/raid1/www/Hosts/bankrupt/TCRLA_Public/250210.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 10, 2025, Vol. 26, No. 29
Headlines
A R G E N T I N A
ARGENTINA: Milei Sets 2026 Target for Removal of Currency Controls
ARGENTINA: Milei to Target State Bodies With 'Mega Decree'
B A H A M A S
BAHAMAS: Economy Expects to Grow at Slower Pace in 2025
B R A Z I L
AZUL SA: Fitch Hikes IDR to CCC on Post-Restructuring Risk Profile
BANCO INDUSTRIAL DO BRASIL: Fitch Assigns 'BB-' LongTerm IDRs
BANCO PAN: Fitch Affirms & Then Withdraws 'BB' LongTerm IDR
EMBRAER SA: Egan-Jones Hikes Senior Unsecured Ratings to 'B+'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Air Transport Taxes Impact Competitiveness
M E X I C O
MEXICO: Egan-Jones Retains 'B+' Senior Unsecured Ratings
P U E R T O R I C O
NEOLPHARMA INC: Seeks to Hire RSM Puerto Rico as Accountant
PRESTIGE PROPERTY: Hires Rodriguez Espola as Accountant
X X X X X X X X
[] BOND PRICING: For the Week from Feb. 2 to Feb. 7, 2025
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Milei Sets 2026 Target for Removal of Currency Controls
------------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei said in an
interview that by 2026, Argentina will no longer have currency
controls.
Milei said that Argentina's complicated web of foreign currency
controls, which have been in place since 2019 and limit access to
dollars, would be eradicated by the beginning of next year at the
latest, according to Buenos Aires Times.
He added that securing a new financing programme with the
International Monetary Fund (IMF), which is being negotiated and
could include fresh funds, could speed up the process, the report
notes.
"We, without the help of the fund, will lift the 'cepo' in 2026,"
he said, using the word used to refer to Argentina's byzantine
system of foreign exchange controls, the report relays.
"The first of January, 2026, the 'cepo' will not exist," repeated
Milei, the report says.
If there is a fresh disbursement of funds from the IMF, it could be
"done faster," the President told the LN+ news channel, the report
discloses.
Milei's government is seeking fresh funds to bolster Central Bank
reserves and facilitate the lifting of the currency controls, the
report notes.
It must also finish paying back outstanding debt from its
US$44-billion loan program, agreed in 2018 by former president
Mauricio Macri's government, the report discloses.
"We are working on moving forward with an agreement," said Milei.
"We have to see how the programme is structured, how the funds are
put in place, that will determine the exit from the cepo,' said
Milei, the report relays.
Milei's government successfully lowered inflation last year from
211.4 percent in 2023 to 117.8 percent in 2024, while recording its
first fiscal surplus in more than a decade, the report notes.
Economist Marina Dal Poggetto believes that Milei's economic
program depends on the cepo and its successful removal, the report
says.
"Capital controls are part of the current economic scheme. If the
objective is to guarantee the continuity of the disinflation
process . . . the plan requires supervising both the official and
the financial [exchange] markets," Dal Poggetto said in a separate
interview with LN+, 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.
ARGENTINA: Milei to Target State Bodies With 'Mega Decree'
----------------------------------------------------------
Buenos Aires Times reports that Argentina's government is working
round-the-clock to finalize the details of a new "mega-decree" that
will merge, restructure or shut down some 50 state bodies and
agencies.
The decree, the last part of President Javier Milei's "deep
chainsaw" plan of sweeping spending cuts, could be presented to the
public, a source within the Casa Rosada said, according to Buenos
Aires Times.
"We are working on it at the moment, so that in a few days we will
have it ready and we will present it," they added.
"We will probably present the decree," an "important source" in the
Presidency told Noticias Argentinas, the report notes.
The report relays that the source would tell the agency which
agencies would be targeted for restructure or shuttered, but added:
"We are working on it at the moment, so in a few days we will have
it ready and we will present it."
However, the new agency reported that several state bodies, firms
and organizations, including the National Mint, would face major
changes, the report notes.
Additional areas that could be closed, or are believed to be under
consideration for termination, include the Housing Secretariat, the
INCAA state film institute and state media outlets TV Pública and
Radio Nacional, the report discloses.
Milei trailed the move in a TV interview with the LN+ news channel.
Declaring that "the chainsaw continues," he said around 50 state
bodies are in the crosshairs, the report says.
"We are going against 50 state bodies," said the President, 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.
=============
B A H A M A S
=============
BAHAMAS: Economy Expects to Grow at Slower Pace in 2025
-------------------------------------------------------
RJR News reports that the Governor of the Central Bank of The
Bahamas, John Rolle, says based on preliminary data, the Bahamian
economy expanded at a healthy, but moderate pace in 2024, led by
the performance in tourism and continued foreign investments in the
sector.
Mr. Rolle said the economy is expected to continue to grow in 2025,
but possibly slower than the rates achieved in 2024, as the country
gets closer to its medium-term potential, which is still below two
per cent, according to RJR News.
As reported in the Troubled Company Reporter - Latin America, S&P
Global Ratings, on Sept. 25, 2024, affirmed its 'B+' long-term
foreign and local currency sovereign credit ratings on the
Commonwealth of The Bahamas. The outlook remains stable. S&P also
affirmed its 'B' short-term sovereign credit ratings.
===========
B R A Z I L
===========
AZUL SA: Fitch Hikes IDR to CCC on Post-Restructuring Risk Profile
------------------------------------------------------------------
Fitch Ratings has downgraded Azul S.A.'s (Azul) Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) to 'RD' from 'C',
following the conclusion of its exchange offer, which Fitch
considered a distressed debt exchange (DDE). Fitch has also
upgraded Azul's IDRs to 'CCC' from 'RD' to reflect its
post-restructuring risk profile.
Fitch has downgraded Azul Investments LLP's unsecured bonds to 'RD'
from 'C' with a Recovery Rating of 'RR6', Azul Secured Finance
LLP's secured bonds to 'RD' from 'C' with a Recovery Rating of
'RR4' and Azul's Long-Term National Scale rating to 'RD(bra)' from
'C(bra)'. Fitch has upgraded Azul's secured bonds to 'CCC'/'RR4'
from 'RD', unsecured bonds to 'CC'/'RR6' from 'RD' and Long-Term
National Scale rating to 'CCC(bra)' from 'RD(bra)'. Fitch has also
assigned Azul a Positive Rating Outlook.
The Positive Outlook reflects expectations of Azul's credit profile
strengthening in the short to medium term due to cash flow
improvements and potential liquidity events from its restructuring
plan. High leverage, limited financial flexibility and industry
risks remain rating constraints.
Key Rating Drivers
Debt Agreement Qualified as DDE: On Jan. 28, 2025, Azul announced
the conclusion of its broad refinancing agreement involving its
main creditors and suppliers, including the exchange offer for its
existing 2029 and 2030 notes. The total amount reached around
BRL5.4 billion, out total debt of BRL30.7 billion as of Sept. 30
2024.
Per its criteria, Fitch views this as a distressed debt exchange
(DDE). The deal was assessed to avoid default. Despite no immediate
debt haircut or maturity extension, bondholders who did not accept
the deal faced worse terms due to the larger secured debt profile
and lower returns from the equitization of part of the 2029 and
2030 notes. Azul also announced the completion of a USD500 million
super priority notes issuance, a precedent condition for the
restructuring deal.
Lessors and OEM Agreement: Azul reached commercial agreements with
lessors and OEMs totaling approximately USD557 million in exchange
for 94 million new AZUL4 preferred shares in a one-time issuance to
be completed in the first quarter of 2025. The process involves
extinguishing USD244 million of existing notes held by certain
lessors and OEMs and exchanging the remaining 2030 lessor/OEM notes
for new unsecured notes due in 2032, with an option to pay interest
in kind.
These agreements included a financing condition tied to ongoing
negotiations with bondholders and the ability to raise new debt.
According to Azul, this agreement will improve cash flow by
approximately USD300 million over 2025, 2026 and 2027.
Agreement with Bondholders: Azul secured a USD525 million
superpriority funding agreement with bondholders, including USD150
million provided in November 2024 that has been fully paid. This
involved equitizing USD785 million of new 2029 and 2030 notes into
preferred shares: 35.0% of the new exchange notes by April 30, 2025
and 12.5% upon completing an equity offering raising at least
USD200 million. The remaining 52.5% will be exchanged by April 30,
2025 into new exchangeable notes with 4.0% cash interest plus 6.0%
PIK.
Successful Restructuring to Improve Liquidity: Besides the new
USD525 million issuance, Azul is looking for an opportunity to
raise additional cash from a potential follow-on equity issuance
and other sources of liquidity. Fitch believes these events carry
high execution risk as they depend on market conditions and are not
entirely within management's control. Therefore, Fitch cannot
assume this as its base case scenario. Azul's ability to enhance
its liquidity profile and manageable refinancing risks in the short
to medium term could eventually further benefit its ratings.
Cash Flow Burn: Azul has been facing multiple challenges such as
BRL devaluation, approximately 10% revenue loss due to Rio Grande
do Sul flooding, and delays in receiving new aircraft, all of which
pressured its operating cash flow generation during 2024. These
factors, along with high interest, rental payments and capital
expenditures, result in recurring negative free cash flow. Fitch
estimates EBITDA for 2024 to be close to BRL6 billion and BRL7.2
billion in 2025. Lease rental, interest, and capex are projected to
total BRL7.3 billion in 2024 and BRL8 billion in 2025.
Effective Deleveraging Expected Late 2025: Azul's leverage is
expected to peak in 2024 and decline during 2025, reaching 4.5x by
2026, according to Fitch's estimates. The ongoing improvements in
EBITDA generation are expected to help restore its credit profile
in the medium term. Fitch's base-case scenario forecasts the
company's total and net adjusted leverage/EBITDAR ratios at around
6.2x and 6.0x, respectively, during 2024, declining to 5.0x and
4.7x, respectively, in 2025 and 4.7x and 4.5x, respectively, in
2026. Fitch calculates Azul's total debt at BRL37 billion by
year-end Dec. 31, 2024.
Potential Merger with GOL: The current rating scenarios do not
incorporate any consolidation movement. Azul has been vocal about
its strategy to consolidate the market and is considering a
potential transaction with GOL Linhas Aereas Inteligentes S.A.
(undergoing Chapter 11 proceedings in the U.S.). The final terms of
the deal and the pro forma capital structure of the combined entity
remain unclear. Once information is available Fitch will reassess
the impact on Azul's ratings post-merger.
Derivation Summary
Azul has a weaker position relative to global peers given its
limited geographic diversification, higher operating leverage and
weaker financial flexibility. In terms of regional peers, it has a
weaker position than LATAM Airlines Group S.A.(BB-/Positive) and
Avianca Group International Limited (B/Stable) in business
diversification, liquidity and financial flexibility. In contrast
to LATAM and Avianca, Azul has not completed a debt haircut as part
of its post-pandemic restructuring.
Azul's strong position in the Brazilian regional market and high
operating margins have been major rating drivers. FX risk is a
negative credit factor, considering its limited geographic
diversification; the company employs currency hedging, which only
partially mitigates this risk.
Fitch expects LATAM and Avianca to maintain gross leverage of about
2.5x and 3.5x, respectively, in the next two years, while Azul's
credit metrics should be around 4.5x in 2024. Azul's leasing and
interest burden and capex program significantly increase the risks
associated with funding its sizable negative FCF. Azul is expected
to report 1.3x of EBITDA coverage in 2024, while LATAM and Avianca
should be at 2.3x and 4.2x, respectively.
Azul also has weaker liquidity, with cash over LTM revenues at
about 10%-12%, compared to LATAM's 24% (including its revolving
facility) and Avianca's approximately 15%-20%. LATAM has a sizable
standby credit facility of USD1.1 billion.
Key Assumptions
- Fitch's base case during 2024 and 2025 includes an increase in
ASK by 6% and 11%, respectively, and in RPK of 6% and 10%,
respectively;
- Load factors around 80%-81% during 2024 and 2025;
- Adjusted EBITDAR margin of around 30%-32% in 2024 and 2025;
- Capex of BRL1.4 billion in 2024 and BRL2.0 billion in 2025;
- Total debt of around BRL37 billion in 2024.
Recovery Analysis
The recovery analysis assumes that Azul would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim.
Going Concern Approach
Azul's going concern EBITDA is BRL2.5 billion, which incorporates
the low end expectations of Azul's EBITDA post-pandemic, adjusted
by lease expenses, and a discount of 20%. The going concern EBITDA
estimate reflects its view of a sustainable, post-reorganization
EBITDA level on which Fitch bases the valuation of the company. The
enterprise value (EV)/EBITDA multiple applied is 5.5x, reflecting
Azul's strong market position in Brazil.
Fitch applies a waterfall analysis to the post-default EV, based on
the relative claims of the debt in the capital structure. The debt
waterfall assumptions consider the company's total debt as of Sept.
30, 2024. These assumptions result in a recovery rate for the first
lien secured bonds within the 'RR1' range and second lien secured
notes within the 'RR2' range. However, due to the soft cap of
Brazil at 'RR4', Azul's senior secured notes are rated at
'CCC'/'RR4'. For the unsecured notes, the recovery is in the 'RR6'
range, resulting in a rating of 'CC'/'RR6'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Liquidity deterioration and/or difficulties in continuing to
access credit lines;
- Gross and net leverage ratios consistently above 6.5x and 6.0x,
respectively;
- EBITDA fixed-charge coverage sustained at or below 1x;
- Competitive pressures leading to severe loss in market share or
yield deterioration;
- Aggressive growth strategy leading to consolidation movement
financed with debt.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Improved liquidity position and maintenance of well-spread debt
amortization profile with no major refinancing risks in the medium
term;
- EBITDAR fixed-charge coverage sustained at or above 1.1x;
- FCF generation above Fitch's base case expectations;
- Gross and net leverage consistently below 5.5x and 5.0x,
respectively;
- Continued solid rebound of Brazilian domestic air traffic.
Liquidity and Debt Structure
Azul's short-term maturities totaled BRL6.4 billion (BRL1.6 billion
of financial debt and BRL4.5 billion of leasing obligations) as of
Sept. 30, 2024. Azul's readily available cash, per Fitch's
criteria, declined to BRL1.1 billion from BRL1.9 billion at the end
of December 2023. According to Fitch's estimates, Azul would not be
able to generate enough cash flow and lacks sufficient liquidity to
fulfill those obligations without new money.
Total debt was BRL31.6 billion, and primarily consists of BRL14.3
billion of leasing obligations, BRL380 million of cross-border
senior unsecured notes due 2024, BRL176 million due 2026, BRL9.7
billion of secured issuances due 2028, 2029 and 2030, BRL2.3
billion of other loans and financing, BRL3.5 billion of lessors
equity/note, and BRL1.2 billion of convertible debentures.
Issuer Profile
Azul is one of Brazil's largest airlines, dominating the regional
market and serving as the sole carrier on 82% of its routes. In
2023, 93% of its revenues came from passengers, while 7% came from
cargo and other sources.
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 Recovery Prior
----------- ------ -------- -----
AZUL Investments
LLP
senior
unsecured LT RD Downgrade C
senior
unsecured LT CC Upgrade RR6
Azul S.A. LT IDR RD Downgrade C
LT IDR CCC Upgrade
LC LT IDR RD Downgrade C
LC LT IDR CCC Upgrade
Natl LT RD(bra) Downgrade C(bra)
Natl LT CCC(bra)Upgrade
Azul Secured
Finance LLP
senior secured LT RD Downgrade C
senior secured LT CCC Upgrade RR4
Senior Secured
2nd Lien LT RD Downgrade C
Senior Secured
2nd Lien LT CCC Upgrade RR4
BANCO INDUSTRIAL DO BRASIL: Fitch Assigns 'BB-' LongTerm IDRs
-------------------------------------------------------------
Fitch Ratings has published Banco Industrial do Brasil S.A.'s (BIB)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB-', Short-Term Foreign- and Local-Currency IDRs at 'B' and a
Viability Rating (VR) of 'bb-'. In addition, Fitch has published
BIB's 'no support' (ns) Government Support Rating (GSR). The Rating
Outlook for the Long-Term IDRs is Stable.
At the same time, Fitch has published the Long- and Short-Term
National Ratings of BIB at 'AA(bra)' and 'F1+(bra)', respectively.
The Rating Outlook for the Long-Term National Rating is Stable.
Key Rating Drivers
IDRs Driven by VR: BIB's IDRs are driven by its VR, which is in
line with implied VR. The rating reflects a niche business model
and risk profile that is driven by small and medium-sized
enterprise (SME) lending, but has a conservative lending approach,
resulting in a stable financial profile. However, the bank's small
franchise and limited pricing power compared with the larger
lenders and depositors in the market offset these strengths.
BIB's National Ratings reflect Fitch's assessment of the bank's
demonstrated stability in risk management, asset quality, and
earnings resilience compared with other Brazilian issuers, as
tested across multiple economic cycles.
Consistent and Simple Business Model: BIB's business profile score
of 'b+' is constrained, aligning with the implied factor category
of 'b' for banks of moderate size in terms of total operating
income (TOI) and business diversification. The bank's with a
four-year average TOI was $58 million. At the end of 3Q24, BIB
reported gross loans of $932 million (BRL5.1 billion), primarily
from SME and payroll lending. Close borrower relationships and a
capable, stable management team offer moderate competitive
advantages, partially compensating for its limited franchise.
Prudent Lending Practices: BIB's risk profile is particularly
sensitive to its exposure to SME borrowers (around 83% of loans at
the end of 3Q24), which are more susceptible to economic cycles.
However, Fitch assesses BIB's risk profile as 'bb'. This rating is
two notches higher than the business profile score, reflecting the
company's prudent loan-to-value ratios and risk controls.
These factors result in above-average credit stability and lower
credit losses than closest peers, even in challenging operating
environments. The bank's market risk management is commensurate
with its size.
Stable Loan Performance: BIB's asset quality metrics outperform its
peers, with minimal losses across the cycles, supporting its 'bb'
asset quality rating. The impaired loan ratio rose to 3.2% at the
end of 3Q24 from 2.5% at the end of 4Q23, due to some one-off
inflows related to industry-wide exposures and modest loan growth.
Despite the increase, the ratio remains aligned with the industry
average. Fitch expects the ratio to gradually return to historical
levels of around 2.5% once these are written off, given the bank's
relatively low proportion of moderate-risk borrowers.
Notably, 90-day NPLs remain below 2%, well below the SME lending
sector average of 4.5%. Loan loss reserve coverage of impaired
loans (54.7% at the end of 3Q24) is adequate, given the loan
collateralization and loan mix, supporting its view. Loan
collateralization exceeds loan values, covering about 117% of gross
loans, while the bank's secured exposure in payroll lending
provides some risk diversification.
Resilient Profitability: BIB's lean cost structure and stable asset
quality are key earnings drivers, supporting its profitability
factor score of 'bb-'. Revenue streams are less diversified than
larger domestic banks due to reliance on net interest income (NII,
94% in 2023), and constrain the assessment at the current level.
However, profitability ratios have been less volatile over interest
rate cycles compared with that of its peers. BIB's four-year
average operating profit/risk-weighted assets (RWA) of 2.3%
compares favorably with its peer group and Fitch expects it to
remain broadly stable over 2025. Credit losses and default rates
are expected to remain manageable.
Appropriate Capital Buffers: The Common Equity Tier 1 (CET1) to RWA
ratio was 13.8% at the end of 3Q24, providing adequate buffers
above regulatory requirements and compares well with similarly
rated peers. Reflecting adequate internal capital generation and
lower balance sheet expansion, the core ratio improved from 12.7%
at the end of 4Q23.
The issuance of Tier 2 debt in 2023 in the form of subordinated
debt, which is included in BIB's total regulatory capital ratio of
18.0%, provides greater capital flexibility and also supports its
'bb-' assessment of BIB's capitalization and leverage. Its
assessment of BIB's capital also considers the bank's low capital
base, which makes it more vulnerable to event risk.
Adequate Liquidity but Concentrated Funding Base: Fitch assesses
BIB's Funding & Liquidity as 'bb-', primarily to reflect
conservative liquidity management and the moderate improvements in
its funding structure. These enhancements have resulted in better
market access. However, the bank's funding franchise remains less
developed than larger Fitch-rated peers, and some single-name
concentration risks persist.
BIB's funding structure is concentrated, with the top 20 depositors
representing 55% of total deposits as of 3Q24 (around 39% excluding
brokerage platforms). The bank maintains high-quality liquid assets
at around 1.2 times its equity and 19% of deposits in 3Q24. This
strong liquidity position is benefits from effective
asset-liability management and the short-term profile of SME
lending receivables with an average duration of about 248 days.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The VR could be downgraded if BIB's financial profile materially
weakens. This would require a durable contraction of its operating
profit/RWAs and CET1 ratios to below 1.25% and 10%, respectively,
combined with material deterioration of asset quality metrics;
- The National Ratings are sensitive to a weakening of the bank's
or group's creditworthiness relative to other Brazilian issuers.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upgrade could occur in the long term if the bank strengthens
its the market position in its core businesses, leading to a
substantial improvement in its TOI, and increases diversification
in its funding base.
- The National Ratings are sensitive to a change of the bank's
creditworthiness relative to other Brazilian issuers.
Government Support Rating
The BIB´s GSR of "No Support" (ns) indicates that there is no
reasonable expectation of support being provided by the
government.
Government Support Rating
BIB's GSR of 'ns' is sensitive to changes in Fitch's assessment
about the ability and/or propensity of the sovereign to provide
timely support to the bank, and would only be likely to occur with
a significant increase in the bank's systemic importance.
Date of Relevant Committee
14 January 2025
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
----------- ------ -----
Banco Industrial
do Brasil S.A. LT IDR BB- Publish WD
ST IDR B Publish WD
LC LT IDR BB- Publish WD
LC ST IDR B Publish WD
Natl LT AA(bra) Publish WD(bra)
Natl ST F1+(bra)Publish WD(bra)
Viability bb- Publish WD
Government Support ns Publish
BANCO PAN: Fitch Affirms & Then Withdraws 'BB' LongTerm IDR
-----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Banco Pan's (PAN)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB', Short-Term Foreign and Local Currency IDRs at 'B',
Viability Rating at 'bb-', National Long-Term Rating at 'AAA(bra)',
National Short-Term Rating at 'F1+(bra)' and Shareholder Support
Rating (SSR) at 'bb'. At the time of withdrawal, the Long-Term IDRs
had a Positive Outlook and the National Long-Term Rating had a
Stable Outlook.
Fitch has withdrawn the ratings of Banco Pan for commercial reasons
and will, therefore, no longer conduct analytical coverage or
provide ratings for the bank.
Key Rating Drivers
Support-Driven Ratings: PAN's IDRs and National Ratings were driven
by its 'bb' Shareholder Support Rating, reflecting a high
probability of support from its shareholder Banco BTG Pactual S.A.
(BTG; BB/Positive), if needed. Fitch believes BTG has strong
incentives to support PAN because it is a strategic part of the
group's consumer finance activities in Brazil. PAN falls within
BTG's regulatory perimeter, enhancing funding and capital
fungibility within the group.
At the time of the withdrawal, the Positive Outlook on the IDRs
mirrored that of BTG Pactual, which Fitch continues to rate and
monitor. For further details on Fitch's analysis on PAN please see
"Fitch Revises Banco Pan's Outlook to Positive; Affirms IDRs at
BB," published Jan. 10, 2025.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Negative rating sensitivities are not applicable as the ratings
have been withdrawn.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Positive rating sensitivities are not applicable as the ratings
have been withdrawn.
Public Ratings with Credit Linkage to other ratings
PAN's ratings are driven by BTG's ratings.
ESG Considerations
Following the withdrawal of the ratings for Banco Pan, Fitch will
no longer provide the associated ESG scores.
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
----------- ------ -----
Banco PAN S.A. LT IDR BB Affirmed BB
LT IDR WD Withdrawn
ST IDR B Affirmed B
ST IDR WD Withdrawn
LC LT IDR BB Affirmed BB
LC LT IDR WD Withdrawn
LC ST IDR B Affirmed B
LC ST IDR WD Withdrawn
Natl LT AAA(bra)Affirmed AAA(bra)
Natl LT WD(bra) Withdrawn
Natl ST F1+(bra)Affirmed F1+(bra)
Natl ST WD(bra) Withdrawn
Viability bb- Affirmed bb-
Viability WD Withdrawn
Shareholder Support bb Affirmed bb
Shareholder Support WD Withdrawn
EMBRAER SA: Egan-Jones Hikes Senior Unsecured Ratings to 'B+'
-------------------------------------------------------------
Egan-Jones Ratings Company on January 3, 2025, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Embraer SA to B+ from B. EJR also withdrew the rating on
commercial paper issued by the Company.
Headquartered in São José dos Campos, State of São Paulo,
Brazil, Embraer SA manufactures and markets commercial, corporate,
and defense aircraft.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Air Transport Taxes Impact Competitiveness
--------------------------------------------------------------
Dominican Today reports that the Dominican Republic's air transport
sector faces high tax costs compared to other countries in Latin
America and the Caribbean, affecting its competitiveness. According
to the Regional Center for Sustainable Economic Strategies (CREES),
the country ranks 16th out of 20 in the "Air Transport
Competitiveness Index," particularly due to high ticket sales taxes
(18% ITBIS) and arrival fees, the report notes.
Despite ranking third in low airport usage rates, the nation falls
behind in other key taxation areas, according to Dominican Today.
CREES emphasized that these costs not only impact tourism - one of
the country's economic pillars - but also make air travel more
expensive for all passengers, limiting accessibility and
international connectivity, the report relays.
Experts argue that reducing taxes and fees could attract more
visitors and investments while strengthening the country's position
as a regional air hub, the report notes. Given the sensitivity of
the air market to costs, even small adjustments could significantly
boost demand, benefiting tourism and strategic economic sectors,
the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
===========
M E X I C O
===========
MEXICO: Egan-Jones Retains 'B+' Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on January 15, 2025, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by United Mexican States or Mexico. EJR also withdrew
the rating on commercial paper issued by the Company.
=====================
P U E R T O R I C O
=====================
NEOLPHARMA INC: Seeks to Hire RSM Puerto Rico as Accountant
-----------------------------------------------------------
Neolpharma, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ RSM Puerto Rico as
accountant.
The firm will provide these services:
(a) prepare or review of bankruptcy court required monthly
operating reports;
(b) reconcile proof of claims;
(c) prepare or review the Debtor's projections;
(d) analyze profitability of the Debtor's operations;
(e) assist in the development or review of plan of
reorganization or disclosure statement;
(f) consult strategic alternatives and developments of
business plan; and
(g) perform any other consulting and expert witness services
relating to various bankruptcy matters.
The firm will be paid at these hourly rates:
Doris Barroso Vicens, Partner $255
Partners $200 - $300
Managers $150 - $185
Seniors $75 - $90
Staff $65 - $75
In addition, the firm will seek reimbursement to expenses
incurred.
The firm requires a $10,000 retainer from the Debtor.
Ms. Barroso Vicens disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Doris Barroso Vicens, CPA
RSM Puerto Rico
P.O. Box 10528
San Juan, PR 00922
Telephone: (787) 751-6164
Facsimile: (787) 759-7479
About Neolpharma Inc.
Neolpharma Inc. is a privately-held company that specializes in the
manufacturing of pharmaceutical products.
Neolpharma Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No.: 25-00188) on January 22,
2025. In its petition, the Debtor reports total assets of
$29,049,165 and total liabilities of $21,068,886.
The Debtor tapped Carmen D. Conde Torres, Esq., at C. Conde &
Assoc. as counsel and RSM Puerto Rico as accountant.
PRESTIGE PROPERTY: Hires Rodriguez Espola as Accountant
-------------------------------------------------------
Prestige Property Group Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Rodriguez Espola (RELLC), LLC as accountant.
The firm will provide these services:
a. review of accounting records for preparation of month and
year end accounting and financial reports;
b. preparation of monthly reconciliations of all bank accounts;
c. accumulation of payroll transactions to produce quarterly and
annual payroll tax returns; and
d. preparation of liquidation analysis, financial projections,
claim reconciliation and related financial documents as support for
a Plan of Reorganization.
The firm will be paid at the rate of $500 per month.
Jerry Rodriquez Espola, a partner at Rodriguez Espola (RELLC), LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jerry Rodriquez Espola
Rodriguez Espola (RELLC), LLC
PO Box 194144
San Juan, PR 00919-4144
About Prestige Property Group Inc.
Prestige Property Group Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 24-04852) on Nov. 8, 2024, listing $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.
Jose M Prieto Carballo, Esq. at JPC LAW OFFICES represents the
Debtor as counsel.
===============
X X X X X X X X
===============
[] BOND PRICING: For the Week from Feb. 2 to Feb. 7, 2025
---------------------------------------------------------
Argentina Bonar Bonds 1 43.3 7/9/2029 AR USD
Argentina Treasury Bond 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Te 15.5 39.7 10/17/2026 AR ARS
Argentine Gov't Int'l 1 46.4 7/9/2029 AR USD
Argentine Gov't Int'l 0.5 41.4 7/9/2029 AR EUR
Argentine Gov't Int'l 0.1 42 7/9/2030 AR EUR
Ascent Finance 1.2 61.6 7/12/2047 KY EUR
Ascent Finance 3.8 67 6/28/2047 KY AUD
Ascent Finance 3.4 65.7 2/6/2043 KY AUD
Astra Cumulative 2019 1.5 62 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 70 5/12/2028 KY USD
AYC Finance 3.9 62.2 KY USD
Banco Davivienda SA 6.7 64.1 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 3.6 75.7 11/18/2039 CL AUD
Banco de Chile 3.5 75.4 9/5/2039 CL AUD
Banco de Chile 2.7 74.7 3/9/2035 CL AUD
Banco del Estado de Ch 3.1 70.5 2/21/2040 CL AUD
Banco del Estado de Ch 2.8 67 3/13/2040 CL AUD
Banco Nacional de Pana 2.5 74.7 8/11/2030 PA USD
Banco Santander Chile 3.1 70.6 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.5 11/29/2034 CL EUR
Banda de Couro Energe 8 54.4 1/15/2027 BR BRL
Baraunas II Energeti 8 12.4 1/15/2027 BR BRL
Bishopsgate Asset Fi 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov't Int'l 4.5 55.6 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
Bolivian Gov't Int'l 4.5 55.8 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
BOPREAL 5 64.7 10/31/2027 AR USD
BOPREAL 3 60.9 5/31/2026 AR USD
Brazilian Gov't Int'l4.8 73.8 1/14/2050 BR USD
BRF SA 5.8 73.5 9/21/2050 BR USD
BRF SA 5.8 73.6 9/21/2050 BR USD
Camposol SA 6 72.1 2/3/2027 PE USD
Camposol SA 6 72.5 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.6 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.1 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 8.7 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
Chile Gov't Int'l Bond 3.5 72.6 1/25/2050 CL USD
Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD
Chile Gov't Int'l Bond 3.1 62.7 1/22/2061 CL USD
Chile Gov't Int'l Bond 3.5 72.1 4/15/2053 CL USD
Chile Gov't Int'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov't Int'l Bond 1.3 54 1/22/2051 CL EUR
Chile Gov't Int'l Bond 3.3 62.8 9/21/2071 CL USD
Chile Gov't Int'l Bond 1.3 74.2 7/26/2036 CL EUR
China Overseas Cayman 3.1 75.1 3/2/2035 KY USD
China Yuhua Education 0.9 65.8 12/27/2024 KY HKD
CK Hutchison Int'l 19 3.4 74 9/6/2049 KY USD
CK Hutchison Int'l 19 3.4 73.9 9/6/2049 KY USD
CK Hutchison Int'l 20 3.4 73.7 5/8/2050 KY USD
CK Hutchison Int'l 20 3.4 73.8 5/8/2050 KY USD
Colombia Gov't Int'l 3.9 2/15/2061 CO USD
Colombia Gov't Int'l 4.1 61.6 5/15/2051 CO USD
Colombia Gov't Int'l 5.2 72.9 5/15/2049 CO USD
Colombia Gov't Int'l 4.1 67 2/22/2042 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 5 72 6/15/2045 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Telecom 5 66.9 7/17/2030 CO USD
Colombia Telecom 5 67 7/17/2030 CO USD
Colombian TES 7.3 71.6 10/26/2050 CO COP
Colombian TES 6.3 73.4 7/9/2036 CO COP
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.6 74 7/22/2039 CL AUD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Dibens Leasing S/A 10.9 30.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 34.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 29.2 3/1/2035 BR BRL
Earls Eight 1.7 72 6/20/2032 KY AUD
Earls Eight 0.1 64.2 12/20/2031 KY AUD
Ecopetrol SA 5.9 74.2 5/28/2045 CO USD
Ecopetrol SA 5.9 70.7 11/2/2051 CO USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 72.9 9/21/2034 SV USD
El Salvador Gov't Int 7.6 73.3 2/1/2041 SV USD
El Salvador Gov't Int 5.9 65.1 1/30/2025 SV USD
El Salvador Gov't Int 7.6 73.5 9/21/2034 SV USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 73.5 2/1/2041 SV USD
Embotelladora Andina 6.5 23.3 6/1/2026 CL CLP
EFE 3.8 65.8 9/14/2061 CL USD
EFE 3.1 60 8/18/2050 CL USD
EFE 3.1 59.9 8/18/2050 CL USD
EFE 3.8 65.8 9/14/2061 CL USD
EFE 6.5 11.2 1/1/2026 CL CLP
ETESA 5.1 71.8 5/2/2049 PA USD
Empresa de Transmision 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.2 9/13/2061 CL USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 5.5 50.2 7/15/2027 CL CLP
Edsa SA 5 62.6 5/11/2025 AR USD
ENAP 4.5 73.3 9/14/2047 CL USD
ENAP 4.5 73.4 9/14/2047 CL USD
ENA Master Trust 4 70.8 5/19/2048 PA USD
ENA Master Trust 4 71.1 5/19/2048 PA USD
Enel Generacion Chile 6.2 29.4 10/15/2028 CL CLP
Equatorial Energia 11 1.1 10/15/2029 BR BRL
Equatorial Energia 10.8 1 5/15/2028 BR BRL
Esval SA 3.5 13.2 2/15/2026 CL CLP
Farfetch 3.8 4.3 5/1/2027 KY USD
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
GDM Argentina SA 2.5 0 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterrane 4.6 0 11/12/2024 AR ARS
General Shopping Finan 10 66.2 KY USD
General Shopping Finan 10 65.1 KY USD
Genneia SA 2 56.4 7/14/2028 AR USD
Greenland Hong Kong 10.2 12.9 KY USD
Guacolda Energia SA 4.6 70.4 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Guacolda Energia SA 4.6 70.6 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Hector A Bertone SA 1.9 0 4/7/2024 AR USD
Hilong Holding 9.8 65.7 11/18/2024 KY USD
Hilong Holding 9.8 62.2 11/18/2024 KY USD
Hilong Holding 9.8 65.6 11/18/2024 KY USD
ICBC DO Brasil 3.3 59.5 BR USD
IMPSA 1 75 12/30/2031 AR USD
Itau Unibanco SA/Nassau 5.8 20.1 5/20/2027 BR BRL
Jamaica Gov't Bond 6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond 8.5 73 12/21/2061 JM JMD
Lani Finance 1.7 64.1 3/14/2049 KY EUR
Lani Finance 1.9 66.5 9/20/2048 KY EUR
Lani Finance 1.9 67.5 10/19/2048 KY EUR
Lani Finance 3.1 64.7 10/19/2048 KY AUD
Link Finance Cayman 2.2 69.8 10/27/2038 KY HKD
LIPSA Srl 1 0 8/23/2024 AR USD
Logan Group Co 7 5 KY USD
Longfor Group Holdings 4 45.2 9/16/2029 KY USD
Longfor Group Holdings 3.4 58 4/13/2027 KY USD
Longfor Group Holdings 3.9 40.2 1/13/2032 KY USD
Longfor Group Holdings 4.5 55.2 1/16/2028 KY USD
Luminis III 2.3 41.5 9/22/2048 KY USD
Luminis III 2.4 54 9/22/2048 KY AUD
Luminis IV 3.2 69.6 1/22/2042 KY AUD
Luminis 2.3 53.5 9/22/2048 KY AUD
Lunar Funding I 1.7 70.7 8/11/2056 KY GBP
MTR Corp CI 3 72.6 3/11/2051 KY HKD
MTR Corp CI 2.8 72.7 9/6/2047 KY HKD
MTR Corp CI 3.2 73.1 2/5/2055 KY HKD
MTR Corp CI 3 72.5 3/11/2051 KY HKD
Panama Gov't Int'l Bon 4.5 64.1 4/1/2056 PA USD
Panama Gov't Int'l Bon 2.3 70.3 9/29/2032 PA USD
Panama Gov't Int'l Bon 3.9 56.6 7/23/2060 PA USD
Panama Gov't Int'l Bon 3.3 75.7 1/19/2033 PA USD
Panama Gov't Int'l Bon 4.5 65.7 4/16/2050 PA USD
Panama Gov't Int'l Bon 4.5 63 1/19/2063 PA USD
Panama Gov't Int'l Bon 4.5 67.3 5/15/2047 PA USD
Panama Gov't Int'l Bon 4.3 63.8 4/29/2053 PA USD
Peruvian Gov't Int'l 2.8 57.2 12/1/2060 PE USD
Peruvian Gov't Int'l 3.2 57 7/28/2121 PE USD
Peruvian Gov't Int'l 3.6 71.3 3/10/2051 PE USD
Peruvian Gov't Int'l 3.6 65.4 1/15/2072 PE USD
Peruvian Gov't Int'l 3.3 74 3/11/2041 PE USD
Petroleos del Peru SA 5.6 66.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 66.4 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.7 10/27/2026 AR USD
Provincia de la Rioja 4.5 55.5 1/20/2027 AR USD
Provincia de la Rioja 7.5 51.1 7/20/2032 AR USD
Chaco Argentina 4 0 12/4/2026 AR USD
QNB Finance 13.5 65.4 10/6/2025 KY TRY
QNB Finance 11.5 73.2 1/30/2025 KY TRY
QNB Finance 2.9 73.4 9/16/2035 KY AUD
QNB Finance 2.9 72.1 12/4/2035 KY AUD
QNB Finance 3 74.6 2/14/2035 KY AUD
QNB Finance 3.4 70.7 10/21/2039 KY AUD
Radiance Holdings Grou 7.8 69.6 3/20/2024 KY USD
Rio Alto Energias Reno 7 28.7 7/15/2027 BR BRL
Santander Consumer Ch 2.9 72.5 11/27/2034 CL AUD
Seazen Group 6 70.3 8/12/2024 KY USD
Seazen Group 4.5 30.6 7/13/2025 KY USD
Shui On Dev't 5.5 73.2 3/3/2025 KY USD
Shui On Dev't 5.5 61.7 6/29/2026 KY USD
Silk Road Investments 2.9 66 1/23/2042 KY AUD
Skylark 1.8 59.1 4/4/2039 KY GBP
Autopista Central 5.3 37.3 12/15/2026 CL CLP
Vespucio Norte 5.3 50.7 12/15/2028 CL CLP
Minera de Chile SA 3.5 65.5 9/10/2051 CL USD
Minera de Chile SA 3.5 65.4 9/10/2051 CL USD
Southern Water Services 3 70.9 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.7 1/15/2042 BR BRL
SPE Saneamento RIO 2 6.9 10.3 1/15/2034 BR BRL
SPE Saneamento RIO 3 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 4 6.9 10.3 1/15/2034 BR BRL
Spica 2 74.6 3/24/2033 KY AUD
Spirit Loyalty Cayman 8 72.1 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72.5 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72 9/20/2025 KY USD
Spirit Loyalty Cayman 8 70.9 9/20/2025 KY USD
Sylph 2.7 68.3 3/25/2036 KY USD
Sylph 2.4 64.1 9/25/2036 KY USD
Sylph 3.1 74.6 9/25/2035 KY USD
Sylph 2.9 74.1 6/24/2036 KY AUD
SYN prop e tech SA 11.1 21.1 3/15/2024 BR BRL
Telecom Argentina SA 1 74.1 3/9/2027 AR USD
Telecom Argentina SA 1 66.2 2/10/2028 AR USD
Telefonica Moviles Chi 3.5 74.1 11/18/2031 CL USD
Telefonica Moviles Chi 3.5 74.2 11/18/2031 CL USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.3 6/3/2050 KY USD
Tencent Holdings 3.3 63.6 6/3/2060 KY USD
Tencent Holdings 3.9 73.4 4/22/2061 KY USD
Tencent Holdings 3.8 74.8 4/22/2051 KY USD
Tencent Holdings 3.2 67.2 6/3/2050 KY USD
Tencent Holdings 3.3 63.8 6/3/2060 KY USD
Tencent Holdings 3.9 73.2 4/22/2061 KY USD
Three Gorges Finance 3.2 70.5 10/16/2049 KY USD
Grupo Travessia 9 1.6 1/20/2032 BR BRL
Vina Santa Rita SA 4.4 63.8 9/15/2030 CL CLP
Volcan Cia Minera SAA 4.4 61.7 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 61.8 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 62.5 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 62.9 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 63.1 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 63.1 4/15/2029 CL USD
YPF SA 7 72.5 12/15/2047 AR USD
YPF SA 7 72.1 12/15/2047 AR USD
YPF SA 1 65.9 4/25/2027 AR USD
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2025. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *