/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/210510.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, May 10, 2021, Vol. 22, No. 87 Headlines B R A Z I L BRAZIL: Pandemic Leads to 6.7% Downturn in Economic Activity BRAZIL: Pork Exports in April Fail to Beat March's Record INTERCEMENT BRASIL: S&P Upgrades ICR to 'B', Outlook Stable D O M I N I C A N R E P U B L I C BANCO DE RESERVAS: Fitch Affirms 'BB-' LT IDRs, Outlook Negative BANCO MULTIPLE: Fitch Affirms 'BB-' LT IDRs, Outlook Negative DOMINICAN REPUBLIC: Mulls Extending Assistance Plan for Tourism DOMINICAN REPUBLIC: Rising Prices Worry Traders [*] DOMINICAN REPUBLIC: Director Says Customs Law Must be Updated G U A T E M A L A GUATEMALA: Fitch Affirms 'BB-' LT FC IDR, Outlook Stable P U E R T O R I C O SPECTRUM GLOBAL: Appoints Daniel Sullivan as CFO TOYS 'R' US: Creditors Request for Jury Trial on Exec Stay Pay X X X X X X X X [*] BOND PRICING: For the Week May 3 to May 7, 2021 - - - - - =========== B R A Z I L =========== BRAZIL: Pandemic Leads to 6.7% Downturn in Economic Activity ------------------------------------------------------------ A study released by the Federation of Industries of the State of Rio de Janeiro (FIRJAN) shows that Brazil's economic activity shrank by 6.7% in the 12-month period that began in March 2020, with the emergence of the novel coronavirus pandemic, until February 2021, Rio Times Online reports. The regional impact of the pandemic on the 3 major economic sectors reveals which Brazilian states have suffered most severely from the impacts of Covid 19, the report notes. 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. BRAZIL: Pork Exports in April Fail to Beat March's Record --------------------------------------------------------- Rio Times Online reports that pork exports remain strong, despite the downturn in April. The scenario is keeping live animal prices high in most of the regions monitored by CEPEA (Center for Advanced Studies in Applied Economics), as Brazilian meatpackers demanded new lots of pigs for slaughter, according to Rio Times Online. The average price for pork stood at R$7.25 (US$1.37) per kilo in the SP-5 region (Braganca Paulista, Campinas, Piracicaba, Sao Paulo and Sorocaba) in April - 8.4% higher than in March, the report notes. 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. INTERCEMENT BRASIL: S&P Upgrades ICR to 'B', Outlook Stable ----------------------------------------------------------- On May 5, 2021, S&P Global Ratings raised its global scale issuer credit and issue-level ratings on Brazil-based cement producer InterCement Brasil S.A. (InterCement) to 'B' from 'CCC', and its national scale rating on the company to 'brA' from 'brB-'. The stable outlook reflects S&P's expectation that the company will maintain the profitability gains it reached mainly in Brazil last year, resulting in leverage below 4.0x in the next two years. Thanks to a strong rebound in revenue and profitability in the second half of 2020, InterCement's debt to EBITDA dropped to 4.8x for the full year from 5.8x in 2019. Given the growing volumes in early 2021 as well, we now expect the company's leverage to fall below 4.0x in 2021 and 2022. During 2020, the company turned its focus on selling to smaller clients and in regions with milder competition, leading to higher average prices than in past years. This strategy paid off as demand grew solidly due to high levels of home renovations amid the pandemic, the government stimulus, and homebuilders' increasing activity thanks to record low interest rates. S&P said, "Those factors boosted InterCement's revenue and EBITDA margin in Brazil, and we believe that these healthy industry fundamentals should remain in place at least until first half of 2022. As a result, we expect the company's EBITDA margin in Brazil close to 30% in the next two years, compared with 10%-20% over the past few years." Despite Argentina's severe economic woes, the cement industry posted a strong rebound since the fourth quarter of 2020. Given that the company maintains a leading position with proven ability to increase prices, S&P expects it to maintain its margin around 30%, a similar level as in past years. The improved operations dissipated the risk of a debt exchange, which management considered last year. S&P said, "We now expect InterCement to generate enough free cash flows to cover its short-term needs while maintaining a more balanced capital structure. Also, management mentioned the possibility of raising equity in the short term through a private placement or an IPO of a minority stake in its Brazilian subsidiary. We don't factor that scenario in our ratings but if it occurs, it would help strengthen InterCement's credit quality." S&P expects operations in Brazil and Argentina together to generate 80%-85% of the group's consolidated EBITDA in the next two years, while the remainder will come from operations in African countries. While business conditions should remain solid in the short term at least in Brazil and Argentina, the risk of their currencies weakening remains latent. Currency depreciation erodes free cash flows measured in dollars, weakening credit metrics, while 40% of the company's debt is in dollars. =================================== D O M I N I C A N R E P U B L I C =================================== BANCO DE RESERVAS: Fitch Affirms 'BB-' LT IDRs, Outlook Negative ---------------------------------------------------------------- Fitch Ratings has affirmed Banco de Reservas de la Republica Dominicana, Banco de Servicios Multiples' (Banreservas) Local and Foreign Currency Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The Rating Outlook is Negative. Fitch has also affirmed the Banreservas' National Ratings and those of its subsidiary, Inversiones y Reservas, S.A. (I&R) at 'AA+(dom)' and 'F1+(dom)'. KEY RATING DRIVERS BANRESERVAS IDRS AND NATIONAL RATINGS The bank's IDRs and National Ratings reflect Fitch's expectations of support from the bank's sole shareholder, the government of the Dominican Republic, should it be needed. The Negative Rating Outlook on Banreservas' IDRs is aligned with that of the Sovereign, reflecting the pressure on Dominican Republic's public finances that has been aggravated by the pandemic. Furthermore, it reflects Fitch's view that downside risks from the economic implications of the coronavirus pandemic will continue in 2021 and cause pressures on the bank's financial performance, especially in asset quality, due to low business dynamism and the deterioration of the debtors' payment capacity. VIABILITY RATING Banreservas' viability rating (VR) is highly influenced by the challenging and deteriorated operating environment, robust company profile and weak capitalization. Banreservas is the largest bank in the Dominican Republic with a market share by assets and loans of 26% and 25% at YE 2020, respectively. It enjoys a leadership position in the commercial and consumer segments. Banreservas' capitalization is considered tight relative to its rating category, particularly when considering its high asset concentrations and favorable risk weighting of its assets. The tangible common equity-to-tangible assets ratio reduced to 5.9% at YE20 (YE19: 6.7%), reflecting the high asset growth mainly by securities, and is below the banking system average of 10%. However, the bank's loss-absorbing capacity benefits from maintaining an ample reserve coverage. Banreservas' asset quality slightly deteriorated to 1.8% as of December 2020 (2019: 1.4%), reflecting mainly the contraction of the loan portfolio, and to lesser extent the deterioration in the consumer and commercial segments. The reserve coverage of 313% for non-performing loans is conservative since the bank created voluntary provisions above the regulatory requirement. Furthermore, the temporary restructured loan portfolio represents a low 1% of total loans as of December 2020. Fitch expects additional asset quality deterioration in 2021 amid the gradual economic recovery and its fallout, as well as higher unemployment compared with pre-pandemic levels. The bank's operating profitability to average total assets remained stable at 1.3% at YE20 on an unconsolidated basis. Its financial margin has also remained stable, while the contribution of non-financial income and operating efficiency have improved. This has offset the significant increase in loan impairment charges to address the impact of the pandemic, as well as the lower volume of business. Fitch believes that the bank's profitability will remain adequate in 2021 considering that the greatest impact of provisions has already been absorbed. The liquidity position is sound and has strengthened as core deposits grew by 24.5% at YE2020. Accordingly, the loan-to-deposit ratio improved to 59.4% at the YE20 from 79.7% at YE 2019. Banreservas has the largest deposit market share in the Dominican Republic (26% at YE20), serves as paying agent and administrator of most payroll accounts for the government, and has been a haven in times of systemic stress. Fitch believes that liquidity will remain comfortable, benefiting from a stable deposit base. SUPPORT RATING AND SUPPORT RATING FLOOR The bank's Support Rating (SR) of '3' and its Support Rating Floor (SRF) of 'BB-' reflect its systemic importance, its policy role by collecting funds for the government's single treasury account to pay debt obligations, its role as a provider of public sector loans, and its 100% government ownership. The Support Rating of '3' also reflects some uncertainty over the Dominican Republic's capacity to provide support due to its speculative-grade IDR, should it be needed. SUBORDINATED DEBT Banreservas' outstanding subordinated debt includes an international issuance of USD300 million due 2023 and a domestic issuance of DOP10 billion due 2024. Banreservas' subordinated bonds are basic issues as they do not have loss absorption capacity features. The anchor rating for the international subordinated issues is the IDR, given the bank's government ownership and policy role. This issuance is two notches below the IDR, reflecting the baseline notching for loss severity of two notches, due to its subordination nature and no coupon deferral. I&R NATIONAL RATINGS I&R's national ratings are aligned with those of Banreservas, its sole shareholder, reflecting Fitch's opinion about the bank's propensity and capacity to support I&R, if needed. In Fitch's view, I&R is a key and integral part of Banreservas' business as it provides investment and trading services to its core clients. Furthermore, a clear commercial identification among this entity with Banreservas, and the reputational risk to which it would be exposed in the event of an I&R default results in a high probability of shareholder support, should it be required. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: BANRESERVAS IDRS, VR AND NATIONAL RATINGS -- The IDRs would be downgraded following a downgrade in the sovereign rating; -- The bank's IDRs and National Ratings are sensitive to a change in Fitch's perception of the Dominican sovereign of propensity to support the bank; -- A relevant deterioration in asset quality or profitability, or sustained pressures on Banreservas' tangible common equity/tangible assets ratio to below 5.5% could trigger a downgrade of its VR; -- Subordinated Debt: Banreservas' subordinated debt rating is sensitive to any downgrade in the bank's IDR and National Long-Term rating. SR AND SRF -- Banreservas' Support Rating and Support Rating Floor would be affected if Fitch negatively changes its assessment of the Dominican government's propensity or ability of to provide timely support to the bank. This could arise in the event of a sovereign rating action. I&R National Ratings I&R's ratings are sensitive to a change in Banreservas's ratings or a change in the ability or propensity of Banreservas to provide support. Factors that could, individually or collectively, lead to positive rating action/upgrade: IDRS, VR AND NATIONAL RATINGS -- A rating upgrade on the IDRs and VR is unlikely in the near future, as reflected by the Negative Outlook; -- The IDR could be affirmed and the Outlook revised to Stable if there is a similar sovereign rating action; -- Over the medium term, the VR could be upgraded by the confluence of improvements in the operating environment and the financial profile of the bank. -- There is limited upside for the bank's National Ratings since are at the maximum level of the scale; -- Subordinated Debt: Banreservas' subordinated debt rating is sensitive to any upgrade in the bank's IDR and National Long Term rating. Consequently, there is limited upside potential. SR and SRF -- Banreservas' Support Rating and Support Rating Floor would be affected if Fitch positively changes its assessment of the Dominican government's propensity or ability to provide timely support to the bank. This could arise in the event of a sovereign rating action. I&R National Ratings -- There is limited upside potential for I&R's national ratings since are at the maximum level of the scale. 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. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Banreserva's ratings are driven by the Dominican Republic sovereign rating. Inversiones y Reservas' ratings are driven by Banreservas' ratings. ESG CONSIDERATIONS Fitch has revised Banreservas' ESG Relevance Score for Governance Structure to '3' from '4' to reflect a reassessment of the extent to which political interference can impact the bank's credit profile. Banreservas lending to public sector companies is significant, but its strategy is executed in an independent manner. Fitch is satisfied that its Governance Structure score should be in line with the standard scoring of '3' that applies to rated banks globally. 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. BANCO MULTIPLE: Fitch Affirms 'BB-' LT IDRs, Outlook Negative ------------------------------------------------------------- Fitch Ratings has affirmed Banco Multiple BHD Leon S.A.'s (BHDL) Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) at 'BB-'. The Rating Outlooks on the IDRs are Negative. Fitch has also affirmed BHDL's Viability Rating (VR) at 'bb-' and National Ratings at 'AA+(dom)'. The Rating Outlook on the National Rating is Stable. BHDL's related entity, BHD Leon Puesto de Bolsa, S.A.'s (BHDLPB) National Ratings were also affirmed at the same level. BHDLPB's Rating Outlook is Stable. KEY RATING DRIVERS BHDL IDRs, VR and National Ratings BHDL's VR drives its Long-Term IDRs and National Ratings. The bank's VR is highly influenced by the challenging and deteriorated operating environment and its company profile, due to its strong franchise. BHDL is the third largest bank in the Dominican Republic. The VR is moderately influenced by asset quality and profitability, which will continue facing moderate pressures in the near term, and its sound capitalization, as well as a stable and diversified funding base. The Negative Rating Outlook on BHDL's IDRs is aligned with that of the sovereign, reflecting the pressure on the Dominican Republic's public finances, which has been aggravated by the pandemic. Furthermore, the Outlook reflects Fitch's view that downside risks from the economic implications of the pandemic will continue in 2021, and put pressures on the bank's financial performance, especially in asset quality, due to low business dynamism and the deterioration of debtors' payment capacity. BHDL entered the economic downturn with sound asset quality. At December 2020 end, the 90-days NPL ratio slightly increased to 1.7% (YE 2019: 1.4%), mainly reflecting the deterioration in the consumer and commercial segments. The loan loss allowance coverage of 346% is conservative and provides protection against the current operating environment. Fitch expects asset quality will be under pressure in 2021, but commensurate to the bank's rating category, due to the season of the restructured loans (10% of the total portfolio at December 2020), the economic fallout, and higher unemployment compared with pre-pandemic levels. The operating profit-to-risk-weighted assets (RWA) ratio remained sound at 2.6% at YE 2020 (YE 2019: 2.7%), despite decreasing margins driven by lower interest on loans. BHDL created voluntary provisions before the pandemic, which mitigated the significant increase in loan impairment charges to address the risks stemming from the pandemic, and the moderate asset quality deterioration. Fitch believes that the bank's profitability is resilient and it will remain sound amid the current crisis. BHDL's capitalization improved due to lower RWAs following the regulatory change in the reference rate to assess market risk. The Fitch Core Capital (FCC) to RWAs ratio improved to 15.3% as of December 2020 (2019: 12.5%). However, the tangible equity to tangible asset indicator decreased to 8.7% in 2020 from 10.9% in 2019 as a result of significant assets growth. Loss-absorbing capacity benefits from adequate reserve coverage, which has been a good cushion amid the current crisis. Fitch expects the FCC ratio is sustainable in 2021, driven by the moderate expected loan growth, lower RWA density, given the reduction in market risk, and due to earnings generation. BHDL's liquidity position is sound and has strengthened as core deposits grew by 14.4% at YE 2020. Accordingly, the loan-to-deposit ratio improved to 69.7% at December 2020 end from 75.2% at YE 2019. Historically, customer deposits have covered more than two-thirds of the bank's funding needs (82.0% at YE 2020). In addition, BHDL maintains access to local capital debt markets and wholesale funding. Liquidity remains commensurate with the bank's current rating levels. Support Rating Despite BHDL's solid franchise in deposits, the bank's Support Rating (SR) of '5' and Support Rating Floor (SRF) of 'NF' indicate that Fitch believes that sovereign external support cannot be relied upon due to the Dominican Republic's speculative-grade IDR. Subordinated Debt Fitch has assigned a 'AA(dom)' rating to a domestic subordinated debt issuance for up to DOP10 billion due 2030. BHDL's outstanding subordinated debt includes a domestic issuance of up to DOP10 billion due 2028. The bank's subordinated debt rating is one notch below its National Long-Term rating, 'AA+(dom)', reflecting one notch for loss severity but no notches for incremental non-performance risk relative to the bank's IDR. BHDLPB National Ratings BHDLPB's ratings reflect Fitch's opinion about its sole shareholder's, Centro Financiero BHD Leon (CFBHDL), propensity and ability to support its subsidiary if needed. In Fitch's view, CFBHDL creditworthiness is highly linked to BDHL. BHDLPB is a key and integral part of CFBHDL's diversified financial business model as it provides specific financial products. Moreover, a clear branding identification between this entity with BHDL and CFBHDL, and the reputational risk at which they would be exposed in the case of potential financial difficulties in BHDLPB ultimately result in a high probability of direct or indirect support by BHDL and CFBHDL, should it be required. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: BHDL IDRs and VR -- Negative changes in the BHDL's IDRs and VR would mirror any movement in the Dominican Republic's sovereign ratings and Country Ceiling or any deterioration in the operating environment. -- BHDL's VR and National Ratings are sensitive to changes in the Dominican Republic's operating environment. Downgrades in BHDL's VR and National Ratings could also result from significant pressure on the bank's financial profile, such as a relevant deterioration in asset quality or profitability combined with a FCC to RWAs ratio consistently below 10%. SR and SRF -- There is no room for downgrade in the SR. Subordinated Debt -- BHDL's subordinated debt rating is broadly sensitive to any downgrade in the bank's National Long-Term rating. BHDLPB National Ratings -- A negative change in the capacity or propensity of CFBHDL to provide support could pressure creditworthiness. Factors that could, individually or collectively, lead to positive rating action/upgrade: BHDL IDRs, VR and National Ratings -- Given BHDL's current ratings, there is limited upside potential. -- The Rating Outlooks on BHDL's IDRs could be revised to Stable from Negative if the bank sustains a financial profile consistent with its current ratings despite deterioration in the operating environment. -- The IDRs could be affirmed and the Outlook revised to Stable if there is a similar sovereign rating action. SR and SRF -- The Dominican Republic government's propensity or ability to provide timely support to BHDL is not likely to change given the sovereign's low speculative-grade IDR. As such, the Support Rating and Support Rating Floor have no upgrade potential. Subordinated Debt -- BHDL's subordinated debt rating is broadly sensitive to any upgrade in the bank's National Long-Term rating. Consequently, there is limited upside potential. BHDLPB National Ratings -- There is limited upside potential for BHDLPB'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. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS BHD Leon Puesto de Bolsa and BHD International Bank's ratings are driven by Banco BHD Leon'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. DOMINICAN REPUBLIC: Mulls Extending Assistance Plan for Tourism ---------------------------------------------------------------- Dominican Today reports that the DR Safe Tourism Assistance Plan offered last year by Banreservas and the Ministry of Tourism (Mitur) is set to expire as part of the recovery plan for responsible tourism in the face of covid-19. Its promoters evaluate whether it will be necessary to extend it again, according to Dominican Today. "If we see the need, it will be extended, if it is not a problem for the country," said the Minister of Tourism, David Collado, during a meeting offered in the city of Miami (United States) with approximately one hundred tour operators and Florida travel agencies, the report notes. Likewise, the Minister of Tourism said he was in conversation with Banreservas and with the Association of Hotels of the Dominican Republic (Asonahores) since "if it is being an important requirement we will extend it," the report relays. Collado also affirmed that, after the start of mass vaccination in the United States, one of the primary sources of tourists to the Dominican Republic, the free insurance went to a second stage, the report relays. "There are already more than one hundred million vaccinated Americans who are the main tourists who are going to the Dominican Republic, who are not requesting insurance. The insurance has gone to a second stage, which began with vaccination in the United States," said the minister, the report notes. The State has offered this insurance plan free of charge to tourists who have entered the country since September 15, 2020 , so that they feel confident to visit the Dominican Republic and thus reactivate the tourism sector, strongly hit by the pandemic, the report discloses. Initially, the first stage lasted until December 31, 2020, being reissued from January 1 to March 31, 2021, the report says. The insurance consists of an assistance plan with coverage of medical emergencies, including Covid-19, medications in assistances with hospitalization, emergency medical transport, hotel expenses for hospitalization, costs for flight change due to a medical emergency, and legal assistance others, the report notes. Vaccination Collado expressed that the fact that the personnel working for the tourism sector has begun to be vaccinated has taken an essential turn since the Dominican Republic has already started to be seen with different eyes at the international level, the report relays. Hotel employees and collaborators were included in the first phases of the National Vaccination Plan, the report relays. According to Collado, more than eleven thousand employees of the sector have received the first dose of the biological, the report notes. The goal is to reach at least 40,000 vaccinated employees by November, the report notes. Projections By the end of the year, Collado considers that the country will be exponentially recovered, even though it continues to live under the Covid-19 pandemic, the report relays. From now on, the Minister of Tourism considers that the results of the actions that the Government has implemented in favor of the Tourism sector are observed amid the pandemic, the report notes. "The result has been very positive, for the month of April the final projection is to finish between 285 to 300 thousand tourists, it will be the highest number in the Dominican Republic after the pandemic," Collado stressed during the meeting in the city of Miami with Florida travel agencies and tour operators, 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: Rising Prices Worry Traders ----------------------------------------------- Dominican Today reports that the Dominican Federation of Merchants expressed its concern about the continuous increases in the prices of basic necessities. The president of the entity, Ivan Garcia, detailed that several articles of daily use experienced increases, such as eggs and soap, according to Dominican Today. He specified that all industrialized products have registered price increases and clarified that the merchants are not responsible for this situation, but their suppliers: the industrial and exporting sector, which have increased the prices of the articles, the report notes. Worrying "The commerce is alarmed because it has been eight times in less than a year that the price of oil has been increased," said the leader, the report relays. "For the commerce sector it is highly worrying the price increases that the industrial sector has made in the last year. We are concerned because by increasing prices, the commercial companies are decapitalizing themselves," he emphasized. He said that another drawback is that the industrialists are not dispatching more than 50% or 60% of the orders placed by the traders, 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: Director Says Customs Law Must be Updated ----------------------------------------------------------------- Dominican Today reports that customs director, Eduardo Sanz Lovaton, affirmed that Law 3489, which regulates the sector and dates from 1953, has not been amended due to the discretion that the heads of the institution have, who've historically contributed some needs of the legislation. Sanz Lovaton cited that one of the cases is that in the sanctioning process against a company or importer, the Director of Customs can "at a stroke" eliminate hundreds of millions of pesos from a fine, which he described as a contradiction, according to Dominican Today. Although he clarified that during his administration he has not signed any variation of the fines, the official noted that the modification of the legislation is a reality that cannot be postponed, 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). ================= G U A T E M A L A ================= GUATEMALA: Fitch Affirms 'BB-' LT FC IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed Guatemala's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Rating Outlook. KEY RATING DRIVERS Guatemala's 'BB-' rating is supported by a track record of macroeconomic stability, conservative fiscal policies that have minimized government borrowing and robust external liquidity. These strengths are balanced by one of the lowest revenue-to-GDP ratios among Fitch-rated countries, governance and human development indicators that compare unfavorably with the 'BB' and 'B' category and political gridlock that limits the sovereign's ability to address these weaknesses. In November 2020 congress passed the 2021 budget but suspended its approval after violent demonstrations that included an attack on congress. This was the second year in a row in which congress did not pass a budget. The government is using the 2019 budget and the budget expansions passed in 2020. While technically this gives the government a fairly high spending ceiling of GTQ107.5 billion, GTQ13.2 billion of the funding used in 2020 cannot be used in 2021, creating an effective ceiling of GTQ94.3 billion (14.6% of GDP including amortizations). The suspension of the 2021 budget removed the approval of two external loans: USD594 million (0.7% of GDP) loan with the IMF, and USD20 million with the World Bank. Fitch believes these loans are unlikely to be approved by congress in a separate bill, but are not required to finance the deficit. Guatemala's fiscal deficit expanded to 4.9% of GDP in 2020 as government expenditure increased by 17.2% while revenue fell by 3.8%. The deficit compares favorably with the 2020 'BB' median of 7.8% of GDP. The government's response to the pandemic is estimated at 2.3% of GDP, this includes grants, food security initiatives and loans. The government estimates that it increased expenditure by 0.2% of GDP as a result of tropical hurricanes Eta and Iota. Fitch expects the fiscal deficit will reach 3.5% of GDP in 2021 as revenue will increase by 7.7% and expenditure fall by 2.1%. The deficit will continue to narrow after 2021 tending toward pre-pandemic levels of around 2% of GDP. However, a slowly declining revenue-to-GDP ratio and lack of action to address this remains a medium-term fiscal risk. General government debt-to-GDP increased to 29.2% at end-2020 from 24.1% a year before (excluding government debt held by social security). The debt-to-GDP compares favorably to rating peers as it is about half of the 2020 'BB' median of 59.3% of GDP. However, debt-to-revenue in 2020 was 273%, higher than the 2020 'BB' median of 230%. Similarly, interest-to-revenue at 16.1% compares unfavorably with the 2020 'BB' median of 7.9%, indicating limited fiscal space. The government financed the 2020 deficit mostly by issuing local debt, including GTQ11 billion (1.8% of GDP) in bonds sold to the central bank. Article 133 of the constitution authorizes the government to monetize part of the deficit when there is a national disaster; Fitch believes it is unlikely that congress will approve this this type of financing again. Externally, the government issued USD1,200 million (1.5% of GDP) in Eurobonds and received USD541 million (0.7% of GDP) from multilaterals. Financing needs in 2021 are estimated at 4.8% of GDP. This year the government can issue up to GTQ19 billion (2.9% of GDP) in new debt, either locally or abroad. The government expects to receive more disbursements from the multilateral loans approved by congress in early 2020 that total USD1,253 million (1.5% of GDP). The economy contracted only by 1.5% in 2020, the smallest contraction in the Fitch-rated Americas with the exception of Paraguay. The shallow contraction is explained by strong exports and remittance growth. Fitch expects that the economy will rebound by 3.9% in 2021 and then converge towards the medium-term potential growth of 3.5%. While the pandemic had a relatively small impact on GDP an upsurge in infections would pose risks, given that vaccination is proceeding slowly and healthcare provision is sparse. During the first half of 2020 the central bank reduced the key lending rate by 100bps to 1.75%. Average inflation in 1Q21 was 5.7%, above the central bank's target range of 4+/-1%. However, above-target inflation is being driven by the base effect from lower prices in 1Q20 and higher energy prices, which are expected to be transitory. The current account surplus increased to 5.5% of GDP in 2020 from 2.3% a year prior, contrary to the projections made by Fitch at the beginning of the pandemic. This unexpected expansion of the surplus had three main elements: merchandise export growth, merchandise import contraction and resilient remittances. Remittance growth in 2020 (7.9%) was lower than the annual average between 2015 and 2019 of 13.6%. Fitch expects a gradual reduction in the current account surplus as imports recover. International reserves reached USD18.5 billion (23.8% of GDP) at end-2020; this is equivalent to 10 months of current external payments and more than double the 'BB' median of 4.3 months. Reserves increased by USD3,598 million in 2020 supported by the government's external issuance and net purchases due to exchange rate interventions for USD1,276 million. The accumulation of reserves has made Guatemala a net external creditor. Guatemala's institutions and governance are weak relative to the 'BB' category. U.S. president Biden proposed investing USD4 billion in the Northern Triangle over a four-year period to address the root causes of migration, with a focus on improving governance. The timing for congressional approval of the bill is uncertain. On April 26, 2021 the White House announced that the U.S. will spend USD310 million on the Northern Triangle for humanitarian relief and to address food insecurity. In 2020 credit grew by 5.8%, a similar rate to before the pandemic. Banking system liquidity at 17.5% in February 2021 is only 0.1pp lower than a year ago, and the capital adequacy ratio at 16.4% is well above the 10% requirement. NPLs fell to 2.0% from 2.2% a year before. As the bank regulator progressively rolls back forbearance through September 2021 (having changed the definition of NPLs to 180 days past due from 90), Fitch does not expect a substantial jump in this indicator. ESG - Governance: Guatemala has an ESG Relevance Score (RS) of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption, as is the case for all sovereigns. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in Fitch's proprietary Sovereign Rating Model. Guatemala has a low WBGI ranking at 27.3, driven by weak rule of law and a high level of corruption. Guatemala has an ESG Relevance Score of '5' for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. Guatemala 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 are therefore highly relevant to the rating and are a key rating driver with a high weight. Guatemala has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. Guatemala has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver, as for all sovereigns. Except for the matters discussed above, 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. RATING SENSITIVITIES FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE RATING ACTION/UPGRADE: -- Public Finances: Sustained improvement in tax collection that enhances debt sustainability metrics; -- Macro: Higher investment and medium-term growth prospects, for example, by addressing Guatemala's infrastructure gap that constrains productivity; -- Structural: Improvements in governance and human development indicators relative to peers, particularly on control of corruption and rule of law. FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE RATING ACTION/DOWNGRADE: -- Public Finance: A reduction in revenue-to-GDP caused, for example, by an institutional deterioration at the tax authority. -- Structural: Political gridlock that constrains government financing flexibility and effective policy making, such as failure to pass annual budgets and/or interruptions in financing. -- Macro: Lower-than-expected growth performance or weaker medium-term growth prospects caused, for example, by lower remittances, social unrest and/or governability challenges. SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Guatemala a score equivalent to a rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to SRM data and output, as follows: Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within Fitch's criteria that are not fully quantifiable and/or not fully reflected in the SRM. -- Structural: -1 notch, to reflect political tension, congressional fragmentation and gridlock that has previously impeded the passage of the budget and limits the government's ability to pass reforms. 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. KEY ASSUMPTIONS Fitch assumes that the global economy evolves in line with its most recent update of the Global Economic Outlook published in March 2021. ===================== P U E R T O R I C O ===================== SPECTRUM GLOBAL: Appoints Daniel Sullivan as CFO ------------------------------------------------ Spectrum Global Solutions, Inc. appointed Daniel Sullivan, 63, as chief financial officer of the company, effective April 29, 2021. Since 2003, Mr. Sullivan has been the president of PCN Enterprises, Inc., which provides accounting related consulting services to public companies. There are no family relationships between Mr. Sullivan and any director or executive officer of the company. About Spectrum Global Solutions Boca Raton, Florida-based Spectrum Global Solutions Inc. -- https://SpectrumGlobalSolutions.com -- operates through its subsidiaries ADEX Corp., Tropical Communications Inc. and AW Solutions Puerto Rico LLC. The Company is a provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico and Caribbean. Spectrum Global reported a net loss attributable to the company of $17.71 million for the year ended Dec. 31, 2020, compared to a net loss attributable to the company of $5.83 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $4.33 million in total assets, $13.22 million in total liabilities, $1.22 million in total mezzanine equity, and a total stockholders' deficit of $10.11 million. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 1, 2021, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates substantial doubt about its ability to continue as a going concern. TOYS 'R' US: Creditors Request for Jury Trial on Exec Stay Pay -------------------------------------------------------------- Peg Brickley of The Wall Street Journal reports that bankruptcy administrators for defunct retailer Toys 'R' Us Inc. are trying to put its former top leaders on trial before a jury over the millions of dollars in bonuses they pocketed days before the company's plunge into bankruptcy. The proposed jury trial concerns the practice of corporate executives collecting bonuses shortly before their businesses file for bankruptcy, leaving debts unpaid and employees at risk. While the Toys 'R' Us bonus payments occurred in 2017, a range of businesses paid similar bonuses during the Covid-19 pandemic as they teetered on the brink of bankruptcy. Companies including rental-car giant Hertz Global Holdings Inc., department store chain J.C. Penney Co. and oil-and-gas driller Chesapeake Energy Corp. all dispensed bonuses shortly before they filed for bankruptcy last 2020 as Covid-19 upended the U.S. economy. The stated rationale for the bonuses was retention to persuade top executives to stick in their jobs despite their employers' troubles. By paying bonuses before bankruptcy, the companies got around legal restrictions on such "stay pay," which kick in once a business files for chapter 11. Creditors largely grumbled in private, but few took action in bankruptcy court to try to get the money back. Now, however, the practice is being hotly disputed in the aftermath of the 2017 bankruptcy of Toys 'R' U" one of the few times the legality of retention bonuses has been seriously tested in bankruptcy court. Although the company's once-mighty fleet of toy stores is long gone, a bankruptcy trust set up to scrounge up money for unpaid suppliers is still around, as a vehicle for litigation. The goal of the litigation trust: recover money for suppliers that shipped goods to Toys 'R' Us after it filed for bankruptcy and are still owed roughly $800 million. Litigation targets include former Toys 'R' Us executives led by former Chief Executive David Brandon. The trust is asking the U.S. Bankruptcy Court in Richmond to examine the prebankruptcy bonuses they collected, along with other alleged wrongdoing. Mr. Brandon received $2.8 million as part of a program that handed top executives 75% of their annual salary three days before bankruptcy, according to the trust's court papers. The executives have denied wrongdoing in their own court filings and said the trust isn't entitled to put its claims before a jury. Jury trials are rarities in corporate bankruptcy disputes, which are usually decided by judges alone. A jury trial would allow members of the public to weigh the executives' bonuses against the 31,000 people who lost their jobs and didn't get the severance pay they expected because Toys 'R' Us failed to reorganize. Last 2020, the proliferation of retention pay among distressed companies generated enough blowback for the Government Accountability Office, the investigative arm of Congress, to begin gathering data as part of a funding recommendation for the Justice Department. The GAO report is due in October. Rep. W. Gregory Steube (R., Fla.) introduced legislation in January 2021 to ban executive bonuses for a year before and a year after a bankruptcy filing. But aside from some isolated cases, creditors of bankrupt businesses have shown little appetite to demand that executives return some or all of the retention pay they received. Only a handful of creditor groups have raised formal objections to bonuses paid out after Covid-19 hit by companies that later went bankrupt, a review by The Wall Street Journal found. They include West Texas fracker Sable Permian Resources LLC and natural gas producer Gulfport Energy Corp., both of which improved the treatment of their creditors after objections were filed around retention bonuses they paid. Corporate leaders' eagerness to collect stay pay from their own troubled companies is an embarrassment to many bankruptcy professionals, generating "widespread frustration over how this practice has emerged and been tolerated," said Jared Ellias, professor at University of California Hastings College of the Law. "It's usually a bad negotiating tactic to go after the wallet of the person that you need stuff from," he said. About Toys "R" Us Toys "R" Us, Inc., was an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. Merchandise was sold in 880 Toys "R" Us and Babies "R" Us stores in the United States, Puerto Rico and Guam, and in more than 780 international stores and more than 245 licensed stores in 37 countries and jurisdictions. Merchandise was also sold at e-commerce sites including Toysrus.com and Babiesrus.com. On July 21, 2005, a consortium of Bain Capital Partners LLC, Kohlberg Kravis Roberts, and Vornado Realty Trust invested $1.3 billion to complete a $6.6 billion leveraged buyout of the company. Toys "R" Us became a privately owned entity but still filed with the U.S. Securities and Exchange Commission as required by its debt agreements. Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its Canadian subsidiary voluntarily filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No. 17-34665) on Sept. 19, 2017. In addition, the Company's Canadian subsidiary voluntarily commenced parallel proceedings under the Companies' Creditors Arrangement Act ("CCAA") in Canada in the Ontario Superior Court of Justice. The Company's operations outside of the U.S. and Canada, including its 255 licensed stores and joint venture partnership in Asia, which are separate entities, were not part of the Chapter 11 filing and CCAA proceedings. The Company's consolidated balance sheet showed $6.572 billion in assets, $7.891 billion in liabilities, and a stockholders' deficit of $1.319 billion as of April 29, 2017. Judge Keith L. Phillips presides over the Chapter 11 cases. In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' legal counsel. Kutak Rock LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal North America, LLC as its restructuring advisor; and Lazard Freres & Co. LLC as its investment banker. It hired Prime Clerk LLC as claims and noticing agent. Consensus Advisory Services LLC and Consensus Securities LLC, serve as sale process investment banker. A&G Realty Partners, LLC, serves as its real estate advisor. On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an official committee of unsecured creditors. The Committee retained Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott Rivers, P.C., as local counsel; FTI Consulting, Inc., as financial advisor; and Moelis & Company LLC as investment banker. Grant Thornton is the monitor appointed in the CCAA case. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week May 3 to May 7, 2021 --------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD 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 KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Noble Holding Internat 5.3 60.5 3/15/2042 KY USD Provincia de Rio Negro 7.8 70.4 12/7/2025 AR 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 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 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 Sylph Ltd 2.4 65.1 9/25/2036 KY USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD 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 Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD 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 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 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 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 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 AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL 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 Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE 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 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 ********* 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 * * *