating Headroom: Its rating case assumes
total debt will increase by around USD350 million as tap issuances
and its assumption of additional debt issuance to cover 70% of the
acquisition and activation costs of the Var rig in November outpace
contractual and voluntary debt repayments. The company has also
upsized its dividend programme, which Fitch assumes will result in
a USD76 million outflow this year and USD104 million in 2025.
Fitch expects this to result in EBITDA gross leverage of 3.5x in
2025, at the cusp of its negative rating sensitivity, limiting the
company's headroom for additional debt issuance and/or shareholder
distributions.
Positive Industry Trend: The jack-up rig market is showing signs of
recovery as some supply of rigs has left the market over the last
five years. Further security-of-supply concerns alongside
supportive hydrocarbon prices have resulted in renewed demand for
jack-up rigs from major producers as they look to replace reserves.
Fitch expects Borr's day rates and rig utilisation, which have
increased year-to-date, will continue to improve as recently signed
contracts ramp up and existing contracts expire and are repriced
with recent contract awards being priced at an average day rate of
USD180k/d or higher.
Backlog Provides Near-Term Revenue Visibility: Borr's backlog was
USD1.7 billion as of May 2024. As of 1Q24, 93% of fleet
availability was covered by firm contracts at an average day rate
of USD134k/d, while for 2025 71% was covered at USD142k/d. This
substantially reduces the downside risk to its expectation of
deleveraging and a return to positive free cash flow (FCF)
generation, provided that the company continues to reduce its total
debt.
High-Spec Jack-Up Fleet: With an average age of around six years,
Borr's jack-up fleet is among the newest on the market. Fitch
expects the fleet of high-specification rigs to have relatively low
run-rate capex requirements of around USD30 million-USD40 million a
year, with assets able to service complex projects in a variety of
geographies. Fitch expects the company's assets to be sought by
customers looking to develop higher complexity shallow-water
projects where the efficiency and technical specifications of rigs
are key.
No Near-Term Liquidity Constraints: All effective maturities are in
2028 and later, and Fitch expects the company's Fitch-defined FCF
will become consistently positive from 2025, assuming no excessive
shareholder distributions. This leads to a manageable liquidity
profile over its forecast, with high debt service costs somewhat
offsetting the company's otherwise strong cash-flow generation.
Var Newbuild Carved Out: Borr expects its last two new-build rigs
to be delivered in late 2024, which will mark the end of the
company's growth cycle. Delivery of the rigs will entail payment of
a USD320 million final instalment, of which Fitch assumes some
amounts related to the second rig, Var, will be funded through a
delivery finance facility ring-fenced from the rest of the
company's debt. The other rig, Vale, is being entirely funded by
cash from internal sources and tap issuances of the company's 2028
bonds. Fitch therefore carves out the EBITDA and asset value of Var
from its recovery analysis.
Backlog and Utilisation Volatility: Since its inception in 2017,
Borr's backlog and fleet utilisation has been volatile during
periods of oil market weakness. This resulted in low EBITDA
generation and negative FCF during 2019-2021. Current market trends
are favourable, and customers are willing to accept growing rates
and longer contracts amid a backdrop of high oil prices.
Consequently, Fitch expects that day rates, utilisation, and
backlog will remain volatile across macro cycles. This is somewhat
mitigated by the roll-off of growth capex, which will help the
company preserve liquidity sources during periods of lower EBITDA
generation.
Mixed Customer Base: There is good customer and geographic
diversification, but the company retains substantial exposure to
PEMEX, which contributed 28% of 1Q24 revenues, is currently in
financial distress, and has delayed payments to its suppliers in
the past. This is partially offset by strong relationships with
other, higher quality customers such as Saudi Arabian Oil Company
(Saudi Aramco; A+/Stable), QatarEnergy (AA/Stable), PTT Exploration
and Production Public Company Limited (BBB+/Stable), and European
oil majors.
Derivation Summary
Fitch rates Borr in line with Shelf Drilling, Ltd. (B/Stable) due
to the latter's higher mid-cycle EBITDA, lower order book
volatility and higher quality customer base. This is offset by
Borr's better asset quality owing to its very young fleet and wider
geographic diversification, alongside higher profitability per
rig.
Fitch rates Borr in line with Viridien SA (B/Stable) due to similar
mid-cycle EBITDA and order book volatility. However, Fitch expects
Viridien to generate stronger FCF and have lower mid-cycle
leverage. This is offset by Borr's good demand prospects for the
jack-up rig market over its forecast period, as well as access to
more varied funding sources.
Fitch rates Borr one notch below Valaris Limited (B+/Stable) due to
the latter's higher mid-cycle EBITDA, stronger liquidity, and lower
mid-cycle leverage, alongside a more diversified asset base. This
is partially offset by Borr's higher EBITDA margins.
Key Assumptions
Key Assumptions Within Its Rating Case for the Issuer:
- Utilisation rate averaging 93% for 2024-2027
- Day rates averaging around USD129,000 per day for 2024-2027
- EBITDA margin averaging around 54% for 2024-2027
- Capex averaging USD140 million per year for 2024-2027
- Dividend of around USD75 million in FY24, growing thereafter at a
CAGR of 12%
- Contractual amortisation of new debt
- Var rig acquisition and activation costs financed with 70% debt
Recovery Analysis
The recovery analysis assumes that Borr would be liquidated in a
bankruptcy rather than reorganised as a going concern (GC). This is
driven by the fact that Borr's assets are very new, with several
decades of useful life left absent large-scale investment needs.
Other oilfield services companies in its rating universe, such as
Shelf Drilling and Valaris, have assets that are older, have less
useful life left or require more substantial investments leading to
lower asset valuations, although EBITDA generation within its
forecast horizon may be similar or even higher than that of Borr.
Fitch assumes the USD150 million super senior revolving credit
facility (RCF; excluding the letter of credit portion) is fully
drawn. The RCF is super senior to the senior secured bonds.
Fitch now includes the assets and associated debt of the first of
the two newbuilt rigs, Vale, as Fitch assumes it will be financed
from the restricted group. Fitch excludes the second rig as Fitch
considers it outside the restricted group.
Fitch bases its recovery ratings on a liquidation value, which
takes into account 1Q24 reported accounts receivable of USD160
million (including receivables due from related parties) with a 70%
advance rate that takes into account the quality of its customer
base, USD3.4 billion of net property, plant and equipment (PPE)
primarily comprising the value of rigs based on company's valuation
per internal and third-party sources, including brokers' valuation,
with a 30% advance rate. Fitch also adds USD160 million to PPE to
account for the Vale newbuild rig.
- After a deduction of 10% for administrative claims, its waterfall
analysis generated a waterfall-generated recovery computation
(WGRC) in the 'RR4' band, indicating a 'B' instrument rating. The
WGRC output percentage on current metrics and assumptions was 43%.
Borr's revenue base is strongly concentrated in countries under
Country Group D, which will cap Recovery Ratings at 'RR4' when the
amount of debt starts declining and implying a WGRC, before
country-specific considerations, above 50%.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA gross leverage sustained below 2.5x
- Improvement of liquidity and reduction of gross debt with no
material near-term refinancing risk
- Sustained stronger jack-up market fundamentals, including higher
day rates, larger contracted backlog value, and longer average
contract tenor
- Increased geographical diversification of cash flows
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA gross leverage above 3.5x on a sustained basis
- Aggressive financial policy pivot, including excessive
shareholder distributions or aggressively-funded M&A
- Weakening liquidity
- Deteriorating market fundamentals, including lower day rates or
rig utilisation
Liquidity and Debt Structure
Good Liquidity: At end-March 2024, Borr's liquidity was good
holding USD283 million of cash against short-term maturities of
around USD100 million. Liquidity is further supported by an undrawn
USD150 million RCF expiring after 2027 and positive FCF after
2024.
Issuer Profile
Borr is an offshore shallow-water drilling contractor to the oil
and gas industry.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Borr Drilling
Limited LT IDR B Affirmed B
Borr Finance LLC
senior secured LT B Affirmed RR4 B
Borr IHC Limited
senior secured LT B Affirmed RR4 B
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B R A Z I L
===========
ATLAS LITHIUM: Incurs $12.4 Million Net Loss in Second Quarter
--------------------------------------------------------------
Atlas Lithium Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $12.40 million on $182,789 of revenue for the three months ended
June 30, 2024, compared to a net loss of $9.40 million on $0 of
revenue for the three months ended June 30, 2023.
For the six months ended June 30, 2024, the Company reported a net
loss of $25.58 million on $374,108 of revenue, compared to a net
loss of $13.86 million on $0 of revenue for the six months ended
June 30, 2023.
As of June 30, 2024, the Company had $60.86 million in total
assets, $33.90 million in total liabilities, and $26.96 million in
total stockholders' equity.
Atlas Lithium said, "We have historically incurred net operating
losses and have not yet generated material revenues from the sale
of products or services. As a result, our primary sources of
liquidity have been derived through proceeds from the (i) sales of
our equity and the equity of one of our subsidiaries, and (ii)
issuance of convertible debt. As of June 30, 2024, we had cash and
cash equivalents of $32,267,730 and working capital of $27,303,255,
compared to cash and cash equivalents $29,549,927 and a working
capital of $24,044,931 as of December 31, 2023. We believe our
cash and cash and equivalents will be sufficient to meet our
working capital and capital expenditure requirements for a period
of at least twelve months from the date of these financial
statements. However, our future short- and long-term capital
requirements will depend on several factors, including but not
limited to, the rate of our growth, our ability to identify areas
for mineral exploration and the economic potential of such areas,
the exploration and other drilling campaigns needed to verify and
expand our mineral resources, the successful installation of our
lithium processing facilities, and the ability to attract talent to
manage our different areas of endeavor. To the extent that our
current resources are insufficient to satisfy our cash
requirements, we may need to seek additional equity or debt
financing. If the needed financing is not available, or if the
terms of financing are less desirable than we expect, we may be
forced to scale back our existing operations and growth plans,
which could have an adverse impact on our business and financial
prospects and could raise substantial doubt about our ability to
continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1540684/000149315224030957/form10-q.htm
About Atlas Lithium
Headquartered in Minas Gerais, Brazil, Atlas Lithium Corporation
--
http://www.atlas-lithium.com-- is a mineral exploration and
development company with lithium projects and multiple lithium
exploration properties. In addition, the Company owns exploration
properties in other battery minerals, including nickel, copper,
rare earths, graphite, and titanium. Its current focus is the
development from exploration to active mining of its hard-rock
lithium project located in the state of Minas Gerais in Brazil at a
well-known lithium-bearing pegmatitic district, which has been
denominated by the government of Minas Gerais as "Lithium Valley."
Atlas Lithium reported a net loss of $42.63 million for the 12
months ended Dec. 31, 2023, compared to a net loss of $5.66 million
for the 12 months ended Dec. 31, 2022. As of March 31, 2024, the
Company had $37.70 million in total assets, $35.10 million in total
liabilities, and $2.60 million in total stockholders' equity.
OI SA: Reports 70% Cut in Financial Debt
----------------------------------------
gurufocus.com reports that Oi SA reported Q2 20204 financial
results.
A summary of the financial results show:
Debt Reduction: Achieved a 70% reduction in financial debt.
New Financing: Signed new financing for $601 million, converting
existing DIP financing into notes maturing in June 2027.
Revenue: BRL2.1 billion, a 13% drop year on year.
Core Revenue: BRL1.5 billion, accounting for 72% of total revenue.
Fiber Revenue: BRL1.1 billion, stable year on year excluding one-
off effects.
Net Profit: Over BRL15 billion, reversing previous losses.
Routine Operating Expenses: BRL2.2 billion, a 4.3%
reduction year on year.
CapEx: BRL137 million, 6.5% of revenue, a 47.7% year-on-year
reduction.
Cash Position: BRL1.9 billion at the end of the period, an 8%
reduction quarter on quarter.
Employee Reduction: 19% reduction in the number of employees.
ICT Revenue Growth: Cloud revenue up 161% year
on year; UC&C and security revenues up 17% and
14%, respectively.
As reported in the Troubled Company Reporter-Latin America on Aug.
12, 2024, S&P Global Ratings raised its issuer credit ratings on
Brazilian telecom operator Oi S.A. to 'CCC' from 'CCC-' on the
global scale and to 'brB' from 'brCCC+' on the Brazil national
scale and removed the ratings from CreditWatch positive.
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J A M A I C A
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JAMAICA: BOJ Conducts Third Forex Flash Sale
--------------------------------------------
RJR News reports that The Bank of Jamaica intervened in the foreign
currency market for the third time.
The central bank offered up US$30 million through a B-FXITT flash
sale, according to RJR News.
Seven banks and four cambios were successful in their bids, the
report notes.
NCB, JMMB Bank and JMMB Securities received the larger shares at
the end of the bid, the report relays.
This brings to US$120 million the value of the BOJ's interventions
in the market, after the Jamaican dollar hit a new record low
compared to the US dollar, 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.
JAMAICA: Growth in 'Other Services' Industry at 2.6% in Q1
----------------------------------------------------------
RJR News reports that Gross Domestic Product in the 'Other
Services' industry grew by 2.6 per cent in the first quarter of
this year.
The Statistical Institute of Jamaica says this was due to an
expansion in the 'recreational, cultural and sporting activities'
group, along with the other services sub-industry, according to RJR
News.
The 'recreational, cultural and sporting activities' sub-industry
saw improved performance in the other entertainment and
tourist-related activities groups, the report notes.
STATIN says this was linked to increased stopover and cruise
passenger arrivals to the island between January and March, 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.
===============
X X X X X X X X
===============
LATAM: ECLAC Cuts Growth Projections for Latin America, Caribbean
-----------------------------------------------------------------
AFP News reports that the Economic Commission for Latin America and
the Caribbean (ECLAC or CEPAL) revised its regional growth
projection for 2024 downwards, trimming 0.3 points off its previous
forecast.
According to the body, Latin America and the Caribbean as a whole
will grow 1.8 percent, due to an "uncertain international context."
Previously, it predicted 2.1 percent growth this year, according to
AFP News.
The region is expected to "continue on a low growth trajectory" due
to "a high level of inflation and interest rates that remain high
at the global level," ECLAC said in a report, the report notes.
"This situation may be aggravated by a possible exacerbation of
geopolitical and trade tensions, as well as by the worsening
effects of climate change," the Santiago-based UN agency warned,
the report relays.
At the regional level, ECLAC said that growth "is hampered by a
loss of household purchasing power" and by "the restrictive stance
of monetary policy" - with high rates - which affects domestic
demand and discourages investment, the report discloses.
According to the report, over the decade-long period of 2015-2024,
Latin American countries have shown low economic growth, recording
an average rate of 0.9 percent, the report relays.
ECLAC projects regional growth for 2025 of 2.3 percent, the report
notes.
Breaking down the forecasts by nations, Brazil - the region's
largest economy - will grow by 2.3 percent this year, according to
the body, the report relays. Colombia's projection remained
unchanged at 1.3 percent, the report discloses.
Hoover, both Mexico and Argentina received trimmed forecasts, the
report notes. GDP growth of 1.9 percent is expected in the former,
with the first year of President Javier Milei's government set to
end with a contraction of 3.6 percent, said ECLAC, the report
says.
Improved forecasts were issued for Venezuela (five percent), Chile
(2.6 percent), Peru (2.6 percent), Costa Rica (four percent),
Nicaragua (1.9 percent), El Salvador (3.55 percent) and the
Dominican Republic (5.2 percent), the report adds.
[*] BOND PRICING: For the Week Aug. 12 to Aug. 16, 2024
-------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry
Curr
---------- --- ----- --------
----- ----
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
*********
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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