/raid1/www/Hosts/bankrupt/TCRLA_Public/210125.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, January 25, 2021, Vol. 22, No. 12
Headlines
A R G E N T I N A
BUENOS AIRES: S&P Lowers Rating on EUR500MM 5.375% Bonds to 'D'
YPF SA: Stuns Creditors as Argentinian Dollars Dwindle
B R A Z I L
BRAZIL: New Vehicle Sales Fall Over 26% in 2020
C O L O M B I A
CANACOL ENERGY: Fitch Affirms 'BB-' LT IDRs, Outlook Positive
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: 90% of Agricultural Products Come From Abroad
DOMINICAN REPUBLIC: Imports Fall 16.47% to US$17.3BB in 2020
DOMINICAN REPUBLIC: Retailers Plead for Eased Curfew
DOMINICAN REPUBLIC: Wage Hike Push Collides With Pandemic Reality
G U A T E M A L A
BANCO INDUSTRIAL: Fitch Affirms 'BB-' IDR & Alters Outlook to Neg.
J A M A I C A
KNUTSFORD EXPRESS: Heading South, Drop in Revenues & Profits
P A R A G U A Y
PARAGUAY: Fitch Assigns BB+ Rating on USD600MM Bonds
PARAGUAY: S&P Assigns 'BB' Rating on US$600MM Notes Due 2033
T R I N I D A D A N D T O B A G O
PETROLEUM CO: Bidding Must Move On, Energy Exec. Says
X X X X X X X X
[*] BOND PRICING: For the Week Jan. 18 to Jan. 22, 2021
- - - - -
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A R G E N T I N A
=================
BUENOS AIRES: S&P Lowers Rating on EUR500MM 5.375% Bonds to 'D'
---------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on the province's
EUR500 million 5.375% bond due 2023 to 'D' from 'CC'.
The province of Buenos Aires extended the deadline for credit
holders to accept the proposed terms and conditions of its debt
restructuring to Jan. 29, 2021.
As part of its negotiation strategy, the province has missed all
foreign debt service obligations since May 15, 2020.
Rationale
The New York-law, euro-denominated bond had a EUR26.9 million
interest payment due on Jan. 20, 2021. The bond is one of the 11
bonds included in the restructuring proposal that the province
presented on April 24, 2020. S&P doesn't expect the province to
service the interest payment the end of the grace period.
The province hasn't made any of its foreign-currency, foreign-law
debt service payments after it presented the restructuring offer.
All of the province's bonds included in the restructuring offer are
now in default. These bonds will remain at 'D' pending conclusion
of the debt restructuring negotiations that are currently
underway.
YPF SA: Stuns Creditors as Argentinian Dollars Dwindle
------------------------------------------------------
globalinsolvency.com reports that in the 99 years since it was
founded to pump the oil fields of Patagonia, Argentine energy
driller YPF SA has been whipsawed by countless booms and busts.
If global oil markets weren't collapsing, it seemed, then Argentina
was mired in a debt crisis that was wreaking havoc on the whole
nation's finances, according to globalinsolvency.com.
Bloomberg News reported that never, though, had the company been
pushed into a large-scale default of any kind, the report relays.
Until, it would appear, now, the report discloses.
Word of this came in an odd way: Officials at state-run YPF sent a
press release laying out a plan to saddle creditors with losses in
a debt exchange, the report notes. Implicit in its statement was a
threat that traders immediately understood -- failure to reach a
restructuring deal could lead to a flat-out suspension of debt
payments -- and they began frantically unloading the shale
driller's bonds the next morning, the report says.
Today, some two weeks later, the securities trade as low as 56
cents on the dollar.
Creditors, including BlackRock Inc. and Howard Marks's Oaktree
Capital Group, are gearing up for negotiations just four months
after ironing out a restructuring deal with the government that
marked the country's third sovereign default this century alone,
the report adds.
About YPF SA
YPF S.A. is a vertically integrated Argentine energy company,
engaged in oil and gas exploration and production, and the
transportation, refining, and marketing of gas and petroleum
products.
As previously reported by the Troubled Company Reporter - Latin
America, S&P Global Ratings, on Jan. 11, 2021, lowered its issuer
rating on YPF S.A. to 'CC' from 'CCC-'. YPF S.A. has just announced
a proposed transaction that aims at refinancing most of its
outstanding international bonds (due 2021, 2024, 2025, 2027, 2029,
and 2047) and removing certain
existing covenants.
Fitch Ratings, in early January 2021, also downgraded YPF S.A.'s
Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) to 'C' from 'CCC'. In
addition, Fitch has downgraded YPF's outstanding senior unsecured
notes to 'C'/'RR4' from 'CCC'/'RR4', and stand-alone credit profile
to 'c' from 'bb'. The downgrades reflect Fitch's view that the
announced exchange offer and consent solicitation of YPF's seven
outstanding international bonds totaling $6.2 billion represent a
Distressed Debt Exchange, per Fitch's criteria.
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B R A Z I L
===========
BRAZIL: New Vehicle Sales Fall Over 26% in 2020
-----------------------------------------------
Rio Times Online reports new vehicle sales in Brazil fell 26.16
percent in 2020 compared to 2019, the worst annual record since
2016, largely due to the impact of the novel coronavirus pandemic,
the National Federation of Automotive Vehicle Distribution
(Fenabrave) said January 5.
The dealers association reported that 2,058,315 new cars, light
commercial vehicles, trucks and buses were sold in 2020, compared
to 2,787,618 in 2019, according to Rio Times Online.
The outlook for 2021 is more positive, with a forecast of 16
percent growth in new vehicle sales in Brazil, the largest Latin
American economy, said Fenabrave President Alarico Assumpcao Junior
in a video press conference, the report relays.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.
S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.
Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Moody's credit rating for Brazil
was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).
As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.
===============
C O L O M B I A
===============
CANACOL ENERGY: Fitch Affirms 'BB-' LT IDRs, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Canacol Energy Ltd.'s (CNE) Long-Term
Foreign Currency and Local Currency Issuer Default Ratings (IDRs)
at 'BB-' and the company's senior unsecured notes at 'BB-'/'RR4'.
The Rating Outlook has been revised to Positive from Stable.
The ratings reflect Canacol's long-term, take-or-pay contracted
sales with investment-grade counterparties at fixed prices, as well
as the company's low production cost and regional importance for
Colombia. The ratings also benefit from the company's robust
reserve life. Fitch expects Canacol to remain a low cost producer
while increasing production levels to an average of 325,000 cubic
feet per day (mmcfd) by 2024, representing an 18% CAGR compared to
2020. Canacol's relatively small production size and low
diversification of gas fields is offset by its contracted volumes,
with high quality offtakers and its conservative capital
structure.
The Positive Rating Outlook reflects Fitch's view that the company
will exceed 40,000 barrels of oil equivalent per day (boed) by 2022
while maintaining a gross leverage profile of 1.5x in 2021 and
EBITDA to interest coverage of 9.6x. Furthermore, Fitch believes
Canacol has a solid 1P reserve life and a strong weighted average
(WA) contractual life of six years, both of which exceed the
company's only bond maturity in 2025. Fitch's base case estimates
that the company could have a negative net debt to EBITDA by 2024
should it maintain its dividend policy of 25% of the previous
year's net income.
KEY RATING DRIVERS
Contracted Revenues: CNE's long-term, take-or-pay contractual
structure at fixed prices with strong credit quality offtakers
significantly lowers the company's business risk, as this mitigates
exposure to price and volumes risk. This structure is somewhat
unique among its peers, as natural gas companies are normally
exposed to market risks. Fitch estimates that Canacol will sell
approximately 80% of its production volumes over the rated horizon
under fixed-price, long-term take-or-pay contracts with high
quality offtakers with an annual WA contracted life of six years at
a price of $5.50 mmbtu (one million British thermal units).
Predictable Cash Flow Generation: Fitch estimates Canacol's
contracted production volumes will support a robust and predictable
cash flow generation, with an average EBITDA margin of
approximately 72% and an average funds from operations (FFO) margin
of 54% over the rated horizon. Fitch estimates Canacol's total cost
of production (operating expenses + royalties + transportation +
G&A and other expenses) will average annually at $2.32/mmbtu over
the rated horizon, and the company will be FCF-positive throughout
the rating horizon, even when assuming that 25% of net income will
be distributed in dividends annually, ranging between $25 million
and $47 million per year.
Strong Capital Structure: Fitch's base case forecasts that total
debt to EBITDA will be 1.9x in 2020 and average 1.1x during
2021-2024, with an average EBITDA-to-interest expense of 11.4x
during the rated horizon. Total debt to 1P reserves are expected to
be $5.74 barrels of oil equivalent (boe) in 2020, assuming $387
million in debt, which is moderate given its production profile.
Canacol benefits from a manageable debt maturity profile, with its
first material maturity of $320 million due in 2025. Over the rated
horizon, Fitch estimates its cash balance can comfortably cover
debt maturities in 2021 and 2022, totaling nearly $60 million, and
the company may reach a negative net debt-to-EBITDA ratio in 2024.
Growing Production Profile: Fitch estimates that Canacol's
production will grow at a CAGR of 18% between 2020 and 2024,
reaching 325 mmcfd in 2024, up from an expected average of 170
mmcfd in 2020. This growth is driven by its two expansion projects:
El Tesorito (a 200MW power plant) and New Pipeline Jobo-Medellin.
Fitch assumes the El Tesorito power plant will be operated by
CLESIA starting in December 2021, with Canacol owning 10% of the
project and supplying 100% of its gas that, when running at 150MW,
will consume 30 mmcfd. Second, the Jobo-Medellin project is
expected to have a total capacity of 100 mmcfd, with gas expected
to begin delivery in 2H24. The project is currently 100% owned by
Canacol, with a $75 million senior unsecured term loan intended for
construction of the project, of which only $25 million has been
drawn. Per local regulations, Canacol cannot own more than 25% of
this project; therefore, it is in the process of selling a 75%
stake in the project. Upon the sale, the $75 million term loan will
be transferred to NewCo.
Regional Importance: Canacol's operations are concentrated in the
Lower Magdalena basin, where it is a key gas producer and supplier
for the highly dependent Caribbean coast of Colombia. Gas
represents 70% of the regional energy matrix, and refineries
consume nearly 20% of total supply. Moreover, Fitch continues to
expect that Canacol will become the largest supplier to Colombia's
northern coast region, potentially surpassing Ecopetrol's Guijara
basin by 2021. The Guijara basin is a mature field that was
producing 134 mmcfd as of September 2020, down 30% from September
2019.
Limited Competition: Canacol faces limited competition from
regional gas producers and liquefied natural gas (LNG) imports.
Fitch believes Canacol has a strong competitive position in the
region where it operates due to expensive startup costs and limited
conventional reserves. Gas produced in Colombia's prolific llanos
basin, which produced 60% of domestic gas in 2019, cannot be
efficiently transported to the Caribbean coast, especially to
Cartagena. Furthermore, Fitch expects Canacol's contracted gas
prices to be below the total cost of importing and delivering LNG
in Colombia of $6-$7 per thousand cubic feet (mcf) when considering
the cost of U.S. LNG imported to Colombia averaged approximately
$4.10 mcf in 2019, per the Energy Information Administration (EIA),
plus the additional $2-$3 mcf cost for regassification and
transportation. Canacol's contracted capacity protects the company
from price volatility, but it can face recontracting risk if LNG
prices are depressed.
Adequate Reserve Life: Fitch believes Canacol has an adequate
reserve life, which marginally exceeds its WA contract life of six
years, even when assuming a peak in production due to its 1P
reserves. Fitch estimates Canacol's 1P reserve life will be flat at
around 6.2 years over the rated horizon, which assumes 100%
recovery of a reported 1P reserve for 2019 of 68 mmboe. This
represents a decrease from the 7.4 years reported in 2019, mostly
due to the ramp-up in production. The lower 1P reserve life is
supported by a high 2P reserves life of 10 years.
DERIVATION SUMMARY
Canacol's credit profile compares well with other independent gas
producers in both Latin America and North America: Tecpetrol
Internacional (BB/Negative), Hunt Oil and Gas (BBB/Stable), CNX
(BB/Positive), Ascent Resources (B/Stable and Comstock Resources
(B/Positive).
As a gas producer and supplier, Canacol compares favorably to
peers, as it is the only entity that has, on average, 75% of its
production volume contracted with investment grade offtakers.
Tecpetrol and Hunt Oil and Gas are the closest peers in the region.
Both own an equity stake in the Camisea blocks 86 and 56 in Peru,
which are strategically important for Peru, providing 86% of its
natural gas supply. Similarly, Canacol is regionally important to
the Caribbean coast of Colombia, which is a large consumer of gas
and presents a strong comparison to Camisea.
Canacol's capital structure, cash flow generation and liquidity
profile are comparable to Tecpetrol and Hunt Oil & Gas. Fitch
estimates that Canacol's 2020 total debt to EBITDA will be 1.9x,
higher than Tecpetrol's at 0.9x but less than Hunt's at 4.3x and
below the average among its U.S. peers (CNX, Ascent and Comstock)
of 3.1x. Canacol's total debt to 1P is expected to be $5.70 boe,
which is highest among all peers, with Tecpetrol's expected to be
$1.40 boe and U.S. peers averaging $2.11 boe. Canacol's higher
leverage to reserves is partially offset by its contracted revenues
and weighted life of contracts that are less than its 1P reserve
life of 6.2 years, which exceeds its WA contractual life.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Production volumes of 210,000 mmcfd in 2021, 260,000 mmcfd in
2022, 270,000 mmcfd in 2023 and 325,000 mmcfd in 2024.
-- A WA realized price of $5.50 mmcf in 2021 and $5.75 mmcf
between 2022 through 2024.
-- An Opex average of $0.30 mmcf from 2021 through 2024.
-- Royalties averaging $0.80 mmcf between 2021 through 2024.
-- Transportation costs averaging $0.70 mmcf between 2021 through
2024.
-- G&A costs averaging $0.45 mmcf between 2021 through 2024.
-- Total capex of $700MM between 2020 through 2024.
-- Dividends of 25% of net income.
-- A tax rate of 25% over the rated horizon.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Net production rising to 40,000 boed on a sustained basis;
-- Maintain a 1P reserve size life at or higher than its weighted
average contractual life;
-- Sustained conservative capital structure at below 1.0x net
debt to EBITDA.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Production size declining below 30,000 boed;
-- A 1P reserve size life less than its weighted average
contractual life;
-- Gross leverage at or above 3.0x;
-- Deterioration of capital structure and liquidity as a result
of a steeper than anticipated decline in production or a
marked increase in debt.
-- Extraordinary dividends that weakens liquidity.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three 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 four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: As Sept. 30, 2020, Canacol had cash on hand of
$94 million, which covers an interest expense of nearly four years.
The company has a solid debt maturity profile, with its first major
maturity being its $320 million senior unsecured bonds due in 2025.
Further, Canacol has an untapped $46 million senior unsecured
revolving credit facility to support liquidity if needed.
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, either due to their nature or
to the way in which they are being managed by the entity.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: 90% of Agricultural Products Come From Abroad
-----------------------------------------------------------------
Dominican Today reports that according to information from
Dominican Government authorities given, 90% of some agricultural
products of high relevance for national consumption are being
imported.
The Minister of Economic, Planning, and Development, Miguel Ceara
Hatton, mentioned some of these agricultural products that are
being imported, such as corn, wheat, soybean, and other cereals,
according to Dominican Today.
"This means that both the agricultural sector that uses these
products for animal husbandry, as well as local manufacturing,
which demands them for the production of bread, cookies, flour,
oils, pasta, among others, are highly affected by price increases
at the international level," said Ceara Hatton while giving a press
conference in which the Minister of Industry, Trade and Mipymes,
Victor -Ito- Bisono, the administrator of the Banco AgrÃcola,
Fernando Duran, and the Minister of Agriculture, Limber Cruz, also
participated in the activity, the report relays.
The director of the Institute of Stabilization of Prices (Inespre),
Ivan Hernandez, and the president of Confenagro, Erick Rivero,
Ceara emphasized that due to the rise in international prices, the
final products of the Dominican producers also reflect higher
costs, the report discloses.
In reading the document "Recent evolution of international prices
of some raw materials and local prices of food for mass
consumption," Ceara Hatton said that between June and December
2020, the international price of soybeans increased by 39.3%,
soybean oil by 35.3%, corn by 33.3% and wheat by 21.3%, which has
caused products directly linked to the prices of these goods to
begin to reflect increases in their costs of up to 15%, the report
relays.
The Government announced that it would buy from producers, through
the Inespre, those sensitive products that make up the basic basket
to sell them to consumers directly through the mobile warehouses
that will circulate in the streets of Greater Santo Domingo and the
provinces where the increase is most sensitive, the report relays.
The report notes that Ceara Hatton highlighted that in the last few
weeks, the Ministry of Agriculture and the Inespre had guaranteed
the supply of essential food products of local production, at
affordable prices for lower-income households; developing the
Mobile Warehouses program, which has been in charge of the
distribution of these products through around 900 points/centers
located in the national territory, which has benefited close to
1,300,000 families.
Fuels
The Minister of Economic added that in addition to the increase in
the raw material for agricultural production, the price of oil,
from June 2020 to January 2021, showed accumulated increases of
34.5%, which has translated into increases in the prices of its
derivatives marketed locally, the report relays.
"This upward trend that is occurring in international markets is a
reality that not only affects the Dominican Republic but all
economies that do not produce these goods," lamented the Minister
of Economy, the report says.
Safe Basket Plan
At the press conference, the officials announced the continuation
of the "Safe Basket" plan. They intend to guarantee affordable food
for the Dominican population, bringing relief to families and small
producers, the report notes.
This plan entails an agreement between the Government, producers,
the wholesale market, and the retail market to guarantee price
stability for the products that make up the country's basic food
basket, the report relates.
Data Process
The mobile warehouses will operate every day in some provinces
located in the places suggested by the residents, the report says.
Figure
According to the Central Bank's Price Index (CPI), in December
2020, the variation was 0.48%, the report relays.
Shopping
The Government will buy from the producers, through Inespre, the
sensitive products that make up the basic foods basket, the report
discloses.
Markets
With the Mobile Warehouses program, products are distributed
through around 900 centers, 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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.
The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.
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: Imports Fall 16.47% to US$17.3BB in 2020
------------------------------------------------------------
Dominican Today reports that the Customs Directorate said total
imports in the Dominican Republic for the January-December 2020
period reached US$17.3 billion, a 16.47% fall compared to the same
2019 period.
It said non-oil imports fell 10.59%, from US$16.9 billion in
January-December 2019 to US$15.2 billion in the same period of
2020, according to Dominican Today.
"77.85% of imports entered under the release for consumption
regime, 21.63% free zones, 0.50% temporary admission and the
remaining 0.03% re-export deposit," according to the Customs
Magazine COMERCIA, the report notes.
"Of the total imports, 47.68% corresponds to consumer goods, 35.02%
to raw materials, while the remaining 17.29% to capital goods," the
report relays.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the
island of Hispaniola with Haiti to the west. Capital city Santo
Domingo has Spanish landmarks like the Gothic Catedral Primada de
America dating back 5 centuries in its Zona Colonial district.
Luis Rodolfo Abinader Corona is the current president of the
nation.
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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.
The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.
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: Retailers Plead for Eased Curfew
----------------------------------------------------
Dominican Today reports that the managers of several stores located
on the sprawling Duarte Avenue, in the National District, and other
representatives of the retail sector expressed diverse opinions
about the curfew hours on weekends and the impact its having on
sales.
They suggest that Saturdays be extended by at least three hours,
according to Dominican Today.
Roberto Montero, in charge of one of the footwear and clothing
stores on the Duarte, said that on weekends, when the curfew begins
at 12 noon, they must close their doors when customers start to
arrive at the establishment, the report notes.
Montero told local media that, as a result of the situation, they
are selling only 30% of what they should, so he called on the
authorities to increase the curfew hours until 3 p.m. on weekends,
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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.
The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.
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: Wage Hike Push Collides With Pandemic Reality
-----------------------------------------------------------------
Dominican Today reports many workers in many different sectors in
the Dominican Republic had great challenges during 2020 caused by
the pandemic. The shutdown of economic activities led companies to
request the layoff of workers and the Government to design programs
to avoid the massive terminations of employees, according to
Dominican Today.
The trade unions foresee that unemployment can go up to 16% due to
dismissal or suspension in formal jobs and informal workers who are
semi-paralyzed, the report notes.
That context is joined by another situation, the news source says,
without further specificity, adding "[t]o 2021, one more ingredient
is added for the working class, mainly for the non-sectorized
private sector, which, at the end of June, have to engage in
negotiations to define a new minimum wage for non-sectorized
private sector workers, the report notes."
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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings.
The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.
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).
=================
G U A T E M A L A
=================
BANCO INDUSTRIAL: Fitch Affirms 'BB-' IDR & Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings affirmed Banco Industrial, S.A. (Industrial)'s
Long-Term Issuer Default Rating (IDR) at 'BB-', Short-Term IDR at
'B' and Viability Rating (VR) at 'bb-'. Fitch has also affirmed the
National Long- and Short-Term Ratings of the bank, as well as the
related company Contecnica S.A. at 'AA(gtm)' and 'F1+(gtm)',
respectively. The Outlook of the Long-Term International and
National Scale Ratings was revised to Negative from Stable.
As part of its rating actions, Fitch assigned 'B(EXP)' to
Industrial's proposed subordinated notes. The notes would be for an
amount up to USD300 million due to 2031, but may be redeemed in
whole or in part at the option of the issuer on the fifth
anniversary of the issuance. The assignment of a final rating is
contingent upon receipt of final documents conforming to
information already received by Fitch.
The Negative Outlook reflects Fitch opinion that Industrial's Fitch
Core Capital (FCC) metric could be more sensitive than previously
expected to the negative and the uncertain operating environment,
as regulatory forbearance ended as of YE 2020. Fitch believes
Industrial's FCC (12% as of September 2020) has limited room for
deterioration under a more stressed scenario and that the absence
of regulatory relief measures in 2021 could result in pressure of
the capital metrics to levels no longer commensurate to the rating,
risk that is exacerbated by the high portfolio concentrations of
the entity (the top-20 debtors represented 1.7x of FCC as of Sept.
30, 2020).
KEY RATING DRIVERS
VR, IDRs and National Ratings
Industrial's IDRs and national ratings are driven by its intrinsic
profile, as reflected by its VR, which are highly influenced by the
challenging operating environment in Guatemala. The coronavirus
pandemic has resulted in lower economic dynamism in the country.
Fitch believes the bank's performance and prospects could be
affected by the operating environment given Industrial's large size
and exposure to most economic sectors. Fitch considers
capitalization also as a higher influence factor for ratings due to
the loss absorption capacity, either through capital or loan loss
reserves, of the entity could be stressed by the prolonged crisis
now that relief measures finalized.
Industrial's strong company profile is also considered a relevant
factor for ratings. Industrial is the largest bank in Guatemala,
with a market share around 29% in terms of loans and 24% by
deposits as of Sept. 30, 2020, and a regional footprint in Central
America, which benefits its financial performance.
Industrial's financial performance has been characterized by
lower-than-local peers nonperforming loans (NPLs), reflecting
consistent underwriting standards and a focus in large corporate
clients. As of Sept. 30, 2020, the NPL metric was 1.1% (industry -
2.1%) and the coverage for impaired loans stood at 230.4% (industry
- 172.8%). Financial performance has benefited from a historically
stable operating profit/risk-weighted assets ratio, standing at
2.3% in 3Q20, similar to the last four-year average of 2.2% (system
- 2.4%). Fitch expects asset quality and profitability metrics to
deteriorate. However, Fitch believes they will remain at adequate
levels for the current rating.
Industrial's strong local franchise has driven a low-cost and
diversified funding structure, based on customer deposits, in
addition to a wide variety of financing resources.
New Subordinated Issuance
The proposed notes are rated two notches below Industrial's VR of
'bb-', reflecting the expected high loss severity and the
subordinated status of the notes, as they will rank junior in right
of payment to all of the bank's existing and future senior
indebtedness, including liabilities preferred under mandatory
provisions of Guatemalan banking law, senior only to Industrial's
capital stock or any other instrument which is expressly
subordinated to the notes, and pari passu to the bank's existing
and future subordinated debt. No notching for nonperformance is
applied, because there is no coupon flexibility and no write-off
trigger. As a result, Fitch believes the incremental nonperformance
risk is not material from a rating perspective.
Industrial expects these notes to qualify as T2 regulatory capital.
The proceeds of this issuance will be used to refinance existing
debt and for general corporate purposes.
Contecnica
The National Ratings for Contecnica are aligned with those of
Industrial as a sister company, due to Fitch's opinion of the
bank's strong propensity and ability to provide support to
Contecnica through its holding company Bicapital Corporation
(Industrial's parent company), if required. Fitch's assessment of
the bank's willingness of support considers as a high importance
factor the relevant role this entity has for the group's regional
business model and strategy. Fitch also recognizes moderately the
implication of a default of Contecnica on Industrial's reputation,
the high level of integration with Industrial and the good
performance it has shown in the market where it participates.
In October 2020, Bicapital became Contecnica's majority shareholder
with 61.5% of its shares, ceasing to be a consolidated subsidiary
of Industrial (38.5%), which did not have a significant effect on
Industrial's current financial profile and prospects. Fitch
affirmed Contecnica's and Industrial's rating after
deconsolidation.
Support Rating (SR) and Support Rating Floor (SRF)
Industrial's SR of '4' reflects Fitch's opinion regarding the
limited probability of extraordinary support the bank will receive
from the sovereign, if needed. Fitch's assessment of support is
based on the sovereign's ability and propensity to provide support,
as reflected in its rating; the small relative size of the banking
system; Industrial's systemic importance in Guatemala; and the
bank's deposit-based funding structure.
Industrial's SRF is one notch below the sovereign rating of
Guatemala and, according to Fitch's criteria, indicates the minimum
level to which the entity's Long-Term IDR could fall as long as
Fitch's assessment of the support factors does not change.
Senior Debt, Other Subordinated Debt and Hybrid Securities
The Industrial Senior Trust (ISnT) notes' rating is in line with
the bank's VR, reflecting those that are senior unsecured
obligations with a likelihood of default that is the same as that
of Industrial.
Industrial's subordinated Tier I capital (IST-I) notes are rated
four notches below the bank's VR given its deep subordination
status and discretionary coupon omission.
Industrial Subordinated Trust's (ISbT) notes, a special issuance
vehicle of Industrial, are two notches below Industrial's VR,
reflecting the subordinated status, ranking junior to all of
Industrial's present and future senior indebtedness, pari passu
with all other unsecured subordinated debt and senior to
Industrial's capital and Tier-I hybrid securities.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Industrial
-- The ratings are sensitive to a downgrade of the operating
environment, the sovereign rating or the Country Ceiling.
-- Industrial's IDR, VR and National Ratings would be downgraded
if sustained deterioration in asset quality and financial
performance drive its FCC ratio to a level consistently below
10%.
-- The SR and SRF could be downgraded in the event of a downgrade
to Guatemala's sovereign rating, reflecting a weaker operating
environment.
-- The ratings of the IST-I, ISnT and ISbT notes, as well as the
new subordinated notes, would be downgraded if Industrial's VR
is downgraded.
Contecnica
-- Contecnica's ratings could be downgraded in the event of a
downgrade in Industrial's National Ratings.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Industrial
-- The IDRs, VR and National Ratings of Industrial have limited
upgrade potential given the current Negative Outlook of the
ratings, also due to the current levels of the sovereign
rating, Country Ceiling and the challenging operating
environment.
-- The Negative Outlook could be revised to Stable if the impact
of the economic disruption from the pandemic proves to have no
significant deterioration on its financial metrics, especially
in terms of capitalization.
-- The IDRs and VR could be upgraded in the event of an upgrade
of Guatemala's sovereign rating and a sustained improvement of
the operating environment in conjunction with a sustained
financial performance.
-- There is limited upgrade potential for Industrial's SR and
SRF, as it would result from an upgrade of Guatemala's
sovereign rating.
-- The ratings of the IST-I, ISnT, ISbT notes and the new
subordinated notes would be upgraded if Industrial's VR is
upgraded.
Contecnica
-- Contecnica's ratings could be upgraded in the event of an
upgrade to Industrial's National Ratings.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three 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 four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
SUMMARY OF FINANCIAL ADJUSTMENTS
Banco Industrial: Prepaid expenses and other deferred assets were
reclassified as intangible assets and deducted from total equity as
Fitch considers these to have low capacity to absorb losses.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
Contecnica's ratings are driven by support from Industrial, while
the ratings of the special purpose vehicles ISnT and ISbT are
linked to Industrial's ratings.
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.
=============
J A M A I C A
=============
KNUTSFORD EXPRESS: Heading South, Drop in Revenues & Profits
------------------------------------------------------------
Jamaica Observer reports that passenger and courier transportation
company Knutsford Express latest financial report shows the company
heading in the wrong direction, as the company reports a big drop
in both revenues and profits for its half year ended November
2020.
Revenues for the period were down 55 per cent to $271.32 million,
registering a $335.87 million decline when compared with the
$607.19 million reported for the same period in 2019, according to
Jamaica Observer. For the second quarter, revenues dropped by 47
per cent to close the period at $149.54 million down from the
$282.67 million recorded in 2019, the report notes.
On the positive side, Knutsford Express managed to contain and
slash its administrative and general expenses by 38 per cent, the
report relays. This resulted in expenses ending the half year
period at $327.27 million, down from the $525.94 million incurred
in 2019, the report notes.
In spite of this cost containment, Knutsford Express still recorded
a gross loss of $55.95 million, which was a total reversal from the
profit of $81.25 million reported for the same period a year ago,
the report discloses. The gross loss for the second quarter
amounted to $29.52 million relative to a gross profit of $23.87
million booked in 2019, the report relays.
Financed Cost Ploughed Back
Finance costs decreased by 42 per cent to $7.35 million for the
period under review from $12.75 million for the same period in
2019, while finance income fell to $4.34 million in the first six
months of 2020, the report relays. Finance income for the
comparable period in 2019 was $4.42 million, the report notes.
The reports discloses that loss before taxation amounted to $58.97
million, relative to a profit of $72.92 million reported for the
similar period in 2019. There was no tax charge for the period
under review, the report says.
However, a tax charge of $6.16 million was reported in 2019.
Therefore, net loss closed at $58.97 million compared with a net
profit $66.76 million in 2019, the report notes.
For the second quarter, Knutsford Express recorded net loss of
$33.79 million relative to net profit of $18.99 million recorded in
2019's second quarter, the report relays. As at November 30, 2020,
total assets totalled $1.10 billion, which is $18.03 million more
than the $1.08 billion recorded last year, the report discloses.
The increase in total assets was due to increases in property,
plant and equipment and right of use asset, which total $873.31
million and $7.31 million, respectively, the report relays. This
was, however, offset by a 41 per cent and 30 per cent decrease in
cash and banks balances and short-term investments to $71.43
million and $96.71 million, respectively, the report adds.
===============
P A R A G U A Y
===============
PARAGUAY: Fitch Assigns BB+ Rating on USD600MM Bonds
----------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Paraguay's USD600
million bonds maturing Jan. 29, 2033. The notes have a coupon of
2.739%.
KEY RATING DRIVERS
The bond ratings are in line with Paraguay's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'BB+'.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- The bond rating would be sensitive to any positive changes in
Paraguay's Long-Term Foreign Currency IDR.
Factor that could, individually or collectively, lead to negative
rating action/downgrade:
-- The bond rating would be sensitive to any negative changes in
Paraguay's Long-Term Foreign Currency IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three 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 three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Paraguay has an ESG Relevance Score of 5 for Political Stability
and Rights as World Bank Governance Indicators, which have the
highest weight in Fitch's SRM, are highly relevant to the rating
and a key rating driver with a high weight.
Paraguay has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality, and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and is therefore highly relevant to the rating and a key rating
driver with a high weight.
Paraguay has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as World Bank Governance Indicators, which have
the highest weight in Fitch's Sovereign Rating Model (SRM), are
relevant to the rating and a rating driver.
Paraguay has an ESG Relevance Score of 4 for Creditors Rights as
willingness to service and repay debt is relevant for the rating
and a rating driver, as for all sovereigns.
PARAGUAY: S&P Assigns 'BB' Rating on US$600MM Notes Due 2033
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Paraguay's
US$600 million notes due 2033, at a 2.739% interest rate. The
rating on the notes is the same as the long-term foreign currency
sovereign credit rating on Paraguay (BB/Stable/B).
Paraguay also raised about US$226 million through a reopening of an
existing international bond due 2050. The sovereign will use the
proceeds from the issuances for general budgetary purposes and for
liability management operations.
S&P's ratings on Paraguay reflect the balance between relatively
sound macroeconomic fundamentals and weak political institutions,
low per capita income, limited monetary flexibility, and high
dollarization in the financial system. Despite an increase in
government debt due to the impact of the COVID-19 pandemic and
subsequent global downturn, a moderate net external debt profile
and government debt burden sustain the ratings on Paraguay.
On the other hand, Paraguay's weak institutions and evolving
political system affect long-term visibility and predictability of
overall policymaking. Moreover, the economy is vulnerable to
volatility due to its still-high economic concentration in a few
commodities and trade partners.
The stable outlook indicates S&P's expectation of only limited
long-term deterioration in Paraguay's financial and economic
profile based on the government's commitment to fiscal
consolidation in the coming years, as the economy recovers.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
PETROLEUM CO: Bidding Must Move On, Energy Exec. Says
-----------------------------------------------------
Leah Sorias at Trinidad Express reports that with no agreement
reached between Government and Patriotic Energies and Technologies
Ltd regarding the sale of the former Petrotrin refinery assets, the
bidding process for the refinery must move on quickly, says chief
executive officer of the Energy Chamber Dr Thackwray Driver.
He was responding to Government's decision to reject, for the
second time, Patriotic's bid for the refinery assets, according to
Trinidad Express.
At a joint news conference, Finance Minister Colm Imbert and Energy
Minister Franklin Khan announced that Patriotic, which is
wholly-owned by the Oilfields Workers' Trade Union (OWTU), will no
longer have exclusivity with respect to the acquisition of the
refinery assets, the report notes.
They said Government will immediately return to the open market to
find other refinery bidders, the report discloses.
Driver reiterated that the Chamber fully supported the
privatization of the refinery and also felt that taxpayers' money
should not be pumped into investment in the refinery, the report
says.
He told the Express that the Chamber stood by its comments made
last month regarding the way forward for the refinery.
No taxpayers' funds should be used, the report notes.
On its website, the Chamber posited that given the size of the
needed investment to purchase the refinery, the capital will likely
be from an international investor, though local private sector
involvement would also be welcome, the report relays.
"Significant capital investment is needed to bring the assets of
the refinery back into productive and profitable use. This
investment will need to be very carefully deployed and managed and
there is significant risk involved," the Chamber said, the report
discloses.
"For this reason, the Energy Chamber is clear that no further
Trinidad and Tobago taxpayers' funds should go into this investment
and that the capital must come from the private sector," it added.
The Chamber noted that despite challenges facing the global
refining business, such as the Covid-19 pandemic and longer-term
challenges like climate change and sustained efforts to decarbonise
the global economy, opportunities for refineries still exist, the
report relays.
"The marine and aviation transport sectors are both difficult to
decarbonise and there will likely be demand for fossil fuels in
those sectors for many years. Trinidad's strategic location and the
sheltered Gulf of Paria make this an excellent location for marine
bunkering operations," the Chamber stated, the report adds.
About Petrotrin
State-owned Petroleum Co. of Trinidad & Tobago (Petrotrin) closed
it oil refinery in November 2018. Prior to closure, Petrotrin
underwent a corporate reorganization that started in the last
quarter of 2018. The T&T government insisted that the
reorganization was necessary to improve the company's efficiency.
As a result of the reorganization, Petrorin's refining business
was shut down and new entities were created: three operating
subsidiaries (Heritage Petroleum Company Limited, Paria Fuel
Trading Company and Guaracara Refining Company Limited), and the
new holding company, TPH, to which the international bonds were
transferred from Petrotrin.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Jan. 18 to Jan. 22, 2021
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD
City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
Esval SA 3.5 49.9 2/15/2026 CL CLP
Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
YPF SA 16.5 67.3 5/9/2022 AR ARS
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL
SACI Falabella 2.3 50.6 7/15/2020 CL CLP
Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD
Provincia de Cordoba 7.1 72.7 8/1/2027 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
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Empresa Provincial de 12.5 0.0 1/29/2020 AR USD
Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
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
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD
USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD
China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN 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
Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD
Plaza SA 3.5 38.3 8/15/2020 CL CLP
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
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
Banco Security SA 3.0 5.6 7/1/2019 CL CLP
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
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
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
Yida China Holdings Lt 7.0 74.3 4/19/2020 CN 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
*********
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 2021. 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
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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.
.
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