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/raid1/www/Hosts/bankrupt/TCRLA_Public/211101.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, November 1, 2021, Vol. 22, No. 212 Headlines B E R M U D A DIGICEL GROUP: Moody's Puts Caa2 CFR Under Review for Upgrade B R A Z I L BRAZIL: Sets Biggest Rate Hike in Two Decades PETROLEO BRASILEIRO: Privatization is On Radar as Fuel Prices Rise C H I L E CHILE: 4th Run on Pension Funds Heads to Senate After Committee OK LATAM AIRLINES: Committee Says Shareholders Plan on Wrong Track LATAM AIRLINES: Frustrated Creditors Seek Mediator for Exit Plan D O M I N I C A N R E P U B L I C AEROPUERTOS DOMINICANOS: Moody's Affirms B1 on $317MM Secured Bond DOMINICAN REPUBLIC: Instability in Haiti Wreaks Havoc on Trade DOMINICAN REPUBLIC: Total Exports to Haiti Amounted to US$1.64-Bil J A M A I C A DIGICEL GROUP: Fitch Puts 'CCC' Ratings on Watch Positive P E R U AUNA SAA: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable X X X X X X X X [*] BOND PRICING: For the Week Oct. 25 to Oct. 29, 2021 - - - - - ============= B E R M U D A ============= DIGICEL GROUP: Moody's Puts Caa2 CFR Under Review for Upgrade ------------------------------------------------------------- Moody's Investors Service has placed Digicel Group Holdings Limited ("Digicel")'s Caa2 corporate family rating, its Caa2-PD/LD probability of default rating, Caa3 senior secured rating and Ca senior unsecured ratings under review for upgrade. Moody's has also placed under review for upgrade the senior unsecured ratings of Digicel Group Limited, Digicel Group Two Limited, Digicel Limited as well as the senior unsecured, senior secured, subordinated ratings of Digicel International Finance Limited. The review process follows the announcement on October 24 that Digicel reached an agreement to sell Digicel Pacific Limited to Telstra Corporation Limited (Telstra, A2 stable) for a total amount of $1.85 billion. Digicel will receive a $250 million earn out subject to revenue targets in the 2022-2024 period included in the closing price. The company will use net proceeds, around $1.4 billion, to reduce debt. Specifically, Digicel expects to repay its $1,048 million in senior secured notes due 2024 and most of its $425 million senior unsecured notes due 2025 both at Digicel Group Holdings Limited level. These notes benefit from collateral, which includes the capital stock of Digicel Pacific Limited and the capital stock of Digicel (PNG) Limited. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2022. On Review for Upgrade: Issuer: Digicel Group Holdings Limited Probability of Default Rating, Placed on Review for Upgrade, currently Caa2-PD /LD Corporate Family Rating, Placed on Review for Upgrade, currently Caa2 Senior Secured Regular Bond/Debenture, Placed on Review for Upgrade, currently Caa3 Senior Unsecured Regular Bond/Debenture, Placed on Review for Upgrade, currently Ca Issuer: Digicel Group Limited Senior Unsecured Regular Bond/Debenture, Placed on Review for Upgrade, currently C Issuer: Digicel Group Two Limited Senior Unsecured Regular Bond/Debenture, Placed on Review for Upgrade, currently C Issuer: Digicel International Finance Limited Subordinate Regular Bond/Debenture, Placed on Review for Upgrade, currently Caa2 Senior Secured Bank Credit Facility, Placed on Review for Upgrade, currently Caa1 Senior Secured Regular Bond/Debenture, Placed on Review for Upgrade, currently Caa1 Senior Unsecured Regular Bond/Debenture, Placed on Review for Upgrade, currently Caa2 Issuer: Digicel Limited Senior Unsecured Regular Bond/Debenture, Placed on Review for Upgrade, currently Caa3 Outlook Actions: Issuer: Digicel Group Holdings Limited Outlook, Changed To Rating Under Review From Stable Issuer: Digicel Group Limited Outlook, Changed To Rating Under Review From Stable Issuer: Digicel Group Two Limited Outlook, Changed To Rating Under Review From Stable Outlook, Changed To Rating Under Review From Stable Issuer: Digicel Limited Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's review will focus on Digicel's resulting capital structure and liquidity profile at closing of the transaction, including: (i) timing for closing the transaction, (ii) timely refinancing of Digicel Limited's $925 million senior unsecured notes due in March 2023, (iii) additional sources for further debt reduction to reach a sustainable capital structure, (iv) financial flexibility including the waterfall ranking of the debt instruments in the resulting capital structure and (v) the company's competitive position in its remaining 26 markets. If the transaction is concluded as planned Moody's expects the company will improve its liquidity profile, reduce debt and further improve financial flexibility. Accordingly, the review may lead to a multi-notch upgrade. Additionally, Moody's expects that the proposed transaction would have positive effect on Moody's adjusted leverage with proforma 6.1x from 6.3 as of year-end March 31, 2021 at closing of the transaction with further reduction expected in 2022 as a result of EBITDA improvement on economic and tourism recovery and the elimination of social distancing measures in the countries in which Digicel operates. Moody's expects Digicel to continue improving its liquidity profile. The company has generated positive free cash in the last few quarters with $313 million for the last twelve months ended June 2021. Moody's expects Digicel to continue this trend supported by the expectation of lower capital spending of around 14% of revenue in FYE 2022. As of June 2021, the company's cash balance was $456 million, which includes the $187 million payment Digicel received in connection with an award of damages following a legal proceeding with Orange. Orange appealed this decision and while the companies still expect a final resolution, Digicel intends to keep this amount in cash recorded as a provision. Given the review for upgrade, downward ratings pressure is currently not expected but could occur should the company fails in refinancing its 2023 maturity, fails to reduce debt as announced, or experiences a weakening of financial metrics. Incorporated in Hamilton, Bermuda, Digicel is the largest provider of wireless telecommunication services in the Caribbean. The company operates in 31 markets in the Caribbean and South Pacific regions. In addition, the company provides a comprehensive range of business solutions, cable TV and broadband, and other related products and services. The company also operates a wireless network in Panama through its 45% ownership interest in its affiliate Digicel Holdings (Central America) Limited. Digicel generated revenue of $2.24 billion for the last twelve months ended June 2021. Proforma for the sale of Digicel Pacific Limited, Digicel's revenues and Moody's adjusted EBITDA margin would be $1.8 billion and 37.8% respectively. The principal methodology used in these ratings was Telecommunications Service Providers published in Janurary 2017. Incorporated in Hamilton, Bermuda, Digicel is the largest provider of wireless telecommunication services in the Caribbean. The company operates in 31 markets in the Caribbean and South Pacific regions. In addition, the company provides a comprehensive range of business solutions, cable TV and broadband, and other related products and services. The company also operates a wireless network in Panama through its 45% ownership interest in its affiliate Digicel Holdings (Central America) Limited. Digicel generated revenue of $2.24 billion for the last twelve months ended June 2021. Proforma for the sale of Digicel Pacific Limited, Digicel's revenues and Moody's adjusted EBITDA margin would be $1.8 billion and 37.8% respectively. =========== B R A Z I L =========== BRAZIL: Sets Biggest Rate Hike in Two Decades --------------------------------------------- globalinsolvency.com, citing Bloomberg News, reports that Brazil's central bank is poised to deliver its biggest interest rate hike in nearly two decades as plans for greater public spending risk jeopardizing efforts to bring inflation down to target. Most economists agree on the need to step up an already aggressive monetary tightening campaign, but are divided over how dramatic the increase will be, according to globalinsolvency.com. The majority of the 49 analysts surveyed by Bloomberg expect the benchmark Selic to jump by 150 basis points to 7.75%, the report notes. Thirteen project a hike of 125 basis points, while five still see a third straight full percentage point rise, the report relays. The central bank, led by Roberto Campos Neto, has reasons to become even more hawkish after the government said it would bypass spending rules to boost handouts to the poor ahead of next year's election, the report discloses. The news rattled investors and prompted the real to plunge, the report relays. It also complicated an inflation outlook that's already pressured by higher costs of food, electricity and fuel, the report relays. Policy makers had previously signaled plans for a full percentage point hike at the meeting, the report notes. Many economists now consider a move of such magnitude insufficient to clamp down on inflation that's running at more than 10% a year, particularly as fiscal concerns send consumer price forecasts above target through 2024, the report adds. 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). PETROLEO BRASILEIRO: Privatization is On Radar as Fuel Prices Rise ------------------------------------------------------------------ Lisandra Paraguassu and Marta Nogueira at Reuters report that Brazilian President Jair Bolsonaro reiterated that he is considering the privatization of state-run oil company Petrobras , boosting its shares along with news of a fresh price hike in the domestic gasoline and diesel market. "This is on our radar," the far-right president said during a radio interview. "But privatizing a company is not just putting it on a shelf and whoever offers the highest bid takes it, it is very complicated," according to Reuters Bolsonaro had first mentioned a potential privatization of Petroleo Brasileiro SA -- as the company is formally known -- earlier in October, indicating that he was frustrated for being blamed for fuel price increases in the country, the report relays. Petrobras said it will raise diesel and gasoline prices at the refinery gate starting on Tuesday, following a recent spike in oil prices and a sharp depreciation of Brazil's currency, the report relays. "Aligning our prices with international markets is especially relevant right now, as Petrobras has received atypical demand (from fuel distributors) for November," Petrobras said in a statement obtained by the news agency. The company has become a hot political topic as energy costs have driven Brazil's annual inflation into double digits, hurting Bolsonaro's popularity ahead of next year's election, the report relays. Analysts at Credit Suisse welcomed the new price adjustment. "The price hike reduces the significant discount to import parity, which in our view now stands at circa 11% for both fuels," they said in a research note, the report notes. Preferred shares in the company, which were up about 3.5% after Bolsonaro's remarks, extended gains following the fuel price hike. They were trading up 4.6% at 28.42 reais, the report discloses. About Petrobras Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian Petroleum Corporation - Petrobras) is a semi-public Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil. Petrobras control significant oil and energy assets in 16 countries in Africa, the Americas, Europe and Asia. But, Brazil represents majority of its production. The Brazilian government directly owns 54% of Petrobras' common shares with voting rights, while the Brazilian Development Bank and Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%, bringing the State's direct and indirect ownership to 64%. A corruption scandal was uncovered in 2014 that involved Petrobras. The scandal related to money laundering that involved Petrobras executives. The executives were alleged to get received kickbacks from overpriced contracts, to the tune of about $3 billion in total. S&P Global Ratings affirmed its 'BB-' global scale and its 'brAAA' Brazilian national scale ratings on Petrobras on July 28, 2021. Moody's Investors Service affirmed the 'Ba2' long term foreign currency credit rating of Petrobras on August 23, 2019, with a stable Outlook. Fitch revised outlook on Petrobras to negative and affirmed 'BB-' long term foreign currency and local currency credit ratings on May 7, 2020. ========= C H I L E ========= CHILE: 4th Run on Pension Funds Heads to Senate After Committee OK ------------------------------------------------------------------ globalinsolvency.com, citing Bloomberg News, reports that Chile's Senate Constitution Committee approved a proposal for a fourth round of early pension withdrawals that would pump as much as $20 billion into one of the world's fastest-growing economies. The committee voted 3 to 2 in favor of legislation despite growing opposition to the measure, according to globalinsolvency.com. The bill now moves to the Senate floor, where it faces difficult odds of passing, the report relays. Three prior rounds of withdrawals have injected some $49 billion into the economy, buoying consumption and inflation amid the coronavirus outbreak, the report discloses. Still, investors are warning more drawdowns would raise financial system risks, the report relays. Some opposition senators said they won't back the bill. Finance minister Rodrigo Cerda trusts more opposition senators will also oppose the bill, considering its potential negative impact, the report relays. "We are talking about higher interest rates and inflation, but also weaker pensions, which is another problem we will need to solve," Cerda added, the report notes. The private pension funds, known as AFPs, represent the bedrock of Chile's capital markets. Central bank President Mario Marcel has repeatedly warned that new withdrawals would leave less money for infrastructure projects and mortgage loans, propel inflation and raise financing costs, the report discloses. Meanwhile, proponents of the withdrawals say that they are a needed to get cash to families that are still reeling from the pandemic, the report says. More broadly, Chile's AFPs represent a source of social discontent, as payouts for many retirees remain below the poverty line, the report relays. The main leftist candidates for next month's presidential election, including Gabriel Boric and Yasna Provoste, have pledged to end the private system, the report adds. LATAM AIRLINES: Committee Says Shareholders Plan on Wrong Track --------------------------------------------------------------- Rick Archer of Law360 reports that the unsecured creditors committee in the LATAM Airlines Group Chapter 11 bankruptcy case says the South American air carrier's insistence on providing benefits for major shareholders is sending it down a dead end in its restructuring process. In a statement filed October 21, 2021, in response to a request by LATAM for one last monthlong extension of its deadline to file a Chapter 11 plan, the committee said the reason one had not emerged for 17 months was largely the company's "insistence on having a plan that is acceptable primarily to its majority shareholders. "The Debtors have had the privilege of nearly seventeen months of exclusivity, yet they have not reached any consensual plan that is acceptable to their creditors or compliant with the Bankruptcy Code. The Committee believes that the Debtors' process has not resulted in more progress toward a confirmable plan due in large part to the Debtors' insistence on having a plan that is acceptable primarily to its majority shareholders and its failure to engage in a broad marketing initiative for exit financing. Unless the Debtors change course, the Committee doubts that the additional time the Debtors request will be used productively to advance these cases," the Committee said in court filings. "To address these increasingly pressing concerns, the Committee has requested that the Debtors expand their marketing process for their exit financing needs in consultation with the Committee, and to agree to commence mediation on (1) the structure and content of a Chapter 11 Plan that may be confirmed with or without the consent of the majority shareholders, and (2) the validity and value of the purported intercompany claims. The Debtors have refused both requests. Unfortunately, unless proactive steps are taken to address these issues, the Committee believes that an extension of exclusivity will not advance the progress of these cases." About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. LATAM AIRLINES: Frustrated Creditors Seek Mediator for Exit Plan ---------------------------------------------------------------- Jeremy Hill, writing for Bloomberg New, reports that two key groups of Latam Airlines Group SA creditors, frustrated by a bankruptcy process that has dragged on for almost 18 months, are asking for a mediator to help devise an exit plan for the Chilean carrier. The airline's unsecured creditors and a consortium holding billions of dollars in claims complained October 21, 2021, about the lack of progress and asked the court to order mediation. A mediator would facilitate talks about how creditors will be repaid and where existing shareholders fit into that plan. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. =================================== D O M I N I C A N R E P U B L I C =================================== AEROPUERTOS DOMINICANOS: Moody's Affirms B1 on $317MM Secured Bond ------------------------------------------------------------------ Moody's Investors Service affirmed the rating of B1 assigned to the $317 million Senior Secured Notes issued by Aeropuertos Dominicanos Siglo XXI, S.A. ("Aerodom"). The outlook on the rating changed from negative to stable. Affirmations: Issuer: Aeropuertos Dominicanos Siglo XXI, S.A. Senior Secured Regular Bond/Debenture, Affirmed B1 Outlook Actions: Issuer: Aeropuertos Dominicanos Siglo XXI, S.A. Outlook, Changed To Stable From Negative RATINGS RATIONALE The B1 rating affirmation and the outlook change to stable was prompted by the significant air traffic recovery in the first three quarters of 2021 and an improvement in Aerodom's liquidity profile leading to the strengthening of the airport's key financial metrics. Moody's revised expectations regarding passenger levels consider a gradual reversion from the 2020 declining trend to a nearly full recovery towards 2022. One key factor for this is the vaccination progress in the North American and European regions, as border reopening and open travel policy easing start to push traffic upwards gradually. Nonetheless, the rating recognizes that complex pandemic evolution in certain countries will continue to cause flight restrictions and prevent airlines to return to normal capacity. Aerodom's liquidity profile improved with a cash position of $67.1 million as of June 2021, in addition to a 6-month debt service reserve account, reflecting the recovery in traffic performance along with the cash retention provisions in place. As a result, under Moody's base and stress scenarios, such debt service reserve account now remains fully funded and undrawn for the forecasted period up to 2022. In June 2020, Aerodom amended its loan contract (that ranks pari passu with the Senior Secured Notes) due to unfavorable performance in order to defer three past principal payments ($21.7 million) and convert them into a balloon payment upon maturity in 2024. This amendment also included a restriction for dividend payments until the waived deferrals have been fully repaid and a cash sweep mechanism, thus Aerodom has currently repaid $8.3 million in principal of the loan during the second quarter of 2021 using its excess cash flow. Moody's expect the outstanding deferred amount to be fully repaid by 2022. The credit profile of Aerodom continues to incorporate the supportive long-term concession granted by the government, which expires in 2030, that allows fair compensation for the invested capital with an adequate tariff-setting mechanism. Aerodom's rating also considers its market position with some exposure to competing airports serving tourist destinations in the country. That is balanced by Aerodom's ample capacity to accommodate expected traffic growth by undertaking only minimal capital investments, the relatively low passenger traffic volatility stemming from its origin and destination passenger profile and its diversified carrier base that limits its exposure to airlines. In addition, the rating reflects the project finance features embedded in the financing structure, including limitations on additional indebtedness, dividend distribution test, step-in rights, limitation on liens and asset sales. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could face upward pressure if the air traffic level recovery continues to advance, followed by the improvement of financial performance leading to an increase in cash interest coverage ratio above 2.5x and a Moody's debt service coverage ratio above 1.5x, on a sustained basis. The rating could be downgraded if a further complex evolution of the pandemic has an impact in current passenger traffic levels on a continuous basis and reverts the recovery trend, leading to significant pressure in current liquidity sources. Negative rating pressure would increase if the cash interest coverage falls below 1.5x or Moody's debt service coverage ratio remaining below 1.0x, on a sustained basis. ABOUT AERODOM Aerodom operates six airports in the Dominican Republic (Government of Dominican Republic, Ba3 stable) through a long-term concession that expires in 2030 and that was granted by the country's government. Aerodom's operations include Las Americas International Airport in Santo Domingo, the country's capital. In the last twelve months as of June 2021, Aerodom reported $118 million in revenues and $485 million in total debt outstanding. The principal methodology used in this rating was Privately Managed Airports and Related Issuers published in September 2017. DOMINICAN REPUBLIC: Instability in Haiti Wreaks Havoc on Trade -------------------------------------------------------------- Dominican Today reports that Haiti's political instability and insecurity cause delays in delivering cargo from the Dominican Republic while negatively impacting trade between the two countries, which annually is around 900 million dollars. Circe Almánzar, vice president of the Association of Industries of the Dominican Republic (AIRD), said that they have cases of delays and industries that do not want to carry the load, but stressed that they have not yet had an event that has affected a Dominican citizen in Haitian soil, according to Dominican Today. He admitted that the situation would affect Dominican exports since Haiti is the second most important trading partner, the report notes. "However, the industries have been resilient and have maintained their exports, either through other destinations to which they take their goods," added the businesswoman, the report relays. Fortunately, the industrialists have distributors there that guarantee the safety of the cargo, even though the situation becomes more complex every day, according to Almanzar, the report discloses. Celso Marranzini, AIRD president, explained that the number on the economic impact is not available because it is a changing situation that flows as the situation changes, the report relays. However, he recalled that Haiti depends on the supply of essential goods from the Dominican Republic, the report notes. Marranzini does not believe that President Luis Abinader's alert to the population not to travel to Haiti will affect trade, the report discloses. The industrialist supported the call of the Dominican, Panamanian, and Costa Rican presidents for an intervention by developed countries to intervene in the crisis of the poorest country in the West, the report says. "We all want Haiti to regain the path of democracy and stability," said Pedro Brache, president of the National Council of Private Enterprise (Conep), the report relays. Entrepreneurs are waiting for the support of the international community to begin to reverse the crisis, the report discloses. For Marranzini, the situation is a national security danger, 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). DOMINICAN REPUBLIC: Total Exports to Haiti Amounted to US$1.64-Bil ------------------------------------------------------------------ Dominican Today reports that between January-August 2019 and January-August 2021, total exports of products from the Dominican Republic to Haiti amounted to US$1.64 billion, compared to the "negligible" of imports valued at US$7 million, highlights an analysis from the Haiti Studies Unit of the P. Aleman Study Center of the Pontifical Catholic University (Pucmm). "It is worth noting an unprecedented coefficient, unique in the world, of 230 dollars exported for every dollar imported," according to Dominican Today. The report, which analyzes the aforementioned months from 2019 to 2021, indicates that, in the case of the exchange of goods from the Dominican nation with the Haitian, an accumulated surplus of US$1.6 billion stands out, including US$1.2 billion (74%) credited to 12 items considered relevant, Dominican Today relays. "Three that occupied the first positions of importance in surplus in absolute and relative value were: cotton with US$263 million (16.11%), plastics and their manufactures with US$204 million (12.49%) and knitted clothing with US$187 million (11.45%)," Dominican Today discloses "That is to say, a joint amount of US$654 million (40.05%)," Dominican Today 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). ============= J A M A I C A ============= DIGICEL GROUP: Fitch Puts 'CCC' Ratings on Watch Positive --------------------------------------------------------- Fitch Ratings has placed all of Digicel's ratings on Rating Watch Positive (RWP) following the announcement of the sale of the group's Pacific assets. The RWP applies to Digicel Group Holdings Limited (DGHL; rated CCC) and its instruments (secured, unsecured, and subordinated), Digicel Limited (DL; B-/RWP) and its unsecured instruments, and Digicel International Finance Limited (DIFL; B-/RWP) and its instruments (secured, unsecured, and subordinated). A full list of rating actions follows at the end of this press release. On October 25th, DGHL announced the sale of 100% of Digicel Pacific Limited (DP; Not Rated) to Telstra Communications Limited (Telstra; Not Rated) for USD1.85 billion, including performance earnouts. The transaction is expected to close in 1Q22, and Fitch expects the net proceeds to be USD1.4 billion from the sale, which will be used to repurchase all of DGHL''s secured (USD1.05 billion) and most of its unsecured notes (USD425 million). KEY RATING DRIVERS Transaction Improves Leverage, Financial Flexibility: Fitch expects that the net proceeds of USD1.4 billion at closing will be used to repurchase all of DGHL's secured (USD1.05 billion outstanding), and most of its unsecured notes (USD425 million outstanding). The additional USD250 million earn out from hitting DPL revenue targets over the next few years should also enable the DGHL to pay back its convertible PIK note (USD206 million outstanding). The transaction will enable the company to delever by approximately 5x, and is expected to improve its financial flexibility. Underlying Performance to Improve: Fitch expects the remaining Caribbean revenues to grow to USD2.0 billion from USD1.8 billion over the rating horizon. The rebounding in tourism should benefit the economic environments in Digicel's markets. Over the last few years, Digicel's revenues have been under pressure due to currency depreciation in its markets coupled with a decline in mobile voice that has outweighed gains elsewhere; mobile voice accounts for a smaller proportion of revenues (approximately 30%), the secular decline there will matter less for the company's results. The company is diversifying into higher growth B2B solutions and home entertainment (B2C broadband and TV); however, these account for only 20% of revenues at present. Weak Parent, Weak Linkages: Fitch has de-emphasized the importance of the strength of the linkages within the group, due to Digicel's legal maneuvering, aggressive corporate governance, and the uncertainties surrounding cross-border insolvency in the countries where it operates. While strong operational ties bind the group, the debt restructurings have caused Fitch to discount their importance. Strong Business Profile: Strong Business Profile: Digicel's geographic diversification and competitive position share are strong for the rating levels. After the sale, the company will be active in 25 markets across the Caribbean, with leading mobile shares in most. Many of these are duopolies, and Fitch does not believe the risk of a new entrant is high, due to the small size of each market. These dynamics support consistent EBITDA margins of around 40%. The group's USD2.3 billion in capex since fiscal 2015 should ensure network competitiveness. Under these circumstances, Fitch expects the company's competitive position to remain stable over the medium term. ESG - Aggressive Corporate Governance: Digicel's decision to restructure debt for the second time in as many years remains a constraint on the ratings. The group has a concentrated ownership and control structure along with a complex group structure that weakens both Digicel's corporate governance and the group's consolidated credit profile. Digicel Group Holdings Limited has an Environmental, Social and Corporate Governance (ESG) Relevance Score (RS) of '5' for Group Structure due to its complex group structure and incorporation status in dozens of countries, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in an implicitly lower rating. Digicel Group Holdings Limited has an ESG RS of '5' for Governance Structure due to the concentrated nature of its decision and willingness to restructure debt, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in an implicitly lower rating. Digicel Group Holdings Limited has an ESG RS of '4' for Exposure to Environmental Impacts due to its presence in a hurricane prone region, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Digicel Group Holdings Limited has an ESG RS of '4' for Financial Transparency due to the company's relatively opaque financial strategy and willingness to restructure debt, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. DERIVATION SUMMARY Digicel Group Holdings Limited's solid business profile, with leading mobile market shares in its well-diversified operational geographies supported by network competitiveness, is stronger than Oi S.A.'s (CCC+), which has also restructured its debt in the last two years. Like Oi, Digicel has very limited financial flexibility and a weak financial structure, despite the recent debt restructurings. Digicel's financial profile is materially weaker than its regional diversified telecom peers in the speculative-grade rating categories, including Millicom International Cellular S.A. (BB+/Stable), and Cable & Wireless Communications Limited (BB-/Stable). Digicel's business profile is relatively less diversified on a service basis, given its reliance on mobile and position in generally poorer countries with significant exchange rate volatility. Parent/subsidiary linkages are weak; therefore, the stronger subsidiary has been notched up from the consolidated credit profile. The aggressive corporate governance that has resulted in two debt restructurings in the last two years is a negative for the company. Under its "Country-Specific Treatment of Recovery Ratings Criteria", Fitch caps Digicel's debt instruments at 'RR4'; therefore, the instruments' ratings are capped at the issuers' IDRs. KEY ASSUMPTIONS -- Mobile service revenues growing in the low single digits, flat equipment revenues, and faster growth in the B2C home and B2B segments; -- EBITDA margins around 40%; -- Average capex of around ~15% of revenues per year. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A completion of the sale of the Pacific assets and the application of the proceeds to DGHL debts; -- Faster than expected growth in mobile service revenues leading to EBITDA expansion; -- Net leverage declining toward 5.0x; -- Successful refinancing for the DL 2023 notes. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- Deterioration of operating performance in key markets, such that leverage continues to increase. 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 Digicel's liquidity improved following the group's restructuring in fiscal 2020 with a reduction in cash interest burden and an extension of the debt amortization profile. The group's liquidity position was also bolstered by the receipt of USD187 million of litigation proceeds in fiscal 2021, although the company has an upcoming maturity in 2023 at the DL level. The planned payment of the company's DGHL debt should also reduce cash interest by USD100 million per year. ISSUER PROFILE Digicel is a diversified telecom operator that provides mobile and fixed-line services to consumers and businesses in the Caribbean and South Pacific regions. SUMMARY OF FINANCIAL ADJUSTMENTS -- Standard adjustments made to financial statements including lease methodology; -- 0% equity credit for PIK convertible. ESG CONSIDERATIONS Digicel Group Holdings Limited has an ESG Relevance Score of '5' for Group Structure due to complex group structure and incorporation in dozens of countries, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in an implicitly lower rating. Digicel Group Holdings Limited has an ESG Relevance Score of '5' for Governance Structure due to nature of its decision and willingness to restructure debt multiple times, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in an implicitly lower rating. Digicel Group Holdings Limited has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to its presence in a hurricane prone region}, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Digicel Group Holdings Limited has an ESG Relevance Score of '4' for Financial Transparency due to the company's relative opaque financial strategy and willingness to restructure debt, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. ======= P E R U ======= AUNA SAA: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Auna S.A.A.'s (Auna) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-', and its senior unsecured notes at 'BB-'. The Rating Outlook is Stable. Auna's ratings factor in the company's leading market position, integrated business model, adequate liquidity, and the strong brand equity of Oncosalud. The stability of the company's cash flow from its insurance business is an additional positive consideration, as are the favorable fundamentals for growth in the Peruvian and Colombian health care industries. Auna's ratings are constrained by the company's rapid growth, short track record of operating in Colombia, and moderate leverage. The Stable Outlook factors in an expectation that the company's leverage will decline in the near future through an increase in operating cash flow. KEY RATING DRIVERS Solid Business Position: Auna operates through three business segments: (1) Oncosalud Peru, (2) Healthcare Services in Peru, which consists of its Auna Peru network, and (3) Healthcare Services in Colombia, which consists of its Auna Colombia network. These segments represent approximately 38%, 28% and 34%, respectively, of the company's consolidated revenues. In Peru, Auna has a solid business position as one of the largest and most recognized players in the health care industry due to its highly regarded oncology services. Growth Prospects Incorporated: Both the Colombian health care market, which the company entered in 2018 through acquisitions, and Peruvian health care market are characterized as underpenetrated with room for growth. Auna owns and operates a total of nine hospitals and 10 clinics (927 beds) in these markets and treated 525,000 patients during the LTM ended in June 2021. The company is able to offer all levels of care through its integrated clinics and hospitals. Oncosalud Brand: Oncosalud is considered the leading brand in Peru, maintaining approximately 30% market share in terms of private insurance plan members in Peru with 828,156 members as of June 30, 2021. This market position makes Oncosalud the largest single private health care plan in the country. Auna has achieved integration in its Peruvian oncology platform through its ownership and management of hospitals and clinics in all of the major cities in the country. Recovery from Pandemic: Auna's revenues grew during the LTM ended June 30, 2021 to around S/.1.8 billion (USD488 mm), while its margins increased to 12.8%, up from 11.1% in FY 2020, but slightly lower than 14% in FY 2019. The coronavirus pandemic crisis negatively impacted Auna's operations during the first half of 2020, as some insurance plans were cancelled and elective procedures postponed. The company's operational performance has recovered beginning in 3Q20 and Fitch´s base case forecasts Auna to end 2021 with an EBITDA of S/.244 million and an EBITDA margin of 13%. Acquisition Driven Growth: Since 2011, Auna has been growing organically and inorganically and developing a network of hospitals and clinics located in all of the major cities in Peru. Key cities in Peru that have been targeted include Chiclayo, Piura, Trujillo, Lima, Callao and Arequipa. In 2018, the company expanded into Colombia through the acquisition of Grupo Las Americas, one of Colombia's leading health care providers. Additionally, in September 2020, the company acquired Clínica Portoazul S.A., a private hospital located in Barranquilla. Negative-to-Neutral Free Cash Flow: Fitch's ratings incorporate an expectation that the company will generate cash flow from operations of S/.129 million in 2021, S/.193 million in 2022 and S/.235 million in 2023. Free cash flow is projected to be negative-to-neutral during these three years due to Auna's investment plan that will total more than S/.600 million. Approximately 70% of expansion capex is expected to be allocated to Peru Healthcare, while 25% will be directed to Colombia Healthcare in 2021. As a result of the execution of its investment plan, Fitch expects the company to increase its EBITDA level from S/.193 million in 2019 to more than S/.300 million in 2022. Expected Deleverage: Fitch projects Auna's net adjusted leverage to reach 4.5x in 2021 and to decline to levels around 3.6x in 2022. During 2019, net leverage had decreased to 3.3x from an average of 4.3x in 2017-2018. The increase in the company's financial leverage during 2020-2021 is driven by the impact of the pandemic in its operations, acquisitions, and high levels of investments in its operations during this period. The company's expected deleverage in 2022 will reflect recovery in current operations as well as increased cash flow generation as a result of recent acquisition and investments. DERIVATION SUMMARY Auna's ratings reflect the company's strong market position as one of Peru's largest and well-known, reputable health care providers and its growing presence in Colombia, in addition to the company's adequate capital structure and financial flexibility positioning. Auna's strong brand, reputation in the industry, and significant R&D platform are among multiple competitive advantages translating into strong relationships with payers and bargaining ability with third parties. Auna is viewed as weaker when compared with regional peers in terms of business scale and size of coverage. Rede D'Or Sao Luiz S.A. (BB/Negative) and Diagnosticos Da America S.A. - DASA (DASA; AAA[bra]), comparably to Auna, both have strong relationships with payers, as well as providers and insurance companies, in Brazil due to the two companies' positive brands and reputations. In terms of capital structure, Auna has projected higher leverage than both, as DASA and Rede D'Or with the three companies projected to report net leverage of 4.4x, -0.7x and 2.0x respectively or YE 2021. Although Auna has comparable business risk with many players in the health care industry, the company benefits from the growing Peruvian and Colombian operating markets with predominantly middle-class demographics. KEY ASSUMPTIONS -- Net adjusted leverage consistently in the 3.5x-4.5x range from 2021; -- Interest coverage (measured as EBITDA/net interest paid ratio) consistently above 2.5x; -- Well-spread debt maturity schedule; -- Negative free cash flow generation during 2021-2022. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Net adjusted leverage (net debt/EBITDA) consistently below 3.5x; -- Interest coverage - measured as EBITDA/Net interest paid ratio - consistently above 4.0x; -- Well-spread debt maturity schedule, with limited recurring short-term debt; -- Expanded network resulting in improved scale and geographic diversification. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Net adjusted leverage consistently above 4.5x from 2021; -- Major legal contingencies issues that represent a disruption in the company's operations or a significant impact to its credit profile. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: The ratings factor in the company's successful completion of the debt issuance during 4Q20, which resulted in no material debt maturities in the upcoming years through 2026. Fitch also estimates that Auna will maintain a stable debt structure with unsecured debt representing around 90% of total debt. Auna has adequate interest coverage, with a 2Q21 ratio of 3.6x and a FY 2021 forecasted ratio of 3.0x. Cash and cash equivalents were S/.226 million in 2Q21 and are expected to be around S/.150 million during 2021-2022. The company has strong relationships with both local and international banks. Fitch views the company's foreign exchange (FX) exposure as moderate as a result of its financial policy to fully hedge any USD debt. Fitch estimates around 100% of Auna's debt will be USD denominated, while the company's cash flow generation is primarily in local currencies, with approximately 72% and 28% of Auna's total revenues being in Peruvian Soles and Colombian pesos, respectively. The ratings incorporate the expectation Auna will maintain an FX hedge position covering 100% of principal of its USD300 million bond issuance. ISSUER PROFILE Auna S.A. is one of the largest and most recognized players in the Peruvian health care industry, with a growing presence in Colombia's health care industry. The company offers Peruvian oncology health care plans and operates hospitals and clinics in both the Peruvian & Colombian markets, offering all levels of care. 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. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Oct. 25 to Oct. 29, 2021 ------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Esval SA 3.5 49.9 2/15/2026 CL CLP Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD YPF SA 16.5 67.3 5/9/2022 AR ARS YPF SA 16.5 67.3 5/9/2022 AR ARS Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD YPF SA 16.5 67.3 5/9/2022 AR ARS Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Sylph Ltd 2.4 65.1 9/25/2036 KY USD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS 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 KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Fospar S/A 6.5 1.2 5/15/2026 BR BRL Noble Holding Internat 6.2 62.2 8/1/2040 KY USD City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Provincia de Rio Negro 7.8 70.3 12/7/2025 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 Provincia del Chubut A 4.5 2208 3/30/2021 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 ********* 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 * * *