/raid1/www/Hosts/bankrupt/TCRLA_Public/210617.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
Thursday, June 17, 2021, Vol. 22, No. 115
Headlines
A R G E N T I N A
ARGENTINA: IDB Approves $200MM Loan for Water & Sanitation Program
PROVINCE OF MENDOZA: S&P Raises ICR to 'CCC+', Outlook Stable
B E L I Z E
BELIZE: Creditors to Support Proposal to Restructure Superbond
B R A Z I L
BRAZIL: CONAB Cuts Estimate For Corn Crop; Expects More Imports
SAMARCO MINERACAO: Offers Creditors Shares or 85% Haircut
UNIGEL PARTICIPACOES: S&P Hikes ICR to 'BB-' on Stronger Cash Flows
C O L O M B I A
TERMOCANDELARIA POWER: S&P Lowers ICR to 'BB-', Outlook Stable
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Mobilized 8000,000+ Passengers in May
DOMINICAN REPUBLIC: Shutters Border Markets on Covid Spike
P U E R T O R I C O
ALEX AND ANI: June 18 Deadline Set for Panel Questionnaires
J.J.W. METAL: Seeks to Tap ISFPE as Environmental Consultant
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A R G E N T I N A
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ARGENTINA: IDB Approves $200MM Loan for Water & Sanitation Program
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The Inter-American Development Bank (IDB) has approved a US$200
million loan to finance a water and sanitation program for small
communities in Argentina. The program will benefit over 184,000
households from communities with less than 50,000 inhabitants by
providing them with new and improved connections to these basic
services. The Argentine government will provide an additional US$50
million, taking the grand total to US$250 million.
The goal of the project - which will be executed by the Public
Works Ministry's waterworks and sanitation agency, the Ente
Nacional de Obras HÃdricas de Saneamiento (ENOHSA) - is to improve
the quality of life for families living in small communities
throughout the country by providing them with water and sanitation
services through two major operational components:
The first component consists of water and sanitation construction
and rehabilitation works. This component also comprises feasibility
studies, master plans, and executive projects that include
hydro-climatic hazard adaptation moves and works-inspection related
expenses. All operations will have a social, gender, and climate
change resilience inclusion focus.
The second component will strengthen the institutional capacities
of the program's beneficiary operators and of ENOHSA, including
costs and fees studies and the development and implementation of
gender action plans, among other issues. This component includes
training women in labor competencies in this sector order to
generate entrepreneurial opportunities for vulnerable,
female-headed households.
The loan is for a 23.5-year term, with a 7-year grace period and a
LIBOR-based interest rate.
About Argentina
Argentina is a country located mostly in the southern half of South
America. It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.
Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020. Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC. DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.
As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors. The first
restructuring involved $65 billion in foreign-law bonds. The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds. DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.
DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement. Formal negotiations on the new financing
began in November 2020. Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.
PROVINCE OF MENDOZA: S&P Raises ICR to 'CCC+', Outlook Stable
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S&P Global Ratings raised its global scale issuer credit ratings on
the province of Mendoza to 'CCC+' from 'SD'. The outlook is stable.
S&P also affirmed the issue-level rating of 'CCC+' on the
province's 2029 international bond.
Outlook
The stable outlook on S&P's 'CCC+' rating balances the lower risk
of default following the international debt restructuring and
repayment of the domestic bond, with the risks stemming from
limited access to funding and limited economic growth prospects in
Argentina that could pressure Mendoza's fiscal accounts and
liquidity.
Downside scenario
S&P could downgrade the province if a sharply weaker-than-expected
fiscal performance or liquidity position increases the risk of
default or possibility of a distressed debt exchange in the next 12
months. In addition, a downward revision of our transfer and
convertibility (T&C) assessment on Argentina would result in a
downgrade of Mendoza, given scarcity of reserve levels and the
limited access to sources of foreign currency for debt service
payments.
Upside scenario
Given that S&P doesn't believe that Argentine local and regional
governments (LRGs) meet the conditions to have ratings above that
on the sovereign, it could only upgrade the province of Mendoza if
we take a similar action on Argentina in the next 12 months. This
would have to be accompanied by Mendoza's stronger budgetary
performance and liquidity buffers, or greater certainty about its
capacity to tap debt markets.
Rationale
Mendoza refinanced its domestic bond of ARP5.2 billion maturing on
June 9, 2021, considerably reducing the risk of a new default in
the short term. The province issued a short-term domestic currency
bond for ARP6.397 billion that accepted the maturing bond in
exchange (adherence was of 55.6% of its amount) as well as other
existing short-term notes, with the remainder used to pay down the
outstanding amount of the existing bond. While current financial
conditions are still strained, S&P doesn't consider this as a
distressed exchange because it believes a conventional default
could have been avoided if bondholders didn't accept the exchange
offer.
S&P said, "Mendoza was the first province to successfully
restructure its international debt and reached an agreement with
bondholders of its international bond for $590 million in October
2020. At that point, we assigned a 'CCC+' rating to the new
issuance but maintained the issuer credit rating (ICR) on the
province at 'SD', given its plans for a broader restructuring,
including the exchange of domestic currency debt, which we
considered could be distressed and tantamount to default given the
fragile economic and financial conditions, which are still
present.
"The 'CCC+' issuer credit rating ICR reflects our view that, while
the international debt exchange has provided medium-term fiscal and
liquidity relief, Argentina's weak economic recovery during the
next two years, along with other challenges, will continue weighing
on the province's creditworthiness.
"Spending pressures, stemming from public-servant salary
negotiations and the province's resumption of its infrastructure
program, are likely to weigh on the budget. However, we expect the
province to post balanced results in 2021-2023 due to the economy
slow recovery, rising tax revenue, and lower debt service following
Mendoza's international bond restructuring. Our base-case scenario
assumes that the province will post operating surpluses of about 5%
of operating revenues and small deficits after capex during
2021-2023. Still, high inflation in Argentina and recession could
lead to volatility in budgetary execution, as seen in the past."
Mendoza's fiscal results in 2020 were better than expected. The
COVID-19 pandemic and lockdown measures caused the province's
revenue to decline 30% in real terms, along with higher healthcare
spending, which is a responsibility of local governments in
Argentina. The offsetting factors were the extraordinary support
from the national government, along with contained spending,
consisting of lower public-sector wages in real terms and capital
expenditure (capex) cuts.
The province has been receiving capital transfers from the national
government since October 2019 for a large hydroelectric dam
project, Portezuelo del Viento, and expects to receive about $950
million in 2021-2023. Given that the project's construction is
financed through a trust fund separate from the provincial budget,
S&P excludes these transfers from its fiscal estimates and only
consider any spending for the project that's additional to these
transfers.
S&P said, "We assume international debt markets will remain closed
to Argentine LRGs, and Mendoza will cover its funding needs through
pre-approved and potentially new loans from multilateral lending
agencies, as well as through domestic market issuances. We believe
that the lack of liquidity buffers remains a key risk to the
creditworthiness of Argentine provinces. Along with the lack of
access to external funding, a severe liquidity crunch in 2020 led
the province to pursue a restructuring of its international debt.
Based on our stressed estimates, Mendoza's free and available cash
is currently low and doesn't cover debt repayment for the next 12
months.
"Debt stock represented 60% of the province's revenue in 2020.
About 62% of the debt is denominated in U.S. dollars, which
underscores potential currency risk. Debt is also exposed to
Argentina's high inflation, given that 13% of Mendoza's debt is
tied to inflation-linked instruments. We expect debt level to drop
close to 40% of revenue and interest payments to below 5% of
operating revenue (from 7.4% in 2019) in coming years because
financing conditions will remain limited." The province's debt
service profile is smooth, with a tick up in 2023 as payments for
the 2029 international bond become heftier.
The economic outlook for Mendoza is weak, in line with that for the
sovereign. Argentina's GDP contracted 9.8% in 2020 and is likely to
grow 6% in 2021 and about 2% in the medium term. To tackle its
considerable economic challenges, Argentina needs to establish
policy consistency and reduce fiscal and monetary imbalances,
including lower inflation and a more stable exchange-rate regime.
Mendoza's socio-economic indicators are in line with the national
average, and according to its estimates, the province's GDP per
capita was $5,340 in 2020, which was below the estimated national
level of $8,790.
The province has shown willingness to pursue fiscally prudent
policies, but amid high inflation and weak economy, Argentine
provinces have been unable to implement credible medium-term
financial planning. Moreover, amid the increasingly strained
financial conditions, including very limited access to external
funding, the administration decided to prioritize operating and
capital spending over timely debt payment obligations.
S&P said, "Finally, we believe that, amid eroding macroeconomic
conditions, the sovereign could delay fiscal support measures to
subnational governments, especially given Argentina's history of
major policy swings. We assess the institutional framework for
Argentina's local and regional governments as very volatile and
underfunded, reflecting our perception of the sovereign's very weak
institutional predictability and volatile intergovernmental system
that has been subject to various modifications to fiscal
regulations, and lack of consistency over the years, which
jeopardize the LRGs' financial planning, and consequently, their
credit quality."
Ratings List
NOT RATED ACTION
TO FROM
MENDOZA (PROVINCE OF)
Analytical Factors
Local Currency ccc+ SD
MENDOZA (PROVINCE OF)
Senior Unsecured NR CC
RATINGS AFFIRMED
MENDOZA (PROVINCE OF)
Senior Unsecured CCC+
UPGRADED; CREDITWATCH/OUTLOOK ACTION
TO FROM
MENDOZA (PROVINCE OF)
Issuer Credit Rating CCC+/Stable/-- SD/--/--
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B E L I Z E
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BELIZE: Creditors to Support Proposal to Restructure Superbond
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RJR News reports that less than 48 hours after Belize Prime
Minister John Briceno warned that bondholders would be shooting
themselves in the feet if they refuse to renegotiate an extension
of the grace period regarding a coupon payment missed last month, a
group of creditors now say they will support the government's
proposal.
The creditor committee including the US-based GMO and Greylock, as
well as the London-based Abrdn, had rejected Belize's proposal to
restructure a US$550 million Superbond that emerged from a
2006-2007 restructuring, according to RJR News.
The Superbond now contributes to a 133 per cent debt-to-GDP ratio
that the International Monetary Fund (IMF) deems unsustainable, the
report notes.
Late last month, the government formally informed bond holders that
it would not be able to make a scheduled US$7 million coupon
payment to its international bondholders that was due on May 20,
the report adds.
As reported in the Troubled Company Reporter-Latin America in May
2021, S&P Global Ratings lowered its long- and short-term foreign
currency sovereign credit ratings on Belize to 'SD/SD' (selective
default) from 'CC/C'. S&P also lowered its rating on the foreign
currency bond due in 2034 to 'D' from 'CC'.
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B R A Z I L
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BRAZIL: CONAB Cuts Estimate For Corn Crop; Expects More Imports
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Rio Times Online reports that the state-owned CONAB (National
Supply Company) on June 10, reduced its estimates for Brazil's
total 2020/21 corn output to 96.39 million tons, from 106.4 million
last month, amid expected shortfalls for the cereal's second crop.
Projections for Brazil's corn imports were increased to 2.3 million
tons while exports were cut to 29.5 million tons, from 35 million
tons in May's forecasts, according to Rio Times Online.
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.
Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021. Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020). S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 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).
SAMARCO MINERACAO: Offers Creditors Shares or 85% Haircut
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Marta Nogueira at Reuters reports that Samarco Mineracao SA, a
bankrupt joint venture between Brazilian miner Vale SA (VALE3.SA)
and BHP Group Ltd (BHP.AX), proposed a plan to restructure 50
billion reais (US$10 billion) in debt with an offer of preferred
shares or a cash payout in 2041 equal to 15% of the current value
of holdings, sources said.
Samarco filed for bankruptcy protection in April to prevent
creditors' claims from affecting operations that restarted at the
end of 2020, more than five years after a tailings dam collapsed
causing one of Brazil's worst environmental accidents, according to
Reuters.
The 'haircut' plan proposes discounts of 85% on the amount to be
paid to the company's largest creditors who do not accept preferred
shares in the mining company, people with direct knowledge of the
plan told Reuters. They spoke on the condition of anonymity because
they were not authorized to discuss the matter with media, the
report notes.
To the main group of creditors, which includes bondholders,
shareholders and suppliers, the company proposed converting the
amounts owed into preferred shares entitled to special dividends,
according to the sources, the report relays.
If creditors do not accept preferred shares, they may choose to
receive payment in cash in 2041 at the 85% discount, but adjusted
for inflation, the sources said, the report says. Currently, the
mining company is privately held, with only common shares, the
report discloses.
The company confirmed to Reuters its approval of the restructuring
plan, but not the details.
Samarco's debt with Vale and BHP totals 23 billion reais, while
bondholders are owed the equivalent of 26 billion reais, the report
relays. Debt to large and medium-sized suppliers is about 310
million reais, the report notes.
The collapse of a dam at the Samarco mine complex in 2015 killed 19
people and severely polluted the Doce River with mining waste, the
report says. The company has been the focus of significant
litigation from bondholders holding nearly $5 billion in debt, the
report notes.
The company proposed the full payment of debts to employees,
totaling about 10 million reais, within 30 days after the plan's
approval, the sources said, the report relays.
To another group that includes small and medium-sized suppliers,
the company also proposed the full payment of approximately 11
million reais in debts, within 30 days after approval, for amounts
up to 50,000 reais, and within 180 days for larger debts, the
sources said, the report discloses.
Samarco restarted operations in December with the resumption of one
of its three concentrators for processing iron ore at the Germano
complex, located in Mariana, and one of four pellet plants at the
Ubu complex in Anchieta, with a production capacity of between 7-8
million iron ore pellets, the report adds.
UNIGEL PARTICIPACOES: S&P Hikes ICR to 'BB-' on Stronger Cash Flows
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S&P Global Ratings raised the global scale ratings on Brazil-based
chemicals producer, Unigel Participacoes S.A. (Unigel) to 'BB-'
from 'B+' and the national scale rating to 'brAA+' from 'brAA'.
The stable outlook indicates that higher cash flows for the next 12
months should reduce gross debt to EBITDA to 2.0x-2.5x and FFO to
debt rising to 25%-35% in 2021 and 2022.
The company's core business, acrylics and styrenics, has benefited
from above-average international spreads in the first half of 2021
given robust demand, likely pushing up margins to 27%-30% from 13%
in the first half of 2020. At the same time, Unigel recently
started production at one of the two new leased fertilizer plants
in April, and the second will likely start this month. S&P said,
"While we forecast narrower spreads during the second half of 2021,
given the expanding global styrene capacity, this should be
outweighed by the company's fertilizer plants' ramp-up. Therefore,
we expect EBITDA to almost triple to R$1.3 billion - R$1.5 billion
in 2021 from R$547 million in 2020."
The two leased plants will have combined annual production capacity
of 930,000 tons of ammonia, 1.13 million tons of Urea, and 320,000
tons of ammonium sulfate. This will not only enlarge the company's
scale and diversification of end products, but also provide
integration, as it allows Unigel to meet all the ammonia supply
needs for its acrylics segment. Additionally, S&P expects the
fertilizer business's margins to be higher than those of the
company's other segments, given the profitable natural gas
contracts signed with EBITDA margins related to that segment at
25%-30% in the first operating year, now rising to 30%-35% as
volumes increases.
Unigel raised $110 million through the 2026 notes add-on in January
to fund the operations of the two new fertilizer plants. The higher
cash flows this year will enable the company to increase
investments in its core acrylics and styrenics business, along with
the expansion of the latex and acetonitrile capacity. Despite capex
rising to about R$570 million in 2021 from R$223 million in 2020,
the company's liquidity should be at comfortable levels for the
next 12 months.
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C O L O M B I A
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TERMOCANDELARIA POWER: S&P Lowers ICR to 'BB-', Outlook Stable
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S&P Global Ratings downgraded Colombian power co. Termocandelaria
Power S.A. (TPL) to 'BB-' from 'BB'.
The stable outlook for the next 12 months reflects S&P's
expectations that TPL's debt to EBITDA will peak in 2021 at
6.0x-7.0x and drop to 3.0x-3.5x starting in 2022 as the investments
to close the cycle of one of its thermal plants is operational. In
addition, the outlook incorporates the company's adequate liquidity
for the same period.
Several factors, in S&P's view, will prevent TPL from posting a
3.0x debt to EBITDA this year, which includes:
-- Additional debt to complete the investments at one of its
thermal plants.
-- Despite the cost-reduction measures, particularly those that
lowered the natural gas expenditures, the EBITDA improvement won't
be sufficient to reduce TPL's leverage metric to the 3.0x-3.5x
range by 2021.
-- The non-cash transition of an intercompany loan to Banco Bilbao
Vizcaya Argentaria, S.A. (BBVA; A-/Negative/A-2) of about $160
million. Previously, S&P didn't consider this debt as part of the
group. However, as part of the bond documentation, this amount is
not considered as debt, given that this loan is ultimately funded
by the company through an eligible credit instrument. If S&P were
to exclude it from its calculations, TPL's 2021 debt to EBITDA
would be 5.0-5.5x.
-- One of TPL's plants, TECAN, will be converted into a combined
cycle gas turbine with an installed capacity of 566 megawatts (MW)
from the current 324 MW open cycle gas turbine (OCGT). The
remuneration will position the plant to be dispatched in-merit
(when the spot price is higher than the marginal production costs
of the respective plant, allowing generators to sell their energy
at a profit) at spot prices. This will increase the load factor and
enhance margins.
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: Mobilized 8000,000+ Passengers in May
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Dominican Today reports that the airports of the Dominican Republic
mobilized a total of 816,813 passengers through the airport
terminals, representing 69% of the total passengers transported in
May 2019 (1,185,842 passengers), surpassing with this, its previous
month, April 2021, which had closed with 57% concerning April 2019;
this was announced by the president of the Civil Aviation Board
(JAC), Dr. Jose E. Marte Piantini.
The JAC informed that it has known and approved 138 flights under
the Special Permit modality, which will be operated from June to
October this year, according to Dominican Today. "These 138
special flights represent for the country an estimated direct
income of US$77.6 million, positively impacting tourism and the
country's economy," said Marte Piantini, the report notes.
The Board also approved 1,601 round trip charter flights from June
through October of this year, the report relays. According to
these official figures, these flights represent direct revenues
estimated at US$686 million, the report notes.
The President of the JAC assured that with the approval of these
special flights to and from the country, it is confirmed that the
Dominican Republic is a destination that has a lot of potential in
terms of growth amid the pandemic, the report discloses.
Marte Piantini recalled that the Civil Aviation Board grants
Special Permits to established airlines to operate routes that are
not contained in their operating permits, aiming to explore their
commercial viability to regularize them in the future, the report
relays.
Among the approved special flights, 80% (110 flights) will be
operated to and from Russia on the Ekaterinburg/Punta
Cana/Ekaterinburg, Novosibirsk/LaRomana/Novosibirsk, and
Novosibirsk/PuntaCana/Novosibirsk routes, the reoprt discloses.
These operations represent a contribution of 39 000 new seats in
the period from June 23 to October 29, 2021, the report says.
Finally, it is expected that by the end of 2021, the country's
airport terminals will reach a total of 9.2 million passengers in
arrivals and departures, which would represent a 64% recovery
compared to 2019, which registered 14.5 million passengers in
arrivals and departures, the report notes.
These 9.2 million passengers would mean an estimated contribution
to GDP of around US$8 400 million, the report relays.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
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).
DOMINICAN REPUBLIC: Shutters Border Markets on Covid Spike
----------------------------------------------------------
Dominican Today reports that Dominican authorities have reinforced
security at the border crossing with Dajabon to guarantee the
integrity and compliance with the provision to forego the
binational market due to the increase in coronavirus cases in the
country , as well as what is happening in Haiti, the Defense
Ministry confirmed.
Presidential Decree 364-21 extended the curfew and other er
measures until June 16, 2021, inclusive. They include the closure
of all binational markets, according to Dominican Today.
At the insistence of Haitian citizens to cross to the Dominican
side, the police of that nation dispersed a crowd that wanted to
enter to buy food and other products along the Massacre river where
one Haitian was killed, 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, 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
=====================
ALEX AND ANI: June 18 Deadline Set for Panel Questionnaires
-----------------------------------------------------------
The United States Trustee is soliciting members for an unsecured
creditors committee in the bankruptcy case of Alex and Ani, LLC.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/2TAO9Of and return it to
David.L.Buchbinder@usdoj.gov at the Office of the United States
Trustee so that it is received no later than 4:00 p.m., on June 18,
2021.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Alex and Ani LLC
Founded in 2004 by Carolyn Rafaelian, Alex and Ani --
http://www.alexandani.com/-- has become a premier jewelry brand,
quickly gaining popularity because of the novel and customizable
nature of its signature expandable wire bracelet. Alex and Ani has
been headquartered in East Greenwich, Rhode Island since 2014.
Since opening its first retail store in Newport, Rhode Island in
2009, Alex and Ani has expanded to over 100 retail store locations
across the United States, Canada, and Puerto Rico.
Alex and Ani LLC and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-10918) on June 9, 2021. In its
petition, Alex and Ani listed assets and liabilities of $100
million to $500 million each.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Klehr Harrison Harvey Branzburg LLP as local bankruptcy
counsel; and Portage Point Partners, LLC, as financial advisors and
investment bankers. Kurtzman Carson Consultants LLC is the notice
and claims agent.
J.J.W. METAL: Seeks to Tap ISFPE as Environmental Consultant
------------------------------------------------------------
J.J.W. Metal Corp. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ ISFPE, LLC as its
environmental consultant.
The firm will assist the Debtor in the area of environmental
requirements for its operations and compliance.
The hourly rates of the firm's professionals are as follows:
Professional Engineers $100 per hour
Project Managers $85 per hour
Environmental/Field/Permitting Technician $50 per hour
Assistant Personnel Time $45 per hour
Juan Mercado Torres, president of ISFPE, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Juan C. Mercado Torres
ISFPE, LLC
P.O. Box 13524
San Juan, PR 00907
Telephone: (787) 797-8733
About J.J.W. Metal Corp.
Palmer, P.R.-based J.J.W. Metal Corp. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04536)
on Nov. 23, 2020. Jorge Rodriguez Quinones, president, signed the
petition. In the petition, the Debtor disclosed total assets of
$1,649,341 and total liabilities of $1,750,865.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Charles A. Cuprill, P.S.C., Law Offices as
bankruptcy counsel; Luis R. Carrasquillo & Co. P.S.C. as financial
consultant; and Gino Negretti Lavergne, Esq., and Frank Inserni
Milam, Esq., as special counsel. Risk Assessment & Management
(RAM) Group, Inc., Arturo Vazquez Cancel, and ISFPE, LLC serve as
the Debtor's environmental consultants.
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S U B S C R I P T I O N I N F O R M A T I O N
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