/raid1/www/Hosts/bankrupt/TCRLA_Public/240826.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 26, 2024, Vol. 25, No. 171
Headlines
A R G E N T I N A
ARGENTINA: Beef Consumption at Lowest Level in 26 Years
ARGENTINA: To Sign Deal with United States to Boost Metals Mining
GAUCHO GROUP: Incurs $2.63 Million Net Loss in Second Quarter
B E L I Z E
BELIZE: S&P Affirms B- LT Sovereign Credit Ratings, Outlook Stable
B E R M U D A
DIGICEL INTERNATIONAL: Moody's Ups CFR & Senior Secured Debt to B3
B R A Z I L
CIELO SA: Moody's Affirms 'Ba2' CFR, Outlook Stable
SAO PAULO: Volkswagen Pledges BRL13BB to Boost Automotive Sector
C O L O M B I A
GRAN TIERRA: S&P Alters Outlook to Positive, Affirms 'B' ICR
J A M A I C A
JAMAICA: Alcoholic Beverages & Tobacco Costs Rise 6.8% up to July
JAMAICA: Businesses Expect Lower Inflation in Coming Months
P E R U
NAUTILUS INKIA: S&P Withdraws 'BB-' Issuer Credit Rating
X X X X X X X X
[*] BOND PRICING: For the Week Aug. 19 to Aug. 23, 2024
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A R G E N T I N A
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ARGENTINA: Beef Consumption at Lowest Level in 26 Years
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Buenos Aires Times reports beef consumption in Argentina dropped
14.1 percent in the first seven months of 2024 year-on-year and is
at its lowest level in the last 26 years, according to data from a
top industry chamber.
A report by the CICRA (Argentine Chamber of Industry and Trade of
Meats and Related Products) estimates that from January to July,
1.24 billion tons of beef was consumed, some 205 million tons lower
from the same period the previous year, according to Buenos Aires
Times.
This fall comes amid a strong recession in Argentina and a steep
decrease in purchasing power, the report notes.
During the first seven months of 2024, 1.77 billion tons of beef
was produced (down 8.8 percent annually), which implied a drop in
the offered quantity equivalent to 170.66 million tons, said CICRA,
the report discloses.
Beef exports, in turn, have amounted to 530.6 million tons so far
this year, a monthly average of exports of 76 million, the report
relays.
In July, 1.25 million heads of cattle were slaughtered, said CICRA,
notes the report.
Compared with levels of activity for June, the meat processing
industry saw a small monthly recovery, which corrected for the
number of working days was a monthly 3.8 percent (the number of
holidays in June had a clear impact on the slaughter level that
month), the report says.
In the meantime, compared with July 2023, beef slaughter had a
3.1-percent drop, 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 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.
ARGENTINA: To Sign Deal with United States to Boost Metals Mining
-----------------------------------------------------------------
Buenos Aires Times reports Argentina will sign an agreement with
the United States to draw more investment and trade in
critical-minerals mining, a US State Department official said, part
of an ongoing US effort to boost supply chains for the metals that
don't involve China.
President Javier Milei's government will sign the agreement with
the US during a visit to Argentina by US Under Secretary of State
Jose Fernandez, according to Buenos Aires Times. Argentina has
vast resources of copper and lithium but has only tapped a tiny
portion of them, the report notes.
The agreement will make it easier for Argentina to work with
countries in the Minerals Security Partnership, a US-led grouping
that includes 14 countries and the European Union, the report
relays. The strategy aims to ease dependence on China for minerals
that go into electric vehicle batteries and solar panels by linking
foreign investors with mining projects and adhering to strict
environmental standards, the report notes.
"It's a way for Argentina to literally make pitches to 14 countries
and the EU in one fell swoop," Mr. Fernandez said in an interview
before the announcement, the report discloses. "Producing
countries want the kinds of investments that we're proposing,
investments that will benefit communities, that will bring growth,
that will observe national laws," he added.
Launched in 2022, the US-led minerals partnership has so far
resulted in high-level talks but few tangible investments, the
report recalls. And while Milei is adamant about aligning with
Washington, it will be tough to draw Argentina out of Beijing's
orbit given China is its largest trading partner after Brazil, the
report discloses.
Before the announcement, the US State Department welcomed people to
register for an event in Buenos Aires on August 23 to "learn more
about lithium and copper extraction opportunities in Argentina,"
the report relays. Describing the country as a global leader for
new resource development, it added that "there are many lithium and
copper projects available for investment across several provinces,"
the report notes.
The minerals agreement doesn't address Argentina's inability to
qualify for incentives for lithium production under the US
Inflation Reduction Act of 2022, a law aimed in part at speeding EV
adoption, the report discloses. Argentina is currently locked out
of those benefits because it doesn't have a free-trade deal with
the US, and Argentine officials have been seeking access, 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 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.
GAUCHO GROUP: Incurs $2.63 Million Net Loss in Second Quarter
-------------------------------------------------------------
Gaucho Group Holdings, Inc., filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.63 million on $427,227 of sales for the three months ended
June 30, 2024, compared to a net loss of $4.98 million on $710,975
of sales for the three months ended June 30, 2023.
For the six months ended June 30, 2024, the Company reported a net
loss of $5.36 million on $1.01 million of sales, compared to a net
loss of $7.68 million on $1.16 million of sales for the six months
ended June 30, 2023.
As of June 30, 2024, the Company had $15.94 million in total
assets, $13.52 million in total liabilities, and $2.42 million in
total stockholders' equity.
Gaucho Group stated, "The Company's operating needs include the
planned costs to operate its business, including amounts required
to fund working capital and capital expenditures. Based upon
projected revenues and expenses, the Company believes that it may
not have sufficient funds to operate for the next twelve months
from the date these financial statements are made available. Since
inception, the Company's operations have primarily been funded
through proceeds received from equity and debt financings. The
Company believes it has access to capital resources and continues
to evaluate additional financing opportunities. There is no
assurance that the Company will be able to obtain funds on
commercially acceptable terms, if at all. There is also no
assurance that the amount of funds the Company might raise will
enable the Company to complete its development initiatives or
attain profitable operations. The aforementioned factors raise
substantial doubt about the Company's 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/1559998/000149315224032421/form10-q.htm
About Gaucho Group Holdings
Through its wholly-owned subsidiaries, Gaucho Group Holdings, Inc.
invests in, develops and operates real estate projects in
Argentina. GGH operates a hotel, golf and tennis resort, vineyard
and producing winery in addition to developing residential lots
located near the resort. In 2016, GGH formed a new subsidiary,
Gaucho Group, Inc. and in 2018, established an e-commerce platform
for the manufacture and sale of high-end fashion and accessories.
In February 2022, the Company acquired 100% of Hollywood Burger
Argentina, S.R.L., now Gaucho Development S.R.L, through
InvestProperty Group, LLC and Algodon Wine Estates S.R.L., which is
an Argentine real estate holding company. In addition to GD, the
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe under the name Algodon Wines (Europe). On June 14, 2021,
the Company formed a wholly-owned Delaware limited liability
company subsidiary, Gaucho Ventures I - Las Vegas, LLC, for
purposes of holding the Company's interest in LVH Holdings LLC.
New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
29, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
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B E L I Z E
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BELIZE: S&P Affirms B- LT Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-/B' long- and short-term foreign
and local currency sovereign credit ratings on Belize. The outlook
on the long-term ratings remains stable. In addition, its transfer
and convertibility (T&C) assessment remains 'B-'.
Outlook
The stable outlook reflects Belize's smooth debt service schedule
over the next 12-18 months, amid favorable debt conditions.
Moreover, it reflects our expectation for continued economic growth
alongside the central government's fiscal efforts, which should
result in moderately low fiscal deficits and a relatively stable
debt trajectory.
Downside scenario
S&P could lower the ratings in the next 12-18 months if adverse
developments worsen Belize's fiscal performance, leading to a fast
buildup of fiscal debt and further weakening Belize's already low
usable reserves.
Upside scenario
S&P could raise the ratings over the next 12-18 months if Belize
achieves faster economic growth, which, along with proper policy
implementation, would help improve its highly vulnerable fiscal and
external profiles.
Rationale
Belize's rebound from the pandemic-induced recession was better
than expected. That said, the economy is now slowing, and we expect
GDP growth to average 2.6% in 2024-2027, driven by the tourism and
BPO sectors. This moderate growth, plus the government's fiscal
efforts, should result in a moderate fiscal trajectory and a stable
debt trajectory.
S&P's sovereign credit ratings also incorporate Belize's weak
payment culture, given its several defaults and debt restructurings
that limit access to external commercial funding. Moreover, the
country's peg to the U.S. dollar, the monetary authority's
financing of central government deficits, and low usable reserves
(after deducting the monetary base) restrain monetary flexibility.
Meanwhile, Belize's economic, fiscal, and external profiles remain
vulnerable to natural disasters and global economic downturns.
Institutional and economic profile: Tourism and BPO will continue
steering the economy as structural weaknesses constrain growth
prospects
-- S&P expects Belize's economic growth to average 2.6% over
2024-2027, mainly driven by the tourism and BPO sectors.
-- S&P anticipates an orderly political transition after the next
general election, to be held in 2025.
-- The economy will remain vulnerable to natural disasters and
global downturns.
Belize's economic rebound from the pandemic-induced recession was
stronger than expected. GDP growth returned to its pre-pandemic
level by 2021. Recoveries in tourism, which was lagging many other
sectors due to travel restrictions, and the BPO sector pushed
economic growth to 4.7% in 2023.
S&P said, "That said, with the economy now trending toward its
pre-pandemic growth rate, we expect Belize to grow at an average of
2.6% over 2024-2027, or -0.19% in real per capita terms, which is
lower than for peers with similar economic development. We estimate
Belize's GDP per capita at US$7,000 in 2024."
The nation is highly vulnerable to natural disasters, volatile
commodity prices under its fixed exchange rate regime, and
potential slowdowns in tourism. These structural issues have
persisted.
Securing stronger growth in the next three to five years will
depend on the country's capacity to overcome challenges to its
competitiveness, including its high vulnerability to environmental
events, high labor and energy generation costs, the quality of the
workforce, insecurity, and shortfalls in infrastructure.
However, following its economic data rebasing process, Belize's
data quality and transparency have improved over the past three
years.
In S&P's opinion, Belize's institutions are weak. Policy choices
under successive governments have not achieved a sustainable public
finance framework nor addressed economic vulnerabilities, resulting
in lackluster economic growth prospects.
Additionally, over the past 20 years, the country has gone through
five sovereign debt defaults, which has limited its access to
external commercial funding.
Flexibility and performance profile: Fiscal consolidation is key to
reducing debt to GDP and strengthening the external position
-- S&P expects the government's fiscal efforts to result in
moderately low fiscal deficits and only moderate debt growth.
-- Low usable reserves and limited financing sources underpin
Belize's external vulnerabilities.
-- The fixed exchange rate has anchored macroeconomic stability
but restrains monetary flexibility.
Belize has implemented fiscal measures to improve its fiscal
deficits over the past two years. The main measures have focused on
containing part of the current expenditure to cope with the
country's infrastructure needs.
S&P said, "We expect Belize to maintain this fiscal approach, which
will permit moderately low fiscal deficits of around 2.3% of GDP
over 2024-2027. The change in net general government debt is likely
to average 3.3% over this period, mostly reflecting frequent
off-balance-sheet transactions that affect Belize's debt stock. We
also consider the sovereign's limited ability to raise revenues,
mainly because of the difficulty of broadening the tax base and
raising taxes."
General government debt to GDP has fallen in the past two years,
amid the GDP rebasing and liability management operations,
including the 2021 "blue bond" transaction.
S&P said, "We expect Belize to moderately increase its debt burden
over the forecast period, with net general government debt trending
lower toward 67.5% of GDP by 2027, while the interest burden
averages 7.6% of general government revenue in 2024-2027. The main
sources of this financing will be multilateral, bilateral, and
domestic entities.
"We estimate that contingent liabilities from the financial sector
are moderate. There is a risk that Belize's failure to fully comply
with international standards could threaten the renewal of
correspondent banking relationships between local and foreign
banks. Moreover, reported capital buffers in the banking system are
low."
Domestic bank loans grew moderately in 2023 compared with the
previous two years. Private-sector loans increased about 1.1% last
year, with the main recipients being the tourism, construction, and
agriculture sectors. Meanwhile, however, loans to the central
government and public-sector corporations have dropped.
The banking system's nonperforming loans remained relatively stable
at 2.5% of total loans by the end of 2023. Efforts underway to
improve the financial system, such as plans to create a credit
bureau and the adoption of electronic payments, could benefit
transparency and financial inclusion in the country.
Despite high fuel and energy prices that have pressured the trade
balance, the tourism and BPO sectors' recent momentum should help
the current account deficit (CAD) gradually decline to an average
of 2.7% of GDP in 2024-2027. We expect the CAD to be fully financed
by net foreign direct investment, mainly going to tourism, real
estate, and agricultural projects.
S&P said, "We also forecast high external financing needs at 132.3%
of current account receipts (CARs) and usable reserves over the
next two years. Narrow net external debt is expected at 61.6% of
CARs, while net external liabilities will likely average over 200%
in 2024-2027.
"We deduct Belize's monetary base from its international reserves
because we consider reserve coverage critical to maintaining
confidence in the exchange rate. As a result, usable reserves have
been negative since 2015, underpinning the lack of external buffers
in Belize. Moreover, Belize's external profile is limited by the
country's lack of access to the global financial markets.
"Since 1976, the Central Bank of Belize has pegged the Belizean
dollar to the U.S. dollar at 2 to 1. Our ratings affirmation
incorporates our expectation that the central bank will maintain
its pegged exchange rate and take measures to stanch the decline of
its reserves. The currency peg has fostered price stability,
keeping price inflation low. We project inflation will average
about 2.3% in 2024-2027. While the stable peg has anchored price
stability, monetary policy space is highly limited."
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED
BELIZE
Sovereign Credit Rating B-/Stable/B
Transfer & Convertibility Assessment
Local Currency B-
BELIZE
Short-Term Debt B
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B E R M U D A
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DIGICEL INTERNATIONAL: Moody's Ups CFR & Senior Secured Debt to B3
------------------------------------------------------------------
Moody's Ratings has upgraded Digicel International Finance Limited
("Digicel")'s corporate family rating, and its senior secured bank
credit facility ratings to B3, with a stable outlook. Previously,
the outlook was on review for upgrade. This rating action concludes
the review for upgrade initiated on February 26, 2024.
The upgrade reflects the company's improved liquidity and capital
structure following the company's debt restructuring process. It
also incorporates Moody's expectation that the company will build a
positive track record under its new configuration posting EBITDA
margin above 40% supported by the company's solid competitive
position in the markets in which it operates.
RATINGS RATIONALE
Digicel's B3 corporate family rating (CFR) reflects the company's
more manageable capital structure and adequate liquidity. The
rating also incorporates Moody's expectation of positive free cash
flow (FCF) generation driven by no dividend distributions and capex
below 15% of revenues. Digicel's CFR takes into consideration
adequate credit metrics for the rating category including Moody's
adjusted leverage of 3.1x and positive FCF generation of $14
million for the last twelve months ended March 2024. Moody's also
expect the consolidated leverage for the group including the
holding companies to remain below 4x.
The B3 rating incorporates Digicel's presence in emerging markets
with a history of instability and exposure to adverse weather
events, and its exposure to the risk of currency depreciation
against the US dollar. Digicel continues to face a number of
challenges that constrain operating improvements, which include
difficult economic and operating conditions in some of the
company's large markets, namely Haiti, which accounts for around
18% of the company's revenues. Longer term, the company's exposure
to low rated countries could also put pressure on Digicel's
rating.
The restructuring process significantly changed Digicel's interest
expenses and liquidity profile, providing the company with
financial flexibility. Nonetheless, rating progression would
require visibility and execution over the company's operating
plan.
Digicel's liquidity is adequate supported by a cash balance of $200
million as of March 2024. However, the company's cash flows have
been under pressure due to tough operating environment in markets
such as Haiti, while the situation is more stable now, its consumer
environment remain fragile.
Under the financial agreements, the company is allowed to obtain a
$100 million revolving credit facility (RCF); however, it currently
does not have access to any RCF.
The upgrade also reflects governance considerations as key drivers
of the rating action including improved capital structure, adequate
liquidity and improved organizational structure, which are
reflected now in the company's Financial Strategy and Risk
Management assessment that was changed to 4 from 5, Organizational
Structure to 3 from 4, and the overall exposure to governance risks
(Issuer Profile Score or "IPS") to 4 (G-4) from 5 and Digicel's
Credit Impact Score to 4 (CIS-4), from 5. The ESG Credit Impact
Score is CIS-4, revised from CIS-5, since ESG considerations are a
constraint for the rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Digicel's ratings could be upgraded if the company continues
building a positive operating track record under its new
configuration including execution of its operating plan to continue
with steady revenue growth and cash flow generation, while
maintaining an adequate liquidity. Visibility over the company's
plans to extend its debt maturities would also be positive.
Quantitatively, the ratings could be upgraded if the company
maintains consolidated adj. debt/EBITDA below 4.5x and
EBITDA-capex/interest expense above 1.5x on a sustained basis.
The ratings could be downgraded if Digicel's liquidity worsens, due
to negative FCF operational pressures including FX volatility, or
the company's inability to refinance its $2.3 billion in debt
maturing in May 2027, at least twelve months in advance.
Quantitatively, negative pressure could arise if Digicel's adj.
debt/EBITDA increases above 5x without clear prospects of
improvement or EBITDA-capex/interest expense declines towards
1.0x.
The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.
Incorporated in Hamilton, Bermuda, Digicel International Finance
Limited (Digicel) is the largest provider of wireless
telecommunication services in the Caribbean. The company operates
in 25 markets in the Caribbean. Digicel provides a comprehensive
range of business solutions, mobile, cable TV and broadband, and
other related products and services. Digicel generated revenue of
$1.9 billion for the 12 months that ended March 2024.
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B R A Z I L
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CIELO SA: Moody's Affirms 'Ba2' CFR, Outlook Stable
---------------------------------------------------
Moody's Ratings has affirmed Cielo S.A. (Cielo)'s Ba2 Corporate
Family Ratings. The outlook is stable.
The affirmation follows the approval of a tender offer by
controlling shareholders, Banco do Brasil S.A. (Banco do Brasil,
Ba2 positive) and Banco Bradesco S.A. (Banco Bradesco, Ba2
positive), to acquire up to all outstanding common shares issued by
Cielo. According to Cielo, the transaction aims to simplify Cielo's
corporate and organizational structure, thereby providing greater
flexibility in the financial and operational management of its
operations. On August 14th, after the tender auction, the
controlling shareholders reached a 93.4% stake in Cielo's share
capital. As the remaining shareholders divested their shares
following the auction, Cielo announced on August 16th that it had
achieved the quorum required to compulsorily redeem all remaining
outstanding shares.
RATINGS RATIONALE
Ratings are supported by Cielo's position as one of the largest
corporations in the Brazilian payment cards industry and widespread
footprint in the large Brazilian territory, and the favorable
long-term growth fundamentals of the payment sector in Brazil. The
ratings also incorporate Cielo's strong liquidity and conservative
financial policies. Cielo's ownership structure also supports the
ratings. Moody's believe Governance will remain consistent given
the balance of control granted by the shareholders' agreement.
Before the tender auction Banco do Brasil S.A. had a 28.7% stake in
Cielo, which should approach 49.99% after the acquisition of all
outstanding minority shares. In the case of Banco Bradesco
ownership should evolve from 30.1% to around 50.01%. Banco do
Brasil is the second-largest bank in Brazil in terms of total
assets and it has a Baseline Credit Assessment (BCA) of ba2, which
reflects the bank's consistent generation of recurring earnings and
better-than-peer capital metrics. Banco Bradesco is the third
largest bank in Brazil. It has a BCA of ba2 that reflects the
bank's sound liquidity, as seen by its large market share in core
deposits in Brazil and well-established access to domestic and
international capital markets.
Cielo ratings are constrained by the substantial competition in
cards and electronic payments, a rapidly evolving and increasingly
disrupted industry. Since 2019, Cielo has been updating its
strategy and operations to remain relevant in this more competitive
electronic payments segment, but has struggled to grow transacted
volume in line with the market.
Cielo will be a private company and Moody's believe it will have an
increased flexibility to access funding from controlling
shareholders, develop more efficient commercial strategies to
leverage on the bank's capabilities, and further reduce
administrative costs. Despite the continued erosion of its market
share and lower revenues year-over-year, metrics have been
improving with strict cost control and improved revenue yield. In
2024 Moody's expect a lower debt balance and lower relative cost of
debt to help support Net Income Margin above 15%. Net Income in
2023 reached BRL2.0 billion with a Net Margin of 19.7% (including
BRL254 million of provision reversals), compared to BRL1.6 billion
and 14.7% margin in 2022. As of June 2024 gross leverage was 1.7x
as a consequence of a reduction in the company's debt of over
BRL6.2 billion since December 2023, to BRL8.8 billion, and an
EBITDA of BRL5.2 billion, last twelve months June 2024, with a
50.2% EBITDA Margin.
LIQUIDITY
Cielo presented a cash balance of BRL1.0 billion and short-term
debt of BRL 621 million as of June 2024 (comprised mainly of
working capital loans). Cielo has an estimated BRL5.6 billion in
net credit card receivables from issuing banks, after obligations
with third party FIDC (securitization funds) holders.
Cielo's preferred funding structure has shifted more toward FIDCs
in the last four years. The resources raised in these FIDCs remain
within the structure either as cash or as acquired receivables. The
acquisition of these receivables generates a spread gain for FIDC
holders and Cielo. At maturity, the funds are returned to
investors. Cielo holds a minimum 10% subordination on FIDC
Emissores II, which would absorb possible losses to investors.
RATING OUTLOOK
The stable outlook incorporates Moody's expectation that the
company will maintain solid liquidity, with net receivables and
cash in hand covering its short-term debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade would require Cielo to demonstrate its ability to
maintain solid organic growth and increase its operating margins,
while maintaining low gross leverage and strong liquidity.
A downgrade on Cielo's rating could arise if its liquidity were to
deteriorate or free cash flow generation were to remain negative.
Quantitatively, a rating downgrade could be triggered if retained
cash flow/net debt remains below 17%; EBITA margin remains below
18%; gross leverage remains above 4.5x for an extended period.
A downgrade on Government of Brazil's (Ba2 positive) government
bond rating could also lead to a downgrade of Cielo's ratings.
COMPANY PROFILE
Headquartered in the city of Barueri, Brazil, Cielo S.A. is one of
the leading corporations in the merchant acquiring and payment
processing industry in Brazil, with presence in almost all
Brazilian municipalities. In the 12 months that ended June 2024,
Cielo's revenue was BRL10.4 billion and its Moody's-adjusted EBITDA
margin was 50.2%.
The principal methodology used in this rating was Business and
Consumer Services published in November 2021.
SAO PAULO: Volkswagen Pledges BRL13BB to Boost Automotive Sector
----------------------------------------------------------------
Rio Times Online reports that in a move that underscores its
commitment, Volkswagen has declared an investment of BRL13 billion
($2.36 billion) in Sao Paulo.
The announcement was set for Aug. 24, with the event graced by
Governor Tarcisio de Freitas at the Volkswagen plant in Sao
Bernardo do Campo, according to Rio Times Online.
This initiative targets Volkswagen's facilities in Sao Bernardo do
Campo, Taubate, and Sao Carlos, the report notes.
The investment will modernize assembly lines for models such as
Virtus, the new Polo, Nivus, and the Saveiro pickup, the report
relays. Additionally, it aims to advance vehicle electrification,
aligning with global sustainability trends, the report discloses.
To support this substantial investment, Sao Paulo's government will
refund BRL1 billion ($181.82 million) in ICMS tax credits, the
report relays.
These incentives stem from the ProVeiculo program, which boosts
automotive investments through tax credit releases, the report
discloses.
Similarly, last year, the state assisted Toyota in funding hybrid
vehicle production in Sorocaba, the report notes.
Volkswagen's commitment to Sao Paulo totals BRL16 billion ($2.91
billion) through 2028, the report says. This focus on
electrification seeks to modernize their lineup and reduce
ecological impacts, the report relays.
The company also manufactures the T-Cross SUV at its Sao Jose dos
Pinhais plant in Parana, the report notes.
This significant investment by Volkswagen promises to revitalize
Sao Paulo's industrial sector, the report discloses.
Moreover, it highlights the importance of sustainable practices in
the automotive industry, the report says.
It also showcases the critical role of governmental incentives in
promoting innovation and environmental stewardship, the report
adds.
As reported in the Troubled Company Reporter – Latin America on
June 21, 2024, Fitch Ratings has affirmed the Brazilian State of
Sao Paulo's (Sao Paulo) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'BB' with a Stable Rating Outlook and its
Short-Term Foreign and Local Currency IDRs at 'B'. Fitch has also
affirmed Sao Paulo's National Long-Term Rating at 'AAA(bra)' with a
Stable Outlook and its National Short-Term Rating at 'F1+(bra)'.
Fitch assess Sao Paulo's Standalone Credit Profile (SCP) at 'bb-'.
===============
C O L O M B I A
===============
GRAN TIERRA: S&P Alters Outlook to Positive, Affirms 'B' ICR
------------------------------------------------------------
On Aug. 21, 2024, S&P Global Ratings revised its outlook on
Colombia-based oil and gas producer Gran Tierra Energy Inc. (GTE)
to positive from stable. S&P also affirmed its 'B' issuer credit
rating on GTE. At the same time, S&P affirmed its 'B' issue rating
on the company's senior secured notes and its 'B-' rating on its
senior unsecured notes.
The positive outlook reflects S&P's view that GTE's credit profile
could improve if the company successfully incorporates the Canadian
assets while it maintains healthy credit metrics with adjusted debt
to EBITDA of about 2.0x (or below) and adequate liquidity.
GTE's potential acquisition could increase its production capacity
and boost reserves. As of June 30, 2024, GTE had production of
about 32,500 boepd, which remains in line with our expectations
considering only its asset base in Colombia and Ecuador. In the
next 12 months, S&P expects GTE to increase its combined Colombian
and Ecuadorian output to above 33,000 boepd, from 32,700 boepd in
2023. It will fund this growth with its own cash flows.
In S&P's view, GTE's capital expenditures (capex) are enough to
sustain organic growth at those levels, particularly in Colombia's
Acordionero region, where its reserve base is richer.
If the acquisition in Canada is successfully completed, GTE could
add 19,000-20,000 boepd to its current production base, reaching
potential capacity of over 50,000 boepd. S&P views the transaction
as credit-positive from a business perspective because it would
increase GTE's asset base and industrial diversification in a
low-risk jurisdiction (Canada). The acquisition would also boost
gas output, and GTE would double its 1P reserves to about 183 mmboe
(million barrels of oil equivalent) from the current 90 mmboe.
GTE's credit metrics will likely keep improving following the
potential i3 Energy acquisition. S&P said, "We expect GTE to raise
up to $100 million in debt (plus about $50 million in equity and
$60 million in cash) to complete the acquisition. Regardless, its
leverage (measured as adjusted debt to EBITDA) would stay close to
2.1x by the end of 2024, and likely below 2x in 2025. We forecast
the Canadian assets to contribute about $60 million-$70 million to
consolidated EBITDA."
S&P expects GTE's liquidity to remain adequate with a comfortable
debt maturity profile. GTE won't have significant debt maturities
in the next 12 months, because its largest debt obligation will not
come due until 2029, through its amortizing senior secured notes of
$587 million. While the company plans to sign an up to $100 million
bridge loan to fund the acquisition, GTE plans to refinance this
debt to a longer tenor and maintain a comfortable maturity
profile.
=============
J A M A I C A
=============
JAMAICA: Alcoholic Beverages & Tobacco Costs Rise 6.8% up to July
-----------------------------------------------------------------
RJR News reports that Jamaicans paid an average 6.8 per cent more
for alcoholic beverages and other products in that category, for
the 12 months ended July.
Looking at the month of July alone, the Statistical Institute of
Jamaica says there was a 0.8 per cent increase in prices associated
with the group 'Alcoholic Beverages, Tobacco and Narcotics,'
according to RJR News.
The movement was driven mainly by a 0.8 per cent increase in the
'Alcoholic Beverages' group, linked to higher prices for some rums,
beer and wines, the report notes.
Inflation on 'Tobacco' products specifically was 0.7 per cent, due
to increased cigarette prices, 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: Businesses Expect Lower Inflation in Coming Months
-----------------------------------------------------------
RJR News reports that the Bank of Jamaica says businesses expect
inflation to be lower over the next few months.
In the latest Monetary Policy Committee report, the central bank
said in the June 2024 survey of businesses' inflation expectations,
firms were of the view that inflation over the next 12 months would
be an average 7.6 per cent, according to RJR News.
This is down from the previous sentiment of 8.2 per cent, the
report notes.
The central bank says this reflects a continuation of a decline
trend since the middle of 2022, the report discloses.
It also says expectations about the local currency falling in value
are also more favourable, 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.
=======
P E R U
=======
NAUTILUS INKIA: S&P Withdraws 'BB-' Issuer Credit Rating
--------------------------------------------------------
S&P Global Ratings discontinued its 'B+' issue rating on Nautilus
Inkia Holdings SCS's bond because the issuer's obligation was
extinguished following the irrevocable full redemption and
discharge in July 2024. In addition, S&P withdrew its 'BB-' issuer
credit rating on jointly rated Nautilus Inkia Holdings SCS,
Nautilus Distribution Holdings LLC, and Nautilus Isthmus Holdings
LLC (together referred to as Inkia) at Inkia's request. The outlook
was negative at the time of the withdrawal.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Aug. 19 to Aug. 23, 2024
-------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry
Curr
---------- --- ----- -------- -----
----
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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