/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/210524.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 24, 2021, Vol. 22, No. 97 Headlines B E R M U D A NABORS INDUSTRIES: Egan-Jones Retains CCC- Unsecured Debt Ratings B R A Z I L COMPANHIA DE GAS: Fitch Affirms 'BB' Foreign Currency IDR EMBRAER SA: Egan-Jones Retains 'B' Unsecured Debt Ratings MARANHAO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative MARFRIG GLOBAL: Buys $800MM Stake in BRF, Becomes Shareholder [*] Moody's Affirms Ratings of 10 Brazilian Corporates D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Threat to Paralyze Tourist Transportation P U E R T O R I C O ALM LLC: Court Extends Plan Exclusivity Until June 16 X X X X X X X X [*] BOND PRICING: For the Week May 17 to May 21, 2021 - - - - - ============= B E R M U D A ============= NABORS INDUSTRIES: Egan-Jones Retains CCC- Unsecured Debt Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on May 11, 2021, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries Ltd. EJR also maintained its 'C' rating on commercial paper issued by the Company. Headquartered in Hamilton, Bermuda, Nabors Industries Ltd., is a land drilling contractor, and also performs well servicing and workovers. =========== B R A Z I L =========== COMPANHIA DE GAS: Fitch Affirms 'BB' Foreign Currency IDR --------------------------------------------------------- Fitch Ratings affirmed Companhia de Gas de Sao Paulo - COMGAS's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB', Local Currency IDR at 'BBB-' and National Long-Term Rating at 'AAA(bra)'. The Outlook is Negative for the IDRs and Stable for the National Long-Term Rating. The ratings reflect the low to moderate business risks of the natural gas distribution business in Brazil and COMGAS's historically robust financial profile, significant cash flow from operations (CFFO) and favourable growth prospects. COMGAS's business profile benefits from its operations in the state of Sao Paulo, the most economically important in Brazil, and its long-term concession, with nonmanageable costs pass-through that protects its cash flows. The analysis assumes recontracting risks of maturing gas supply agreements in 2021 and 2023 as manageable and no major changes in the company's credit profile in the rating horizon due to the new regulatory framework in the country. The Negative Outlook for the IDRs reflects the same Outlook for the sovereign rating. KEY RATING DRIVERS Resilient and Sound EBITDA: COMGAS should sustain strong EBITDA and adjusted EBITDA margin in the next three years, being BRL2.4 billion in 2021 and BRL2.6 billion in 2022, supported by adequate tariff increases, maintenance of operating and cost efficiencies, expansion of the client base and growing volumes billed. The adjusted EBITDA margin, which excludes gas acquisition costs from net revenues on the calculation, is expected at around 83% in the period. The assumption considers margin contribution of BRL0,62/m³ and total volume billed growth of 6% in 2021 to 4.5 billion of m³ as compared with 2020, when volume decreased by 6% (ex-thermo clients) notwithstanding better client segment mix. Considering the last 12 months (LTM) ended on March 2021, COMGAS's EBITDA was BRL2.4 billion, with adjusted EBITDA margin of 85%. New Regulatory Environment is Neutral: The ratings assume neutral impact on COMGAS's credit profile coming from the new regulatory environment. Higher gas supply competition in the medium term and more transparent gas industry rules should reduce gas prices to end consumers, stimulate demand and support growth of operations. Notwithstanding, the new regulatory environment increases COMGAS exposure of large clients leaving the company's customer base by switching gas supplier. Despite the fact that COMGAS will continue to receive a remuneration for its distribution assets, this may not be enough to offset the cash flow generation impact on lower volume billed. The company's relevant scale of operations should allow COMGAS to be competitive on gas purchase prices and mitigate this risk. FCF Pressured by Dividends: Forecasted strong dividend distributions and capex plan during 2021-2023 will make COMGAS's FCF negative, at BRL501 million per year on average, including negative BRL472 million in 2021. CFFO should remain robust at BRL1.6 billion-BRL1.7 billion annually. The base case scenario assumes annual average dividend payments of BRL1.1 billion with 100% pay-out ratio and investments of BRL1.0 billion. COMGAS's ratings considers its standalone credit profile due to a weak linkage between the company and its ultimate parent Cosan S.A. (Cosan - Foreign Currency IDR 'BB'/Negative, Local Currency IDR 'BB+'/Stable and National Long-Term Rating 'AAA(bra)'/Stable). There is no legal linkage and the group's access to COMGAS's cash is limited to dividend distributions. Conservative Leverage: COMGAS's net leverage is expected to not exceed 2.0x during 2021-2023, which is conservative if considering its low to moderate business risks. COMGAS is Brazil's largest natural gas distribution company in volume billed and is subject to natural gas consumption volatility within the industrial segment as it represents around 50% of its EBITDA generation. The segment's performance is highly linked with GDP and results in moderate cash flow variation. COMGAS's competitive, manageable expense structure and efforts to expand its residential and commercial client bases, with higher profitability, mitigate the effects of industrial segment volatility. Manageable Supply Risk: Fitch assumes no gas supply disruptions for COMGAS in the coming years, even though the supply contracts with Petroleo Brasileiro S.A. (Petrobras) will mature in December 2021 and December 2023. Positively, COMGAS has the option to renew its supply agreement until 2027 at its discretion, which mitigates medium-term supply risks. Single-supplier concentration risk remains, which is a common industry characteristic in Brazil, but is supposed to change with the new regulation. The natural gas purchase is the company's main cost and considered as nonmanageable, with pass through to tariffs based on contract clauses. Gas demand is influenced by GDP and price competitiveness, and take-or-pay and ship-or-pay clauses of 80% and 100%, respectively, may pressure cash flow during unfavorable macroeconomic scenarios. DERIVATION SUMMARY COMGAS's credit profile compares favorably with Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP; Local Currency IDR BB+/Stable), a water/wastewater utility company that also operates in the state of Sao Paulo, mainly due to SABESP's state-owned condition that incorporates inherent political risk. Both companies have sound capital structures and liquidity profiles in addition to proven financial market access. In the case of Transmissora Alianca de Energia Eletrica S.A. (Taesa; Local Currency IDR BBB-/Negative), a Brazilian power transmission company, COMGAS's lower leverage is counterbalanced by Taesa's lower regulatory and business risks, with no volumetric exposure, leading to more predictable CFFO. The Foreign Currency IDR is also BB/Negative for SABESP and Taesa Promigas S.A. E.S.P. (Local and Foreign Currency IDR BBB-/Stable) has a strong business position in Colombia and predictable cash flow generation, but its gross leverage of around 4.0x-4.5x is higher than COMGAS's, at around 2.0x-2.5x. However, Promigas's business profile benefits from diversification within natural gas transportation and distribution; COMGAS only distributes gas and can face demand volatility. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Total volume billed, excluding the thermo power generation segment, growth of 6% in 2021, with an annual average increase of 2.3% thereafter, in line with Fitch's GDP projections for Brazil; -- Dividend payout ratio of 100% of distributable net profit; -- Annual average capex of BRL1.0 billion in 2021-2023; -- Annual contribution margin increases in line with Fitch's inflation estimates and adjusted by an efficiency factor of 0.52%. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Positive rating actions are unlikely; a revision of the Negative Outlook to Stable of the FC and LC IDR could occur with an identical revision to the sovereign's Outlook. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Expectation of a sustainable increase in net debt/EBITDA to above 3.0x; -- Fitch's perception of increased regulatory or gas supply risk; -- A sharp decline in volumes; -- Deterioration of the company's liquidity profile; -- A downgrade of the sovereign rating would trigger a downgrade for the IDRs. 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 Robust Liquidity Position: COMGAS's credit profile benefits from robust liquidity position and a proven access to credit. The company registered a comfortable cash position of BRL1.9 billion by the end of March 2021 equivalent to 7.3x its short-term debt. Nevertheless, COMGAS presents inadequate concentration of debt maturity in 2022 and 2023, BRL2.3 billion and BRL1.5 billion, respectively, and should deal with negative FCFs. Fitch estimates the company to lengthen these maturities within the next months. COMGAS total debt of BRL5.7 billion consisted mainly of BRL4.1 billion of debentures and BNDES loans of BRL1.1 billion. SUMMARY OF FINANCIAL ADJUSTMENTS -- Construction revenues are excluded from net revenues. -- Debt adjusted with hedging derivatives. 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. EMBRAER SA: Egan-Jones Retains 'B' Unsecured Debt Ratings --------------------------------------------------------- Egan-Jones Ratings Company, on May 21, 2021, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Embraer SA. Headquartered in Sao Jose dos Campos, State of Sao Paulo, Brazil, Embraer SA manufactures and markets commercial, corporate, and defense aircraft. MARANHAO: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative ------------------------------------------------------------- Fitch Ratings has affirmed the Brazilian state of Maranhao's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-' with a Rating Outlook Negative and its Short-Term Foreign- and Local-Currency IDR at 'B' and 'F1+(bra)'. The Outlook reflects the sovereign Outlook of Negative. Fitch has also affirmed Maranhao's National Long-Term Rating at 'AA-(bra)' with Stable Outlook. The state of Maranhao missed a payment of its external debt with Bank of America on July 23, 2020, which is guaranteed by the sovereign. The Brazilian Treasury honored this payment before the cure period of 30 days. The state has obtained an injunction from the supreme court that forbids the sovereign to execute the counter-guarantees, and the state remains current on its obligations. The next payment occurred on Jan. 23, 2021, and the state has complied with the obligation. The next payment will mature on July 23, 2021. For these reasons, Fitch has revised the Standalone Credit Profile (SCP) to 'bb-' from 'c'. KEY RATING DRIVERS Risk Profile: 'Weaker' The assessment reflects Fitch view of high risk relative to international peers that the issuer may see its ability to cover debt service by the operating balance weaken unexpectedly over the forecast horizon either because of lower-than-expected revenue or expenditure overshooting expectations, or because of an unanticipated rise in liabilities or debt-service requirements. Revenue Robustness: 'Weaker' State of Maranhao presents revenue growth expected to be marginally positive. Operating revenue reached BR20 billion in 2020, resulting in 8% annual increase, thus higher than inflation posted during the same period. Revenue increase in 2020 was mainly driven by extraordinary transfers from the federal government, an effort to protect LRGs from the negative impacts of the pandemic over tax collection and constitutional transfers. Maranhao's operating revenues increased 6.8% on average (2017-2019), also higher than inflation. The state has a revenue source mostly based on tax collections and federal transfers. In fact, tax collection represented 44.6% of state's operating revenues in 2020, showing a dependence of federal transfers, thus leading this factor to 'weaker'. Revenue Adjustability: 'Weaker' Revenue Adjustability is Weaker, reflecting a low capacity level for revenue increase in response to downturn. There is low affordability of additional taxation given that tax tariffs are close to the constitutional national ceiling. The ICMS, a tax on consumption, has a concentrated taxpayer base, like other Brazilian states, in which the 10 largest corresponded to around 31% of total tax collections in a stable trend in relation to the previous two years. Maranhao presents the lowest GDP per capita (BRL13.9 million as of 2018) and the worst poverty rates, with 52% of the population living below the poverty line in 2019 (USD5.5 PPP 2011). Low per capita income and high poverty create challenges for further tax increases given that a significant share of the population spends all its income on basic items, essential for their survival. Moreover, the main state tax, ICMS, is levied on consumption, what makes it a regressive tax, heavier on the poor. Expenditure Sustainability: 'Midrange' Responsibilities are moderately countercyclical since the state is engaged in healthcare, education and law enforcement. Also, the state of Maranhao presents moderate control over Expenditure growth prospects, and operating expenditure growth has been close to operating revenue growth, which allowed Maranhao to remain presenting positive operating margins. This is also a result of earmarked revenues, which requires states to allocate a share of revenues in health and education. The year of 2020 was an exception due to extraordinary transfers from the federal government (largely non-earmarked) and efforts to curb expenditure growth amidst the crisis. Nonetheless, the space to further expenditures cuts is limited by very low capex and other discretionary items. In addition, Maranhao does not present aggressive off-loading of investments and borrowings, also corroborating the midrange assessment. Expenditure Adjustability: 'Weaker' Fitch assesses the state's ability to reduce spending in response of shrinking revenue as weak. As per the Brazilian Constitution, there is low affordability of expenditure reduction, especially in salaries. As a result, whenever there is an unpredictable reduction in revenues, operating expenditure does not follow automatically. In addition, there is high share of inflexible costs since there is more than 90% share of mandatory and committed expenditures. Consequently, capex represents less than 10% of state's total expenditures, also corroborating to weaker assessment. Liabilities and Liquidity Robustness: 'Weaker' There is a moderate national framework for debt and liquidity management since there are prudential borrowing limits and restrictions on loan types. The federal government guarantees all U.S. dollar denominated debt of the state. Maranhao does not present maturity concentration and has moderate market access. However, there is material off-balance sheet risk stemming from the pension system, which has been compromising around 24% of personnel expenditures in 2020, leading this factor to weaker. Liabilities and Liquidity Flexibility: 'Weaker' There is a framework of providing emergency liquidity support from the federal government via the granting of extended maturity over the prevalent federal debt portion. Nevertheless, the state of Maranhao does not have satisfactory liquidity levels since reported short-term financial obligations represent less than 100% of free cash positions on average of last three years (2018-2020), as calculated by the Brazilian national treasury (CAPAG liquidity ratio), leading this factor to be 'weaker'. Debt sustainability: 'aa' category Under its rating case for 2021-2025, Fitch projects the state's debt payback will rise to about 3x-4x, from 2.4x in 2020, reflecting the deterioration in operating balance mainly due to a non-expectation of extraordinary federal transfers in 2021 received in 2020 to face the pandemic as a fiscal support. Fitch's rating case projects that the fiscal debt burden will decrease and remain strong at below 50% in 2025, versus 28% in 2020. The state's actual debt service coverage ratio (ADSCR) will worsen to 1.5x-2x in 2021-2025, from 5.6x in 2020, also explained by the deterioration of operating balance. The payback and fiscal debt burden correspond to a 'aaa' debt sustainability while debt coverage (ADSCR) is assessed at 'a'. This results in a final debt sustainability assessment in the 'aa' category. The state's 2020 results were better than Fitch's expectations due to higher transfers from federal government as well as support to vulnerable population, which reflected in a slight increase in taxes. Fitch assumed that some of the negative effects of the pandemic might be delayed to 2021. Maranhao's operating balance was BRL2,366 million, well above BRL1,902 million in 2019. The state's net adjusted debt reached BRL5.6 billion in 2020, presenting a slightly increase from previous year. In Fitch's rating case scenario, net adjusted debt is expected to slight increase to around BRL5.8 billion by 2025, remaining almost stable, since plans to new debt include BRL180 million in 2021. This trend is also explained by expectation to unrestricted cash to remains in amounts of last five years of around BRL 700 million. The state of Maranhao is classified by Fitch as a Type B LRG, which is required to cover debt service from cash flow on an annual basis. Maranhao is home to roughly 7 million, corresponding to around 3% of the Brazilian population. Its revenue sources are strongly influenced by transfers from the national government. The main spending responsibilities cover education, healthcare and law enforcement. According to budgetary regulation, Maranhao has the right to borrow on the domestic market and externally, subject to Federal Government approval. ESG - Social: State of Maranhao has an ESG Relevance Score of '4' for "Human Development, Health and Education" due to its Human Development Index at the bottom of the ranking among the Brazilian states, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. This HDI index is calculated as a geometric average of health, education and income. ESG - Social: State of Maranhao has an ESG Relevance Score of '4' for "Population Demographics" due to its below-average socio-economic indicators. Maranhao's poverty rate (52.22% of population with income below USD 5.5 PPC vs national ratio of 24.7% as of 2019), illiteracy rate (16.3% of people over 15 years vs 6.8% of national level as of 2018), and infant mortality are among the lowest compared to Brazilian states, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. ESG - Governance: The State has an ESG Relevance Score of '4' for Creditor Rights, which resulted from a non-payment of principal and interest on the July 2020 amortization, resulting in an execution of the guarantee by the sovereign and reflecting the low willingness to pay, which continues to weigh on the rating. The State is now current on its obligations and this ESG score could be revised at the next annual review depending on sustained progress. DERIVATION SUMMARY State of Maranhao's SCP is assessed at 'bb-', reflecting a combination of a 'Weaker' risk profile and debt sustainability metrics assessed in the 'aa' category under Fitch's rating case scenario. The SCP, positioned at 'bb-', also reflects the mix of key risk factors as well as its primary and secondary metrics compared to peers. The state's IDRs are not affected by any other rating factors. KEY ASSUMPTIONS Quantitative Assumptions - Issuer Specific Fitch's rating case scenario is a "through-the-cycle" scenario, which incorporates a combination of revenue, cost and financial risk stresses. It is based on the 2016-2020 figures and 2021-2025 projected ratios. The key assumptions for the scenario include: -- Income tax & fees fines and other operating revenues linked to inflation; -- Transfers linked to nominal GDP growth; -- Operating expenditures also linked to inflation; -- Long-term debt increase based on estimates of new credits; -- Fitch is assuming BRL180 million of new debt in 2021 and no increase or decrease of debt until 2025. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Positive rating action on Maranhao's IDR could result from an improvement of its SCP in conjunction with a Sovereign action of upgrade, since the State is aligned with the sovereign. Its SCP could improve if payback ratio maintains on a continued consistently lower than 5x and DSCR higher than 2x. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- The state of Maranhao's Long-Term IDRs could be downgraded if its SCP deteriorates on a sustained basis in Fitch's rating case scenario. This could happen if the state deteriorates its operating balance or increase its debt resulting in an increase of payback ratio above 5x, and ADSCR remains below 2x. 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. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch-adjusted debt includes an adjustment made on restricted cash from 2015 to 2020 as reported by the State on Relatorio de Gestao Fiscal (RGF) as 'caixa vinculado.' ESG CONSIDERATIONS Maranhao has an ESG Relevance Score of '4' for Population Demographics due to its below-average socio-economic indicators. Maranhao's poverty rate (52.22% of population with income below USD 5.5 PPC versus national ratio of 24.7% as of 2019), illiteracy rate (16.3% of people over 15 years versus 6.8% of national level as of 2018), and infant mortality are among the lowest compared with Brazilian states, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Maranhao has an ESG Relevance Score of '4' for Human Development, Health and Education due to its Human Development Index at the bottom of the ranking among the Brazilian states, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. This HDI index is calculated as a geometric average of health, education and income. Maranhao has an ESG Relevance Score of '4' for Creditor Rights, which resulted from a non-payment of principal and interest on the July 2020 amortization, resulting in an execution of the guarantee by the sovereign and reflecting the low willingness to pay, which continues to weigh on the rating. The state is now current on its obligations and this ESG score could be revised at the next annual review depending on sustained progress. 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. MARFRIG GLOBAL: Buys $800MM Stake in BRF, Becomes Shareholder ------------------------------------------------------------- Tatiana Bautzer and Ana Mano at Reuters report that Marfrig Global Foods SA said it had bought almost a quarter of BRF SA's outstanding shares and aimed to diversify its holdings rather than influence management. Marfrig bought up the 24% stake in BRF, the world's largest poultry exporter that also processes pork, spending what a source familiar with the matter said was about $800 million, according to Reuters. The transaction comes almost two years after previous failed merger talks between the two companies, the report relays. But Marfrig said it would be only a passive investor with no representation on BRF's board, and it took the stake to diversify its investments "in a segment which complements the sector where it does business," the report notes. The two companies' portfolios could be complementary if ever combined under one corporate roof given Marfrig's focus on beef and BRF's on poultry and pork, the report discloses. The report says that Marfrig's ability to buy a significant chunk in its larger competitor underlines the strength in its North American division, where consumer demand has been strong and cattle prices relatively low. This has bolstered its stock price relative to BRF, whose margins have been squeezed by its greater reliance on Brazil, the report relays. Both companies compete with larger JBS SA, which boasts a diversified production base and sales of processed foods and three protein types, the report notes. While BRF has most of its plants in Brazil, Marfrig sells beef here and in North America, where it gets the lion's share of its revenue, the report discloses. Brazilian meatpackers have seen profits surge in recent years, helped by strengthening demand from China, especially starting in 2018, when a deadly pig disease forced it to cull millions of animals, making room for more imports from the likes of BRF and Marfrig, the report says. But they have also faced sharply higher costs lately as cattle prices soared and grain costs hit record highs, threatening to devour profit margins, the report notes. The companies had discussed a potential takeover of BRF by Marfrig, but broke off talks in July 2019, the report recalls. JPMorgan Chase & Co advised Marfrig on the deal, according to a source speaking on condition of anonymity. Marfrig's stake-building in BRF was first reported by newspaper Valor Economico. As reported in the Troubled Company Reporter-Latin America on Jan. 13, 2021, Fitch Ratings assigned a 'BB' rating to the proposed issuance of global notes of about USD1 billion by MARB BondCo PLC, a wholly owned subsidiary of Marfrig Global Foods S.A. (Marfrig). The proposed senior unsecured global notes will mature in 2028. The notes will be unconditionally and irrevocably guaranteed by Marfrig Global Foods S.A., Marfrig Holdings (Europe) B.V., Marfrig Overseas Limited and NBM US Holdings, Inc. Proceeds will be used to refinance existing debt (including existing bonds). [*] Moody's Affirms Ratings of 10 Brazilian Corporates ------------------------------------------------------ Moody's Investors Service has affirmed the ratings of several companies operating in Brazil. Affirmations: Companhia Siderurgica Nacional (CSN), Corporate Family Ratings, Ba3 Cosan S.A., Corporate Family Ratings, Ba2 General Shopping e Outlets do Brasil S.A.; Corporate Family Ratings, Caa3 Petrobras Distribuidora S.A., Corporate Family Ratings, Ba1 Raizen Combustiveis S.A., Issuer Rating, Baa3 Raizen Energia S.A., Issuer Rating, Baa3 Suzano S.A., Issuer Rating, Baa3 Usinas Siderurgicas de Minas Gerais S.A., Corporate Family Ratings, Ba3 Vale S.A. Issuer Rating, Baa3 Votorantim S.A., Corporate Family Ratings, Ba1 The outlook for all issuers remains stable. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Companhia Siderurgica Nacional (CSN)'s ratings reflect the company's position as a leading manufacturer of flat-rolled steel in Brazil (Government of Brazil, Ba2 stable), with a favorable product mix that is focused on value-added products, and as a major producer of iron ore (second-largest exporter in Brazil). Historically, the company has reported a strong Moody's-adjusted EBITDA margin of 20%-35%, supported by its solid domestic market position, wide range of products across different segments and globally competitive production costs for both steel and iron ore. The ratings also incorporate the improvement in the company's leverage and liquidity after several measures taken over the past two years and the improved operating performance related to a favorable environment for both iron ore and steel. The ratings are constrained by CSN's recent track record of aggressive financial policies, including a highly leveraged capital structure, appetite for growth and dividend requirements to cover debt service at the parent level, although Moody's recognizes that the current actions taken by the company evidences a change in the management's approach to financial management. Additional credit concerns include the company's exposure to the volatility of the steel business in Brazil and to iron ore prices, its concentration in a single production site in the mining segment and potential overhangs related to judicial disputes, regarding Transnordestina project, interruptions at Terminal de Carvao - TECAR and a recent arbitrage process. CSN stable outlook reflects Moody's expectation that the company's operations will continue to perform well in the next 12-18 months, and that CSN will continue to pursue stronger balance sheet and liquidity either through additional external events or using its own cash generation to reinforce its cash position or reduce debt. The ratings could be upgraded if CSN proves to have a conservative financial management for an extended period time, or if the company is able to increase its financial flexibility further, either through a strengthened cash position or lower debt balance. An upgrade would also require total leverage (measured by total adjusted debt to EBITDA) below 3.5x and interest coverage ratios (measured by EBIT to Interest expenses) above 3x on a sustainable basis. The ratings could be downgraded if performance over the next 12 to 18 months deteriorates such that leverage remains above 4.5x and EBIT/interest below 2x on a sustained basis. Evidences of more aggressive financial policies or a deterioration in the company's liquidity profile would also trigger a downgrade of the rating. Cosan S.A. corporate family rating reflects the credit risk of the conglomerate supported by a diversified portfolio of businesses, including the entire sugar-ethanol chain, fuel and gas distribution, and lubricants production and distribution, and its adequate liquidity profile. The company's diversification, especially towards stable and resilient businesses such as the fuel and gas distribution, translates into a stable cash source over the long-term. Constraining the ratings is Cosan's acquisitive growth history, but at the holding level, there has not been any significant acquisitions over the past few years. Cosan stable outlook reflects Moody's view that the company will maintain an adequate liquidity and consistent coverage of interest expenses with dividend upstream from its subsidiaries. It also considers that the company will conduct any future acquisition plans in a prudent manner, in order not to impact its current credit metrics. An upgrade of Cosan could result from the upgraded of rated subsidiaries. Positive pressure could develop if the parent company maintains a strong stand-alone financial position with adequate liquidity (expected to have at least 2 years of liquidity), and if it increases cash flow and diversification of companies and segments. Qualitatively, if (FFO + Interest Expense)/Interest Expense is consistently above 3.0x. A downgrade of Cosan could result from the downgrade of one or more rated subsidiaries, from a deterioration in liquidity with a cash balance expected not to cover at least its short-term maturities, or from a deterioration in the parent company stand-alone financial position with protracted weakness in the operations of its subsidiaries resulting in significantly lower dividends compared to Moody's expectations. Also, large debt-funded capital spending or acquisitions could put negative pressure on the ratings. Quantitatively, if (FFO + Interest Expense)/Interest Expense is consistently below 2.0x. General Shopping e Outlets do Brasil S.A. ratings reflect the constraints that the company faces as a result of a significantly smaller mall portfolio and a heavily burdened balance sheet with high leverage metrics. The company's financial flexibility is limited by its reliance on secured debt and asset sales, as well as a very low fixed charge coverage ratio. The stable outlook considers the company's cash position to meet its near-term obligations, which remain manageable over the next 24 months as well as substantial unencumbered asset base. Additionally, Moody's expect an economic rebound in Brazil that should help boost the portfolio's operating performance as vaccination rates increase as well as both social distancing and mall operating restrictions are loosened. Upward rating movement is unlikely in the near term and would require General Shopping to improve its capital structure and portfolio size, such that the following criteria are met on a recurring basis: 1) an increase in size and a return to positive earnings growth; 2) total debt plus preferred stock decreasing below 50% of gross assets (excluding the effects of foreign exchange fluctuations); and 3) net debt to EBITDA below 7.0x. Additionally, a substantial reduction of the accruing balance of deferred interest on the subordinated perpetual bonds support upward ratings momentum. The ratings could suffer additional downward pressure if the company were to miss a debt service payment on its senior perpetual bond or any further debt restructuring that would entail significant losses to bondholders. Petrobras Distribuidora S.A.'s (BR) rating reflects its market position as the largest fuel distributor in Brazil in terms of volumes sold, gas stations network and distribution assets, along with its well-known brand names and adequate credit metrics. The ratings also incorporate the improvements in governance standards following BR's privatization in June 2019, as well as the expected profitability gains over the next few years in the context of an aggressive efficiency plan which followed the privatization. Constraining the ratings are concentration in an increasingly competitive fuel distribution market in Brazil and low profitability compared with that of local industry peers. Nonetheless, Moody's have seen a considerable evolution in its efficiency plan in 2020, including extensive personnel cost savings and an EBITDA per cubic meter like that of its peers. BR stable outlook reflects Moody's view that it will maintain its leadership position in the fuel distribution segment and will maintain prudent financial policies, including an adequate liquidity profile and financial leverage. Moreover, while dividends are expected to remain robust, they should not restrain liquidity nor impede positive to neutral free cash flow generation. An upgrade would be dependent on an upgrade of Brazil (Ba2 stable)'s bond rating and a successful execution of BR's efficiency plan, with material improvements in its profitability, approaching levels of its main industry peers. In addition, a positive rating action would require sustained good liquidity profile and credit metrics. Quantitatively, BR could be upgraded should leverage measured by gross debt to EBITDA remains below 3.5x, interest coverage ratio measured by EBIT to interest coverage above 4.0x and retained cash flow to net debt above 25%. BR's ratings could be downgraded in case of deterioration in its operating performance or credit metrics, as well as negative actions on Brazil's bond ratings. Also, a deterioration in liquidity could prompt a downgrade and an increase in leverage to above 4.0x or interest coverage below 2.5x, both on a sustained basis. Raizen's rating is supported by its solid position in the sugar-ethanol and fuel distribution businesses in Brazil. In Moody's view, while the sugar-ethanol production and marketing operations provide potential for higher margins, the fuel distribution segment is a source of stable operating performance and cash generation. The sugar-ethanol segment also provides the company with some insulation from Brazil's domestic consumption fundamentals because of its export-oriented nature. The ratings also take into consideration the existence of cross-guarantees between Raízen Energia and Raízen Combustíveis in all debt instruments issued and the companies' affiliation with and implicit support from Shell and Cosan, given the benefit derived from Shell's brand and managerial expertise, the expertise and track record of Cosan in the local market as well as the explicit support provided by both shareholders in the form of a $700 million backstop facility. The rating is unlikely to stand more than two notches above Brazil's sovereign bond rating and it remains constrained by Brazil's foreign currency ceiling. Raizen stable outlook incorporates Moody's expectations that the company will improve its credit metrics through 2021, while maintaining adequate liquidity, and that its dividend policy will be conducted in a prudent and conservative manner. Moody's also incorporate that future M&A will not lead to a deterioration in credit metrics. An upgrade on Raízen's rating is unlikely in the near-term. Quantitatively, it would require total adjusted debt to EBITDA below 2.5x and an CFO/ Debt above 30% on a sustainable basis. Sustained positive free cash flow generation or a stronger demonstration of support by Shell could also translate into considerations for positive rating momentum. An upgrade would also be dependent on an upgrade of Brazil's sovereign rating. A downgrade could result from a deterioration in the liquidity profile or if leverage remains high without prospects of deleveraging in the near term. In addition, Debt/EBITDA above 3.5x and CFO/Debt below 25% on a sustained basis could trigger a downgrade. Negative actions on Brazil's sovereign ratings could also trigger a downgrade of Raizen's ratings. Suzano's ratings reflect the company's leading position as the largest producer of market pulp in the world, as well as its strong presence in the Brazilian printing and writing paper, paperboard and tissue sectors. The company benefits from its low-cost position and high level of vertical integration with substantial self-sufficiency in wood fiber and energy; the proximity of its pulp mills to its own forests and port facilities; and long-term supply agreements, which support stable sales volume with good geographic diversification. The ratings reflect Suzano's conservative approach to liquidity and risk management, but are constrained by the volatile nature of the pulp industry, which represents around 80% of the company's consolidated revenue. Suzano stable outlook reflects Moody's expectation that the company's credit metrics will improve through 2021. Despite the higher debt levels Suzano has incurred to fund the acquisition of Fibria, Moody's expects the company to continue reducing debt levels and working on liability management to address shorter-term maturities, gradually reducing leverage and liquidity risk through the next 12-18 months. Moody's also expects the company to continue capturing synergies from the combined operations of Suzano and Fibria. An upgrade of Suzano's ratings would require the maintenance of strong credit metrics, market presence and diversification, as well as solid liquidity and positive free cash flow (FCF) generation on a sustained basis. Quantitatively, a positive action would also require leverage, measured as total adjusted gross debt/EBITDA, to decrease below 2.5x. An upward rating movement would also be subject to the relative position to Brazil's sovereign ratings. Significant changes in market conditions, in particular for hardwood pulp, which may lead to weaker-than-expected cash flow for Suzano and the combined operations, could strain its rating. Quantitively, the ratings could also be downgraded if adjusted leverage remains above 3.0x for a prolonged period, without prospects for improving while the company's liquidity deteriorates, becoming insufficient to cover near-term debt service requirements. In addition, a downgrade of Brazil's sovereign rating could strain Suzano's ratings. Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) ratings reflect the company's solid position in the Brazilian flat-steel market and its track record of quickly adjusting operations to market conditions in Brazil. The ratings are also supported by Usiminas' adequate credit metrics, liquidity, and enhanced financial flexibility to withstand the volatility in its main end-markets. The ratings are mainly constrained by Usiminas' exposure to the volatility of the automotive industry in Brazil, given its concentration in flat steel production in the country. Usiminas' concentration of operations in the Ipatinga mill (responsible for 100% of its crude steel production) introduces event risks and is an additional negative credit consideration, although Moody's recognize that the downsized operations provide Usiminas with flexibility. Usiminas stable outlook incorporates Moody's assumptions that the company will maintain adequate liquidity and that the market conditions for flat-steel products in Brazil will continue to recover after the slump caused by the coronavirus, allowing the company to maintain credit metrics near current levels. The ratings could be downgraded if performance materially deteriorates, with leverage increasing to 4.0x and EBIT/interest declining to levels below 2.0x without prospects for improvement. The ratings could also be downgraded if liquidity contract meaningfully or if market conditions deteriorate. The ratings could be upgraded if Usiminas is able to improve its operating performance sustainably along with market fundamentals, with stronger EBIT margin, adjusted leverage trending below 2.5x and interest coverage of at least 3.0x (EBIT/Interest Expense) all on a sustained basis. Further improvement in liquidity and cash flow generation that provides Usiminas more cushion to withstand the volatility of its end-markets would also be required for an upgrade. Vale S.A. rating is supported by the company's strong production profile, portfolio of long-lived assets, low cost position and strong balance sheet, with Moody's-adjusted leverage (total debt/EBITDA) below 2x since 2017. The gradual return of operations suspended after the accident in Brumadinho in January 2019 is a relevant consideration for the rating. Despite the financial implications of the tailings dam accident, Vale managed to maintain strong liquidity and access to banks and debt markets, with limited volatility in credit metrics. The ratings remain constrained by the safety risks still present in its tailings dams structure.Vale stable outlook incorporates the higher visibility into the costs and financial liabilities that Vale will incur as a result of the accident at the tailings dam in Brumadinho, in particular after the $7 billion settlement in February 2021. The stable outlook also reflects Moody's expectation of a gradual recovery in production levels, as well as progress in the decommissioning of upstream tailings according to the company's schedule. Moody's expect to see continued evidence of stricter risk management and oversight of all operations and higher scrutiny in the company's corporate governance practices, with a strong strategic focus on safety and operational excellence. Given Vale's strong liquidity and positive FCF, Moody's do not expect a significant impact on the company's liquidity or leverage as a result of additional provisions and cash disbursements related to Brumadinho. An upgrade of Vale's rating would require continued evidence of enhanced risk control and governance oversight, with production gradually normalizing and no material additional provisions or cash disbursements related to the accident in Brumadinho. An upgrade would also depend on the maintenance of a solid liquidity and positive free cash flow generation, supported by leading market positioning in its main segments and low-cost operations. Quantitatively, an upgrade would also require Vale's adjusted total debt/EBITDA to remain below 2x and EBIT/interest expense above 5.5x on a sustainable basis, with (CFO-dividends)/debt consistently above 40%. An upward rating movement would also be subject to the relative position to Brazil's sovereign ratings. Conversely, Vale's ratings could be downgraded should the ultimate costs related to the disaster in Brumadinho be materially above the amounts already provisioned due to higher fines and settlements, litigations and class actions, or if operations do not fully recover within the expected timeframe, affecting cash costs and free cash flow generation. Evidence that ESG initiatives are not on track to further de-risk the company could also lead to a negative rating action. Quantitatively, the ratings or outlook could suffer negative pressure should conditions for iron ore and base metals deteriorate, leading to lower profitability, with leverage ratios (total debt to EBITDA) trending towards 2.75x or above, EBIT/Interest expense falling below 4.5x and (CFO-dividends)/debt sustained below 35%. A marked deterioration in the company's liquidity position would also precipitate a downgrade. In addition, a downgrade of Brazil ratings could strain Vale's ratings. Votorantim S.A. (VSA)'s rating reflects the company's large size; its status as the holding company of one of the largest conglomerates in Brazil; and its diversified business portfolio which mitigates the effect of cyclicality in any specific industry. The rating is also backed by the group's subsidiaries cost-competitive operations, resulting from high vertical integration, as well as by its strong liquidity profile and extended debt maturity. VSA's increased geographic diversification is an additional credit positive and, while it still generates a substantial portion of its consolidated EBITDA in Brazil, the company benefits from leading market positions in virtually all its operating segments. Constraining the ratings are the commodity nature of a substantial portion of VSA's business portfolio (namely zinc and byproducts, and aluminum) and the volatility of the company's cement business in Brazil. Still, Moody's expect VSA to maintain adequate leverage for its rating category overtime following the recent deleveraging initiatives and asset sales. VSA stable outlook reflects Moody's expectation that it will prudently manage its capital spending and dividend distributions to maintain adequate liquidity to service its financial obligations. The stable outlook also takes into consideration the fact that if operations weakens due to a reversal in the demand trend, the company will make the necessary adjustments in its capital spending to maintain its financial profile. Positive rating pressure would not arise until the coronavirus outbreak is brought under control and consequently there is longer term visibility regarding the consumer demand including cement and commodity prices. At this point Moody's would evaluate if credit metrics and the liquidity strength of the company are compatible with an investment grade rating, including gross adjusted leverage sustainably below 3.5x and RCF/Net Debt sustainably above 20%. Moody's could downgrade VSA if there are expectations of declines in volumes and profitability including a significant reduction in sources of liquidity; liquidity concerns arise, for instance due to cost inflexibility; there are clear expectations that the company will not be able to maintain financial metrics compatible with a Ba1 rating such as gross adjusted leverage sustainably above 3.5x and EBIT margin sustainably below 10%. The principal methodology used in rating Companhia Siderurgica Nacional (CSN) and Usinas Siderurgicas de Minas Gerais S.A. was Steel Industry published in September 2017. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Threat to Paralyze Tourist Transportation ------------------------------------------------------------- Dominican Today reports that the Dominican Association of Tourist Transporters said tourist transport in the eastern zone of the Dominican Republic could be paralyzed (Adotratur). Danny Gonzalez, vice-president of Adotratur, said that the sector has debts of more than one billion pesos with its suppliers and with several banking entities of the Dominican Republic, according to Dominican Today. "Our tourism transportation sector is on the verge of disappearing. We have been doing all possible diligences with all the institutions since September and we have not received the help promised on several occasions by the President of the Republic," expressed Gonzalez, the report notes. He said that the Ministry of Tourism has been deficient in issuing a letter of guarantee to the Banco de Reservas to guarantee the disbursement to our members," said the transport businessman, the report relays. He pointed out that this is a very worrying situation because, at this moment, the authorities are at FITUR selling the Dominican Republic as a destination when an essential part of the chain is about to collapse, the report discloses. "The debt that the transportation sector has is RD$1,2 billion, of which, in the last meeting we held with the President of the Republic exactly two months ago, he approved RD$700 million from a special fund of the Ministry of Tourism that should have issued a letter of guarantee so that the Banco de Reservas can restructure the debts at a rate of 6%, which has not happened and that is why we are here," Gonzalez expressed, the report relays. He assures that they represent 85% of the tourist transport in the eastern part of the country, specifically in Punta Cana and La Romana, the report notes. He added that since September 2020, they had met approximately four times with the president to seek a restructuring of debts due to the COVID-19 pandemic so that the sector can stay alive, but, so far, they have not had any solution to the problem, the report discloses. "As businessmen that we are, in a peaceful way, letting the country and the world know what is the real situation of the companies of the tourist transport that moves 85 % of all the tourists that arrive through the East," noted the transporter, 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, 2021, 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). ===================== P U E R T O R I C O ===================== ALM LLC: Court Extends Plan Exclusivity Until June 16 ----------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico extended by 60 days the periods within which Debtor ALM LLC d/b/a Agua La Montana has the exclusive right to file a Plan of reorganization and Disclosure Statement and to secure votes to confirm a Plan through and including June 16, 2021. According to the Debtor, this request is being made in good faith because there are several matters pending that will have a direct impact on the documents to be filed. Principally, the approval of the cash collateral for the Debtor to continue with the going-concern value of the business is crucial. A hearing has been scheduled for May 19, 2021. Furthermore, a Motion to Dismiss or Convert was filed on May 12, 2021, and will be properly addressed by the Debtor. The Honorable Court granted fourteen days for the Debtor to object, and a hearing is scheduled for June 9, 2021. The preparation of the Disclosure Statement and the Plan of Reorganization has been disrupted by the creditor, Canyon Square Investments, LLC's opposition to the use of the cash collateral and the motion to dismiss or convert. The Debtor is meeting its obligations as a Debtor-in-Possession including the timely filing of the Monthly Operating Reports. The extension of time will increase the possibilities of a successful reorganization to the benefit of all creditors and the estate. It will allow the Debtor to continue with its going concern. A copy of the Debtor's Motion to extend is available at https://bit.ly/3vapzSc from PacerMonitor.com. A copy of the Court's Extension Order is available at https://bit.ly/3tY1JaU from PacerMonitor.com. About ALM LLC ALM, LLC, a/k/a Agua La Montana, is the owner of a fee simple title to a property located in Trujillo Alto, Puerto Rico having a current value of $860,943. ALM, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04571) on November 25, 2020. The petition was signed by Kristian E. Riefkohl Bravo, president. At the time of the filing, the Debtor disclosed total assets of $1,083,384 and total liabilities of $2,919,967. Judge Mildred Caban Flores is the case judge. The Debtor tapped Gandia Fabian Law Office as counsel and Jose Victor Jimenez, CPA, of Jimenez Vazquez & Associates, PSC as an accountant. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week May 17 to May 21, 2021 ----------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- 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 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 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 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 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 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 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 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 YPF SA 16.5 67.3 5/9/2022 AR ARS 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 * * *