/raid1/www/Hosts/bankrupt/TCRLA_Public/250227.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
Thursday, February 27, 2025, Vol. 26, No. 42
Headlines
A R G E N T I N A
ARGENTINA: Milei's Crypto Scandal Led to Losses for 86% of Traders
ARGENTINA: Multi-Million Crypto Lawsuit in US 'Being Prepared'
B A R B A D O S
BARBADOS: Signs US$75 Million Loan With CAF Bank
B R A Z I L
DEXCO SA: Fitch Affirms 'BB' LongTerm Foreign & Local Currency IDRs
HAITONG BRASIL: S&P Places 'BB' LongTerm ICR on Watch Developing
ITAU UNIBANCO: Fitch Assigns BB+(EXP) Rating on Sr. Unsecured Notes
ITAU UNIBANCO: Moody's Rates Proposed Unsec. Notes 'Ba2'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: CNZFE Approves 10 New Free Zone Companies
J A M A I C A
JAMAICA: Consumer Prices Down 0.3% in January
P E R U
INRETAIL PHARMA: Moody's Alters Outlook on 'Ba1' CFR to Stable
TELEFONICA DEL PERU: Fitch Lowers LongTerm IDRs to 'C'
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Government Bond Delisted
X X X X X X X X
LATAM: IDB Invest & Japan's JICA Announce $1 Billion Fund
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Milei's Crypto Scandal Led to Losses for 86% of Traders
------------------------------------------------------------------
Buenos Aires Times reports that an estimated 86 percent of crypto
traders that took positions in a memecoin endorsed by President
Javier Milei ended up losing money, according to research firm
Nansen.
The losses in the token called Libra totalled an estimated US$251
million, while the minority of traders who profited made a combined
US$180 million, the firm said in a report dissecting the winners
and losers from the memecoin at the centre of the biggest scandal
the libertarian president has faced since taking office more than a
year ago, according to Buenos Aires Times.
"We see very tangible on-chain evidence showing a group of
'insiders' unilaterally profiting off of the masses who got
involved," Nansen's Nicolai Sondergaard wrote in the report that
analysed more than 15,000 crypto wallets that saw gains or losses
of more than US$1,000, the report notes.
The episode has also led to concern about the prospects for the
Solana blockchain, the underlying network that hosts the Libra
token and tens of thousands of other memecoins, the report relays.
Solana's namesake token plunged about 20 percent, the report
discloses. The total value of tokens locked on the blockchain, a
key metric of interest in projects hosted by the network, has
fallen from US$12.1 billion to US$8.29 billion, Nansen wrote,
citing DefiLllama data, "with investors likely speculating on the
future issuance and trading of memecoins," the report relays.
The drama began when Milei directed followers to a website that
purported to raise money for small businesses in Argentina using
the crypto token, the report says. So-called snipers, or trading
bots that attempt to front-run gains in hot new cryptocurrencies,
began trading when Milei's initial tweet sparked interest in the
market, according to Nansen, the report discloses.
Yet the gains - which pushed the token's market value to about
US$4.5 billion - were fleeting, the report notes.
Hayden Davis, the chief executive officer of Kelsier Ventures,
which helped launch the coin, later dismissed Libra as just a
memecoin "in stark contrast to its initial framing as a tool for
Argentina's economy," the Nansen researcher wrote, the report
discloses.
And as concern spread in Argentina that the president's social
media account had been hacked or that he had fallen victim to
crypto scammers himself, Milei deleted his original post on X about
five hours after posting it, the report relays. He wrote that he
was "not aware of the details of the project and after having
become aware of it I decided not to continue spreading the word,"
the report notes.
Yet by the time Milei deleted his original post on X, the token had
already plummeted 80 percent from its peak, according to Nansen,
the report discloses.
"What started with a presidential endorsement and a US$4.5-billion
valuation quickly unravelled as 'insiders' took profits, retail got
burned, and key backers distanced themselves," the Nansen
researchers wrote, the report says. "Onchain data make it clear
that a handful of wallets walked away with millions, while most
traders were left with deep losses," it added.
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.
Thecountry'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 Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
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.
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: Multi-Million Crypto Lawsuit in US 'Being Prepared'
--------------------------------------------------------------
Buenos Aires Times reports that the problems facing President
Javier Milei's government over the so-called 'Cryptogate' scandal
are going global.
Dozens of legal complaints have been filed against Milei and the
other parties involved, both in Argentina and the United States.
Meanwhile, opposition lawmakers have announced they will pursue
impeachment proceedings over the alleged "crypto-fraud," according
Buenos Aires Times.
According to reporting by the La Nación newspaper, in addition to
a criminal denunciation received by the US Justice Department and
the FBI, legal action is now being prepared by a New York law firm,
the report notes.
Burwick Law, which specialises in providing legal protection to
digital consumers, is reportedly preparing a class-action lawsuit
involving more than 200 clients from different countries who lost
money in controversial launch of the '$LIBRA' cryptocurrency, the
report says.
President Milei, who posted about the so-called 'memecoin' before
deleting his post hours later, could find himself named in the
suit, which groups together individuals who are seeking to recover
their money and bring those responsible to justice, the report
discloses.
"We are currently investigating and analysing what happened to
identify possible legal options for our clients," Max Burwick, the
firm's managing partner, told La Nación, the report says. "'Our
goal is to vigorously defend our clients, exploring all available
civil remedies, including litigation if necessary," he added.
The US firm said it is "too early" to define its legal strategy and
is exploring what jurisdiction would be best to file the case, the
report says.
Burwick did not specify who could be named in the suit, but Milei
and several of the individuals behind $LIBRA and its launch would
likely be named, such as US entrepreneur Hayden Mark Davis,
Argentine citizen Maurici Novelli and Maurio Terrones Godoy and
Singaporean entrepreneur Julian Peh, the report discloses.
The firm said it currently represents victims of alleged fraud from
Argentina, the United States and other countries in the hemisphere,
as well as Europe, Asia and Africa, 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.
Thecountry'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 Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
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.
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 R B A D O S
===============
BARBADOS: Signs US$75 Million Loan With CAF Bank
------------------------------------------------
Trinidad and Tobago Guardian reports that the CAF - Development
Bank of Latin America and the Caribbean and the Government of
Barbados have signed a US$75 million financing agreement to advance
cultural heritage preservation, tourism, and modernisation of
related infrastructure.
The signing took place between Prime Minister of Barbados Mia
Mottley and Sergio Díaz-Granados, Executive President of CAF on
the margins of the 48th Caricom Heads of Government Meeting in
Barbados, according to Trinidad and Tobago Guardian.
CAF said the agreement supports the expansion of heritage tourism
as part of Barbados' national development strategy, the report
notes.
"It will finance key initiatives under the Reclaiming Our Atlantic
Destiny (ROAD) Program, which aims to deepen Barbados and the
Caribbean's connection to their rich history – fostering a better
understanding of the past to shape a more equitable and prosperous
future for all Barbadians, the report relays.
"The ROAD initiative was first announced by Prime Minister
Mottley in December 2021, who described it as a moral imperative
and an economic necessity. Barbados is recognised globally as the
custodian of a significant collection of the records related to the
transatlantic slave trade," the release stated, the report says.
It said key components of the initiative include support for the
ROAD programme, the development of an Amphitheatre project at the
National Botanical Gardens, and the modernisation of the country's
airport infrastructure, the report discloses.
Prime Minister Mottley stated that CAF has been responsible for
several loans that have made a difference in the life of Bajans,
largely because many of these loans have been to build capacity in
the country—from roads, right back through to the port at one
point, the report notes.
"This time we are taking a different slant. The country has not
had investment in heritage facilities for some time. You would
remember when I opened the Marcus Garvey amphitheatre in November,
I indicated that the government was going to get involved in
building new capacity concerning the cultural and heritage
industries and we hope to be able to do so out of this loan," the
report relays.
Speaking during the signing, CAF's Executive President Sergio
Díaz-Granados congratulated Prime Minister Mottley on her bold
leadership in driving this transformative initiative for Barbados
and the wider Caribbean and committed to working even closer with
Barbados to support programs and projects that build economic
resilience and contribute to sustainable development, the report
adds.
As reported in the Troubled Company Reporter - Latin America in
November 2024, S&P Global Ratings raised its long-term local and
foreign currency sovereign credit ratings on Barbados to 'B' from
'B-', and affirmed its 'B' short-term ratings. The transfer and
convertibility assessment is 'B'.
===========
B R A Z I L
===========
DEXCO SA: Fitch Affirms 'BB' LongTerm Foreign & Local Currency IDRs
-------------------------------------------------------------------
Fitch Ratings has affirmed Dexco S.A.'s Long-Term Foreign Currency
(FC) and Local Currency (LC) Issuer Default Ratings (IDRs) at 'BB'.
Fitch has also affirmed Dexco's National Scale long-term rating at
'AAA(bra)'. The Rating Outlook is Stable.
Dexco's ratings reflects its prominent business position as the
leading Brazilian wood panel producer, with competitive advantages
that are difficult to be replicated. Also factored into the rating
is Dexco's position as one of the largest Brazilian company in the
finishing division. The company's commitment to preserve robust
liquidity and comfortable debt amortization schedule are also key
credit considerations. The National Scale long-term rating
considers Dexco's strong financial flexibility.
The Stable Outlook incorporates the expectation that Dexco will
prudently manage its investment and dividend strategy in case
operating cash flow is lower than anticipated, to preserve net
leverage below 3.5x. Dexco's main challenges will be continuing a
sustainable improvement in its metals and sanitary wares products'
profitability and demonstrating ability to recover its ceramic
tiles segment.
Key Rating Drivers
Strong Business Position in Wood Panel: Dexco's ratings are
underpinned by its prominent position in the wood panel division
that continues to sustain cash flow generation. The company's large
operating scale and wood self-sufficiency are key competitive
advantages. Dexco is the largest Brazilian wood panel producer,
with estimated capacity share of 34%. This segment generated EBITDA
of BRL1.6 billion in the LTM September 2024, supported by the sale
of raw wood that benefited from the shortage in local market, and
Fitch projects EBITDA of approximately BRL1.5 billion in the
medium-term, sustained by the mature stage of the business. Wood
division represented about 60% to 65% of total revenue and
virtually 100% of EBITDA generation in the last two years.
Gradual Recovery in Finishing Division: Fitch projects a BRL300
million EBITDA in 2025 for the finishing division and BRL350
million in 2026, after BRL125 million expected for 2024 and
negative EBITDA of BRL8 million in 2023. Dexco is experiencing a
gradual recovery in the profitability of its metals and sanitary
wares products, after several quarters of results pressured by the
confluence of challenging market conditions and internal issues.
Initiatives to recover operating margins, which included divesting
from non-profitable units and G&A efficiencies, started to gain
momentum. Metals and sanitary wares represent about 25% of total
revenue.
The ceramic tiles segment, that represent about 10% of total
revenue, on the other hand, continues to struggle. Dexco is
challenged to recover profitability and capture cash flow
generation from the new facility in Botucatu amid challenging
business conditions with climbing interest rates.
Positive FCF Only in 2026: Fitch's rating case considers positive
FCF from 2026, after five years of cash burn, supported by Dexco's
ability to recover profitability in the finishing division and
diminish investments. Fitch forecasts EBITDA of BRL1.7 billion and
CFFO of BRL1 billion in 2025, and BRL1.8 billion and BRL1.1 billion
in 2026, after BRL1.6 billion and BRL770 million expected for 2024,
respectively.
About half of EBITDA generation should be consumed by interest
expenses until 2026, as debt increased and interest rates should
remain high for a longer period. EBITDA margins are projected
between 19% to 21%. Base case considered capex of BRL1.2 billion in
2025, after BRL1.6 billion expected for 2024, reducing to BRL800
million to BRL900 million annually; and dividends at 30% of net
income, in accordance with its bylaws. This should result in a
negative FCF of BRL245 million in 2025, after negative at BRL1
billion in 2024.
Limited Leverage Headroom: Fitch forecasts Dexco's net debt to
EBITDA ratio at 3.2x at YE 2025, in line with the level expected
for 2024 and the reported in 2023. Dexco had a track record of net
leverage below 2.5x until 2022. Indebtedness increased as a result
of high investments and weaker operating cash flow. Net debt
increased to BRL5.2 billion in September 2024, from BRL2.4 billion
at YE 2022, and Fitch expects it to further increase to BRL5.4
billion this year before gradually decrease. The company needs to
carefully manage its investment plan and shareholder's remuneration
policy, with limited headroom for M&As, to preserve net leverage
below the 3.5x downgrade trigger.
Joint Venture (JV) New Financing Structure: Dexco's 49% stake in
dissolving wood pulp producer LD Celulose S.A.'s (LDC; BB-/Stable)
diversifies its business model and will contribute to a dividends
flow in hard currency in the long term. LDC's liability management
was concluded in October 2024 and removed Dexco's debt guarantees,
reducing its adjusted leverage metrics. In the past, LDC's debt
were guaranteed by shareholders in proportion to their stakes.
Fitch's rating case for Dexco does not incorporate significant
dividends from LDC from 2025 to 2027 due to their focus on
deleveraging.
Derivation Summary
Dexco's closest competitor in the wood segment is Celulosa Arauco y
Constitucion S.A. (BBB/Outlook Negative). Dexco has a weaker
business risk profile than Arauco as the latter has greater
operating scale, strong revenue flow from the pulp division and a
more export-oriented business profile. Dexco, on the other hand, is
more exposed to demand from the local market. In the ceramic tile
segment, the closest competitor is PBG S/A (A-(bra)/Rating Watch
Negative). Dexco has a stronger business profile than PBG, with a
robust cash flow from the wood division, and also stronger capital
structure and financial flexibility.
Key Assumptions
- Wood sales volume of about three million cubic meters in 2025 and
in 2026, annually;
- Deca division sales volume of about 20 million items in 2025 and
2026;
- Ceramic tiles sales volume of 20.5 million sqm to 21.5 million
sqm in 2025 and 2026;
- Investments of BRL2.9 billion during 2025-2027, after BRL1.6
billion expected in 2024;
- Dividends limited to 30% of net income.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Net debt/EBITDA ratio recurrently above 3.5x;
- Inability to recover profitability in the finishing division
and/or adverse environment in the wood division, resulting in
EBITDA margin below 18% and/or cash flow generation below its
estimates;
- Material capital injections or additional debt guarantees at the
JV LDC.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Consistent turnaround of the finishing division on a sustainable
basis, with maintenance of solid performance in the wood division;
- Net debt/EBITDA ratio recurrently below 2.5x;
- Ability to reduce net debt.
Liquidity and Debt Structure
Dexco has historically maintained strong cash reserves and an
extended debt amortization profile. In September 2024, Dexco had
BRL2.2 billion of cash and marketable securities and BRL7.4 billion
of total debt. The company's current cash position plus its BRL750
million of unused RCF cover debt maturities up to the end 2026, of
BRL2.8 billion. Dexco enjoys strong access to both the debt and
equity markets. Financial flexibility is further enhanced by the
potential sale of forestry assets and/or less strategic assets, if
necessary. The accounting value of Dexco's biological assets was
BRL3 billion as of Sept. 30, 2024. Debt is denominated in local
currency with a competitive cost.
Issuer Profile
Dexco is the leading wood panel producer in Brazil, with 3.2
million cubic meters of annual domestic production and 0.2 million
cubic meters in Colombia. Dexco is also one of the largest
producers of sanitary ware and metals in Brazil and one of the main
ceramic tile producers.
Summary of Financial Adjustments
- Fitch excludes from EBITDA: asset impairment, results from asset
sale, biological asset's fair value variation and impact from
business restructuring.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Dexco S.A. LT IDR BB Affirmed BB
LC LT IDR BB Affirmed BB
Natl LT AAA(bra)Affirmed AAA(bra)
HAITONG BRASIL: S&P Places 'BB' LongTerm ICR on Watch Developing
----------------------------------------------------------------
S&P Global Ratings, previously on Feb. 19, 2025, placed its 'BB'
long-term issuer credit rating on Portugal-based Haitong Bank S.A.
(Haitong Bank) on CreditWatch with positive implications, given
that the merger of its parent Haitong Securities Co. Ltd. (HTS) and
Guotai Junan Securities Co. Ltd. (GTJA) is now closer to
materializing.
S&P continues to view Haitong Banco de Investimento do Brasil S.A.
(Haitong Brasil) as a core subsidiary of Haitong Bank. However,
S&P believes there will be uncertainty about the importance of
Latim American operations to the new group, which could lessen the
importance of Brazilian operations following the merger.
As a result, S&P placed its global scale 'BB' long-term issuer
credit rating on Haitong Brasil on CreditWatch developing. At the
same time, S&P affirmed its 'brAAA' national scale rating on the
bank, and the outlook on it remains negative.
"We expect to resolve the CreditWatch placement upon the merger's
closing, which will likely happen in the next three months," S&P
said.
The merger between GTJA and HTS is now closer to materializing.
Most of the required regulatory approvals for the merger have now
been obtained. On Feb. 12, 2025, the Shanghai Stock Exchange
accepted HTS's delisting application. Once the delisting occurs,
HTS's share swap with GTJA will take place to complete the merger.
As the surviving entity, GTJA will assume all the assets and
liabilities of HTS.
S&P said, "We believe our long-term ratings on Haitong Brasil could
benefit from the likelihood of group support from a higher-rated
parent. We expect Haitong Bank to remain strategically important
to the new entity. However, we believe there is uncertainty over
the importance of Latim American operations, which could diminish
Brazilian operations' importance following the merger. As a result,
we consider that any change in Haitong Brasil's strategic
positioning in the new group may prompt a change in our view of
group support, and consequently, affecting our issuer credit
ratings on the bank."
S&P said, "Haitong Brasil's role and importance to the new entity
are key considerations in our ratings analysis. Historically,
Haitong Brasil has represented about one-third of Haitong Bank's
balance sheet and has been an important contributor to its
operating revenue. Therefore, we currently equalize our ratings on
the bank with those on Haitong Bank. That said, Haitong Brasil
operates in a different market than Haitong Bank, HTS, and GTJA,
and its contribution to the broader group will be limited.
Moreover, the bank is struggling to improve its operating
performance following weak results in 2023 and 2024, which stemmed
mainly from decreasing margins and the effects from one-off
events."
CreditWatch and Outlook
S&P said, "We intend to resolve the CreditWatch listing once the
merger between GTJA and HTS is completed. We anticipate that this
will occur during the next three months. The CreditWatch developing
on our long-term global scale rating on Haitong Brasil reflects the
positive CreditWatch on the global scale ratings on Haitong Bank
and our view of the Brazilian entity's as a core subsidiary.
However, we also incorporate the uncertainty about the importance
of Latin America to the group following the merger. Since there is
no possibility of raising the national scale rating on Haitong
Brasil, because we already rate it at the highest level, the
outlook on this rating remains negative, also depending on the
bank's performance compared with those of domestic peers."
Upside scenario
S&P said, "We could raise the long-term global scale rating on
Haitong Brasil following an upgrade of its parent, if we have a
clear view of the group's strategy toward Latin America, while
Haitong Brasil remains a core subsidiary of Haitong Bank. An
upgrade would also depend on the sovereign ratings on Brazil and
the group's willingness and capacity to support Haitong Bank in the
sovereign stress event."
Downside scenario
S&P said, "We could lower the long-term ratings on both scale if we
revise our view of Haitong Brasil's importance to Haitong Bank to a
weaker category, which in turn could occur if Haitong Brasil's
revenue contribution to the group diminishes or the new entity in
China (the ultimate parent) downsizes the strategic relevance of
the Portuguese or Brazilian subsidiaries. Although a downgrade on
the global scale could trigger a downgrade on national scale, we
believe the latter to be less likely because it depends on
additional factors related to the bank's relative creditworthiness
related to peers in the local market."
ITAU UNIBANCO: Fitch Assigns BB+(EXP) Rating on Sr. Unsecured Notes
-------------------------------------------------------------------
Fitch Ratings has assigned an expected Long-Term 'BB+(EXP)' rating
to Itau Unibanco Holding S.A.'s (IUH) proposed senior unsecured
notes, acting through its Cayman Islands Branch. The issuance is
targeted for five years. The amount, rate of interest and final
maturity date will be determined at the time of issuance.
The net proceeds will used by for general corporate purposes. The
final rating is contingent on the receipt of final documents
conforming to the information already received.
Key Rating Drivers
The expected rating on the notes matches IUH's Long-Term Foreign
Currency Issuer Default Rating (IDR, BB+/Stable) because the notes
are senior obligations. A default on these notes would equate to
bank default, and expected recoveries upon default are average.
IUH's ratings are driven by its standalone creditworthiness, as
measured by its 'bb+' Viability Rating (VR). For more on IUH's
rating rationale and sensitivities please see "Fitch Affirms Itau
Unibanco Holding S.A.'s IDRs at 'BB+'; Outlook Stable," dated Dec.
17, 2024.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The notes' rating could be downgraded if IUH's VR and IDR are
downgraded.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The notes' rating could be upgraded if IUH's VR and IDR are
upgraded.
Date of Relevant Committee
16 December 2024
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
----------- ------
Itau Unibanco
Holding S.A.
senior unsecured LT BB+(EXP) Expected Rating
ITAU UNIBANCO: Moody's Rates Proposed Unsec. Notes 'Ba2'
--------------------------------------------------------
Moody's Ratings has assigned a Ba2 long-term foreign currency
senior unsecured debt rating to the proposed senior unsecured notes
to be issued by Itau Unibanco Holding S.A. (IUH), acting through
its Grand Cayman branch, Itau Unibanco Holding S.A. (Cayman
Islands). The proposed notes, which will be issued under its
existing USD100 billion senior unsecured Global MTN Program, rated
(P)Ba2, will be denominated and settled in USD, and will mature in
five years. The outlook on the debt rating is positive.
RATINGS RATIONALE
Itau Unibanco Holding S.A. (IUH) is the holding company of Itau
Unibanco S.A. (IU), which contributes the majority of the holding's
earnings. As such, debt obligations at the holding company
incorporate their structural subordination to IU's senior unsecured
program obligations, which is rated (P)Ba1. The Ba2 senior
unsecured debt rating on the notes incorporates Itau Unibanco
S.A.'s fundamental credit strength, as evidenced by its ba1
baseline credit assessment (BCA).
IU's BCA of ba1 reflects the bank's strong recurrence of earnings,
stemming from its well-diversified business structure, consistent
robust performance in terms of asset quality and strong funding and
liquidity positions. The bank's profitability benefits from steady
market positions in banking and non-banking products and from its
disciplined risk management. In December 2024, the ratio of net
income to tangible assets, as per Moody's measure, was 1.39%,
slightly above 1.37% one year prior. The bank's bottom-line results
have benefited from increase in average loan volume, higher revenue
from insurance and services, and rigid control of operating
expenses.
The steady replenishment of capital through earnings also results
in a comfortable buffer of its core capital position over the
minimum regulatory threshold. IU's common equity tier 1 ratio was
13.7% in December 2024. At the same date, the bank's core capital,
measured by Moody's ratio of tangible common equity to
risk-weighted assets (TCE/RWA), was 8.83% from 9.08% in the
previous year, reflecting the expansion of both loans and
government securities in the period.
In December 2024, IU posted continued gradual improvement in asset
quality, with its problem loan ratio lowering to 2.4% from 2.8% one
year prior, resulting from management's ongoing focus on improving
the quality of new loan vintages and maintaining conservative
underwriting policies. At the same time, IU continues to offset
credit risk by keeping conservative volume of loan-loss reserves at
215% of problem loans.
IU's long-term local and foreign currency long-term deposit ratings
of Ba1 and foreign currency senior unsecured MTN program rating of
(P)Ba1 are at the same level as the Government of Brazil's (Brazil)
Ba1 sovereign rating. The outlook on these ratings is positive and
consistent with the positive outlook at the Brazilian sovereign
rating, reflecting Moody's assumption of the high level of support
from the federal government to the bank.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating assigned to the senior unsecured notes is notched from
IU's BCA of ba1 and considers the structural subordination of the
holding company's debts to the senior unsecured obligations issued
by the operating bank IU. As such, the ratings of the securities
will move in tandem with IU's BCA.
IU's ratings could face positive pressure as a result of an upgrade
of Brazil's sovereign ratings due to Moody's assumption of a high
level of systemic support.
Downward pressure on IU's BCA and ratings could materialize if
Moody's perceives a material weakening in the bank's risk profile,
such as a sustained weakening in capitalization, asset quality or
profitability metrics.
A downgrade of Brazil's sovereign rating could affect IU's BCA and
ratings. Additionally, the senior unsecured debt rating assigned to
IUH's Grand Cayman Branch could face downward pressure if Brazil's
sovereign rating is downgraded. However, these rating downgrades
are highly unlikely at this time considering the positive outlook
on Brazil's rating.
The principal methodology used in this rating was Banks published
in November 2024.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: CNZFE Approves 10 New Free Zone Companies
-------------------------------------------------------------
Dominican Today reports that the National Council of Export Free
Zones (CNZFE) has approved the establishment of 10 new free zone
companies in its first ordinary session of the year, representing
an estimated investment of US$37,573,435.72.
Daniel Liranzo, executive director of CNZFE, highlighted that the
newly approved companies span various industries, including
logistics services, aluminum component manufacturing, air filter
production, cocoa processing, and tobacco marketing, strengthening
the sector's productivity, according to Dominican Today.
The meeting, chaired by Industry and Commerce Minister Víctor
"Ito" Bisonó, also revealed that these companies will generate 421
direct jobs and US$27.5 million in foreign currency, positively
impacting the provinces of Santo Domingo, Santiago, San Cristóbal,
and San Pedro de Macorís, the report relays.
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.
=============
J A M A I C A
=============
JAMAICA: Consumer Prices Down 0.3% in January
---------------------------------------------
RJR News reports that the Statistical Institute of Jamaica (STATIN)
is reporting that the rate of inflation or change in consumer
prices dipped by 0.3 percentage points in January, compared with an
increase of 1.2% in December.
STATIN adds that this was due to a 1.3?ll(sic) in the index, which
measures changes in the prices of food and non-alcoholic beverages,
according to RJR News.
Additionally, there was a 0.3 percentage point dip in the index
that measures the changes in the prices of housing, water,
electricity, gas and other fuels, the report notes.
The rate of increase in consumer prices slowed to 4.7 between
January 2024 and January this year, compared with the 5.2% recorded
for the period December 2023 to December 2024, the report relays.
This was influenced by the point-to-point inflation rates of 7.4%
recorded for food and non-alcoholic beverages; 2% for housing, food
water and electricity; and 6.2% for accommodation services, 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.
=======
P E R U
=======
INRETAIL PHARMA: Moody's Alters Outlook on 'Ba1' CFR to Stable
--------------------------------------------------------------
Moody's Ratings has affirmed InRetail Consumer's Baa3 issuer
rating. Concurrently, Moody's have affirmed the Baa3 senior secured
rating on its 2028 notes. At the same time, Moody's affirmed the
Ba1 corporate family rating and Ba1 backed senior unsecured notes
rating on InRetail Pharma S.A. The outlook on all ratings has been
changed to stable from negative.
RATINGS RATIONALE
The change in outlook reflects Moody's view that financial risk has
improved for both, InRetail Consumer and InRetail Pharma, resulting
from a normalization of shareholder distributions and continued
liability management efforts that reduced the company's refinancing
risk. Moody's expects both companies to continue to use short term
debt to fund working capital needs, but improved credit market
conditions and lower interest rates in Peru along with both
companies proven access to bank funding, mitigate liquidity risk.
The action also consider that both companies maintain strong
fundamental credit quality and a more favorable consumption
environment in Peru.
InRetail Consumer's Baa3 ratings reflect the company's leading
market position and highly recognized brands in the pharmaceutical
and supermarket segments in Government of Peru (Baa1 stable). The
ratings also factor in its limited exposure to demand volatility
because of the non-discretionary nature of its products, which
customers are likely to continue to purchase regardless of the
macroeconomic conditions and other cyclical factors.
Conversely, InRetail Consumer's limited geographic diversification,
with most of its sales coming from Peru, constrains its Baa3
ratings. Despite recent improvements, risk management will continue
to limit the ratings as Moody's expects the company to continue to
use short term funding for working capital needs. While the company
should benefit from the likely economic recovery in Peru over the
next few years, competition from strong participants, especially in
the supermarket business could intensify.
Liquidity has improved for both companies on the back of liability
management efforts, as cash generation accelerated in the Q4 2024
given the seasonal effect of the year, Moody's expects the company
was able to repay some PEN300 million in short term debt. Further
liability management initiatives to be executed during Q1 2025 will
allow the company to fund debt maturing in 2025 and 2026. Pro forma
for the refinance, short term debt -- excluding IFRS lease
liabilities-- will be around PEN440 million by March 2025, while
cash should remain close to PEN1.0 billion. Improved credit
conditions have allowed the company to extend maturities and
increase interest coverage. EBIT/Interest expense, including
Moody's standard adjustments, increased from 3.1x in 2019 to 3.7x
in the twelve months ended September 2024. Considering that
InRetail Consumer will still face some PEN750 million debt
maturities through 2026 Moody's expects the company to remain
active with its liability management strategy. Through 2026, cash
generation should also strengthen given Moody's expectation of
strong operating performance, dividend pay outs at current levels
(close to PEN400 million) and the company's expectation of an
annual capex run rate of $500 million by the end of 2026.
Likewise, InRetail Pharma's recently closed new amounts with banks
for debt refinancing. Also Moody's notes that InRetail Pharma has
been able to consistently reduce leverage from 2.8x in 2019 to 2.1x
in the twelve months ended in September 2024. The companies' main
sources of liquidity are short-term bank lines and revolving
uncommitted bank credit facilities but have proven access to bank
funding. Foreign-currency risk primarily arises from InRetail
Consumer dollar denominated debt as its revenue is generated in the
local currency. However, the company covers its exposure through
call spread and range principal only swaps instruments. Interest
rate risk is also limited as all of the debt is denominated in
fixed rate.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
FACTORS THAT COULD LEAD TO A UPGRADE OF THE RATINGS
The ratings could improve if the companies are able to sustain
revenue growth, market position and operating margins. Also, if it
they are able to sustain:
-- Moody's adjusted debt/EBITDA below 3x
-- Moody's adjusted EBIT/interest expense above 5x
A rating upgrade would also require a sustained capital structure
in line with investment grade rating and financial practices that
balance shareholders' interests with bondholders.
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
-- Heightened refinancing risk
-- Negative free cash flow generation
-- Operating difficulties, or a significant deterioration in its
market-leading position
-- Adjusted debt/EBITDA above 4x
-- Adjusted EBIT/interest expense below 3x
The principal methodology used in these ratings was Retail and
Apparel published in November 2023.
TELEFONICA DEL PERU: Fitch Lowers LongTerm IDRs to 'C'
------------------------------------------------------
Fitch Ratings has downgraded Telefonica del Peru S.A.A.'s (TdP)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDR)
to 'C' from 'B-' and senior unsecured notes to 'C' with a Recovery
Rating of 'RR4' from 'B-/RR4'. The Ratings have been removed from
Rating Watch Negative.
The downgrade reflects the fact that TdP has announced its
intention to enter an Ordinary Bankruptcy Procedure (PCO) before
the National Institute for the Defense of Competition and the
Protection of Intellectual Property (Indecopi) to restructure its
financial obligations.
Fitch considers TdP's request for financial restructuring from
Indecopi to be a default-like process given the company's weak
financial profile and inability to meet upcoming financial
obligations.
Key Rating Drivers
Restructuring Announcement: On Feb. 14, 2025, TdP announced its
plan to enter into an administrative process called an Ordinary
Bankruptcy Procedure with the intention to restructure its
financial obligations, including its tax commitments with
Superintendencia Nacional de Aduanas y de Administración
Tributaria (SUNAT). Fitch believes that this administrative process
will take several months to be accepted and completed.
Meanwhile, TdP's shareholder has provided a loan to the company of
PEN1.5 billion to support the company's operational needs and
cashflows. In 2024, Telefónica Hispanoamérica S.A provided a
PEN2.3 billion shareholders to support the TdP financially, of
which PEN 2.07 billion was equitized. TdP paid PEN1.1 billion in
tax contingencies in 2024.
Imminent Refinancing Risk: Fitch views the payment of the
international bond due April 10, 2025, of PEN567 million and
interest of PEN62 million as unlikely due to the company's weak
financial profile. The repayment of the bond remains uncertain as
the shareholder support does not encompass the repayment of the
bond's instalment.
Relatively Weak Profitability, Negative FCF: Fitch expects TdP's
FCF to remain negative throughout the rating horizon due to weak
profitability and capex needs. Fitch assumes FCF will continue to
be pressured by the remaining tax instalment payments over the
rating horizon, associated with the company's long-running dispute
with SUNAT.
Linkages with Telefonica S.A.: Fitch rates TdP on a standalone
basis due to the low legal, strategic, and operational incentives
as related to the ultimate parent, Spain's Telefonica S.A. (TEF;
BBB/Stable). TDP represents less than 3% of Telefonica's total
EBITDA. Telefonica HISPAM has provided significant shareholder
loans, much of which have been equitized.
Derivation Summary
TdP's IDRs reflect the announcement that the group will enter a
debt restructuring with creditors.
Recovery Analysis
Going Concern Recovery Approach
Fitch's undertakes a bespoke recovery analysis for issuers with IDR
of 'B+' and below, per its criteria. The bespoke recovery analysis
assumes TdP would be considered a going concern in bankruptcy and
would be reorganized rather than liquidated. The enterprise
value/EBITDA multiple applied is 4.5x; this reflects TdP's
deteriorating operational performance and financial profile despite
its diversified business profile and strong brand recognition.
Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims on the debt in the capital
structure.
These assumptions result in a Recovery Rating (RR) for the
unsecured bonds within the 'RR4' range after application of
country-specific consideration for Peru, which, per Fitch's
criteria, leads to a rating in line with the IDR of 'C'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- An uncured payment default on any material financial obligation
would lead to a downgrade of the IDRs to 'RD'.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An upgrade is contingent on the completion of the insolvency
process reflecting the post-financial structure of the company.
Liquidity and Debt Structure
As of Dec. 31, 2024, TdP had readily available cash of PEN434
million and had PEN753 million in short-term debt. The debt of
PEN2.4 billion is comprised primarily of bonds (PEN2.3 billion),
including the amortization of the international bond due on April
10, 2025. The operational liquidity is supported by its
shareholder.
On Feb. 14, 2025, TdP entered into a commercial credit agreement
(loan) with Telefónica Hispanoamérica S.A. for up to PEN1.5
billion, intended exclusively to finance the company's operating
deficit for the next 12 months. Additionally, the company will
receive PEN230 million from its parent company, corresponding to
the undisbursed balance of the previous shareholder loan.
Issuer Profile
Telefonica del Peru S.A.A. is the largest integrated telecom
operator in Peru in terms of revenue share. The company provides
mobile and fixed-line telephony, broadband and Pay-TV though its
Movistar brand, as well as IT solution services for corporate
clients.
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
----------- ------ -------- -----
Telefonica del
Peru, S.A.A. LT IDR C Downgrade B-
LC LT IDR C Downgrade B-
senior unsecured LT C Downgrade RR4 B-
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Government Bond Delisted
-------------------------------------------
RJR News reports that the HO62 government bond has been delisted
from the TT Stock Exchange (TTSE), effective February 24.
In a market notice on February 21, the TTSE said the bond has a
face value of $559.2 million, according to RJR News. It was issued
in 2013 and matured in 2023, the report recalls.
Delisting occurs when a stock is removed from the stock exchange.
The removal can either be mandatory or voluntary, the report says.
Government bonds are usually instruments used by governments to
borrow money, the report notes.
According to the Central Bank, government bonds are one of the more
secure types of investments available as "there is a very low
likelihood that the government would not pay," the report relays.
During the bond's life, the government pays interest to bondholders
and the principal amount borrowed is returned when the facility
matures, the report adds.
===============
X X X X X X X X
===============
LATAM: IDB Invest & Japan's JICA Announce $1 Billion Fund
---------------------------------------------------------
IDB Invest and the Japan International Cooperation Agency (JICA)
disclosed a $1 billion contribution from JICA to establish the JICA
Trust Fund Achieving Development of Latin America and the Caribbean
(TADAC). This landmark initiative – the agency's first
private-sector fund with the IDB and its largest private sector
fund in Latin America and the Caribbean – aims to catalyze
greater private investment by co-financing projects that drive
sustainable growth.
As Latin America and the Caribbean face a growing financing gap,
IDB Invest – the Inter-American Development Bank's private-sector
arm – is adopting an "originate-to-share" business model,
emphasizing collaboration and co-financing with other development
institutions to mobilize private investment and maximize capital
efficiency. The TADAC Fund will further strengthen these efforts.
In this context, the TADAC Fund will provide IDB Invest with
additional resources, streamline co-financing with JICA by reducing
duplication, and leverage IDB Invest's expertise. Additionally,
subject to mutual agreement, the Fund has the potential to expand
to $1.5 billion after three years.
The TADAC Fund aligns with IDBImpact+, a new approach that unifies
the work of the IDB, IDB Invest and IDB Lab under one goal to
increase our impact and scale, while enabling private sector
investments, promoting innovation, and increasing the financing
capacity of IDB Invest.
"This $1 billion fund represents a historic milestone in our
ongoing partnership with JICA – the agency's first private-sector
fund with the IDB and its largest private-sector fund in Latin
America and the Caribbean. By leveraging our combined resources and
expertise, we are poised to drive transformative change across
Latin America and the Caribbean. This initiative will not only
catalyze private investment but also foster sustainable
development, innovation, and economic growth in the region," said
IDB President Ilan Goldfajn.
Dr. Akihiko Tanaka, President of JICA, emphasized the importance of
this collaboration, stating that "JICA is committed to supporting
private-sector efforts to solve the deep-rooted social issues in
Latin America and the Caribbean. This investment in partnership
with IDB Invest will contribute to closing the financial gap to
achieve the SDGs in the region."
TADAC's creation marks a new milestone in the collaboration between
the IDB and JICA. For over 40 years, JICA has been a trusted
partner in Latin America and the Caribbean, becoming the IDB's
largest bilateral aid agency.
In 2011, the two organizations formalized their partnership through
a co-financing agreement, which later evolved into the Cooperation
for Economic Recovery and Social Inclusion (CORE) framework. In
2024, JICA expanded CORE's funding to $4 billion, significantly
increasing resources for co-financing and co-investment in key
areas such as quality infrastructure, disaster risk reduction,
universal health coverage, poverty alleviation, and climate
mitigation.
Through the CORE framework, JICA has also strengthened its
collaboration with IDB Invest and IDB Lab. For example, JICA and
IDB Invest co-invested over $20 million in Dr. Consulta, a
Brazilian health-tech company, marking JICA's first equity
investment in Latin America and the Caribbean. Additionally, JICA
partnered with IDB Lab on the TSUBASA Program, which supports
Japanese startups tackling development challenges in the region.
*********
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 * * *