/raid1/www/Hosts/bankrupt/TCRLA_Public/241216.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, December 16, 2024, Vol. 25, No. 251
Headlines
A R G E N T I N A
AEROLINEAS ARGENTINAS: Buenos Aires Gov. to Fight Milei Over Sale
ARGENTINA: Monthly Inflation Seen Under 3% in November
B A H A M A S
FTX GROUP: Exec's Sentencing Shows Pros and Cons of Cooperation
FTX GROUP: FTX Says Three Arrows Can't Add $1.5B to Ch. 11 Claims
FTX GROUP: Settles With Congressional PACs in Ch. 11
B R A Z I L
TRANSMISSORA ALIANCA: Fitch Affirms 'BB+' IDR, Outlook Stable
UNIGEL PARTICIPACOES: NY Court Grants Chapter 15 Recognition
C O L O M B I A
AVIANCA GROUP: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
J A M A I C A
JAMAICA: Agriculture Ministry to Launch Potato Planting Program
S U R I N A M E
SURINAME: S&P Affirms 'CCC+/C' SCRs, Outlook Stable
X X X X X X X X
[*] BOND PRICING: For the Week from Dec. 9 to 13, 2024
- - - - -
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A R G E N T I N A
=================
AEROLINEAS ARGENTINAS: Buenos Aires Gov. to Fight Milei Over Sale
-----------------------------------------------------------------
Bloomberg News reports that province of Buenos Aires Governor Axel
Kicillof said he would try to block any federal government efforts
to sell or shut down the loss-making national carrier, Aerolineas
Argentinas SA.
President Javier Milei is looking to push a bill through congress
that would clear the way to the airline's privatization, part of
his plans to shrink the size of the state in the debt-ridden
nation, according to Bloomberg News.
Headquartered in the Torre Bouchard, located in San Nicolas, Buenos
Aires, Aerolineas Argentinas, formerly Aerolineas Argentinas S.A.,
is Argentina's largest domestic and international airline. It is
the national airline and carries around 70% of Argentina's domestic
traffic and 40% of international flights from Ministro Pistarini
International Airport, which is located in Ezeiza, Buenos Aires.
Aerolineas Argentinas is currently owned in its majority by the
Argentine government, which seized the airline from Spanish tourism
company Grupo Marsans in 2009.
In June 2001, the airline filed for protection from creditors and
went into administration. In 2002, a Buenos Aires judge accepted
its debt restructuring agreement with creditors.
ARGENTINA: Monthly Inflation Seen Under 3% in November
------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
monthly inflation is likely to have remained under 3% in November,
near its lowest level of the year but slightly up from the month
before, underscoring the challenge for libertarian president Javier
Milei to rein in prices.
A Reuters poll of analysts published showed a median forecast rise
of 2.8% in the month after 2.7% in October, according to the
report.
Estimates ranged from a 2.4% increase to 3%. Argentina has been
battling to bring down what has been the highest inflation rate in
the world, peaking at almost 300% a year, the report notes.
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.
On Nov. 15, 2024, Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'. Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's confidence in the
authorities' ability to make upcoming foreign-currency bond
payments without seeking relief of some sort.
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.
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: Exec's Sentencing Shows Pros and Cons of Cooperation
---------------------------------------------------------------
law360.com reports that the sentencing of former FTX tech deputy
Gary Wang, whose cooperation netted him a rare outcome of no prison
time, offers critical takeaways for attorneys and clients
navigating the burgeoning world of crypto-related prosecutions,
says Andrew Meck at Whiteford.
The sentencing of Zixiao "Gary" Wang, a key figure in the FTX
Trading Ltd. cryptocurrency fraud, took place in the U.S. District
Court for the Southern District of New York on Nov. 20, relates
law360.com.
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: FTX Says Three Arrows Can't Add $1.5B to Ch. 11 Claims
-----------------------------------------------------------------
Hilary Russ at law360.com reports that FTX is pushing back against
efforts by liquidators for defunct cryptocurrency hedge fund Three
Arrows Capital to add more than $1.5 billion to its claims in FTX's
Chapter 11 case in Delaware bankruptcy court.
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: Settles With Congressional PACs in Ch. 11
----------------------------------------------------
Emily Lever at law360.com reports that FTX reached more than a
dozen settlements in November with various political action
committees, including deals with the Democratic-aligned Senate
Majority PAC and the House Majority PAC worth $3 million and $6
million, respectively, the bankrupt crypto company told a New York
bankruptcy court.
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 R A Z I L
===========
TRANSMISSORA ALIANCA: Fitch Affirms 'BB+' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Transmissora Alianca de Energia Eletrica
S.A.'s (Taesa) Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB+', National Scale Rating and senior unsecured
debentures at 'AAA(bra)'. The Rating Outlook for the corporate
ratings is Stable.
Taesa's ratings reflect the low business risk of its diversified
portfolio of power transmission assets in Brazil, with predictable
revenues and high operating margins. The ratings reflect the
company's extended debt maturity profile, moderate liquidity
position and proved access to financing sources. Taesa has a
significant investment plan and high dividend payments, which
should keep its FCF negative and net adjusted leverage between 3.5x
to 4.0x until 2026, consistent with its current ratings.
Key Rating Drivers
Robust Asset Portfolio: Taesa has a strong and diversified asset
portfolio, without exposure to concession renewals until 2029. The
issuer is one of the largest power transmission companies in
Brazil, with 11,943 km of transmission lines in operation and 735
km under construction across the country. The company's
participation in 44 concessions adds to asset diversification and
dilutes operational and regulatory risks. The consolidated
Permitted Annual Revenue (PAR) in the 2024/2025 cycle, of BRL2.5
billion, should increase due to investments in the new projects and
reinforces in the current operational lines, which will add BRL441
million.
Favorable Business Profile: Taesa's credit profile benefits from
the low business risk associated with the power transmission
segment in Brazil, as revenues are based on asset availability
rather than volume transported. PARs are annually adjusted by
inflation indexes, which tend to offset potential cost pressures.
Companies operating in this segment have a diversified customer
base and guaranteed payment structures, which significantly reduce
counterparty risks. Taesa's EBITDA margins are high - 82% to 84% in
2024 and 2025 - based on regulatory accounting.
Negative FCF Until 2026: Robust operating cash generation will be
important to mitigate the impact of the aggressive investment plan
and significant dividend distribution, which will pressure Taesa's
FCF. Fitch projects EBITDA, according to regulatory accounting, of
around BRL2.0 billion in 2024 and 2025. FCF is expected to be
negative by BRL771 million in 2025 and BRL123 million in 2026,
after negative BRL202 million in 2024. Capex of BRL1.9 billion in
2025 should reduce to below BRL500 million per year from 2026 on
after the conclusion of the pre-operational projects.
Moderate Leverage: Taesa's adjusted net leverage should remain at
moderate levels ranging from 3.5x to 4.0x until 2027. The base case
scenario considers a net adjusted debt/adjusted EBITDA ratio of
3.7x in 2025 and 3.9x in 2026, decreasing to 3.7x in 2027, after
the end of the current investment cycle. Fitch includes in these
ratios off-balance sheet debt related to guarantees provided, as
well as dividends received from unconsolidated companies. As of
September 2024, Taesa's off-balance sheet debt totaled BRL201
million, which came from Empresa Diamantina de Transmissão de
Energia S.A. (EDTE).
Standalone Approach Taesa's ratings are not influenced by the
credit quality of its main shareholders, Companhia Energetica de
Minas Gerais (Cemig) (LC and FC IDRs BB/Stable) and Interconexion
Electrica S.A. E.S.P. (ISA; LC and FC IDRs BBB/Stable), as they
share the control and their access to Taesa's cash is limited to
dividends. The analysis does not incorporate an expected change in
its shareholder structure. Despite of Cemig's plan to sell its
stake in Taesa, the timing and final outcome are uncertain.
Derivation Summary
Taesa's financial profile compares favorably with that of Latin
American peers Interconexion Electrica S.A. E.S.P. (ISA) and
Consorcio Transmantaro S.A. (CTM) (BBB/Stable) in Colombia
(BB+/Stable), and Transelec S.A. (BBB/Stable) in Chile (A-/Stable).
All these peers have low business risk profiles and predictable
cash flow generation, characteristic of electricity transmission
companies in a regulated industry.
The main differences in ratings for these companies include the
country where they generate their main revenues and the location of
assets. While Taesa's peers are in higher-rated countries, its
ratings are negatively affected by Brazil's weaker operating
environment.
Key Assumptions
- PAR adjustments based on inflation indexes;
- Operational expenses adjusted by inflation;
- Capex of BRL3.4 billion during 2024-2026;
- Current portfolio under construction fully operational until
2027;
- Dividend distributions based on net income calculated through
regulatory accounting rules.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Negative rating action for the LC IDR would be associated with
net adjusted leverage above 4.0x on a sustainable basis.
- A downgrade of Brazil's sovereign rating would result in a
similar rating action on Taesa's FC IDR.
- A downgrade of Taesa's LC IDR would lead to a downgrade on the
National Scale Rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade (negative antes)
- Positive rating action for the FC IDR would be associated with an
upgrade of the LC IDR and an upgrade of Brazil's sovereign rating.
- Positive rating action for the LC IDR would be associated to net
adjusted leverage limited to 3.5x on a sustainable basis.
- Upgrade not applicable to the National Scale Rating as it is at
the highest level.
Liquidity and Debt Structure
Taesa should maintain moderate liquidity compared with its
short-term debt, in the range of 0.5x to 1.0x, and continue to
benefit from broad access to bank credit lines and the local
capital market to finance the expected negative FCFs and rollover
the debt over the next years. As of Sept. 30, 2024, consolidated
cash and equivalents amounted to BRL1.0 billion, as per Fitch's
calculations, which were modest compared with short-term debt of
BRL1.6 billion, but should recover over time.
Taesa's consolidated debt is characterized by a manageable maturity
schedule and no foreign currency risk. As of Sept. 30, 2024, the
group's total adjusted debt was BRL10.5 billion, considering its
proportional stake guarantee in debt of non-consolidated
subsidiaries of BRL202 million. Its BRL10.3 billion consolidated on
balance sheet debt mainly consisted of BRL9.6 billion in
debentures.
Issuer Profile
Taesa is the third largest transmission power company in Brazil
with 12,678 km of lines, including 735km under development. Taesa
is controlled by the Brazilian group Cemig and ISA, which own
36.97% and 26.03% of the voting shares, respectively.
Summary of Financial Adjustments
Net revenues and EBITDA based on Brazilian regulatory accounting
rules.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
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
----------- ------ -----
Transmissora
Alianca de Energia
Eletrica S.A. LT IDR BB+ Affirmed BB+
LC LT IDR BB+ Affirmed BB+
Natl LT AAA(bra)Affirmed AAA(bra)
senior
unsecured Natl LT AAA(bra)Affirmed AAA(bra)
UNIGEL PARTICIPACOES: NY Court Grants Chapter 15 Recognition
------------------------------------------------------------
Alex Wittenberg at law360.com repors that a New York bankruptcy
judge granted Chapter 15 recognition to Brazilian chemical company
Unigel Participacoes and three affiliates after the debtors
resolved an objection from the U.S. Department of Justice's
bankruptcy watchdog.
Unigel Participacoes SA is a Brazilian fertilizer manufacturer.
Unigel Participacoes sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11982) on November 15,
2024.
===============
C O L O M B I A
===============
AVIANCA GROUP: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Avianca Group International Limited's
(Avianca) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'B' and Avianca MidCo2 Limited's senior secured
exit notes at 'B' with a Recovery Rating of 'RR4'. Fitch has also
affirmed LifeMiles Ltd.'s Long-Term Foreign and Local Currency IDR
at 'B' and its secured Term Loan B due 2026 at 'B' with a Recovery
Rating of 'RR4'. The corporate Rating Outlook is Stable.
Avianca's rating reflects the industry's high cyclicality risks,
its solid market position in Latin America, lean cost structure,
moderate leverage (net debt/adjusted EBITDA at 3.0x-4.0x within the
rating horizon) and good liquidity position, though it has limited
financial flexibility in terms of an unencumbered asset base.
During 2024, the company has demonstrated good access to the credit
market. Medium-term challenges for Avianca's include maintaining
strong operating margins and resuming business growth in a more
competitive environment.
Key Rating Drivers
Evolving Business Strategy: Avianca faces challenges in proving its
new business model under varying macroeconomic scenarios and fuel
prices environments. Since emerging from Chapter 11 in 2022,
Avianca has been pursuing a more low-cost model, focusing on a
simplified, cost-efficient narrow-body operation with high aircraft
utilization rates and fleet densification with limited exceptions
in terms of complementary widebody operations.
Recently, while navigating a challenging domestic market in
Colombia, the company has focused on strengthening its
international operations. Avianca has reintroduced business class
services on its narrow-body international routes from Bogota (14
new destinations) and Medellin (three), and plans further routes
increases by year-end, aiming to capture additional premium revenue
with no material cost increase.
Diversified Regional Market Position: Avianca's business model
combines a solid brand and large operations in Colombia, Central
and South America. The company' sound international routes, cargo
operations and loyalty program support an adequate business
diversification. Avianca's flexible business model has allowed it
to rotate capacity within the region and maintain solid load
factors of 80%-82% over the past few years. During 2024, 43% of
Avianca's revenue was Colombia, 20% U.S., 17% Central America, 15%
other South American countries and 5% rest of the world.
Increasing Operations, Good Cost Structure: Fitch expects Avianca's
operating cash flow to continue to improve in 2024 due to solid
domestic traffic levels, relatively lower fuel prices, cost
efficiencies and capacity expansion. Fitch forecasts adjusted
EBITDAR around USD1.2 billion in 2024 and USD1.3 billion in 2025,
an increase from USD523 million in 2019 (pre-pandemic). The
efficient cost base is driving solid EBITDAR margins, with its base
case of 23.7% for 2024 and around22%-23% in 2025-2026, in a
scenario of less favorable fuel prices and a fierce competitive
environment.
Growth Appetite to Drive FCF: Avianca's stronger operating cash
flow generation is likely to be consumed by fleet modernization and
ongoing business growth. Fitch forecasts Avianca's FCF generation
to be remain negative at USD98 million in 2024 and USD239 million
negative in 2025 after increasing capex. Fitch considered capex of
USD437 million in 2024 and USD550 million in 2025 and 2026. Fitch
expects Avianca to remain cautious regarding its inorganic growth
strategy, as any M&A opportunities should be led by its parent
company, ABRA Group Limited.
Manageable Leverage: Fitch's base-case scenario forecasts total and
net-adjusted leverage/EBITDAR at around 4.3x and 3.3x,
respectively, during 2024. That is a slight improvement from 4.4x
and 3.5x, respectively in 2023, but significant progress from its
Chapter 11 exit year in 2022 (6.2x and 5.0x, respectively). For
2025 and 2026, total and net leverage should remain near 4.3x and
3.5x, respectively. Avianca's ability to maintain these metrics
below that within the next 18-24 months while successfully
completing LifeMile's Term Loan B refinancing should benefit its
credit profile assessment.
Limited Financial Flexibility: The ability to access new credit
lines, seeking to refinance short- to medium-term obligations, is
also a key factor in supporting continuous improvement in its
credit risk profile. Avianca has a weak, unencumbered asset base
and a large share of secured debt. Fitch expects it to maintain
solid cash balances, with cash/LTM revenue not below 15%-20%, as it
seeks to reduce exposure to short-term refinancing risks under its
industry high volatility. Avianca's liquidity position is enhanced
by an undrawn revolving credit facility of USD200 million due
2027.
Above-Average Industry Risks: The airline industry is inherently a
high-risk sector given that it is cyclical and capital-intensive
due to various structural challenges, as well as being prone to
exogenous shocks. High fixed costs combined with swings in demand
and fuel prices typically translate into volatile profitability and
cash flows. Exposure to foreign exchange fluctuations for Latin
America competitors constitutes an additional risk, as costs are
mostly in U.S. dollars and a large part of its cash flows are in
local currency. For Avianca, this risk is somewhat mitigated by its
international operations.
Consolidated Approach: Fitch applies its "Parent and Subsidiary
Rating Linkage Criteria" to Avianca and its 100%-owned subsidiary
LifeMiles, following the stronger parent path. The legal incentive
for support is high, and the operational and strategic incentives
are medium to high, resulting in equalized ratings. LifeMiles is a
core asset, generating stable free cash flows and solid EBITDA
margins. As of September 2024, LifeMiles contributes around 15% to
EBITDA and represents around 7% of Avianca's debt.
Derivation Summary
Avianca's 'B' rating reflects its post-restructuring credit
profile, good asset base compared to its regional peers based in
terms of fleet, network and route diversification, and its
important regional market position. The company's past quarters of
continuous improvement of its cost structure and high operating
margins are also incorporated into the analysis.
Avianca's rating is below LATAM Airlines Group S.A. (BB-/Positive
Outlook) due to relatively higher leverage and weaker business
diversification and financial flexibility. Compared to Azul S.A.
(CC), Avianca's business and credit profile is stronger, reflecting
greater business diversification, stronger capital structure and
manageable medium-term refinancing risks. Avianca's limited
financial flexibility in terms of an unencumbered asset base and
the industry's high risks remain rating constraints.
Key Assumptions
- Fitch's base case during 2024 and 2025 includes an increase in
ASK by 21% and 31%;
- Load factors around 81% during 2024-2025;
- Steady cargo operations;
- Oil prices average USD85/barrel through the forecast;
- Capex of USD437 million in 2024 and USD550 million in 2025;
- No dividend distributions.
Recovery Analysis
Key Recovery Rating Assumptions
The recovery analysis assumes Avianca would be considered a going
concern in bankruptcy and the company would be reorganized rather
than liquidated. Fitch has assumed a 10% administrative claim.
Avianca's going concern EBITDA is USD500 million which incorporates
EBITDA post-pandemic, adjusted by lease expenses, plus a discount
of 20%. This correlates to an average of USD561 million during
2016-2019, reflecting intense volatility in the airline industry in
Latin America. The going-concern EBITDA estimate reflects its view
of a sustainable, post-reorganization EBITDA level, upon which
Fitch bases the valuation of the company. The enterprise value
(EV)/EBITDA multiple applied is 5.5x, reflecting Avianca's strong
market position in Colombia.
Fitch applies a waterfall analysis to the post-default enterprise
valuation based on the relative claims of the debt in the capital
structure. The debt waterfall assumptions consider the company's
total debt. These assumptions result in a Recovery Rate for the
secured debt within the 'RR1' range, but due to the soft cap of
Colombia at 'RR4', Avianca's senior secured debt is rated at
'B'/'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Liquidity deterioration or difficulty continuing to access credit
lines;
- Gross and net leverage ratios consistently above 5.0x and 4.0x;
- EBITDA fixed-charge coverage sustained at or below 1.5x;
- Competitive pressures leading to severe loss in market-share or
yield deterioration;
- Aggressive growth strategy leading to a consolidation movement
financed with debt.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Sound business strategy within Avianca's main markets' air
traffic, supported by healthy yields and load factors;
- Successful refinancing of LifeMiles' Term Loan B;
- Maintenance of a strong liquidity position (cash/LTM revenue
consistently above 15%), and a well-spread debt amortization
profile with no major refinancing risks in the medium term;
- Ability to maintain strong cost structure, with adjusted EBITDAR
margin above 22% on a sustainable basis;
- EBITDAR fixed-charge coverage sustained at or above 2.5x;
- Total and net leverage below 4.3x and 3.5x, on a sustainable
basis.
Liquidity and Debt Structure
Avianca maintained a solid liquidity position that is strong for
the rating category. As of Sept. 30, 2024, Avianca had around
USD1.1 billion in cash and cash equivalents, compared with USD504
million of short-term debt. During the same period, Avianca's total
debt was USD5.2 billion, and was mainly composed of USD2.7 billion
of leasing obligations, USD1.7 billion of Tranch A1 and A2
(exit-financing) due 2028, LifeMiles' Term Loan B (USD378 million)
due 2026, and USD322 million of credit card securitization.
Avianca's cash position of USD1.1 million was sufficient to cover
maturities until mid-2026. Avianca's liquidity position is further
strengthen by an undrawn revolving credit facility due 2027 in the
amount of USD200 million.
Issuer Profile
Avianca is the leading airline in Colombia, Ecuador and Central
America, with one of the largest operations in Latin America. As of
Sept. 30, 2024, its fleet included 163 aircraft (151 passenger and
12 freighters: 145 Airbus, 18 Boeing). LifeMiles, Avianca's loyalty
program, is the top program in Colombia, Ecuador and Central
America.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
Avianca has an ESG Relevance Score of '4' for Group Structure due
to its relatively new and larger airline operational group (ABRA),
which has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.
Avianca has an ESG Relevance Score of '4' for Governance Structure
due to its relatively new operational group (ABRA) that has lately
demonstrated aggressive financial policies, which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Avianca Midco 2
Limited
senior secured LT B Affirmed RR4 B
Avianca Group
International Limited LT IDR B Affirmed B
LC LT IDR B Affirmed B
LifeMiles Ltd. LT IDR B Affirmed B
LC LT IDR B Affirmed B
senior secured LT B Affirmed RR4 B
=============
J A M A I C A
=============
JAMAICA: Agriculture Ministry to Launch Potato Planting Program
---------------------------------------------------------------
RJR News reports that the Ministry of Agriculture, Fisheries and
Mining will be launching the national Irish potato planting
program.
The move comes as the ministry seeks to reduce Jamaica's food and
consumer goods import bill, according to RJR News.
The bill stood at US$1.13 billion for the first seven months of
this year, the report notes.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.
In September 2023, S&P Global Ratings raised its long-term foreign
and local currency
sovereign credit ratings on Jamaica to 'BB-' from 'B+', and
affirmed its short-term foreign and local currency sovereign credit
ratings at 'B', with a stable outlook. In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook
is Stable.
===============
S U R I N A M E
===============
SURINAME: S&P Affirms 'CCC+/C' SCRs, Outlook Stable
---------------------------------------------------
On Dec. 11, 2024, S&P Global Ratings affirmed its long- and
short-term foreign and local currency sovereign credit ratings on
Suriname at 'CCC+/C'. S&P also affirmed its transfer and
convertibility assessment of 'CCC+'. The outlook on the long-term
ratings is stable.
Outlook
The stable outlook balances the government's commitment to fiscal
reform and macroeconomic stabilization, along with very high
long-term growth prospects, against the risks presented by newly
reformed institutions and governance procedures, including debt
management. In addition, it balances the risks related to policy
uncertainty given upcoming elections in spring 2025 and the
finalization of the country's debt restructuring.
Downside scenario
S&P could lower its ratings over the next six-12 months if policy
or administrative developments raised the likelihood of another
default, if the government failed to make timely debt service
payments, or if expected financing from multilateral lending
institutions did not materialize.
Upside scenario
S&P could raise its ratings over the next six-12 months if the
government demonstrates a record of strengthened debt management,
progresses on the finalization of its restructuring agreements with
creditors, advances on its reform program while meeting the
conditions of multilateral lending institutions with which it has
agreements, and pursues economic policies that reduce the
likelihood of another debt payment default.
Rationale
S&P said, "The 'CCC+' long-term sovereign ratings on Suriname
reflect our view that the country is dependent on favorable
business, financial, and economic conditions to meet its financial
commitments. Although the government has made considerable progress
on fiscal consolidation and macroeconomic stabilization, it is
working to address administrative shortfalls that have led to
arrears in debt service payments. In addition, the government is
still finalizing a debt restructuring agreement on a small amount
of commercial debt with one remaining creditor, although it has
concluded agreements with all official creditors and most
commercial creditors.
These agreements followed Suriname's selective defaults in 2020 and
2021 and the foreign currency debt exchange that it completed in
December 2023, after which we raised our foreign and local currency
ratings to 'CCC+/C' from 'SD'.
Although Suriname recently implemented new operating procedures to
strengthen coordination of its debt service payment for external
debt and is working on a similar process for domestic debt, we
believe that it will take time for these new procedures to become
fully embedded in government operations. This, together with the
ongoing finalization of restructuring agreements, and the defaults
in 2020 and 2021, lead us to believe that Suriname's debt payment
culture is weak and still developing. S&P said, "Payment delays on
domestic debt over the past several months, which were unexpected
and were later cured, in our opinion, indicate there are ongoing
capacity weaknesses in the government's debt management office and
nascent treasury office, and challenges in coordination between the
debt office, the ministry of finance, and the Central Bank of
Suriname (CBvS). While we expect the government will strengthen
this coordination, it will take time to develop a stronger track
record of timely debt repayment."
S&P said, "We believe the government will remain committed to its
economic recovery plan and the International Monetary Fund (IMF)
program through the IMF program's maturity in March 2025 following
several years of significant policy reforms under the respective
programs. The government under President Chan Santokhi has been
working with the IMF under an extended fund facility (EFF) program
since December 2021 and has reached agreements on eight reviews
under the program. After taking office in mid-2020 amid difficult
economic circumstances, the government has enacted many major
fiscal, economic, and institutional reforms, including implementing
the value-added tax, eliminating fuel subsidies, reducing
electricity and gas subsidies, reforming the civil service sector,
and promoting a central bank independence law. Although we expect
the government to sustain its progress on these reforms, we are
uncertain whether it will agree to a successor IMF program prior to
the upcoming elections, scheduled for May 25, 2025.
"In our view, there is policy uncertainty risk associated with the
upcoming election. Should there be a change in government following
the election, there could be shifts in policy direction away from
the reforms that have been carried out by the current
administration. The current coalition government, led by the
Vooruitstrevende Hervormings Partij, came to power following 10
years under the rule of the opposition party, the Nationale
Democratische Partij (NDP). Desire Bouterse, the former president
of the country and leader of the NDP for the decade leading up to
the last election, was sentenced to prison in 2023 for the killing
of several political opponents in the 1980s. The NDP holds the
second-highest number of seats in the National Assembly.
"Growth has returned over the past two years and inflation has
fallen significantly. We believe this macroeconomic stability will
continue, with real GDP growth expected to average 3% over the
coming years. While currently outside of our forecast horizon, in
our opinion, longer-term growth will significantly accelerate
following TotalEnergies and APA Corp.'s final investment decision
(FID) to invest in offshore oil field Block 58, with first oil
production expected to start in 2028. Beyond the development of the
field, which we expect will involve more than $10 billion of
investment in the country, the government forecasts that oil
production from the block will significantly boost its revenues via
royalties, and profit oil and income tax revenues. We expect this
development to materially benefit economic growth and government
revenues in the long term.
"Meaningful fiscal reform, the completion of nearly all debt
restructuring, and the return of economic growth has led to
material debt reduction, which we expect will continue over the
forecast horizon. We forecast net general government debt to GDP
will fall below 65% by 2027, from more than 100% in 2021. At the
same time, we expect some fiscal loosening, as agreed with the IMF,
to accommodate fiscal needs in the context of improved long-term
economic growth prospects because of the FID. Nevertheless, we
still forecast that the government will execute relatively high
primary fiscal surpluses averaging 2.8% of GDP from 2024-2027.
"The extensive reforms of the CBvS have supported macroeconomic
stabilization in the country and we believe the central bank will
stay committed to a floating exchange rate. At the same time, we
believe the track record of CBvS' commitment to these reforms and
the exchange rate regime is short and still developing. Before
these reforms, CBvS had a long history of monetary financing of the
government deficit that led to ongoing losses at the central bank.
The new Central Bank Act explicitly prohibits such financing and
requires the recapitalization of the CBvS. The government has
finalized the recapitalization plan and we expect it to implement
the plan in the coming months. That said, we believe it will take
time to rebuild the central bank's policy credibility, operational
independence, and ability to effectively transmit monetary
policy."
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
Ratings Affirmed
Suriname
Sovereign Credit Rating CCC+/Stable/C
Transfer & Convertibility Assessment
Local Currency CCC+
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week from Dec. 9 to 13, 2024
------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
---------- --- ----- -------- ----- ----
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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