/raid1/www/Hosts/bankrupt/TCRLA_Public/241021.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 21, 2024, Vol. 25, No. 211
Headlines
A R G E N T I N A
ARGENTINA: Central Bank is Working to Enable Dollar Debt Cards
ARGENTINA: IDB Grants US$3.8 Billion in Aid for Country
B A H A M A S
FTX GROUP: Insider Cites 'Limited' Fraud Role to Avoid Prison
FTX GROUP: Judge Doubts Alum Needs Further Dog Bite Recovery
B A R B A D O S
BARBADOS: Fitch Hikes LongTerm Foreign Currency IDR to 'B+'
B O L I V I A
BOLIVIA: Natural Gas Shortage Sends Economy Teetering
B R A Z I L
BANCO BTG PACTUAL: Fitch Assigns BB(EXP) Rating on New Unsec. Notes
BANCO BTG PACTUAL: Moody's Rates New Senior Unsecured Notes 'Ba1'
LIGHT SA: Chapter 15 Case Summary
M E X I C O
FIDEICOMISO IRREVOCABLE 2400: S&P Puts A-1 Notes on Watch Negative
P U E R T O R I C O
BBB FOOD: Seeks 30-Day Extension of Plan Filing Deadline
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Oct. 14 to Oct. 18, 2024
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Central Bank is Working to Enable Dollar Debt Cards
--------------------------------------------------------------
Philip Sanders at Bloomberg News reports that Argentina's Central
Bank is working with banks and credit card companies to enable debt
cards denominated in dollars, bank chief Santiago Bausili said in a
post on X.
The move is part of a push to adopt the dollar as the South
American nation's official currency, according to Bloomberg News.
"We are coordinating and working with the cards, the buyers and
banks so that they are available as soon as possible," Bausili said
in a response to a question on X, formerly known as Twitter,
Bloomberg News relays. "The regulations are all ready, the
implementation requires systems and security that is being
developed," he added.
The Central Bank governor didn't give a timeline for the
introduction of the cards, though Infobae earlier reported that
they would be ready by year-end, citing the central bank, Bloomberg
News notes.
President Javier Milei had said during his campaign that he would
quickly shut down the central bank and dollarise the economy,
Bloomberg News discloses. However, since coming to office he has
moved more gradually, curtailing the supply of pesos and enabling
the use of dollars for a wider range of transactions, Bloomberg
News adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authories an immediate disbursement of an equivalent of
US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating. The S&P ratings have
been affirmed as of August 2024. S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.
In June 2023, Fitch ratings also upgraded Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March 2023. The new 'CC' rating signals a
default event of some sort appears probable in the coming years.
The affirmation of the LC IDR at 'CCC-' follows the peso debt swap
in June that Fitch did not deem to be a "distressed debt exchange"
(DDE).
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
ARGENTINA: IDB Grants US$3.8 Billion in Aid for Country
-------------------------------------------------------
Buenos Aires Times reports the Inter-American Development Bank
(IDB, BID) will grant Argentina over US$3.8 billion in funding this
year, the bank's chief said in an interview, praising the reforms
undertaken by President Javier Milei.
In an opinion piece in the Financial Times newspaper, IDB President
Ilan Goldfajn praised Milei's "remarkable progress in restoring
much-needed fiscal balance by turning a primary deficit of 2.9
percent of GDP at the end of 2023 into a surplus of 1.5 percent of
GDP at the end of August this year," according to Buenos Aires
Times.
In the first quarter of this year, Argentina produced its first
quarterly budget surplus in 16 years, the report notes.
"It hasn't been straightforward," Goldfajn said, referring to the
draconian austerity measures and deep spending cuts launched by
Milei, which have been blamed for driving up poverty levels, the
report relays.
Goldfajn, a former governor of Brazil's Central Bank, urged the
Milei government to "continue improving spending efficiency and
redirecting resources to better support the most vulnerable
Argentines," the report discloses.
Poverty now affects more than half of the population in Argentina,
the report relays.
Public spending, Goldfajn said, "must become more efficient and
equitable," the report notes.
"The ultimate goal is to create job opportunities and achieve
lasting inclusive growth," he added.
Goldfajn revealed that the IDB, which provides development
assistance to Latin American and Caribbean countries, would provide
over US$2.4 billion in public sector loans to Argentina in 2024 and
that the bank's private sector arm would finance more than 20
private sector projects to the tune of US$1.4 billion, the report
discloses.
"An efficient public sector, simplified regulations, strong social
protection and a private sector that steps in and steps up can
create a virtuous circle of stability and sustained inclusive
growth. The past does not have to be a prologue for Argentina,"
concluded the IDB president, the report notes.
While campaigning for the presidency last year, Milei wielded a
chainsaw to signify his plans to slash spending and tame one of the
world's highest inflation rates, the report relays.
His shock therapy approach has led to a marked decline in
inflation, which fell to 3.5 percent in September, its lowest level
since November 2021, but has also driven the economy into
recession, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authories an immediate disbursement of an equivalent of
US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating. The S&P ratings have
been affirmed as of August 2024. S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.
In June 2023, Fitch ratings also upgraded Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March 2023. The new 'CC' rating signals a
default event of some sort appears probable in the coming years.
The affirmation of the LC IDR at 'CCC-' follows the peso debt swap
in June that Fitch did not deem to be a "distressed debt exchange"
(DDE).
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
=============
B A H A M A S
=============
FTX GROUP: Insider Cites 'Limited' Fraud Role to Avoid Prison
-------------------------------------------------------------
Ben Zigterman at law360.com reports that the former head of
engineering at FTX asked a Manhattan federal judge to spare him
prison time in light of his cooperation with prosecutors and what
he said was a relatively "limited" role in the crypto exchange's
billion-dollar fraud.
About FTX Group
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: Judge Doubts Alum Needs Further Dog Bite Recovery
------------------------------------------------------------
Elliot Weld at law360.com reports that a Manhattan federal judge
has denied a bid from former FTX executive Ryan Salame to further
postpone the start of his 7 1/2-year prison sentence, saying he had
already benefited from "extremely generous" delays, and agreeing
with prosecutors that Salame appeared to have largely recovered
from a dog bite that he said he suffered in June.
About FTX Group
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 A R B A D O S
===============
BARBADOS: Fitch Hikes LongTerm Foreign Currency IDR to 'B+'
-----------------------------------------------------------
Fitch Ratings has upgraded Barbados's Long-Term Foreign Currency
Issuer Default Rating (IDR) to 'B+' from 'B'. The Rating Outlook is
Stable.
In addition, Fitch has upgraded Barbados's Country Ceiling to 'B+'
from 'B'.
Key Rating Drivers
Upgrade; Stable Outlook: Barbados's upgrade to 'B+' reflects its
continued large primary surpluses, which are quickly reducing the
debt-to-GDP ratio, though it remains high. Successful
implementation of structural reforms under the IMF EFF and RSF
programs, along with the domestic BERT 2.0 plan, has driven this
fiscal progress. High GDP per capita, strong governance scores, and
robust reserves also support the rating. However, the economy's
dependence on tourism and small size expose it to shocks.
Additionally, Barbados has minimal fiscal resources to respond to
shocks and limited, though improving domestic financing
flexibility.
The Stable Outlook reflects Fitch's view that further projected
improvement in fiscal metrics over the next one to two years is
captured at the higher rating level.
Government Finances Continue to Improve: The government has
maintained fiscal discipline, achieving high primary surpluses for
the second consecutive year after a brief pandemic setback. Revenue
grew by only 1.7% in the fiscal year ending March 2024 (FY24) due
to the expiry of a pandemic levy, but was supported by strong
broad-based growth in personal income tax (PIT) at 12.7% yoy, VAT
at 7.1%, and import duties at 6.4%. Expenditure growth of 1.2% was
driven solely by a 28.8% increase in the interest burden, while
other current expenditures decreased by -0.3% and capital
expenditures fell -22.4%.
Fitch projects that continued expenditure discipline and higher
revenue growth will maintain primary surpluses around 3.5%-4.0% in
the coming years. Additionally, a reduction in interest costs will
improve the overall balance over the medium term.
Debt Still Falling but Remains High: Gross general government debt
fell to 108.7% in FY24 from 115.0% in FY23. Fitch forecasts a
further reduction in gross debt-to-GDP to 94.7% by FY27. Despite
this, the debt burden remains among the highest of Fitch-rated
sovereigns, limiting fiscal flexibility. The IMF expects higher
primary surpluses of around 4.5% of GDP, above Fitch's current
baseline forecasts, to stay on track to reduce debt to 60% of GDP
by fiscal 2035-2036. Achieving this will require sustained fiscal
discipline, broad political consensus through the social
partnership (government, labor and business) and the absence of any
significant shock.
High Interest Burden: Although the overall deficit will improve to
an estimated 1.6% of GDP in fiscal 2024-2025, the lowest level
since the restructuring-driven surplus in FY20, an expanding
interest burden has offset consolidation efforts. A combination of
higher global interest rates and step-up coupons in domestic bonds
has increased interest payments as a share of revenue to 20.9%.
This is below the pre-default peak of 27.4% in FY16, but still
above the 'B' median of 10.5%.
Reform Success: Execution of reforms tied to both the IMF and BERT
2.0 programs has bolstered Barbados's turnaround. In June 2024,
Barbados successfully completed the third review under the IMF
program, which ends in June 2025. The country continues to improve
its fiscal framework and has made needed reforms to the public
sector, including restructuring of some state-owned enterprises
(SOEs), which has reduced the need for government financial
support, and has reformed the pension system. However, further
reforms will be more challenging due to more complicated issues and
potential reduced buy-in from stakeholders as other concerns take
priority.
Shock Exposure; Limited but Improving Resources: As a small, open
tourist economy, Barbados is highly exposed to external shocks,
including, economic and natural disaster-related events. The
government is working to build resilience to shocks by
strengthening its fiscal resources, including reserve funds and
insurance policies, and by aiming to improve infrastructure and
facilitate greater self-reliance in the private sector. However,
given the lack of meaningful fiscal space and limited resources
currently available, a severe shock would be difficult to manage.
Permanent institutionalization of these reforms is still in
progress.
Economic Recovery Complete: Real GDP grew by 4.1% in 2023,
achieving pre-pandemic levels (using Barbados's newly rebased
series), following a delayed rebound compared to peers. Tourism
arrivals grew by 18% yoy in 2023 and will remain the growth engine,
particularly as new hotel rooms are built over the next few years.
Fitch forecasts moderate growth of 3.9% in 2024, gradually slowing
to potential of 2.0% over the medium term. The government aims to
increase potential growth to 3.0% to 5.0%, although this will
require the successful implementation of considerable structural
reforms and diversification.
Domestic Debt Market Is Strengthening: The domestic debt market has
shown greater willingness to participate in local placements,
although generally at shorter tenors. This stems from the
government's ongoing successes, tempered by the recent impact of
the 2018 restructuring. In July 2023, the government placed a
second tranche (BBD200 million) of the BOSS+ bond, which is
partially subscribed. Domestic banks are highly liquid, but cannot
repatriate considerable cash due foreign exchange restrictions.
Robust Reserves Yield Softer Capital Controls: The current account
deficit is wide at 8.6% of GDP in 2023 but has improved from 10.3%
in 2021, Fitch forecasts it will fall to 5.7% by 2026. Easing of
external pressures has maintained foreign currency reserves at a
robust USD1.6 billion, or 6.0 months of current account payments
and above the Central Bank of Barbados's minimum floor of 3.0
months of imports. Capital controls remain in place, but stable
reserves have allowed the CBB to adopt a lenient implementation.
ESG - Governance: Barbados has an ESG Relevance Score (RS) of
'5[+]' for both Political Stability and Rights and for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption. Theses scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Barbados has a high WBGI ranking at 77th percentile,
reflecting its long track record of stable and peaceful political
transitions, well established rights for participation in the
political process, strong institutional capacity, effective rule of
law and a low level of corruption.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Public Finances: Emergence of financing constraints; for example,
due to a deterioration in relations with IFIs or fiscal
deterioration;
- External Finances: An external shock that leads to a sharp
reduction in external liquidity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Public Finances: Preservation of high primary surpluses that lead
to a continued sharp reduction in the government debt-to-GDP
ratio.
- Public Finances: Demonstration of improving access to financing
sources beyond multilaterals; for example, through a reopening of
the domestic debt market.
- Macro: Progress on economic reforms that improve the outlook for
investment and trend growth.
Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns Barbados a score equivalent to a
rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.
Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:
- Public Finances: -1 notch, to reflect a very high government debt
burden and still constrained financing options due to limited
appetite for domestic debt. The SRM is estimated on the basis of a
linear approach to government debt/GDP and does not fully capture
the risk at high debt levels.
- External Finances: -1 notch, to reflect external vulnerability to
shocks, stemming from natural disasters and the economy's high
dependence on international tourism, which could be exacerbated by
the fixed-exchange rate and the lack of sufficient resources
available to offset the manifestation of such shocks.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.
Country Ceiling
Barbados' Country Ceiling is 'B+' in line with the LT FC IDR. This
reflects no material constraints and incentives, relative to the
IDR, against capital or exchange controls being imposed that would
prevent or significantly impede the private sector from converting
local currency into foreign currency and transferring the proceeds
to non-resident creditors to service debt payments.
Fitch's Country Ceiling Model produced a starting point uplift of
no notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.
ESG Considerations
Barbados has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As Barbados
has a percentile rank above 50 for the respective Governance
Indicator, this has a positive impact on the credit profile.
Barbados has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Barbados has a percentile rank
above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.
Barbados has an ESG Relevance Score of '4[+]'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Barbados has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.
Barbados has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Barbados, as for all sovereigns. As Barbados
has a fairly recent restructuring of public debt in 2019, this has
a negative impact on the credit profile.
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 Prior
----------- ------ -----
Barbados LT IDR B+ Upgrade B
ST IDR B Affirmed B
Country Ceiling B+ Upgrade B
senior
unsecured LT B+ Upgrade B
=============
B O L I V I A
=============
BOLIVIA: Natural Gas Shortage Sends Economy Teetering
-----------------------------------------------------
Peter Millard & Sergio Mendoza at Bloomberg News reports that for
years, Bolivia was considered the Latin American socialist country
that achieved an elusive combination of economic growth, low
inflation and declining poverty. It was all paid for by a boom in
natural gas exports, Bloomberg News relays. However, it has all
imploded, the report relates.
To blame is a series of miscalculations and unsustainable policies
made since the turn of the century, Bloomberg News notes. A lack
of investment and exploration of gas fields ultimately tanked
production, resulting in today's nationwide diesel shortage,
Bloomberg News discloses.
In Bolivia, income has stagnated at 2,800 bolivianos (US$405) per
month, slightly lower than in 2015, according to the Millennium
Foundation, Bloomberg News says. Long lines snake around state-run
grocery stores as families wait for the limited supply of
subsidised food products, Bloomberg News relays. Strict limits on
sending money overseas have left Bolivians with families abroad
financially trapped, Bloomberg News discloses.
Bloomberg News adds that isolated protests have been going on for
months and Bolivian transporters are threatening to go on strike
and block roads to effectively shut down the mountainous nation.
said Franklin Molina Ortiz, who was Bolivia's energy and
hydrocarbons minister for more than three years under
President Luis Arce has faulted his former mentor and ex-president
Evo Morales for the crisis, Bloomberg News notes.
It is said that when Morales overhauled the natural gas industry in
2006, he raised taxes so much that oil majors including
TotalEnergies SE, Repsol SA, Shell Plc and Petroleo Brasileiro SA
simply produced from the wells they had already drilled instead of
spending to increase output at existing fields or trying to find
others, Bloomberg News says. The government also gave little
thought to the necessary investments to keep output stable for the
coming decades, Bloomberg News adds. Production eventually started
to tank and Bolivia became a net energy importer in 2022, Bloomberg
News notes.
But Arce is confident Bolivia is on the cusp of a turnaround,
Bloomberg News says. Arce said, according to Bloomberg News that
it is a temporary crisis.
Arce cited that thanks to his administration's exploration, the
national oil and gas company could start producing from a
mega-field as early as 2026, Bloomberg News relays. Investments in
steel, agriculture and biofuels are starting to kick in and will
carry the country through the current adversities, Arce added,
Bloomberg News notes.
Arce also said he is busy building biodiesel plants that can even
recycle home-cooking oil into motor fuel, Bloomberg News relays.
However, not all is convinced of the president's promises,
Bloomberg News notes.
The mega-field that Arce talks about still needs more exploration
to determine if it is commercially viable, and Bolivia failed to
develop its vast lithium reserves when prices were high, said Diego
von Vacano, a Bolivian who teaches political science at Texas A&M
University and served as an informal adviser to Arce at the start
of his term, Bloomberg News discloses.
Bolivia has signed lithium deals with Russian companies that lack
proven track records in the industry, while shunning US and
European companies with more experience, von Vacano said, Bloomberg
News relays.
Analysts and opposition lawmakers say the fuel subsidies and
artificially strong exchange rate are unsustainable, Bloomberg News
notes. Bolivia fixed the exchange rate in 2011 to trade between
6.86 to 6.96 per US dollar, Bloomberg News relays. But given the
shortage of greenbacks, it now costs more than 10 Bolivianos to buy
a dollar on the black market, Bloomberg News says.
Bloomberg News notes that both the working class and the upper
class are suffering from Bolivia's economic crisis.
As a result of the dollar shortage, banks and money transfer
services have put strict limits on how much each person can send,
and how much each Bolivian abroad can receive, Bloomberg News
discloses. It can be a logistical struggle just to get US$500 a
month to children overseas, Bloomberg News says.
===========
B R A Z I L
===========
BANCO BTG PACTUAL: Fitch Assigns BB(EXP) Rating on New Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned an expected Long-Term rating of
'BB(EXP)' to Banco BTG Pactual S.A.'s (BTG Pactual) proposed senior
unsecured notes, acting through its principal office in Brazil or
its Cayman Islands Branch. The amount, rate of interest and final
maturity date will be determined at the time of issuance.
The net proceeds will used for general corporate purposes. The
final rating is contingent upon the receipt of final documents
conforming to the information already received.
Key Rating Drivers
The expected rating on the notes corresponds to BTG Pactual's
Long-Term Foreign Currency Issuer Default Rating (IDR; BB/Stable)
and ranks equal to its other senior unsecured debt as the default
on the notes equals to the default of the bank. BTG Pactual's
ratings are driven by its standalone creditworthiness, as measured
by its 'bb' Viability Rating (VR).
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating of the notes could be downgraded in the event of a
downgrade of BTG Pactual's VR and IDR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The rating of the notes could be upgraded in the event of an
upgrade of BTG Pactual's VR and IDR.
For further information on BTG's rating rationale and
sensitivities, please refer to the latest press release "Fitch
Takes Actions on 12 Brazilian Banks Following Sovereign Upgrade"
dated Aug. 2, 2023.
Date of Relevant Committee
August 1, 2023
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
Banco BTG Pactual
S.A.
senior unsecured LT BB(EXP) Expected Rating
BANCO BTG PACTUAL: Moody's Rates New Senior Unsecured Notes 'Ba1'
-----------------------------------------------------------------
Moody's Ratings has assigned a Ba1 long-term foreign currency
senior unsecured debt rating to the proposed senior unsecured notes
to be issued by Banco BTG Pactual S.A. (BTG), acting through its
Grand Cayman Branch (BTG Cayman). The proposed notes will be issued
under the existing $5 billion Medium Term Note Program rated (P)Ba1
and will be due in January 2030. The outlook on the debt rating is
positive.
RATINGS RATIONALE
The Ba1 rating on the notes reflects BTG's well-established
position in investment banking and its robust profitability driven
by a diverse revenue mix, with significant contributions from
steady asset and wealth management activities, alongside
significant growth in corporate banking over the last five years.
This approach is underpinned by solid capitalization and
disciplined risk management.
In the first half of 2024, the bank reported 1.9% net income to
tangible assets ratio that continued to benefit from steady growth
of its wealth and asset management platforms, which was responsible
for originating 24.7% of total revenues, and from higher earnings
generation from credit (25.0% of total). Gains on sales and trading
accounted for 23.2% of total revenues, remaining an important
source of earnings for the bank. BTG's expanded corporate loan
portfolio grew 26.7% annually in June 2024; despite that, the bank
continues to focus on increasing the number of customers and
sectors and its footprint into servicing medium size companies
(SME) with relatively higher spreads, beyond its core operations
with large corporates. This high-growth strategy is mitigated by
conservative collateralization structures and high loan loss
reserve buffer maintained by the bank at 150% of problem loans in
June 2024. BTG's problem loan ratio remained under control at 2.6%
in June 2024, down from 2.7% one year earlier.
BTG's balance sheet growth has been supported by robust
capitalization maintained over the past five years. In Q2 2024,
Moody's ratio of tangible common equity to risk-weighted assets
(TCE/RWA) for the bank remained relatively stable at 9.2% supported
by its strong internal earnings generation. BTG has also maintained
adequate liquidity profile, with LCR of 191% in June 2024, and
improving funding structure through retail deposits mix that
accounted for 38.8% of total funding in the same period.
BTG's long-term local and foreign currency deposit and foreign
currency senior unsecured debt ratings of Ba1 at BTG Cayman are at
the same level as the Government of Brazil's (Brazil) Ba1 sovereign
rating. The ratings have a positive outlook in line with the
outlook on the sovereign rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
BTG's deposit and senior unsecured MTN program ratings and BTG
Cayman's senior unsecured debt ratings could be upgraded as a
result of an upgrade of the Government of Brazil's Ba1 sovereign
rating, which carries a positive outlook. The ratings could also
face positive pressure coming from BTG's standalone financial
profile, which is currently positioned one-notch above the
Government of Brazil's sovereign rating.
The Ba1 rating assigned to the proposed notes could, however, be
downgraded following a downgrade of BTG's BCA, which could be
related to the downgrade of the Government of Brazil's sovereign
rating, or in case of pressures developed at this standalone credit
profile as a result of: (1) rapid loan growth that could lead to a
greater than expected increase in asset risks, and (2) if the
bank's capitalization ratio drops sharply. Downward rating pressure
could also be triggered by weakening liquidity, which could
increase the bank's intrinsic vulnerability to its
institutional-based funding structure.
The principal methodology used in this rating was Banks Methodology
published in March 2024.
LIGHT SA: Chapter 15 Case Summary
---------------------------------
Chapter 15 Debtor: Light S.A.
Av. Marechal Floriano No. 168, Centro
Rio de Janeiro, RJ 20.080-002
Brazil
Business Description: The Debtor is an integrated company of
the energy sector in Brazil, active in
power generation, transmission,
distribution and trading.
Chapter 15 Petition Date: October 15, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 24-90531
Judge: Hon. Christopher M Lopez
Foreign Proceeding: Foreign Proceeding (case number
0843430-58.2023.8.19.0001) pending
before the 3rd Business Court of Rio de
Janeiro
Foreign Representative: Antonio Reinaldo Rabelo Filho
Rua Barao da Torre, 550, Apt. 201
Ipanema
Rio de Janeiro, RJ 22411-002
Brazil
Foreign
Representative's
Counsel: Charles R. Koster, Esq.
WHITE & CASE LLP
609 Main Street, Suite 2900
Houston, TX 10020
Tel: (713) 496-9700
Email: charles.koster@whitecase.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/PYG45SI/Light_SA__txsbke-24-90531__0001.0.pdf?mcid=tGE4TAMA
===========
M E X I C O
===========
FIDEICOMISO IRREVOCABLE 2400: S&P Puts A-1 Notes on Watch Negative
------------------------------------------------------------------
S&P Global Ratings placed its long-term global and national scale
ratings on Fideicomiso Irrevocable y Traslativo de Dominio Numero
2400's class A-1 and A-2 notes on CreditWatch with negative
implications.
The notes are backed by a first-lien perfected security interest in
a portfolio of nine properties developed by Grupo GICSA S.A.B. de
C.V. (GICSA; 'mxCC/Negative') and managed by its subsidiary,
Desarrolladora 2054 S.A.P.I. de C.V. (Desarrolladora 2054; not
rated), which are located in Mexico and have a combined gross
leasable area of retail, office, and mixed-use space.
The rating actions follow the downgrade taken on GICSA, which was
recently lowered to 'mxCC' after the company announced its intent
to exchange its GICSA 16U notes.
S&P said, "We placed our ratings on the notes on CreditWatch with
negative implications to reflect our view that our operational risk
assessment could be negatively affected if the debt exchange
results in a deterioration of GICSA's creditworthiness, ultimately
affecting Desarrolladora 2054's capacity to service the properties,
potentially capping the ratings on the class A-1 and A-2 notes.
"The securitized properties have performed in line with our
expectations; according to the servicer's report, as of June 2024,
the portfolio presented a vacancy rate of 9%, which is lower than
the 11% considered in our last rating action in December 2023 and
still below our current assumption of 12.6%. On the other hand,
annualized net operating income was MXN1.47 billion, which is also
in line with our current assumptions."
CreditWatch Placement
S&P said, "We expect to resolve the CreditWatch placement on the
notes within the next 90 days once we have more detail on GICSA's
creditworthiness. We may downgrade the global scale and national
scale ratings by one notch once GICSA completes the GICSA 16U
exchange and/or if a weakening of its creditworthiness affects our
view of the company's disruption risk assessment, in which case we
could impose a rating cap on the notes at 'BB' per our operational
risk criteria; otherwise, we may affirm the ratings."
Ratings Placed On CreditWatch Negative
Fideicomiso Irrevocable y Traslativo de Dominio Numero 2400
Class Senior A-1 MXN: to 'BB+ (sf)/Watch Neg' from 'BB+ (sf)'
Class Senior A-1 MXN: to 'mxAA-(sf)/Watch Neg' from 'mxAA- (sf)'
Class Senior A-1 USD: to 'BB+ (sf)/Watch Neg' from 'BB+ (sf)'
Class Senior A-1 USD: to 'mxAA-(sf)/Watch Neg' from 'mxAA- (sf)'
Class Senior A-2 MXN: to 'BB+ (sf)/Watch Neg' from 'BB+ (sf)'
Class Senior A-2 MXN: to 'mxA+(sf)/Watch Neg' from 'mxA+ (sf)'
MXN-- Mexican pesos.
USD--U.S. dollars.
=====================
P U E R T O R I C O
=====================
BBB FOOD: Seeks 30-Day Extension of Plan Filing Deadline
--------------------------------------------------------
BBB Food Corp. asked the U.S. Bankruptcy Court for the District of
Puerto Rico to extend its period to file a plan and disclosure
statement for 30 days.
On July 31, 2024, the Court granted debtor an extension of time to
file Disclosure Statement and Plan.
The debtor claims that it is still actively pursuing settlement
agreements with various of the creditors in the present case.
The debtor explains that it is in the final stage of negotiations,
reason why the company is requesting additional 30 days to present
a confirmable plan and disclosure statement.
BBB Food Corp. is represented by:
Juan Carlos Bigas Valedon, Esq.
Juan C. Bigas Law Office
515 Ferrocarril
Urb. Santa Maria
Ponce, PR 00717
Phone: (787) 259-1000
Email: cortequiebra@yahoo.com
citas@preguntalegalpr.com
About BBB Food Corp
BBB Food Corp sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 24-00152) on Jan. 19, 2024,
listing $500,001 to $1 million in assets and liabilities.
Juan C Bigas Valedon, Esq. at Juan C Bigas Law Office represents
the Debtor as counsel.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Oct. 14 to Oct. 18, 2024
--------------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
---------- --- ----- -------- ----- ----
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
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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
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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