/raid1/www/Hosts/bankrupt/TCRLA_Public/200323.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, March 23, 2020, Vol. 21, No. 59
Headlines
A R G E N T I N A
COMPANIA GENERAL DE COMBUSTIBLES: S&P Places B- ICR on Watch Neg.
B O L I V I A
BOLIVIA: Moody's Cuts Sr. Unsec. Debt to B1 & Alters Outlook to Neg
B R A Z I L
BRAZIL: Requests State of Public Calamity Declaration From Congress
IGUA SANEAMENTO: Moody's Assigns Ba2 CFR, Outlook Stable
NATURA COSMETICOS: S&P Places 'BB-' Ratings on Watch Negative
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Disclose Historic Crash in Fuel Prices
DOMINICAN REPUBLIC: Tourism, Threatened by Coronavirus
E L S A L V A D O R
BANCO AGRICOLA: Moody's Affirms B1 Deposit Rating, Outlook Now Pos.
M E X I C O
4L HOLDINGS: Moody's Assigns Caa1 CFR, Outlook Negative
P U E R T O R I C O
ALICE'S SCHOOL: Seeks April 8 Extension for Plan & Disclosures
JJE INC: Seeks Continuance of Plan Hearing
T R I N I D A D A N D T O B A G O
TRINDAD & TOBAGO: Imbert Projects $5BB Revenue Drop Due to COVID-19
V E N E Z U E L A
VENEZUELA: From Denial to "Catastrophe" in 72 Hours re COVID-19
X X X X X X X X
[*] BOND PRICING: For the Week March 16 to March 20, 2020
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A R G E N T I N A
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COMPANIA GENERAL DE COMBUSTIBLES: S&P Places B- ICR on Watch Neg.
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On March 18, 2020, S&P Global Ratings placed its ratings on three
South American oil and gas (O&G) producers on CreditWatch with
negative implications. At the same time, S&P affirmed the ratings
on YPF S.A.
On March 9, S&P lowered its oil price assumptions to $35 per barrel
of oil equivalent (boe) (WTI) for 2020 and $45/boe for 2021,
reflecting the failure of the OPEC meetings to agree to further
production cuts in response to expected significant reductions in
global demand due to the spread of the coronavirus.
S&P said, "The CreditWatch listing on Compania General de
Combustibles (CGC), Petroquimica Comodoro Rivadavia (PCR), and
Geopark follow our revised oil price assumptions. We believe
Geopark--which is the most exposed to international oil
prices--will have a weaker performance, while CGC and PCR will face
meaningful challenges to refinance their short- and medium-term
debt but may benefit from oil price decoupling in Argentina.
"We believe Argentina would tend to protect the local O&G industry,
which is fully integrated and plays an important role in the
economy, so market participants aren't forced to reduce prices at
the gas stations to match import parity levels. Regardless,
consistent gasoline prices wouldn't create much tension among
consumers, who are far more sensitive to price hikes. Integrated
players such as YPF S.A. (B-/Negative/--) are better prepared to
deal with the situation than pure exploration and production (E&P)
players that may suffer some price erosion due to their relatively
weaker bargaining power with down-streamers.
"We are placing our 'B-' ratings on CGC on CreditWatch negative
mainly because we believe it has a reduced chance to refinance its
bonds maturing in 2021 for a total amount of $300 million. Even
though it is less exposed to oil prices because its production is
80% natural gas in Argentina, the natural gas market there is
fairly oversupplied and we expect further price compression in 2020
and 2021. On top of that, the company's oil production is about
7,000/boe per day (boepd) destined for Argentina's oil market that
may also suffer some price erosion, and its cost per barrel is
nearly $17/boe.
"We're keeping the 'B-' ratings on PCR on CreditWatch negative. The
average cost profile of PCR's 20,000 boepd production is about
$22/boe (including royalties) and, like the rest of the industry,
would suffer from profitability issues if prices decline.
Additionally, the company needs to spend at least 60 million to
finish two wind farms that would add 200 megawatts (MW) to its
current installed capacity of 125MW. In that context, PCR would
need to refinance some $60 million in 2020 and $157 million in
2021.
"We're placing our 'B+' ratings on GeoPark on CreditWatch negative.
The company's 50,000 boepd production is relatively low-cost
(lifting costs including royalties below $15/boe) and it has no
material debt maturities before 2024 when its $425 million bond
matures. However, we believe its cash flow generation would suffer
if oil prices decline and the cushion on its leverage covenants
would compress--its covenants require a net debt-to-EBITDA ratio of
below 3.25x through 2021. We expect the company to reduce capital
expenditures (capex) accordingly and to put share repurchase
programs on hold to protect cash reserves.
"We're affirming our 'B-' ratings on YPF. The outlook on the issuer
remains negative. YPF's results and credit metrics in 2019 slipped
from our expectations, and we now expect net debt-to-EBITDA to
increase to 3.7x–3.9x in 2020 and 2021, while funds from
operations would stay close to 20%."
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B O L I V I A
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BOLIVIA: Moody's Cuts Sr. Unsec. Debt to B1 & Alters Outlook to Neg
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Moody's Investors Service downgraded the Government of Bolivia's
local and foreign currency issuer and senior unsecured debt ratings
to B1 from Ba3, and changed the outlook to negative, concluding the
review for downgrade that was initiated on December 5, 2019.
The decision to downgrade Bolivia's ratings reflects the material
erosion of the country's fiscal and foreign exchange reserve
buffers in recent years. Ongoing challenges in the country's
hydrocarbon sector, due to both domestic and external factors, have
also reduced prospects for economic growth, government revenue
generation and foreign exchange earnings. Meanwhile, heightened
political risk has increased policy uncertainty and negatively
impacted growth, which has exacerbated the trend decline in fiscal
and foreign exchange reserve buffers.
The negative outlook signals that, following the presidential
election on May 3, the new government will likely face material
sociopolitical challenges in implementing fiscal policy adjustments
and structural reforms that would significantly reduce the
country's fiscal and external imbalances and preserve fiscal and
foreign exchange reserve buffers at current levels. If unchecked,
these negative pressures will likely put further downward pressure
on Bolivia's sovereign credit profile.
Concurrently, Moody's lowered Bolivia's long-term foreign currency
(FC) bond ceiling to Ba3 from Ba2, its long-term FC deposit ceiling
to B2 from B1, and its local currency bond and deposit ceilings to
Ba2 from Ba1. The short-term foreign-currency bond ceiling and the
short-term foreign-currency bank deposit ceiling remain unchanged
at Not Prime (NP).
RATINGS RATIONALE
RATIONALE FOR THE RATING DOWNGRADE TO B1
EROSION OF FISCAL AND FOREIGN EXCHANGE RESERVE BUFFERS
Bolivia's fiscal and foreign exchange reserve buffers have
historically provided a key level of support to the country's Ba3
sovereign credit profile. However, these buffers have significantly
diminished in recent years and risks of continued erosion are
high.
The government's fiscal savings buffer declined to 13.2% of GDP in
2018, down from a high of about 27% of GDP in 2013, driven by
sustained large fiscal deficits. During this same period, the
government's debt burden increased to 55% of GDP at the
nonfinancial public sector (NFPS) level, from 38%. In 2018, the
general government's fiscal deficit widened to 6.0% of GDP from
5.0% in 2017. Cuts to public investment, following several years of
high capital spending on large scale natural gas projects, helped
to drive down total expenditures as a share of the economy.
However, relatively weak tax receipts and declines in transfers
from the SOE sector weighed on revenue intake.
At the same time, higher imports for the government's large
infrastructure projects and lower global energy prices have led to
sustained current account deficits and a material decline in the
foreign exchange reserve buffer. Moody's expects Bolivia's current
account deficit to remain large, but gradually narrow to about 4.0%
of GDP in 2021 from 4.9% in 2018, driven by the tapering off of
capital imports for the government's investment program. However,
the outlook for exports remains uncertain due to negative pressures
in the natural gas sector, driven by lower global energy prices and
decreased volume demand from Government of Brazil (Ba2 stable) and
Government of Argentina (Caa2 RUR), Bolivia's main export
destinations. Moody's expects total exports to remain well below
the levels experienced during the peak of the oil price boom in
2013.
As a result of these large twin deficits, Bolivia's foreign
exchange reserve buffer has fallen significantly to $4.1 billion in
December 2019 (10% of GDP), down from a high of $13.2 billion (40%
of GDP) at the end of 2014. Although reserves still provide around
5.5 months of import cover, the ratio has declined and pressure on
the country's fixed-exchange-rate regime could rise if reserve
levels continue to fall. Nonetheless, Bolivia's external
vulnerability indicator (EVI), a measure of foreign exchange
reserve coverage of the current year's external debt obligations,
has been lower than the Ba median over the past decade, reflecting
the concessional nature of the government's external debt. While
Moody's expects the EVI to rise as foreign exchange reserves fall,
it will likely remain below the Ba-rated peer median of 53% through
2021.
STRUCTURALLY LOWER MEDIUM-TERM GROWTH DRIVEN BY WEAKER HYDROCARBON
SECTOR AND POLICY UNCERTAINTY
Looking ahead, the Bolivian economy will enter into a new, more
challenging period of moderating growth after nearly 15 years of
strong government-led investment and poverty reduction. As a
result, Moody's expects Bolivia's average real GDP growth rate to
decline to around 3.0%, compared to an average of 4.6% in 2014-18
and 4.9% in 2009-13.
Bolivia's large public investment projects had supported robust
growth rates in the past that were above the Ba-rated peer median.
Higher global energy prices in the earlier part of the decade,
combined with greater revenue intake for the government's
state-owned energy company, Yacimientos Petroliferos Fiscales
Bolivianos (YPFB), provided the government with fiscal space to
significantly increase investment spending, which led to a peak of
total economywide investment spending of 21.2% of GDP in 2017.
Moody's expects Bolivia's growth potential to moderate over the
coming years as the country's hydrocarbons sector, which accounted
for approximately 34% of exports (8% of GDP) in 2018, adjusts to
relatively lower global energy prices, falling natural gas reserves
and structurally lower demand for natural gas exports from Brazil
and Argentina, the country's most important trading partners.
The October 2019 presidential election and subsequent resignation
of President Evo Morales in November 2019 has further increased
headwinds to Bolivia's medium-term growth prospects, due to
heightened political risk and policy uncertainty. Material
disruption to everyday economic activity following the election,
from protests and social unrest, weighed on GDP growth in the
fourth quarter, adding to significant weakness in the natural gas
sector throughout the year. Moody's expects these disruptions to
have contributed to a decline in annual real GDP growth to about
2.7% in 2019 from 4.2% in 2018, marking the lowest rate of growth
since 2003 (the last time Bolivia experienced significant political
turmoil).
RATIONALE FOR THE NEGATIVE OUTLOOK
The negative outlook is based on Moody's expectation that,
following the May 3 presidential election, the new government will
face significant sociopolitical challenges in implementing the
structural economic and fiscal policy adjustments that would be
required to materially reduce the country's fiscal and external
imbalances, and preserve the fiscal and foreign exchange reserve
buffers that provide key support to Bolivia's sovereign credit
profile.
Moody's expects future fiscal deficits to remain around 6.0%. While
the winding down of the government's capital expenditure program
will contribute to gradual fiscal deficit and import reduction, the
negative impact of heightened political risk and social unrest on
economic activity, along with structurally weaker revenue intake
and exports from the natural gas sector, will largely offset the
government's expenditure reduction. In the absence of structural
reforms to sustainably reduce the government's large fiscal and
current account deficits, Bolivia's fiscal and foreign exchange
reserve buffers will continue to decline, exerting negative
pressure on the sovereign credit profile.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Environmental considerations are material to Bolivia's rating.
Increased deforestation and large forest fires in the Bolivian
Amazon rainforest have contributed to rising climate change and
environmental risks. Natural resources development also pose
environmental risks.
Social considerations are also material to Bolivia's credit
profile, driven by a historically high incidence of poverty and
inequality. Sustained high growth rates and government spending on
social welfare have helped to reduce poverty and improve incomes.
For instance, the share of the population living in extreme poverty
declined to 15% in 2018 from 38% in 2006, and the Gini coefficient
of inequality fell from about 0.60 in 2000 to around 0.47 in 2018.
Meanwhile, GDP per capita has more than tripled from around $1,000
in 2005 to around $3,500 in 2018 (about $7,800 in purchasing power
parity, PPP, terms). Nonetheless, overall poverty remains high,
with a general poverty rate of around 38% of the population in
2018, and incomes remain very low compared to the Ba-rated peer
median of $11,600 per capita in PPP terms, indicating more limited
capacity of households to absorb income shocks.
Governance poses further material risks for Bolivia. This
consideration is reflected in Moody's assessment of institutions
and governance strength, which reflects relatively weak
institutional arrangements and a high incidence of corruption and
weak rule of law, balanced by somewhat stronger economic and
monetary policy effectiveness.
WHAT COULD LEAD TO A DOWNGRADE
Moody's would downgrade Bolivia's rating if government policies are
unable to contain the continued erosion of fiscal and foreign
exchange reserve buffers that provide key support to the sovereign
credit profile.
WHAT COULD LEAD TO A CHANGE IN THE OUTLOOK TO STABLE
Moody's would change the outlook to stable if the government
implements policy adjustments that materially increase the
likelihood that fiscal and foreign exchange reserve buffers will be
preserved at current levels.
GDP per capita (PPP basis, US$): 7,842 (2018 Actual) (also known as
Per Capita Income)
Real GDP growth (% change): 4.2% (2018 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 1.5% (2018 Actual)
Gen. Gov. Financial Balance/GDP: -6% (2018 Actual) (also known as
Fiscal Balance)
Current Account Balance/GDP: -4.9% (2018 Actual) (also known as
External Balance)
External debt/GDP: 33% (2018 Estimate)
Level of economic development: Low level of economic resilience
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On March 05, 2020, a rating committee was called to discuss the
rating of Bolivia, Government of. The main points raised during the
discussion were: The issuer's economic fundamentals, including its
economic strength, have not materially changed. The issuer's
institutional strength/framework, have not materially changed. The
issuer's fiscal or financial strength, including its debt profile,
has materially changed. The issuer's susceptibility to event risks
has materially increased.
The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.
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B R A Z I L
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BRAZIL: Requests State of Public Calamity Declaration From Congress
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The Latin American Herald reports that Brazil's government will
request that Congress declares a state of public calamity, a
measure that will allow more public spending beyond agreed budgets
to cope with the impact of the coronavirus pandemic.
The measure, which requires the prior approval of the Chamber of
Deputies and Senate, will allow the government to scrap its
constitutional cap on expenditure set for this fiscal year,
according to The Latin American Herald.
The approved state budget proposes a deficit of $24.8 billion,
equivalent to 1.5 percent of Brazil's GDP, the report notes.
However, declaring a state of public calamity will not spare the
Jair Bolsonaro government from abiding by a law approved in 2017
which limits the growth of annual public spending to the previous
year's inflation rate, which in this case was 4.31 percent, the
report relays.
Either way, the measure is a radical change for an ultra-liberal
government that, up until now, had set a goal of minimizing the
state's influence on the national economy, the report notes.
The decision represents a further step in the release of resources
to combat the COVID-19 pandemic which has caused two deaths in the
country, with just over 300 cases, the report discloses.
According to the Ministry of Health, it is "just beginning" in
Brazil as the country braces for a spike in infections, the report
relates.
Health authorities have said that the peak of the pandemic will
occur between June and August in the middle of winter and warned
financial resources would have to be freed to face the emergency,
the report relays.
Until now, the far-right Bolsonaro government has announced various
measures to try to mitigate the battering Brazil's economy will
take with the spread of coronavirus, the report notes.
The Ministry of the Economy announced a crash plan that will inject
$29.1 billion into the economy, the report discloses.
Almost 50 percent of the funds will go to the most in need through
social assistance payments, the report relates.
The report notes that company taxes will be deferred for around
three months and it will be made easier for people to access
workers' severance funds.
The health care sector will receive an almost $1 billion boost that
has already been released from the budget, the report relates.
Even with these measures, the government reaffirmed in an official
statement its "commitment to the structural reforms necessary for
the transformation of the State," the report notes.
The statement added that the reduction of the size of the state
continues to be a priority as this will "guarantee the confidence
and investments necessary to recover a dynamic and sustainable
growth," the report discloses.
The coronavirus pandemic comes at a time when the Brazilian economy
is still recovering from the 2015-2016 recession, the second
deepest in the country's economic history, the report says.
In 2017 and 2018, growth recovered, but at a rate of 1.3 percent
per year, only to lose strength in 2019, with a 1.1 percent growth
rate, the report notes.
The government had projected a 2.3 percent growth for 2020 but has
already lowered that forecast to 2.1 percent and may be forced to
drop it further as a result of the pandemic, the report adds.
As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings in November 2019 affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.
IGUA SANEAMENTO: Moody's Assigns Ba2 CFR, Outlook Stable
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Moody's America Latina Ltda. assigned a Ba2 global scale and a
Aa3.br Brazilian national scale Corporate Family Rating to Igua
Saneamento S.A.. The outlook is stable. This is the first time
Moody's rates this company.
RATINGS RATIONALE
The Ba2/Aa3.br corporate family ratings reflect the company's solid
business profile with a diversified customer base and good revenue
visibility through relative low demand elasticity and long term
contracts. Also, Moody's sees the public private partnerships
business representing a significant portion of revenues with
contractual arrangements that mitigate revenue risk.
The continued improvement in the company's capital structure and
liquidity profile is also reflected in the ratings as Moody's
considers IGUA will remain focused on the de-leveraging and the
operational turnaround, by improving its margins and water losses
as well as resuming the connections growth. The recent capital
injections performed in the last two years are also a sign of
support from the shareholders together with the commitment to
retain dividend payments until 2023. The successful conclusion of
its refinancing plan in 2020, lengthening the debt profile and
maintaining timely access to the debt markets are also embedded in
its projections.
Nonetheless, IGUA's portfolio is less diversified and smaller than
its peers, with significant revenue concentration since the four
largest operations (Cuiaba, SPAT, Paranagua, Agreste) respond for
about 70% of the group's revenues. Also, the Sistema Produtor Alto
Tiete - SPAT contract maturity in 2024, if not renewed, could weigh
on the group's EBITDA since this is a mature cash-cow generator.
IGUA's weak credit metrics as shown in Funds from Operations (FFO)
to net debt of 3.3% and FFO interest coverage of 1.3x in 2019
combined with significant capex needs of BRL300-400 million per
year in the next 12-18 months also weigh on the ratings.
New investments and acquisitions could negatively impact IGUA's
credit quality as well as material delays or costs overruns in the
capital investment program. While Moody's acknowledges the
relatively low complexity of investments associated with the
expansion of water and wastewater network, the agency believes its
implementation will continue to represent a challenge for the
company's management for the foreseeable future. The company
business is exposed to political intervention in some of the areas
of concession, although somewhat mitigated by the revenue
diversification and the Government of Brazil's rating (Ba2 stable),
given the domestic nature of the company's operations.
The stable rating outlook reflects its expectation that IGUA will
be successful in improving its operating performance and
implementing its capex plan with minimal cost overruns such as to
bring FFO Interest coverage towards 2.0x and FFO to Net debt above
9% over the next 12 to 18 months. It also considers the company
will remain compliant within the covenant thresholds embedded in
the outstanding debentures.
Moody's views IGUA's liquidity profile as adequate. In 2019 the
company had BRL277 million available in cash & equivalents which
compares to BRL217 million in debt maturities due in the short
term. IGUA has a long dated debt maturity profile with
approximately 84% of the total debt maturing in the long term.
Despite negative free cash flow generation as a result of the
significant capex plan Moody's expects IGUA will continue to have
good access to debt and capital markets such as to cover upcoming
debt maturities in a timely manner.
WHAT COULD CHANGE THE RATING UP/DOWN
An upgrade of the ratings could be considered upon
faster-than-anticipated improvements in operating cash flow
generation and reduction in leverage such that FFO Interest
coverage moves above 2.0x and FFO to Net debt above 14% on a
sustainable basis. An upgrade would also require the company
maintaining a solid liquidity profile and conservative financial
policy.
On the other hand, deterioration in the company's operating
performance and/or significant capex overruns such that FFO
Interest coverage and FFO to Net debt ratios remain below 2.0x and
9% respectively by 2020 could result in a ratings downgrade.
Perception of a more aggressive financial policy and/or a
deterioration of Brazil sovereign credit quality could also exert
negative pressure on the ratings.
Igua Saneamento is the third largest private water utility company
in Brazil by population served, operating 18 long-term water and
wastewater assets with an average 20 years remaining concession
period, 14 of which through concession agreements and 4 through
public-private partnerships (PPP). The company attends 6 million
inhabitants in 18 municipalities across 5 states. Since 2017 the
company is controlled by IG4 Capital and Alberta Investment
Management Corp. (AIMCo), alongside with the BNDESPAR and Cyan. In
2019 the company had BRL508 million in net revenues and BRL236
million in EBITDA according to Moody's standard adjustments.
The principal methodology used in these ratings was Regulated Water
Utilities published in June 2018.
NATURA COSMETICOS: S&P Places 'BB-' Ratings on Watch Negative
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On March 18, 2020, S&P Global Ratings placed its 'BB-' global and
'brAA+' national scale ratings on Natura Cosmeticos on CreditWatch
with negative implications. S&P also placed all of its ratings on
Avon Products, including its 'B+' issuer credit rating, on
CreditWatch negative.
The COVID-19 outbreak has led to severe restrictions impairing
regular daily business operations. The effects on Natura&Co's
metrics are uncertain, mainly considering it's not yet clear how
long current restrictions could remain in place.
The impact on Natura&Co could be significant. The virus is quickly
spreading in Latin America, where most of the group's revenues and
cash flows are generated. In particular, it derives about 31% of
its revenues from Brazil. In addition, 40% of its revenues are from
Europe, the Middle East, and Asia-Pacific, where the virus has
spread and is severely hitting the economy and business operations
in several countries of the region. Also, the impact could be more
severe if the spread of the virus is not contained until the fourth
quarter, when the group generates most of its EBITDA and cash
flow.
Additionally, the foreign exchange volatility could make credit
metrics more volatile, since Avon's debt in foreign currency is not
hedged, while it has significant revenue exposures in local
currencies. This impact should be somewhat offset by the group's
high diversity of revenue generation outside Brazil.
Also, S&P would need to understand how the direct sales model of
Natura and Avon will behave under the current scenario.
The group's consolidated cash and cash equivalents (including Avon)
are about R$8.15 billion, versus short-term debt of R$3.4 billion
in December 2019. But debt amortization scheduled for 2021 and 2022
is sizable, and refinancing conditions in the short to medium term
are cloudy. Also, S&P would need to assess the potential impact on
each entity's leverage and covenant cushion.
A deterioration of Natura&Co would negatively affect our ratings on
Natura Cosmeticos and Avon Products since each entity would also
deteriorate in tandem. Currently, we view Natura Cosmeticos' credit
profile as capped at the group profile because it's a core
subsidiary, while our 'B+' rating on Avon reflects one notch of
support from the group because S&P sees Avon as a strategically
important subsidiary.
S&P said, "We expect to resolve the CreditWatch once we have more
clarity about the impact of COVID-19 and related restrictions on
the markets that Natura&Co operates in. We will assess the effects
on each entity's and the group's credit metrics, covenant cushions,
and liquidity. We could lower the ratings more than one notch
depending on the severity of the impact."
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: Disclose Historic Crash in Fuel Prices
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Dominican Today reports that the prices of a barrel of West Texas
Intermediate oil fell on March 18 to its lowest in the last 20
years, where it was quoted at $ 20.37 a barrel, which has caused
fuel prices in the country to drop as low as RD$22.80 a gallon.
LPG suffered a rise of RD$5.80, says Dominican Today.
Before this fall, the Ministry of Industry, Commerce, and MSMEs
(MICM) ordered that premium gasoline be sold at RD$188.10 per
gallon, down from RD$22.80; while regular gasoline will be at
RD$173.20, so it decreases RD$20.80, according to Dominican Today.
Likewise, regular diesel will cost RD$136.30 per gallon, down from
RD$14.10; the optimal diesel RD$149.70, falls RD$12.60, the report
notes.
The avtur will be sold from March 21 at RD$95.70 per gallon, with a
drop of RD$16.40 and the kerosene will be priced at RD$118.60, it
loses RD$18.60, the report relates.
A gallon of fuel oil number 6 will be sold at RD$84.30, with a
discount of RD$14.30 and that of fuel oil 1% S will be offered at
RD$98.80, with a decrease of RD$17.00, the report says.
In contrast, liquefied petroleum gas (LPG) will be sold at RD$88.30
a gallon, up RD$5.80, while natural gas continues at RD$28.97 per
cubic meter, maintaining its price, the report notes. The drop in
the price of a barrel of oil represents a drop in percentage terms
of 24.32 compared to two weeks ago, 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.
The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related 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 stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB- with
stable outlook (2016).
DOMINICAN REPUBLIC: Tourism, Threatened by Coronavirus
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Dominican Today reports that for two consecutive years, the engine
of the Dominican economy, tourism, is going through an
uncomfortable situation: in 2019 due to the death of tourists in
hotels, due to health conditions subsequently proven, and in 2020
due to the presence of the coronavirus, a pandemic that threatens
with collapsing large economies.
The specific weight of this sector is represented by the tax
revenues that the Government receives, and the direct and indirect
jobs that this activity generates, according to Dominican Today.
The growth of both indicators has been exponential over the course
of 40 years, the report notes.
In 1980, for example, the Government received US $ 172.6 million
for tourist activities, and 20,388 jobs were created, the report
relates. The hotel offer was 5,394 rooms, and the occupancy rate
of 58%, according to Central Bank statistics, the report says.
In 2019, income for that line reached US $ 11 billion, and jobs
exceeded 300,000, the report discloses. That year it closed with
82,000 rooms available, and an occupancy rate of 74%, despite the
ravages caused by the death of ten tourists, most of them North
Americans, due to different conditions verified at autopsy, the
report notes.
The emergence of the coronavirus again puts the country at a
crossroads, because the spread of the disease, which has already
caused more than 3,000 deaths, has closed in on global tourism, the
report says.
Countries such as Spain and Italy, which are important emitters of
tourists, have been declared in a state of emergency due to the
spread of the disease, as has the United States, the main emitter
of visitors to the Dominican Republic, the report relates.
Although in January of this year the spread of the disease was just
beginning in Wuhan, China, where it first appeared, the arrival of
tourists to the country registered a decrease in relation to 2019,
the report relates.
According to data from the Hotel and Tourism Association of the
Dominican Republic (Asonahores), in January 404,152 tourists
arrived, and in the same period of 2019, 522,632, the report
relates.
Tourism protection? The Administrative Minister of the Presidency,
Jose Ramon Peralta, admitted that facing the risks of contagion
from the coronavirus, the tourism sector would be the most
affected, the report notes.
"We have a weakness, this is a disease that has not been generated
in the country that until now has not spread, but we have an
enormous risk, because this country, its main economic activity is
tourism," the report relays.
So far, the Dominican health authorities have only detected six
cases, of which four are foreign tourists who had stayed in hotels
in the eastern region, 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.
The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related 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 stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (2017).
Fitch's credit rating for Dominican Republic was last reported at
BB- with stable outlook (2016).
=====================
E L S A L V A D O R
=====================
BANCO AGRICOLA: Moody's Affirms B1 Deposit Rating, Outlook Now Pos.
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings and assessments of
Banco de Desarrollo de El Salvador and Banco Agricola, S.A., and
changed their outlooks to positive, from stable. Bandesal's B3
long-term foreign currency issuer rating and Banco Agricola's B1
long-term foreign currency deposit rating were affirmed. At the
same time, the banks' b3 standalone baseline credit assessments
(BCA), Bandesal's b3 adjusted BCA and Banco Agricola's b1 adjusted
BCA were all affirmed.
Moody's has also affirmed the B1 long-term foreign currency debt
rating of Banco Agricola's USD300 million senior debt issuance due
in June 2020, issued through a Cayman Islands-based trust, Agricola
Senior Trust (AST), and changed the outlook to positive from
stable. AST is unconditionally and irrevocably guaranteed by Banco
Agricola.
The rating actions follow Moody's affirmation of El Salvador's B3
government bond, and the change of the outlooks to positive, from
stable.
The following ratings and assessments were affirmed:
Banco de Desarrollo de El Salvador
Long-term foreign currency issuer rating at B3, outlook changed to
positive from stable
Baseline credit assessment and adjusted baseline credit assessment
at b3
Long-term foreign currency counterparty risk rating at B2
Long-term counterparty risk assessment at B2(cr)
Short-term foreign currency counterparty risk rating at Not Prime
Short-term counterparty risk assessment at Not Prime(cr)
Outlook changed to positive from stable
Banco Agricola, S.A.
Baseline credit assessment at b3
Adjusted baseline credit assessment at b1
Long-term foreign currency deposit rating at B1, outlook changed to
positive from stable
Long-term foreign currency counterparty risk rating at B1
Long-term counterparty risk assessment at B1(cr)
Short-term foreign currency deposit rating at Not Prime
Short-term foreign currency counterparty risk rating at Not Prime
Short-term counterparty risk assessment at Not Prime(cr)
Outlook changed to positive from stable
Agricola Senior Trust
BACKED long-term foreign currency senior unsecured debt rating at
B1, outlook changed to positive from stable
Outlook changed to positive from stable
RATINGS RATIONALE
The ratings affirmation and positive outlook result from a similar
action on El Salvador's B3 government bond rating, which was driven
by Moody's expectation that the liquidity risks for the sovereign
have been significantly reduced. This follows congressional
approvals to fund the government budgets and issue long term debt,
at the same time that improved business sentiment will contribute
to lift private investment and economic growth going forward. These
improvements led to a reassessment of the banking macro profile for
El Salvador, which was raised to Weak, from Weak (-) and supports
the change in the banks' ratings outlook to positive.
The recent Coronavirus outbreak presents downside risks for
Bandesal and Banco Agicola -as it does for most banks around the
globe - and could lead to negative effects on asset quality and
profitability if the economy decelerates sharply. Barring a
Coronavirus outbreak in El Salvador, a worse than expected
deterioration in the US economy could lead to a reduction in
remittances, which are sizable and relevant for El Salvador.
In affirming Bandesal's ratings, Moody's noted its relatively good
asset quality, which benefits from its preferred creditor status in
El Salvador, coupled with prudent risk management and provisioning
policies. The bank's profitability is low as a result of its
development bank role and its focus on low-yielding lending to
other financial institutions, coupled with Bandesal's dependence on
relatively more expensive funding. Bandesal's capitalization
remains strong, supported by low dividend payments to the
government. The bank is 100% owned by the Salvadoran state, and its
funding is primarily sourced from multilaterals, offsetting
refinancing and interest rate risks. Bandesal's ratings are aligned
to those of the government reflecting the bank's close managerial
and financial linkages with the Salvadoran government. The positive
outlook on its ratings incorporate the positive outlook on the
sovereign ratings.
The affirmation of Banco Agricola's ratings incorporates its good
capitalization despite a reduction in recent years driven by high
dividend payments, which were partly offset by cautious loan growth
and strong earnings generation. Banco Agricola's strong and stable
profitability continues to benefit from ample net interest margins
and its ample deposit base. The ratings continue to reflect the
credit challenges related to El Salvador's still relatively weak
operating environment, as well as the bank's high borrower
concentrations and sizable exposure to the riskier consumer
segment, which present risks to asset quality. Improvement in
confidence and the prospects of economic growth would be credit
positive for Banco Agricola's asset quality and earnings.
As one of Bancolombia, S.A.'s (deposits Baa2 stable, BCA ba1) most
important Central American franchises, Banco Agricola's ratings
also benefit from Moody's assessment of a high probability of
support from its parent. This results in two notches of ratings
uplift to the bank's b3 BCA, to its deposit rating, and
consequently, to the senior debt rating of AST.
Moody's does not have any particular concerns with Bandesal and
Banco Agricola's governance, and therefore does not apply any
corporate behavior adjustment to the banks' ratings. The banks show
an appropriate risk management framework commensurate with their
risk appetite.
WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN
In line with the positive outlook, the ratings will face upward
pressure if El Salvador's sovereign rating is upgraded or the
country's operating environment continues to improve, provided that
the banks fundamentals remain broadly stable or improve.
Given the positive outlook, a downgrade of the banks' ratings is
unlikely, but a reversal of the improving trend in El Salvador's
credit profile, a deterioration on its operating environment or in
the banks' fundamentals could lead to a downgrade.
The principal methodology used in these ratings was Banks
Methodology published in November 2019.
===========
M E X I C O
===========
4L HOLDINGS: Moody's Assigns Caa1 CFR, Outlook Negative
-------------------------------------------------------
Moody's Investors Service assigned to 4L Holdings Corporation a
Caa1 corporate family rating and Caa1-PD probability of default
rating following the company's recent restructuring. At the same
time, Moody's assigned a Caa1 to 4L Tech's $80 million senior
secured term loan due 2024. The outlook is negative.
On February 3, 2020, the company emerged from a prepackaged Chapter
11 bankruptcy filing and implemented a Restructuring Support
Agreement (RSA) with a majority of the secured lenders agreeing to
restructure its balance sheet and reduce the total debt. As part of
the restructuring process, the existing secured lenders agreed to
cancel a meaningful portion of their existing debt and receive 100%
equity in the reorganized company subject to dilution by the
warrants and management incentive plan. The RSA included the
repayment of senior secured debt to lenders using net cash from the
sale of the Imaging business and permitted the acquisition of
Teleplan International N.V. using existing balance sheet cash, both
of which were completed in December 2019.
"We believe that 4L Tech's post-emergence balance sheet remains
highly levered with limited liquidity in consideration of the large
amount of cost-savings and synergies that will need to be achieved
during the next 12 to 18 months," said Andrew MacDonald, Moody's
lead analyst for the company. "With the acquisition of Teleplan,
management has embarked on a new business strategy that is highly
transformative and entails significant integration risk."
Assignments:
Issuer: 4L Holdings Corporation
Probability of Default Rating, Assigned Caa1-PD
Corporate Family Rating, Assigned Caa1
Senior Secured Bank Credit Facility, Assigned Caa1 (LGD3)
Outlook Actions:
Issuer: 4L Holdings Corporation
Outlook, Negative
RATINGS RATIONALE
4L Holdings Corporation's ratings broadly reflect the company's
high financial risk, the ever changing demand and product
lifecycles for aftermarket electronics, elevated customer
concentration, and a highly competitive space. The integration of
Teleplan involves a high degree of execution risk related to the
company's plan to improve operating efficiency in order to achieve
sustained revenue growth and positive free cash flow. The company's
weak operating performance in recent years was the result of a
combination of failure to meet productivity goals and a rapidly
evolving industry that left the company exposed to a large customer
contract loss. While Moody's adjusted debt-to-EBITDA leverage is
expected to improve towards 3x during the next 24 months,
approximately 70% of EBITDA relies on the achievement of cost
savings and one-time add-backs, without which leverage would be in
excess of 7x at 31 December 2019. Additionally, the benefits of
these savings initiatives will be offset by implementation costs
during the next 12 months and will result in modestly negative free
cash flow in 2020 before becoming positive in 2021. Supporting the
rating is the significant reduction in debt associated with the
Chapter 11 bankruptcy restructuring that Moody's estimates reduced
total debt from $695 million to $80 million. The acquisition of
Teleplan also increases the company's product base and global
footprint with new locations in Europe, Asia, and the Americas.
4L Tech will have weak liquidity based on Moody's expectation for
negative free cash flow in 2020. At close, the company will not
have access to a revolving credit facility, although it is possible
the company will enter into such a facility as it is permitted by
the senior lender agreement. Consequently, liquidity will be weak
and limited to the company's cash on hand, which management states
is in the low $20 million range as of early March 2020. The senior
secured term loan agreement contains no financial maintenance
covenants.
4L Tech governance risk is considerable given the company's lack of
a long term credit facility and Moody's expectation of negative
free cash flow during the next 12 months.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. More specifically,
the weaknesses in 4L Tech credit profile, including its limited
liquidity provisions have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and the
company remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.
The negative outlook reflects weak liquidity provisions including
Moody's expectation of modestly negative free cash flow during the
next 12 months and the absence of a long term revolving credit
facility. A weakening global macroeconomic environment and
increased likelihood of a recession also adds uncertainty at a time
when the business is attempting to undergo a significant
transformation.
Moody's could consider a rating upgrade if free cash flow
approaches 5% of total debt while maintaining adequate liquidity.
Downward rating pressure could develop if revenue growth is weak or
liquidity becomes constrained with less than $10 million of total
liquidity available.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Privately held by a lender group comprised of the company's
previous secured creditors, 4L Holdings Corporation is a world
leading aftermarket services company offering a full range of
product services to leading companies powering the digital
economy.
4L collects, repairs, remanufactures, remarkets and distributes
electronic devices through manufacturing facilities in the United
States, Mexico, Latin America, Europe, and Asia regions. For the
twelve months ended 31 December 2019, the company's unaudited
reported revenue was $517 million.
=====================
P U E R T O R I C O
=====================
ALICE'S SCHOOL: Seeks April 8 Extension for Plan & Disclosures
--------------------------------------------------------------
The Bankruptcy Court previously granted until March 3, 2020, for
Alices School, Inc., the Debtor in the case, to file the Chapter 11
Plan and Disclosure Statement. The Debtor requests that the Court
extend the Disclosure Statement and Plan's due date to April 8,
2020. This date is within the 180 days provided for by 11 U.S.C.
Section 1121(e)(1).
Attorney for the Debtor:
ROSANA MORENO RODRIGUEZ
MORENO & SOLTERO, LLC
P.O. BOX 679
TRUJ ILLO ALTO, PR 00977
TEL: (787) 750-8160
FAX: (787) 750-8243
E-mail: rmoreno@morenosolterolaw.com
About Alices School Inc.
Based in Carolina, Puerto Rico, Alices School Inc. filed its
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 19-05929) on Oct. 15, 2019, listing under $1
million in both assets and liabilities. Rosana Moreno Rodriguez,
Esq., at Moreno & Soltero Law Office, LLC, represents the Debtor.
JJE INC: Seeks Continuance of Plan Hearing
------------------------------------------
JJE, Inc. and creditors the Secretary of the United States
Department of Health and Human Services and its component agency,
the Centers for Medicare & Medicaid Services, seek a continuance of
the hearing on the Debtor's Plan and Disclosure Statement.
On Feb. 5, 2020, the Debtor filed a Disclosure Statement and Plan
of Reorganization.
On Feb. 7, 2020, the Honorable Court entered an order conditionally
approving the Disclosure Statement and scheduling a confirmation
hearing for March 11, 2020.
On Feb. 21, 2020, the United States Department of Health and Human
Services (HHS) filed an objection to the small business Plan of
Reorganization.
The parties (Debtor and HHS) have been in meetings and in
communication to be able to reach an agreement.
The Department of Health and Human Services is the largest creditor
in the case and for the plan to be confirmed an agreement with this
creditor must be reached.
Good cause exists for the requested continuance to provide the
parties the opportunity to consensually resolve the issues
pending.
The requested continuance is not requested for delay, but so that
justice may be better served.
The parties request the continuance of the Disclosure Statement and
Reorganization Plan hearing on March 11, 2020, and an extension to
file its Sec. 1129 statement seven days before the next available
date of the Court to conduct the hearing.
A full-text copy of the Disclosure Statement dated March 4, 2020,
is available at https://tinyurl.com/ry9rxak from PacerMonitor.com
at no charge.
Counsel for the Debtor:
Victor Gratacos Diaz
GRATACOS LAW OFFICE
P.O. BOX 7571
CAGUAS, PUERTO RICO 00726
Tel: (787) 746-4772
Fax: (787) 746-3633
E-mail: bankruptcy@gratacoslaw.com
About JJE Inc.
JJE, Inc., is a home health care services provider based in Manati,
Puerto Rico. JJE, Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-02034) on April 12, 2019, and is represented by Victor
Gratacos Diaz, Esq., in Caguas, Puerto Rico. In the petition
signed by Jenny Olivo, president, the Debtor disclosed $295,244 in
total assets and $1,953,718 in total liabilities.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINDAD & TOBAGO: Imbert Projects $5BB Revenue Drop Due to COVID-19
-------------------------------------------------------------------
Trinidad Express reports that Trinidad and Tobago Finance Minister
Colm Imbert is now projecting a revenue shortfall of over $5
billion for 2020 as a result of the dramatic collapse in oil
prices, reduced revenue from natural gas and a decline in business
activity expected to come due to COVID-19 preventative measures
implemented by the Government.
At a post-Cabinet media briefing at the Diplomatic Centre, St
Ann's, Prime Minister Dr Keith Rowley instructed bars to remain
closed for a period of 14 days as a form of social distancing,
aimed at slowing the spread of COVID-19, according to Trinidad
Express.
Non-essential businesses were also urged to close their doors to
the public for the period and restaurants were advised to restrict
dine-in services, the report notes.
All schools are to remain closed until April 20, Rowley instructed,
the report relays.
The report discloses that at a media conference Imbert projected a
$3.5 billion decline in oil and gas revenue.
At the post-Cabinet media briefing he said this had since changed.
"Based on our calculations so far, in terms of what has happened to
oil prices and gas prices, we expect to lose $4.5 billion. This
has changed between two weeks ago to last week," the report
relays.
He said this revised figure did not take into account the slowdown
in business activity and the natural decline in activity that will
take place as a result of the COVID-19 precautions disclose, the
report notes.
"If I have to make my best estimate of what will happen, we will
lose over $5 billion in revenue this year as a result of the oil
price shock and also the issues arising from the precautions taken
with respect to the virus," Imbert stated, the report says.
Financial Aid Available
But during the question and answer segment of the media conference
he shared that T&T and other countries can access financial
assistance, the report notes.
"While were here we just got word that the Andean Development Bank
of Latin America (known by its acronym CAF) is making a small
contribution to all member states of about the equivalent of $3
million and is also making available to every member of CAF US$50
million in emergency immediate funding," he said, the report
relates.
Rowley interjected to point out that if there are windows of
assistance T&T can access through the International Monetary Fund
(IMF) and the Inter-American Development Bank (IDB) it will do so,
the report notes.
"I'm not talking about any IMF program. I'm saying if the IMF has
assistance windows, and not only the IMF, also the IDB, we are
members of those institutions and to the extent that there are
support mechanisms in that way we will access every single one of
them," he stated, the report says.
"What we're talking about here is whatever is available. You may
find that grants are available in small amounts, loans are
available in larger amounts with certain conditions," Rowley added,
the report notes.
He went on: "This is something that would require those types of
interventions because nobody had planned for this. We were going
along managing our debt, expenditure and revenue. Our debt profile
was getting a little steep and then this thing has come upon us,"
the report relates.
He said he read comments from the business community in the
newspapers which advised the Government not to borrow, the report
notes.
"Thank you very much for the advice because one of the things we
were trying to borrow to do was to pay you, so since you advise
that we shouldn't borrow then that is one pressure off our
shoulder," the report adds.
=================
V E N E Z U E L A
=================
VENEZUELA: From Denial to "Catastrophe" in 72 Hours re COVID-19
---------------------------------------------------------------
Carlos Camacho at The Latin American Herald reports that Venezuela
Regime head Nicolas Maduro termed the Coronavirus outbreak in
oil-rich Venezuela "a catastrophe", only three days after denying
that there were any cases in the country.
In the meantime, his ministers were busy admitting to the first 2
cases, then 17 and then the number of cases appeared to double, was
Maduro announced 33 confirmed Coronavirus patients, according to
The Latin American Herald.
Repression has not stopped, with an opposition lawmaker being
arrested without a warrant last week, the report notes. If
anything, critics say Maduro's new measures -- which broaden an
existing quarantine and "social distancing" decision and include
selling no gasoline to non-essential vehicles and locking down
major cities including the capital of Caracas -- actually place
more of Venezuela under the control of his regime and the military
and police still obedient to it, the report discloses.
"Drastic measure are needed . . . We have never faced a situation
like this before," Maduro said during a broadcast from the
Miraflores Palace, labeling the outbreak a "catastrophe," the
report relates. Up until last week, Maduro had denied the
existence of any Coronavirus cases in Venezuela and promised to
beat the disease with "Interferon" from Cuba, the report
discloses.
Meanwhile, old crises have compounded to haunt Maduro: with more
than 80% of the country without running water, it's hard for
Venezuelans to comply with sanitation measures, the report relates.
Not even hospitals have water, or even emergency power, if it
comes to that, according to the Red Cross. And blackouts are
becoming increasingly common, the report discloses.
Maduro said that 28 of the infected people came from Europe and
five from Cucuta, across the border in Colombia, the report notes.
That 18 of the patients were men and 15 women, the report relates.
The number of cases has increased, when the first two patients were
reported: the total number increased to 10 and to 17, a growth rate
faster than France, the report says.
State by state, cases have been recorded in Miranda (13), Caracas
(8), Vargas (5), Aragua (2), Anzoategui (2), Merida (1), Cojedes
(1) and Apure (1), or only eight of Venezuela's 23 states and
territories, the report notes.
Maduro announced that holders of the regime-promoted "Carnet de la
Patria" biometric party ID will receive "in the next few hours . .
. a series of social benefits," the report says. The card, which
the opposition has described as a social control tool, is mostly
only held Regime loyalists, the report relates. The regime also
anticipated the arrival of aid from China to address the situation,
the report discloses.
He also said that he made a first contact with the government of
Colombia, with the mediation of the Pan-American Health
Organization, to attend to the emergency at the border. President
Ivan Duque closed the common border, the report adds.
Duque does not recognize or deal with Maduro so the discussions
have to take place through a multilateral organization, the report
relates.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 16 to March 20, 2020
---------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Plaza SA 3.5 38.3 8/15/2020 CL CLP
Banco Security SA 3.0 5.6 7/1/2019 CL CLP
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP
City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
Enel Americas SA 5.8 32.7 6/15/2022 CL CLP
Empresa Provincial de 12.5 0.0 1/29/2020 AR USD
Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL
Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Provincia del Chubut A 4.5 2208 3/30/2021 AR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Polarcus Ltd 5.6 71.8 7/1/2022 AE USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Banco Security SA 3.0 27.4 6/1/2021 CL CLP
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP
Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP
Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD
Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD
Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Esval SA 3.5 49.9 2/15/2026 CL CLP
*********
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 2020. 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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