/raid1/www/Hosts/bankrupt/TCRLA_Public/241014.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, October 14, 2024, Vol. 25, No. 206
Headlines
B A H A M A S
FTX GROUP: Gets OK For Ch. 11 Plan After Objections Overruled
FTX GROUP: Seeks to Push Ch. 11 Plan Over Final Hurdles
FTX GROUP: Wins Plan Approval, Diamond Sports Drops MLB Deals
B R A Z I L
BANCO ORIGINAL: S&P Places 'B-' LT ICR on CreditWatch Positive
C A Y M A N I S L A N D S
AIRNET TECH: Reports $19.9-Mil. Net Income in H1 2024
C O L O M B I A
ECOPETROL SA: Fitch Rates Up to $2BB Sr. Unsecured Notes 'BB+'
ECOPETROL SA: Moody's Rates Up to $2BB in Unsecured Notes 'Ba1'
ECOPETROL SA: S&P Rates Up to $2BB Unsec. Notes 'BB+'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Begins to Feel Impact of the Middle East War
P U E R T O R I C O
[*] Puerto Rico Bankruptcies Rose 21.3% in September 2024 YOY
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Oct. 7 to Oct. 11, 2024
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B A H A M A S
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FTX GROUP: Gets OK For Ch. 11 Plan After Objections Overruled
-------------------------------------------------------------
Ben Zigterman at law360.com reports that a Delaware bankruptcy
judge said he would confirm the Chapter 11 reorganization plan of
FTX Trading Ltd. after overruling several objections, beginning a
process of distributing billions of dollars to customers less than
two years after the cryptocurrency exchange collapsed.
About FTX
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.
FTX GROUP: Seeks to Push Ch. 11 Plan Over Final Hurdles
-------------------------------------------------------
Ben Zigterman at law360.com reports that nearly two years after it
collapsed financially, FTX is hoping to secure confirmation of its
Chapter 11 plan in Delaware bankruptcy court.
The debtor says that under its proposal, the company will repay
former customers in full, with interest, for the billions of
dollars they lost, but the insolvent cryptocurrency business faces
a slew of objections from the U.S. Trustee's Office and others,
according to law360.com.
About FTX
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.
FTX GROUP: Wins Plan Approval, Diamond Sports Drops MLB Deals
-------------------------------------------------------------
Alex Wittenberg at law360.com reports that FTX Group will start
repaying customers using up to $16.5 billion in assets that the
fallen cryptocurrency company has recovered since filing for
bankruptcy in November 2022, after a Delaware bankruptcy judge
blessed FTX's reorganization plan at a hearing.
About FTX
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
===========
BANCO ORIGINAL: S&P Places 'B-' LT ICR on CreditWatch Positive
--------------------------------------------------------------
S&P Global Ratings placed its 'B-' long-term global scale issuer
credit rating and 'brBBB/brA-2' long and short-term national scale
ratings on Banco Original on CreditWatch positive.
The bank's retail segment, mainly credit cards, significantly
weakened in 2022 and 2023, which led to high credit losses.
Consequently, it decided to stop the origination of new credits and
exited this segment by transferring the servicing of retail clients
and part of its retail lending book to Picpay.
The shift toward wholesale operations includes receivables
discounting from sales within J&F group, notably JBS S.A.
(BBB-/Negative/--), one of the largest meat processing companies in
the world. As of June 2024, 81% of the portfolio was from wholesale
operations, of which 43% was receivables discounting, 32%
agribusiness, and 21% corporate lending. Additionally, the bank
increased its proportion of offshore operations, which represented
20% of its wholesale portfolio as of June 2024.
With the exit from the retail unit, the reduction of its exposure
to low-credit-quality clients, and write-off of a portion of the
retail portfolio, we observed a decrease in NPLs to 4.96% in June
2024 from 22.3% in June 2023. S&P Said, "We think the shift toward
wholesale will gradually lower delinquencies and improve asset
quality in the coming quarters. In turn, we forecast NPLs of closer
to 5%-7% of total loans at year-end 2024, after the bank further
reduces its exposure to low-credit-quality clients and writes off
the remaining portion of its retail portfolio."
Banco Original's profitability also improved to R$184 million in
June 2024 from a net loss of R$749 million in June 2023. S&P
expects the bank to continue reporting positive profits over
second-half 2024 and into 2025.
In June 2024, Banco Original reported 9.7% and 6.2% Basel and Tier
1 ratios. Although the bank has been operating above the minimum
capital requirements of 8.0% and 6.0%, respectively, these metrics
were below the additional capital conservation buffer requirement
that adds 2.5% to the regulatory minimum.
The prudential conglomerate began a reorganization process in July
2023 that changed the group leader to Picpay from Banco Original.
During this transition, the bank has sought the most efficient
capital structure for these two entities. This has led to a
deterioration of its capital metrics due to regulatory deductions
related to intangibles. S&P said, "We believe Banco Original has a
feasible adequacy plan to strengthen its capital metrics once the
reorganization is concluded. As a result, we expect Banco
Original's regulatory capital metrics to be above 10.5% (Basel) and
8.5% (Tier 1) within the next few months."
Banco Original is part of the financial segment of J&F group, which
also includes PicPay (not rated). We view the bank as a core
subsidiary of the group because it plays a key role in the
conglomerate's strategy and represents a significant proportion of
the group's capital and revenue. J&F Participacoes S.A., owned by
the Batista family, owns 100% of the conglomerate, and given that
the ultimate parent of the bank is a family firm, we do not factor
extraordinary group support into our analysis.
In the past four years, the main shareholders have injected more
than R$4 billion into the bank. Therefore, S&P expects them to
continue making capital injections if needed.
===========================
C A Y M A N I S L A N D S
===========================
AIRNET TECH: Reports $19.9-Mil. Net Income in H1 2024
-----------------------------------------------------
AirNet Technology Inc. filed with the U.S. Securities and Exchange
Commission its unaudited interim consolidated financial statements
for the first half of 2024, reporting a net income of $19.9 million
on $193,000 in revenue for the six months ended June 30, 2024,
compared to a net loss of $3.7 million on $538,000 in revenue for
the same period in 2023.
The company said, "We incurred loss from continuing operations of
$2.2 million and $2.3 million for the six months ended June 30,
2023 and 2024, respectively. As of June 30, 2024, we had an
accumulated deficit of $298.9 million and a working capital
deficiency of $26.9 million. These conditions raise substantial
doubt about our ability to continue as a going concern."
"We intend to meet the cash requirements for the next 12 months
from the date of this report through business restructuring plan
and private placement. In February 2024, we entered into share
transfer agreement with Hainan Oriental Meitong Technology
Partnership to sell the 33.67% equity interest we held in Unicom
AirNet (Beijing) Network Co., Ltd for a consideration of RMB197
million. On April 15, 2024, we completed a private placement of
US$5.7 million with certain investors. As a result, our management
prepared the unaudited condensed consolidated financial statements
assuming our company will continue as a going concern. As described
above, we had a working capital deficiency and generated negative
cash flows from operations. These conditions raise substantial
doubt about our ability to continue as a going concern.
Management's plans in regard to these matters are also described
above. We may need to raise additional funds to meet our
obligations and sustain our operations. However, there is no
assurance that the measures above can be achieved as planned. The
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty."
"We generally deposit our excess cash in interest-bearing bank
accounts. Although we consolidate the results of the VIEs in our
consolidated financial statements, we can only receive cash
payments from them pursuant to our contractual arrangements with
them and their shareholders. Our principal uses of cash primarily
include contractual concession fees and other investments and, to a
lesser extent, salaries and benefits for our employees and other
operating expenses. We expect that these will remain our principal
uses of cash in the foreseeable future. We may also use additional
cash to fund strategic acquisitions."
As of June 30, 2024, the Company had $96.4 million in total assets,
$85.1 million in total liabilities, and $11.3 million in total
equity
Full-text copy of the Company's reports attached on Form 6-K with
the Securities and Exchange Commission are available at:
https://tinyurl.com/2hzp4mc7
About AirNet Technology
AirNet Technology Inc. was incorporated in the Cayman Islands on
April 12, 2007. AirNet, its subsidiaries, through its variable
interest entities and the VIEs' subsidiaries, operate its
out-of-home advertising network, primarily air travel advertising
network, in the People's Republic of China. The Company also
conducts cryptocurrencies mining business operations by its Hong
Kong subsidiary, Blockchain Dynamics Limited.
As of December 31, 2023, the Company had $115.1 million in total
assets, $101.8 million in total liabilities, and $13.4 million in
total equity.
Singapore-based Audit Alliance LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
April 26, 2024, citing that the Company has a history of operating
losses and negative operating cash flows and has negative working
capital of approximately $56 million as of December 31, 2023.
These
conditions indicate that a material uncertainty exists that raise
substantial doubt on the Company's ability to continue as a going
concern, the auditor said.
===============
C O L O M B I A
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ECOPETROL SA: Fitch Rates Up to $2BB Sr. Unsecured Notes 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Ecopetrol S.A.'s new
issuance of up to USD2.0 billion senior unsecured notes due 2032.
The proceeds of the notes will be used to refinance USD1.25 billion
of the outstanding amount of the bond with maturity on 2026, to
substitute USD750 million of external credit, and to prepay
existing loans.
Ecopetrol's ratings reflect its close linkage with the Republic of
Colombia (Foreign and Local Currency IDRs, BB+/Stable) which owns
88.5% of the company. Ecopetrol's ratings also reflect the
company's strategic importance for the country, as well as its
ability to maintain a solid financial profile.
Key Rating Drivers
Linkage to Sovereign: Ecopetrol's ratings reflect the strong
linkage with the credit profile of the Republic of Colombia. The
ratings also reflect the very strong incentive of the Colombian
government to support Ecopetrol in the event of financial distress,
given the company's strategic importance to the country as a
supplier of virtually all liquid fuel demand in Colombia and owner
of 100% of the country's refining capacity.
Ecopetrol's cash is affected by the timeliness of the receipt of
funds from the Colombian government through its stabilization fund
Fondo de Estabilizacion de Precios de los Combustibles (FEPC) to
offset the difference from selling gasoline and diesel in the local
market at lower prices versus the export market. At August 2024,
the amount accrued in the FEPC was COP19.6 trillion (USD4.7
billion). Fitch expects that the balance in the FEPC account will
decrease with several price adjustments beings rolled out by the
government.
During 2022, the price of gasoline was adjusted by COP600/gallon
and by an additional COP4,220/gallon during the nine months of
2023. In June 2024, the government issued decree 0763 equalizing
diesel prices for large-scale consumers in Colombia which is
expected to enhance cash position and predictability for the
company going forward.
Strong Financial Profile: Ecopetrol's 'bbb' Standalone Credit
Profile (SCP), pro forma for the announced acquisition, reflects
the company's strong financial profile. Fitch-calculated gross
leverage as measured by total debt to EBITDA is expected to average
2.1x through the rating horizon, which is moderate for the industry
as Brent prices continue supporting EBITDA generation and debt is
not expected to have any drastic changes. Fitch expects Ecopetrol's
interest coverage as measured by EBITDA to interest expense
coverage to exceed 6x consistently through the rating horizon.
Positive FCF Expected: Fitch expects Ecopetrol's FCF to be positive
going forward, subject to revisions to investment and dividends
plans. Fitch's base case assumption includes the company having an
average annual capex budget of approximately USD5.5 billion over
the next three years and that it will pay 60% of previous year's
net income in line with its 40% to 60% dividend policy. This,
coupled with Fitch's price assumptions for Brent crude oil price of
USD80/bbl in 2024, USD70/bbl in 2025 and USD60/bbl in the long
term, would result in positive FCF over the next three years.
Stable Operating Metrics: Fitch assumes total hydrocarbons
production to be 750,000 barrels of oil equivalent per day (boe/d)
in 2024, exhibiting a trend of recovery expected to continue over
the next three years. The company's proved reserve (1P) of 1,883
million boe gave the company a reserve life of 8.2 years as of YE
2023, and is expected to be 8.5 years by the end of 2024. Fitch
assumes a 105% reserve replacement rate. Fitch's calculated
after-tax full cycle cost for Ecopetrol has remained relatively
stable over the past four years at approximately USD45/boe on
average.
Derivation Summary
Ecopetrol's rating linkage to the Colombian sovereign rating is in
line with the linkage for most national oil and gas companies
(NOCs) in the region, including Petroleos Mexicanos (PEMEX;
B+/Stable), Petroleo Brasileiro S.A. (Petrobras; BB/Stable), YPF
S.A. (CCC-) and Empresa Nacional del Petroleo (ENAP; A-/Stable).
In most cases in the region NOCs are of significant strategic
importance for energy supply to their countries, including in
Mexico, Colombia and Brazil. NOCs can also serve as a proxy for
federal government funding as is the case in Mexico, and have
strong legal ties to governments through their majority ownership,
strong control and governmental budgetary approvals.
Ecopetrol's SCP is commensurate with a 'bbb' rating, which is in
line with that of Petrobras at 'bbb' given Petrobras' recent
significant debt reduction. Excluding IFRS16 leases, Ecopetrol's
leverage at YE 2023 was 1.8x. Ecopetrol's credit profile is
materially higher than that of Pemex's 'ccc-' SCP as a result of
Ecopetrol's deleveraging capital structure versus PEMEX's
increasing leverage trajectory. Ecopetrol will continue to report
stable production, which Fitch expects to stabilize around 770,000
boed. This production trajectory further supports the notching
differential between the two companies' SCP.
Key Assumptions
- Ecopetrol remains majority owned by Colombia;
- Brent average USD80/bbl in 2024 and USD70/bbl in 2025 before
trending toward USD60/bbl in the long term;
- 9.5% discount to Brent on average through rating horizon;
- Stable production growth of 1.5% per annum through 2026;
- 105% reserve replacement ratio per year;
- Aggregate capex of approximately USD5.5 billion per year for the
next three years;
- Dividends of 60% of previous year's net income;
- Progressive tax rate based on 2022 fiscal reform instating
windfall taxes of 15%, 10%, 5%, 0% based on current crude prices.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Although not expected in the short to medium term, an upgrade of
Colombia's sovereign ratings.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- A downgrade of Colombia's sovereign ratings;
- A significant weakening of the company's linkage with the
government and a lower government incentive to support coupled with
a deterioration of its SCP;
- A decrease of 1P reserves below 1.5 billion boe could trigger a
downgrade to the SCP of the company from 'bbb'.
Liquidity and Debt Structure
Strong Liquidity: Ecopetrol's strong liquidity profile is supported
by cash on hand, which amounted to USD2.7 billion at June 30, 2024,
strong access to the capital markets and an adequate debt maturity
profile.
ISA Contribution: Fitch expects that the majority of Ecopetrol's
consolidated EBITDA will continue to be generated from its oil and
gas business. Fitch estimates that Interconexión Eléctrica S.A.'s
(ISA) EBITDA of USD1.7 billion in 2023, adjusted to Ecopetrol's
ownership, is expected to represent 12% of Fitch's projected
Ecopetrol EBITDA for 2024. Gross leverage excluding ISA, defined as
total debt to EBITDA, is expected to be 2.2x in 2024.
Issuer Profile
Ecopetrol is a leading integrated energy and infrastructure company
in the Latin American and Central American region. The company is
the largest in Colombia in relation to their Upstream, Midstream
and Downstream business segments. Interconexión Eléctrica S.A. is
51% owned by Ecopetrol and is the largest energy transmission
company in the region.
Date of Relevant Committee
July 29, 2024
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
Ecopetrol S.A. has an ESG Relevance Score of '4' for Governance
Structure due to its nature as a majority government-owned entity
and the inherent governance risk that arises with a dominant state
shareholder, which has a negative impact on the credit profile, and
is relevant to the rating[s] in conjunction with other factors.
Ecopetrol S.A. has an ESG Relevance Score of '4' for Exposure to
Social Impacts due to multiple attacks to its pipelines, which has
a negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
Ecopetrol S.A.
senior unsecured LT BB+ New Rating
ECOPETROL SA: Moody's Rates Up to $2BB in Unsecured Notes 'Ba1'
---------------------------------------------------------------
Moody's Ratings assigned a Ba1 rating to Ecopetrol S.A.'s proposed
new senior unsecured global notes for up to $2 billion. The
proposed notes will be used to purchase the notes maturing in June
2026 whose outstanding amount equals to $1.25 billion, prepay the
outstanding principal amount for some bank loans and finance
expenditures outside the company's investment plan, thus not
materially affecting the company's estimated debt metrics. The
proposed notes are senior unsecured, unsubordinated and pari passu
with Ecopetrol's other senior foreign currency debt.
Simultaneously, Moody's withdrew Ecopetrol's Ba1 issuer rating and
assigned a Ba1 corporate family rating (CFR). The outlook is
stable.
The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by us to date and assume that these
agreements are legally valid, binding, and enforceable.
RATINGS RATIONALE
Ecopetrol's Ba1 ratings reflect the company's status as Colombia's
leading oil and gas producer, accounting for about 60% of the
country's production and 100% of oil product supply, as well as its
large power transmission business in Colombia and other countries
in Latin America. Furthermore, Moody's assume high probability of
support from the Government of Colombia and a moderate default
dependence between the two entities; this assessment results in a
three-notch uplift of Ecopetrol's rating to Ba1 from its b1
Baseline Credit Assessment (BCA), which reflects the company's
intrinsic credit risk without support considerations.
Ecopetrol's b1 BCA considers the company's increasing leverage, its
ambitious investment plan and a more aggressive financial policy as
it has distributed dividends above its policy of 40-60%. These
factors are partially mitigated by its increasing production and a
reduction on receivables related to the fuel subsidies received
from the Fondo de Estabilización de Precios de los Combustibles
(FEPC), supporting the company's liquidity.
Ecopetrol's liquidity position is adequate. During the 12-month
period ending in June 2024, Ecopetrol registered a positive free
cash flow of $45 million and its cash position equaled $3.2
billion. Moody's expect that in 2024 the company's cash generation
along with the Government of Colombia's transfer to compensate fuel
subsidies will be enough to cover mandatory cash obligations plus
annual capital expenditures of about $6 billion, as per
management's guidance, and dividends. However, Moody's expect that
liquidity will be tight during the next two years per Moody's
expectations that capex will remain around $6 billion, and if
dividend distributions continue to outpace the policy range. The
rating action takes into account that, while the company took an
extended time to refinance 2023 and 2024 maturities, it has already
refinanced 2025's and is planning to refinance 2026's, year in
which maturities amount to $2.8 billion.
Moody's expect Ecopetrol's financial obligations will continue to
be supported by access to global and Colombian capital markets, and
government support. Ecopetrol's Ba1 ratings also take into
consideration the solid and relatively stable cash flow from its
power transmission company, Interconexion Electrica S.A. E.S.P.
(ISA) and its midstream subsidiary, Cenit SAS, which includes
Oleoducto Central S.A.
The stable outlook on Ecopetrol's ratings reflects Moody's view
that its credit profile will remain mostly unchanged over the next
12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade on Ecopetrol's Ba1 ratings is unlikely over the next
12-18 months because Moody's expect the company's credit metrics to
remain relatively stable. However, if the company manages to
strengthen its financial policies and simultaneously demonstrates
ability to register recurrent positive free cash flow, reduce
financial leverage while growing production and keeping proved
reserve life at least stable, its ratings could be upgraded.
Specifically, its ratings could be upgraded if the company's
Leverage Full Cycle Ratio remains at 1.5 times, which would
indicate stable finding and development costs, and retained cash
flow/net debt would have to be over 40% on a sustained basis.
A ratings downgrade could occur if there is a deterioration in
Ecopetrol's operating performance, including a significant decline
of its reserve life on a sustained basis, or increasing liquidity
risk or debt leverage from the current levels; or if retained cash
flow/net debt declines to around 20%. In addition, because
Ecopetrol's ratings benefit from implicit support from the
Government of Colombia, a negative action on the government's
rating or a change in Moody's assumptions about government support
could lead to a negative action on Ecopetrol's ratings.
Profile
Ecopetrol, 88.5% owned by the Government of Colombia, is the
largest integrated oil and gas company in the country. The company
has three business segments, namely hydrocarbons, energies for the
transition and energy transmission and toll roads. Its gross
production averaged close to 730 mboed and total assets amounted to
$65 billion on June, 2024.
ISA, headquartered in Medellin, Colombia, is an operating holding
company with businesses in the electricity transmission, toll
roads, telecommunications, and systems management sectors. The
company holds direct and indirect ownership stakes in a portfolio
of subsidiaries located in Colombia, Brazil, Peru, and Chile.
The methodologies used in these ratings were Integrated Oil and Gas
published in September 2022.
ECOPETROL SA: S&P Rates Up to $2BB Unsec. Notes 'BB+'
-----------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to Ecopetrol
S.A.'s (BB+/Negative/--) proposed senior unsecured notes of up to
$2 billion with a seven-year tenor. The notes will be pari passu
with all Ecopetrol's other present and future senior, unsecured,
and unsubordinated obligations.
S&P said, "We view the transaction as credit neutral because
Ecopetrol will use the net proceeds to repay debt, including the
outstanding $1.25 billion of the notes due June 26, 2026,
prepayment of a portion of the 2030 loan agreement, and finance
expenditures outside the investment plan (including refinancing of
other maturities). We expect the company to strengthen its debt
maturity schedule, in line with its annual liability management
exercises to improve capital structure composition.
"We continue to forecast adjusted debt to EBITDAX of close to 2x in
the next 12-18 months, while the company strengthens its reserves
through active investments."
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Begins to Feel Impact of the Middle East War
----------------------------------------------------------------
Dominican Today reports that the war in the Middle East has
intensified volatility in the global market, and its effects are
beginning to be felt in the Dominican economy. They are mainly
affecting sectors dependent on oil importation and essential raw
materials.
According to economist Antonio Ciriaco Cruz, Dean of the Faculty of
Economic and Social Sciences of the Autonomous University of Santo
Domingo (UASD), the conflict threatens to increase costs and
generate instability in the country's supply chain of strategic
products, the report notes.
The Strategic Value of the Strait of Hormuz
Ciriaco Cruz pointed out that almost 40% of the world's oil
transits through the Strait of Hormuz, a key area in global fuel
distribution, according to Dominican Today. "Here we are in the
presence of an area where there is an important flow of oil and
other products," said the economist in an interview for Hoy
newspaper, the report notes. The economist stressed that any
interruption in that area could significantly increase
transportation and freight costs, which in turn would raise the
prices of goods and services, the report relays.
Increase in Oil Prices
One of the main impacts on the Dominican economy is the increase in
international oil prices, the report relays. Ciriaco Cruz pointed
out that 15 days ago, a barrel of crude oil was quoted at US$65,
but now it is around US$75, the report says. According to the
economist, the price is expected to continue rising, the report
discloses.
Ciriaco warned that the barrel could rise to 100 dollars, impacting
the country's economic growth, the report notes.
Possible Repercussions on Inflation
Another worrying factor is inflation, which could increase due to
alterations in fuel and raw material" prices, the report relays.
"This wocompanies'ompanies' production costs more expensive, which
would inevitably be passed on to the prices of end "roducts," he
explained, the report notes.
Gasoline, electricity, and raw materials, essential for domestic
production, are among the sectors most vulnerable to these
fluctuations, the report discloses.
Government measures to mitigate the impact, the report says.
The economist also highlighted the measures the Dominican
government adopted to face the crisis, similar to those implemented
during the conflict between Russia and Ukraine, the report relates.
These include freezing fuel prices, subsidizing certain raw
materials, and providing monetary transfers to the most vulnerable
groups through programs such as Superate, the report notes.
Contingency Fund Proposal
As a long-term alternative, Ciriaco suggested that the State create
a contingency fund in the national budget destined for geopolitical
situations that alter international markets" so that "resources
could be available to cushion these situations," the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
=====================
P U E R T O R I C O
=====================
[*] Puerto Rico Bankruptcies Rose 21.3% in September 2024 YOY
-------------------------------------------------------------
Michelle Kantrow-Vazquez of NimB reports that Puerto Rico's
bankruptcy court saw significant activity in September, with 489
cases filed, marking a 21.3% year-over-year increase, according to
data compiled by research firm Boletín de Puerto Rico.
So far this year, 4,199 petitions have been filed seeking the U.S.
Bankruptcy Court's protection, a 32.3% jump compared to the same
nine-month period in 2024.
The report showed increased activity in two of the four categories,
with a marked rise in Chapter 7 cases, with 178 on record for
September, reflecting a 61.8% increase from the same month in 2023.
Chapter 7 provides for a total liquidation of assets.
When broken down, most cases in September, totaling 306, were filed
under Chapter 13, which allows individuals to reorganize their
finances. This represents a 6.9% increase year-over-year.
Chapter 11 filings, which enable businesses to reorganize their
finances while continuing to operate, dropped 16.6% from the prior
year, with only five cases filed in September.
No farming operations applied for Chapter 12 protection in
September, a category that is reserved exclusively for troubled
agriculture businesses.
These are preliminary numbers for last month at the U.S. Bankruptcy
Court, Boletin de Puerto Rico noted.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Oct. 7 to Oct. 11, 2024
-------------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
---------- --- ----- -------- ----- ----
2W Ecobank SA 10.6 28.1 11/24/2029 BR BRL
ACEN Finance 4 64 KY USD
Aeropuerto Tocumen 5.1 70.1 8/11/2061 PA USD
Aeropuerto Tocumen 4 70.3 8/11/2041 PA USD
Aeropuerto Tocumen 5.1 70.3 8/11/2061 PA USD
Aeropuerto Tocumen 4 71.7 8/11/2041 PA USD
AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL
Agile Group Holdings 5.8 16.4 1/2/2025 KY USD
Agile Group Holdings 6.1 13.4 10/13/2025 KY USD
Agile Group Holdings 5.5 12.6 5/17/2026 KY USD
Agile Group Holdings 7.9 3.3 KY USD
Agile Group Holdings 5.5 15.1 4/21/2025 KY USD
Agile Group Holdings 7.8 3.3 KY USD
Alfa Desarrollo SpA 4.6 74.7 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 74.6 9/27/2051 CL USD
Alibaba Group Holding 3.2 66 2/9/2051 KY USD
Alibaba Group Holding 2.7 68.5 2/9/2041 KY USD
Alibaba Group Holding 3.3 63.4 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55 KY SGD
Amwaj 6.4 69.7 KY USD
Amwaj 4.5 49.6 KY USD
Argentina Bonar Bonds 1 43.3 7/9/2029 AR USD
Argentina Treasury Bond 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Te 15.5 39.7 10/17/2026 AR ARS
Argentine Gov't Int'l 1 46.4 7/9/2029 AR USD
Argentine Gov't Int'l 0.5 41.4 7/9/2029 AR EUR
Argentine Gov't Int'l 0.1 42 7/9/2030 AR EUR
Ascent Finance 1.2 61.6 7/12/2047 KY EUR
Ascent Finance 3.8 67 6/28/2047 KY AUD
Ascent Finance 3.4 65.7 2/6/2043 KY AUD
Astra Cumulative 2019 1.5 62 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 70 5/12/2028 KY USD
AYC Finance 3.9 62.2 KY USD
Banco Davivienda SA 6.7 64.1 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 3.6 75.7 11/18/2039 CL AUD
Banco de Chile 3.5 75.4 9/5/2039 CL AUD
Banco de Chile 2.7 74.7 3/9/2035 CL AUD
Banco del Estado de Ch 3.1 70.5 2/21/2040 CL AUD
Banco del Estado de Ch 2.8 67 3/13/2040 CL AUD
Banco Nacional de Pana 2.5 74.7 8/11/2030 PA USD
Banco Santander Chile 3.1 70.6 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.5 11/29/2034 CL EUR
Banda de Couro Energe 8 54.4 1/15/2027 BR BRL
Baraunas II Energeti 8 12.4 1/15/2027 BR BRL
Bishopsgate Asset Fi 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov't Int'l 4.5 55.6 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
Bolivian Gov't Int'l 4.5 55.8 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
BOPREAL 5 64.7 10/31/2027 AR USD
BOPREAL 3 60.9 5/31/2026 AR USD
Brazilian Gov't Int'l4.8 73.8 1/14/2050 BR USD
BRF SA 5.8 73.5 9/21/2050 BR USD
BRF SA 5.8 73.6 9/21/2050 BR USD
Camposol SA 6 72.1 2/3/2027 PE USD
Camposol SA 6 72.5 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.6 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.1 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 8.7 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
Chile Gov't Int'l Bond 3.5 72.6 1/25/2050 CL USD
Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD
Chile Gov't Int'l Bond 3.1 62.7 1/22/2061 CL USD
Chile Gov't Int'l Bond 3.5 72.1 4/15/2053 CL USD
Chile Gov't Int'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov't Int'l Bond 1.3 54 1/22/2051 CL EUR
Chile Gov't Int'l Bond 3.3 62.8 9/21/2071 CL USD
Chile Gov't Int'l Bond 1.3 74.2 7/26/2036 CL EUR
China Overseas Cayman 3.1 75.1 3/2/2035 KY USD
China Yuhua Education 0.9 65.8 12/27/2024 KY HKD
CK Hutchison Int'l 19 3.4 74 9/6/2049 KY USD
CK Hutchison Int'l 19 3.4 73.9 9/6/2049 KY USD
CK Hutchison Int'l 20 3.4 73.7 5/8/2050 KY USD
CK Hutchison Int'l 20 3.4 73.8 5/8/2050 KY USD
Colombia Gov't Int'l 3.9 2/15/2061 CO USD
Colombia Gov't Int'l 4.1 61.6 5/15/2051 CO USD
Colombia Gov't Int'l 5.2 72.9 5/15/2049 CO USD
Colombia Gov't Int'l 4.1 67 2/22/2042 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 5 72 6/15/2045 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Telecom 5 66.9 7/17/2030 CO USD
Colombia Telecom 5 67 7/17/2030 CO USD
Colombian TES 7.3 71.6 10/26/2050 CO COP
Colombian TES 6.3 73.4 7/9/2036 CO COP
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.6 74 7/22/2039 CL AUD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Dibens Leasing S/A 10.9 30.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 34.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 29.2 3/1/2035 BR BRL
Earls Eight 1.7 72 6/20/2032 KY AUD
Earls Eight 0.1 64.2 12/20/2031 KY AUD
Ecopetrol SA 5.9 74.2 5/28/2045 CO USD
Ecopetrol SA 5.9 70.7 11/2/2051 CO USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 72.9 9/21/2034 SV USD
El Salvador Gov't Int 7.6 73.3 2/1/2041 SV USD
El Salvador Gov't Int 5.9 65.1 1/30/2025 SV USD
El Salvador Gov't Int 7.6 73.5 9/21/2034 SV USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 73.5 2/1/2041 SV USD
Embotelladora Andina 6.5 23.3 6/1/2026 CL CLP
EFE 3.8 65.8 9/14/2061 CL USD
EFE 3.1 60 8/18/2050 CL USD
EFE 3.1 59.9 8/18/2050 CL USD
EFE 3.8 65.8 9/14/2061 CL USD
EFE 6.5 11.2 1/1/2026 CL CLP
ETESA 5.1 71.8 5/2/2049 PA USD
Empresa de Transmision 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.2 9/13/2061 CL USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 5.5 50.2 7/15/2027 CL CLP
Edsa SA 5 62.6 5/11/2025 AR USD
ENAP 4.5 73.3 9/14/2047 CL USD
ENAP 4.5 73.4 9/14/2047 CL USD
ENA Master Trust 4 70.8 5/19/2048 PA USD
ENA Master Trust 4 71.1 5/19/2048 PA USD
Enel Generacion Chile 6.2 29.4 10/15/2028 CL CLP
Equatorial Energia 11 1.1 10/15/2029 BR BRL
Equatorial Energia 10.8 1 5/15/2028 BR BRL
Esval SA 3.5 13.2 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 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterrane 4.6 0 11/12/2024 AR ARS
General Shopping Finan 10 66.2 KY USD
General Shopping Finan 10 65.1 KY USD
Genneia SA 2 56.4 7/14/2028 AR USD
Greenland Hong Kong 10.2 12.9 KY USD
Guacolda Energia SA 4.6 70.4 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Guacolda Energia SA 4.6 70.6 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Hector A Bertone SA 1.9 0 4/7/2024 AR USD
Hilong Holding 9.8 65.7 11/18/2024 KY USD
Hilong Holding 9.8 62.2 11/18/2024 KY USD
Hilong Holding 9.8 65.6 11/18/2024 KY USD
ICBC DO Brasil 3.3 59.5 BR USD
IMPSA 1 75 12/30/2031 AR USD
Itau Unibanco SA/Nassau 5.8 20.1 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 12/21/2061 JM JMD
Lani Finance 1.7 64.1 3/14/2049 KY EUR
Lani Finance 1.9 66.5 9/20/2048 KY EUR
Lani Finance 1.9 67.5 10/19/2048 KY EUR
Lani Finance 3.1 64.7 10/19/2048 KY AUD
Link Finance Cayman 2.2 69.8 10/27/2038 KY HKD
LIPSA Srl 1 0 8/23/2024 AR USD
Logan Group Co 7 5 KY USD
Longfor Group Holdings 4 45.2 9/16/2029 KY USD
Longfor Group Holdings 3.4 58 4/13/2027 KY USD
Longfor Group Holdings 3.9 40.2 1/13/2032 KY USD
Longfor Group Holdings 4.5 55.2 1/16/2028 KY USD
Luminis III 2.3 41.5 9/22/2048 KY USD
Luminis III 2.4 54 9/22/2048 KY AUD
Luminis IV 3.2 69.6 1/22/2042 KY AUD
Luminis 2.3 53.5 9/22/2048 KY AUD
Lunar Funding I 1.7 70.7 8/11/2056 KY GBP
MTR Corp CI 3 72.6 3/11/2051 KY HKD
MTR Corp CI 2.8 72.7 9/6/2047 KY HKD
MTR Corp CI 3.2 73.1 2/5/2055 KY HKD
MTR Corp CI 3 72.5 3/11/2051 KY HKD
Panama Gov't Int'l Bon 4.5 64.1 4/1/2056 PA USD
Panama Gov't Int'l Bon 2.3 70.3 9/29/2032 PA USD
Panama Gov't Int'l Bon 3.9 56.6 7/23/2060 PA USD
Panama Gov't Int'l Bon 3.3 75.7 1/19/2033 PA USD
Panama Gov't Int'l Bon 4.5 65.7 4/16/2050 PA USD
Panama Gov't Int'l Bon 4.5 63 1/19/2063 PA USD
Panama Gov't Int'l Bon 4.5 67.3 5/15/2047 PA USD
Panama Gov't Int'l Bon 4.3 63.8 4/29/2053 PA USD
Peruvian Gov't Int'l 2.8 57.2 12/1/2060 PE USD
Peruvian Gov't Int'l 3.2 57 7/28/2121 PE USD
Peruvian Gov't Int'l 3.6 71.3 3/10/2051 PE USD
Peruvian Gov't Int'l 3.6 65.4 1/15/2072 PE USD
Peruvian Gov't Int'l 3.3 74 3/11/2041 PE USD
Petroleos del Peru SA 5.6 66.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 66.4 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.7 10/27/2026 AR USD
Provincia de la Rioja 4.5 55.5 1/20/2027 AR USD
Provincia de la Rioja 7.5 51.1 7/20/2032 AR USD
Chaco Argentina 4 0 12/4/2026 AR USD
QNB Finance 13.5 65.4 10/6/2025 KY TRY
QNB Finance 11.5 73.2 1/30/2025 KY TRY
QNB Finance 2.9 73.4 9/16/2035 KY AUD
QNB Finance 2.9 72.1 12/4/2035 KY AUD
QNB Finance 3 74.6 2/14/2035 KY AUD
QNB Finance 3.4 70.7 10/21/2039 KY AUD
Radiance Holdings Grou 7.8 69.6 3/20/2024 KY USD
Rio Alto Energias Reno 7 28.7 7/15/2027 BR BRL
Santander Consumer Ch 2.9 72.5 11/27/2034 CL AUD
Seazen Group 6 70.3 8/12/2024 KY USD
Seazen Group 4.5 30.6 7/13/2025 KY USD
Shui On Dev't 5.5 73.2 3/3/2025 KY USD
Shui On Dev't 5.5 61.7 6/29/2026 KY USD
Silk Road Investments 2.9 66 1/23/2042 KY AUD
Skylark 1.8 59.1 4/4/2039 KY GBP
Autopista Central 5.3 37.3 12/15/2026 CL CLP
Vespucio Norte 5.3 50.7 12/15/2028 CL CLP
Minera de Chile SA 3.5 65.5 9/10/2051 CL USD
Minera de Chile SA 3.5 65.4 9/10/2051 CL USD
Southern Water Services 3 70.9 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.7 1/15/2042 BR BRL
SPE Saneamento RIO 2 6.9 10.3 1/15/2034 BR BRL
SPE Saneamento RIO 3 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 4 6.9 10.3 1/15/2034 BR BRL
Spica 2 74.6 3/24/2033 KY AUD
Spirit Loyalty Cayman 8 72.1 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72.5 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72 9/20/2025 KY USD
Spirit Loyalty Cayman 8 70.9 9/20/2025 KY USD
Sylph 2.7 68.3 3/25/2036 KY USD
Sylph 2.4 64.1 9/25/2036 KY USD
Sylph 3.1 74.6 9/25/2035 KY USD
Sylph 2.9 74.1 6/24/2036 KY AUD
SYN prop e tech SA 11.1 21.1 3/15/2024 BR BRL
Telecom Argentina SA 1 74.1 3/9/2027 AR USD
Telecom Argentina SA 1 66.2 2/10/2028 AR USD
Telefonica Moviles Chi 3.5 74.1 11/18/2031 CL USD
Telefonica Moviles Chi 3.5 74.2 11/18/2031 CL USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.3 6/3/2050 KY USD
Tencent Holdings 3.3 63.6 6/3/2060 KY USD
Tencent Holdings 3.9 73.4 4/22/2061 KY USD
Tencent Holdings 3.8 74.8 4/22/2051 KY USD
Tencent Holdings 3.2 67.2 6/3/2050 KY USD
Tencent Holdings 3.3 63.8 6/3/2060 KY USD
Tencent Holdings 3.9 73.2 4/22/2061 KY USD
Three Gorges Finance 3.2 70.5 10/16/2049 KY USD
Grupo Travessia 9 1.6 1/20/2032 BR BRL
Vina Santa Rita SA 4.4 63.8 9/15/2030 CL CLP
Volcan Cia Minera SAA 4.4 61.7 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 61.8 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 62.5 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 62.9 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 63.1 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 63.1 4/15/2029 CL USD
YPF SA 7 72.5 12/15/2047 AR USD
YPF SA 7 72.1 12/15/2047 AR USD
YPF SA 1 65.9 4/25/2027 AR USD
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2024. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *