/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/200803.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, August 3, 2020, Vol. 21, No. 154 Headlines A R G E N T I N A ARGENTINA: Companies Flee, Coronavirus is Just One Reason ARGENTINA: Creditors Boost Bargaining Power With New Funds B E R M U D A LIFEMILES LTD: S&P Affirms B- Global Scale ICR, Outlook Stable C H I L E LATAM AIRLINES EETC-2015 1: S&P Cuts Rating on Cl. A Certs to CCC+ D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Most Fuel Prices Rise in Country DOMINICAN REPUBLIC: Tourism Industry Has Most Layoffs E C U A D O R ECUADOR: Extends $17.4B Debt Restructuring Voting Deadline to Today J A M A I C A JAMAICA MERCHANT: Fitch Affirms 2015-1 Note Ratings at BB+ P U E R T O R I C O MACY'S INC: Moody's Affirms Ba3 CFR, Outlook Negative X X X X X X X X LATAM: Infrastructure Transformation Will Generate Big Windfall [*] BOND PRICING: For the Week July 27 to July 31, 2020 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Companies Flee, Coronavirus is Just One Reason --------------------------------------------------------- Patrick Gillespie at Bloomberg News reports that Argentina faces a mounting exodus of multinationals that have concluded that doing business in Latin America's third-largest economy is just too complicated and unprofitable, even disregarding the coronavirus pandemic. Powerful labor unions, volatile politics, price and currency controls, and other forms of state interventionism have long been features of doing business in the crisis-prone South American country, according to Bloomberg News. Now, faced with a third straight year of recession and a new antibusiness government, some foreign companies, from airlines to auto parts makers, are pulling up stakes, the report relates. According to Bloomberg News, Latam Airlines Group SA, which is headquartered in Santiago, said it was ceasing domestic flights in Argentina after 15 years in the country. In a letter to the Labor Ministry, a copy of which was obtained by Bloomberg, the airline included a long list of grievances that it said made costs 41% higher, and crew productivity 30% lower, than in any of the 26 other markets in which it operates. Fractious relations with unions, a weak local currency, and a new "solidarity" tax that applies to airline tickets for destinations outside Argentina were among the irritants, Bloomberg News relates. The coronavirus pandemic wasn't the main reason Latam listed. "Constant conflicts in an operation plagued by strikes caused significant losses," the company said in the letter, Bloomberg News notes. Warren Buffett-backed car-coating giant Axalta Coating Systems, German paint company BASF, and French auto parts maker Saint-Gobain Sekurit have all announced in recent weeks that they intend to shift production to neighboring Brazil, even though the virus outbreak there has been much worse, Bloomberg News says. Honda Motor Co. stopped making cars in Argentina in May, though it continues to manufacture motorcycles, according to a local automotive industry chamber, Bloomberg News relates. American Airlines Group Inc. ended one of its routes to Argentina and terminated its local rewards program with a bank, the report notes. And Alsea, which operates fast-food franchises in the region, has temporarily closed 37 Starbucks cafes and permanently shuttered another 8 locations, Bloomberg News discloses. Many of the big companies that are staying put are shelving investment projects: Volkswagen AG and Ford Motor Co. canceled plans to manufacture pickup trucks in Argentina, according to the chamber, Bloomberg News relates. While the post-pandemic future is uncertain for most countries, the outlook for Argentina, which placed 139th out of 141 countries in a ranking of economic stability compiled by the World Economic Forum, is among the most precarious, Bloomberg News relays. An already challenging operating environment has become even more so since President Alberto Fernandez took office in December. His administration has further restricted access to dollars, increased taxes, and banned layoffs. The government's decision to default on the country's foreign debt, after negotiations with bondholders stalled, and moves to expropriate one of the nation's largest soy exporters haven't endeared him to foreign investors, either, Bloomberg News relates. "Closures or transfer of operations elsewhere have nothing to do with the pandemic," the report quotes Andres Borenstein, an economist at consulting firm EconViews in Buenos Aires, as saying. Argentina "lost credibility after years of recession and default. This government hasn't shown itself to be very pro-market." Argentina was one of the first countries in Latin America to impose lockdown restrictions to slow the spread of the coronavirus, Bloomberg News recounts. The measures, which are only now being gradually lifted, have exacted a heavy toll on an already weak economy. Economists surveyed by Argentina's central bank are forecasting a 12% contraction this year, which would be the biggest one-year decline on record, Bloomberg News relates. For many capital-starved businesses, the pandemic is the final straw, Bloomberg News says. Government data show that 20,000 private-sector employers have ceased operating this year, Bloomberg News relays. Among those still standing, more than 70% of businesses say they can't sustain operations beyond the next 12 months, according to a poll by a leading business group. "I'd expect more of the private-sector employers and independent businesses to fold over the coming months," says Jimena Blanco, director of Latin America research at Verisk Maplecroft, a consulting firm, Bloomberg News relates. For sure, Argentina's economic problems aren't new, says Bloomberg News. The country has spent a third of its modern history in recession, and growth has been elusive for the past decade, Bloomberg News discloses. Net foreign direct investment amounted to $5.1 billion in 2019, approximately half the annual totals in each of the two previous years, according to the UN's Economic Commission for Latin America and the Caribbean, Bloomberg News says. Negotiations to restructure $65 billion of bonds have made progress, though some of the country's largest creditors are balking at the terms the government is offering, adding to the crisis atmosphere companies have been navigating since the May 22 debt default, Argentina's ninth, Bloomberg News notes. Fernandez's administration is trying to help companies on some fronts by picking up the tab for a portion of salaries, suspending social security contributions, and providing billions of pesos in emergency loans, Bloomberg News relays. During a July 21 video address to the Council of the Americas, he stressed that his administration is trying to improve the climate for business, Bloomberg News notes. What Argentina needs most is investment, production, employment, and development," he said. "Argentina continues being a country that structurally has a lot of natural wealth," he added. That message isn't getting through to Patricio Pagani, who started his Black Puma data analytics firm in Buenos Aires two years ago and says he's already considering moving part of his operation to Uruguay or Chile, Bloomberg News notes. Export tariffs hinder business overseas, and domestic taxes are far higher than the average in Latin America, Bloomberg News relates. But Pagani says his biggest challenges are capital controls that eat up his profits because they force him to convert payments from clients abroad into pesos at the official exchange rate, now 72 pesos to the dollar, while many of his other costs are linked to the black market exchange rate, presently 140 pesos to the dollar, Bloomberg News discloses. "It makes you think, as a business owner, of alternatives to do business somewhere else," Pagani says. "We're not competitive at all," he added. About Argentina Argentina is a country located mostly in the southern half of South America. It's capital is Buenos Aires. Alberto Angel Fernandez is the current president of Argentina after winning the October 2019 general election. He succeeded Mauricio Macri 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. As reported by the Troubled Company Reporter - Latin America on July 30, 2020, S&P Global Ratings said it lowered its issue ratings on two of Argentina's foreign currency-denominated bonds, BIRADs due January 2022 and January 2027, to 'D' from 'CC'. These are New York-law U.S. dollar-denominated bonds that had a total of about US$220 million in interest due July 26, 2020, and an applicable payment date of July 27. Other similar bonds S&P already lowered to 'D' include the BIRADs due 2021, 2026, January 2028, July 2028, 2036, 2046, 2048, and 2117, as well as a New York-law U.S. dollar-denominated discount bond due December 2033 and an English-law euro-denominated discount bond due December 2033. These bonds will remain at 'D' pending conclusion of the debt renegotiations that are underway. The current deadline for acceptance remains Aug. 4, with a settlement date of Sept. 4. The TCR-LA reported on April 14, 2020, that Fitch Ratings upgraded Argentina's Long-Term Foreign Currency Issuer Default Rating to 'CC' from 'RD' and Short-Term Foreign Currency IDR to 'C' from 'RD'. On April 9, the TCR-LA reported that Moody's Investors Service downgraded the Government of Argentina's foreign-currency and local-currency long-term issuer and senior unsecured ratings to Ca from Caa2. ARGENTINA: Creditors Boost Bargaining Power With New Funds ---------------------------------------------------------- Jorgelina Do Rosario and Michael O'Boyle at Bloomberg News report that Argentina's main bondholder groups say they now represent more than 50% of the country's overseas debt, potentially strengthening their bargaining power at a crucial time in the country's bond restructuring. A group of creditors seeking to extract better terms from the government in its $65 billion debt restructuring says they have added large funds to their bloc, according to people with direct knowledge of the matter, reports Bloomberg News. Thirty investment funds, some of them part of the Ad Hoc Bondholder group, the Exchange Bondholder group and the Argentina Creditor Committee, sent a letter to Economy Minister Martin Guzman saying they hope to reach a consensual agreement, according to a copy obtained by Bloomberg News. In addition to other funds whose role had been previously reported, such as BlackRock Inc and VR Capital, the letter was signed by additional investment heavyweights such as BlueBay Asset Management LLP, Fidelity Management & Research Co., Amundi Asset Management, GoldenTree Asset Management and Wellington Management Company LLC, Bloomberg News notes. The move boosts the creditors' position as the government aims to reduce its outstanding foreign debt after defaulting for the ninth time in its history, Bloomberg News relates. While government officials have repeated that the last offer is the best the country can do in financial terms, it may support "adjustments" to the legal terms of the contracts, Bloomberg News notes. The deadline for its proposal is August 4. A press representative for the creditor groups did not reply to a request for comment. A spokesman from the Economy Ministry didn't reply to a request for comment. The country's overseas dollar notes due in 2028 were little changed, slipping 0.4 cents to 42.4 cents on the dollar, Bloomberg News says. The bonds have traded flat since the May 22 default, according to a recommendation from the Emerging Markets Traders Association, Bloomberg News relates. Argentina's creditors, which formed a united bloc for the first time since the talks began, have rejected the government's existing proposal and suggested a new offer of their own, Bloomberg News discloses. The group added enough large funds to potentially be able to block the government proposal, one of the people said, adding that some of these firms didn't sign the letter to the government because they prefer not to be named publicly, notes the report. The letter adds that combined, the funds represent 60% of bonds outstanding from the country's previous restructurings--known as exchange bonds--and 51% of the outstanding global bonds issued from 2016, according to the document seen by Bloomberg. The creditor group had said that it collectively represented one third of the country's outstanding bonds, Bloomberg News relates. Argentina needs at least 66.6% of all bondholders to participate in a bond exchange for it to be valid, according to the latest filing with the Securities and Exchange Commission, Bloomberg News notes. The government would also consider the offer to be valid if holders representing at least 60% of one or more series of the 2005 indenture bonds and 2016 bonds participate in the exchange, or if the equivalent of more than 50% of all eligible bonds for each indenture take part, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. It's capital is Buenos Aires. Alberto Angel Fernandez is the current president of Argentina after winning the October 2019 general election. He succeeded Mauricio Macri 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. As reported by the Troubled Company Reporter - Latin America on July 30, 2020, S&P Global Ratings said it lowered its issue ratings on two of Argentina's foreign currency-denominated bonds, BIRADs due January 2022 and January 2027, to 'D' from 'CC'. These are New York-law U.S. dollar-denominated bonds that had a total of about US$220 million in interest due July 26, 2020, and an applicable payment date of July 27. Other similar bonds S&P already lowered to 'D' include the BIRADs due 2021, 2026, January 2028, July 2028, 2036, 2046, 2048, and 2117, as well as a New York-law U.S. dollar-denominated discount bond due December 2033 and an English-law euro-denominated discount bond due December 2033. These bonds will remain at 'D' pending conclusion of the debt renegotiations that are underway. The current deadline for acceptance remains Aug. 4, with a settlement date of Sept. 4. The TCR-LA reported on April 14, 2020, that Fitch Ratings upgraded Argentina's Long-Term Foreign Currency Issuer Default Rating to 'CC' from 'RD' and Short-Term Foreign Currency IDR to 'C' from 'RD'. On April 9, the TCR-LA reported that Moody's Investors Service downgraded the Government of Argentina's foreign-currency and local-currency long-term issuer and senior unsecured ratings to Ca from Caa2. ============= B E R M U D A ============= LIFEMILES LTD: S&P Affirms B- Global Scale ICR, Outlook Stable -------------------------------------------------------------- S&P Global affirmed its 'B-' global scale issuer credit and issue-level ratings on Bermuda-based loyalty program company, LifeMiles LTD. The stable outlook reflects our expectations that LifeMiles will maintain EBITDA margins at around 50% while maintaining debt to EBITDA between 2x and 3x and discretionary cash flow (DCF) to debt below 5% for the next 12-18 months. S&P expects growth to continue coming from the expansion of the company's loyalty program among non-air commercial partners in Colombia and Central America, whose consumption habits are increasingly driven by credit and debit card usage, as well as from new alliances and co-branded products with financial institutions and businesses. Rating Action Rationale LifeMiles reported an 8.2% decrease in gross billings totaling $71 million year to date as of March 31, 2020, down from $77 million in 2019, mainly driven by the uncertainty of upcoming restrictions in air travel. Avianca grounded its entire passenger service fleet on March 25, 2020, following a 22.7% drop in the number of passengers serviced during the first quarter of 2020 compared with the first quarter of 2019. Avianca represented about 26% of LifeMiles' 2019 total gross billings, which we believe will continue to take a toll in the second and most of the third quarter of 2020. Therefore, we expect the company to rely mostly on its non-air partners' activities and co-branded operations. On the other hand, regarding cost of rewards, redemptions for air travel are typically more expensive than for non-air products or services. Therefore, given that Avianca represented about 65% of total cost of rewards as of 2019, S&P expects LifeMiles to benefit from lower operating expenses in 2020 and 2021. This also caused LifeMiles' EBITDA margin to increase to 49% as of March 31, 2020, from 45% in 2019. S&P said, "Our base-case scenario for 2020 assumes that metrics to erode because of the weaker economic conditions in Colombia and Latin America, and the pernicious effects of the pandemic. However, we believe a gradual recovery is likely by 2021, leading the company to strengthen its leverage metrics. This could come mostly from customers' higher consumption rates and spending while the economy picks up. To a lesser extent, such recovery could also come from Avianca resuming operations by the end of 2020, leading to higher program mile redemptions for air transportation services. We believe LifeMiles debt to EBITDA will be between 2x and 3x, funds from operations (FFO) to debt close to 30%, and DCF to debt between 2% and 5% for the next 18-24 months." The company continues increasing its commercial partners, including brands like Uber Eats, Ford, Sony, Susuki, Lacoste, Mercedes-Benz, Sony, among others. Additionally, the company reflected certain resiliency on its co-branded credit card transactions, despite the pandemic-induced crisis during the first quarter of 2020. As of March 31, 2020, LifeMiles reported close to 10 million active members, up 9.2% from the same period of 2019. Avianca (D/--/--) owns 70% of LifeMiles, and Advent International (not rated) owns the remaining 30%. We limit the credit rating on LifeMiles at 'B-' given its status as an insulated subsidiary of Avianca. Such a status reflects the following factors: -- LifeMiles didn't engage in any bankruptcy proceedings that could jeopardize its operating activities or compromise its assets according to Avianca's Chapter 11 bankruptcy filing. -- LifeMiles doesn't guarantee--directly or indirectly--any of Avianca's financial obligations. -- LifeMiles' financial performance and funding prospects are separate from those of the parent, so that even if other core entities of the latter encounter severe setbacks, LifeMiles' relative strengths would remain nearly intact. S&P believes that Avianca has a compelling economic incentive to preserve LifeMiles' credit strength, because it's an important source of value for the airline (cash flow and traffic), and a critical element of its long-term competitiveness in the region. ========= C H I L E ========= LATAM AIRLINES EETC-2015 1: S&P Cuts Rating on Cl. A Certs to CCC+ ------------------------------------------------------------------ On July 30, 2020, S&P Global Ratings lowered the ratings on Latam Airlines Group S.A.'s EETC-2015 1 Class A to 'CCC+' from 'B-' and Class B to 'CCC-' from 'CCC'. S&P also removed these ratings from CreditWatch with negative implications. Following the aircraft rejection and agreement with trustee on their repossession, ratings on the certificates are now based exclusively on collateral values and ability to sell all aircraft before exhausting the transaction liquidity facility, which still should cover for the next 18 months or six interest payments. S&P said, "We have seen a persistent drop in aircraft appraisals since the beginning of the pandemic. However, we note that aircraft that collateralize the EETCs are modern and widely used models (A321-200, A350-900, and 787-9), for which values haven't dropped as steeply as those of older or less popular types of aircraft." Class A certificate holders still have good collateral coverage, because current loan-to-values (LTVs) are about 70%. The one-notch downgrade of the Class A certificates reflects our view that the likelihood of a default on these certificates has increased. A default could occur if the aircraft securing the collateral is not sold before the liquidity facility is exhausted or the net proceeds raised from the sale is insufficient to cover principal outstanding under the Class A certificates. Environmental, social, and governance (ESG) factors relevant to the rating action: -- Health and safety. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Most Fuel Prices Rise in Country ---------------------------------------------------- Dominican Today reports that the Ministry of Industry, Commerce, and MSMEs ordered that, for the week of August 1 to 7, fuels are sold at the following prices: -- Premium Gasoline will sell at RD$ 205.50 per gallon, it rises RD$ 0.30 per gallon. -- Regular Gasoline will sell at RD$ 195.20 per gallon, it rises RD$ 0.40 per gallon. -- Regular gas will sell at RD $149.80 per gallon, it will increase RD $0.50 per gallon. -- Optimal Diesel will sell at RD$ 164.60 per gallon, it will increase RD$ 0.40 per gallon. -- Avtur will sell at RD$ 117.60 per gallon, it rises RD$ 1.20 per gallon. -- Kerosene will sell for RD$ 141.80 per gallon, it rises RD$ 1.50 per gallon. -- Fuel Oil # 6 will sell for RD$ 101.00 per gallon and remains at its price. -- Fuel Oil 1% S will sell at RD$ 110.00 per gallon, it rises RD$ 0.30 per gallon. -- Liquefied Petroleum Gas (LPG) will sell at RD$ 111.20 / gl: it rises RD$ 1.10 per gallon. Natural Gas RD$ 28.97 per cubic meter, maintains its price. According to a MICM note, earlier this year, the coronavirus pandemic reduced daily oil consumption to one-third of normal consumption, at a time when the rise in electric vehicles and the shift to renewable energy sources were already underway prompting downward revisions to long-term oil demand projections, according to Dominican Today. This situation has led some OPEC authorities to wonder if the dramatic disruption of demand this year augurs a permanent change and what would be the best way to manage supply if the oil era is coming to an end, the report notes. The world is waking up to a new reality and trying to work around it all, there is a possibility in the minds of all the key players that consumption will never fully recover. This year's crisis, which caused oil to drop below $16 a barrel, led most OPEC + members to question long-held views on-demand growth prospects. OPEC's work will be more difficult in the future due to lower demand and increased non-OPEC production, the report relays. In 2019, the world consumed 99.7 million barrels per day, and OPEC originally anticipated that it would increase to 101 million BPD by 2020, the report discloses. However, this year's worldwide closure due to the pandemic, which caused the paralysis of flights and dramatically reduced street traffic led OPEC to lower the 2020 forecast to 91 million BPD, with demand expectations for 2021 still below 2019 levels, the report relays. Energy analysts, oil companies, and producer countries have been trying for a long time to calculate when the world will reach the "peak of oil," from which point consumption will begin to fall permanently, the report discloses. However, demand has steadily increased each year, with occasional exceptions amid economic crises. OPEC has been lowering its expectations, in 2007 it forecast that by 2030 world demand would reach 118 million BPD, last year they made the correction to 108.3 million BPD, and their November report is expected to show another downward revision, 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 negative outlook (April 2020). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (July 2017). Fitch's credit rating for Dominican Republic was last reported at BB- with negative outlook (May 8, 2020). DOMINICAN REPUBLIC: Tourism Industry Has Most Layoffs ----------------------------------------------------- Dominican Today reports that workers in the tourism sector in the Dominican Republic have been among the most affected by the economic crisis caused by the coronavirus pandemic, which has affected more than one million people who are part of the labor market in the country. This is evidenced by data from the Ministry of Labor, an institution that between January and May of this year received 2,292 requests for layoffs carried out by the employer in Veron, Bavaro, La Altagracia province, which involved 7,827 workers, according to Dominican Today. In addition to the suspensions by the employer, in Veron there were some 1,077 unemployment claims by employees in the said period, the report notes. Bavaro is part of the Veron Punta Cana Municipal District, an area in the east of the country recognized as a tourist pole since more than 60% of foreign tourists enter here, the report relays. Commerce and hospitality is the main source of employment in La Altagracia, the report discloses. In 2010, this activity registered 43% of the province's employed population, according to data from the National Statistics Office (ONE), the report relays. In the Labor Code, termination is defined as the act by which one of the parties, by prior notice to the other and without claiming cause, exercises the right to terminate a contract indefinitely, the report notes. Tourism is one of the pillars of the economy. The sector generates more than 340,000 jobs, the report relates. Therefore, with the stoppage of its operations during the period in which the country closed its borders for more than three months to control the pandemic, thousands of people were temporarily or permanently unemployed, the report notes. Layoffs and Terminations by Region After La Altagracia, the highest number of evicted workers are Santiago, with 6,940; Santo Domingo, with 6,050; Santo Domingo Oeste, with 3,253; San Pedro de Macoris, with 2,412; and Puerto Plata, with 2,154, the report notes. The Minister of Labor, Winston Santos, specified that these are only partial data because not all evictions, resignations or dismissals reach the Ministry, 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 negative outlook (April 2020). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (July 2017). Fitch's credit rating for Dominican Republic was last reported at BB- with negative outlook (May 8, 2020). ============= E C U A D O R ============= ECUADOR: Extends $17.4B Debt Restructuring Voting Deadline to Today ------------------------------------------------------------------- Alexandra Valencia and Brian Ellsworth at Reuters report that Ecuador will extend the deadline for creditors to vote on its $17.4 billion debt restructuring plan to today, August 3, following a lawsuit by a small group of bondholders, the finance ministry said. The South American nation originally said the vote would end, but pushed the deadline back at the request of the U.S. Court for the Southern District of New York following a suit by investment funds Contrarian Capital Management and GMO, according to Reuters. "In an act of good faith, Ecuador agreed to extend by 24 business hours, the closing of the vote," the ministry said in a statement. "The voting process is ongoing and continues positively, with a high probability of reaching the necessary consent, according to preliminary reports." Contrarian and GMO said the government's offer to swap 10 sovereign notes for three new bonds maturing in 2030, 2035 and 2040 was "coercive," the ministry added. Ecuador's government says the investors who object to the proposal hold a minor fraction of total outstanding bonds, Reuters relays. "We will defend the interests of Ecuadorians and we will not allow an isolated group of holders, with a small position, to try to economically and socially harm the country," Economy Minister Richard Martinez said in the statement obtained by the news agency. Ecuador's plan has the support of its largest creditor group, which holds over 53% of outstanding sovereign bonds and includes asset managers such as AllianceBernstein, BlackRock and Ashmore, the report notes. Other creditors in recent weeks have pushed for better terms. They include Contrarian, Amundi, and T Rowe Price Associates, and represent more than 25 institutional investors, the report relays. They have not said how much of the total outstanding bonds they hold, the report notes. For the proposal to go forward, Ecuador needs approval from investors holding 66% of the outstanding issues and 75% of the notes that mature in 2024, the report notes. The International Monetary Fund and other multilateral organizations have described the debt restructuring plan for Ecuador, which is experiencing serious liquidity problems, as positive, the report adds. About Ecuador The Republic of Ecuador is a country in northwestern South America. The sovereign state of Ecuador is a middle-income representative democratic republic and a developing country that is highly dependent on commodities, namely petroleum and agricultural products. Lenin Boltaire Moreno Garces is the county's current President, who has been in office since May 2017. As of May 12, 2020, Ecuador has defaulted on sovereign debt in 2020. As reported in Troubled Company Reporter-Latin America on July 27, 2020, S&P Global Ratings affirmed its 'CCC-' issue rating on Ecuador's social housing notes due 2035 and removed it from CreditWatch negative, where it had placed it on March 25, 2020. There is no outlook on this issue rating. The 'SD' (selective default) foreign and local currency sovereign credit ratings on Ecuador remain unchanged. On April 3, 2020, Moody's Investors Service downgraded the long-term foreign-currency issuer and senior unsecured rating of the Government of Ecuador to Caa3 from Caa1 and changed the outlook to negative from stable. Moody's decision to downgrade Ecuador's rating reflects the increased and now very high probability of a restructuring, distressed exchange or default on Ecuador's market debt as a result of the economic and financial shock the country is experiencing due to the coronavirus outbreak that has led to extremely tight financing conditions for Ecuador. On April 13, 2020, S&P Global Ratings lowered its long- and short-term sovereign credit ratings on Ecuador to 'SD/SD' from 'CCC-/C'. S&P removed the ratings from CreditWatch. S&P said Ecuador's already large budgetary financing needs have been exacerbated by the plunge in global oil prices and the negative global economic impact of the COVID-19 pandemic. The country is one of the worst affected by the virus outbreak in the region. Also, in mid April 2020, Fitch lowered Ecuador's longterm foreign currency issuer default rating to C from CC. The 'C' rating reflects Fitch's view that a sovereign default of some kind is imminent following the "consent solicitation" made by the Ecuadorian government to defer external bond payments while it pursues a comprehensive restructuring. A deferment in payments, if agreed to by bondholders, would constitute a distressed debt exchange in Fitch's view. As reported in the Troubled Company Reporter-Latin America, Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by the Republic of Ecuador to CCC- from CCC+. EJR also downgraded the rating on commercial paper issued by the Company to D from C. ============= J A M A I C A ============= JAMAICA MERCHANT: Fitch Affirms 2015-1 Note Ratings at BB+ ---------------------------------------------------------- Fitch Ratings has affirmed the issue-specific ratings assigned to all outstanding series of notes issued by Jamaica Merchant Voucher Receivables Limited and Jamaica Diversified Payment Rights Company. The Negative Outlook on the notes reflects NCBJ's Negative Outlook along with the uncertainty related to the magnitude and length of the coronavirus pandemic and containment measures that may further deteriorate transaction flows for both programs. Jamaica Merchant Voucher Receivables Limited - 2015-1 470170AB7; LT BB+; Affirmed - 2016-1 470170AD3; LT BB+; Affirmed Jamaica Diversified Payment Rights Company - 2013-1 G5005FAC7; LT BB; Affirmed TRANSACTION SUMMARY Jamaica Merchant Voucher Receivables Limited is backed by future flows due from Visa International Service Association and MasterCard International Incorporated related to international merchant vouchers acquired by National Commercial Bank Jamaica Ltd. in Jamaica. Jamaica Diversified Payment Rights Co. is backed by existing and future U.S. dollar-denominated diversified payment rights originated by NCBJ. DPRs are defined as electronic or other messages used by financial institutions to instruct NCBJ to make payment to a beneficiary. The majority of DPRs are processed by designated depository banks that have executed agreements obligating them to send payments to accounts controlled by the transaction trustee. KEY RATING DRIVERS Originator's Credit Quality: The rating of this future flow transaction is tied to the credit quality of the originator, NCBJ. On April 15, 2020, Fitch affirmed NCBJ's Long-Term Issuer Default Rating at 'B+' and revised the Rating Outlook to Negative from Positive following the revision of Jamaica's Rating Outlook to Stable from Positive on April 10, 2020. While the Jamaican operating environment has historically been a principal constraint on NCBJ's ratings, NCBJ's Negative Outlook reflects the downside risk to NCBJ's credit profile resulting from the economic implications of the coronavirus pandemic. Additionally, the revision of NCBJ's Outlook in April 2020 was mainly driven by the adjustment of Fitch's assessment of the operating environment Outlook to Negative due to the weaker operating conditions that will likely result in asset quality deterioration and will weigh on profitability. Going Concern Assessment: Fitch assigned NCBJ a GCA score of 'GC1' based on the bank's systemic importance. The 'GC1' theoretically allows the maximum rating uplift from the bank's IDR pursuant to Fitch's future flow methodology. However, the agency limits the rating uplift for the future flow series due to factors mentioned below. Future Flow Debt Size: NCBJ's total outstanding future flow debt represented around 6% of the bank's total funding and 14.2% of non-deposit funding considering outstanding consolidated program balances as of March 2020 and consolidated financials as of March 2020. Although Fitch considers the current ratios small enough to allow the future flow ratings the maximum uplift at its aggregate outstanding balance, Fitch believes the future flow programs will continue to remain an active source of long-term funding for NCBJ. Additionally, the agency limits the rating uplift for the future flow programs to three notches for the MV program and two notches for the DPR program due to factors mentioned below, including Fitch reserving the maximum uplift for originators rated at the lower end of the rating scale. MV Program Coronavirus Impact and Containment Measures Pressure Transaction Flows: While flows benefit from NCBJ's market-leading and dominant credit card franchise and diversification from two top credit card brands, transaction flows have been affected by global travel bans and quarantine orders enacted due to the coronavirus pandemic. Cash flows in April 2020 decreased by as much as approximately 54%% when compared with those in March 2020, but have since recovered 10.3% in May 2020 when compared to cash flows in April 2020 and an additional 26.2% in June 2020 when compared to cash flows observed in May 2020. The increase in cash flows is primarily driven by the phased reopening of Jamaica's borders to international travelers. Quarterly collections as of the end of June were sufficient to support a maximum quarterly DSCR of 3.47x for the last reporting period (April-June 2020). Nevertheless, Fitch will continue to monitor the performance of the flows, as potential pressures could negatively impact the assigned ratings. Coverage Levels Remain Commensurate with Assigned Rating: Global events, including the coronavirus crisis, have negatively impacted international merchant voucher flows. Although significant decreases in transaction flows have been observed since March 2020, coverage levels have remained sufficient to cover quarterly debt service payments in April and July 2020 and have remained commensurate with the rating on the outstanding notes. When considering rolling quarterly flows over the last five years (since 3Q15), Fitch expects quarterly debt service coverage ratios (DSCRs) to be approximately 6.5x the maximum debt service for the life of the program. DPR Line's Coronavirus Impact and Containment Measures Pressure Transaction Flows: NCBJ processed approximately $1.4 billion in DPR flows during the first half of 2020, an approximate decrease of 18% when compared to the same period in 2019. Global events such as the sharp economic contraction given the coronavirus pandemic and different containment measures have translated into a decrease in transaction cash flows, which can add pressure to the assigned ratings. Additionally, the DPR program involves top beneficiaries that are NCBJ affiliates as well as entities with high domestically originated, government-related and/or capital flows (which Fitch sees as more volatile than export-related payments and remittances). Therefore, the potential volatility of the DPR flows limits the notching differential of the transaction. DPR Line's Coverage Levels Commensurate with Assigned Rating: Global events including the coronavirus crisis have negatively impact DPR flows. Although this has translated into a decrease in flows during the first half of 2020 when compared to the same period in 2019, transaction cash flows have been sufficient to support quarterly coverage levels over 70x. When considering cash flows between June 2016 and May 2020 (which considers quarterly flows through DDBs [excluding 65% of flows from certain entities]), the projected quarterly debt service coverage ratio is 59.9x, and the transaction can withstand a drop in flows of approximately 98.6% and still cover a maximum quarterly principal and interest payment. Nevertheless, Fitch will continue to monitor the performance of the flows, as potential pressures could negatively impact the assigned ratings. Potential Redirection/Diversion Risk: The structure mitigates certain sovereign risks by collecting cash flows offshore until collection of periodic debt service amount. Fitch believes diversion risk is partially mitigated by the consent & agreements or acknowledgments signed by Visa and Mastercard (in the case of JMVR) or DDBs (in the case of JDPR). RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Fitch does not anticipate developments with a high likelihood of triggering an upgrade. However, the main constraint to the program rating is the originator's rating and to a lesser extent, NCBJ's operating environment. If upgraded, Fitch will consider whether the same uplift could be maintained or if it should be further tempered in accordance with criteria. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- The transaction ratings are sensitive to changes in the credit quality of NCBJ. A deterioration of the credit quality of the sovereign and/or NCBJ by one notch could pose a constraint to the rating of the outstanding series of notes for both programs from their current level. -- The transaction ratings are sensitive to the performance of the securitized business lines. The expected quarterly DSCR is approximately 6.5x for the merchant voucher program should be able to withstand a decline in cash flows. Additionally, Fitch's base case for the DPR program is 58.2x and should be able to withstand a decline in cash flows. Nevertheless, a significant decline in DPR flows could lead to a negative rating action. The transaction's ratings are sensitive to the ability of the credit card acquiring and DPR business line to continue operating, as reflected by the GCA score, and changes in the sovereign environment and ratings assigned to the Jamaican sovereign. Changes in Fitch's view of the bank's GCA score can lead to a change in the transaction's rating. Additionally, the MV program could also be sensitive to significant changes in the credit quality of Visa or Mastercard to a lesser extent. Any changes in these variables will be analyzed in a rating committee to assess the possible impact on the transaction ratings. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow ratings are driven by the credit risk of National Commercial Bank of Jamaica Limited as measured by its Long-Term Local Currency IDR. ESG CONSIDERATIONS The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). ===================== P U E R T O R I C O ===================== MACY'S INC: Moody's Affirms Ba3 CFR, Outlook Negative ----------------------------------------------------- Moody's Investors Service affirmed Macy's, Inc.'s corporate family rating at Ba3 and its probability of default rating at Ba3-PD. The senior secured notes at Macy's, Inc. were affirmed at Ba1. The senior unsecured notes at Macy's, Inc., May Department Stores Company and Macy's Retail Holdings, Inc. were affirmed at B1. The Macy's Retail Holdings, Inc. commercial paper rating was affirmed at NP. The speculative grade liquidity rating remains SGL-2 and the outlook remains negative. Moody's also assigned a Ba2 to its new exchanged Macy's Retail Holdings, Inc. senior secured notes. The newly exchanged notes will have a second lien on the collateral which secures the Macy's Inc. senior secured notes, which includes its San Francisco, Chicago, and Brooklyn locations, 35 mall assets, and 10 distribution centers. The newly exchanged notes are rated at Ba2, one notch above its Ba3 CFR, reflecting the benefit of the collateral provided by the second lien. The exchange notes are also a notch below the senior secured notes reflecting their junior position to the senior secured notes which have a first lien. "The exchange enables Macy's to align certain covenants, including its permitted liens, more closely with its recently issued senior secured notes" said Christina Boni, Vice President. "Nonetheless, it adds more secured debt which puts the remaining senior unsecured notes in a more junior position", Boni added. Assignments: Issuer: Macy's Retail Holdings, Inc. Senior Secured 2nd Lien Regular Bond/Debenture, Assigned Ba2 (LGD3) Affirmations: Issuer: Macy's Retail Holdings, Inc. Senior Unsecured Commercial Paper, Affirmed NP Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5) Issuer: Macy's, Inc. Probability of Default Rating, Affirmed Ba3-PD Corporate Family Rating, Affirmed Ba3 Senior Secured Regular Bond/Debenture, Affirmed Ba1 (LGD2) Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5) Issuer: May Department Stores Company (The) Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5) Outlook Actions: Issuer: Macy's Retail Holdings, Inc. Outlook, Remains Negative Issuer: Macy's, Inc. Outlook, Remains Negative Issuer: May Department Stores Company (The) Outlook, Remains Negative RATINGS RATIONALE Macy's Ba3 corporate family rating is supported by governance considerations which include its suspension of common dividends and share repurchases given the disruption of COVID-19 and its historically conservative financial strategy which resulted in $2.6 billion in debt reduction over the past three years. The rating also reflects its large scale with LTM net sales of roughly $22.1 billion and its market position as the US's largest department store chain. Although Macy's integrated approach to its stores and online, enhances its ability to meet the even more rapid change to the competitive environment post COVID-19, the company was already contending with reinvigorating its performance as it announced the resizing of its footprint by closing 125 stores or 25% of its Macy's branded stores. Secular trends include increased acceleration of sales moving online, higher price transparency, faster delivery, as well as intense competition from alternative channels Although Macy's also has good liquidity, the company will need to utilize its new $2.851 billion revolver due 2024 (which also has an additional $300 million available through December 2020) to fund cash fall cash shortfalls in 2020. The company's financial strategy is expected to remain conservative and debt reduction prioritized. The negative outlook reflects that Macy's operating performance will remain pressured in the face of COVID-19 and weaker consumer demand. The outlook also reflects the challenge resizing its business to meet a lower level of demand as the secular trends affecting the department store sector prior to COVID-19 accelerate. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade in rating is unlikely given the negative outlook. Ratings could be upgraded should comparable sales and operating income to reflect sustained improvement in performance with the maintenance of a conservative financial strategy. Quantitatively, ratings could be upgraded should the operating performance be positioned to return to 80% of 2019 EBITDA. Ratings could be downgraded should the company experience significant market share erosion relative to its peers, liquidity deteriorates for any reason, or its unencumbered assets are utilized for any purpose other than deleveraging, or cash is utilized to fund shareholder returns. Quantitatively, ratings could be downgraded should the operating performance not be positioned to return to 70% of 2019 EBITDA with no material increase in debt. Macy's, Inc., with its corporate office in New York, is one of the nation's premier retailers, LTM net sales of roughly $22.1 billion. The company operates 775 stores in 43 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bloomingdale's Outlet, Macy's Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale's in Dubai and Kuwait are operated by Al Tayer Group LLC under license agreements. The principal methodology used in these ratings was Retail Industry published in May 2018. =============== X X X X X X X X =============== LATAM: Infrastructure Transformation Will Generate Big Windfall --------------------------------------------------------------- A new report by the Inter-American Development Bank charts a course for a massive infrastructure transformation in Latin America and the Caribbean through gains in efficiency, use of digital technologies, and a focus on quality and affordability of consumer services rather than structures. Even small improvements in service efficiency by increasing digitalization and other actions can boost growth by 5.7 percentage points over a 10-year period. For Latin America and the Caribbean, this represents approximately $325 billion in additional income over ten years. Infrastructure improvements will reduce inequality and help vulnerable populations especially hard hit by the COVID-19 pandemic. As service efficiency increases and prices drop, the incomes of the poorest people would increase 28 percent more on average than the incomes of the rich over ten years, the report finds. "Infrastructure will be a critical component as we build our post-pandemic economies and aim to reduce inequality," said IDB Chief Economist Eric Parrado. "Budgets will be tight, so we must invest wisely and sustainably. Our report recommends areas where government policies can promote innovations and bring a service-oriented vision to infrastructure." From Structures to Services: the Path to Better Infrastructure in Latin America and the Caribbean is part of the Development In the Americas flagship series and the result of a multi-year investigation into the latest trends in water, energy and transportation sectors and how they can be incorporated by countries in Latin America and the Caribbean. The region suffers from large infrastructure gaps with wealthier economies. The region invested 2.8 percent of its GDP in infrastructure over the last decade, half the level of emerging Asia. "For too long we've focused on bricks, pipes and other hard assets," said Agustín Aguerre, the IDB's Manager for the Infrastructure Department. "Digital technology allows us to better understand how people use our roads, consume electricity and water. Our future infrastructure will be cheaper, more sustainable and better serve our citizens." The region performs well in terms of basic measures of access but poorly in terms of the quality of services. For instance, 97 percent of Latin American urban households have access to water but less than 40 percent of sewage in cities is treated. The average commuting time in the region's big cities is 90 minutes. The region also lags in internet penetration and download speeds in Latin America and the Caribbean are ten times slower than in OECD countries. In addition to low quality of services, households and firms face high prices. The poorest 50 percent of households spend 14 percent of their income on water, energy and public transport – 30 percent more than in the other developing regions. Consumers spend more on water, electricity and other services in Latin America and the Caribbean despite governments providing close to 1 percent of GDP annually in operational subsidies to service providers. Greener, Better Future To rectify these shortfalls, the book envisions a future where investments take into account the region's rich natural capital, where individuals, firms and even cities and regions are more empowered over centralized authorities or utilities thanks to technological innovations. This decentralization is a powerful incentive for households and firms to adapt, for instance, renewable energy. Smart meters allow customers to track the quality of the water they receive, monitor their consumption, learn about their water use patterns, pinpoint ways to be more efficient, and better understand their bills. This is critical in a region where 35 percent of the population live in areas of moderate to high levels of water stress. GDP would be 1.2 percent higher over ten years if 30 percent of car and bus fleets were powered by electricity, according to the report, which reviews the potential impacts in autonomous, connected, electric and shared vehicle technology. Project execution also has room for improvements. Cost overruns and time delays account for 35 percent of the total public investment in the region, or the equivalent of 0.65 percent of the region's GDP. Drones and satellite technologies, among others, could be used to improve the planning and engineering phases of construction projects. Emerging technologies could reduce project costs by between 10 percent and 50 percent, the report estimates. Policies and regulations need to adapt Technology will not just bring greater efficiency and reduce prices but will change the very nature of markets for services. These gains will only be realized if policies and regulations adapt. The report identifies where reforms are required. Ministries and agencies that regulate energy, transport, and water will have to update regulatory frameworks to make the most of digitalization opportunities and to ensure greater competition leads to tangible benefits for consumers. Only one-third of countries in the region enacted or updated laws to regulate the communications sector after 2010, while half of the countries have laws that were enacted in the 20th century and have been only partially updated since. More and faster policy action is needed. Given climate change, electricity pricing structures will need to shift from a pricing scheme based on the volume demanded to one with a higher fixed component to cover the investment required to expand and maintain the electricity transmission and distribution network. "As Latin America and the Caribbean speeds from structures to services," the report argues, "regulators must act now to catch the train and keep the process on track to better infrastructure in the region." [*] BOND PRICING: For the Week July 27 to July 31, 2020 ------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- 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 Provincial de 12.5 0.0 1/29/2020 AR USD Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD SACI Falabella 2.3 50.6 7/15/2020 CL CLP Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY 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 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 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 6.9 75.2 1/11/2048 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD Sylph Ltd 2.4 65.1 9/25/2036 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 Banco Security SA 3.0 27.4 6/1/2021 CL CLP 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 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 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 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 Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL 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 Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Automotores Gildemeist 6.8 54.9 1/15/2023 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 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 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *