/raid1/www/Hosts/bankrupt/TCRLA_Public/240909.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, September 9, 2024, Vol. 25, No. 181

                           Headlines



A R G E N T I N A

BUENOS AIRES CITY: S&P Affirms 'CCC' ICRs, Outlook Remains Stable


B A H A M A S

FTX GROUP: Exec Drops Bid to Undo Plea Amid Partner's Indictment


B R A Z I L

BRAZIL: Trade Surplus Shrinks in August 2024 Amid Global Headwinds
BRAZIL: Will Gradually Lift Interest Rate If Needed, Neto Says
ELDORADO BRASIL: Moody's Upgrades CFR to Ba2, Outlook Stable
FTX GROUP: Working Toward Securing Confirmation of Chapter 11 Plan


C H I L E

BANCO DE CREDITO: Moody's Rates New AT1 Pref. Securities 'Ba1(hyb)'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Chicken Sellers "Run Out Of Customers"


P U E R T O   R I C O

PORTAL DE CAGUAS: SL Funding Wins Bid for Sanctions v. Lenders


X X X X X X X X

[*] BOND PRICING: For the Week September 2 to September 6, 2024

                           - - - - -


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A R G E N T I N A
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BUENOS AIRES CITY: S&P Affirms 'CCC' ICRs, Outlook Remains Stable
-----------------------------------------------------------------
On Sept. 5, 2024, S&P Global Ratings affirmed its 'CCC' foreign and
local currency long-term issuer credit ratings on the city of
Buenos Aires. The outlook remains stable.

Outlook

The stable outlook balances the city's solid budgetary performance
and strong cash reserves with risks stemming from Argentina's
substantial economic vulnerabilities and ongoing challenges to
tackle them. While the Milei administration has undertaken
comprehensive reforms designed to stabilize the economy,
Argentina's economic fundamentals remain fragile.

Downside scenario

S&P could lower the long-term ratings on the city of Buenos Aires
in the next 12 months if the central government tightens access to
foreign exchange, which could impair the city's ability to service
its foreign-currency debt. While the city has been strengthening
its liquidity buffers, it depends on the availability of foreign
currency to service its international debt.

Upside scenario

Because Argentine local and regional governments (LRGs) do not meet
the conditions to be rated above the sovereign, S&P could only
upgrade the city of Buenos Aires (assuming its ongoing solid
management) during the next 12 months if it revises up its transfer
and convertibility (T&C) assessment or rating on Argentina. The
upgrade of Argentina will depend on successful execution of
policies that reduce its major macroeconomic imbalances and
vulnerabilities, setting the stage for sustainable fiscal outcomes,
lower inflation, and continued economic recovery. In such a
scenario, the government would have better access to voluntary
capital market funding, which would also augur well for LRGs.

Rationale

S&P said, "The 'CCC' ratings on the city of Buenos Aires reflect
the rating cap on all Argentine LRG ratings stemming from our 'CCC'
T&C assessment of Argentina and its sovereign ratings. That said,
the city's credit strengths are reflected in a stand-alone credit
profile (SACP) of 'bb-', which remains several notches above its
rating and SACPs of other Argentine LRGs. The city of Buenos Aires'
financial and economic profile is significantly stronger than those
of other LRGs in Argentina. It has been strengthening its cash
buffers in the past three years, which will cover debt obligations
by 2x in the next 12 months. We believe liquidity will remain
solid, although it will likely be subject to fluctuations from
macroeconomic dynamics, as most of it is in domestic currency. At
the same time, Buenos Aires' track record of timely debt service
despite recent periods of severe stress in Argentina have resulted
in a stronger reputation in the financial markets than other
Argentine LRGs."

An experienced financial management offsets risks from Argentina's
macroeconomic imbalances

S&P said, "We expect Argentina's GDP to shrink by 3.5% in 2024
overall, although it will likely start recovering in the second
half of the year. GDP could grow 3.5% in 2025 and 2026, depending
on the success of the reform measures, but our projections are
subject to high uncertainty. The city of Buenos Aires' economic
performance is very much linked to that of the sovereign. And we
expect its GDP per capita to fall to US$29,800 in 2024 (at the
official exchange rate) from the peak of US$35,000 in 2017 and
2018, given the economic contraction and currency depreciation."
Nevertheless, the city's income per capita remains higher than the
estimated national average of US$11,800. This structural strength
has been fundamental to offset the economic slowdown and swings in
the central government's economic policies.

Stressed sovereign conditions often lead to changes in policies,
weakening policy predictability. For example, the ratio of
coparticipation revenue sharing corresponding to the city of Buenos
Aires has been a source of dispute with the national government,
since it was reduced by 54% during the pandemic. In August 2024,
the central government restored the transfer level, following the
Supreme Court ruling in December 2022, although the transfer
mechanism is now weaker than it was prior to the change. Additional
funds have been transferred on a weekly basis, which is less
favorable than the daily automatic transfer mandated by the
coparticipation law. The latter effectively constrains risks of
negative intervention, particularly associated with inflation.

The city's financial management has gained experience in dealing
with volatile macroeconomic conditions and policy swings at the
national level by adapting fiscal policies and building economic
buffers. The creation of a countercyclical fund by the outgoing
administration in December 2023 highlights the continuing
strengthening of financial policies across administrations.
However, the high economic and political uncertainty of recent
years has taken a toll on the city's long-term capital planning,
denting infrastructure spending.

Fiscal surplus expected to decline amid some pickup in
infrastructure spending and the decline of emergency revenue.
S&P expects operating surplus to average 17% of operating revenues
in 2024-2026 from a record of 21% in 2022-2023. The city taxed
financial gains on holdings of central bank's instruments in 2020
to compensate for the reduction of transfers at that time. The
central bank's extended use of these instruments in 2022 and 2023
expanded the city's revenue and more than compensated for the lower
transfers, while it controlled expenditure. This has bolstered
fiscal surplus in the past two years. However, under the Milei
administration, as the Treasury assumed central bank debt
liabilities, the city's emergency tax-based revenue diminished,
exacerbating the impact from recession in revenues. As of July
2024, tax collection fell 15% in real terms compared to the same
date a year earlier, although cost-control measures have kept
spending growth in line with revenue.

The increase in coparticipation funds that started in August 2024
should compensate for the fall in local tax collection in the
coming months. That said, given that it's not transferred on a
daily, but rather weekly basis, creates some uncertanity.
Indexation of additional funds has not been defined, and very high
inflation creates riks of revenue erosion. S&P said, "We expect
this uncertainty will prompt the city to maintain its spending
cautious during the rest of the year. We forecast a gradual rise in
public works in 2025 and 2026, assuming that more benign economic
conditions will enable the city to ease its cost-control measures,
which would result in some moderate deficits by 2027."

S&P said, "Our base-case scenario assumes the city will tap capital
markets only to roll over its maturing Tango bond in 2025-2027,
which should keep the debt burden stable at $1.6 billion. The
debt-to-revenue ratio is vulnerable to exchange-rate swings, as the
bulk of the debt is in foreign currency. The peso's sharp
depreciation in December 2023 pushed up the city's debt burden to
40% of operating revenue. We expect this ratio to drop to 16% by
2027, assuming a gradual appreciation of the peso. We expect the
interest burden to average less than 5% of operating revenue during
2024-2026. However, we note that market conditions have remained
more favorable for the city than for other Argentine LRGs and the
sovereign lately." More supportive market conditions could allow
the city to raise its capex and a more gradual reduction of the
debt burden over the medium term. The city's current debt level is
the lowest in the last decade.

Following very strong fiscal results in 2022 and 2023, the city
strengthened its liquidity position. In December 2023, the city
created a countercyclical fund and allocated $350 million, or 30%
from the accumulated cash. Current liquidity will be more than
enough to service debt for the next 24 months, including the first
two amortizations of the Tango bond of nearly $300 million each.
However, the bulk of liquidity is in domestic currency, while debt
payments for next three years will be in foreign currency, which
could create some volatility in debt service coverage, considering
the existence of multiple exchange rates in Argentina.

The city's individial credit strengths result in a 'bb-' SACP.
However, the T&C assessment of 'CCC' caps S&P's foreign currency
ratings on subnational entities, as it reflects our perception of
the risk of the sovereign interfering in LRGs' ability to access,
convert, and transfer money abroad. Furthermore, the local currency
rating on the city is constrained by the local currency rating on
the sovereign. Despite substantial cash buffers that could
comfortably cover its debt amortizations without the need to tap
the markets in the next two years, they're not sufficient to cover
S&P's severe macroeconomic stress scenario that entails a full debt
payment acceleration, in order be rated above the sovereign local
currency rating.

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

  BUENOS AIRES (CITY OF)

   Issuer Credit Rating         CCC/Stable/--

  BUENOS AIRES (CITY OF)

   Senior Unsecured             CCC




=============
B A H A M A S
=============

FTX GROUP: Exec Drops Bid to Undo Plea Amid Partner's Indictment
----------------------------------------------------------------
Rachel Scharf at law360.com reports that former FTX executive Ryan
Salame is no longer seeking to vacate his guilty plea that he says
Manhattan federal prosecutors induced with a false promise to halt
a campaign finance probe into his partner Michelle Bond, though his
claims that they broke their word will still be litigated before
two different judges.

Salame's attempted plea reversal marks the latest chapter in a
winding legal saga deriving from his connection to Sam
Bankman-Fried's fraudulent crypto exchange.

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.  SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.



===========
B R A Z I L
===========

BRAZIL: Trade Surplus Shrinks in August 2024 Amid Global Headwinds
------------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's trade
surplus reached $4.828 billion in August 2024, according to the
Ministry of Development, Industry, Trade and Services MDIC.

This figure marks a significant 49.9% decrease compared to August
2023, falling short of economists' expectations, according to Rio
Times Online.  However, Brazil's overall trade performance for 2024
remains positive despite this setback, the report notes.

In the first eight months of 2024, Brazil accumulated a trade
surplus of $62.37 billion, the report relays.  This represents a
1.7% increase from the same period in 2023, the report recalls.

Strong exports in soybeans, corn, and beef contributed to this
positive performance, the report discloses.  Nevertheless, regional
disparities were evident, with Sao Paulo facing particular
challenges, the report says.

Sao Paulo, Brazil's economic powerhouse, experienced a trade
deficit of $366.2 million in May 2024, the report relays.  This
marked a staggering 302.4% deterioration compared to May 2023, the
report discloses.

A sharp decline in manufacturing exports and increased imports of
consumer goods caused this poor performance, the report relays.

Several factors influenced the lower surplus in August 2024, the
report says.

Global economic uncertainties dampened demand for Brazilian
exports, the report relates.

Meanwhile, commodity price fluctuations affected export earnings.
Currency exchange rates and seasonal factors also played a role in
the lower surplus, the report notes.

Agribusiness exports remained robust despite a slight decline.
Coffee, cellulose, and sugar exports performed well during this
period, the report relays.

The manufacturing sector showed resilience, offsetting declines in
other areas, the report notes.  However, mining exports decreased
moderately due to global market conditions, the report discloses.

Looking ahead, the Brazilian government projects a total trade
surplus of $74 billion for 2024, the report relays.

This figure represents a 25.7% decrease from the record $98.8
billion surplus in 2023. Economists are closely watching Brazil's
trade performance due to its impact on economic health, the report
says.

Brazil's ability to maintain a strong trade surplus remains crucial
for its economic recovery, the report relates.  The country must
navigate global economic challenges while leveraging its strengths
in key export sectors, the report says.

As Brazil adapts to changing global trade dynamics, its economic
resilience will face tests, the report notes.  The coming months
will reveal how well Brazil can balance its trade performance, the
report relays.

Maintaining a positive trade balance will be essential for the
country's economic stability, the report discloses.  Brazil's
diverse export sectors may provide a buffer against global economic
uncertainties, the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

As reported in the TCR-LA on May 6, 2024, Moody's Ratings affirmed
the Government of Brazil's long-term issuer and senior
unsecured bond ratings at Ba2, senior unsecured shelf rating at
(P)Ba2 and changed the outlook to positive from stable. Moody's
assesses thatBrazil's real GDP growth prospects are more robust
than in the pre-pandemic years, supported by the implementation of
structural reforms over multiple administrations, as well as the
presence of institutional guardrails that reduce uncertainty
around future policy direction. The outlook change to positive is
underpinned by Moody's assessment that more robust growth combined
with continued, albeit gradual, progress towards fiscal
consolidation, may allow Brazil's debt burden to stabilize.
However, there are risks to the government's execution of
continued fiscal consolidation.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-TermForeign-Currency Issuer Default Rating (IDR) at 'BB' with
a StableOutlook. Fitch said Brazil's ratings are supported by its
large and diverse economy, high per-capita income, and deep
domestic markets and a large cash cushion that support the
sovereign's financing flexibility and its high local-currency debt
share. Strong external finances support resilience to shocks,
underpinned by a flexible exchange rate, robust international
reserves and a sovereign net external creditor position. The
ratings are constrained by weak economic growth potential,
relatively low governance scores, high and rising government
debt/GDP, and budgetary rigidities. A new fiscal framework
introduced this year aims to anchor a gradual consolidation process
and address these fiscal weaknesses, but its effectiveness is
increasingly unclear.

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-TermForeign
and Local Currency - Issuer Ratings to BB from BB (low).At the same
time, DBRS Morningstar confirmed Brazil'sShort-term Foreign and
Local Currency - Issuer Ratings at R-4.The trend on all ratings is
Stable (March 2018).


BRAZIL: Will Gradually Lift Interest Rate If Needed, Neto Says
--------------------------------------------------------------
Bloomberg News reports that Brazil's possible cycle of monetary
tightening would be gradual, central bank chief Roberto Campos Neto
said as he sought to temper investor bets on large interest rate
hikes starting this month.

"If and when there is a cycle of interest rate increases, it will
be gradual," Campos Neto said at an event organized by XP
Investimentos. Still, the bank will remain data dependent and
refrain from giving guidance on its next steps, he said, according
to the report.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

As reported in the TCR-LA on May 6, 2024, Moody's Ratings affirmed
the Government of Brazil's long-term issuer and senior
unsecured bond ratings at Ba2, senior unsecured shelf rating at
(P)Ba2 and changed the outlook to positive from stable. Moody's
assesses thatBrazil's real GDP growth prospects are more robust
than in the pre-pandemic years, supported by the implementation of
structural reforms over multiple administrations, as well as the
presence of institutional guardrails that reduce uncertainty
around future policy direction. The outlook change to positive is
underpinned by Moody's assessment that more robust growth combined
with continued, albeit gradual, progress towards fiscal
consolidation, may allow Brazil's debt burden to stabilize.
However, there are risks to the government's execution of
continued fiscal consolidation.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-TermForeign-Currency Issuer Default Rating (IDR) at 'BB' with
a StableOutlook. Fitch said Brazil's ratings are supported by its
large and diverse economy, high per-capita income, and deep
domestic markets and a large cash cushion that support the
sovereign's financing flexibility and its high local-currency debt
share. Strong external finances support resilience to shocks,
underpinned by a flexible exchange rate, robust international
reserves and a sovereign net external creditor position. The
ratings are constrained by weak economic growth potential,
relatively low governance scores, high and rising government
debt/GDP, and budgetary rigidities. A new fiscal framework
introduced this year aims to anchor a gradual consolidation process
and address these fiscal weaknesses, but its effectiveness is
increasingly unclear.

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-TermForeign
and Local Currency - Issuer Ratings to BB from BB (low).At the same
time, DBRS Morningstar confirmed Brazil'sShort-term Foreign and
Local Currency - Issuer Ratings at R-4.The trend on all ratings is
Stable (March 2018).


ELDORADO BRASIL: Moody's Upgrades CFR to Ba2, Outlook Stable
------------------------------------------------------------
Moody's Ratings upgraded Eldorado Brasil Celulose S.A.'s
("Eldorado") Corporate Family Rating to Ba2 from Ba3. The outlook
is stable.

RATINGS RATIONALE

The upgrade to Ba2 reflects Eldorado's consistent operating
performance across market pulp price cycles with operating profit
consistently above 30% and Moody's adjusted EBITDA margin averaging
53% over the last 5 years. This consistency demonstrates the
quality of its assets and its strong competitive position, derived
from a vertically integrated production process and a low-cost
structure. Eldorado's efficient operations and cost-effective
profile result from its state-of-the-art production plant,
advantageous location, ample forest resources, and self-sufficiency
in wood and energy. Eldorado's rating also benefits from its status
as Brazil's (Government of Brazil, Ba2 positive) second-largest
hardwood market pulp producer, with annual capacity of 1.5 million
tons.

The rating is also supported by the company's adequate liquidity
and a debt maturity profile that has seen consistent improvement
over the past two years, thanks to the company's use of its strong
cash flow generation for debt reduction. Between the end of 2022
and June 2024, Eldorado undertook several liability management
actions, reducing its total debt by BRL1.8 billion ($325 million)
and enhancing its capital structure by pushing a significant
portion of its 2023 maturities out to between 2025 and 2027. By
June 2024, Eldorado's debt stood at BRL2.5 billion ($461 million),
with 46% due in the short term, following management's strategic
decision to settle all debts maturing in 2024.

Moody's expect further improvements in leverage and liquidity by
year-end, driven by the repayment of BRL886 million in short-term
debt. This repayment effort includes settling BRL723 million ($131
million) in debentures due in September 2024, which accounts for
approximately 28% of the company's total debt. Moody's adjusted
gross leverage was at 2.1x in June 2024, and it is projected to
decrease to 1.0x by year-end, supported by gross debt reduction and
higher EBITDA. In 2025, Moody's expect the company to continue
directing its internal cash flow generation to debt amortizations
and prepayments, potentially reducing leverage to 0.8x by year-end.
Eldorado had BRL1.4 billion ($255 million) in cash as of June 2024
and Moody's project the company will close the year with a stronger
liquidity position of approximately BRL1.6 billion after repayment
of all debts due in 2H24 due to strong cash flow generation.

The rating is constrained by Eldorado's relatively small scale and
susceptibility to event risk, driven by its single-plant operations
and limited product diversification. This concentrated production
model inherently exposes the company to operational disruptions
that could significantly impact the company's overall performance.
Nevertheless, Eldorado effectively employes risk management
strategies and tools to counter these risks and safeguard against
potential disruptive events leading to economic losses. These
strategies encompass a comprehensive risk management program
covering industrial and forestry operations, alongside operational
flexibility, contractual safeguards, and business continuity
insurance.

Eldorado's scale is small when compared with Ba-rated peers, with
revenues projected to achieve BRL6.8 billion ($1.28 billion) in
2024. However, the production efficiency and cutting-edge
technology of its assets provide it with a significant competitive
advantage. The company's mill is among the most cost-efficient in
the industry, with cash costs around $160/ton, enhancing its
resilience against price fluctuations. Furthermore, Eldorado's
operational efficiencies have enabled it to consistently exceed its
annual nominal capacity of 1.5 million tons, achieving an average
annual production of 1.77 million tons over the last seven years.
These attributes, in conjunction with Eldorado's extensive market
presence and strategic client diversification, serve to
counterbalance the challenges associated with its scale and single
product line.

Despite the ongoing ownership dispute between Eldorado's
shareholders, J&F Investimentos S.A. (J&F) and Paper Excellence
(PE), the impact of this conflict on the company's ability to
effectively manage its capital structure has notably decreased.
Furthermore, since April 2024, Eldorado has resumed corporate
governance practices in accordance with Brazilian regulations. This
development indicates that the Board of Directors' actions now
accurately reflect the company's existing shareholder composition
and adhere to its governance protocols, providing a stabilizing
influence on the company's strategic and operational planning.

The stable outlook reflects the expectation that the company will
maintain robust operating performance even amidst the projected
lower average prices in 2025. Additionally, Moody's expect that the
company's liquidity will remain solid, underpinned by positive cash
flow generation and a relatively modest level of outstanding debt.
While soft demand from China and the introduction of Suzano's new
2.5 million tons per year of hardwood pulp capacity will exert
downward pressure on prices starting in 2025, prices are
nonetheless expected to stay above the 2023 lows ($597/ton on
average).

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Given Eldorado's current limitations in scale and diversification,
a rating upgrade in the short-to-medium term is unlikely. An upward
rating adjustment would require Eldorado to gain scale and increase
cash flow diversification by source (different segments) and/or
geography (asset location), while sustaining its competitive cost
position and low leverage profile. In addition, an upgrade of the
company's rating would require the maintenance of strong credit
metrics including:

-- leverage below 3.0x Moody's adjusted total debt/EBITDA on an
ongoing basis;

-- Moody's adjusted retained cash flow to net debt above 25% on an
ongoing basis; and

-- positive free cash flow (FCF) generation and interest coverage,
measures as adjusted EBITDA/interest expense, above 7x on a
sustained basis.

The rating could be downgraded if Eldorado's operating environment
deteriorates significantly, leading to deterioration in the
company's operating performance or persistently low or negative
free cash flow generation. In addition, a downward movement could
happen if the shareholders' dispute escalates to adversely impact
the company's ability to properly manage its liabilities and/or
access adequate financing, locally or abroad. Quantitatively,
negative pressure on the rating would result from:

-- leverage, measured as total adjusted debt/EBITDA, expected to
remain at 4.0x or above on a sustained basis, and

-- Moody's adjusted retained cash flow to net debt below 20% on an
ongoing basis; and

-- interest coverage, measured as adjusted EBITDA/interest
expense, below 4x on a sustained basis,

The principal methodology used in this rating was Paper and Forest
Products published in August 2024.

Headquartered in Sao Paulo, Brazil and with operations in Tres
Lagoas, Mato Grosso do Sul, Eldorado is a key player in the global
pulp markets, with an installed capacity of 1.5 million tons of
hardwood pulp per year and highly competitive cash costs, supported
by an extensive planted forest base of more than 270,000 hectares
in the state of Mato Grosso do Sul. Eldorado is owned by J&F
Investimentos S.A. (50.59%) and CA Investment (Brazil) SA,
subsidiary of Paper Excellence (49.4%). Eldorado started operations
in December 2012 and, as of June 2024, reported revenues of BRL 5.8
billion (USD1.1 billion).

FTX GROUP: Working Toward Securing Confirmation of Chapter 11 Plan
------------------------------------------------------------------
Emily Lever at law360.com reports that almost two years after FTX
entered bankruptcy in November 2022, the defunct cryptocurrency
exchange is working toward securing confirmation of a Chapter 11
plan that would make swindled customers whole.

It has also fought off a bid to disqualify its Sullivan & Cromwell
legal team on the grounds that the law firm was conflicted by its
prepetition representation of the company, according to
law360.com.

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.  SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




=========
C H I L E
=========

BANCO DE CREDITO: Moody's Rates New AT1 Pref. Securities 'Ba1(hyb)'
-------------------------------------------------------------------
Moody's Ratings has assigned a Ba1 (hyb) rating to the proposed
preferred stock non-cumulative, non-convertible, non-viability
Additional Tier 1 (AT1) capital securities to be issued by Banco de
Credito e Inversiones (Bci). These notes have an optional
redemption on the tenth year and are Basel III-compliant. The
securities are perpetual and will be subordinated obligations and
will rank junior to all of Bci's existing and future senior
obligations and will rank senior only to Bci's capital stock. The
terms and conditions have been defined to qualify them for AT1
treatment pursuant Chilean regulations.

RATINGS RATIONALE

The Ba1 (hyb) rating assigned to the proposed AT1 preferred
securities is positioned three notches below Bci's baa1 adjusted
baseline credit assessment, in line with Moody's standard notching
guidance for preferred securities with contractual non-viability
and mandatory non-cumulative coupon skip mechanisms.

Under the terms of the notes, principal will be partially or fully
written down if (i) the bank's Common Equity Tier 1 (CET1 or
capital basico) ratio is less than 5.125% at the local and global
consolidated level, calculated according to the rules issued by
Chile's bank regulator Financial Market Commission (CMF) or (ii) a
situation of insolvency for Bci occurs under Article 130 of Chile's
Ley General de Bancos and its compulsory liquidation is declared by
the CMF.

The rating also reflects the risk of a non-cumulative coupon-skip
in the event that the coupon payment of the preferred securities or
any pari passu instrument, is greater than (i) the amount of Bci's
unallocated earnings from the previous year, plus (ii) the
undistributed accumulated earnings from previous years, minus (iii)
any: (a) interest payment made in relation to the preferred
securities or any other pari passu instrument; (b) dividend payment
of ordinary or preferred shares; (c) repurchase of ordinary shares
or preferred shares; and (d) increase in value of AT1 debt
securities that previously had decreased in value.

The notes will have the following order of precedence or payment
priority: (i) pari passu among them and with (a) all other AT1
issuances and (b) any other subordinated obligation that may have
the same treatment as Bci's AT1 obligations by law or regulation
and/or by the terms of that obligation. The preferred securities
will be subordinated to (a) any non-subordinated obligation of the
bank and (b) any other obligation that has payment priority over
the bank's AT1 obligations by law or regulation and/or by the terms
of that obligation.

Bci's baa1 baseline credit assessment (BCA) acknowledges its good
asset quality profile, supported by conservative risk management
and good portfolio diversification, as well as by its adequate
capital position that has been strengthening along with the
incorporation of Basel III in Chile. A key challenge for the
consolidated Bci remains profitability, in line with still high
funding costs while business volumes remain below past years.
Stronger liquidity and capitalization of its US subsidiary, City
National Bank of Florida (CNB) help to counterbalance recent strain
on the US banking sector.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The rating assigned to the proposed AT1 securities will move in
tandem with the adjusted BCA, which is in line with the bank's BCA.
Upward pressure on the bank's baa1 BCA would stem from a higher
capitalization, a more subdued expansion in South Florida and lower
industry concentrations that continue to expose the bank to a
potentially rapid increase in problem loans, and sustainable
improvement in profitability metrics, that remain below peers in
Chile.

Conversely, downward pressure on Bci's AT1 securities rating would
also arise from a downgrade in the bank's baa1 adjusted BCA, which
could reflect further deterioration in profitability metrics, which
also imply lower capital replenishment capacity that could hamper
its growth opportunities. Sudden deterioration in asset quality
ratios would also result in negative ratings pressure.

The principal methodology used in this rating was Banks Methodology
published in March 2024.



===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Chicken Sellers "Run Out Of Customers"
----------------------------------------------------------
"It's not selling, and chicken is going through the roof," is the
phrase that has resonated among chicken sellers in various local
markets in the Dominican Republic these last few weeks, Dominican
Today reports.

What was once a staple food on families' tables has become an
unaffordable luxury for many, notes the report. The steep price
rise has made traders desperate, as their products remain on the
counters without finding buyers.

Meanwhile, another of the complaints among chicken traders is the
chicken shortage, says the report. This phenomenon has been
attributed to several factors, among them the heat.

According to the report, the situation affects the vendors and
consumers who are forced to look for cheaper alternatives to feed
their families.

Faced with this problem, the vendors are urgently calling on the
authorities to stabilize prices and allow chicken to once again
become accessible to everyone, the report notes.

                 About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.



=====================
P U E R T O   R I C O
=====================

PORTAL DE CAGUAS: SL Funding Wins Bid for Sanctions v. Lenders
--------------------------------------------------------------
Judge Enrique S. Lamoutte Inclan of the United States Bankruptcy
Court for the District of Puerto Rico granted the motion for
sanctions filed by SL Funding 3, LLC against Island Healthcare,
LLC, and Alter Domus (US) LLC in the bankruptcy case of Portal de
Caguas, Inc.

On December 12, 2023, SL Funding filed a Motion for Order
Clarifying the SL Funding Dispute Adjudication Process and for
Status Conference to clarify the SL Funding Dispute Adjudication
Process.

On December 14, 2023, the court entered an Order granting a
streamlined SL Funding Dispute Adjudication Process, ordering the
parties to move the court with their respective positions by
December 22, 2023, and stating that a "separate order scheduling
the status conference" would be entered.

On December 15, 2023, the court scheduled a status conference for
March 5, 2024, at 10:00 a.m., in presence, to consider the SL
Funding Dispute Adjudication Process.

On March 5, 2024, at 10:00 a.m., the status conference was held.
SL Funding appeared via counsel, the Lender Parties did not.

On March 12, 2024, SL Funding requested sanctions against the
Lender Parties under Fed. R. Civ. P. 16(f) and the court's own
inherent power, specifically: "costs and attorneys' fees incurred
by SL [Funding] in preparing for and attending the status
conference, the attorney's fees incurred in drafting this motion
and related incidents".

On March 26, 2024, the Lender Parties filed a Joint Opposition to
the Motion for Sanctions, averring that they "genuinely believed
that the Hearing was either (a) not going forward, or (b) that
their presence was no longer necessary due to the shifting
landscape in this matter based on, among other things: (i) the
various motions filed by SL Funding trying to change the scope, the
procedural vehicles, and the timing of what the Disputed SL Funding
Claims [] and the SL Funding Dispute Adjudication Process [] was
supposed to encompass, (ii) Debtors' filing of the Adversary
Complaint, and (iii) the Court's various Orders entered between
December 2023 and January 2024."

Judge Lamoutte Inclan says, "In the instant case, the sequence of
events narrated in the motion and responses under our consideration
are fully supported by the record, and show the Lender Parties
knowingly disregarded the court's orders in failing to appear at
the Hearing. The court notes that while Attorney
Nayuan-Zouairabani-Trinidad was otherwise engaged, the Lender
parties fail to account for the non-appearance of other firm
attorneys. Ultimately, the court finds that the Lender Parties'
conduct cannot be deemed as vexatious, harassing, or annoying.
Notwithstanding, the court does find that the actions and omissions
stated above are sanctionable under this court's inherent power.

Based on the foregoing, SL Funding is entitled to attorney's fees
and costs incurred by SL Funding in preparing for and attending the
Hearing -- exclusive of travel time, airfare, and/or lodging -- and
the attorneys' fees incurred in drafting the Motion for Sanctions
and related replies."

The Motion for Sanctions was filed under Fed. R. Civ. P. 16(f) and
the court's own inherent power. The court finds that Fed. R. Civ.
P. 16(f) is made applicable solely to adversary proceedings under
Fed. R. Bankr. P. 7016. The Hearing, while related to Adversary
Proceeding No. 23-00097, was scheduled in relation to the
underlying bankruptcy case. The court thus finds that Fed. R. Civ.
P. 16(f) is inapplicable.

The Court notes the injured party must submit "records to show the
time spent on the different claims, and the general subject matter
of the time expenditures ought to be set out with sufficient
particularity so that the [] court can assess the time claimed for
each activity. A well-prepared fee petition also would include a
summary, grouping the time entries by the nature of the activity or
stage of the case." If the documentation is inadequate, the court
may reduce the award accordingly. In addition to attorneys' fees,
28 U.S.C Sec. 1927 awards the injured party "excess costs and
expenses" incurred. Evidence to that effect must also be submitted
to the court.

The court sanctions the Lender Parties, under the court's inherent
authority, to pay attorneys' fees and costs incurred by SL Funding
in preparing for and attending the Hearing -- exclusive of travel
time, airfare, and/or lodging -- and the attorneys' fees incurred
in drafting the Motion for Sanctions and related replies.

A copy of the Court's decision dated August 12, 2024, is available
at https://urlcurt.com/u?l=15BJkc

                   About Grupo Hima San Pablo

Grupo HIMA San Pablo, Inc. serves as a diversified healthcare
services holding company pursuant to a corporate reorganization of
several businesses related by common ownership. Through its
subsidiaries and affiliates, Grupo HIMA San Pablo primarily owns
and operates hospital facilities and other healthcare related
businesses. As of August 2023, the HIMA GROUP operated four
hospitals, with over 1,200 licensed beds, including an Oncological
Hospital, a multi-specialty physician practice management company,
Home Care Service (including infusion therapies and wound care), a
free-standing ambulatory center and a 16-ambulance service
company.

Grupo HIMA San Pablo and its affiliates, including Portal de
Caguas, Inc., filed Chapter 11 petitions (Bankr. D. P.R. Lead Case
No. 23-02510) on Aug. 15, 2023. In the petition signed by its chief
executive officer, Armando J. Rodriguez-Benitez, Grupo HIMA San
Pablo disclosed $500 million to $1 billion in assets and $100
million to $500 million in liabilities.

Judge Enrique S. Lamoutte Inclan oversees the cases.

Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC and
Pietrantoni Mendez & Alvarez, LLC serve as the Debtors' bankruptcy
counsel and special counsel, respectively.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 7, 2023. Porzio, Bromberg & Newman,
P.C. is the committee's legal counsel.

Edna Diaz De Jesus is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week September 2 to September 6, 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.

This material is copyrighted and any commercial use, resale or
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of the same firm for the term of the initial subscription or
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contact Peter A. Chapman at 215-945-7000.
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