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/raid1/www/Hosts/bankrupt/TCRLA_Public/210222.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, February 22, 2021, Vol. 22, No. 32 Headlines A R G E N T I N A BANCO HIPOTECARIO: Moody's Completes Review, Retains Caa3 Ratings GRUPO SUPERVIELLE: Shares Spike on Takeover Rumors YPF SA: Fitch Raises LongTerm IDRs to 'CCC' on Exchange Completion B R A Z I L BANCO BV: Moody's Completes Review, Retains Ba2 Deposit Rating BANCO CETELEM: Moody's Completes Review, Retains Ba1 Rating BANCO FIBRA: Moody's Completes Review, Retains B3 Deposit Ratings BANCO SOFISA: Moody's Completes Review, Retains Ba2 Deposit Rating BRAZIL: Economy Shrank 4% in 2020, GDP Monitor Says ICBC DO BRASIL: Moody's Completes Review, Retains Ba2 Rating D O M I N I C A N R E P U B L I C BANCO DE RESERVAS: Moody's Completes Review, Retains Ba3 Ratings DOMINICAN REPUBLIC: Business Climate on Hike for 3rd Straight Qtr. DOMINICAN REPUBLIC: Housing in Danger Due to Materials Increase DOMINICAN REPUBLIC: Pressures on Prices are Transitory, Bank Says E L S A L V A D O R BANCO AGRICOLA: Moody's Completes Review, Retains B1 Deposit Rating G U A T E M A L A BANTRAB: Moody's Completes Review, Retains B1 Deposit Ratings P A N A M A BAC INT'L: Moody's Completes Review, Retains Ba1 Rating P U E R T O R I C O RICKEY CONRADT: Unsecureds to Recover 100% in 90 Days or 7 Years X X X X X X X X [*] BOND PRICING: For the Week Feb. 15 to Feb. 19, 2021 - - - - - ================= A R G E N T I N A ================= BANCO HIPOTECARIO: Moody's Completes Review, Retains Caa3 Ratings ----------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Banco Hipotecario S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 9, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Banco Hipotecario S.A. (Hipotecario)'s Caa3 long-term deposit and debt ratings are based on its ca Baseline Credit Assessment and incorporates Moody's assessment of a high probability of support from the Argentinean government in case of stress. The government of Argentina (Ca) is Hipotecario' s largest shareholder, with 58% ownership. The bank's deposit and debt ratings receive no uplift as its BCA is positioned at the same level of the Argentinean sovereign rating. Hipotecario's BCA incorporates the challenging operating conditions in Argentina, including an economic recession that started in 2018 and has been exacerbated by the coronavirus pandemic. These conditions weakened Hipotecario's asset quality, reflecting its sizeable exposure to the consumer segment and to certain large corporate loans that became delinquent. Hipotecario's ratings also reflect the bank's high reliance on market funding, although a recent exchange extended debt maturities and helped rebalance its funding structure. Strict cost control has partially offset negative margin pressure, high credit costs and low business volumes. Subdued loan growth led to improvement in its liquidity and capital buffers. The principal methodology used for this review was Banks Methodology published in November 2019. GRUPO SUPERVIELLE: Shares Spike on Takeover Rumors -------------------------------------------------- Jorge Otoala at Reuters reports that Argentine banking and financial services company Grupo Supervielle saw its shares spike over 50% on Feb. 19 on rumors of a potential takeover, hitting the highest level since 2018 before easing back to be up around 14%. Traders said that unsubstantiated talk of a potential sale to a Brazilian buyer had pushed up the shares as well as the firm's American Depositary Receipts (ADRs), according to Reuters. "There is a rumor that it is being sold to a powerful group in Brazil, but nothing is known," one trader told Reuters. An external press official for the firm told Reuters that they "did not have this information" and that the issue of the share price jump was been analyzed internally, the report notes. The person added there was no "relevant facts" to divulge currently, the report relays. "For everyone, it has been very surprising," the person added. As reported in the Troubled Company Reporter-Latin America on Jan. 14, 2014, Moody's Latin America Agente de Calificacion de Riesgo assigned a B3 global local currency senior debt rating to Grupo Supervielle S.A.'s twelfth expected issuance for an amount up to ARS100 million, which will be due in 18 months, and thirteenth expected issuance for an amount up to ARS100 million, which will be due in 5 years. Both issuances together should not exceed ARS100 million. At the same time, on the National Scale, Moody's assigned A2.ar local currency debt rating to the expected issuances. YPF SA: Fitch Raises LongTerm IDRs to 'CCC' on Exchange Completion ------------------------------------------------------------------ Fitch Ratings has downgraded YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'RD' from 'C', due to the conclusion of its announced exchange offer. Fitch has simultaneously upgraded YPF's Long-Term Local and Foreign Currency IDRs to 'CCC' from 'RD', and upgraded the company's senior unsecured notes to 'CCC'/'RR4' from 'C'/'RR4'. The stand-alone credit profile was revised to 'b' from 'c'. The downgrade and simultaneous upgrade reflect the completion of the announced exchange for its seven outstanding international bonds totaling $6.2 billion notes. Per Fitch's "Distressed Debt Exchange Criteria," the IDRs are downgraded to 'RD' upon completion and re-rated as the exchange resulted in a material reduction in the original terms of the bonds, evidenced by the extension of maturities and discounted coupon payment for two-years from issuance of the new notes. On Feb. 11, 2021, YPF announced the results of the exchange offer. YPF received 59.79% acceptance to exchange the outstanding March 2021 notes for the new senior secured 2026 notes, which are secured by a reserve and payment account, and with 50% of YPF's stake in YPF Luz pledged as collateral. Hold-out bond holders received the cash payment for the outstanding 40.21%, which was approved by the Central Bank of Argentina and has been settled. YPF also announced that it received 43.12% exchange for its April 2024 notes, 37.15% for its March 2025, 24.55% for its July 2025, 19.07% for its July 2027, 20.21% for its June 2029, and 28.45% for its 2047. Collectively when including the 2021 exchange offer, YPF successfully exchanged $2.0 billion of its $6.2 billion outstanding bonds. The $2.0 billion exchange was allocated among three bonds. First, $775 million for the senior secured 2026 notes, which will have a coupon of 4.0% for the first two years through December 2022, and 9% thereafter, with a quarterly amortization payment made equally beginning in 2023. Second, $748 million for the senior unsecured bond due 2029 was issued with a coupon of 2.5% for the first two years through December 2022, and 9% thereafter with equal semi-annual amortization payments beginning in 2026. Third, $576 million for the senior unsecured bond due 2033 with a coupon of 1.5% through 2022 and 7% thereafter with annual amortization beginning 2029. Fitch estimates the exchange offer will save YPF approximately $105 million in interest expense annually through the end of 2022, which Fitch expects the company will allocate to upstream capex to ramp up production, increasing production by up to 40,000boed, when assuming that unconventional wells average cost is $5.5 million in Vaca Muerta and each new well produces on average 1,000boed. After 2022, Fitch estimates the company's annual interest from its international bonds from 2023 through 2025 will be approximately $50 million higher before the exchange offer. On a consolidated basis, Fitch's estimates YPF's annual interest expense will average $700 million through 2023. YPF ratings are in line with Fitch's "Government Related Entities (GRE) Criteria." YPF is majority owned by the government and strategically important to the country. YPF's dominant market share in the supply of liquid fuels in Argentina, coupled with its large hydrocarbon production footprint in the country, could expose the company to government intervention through pricing policies or investment strategies. Argentina exerts strong control over YPF through energy regulations and/or its 51% economic interest in the company. Furthermore, Fitch believes Argentina would have strong incentives to support the company under a distress situation as a result of the strong socio-political and financial implications of a default. KEY RATING DRIVERS Links to Sovereign: YPF is closely linked to the Republic of Argentina due to its ownership structure, as well as recent government interventions. Argentina controls the company through its 51% stake, and provincial government officials serve on the company's board of directors. In addition, the republic sometimes governs the company's strategy and business decisions. The Argentine government has a history of significant interference in the oil and gas sector. For example, via Decree No. 1277, the government set regulations related to investment levels in the oil and gas sector and domestic price reference points. In 2019, the government issued Decree 566/19, which negatively affected YPF's cash flows. Although YPF is a leading energy company in Argentina, government policies continue to present challenges, inhibiting its business strategy. Moderate Leverage: Fitch believes YPF has a moderate leverage profile mostly due to a high total debt/1P and weak EBITDA/interest expense ratio in 2020, which is expected to improve over the rated horizon. Fitch estimates YPF's total debt/EBITDA will be 3.6x in 2020 and improve to an average of 2.3x over the rated horizon; however, YPF's total debt/1P is high, estimated to be USD8.00 per boe, and consistent with the 'b' category. Furthermore, Fitch estimates YPF's EBITDA to interest expense will be 2.6x in 2020 and improve to an average 4.0x thereafter. High Production Cost Profile: Fitch's rating case assumes production will remain flat averaging 515,000boed over the rated horizon. YPF's cost of production is slightly lower than the guaranteed price under Barril Criollo between May and mid-August 2020 and Fitch's assumed Brent price for 2021 of USD48.00boe. Fitch estimates YPF's half-cycle costs of USD26.5boe and full-cycle cost of USD41.5boe, which are both high and above average for players in the region. The company's high cost is mostly attributed to higher than average lifting cost of USD13.5boe and high interest cost per barrel of USD5.0boe in 2019, estimated by Fitch. The company's full-cycle break-even implied prices were above weighted average realization prices for oil and gas, primarily as a result of decreasing domestic gas prices and high level of gas production, which accounts for approximately 49% of total production during 2019 (Crude oil production comprised 44% and natural gas liquids 7%). Volatile Operating Environment: The volatile economic environment in Argentina has inhibited YPF from implementing its business strategy, i.e. unconventional development in Vaca Muerta. Pandemic-related quarantine measures have further stressed the company, as demand for fuels has decreased, gasoline volumes dropped by 70% and diesel by 34%, jet fuel 95%, with a total demand decrease of 50% in April 2020, compared with the previous year. Volumes appear to have recovered but remain below historical averages. Fitch estimates Argentina's real GDP will contract by 11.2% in 2020, after negative average growth rate over the last three years. Inflation is expected to average 47% between 2020 and 2022, and government debt/GDP ratio is estimated to be 102% in 2020 and 105% in 2021, with a majority of government debt being external 75%-80% over the same time frame. DERIVATION SUMMARY YPF's linkage to the sovereign is similar in nature to its Latin American national oil companies (NOCs) peers, namely PEMEX (BB-/Stable), Petrobras (BB-/Negative) and Ecopetrol (BBB-/Negative), and government-owned entities ENAP (A-/Stable), and Petroperu (BBB+/Negative). These companies all have strong linkage to their respective sovereigns given their strategic importance to each country and the potentially significant negative social and financial implication a default could have at a national level. YPF's upstream business closest peers are Pemex, Petrobras and Ecopetrol. YPF's total production averaged 514,000boed, and the reserve life was 5.7 years, most comparable with Ecopetrol with a 2019 production of 725,000boed and a reserve life of 7.8 years, but less than Petrobras' production of 2.6 million boed and a reserve life of 10 years and Pemex's production at 2.8 million boed and a reserve life of 9.5 years. YPF has a strong capital structure reporting a gross leverage ratio defined as total debt/EBITDA of 2.4x in 2019 and total debt/1P of USD7.67 per boe compared with Ecopetrol at 1.1x in 2019 and USD5.80 total debt/1P, Petrobras at 2.3x and USD6.60 per boe and Pemex at 6.2x and USD14.70 per boe. Unlike its peers ENAP, Petrobras, Pemex and Petroperu, YPF is not the sole provider of refined fuels in Argentina. In 2019, the company had nearly a 60% market share. YPF is an integrated energy company, similar to Petrobras and Pemex, offering the company more financial flexibility, while ENAP is predominately a refining company that sells to marketers. Historically, YPF has operated autonomously with periodic controls of fuel prices and crude, which are currently in effect. Similar to Pemex and Petrobras, YPF has administered an import-parity pricing policy, but is evidence of government intervention with Decree 466/19 and other price controls in 2018 to tame inflation, which is projected to be 50% in 2020. Until recently, YPF has had success in tightening the spread between import parity and local prices. When compared with downstream-focused entities ENAP and Petroperu, YPF has a lower total debt/EBITDA ratio of 2.4x in 2019 compared with ENAP at 6.7x and Petroperu at 18.0x. Petroperu's elevated leverage is explained by its investment plan to increase capacity by 2021, while ENAP has maintained a higher leverage profile for an extended period of time, but the company is highly strategic for the Chilean governments, and thus it rating is aligned as a result. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Average gross production of 515,000boe from 2020-2023; -- YPF will be able to increase domestic prices in pesos somewhat but not enough to fully reflect the impact from the recent peso depreciation and international hydrocarbon price increase; -- Criollo barrel of USD45/bbl in place from May through Mid August2020 and applied Fitch's price deck thereafter; -- Natural gas prices decrease to USD2.70/MMBTU in 2020, USD3.00/MMBTU in 2021, USD3.25/MMBTU in 2022 and USD3.57/MMBTU in 2023; -- Capex cut to be FCF positive over the rated horizon due to refinancing risk; -- Downstream sales volume follow Real GDP forecasts; -- USD111 million of net proceeds associated with the sale of 11% stake in Bandurria Sur to Equinor and Shell; and a 50% stake in offshore area CAN_100 to Equinor in 2Q20; -- Fitch ARS/USD forecasts for year average and end of period during 2020-2022; -- Reflects exchange offer with coupon adjustment period per bond; -- Annual average capex of $2.5 billion from 2021-2024. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- The Foreign Currency IDR is linked to the sovereign rating of Argentina and thus an upgrade can only occur if there is an upgrade of the country ceiling of Argentina. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Argentina's sovereign rating is currently at the lowest level (CCC) allowed under Fitch's sovereign criteria; therefore, a downgrade of Foreign and Local Currency IDR would reflect Fitch's belief that a default of some kind appears probable, or a default or default-like process has begun for the corporate, which will be represented by a 'CC' or 'C' rating. 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: YPF reported USD1.3 billion in cash and cash equivalents in 3Q20. Per Fitch's estimates, this covers roughly two years of interest expense. The company's debt maturity profile did improve after the completion of its exchange particularly the exchange of its 2021 notes to 2026. Fitch expects YPF will continue to roll-over short term bank and trade financing debt over the rated horizon, and its first international bond maturity is in April 2024. ESG CONSIDERATIONS YPF has an ESG Relevance Score of '4' for Governance Structure due to Argentina federal government's majority ownership in YPF, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. 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. =========== B R A Z I L =========== BANCO BV: Moody's Completes Review, Retains Ba2 Deposit Rating -------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Banco BV and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 10, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Banco BV's (BV) Ba2 long-term local and foreign currency deposit ratings reflect the bank's baseline credit assessment (BCA) of ba3 and Moody's assessment of the probability of high affiliate support from Banco do Brasil (BB, Ba2, ba2), which results in one notch uplift from the BCA. BV's ba3 BCA reflects improvements to the bank's earnings generation capacity associated to a strategy to strengthen origination of collateralized loans to corporate clients, particularly mid-sized companies. As a result of that strategy, the bank reported higher earnings in 2018-19 relative to prior years. However, the increase in provision expenses and decline in auto loan production that followed the outbreak of the Covid-19 pandemic in Brazil strained the bank's profitability metrics in 2020. The large amount of deferred tax assets on BV's balance sheet still hurts its core capitalization, as measured by tangible common equity to risk-weighted assets (TCE/RWA) and remains a major constraint to BV's BCA. The BCA also reflects overall problem loan ratios that benefit from a large share of granular car financing, but the bank's asset quality may yet weaken as loan payment deferrals granted during the pandemic become due in the first half of 2021. BV's efforts to lengthen the funding tenor structure through issuance of local debt is positive for its financial profile, but the bank continues to rely predominantly on confidence -sensitive wholesale funding, although balanced by adequate liquidity. The principal methodology used for this review was Banks Methodology published in November 2019. BANCO CETELEM: Moody's Completes Review, Retains Ba1 Rating ----------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Banco Cetelem S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 10, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations. Banco Cetelem's (Cetelem) Ba1 long-term local currency deposit rating reflects the bank's baseline credit assessment of ba3 and incorporates two-notches uplift to reflect our assessment of high affiliate support from its parent bank, BNP Paribas (Aa3, baa1). Cetelem's ba3 BCA reflects the bank's strong capitalization that protects against pressures in its asset quality and profitability deriving from the still weak operating conditions. Cetelem's decision to sell a portion of its low-risk payroll loans will potentially weaken asset quality and increase earnings volatility, as the bank reduces the size of its balance sheet. Cetelem's funding is predominantly sourced from its sister company in Brazil, Banco BNP Paribas, in the form of interbank deposits, although this dependence has been declining. The principal methodology used for this review was Banks Methodology published in November 2019. BANCO FIBRA: Moody's Completes Review, Retains B3 Deposit Ratings ----------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Banco Fibra S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 10, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Banco Fibra's (Fibra) B3 long-term local and foreign currency deposit ratings reflect the bank's baseline credit assessment of b3. Fibra's b3 BCA reflects the bank's low capital base, which is constrained by a large volume of deferred tax assets (DTAs) originated from loan loss provisions. In addition, the b3 BCA is also limited by the bank's modest profitability. An improvement in Fibra's earnings origination performance would support capitalization as the bank is able to reinvest profits. Fibra's b3 BCA is also capped by high borrower concentration in the bank's loan book, but recent improvements in asset quality reflect the better-quality new loan vintages and repayments of past due loans. However, Fibra's asset quality may still face pressures over the next six months as borrowers' ability to repay loans will be tested after the end of government stimulus measures. Low reliance on market funds and a gradually increasing volume of liquid assets -- lately at 30% of tangible assets -- offset some of the negative pressures on the BCA. The principal methodology used for this review was Banks Methodology published in November 2019. BANCO SOFISA: Moody's Completes Review, Retains Ba2 Deposit Rating ------------------------------------------------------------------ Moody's Investors Service has completed a periodic review of the ratings of Banco Sofisa S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 10, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Banco Sofisa's (Sofisa) Ba2 long-term local and foreign currency deposit ratings reflect the bank's baseline credit assessment of ba2. Sofisa's Ba2 deposit ratings are in line with Brazil's Ba2 sovereign bond rating. Sofisa's ba2 BCA incorporates the bank's long track record in the segment of commercial lending to small- and mid-sized companies. Sofisa's low delinquency ratios reflect the consistent performance of its loan book, which is highly collateralized by trade receivables. Its level of borrower concentration remains relatively lower than that of other corporate lenders in Brazil, although it still represents higher asset risk relative to retail banks. The ba2 BCA also incorporates profitability metrics that have been supported by Sofisa's loan growth in recent years, although asset growth has led to lower capitalization ratios. However, capital buffers remain adequate. Sofisa's dependence on market funds also constrains the ba2 BCA, but the growing participation of more granular time deposits through its digital retail platform has benefited its funding profile. The principal methodology used for this review was Banks Methodology published in November 2019. BRAZIL: Economy Shrank 4% in 2020, GDP Monitor Says --------------------------------------------------- Richard Mann at Rio Times Online reports that the Brazilian Institute of Economics of the Getulio Vargas Foundation's (Ibre/FGV) GDP Monitor shows that Brazil's economic activity shrank by 4% in 2020. The data was released on Feb. 19. In terms of production, among the three major sectors (agriculture and livestock, industry and services), only agriculture and livestock grew in the year (2%), the report notes. Meanwhile, in terms of demand, all components shrank, particularly household consumption, with a 5.2% drop in the year, the report cites. 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. ICBC DO BRASIL: Moody's Completes Review, Retains Ba2 Rating ------------------------------------------------------------ Moody's Investors Service has completed a periodic review of the ratings of ICBC do Brasil Banco Multiplo S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 10, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations ICBC do Brasil Banco Multiplo's (ICBC Brazil) Ba2 long-term local and foreign currency deposit ratings reflect the bank's baseline credit assessment of b1 and a two-notch uplift derived from Moody's assessment of high affiliate support from its controlling entity, Industrial and Commercial Bank of China Ltd (A1, baa1). ICBC Brazil's b1 BCA benefits from the very good quality of the bank's loan book, comprising selected volume of operations with large corporate clients. Consequently, the bank has reported very low problem loans since it started operations in Brazil. Asset risk is heightened, however, by large borrower concentration relative to capital. The b1 BCA is also affected positively by the large volume of liquid assets held by the bank as a conservative measure against funding risk. ICBC Brazil's comfortable capital buffers are also positive for the bank's financial profile, as the bank has reported ratios of tangible common equity to risk-weighted assets (TCE/RWA) consistently above those of peers. On the other hand, the b1 BCA is constrained by the lack of diversification in the bank's revenue mix and a short track record of operations in the country, resulting in a franchise that is still growing. The principal methodology used for this review was Banks Methodology published in November 2019. =================================== D O M I N I C A N R E P U B L I C =================================== BANCO DE RESERVAS: Moody's Completes Review, Retains Ba3 Ratings ---------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Banco de Reservas de la Republica Dominicana and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 9, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Banco de Reservas de la Republica Dominicana's (Banreservas) Ba3 local and foreign currency deposit ratings are in line with the Dominican Republic's government bond rating and incorporate two notches of uplift from the bank's b2 baseline credit assessment. Banreservas's b2 BCA incorporates the bank's good asset quality and profitability, coupled with broad access to inexpensive retail deposits and ample liquidity buffers. These strengths help balance a historically weak capitalization, in part due to fast expansion. Problem loan ratios have remained contained at low levels in recent quarters, benefiting from loan payment deferral measures to support asset quality during the coronavirus pandemic. Moody's expect asset quality will likely weaken in the next quarters, although Banreservas has built reserves against potential credit losses. Aligned with Banreservas's status as the largest lender in the country and its ownership by the Dominican government, it benefits from sustained access to low-cost deposits, reducing refinancing and repricing risks. The principal methodology used for this review was Banks Methodology published in November 2019. DOMINICAN REPUBLIC: Business Climate on Hike for 3rd Straight Qtr. ------------------------------------------------------------------ Dominican Today reports that the Business Climate Index (BCI) for the Dominican Republic continued to rise for a third consecutive quarter, from 48.9 in the July-September 2020 quarter to 55.9 in the last quarter of 2020. The figure results from the balance of opinion of Dominican business leaders on the Dominican economy, the international economy, the branch of activity, the investment climate and the companies, according to Dominican Today. Moreover, the Industrial Confidence Index (ICI) revealed a downward trend from 59.5 in the July-September quarter to 52.6 in the October-December 2020 quarter, the report relays. When comparing the fourth quarter of 2019 with the fourth quarter of 2020, the information reveals that the Industrial Confidence Index is higher, although the Business Climate Index is lower, 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. Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041. Concurrently, the Dominican Republic reopened its 2030 4.5% notes for an additional USD1.0 billion, which Fitch rates 'BB-', raising the total outstanding amount of the 2030 notes to USD2.0 billion. 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: Housing in Danger Due to Materials Increase --------------------------------------------------------------- Dominican Today reports that the increase in construction materials' prices threatens the sustainability of the housing projects currently being developed throughout the Dominican Republic. It is of grave concern to builders, especially those competing with low-cost housing. It is estimated that the materials most commonly used to build a house, such as cement, sand, rebar, and others, have experienced increases of between 15% and 22%, according to Dominican Today. The president of the Confederation of Small and Medium Construction Companies (Copymecon), Eliseo Cristopher, pointed out that the situation is highly worrying, above all, for small and medium producers who will not be able to adjust the cost of houses or apartments in the same measure in which the materials rise, the report notes. "To the extent that we are preparing projects to develop them under the trust scheme, the way they are done is that first the apartments are sold, and then they are built, and if at the moment when you are going to build the materials go up, delicate situations are created," Cristopher pointed out, the report relays. He added that there are two delicate situations, one is that they cannot raise the cost of low-cost housing because the public to which they are directed is of limited purchasing power and then do not qualify for financing, and another because not many builders could have financial problems to finish the projects and cannot meet with the purchasers, the report discloses. The president of Copymecom indicated that it is likely that in the next few months, the courts will be full of small business people with lawsuits due to this situation, the report notes. He pointed out that with the apartments sold in dollars, a situation is also created because the dollar remains stable, but the materials go up, the report relays. It is not possible to adjust the cost of sale to the cost of construction, the report says. Updating the Value of Housing Victor Manuel Valdez, a construction engineer, also expressed his concern about materials' prices, which he said: "have risen too much." He estimated that the increases reach 30% if one compares their cost before the beginning of the Covid-19 pandemic, the report discloses. He said that this same percentage increase could be reflected in the sale of housing, above all, which will depend on the conditions of the construction companies, the report says. Valdez explained that apartment projects that have been sold off-plan would be significantly affected since when a sales contract has been signed subject to completion, there is no possibility of readjusting the cost of housing, the report relays. He pointed out that these increases should imply a review and update of the appraisals since they should reflect the buildings' actual costs, 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. Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041. Concurrently, the Dominican Republic reopened its 2030 4.5% notes for an additional USD1.0 billion, which Fitch rates 'BB-', raising the total outstanding amount of the 2030 notes to USD2.0 billion. 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: Pressures on Prices are Transitory, Bank Says ----------------------------------------------------------------- Dominican Today reports that Dominican Republic Central Banker Hector Valdez Albizu said the pressures on prices are transitory and that towards the second half of the year, inflation will hover around 4%. Valdez Albizu expressed his concern to the representatives of the industrial sector about the inflationary trend, caused by the rise in international prices of raw materials such as flour, soy beans, corn, oil and also by the delayed impact of climatic phenomena, according to Dominican Today. "Additional measures of liquidity facilities are being evaluated that will be presented to the Monetary Board to further boost the productive sectors, which, together with several important works that have been announced by the central government, together with the participation of the private sector should significantly boost the economy for this year," the official said in a statement obtained by the news agency. 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. Fitch Ratings on Jan. 18, assigned a 'BB-' rating to Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041. Concurrently, the Dominican Republic reopened its 2030 4.5% notes for an additional USD1.0 billion, which Fitch rates 'BB-', raising the total outstanding amount of the 2030 notes to USD2.0 billion. 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). ===================== E L S A L V A D O R ===================== BANCO AGRICOLA: Moody's Completes Review, Retains B1 Deposit Rating ------------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Banco Agricola, S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 9, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Banco Agricola S.A.'s B1 global long-term foreign currency deposit rating considers its b3 baseline credit assessment and a high probability of affiliate support from its parent bank, Bancolombia S.A. (deposits Baa2, BCA ba1). Banco Agricola's b3 BCA is in line with El Salvador's B3 government bond rating, and well below the ba1 BCA of its parent bank. Banco Agricola's b3 BCA is limited by the modest creditworthiness of the Salvadoran government, which translates in a relatively weak operating environment for the bank. The BCA incorporates Banco Agrícola's adequate capital position -which has however declined in 2020 due to high dividend payments- as well as strong and stable earnings that benefit from ample net interest margins. Asset quality remains robust, on the back of prudent credit expansion and effective risk management, loan origination and recovery practices, although it is currently under pressure due to the pandemic-led recession in El Salvador. These strengths help offset the bank's sizeable exposure to the intrinsically risky consumer segment. Refinancing and repricing risks are mitigated by a good access to retail customer deposits as the country's largest bank, and by ample liquidity buffers. The principal methodology used for this review was Banks Methodology published in November 2019. ================= G U A T E M A L A ================= BANTRAB: Moody's Completes Review, Retains B1 Deposit Ratings ------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Banco de los Trabajadores and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 9, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Banco de los Trabajadores's (Bantrab) B1 deposit ratings incorporate one notch of uplift from the bank's b2 baseline credit assessment, because of Moody's assessment of moderate government support resulting from the bank's significant deposit franchise and ownership. Bantrab's b2 BCA incorporates the sustained improvements in its capitalization throughout the past years, driven by sound and stable profitability, low dividend payment payouts and slower loan growth. The bank's profitability has been supported by wide interest margins consistent with its consumer lending focus, contained asset risk backed up by its preferential creditor status and improved efficiency metrics. Additionally, the bank's credit profile continues to be supported by ample liquidity buffers. These strengths are counterbalanced by a relatively expensive funding structure, which despite its limited reliance on market funds, remains concentrated on large term deposits. The BCA also incorporates improvements to the bank's corporate governance, risk management and control practices, which led to a gradual reestablishment of its correspondent relationships with foreign banks that it had lost after governance shortcomings arose in 2016. However, Bantrab remains exposed to headline and reputational risks from potential investigations on past events, and therefore, the recent positive changes in corporate governance will need to be tested over time. The principal methodology used for this review was Banks Methodology published in November 2019. =========== P A N A M A =========== BAC INT'L: Moody's Completes Review, Retains Ba1 Rating ------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of BAC International Bank, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 9, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations BAC International Bank, Inc.'s (BAC) Ba1 long-term deposit rating is in line with the bank's ba1 baseline credit assessment, which in turn is at the same level of its parent, Colombia's Banco de Bogota, S.A. (deposits Baa2, BCA ba1). BAC's ba1 BCA is supported by its geographic and business diversification and its sustained solid financial performance, with sound capitalization and profitability. BAC also benefits from a broad base of granular deposits in line with its well-established banking franchise across Central America, significantly reducing refinancing and repricing risks. Still, BAC's credit profile remains constrained by the relatively weak operating conditions in the countries where it operates. Risks stemming from these exposures have been exacerbated by the pandemic, which pressure the bank's asset quality from previous strong levels. The buildup of reserves and capital buffers however help mitigate potentially higher credit costs. Core capitalization has been supported by robust earnings on the back of ample net interest margins and fee income coupled with good efficiency, and more recently by the issuance of a capital instrument. The principal methodology used for this review was Banks Methodology published in November 2019. ===================== P U E R T O R I C O ===================== RICKEY CONRADT: Unsecureds to Recover 100% in 90 Days or 7 Years ---------------------------------------------------------------- Rickey Conradt, Inc., filed an Amended Plan of Reorganization and a corresponding Disclosure Statement. The Debtor is not currently realizing a small profit, but anticipates realizing a profit in the future due to the fact that a number of catastrophic events have occurred. Following confirmation of the Plan, owner Rickey Conradt will retain control of the Debtor. The Debtor anticipates that the business will be operated profitably, and that it will be able to pay the allowed claims of the creditors in Classes as scheduled. The Debtor had originally anticipated the need to retain an attorney in Puerto Rico to assist in the collection of funds from the Puerto Rico Department of Health. After consultation with a Puerto Rico attorney it was determined that the Debtor would not be successful in any litigation because the contract that the Debtor was working under was improperly drafted. Unsecured creditors in Class 4 will be paid 100% of their claims to the extent that their claims are allowed, will be paid in full within 90 days after confirmation from anticipated revenues from Puerto Rico, but in the event funds are not received within 90 days, Debtor will start making monthly payments and the Class 4 creditors shall be paid over a period of seven years with 3% interest per annum. A hearing was held on the objection to the proof of claim of the Estimating Group, LLC. After that hearing, the Bankruptcy Court found their claim to be $475,207. The Debtor still disputes that amount and intends to file a notice of appeal regarding the same. A copy of the Amended Plan dated Feb. 12, 2021, is available for free at https://bit.ly/2NlT3vZ A copy of the Amended Disclosure Statement dated Feb. 12, 2021, is available for free at: https://bit.ly/3k3L3Mc About Rickey Conradt Rickey Conradt, Inc., is a boutique public insurance adjusting company specializing in commercial, multi-family and industrial property storm, fire and flood damages insurance claims. Rickey Conradt sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-50612) on March 18, 2020, listing under $1 million in both assets and liabilities. Judge Craig A. Gargotta oversees the case. The Debtor tapped James S. Wilkin, P.C. as its legal counsel, and Luis De Luna, PLLC as its accountant. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Feb. 15 to Feb. 19, 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 Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Noble Holding Internat 6.1 62.0 3/1/2041 KY 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 Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD 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 Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Province of Santa Fe 6.9 74.7 11/1/2027 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 Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD 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 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 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 YPF SA 16.5 67.3 5/9/2022 AR ARS MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP 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 ********* 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 be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *