/raid1/www/Hosts/bankrupt/TCRLA_Public/221205.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, December 5, 2022, Vol. 23, No. 236
Headlines
A R G E N T I N A
ARGENTINA: Central Bank's Massive Debt Ups Devaluation Prospect
ARGENTINA: Moves Ahead With Second Run at 'Soy Dollar' Scheme
B R A Z I L
BANCO SAFRA: Moody's Affirms 'Ba2' Deposit Ratings, Outlook Stable
BRAZIL: Coffee Crop in 2023 Will be 50-56 Million Bags
BRAZIL: Industrial Production Advances 0.3% in October
BRAZIL: Separates Itself From Emerging Countries
ITAU UNIBANCO: S&P Withdraws 'BB-/B' Issuer Ratings
J A M A I C A
JAMAICA: Investment Policy Could be Tabled in Parliament Soon
M E X I C O
UNIFIN FINANCIERA: S&P Withdraws 'D' Issuer Credit Rating
P U E R T O R I C O
IGLESIAS DIOS: Exclusivity Period Extended to Dec. 9
X X X X X X X X
[*] BOND PRICING: For the Week Nov. 28 to Dec. 2, 2022
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Central Bank's Massive Debt Ups Devaluation Prospect
---------------------------------------------------------------
Rio Times Online reports that the accumulated debt of the Central
Bank of Argentina (BCRA) is so large that more expenses than the
entire primary deficit of the National Public Sector are allocated
for its interest alone.
The massive indebtedness of the BCRA increases the prospects for a
greater future devaluation, according to Rio Times Online.
The financial snowball at the Central Bank of Argentina grew to the
most dangerous levels in more than 30 years, the report notes.
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.
Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
As reported in the Troubled Company Reporter-Latin America on
Nov. 18, 2022, S&P Global Ratings affirmed its 'CCC+/C' foreign
currency sovereign credit ratings on Argentina. S&P lowered the
long-term local currency sovereign credit rating to 'CCC-' from
'CCC+' and the national scale rating to 'raCCC+' from 'raBBB-'.
S&P also affirmed its 'C' short-term local currency rating.
The outlook on the long-term ratings is negative. S&P's 'CCC+'
transfer and convertibility assessment is unchanged.
Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
On July 19, 2022, Fitch Ratings placed Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) and Long-Term Local
Currency IDR Under Criteria Observation (UCO) following the
conversion of the agency's Exposure Draft: Sovereign Rating
Criteria to final criteria. The UCO assignment indicates that
ratings may change as a direct result of the final criteria. It
does not indicate a change in the underlying credit profile, nor
does it affect existing Rating Outlooks.
Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.
DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.
ARGENTINA: Moves Ahead With Second Run at 'Soy Dollar' Scheme
-------------------------------------------------------------
Buenos Aires Times reports that the national government is moving
ahead with the implementation of a "Dolar Soja 2" plan offering
soybean producers a preferential exchange rate of 230 pesos per
greenback for two months.
The initiative started and will be in force until December 30. It
aims to boost the reserves of the Central Bank by more than US$3
billion, according to Buenos Aires Times. The preferential
exchange rate will be 230 pesos per greenback, Agriculture
Secretary Juan José Bahillo told reporters, the report notes.
"The DNU emergency reinstating the program will come out. It is a
second opportunity remaining open for a period of 31 days until
December 30, under the same conditions as last time," remarked the
Secretary of Agriculture, Livestock and Fisheries, the report
discloses.
The figure is well above the official greenback rate of around 166
pesos per dollar at the wholesale level and 170 pesos per dollar
for the general public, the report says.
The team at the Economy Ministry, headed by Sergio Massa, has
already finalized the details of the new program with technicians
representing the main grain exporters who benefited from a similar
scheme back in September, the report relays.
Argentina's government is aiming to raise foreign currency inflow
by US$3.5 billion or more while the scheme is in place, the report
discloses. It wants to meet the reserve accumulation target of
US$6 billion agreed with the International Monetary Fund (IMF)
under the country's US$44.5-billion debt repayment program, the
report says.
Officials are also said to be considering the potential inclusion
of regional economic producers into the scheme, though those
details are still under discussion, the report relays.
Earlier this month, while making a visit to the wine-producing
province of Mendoza, Massa promised to offer regional exporters
access to a preferential rate in an attempt to boost income, the
report notes.
In a speech to businessmen, Argentina's economy minister said it
would be necessary to "work with each sector" to find incentives to
improve production levels, leaving the door open for new measures,
the report relays.
Massa vowed to deliver "a program of tax reductions in regional
economies," the report discloses.
'Temporary Improvement'
Many producers of soybeans, Argentina's main crop, keep their
harvests in stock awaiting better sales conditions, the report
relays. According to a report by the Rosario Stock Exchange, some
8.6 million tonnes of soybeans remain to be sold, the report
notes.
The measure met with criticism from representatives from the
agricultural sector, who called for the provision to be extended to
exporters from other sectors, the report discloses.
"The country's foreign exchange needs cannot always be sustained by
the same sector, nor can we always benefit the same ones and harm
the smaller players," said the Federacion Agraria Argentina, which
groups small and medium-sized producers, in a statement, the report
relays.
"It is necessary that Argentina counts on a comprehensive
agricultural policy meeting the needs of all producers which
contains the regional economies and contemplates the dramatic
situation we are suffering as a result of drought, frost and other
climatic inconveniences," it added, the report says.
The president of the CIARA chamber group, Gustavo Idigoras,
described the measure as a "temporary improvement," adding that "it
will have a direct impact on the price of soy for the domestic
market," the report relays.
In a statement, the organisation pointed out that "the decision to
sell soybeans is always in the hands of the producer and it will be
they who decide when to sell," the report discloses.
The plan is to "increase reserves so that the economy can reach the
end of the year with US$10 billion freely available to have a
back-up and so that tomorrow we are not unbalanced by speculation,"
Industry Secretary José de Mendiguren told Radio Futurock, the
report says.
"Nobody wants several exchange rates but we have to normalise and
stabilize the economy. It is a solution, a tool for the
exceptional circumstances which Argentina is experiencing today,"
said De Mendiguren, the report relays.
The first version of the "soy dollar" program ran from September 5
to 30 and led to the liquidation of around US$8 billion in foreign
currency. As well as boosting Central Bank reserves, it also left
the Treasury to improve its fiscal deficit, the report notes.
Argentina is one of the world's largest exporters of soybean
products with the grain and its derivatives bringing in more than
US$10 billion annually in government revenue on total sales of
US$40 billion, the report relays.
The country's gross international reserves are around US$37.6
billion but analysts point out that net reserves are much lower,
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.
Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
As reported in the Troubled Company Reporter-Latin America on
Nov. 18, 2022, S&P Global Ratings affirmed its 'CCC+/C' foreign
currency sovereign credit ratings on Argentina. S&P lowered the
long-term local currency sovereign credit rating to 'CCC-' from
'CCC+' and the national scale rating to 'raCCC+' from 'raBBB-'.
S&P also affirmed its 'C' short-term local currency rating.
The outlook on the long-term ratings is negative. S&P's 'CCC+'
transfer and convertibility assessment is unchanged.
Last April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.
On July 19, 2022, Fitch Ratings placed Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) and Long-Term Local
Currency IDR Under Criteria Observation (UCO) following the
conversion of the agency's Exposure Draft: Sovereign Rating
Criteria to final criteria. The UCO assignment indicates that
ratings may change as a direct result of the final criteria. It
does not indicate a change in the underlying credit profile, nor
does it affect existing Rating Outlooks.
Moody's credit rating for Argentina was last set at Ca on
Sept. 28, 2020.
DBRS has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.
===========
B R A Z I L
===========
BANCO SAFRA: Moody's Affirms 'Ba2' Deposit Ratings, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed all ratings and assessments
assigned to Banco Safra S.A. (Safra), including Safra's long-term
global scale local and foreign currency deposit ratings of Ba2 and
Not Prime, respectively, as well as the foreign currency senior
unsecured MTN rating of (P)Ba2. Moody's also affirmed the bank's
long-term local and foreign currency counterparty risk ratings of
Ba1, the baseline credit assessment (BCA) of ba2 and the
counterparty risk assessments (CRA) of Ba1(cr). Moody's also
affirmed the foreign currency senior unsecured debt of Ba2 assigned
to the obligations issued by Banco Safra S.A. (Cayman Branch), as
well as its Ba1 counterparty risk ratings and Ba1(cr) counterparty
risk assessments. All short-term ratings assigned to Banco Safra
and to its Cayman Branch were also affirmed. The outlook on Safra's
ratings remains stable.
At the same time, Moody's also affirmed ratings and assessments
assigned to Banco Alfa de Investimento S.A. (Alfa), including the
bank`s long-term local and foreign-currency deposit ratings of Ba2,
and its BCA of ba2. The outlook on Alfa's ratings remains stable.
This rating actions follow the announcement published on November
23, 2022 in which Banco Safra reached an agreement to acquire the
control of Alfa Financial Conglomerate, that includes Banco Alfa de
Investimentos S.A.
RATINGS RATIONALE
The affirmation of Safra's ba2 BCA reflects the bank's
well-established franchise and strong financial fundamentals that
will support the transaction, which has a solid strategic fit with
the bank's traditional core markets, reinforcing its position as
the seventh largest commercial bank in Brazil. Safra's earnings
benefit from a diversified operation focused on corporate banking
and collateralized lending to smaller companies and individuals,
which is supported by disciplined risk culture that historically
contributed to solid recurring earnings generation through the
cycles.
The acquisition complements Safra's product and service offerings,
adding an insurance platform focused on vehicles and a payroll
portfolio, while it also increases its operation in vehicle
financing, where Safra and Alfa center on offering products to
finace new cars to high income individuals. At the same time, the
transaction reinforces Safra in two other core activities where the
bank has solid market shares, the private and corporate banking
businesses.
In terms of capital, Safra has historically operated with a lower
capitalization compared to other banks at the same rating, which
long proven support from shareholders, when necessary. In September
2022, Moody's capital ratio measured by tangible common equity to
risk weighted assets stood at 6.8%. When materialized, the
acquisition could represent up to 74 basis points decline to the
bank's capitalization as of September 2022. However, the
affirmation of the BCA also takes into account the historical
commitment of the shareholders to maintain capital above minimum
requirement, by providing frequent capital injection and dividend
reinvestment to support the bank's growth plans.
In affirming Alfa's ba2 BCA, Moody's acknowledges the bank's sound
and long-track record of maintaining consistently sound financial
profile, supported by strong levels of capitalization, superior
asset quality metrics, and good liquidity buffers, all consistent
with the bank's conservative risk guidelines. In June 2022, Alfa's
capital ratio as calculated by Moody's stood at 11.2% and problem
loans to gross loans at just 0.4% of gross loans. The bank's ba2
BCA also reflects the steady earnings recurrence reported over the
years, and low credit costs that reflected the bank's high income
target and highly collateralized lending portfolio, factors that
help to offset its higher reliance on institutional-based funding
mix, different from other largest commercial banks in Brazil with
the same rating level.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Safra's ba2 BCA have limited upward pressure at this moment because
it is already at the same level of Brazil's Ba2 government bond
rating. However, the bank's BCA could be lowered, and its deposit
ratings downgraded, if Safra's asset quality deteriorates
substantially in case the bank accelerates its operations in
riskier credit platforms to enhance business diversification,
resulting in negative effects to profitability and capitalization,
through increased credit losses. Negative rating pressure would
also arise if the outlook on Brazil's sovereign bond rating changes
to negative, from stable.
The ba2 BCA and Ba2 deposit rating assigned to Banco Alfa de
Investimento S.A. is also at the same level as the Government of
Brazil's Ba2 sovereign bond rating, and therefore, there is limited
upward pressure to the bank's ratings at this point. However,
negative pressure on the bank's standalone credit profile could
arise from increased tolerance for credit, market or operational
risks, which could lead to higher earnings volatility and,
ultimately, negative pressure on Alfa's capital base. A prolonged
lackluster macroeconomic environment, with a potential impact on
Alfa's funding dynamics, could also reduce the bank's recurring
earnings and asset quality, hurting its financial profile.
METHODOLOGY USED
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
Affirmations:
Issuer: Banco Safra S.A.
Adjusted Baseline Credit Assessment, Affirmed ba2
Baseline Credit Assessment, Affirmed ba2
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Counterparty Risk Assessment, Affirmed Ba1(cr)
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1
LT Counterparty Risk Rating (Local Currency), Affirmed Ba1
ST Bank Deposit (Foreign Currency), Affirmed NP
ST Bank Deposit (Local Currency), Affirmed NP
LT Bank Deposit (Foreign Currency), Affirmed Ba2, Stable
LT Bank Deposit (Local Currency), Affirmed Ba2, Stable
Other Short Term (Foreign Currency), Affirmed (P)NP
Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba2
Issuer: Banco Safra S.A. (Cayman Branch)
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Counterparty Risk Assessment, Affirmed Ba1(cr)
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1
LT Counterparty Risk Rating (Local Currency), Affirmed Ba1
Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba2
Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2, Stable
Issuer: Banco Alfa de Investimento S.A.
Adjusted Baseline Credit Assessment, Affirmed ba2
Baseline Credit Assessment, Affirmed ba2
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Counterparty Risk Assessment, Affirmed Ba1(cr)
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1
LT Counterparty Risk Rating (Local Currency), Affirmed Ba1
ST Bank Deposit (Foreign Currency), Affirmed NP
ST Bank Deposit (Local Currency), Affirmed NP
LT Bank Deposit (Foreign Currency), Affirmed Ba2, Stable
LT Bank Deposit (Local Currency), Affirmed Ba2, Stable
Outlook Actions:
Issuer: Banco Safra S.A.
Outlook, Remains Stable
Issuer: Banco Safra S.A. (Cayman Branch)
Outlook, Remains Stable
Issuer: Banco Alfa de Investimento S.A.
Outlook, Remains Stable
BRAZIL: Coffee Crop in 2023 Will be 50-56 Million Bags
------------------------------------------------------
Rio Times Online reports that Brazilian farmers will produce a low
of 50 million and a high of 56 million bags of coffee next year as
production areas continue to be adversely affected by the weather,
according to a report by independent analyst SpillingTheBeans.
There are still few estimates on the market for next year's crop in
the world's largest coffee producer and exporter, according to Rio
Times Online. Some early reports from commodity traders indicated
output would be large despite the off year, the report relays.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He will be sworn in on January 1, 2023,
as the 39th president of Brazil, succeeding Jair Bolsonaro.
In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative. In June 2022, S&P Global
Ratings also affirmed its 'BB-/B' long- and short-term foreign and
local currency sovereign credit ratings on Brazil. Moody's, in
April 2022, affirmed Brazil's long-term Ba2 issuer ratings and
senior unsecured bond ratings, (P)Ba2 senior unsecured shelf
ratings, and maintained the stable outlook. On the other had,
DBRS, in August 2022, confirmed Brazil's Long-Term Foreign and
Local Currency Issuer Ratings at BB (low).
BRAZIL: Industrial Production Advances 0.3% in October
------------------------------------------------------
Richard Mann at Rio Times Online reports that in Oct. 2022, the
national industrial production had a positive variation of 0.3%
compared to September in the seasonally influenced free series.
Compared to Oct. 2021, the industry grew by 1.7%. In the year, the
industry has accumulated a drop of 0.8% and, in 12 months, a
retreat of 1.4%, according to Rio Times Online.
With these results, the industrial sector is 2.1% below the
pre-pandemic level (Feb. 2020), and 18.4% below the record level
reached in May 2011, the report notes.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He will be sworn in on January 1, 2023,
as the 39th president of Brazil, succeeding Jair Bolsonaro.
In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative. In June 2022, S&P Global
Ratings also affirmed its 'BB-/B' long- and short-term foreign and
local currency sovereign credit ratings on Brazil. Moody's, in
April 2022, affirmed Brazil's long-term Ba2 issuer ratings and
senior unsecured bond ratings, (P)Ba2 senior unsecured shelf
ratings, and maintained the stable outlook. On the other had,
DBRS, in August 2022, confirmed Brazil's Long-Term Foreign and
Local Currency Issuer Ratings at BB (low).
BRAZIL: Separates Itself From Emerging Countries
------------------------------------------------
Vinicius Andrade at Rio Times Online reports that Brazil missed out
on the biggest monthly rise for emerging assets since 2016 amid
fears that President-elect Luiz Inacio Lula da Silva (PT,
progressive-globalist) will embark on a spending spree, which has
clouded prospects for Brazilian markets.
The MSCI Brazil index is down more than 6% in November, heading for
its worst month since June, according to Rio Times Online.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He will be sworn in on January 1, 2023,
as the 39th president of Brazil, succeeding Jair Bolsonaro.
In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative. In June 2022, S&P Global
Ratings also affirmed its 'BB-/B' long- and short-term foreign and
local currency sovereign credit ratings on Brazil. Moody's, in
April 2022, affirmed Brazil's long-term Ba2 issuer ratings and
senior unsecured bond ratings, (P)Ba2 senior unsecured shelf
ratings, and maintained the stable outlook. On the other had,
DBRS, in August 2022, confirmed Brazil's Long-Term Foreign and
Local Currency Issuer Ratings at BB (low).
ITAU UNIBANCO: S&P Withdraws 'BB-/B' Issuer Ratings
---------------------------------------------------
S&P Global Ratings withdrew its 'BB-/B' global scale and
'brAAA/brA-1+' national scale issuer ratings on Itau Unibanco
Holding S.A. (Itau) and on its subsidiary, Itau Unibanco S.A. The
outlook on all ratings were stable. S&P also withdrew its 'BB-'
issue-level rating on Itau Unibanco S.A. (Cayman).
At the time of the withdrawal, Itau had a 'bbb' stand-alone credit
profile (SACP), four notches above our issuer credit rating on the
bank. The sovereign ratings limited those on Itau because, like
other banks operating in Brazil (BB-/Stable/B), Itau has
significant asset exposure in the domestic market and to the
sovereign. Moreover, most of its liquid assets are invested in
domestic government bonds. The bank's SACP reflected its
diversified and resilient business activities stemming from its
market-leading franchise and geographic and business
diversification, which remain the differentiating factors that
underpin its earnings stability, despite market volatility.
Ratings List
NOT RATED ACTION; CREDITWATCH/OUTLOOK ACTION
TO FROM
ITAU UNIBANCO HOLDING S.A.
Issuer Credit Rating NR/NR BB-/Stable/B
Brazil National Scale NR/NR brAAA/Stable/brA-1+
ITAU UNIBANCO S.A.
Issuer Credit Rating NR/NR BB-/Stable/B
Brazil National Scale NR/NR brAAA/Stable/brA-1+
ITAU UNIBANCO S.A. (CAYMAN)
Senior Unsecured NR BB-
=============
J A M A I C A
=============
JAMAICA: Investment Policy Could be Tabled in Parliament Soon
-------------------------------------------------------------
RJR News reports that the National Investment Policy could soon be
tabled in the House of Representatives.
State Minister in the Investment Ministry Dr. Norman Dunn says
Cabinet has approved the framework, according to RJR News.
"It has been submitted to Parliament and is currently scheduled for
tabling. The policy focuses on 11 main contributory policies,
issues towards improving and increasing private direct investments
in Jamaica," he shared, the report notes.
Dr. Dunn said the policy is a sign of the government's commitment
to give rise to a business environment that "bolsters and enhances
economic development and growth through sustainable investment,"
the report relays.
He added that the National Investment Policy underpins the national
business portal, which is intended to drive improvements in the
business environment by shifting government online, the report
discloses.
Dr. Dunn was speaking at the Invest Jamaica Conference.
As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
===========
M E X I C O
===========
UNIFIN FINANCIERA: S&P Withdraws 'D' Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings withdrew all ratings on Unifin Financiera,
S.A.B. de C.V. (Unifin). The withdrawal includes all issue-level
ratings on the entity's senior and hybrid bonds. S&P's withdrawing
its ratings following the announcement that Unifin won't be
publishing any financial information for the third quarter of 2022.
Therefore, S&P doesn't expect to receive sufficient information
from the company needed to keep its credit analysis up to date.
S&P said, "As a result, we're unable to analyze the most recent
credit standing of Unifin. As such, we have determined, in
accordance with our methodologies and policies, that we lack
sufficient information to comply with our information quality and
reliability standards, which we require to maintain our ratings on
issuers."
As reported in the Troubled Company Reporter-Latin America on
August 11, 2022, S&P Global Ratings on Aug. 9, 2022, lowered its
issuer credit rating on Unifin Financiera S.A.B. de C.V. to 'D'
from
'B+'. S&P also cuts its issue-level ratings on the lender's senior
unsecured debt to 'D' from 'B+' and on its hybrid perpetual notes
to 'D' from 'CCC+'.
=====================
P U E R T O R I C O
=====================
IGLESIAS DIOS: Exclusivity Period Extended to Dec. 9
----------------------------------------------------
Iglesias Dios Es Amor, Inc. received court approval to remain in
control of its bankruptcy until this week.
Judge Edward Godoy of the U.S. Bankruptcy Court for the District of
Puerto Rico issued an order extending to Dec. 9 the period during
which only Iglesias Dios Es Amor can file a Chapter 11 plan of
reorganization and disclosure statement.
About Iglesias Dios Es
Amor
Iglesias Dios Es Amor, Inc., filed its voluntary petition for
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R.
Case No. 21-03508) on Nov. 29, 2021, with as much as $1 million
in both assets and liabilities. Elias Reyes Ortiz, president,
signed the petition.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Gerardo L. Santiago Puig, Esq., at Santiago Puig
Law Offices as legal counsel and Juan C. Pomales Torres as
accountant.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Nov. 28 to Dec. 2, 2022
------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Fospar S/A 6.5 1.2 5/15/2026 BR BRL
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Esval SA 3.5 49.9 2/15/2026 CL CLP
Noble Holding Internat 6.1 62.0 3/1/2041 KY USD
City of Cordoba Argent 7.9 73.1 9/29/2024 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 de Cordoba 7.1 74.7 8/1/2027 AR USD
Sylph Ltd 2.4 65.1 9/25/2036 KY USD
Province of Santa Fe 6.9 75.2 11/1/2027 AR USD
Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD
AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL
Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD
Noble Holding Internat 6.2 62.2 8/1/2040 KY USD
Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD
Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD
Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD
Noble Holding Internat 5.3 60.5 3/15/2042 KY USD
Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP
Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY
Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD
Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY
Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD
Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD
Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD
Province of Santa Fe 6.9 74.7 11/1/2027 AR USD
Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD
Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD
Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR
Provincia del Chubut A 4.5 2208 3/30/2021 AR USD
Province of Santa Fe 6.9 75.2 11/1/2027 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
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S U B S C R I P T I O N I N F O R M A T I O N
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
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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.
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