/raid1/www/Hosts/bankrupt/TCRLA_Public/250203.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, February 3, 2025, Vol. 26, No. 24
Headlines
A R G E N T I N A
ARGENTINA: Continues to Negotiate with IMF for Financing Program
BANCO SUPERVIELLE: Moody's Assigns 'Caa2' Deposit Ratings
[] Moody's Takes Actions on 4 Argentina Banks Amid Rating Hike
B R A Z I L
AZUL SA: S&P Cuts ICRs to 'SD' Following Distressed Debt Exchange
BRAZIL: Sticks to Jumbo Rate Hike
JBS SA: Breaks Into the Egg Business
STATE OF MINAS GERAIS: S&P Alters Outlook on CCC+ Rating to Pos.
C H I L E
CHILE: Holds Interest Rate at 5% in First Easing Pause Since July
J A M A I C A
JAMAICA: BOJ Accepts 255 Bids for $39BB Certificate of Deposit
JAMAICA: Trade Deficit Narrowed for January to September 2024
X X X X X X X X
[] BOND PRICING: For the Week from Jan. 27 to Jan. 31, 2025
- - - - -
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A R G E N T I N A
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ARGENTINA: Continues to Negotiate with IMF for Financing Program
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Buenos Aires Times reports that Argentina's government continues to
advance in negotiations with the International Monetary Fund (IMF)
over a new financing program with fresh funds.
Following the January 22 return of Economy Minister Luis Caputo –
from his trip to the United States accompanying President Javier
Milei at Donald Trump's inauguration – negotiations with an IMF
mission team continued to fine-tune a future agreement which is
likely to include a remittance of some US$11 billion to bolster
Central Bank coffers, allowing Argentina to remove the 'cepo'
currency and capital controls, according to Buenos Aires Times.
The market remains expectant, with speculation over conditions, the
report notes.
Economist Maximiliano Ramirez explained that the IMF committee's
visit has a technical purpose to review the country's numbers for
the next few years, "seeking to consolidate the fiscal surplus and
avoid Central Bank assistance to the Treasury, something which the
government had already achieved last year," the report discloses.
Ramírez underlined that a crucial point would be the increase of
net international reserves, directly related to the stability of
the dollar and a cepo exit, the report relays.
As for Central Bank coffers, "the net reserves are in negative
territory by around US$9 billion so that US$11 billion from the IMF
would barely leave them neutral," explained Ramírez, the report
notes.
The report discloses that he further highlighted that opening up
the restrictions would also depend on the policy signals and
gradual measures such as the elimination of "parking."
Taking the multilateral lender's side, former IMF Western
Hemisphere director Alejandro Werner commented: "When Argentina
floats its exchange rate without cepo, it will be needing a more
competitive exchange rate and higher interest rates so that the IMF
believes that the Central Bank will have to move in that
direction," the report discloses.
The former IMF official points to one of the main concerns
regarding exchange rate policies, including restrictions,
unification and a floating dollar, the report relays.
Economist Aldo Abram, the executive director of Libertad y
Progreso, told Perfil: "Unification will come in the form of a
single, free and floating exchange rate below the parallel rates.
Every country does a dirty float, which is what this government
wants," the report discloses.
An alternative has recently come up in these negotiations – a
floating exchange rate band, the report says.
Cepec director Leo Anzalone told Perfil that this "could be an
intermediate tool between total control of the exchange rate and a
free float, providing a framework of stability in a period of
transition," the report relays.
He added: "While predictable, it will continue needing reserves to
prevent the exchange rate from running out of control. For some
economists, intermediate régimes are more vulnerable to
speculative attacks which can test the limits of the band. That's
why it is crucial to have robust reserves and a credible framework
of economic policy," the report discloses.
Credibility is crucial. On January 24, Moody's raised Argentina's
rating from "Ca" to "Caa3" while improving its outlook from
"stable" to "positive," the report notes.
"The forceful changes in fiscal and monetary policies, the
stabilisation of external finances and the adoption of
market-friendly reforms have increased confidence and revived
market dynamism," said the agency, 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.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings 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.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
BANCO SUPERVIELLE: Moody's Assigns 'Caa2' Deposit Ratings
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Moody's Ratings has assigned long- and short-term local and foreign
currency bank deposit ratings of Caa2 and Not Prime, respectively,
to Banco Supervielle S.A. (Supervielle). Moody's also assigned a
Baseline Credit Assessment (BCA) and Adjusted BCA at caa3, local
and foreign currency counterparty risk ratings (CRR) of Caa2 and
Not Prime, and counterparty risk assessments (CRA) of Caa2(cr) and
Not Prime(cr), for long and short-term, respectively. The outlook
on the long-term bank deposit ratings is stable.
RATINGS RATIONALE
Banco Supervielle's Caa2 deposit rating incorporates the bank's
market position as ninth-largest private bank with 2.7% of the
systems loans and 2.3% of deposits as of September 2024. While
Supervielle's financial profile is limited by the complex operating
environment in Argentina that has been challenging banks' business
dynamics at least over the past six years, the bank has reported
improved asset quality metrics since 2023, good earnings generation
supported by growing lending activities and diversification
strategy that ensures portfolio granularity, with a stable deposit
base. However, Moody's also acknowledge Supervielle's wholesale
funding profile, with about 50% of deposits sourced from
institutional and corporate clients, that counterbalances its high
liquidity buffers. The bank's creditworthiness is constrained by
the Government of Argentina's sovereign rating (Caa3 positive),
that incorporates the high interlinkages between the government and
the bank's operations, limiting its BCA at caa3. In September 2024,
Supervielle had 24% of its assets made of sovereign securities.
As the bank continues to grow into 2025, asset risks will likely
rise for Argentinean banks, including Supervielle. The recent
improvement in credit quality in 2024 reflected the rebound in
lending activities with loan book increasing 35% in real terms over
the 12 months ended in September 2024, following a 20% contraction
between 2021 and 2023. The strong growth of the bank's portfolio in
2024 also helped problem loans to gross loans ratio (measured as 90
days past due loans) to reduce to 0.9% as of September 2024, from
its 4.4% peak in 2021 and 1.5% at the end of 2023. The bank
maintains a conservative approach on loan loss reserve coverage to
support its growth strategy in 2025.
Supervielle's core capitalization, measured as tangible common
equity (TCE)/adjusted risk-weighted assets (RWA), improved to 12.2%
as of September 2024, up from the 8.8% at the end of 2023, but it
is still below its local peers' average of 16% last September. The
difference between Moody's TCE ratio and the 19.2% regulatory
capital ratio is the adjustment Moody's make to RWAs that considers
a 150% risk weighting on holdings of government and central bank
securities, which are weighted 0% for regulatory purposes.
Despite experiencing relative performance volatility in 2021 and
2022, Supervielle reported improved bottom line results since 2023
supported by higher earnings generation from its growing credit
portfolio, particularly in 2024, and strong trading gains related
to its government securities position. In September 2024, net
income to tangible banking assets reached 2.6%, above the 2.1%
reported for the entire year of 2023.
The stable outlook on the bank's long-term deposit rating reflects
Moody's expectation that Banco Supervielle will be able to maintain
adequate financial fundamentals and, in particular, sustain its
capitalization levels and a stable profitability over the next 12
to 18 months, as it continues to grow its lending operations.
Governance considerations were a key factor in the rating process.
Supervielle faces moderate governance risks, as it has adequate
corporate governance and risk management practices, which is
counterbalanced by persistently weak operating conditions in
Argentina because of macroeconomic imbalances and constant shifts
in public policy and regulations, which make strategy and risk
management more difficult. The bank's relatively concentrated
ownership structure also weighs negatively in on Moody's assessment
of governance.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward movement on Supervielle's ratings would be dependent on a
multi-notch upgrade of the Government of Argentina's Caa3 sovereign
rating, which currently has a positive outlook, provided that the
bank's main credit metrics remained stable or improve. In turn, an
upgrade of the sovereign, even if it were by one-notch, would exert
positive pressure on the bank's BCA.
Negative pressures on Supervielle's ratings could arise from a
downgrade of the Government of Argentina's sovereign rating, by an
unexpected deterioration in the country's operating environment for
banks, or a deterioration of the bank's financial fundamentals.
The principal methodology used in these ratings was Banks published
in November 2024.
[] Moody's Takes Actions on 4 Argentina Banks Amid Rating Hike
--------------------------------------------------------------
Moody's Ratings has taken rating actions on four Argentinean banks,
which include:
(1) Banco de Galicia y Buenos Aires S.A.U. (Galicia),
(2) Banco Hipotecario S.A. (Hipotecario),
(3) Banco Macro S.A. (Macro) and
(4) Banco Santander Argentina S.A. (Santander Argentina).
The four banks' Baseline Credit Assessments (BCA) and Adjusted BCAs
were upgraded, and the subordinate debt ratings assigned to Galicia
and Macro were also upgraded. At the same time, all other ratings
and assessments, including the deposit ratings, senior unsecured
debt ratings (where available), counterparty risk ratings and
assessments, assigned to these banks, were affirmed. The ratings
outlook of Galicia, Macro and Santander Argentina remained stable,
while the outlook of Hipotecario was changed to positive, from
stable.
These rating actions were prompted by the upgrade of the Government
of Argentina's (Argentina) sovereign rating to Caa3 from Ca, and
change of rating outlook to positive from stable.
RATINGS RATIONALE
(1) CHANGE OF ARGENTINA'S MACRO PROFILE REFLECTS IMPROVING
OPERATING CONDITIONS
Moody's have raised Argentina's Macro Profile to 'Very Weak', from
'Very Weak-', reflecting recent improvements in the operating
environment, which positively impacts the standalone credit
profiles of Argentinean banks and the banking business conditions,
despite the remaining challenges. Credit conditions in Argentina
have benefited in recent months from significant decline of
inflation rates, supporting banks' risk appetite and credit
strategy, after years of contraction in lending. Non-performing
loans (NPLs) have remained broadly stable and even improved to 1.6%
of gross loans as of October 2024, after reaching levels of close
to 3.5% in 2023. In turn, banks' exposure to Argentinean sovereign
debt remains significant, at close to 35% of their total assets as
of December 2024, despite lower than peaks of 50% in the first
quarter of 2024.
Additionally, the creditworthiness of Argentinean banks is
supported by overall stable funding conditions, largely due to a
stable customer deposit base that covers most of the banks' funding
needs, and strong liquidity metrics, although liquidity buffers are
expected to come down as banks continue to grow in credit. However,
bank funding is short-term in nature due to the still weak
confidence in the local currency, which constrains banks' medium
term growth prospects. Also, and despite the recent increase in
foreign currency deposits, banks remain exposed to risks stemming
from the country's weak external position, which could trigger
volatility in the access to foreign currency deposits and overall
foreign currency funding.
Over the past year, Argentina has significantly improved its credit
fundamentals and external finances due to effective policy
adjustments. Confronting economic imbalances, high inflation, and
depleted reserves, the government implemented stringent fiscal
measures, reducing the central government deficit. Despite a 3.5%
contraction in real GDP in 2024, growth is expected to rebound to
3% in 2025, with inflation dropping from 25.5% to 2.4%
month-on-month, which has already started to improve banks'
business prospects. External finances have stabilized with
increased foreign currency liquidity from a $20 billion tax amnesty
-which in turn led to a significant increase of foreign currency
deposits- resolution of importer debt, and reforms boosting market
confidence. However, the next policy phase that will include easing
capital and exchange controls poses risks of financial imbalances
or outflows, leaving the economy vulnerable to shocks that could
disrupt external account adjustments.
(2) BANK-SPECIFIC CONSIDERATIONS
The upgrade of the four banks' BCAs to caa3, from ca, which follows
the upgrade of the Argentinean sovereign rating, reflect the
sovereign rating cap and banks' consistently strong
creditworthiness in the context of challenging operating conditions
in Argentina. The Caa3 issuer rating assigned to the Government of
Argentina continues to limit these banks' standalone assessments
due to their strong direct and indirect interlinkages with the
government, through their high exposure to sovereign debt
securities and the continued macroeconomic challenges in the
country.
The affirmation of Galicia's, Macro's and Santander Argentina's
long-term deposit and senior unsecured debt ratings -where
applicable- continue to show a differentiation between these banks'
ratings and the sovereign rating, which stem from the fact that,
while these banks' direct exposure to sovereign debt is
significant, it is not sufficient on its own to cause bank defaults
in the event of a sovereign default. These banks continue to hold
ample capital and liquidity buffers and are mostly funded by
domestic local-currency deposits, which supports their ratings.
However, the recent upgrade of the sovereign rating has not
resulted in an upgrade of these banks´ deposit and senior
unsecured debt ratings, due to Moody's assessment that, as the
creditworthiness of the sovereign improves, the gap of these banks'
ratings with the sovereign might also be reduced.
-- BANCO GALICIA Y BUENOS AIRES
The upgrade of Galicia's BCA to caa3 from ca reflects: (1) the
upgrade of the Argentinean sovereign rating, as the bank's BCA is
constrained by the sovereign rating due to the high correlation of
the bank's creditworthiness to that of the government, which
ultimately links and constrains its BCA to the same level as the
country's sovereign rating; and (2) the bank's intrinsic credit
strengths, which have demonstrated resilience through adverse
economic cycles in Argentina, including a significant market share
in the domestic credit segments, sufficient capital levels with a
tangible common equity (TCE) to risk-weighted assets ratio of 14.7%
as of September 2024, and substantial liquidity reserves, with
liquid assets constituting 52% of tangible assets as of the same
date, further supported by steady access to core deposits. In
addition, Moody's expect the bank's recent acquisition of HSBC Bank
Argentina S.A. will further consolidate the entity's market
position in the country and provide synergies in terms of cost
structures, while the impact on capitalization will be manageable.
Notwithstanding the recent improvement, the weak credit profile of
the sovereign and the overall operating environment remain the
primary challenges to Galicia's creditworthiness.
The upgrade of Galicia's foreign-currency subordinate debt rating
to Caa3 from Ca follows the similar upgrade of the bank's BCA.
-- BANCO MACRO
The upgrade of Macro's BCA to caa3 from ca reflects: (1) the
upgrade of the Argentinean sovereign rating, as the bank's BCA is
constrained by the sovereign rating due to the high correlation of
the bank's creditworthiness to that of the government, which
ultimately links and constrains its BCA to the same level as the
country's sovereign rating; and (2) the bank's inherent credit
strengths, which have shown resilience through Argentina's
challenging economic cycles, including ample and above peers
capitalization with a TCE ration of 22.1% as of September 2024,
ample liquidity levels, its favorable funding profile based on an
inexpensive and highly granular deposit base, driven by its role as
a financial agent for many Argentine provinces. Notwithstanding the
recent improvement, the weak credit profile of the sovereign and
the overall operating environment remain the primary challenges to
Macro's creditworthiness.
The upgrade of Macro's foreign-currency subordinate debt rating to
Caa3 from Ca follows the similar upgrade of the bank's BCA.
-- BANCO SANTANDER ARGENTINA
The upgrade of Santander Argentina's BCA to caa3 from ca and
adjusted BCA to caa2 from caa3 reflects: (1) the upgrade of the
Argentinean sovereign rating, as the bank's BCA is constrained by
the sovereign rating due to the high correlation of the bank's
creditworthiness to that of the government, which ultimately links
and constrains its BCA to the same level as the country's sovereign
rating; (2) Moody's unchanged assumption of a moderate probability
of affiliate support from Banco Santander, S.A. (Spain) (A2
positive, baa1), resulting in one notch of uplift to an Adjusted
BCA of caa2; and (3) the bank's fundamental credit strengths, which
have remained robust despite Argentina's challenging economic
environment. These strengths include a substantial market share in
the domestic credit market, solid capitalization with a TCE ratio
of 16.8% as of September 2024, and strong liquidity with liquid
assets comprising 48% of tangible assets as of the same date. The
bank's exposure to Argentinean sovereign securities is high,
although it has been lower than peers in recent years, at close to
1x its TCE as of September 2024.
Notwithstanding the recent improvement, the weak credit profile of
the sovereign and the overall operating environment remain the
primary challenges to Santander Argentina's creditworthiness.
-- BANCO HIPOTECARIO
The upgrade of Hipotecario's BCA to caa3 from ca reflects: (1) the
upgrade of the Argentine sovereign rating, as the bank's BCA was
constrained by the sovereign rating due to the high correlation of
the bank's creditworthiness to that of the government, which
ultimately links and constrains its BCA to the same level as the
country's sovereign rating; and (2) the bank's inherent credit
strengths, which have shown improvements in recent years despite
Argentina's challenging economic conditions, including a recovery
on its asset quality metrics after reporting well above-peers NPLs
between 2017 and 2023, with sound profitability -net income was an
annualized 2.3% of tangible assets as of September 2024- and
adequate capital and liquidity buffers.
In turn, Hipotecario's Caa3 long-term deposit and senior unsecured
debt ratings are now aligned with the sovereign ratings, and
reflect its weaker standalone profile compared to the other local
rated peers, including the bank's higher reliance on wholesale
funding, as well as the bank's higher exposure to sovereign debt.
In September 2024, the exposure to sovereign debt represented 3.2x
Hipotecario's tangible common equity, compared to an average of
1.1x reported by the other three rated banks.
-- OUTLOOKS
The stable ratings outlook on Galicia, Macro and Santander
Argentina reflects Moody's view that the expected performance of
the bank's financial fundamentals over the next 12-18 months is
appropriately captured in the bank's current deposit and debt
(where available) ratings. An eventual upgrade of the sovereign
rating would not necessarily lead to an upgrade of these banks'
ratings given that they are currently rated above the sovereign,
despite the positive pressure on their BCAs and adjusted BCAs.
For Hipotecario, its deposit and debt ratings have a positive
outlook, that follows the positive outlook on the government
rating. This positive outlook reflects Moody's view that, if the
sovereign rating was upgraded, there would be positive pressure on
Hipotecario's caa3 BCA, and Caa3 long-term deposits and debt
ratings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward movement on these banks' ratings would be dependent on a
multi-notch upgrade of the Government of Argentina's Caa3 sovereign
rating, which currently has a positive outlook, provided that the
entities' main credit metrics remained stable or improve. In turn,
an upgrade of the sovereign, even if it were by one-notch, would
exert positive pressure on these banks' BCAs.
Negative pressures on these banks' ratings could arise from a
downgrade of the Argentinean sovereign rating, by an unexpected
deterioration in the country's operating environment for banks, or
a deterioration of the financial institutions' financial
fundamentals.
LIST OF AFFECTED RATINGS
Issuer: Banco Macro S.A.
Upgrades:
Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca
Baseline Credit Assessment, Upgraded to caa3 from ca
Subordinate (Foreign Currency), Upgraded to Caa3 from Ca
Affirmations:
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Counterparty Risk Assessment, Affirmed Caa2(cr)
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Counterparty Risk Rating (Foreign Currency), Affirmed Caa2
LT Counterparty Risk Rating (Local Currency), Affirmed Caa2
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Caa2
Senior Unsecured Medium-Term Note Program (Local Currency),
Affirmed (P)Caa2
LT Bank Deposits (Foreign Currency), Affirmed Caa2 STA
LT Bank Deposits (Local Currency), Affirmed Caa2 STA
Outlook Actions:
Outlook, Remains Stable
Issuer: Banco de Galicia y Buenos Aires S.A.U.
Upgrades:
Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca
Baseline Credit Assessment, Upgraded to caa3 from ca
Subordinate (Foreign Currency), Upgraded to Caa3 from Ca
Affirmations:
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Counterparty Risk Assessment, Affirmed Caa2(cr)
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Counterparty Risk Rating (Foreign Currency), Affirmed Caa2
LT Counterparty Risk Rating (Local Currency), Affirmed Caa2
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Caa2
Senior Unsecured Medium-Term Note Program (Local Currency),
Affirmed (P)Caa2
Senior Unsecured (Foreign Currency), Affirmed Caa2 STA
LT Bank Deposits (Foreign Currency), Affirmed Caa2 STA
LT Bank Deposits (Local Currency), Affirmed Caa2 STA
Outlook Actions:
Outlook, Remains Stable
Issuer: Banco Hipotecario S.A.
Upgrades:
Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca
Baseline Credit Assessment, Upgraded to caa3 from ca
Affirmations:
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Counterparty Risk Assessment, Affirmed Caa3(cr)
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Counterparty Risk Rating (Foreign Currency), Affirmed Caa3
LT Counterparty Risk Rating (Local Currency), Affirmed Caa3
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
Senior Unsecured (Foreign Currency), Affirmed Caa3 POS from STA
LT Bank Deposits (Foreign Currency), Affirmed Caa3 POS from STA
LT Bank Deposits (Local Currency), Affirmed Caa3 POS from STA
Outlook Actions:
Outlook, Changed to Positive from Stable
Issuer: Banco Santander Argentina S.A.
Upgrades:
Adjusted Baseline Credit Assessment, Upgraded to caa2 from caa3
Baseline Credit Assessment, Upgraded to caa3 from ca
Affirmations:
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Counterparty Risk Assessment, Affirmed Caa1(cr)
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Counterparty Risk Rating (Foreign Currency), Affirmed Caa1
LT Counterparty Risk Rating (Local Currency), Affirmed Caa1
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Bank Deposits (Foreign Currency), Affirmed Caa1 STA
LT Bank Deposits (Local Currency), Affirmed Caa1 STA
Outlook Actions:
Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published
in November 2024.
===========
B R A Z I L
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AZUL SA: S&P Cuts ICRs to 'SD' Following Distressed Debt Exchange
-----------------------------------------------------------------
S&P Global Ratings lowered its global and national scale issuer
credit ratings on Brazilian airline Azul S.A. to 'SD' (selective
default) from 'CC' and 'brCC', respectively. S&P also affirmed our
issue rating on the 2026 senior unsecured notes at 'CCC-' because
these aren't part of the exchange.
S&P will evaluate the company's new capital structure and will
likely raise the ratings in the next couple of days.
On Jan. 28, 2025, the company announced the settlement of the
exchange of 99.7% of its 2028 first priority senior secured notes,
98.02% of its 2029 senior secured notes, and 94.4% of its 2030
senior secured notes. The notes are being exchanged for new
first-lien senior secured 11.9% notes due 2028, new second-lien
11.5% notes due 2029, and 10.875% notes due 2030, respectively,
which include indenture amendments.
S&P views these transactions as distressed rather than
opportunistic since -- absent the exchanges - -a conventional
default or bankruptcy filing would have been a possibility due to
the company's tight liquidity before the restructuring and
challenging financial market conditions.
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, holders that did not participate in the
exchange offers and consent solicitations would remain with
existing 2028, 2029, and 2030 notes, but these will become
unsecured. Finally, the new 2029 and 2030 notes also contemplate a
conversion into equity in stages and dependent on specific
milestones.
S&P believes the company improved its liquidity position and
reduced short-term refinancing risks through the issuance of the
new superiority notes. These notes will immediately provide an
additional $350 million (on top of the $150 million already
received in 2024 through bridge notes).
Additionally, the exchanges provide for conversion into equity of a
portion of the new 2029 and 2030 notes in the short term, which
adds to the conversion of about Brazilian real (R$) 3.4 billion of
leases. At the same time, Azul has negotiated with lessors and
original equipment manufacturers to bring additional savings and
improve cash flows.
However, S&P expects leverage to remain high and free operating
cash flow after lease payments to remain tight in a scenario of a
more depreciated Brazilian real, which could add volatility to
results.
BRAZIL: Sticks to Jumbo Rate Hike
---------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
central bank lifted its interest rate by a full percentage point
for the second meeting and said the board will do the same at the
next decision while leaving their policy options against inflation
open thereafter.
Policymakers raised the benchmark Selic to 13.25% in an unanimous
vote, as expected by all economists surveyed by Bloomberg and a
vast majority of traders in the options market, according to
globalinsolvency.com.
The monetary authority has increased borrowing costs by 2.75
percentage points since September, the report notes.
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.
In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook. 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.
JBS SA: Breaks Into the Egg Business
------------------------------------
Sarah Zimmerman at agriculturedive.com reports that world's largest
meat company JBS plans to crack into the egg industry through a
merger with a major South American producer.
JBS said that it acquired a 50% stake in Mantiqueira Brasil, one of
the largest producers in South America with an output of 4 billion
eggs per year, according to agriculturedive.com. Control of the
company will be shared with Mantiqueira founder Leandro Pinto, the
report notes.
The meatpacker said the deal allows it to diversify its portfolio,
which has grown to include seafood and alternative proteins in
recent years, the report relays. For Mantiqueira, the merger
represents an opportunity to enter new markets and become a
"significant competitor abroad," the report discloses.
JBS is entering the egg market as prices in the U.S. soar due to
widespread bird flu outbreaks that have limited the supply, the
report discloses. Cal-Maine Foods and other egg producers have
commanded significant profits as demand continues to outpace supply
even amid higher prices, agriculturedive.com says.
"Egg consumption worldwide has shown consistent growth," JBS Global
CEO Gilberto Tomazoni said in a statement, adding that the
investment in Mantiqueira "aligns with our long-term strategy,
which includes diversifying our portfolio by entering new protein
segments," the report relays.
Recently JBS has looked to expand its market share across protein
categories with mixed success. The company shut down its U.S.
plant-based protein brand Planterra in 2022, just two years after
launching, agriculturedive.com discloses.
Despite the shutdown of Planterra, JBS hasn't given up on investing
in sectors beyond traditional meats like beef, chicken and poultry,
the report relays. The meatpacker last summer said it would invest
$110 million Australian dollars — or roughly $73 million at the
time of the announcement — into its salmon farming business in
Australia, the report relays.
JBS also is exploring opportunities in cultivated meat, the report
says. In late 2023, the company began construction on the world's
largest lab-grown meat plant in San Sebastián, Spain, the report
notes.
The deal with Mantiqueira represents an area of opportunity to
enter a market with consistently strong demand, the report notes.
Economists have long considered demand for eggs, a staple in
American diets, to be "inelastic," meaning consumers will continue
to buy despite swings in prices, the report says.
Mantiqueira operates plants in six Brazilian states and employs
3,000 workers, according to the announcement, the report discloses.
In addition to its namesake brand, Mantiqueira also owns the
free-range egg line Happy Eggs and organic brand Fazenda da Toca,
the report says. Happy Eggs is unrelated to free range egg
producer Happy Egg Co. based in the U.S.
Combining with JBS gives Mantiqueria the chance to break into new
markets outside of Brazil, including the U.S., the report says.
Márcio Utsch, chief executive officer of Mantiqueira Brasil, told
Bloomberg it is prioritizing the U.S. market with hopes of
producing cage-free eggs, the report discloses. JBS' vast poultry
infrastructure as the world's largest chicken producer is expected
to help ease the transition into new markets, the report says.
"We are ready," Pinto said in a statement. "We are leaders in
Brazil, and with JBS's support, we will gain greater access to
market opportunities and acquire the necessary expertise to become
a significant competitor abroad," the report adds.
About JBS SA
JBS S.A. is a Brazilian company that is a large meat processing
enterprise, producing factory processed beef, chicken, salmon,
pork, and also selling by-products from the processing of these
meats. It is headquartered in Sao Paulo. It was founded in 1953
in Anapolis, Goias.
As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.
STATE OF MINAS GERAIS: S&P Alters Outlook on CCC+ Rating to Pos.
----------------------------------------------------------------
S&P Global Ratings, on Jan. 27, 2025, revised its outlook on the
State of Minas Gerais to positive from stable. At the same time,
S&P affirmed its 'CCC+' global scale and 'brBB' national scale
ratings on the state.
Outlook
S&P said, "The positive outlook on Minas Gerais reflects our
expectation that it will continue to receive substantial debt
relief from the federal government while its finances gradually
improve. Our view is supported by its recent formal inclusion in
the FRR, which strengthens the legal continuity of debt relief and
demonstrates Minas Gerais' commitment to enhance its fiscal
profile."
Upside scenario
S&P could upgrade the State of Minas Gerais in the next 12 months
if it begins to establish a track record of fiscal consolidation in
line with the program, while benefiting from debt relief. Such
measures would bolster prospects for improving its fiscal profile
and capacity to repay creditors.
Downside scenario
S&P could lower its ratings on the State of Minas Gerais in the
next 12 months if it stops receiving debt relief from the central
government, which would likely happen if it fails to comply with
necessary measures under the FRR to balance its finances.
Rationale
On Jan. 6, 2025, the State of Minas Gerais formally joined the FRR.
The ratification of the program by the central government followed
a prior judicial decision to waive the approval of the state's FRR
plan by the local legislative and implementation of a spending
ceiling through a decree by the state's executive branch. The
spending ceiling stipulates that expenditure growth should not
surpass inflation, and that any slippage should be absorbed by the
executive branch if other powers don't comply.
Strengthened by formal participation in the FRR, continuity of debt
relief is key for the state to avoid a default. Under the FRR--in
effect until 2033--Brazil's central government is responsible for
repaying all debt installments owed by the state. The FRR also
states that the central government must honor the debt installments
at their due dates, to be reimbursed or incorporated in the state's
intergovernmental debt stock according to the program's terms.
Despite expected timely repayments of debt for the next 12 months,
the state's fiscal profile is still challenging. This is reflected
in S&P's 'CCC+' rating. As debt service rises in the coming
years--Brazilian real (R$) 5 billion in 2025, R$7 billion in 2026,
and R$9 billion in 2027--it will weigh on Minas Gerais' cash flow
and liquidity.
Moreover, access to new borrowings is limited to financing for
technical assistance that supports fiscal consolidation. S&P said,
"We expect accounts payable and unfulfilled budgetary commitments
to widen as a source for financing over the next several years as
debt servicing increases. Debt is high, at around 195% of operating
revenues in 2025-2027. In addition, the state operates under an
institutional framework that we assess as volatile and unbalanced,
with rigidities that prevent the structural balancing of LRGs'
finances."
Maintaining fiscal correction measures is paramount to accommodate
rising debt service under the FRR alongside other spending
pressures. Establishing some track record of compliance with the
FRR goals would improve visibility on the effects of fiscal
consolidation measures over time, which is key for strengthening
creditworthiness.
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; CreditWatch/Outlook Action
To From
Minas Gerais (State of)
Issuer Credit Rating CCC+/Positive/-- CCC+/Stable/--
Brazil National Scale brBB/Positive/-- brBB/Stable/--
=========
C H I L E
=========
CHILE: Holds Interest Rate at 5% in First Easing Pause Since July
-----------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Chile's
central bank paused its cycle of interest rate cuts and left all
options on the table for future borrowing cost adjustments, citing
heightened uncertainty as well as domestic and global inflation
risks.
Policymakers led by Rosanna Costa voted unanimously to keep
borrowing costs at 5% late, as expected by all analysts in a
Bloomberg survey, according to globalinsolvency.com.
In an accompanying statement, board members wrote that a weaker
peso, higher labor costs and an increase in electricity tariffs are
driving inflation dynamics, the report relays.
=============
J A M A I C A
=============
JAMAICA: BOJ Accepts 255 Bids for $39BB Certificate of Deposit
--------------------------------------------------------------
RJR News reports that the Bank of Jamaica says 326 bids valued at
$62.43 billion were submitted for the $39 billion it wanted to take
out of circulation with a 6.25% per annum fixed rate Certificate of
Deposit.
The instrument was floated as part of the central bank's efforts to
contain inflation and defend the dollar, according to RJR News.
The central bank also says it accepted only 255 bids valued at $39
billion, the report notes.
The average yield was 5.99%, the report relays.
The lowest bid submitted was for $200 million at 5.49%, while the
highest bid was for $50 million at 7.98%, the report adds.
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.
JAMAICA: Trade Deficit Narrowed for January to September 2024
-------------------------------------------------------------
RJR News reports that the trade deficit in Jamaica narrowed in the
first nine months of last year when compared with the previous
year.
Both imports and exports registered declines but the decline in
imports was greater than the drop in exports, according to RJR
News.
Imports for the period amounted to US$5.52 billion, reflecting a
4.2?cline compared to the US$5.76 billion recorded in the similar
period in 2023, the report notes.
The Statistical Institute of Jamaica (STATIN) says the reduction
was primarily driven by lower imports of Raw Materials/Intermediate
Goods at 12.4% and Fuels and Lubricants, which declined by 6.3%,
the report relays.
Meanwhile, total exports for the nine-month period stood at 1.36
billion US dollars, representing a 10.8?crease from the 1.52
billion US earned in the corresponding period of 2023, the report
discloses.
This decline was largely attributed to a 57.8% drop in re-exports,
which totaled 150.9 million US during the review period, the report
adds.
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.
===============
X X X X X X X X
===============
[] BOND PRICING: For the Week from Jan. 27 to Jan. 31, 2025
-----------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
----------- --- ----- -------- ----- ----
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 2025. All rights reserved. ISSN 1529-2746.
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contact Peter A. Chapman at 215-945-7000.
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