/raid1/www/Hosts/bankrupt/TCRLA_Public/250320.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, March 20, 2025, Vol. 26, No. 57
Headlines
A R G E N T I N A
ARGENTINA: GDP Seen Growing in Q4 After Shrinking for Six Quarters
B R A Z I L
BRAZIL: Corporate Debt Crisis Deepens as Judicial Recoveries Surge
GOL LINHAS: Heading For May Hearing On Ch. 11 Plan
ODEBRECHT ENGENHARIA: Chapter 15 Case Summary
ODEBRECHT ENGENHARIA: Files Ch. 15 Case In NY
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: US Trade Policy Changes Could Benefit Economy
J A M A I C A
JAMAICA: Cut Bond on Duties Might Not Trickle Down to Customers
P A N A M A
BAC INTERNATIONAL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
T R I N I D A D A N D T O B A G O
DIGICEL GROUP: Digicel T&T Appoints New CEO
- - - - -
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A R G E N T I N A
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ARGENTINA: GDP Seen Growing in Q4 After Shrinking for Six Quarters
------------------------------------------------------------------
Buenos Aires Times reports that Argentina's economy is expected to
have registered year-on-year growth in the fourth quarter of 2024,
ending six consecutive quarters of year-on-year contraction and
further lifting it out of recession, a Reuters poll of analysts
showed.
The average forecast from 15 local and international analysts
showed Argentina's gross domestic product (GDP) expanding 1.7% in
the last three months of 2024, according to Buenos Aires Times.
"It's the first positive sign after six consecutive quarters of
(year-over-year) contraction," said Pablo Besmedrisnik, economist
and director of VDC Consultants, the report notes.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On 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 R A Z I L
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BRAZIL: Corporate Debt Crisis Deepens as Judicial Recoveries Surge
------------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's corporate
debt crisis is escalating, with over 20 publicly traded companies
now involved in judicial or extrajudicial recovery processes.
Persistent high interest rates, which have exceeded 13.75% since
2021, are driving this trend. Experts predict the situation will
worsen in 2025, as more firms struggle to meet debt obligations,
according to Rio Times Online.
Recent cases include Bombril and Agrogalaxy, alongside prominent
names like Oi, which entered judicial recovery for the second time,
and Americanas, which sought protection after revealing a
multibillion-dollar accounting fraud, the report notes.
These cases highlight the vulnerability of even large corporations
to Brazil's challenging economic conditions. Publicly traded
companies stand out due to the sheer scale of their debts and
mandatory financial disclosures, which expose underlying issues
more visibly than private firms, the report relays.
Among the 52 companies listed on the Ibovespa that reported 2024
results, average leverage rose from 1.47x to 1.64x year-over-year.
This reflects growing financial strain across sectors, the report
notes. Smaller firms face even greater risks, as they often lack
access to credit markets and rely heavily on bank loans, the report
discloses.
Notable judicial recovery efforts include Light's approval of its
restructuring plan in May 2024, which saw creditor demand for
debt-to-equity conversion exceed expectations by 50%, the report
says. Teka, a textile company in recovery for over a decade,
recently declared bankruptcy but continues operations under court
supervision, the report notes.
Brazil's Corporate Debt Crisis and Financial Stability
Efforts
Meanwhile, Azul and Infracommerce avoided judicial recovery by
renegotiating debt maturities bilaterally, demonstrating
alternative paths to financial stability, the report relays. The
corporate debt crisis has broader implications for Brazil's
economy, the report says.
High interest rates have tightened credit conditions, forcing
companies to prioritize restructuring over growth initiatives, the
report discloses. This has stalled equity issuance among listed
firms, with Caixa Seguridade's planned offering being an exception
aimed solely at liquidity adjustments, the report notes.
Experts warn that the situation could deteriorate further by 2026
as more companies face insolvency risks, the report says. Stronger
firms may seize opportunities for mergers and acquisitions
involving distressed assets, accelerating market consolidation, the
report relays. Judicial recoveries bring transparency but also
highlight systemic vulnerabilities in governance and debt
management, the report relates.
Brazil's corporate landscape is undergoing significant
transformation as companies navigate financial distress amid
challenging macroeconomic conditions, the report notes. The
growing wave of judicial recoveries underscores the urgent need for
sustainable debt strategies in an era of economic uncertainty, the
report adds.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.
In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook. S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB'
from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook. DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.
GOL LINHAS: Heading For May Hearing On Ch. 11 Plan
--------------------------------------------------
Rick Archer at law360.com reports that a New York bankruptcy judge
put GOL Linhas Aereas Inteligentes S.A. on a path for a May hearing
on its Chapter 11 plan after overruling noteholder and U.S.
Trustee's Office objections to the plan disclosure the Brazilian
airline was seeking to send to its creditors.
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring Administration
LLC is the claims agent.
ODEBRECHT ENGENHARIA: Chapter 15 Case Summary
---------------------------------------------
Lead Debtor: Odebrecht Engenharia e Construcao S.A.-
Em Recuperacao Judicial
Avenida das Nacoes Unidas, No.
14.401, 4th floor,
Part V - Edificio B1 - Aroeira, Vila Gertrudes
Sao Paulo, State of Sao Paulo 04794-000
Brazil
Business Description: OEC Engenharia & Construcao is a Brazilian
company specializing in large-scale civil
engineering, construction, and
infrastructure development projects. It
offers turnkey solutions, managing every
phase of construction from planning to
execution for both public and private sector
clients. The Company operates in five key
sectors: urban development, energy,
sanitation, industrial plants, and transport
and logistics. As a wholly owned subsidiary
of Novonor, OEC serves markets in Brazil,
Angola, Peru, and the United States.
Chapter 15 Petition Date: March 14, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case numbers of 12 affiliates that concurrently filed voluntary
petitions for relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Odebrecht Engenharia e Construcao S.A.- 25-10482
Odebrecht Holdco Finance Limited 25-10483
OECI S.A.-Em Recuperacao Judicial 25-10484
OEC Finance Limited 25-10485
CNO S.A.-Em Recuperacao Judicial 25-10486
Belgravia Servicos e Participacoes S.A.-Em
Recuperacao Judicial 25-10487
Tenenge Overseas Corporation 25-10488
CBPO-Em Recuperacao Judicial 25-10489
Oenger S.A.-Em Recuperacao Judicial 25-10490
Odebrecht Overseas Limited 25-10491
OECI S.A.-Em Recuperacao Judicial 25-10492
Tenenge Engenharia Ltda. Em Recuperacao
Judicial 25-10493
Foreign Representative: Adriana Henry Meirelles
Av. das Nacoes Unidas, 14401, Torre
Aroeira, 5th Floor
Chacara Santo Antonio, Sao Paulo -
SP, 04730-090
Brazil
Foreign Proceeding: Judicial reorganization proceeding
in the 2nd Bankruptcy and Judicial
Reorganization Court of the State
Capital District of Sao Paulo
pursuant to Federal Law 11.101 of
February 9, 2005 of the laws of the
Federative Republic of Brazil
Foreign Representative's
Counsel: Luke A. Barefoot, Esq.
Thomas S. Kessler, Esq.
CLEARY GOTTLIEB STEEN & HAMILTON LLP
One Liberty Plaza
New York NY 10006
Tel: (212) 225-2000
Fax: (212) 225-3999
Email: lbarefoot@cgsh.com
tkessler@cgsh.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Lead Debtor's Chapter 15 petition is
available for free on PacerMonitor at:
@
www.pacermonitor.com/view/F7MXPWI/Odebrecht_Engenharia_E_Construo__nysbke-25-10482__0001.0.pdf?mcid=tGE4TAMA
ODEBRECHT ENGENHARIA: Files Ch. 15 Case In NY
---------------------------------------------
Vince Sullivan at law360.com reports that Odebrecht Engenharia E
Construo SA, a Brazilian construction conglomerate, has filed for
Chapter 15 protection in New York along with several affiliates
seeking recognition of an insolvency case pending in Sao Paulo.
Odebrecht Engenharia e Construcao SA (OEC) is the largest
engineering and construction company in Latin America, with US$10.5
billion in net revenues in the last twelve months ended September
2016. The company's project backlog of US$17 billion is diversified
into contracts comprising large-scale construction projects in the
transportation segment, energy and sewage infrastructures,
buildings and industrial facilities, located in Brazil, other Latin
American countries and Africa.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: US Trade Policy Changes Could Benefit Economy
-----------------------------------------------------------------
Dominican Today reports that the President of the National Council
of Private Enterprise (CONEP), Celso Juan Marranzini, stated that
the recent changes in U.S. trade policy, including additional
tariffs, will not negatively impact the Dominican Republic.
Instead, he believes these changes could present new opportunities
for the country's exports.
Marranzini explained that while some might view tariffs as a
challenge, they could actually benefit the Dominican economy,
according to Dominican Today. He highlighted that the long-term
economic outlook for the U.S. remains strong, which would, in turn,
have a positive effect on the Dominican Republic, given its deep
trade, tourism, and remittance ties with the U.S, the report
notes.
He stressed the importance of staying vigilant to global economic
shifts while working to diversify the economy and enhance
competitiveness, the report relays. Despite current uncertainties,
Marranzini expressed confidence that the Dominican Republic is
well-positioned to adapt and take advantage of emerging
opportunities, 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.
=============
J A M A I C A
=============
JAMAICA: Cut Bond on Duties Might Not Trickle Down to Customers
---------------------------------------------------------------
RJR News reports that Chair of the Automobile Dealers Association,
Jacqueline Stewart Lechler, is warning the public that the
announcement of an 80% reduction in the bond paid by importers of
new vehicles will not lead to an automatic reduction in the prices
of new cars.
On the contrary, she stressed that her members may decide to use
the savings that will flow from this move to invest in their
businesses, according to RJR News.
Finance Minister Fayval Williams announced the planned reduction
during her opening budget presentation in the House of
Representatives, the report notes.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. 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 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
===========
P A N A M A
===========
BAC INTERNATIONAL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed BAC International Bank, Inc.'s (BIB)
Long-Term (LT) and Short-Term (ST) Issuer Default Ratings (IDR) at
'BB+' and 'B', respectively, its Viability Rating (VR) at 'bb+',
and the Government Support Rating (GSR) at 'ns'.
The Rating Outlook for the LT IDR is Stable.
Fitch has also affirmed BIB's LT and ST National Ratings at
'AA+(pan)'/Stable and 'F1+(pan)', respectively, as well as the
ratings of its local debt issuances.
Key Rating Drivers
Ratings Driven by Intrinsic Creditworthiness: BIB's IDRs and
National Ratings are underpinned by its 'bb+' VR, which reflects
the good performance of its six banking operations in Central
America. BIB's VR also captures its consolidated business profile,
with a strong risk management and framework, resulting in
consistent financial performance.
Diversified Operating Environment: Fitch revised the Outlook to
Positive on the 'bb' assessment for BIB's combined operating
environment (OE). The revision considers that recent actions on the
outlook on Costa Rica and Guatemala's banking system OEs would
favor BIB's OE score, if both outlooks materialize. Costa Rica is
the largest market by earning assets, while Guatemala is ranks
third.
Fitch assesses BIB's blended OE based on the weighted average of
its gross earning assets in each of the six Central American
countries where it operates, factoring in geographic
diversification benefits. Fitch believes the diversification
enhances BIB's credit profile resilience to adverse events in each
jurisdiction, mitigating OE downside risks. The agency considers
the strong regulatory framework in Panama, BIB's legal domicile, as
positive for BIB's VR.
Robust and Consistent Business Profile: BIB's intrinsic performance
incorporates its strong and recognized regional franchise,
well-developed business model, sound income generation ability, and
high operational integration. BIB is the largest regional financial
group by assets, with operations in Central America.
Its banking subsidiaries have franchises and competitive positions
in their respective domestic markets, serving clients with a wide
range of products and a specialized and well-developed electronic
payments business. These notable factors have resulted in an
average total operating income of USD2.6 billion over the past four
years (2021-2024).
Good Loan Quality: BIB's stage-3 loans to gross loans metric
continued to decline, falling to 2.5% in 2024 from 3.1% in 2023,
while reserve coverage for these loans stood at 111.6%. Debtor
concentrations are low given its business model. The 90+ days
past-due loans remained stable, accounting for 1.2% of gross loans.
Fitch expects asset quality to remain similar over the rating
horizon, supported by effective risk controls, as well as strict
and prudent underwriting standards and collection policies across
all its operating markets.
Consistent Earnings: BIB's profitability has performed favorably,
driven by higher income, better and well-managed net interest
margin (NIM), higher operational efficiencies, and controlled loan
impairment charges (LICs). The operating profit to risk-weighted
assets (RWA) metric was 2.9% in 2024 (2023: 2.7%). Fitch estimates
that profitability will remain relatively stable, which would
continue to be commensurate with its 'bb' score.
Capitalization Favored by Additional Capital Cushions: BIB's
capitalization metric improved slightly, supported by consistent
internal capital generation, while loans and equity grew at a
similar pace. This improvement was despite dividend payment. In
2024, its common equity Tier 1 (CET1) to RWA ratio was 10.5% (2023:
10.2%), while the regulatory ratio (CAR) was 12.1%.
BIB's capital position is supported by non-core loss absorption
capacity instruments, which enhance the capital cushion, and a
conservative RWA calculation. This provides BIB with a sufficient
headroom to absorb losses.
Diverse Funding Sources; Steady Liquidity: BIB's financing profile,
with ample deposit base and access to various funding sources, is
underpinned by its robust and recognized deposit franchise in the
region. In each country, the banking subsidiaries have an important
market share of deposits, favored by the focus on the payment
ecosystem, service to its clients at a regional level, and
synergies within the group. In 2024, the loan-to-deposit ratio was
93.1%.
Its broad financing alternatives, such as issuances in local
capital markets, wholesale credit lines, and securitizations,
enhance liquidity and provide BIB flexibility to face adverse
conditions.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A deterioration in Fitch's assessment of BIB's blended OE,
derived from a material worsening of the OE in the Central
America's largest markets, would put negative pressure on BIB's
IDR, VR and national ratings;
- BIB's IDR, VR and national ratings would also be pressured in
case of a significant deterioration of its loan quality and
persistent strain on its profitability and capitalization levels,
particularly if operating profits to RWA and CET1 metrics
consistently sustained below 1.5% and 10%, respectively.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The upside potential for BIB's IDR, VR and National ratings is
limited by its blended OE given BIB's exposure to relatively
challenging OEs. However, rating upgrades would result from a
relevant improvement in the OE score, coupled with the maintenance
of its consolidated business profile and material improvements in
its overall financial performance.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Senior Debt: The senior unsecured debt programs' national ratings
are in line with BIB's national ratings, since Fitch considers
their likelihood of default is the same because they do not have
specific guarantees.
Junior Debt: The subordinated bonds' national rating is four
notches below its anchor rating, BIB's Long-Term National Rating,
encompassing a two-notch downgrade for loss severity due to its
deep subordination, and two additional notches for incremental
nonperformance risk, given the bonds' noncumulative coupon omission
capability.
GSR: BIB's 'ns' (No Support) GSR indicates that external support,
while possible, cannot be relied upon. This is because of Fitch's
view of Panama's limited ability to support the banking system's
large size relative to the local economy and weak support stance
due to the country's lack of a lender of last resort.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- BIB's senior unsecured bonds and subordinated perpetual bonds'
national ratings would be downgraded in the case of negative
actions on BIB's national ratings, as the senior unsecured bonds'
ratings will remain in line with BIB's national ratings, while the
subordinated perpetual bonds' rating will maintain its four-notch
difference with the BIB's LT national rating;
- There is no downside potential for GSR because this is the lowest
level in the respective scale.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- BIB's senior unsecured bonds and perpetual subordinated bonds'
national ratings would be upgraded in case of positive actions on
BIB's LT national rating as the senior unsecured bonds' ratings
will remain in line with BIB's national rating while the
subordinated perpetual bonds' rating will maintain its four-notch
difference with the BIB's LT national rating. The senior unsecured
bonds' ST national rating is at the top of the scale and therefore
has no upside potential;
- As Panama is a dollarized country with no lender of last resort,
an upgrade to the GSR is unlikely.
VR ADJUSTMENTS
The Operating Environment Score has been assigned below the implied
score due to the following adjustment reason: International
Operations (negative).
The Business Profile Score has been assigned above the implied
score due to the following adjustment reason: Business Model
(positive).
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
----------- ------ -----
BAC International
Bank, Inc. LT IDR BB+ Affirmed BB+
ST IDR B Affirmed B
Natl LT AA+(pan) Affirmed AA+(pan)
Natl ST F1+(pan) Affirmed F1+(pan)
Viability bb+ Affirmed bb+
Government Support ns Affirmed ns
junior
subordinated Natl LT A(pan) Affirmed A(pan)
senior unsecured Natl LT AA+(pan) Affirmed AA+(pan)
senior unsecured Natl ST F1+(pan) Affirmed F1+(pan)
=====================================
T R I N I D A D A N D T O B A G O
=====================================
DIGICEL GROUP: Digicel T&T Appoints New CEO
-------------------------------------------
Trinidad and Tobago Express reports that Netherlands-born Pieter
Verkade has been appointed as the Chief Executive Officer of
Digicel (Trinidad and Tobago) Ltd.
His appointment took effect on February 21.
Verkade replaces Abraham Smith, who resigned in February after
serving as CEO since October 2020, Trinidad and Tobago Express
recalls.
"Verkade brings a wealth of international telecommunications
experience and a proven track record of driving growth and
innovation to the company," a release from Digicel has stated,
according to Trinidad and Tobago Express. "Verkade, also known as
"P+" due to his positive approach to management, is a seasoned
executive with over 27 years of experience in the
telecommunications industry, including 24 years in key leadership
roles such as CFO, CMO, CCO, and CEO. He has worked and lived in
14 countries across Europe and Africa, where he has consistently
delivered exceptional results in highly competitive markets."
Prior to joining Digicel (Trinidad and Tobago), Verkade served as
General Manager of Digicel's Aruba, Bonaire, Curacao (ABC)
operations. His extensive experience in the telecommunications
industry includes senior leadership roles in major players like
Orange Group London and the Netherlands, Telenor Mobile, KPN
Belgium and AT&T, the report says. He has also held pivotal roles
at MTN Group, including Group Chief Commercial Officer, where he
spearheaded the digital transformation of the company, resulting in
significant growth in financial services, the report notes.
"We are thrilled to welcome Pieter Verkade to Digicel Trinidad and
Tobago," said Marcelo Cataldo, Digicel Group CEO, the report
discloses. "His skill in driving innovation, coupled with his deep
understanding of the telecommunications landscape, makes him the
ideal leader to guide Digicel Trinidad and Tobago into its next
phase of growth. We are confident that his strategic vision and
customer-centric approach will bring tremendous value as we
continue to connect and empower our customers and stakeholders."
Verkade's expertise spans a wide range of areas, including brand
management, marketing, sales, digital services, and financial
management. He has a strong focus on building successful teams and
fostering a culture of innovation, the report discloses.
"I am excited to join Digicel Trinidad and Tobago and contribute to
its continued success," said Pieter Verkade, notes the report. "I
look forward to working with the talented team at Digicel to
deliver exceptional services and innovative solutions to our
customers. Trinidad and Tobago is a dynamic market, and I am eager
to leverage my experience to drive growth and enhance our service
to customers."
Verkade holds a BSc in Business Economics and Marketing. Outside of
work, he is a passionate sailor and enjoys tennis, reading, and
music. Born in the Netherlands, he comes to Trinidad and Tobago
from County Cork, Ireland, where he lived with his wife and two
daughters, the report adds.
About Digicel Group
Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.
The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.
As reported in the Troubled Company Reporter-Latin America in April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.
Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2025. All rights reserved. ISSN 1529-2746.
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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