/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/230130.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, January 30, 2023, Vol. 24, No. 22 Headlines A R G E N T I N A ARGENTINA: Discusses Whether to Combine Currencies With Brazil BLOCKFI INC: Intends to Sell $160MM Bitcoin Miner-Backed Loans B E R M U D A FTX GROUP: To Hire Bankruptcy Lawyers Amid Conflicts Concerns B R A Z I L AMERICANAS SA: Shareholders Unaware of Accounting Problems C O L O M B I A GRUPO SURA: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable G U A T E M A L A CT TRUST: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable J A M A I C A JAMAICA: Remittance Declines in 2022 SSL: Former Employee Supposedly Details Intricate Fraud Scheme [*] JAMAICA: Tourism Rebound Drives Economic Growth M E X I C O FINDEP: Fitch Gives 'BB-(EXP)' Rating on USD Unsec. Notes N I C A R A G U A NICARAGUA: Rebounds From Protracted Contraction in 2020 P A N A M A MULTIBANK INC: Fitch Assigns 'BB+(EXP)' Rating on USD Unsec. Notes T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Grew by 4.1% in First Half of 2022 X X X X X X X X [*] BOND PRICING: For the Week Jan. 23 to Jan. 27, 2023 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Discusses Whether to Combine Currencies With Brazil -------------------------------------------------------------- globalinsolvency.com, citing Bloomberg News, reports that Argentina and Brazil are in the preliminary stages of renewing discussions on forming a common currency for financial and commercial transactions, reviving an often-discussed plan that would face numerous political and economic hurdles. South America's two largest economies have considered options to coordinate their currencies for decades, often to counter the influence of the dollar in the region, according to globalinsolvency.com. The persistent macroeconomic imbalances of both countries, together with recurrent political obstacles to the idea, has resulted in little practical progress, the report notes. The latest negotiations were initiated by Buenos Aires, according to a Brazilian government official, the report discloses. They're at a very early stage and there's no deadline for completion, said the official, who asked not to be identified because the discussions aren't public. Brazil's agreement was no more than a nod for talks to take place, the person said, 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. S&P Global Ratings, on Jan. 20, 2023, affirmed its 'CCC+/C' foreign currency and 'CCC-/C' local currency sovereign credit ratings on Argentina. The outlook on the long-term ratings remains negative. S&P's 'CCC+' transfer and convertibility assessment is unchanged. The negative outlook on the long-term ratings reflects risks surrounding pronounced economic imbalances and policy uncertainties before and after the 2023 national elections. Global capital markets are closed to Argentina. Moreover, disagreement within the government coalition and infighting among the opposition constrains the sovereign's ability to implement timely changes in economic policy. Fitch Ratings, on the other hand, downgraded in October 2022 Argentina's Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) to 'CCC-' from 'CCC'. The downgrade reflects deep macroeconomic imbalances and a highly constrained external liquidity position, which Fitch expects to increasingly undermine repayment capacity as foreign-currency debt service ramps up in the coming years. Moody's Investors Service, in September 2022, affirmed Argentina's Ca foreign-currency and local-currency long-term issuer and senior unsecured ratings. The outlook remains stable. The decision to affirm the Ca ratings balances Argentina's limited market access, weak governance, and history of recurrent debt restructurings with recent efforts to marshal fiscal and monetary measures to start addressing underlying macroeconomic imbalances in the context of the IMF program that was approved in 2022, according to Moody's. DBRS 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. BLOCKFI INC: Intends to Sell $160MM Bitcoin Miner-Backed Loans -------------------------------------------------------------- David Pan of Bloomberg News reports that bankrupt crypto lender BlockFi Inc. plans to sell about $160 million of loans backed by around 68,000 Bitcoin mining machines, according to two people familiar with the matter. The Jersey City, New Jersey-based company, which filed for protection from creditors in November, started on the bidding process for the loans last 2022, the people said. Some of the loans have already defaulted and appear to be undercollateralized given the current prices of Bitcoin mining equipment, according to the people. BlockFi didn't immediately return a message seeking comment. About BlockFi Inc. BlockFi is building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year. Kirkland & Ellis is also advising Celsius and Voyager in their separate Chapter 11 cases. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC as strategic and communications advisor. Kroll Restructuring Administration, LLC is the notice and claims agent. ============= B E R M U D A ============= FTX GROUP: To Hire Bankruptcy Lawyers Amid Conflicts Concerns ------------------------------------------------------------- Dietrich Knauth and Andrew Goudsward at Reuters report that a U.S. judge signed off on FTX's choice of legal advisers to navigate its bankruptcy, after the collapsed crypto exchange told the court it had reached an agreement that resolved the U.S. Department of Justice's concerns about potential conflicts of interest. The U.S. Trustee, the Justice Department's bankruptcy watchdog, and two of FTX's creditors had asked U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware not to approve FTX hiring Sullivan & Cromwell, arguing the New York law firm had not disclosed sufficient information about its past ties to FTX, according to Reuters. These ties, they said, include the fact that FTX's U.S. general counsel, Ryne Miller, is a former partner at the firm. The U.S. Trustee and a Sullivan & Cromwell lawyer representing FTX told Dorsey at a hearing that the firm and the exchange provided the Justice Department additional disclosures about the firm's pre-bankruptcy work, which satisfied the department's concerns, the report notes. Dorsey said the objectors had not shown there was an active conflict of interest between FTX and the firm, and to the extent that conflicts could arise there were procedures in place to deal with them, the report relays. Former top FTX attorney Daniel Friedberg had also opposed Sullivan & Cromwell's hiring in court filings, saying the law firm had overbilled for legal work and had conflicts of interest stemming from its connections to Miller, the report notes. Miller tried to "channel a lot of business to S&C" and "looked forward to returning as a partner to S&C" after his stint at FTX, Friedberg wrote, the report says. FTX creditor Warren Winter asked Dorsey to delay the firm's approval until Friedberg's allegations were investigated, the report relays. The judge denied the request, saying Friedberg's court filing was not properly presented to the court and "full of hearsay, innuendo, speculation and rumors," the report discloses. FTX has pushed back on the objections in court filings, saying it relies on Sullivan & Cromwell for high-stakes work like securing customer assets and sharing information with U.S. prosecutors and regulators, the report says. Forcing it to find new lawyers, FTX has said, would disrupt efforts to clean up the mess left behind by founder Sam Bankman-Fried, who has been accused by U.S. prosecutors of orchestrating an "epic" fraud that may have cost investors, customers and lenders billions of dollars, the report says. Bankman-Fried, who has pleaded not guilty, has repeatedly attacked Sullivan & Cromwell since FTX's implosion, claiming he was strong-armed by lawyers at the firm into filing for bankruptcy and surrendering control of the company, the report notes. The firm called those allegations false in court filings, the report relays. The firm also took aim at Friedberg's filing at the hearing, accusing him of participating in Bankman-Fried's efforts to undermine the firm, the report discloses. "They can't throw stones at the U.S. Attorney's Office, but they can throw stones at debtors' counsel who are providing information" to prosecutors and regulators, Sullivan & Cromwell partner James Bromley said, the report relays. Sullivan & Cromwell has said it should not be disqualified simply because it performed some pre-bankruptcy work for FTX and that it never served as primary outside counsel to any FTX entity, the report says. FTX filed for bankruptcy protection in November, saying it was unable to completely repay customers who had deposited funds on its exchange, the report notes. Serving as primary bankruptcy counsel to FTX would likely allow Sullivan & Cromwell to reap hundreds of millions of dollars in fees, legal experts have said. FTX has sought bankruptcy court permission to pay top Sullivan & Cromwell attorneys more than $2,000 per hour, the report relays. Bankruptcy judges usually allow companies to choose their bankruptcy attorneys, but conflicts of interest can result in attorney disqualification in rare cases, the report adds. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== AMERICANAS SA: Shareholders Unaware of Accounting Problems ---------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Americanas SA's three largest shareholders, the billionaire founders of 3G Capital, said they had not known of $4 billion in accounting 'inconsistencies' at the Brazilian retailer. In their first official statement since Americanas filed for bankruptcy, Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles said they were "sorry for investor and creditor losses," according to globalinsolvency.com. "We didn't know of and would never allow any accounting manipulation in the company", the statement said. It said Americanas had been audited by PwC and that the retailer's "banks and auditors never reported any problems, the report notes. Americanas was granted bankruptcy protection by a Rio de Janeiro court. Earlier this month, Chief Executive Sergio Rial resigned, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais, the report adds. About Americanas SA Americanas was one of the largest diversified retail chains in Brazil, with a wide platform of physical stores, robust e-commerce, fintech, and has just entered into the niche food retail. It is listed on B3, being indirectly controlled by Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles. Americanas sought protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on January 25, 2023. =============== C O L O M B I A =============== GRUPO SURA: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Grupo de Inversiones Suramericana S.A.'s (Grupo Sura) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed Grupo Sura's National Long-Term Rating at 'AAA(col)' and National Short-Term Rating at 'F1+(col)'. Additionally, Fitch is affirming Grupo Sura's senior unsecured notes, senior unsecured local notes and senior unsecured local CP program at 'BB+', 'AAA(col)' and 'F1+(col)', respectively. The Rating Outlook is Stable. Grupo Sura's ratings consider the credit quality of its dividend streams, diversification in the sources of dividends and a track record of dividend stability. Fitch projects that approximately 80% of Grupo Sura's 2022-2023 dividend stream will come from Sura Asset Management (BBB/Stable), Bancolombia (BB+/Stable) and Suramericana, while the balance will come from its stake in Grupo Argos (AAA[col]/Stable) and Grupo Nutresa. The Stable Outlook reflects Fitch's view that the company's leverage metrics will be at or below 3.0x from 2023 and that it will maintain healthy liquidity. KEY RATING DRIVERS Solid Investment Portfolio: Sura Asset Management, Bancolombia and Suramericana are the largest sources of cash flow to Grupo Sura, making up 80%-85% of dividends received. The weighted average credit quality of the issuers distributing dividends to Grupo Sura during the next few years is anticipated to be 'BB+' This measure reflects Fitch's projection that Bancolombia will provide around 50% of dividends during the rating horizon. A decline in the weighted rating to below 'BB+' would be credit negative for Grupo Sura. Dividends Recover: Fitch projects that Sura's dividends received will be USD309 million in 2023, which would be an increase from a projected USD239 million in 2022. These figures reflect a substantial recovery from USD165 million during 2021 and compare with the pre-pandemic level of USD302 million in 2019. Dividends should grow to around USD353 million by 2025. Growth will be driven by higher dividends from Bancolombia due to the strong performance of its consolidated assets and loan portfolio. Declining Leverage: Grupo Sura had approximately USD1 billion of holding company debt as of Sept. 30, 2022. As dividends increase net leverage metrics at the holding company should decline. Fitch projects net debt to dividends received to be 3.1x for 2023, which would be an improvement from a projected holding company leverage metric of 4.2x in 2022. With growing dividends received expected at the holding company due to the strong performance of Bancolombia, these metrics should trend to at or below 3x by 2023. Adequate Financial Flexibility: Grupo Sura has proven access to international and local bond and equity markets. Its liquidity is further enhanced by uncommitted credit lines and stakes in nonstrategic entities that it could divest. The company's ability to maintain strong loan-to-value (LTV) metrics is incorporated as a key rating factor. Fitch estimates LTV to be below 15% as of Dec. 31, 2022, which is viewed as strong for the rating category. DERIVATION SUMMARY Grupo Sura's ratings reflect the credit quality of its dividend income streams, diversification in the sources of dividends and track record of dividend stability, in addition to the company's level of cash interest coverage and adequate liquidity. Grupo Sura's ratings also incorporate the structural subordination of the holding company's debt to the debt at its operating companies. In terms of peers, Fitch views Grupo Sura's average credit quality of its dividend income streams as weaker than Intercorp Peru Ltd. (BBB-/Negative), Alfa S.A.B. de C.V. (BBB-/Stable) and Votorantim, S.A. (BBB-/Stable). Grupo Sura's business profile compares well with Intercorp and Alfa, as their main subsidiaries and associates have solid business positions in key markets. Grupo Sura's cash flow generation coming from its businesses in the bank, asset management, insurance, packaged food and infrastructure, is better diversified than Votorantim which is more dependent of its cement business and exposed to more volatility in its pulp and metal and mining businesses. In terms of financial profile, Grupo Sura has a weaker capital structure than Intercorp, Alfa and Votorantim. Grupo Sura net leverage is expected to fall to 3.1x by 2023 from 4.2x in 2022. This compares with net leverage (net debt/dividends) ranging from 2.0x to 2.5x for Intercorp and Alfa. Votorantim has a stronger financial profile with Net debt/EBITDA forecast at 1.0x for the next three years. KEY ASSUMPTIONS - Total annual dividends received in the COP1,500 billion to COP1,800 billion range during 2023-2025; - Net leverage levels, measured as net debt/received dividends, around 4.2x in 2022 and trending towards 3.0x from 2023; - Interest coverage, measured as dividends received/ interest expense, above 3.0x from 2023. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - A positive rating action on Sura Asset Management and/or Bancolombia; - Improvement in the credit profile of Suramericana. Factors that could, individually or collectively, lead to negative rating action/downgrade: - A negative rating action on Sura Asset Management and/or Bancolombia; - Deterioration in the credit profile of Suramericana; - Weakening liquidity and consistent deterioration in net leverage metrics, reaching levels consistently above 5.0x and LTV consistently at levels above 30%; - A change of control of Grupo Sura's key subsidiaries that affect the stability of the dividend stream. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: The company has historically maintained low levels of cash relative to its short-term debt. This is mitigated by Grupo Sura's dividend income and ability to access alternative sources of liquidity. The company has debt amortizations of USD93 million in 2023 and USD118 million in 2024. The company's cash plus marketable securities position was approximately COP17 million as of September 2022. The company's strategy to cover debt maturities during 2023 and 2024 is to increase cash position from the dividends to be received and debt refinancing. Fitch views Grupo Sura's refinancing risk as low. The company has proven access to international and local bond and equity markets, uncommitted credit lines and a high level of nonstrategic stakes. Grupo Sura's liquidity access through equity and debt instruments is estimated at around USD1.7 billion. Fitch expects the company's interest coverage ratio, measured as total received dividends/net interest expense, to be above 3.0x from 2023. ISSUER PROFILE Grupo Sura is a holding company with positions in leading Colombian companies with presence in the Americas. Its investment portfolio consists of five companies, three of them in the financial sector: Sura Asset Management (pension funds), Bancolombia (banking) and Suramericana (insurance). SUMMARY OF FINANCIAL ADJUSTMENTS - Total debt is adjusted by the net position of derivatives instrument used to hedge the foreign-currency debt; - The company's total revenues amount is adjusted to exclude non-operational and nonrecurring revenues. ESG CONSIDERATIONS Grupo Sura has ESG Relevance Score of '4' for Governance Structure, due to the ongoing disputes of shareholders at the Board of Directors' level, which has created uncertainty surrounding the company's holding of Grupo Nutresa and the potential use of those proceeds if it is sold. This has a negative impact on the credit profile, and is relevant to the ratings 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. Entity/Debt Rating Prior ----------- ------ ----- Grupo de Inversiones Suramericana S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natl LT AAA(col) Affirmed AAA(col) Natl ST F1+(col) Affirmed F1+(col) senior unsecured LT BB+ Affirmed BB+ senior unsecured Natl LT AAA(col) Affirmed AAA(col) senior unsecured Natl ST F1+(col) Affirmed F1+(col) ================= G U A T E M A L A ================= CT TRUST: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed CT Trust's Long-Term Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) at 'BB+'/Outlook Stable. Fitch has also affirmed CT Trust's senior unsecured debt at 'BB+'. CT Trust is a special purpose vehicle of Comcel Group (Comcel) and a wholly-owned subsidiary of Millicom International Cellular S.A. (MIC; BB+/Stable). Comcel's ratings are linked to that of its parent, due to the lack of financial ring-fencing between the two entities and Millicom's ability to access the subsidiary's cash flow through dividends and other measures. KEY RATING DRIVERS Leading Market Position: Comcel has a Standalone Credit Profile (SCP) of 'bbb-' due to its strong capital structure and dominant business position. It is the largest mobile operator in Guatemala, with an estimated mobile subscriber market share of approximately 63%. The company also holds a market share of approximately 44% in broadband internet. These market positions are supported by its solid network and service quality, as well as its strong brand recognition. Near-term promotional activity by key competitor Claro has resulted in minor market share loss in mobile along with some pricing pressures in 2022, but, due to the relatively stable two-player market and structural advantages, Fitch expects Comcel to continue to retain its leading market position. Solid Margins: Comcel boasts one of the highest operating margins among telecom operators in the region, with EBITDA margins of 50% as of 2021. Comcel's EBITDA margins have improved over the past few years, as operational savings have offset erosion in mobile ARPUs, driven by declining voice/SMS revenues and increasing competitive pressures. Fitch expects further margin improvement will be limited, as cost inflation pressures, mix-shift with faster growth in the lower-margin home business, and a challenging pricing environment in mobile offset gains from cost efficiencies. Nevertheless, margins still compare favorably with regional peers. Fitch expects EBITDA margins to remain stable near 50% over the medium term. Low Leverage: Comcel's 'bbb-' SCP takes into consideration the company's low leverage and strong free cash flow before dividends to Millicom. The company's net debt/EBITDA ratio is projected to remain under 2.0x over the medium term, backed by solid operational cash generation. Fitch does not foresee any material improvement in the company's capital structure in the medium term as excess cash is expected to be upstreamed to Millicom. Cashflow from operations (CFO) is projected to be in excess of USD600 million annually through 2025 with capex in the range of USD225 million and dividends around USD400 million. Parent-Subsidiary Relationship: Fitch takes a consolidated approach to the ratings of Comcel and Millicom and projects Millicom's consolidated net leverage ratios will be below 3.5x during the rating horizon. This approach, which is a result of the application of Fitch's Parent and Subsidiary Rating Linkage Criteria, constrains Comcel's ratings at the 'BB+' rating level of its parent, Millicom, despite its 'bbb-' SCP. Millicom is a holding company that relies solely on dividends from its subsidiaries. The absence of a legal ring-fencing mechanism to limit cash upstreams to Millicom exposes Comcel to dividend distributions that could pressure its FCF generation, particularly due to the relative importance of Comcel to the group. Access and control is also open, as there is no formal policy separating funding and subsidiary upstream lending occurs. DERIVATION SUMMARY Comcel's largest competitor, Claro Guatemala, is a subsidiary of America Movil S.A.B. de C.V. (A-/ Positive). America Movil has a stronger financial profile than Millicom, but Fitch does not expect the company to materially take away market share from Comcel over the rating horizon, as Comcel maintains a leading brand presence and superior existing network infrastructure. Comcel's credit profile is strong compared with its regional telecom peers in the 'BB' rating category due to its high profitability, robust cash flow generation and low leverage, underpinned by its leading market shares and solid network quality and coverage. The company's credit profile is in line with its peer Telefonica Celular del Paraguay (BB+/Stable), an integrated telecom operator and Millicom's subsidiary in Paraguay. Comcel's credit profile is stronger than Chilean telecom operator, WOM (BB-/ Stable) based on its lack of service diversification and weaker financial profile. Another 'BB' category peer, Telefonica del Peru, S.A.A. (TdP; BB+/Negative), has a strong market share in the fixed segment, at approximately 60%. However, TdP has sustained weaker margins than Comcel due, in part, to heightened competition in the mobile segment. Comcel's lack of geographic diversification, weak revenue diversification, and high shareholder return constrain the rating. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer Include - Mobile subscriber growth of 1%-2% in 2023-2024; rebounding from flat growth in 2022; - Low single-digit mobile ARPU erosion over the forecast horizon; - Low single-digit growth in homes passed, with flat home ARPU over the forecast horizon; - Revenue generating unit per home passed continuing to rise driven by bundling; - EBITDA margins remaining steady near 50% over the medium term; - Capital intensity of approximately 13.5% over the medium term; - Elevated shareholder returns holding leverage at 1.7x on a net debt/EBITDA basis over the medium term. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Millicom, Comcel's controlling shareholder would have positive rating implications. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Guatemala's sovereign rating or Country Ceiling could lead to a downgrade of Comcel's Foreign Currency IDR; - A negative rating action on Millicom due to net leverage exceeding 3.5x on a consolidated basis or 4.5x on a holding company debt/dividend received basis. LIQUIDITY AND DEBT STRUCTURE Solid Liquidity: Comcel has a solid liquidity profile backed by its high cash balance, stable CFFO and well-spread debt maturities. As of Sept. 30, 2022, the company held USD139 million in cash and equivalents, which favorably compares with approximately USD4 million of short-term debt. The company faces no significant debt maturities over the rating horizon. As of Sept. 30, 2022, the company's debt was comprised of USD590 million in local bank financing and the USD900 million bonds due 2032. On Nov. 20, 2022, the company announced that as part of a tender offer, USD18 million of the principal of the bonds were tendered. ISSUER PROFILE CT Trust is a special-purpose vehicle (SPV) created in the Cayman Islands to issue senior unsecured notes on behalf of Comcel Group, a group of several legal entities providing telecommunication services in Guatemala under the Tigo brand. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch applied standard lease adjustments. 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. Entity/Debt Rating Prior ----------- ------ ----- CT Trust (Comcel) LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ============= J A M A I C A ============= JAMAICA: Remittance Declines in 2022 ------------------------------------ RJR News reports that net remittance inflows to Jamaica fell by 2.7 per cent in the month of November, in comparison with November 2021. The Bank of Jamaica reported that total inflows were valued at US$249.6 million, according to RJR News. It said there was an increase in total remittance outflows, valued at $9.1 million, which was partly offset by an increase of 0.7% in total remittance inflows, the report notes. The month's performance brought net remittance inflows to US$2.18 billion for April to November 2022, the report discloses. That's 1.8% lower than the corresponding period in 2021, the report adds. 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. SSL: Former Employee Supposedly Details Intricate Fraud Scheme -------------------------------------------------------------- Kimone Witter at RJR News reports that a statement by Jean-Ann Panton, a former Wealth Advisor at Stocks and Securities Limited (SSL), which has been making the rounds on social media, has been authenticated. In the statement, Ms. Panton admitted to defrauding several clients of the investment firm, according to RJR News. The Justice of the Peace whose signature is affixed to the document, confirmed to Radio Jamaica News that he signed the statement but did not read the contents, the report notes. According Ms. Panton's statement, she estimated that US$864,614.60 and J$18,186,000 was fleeced from the accounts of her clients, the report relays. In the statement, Jean-Ann Panton lists almost 40 clients who were fleeced and details her reasons for stealing the funds, the report discloses. The statement, which was made to the management of Stocks and Securities Limited, is dated January 7, 2023 - days before the multi-million dollar fraud at the entity was made public, the report relays. Notably, sprint legend Usain Bolt - whose US$12.7 million at SSL was defrauded - is not on the list of the persons which Panton named in her signed statement, the report notes. Giving her reasons for the fraud, she explained that around 2010, her father was diagnosed with cancer and she was "primarily responsible for her parent's care and finances," the report discloses. Ms. Panton said her father had to go overseas for treatment, and that is when she thought of "borrowing" money from the accounts of her clients. She said: "I had no idea how I would pay it back but that was the solution at the time," the report says. Three years later, she noted, her father passed away, and again she went to her clients accounts to fund the funeral expenses, the report relays. She also revealed that her brother tried to kill her mother, and he was committed to a home, which further lent to her digging into her clients funds to cover those expenses as well, the report notes. Ms. Panton said the ravages of the COVID-19 pandemic and a reduced salary from SSL led to her repeatedly withdrawing clients funds to cover her various expenses, the report relays. The document details the intricate scheme of how she withdrew millions of dollars from the clients' accounts, the report notes. The statement said she would use various mechanisms, such as editing a customers email in an email thread, which would provide consent for the sale of clients' shares and make disbursements to the respective bearers, the report relays. She said as the wealth advisor, she would then make a request to the asset management team for the approval of the sale, the report relays. Once the shares were sold, cheques would be requested and entrusted to four bearers who would change them at the bank and return the money to her, the report discloses. Additionally, when clients requested funds, she would put more than what was requested. When those funds were delivered to her, the client would receive the amount they requested, and she would keep the remaining portion, the report relays. In other cases, she said an email request would be made, which did not originate from the client, and the entire sum would be kept by her, the report says. To keep her scheme going, she said when clients would request their funds or a portion of it, she would borrow the funds from another account to make the requisite payments, the report adds. [*] JAMAICA: Tourism Rebound Drives Economic Growth --------------------------------------------------- Josimar Scott at Jamaica Observer reports that the relaxation of COVID-19 containment measures and the rebound in tourism arrivals continued to have a growth-inducing impact on the economy in the third quarter of calendar year 2022 (July - September) as figures from the Statistical Institute of Jamaica (Statin) indicated a 5.9 per cent growth in gross domestic product (GDP) relative to the same period in 2021. "This was a result of growth in both the services and goods-producing industries of 6.0 per cent and 5.6 per cent, respectively. The performance reflected the continued recovery of the economy from the impact of the COVID-19 pandemic," Carol Coy, director general of Statin, said in a press briefing, according to Jamaica Observer. Within the services industries the hotels and restaurants industries recorded the highest growth of 35.3 per cent, having benefited from a 49.2 per cent jump in foreign national arrivals, the report notes. Jamaica recorded increases from its three major tourism markets - the United States of America, Canada and Europe, the report relays. Growth of 13.1 per cent in the other services industry was also credited to the rise in the number of international tourist arrivals, with the recreational, cultural and sporting sub-industries benefiting from "the increase in stopover and cruise passenger arrivals as well as the revocation of COVID-19 containment measures," the report discloses. The transport, storage and communication industry was also impacted by increased activities in the tourism sector and recorded increased output of 5.9 per cent, the report says. On the other hand, the wholesale and retail trade, and the repairs and installation of machinery and equipment sub-industries grew by 5.3 per cent, where "higher output levels in the agriculture and manufacturing industries as well as the growth in imports were the primary contributors to this increase", Coy shared, the report notes. Electricity and water supply grew by 3.9 per cent; real estate, renting and business activities, 3.3 per cent; finance and insurance services, 1.0 per cent; and producers of government services, 0.1 per cent, the report relays. Meanwhile, the agriculture, forestry and fishing industries contributed the higher portion of growth in the goods-producing sector, with a rise in output of 17 per cent, the report notes. "The performance of the agriculture, forestry and fishing industry resulted from growth in both sub-industries - that is, other agricultural crops - and this includes animal farming forestry and fishing which grew by 17 per cent; and traditional export crops which went up by 16.8 per cent, the report says. With a 9.5 per cent improvement in production, the manufacturing sector was the only other category in the goods-producing industries to record growth, the report discloses. Both the mining and quarrying industry and the construction industry showed declines in out - by 27.6 per cent and 3.1 per cent, respectively, the report adds. 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 =========== FINDEP: Fitch Gives 'BB-(EXP)' Rating on USD Unsec. Notes --------------------------------------------------------- Fitch Ratings has assigned an expected Long-Term rating of 'BB-(EXP)' to Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.'s (Findep) proposed U.S. dollar senior unsecured notes (Step-Up Senior Notes). The final rating is contingent upon the receipt of final documents conforming to the information already received. The proposed issuance will be for up to 80% of the outstanding 8.0% Senior Notes and up to five years (about USD129.3 million). The new debt issuance will be in the form of a step-up note with semi-annually interest payments. The notes may be redeemed in whole or in part at the decision of the issuer on or after March 1, 2024 and will be fully and unconditionally guaranteed by Findep's subsidiaries (Apoyo Economico Familiar, S.A. de C.V., Sofom, E.N.R., and Apoyo Financiero, Inc.) as the entity's 2024 bond. This issuance is part of the exchange offer for the entity's outstanding 8.000% Senior Notes due 2024. KEY RATING DRIVERS Findep's senior global debt is rated at the same level as its Long-Tem Issuer Default Ratings (IDRs) of 'BB-'/Stable, as the likelihood of default of the notes is the same. Findep's ratings mainly reflect its business profile and its funding liquidity and coverage, which are both assessed at 'bb-'. The ratings also reflect with moderate importance the relatively low tangible leverage, controlled asset quality and strengthened profitability. For the assessment of the financial profile, Fitch considers an operating environment (OE) score of 'bbb-' above other Mexican NBFIs, benefited by Findep's meaningful operation in the United States. In Fitch's view, Findep's recognized franchise and geographical diversification in the microfinance sector partly offsets the higher risk of its business model oriented to unsecured consumer and microfinance loans for a low-income population. Findep's funding liquidity and coverage assessment reflects its funding structure maturity concentration in the outstanding senior notes due 2024 which the entity is planning to address with the Step-Up Senior Notes. Fitch would assess any changes to the funding structure of the company after the exchange offer is finalized. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - The rating of this issuance will be downgraded in tandem with the IDRs. Factors that could, individually or collectively, lead to positive rating action/upgrade: - The rating of this issuance will be upgraded in tandem with the IDRs. SUMMARY OF FINANCIAL ADJUSTMENTS Pre-paid expenses and other deferred assets were reclassified as intangibles and deducted from equity to reflect their low loss absorption capacity. ESG CONSIDERATIONS Findep has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security as its business model has high lending rates to unbanked, lower-income segments of the population, which exposes Findep to relatively high regulatory, legal and reputational risks. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Findep has an ESG Relevance Score of '4' for Exposure to Social Impacts given that its business model (individual loans to low-income segments) is exposed to shifts of consumer or social preferences or to measures that the government could take to increase financial inclusion. This has a negative impact on the credit profile and is relevant to the rating 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. Entity/Debt Rating ----------- ------ Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. senior unsecured LT BB-(EXP) Expected Rating ================= N I C A R A G U A ================= NICARAGUA: Rebounds From Protracted Contraction in 2020 ------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Nicaragua. The IMF staff noted that prudent macroeconomic policies, substantial pre-crisis buffers (primarily government deposits) and official external financial assistance helped Nicaragua's economy rebound from a protracted contraction during 2018-2020, caused by the socio-political crisis of 2018, two major hurricanes in 2020, and the pandemic. Real GDP grew by 10.3 percent in 2021 and is projected to have grown by 4 percent in 2022, supported by external demand, remittances, and high prices for commodity exports. Gross international reserves have doubled since end-2018 (to over US$4 billion; about 6 months of imports, excluding maquila). Bank deposits are growing, reaching the pre-crisis level (in Córdobas). Real GDP growth is expected to moderate to 3 percent in 2023, due mainly to the global slowdown. Inflation - which reached 11.4 percent in November 2022, primarily due to import price increases - is projected to decline in 2023 in line with lower growth and an expected significant decline in global inflation. In the medium-term, real GDP is expected to grow by about 3 1/2 percent, below the pre-crisis historical average, as credit to the private sector and private investment cautiously recover. The favorable outlook is subject to uncertainty and risks on the downside, primarily due to external developments, natural disasters, or a deterioration in the business climate and stricter international sanctions. Executive Board Assessment Executive Directors agreed with the thrust of the staff appraisal. They noted the strong economic recovery and favorable outlook. Directors welcomed the authorities' commitment to continued prudent policies to strengthen policy buffers, economic growth, and resilience, given downside risks and vulnerabilities to natural disasters. They underscored the need for further efforts to improve the business climate, transparency, and governance. Directors called for strengthening medium-term fiscal consolidation to safeguard fiscal sustainability and external stability. This would require streamlining other current expenditures, improving the targeting of subsidies and unwinding crisis-related spending measures while preserving adequate social spending and reducing poverty, addressing imbalances in the social security system and state-owned enterprises (SOEs), and strengthening domestic revenue mobilization. Directors underscored the need to continue raising the reference interest rate to maintain the interest-rate differential with the U.S., consistent with the crawling exchange rate peg regime and financial and external stability. Directors welcomed the sound banking sector capital and liquidity buffers and called for further strengthening the financial sector by increasing provisions for distressed assets, preserving sound lending practices as credit rebounds, enhancing the crisis preparedness framework, and expanding the prudential supervisory perimeter. Directors welcomed the improvements in the AML/CFT framework and Nicaragua's recent exit from the FATF grey list. They encouraged the authorities to strengthen the effectiveness of the framework further, including in the non-profit sector. Directors welcomed recent steps toward increasing fiscal transparency. They commended the authorities for publishing their first fiscal risks report and the first external audit report on the use of COVID-19 funds. Directors also encouraged the authorities to publish all audit reports and financial statements of state-owned enterprises. Directors noted the steps taken to enhance governance and anticorruption frameworks, but stressed the need for further efforts to address remaining shortcomings. They emphasized the need to strengthen the asset declaration regime for public officials and prioritize reviews of politically exposed persons to strengthen anti-corruption efforts. They also recommended ensuring whistleblower protection, fair and impartial access to the court system and to recourse in legal proceedings, to support property rights, contract enforcement, and investment protection. Directors welcomed the authorities' commitment to improve the quality and consistency of statistics, building on Fund technical assistance recommendations. =========== P A N A M A =========== MULTIBANK INC: Fitch Assigns 'BB+(EXP)' Rating on USD Unsec. Notes ------------------------------------------------------------------ Fitch Ratings has assigned an expected rating of 'BB+(EXP)' to Multibank, Inc. (Multibank) proposed USD-denominated fixed rate senior unsecured notes. The amount of these notes is expected to be USD300 million. The tenor is likely to be five years, and a maturity date is yet to be determined. The proceeds will be used for to prepay other institutional debt. The final rating is subject to the receipt of final documentation conforming to information already received. KEY RATING DRIVERS Senior Unsecured Debt: Multibank's rating of its proposed senior unsecured obligations is at the same level of the banks' Issuer Default Rating (IDR) as the likelihood of default of the new debt is the same as the other senior unsecured obligations of Multibank. The notes will be direct, unconditional and unsecured general obligations of Multibank and ranks pari passu in right of payment with all other existing and future general unsecured and unsubordinated obligations (please see the ranking section of the offering). In Fitch's view, Multibank supports its group's franchise and market position in Panama and contributes to the group's business model and regional strategy, providing key products and services in a market considered core. Growing integration with Bogota improves Multibank's franchise, provides a relative business model stability and benefits the subsidiary's business generation. Fitch also weighs with high importance the reputational risk that an event of default by Multibank would constitute to its shareholder, severely damaging the franchise. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - Multibank's senior unsecured debt would mirror any potential downgrade on its IDRs. Factors that could, individually or collectively, lead to positive rating action/upgrade: - Multibank's senior unsecured debt would mirror any potential upgrade on its IDRs. 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. Entity/Debt Rating ----------- ------ Multibank, lnc. senior unsecured LT BB+(EXP) Expected Rating ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Grew by 4.1% in First Half of 2022 ----------------------------------------------------- Andrea Perez-Sobers at Trinidad Express reports that the Central Statistical Office (CSO) data shows that the T&T economy defied forecasts and grew in the first quarter of 2022, according to Finance Minister Colm Imbert. In a news release Imbert said the CSO previously estimated that real Gross Domestic Product (GDP) would decline by 0.1 per cent, according to Trinidad Express. However, he said the economy grew by 1.6 per cent in that quarter and GDP grew by 6.6 per cent in the second quarter of 2022, the report notes. Imbert said this means that for the first half of 2022, according to the CSO, Real GDP grew by a healthy 4.1 per cent, almost twice the growth figure previously estimated for that period, the report relays. "What is interesting and encouraging, in the latest data published by the CSO, is that it indicates that the non-energy sector experienced real GDP growth of 4.6 per cent in the first quarter of 2022 and real GDP growth of 10.5 per cent in the second quarter of 2022, yielding strong economic growth in the non-energy sector of 7.5 per cent in the first half of 2022," the minister explained, the report discloses. He said data demonstrates that T&T's economy is recovering from the ravages of the Covid-19 pandemic and that its diversification efforts are bearing fruit, the report relays. The data, Imbert explained, also indicates that this country's nominal GDP, which is used to calculate its Debt-to-GDP ratio is also better than previously estimated, the report says. "Preliminary calculations indicate that nominal GDP for Trinidad and Tobago in the first half of 2022 was $3 billion more than previously calculated," he added. Commenting on the data, UWI economist Dr Vaalmikki Arjoon told the Express this positive news is largely attributed to the non-energy component of the manufacturing sector, the report discloses. The data shows that the food processing sector grew by 28 per cent in Q2 2022, compared to the same period in 2021, the report notes. Arjoon said the reopening of many economies and revitalized tourist arrivals in various Caribbean countries increased the demand for food produced by local food processors and encouraged increased production, the report relays. "Further, manufacturers were able to take advantage of the surge in overall spending in the early part of last year. They also attained much relief from their forex woes due to the allocation by EXIM bank, which enabled them to pay for their raw materials and equipment imported, thereby being able to increase production and supply more of the international market," the economist highlighted, the report notes. It is however more important to compare the performance with the pre-pandemic period, he said as the pandemic naturally led to very low levels of production, the report says. "When compared to Q2 in 2019, the food processing sector grew by a whopping 35 per cent in Q2 2022, highlighting that the sector has surpassed its pre-pandemic performance. While there was some underperformance from the petroleum and chemical products, which declined by 6 per cent from Q2 2021 to Q2 2022, construction activities grew by almost 10 per cent in Q2 2022 relative to the same period in 2021," Arjoon concluded, the report discloses. And, Chaguanas Chamber of Industry and Commerce (CCIC) president Baldath Maharaj said growth is surely being seen, as in the borough of Chaguanas there was an increase in retail activities in 2022, the report relays. "Chaguanas is the hub of retail activity in Trinidad, but in addition to this there was also a rise in service activities, especially restaurant sales. This would have been supported by the growth in the food processing sector as many restaurants acquired their ingredients from our local food processors. There was also some marginal growth noted from the first quarter to the second of last year," Maharaj added. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Jan. 23 to Jan. 27, 2023 ------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- ---- Odebrecht Finance Ltd 6.0 16.4 4/5/2023 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 Province of Santa Fe 6.9 75.2 11/1/2027 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 Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR 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 Cia Latinoamericana de 9.5 73.9 7/20/2023 AR 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 Fospar S/A 6.5 1.2 5/15/2026 BR BRL 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 Noble Holding Internat 6.1 62.0 3/1/2041 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 Sylph Ltd 2.4 65.1 9/25/2036 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 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 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 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 ********* 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 2023. 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 * * *