/raid1/www/Hosts/bankrupt/TCRLA_Public/220221.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, February 21, 2022, Vol. 23, No. 31
Headlines
A R G E N T I N A
ARGENTINA: IMF Risking Reputation With Deal, Says Ex Official
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Diecom Highlights Effort to Avoid Fuel Cost Up
DOMINICAN REPUBLIC: Fitch Gives BB- Rating to USD 2029 & 2023 Notes
DOMINICAN REPUBLIC: Reduces Debt Service by US$1.1 Billion
DOMINICAN REPUBLIC: S&P Gives BB- Rating on USD 2029 & 2033 Notes
J A M A I C A
JAMAICA: BOJ to Make Announcement Concerning Policy Interest Rate
T R I N I D A D A N D T O B A G O
TELECOMMUNICATIONS SERVICES: Moody's Affirms B2 Corp Family Rating
TRINIDAD CEMENT: Workers Hopeful For Closure
X X X X X X X X
[*] BOND PRICING: For the Week Feb. 14 to Feb. 18, 2022
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: IMF Risking Reputation With Deal, Says Ex Official
-------------------------------------------------------------
Buenos Aires Times reports that the International Monetary Fund
(IMF) is risking its reputation with a new agreement with Argentina
that does not address the changes the country needs to overcome its
"cycle of low growth and instability," a former top official at the
multilateral lender said.
Alejandro Werner, who headed the IMF's Western Hemisphere
Department from January 2013 to August 2021, called the preliminary
agreement between the Fund and the Peronist government of Alberto
Fernández to refinance Argentina's multibillion-dollar debt
"disappointing."
"The macroeconomic policy targets of the programme are very weak,
there is negligible strengthening of macroeconomic institutions,
and a structural reform agenda is completely absent," the economist
wrote in a column for Americas Quarterly, according to Buenos Aires
Times.
IMF staff and Fernandez's government announced a pre-agreement on
January 28 to renegotiate the country's US$44.5-billion debt, a
legacy of the record US$57-billion loan granted in 2018 to the
administration of former president Mauricio Macri, the report
notes.
Werner questioned Fernandez for "blaming" previous governments for
high indebtedness instead of undertaking policies to resolve "very
deep" structural issues, in particular public spending running at
more than 40 percent of GDP.
The new agreement, which would be the IMF's 23rd with Argentina,
"settles for the minimum conditions to avoid descending into the
abyss," but "will not contribute to putting the country on course
to exit decades of instability and stagnation," wrote Werner, the
incoming director of Georgetown University's Institute of the
Americas, the report notes.
He warned that "the probability of the program going off-track is
high, and it will generate moral hazard as other countries will
demand similar treatment in their engagements with the
multilateral" lender, the report relays.
"It seems that, in the end, the IMF decided not to become the
odious collector that punishes Argentina for not being able to
repay their debt, nor the ogre that imposes tough medicine," he
said, the report discloses.
"By agreeing to this very weak EFF under the logic of the achieving
the 'possible program' and not the 'right program' the IMF is
putting its reputation on the line behind the authorities' economic
agenda while it waits for the 24th program with Argentina,"
concluded Werner, a Mexican economist born in Buenos Aires in 1967,
the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its 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.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Diecom Highlights Effort to Avoid Fuel Cost Up
------------------------------------------------------------------
Dominican Today reports that the director of the Media Unit of the
Government Strategy and Communication Directorate (Diecom),
Federico Reynoso, highlighted the effort made by the Dominican
Republic government to assume the increase that could occur weekly
in the price of fuel, given the upward trend of the barrel of oil.
Reynoso recalled that only in the week of the 12th to the 18th of
this month, the State had to spend the sum of RD$600 million pesos
to cover 100% of the increase in the cost of gasoline, propane gas
and other fuels, according to Dominican Today.
The official regretted that crude oil has risen above 90 dollars,
and defended the decision of the President of the Republic, Luis
Abinader, to side with the population, according to a statement.
"Drivers, housewives, merchants and other sectors are not alone in
this situation, since they have official support and solidarity,"
he said, the report relays.
Reynoso offered these statements in Dajabon, where began a national
day of presentation of provincial spokespersons of the government
work, which will last until the 15th of next month, 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.
TCRLA 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, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'. The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative. S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said. A
rapid economic recovery from the downturn because of the pandemic
should mitigate external and fiscal risks.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
DOMINICAN REPUBLIC: Fitch Gives BB- Rating to USD 2029 & 2023 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned 'BB-' ratings to Dominican Republic's
USD1.782 billion notes maturing in February 2029 and to its
USD1.782 billion notes maturing in February 2033. The 2029 notes
have a coupon of 5.5%, and the 2033 notes have a coupon of 6.00%.
Both instruments contain call options for redemption.
From USD3.564 billion gross proceeds, a portion, USD1.264 billion,
will be used to redeem the tendered and accepted portions of
Dominican Republic's 6.6% bonds due 2024, 5.875% amortizing bonds
due 2024, and 7% U.S. dollar-denominated notes due July 2023. The
remainder of the net proceeds will be used for the partial
financing of the 2022 budget and other general purposes of the
government.
KEY RATING DRIVERS
-- The bond rating is in line with Dominican Republic's Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB-'.
-- On Dec. 8, 2021, Fitch affirmed Dominican Republic's Long-Term
Foreign and Local-Currency IDRs at 'BB-'.
The following ESG issues represent Key Rating Drivers for the
bond:
ESG - Governance: Dominican Republic has an ESG Relevance Score
(RS) of '5[+]' and '5', respectively, for Political Stability and
Rights and for the Rule of Law, Institutional and Regulatory
Quality, and Control of Corruption. These scores reflect the high
weight that the Worldwide Governance Indicators (WGI) have in
Fitch's proprietary Sovereign Rating Model. Dominican Republic has
a medium WGI ranking at the 45.2 percentile, reflecting a recent
track record of peaceful political transitions, a moderate level of
rights for participation in the political process, moderate
institutional capacity, established rule of law and a moderate
level of corruption.
Other Key Rating Drivers can be found in the issuer rating action
commentary dated Dec. 8, 2021.
The rating on bonds is sensitive to any changes in the Long-Term
Foreign-Currency IDR, which has the following rating sensitivities
(as per the aforementioned issuer rating action commentary).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deterioration of the government debt/GDP and interest/revenues
ratios, for example, through the loosening of fiscal policy,
the re-emergence of material financial losses of the public
electric utilities, or lower GDP growth rates than expected;
-- An external shock that widens the current account deficit or
the emergence of tougher external financing conditions or
private capital outflows, which result in a sustained fall in
international reserves.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Implementation of policy measures that strengthen the
government's budget flexibility, fiscal policy credibility,
and the balance sheet of the government and/or central bank;
-- Entrenchment of the central bank's inflation-targeting regime
resulting in greater monetary policy credibility and
effectiveness.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
The ESG profile is in line with that of the Dominican Republic.
DOMINICAN REPUBLIC: Reduces Debt Service by US$1.1 Billion
----------------------------------------------------------
Dominican Today reports that the Dominican Government, through the
Ministry of Finance, carried out a bond liability management
operation in US dollars with which it says it achieved a reduction
in debt service of US$1,100 million for the period 2022-2024.
In a press release they state that, at the same time, a sovereign
bond issue was made for US$3,564 million in the international
market, of which US$1,264 million were allocated to the liability
management operation and the rest, US$2,300 million, will be to
cover part of the external financing foreseen in the 2022 General
State Budget, according to Dominican Today.
They detail that, of the US$1,100 million reduction in debt service
for the next three years achieved with the liability management
operation, US$190.3 million correspond to the year 2022, the report
notes.
Similarly, this operation reduces the cost of debt in three basis
points and increases the average maturity of dollar bonds by 0.3
years, 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.
TCRLA 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, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'. The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.
Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative. S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said. A
rapid economic recovery from the downturn because of the pandemic
should mitigate external and fiscal risks.
Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.
DOMINICAN REPUBLIC: S&P Gives BB- Rating on USD 2029 & 2033 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the Dominican
Republic's US$3.56 billion notes:
-- US$1.78 billion due in 2029 at a 5.5% interest rate, and
-- US$1.78 billion due in 2033 at a 6.0% interest rate.
The rating on the notes is the same as the long-term foreign
currency sovereign credit rating on the Dominican Republic
(BB-/Stable/B). About a third of the issuance (US$1.26 billion)
will be used to roll over three bonds maturing in 2023 and 2024
while the remainder will be used for general budgetary purposes.
S&P's 'BB-' long-term ratings on the Dominican Republic reflect its
fast-growing and resilient economy. Despite its vulnerability to
external shocks, the country has achieved an impressive economic
recovery following the unprecedented shock from the COVID-19
pandemic. The recovery has corrected some of the sovereign's
external and fiscal weaknesses.
The ratings also incorporate the country's historical political and
social challenges in passing structural reforms to contain fiscal
deficits and improve public-sector finances despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and the country's
limited monetary policy flexibility.
The stable outlook reflects S&P's expectation of continued
favorable GDP growth and policy continuity that will likely
stabilize the government's debt burden despite lack of progress
with broader tax reforms.
=============
J A M A I C A
=============
JAMAICA: BOJ to Make Announcement Concerning Policy Interest Rate
-----------------------------------------------------------------
RJR News reports that the Bank of Jamaica will announce the latest
decision of the Monetary Policy Committee regarding the policy
interest rate.
The rate, which is now at 2.5 per cent, is charged to deposit
taking institutions on overnight lodgments at the Central Bank,
according to RJR News.
The rate has been increasing since September 2021 when it was point
5 per cent, the report notes.
The committee has been adjusting the rate, in a bid to curb
inflation, which hit 9.7 per cent for the 12 months up to January,
the report relays.
The BoJ has indicated that it is open to continue moving the rate
upward, which is expected to slow spending in the economy, the
report notes.
Similar to other central banks around the world, analysts expect
the rate to further increase, the report adds.
As reported in the Troubled Company Reporter-Latin America on Nov.
25, 2021, Moody's Investors Service has affirmed the Government of
Jamaica's long-term issuer and senior unsecured ratings at B2. The
senior unsecured shelf rating has also been affirmed at (P)B2. The
outlook on the ratings remains stable.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TELECOMMUNICATIONS SERVICES: Moody's Affirms B2 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
of Telecommunications Services of Trinidad and Tobago Limited
(TSTT). The rating agency has also affirmed TSTT's B2 secured
ratings on the company's senior secured notes including its two
tranches, TTD680 million that the company plans to upsize to
TTD1,360 million and its $300 million senior secured notes, both
due 2029. The outlook remains stable.
Proceeds from the add-on, if successfully executed, TTD680 million
(equivalent to $100 million), will be used to finance the
implementation of TSTT's operational restructuring and general
corporate purposes.
The affirmation of TSTT' ratings is based on Moody's assumption
that the company will continue its deleverage trend towards 4 times
including Moody's standard adjustments from relatively high levels
(peak at 7.6 times in December 2020) over the next 18 months while
maintaining good liquidity. The proposed operational restructure
will bring savings of around TTD180 million per year moving the
company's margins to the mid 30's, including Moody's standard
adjustments, from 24.4% on average for the last three years.
Moody's expects these savings to be permanent over time; however,
given the declining revenue trend the rating agency also expects
TSTT to use this flexibility to put in place commercial strategies
to retain and even attract new customers in order to address the
persistently declining revenue trend.
Affirmations:
Issuer: Telecommunications Services of Trinidad
Corporate Family Rating, Affirmed B2
Baseline Credit Assessment, Affirmed b3
Senior Secured Regular Bond/Debenture, Affirmed B2
Outlook Actions:
Issuer: Telecommunications Services of Trinidad
Outlook, Remains Stable
RATINGS RATIONALE
TSTT's b3 BCA reflects its leading market positions in the mobile,
fixed voice and business to-business (B2B) segments in Trinidad &
Tobago and its extensive offering, which comprises a full suite of
services (mobile, fixed telephony, fixed internet, pay TV and B2B).
The BCA also reflects TSTT's limited revenue and geographic
concentration in a single, small market, which has some exposure to
natural disasters. The telecom sector in Trinidad and Tobago is
highly competitive and has already high penetration rates in
comparison to regional standards, which constrains earnings
growth.
Being indirectly owned by the Government of Trinidad and Tobago
(Trinidad and Tobago, Ba2 stable), TSTT's B2 CFR reflects the
application of Moody's joint default analysis approach for
Government-Related Issuers (GRIs) and combines: (i) TSTT's
underlying BCA of b3, (ii) the Ba2 rating of Trinidad and Tobago,
(iii) a high default dependence between TSTT and Trinidad and
Tobago, and (iv) a moderate expected level of support by Trinidad
and Tobago in the event of financial stress.
Since 2016, TSTT started the implementation of a strategic plan,
which has resulted in reduced costs through headcount reductions
and aimed to increase revenue again, after several years of
decline. The plan included heavy headcount reduction, already
implemented for the most part, as well as a modernization of the
company's networks, with the expansion of TSTT's LTE network and
the implementation of fiber and fixed wireless networks to offer
more compelling internet services to its customers. Through the
years the company has been able to manage costs and improve EBITDA
margin (as adjusted by Moody's) to 38% for the last twelve months
ended December 2021. At the same time, TSTT managed to reduce
leverage (gross debt/EBITDA, including Moody's adjustments) to 3.9
times, from 6.8 times in FYE March 19, (peak at 7.6 times in
December 2020).
Following the announced restructuring, Moody's believes that
leverage will reach between 4.5-5 times and margins around 35% in
the medium term given challenges related to the persistent negative
trend in revenues. This trend has been further aggravated by the
COVID-19 strict confinement measures implemented in Trinidad &
Tobago, which drove revenues decline of 18% in the FYE March 21.
The decline was partly driven by the intense competition, and the
negative impact on the mobile segment, particularly prepaid, as
well as the delays in the process of migrating the customers who
were still on TSTT's copper network to its fiber or fixed wireless
networks. Moody's expects a 5% drop in revenue in the FYE March 22
and stable revenues the following year, as confinement measures
gradually ease, and churn decreases helped by network upgrades and
commercial initiatives to gain new customers.
TSTT liquidity is adequate, supported by the company's TTD426
million ($36 million) cash on hands as of December 31, 2021, which
positively compares to the company's TTD170 million coming due in
the next twelve months. This amount includes mostly vendor
facilities and TTD37 million related to a TTD100 million unsecured
commercial paper facility. The company does not have a backup
facility, but it does not expect to use additional funds under this
facility. Given the investments made in recent years, Moody's
expects TSTT to continue posting positive free cash flow, as it has
been the case since FYE March 2021 and LTM ended December 2021 at
TTD371 million ($55 million) and TTD70 million ($10 million),
respectively.
The notes are senior secured, and the collateral includes
first-priority fixed and floating charges over substantially all
TSTT's assets. Senior secured debt represents the vast majority of
TSTT's debt and the B2 rating of the notes is aligned with the B2
CFR.
The stable outlook reflects Moody's expectation that TSTT will be
able to return revenue growth from FYE March 2023 onwards, as well
as improve and maintain its EBITDA margin to the mid- to high-30s
in percentage terms, while maintain adequate liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
TSTT's B2 ratings could be upgraded if the company returns to
steady revenue growth, with a sustained EBITDA margin in the high
30s and reduces its leverage (that is adjusted gross debt/EBITDA)
below 4.0 times on a sustainable basis. An upgrade of Trinidad and
Tobago's rating and higher support assumption could also result in
an upgrade, if the company's credit metrics show an improving
trend.
TSTT's B2 ratings could be downgraded if TSTT is unable to return
to sustained revenue growth and sustain profitability. Ongoing
negative free cash flow, a weakening in its liquidity or leverage
maintained above 5.5 times could also trigger a downgrade. A
downgrade of Trinidad and Tobago's rating, weaker support
assumption or a change in TSTT's ownership which would result in
the government of Trinidad and Tobago having a smaller stake in
TSTT could also result in a downgrade of TSTT's ratings.
The methodologies used in these ratings were Telecommunications
Service Providers published in January 2017.
TSTT is a government-owned telecommunications company and a leading
provider of communications services in Trinidad & Tobago, including
wireless, fixed voice, fixed internet, pay TV and B2B. The company
generated revenue of TTD1,953 million ($285 million) for the 12
months that ended on December 31, 2021. TSTT is 51% owned by
National Enterprises Limited (NEL), which, in turn, is 66% owned by
the Government of Trinidad & Tobago, and 49% owned by Cable and
Wireless (West Indies) Limited. NEL is an investment holding
company that operates on behalf of the government and holds shares
in select state enterprises.
TRINIDAD CEMENT: Workers Hopeful For Closure
--------------------------------------------
Trinidad Express reports that following protest action over the
past six weeks outside Trinidad Cement Ltd's (TCL) Claxton Bay
compound, present and former workers are hopeful that a meeting
expected between its union and management will bear fruit.
Permanent workers, casual employees and retirees have been
protesting twice weekly for weeks, according to Trinidad Express.
They said they are owed money, including cost of living allowance
(COLA), gain sharing and backpay from over the past ten years, the
report notes.
Speaking during protest action, retiree Learie Mike said he worked
for the company for over 35 years, the report relays.
Mike said, "Back in 2012, we had a lot of protest, we had a 90-day
legal strike. When the strike was over some people were left home,
some people weren't allowed to come back to work . . . The company
had made an agreement with the union that they going to take 20 per
cent of the backpay from the casuals and the permanent workers to
secure job security . . . and after that was paid the majority of
casuals were sent home and today casuals still standing outside
here. Never got their 20 per cent that they took from them and they
lost their jobs also," the report relays.
Died Without Getting Money
Mike said hundreds of retirees have been affected and several of
his colleagues have passed away without receiving payment, the
report discloses.
He recalled, "I was speaking to a guy who work with me for about 34
years and he was asking me when we will get this money, and that
was just in December, and the beginning of January he died from
Covid. It is sad to think about somebody waiting for their money
and they die and they can't get their money and all these things
have to rest on management's shoulders," the report relays.
He said while family members will inherit the money, it is unfair
that employees worked hard and waited to receive their payments but
died before this could happen, the report says.
Kenrick Toppy, who retired over four years ago after working at the
company for more than 37 years, said he is still awaiting payment,
the report discloses.
"The company and the court already had whatever agreement for them
to pay us our money and we still trying to overcome. Whist working
we had to come by the gate and sing and dance, after working we
still have to come by the gate and sing and dance so I don't know
when this going to end . . ." he said.
He is hoping the situation will come to an end following today's
meeting between the Oilfields Workers' Trade Union (OWTU) and the
company's management, the report potes.
The Express contacted TCL concerning the meeting but a response was
not received, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Feb. 14 to Feb. 18, 2022
-------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Argentine Republic Gov 8.3 74.5 12/31/2033 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
KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD
Banco Macro SA 17.5 65.2 5/8/2022 AR ARS
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
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
Province of Santa Fe 6.9 75.2 11/1/2027 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
YPF SA 16.5 67.3 5/9/2022 AR ARS
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US 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
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
City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD
YPF SA 16.5 67.3 5/9/2022 AR ARS
Polarcus Ltd 5.6 71.8 7/1/2022 AE USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 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
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
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
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2022. 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 * * *