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/raid1/www/Hosts/bankrupt/TCRLA_Public/230316.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, March 16, 2023, Vol. 24, No. 55 Headlines A R G E N T I N A ARGENTINA: Looks to Buy Time on US$37 Billion of Maturing Debt ARGENTINA: S&P Ups Local Currency SCR to 'CCC-' as Default is Cured ARGENTINA: Worst Drought in Memory Lands New Blow to Economy B O L I V I A BOLIVIA: Fitch Cuts IDRs to 'B-', Alters Outlook to Neg. B R A Z I L AMERICANAS SA: Investors Want to Freeze Assets of Majority Holders BRAZIL: President Calls for More Investments in Country GOL LINHAS: S&P Cuts ICR to 'SD' on Debt Restructuring Completion C A Y M A N I S L A N D S TT GLOBAL: First Creditors' Meeting Set for March 28 ZOHAR FUNDS: Delaware Is Inappropriate Venue, NY Court Says C H I L E GUACOLDA ENERGIA: S&P Cuts Downgrades ICR to 'CC' on Tender Offer WOM SA: Fitch Lowers Long-Term IDRs to 'B+', Outlook Negative J A M A I C A JAMAICA: NIR Rises to US$3.93 Billion JAMAICA: T&T Trade Mission Seeks to Expand Trade Affairs - - - - - ================= A R G E N T I N A ================= ARGENTINA: Looks to Buy Time on US$37 Billion of Maturing Debt -------------------------------------------------------------- Scott Squires at Bloomberg News reports that Argentina is expert at buying itself time to pay off debt that's coming due, and it plans to use its hard-earned skills to delay bond repayments until after a presidential election. The second-largest economy in South America has an estimated US$37 billion of local bonds maturing in the second quarter, and it's looking to swap as many of them as possible into new debt maturing 2024 and 2025, according to Bloomberg News. Securities that aren't exchanged will have to be refinanced when the country auctions new bonds, which could be expensive and difficult soon before a presidential election in October whose outcome is uncertain, Bloomberg News relays. Even if Argentina does successfully swap enough bonds, it has a US$174 billion mountain of local debt to manage, Bloomberg News says. That pile is growing almost exponentially because so many of its obligations are linked to inflation, which is running at around 100 percent, Bloomberg News notes. Economists from Argentina's main opposition coalition have complained that the government's debt exchange plan only delays the pain that's coming for whoever is president after the next election, Bloomberg News discloses. It's also not clear how voluntary this swap is for many parties. The public sector, including public banks and the state-run pension fund ANSES, hold about half the nation's local bonds due this quarter and will be forced to swap. And private sector banks, which are regulated under state law, must enter a portion of their holdings in the swap, Bloomberg News relays. A spokesperson for the Economy Ministry didn't respond to a request for comment. The country expects 55 percent to 70 percent of holders of local debt to exchange their bonds, Bloomberg News relays. A similar swap earlier this year, when the nation extended maturities on 2.89 trillion pesos (US$16.2 billion) of notes, was deemed a "selective default" by S&P Global Ratings. Soon after that, S&P raised the local currency debt rating to CCC-. S&P and Fitch Ratings Inc. declined to comment. A representative for Moody's Investors Service didn't respond to a request for comment, notes Bloomberg News. A failed swap risks a mass exodus from Argentina's local debt in coming months, forcing the government to print money to cover its obligations and pushing inflation even higher, Bloomberg News notes. But President Alberto Fernandez's administration says a successful exchange will show that Argentina can keep its debt obligations under control, Bloomberg News discloses. "We want to leave behind the idea that Argentina is always weeks away from a default," Economy Minister Sergio Massa said, Bloomberg relates. "This will allow us to clear up any uncertainty for 2023." If more investors enter the swap than the expected 55 to percent 70 percent participation rate, Argentina will need to print far fewer pesos to pay for any maturing debt that can't be rolled over, which will allow the Treasury to continue issuing bonds that mature in the coming months, according to local brokerage Portfolio Personal Inversiones, Bloomberg News relays. The firm estimates second quarter maturities for local debt at around $7.4 trillion pesos (US$36.9 billion), Bloomberg News notes. Argentina has a long history of restructuring debt, and reneging on promises to bondholders. It has defaulted on foreign bonds three times since the turn of the century, most recently in a 2020 restructuring deal that gave investors about 55 cents on the dollar, Bloomberg News notes. It isn't selling foreign debt now, but the international securities it has sold previously now trade for around 30 cents on the dollar, Bloomberg News discloses. "With expected participation around 65 percent to 70 percent, it should be good enough for a swap, but not enough to eliminate risks," said Alejo Costa, chief Argentina strategist at BTG Pactual in Buenos Aires, Bloomberg News relays. "As for a potential restructuring in the future, anyone would try to avoid it at first, but you never know," Bloomberg News notes. To goad investors into swapping, Argentina will offer investors the right to sell their debt back to the nation, potentially at a discount, known as a put option, on the securities they swap into, Bloomberg News adds. Investors will be allowed to swap into either or both of two baskets of bonds, the first with two consumer-price-index-linked bonds maturing in 2024 and 2025, Bloomberg News notes. The second option includes the first two inflation-linked bonds, as well as a dual bond that pays out the higher yield among a dollar-linked rate or a CPI-linked rate, Bloomberg News relays. Some local investors like Adcap Asset Management's Paula Gandara are skeptical the exchange will fully assuage the market's concerns, Bloomberg News discloses. "But anything that aims to improve sentiment and the smooth functioning of the market is welcome," Gandara said, Bloomberg News 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. ARGENTINA: S&P Ups Local Currency SCR to 'CCC-' as Default is Cured ------------------------------------------------------------------- On March 14, 2023, S&P Global Ratings raised its local currency sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed its 'CCC+/C' foreign currency sovereign credit ratings on Argentina. The outlook on the long-term ratings is negative. S&P's 'CCC+' transfer and convertibility assessment is unchanged. None of its rated bond issues are affected. Outlook The negative outlook on the long-term ratings reflects risks surrounding pronounced economic imbalances and policy uncertainties before and after the 2023 national elections. Divisions within the government coalition, and infighting among the opposition, constrain the sovereign's ability to implement timely changes in economic policy. Global capital markets are closed to Argentina. In the local market, swaps are being deployed to manage large maturities before utilizing traditional auctions to place debt. The central bank continues to play a key role as a backstop for local debt management in the secondary market. To that end, it has begun to offer put options to banks for government debt maturing in 2024 and 2025. Downside scenario S&P said, "We could lower the ratings over the next six to 12 months on unexpected negative policy or political developments that undermine already limited access to financing. Meaningful setbacks in execution under the Extended Fund Facility (EFF) would complicate access to IMF financing, and potentially from other multilateral lending institutions. This scenario would likely further damage local investor confidence and hamper access to peso-denominated debt markets--exacerbating the need for recourse to central bank financing amid high inflation--and lead to a downgrade. Heightened pressure in local financial markets, including the banking system's deposit base, or difficulties in managing central bank debt (LELIQs), could also lead to a downgrade. Finally, at such low rating levels, we generally consider debt exchanges as distressed, and tantamount to a default." Upside scenario S&P could raise the ratings over the next six to 12 months following: -- A track record of successful execution under the EFF, and -- Clarity on how policy will ease financing challenges in the local market and provide a road map to address Argentina's major structural macroeconomic imbalances. S&P could also raise the ratings if there is a more pronounced economic recovery that supports stronger fiscal outcomes that take pressure off the government's financing needs. Rationale S&P said, "We raised our local currency ratings on Argentina to 'CCC-/C' because we consider the selective default to be cured following the delivery of new securities to bondholders. We view the exchange as distressed, rather than opportunistic, owing to the government's weak market access." A 'CCC-' rating reflects that a default, distressed exchange, or redemption appears to be inevitable within six months, absent unanticipated significantly favorable changes in the issuer's circumstances. With the primary and national elections forthcoming in August and October, political stress is rising in Argentina amid persistent macroeconomic imbalances. S&P said, "In our view, the government is relying on exchanges to manage the majority of its peso maturities, and then conducting auctions to refinance smaller amounts of debt coming due. Last week's swap was the fourth such operation since August 2022. We estimated some $85 billion in peso-denominated debt due in total this year. While the swap lessened the burden of peso-denominated maturities coming due from March through June 2023--with around 60% participation--vulnerabilities remain in the local debt profile. Besides the non-tendered bonds, which we expect to be paid as they have following the prior swaps, there are significant maturities due in July and August." To facilitate private-sector interest in the exchange, the central bank revised several policies last week. It will offer put option mechanisms for government debt due in 2024 and 2025, so as to include the new bonds included in the exchange. In addition, inflation-linked and dual bonds can be used as part of the banks' reserve requirements. And, finally, beginning April, banks can distribute some dividends--a policy that has been on hold since the end of 2022. S&P said, "We will continue to analyze any subsequent debt exchanges at this low rating level on a case-by-case basis, incorporating the macroeconomic and political context. We classify exchanges as a distressed exchange when, in our view, absent participation, a conventional default would likely ensue." ARGENTINA: Worst Drought in Memory Lands New Blow to Economy ------------------------------------------------------------ Jonathan Gilbert & Patrick Gillespie at Bloomberg News report that Argentina's looming recession will be deeper than first expected as one of the worst droughts in recent memory ravages crucial farm exports. Gross domestic product in South America's second-largest economy, which desperately needs US dollars, will shrink three percent this year, worse than the previous forecast for a 1.5 percent contraction, according to Bloomberg News. That's according to new forecasts by Itau Unibanco Holding SA and Buenos Aires-based consultancy firm EconViews. "It's really bad," said Andres Borenstein, chief economist at EconViews. "The supply of dollars is going to be very scarce." The Rosario Board of Trade slashed its soybean production estimate by another 22 percent and warned of further cuts, Bloomberg News relays. The new figure of 27 million metric tons would be the smallest harvest in 15 years, Bloomberg News discloses. Soy and corn plants on the Pampas crop belt are in yield-defining growth stages, a time when they most need water, but instead there's no let-up in the dryness compounded by vicious heat waves, Bloomberg News says. "Argentina is suffering a climate scenario that's without precedent in modern agricultural history," Rosario analysts led by Cristian Russo wrote. "There's no weather event on the horizon that allows us to put floors under yields or under the acreage that simply won't get harvested," Bloomberg News discloses. Argentina is the world's biggest supplier of soy meal for livestock feed and soy oil for cooking and biofuels, and the third-biggest maize provider, Bloomberg News relays. The country is depending on these export revenues, worth tens of billions of US dollars in a normal year, to shore up hard-currency reserves at a time when it's scrambling to meet targets in the country's US$44-billion programme with the International Monetary Fund, Bloomberg News notes. Harvest season in the second quarter is also a key driver of the economy, which is already struggling in other sectors and headed toward recession, Bloomberg News says. The government even granted exporters a delay to corn shipments to help them meet commitments to global buyers and to ensure there's feed for domestic poultry and livestock, Bloomberg News relays. The drought has gone on for so long that it has produced back-to-back disasters - a parched wheat harvest last year and now the frazzled soy and corn crops, Bloomberg News discloses. That's fuelling fears that many farmers will be unable to rescue the crop investment cycle and go bankrupt, Bloomberg News notes. Ripple effects will spread through the economy, Borenstein said. There'll be less trucking and shipping, for instance, slashing road and river toll revenues and hurting businesses along these major thoroughfares, Bloomberg News relays. A shortage of crop dollars flowing into central bank coffers could well impact how many imports the government authorises for industries beyond farming, he added. "The problem is in the real economy," Borenstein said, notes Bloomberg News. "A lot of people in the manufacturing or construction sectors will be short of inputs as a result of the drought," he 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. ============= B O L I V I A ============= BOLIVIA: Fitch Cuts IDRs to 'B-', Alters Outlook to Neg. -------------------------------------------------------- Fitch Ratings has downgraded Bolivia's Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs) to 'B-' from 'B' and revised the Rating Outlook to Negative from Stable. KEY RATING DRIVERS Downgrade, Negative Outlook: The downgrade of Bolivia's rating to 'B-' from 'B' reflects the depletion of its external liquidity buffers, which, in light of a de facto currency peg, has greatly heightened near-term uncertainty and risks to macroeconomic stability. The continued fall in international reserves at low levels has rendered them vulnerable to risk of a confidence shock, which has materialized in recent weeks. External bond market access has been lost and there are no concrete prospects for large-scale support from official creditors. The Negative Outlook reflects heightened uncertainty around the authorities' ability to manage this situation, as well as around its severity given an ongoing delay in publication of international reserves data. Bolivia's especially low near-term external commercial service remains its key rating strength, supporting repayment capacity on these obligations, but even this could be called into question amid declining and uncertain FX availability. Mounting External Pressure: Bolivia's external position has dramatically deteriorated in the past decade as a result of expansionary policies and falling domestic hydrocarbon production, which has turned the country into a net energy importer by reducing exports and increasing import needs. Fitch estimates the current account flipped back to a deficit of 0.6% of GDP in 2022 from a surplus of 2.1% in 2021 and projects further deterioration in 2023. Large "errors-and-omissions" (over 3% of GDP) likely capture contraband activity, thus signaling an even weaker external position. Low and sometimes negative FDI inflows (signaling net divestment), other capital outflows, and sovereign reliance on central-bank (BCB) financing over external borrowing have added to external pressures. These pressures have intensified in 2023, as social unrest has complicated some exports, and demand for FX has spiked amid growing concern around its availability. Depleted Reserves: External pressures eroded the BCB's once-massive stock of reserves from USD15.1 billion in 2014 to just USD3.5 billion (2.7 months of 2023F current external payments) in the last available data through Feb. 8, 2023. This level is very low relative to peers with stabilized exchange rates. The non-publication of data on reserves since then and questions around their usability raise further uncertainty about the BCB's ammunition to manage the current shock. Gold represents the bulk of reserves (USD2.6 billion) but is not freely usable under current law, and a reform to change this (the "gold law") has yet to be approved. Only USD911 million was hard currency or SDRs that can be sold for hard currency (which Bolivia recently did for USD300 million, according to IMF data). Other sovereign funds have already been exhausted. The BCB may be able to access further FX belonging to domestic banks, but has already done so for USD3 billion since 2018 via the CPVIS swap program, narrowing the scope for additional funding via this channel. Measures aimed at boosting reserves, including a higher exchange rate for exporters and plans to purchase gold via the "gold law", are unlikely to do so meaningfully given they do not tackle the underlying policy and confidence issues. Adverse Policy Trade-offs: The fragile external position has left the authorities with adverse policy options around which they have yet to make clear definitions, heightening near-term macroeconomic uncertainties. They continue to eschew fiscal and monetary tightening and changes in the exchange-rate regime, given the trade-off this poses for economic activity. However, sustaining this policy mix in the context of depleted reserves, even temporarily, would require greater external borrowing, and prospects for this presently appear limited. External bond yields have spiked to 15%, signaling loss of market access. Several multilateral loans are pending legislative approval, but there are no concrete prospects for a larger-scale and multi-year package of financial support from official creditors, particularly given stark policy disagreement with the IMF. These policy and financing uncertainties raise risks of disorderly adjustments and/or unorthodox measures to manage FX supply and demand. Cloudy Macro Outlook: Fitch estimates real GDP grew 3.6% in 2022 and recovered its pre-pandemic 2019 level, albeit more slowly than regional and rating peers as momentum has been constrained by public investment cuts, declining gas production, an adverse private investment climate, and social instability. Fitch projects growth will slow to 2.4% in 2023, with serious further downside risks from rising balance of payment pressures and policy uncertainties. Inflation of 2.6% yoy as of February 2023 is among the world's lowest, reflecting heavy subsidies and price controls for food and fuel, but could be subject to risk depending on how successfully issues related to FX availability are addressed. Wide Fiscal Imbalance: Bolivia's non-financial public-sector (NFPS) fiscal deficit fell to 7.1% of GDP in 2022, recovering its pre-pandemic level, but the authorities are not targeting further reduction. Falling gas production continues to weigh on revenues, and current spending continues to rise, namely on the back of costly fuel subsidies. Public investment has already served as the main adjustment variable, having fallen to 6.9% of GDP in 2022 from a peak of 19.4% in 2014, but the authorities are eager to revive it. The lack of proactive fiscal consolidation plans and tightening financings constraints pose risks of disorderly adjustments, while avoiding this via further recourse to BCB loans (already 37% of GDP) could pose even greater peril for the economy. Low Bond Payments: Fitch estimates that general government debt stabilized at 66% of GDP in 2022, and total NFPS debt (including SOEs) at 80%. Debt is higher than the 'B' median of 57% but consists mostly of multilateral and the central bank loans on concessional terms, supporting particularly low interest/revenue ratio of 5%. External bonds total just USD2 billion (under 5% of GDP) and entail debt service of USD300 million in 2023 (including a USD183 amortization) and USD110 million (just interest) in 2024-2025. While these are low amounts, the sovereign's capacity and willingness to pay them could be called into question should international reserves continue to dwindle. Political Risks: Political instability has resurfaced in the past year, impairing economic activity and adding to uncertainty around the authorities' ability to manage a fragile economic situation. Tensions between the Arce administration and the department of Santa Cruz - an opposition stronghold and Bolivia's economic powerhouse - resulted in economic disruptions. Tensions within the ruling Movimiento al Socialismo (MAS) party and with social groups also adds to policy uncertainty, having already hindered passage of the "gold law". ESG - Governance: Bolivia has an ESG Relevance Score (RS) of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. Bolivia has a low WBGI ranking at the 24th percentile, reflecting recent political instability, weak regulatory quality, weak rule of law, a high level of corruption, and moderate voice and accountability. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - External Finances: External liquidity strains and/or disorderly policy adjustments that jeopardize macro-financial stability and undermine the sovereign's ability to pay debt service. - Structural: Evidence of reduced willingness to pay external debt as a means of alleviating current external liquidity pressures. Factors that could, individually or collectively, lead to positive rating action/upgrade: - External Finances: Reduced balance-of-payments pressures that support external liquidity and the sustainability of the stabilized exchange rate regime. - Public Finances: Fiscal consolidation that supports stabilization of the government debt to GDP ratio and improves financing flexibility. - Macro: Policy improvements that mitigate risks to macroeconomic stability and support prospects for private sector investment and medium-term growth. SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Bolivia a score equivalent to a rating of 'B' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to SRM data and output, as follows: - Macro: -1 notch, to reflect downside risks to macroeconomic stability, posed by the preservation of expansionary policies in the context of increasing balance of payments pressures, depleted external liquidity buffers, and a stabilized exchange-rate. The expansionary policy stance combined with the deterioration in the timely publication of international reserves data cloud near-term policy predictability and credibility. 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 its criteria that are not fully quantifiable and/or not fully reflected in the SRM. ESG CONSIDERATIONS Bolivia has an ESG Relevance Score of '5' for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Bolivia has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Bolivia has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Bolivia has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Bolivia has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Bolivia has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Bolivia has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Bolivia, as for all sovereigns. As Bolivia has a fairly recent restructuring of public debt in 2006, this has a negative impact on the credit profile. Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). Entity/Debt Rating Prior ----------- ------ ----- Bolivia LT IDR B- Downgrade B ST IDR B Affirmed B LC LT IDR B- Downgrade B LC ST IDR B Affirmed B Country Ceiling B- Downgrade B senior unsecured LT B- Downgrade B =========== B R A Z I L =========== AMERICANAS SA: Investors Want to Freeze Assets of Majority Holders ------------------------------------------------------------------ Tas Fuoco of Bloomberg News reports minority shareholders of Americanas have filed a request for Sao Paulo court to freeze the assets of the majority shareholders, directors and executives responsible for approving the company's balance sheets, O Globo columnist Lauro Jardim said without revealing how he obtained the information. Among the majority shareholders that may be affected by the blockade are Jorge Paulo Lemann, Marcel Telles and Beto Sicupira, Americanas' reference shareholders. The request is for minority shareholders to be rewarded for the values of the shares they held until Jan. 11, according to the report. 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 billionaire Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles. The retailer nosedived in January 2023 after becoming mired in an accounting scandal. The firm filed for bankruptcy at a court in Rio de Janeiro on Jan. 19, 2023. Americanas sought protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25, 2023. White & Case LLP, led by John K. Cunningham, is the U.S. counsel. BRAZIL: President Calls for More Investments in Country ------------------------------------------------------- Richard Mann at Rio Times Online reports that Brazil's President Luiz Inacio Lula da Silva said that more investment is needed for the country's economy to thrive after it was learned that the Gross Domestic Product (GDP) increased by 2.9 percent in 2022. "The Brazilian economy did not grow at all, not at all, last year," he claimed, though market specialists speak of robust growth, according to Rio Times Online. "So, the challenge is to make the economy grow again. And for that, we have to make investments. We must not allow any work to remain paralyzed in the country," said Lula during a ceremony at the Planalto, 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 was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. As recently reported in the Troubled Company Reporter-Latin America, Fitch Ratings, in December 2022, affirmed Brazil's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. The ratings are constrained by high government indebtedness, a rigid fiscal structure, weak economic growth potential, and a record of governability challenges that have hampered efforts to address these fiscal and economic issues and clouded policy predictability. The Stable Outlook reflects Fitch's expectation that growth will slow in the coming year and that recent fiscal improvement will erode under a new government, but within a margin consistent with the current rating, and from a better starting point than previously expected. Uncertainty is elevated regarding the plans of the incoming government and the extent to which these could ease or aggravate fiscal and economic challenges. However, Fitch does not expect policies that jeopardize broad economic stability. Standard & Poor's affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil, and the outlook remains stable (June 2022). The stable outlook reflects S&P's base-case assumption that Brazil will maintain its fiscal anchors over the next two years despite an increasing interest burden, preventing significant fiscal slippage and limiting the rise in its already high debt burden. Moody's credit rating for Brazil was last set at Ba2 in 2018 with stable outlook. Moody's affirmed the Ba2 issuer ratings and senior unsecured bond ratings in April 2022. DBRS's credit rating for Brazil is BB (low) with stable outlook (March 2018). GOL LINHAS: S&P Cuts ICR to 'SD' on Debt Restructuring Completion ----------------------------------------------------------------- On March 14, 2023, S&P Global Ratings lowered its global and national scale issuer credit ratings on Gol Linhas Aereas Inteligentes S.A. (Gol) to 'SD' (selective default) from 'CC' and 'brCC', respectively. S&P also lowered its issue-level rating on the senior unsecured notes to 'D' from 'CC'. S&P will evaluate the company's revised capital structure and its incorporation into the recently created Abra Group in the near term, and expects to raise its issuer credit rating on Gol to the 'CCC' category. Gol completed the previously announced debt refinancing plan that included an exchange below par of part of its outstanding international bonds and extension of maturities until 2028. On March 3, Gol announced that Abra Group (a holding company, which following the recent corporate reorganization, will hold a controlling equity in Gol and Avianca) has provided funding for refinancing Gol's debt. Gol privately placed debt with Abra for $1.4 billion through senior secured notes (SSNs), which could be replaced by exchangeable senior secured notes (ESSNs) due 2028, and to be secured by Smiles' intellectual property and brand, along with Gol's intellectual property, brand, and spare parts. In exchange, Abra will invest $451 million in cash through 2028 and exchanged $1.1 billion of Gol's bonds, consisting of 83% of the 2024 senior exchangeable notes (SEN), 47% of 2025 senior unsecured notes (SUN), and 61% of 2026 senior secured notes (SSN), with newly issued Abra bonds. To support the refinancing, Abra entered into a "support agreement" with an ad-hoc group and non-ad-hoc group of Gol's secured and unsecured bondholders, who provided a portion of the financing. The agreement also resulted in an investment of $172.5 million in cash from some Gol shareholders, $329.9 million from the ad-hoc creditors, and $49.5 from the non-ad-hoc creditors in Abra to support the transaction. Additionally, the bondholders delivered $1.1 billion in face value of their Gol bonds to Abra at highly discounted prices. In exchange, the ad-hoc group, and other bondholders received convertible senior secured notes (Abra CSSNs) and senior secured notes (Abra SSNs) issued by Abra due 2028 for $1.14 billion. Maturities of Gol's bonds were extended, and their holders experienced significant haircuts on the principal (on average Abra paid 71 cents on the dollar). S&P said, "Therefore, we believe creditors are receiving less than the original promise. Furthermore, unsecured holdouts of the exchange were primed by the new 2028 senior secured notes. We view the exchange as distressed rather than opportunistic because before the transaction, we assessed Gol's capital structure as unsustainable and liquidity as weak. As of December 2022, Gol had adjusted debt to EBITDA of 10.3x and a slim cash position of R$573 million. Absent the refinancing, we were forecasting a cash-flow deficit of about R$400 million for 2023 and elevated risks for the refinancing of the 2024 notes." S&P said, "We believe the refinancing alleviates liquidity pressure because Gol will receive $451 million in new funds, and its refinancing risk has been slashed, as only $72 million of the 2024 SEN will remain outstanding, while cash interest expense has been reduced because part of the coupon will be paid-in-kind (PIK). On the other hand, gross debt will increase in the next two years, and we expect leverage to remain very high and free operating cash flow negative. As such, we expect to raise our issuer credit rating on the company to 'CCC' category from 'SD' in the next few days, but there could be upside in the short to medium term as operating cash flow improves and if Abra eventually exchanges SSN for ESSN to convert them into equity." ESG Credit Indicators: E-3, S-5, G-2 =========================== C A Y M A N I S L A N D S =========================== TT GLOBAL: First Creditors' Meeting Set for March 28 ---------------------------------------------------- The first creditor's meeting of TT Global Equities, which is in liquidation, will be held on March 28, 2023, at 10:00 a.m. The purpose of the meeting is to elect a liquidation committee. Deadline for proof of debts and form indicating intent to join the meeting is set March 24, 2023. The liquidator can be reached at: James Parkinson Crowe Cayman Ltd 94 Solaris Avenuem Camana Bay, Grand Cayman PO Box 30851, KY1-1204, Cayman Island ZOHAR FUNDS: Delaware Is Inappropriate Venue, NY Court Says ----------------------------------------------------------- Magistrate Judge Katharine H. Parker for the Southern District of New York denies the Trustee's motion to transfer the case styled Patriarch Partners Agency Services, LLC, Plaintiff, v. Zohar CDO 2003-1, Ltd. et al., Defendants, Case No. 16-CV-04488 (VM) (KHP), (S.D.N.Y.). This case involves a dispute between Patriarch Partners Agency Services, LLC and Zohar Funds for which PPAS served as Administrative Agent under various credit agreements. Certain of the Zohar Funds are Delaware limited liability companies and others are Cayman Island companies, but all of their principal places of business are New York. PPAS is a Delaware limited liability company with its principal place of business in New York. Affiliates of PPAS served as Collateral Managers for the Zohar Funds. During the pendency of the Bankruptcy Proceedings and in connection with a settlement, Ankura Trust Company LLC replaced PPAS as Administrative Agent to several portfolio company borrowers. In March 2020, the Zohar Funds initiated an adversary proceeding related to the chapter 11 proceeding in the Bankruptcy Court in Delaware. The Adversary Proceeding involves claims against PPAS and various of its affiliates as well as a number of other entities and persons who are not parties to the instant litigation. On Aug. 1, 2022, the Bankruptcy Court issued an order providing for the transfer of the Zohar Funds' litigation assets, including the claims and counterclaims in this action, to two litigation trusts and the appointment of a Trustee for the litigation trusts. Accordingly, the Trustee has now been substituted for the Zohar Funds as Defendant and Counterclaim Plaintiff in this action. On Sept. 13, 2022, the Bankruptcy Court in Delaware closed the Bankruptcy action, bringing an end to the automatic stay. As this case stands now, PPAS seeks certain fees owed to it for the period between when the Zohar Funds purported to terminate its services as Administrative Agent and the time it ceased to be Administrative Agent. The parties in this case have agreed with the parties in the Delaware Adversary Proceeding to coordinate or share discovery, to the extent it overlaps, in the two proceedings. Through the instant motion, the Trustee seeks to transfer this case to the Delaware Bankruptcy Court in which the Adversary Proceeding is pending. The Court finds, however, that the Defendants have failed to demonstrate by clear and convincing evidence that transfer to Delaware is warranted. The Court points out that "PPAS could not have brought this action in Delaware in the first instance. All of the initial defendants in this action would not have been subject to personal jurisdiction in the District of Delaware at the time this action was filed. Specifically, three of the Zohar Fund defendants are Cayman Islands companies with their principal places of business in New York. Thus, they are not subject to general jurisdiction in Delaware. . . none of the initial defendants were subject to specific jurisdiction in Delaware because none of the conduct alleged in the claims related to or arose out of their contacts with Delaware. . . the conduct occurred in New York -- the principal place of business for PPAS, the Zohar Funds, and AMZAS." In light of the mandatory forum selection provision designating New York as the appropriate forum for this action, the Court finds and concludes that all factors relating to the parties' private interests weigh against transfer to Delaware. Given the forum selection provision, PPAS had to commence an action in New York County because its claims involved an alleged breach of a provision of the credit agreements. It would have violated this provision by bringing the action in Delaware. Likewise, under the provision, the Zohar Funds waived any objection to litigation in this forum. Similarly, because the Zohar Funds' counterclaims likewise involve breach of the credit agreements, they too were obliged to bring them only in the state or federal courts in New York County. If they had brought the counterclaims in Delaware, PPAS could have invoked the forum selection provision to argue Delaware was an inappropriate venue. A full-text copy of the Order dated Feb. 24, 2023 is available at https://tinyurl.com/y5fsu956 from Leagle.com. About the Zohar Funds New York-based Patriarch Partners, LLC, is a private equity firm specializing in acquisition, buyouts, and turnaround investment in distressed American companies and brands. Patriarch Partners was founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates held substantial equity stakes in portfolio companies, which include iconic American manufacturing companies with tens of thousands of employees. The Zohar funds were created to raise money through selling a form of notes called collateralized loan obligations to investors that was then used to extend loans to dozens of distressed mid-size companies, often in connection with the acquisition of those companies out of bankruptcy. Patriarch bought "distressed" companies via funding from a series of collateralized loan obligations (CLOs) marketed through Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the funds into bankruptcy in 2018 in an attempt to keep Patriarch's portfolio from being liquidated by Zohar creditors including bond insurer MBIA, which insured $1 billion worth of Zohar notes. Combined debt of the funds is estimated at $1.7 billion. Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited, Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp. (collectively, the "Zohar Funds"), sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to 18-10517) on March 11, 2018. In the petition signed by Lynn Tilton, director, the Debtors were estimated to have $1 billion to $10 billion in assets and $500 million to $1 billion in liabilities. Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy counsel. ========= C H I L E ========= GUACOLDA ENERGIA: S&P Cuts Downgrades ICR to 'CC' on Tender Offer ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit and issue-level ratings on Chilean coal-fired power generator Guacolda Energia S.A. to 'CC' from 'B-'. The negative outlook reflects that S&P will lower the ratings to 'D' when the tender offer materializes under the currently analyzed terms and conditions, which should occur either on the early or final expiration date. S&P said, "We believe that the tender offer as a whole (including bidders entering during the early tender until March 24, 2023) doesn't provide sufficient compensation to bondholders, because we view the offered value as lower the original promise. The company announced that it will be purchasing for cash its 4.56% senior notes due 2025 for an aggregate price of up to $80 million. For each $1,000 in principal, Guacolda will be offering $450 for bidders that enter until March 24, and $400 after that date through April 11, 2023, the offer's expiration date. Both values are below par; therefore, we consider that investors will receive less value than the original promise. "In addition, our forecast of Guacolda's deficit to service its debt in 2025 and the continued challenging operating environment suggest a realistic possibility of a conventional default, absent the proposed tender offer. The currently volatile industry conditions and higher coal prices have put pressure on Guacolda's working capital needs, weakening the company's ability to repay its $407 million bond due in April 2025. We forecast deficit of about $200 million by mid-2025, which could widen further in case of unexpected dividend distributions, given that financial covenants don't limit them. As a result, we expect the company to face difficulties for the repayment of debt in the ordinary course of its business, and we view this offer as distressed, and hence, as default. "According to our ratings definitions (see "S&P Global Ratings Definitions," published Nov. 10, 2021), under the proposed terms, we would likely consider this tender offer as distressed and thus lower our rating on Guacolda to 'D' should it be implemented. Upon the debt tender offer taking effect, we would subsequently incorporate the company's new capital structure in our credit analysis." ESG credit indicators: E-5, S-2, G-3 Environmental, social, and governance (ESG) credit factors for this downgrade: -- Climate transition risks; and -- Risk management, culture, and oversight WOM SA: Fitch Lowers Long-Term IDRs to 'B+', Outlook Negative ------------------------------------------------------------- Fitch Ratings has downgraded WOM S.A.'s Long-Term Foreign Currency Issuer Default Rating (IDR) and Local Currency IDR to 'B+' from 'BB-'. Fitch has also downgraded the 2024 and 2028 unsecured U.S.-dollar-denominated notes issued by Kenbourne Invest S.A. to 'B+'/'RR4' from 'BB-'. The Rating Outlook is Negative. The downgrades reflect a shift in WOM's financial policy suggesting a less clear path to deleveraging. This change followed the company's announcement that it plans to make a minority equity investment of USD100 million into WOM Colombia as well as WOM Chile's material usage of its USD100 million factoring facility with IDB Invest. Fitch has made analytical adjustments that result in the latter being treated as short-term secured debt. The ratings and Negative Outlook also incorporate Fitch's expectations that WOM will continue to generate negative FCF. These expectations result from competitive pressures in the Chilean market and elevated capex to support network investments amidst heightened refinancing risks considering current market conditions. KEY RATING DRIVERS Leverage to Remain Elevated: The recent announcement by WOM Chile of plans to make a minority investment of up to USD100 million into WOM Colombia (a separate entity sharing the same controlling shareholder as WOM Chile) using proceeds from additional tower sales during 2023 suggests less of a commitment by WOM Chile to continue its deleveraging trajectory. As a result of this planned investment, Fitch now expects that lease-adjusted net leverage of WOM Chile will remain above 4.5x, consistent with a 'B+' rating. Fitch does not project that the company will receive dividends from this investment over the rating horizon. Competitive Telecom Market: The Chilean telecom market remains very competitive, as incumbent operators have cut prices and improve service to defend market share, pressuring margins and cash flow. Fitch expects industrywide mobile ARPU to remain pressured in the near term, although WOM's value proposition and lower blended ARPU could mitigate these issues. The market is relatively mature, although the ongoing migration from prepaid to post-paid and the attendant growth in data consumption present opportunities. The company's expansion into fiber to the home is largely neutral for the ratings as it is still in its infancy. Proven Operating Track Record: After WOM launched in mid-2015, it scaled rapidly, reaching approximately 7.8 million customers, more than half of which are post-paid. The company took market share from larger incumbents through its disruptive marketing campaign, based on brand recognition, gigabyte-per-Chilean peso value and retail experience. Fitch expects the company's longer-term market share to grow to approximately 25% from 21% as of Sept. 30, 2022, supporting slower but more profitable growth as it nears market share targets. DERIVATION SUMMARY WOM's ratings reflect the company's short but impressive record in Chile and Fitch's expectation that the company will maintain high leverage. WOM has higher leverage than Chilean rival Telefonica Moviles Chile S.A. (BBB+/Negative), and less scale and service diversification. WOM is expected to carry higher net leverage over the medium term than mobile leader Empresa Nacional de Telecomunicaciones S.A.'s (Entel; BBB/Stable) as a result of its 5G investments and WOM's recent minority investment into WOM Colombia. Chilean fixed-line provider VTR Finance N.V. (B-/Rating Watch Negative) is similar to WOM in scale, while VTR's market position in fixed telecom services quickly deteriorated in recent years, resulting in a weakened credit profile. Uncertainty surrounding VTR's joint venture with Claro Chile has also weighed on VTR's credit profile. Relative to Axtel (BB-/Negative), a Mexican B2B-focused telecom operator, WOM has more consistently generated positive revenue and EBITDA growth in recent years. Axtel however has been able to sustain greater EBITDA margins and positive FCF whereas WOM has demonstrated consistently negative FCF. Both companies face upcoming maturities of USD bonds in 2024. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer Include - Subscribers grow to over 8 million by 2024, with more than 50% post-paid consumers; service ARPUs flat to up slightly over the rating horizon; fiber-optic network contributions are minor (5%-10% of revenue); - Revenue grows to CLP792 billion by 2025; - EBITDA margins declining to below 17% in 2023 from 22% in the past two years, reflecting the incremental lease expense; gradually improving to around 18% longer term; - EBITDAR margins (fully excluding leases) gradually improving to around 34% over the rating horizon from 32.2% in 2022, benefiting from economies of scale; - Capex around 20% of revenue in 2023; 10%-15% thereafter; - Net leverage (fully expensing leases) above 5.0x in 2023, trending toward 4.0x by 2025; - Net leverage (fully capitalizing leases) around 6.0x in 2023, trending toward 5.0x over the rating horizon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Deleveraging below 3.5x net debt/EBITDA and 4.0x lease-adjusted net leverage on a sustained basis, with consistent growth in EBITDA and pre-dividend FCF, supported by improved competitive position and scale; - Greater clarity on a pathway to refinance the upcoming 2024 notes. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Substantial deterioration in ARPU, stagnation in its competitive position, resulting in net debt/EBITDA above 4.5x or lease-adjusted net leverage above 5.0x on a sustained basis; - Additional investments into WOM Colombia. LIQUIDITY AND DEBT STRUCTURE Adequate liquidity: WOM has adequate liquidity, with a manageable amortization schedule balanced by high investment needs. As of Dec. 31, 2022, WOM had CLP168 billion of cash (about 80% of which is in USD) with no short-term bank loans or maturities of outstanding bonds. After the debt repurchase in October 2022, the debt maturity profile for the outstanding notes is USD360 million in 2024 and USD300 million in 2028. As part of the tower sale and leaseback transaction in 2022, WOM received approximately USD670 million on Aug. 12, 2022, with the remaining proceeds expected to be received over the next couple of years. Management recently announced, however, that WOM will use proceeds received in 2023 to make a minority equity investment in WOM Colombia up to USD100 million, limiting the ability of WOM Chile to use this additional cash to help fund upcoming refinancing needs in 2024. Fitch's expectation of negative FCF over the next two years is expected to limit liquidity. ISSUER PROFILE WOM S.A. is a Chilean telecommunications provider whose primary business is the provision of mobile services. The company was formed in 2015 after Novator Partners LLP purchased Nextel Chile S.A.'s assets out of bankruptcy. SUMMARY OF FINANCIAL ADJUSTMENTS Lease Obligations: When appropriate to the issuer's business model, Fitch may present additional ratios to supplement the standard approach. WOM's rental expense is high compared with its telecom peers given its primary focus on mobile telecom service and the rental of all of the company's towers following the recent tower sale. Fitch supplements WOM's standard unadjusted credit metrics with lease-adjusted metrics. As part of these adjustments, Fitch excludes right of use asset amortization and interest associated with leases from EBITDA. Fitch capitalizes the annual lease charge using a standard 7x multiple for Chilean issuers to create a debt equivalent. Factoring: Fitch views the material usage of WOM Chile's USD100 million factoring facility with IDB Invest as equivalent to short-term secured debt. 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 Recovery Prior ----------- ------ -------- ----- WOM S.A. LT IDR B+ Downgrade BB- LC LT IDR B+ Downgrade BB- Kenbourne Invest S.A. senior unsecured LT B+ Downgrade RR4 BB- ============= J A M A I C A ============= JAMAICA: NIR Rises to US$3.93 Billion ------------------------------------- RJR News reports that Jamaica's net international reserves rose in the month of February. At the end of the month, the NIR was US$3.93 billion, according to RJR News. That's $66 million more than January's reserves of $3.87 billion, the report notes. The reserves at the end of February can cover up to 24 weeks of goods and service imports, 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. JAMAICA: T&T Trade Mission Seeks to Expand Trade Affairs -------------------------------------------------------- RJR News reports that the trade mission underway in Trinidad & Tobago is seeking to expand cooperation in trade affairs with Jamaica. The two-day mission is focused on creating and strengthening partnerships in the technology, finance, manufacturing and distribution, logistics, and consulting services sectors, according to RJR News. It will also seek to strengthen the more than 59 years of diplomatic relations between the two countries through continued business engagements and government collaboration, the report notes. Participants are being provided with the opportunity to meet with key players within the various business sectors of Trinidad and Jamaica to expand networks and grow businesses, 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 ********* 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 * * *