/raid1/www/Hosts/bankrupt/TCRLA_Public/241104.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, November 4, 2024, Vol. 25, No. 221
Headlines
A R G E N T I N A
ARGENTINA: Cuts Interest Rate to 35% as Inflation Outlook Eases
ARGENTINA: Debt Rises Out of Distress Territory on Milei Reforms
B E R M U D A
BORR IHC: Moody's Rates New $175MM Sr. Secured Notes Due 2030 'B3'
SAGICOR FINANCIAL: Fitch Affirms 'BB+' Rating on Sr. Unsecured Debt
B R A Z I L
AZUL SA: S&P Lowers ICR to 'CC' on Debt Exchange Announcement
AZUL SA: Shares Jump on Deal with Creditors for New Financing
BRAZIL: Reaches a $23-Billion Settlement with Mining Firms
VIBRA ENERGIA: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
C O L O M B I A
COLOMBIA: Sells $3.6 Billion in Global Bond-Market Return
M E X I C O
MEXICO REMITTANCES: Moody's Gives Ba3 Rating to 2024-1 Cl. A Notes
MEXICO REMITTANCES: S&P Rates 2024-1 Fixed-Rate Notes 'BB+'
T R I N I D A D A N D T O B A G O
CONSOLIDATED ENERGY: S&P Downgrades LT ICR to 'B' on Weak Metrics
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Oct. 28 to Nov. 1, 2024
- - - - -
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A R G E N T I N A
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ARGENTINA: Cuts Interest Rate to 35% as Inflation Outlook Eases
---------------------------------------------------------------
Reuters reports that Argentina's central bank cut its benchmark
interest rate to 35% in a surprise move on Nov. 1, boosting local
markets and signaling growing optimism by the government that it
can tame the country's triple-digit inflation.
Reuters relates that the 500 basis point cut was the seventh time
the policy rate has been lowered since outsider libertarian
President Javier Milei took office in December when it was 133%.
Bond prices rose on average 2% on the news and the country risk
index fell.
According to Reuters, Milei has targeted the country's inflation
rate, long a drag on savings and economic activity. While annual
inflation remains above 200%, monthly inflation has dropped sharply
to around 3.5% from over 25% at the end of 2023.
"The decision is based on the liquidity context and the drop
observed in inflation expectations," the central bank said in a
statement, which also pointed to the government's "strengthening of
the fiscal anchor."
Reuters notes that Milei's government has overturned a deep fiscal
deficit with major spending cuts, but the measures have hit
economic growth and deepened a recession, while pushing up poverty
rates over 50%.
At 209%, Argentina's annualized inflation rate remains among the
world's highest, though it has come down consistently in recent
months, reaching its lowest level since late 2021 in September,
Reuters says.
Milei has presided over tough spending cuts during his roughly 11
months in office, including the elimination of energy and
transportation subsidies, 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 authorities 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: Debt Rises Out of Distress Territory on Milei Reforms
----------------------------------------------------------------
Kevin Simauchi at Bloomberg News reports that investors are no
longer betting Argentina is heading inevitably to default as
President Javier Milei wins over bond markets with his plans to
remake South America's second-largest economy.
The extra-yield investors demand to hold Argentine paper over
similarly dated US Treasury yields closed below 10 percentage
points, a level that traditionally signals distress, Bloomberg
relates citing data from JPMorgan Chase & Co. The spread is at its
lowest levels since August 2019, when former president Mauricio
Macri was in office, Bloomberg notes.
According to Bloomberg, fixed-income investors have
enthusiastically lent their support to Milei's ambitious reform
agenda in recent months. Prices for some of Argentina's sovereign
notes have soared to their highest levels since they were issued in
a September 2020 restructuring, and markets are pricing in even
higher odds the country makes good on its bond payments in
January.
Bloomberg says money managers are also optimistic that Milei will
continue to make strides in crushing triple-digit inflation and
reversing years of endemic budget deficits, while holding on to his
popularity.
The spread over US Treasuries has narrowed some 941 basis points
since Milei took over in December, igniting a wave of debt sales by
Argentina's largest companies, Bloomberg states. Still, some on
Wall Street warn the country has a long ways to go before the
government can entertain the idea of a return to markets.
The nation's bonds have offered investors a return of 73.5 percent
this year, the best in the developing world, according to data
compiled by Bloomberg.
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 E R M U D A
=============
BORR IHC: Moody's Rates New $175MM Sr. Secured Notes Due 2030 'B3'
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Moody's Ratings has assigned a B3 instrument rating to the $175
million tap issuance on the backed senior secured notes due
November 2030 issued by Borr IHC Limited (Borr IHC), a wholly owned
subsidiary of offshore drilling company Borr Drilling Limited
(Borr). Moody's also inform that the B3 long-term corporate family
rating, the B3-PD probability of default rating of Borr Drilling
Limited (Borr, or the company), along with the B3 backed senior
secured instrument ratings under Borr IHC Limited are unaffected.
The positive outlook on both entities is also unaffected.
The tap notes are fungible, rank pari passu with Borr IHC's backed
senior secured global notes issued in October 2023 and amortise at
$8.5 million per annum. Net transaction proceeds will fund the
acquisition and activation costs of the newbuild rig Var, whose
delivery is scheduled in November 2024.
RATINGS RATIONALE
The B3 rating on Borr IHC's tap notes aligns to the instrument
rating on the existing backed senior secured global notes and to
Borr's long-term corporate family rating (CFR) of B3.
Moody's expect the Var rig to add over time to Borr's profitability
in a benign offshore market environment. However, the latest bond
tap further delays the deleveraging profile because of the $525
million of cumulative new debt that Borr added to its balance sheet
to-date. Moody's project the company's gross leverage to decline
towards 4.1x and 3.7x by year-end 2024 and 2025 respectively versus
3.3x and 3.0x initially forecasted upon the first-rating assignment
in October 2023. Moody's forecasts also consider an underlying
company-adjusted EBITDA at or around the lower end of the guidance
of $500 - $550 million for the full-year 2024, as recently
indicated by Borr itself [1].
Borr's B3 CFR continues to reflect indirect exposure to highly
volatile hydrocarbon prices and cyclical nature of offshore
drilling activities, a high debt quantum, some customer
concentration on Petroleos Mexicanos (PeMex, B3 Negative), limited
track record of abiding by stated financial policy commitments; and
heavily negative free cash flow (FCF) generation in 2024.
Concurrently, the B3 CFR also reflects the company's relatively
large and high-quality fleet of jack-up rigs, contracted backlog
supporting further future strengthening of credit metrics, balanced
geographic and customer mix and positive industry fundamentals that
shall sustain re-contracting activity at profitable day-rates.
STRUCTURAL CONSIDERATIONS
Borr's capital structure includes $2.07 billion of senior secured
notes, $150 million of super senior RCF (respectively, issued and
borrowed by Borr IHC Limited) and existing $250 million senior
unsecured convertible bond due February 2028 (issued by Borr
Drilling Limited).
The RCF and the senior secured notes share the same security
package that include share pledge, rigs, material bank accounts,
all other assets of issuers and guarantors including equipment,
inventory, accounts receivables and intangibles and are guaranteed
on a senior secured basis by subsidiaries accounting for
approximately 94% of the consolidated revenue and EBITDA. The RCF
ranks super senior in an enforcement scenario. The senior secured
notes are rated in line with CFR at B3 because the instrument
represents the majority of the capital structure. The convertible
bond ranks behind the senior secured notes, given its status as
unsecured and unguaranteed liability subject to structural
subordination.
OUTLOOK
The positive outlook reflects Moody's expectation of a continued
improvement in Borr's earnings and cashflow generation over the
next 12-18 months, resulting in progressively stronger credit
metrics. Moody's expect Borr to continue to secure new and
profitable rig contracts in a timely manner, as well as manage its
balance sheet conservatively by prioritising active debt reduction
over shareholder remuneration.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Borr's ratings could be upgraded as a result of:
-- Material reduction in gross debt from current levels so that
its credit metrics are less sensitive to a deterioration in
financial performance
-- Sustained high fleet utilization, growing revenue backlog and
visibility in an improving industry environment
-- Moody's-Adjusted Debt/EBITDA sustainedly below 3.5x and
-- Longer track record of adhering to the stated financial policy
and
-- Achievement and maintenance of a strong liquidity position
Conversely, Borr's ratings could be downgraded following:
-- Difficulty in re-contracting rigs or new contracts are signed
at lower day-rates
-- Sustained negative free cash flow generation, for instance as a
result of a deterioration in operating performance or aggressive
financial policies
-- Failure to deleverage to below 4.5x within the next 12-18
months
-- Interest coverage falling below 1.5x, or
-- A sharp decline in cash balance leading to weak liquidity
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Oilfield Services
published in January 2023.
SAGICOR FINANCIAL: Fitch Affirms 'BB+' Rating on Sr. Unsecured Debt
-------------------------------------------------------------------
Fitch Ratings has affirmed Sagicor Financial Company Ltd.'s (SFC)
Long-Term Issuer Default Rating (IDR) at 'BBB-' and senior
unsecured debt at 'BB+'. SFC's Rating Outlook has been revised from
Stable to Positive. Fitch has also affirmed the Insurer Financial
Strength (IFS) rating of ivari at 'A-' with a Stable Outlook.
The revision of the Outlook to Positive reflects the improvement in
SFC's earnings performance. The profitability of SFC, excluding
one-time expenses and market gains and losses, has shown improved
performance over the last three quarters. However, the
implementation of IFRS 17, higher costs associated with the ivari
acquisition, market losses, and volatility in U.S. operations
impacted the stability of results.
Fitch expects the consolidation of the recent ivari acquisition,
combined with the geographical diversification of revenues and a
strategy focused on greater financial optimization, to allow for
greater consistency in earnings metrics. SFC is expected to
maintain strong capitalization levels, adequate financial leverage
ratios, and continue reducing exposure to sovereign bonds and risky
assets.
Key Rating Drivers
Favorable Business Profile: The company profile reflects the
dominant market position and most favorable operating scale in the
Caribbean, balanced with the moderate competitive position of ivari
in Canada and the more limited operating scale and market position
in U.S. SFC is a leading financial services provider that operates
in 20 countries across the Caribbean, U.S. and recently Canada
(ivari acquisition). The principal activities of SFC are life and
health insurance, annuities and pension administrative services,
and banking and investment management .
Strengthening Financial Stability: SFC's earnings profile has been
volatile due to IFRS 17 implementation, strengthened actuarial
reserves, and finance costs from the ivari acquisition, which
closed in October 2023. Net income of USD584.2 million as of Dec.
31, 2023, benefited from the ivari purchase gain and strong
performance in Jamaica. However, Sagicor's U.S. operations have
faced volatility and headwinds from increased lapsation on
annuities and lower contractual service margin amortization.
As of June 30, 2024, SFC recorded a net loss of USD13.9 million due
to market losses. The ROE and pretax ROAA ratios, excluding
investment gains/losses, show a positive trend in the first half of
2024. Fitch expects these ratios to remain above 7% and 0.9%
respectively.
Above-Average Sovereign Exposure: SFC's investment and asset risk
improved with the purchase of ivari. However, the company's overall
exposure of risky assets and below-investment-grade assets to
shareholders' equity exceeds the levels of peers and is exacerbated
by the investments in sovereigns to meet local regulatory
requirements.
As of June 30, 2024, exposure to Barbados, Trinidad and Tobago, and
Jamaica sovereign debt represents approximately 13% of the total
investment portfolio and 93% of SFC's shareholders' equity, which
decreased in comparison to the previous year (21% and 153%
respectively). Risky asset ratio also decreased to 172% as 2Q24
from 306% as 2Q23, driven by increased capital and a higher
proportion of investment-grade bonds following the ivari
acquisition.
Strong Capitalization Levels: SFC aims to maintain capitalization
levels strong well above the minimum regulatory capital
requirements. This objective is supported by a consolidated MCCSR,
which showed an upward trend, reaching 309% as of June 30, 2024, up
from 301% as of Dec. 31, 2023, and 289% as of June 30, 2023. The
Group LICAT ratio remains well above regulatory minimum standards,
at 136% as of Dec. 31, 2023, and 138% as of June 30, 2024.
Additionally, leverage ratios are robust, with the operating
leverage ratio at 9.0x and the asset leverage ratio at 9.7x as of
2Q24.
ivari Rated Higher than Parent: ivari is rated higher than SFC
based on Fitch's view that it is sufficiently insulated from any
potential weakness at SFC. ivari is a mid-size Canadian life
insurer with a leading position in universal life (UL) insurance,
with an emphasis on the middle-income market. Despite its ownership
by SFC, Fitch expects ivari will continue to be operate largely as
a standalone entity, with minimal integration or synergies with the
rest of SFC. Fitch expects ivari to pay dividends to SFC, while
maintaining its balance sheet strength.
ivari's Balance Sheet Strength: With a LICAT ratio of 132% at 2Q24,
Fitch views ivari's capitalization favorably. Its conservative
balance sheet is also supported by lower risk insurance liabilities
with equity risk that is primarily borne by UL policyholders, and a
conservative investment portfolio that is comprised mainly of cash
and highly rated fixed income holdings. Compared to larger, more
diversified, and higher-rated Canadian peers, ivari's core
profitability is lower as measured by ROE, but nevertheless
stable.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A decline in ivari's IFS rating on a standalone basis to below
'A-', and/or a decline in cash flows available to the holding
company;
- Financial leverage exceeding 35% and interest coverage ratio
below 3.0x;
- Deterioration in key financial metrics, including consolidated
MCCSR falling below 180% and consolidated LICAT ratio below 110%;
- Risky asset ratio above 270%, along with higher exposure to
sovereigns to capital, particularly in Barbados, Jamaica, and
Trinidad and Tobago;
- Deterioration in the Duration Gap higher than five years;
- Significant deterioration in the operating environments and
sovereigns of Jamaica, Trinidad and Barbados, which would lead to a
material decline in operating performance and/or credit profile of
SFC's investment portfolio.
Factors that Could Lead to Stable Rating Action:
- Failure to continue meeting the majority of the above upgrade
sensitivities, which could be driven by losses or adverse financial
performance pressuring profitability ratios.
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
ivari
- A decline in SFC's ratings could lead to a downgrade in ivari's
ratings;
- Deterioration in capital as evidenced by a LICAT ratio below
110%;
- Deterioration in Fitch's assessment of business profile driven by
a change in strategy or increased risk in the product profile;
- Decline in profitability with a return on capital sustained below
5%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Sustainable core earnings measures evidenced by ROE in excess of
7% in the next 12 months to 18 months;
- Risky asset ratio approaching 160%, along with an improvement in
the sovereign credit rating and minimal exposure to sovereigns to
capital, particularly in Barbados, Jamaica, and Trinidad and
Tobago;
- Maintenance of very strong capitalization metrics including a
consolidated LICAT ratio above 120%;
- Maintenance of FLR below 30% and fixed charge ratio above 5x;
- Stability in reported net income;
- No material deterioration in operating environments and
sovereigns of Jamaica, Trinidad and Tobago, and Barbados.
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
ivari
- An upgrade is unlikely absent an upgrade in SFC's ratings coupled
with improvement in ivari's standalone credit quality, which could
be driven by an improved business profile along with a LICAT ratio
in excess of 120% and a return on capital exceeding 9%.
Public Ratings with Credit Linkage to other ratings
Sagicor has acquired ivari and both ratings are materially linked.
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 Prior
----------- ------ -----
Sagicor Financial
Company Ltd. LT IDR BBB- Affirmed BBB-
senior unsecured LT BB+ Affirmed BB+
Ivari LT IFS A- Affirmed A-
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B R A Z I L
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AZUL SA: S&P Lowers ICR to 'CC' on Debt Exchange Announcement
-------------------------------------------------------------
S&P Global Ratings lowered its global scale issuer credit rating on
Brazil-based airline company Azul S.A. to 'CC' from 'CCC+'. At the
same time, S&P kept its issue-level rating at 'CCC-' and the '6'
recovery rating on the company's 2026 senior unsecured notes
unchanged, as they're not part of the exchange. S&P also lowered
its national scale issuer credit rating to 'brCC' from 'brBB-'.
The negative outlook reflects that S&P will lower its global scale
issuer credit rating on Azul to 'SD' (selective default) if the
transaction closes under the currently analyzed terms.
Azul announced it had reached an agreement with bondholders for
additional financing, but the transaction includes debt exchanges
on most of the company's market debt.
Azul has already entered a transaction support agreement with
supporting bondholders for more than 66.7% of its 2028, 2029, and
2030 secured notes and for 95.6% of the existing convertible
debentures. As part of the recently announced transaction, Azul
plans to conduct exchange offers and consent solicitations for
these notes, which contemplate changes in priority and equity
conversion characteristics.
The announced transaction is part of a larger capital optimization
plan the company has been undertaking in the past few months. For
instance, Azul announced an agreement with lessors and original
equipment manufacturers on Oct. 7, 2024, to eliminate a convertible
instrument in exchange for Azul's new preferred shares. The agreed
new financing was a precedent condition for the lessors' agreement
to be completed.
S&P said, "If the company completes the transaction as described,
we will lower our issuer credit rating on Azul to 'SD'. Following
the completion of the transaction, we would review Azul's new
capital structure, cash flow, and liquidity position, and reassess
our ratings. We believe all these transactions, once completed,
should improve the company's liquidity and capital structure and
could reduce cash-flow deficits in coming years and enable the
company to gradually raise additional liquidity.
"We view this transaction as distressed rather than opportunistic
since, without it, there's a realistic possibility of a
conventional default or bankruptcy filing due to the company's
shrinking liquidity and challenging financial market conditions.
Azul's cash flow has remained strained in the past several
quarters, resulting in a reduction of cash balances amid high lease
expenses, repayment of various liabilities, and limited
availability of refinancing.
"Additionally, we believe credit holders will receive less than
originally promised. The new super-priority funding will be ahead
of the existing 2028, 2029, and 2030 notes in priority of payment
from the shared collateral. Additionally, 2029 and 2030 holders
that do not participate in the exchange offers and consent
solicitations would hold the existing notes, which will become
unsecured. Finally, the new 2029 and 2030 notes also contemplate a
conversion into equity in stages and dependent on specific
milestones."
AZUL SA: Shares Jump on Deal with Creditors for New Financing
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Azul SA's
shares jumped after the Brazilian airline inked an agreement with
its bondholders, allowing a crucial deal to move forward with its
lessors and parts suppliers that reduces the airline's debt and
boosts its cash position.
The deal allows for existing creditors to provide as much as $500
million in new senior secured debt, with $150 million to be
provided and $250 million by the end of the year, according to a
regulatory filing, according to globalinsolvency.com.
Another $100 million could be unlocked at a later date, Azul said,
the report notes.
As recently reported in the Troubled Company Reporter-Latin
America, Moody's Ratings downgraded Azul S.A.'s corporate family
rating to Caa2 from Caa1. At the same time, Moody's downgraded to
Caa1 from B3 the rating of the senior secured first lien debt and
to Caa2 from Caa1 rating of the senior secured debts of Azul
Secured Finance LLP (Delaware), and to Caa3 from Caa2 the senior
unsecured debt ratings of Azul Investments LLP. The outlook for the
issuers was changed to negative from positive.
BRAZIL: Reaches a $23-Billion Settlement with Mining Firms
----------------------------------------------------------
globalinsolvency.com, citing Associated Press, reports that
Brazil's federal government on Oct. 25 reached a
multibillion-dollar settlement with the mining companies
responsible for a 2015 dam collapse that the government said was
the country's worst-ever environmental disaster.
Under the agreement, Samarco - a joint venture of Brazilian mining
giant Vale and Anglo-Australian firm BHP - will pay 132 billion
reais (US$23 billion) over 20 years, the report adds.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.
Moody's credit rating for Brazil was last set at Ba2 with positive
outlook as of May 2024. S&P Global Ratings raised on Dec. 19,
2023, its long-term global scale ratings on Brazil to 'BB' from
'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. DBRS' credit rating for Brazil was last reported at BB
with stable outlook at July 2023.
VIBRA ENERGIA: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings has affirmed Vibra Energia S.A.'s Ba1 Corporate
Family Rating. Outlook remains stable.
RATINGS RATIONALE
Vibra's rating reflects its market position as the largest fuel
distributor in Brazil (Government of Brazil, Ba1, positive) in
terms of volumes sold, gas station network and distribution
logistics assets, and its well-known brand names and adequate
credit metrics. The ratings also incorporate an adequate liquidity
position, improvements in governance standards and profitability
gains.
Constraining the rating is the concentration of revenue in the fuel
distribution business and correlated segments in an increasingly
competitive fuel distribution market in Brazil. Moody's expect
Vibra to continue to diversify revenue sources, including the
electric energy market and gas distribution. The diversification
will become increasingly more important for the credit quality of
the company as the fuel distribution business in Brazil evolves
with a greater participation of electric vehicles (100% electric,
hybrid, and plug-in hybrid). Presently, given the strong biofuel
infrastructure and ethanol participation in the Brazilian fuel
matrix Moody's believe the flex-fuel (vehicles that run on
gasoline, ethanol or a blend of both) fleet in Brazil will continue
to grow in the next decade, even as electric vehicles increase
their participation.
Moody's expect gross leverage for Vibra to remain at around 3.0x
– 3.5x in the next 12 months as it acquires an additional stake
in Comerc Energia S.A. (Comerc) and consolidates its operations and
debt. Comerc is an energy company focused in renewable electric
energy generation, solar and wind, energy trading and diverse
energy services. In 2025 Moody's expect Comerc to contribute with
an EBITDA of BRL1.2 billion with an installed capacity of 2.3 GWh
including distributed and centralized generation.
Moody's expect Vibra to maintain high dividend payments, but
Moody's do not expect these to restrain liquidity or impede
positive-to-neutral free cash flow, given the strong cash
generation capacity of the company.
The stable outlook reflects Moody's expectation that Vibra will
maintain its market share and strong competitive position while
sustaining a robust EBITDA generation and positive free cash flow
generation. Also that gross leverage will remain adequate after the
full acquisition and integration of Comerc.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
A rating upgrade would require the company to maintain good
liquidity and credit metrics, such as gross debt/EBITDA expected to
remain below 3.0x and retained cash flow/net debt above 25%. It
would require a stable cash flow generation aligned with the nature
of the fuel distribution business in Brazil, consistent operating
track record positive and positive free cash flow generation. As
the fuel distribution business in Brazil evolves diversification
will increase its importance for credit quality.
Vibra's ratings could be downgraded in case of a deterioration in
its operating performance or credit metrics. Also, a deterioration
in liquidity could prompt a downgrade. Quantitatively, a rating
downgrade would require gross debt/EBITDA remaining above 3.5x and
retained cash flow/net debt below 20% for a prolonged period.
Vibra Energia S.A., headquartered in Rio de Janeiro, is the largest
fuel distributor in Brazil. In the last twelve months ended June
2024 it generated BRL168.4 billion in revenues (USD33.7 billion).
It is a publicly held corporation, with shares listed on B3 S.A. -
Brasil, Bolsa, Balcao (Baa3 positive).
The principal methodology used in this rating was Retail and
Apparel published in November 2023.
===============
C O L O M B I A
===============
COLOMBIA: Sells $3.6 Billion in Global Bond-Market Return
---------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Colombia
sold $3.64 billion of dollar bonds, tapping international debt
markets for the first time in almost seven months.
The South American country sold $2 billion in notes maturing in
2036 and $1.64 billion in bonds due in 2054 to yield 7.8% and 8,5%,
respectively, tighter than initial price talks of 8.15% and 8.8%.
Citigroup, Itau BBA and SMBC Nikko are handling the deal, according
to a filing, according to globalinsolvency.com.
Proceeds will be used for general budgetary purposes and to buy
back up to all of Colombia's notes maturing in 2026 and 2027, the
filing shows, the report notes.
As reported in the Troubled Company Reporter in August 2024, Fitch
Ratings affirmed Colombia's Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'BB+' with a Stable Rating Outlook.
===========
M E X I C O
===========
MEXICO REMITTANCES: Moody's Gives Ba3 Rating to 2024-1 Cl. A Notes
------------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to the Series 2024-1
notes issued by Mexico Remittances Funding Fiduciary Estate (the
"Issuer"). The notes are backed by remittance reimbursement
receivables that are Mexican peso-denominated reimbursement rights
that arise from money transfer agreements and all other
reimbursement-based contracts Nueva Elektra del Milenio, SA de CV.
("NEM") has entered in with the remitters whether now in existence
or entered into in the future.
The issuer is a Luxemburg SPV fiduciary estate that is managed by
Mexico Remittances Funding Fiduciary Estate Management (the
"Fiduciary"), a private limited liability company incorporated
under Luxemburg law. The Fiduciary is entirely owned and operated
by a foundation ("Stichting"), incorporated under the laws of the
Netherlands.
The complete rating action is as follows:
Issuer: Mexico Remittances Funding Fiduciary Estate
Series 2024-1 Fixed Rate Notes, Class A Notes, Assigned Ba3
The remittances backing the securitization include all rights,
titles and interests (but none of the obligations) of NEM in all
amounts owed or to be owed by a remitter to NEM in connection with
the settlement of Peso-denominated Payment Orders paid out by NEM
under any Reimbursement Remittance Transaction, excluding any
commissions.
The series 2024-1 notes are issued out of an existing master trust.
On the initial closing date, January 20, 2021, NEM, the originator
as settlor, entered into a fiduciary agreement with the Issuer,
founding the fiduciary estate under Luxemburg law.
RATINGS RATIONALE
The rating on the series 2024-1 notes is based on a number of
factors, including:
(1) The financial and operational strength of NEM, its fundamental
importance in the Mexico remittance market and its crucial role as
the premier provider of money transfers from the US in Mexico.
Furthermore, its corporate family rating of Ba3 with stable
outlook,
(2) The historical volumes generated and the growth demonstrated by
NEM's electronic remittance business a growing trend that has been
observed since the program's inception,
(3) Guarantee provided by Grupo Elektra to unconditionally and
irrevocably guarantee the full and prompt payment of any default
payment due under the notes
(4) The high ratio of remittance cash flows to scheduled debt
service. The strength of the ratio is based on historically stable
cash flows generated by remittance payments to third-party
beneficiaries in Mexico,
(5) Structural and legal protections incorporated into the
transaction, including required monthly and quarterly minimum debt
service coverage ratios, which, if not met, will trigger the early
amortization of the notes
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was "Future
Receivables Securitizations" published in April 2024.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Factors that could lead to an upgrade of the ratings include a
strengthening in the credit quality of the sponsor and/or
guarantor.
Down
Factors that could lead to a downgrade of the ratings are (1) a
weakening in credit quality of the sponsor and/or guarantor, (2)
remittance and DSCR levels weaker than expected, and (3) the
emergence of technologies that could materially change remittance
trends and adversely affect future remittance collections. Other
reasons for worse-than-expected transaction performance could
include any future changes to the counterparty risk assessment of
the sponsoring banks or error on the part of transaction parties.
MEXICO REMITTANCES: S&P Rates 2024-1 Fixed-Rate Notes 'BB+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' rating to Mexico Remittances
Funding Fiduciary Estate's $350 million series 2024-1 fixed-rate
notes due in 2031.
The notes are backed by the future flows originated by Nueva
Elektra del Milenio S.A. de C.V.'s (NEM) related to Mexican
peso-denominated reimbursement rights arising from money transfer
agreements (using the reimbursement mechanism). NEM generates
receivables by acting as the money transmitter payor partner in
Mexico for certain money transfer operators and aggregators outside
of Mexico under the money transfer agreements for delivery of
transmitted money amounts in Mexican pesos to beneficiaries in
Mexico.
The rating reflects:
-- S&P's view on NEM's ability and willingness to remain in the
money transfer business and to continue to generate sufficient cash
flows to service the transaction, as captured in its corporate
performance assessment, which is closely related to the issuer
credit rating (ICR) on NEM.
-- NEM's relative strength on its remittances business line, which
is based on leading position in the remittances market, its solid
track record, and a solid brand recognition.
-- S&P's expectation of the timely payments of periodic interest
and principal according to the transaction documents, based on
stressed cash flow modeling scenarios, using assumptions
commensurate with a default scenario on NEM.
-- Solid quarterly debt service coverage ratios. Under S&P's cash
flow analysis, it modelled a base-case scenario and a default case
scenario on which it assumed NEM has defaulted on its obligations,
and the securitized cash flows drop 40%. The transaction presented
a minimum quarterly debt service coverage ratio of 50.7x.
-- The transaction's underlying payment structure, legal
structure, and cash flow mechanics.
-- The deal's bank accounts, which do not constrain the rating
assigned.
-- Since S&P published the presale for this transaction, the
issuance amount closed at $350 million, compared to the $500
million initially analyzed; the notes' coupon rate was defined at
12.5%; and the legal final maturity date was updated to Oct. 15,
2031.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
CONSOLIDATED ENERGY: S&P Downgrades LT ICR to 'B' on Weak Metrics
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and
issue-level ratings on Consolidated Energy Ltd. (CEL) and its debt
to 'B' from 'BB-'.
The stable outlook indicates that S&P expects the company to remain
highly leveraged in the next 12-18 months, as the expected recovery
in market prices materializes in operating cash and allows for
further deleveraging.
Over the past 18 months, the company faced challenging industry
conditions in the form of weaker prices, production declines due to
outages, higher interest rates, and cash dynamics between CEL and
its parent company leading to higher debt.
In the six-month period ended June 30, 2024, adjusted EBITDA
reached $168 million, about 25% of the assumed full-year
generation. During the same period, the company reported $400
million higher net adjusted debt when compared to the expected
burden in our previous report. In addition, the refinancing of debt
at higher interest rates caused about 54% higher-than-expected
interest expenses for CEL. These resulted in a significant
deviation in leverage metrics, leading to adjusted debt to EBITDA
of 10.4x and EBITDA interest coverage of 1.1x on an annualized
basis for first-half 2024, versus estimates of 3.9x and 3.3x in
S&P's previous review.
Consolidated revenue for CEL increased 9.8% to $930 million in
first-half 2024 versus $850 million in the same period of 2023. In
terms of production, the company now operates at full capacity,
including that from the recent acquisition in Oman, both leading to
incremental volume sales. That said, methanol spot prices expected
for 2024 were $311 per metric ton (/MT) versus $276/MT reported in
the first half. Over the past two years, methanol prices have
declined to $277/MT from $360/MT, and nitrogen to $313/MT from
$853/MT.
In aggregate, total EBITDA was $168 million in first-half 2024
versus $174 million for the same period in 2023, mainly related to
higher raw material and production costs. CEL expects to receive
about $60 million of insurance compensation from the nitrogen plant
outage by year-end 2024, which could cover a portion of the related
losses seen in 2023.
During the most recent debt reprofiling, CEL issued $200 million to
finance a loan to Proman of about $289 million maturing in December
2025. In addition, in the second quarter, the company increased its
total debt about $100 million to distribute $137 million to the
parent. Proman used these funds to finalize the payment for the
acquisition of the remaining 25% of CEL from 2020. The transactions
resulted in cash being burnt faster rather than held for further
deleveraging. Therefore, adjusted debt reached $3.5 billion by June
30, 2024, versus $3.2 billion on Dec. 31, 2023. Since EBITDA
declined, leverage metrics were also weaker than expected, and
continue to compare negatively with S&P's forecast for 2024.
S&P said, "Based on our assumed methanol prices and plants at full
production capacity started third-quarter 2024, we updated our
EBITDA forecast for CEL to $525 million. Following the historical
financial information, the company still maintains a high
correlation to spot market prices, and we do not envision a
significant strengthening in the next 24 months. We also expect CEL
to maintain the $450 million in additional debt until Dec. 31,
2025, by which time repayment on the loan is due from Proman. If
the company does not receive the funds and chooses to refinance,
debt to EBITDA would remain close to 5.0x and EBITDA interest
coverage to 2.0x until 2025."
The expected maturity schedule includes the municipal bond, which
the company has already restricted cash for in a trust, based on
the terms and conditions. Even though CEL has refinanced debt and
reduced about $300 million of amortizations for the next 12 months,
it still has net $206 million in short-term debt repayments (net of
Big Lake Fuels municipal bond cash in a trust). The recent
additional debt and the higher exposure to floating rates led CEL
to increase its average interest rate to about 9.0% as of June 30,
2024, versus 6.58% in the same period of 2023. S&P said, "However,
our capital expenditure (capex) assumptions already consider only
maintenance expenses and the slight increase from the consolidation
of Oman Methanol Co. LLC. In our opinion, given the cash lent to
the parent, the company compromised its liquidity during the
low-price cycle, since those funds will only be repaid by year-end
2025, while CEL is left with the negative financial effects in the
interim."
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Oct. 28 to Nov. 1, 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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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.
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