/raid1/www/Hosts/bankrupt/TCRLA_Public/201005.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, October 5, 2020, Vol. 21, No. 199
Headlines
A R G E N T I N A
ARGENTINA: Nearly Half in Poverty as Pandemic Deepens Crisis
B O L I V I A
BOLIVIA: Fitch Lowers LongTerm Foreign Currency IDR to 'B'
C H I L E
ENJOY SA: S&P Hikes Prelim. ICR to 'CCC+' on Bond Exchange
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Covid Crisis Affected 90% of Domestic Workers
DOMINICAN REPUBLIC: Prices of Almost All Fuels Rise
J A M A I C A
JAMAICA DIVERSIFIED: Fitch Rates Series 2020-1 Notes 'BB'
JAMAICA: 80 Farmers to Benefit From $3.6MM Under COVID Project
JAMAICA: IDB OKs $100MM Loan for Non-Communicable Diseases Program
P U E R T O R I C O
JM DAIRY: Gets Court Approval to Hire Special Counsel
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: Mandatory Spending Exceeds Revenues
X X X X X X X X
[*] BOND PRICING: For the Week Sept. 28 to Oct. 2, 2020
- - - - -
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A R G E N T I N A
=================
ARGENTINA: Nearly Half in Poverty as Pandemic Deepens Crisis
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Nicolas Misculin and Juan Bustamante at Reuters report that nearly
half of Argentina's population was living in poverty in the second
quarter, a sharp increase from last year, as the country's
longstanding economic crisis deepened due to the coronavirus
pandemic, researchers estimated.
The Catholic University of Argentina (UCA) estimated the poverty
rate spiked to between 46% and 47% by the end of June following
months of strict lockdowns to battle the spread of the virus,
according to Reuters.
Data by the government's official statistics agency Indec, which
reports poverty numbers every six months, showed that the poverty
rate rose to 40.9% in the first six months of 2020, a significant
uptick from 35.5% in the second half of last year, the report
relays.
"There is greater general poverty. We are all a little poorer - we
already were last year - and now with greater inequality," said UCA
researcher Agustin Salvia, the report discloses.
He blamed the loss during the pandemic of 3.5 million jobs, mostly
informal, for the rise, which was up from the 40.8% poverty rate
recorded by UCA at the end of last year, the report relays. The
poverty line is drawn at 14,718 pesos ($193) per month, the report
notes.
The numbers reflect a daily reality for Argentines like Guillermo
Garay, who works as a street vendor during sporting events and saw
his livelihood virtually disappear under the pandemic shutdowns,
the report says.
"I survived because of family that supported me, because I had no
possibility of doing anything," Garay said while selling Argentine
flags at a protest in the capital, Buenos Aires, the report
discloses.
Unemployment
Argentina's economy contracted a record 19.1% in the second quarter
versus a year earlier as the pandemic crippled production and
demand, and is on track for a 12% economic plunge in 2020, analysts
say, the report notes.
Small companies that produce for the domestic market were hit
particularly hard as activity came to a halt and businesses closed
across the county for months beginning in March, driving
unemployment up to 13.1% in the second quarter, the report
relates.
Argentina recently struck a deal with its creditors to restructure
about $65 billion in foreign debt and has a bumpy fiscal road
ahead, sapping the spending power for social programs that could
have helped alleviate the effect of the pandemic on the poor, the
report says.
"To get out of this poverty crisis requires a lot of imagination on
the part of those in charge. The traditional programs of a few
public works and a slight improvement in wages will not be enough,"
said Andres Asiain, a local economist, the report discloses.
Salvia said it seemed unlikely that poverty levels would improve in
the immediate future, and predicted about 45% of Argentines would
still be in poverty at the end of the year, the report relays.
"To get back to the 35% (poverty rate) we had before the crisis,
which was already a scandal, I do not see it possible this year or
next year," Salvia said, the report notes.
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.
Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.
Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020. DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020. Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.
As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors. The first
restructuring involved $65 billion in foreign-law bonds. The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds. DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.
DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement. Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.
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B O L I V I A
=============
BOLIVIA: Fitch Lowers LongTerm Foreign Currency IDR to 'B'
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Fitch Ratings has downgraded Bolivia's Long-Term Foreign Currency
Issuer Default Ratings to 'B' from 'B+' and revised the Rating
Outlook to Stable from Negative.
KEY RATING DRIVERS
The downgrade of Bolivia's ratings reflects deterioration in the
country's growth prospects and public finances amid acute political
tensions, which are likely to complicate smooth policy adjustments
to contain macroeconomic risks after upcoming elections. External
pressures that drained international reserves in prior years have
eased in 2020 due to a plunge in domestic demand, but these could
re-emerge as the economy recovers. The fiscal deficit has risen
sharply from already high levels, increasing the already large
adjustment effort needed to stabilize debt/GDP. Regardless of the
outcome of October elections, policymakers face difficult
trade-offs between measures to support a post-pandemic economic
recovery and adjustments to contain macroeconomic risks, as well as
difficult prospects for microeconomic reforms to support growth and
private investment should the public sector pare back. Heightened
political and social tensions may complicate any policymaking
efforts, as already seen recently in a political impasse around
access to external credits.
The Stable Outlook reflects Fitch's view that continuing economic
policy tensions and political/social risks are captured in the
lower rating. Moreover, the ratings are supported by favorable
government debt profile in terms of debt/GDP below the peer median,
low interest/revenues, and low near-term maturities. International
reserves offer ample coverage of near-term external debt service
needs and imports, although they are no longer strong by other
metrics relevant in the context of a fixed exchange rate (e.g.
share of the money supply) and high commodity dependence. The
ratings are constrained by low per-capita income and poor
governance indicators highlighted by recent political instability.
General elections in Bolivia are scheduled for Oct. 18, 2020 after
several postponements, first due to irregularities in the original
October 2019 elections and later due to health concerns surrounding
the coronavirus pandemic. The front-runners include Luis Arce of
the MAS on the left and centrist Carlos Mesa of the FRI party,
after interim President Jeanine Anez's recent withdrawal from the
race. Political and social polarization has intensified in this
period, culminating in violence and road blockades in August.
Political tensions could persist post-election, and any government
is unlikely to count on a strong legislative majority, posing
challenges to the smooth implementation of policy adjustments and
reforms to improve growth prospects.
Fitch projects Bolivia's economy will contract by 7.5% in 2020
(having already fallen 8.0% in H1 according to the monthly activity
index), reflecting a severe blow to domestic and external demand
from the coronavirus pandemic and strict lockdown measures, as well
as supply-side disruptions from the August road blockades and
broader political turmoil. Fitch projects growth to recover 3.9% in
2021, but the outlook is highly uncertain given a lack of clarity
on policy plans. Fitch expects a macroeconomic policy tightening
(fiscal, monetary and credit) in any election outcome to contain
risks to financial instability and the currency peg, but political
factors and financing access could determine how smoothly any such
adjustments are carried out. Microeconomic policies could differ
significantly among the candidates, which could be important for
increasing Bolivia's low rate of private investment (6.5% of GDP in
2019) and compensate for any retrenchment in the public sector. A
key challenge will be reverting a secular decline in gas production
capacity resulting from years of underinvestment.
The deep recession has helped alleviate Bolivia's external
imbalances in 2020, given that despite the sharp fall in the prices
of gas and metals exports (80% of the total), the collapse in
domestic demand has reduced imports by even more, narrowing the
trade deficit. Fitch projects the current account deficit will
decline to 2.4% of GDP in 2020 from 3.2% in 2019. Capital outflows
and portfolio dollarization pressures have receded since the 2019
election shock despite continued instability, but inbound foreign
direct investment has turned more negative (i.e. net divestment).
The reduction in external pressures has helped stabilize Bolivia's
international reserves at around USD6.5 billion in 2020 as of
mid-September after years of steep declines. However, some
underlying pressure persists given reserves have been supported in
part by the appreciation of gold (a USD590 million impact through
mid-September) and a one-off transfer from a commercial bank USD
reserve requirement fund (USD250 million). These pressures could
intensify as the economy and import demand recover. Reserves still
offer ample coverage of current external receipts (seven months)
and external debt service but have fallen to low levels in terms of
broad money (19% in September) relevant in the context of a pegged
currency.
Lower reserve levels could make policymakers' ability to ensure the
long-term viability of the peg, stabilize reserves and ensure a
smooth policy adjustment contingent upon their ability to access
external financing. However, the volatile political backdrop has
already complicated timely access to external funds, as Congress
has questioned the legality of or blocked some disbursements.
Fitch projects Bolivia's general government deficit will rise to
10.8% of GDP in 2020 from 6.9% in 2019 due to the shock to gas and
tax revenues, with an increase in social transfers to assist
households affected by the pandemic largely offset by a sharp
contraction in public investment. Fitch projects general government
debt to surge to 56% of GDP in 2020 from 44% and rise above 60% in
the following years, below the current 'B' median. In the absence
of approval for external credits this year, the deficit has been
financed mainly by the central bank, adding to policy tensions but
helping keep government deposits stable at around 12% of GDP. The
debt trajectory could be even steeper should the government resort
to greater borrowing versus drawdown in deposits than expected in
Fitch's baseline.
Debt sustainability is supported by very low interest/revenues
projected to rise from 5% in 2019 (excluding gains from the central
bank netted out of interest in official data), far below the 'B'
median of 12%, which reflects Bolivia's small stock of external
commercial debt (5% of GDP as of June 2020) and high shares owed to
the central bank (14%) and multilateral creditors (23%) on
concessional terms. Debt maturities in the coming years are
particularly low, averaging 2.2% of GDP in 2020-2022, including
Bolivia's first Eurobond amortization (USD500 million) in 2022.
Nonetheless, proposals to seek relief from external debt service
have gained some traction during the presidential campaign.
Fitch estimates that achieving medium-term debt sustainability will
require a large fiscal adjustment of around 6pp-of-GDP relative to
pre-crisis 2019 levels, and even larger considering gas revenue
losses in 2020 which are likely to be at least partially permanent
in nature. Fiscal consolidation prospects remain highly uncertain
until after elections are held, and are likely to hinge largely on
the next government's appetite to lift public investment or
preserve a lower level, after the collapse in 2020 from 11.2% of
GDP in 2019, as well as its ability to tap external funding.
The BCB has further loosed its already expansionary monetary policy
and with measures to boost banking system liquidity in 2020. Having
already taken most of its sterilization instruments out of
circulation, it has bought government bonds from pension funds
(freeing liquidity to be deposited with banks), relaxed eligibility
criteria for repo collateral, cut reserve requirements, expanded
banks' access to zero-interest loans (intended to fund credit for
purchase of local goods and services), and directly financed most
of the large fiscal deficit. The monetary expansion has not yet led
to substantial pressure on FX reserves or the currency peg in the
context of depressed demand, but could add to pressures going
forward if not backed by external credits.
Monetary expansion has supported growth in bank deposits of 5.8%
yoy as of August but credit growth has continued a sharp
deceleration to 3.5%, reflecting a risk-off behavior by banks that
has supported their own liquidity but meant limited relief for the
real economy. The government is setting up guarantee funds to help
incentivize greater provision of credit to help the economy, but an
extension of a moratorium on bank loan repayments could have the
opposite effect.
ESG: Bolivia has an ESG Relevance Score (RS) of 5 for Political
Stability and Rights and for the Rule of Law, Institutional and
Regulatory Quality and Control of Corruption, as is the case for
all sovereigns. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Bolivia has a low WBGI ranking (23rd percentile),
balancing weak political stability, rule of law, control of
corruption regulatory quality and government effectiveness with
moderate voice and accountability. These institutional deficiencies
also contribute to a weak business environment according to global
surveys.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- External Finances: Improvement in the policy mix that
underpins a recovery in international reserve levels and the
long-term durability of the currency peg.
-- Public Finances: Fiscal consolidation supporting a
stabilization of debt/GDP.
-- Macro: Policy improvements that support an improvement in
private sector investment and medium-term growth prospects.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- External Finances: a sharp decline in international reserves
that undermine the viability of the currency peg; for example, due
to inability to access external credit.
-- Public Finances: Evidence of increased funding stress that
constrains debt repayment capacity.
-- Macro: Evidence of macroeconomic instability, including from
political shocks, stress in the banking sector and large capital
outflows.
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Bolivia a score equivalent to a
rating of 'B' on the Long-Term Foreign Currency (LT FC) IDR scale.
Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR. It also removed the -1
notch in Macroeconomic Performance, Policies and Prospects,
previously applied in the Qualitative Overlay (QO) to capture risks
to macroeconomic stability posed by erosion of policy buffers due
to expansionary policies in the context of a fixed exchange rate.
The deep recession caused by the coronavirus has helped relieve
external pressures and arrest the erosion in international
reserves, but has had a sharp negative impact on the SRM by greatly
reducing real GDP growth and increasing real GDP volatility, which
captures some of the macroeconomic risks that were previously
incorporated in the -1 QO notch.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.
SUMMARY OF DATA ADJUSTMENTS
As of its latest Global Economic Outlook (GEO) in September, Fitch
projects real GDP in key trading partner Brazil to contract 5.8% in
2020 before recovering 3.2% in 2021 and 2.5% in 2022.
Fitch projects Brent crude prices to average USD41/barrel in 2020
and recover to USD45/barrel in 2021 and USD50/barrel in 2022.
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.
ESG CONSIDERATIONS
Bolivia has an ESG Relevance Score of 5 for Political Stability and
Rights as World Bank Governance Indicators have the highest weight
in Fitch's Sovereign Rating Model (SRM) and is therefore highly
relevant to the rating and a key rating driver with a high weight.
Bolivia has an ESG Relevance Score of 5 for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in the SRM
and are therefore highly relevant to the rating and a key rating
driver with a high weight. Institutional deficiencies contribute to
a weak business environment according to global surveys.
Bolivia has an ESG Relevance Score of 4 for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for the Bolivia, as for all sovereigns.
Bolivia has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as strong social stability and voice and
accountability are reflected in the World Bank Governance
Indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.
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C H I L E
=========
ENJOY SA: S&P Hikes Prelim. ICR to 'CCC+' on Bond Exchange
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S&P Global Ratings, on Oct. 1, 2020, raised its long-term issuer
credit rating on Chilean casino operator Enjoy S.A. to preliminary
'CCC+' from 'D'. At the same time, S&P assigned a preliminary
'CCC+' issue-level rating to the new bonds.
On Sept. 30, 2020, Enjoy announced it has completed the exchange of
its bonds due 2022 for new bonds of $210 million due 2027. This
will improved significantly the company's liquidity position, given
the absence of significant debt maturities until 2027. The company
has decreased its interest expenses during the next few years,
given that the interest rate will drop 6% from 10.5% in the first
year of the bonds' term, increasing annually and reaching 9.5% in
the last year. Furthermore, Enjoy's overhaul plan included the
conversion of a significant portion of unsecured debt into equity,
reducing the company's leverage and strengthening its capital
structure.
-- Conversion of 80% of unsecured debt into equity (convertible
bonds A1 and A2);
-- Extension of secured debt maturity, pushing amortization of
senior secured international notes to 2027 from 2022;
-- Raising new funding for Chilean peso (CLP) 50 billion (about
$60 million) to ensure liquidity availability for ramping up
operations and investments from the end of 2020 through 2021. This
new financing will be repaid with convertible bonds D, which S&P
expects to be converted into equity in 2022; and
-- Reduce interest expenses for the next few years because of
coupon reductions and debt conversion, reducing sharply cash
interest in 2021 because of payment-in-kind considerations in most
of the debts.
S&P said, "Despite the much improved capital structure, we don't
expect the company's revenue and EBITDA to recover to the
pre-pandemic levels until 2022. Enjoy's properties remained closed
during the second quarter of 2020, preventing revenue generation
and an EBITDA loss for the quarter of CLP18.4 billion.
Consequently, for the 12 months ended June 2020, revenue had fallen
20.8% and EBITDA 79% compared to the same period in 2019. As a
result, although the company should have some comfort in terms of
cash interest coverage metrics and wouldn't face any large debt
amortization (only some leases in 2021 for CLP14 billion) until
2027, we expect weak credit metrics. Therefore, we believe that
Enjoy's financial obligations could become unsustainable in the
long term if the business recovery is weaker than the company's
expectations."
Enjoy faces considerable investments because of the municipal
license renewals during the next 2-2.5 years, which will probably
result in negative free operating cash flows through 2022. The
company is currently renewing three casino licenses and applying
for a new one, but given the sharp economic and industry downturn,
Enjoy and other operators have requested the regulator to extend
the renewal timeframe. According to the current terms, some of the
licenses should be active by year-end. The government recently
stated that the licenses will be extended at least by the time that
the casinos remained closed due to the pandemic. In addition, Enjoy
estimates it will get at least an additional 12-month extension.
S&P's excluding asset sales from its base-case scenario given
uncertainties over value and timing, but we believe the company
could sell some of its real estate assets during 2021 and 2022. The
additional proceeds could accelerate debt reduction and further
improve the company's capital structure.
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D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Covid Crisis Affected 90% of Domestic Workers
-----------------------------------------------------------------
Dominican Today reports that in an interview for Listin Diario, the
president of the National Federation of Working Women (Fenamutra),
Ruth Esther Diaz, stated that, according to the latest census,
there are more than 300,000 people dedicated to housework and that
in March of this year, the result of during the COVID-19 pandemic,
nearly 90% were left without work. The 10% who remained in their
jobs had to agree to be confined to their workplace.
In another conversation, the executive secretary of the Association
of Domestic Workers, a subsidiary of the National Confederation of
Trade Union Unity (CNUS), Elena Perez, said that they had suffered
dismissals without employment benefits, suspension of work without
receiving wages, and many to keep their jobs were confined to the
homes of employers, according to Dominican Today.
Mr. Diaz pointed out that these workers were exposed to the virus
because, without an adequate protocol, they had to be in charge of
making purchases, attending deliveries, and other situations. "Many
fell ill and were sent home. Three leaders of our union died of
COVID and more than 300 affiliated workers," the report relates.
The report relays that she refers that domestic work was very
vulnerable since before the pandemic and that it remains
marginalized, without protection and assuming new challenges such
as the tutoring of children who receive virtual teaching from home
and who relapse on their responsibility not only to take care of
them but to verify that they do their classes and homework.
She adds that currently, of the 90% who had to stay at home without
wages, 60% have returned but in unstable conditions, with
negotiations below those they had before and with little protection
measures, the report discloses.
Wages
The payment for a domestic worker in the Dominican Republic does
not have an established scale; it varies depending on the
employer's purchasing power, the report relays. Currently, the
payment will depend on the days of work, the schedule, and the
required responsibilities, the report says.
According to workers in the sector, some domestic workers earn up
to RD$5,000 depending on their tasks, the report notes. "That
depends a lot on who you work for and the number of
responsibilities that are required of you. I know women who earn
seven, eight, and even ten thousand pesos. Some workers go twice a
week and earn RD$5,000 or RD$6,000," the report relays.
Many employers consider whatever food they provide during the
working day to be part of domestic workers' pay, the report notes.
The struggle of domestic workers
Currently, Dominican organizations of domestic workers are focused
on demanding that government authorities comply with Convention 189
of the International Labor Organization (ILO) on domestic workers,
which implies a definition of the minimum quotable wage that allows
you to have social security and other rights established by the
Labor Code, the report relays.
Ruth Esther Diaz, from Fenamutra, indicated that one of the
obstacles they have encountered to have their rights recognized is
the absence of a representative of the employers in this sector to
establish a tripartite table with the power to issue resolution,
the report discloses. There is no union in the country that brings
together the employing sector of domestic workers, the report
relays.
In coincidence with Diaz, the Association of Domestic Workers,
Elena Perez, the main demand is the effective application of
Convention 189 ratified by the country in 2013 with entry into
force in 2015 and which has not been implemented, the report
notes.
She added that domestic workers' demands or taken into account in
the emergency measures and economic aid adopted in the remainder of
the crisis must be maintained, the report relays. That the payment
of the salary is guaranteed when the work stoppage does not depend
on the worker's will, the report discloses. That the dismissals
stop and that employers be sanctioned for non-compliance with the
agreed commitments, the report says.
As a plan B, the unions are focused on fighting in the National
Congress to establish a special law regulating domestic or
household work, the report relays. For that, they have already
presented a preliminary draft, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis
Rodolfo Abinader Corona is the current president of the nation.
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: Prices of Almost All Fuels Rise
---------------------------------------------------
Dominican Today reports that prices of almost all fuels rise in the
Dominican Republic, while LPG falls.
The prices of almost all fuels will rise from Oct. 3, except LPG
that will fall, and the optimal diesel remains, according to
Dominican Today.
The report notes that for the week of October 3 to 9, the Ministry
of Industry, Commerce, and MSMEs provide that fuels sell at the
following prices:
* Premium gasoline will be sold at RD$207.70 per gallon, up RD$2.00
per gallon.
* Regular Gasoline will be sold at RD$198.60 per gallon, up RD$1.30
per gallon.
* Regular Gasoil will be sold at RD$145.40 per gallon rises RD$1.90
per gallon.
* Optimal diesel will be sold at RD$156.20 per gallon, maintaining
its price.
* Avtur will be sold at RD$105.40 per gallon up RD$0.30 per
gallon.
* Kerosene will sell at RD$128.80 per gallon, up RD$0.60 per
gallon.
*Fuel Oil # 6 will sell RD$95.90 per gallon down to RD$0.30 per
gallon.
* Fuel Oil 1% S will be sold at RD$106.70 per gallon up RD$0.30 per
gallon.
* Liquefied Petroleum Gas (LPG) will be sold at RD$112.80 / gal:
down RD$1.00 per gallon.
* Natural Gas RD$28.97 per cubic meter, maintains its price.
* The average exchange rate weighted by the Central Bank is RD$
58.47.
The ministry pointed out that, because the reference price of a
barrel of oil experienced a rise on Sept. 30 in reaction to a
surprise drop in the United States reserves, fuel prices, in the
week of October 3 to October 9, they will suffer a slight increase
compared to the previous week, the report relays.
Regular gasoline will be sold at 198.60 the premium at 207.70 for
an increase of 2.00 and 1.30 pesos per gallon, respectively; While
the gallon of regular diesel will rise 1.90 to be sold at 145.40
pesos, the Optimum will maintain the price of 156.20 pesos per
gallon, the report notes. The liquefied gas will be sold at
112.80, down 1.00 pesos per gallon, the report discloses.
As disclosed by the US Energy Information Administration, reserves
fell by 2 million barrels, a surprise to analysts expecting an
increase of 2 million, the report relays.
West Texas Intermediate (benchmark oil) bid September goodbye with
a loss in value of around 5.6% due to persistent fear over the
increase in COVID-19 cases worldwide and its impact on the demand
for crude, the report says.
Operators see the market becoming fragile when an increase in
infections and new mobility restrictions are announced, the report
notes.
The economic recovery that began in previous months has slowed down
in some countries, which could directly affect oil consumption, the
report discloses. Also, while the demand for crude remains
limited, the supply has increased, and the OPEC countries have
opted not to modify the cuts already announced, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis
Rodolfo Abinader Corona is the current president of the nation.
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).
=============
J A M A I C A
=============
JAMAICA DIVERSIFIED: Fitch Rates Series 2020-1 Notes 'BB'
---------------------------------------------------------
Fitch Ratings has assigned the series 2020-1 notes to be issued by
Jamaica Diversified Payment Rights Company a rating of 'BB' with a
Stable Rating Outlook. Fitch's rating addresses the timely payment
of principal and interest on a quarterly basis in accordance with
the transaction documents.
RATING ACTIONS
Jamaica Diversified Payment Rights Company (DPR) (NCB)
Series 2013-1 G5005FAC7; LT PIF Paid In Full; previously BB
Series 2020-1; LT BB New Rating; previously BB(EXP)
TRANSACTION SUMMARY
The transaction is backed by existing and future U.S. dollar (USD)
diversified payment rights (DPRs) originated by National Commercial
Bank Jamaica Limited (NCBJ). The majority of DPRs are processed by
designated depository banks (DDBs) that have signed Acknowledgement
Agreements (AAs), irrevocably obligating them to make payments to
an account controlled by the transaction trustee. Transaction
proceeds will be used to repay the outstanding balance of the
2013-1 notes issued from the same program and general corporate
purposes. This transaction represents the third issuance out of the
program, which was established in 2006.
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 (IDR) 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. The Jamaican operating
environment remains the principal constraint on NCBJ's ratings.
The Outlook of NCBJ's IDRs reflects the downside risk to NCBJ's
credit profile resulting from the economic implications of the
coronavirus pandemic.
Going Concern Assessment (GCA): Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation through the transaction's life. NCBJ's GCA score
of 'GC1' reflects the bank's position as Jamaica's largest bank and
a systemically top-tier bank with around 36% of system assets and
31% of total deposits as of March 2020.
Notching Uplift from IDR: The 'GC1' score allows for a maximum
rating uplift of six notches 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 including Fitch reserving the maximum uplift for originators
rated at the lower end of the rating scale.
Moderate Future Flow Debt Size: Fitch estimates NCBJ's future flow
debt will represent 10.1% of the bank's total funding and 23.7% of
non-deposit funding when considering the proposed $250 million DPR
transaction and outstanding MV program balances using consolidated
financials as of June 2020. Although Fitch considers these ratios
small enough to allow the future flow ratings the maximum uplift,
Fitch considers the future flow programs will continue to remain
the main source of long-term funding for NCBJ, limiting the notes'
rating uplift.
Coronavirus Impact and Containment Measures Pressure DPR
Transaction Flows: NCBJ processed approximately $1.64 billion in
DPR flows during the seven months ending July 2020, which reflects
an approximate decrease of 16% when compared with the same period
in 2019. Global events such as the sharp economic contraction
caused by the coronavirus pandemic and different containment
measures have reduced 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 also limits the notching differential
of the transaction.
DPR Line's Coverage Levels Commensurate with Assigned Rating:
Global events including the coronavirus crisis have negatively
affected DPR flows. Although this has translated into a decrease in
flows during the first seven months of 2020, when compared with the
same period in 2019, transaction cash flows have remained
sufficient to support max quarterly coverage levels over 60x. When
considering cash flows between July 2015 and July 2020 and assuming
an issuance amount of $250 million, the projected quarterly debt
service coverage ratio (DSCR) is 64.8x. Moreover, the transaction
can withstand a drop in flows of approximately 98.5% and still
cover the maximum quarterly principal and interest payment.
Nevertheless, Fitch will continually 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 Acknowledgement
Agreements (AAs) executed by the designated depository banks
(DDBs).
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 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 multiple notches is likely to 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 line. The expected quarterly DSCR for the DPR
program is 64.8x 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 DPR
business line to continue operating, as reflected by the GCA score,
and changes in the sovereign environment and/or 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. Any changes
in these variables will be analyzed in a rating committee to assess
the possible impact on the transaction ratings.
No company is immune to the economic and political conditions of
its home country. Political risks and the potential for sovereign
interference may increase as a sovereign's rating is downgraded.
However, the underlying structure and transaction enhancements
mitigate these risks to a level consistent with the assigned
rating.
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 Jamaica Limited as measured by its Long-Term Local
Currency IDR.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
JAMAICA: 80 Farmers to Benefit From $3.6MM Under COVID Project
--------------------------------------------------------------
RJR News reports that eighty farmers operating in five parishes
across Jamaica are to benefit from agricultural inputs valued at
$3.6 million, under phase two of the Agri Resilience Response to
COVID-19 project.
The initiative is being funded by United Way of Jamaica and
implemented by the Jamaica Agricultural Society (JAS), according to
RJR News.
The farmers will receive 70,000 vegetable seedlings, 300 fruit
trees, fertilizer, and technical support, the report notes.
The beneficiaries are drawn from Kingston and St. Andrew, Portland,
St. Ann, and Clarendon, the report relays.
Speaking at the virtual launch of the project recently, Winsome
Wilkins, Chief Executive Officer of United Way of Jamaica, said the
support is aimed at safeguarding the country's food security as the
nation continues to cope with the pandemic, the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020). Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019). Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).
As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.
JAMAICA: IDB OKs $100MM Loan for Non-Communicable Diseases Program
------------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a programmatic
policy-based loan of $100 million to support the strengthening of
Jamaica's health systems to better prevent and manage the care of
non-communicable diseases.
The main objective of this program is to contribute to the
improvement of the health of Jamaica's population by bolstering
comprehensive policies for the reduction of Non-Communicable
(Chronic) Diseases (NCDs) risk factors. It also aims to improve
access to an upgraded and integrated primary and secondary health
network in prioritized areas, with an emphasis on chronic disease
management. The idea is to provide more efficient and higher
quality care.
Policy-based loans or PBLs provide the Bank's borrowing member
countries with flexible, liquid funding to support policy reforms
and institutional changes in a sector or subsector.
The program will strengthen policy and regulatory measures to
reduce risk factors and improve early detection and clinical
management of NCDs to reach its primary objective.
In Jamaica, chronic diseases are the top causes of ambulatory and
hospital care, disability, and mortality. Therese Turner-Jones, IDB
Jamaica Country Representative and General Manager for the
Caribbean Country Group noted that 5% of COVID-19 patients develop
severe complications, and those who have chronic conditions are at
higher risk of progressing to more severe forms of the disease,
require intensive care and mechanical ventilation. "This operation
is most relevant at this time as it addresses mitigation and
underlying risk factors for patients with non-communicable
diseases," she said.
The program will track progress in reducing the prevalence of
diabetes, hypertension and premature mortality associated with
NCDs. Also, it will monitor the achievement of the targets related
to the prevalence of risk factors such as tobacco use and alcohol
consumption. Finally, it will measure the performance of the
chronic care model within the health networks and health facilities
to measure the combined results of the investment and policy
components of the program on improving the health status of the
NCDs' patients
The program to prevent and manage non-communicable diseases will
benefit the Jamaican population at large, which comprises 2.9
million people. Public health policies have tangible positive
social effects. The chronic care model will attend almost 50% of
the population, mainly those who are overweight, obese, or have
diabetes or hypertension. Additionally, the National Strategic Plan
on Mental Health will cover primarily the adult population, about
50% of the total.
The $100 million loan is for a 5-year term and an interest rate
based on LIBOR.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020). Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019). Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).
As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.
=====================
P U E R T O R I C O
=====================
JM DAIRY: Gets Court Approval to Hire Special Counsel
-----------------------------------------------------
JM Dairy Inc. received approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire Edmundo Rosaly Rodriguez, Esq.,
an attorney practicing in Sabana Grande, P.R., as its special
counsel.
Mr. Rodriguez will represent Debtor in the administrative
proceeding cited by the Office of Milk Industry Regulatory
Administration for allegedly altering the chloride in its raw milk
production.
The attorney received a retainer in the amount of $2,000.
Mr. Rodriguez disclosed in a court filing that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
Mr. Rodriguez holds office at:
Edmundo Rosaly Rodriguez, Esq.
PO Box 1500
Sabana Grande, PR 00637
Telephone: (787) 448-3593
Email: edrosaly@msn.com
About JM Dairy Inc.
JM Dairy Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 19-02168) on April 18, 2019. At the
time of the filing, Debtor had estimated assets of between
$100,001
and $500,000 and liabilities of the same range.
Judge Enrique S. Lamoutte oversees the case.
The Law Firm of L.A. Morales & Associates, P.S.C. serves as
Debtor's legal counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: Mandatory Spending Exceeds Revenues
------------------------------------------------------
Asha Javeed at Trinidad Express reports that reports that Trinidad
and Tobago is obliged to spend $3.5 billion a month on average.
That's $42 billion a year, in what permanent secretary in the
Ministry of Finance, Vishnu Dhanpaul, described as mandatory
expenditure, according to Trinidad Express.
"Without collecting $1 from the Board of Inland Revenue, the
Ministry of Finance knows that for the next month, we are facing a
bill of $3.5 billion; without earning $1, Government has to spend
$3.5 billion a month," said Dhanpaul, at a Government-hosted forum,
Spotlight on the Budget and Economy at the Hyatt, the report
notes.
Mandatory expenditure is further broken down into direct charges
from the Consolidated Fund - which include public debt, pensions
and gratuities for public servants, personnel payments to
President's House, the Judiciary and the Defence Force - and
mandatory appropriated funds, the report relays.
Appropriated funds include personnel expenditure for public
servants, goods and services and current transfers and subsidies,
the report discloses. Current transfers and subsidies include
direct subventions to State enterprises, the Tobago House of
Assembly, as well as social grants comprising old age pension,
public assistance grants, disability grants and food cards, the
report relays. Transfers and subsidies, Dhanpaul said, also
include salary-related subventions, as the State pays the salaries
of many State enterprises and statutory boards as well as their
debt service requirements, the report says.
What remains after the mandatory payments have been made is defined
as discretionary expenditure, the permanent secretary said, the
report notes.
"Discretionary spending becomes a residual factor, which is based
on the level of income the country has or its ability to borrow . .
. . The issue is: after the mandatory expenditure, how much
discretionary expenditure can the country afford?" said Dhanpaul,
the report notes.
The Grim Reality?
With an estimated $42 billion in mandatory payments, T&T is likely
to earn less than $40 billion in the current fiscal year, which
began on Thursday, October 1, the report relays.
Budget 2021, then, will likely be another deficit budget, with
borrowings, domestic and external, and drawdowns from the country's
Heritage and Stabilisation Fund (HSF) to fund its total
expenditure, the report discloses.
Dhanpaul said the Government's intent is to keep its 2020
expenditure capped at $50 billion, the report notes. With revenue
at an estimated $33 billion in 2020, that leaves a potential budget
shortfall of $17 billion in the last fiscal year, the report
relays.
In Dhanpaul's presentation, he sought to address two recurring
topics of national discussion on the Government's management of the
economy "Where the money gone?" which was the title of his
presentation, and the "raid" of the HSF," the report relays.
In explaining the country's monthly expenses, Dhanpaul said for the
2020 fiscal year, the Government's income did not match its
expenditure, the report discloses.
Revenue, he explained, was affected by earnings in the energy
sector which experienced low global demand because of the Covid-19
pandemic, the report relays.
Finance Minister Colm Imbert, in his contribution, explained that
the Government spent a significant amount of money on salaries - at
least $20 billion a year, or about $1.5 to $1.7 billion a month,
the report notes.
"The direct public service is $9 billion, but the rest of people we
look after and make sure they get salaries every month is another
$11 billion. So, you are talking $20 billion a year in salaries and
wages in the public sector," Imbert said at the Spotlight forum,
the report relates.
Transfers and subsidies, Imbert said, regularly exceeded 50 per
cent of total government expenditure - for fiscal 2020, transfers
and subsidies amounted to an estimated $27.4 billion from projected
expenditure was $53.2 billion, the report notes.
In 2019, he said, transfers and subsidies were $27.3 billion while
expenditure was $50.5 billion, the report relays.
In explaining the expenditure profile of the Government, Dhanpaul
observed that in 2011, the level of oil and gas revenue, as a
percentage of total revenue stood at around $42 billion but fell
drastically in 2016 to around $7.6 billion, the report discloses.
Dhanpaul said there was some recovery from 2017 because of 12.5 per
cent royalty across the board on the energy sector as well as "the
introduction of Heritage petroleum and their ability to pay taxes,"
the report relays.
By the same token, he observed that the level of expenditure went
up in 2014 to over $60 billion and in 2018, the government took it
down to under $50 billion, the report relays.
Deficits, Subsidies And Devaluation
Dhanpaul said the coronavirus pandemic affected the country's
earnings and expanded its borrowings, the report notes.
The estimated budget deficit for 2020, said Dhanpaul, is $17.3
billion or ten per cent of Gross Domestic Product (GDP), the report
relays. The deficit figure will be adjusted down to take account
of the withdrawals from the HSF, the report notes.
Since March 2020, the Government has made three drawdowns from the
HSF and as at August 21, the fund's balance was US$6.05 billion.
He said the Government had to maintain its capital program, the
report relays.
"You don't want to impact your capital program, your public sector
investment program because that's where the investments in the
country are generated. That's where you provide the level of
employment generation that the country is looking forward to," said
Dhanpaul, the report discloses.
The Burden of WASA
Imbert said the Government has had to offer financial support to
two of the country's utilities - the Water and Sewerage Authority
(WASA) and the Trinidad and Tobago Electricity Commission (T&TEC),
the report notes.
For fiscal 2020, that figure of support to WASA, said Imbert was
$2.5 billion, including supporting a US$100 million loan to pay off
debts to Desalcott, the report says.
"WASA has not been paying its bills to Desalcott. We have had to
borrow $700 million. So, when you add up the monthly subvention to
WASA, that $700 million for desalinated water, and other debt that
we incurred for WASA, you talking, $2.5 billion in subsidy for WASA
in the last year or so," he said, the report relays.
In addition, he said the Government had to subsidise T&TEC to the
tune of $500 million to pay its debt to the National Gas Company
for natural gas, the report notes.
"T&TEC does not pay the NGC for gas. It simply does not pay, and
has not paid for years. And it says it can't pay. That when it
looks at its revenue from electricity bills and so on, and it looks
at the expenditure, it can't pay for gas, the report discloses.
"So, the Government was required to enter into the arrangement to
borrow in excess of $5 billion, so that we could give that money to
the National Gas Company otherwise, NGC would collapse because
they're carrying that on the books all the time, as income, but
they're not getting it. So, we had to resolve that," Imbert said,
the report relays.
He said the Government also spends billions of dollars on fuel
subsidies, bus transportation, chronic disease medication, the
ferry service and the airbridge, the report notes.
"Quite apart from all of that, Covid-19 has already cost us $4
billion in 2020. And our final estimates are closer to $5 billion,"
he said, the report relays.
"So that one thing I will say is that we have to look at these
things, we have to look at the fact that we subsidise WASA to the
tune of over $2 billion a year, we subsidise T&TEC to over $500
million a year. We spend over $500 million per year on GATE. And
then we have billions of dollars per year on other subsidies," he
said, the report notes.
Imbert also removed the topic of devaluation by stating that there
would be will be no devaluation of T&T's dollar at this time.
While it will be a "difficult" budget filled with "unvarnished
truth" devaluation is not a consideration.
According to Imbert, to devalue the country's currency would lead
two immediate things - inflation would increase from one per cent
to about six to seven per cent and the standard of living would
decline immediately, the report notes.
"We continue to believe that no useful purpose will be served by
devaluation, especially at this time when US dollar inflows are
extremely low. And they are extremely low as a result of Covid-19
because they have depressed oil and gas prices, and they have
depressed oil and gas production. And therefore, the inflows that
we were getting in 2018 and 2019 are now significantly less," said
Imbert, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Sept. 28 to Oct. 2, 2020
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
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
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
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY 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
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
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
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 56.2 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
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Sylph Ltd 2.4 65.1 9/25/2036 KY 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
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
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
Polarcus Ltd 5.6 71.8 7/1/2022 AE 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
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
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
YPF SA 16.5 67.3 5/9/2022 AR ARS
MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR 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
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD
mpresa de Transporte 4.3 30.9 7/15/2020 CL CLP
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
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
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
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
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
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Information contained herein is obtained from sources believed to
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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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