/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/230320.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, March 20, 2023, Vol. 24, No. 57 Headlines B O L I V I A BANCO MERCANTIL SANTA CRUZ: S&P Places 'B' LT ICR on Watch Neg. B R A Z I L ELDORADO BRASIL: Fitch Hikes LongTerm IDRs at 'BB', Outlook Stable J A M A I C A JAMAICA: Not Exposed to Issues Affecting Failed US Banks TRANSJAMAICAN HIGHWAY: Fitch Affirms 'BB-' Rating, Outlook Now Pos. M E X I C O ARMOUR SECURE: A.M. Best Affirms B(Fair) Financial Strength Rating PETROLEOS MEXICANOS: Fitch Affirms IDRs at 'BB-', Outlook Stable P U E R T O R I C O APOGEE GROUP: Amends Plan to Include CRIM & IRS Unsecured Claims LIBERTY COMMUNICATIONS: Fitch Affirms 'BB-' IDR, Outlook Now Neg. T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Food Prices Remain High V I R G I N I S L A N D S THREE ARROWS: 3AC, CoinFLEX Founders Launch OPNX X X X X X X X X [*] BOND PRICING: For the Week March 13 to March 17, 2023 - - - - - ============= B O L I V I A ============= BANCO MERCANTIL SANTA CRUZ: S&P Places 'B' LT ICR on Watch Neg. --------------------------------------------------------------- S&P Global Ratings placed its 'B' long-term issuer credit rating on Banco Mercantil Santa Cruz (BMSC) on CreditWatch with negative implications after a similar action on Bolivia. S&P's ratings on Bolivia limit those on domestic banks because it doesn't think they could withstand a sovereign default scenario, given their large exposure to the country in the form of loans and securities. Therefore, its placement of our ratings on Bolivia on CreditWatch negative resulted in the same action on the BMSC ratings. The CreditWatch negative on Bolivia reflects the falling international reserves due to a weaker current account balance and ongoing U.S. dollar outflows. While the central bank has signaled its commitment to currency stability by increasing its intervention in the market, external vulnerabilities have grown. A political impasse increases S&P's uncertainty about Bolivian authorities' capacity to implement timely and forceful corrective policies to restore public confidence. S&P said, "We're evaluating the potential effects of the ongoing events on BMSC's credit fundamentals. In particular, we're following the evolution of its funding base and liquidity, which the volatility could affect. Withdrawals of dollar-denominated deposits have been increasing during the last two weeks. However, the bank has built dollar buffers in its vaults well above the minimum regulatory requirements, which has allowed it to manage deposit withdrawals." Environmental, Social, And Governance ESG credit indicators: E-2, S-2, G-3 S&P said, "Governance factors are a moderately negative consideration in our credit rating analysis of BMSC. The Financial Law enacted in 2013 gives the Bolivian government the power to set interest rates and to direct lending to specific sectors (60% of banks' credit portfolios are directed to productive sectors and to low-income housing). Such interference in banks' business strategy is leading to market distortions and pressuring earnings in the banking system, which we capture in our BICRA on the country." =========== B R A Z I L =========== ELDORADO BRASIL: Fitch Hikes LongTerm IDRs at 'BB', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has upgraded Eldorado Brasil Celulose S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB' from 'BB-' and National Scale Long-Term Rating to 'AA+(bra)' from 'AA-(bra)'. The Rating Outlook on the corporate ratings is Stable. The ratings upgrade reflects the change of Eldorado's ESG Relevance Score for Governance Structure to '4' from '5'. The improvement in the ESG Relevance Score is due to Fitch's view that uncertainties associated with Eldorado's future shareholding structure, related to the arbitration process between J&F Investimentos S.A. (J&F) and Eldorado's minority shareholder Paper Excellence, no longer act as a single factor that limits the issuer's ratings. The company does not rely on international debt market due to a significant decrease in its debt during the past few years, as well as the successful refinancing of its financial obligations through local banks debt market. KEY RATING DRIVERS Improved Governance Structure Score: Fitch has revised Eldorado's ESG Relevance Score for Governance Structure to '4' from '5'. Since the score was originally assigned, the company announced the conclusion of the arbitration process between J&F and Paper Excellence 2021, where Paper Excellence won the process, allowing it to acquire the remaining 50.6% of Eldorado. However, an annulment proceeding was filed by J&F and the final conclusion of the arbitration process will take longer than expected. In addition, Eldorado has been able to issue debt in the local market to refinance its obligations, and a board of directors including both interested parties is governing strategic decisions. Above-Average Business Profile: Eldorado has limited scale of operations compared with peers in Latin America and only one pulp mill, located in Brazil, which makes it vulnerable to a prolonged operational disruption as a result of an accident at the mill. Eldorado's pulp mill has an annual production capacity of 1.7 million tons of bleached eucalyptus kraft pulp (BEKP) with a cash cost of production of USD170 per ton in 2022, which places it firmly in the lowest quartile of the cost curve. The company's competitiveness is related to its modern production facility, as well the productivity of its forestry assets. Eldorado's forest assets further enhance the company's financial flexibility, as the accounting value of the biological assets of its forest plantations was BRL4.0 billion as of Sept. 30, 2022. Litigation's Limited Impact on Financial Flexibility: Fitch sees limited impact of the shareholders litigation process on Eldorado's financial flexibility, considering that the cash plus the expected FCF from the company should suffice to meet its maturities in the rating horizon. The company has demonstrated good access in the local market, should it need to extend its debt profile; however, it is not currently within Fitch's rating case. Fitch will reassess the company's strategy and credit quality once there is a conclusive outcome of the arbitrage process. Falling Pulp Prices: Average (BEKP) prices to China for 2022 were USD796/tonne, and Fitch projects a drop to USD650/tonne in 2023. The price spike was caused by unexpected mill maintenance downtimes, low inventories, strikes and logistical constraints. Pulp prices started to lose momentum during 4Q22, and Fitch expects them to decline further in 2023, pressured by increased supply from Latin American producers and potentially weaker demand from paper companies due to margin pressures. Chinese demand was affected by the country's Zero Covid policy, as well as paper mill closures due to energy shortages, and it is only showing modest recovery in 2023. Strong FCF: Eldorado is expected to generate about BRL2.8 billion of EBITDA and BRL2.6 billion of cash flow from operations (CFFO) in 2023 and BRL2.4 billion and BRL2.1 billion, respectively, in 2024. This compares with strong EBITDA of BRL4.5 billion and CFFO of BRL3.1 billion in 2022. The company's position as a low-cost producer should support strong operating margins, despite the lower prices and remaining cost pressure. Fitch expects the company to report strong FCF between BRL1.0 billion and BRL1.5 billion in the next three years. Base case projections consider investments of between BRL800 million and BRL900 million yearly in 2023 and 2024, including finishing its investments in the new port, and no dividends paid. Leverage to Remain Low: Fitch projects a continued leverage reduction due to strong FCF. The company's net leverage fell to 0.9x during 2022, and Fitch expects it to remain below 1.0x in the rating horizon. Net debt reduced by approximately BRL2 billion during 2022 and should reduce by an additional BRL1 billion by the end of 2023. Eldorado's continued leverage reduction will depend on the absence of expansion projects and the company's ongoing focus to use FCF to pay down debt. Eldorado's deleveraging strategy in the past few years should allow the company's balance sheet to absorb a period of higher investments, if the Vanguarda II project is approved. DERIVATION SUMMARY Similar to other Latin American pulp producers, Eldorado's pulp production cash costs are among the lowest in the world, ensuring its long-term competitiveness. This places the company's business risk profile in line with Latin America pulp companies like Suzano (BBB-/Stable), Empresas CMPC (BBB/Stable) and Celulosa Arauco (BBB/Stable). However, Eldorado has only one mill located in Brazil, while its peers have higher scale of operations and geographic diversification. Eldorado is also concentrated only in pulp and is therefore more exposed to the cyclicality of pulp prices compared with companies with higher product diversification like Arauco and CMPC, which are leaders in the wood products segment and tissue markets, respectively. Compared with its investment-grade peers, Eldorado's ratings are constrained by more concentrated debt amortization profile and by the ongoing litigation issues at its controlling shareholders. KEY ASSUMPTIONS Fitch's Key Assumptions Within The Rating Case for the Issuer - Pulp sales volume of 1.75 million tons in 2023 and 2024; - Average net hardwood pulp prices of USD650 per ton in 2023 and USD600 per ton in 2024; - No dividends paid; --Base case does not incorporate investments in the new pulp mill. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Given the low diversification of the company and uncertain strategy and capital structure once the litigation ends, an upgrade is not considered in the near term. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Continued uncertainties regarding the conclusions of the arbitrage process, which affects Eldorado's ability to access adequate financing locally or abroad; - Increase in short-term debt maturities above its cash flow generation capacity. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity for its Cash Flow Generation: Eldorado maturities for 2024 are BRL1.7 billion, in line with its cash and marketable securities as of December 2022. In addition, Fitch expects FCF between BRL1.0 million and BRL1.5 million in the next 2 years, which should be used to reduce debt. ISSUER PROFILE Eldorado started operations in December 2012 and has one pulp mill located in Mato Grosso do Sul State in Brazil. Eldorado's pulp mill has an annual production capacity of 1.7 million tons of BEKP. ESG CONSIDERATIONS Eldorado has an ESG Relevance Score of '4[+]' for EFM Environment - Energy Management as the company sells excess energy to the grid from cogeneration based upon a renewable resource, which has a positive impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Eldorado Brasil Celulose S.A. has an ESG Relevance Score of '4' for Governance due to the arbitrage process involving J&F and the company's non-controlling shareholder, Paper Excellence, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Prior ----------- ------ ----- Eldorado Brasil Celulose S.A. LT IDR BB Upgrade BB- LC LT IDR BB Upgrade BB- Natl LT AA+(bra) Upgrade AA-(bra) senior unsecured Natl LT AA+(bra) Upgrade AA-(bra) ============= J A M A I C A ============= JAMAICA: Not Exposed to Issues Affecting Failed US Banks -------------------------------------------------------- RJR News reports that Finance Minister Dr. Nigel Clarke says, as far as he is aware, Jamaica is not systemically exposed to the issues affecting Silicon Valley Bank and Signature Bank in the US. Speaking with Beyond the Headlines host Dionne Jackson Miller, Dr. Clarke said the country has adequate safeguards in place to tackle a number of unlikely events, according to RJR News. "When authorities begin to raise interest rates in the way they have over the past year, you can get mismatches that lead to problems, some of what we have seen happening in the United States. The good news is that, certainly as far as our foreign exporters are concerned, Jamaica has lined up $1.7 billion worth of lines of credit which we don't have to all draw down. We have these credit lines in place because of my view that we are in uncertain times," Dr. Clarke explained, the report notes. The Finance Minister said he does not expect any spillover from the US bank failures into the local economy, the report relays. "Financial sector stability is one of the pillars of macroeconomics and something we keep a watchful eye on. At this point in time, I don't see any reason to worry about developments at those financial institutions in the United States, as I don't see any sort of impact from those developments and Jamaica," he said, the report discloses. Silicon Valley Bank and Signature Bank failed, as hundreds of investors sought to withdraw funds, but their requests could not be met, the report relays. The US government later intervened, assuring depositors of their funds, taking over management of the banks and pledging to fire the banks' leadership, the report notes. US President Joe Biden also announced a review of the banking sector and possibly more stringent rules for banks, 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. TRANSJAMAICAN HIGHWAY: Fitch Affirms 'BB-' Rating, Outlook Now Pos. ------------------------------------------------------------------- Fitch Ratings has revised the Rating Outlook for TransJamaican Highway Limited's (TJH) senior secured notes to Positive from Stable following a similar revision to Jamaica's sovereign Rating Outlook. Fitch has affirmed the rating at 'BB-'. RATING RATIONALE The Outlook revision on TJH's rating follows the revision of Jamaica's Outlook to Positive from Stable on March 7. The transaction is exposed to transfer and convertibility risk, and the Rating Outlook revision of the Jamaican sovereign rating reduced the concerns of higher risk of controls on convertibility and the transfer of foreign currency to serve the debt. TJH's metrics are robust for the assigned rating according to applicable criteria. However, TJH's rating is ultimately constrained by Jamaica's country ceiling at 'BB-'. KEY RATING DRIVERS The revision of Jamaica's Outlook to Positive from Stable reflects Jamaica's significant progress with debt reduction, despite the pandemic shock, its stability-oriented institutional framework and favorable financing conditions, reinforced by the new IMF facilities. Jamaica's 'B+' rating is also supported by World Bank Governance Indicators substantially stronger than the 'B' median. Jamaica's rating remains constrained by deep structural weaknesses, including a high crime rate, low productivity and weak demographics. RATING SENSITIVITIES Factors that could, individually or collectively, lead to negative rating action/downgrade: - Negative rating action on Jamaica's Country Ceiling; - Nil or negative traffic growth rate for a sustained period. Factors that could, individually or collectively, lead to positive rating action/upgrade: - Positive rating action on Jamaica's Country Ceiling. 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 ----------- ------ ----- TransJamaican Highway Limited TransJamaican Highway Limited/ Senior Secured Notes/1 LT LT BB- Affirmed BB- =========== M E X I C O =========== ARMOUR SECURE: A.M. Best Affirms B(Fair) Financial Strength Rating ------------------------------------------------------------------ AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair), the Long-Term Issuer Credit Rating (Long-Term ICR) of "bb" (Fair) and the Mexico National Scale Rating (NSR) of "a.MX" (Excellent) of Armour Secure Insurance S.A. de C.V. (Armour) (Mexico). The outlook of the FSR is stable, while the outlook of the Long-Term ICR and NSR is positive. The Credit Ratings (ratings) reflect Armour's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM). The positive outlook on the Long-Term ICR and NSR reflects the corrective actions taken on financial leverage at the holding company level, which was derived from changes in the organizational structure of the group. The strong balance sheet assessment reflects Armour's capital base, consistently strengthened through the reinvestment of earnings. Armour has been able to sustain a profitable domestic operation through its underwriting results and investment income. Armour's business profile is limited due to its concentration in the niche market of title insurance in Mexico, coupled with challenges ahead for the real estate market there amid Mexico's weakened economy. AM Best's view of the company's ERM is marginal due to concerns regarding governance and availability of information at its holding company, Trebuchet Group Holdings Limited. Positive rating actions could take place if Armour's holding company maintains a prudent growth strategy and stabilizes its structure and capital management in AM Best's view. Negative rating actions could take place if operating performance deteriorates to the point of affecting the company's risk-adjusted capitalization. PETROLEOS MEXICANOS: Fitch Affirms IDRs at 'BB-', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Petroleos Mexicanos' (PEMEX) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. The Rating Outlook is Stable. The rating action applies to approximately USD80 billion of international notes outstanding. PEMEX's ratings reflect moderate linkage to Mexico's (BBB-/Stable) credit quality, coupled with a weak Standalone Credit Profile (SCP), which Fitch Ratings believe is commensurate with a 'ccc-'. The SCP reflects PEMEX's elevated and raising leverage levels, limited financial flexibility, high tax burden and high investment needs to maintain production and replenish reserves. Fitch estimates PEMEX's FCF will average approximately negative USD11 billion per year from 2023 through 2025, as the company seeks to increase capex to revert the historical production decline rate. Fitch believes the company will continue to need significant government support in the near term. The moderate linkage between PEMEX's ratings and those of the sovereign reflects the delay and uncertainty of significant support from the government due to PEMEX's financial difficulties, resulting from high taxes. PEMEX's Stable Rating Outlook mirrors Mexico's sovereign Outlook. KEY RATING DRIVERS Linkage to Sovereign Rating: Pemex's ratings are three notches below that of the sovereign. The three-notch differential is in line with Fitch's "Government-Related Entities Rating Criteria." Per the criteria, Fitch assess four factors: Status, Ownership and Control; Support Track Record and Expectations; Socio-Political Implications of Default; and Financial Implications of Default. The first two factors receive weighting scores as follows: Very Strong (10); Strong (5); Moderate (2.5); and Weak (0). The latter two factors are considered more critical and have designated weightings of Very Strong (20); Strong (10); Moderate (5); and Weak (0). The accumulated score, coupled with the difference between the SCP ratings of the entity and the sovereign, determine whether the ratings are equalized or rated on a top down basis at 'BBB-' or bottoms up basis at 'ccc-'. PEMEX has a score of 20 and the notch differential is nine, which results in the top down minus three approach. Therefore, Pemex's rating will move in unison with that of the sovereign rating. This is unless the GRE assessment score moves to below 17.5, which would be the result of either Socio-Political Implications of Default and Financial Implications of Default moving from Moderate (2.5) to weak (0). In that case, the rating would shift from a TD-3 to a bottom-up +3, resulting in a 'B-' rating. Unsustainable Leverage Profile: PEMEX's SCP is aligned with a 'ccc-' credit profile. The company's tax burden is high, even after the decrease in the government profit sharing scheme to 40% from 54% in 2021 and 65% in 2019, and limited financial flexibility to navigate lower oil prices continues to erode its SCP. The SCP reflects PEMEX's elevated leverage and low cash flow from operations, which limits support for sustainable upstream capex that could deliver consistent stable production and 100% reserve-replacement ratios in the long term. PEMEX's Fitch-defined lease-adjusted EBITDA, before net pension expenses, is estimated to be USD38 billion in 2022 and an FFO of USD9.8 billion, in an environment when its average monomic realized price was USD167boe across its production. Despite the strong pricing environment, the company's FFO leverage, which is the relevant leverage metric for the company given its tax structure, was 11.0x, consistent with the 'CCC' category. Weak Government Support: Government support has been insufficient and bespoke. Since 2010, Fitch estimates the government supported Pemex through equity injections, and the support averaged 14% of the debt principal repaid in that year. The lack of dependable and meaningful government support through equity injection and a material lowering of government take (taxes and other duties) has resulted in a ballooning of Pemex's debt to USD108 billion in 4Q22 from USD51 billion in 2010, and a CAGR of 6.4%. Over this period, Pemex has reported an average annual cash burn of USD678 million. The government has neglected to provide adequate support to prevent the company from reaching an insolvable debt position or strengthen the cash flow profile, so the company had insufficient cash to fund much needed capex and liquidity. Cost Profile Pressures Cash Flows: Pemex's high production cost will stress cash flows over the rated horizon, limiting its ability to implement its capex strategy. Fitch estimates that Pemex has the highest full-cycle cost of production in the region. In 2022, Pemex's half-cycle cost of production, which is operating costs plus interest expense, was USD32.6 boe, where interest expense was USD12.2boe. The company's full-cycle cost of production, which is half-cycle plus three-year average FD&A for 1P and taxes, royalties, and other government duties, was USD79.3. Government take was USD35.1 boe and FD&A of 1P was at a competitive US10boe. As prices decrease to USD53bbl after 2025, per Fitch's price deck, Pemex's cash flow profile will be pressured by a higher cost of debt, high government take, and elevated capex. Fitch's rating case is not assuming any support, resulting in an average annual negative FCF of USD8.2 billion between 2023-2024 when assuming an average annual capex of USD8.5 billion during the same period. This coupled with addressing a total debt amortization of USD24.0 billion, pressures the government to provide more meaningful support. DERIVATION SUMMARY PEMEX's linkage to the sovereign compares unfavorably with peers Petroleos Brasileiro S.A. (Petrobras; BB-/Negative), Ecopetrol S.A. (BB+/Stable), Empresa Nacional del Petroleo (ENAP; A-/Stable) and Petroleos del Peru - Petroperu S.A. (BBB-/Negative Watch). All of PEMEX's regional peers have strong linkages to their sovereigns due to strong government support. Fitch believes governments in the region, except for Mexico, implemented different measures to ensure the SCPs of their respective national oil and gas companies remain viable in the long term. PEMEX's ratings continue to reflect its close, albeit deteriorating, linkage to the Mexican government due to its fiscal and strategic importance. The ratings also reflect the company's competitive pre-tax cost structure, national and export-oriented profile, sizable hydrocarbon reserves and strong domestic market position. The ratings are constrained by PEMEX's substantial tax burden, high leverage, significant unfunded pension liabilities, large capital investment requirements, negative equity and exposure to political interference risk. Fitch views PEMEX's SCP as commensurate with a 'ccc-', which is 10 notches below Petrobras' and Ecopetrol's SCPs of 'bbb'. The differences are primarily due to PEMEX's weaker capital structure and increasing debt and leverage trajectory. PEMEX's SCP reflects the company's large transfers to Mexico's federal government, large and increasing financial debt balance when compared with 1P reserves and elevated EBITDA-adjusted leverage. Comparatively, Ecopetrol and Petrobras significantly strengthened their capital structures and maintained stable operating profiles. KEY ASSUMPTIONS Fitch's Key Assumptions Within The Rating Case for the Issuer: - Average West Texas Intermediate crude prices of USD95/bbl in 2022 and trending toward USD50/bbl in the long term; - Upstream capex moderately increases to USD8.0 billion per annum; - Production continuing its stabilization trend at 1.9mmboed; - PEMEX will receive necessary support from the government to ensure adequate liquidity and debt service payments; - Profit sharing duty rate of 40% per annum. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - An upgrade of Mexico's sovereign ratings; - An irrevocable guarantee from Mexico's government to sustainably cover more than 75% of PEMEX's debt; - A material capitalization, coupled with a material reduction of taxes, with a business plan that results in neutral to positive FCF through the cycle, while implementing sustainable upstream capex that is sufficient to replace 100% of reserves and stabilize production profitably; - Sustainable FFO leverage below 5.0x and/or Gross Leverage of 4.0x. Factors that could, individually or collectively, lead to negative rating action/downgrade: - A downgrade of Mexico's sovereign rating; - A sustained deterioration of PEMEX's financial flexibility, coupled with government inaction to support liquidity, potentially resulting from continued negative FCF or a material reduction of cash on hand, credit facilities and restricted capital markets access. LIQUIDITY AND DEBT STRUCTURE Weak Liquidity: PEMEX's liquidity position remains weak as a result of negative FCF, which resulted in a relatively low cash position and reduced availability of its lines of credit. PEMEX reported total cash and equivalents of around USD3.72 billion as of YE 2021. Its liquidity compares unfavorably with principle debt amortizations of USD8.2 billion due in 2022. Fitch expects PEMEX will require material external funding in 2023 through 2024, given expected negative FCF resulting from a high tax burden under Fitch's price assumptions for oil. Absent capital increases from the Mexican government, PEMEX is likely to continue funding its negative FCF with debt and potentially further erode liquidity. ISSUER PROFILE PEMEX, Mexico's state oil and gas company, is the nation's largest company and ranks among the world's largest vertically integrated petroleum enterprises. ESG CONSIDERATIONS Fitch has revised PEMEX's ESG Relevance Score for GHG Emissions & Air Quality to '4' from '3' due to the growing importance of the continued development and execution of the company's energy-transition strategy. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. PEMEX has an Environmental, Social and Governance (ESG) Relevance Score (RS) of '4' for Governance Structure, resulting from its nature as a majority government-owned entity and the inherent governance risk that arises with a dominant state shareholder, which 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 ----------- ------ ----- Petroleos Mexicanos (PEMEX) LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- ===================== P U E R T O R I C O ===================== APOGEE GROUP: Amends Plan to Include CRIM & IRS Unsecured Claims ---------------------------------------------------------------- Apogee Group, LLC, submitted an Amended Disclosure Statement describing its Amended Plan dated March 13, 2023. The Debtor is a limited liability corporation duly registered in the State of Delaware and authorized to do business in the Commonwealth of Puerto Rico. The Debtor is engaged in the business of buying real estate properties in Puerto Rico and in the United States of America. At the present time, Debtor owns a real estate property located at 1315 Ashford Ave, PH-1, Aquamarina Condominium San Juan, PR 00907. Class 1 consists of Secured Claims: * Claim No. 3 filed by Manuel Ceide Raos & Emma Vazquez Estany. Lump Sum Payment for Balance of Allowed Claim Within 15 days after the Closing Date of the 363 Sale of Real Estate Property. Estimated percent of claim to be paid shall be 100% plus Interest Rate of 10.0%. * Claim No. 1 filed by Council of Owners Aquamarina at 1315 Condominium. Lump Sum Payment for Balance of Allowed Claim Within 15 days after the Closing Date of the 363 Sale of Real Estate Property. Estimated percent of claim to be paid shall be 100% plus Applicable Interest Rate under State Law to the $122,102.56 Judgment in Civil Case SJ2021CV07740 and Interest Rate of 10.0% plus 1% on arrears from December 2021 to date of filing. * Claim No. 4 filed by the CRIM for Real Estate Taxes. Lump Sum Payment for Balance of Allowed Claim Within 15 days after the Closing Date of the 363 Sale of Real Estate Property. Estimated percent of claim to be paid shall be 100% plus Interest Rate of 10.0% on secured portion of claim. Class 3 consists of General Unsecured Claims: * Claim No. 2 filed by LUMA Amount Owed $17,183.67. Lump Sum Payment for Balance of Allowed Claim Within 15 days after the Closing Date of the 363 Sale of Real Estate Property. Estimated percent of claim to be paid shall be 100% plus Interest Rate of 8.0%. * Puerto Rico Water and Sewer Authority Amount Owed $2,693.85. Lump Sum Payment for Balance of Allowed Claim Within 15 days after the Closing Date of the 363 Sale of Real Estate Property. Estimated percent of claim to be paid shall be 100% plus Interest Rate of 8.0%. * Claim No. 4 filed by the CRIM for Real Estate Taxes Amount Claimed $233,035.94. Lump Sum Payment for Balance of Allowed Claim Within 15 days after the Closing Date of the 363 Sale of Real Estate Property. Estimated percent of claim to be paid shall be 100% plus Interest Rate of 8.0% on unsecured portion of Claim. * Claim No. 5-2 filed by the IRS for Penalties Amount Claimed $2,100.00. Lump Sum Payment for Balance of Allowed Claim Within 15 days after the Closing Date of the 363 Sale of Real Estate Property. Estimated percent of claim to be paid shall be 100% plus Interest Rate of 8.0% on unsecured portion of Claim. All creditors with allowed claims will be paid in full plus interest. Source of funds for payments is from the proceed for sale of real estate property located at 1315 Ashford Ave, PH-1, Aquamarina Condominium San Juan, PR 00907. Objections to this Disclosure Statement or to the confirmation of the Plan must be filed with the Court by April 13, 2023, unless the period to object is extended by the Court. A full-text copy of the Amended Disclosure Statement dated March 13, 2023 is available at https://bit.ly/3JI3lB0 from PacerMonitor.com at no charge. Attorney for the Debtor: Hector Eduardo Pedrosa-Luna, Esq. P.O. Box 9023963 San Juan, PR 00902-3963 Tel: (787) 756-7880 Tel: (787) 920-7983 Fax: (787) 754-1109 E-mail: hectorpedrosa@gmail.com About Apogee Group Apogee Group, LLC, is primarily engaged in renting and leasing real estate properties. Apogee Group, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22 02268) on Aug. 2, 2022. The petition was signed by Elan P. Colen-Roger as managing member. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Mildred Caban Flores presides over the case. The Law Offices of Hector Eduardo Pedrosa Luna serves as the Debtor's counsel. LIBERTY COMMUNICATIONS: Fitch Affirms 'BB-' IDR, Outlook Now Neg. ----------------------------------------------------------------- Fitch Ratings has affirmed Liberty Communications of Puerto Rico LLC's (LCPR) revolving credit facility (RCF), LCPR Loan Financing LLC's 2028 Term Loan, and LCPR Senior Secured Financing Designated Activity Company's 2027 and 2029 senior secured notes at 'BB+' and revised the recovery rating to 'RR2'from 'RR1'. Fitch has also affirmed LCPR's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook has been revised to Negative from Stable. The Negative Outlook reflects Fitch's expectation that net leverage could remain elevated given high competition in Puerto Rico's mobile market and limited growth prospects of the island's fixed market, which could result in stagnant to declining average revenue per user (ARPU). Absent some combination of sound EBITDA recovery and debt reduction, a ratings downgrade could occur. KEY RATING DRIVERS Elevated Leverage: LCPRH's EBITDA weakened in 2022 due to cost pressures, integration expensesand lower ARPU. Some of this was due to the effects of Hurricane Fiona passing through Puerto Rico in September of 2022. Although hurricane effects should fade overtime, there is uncertainty on the extent of EBITDA recovery due to the highly competitive wireless market and the limited growth prospects of the fixed market, which could lead to more competition and declining to stagnant ARPUs overtime. Fitch estimates a modest decline in net leverage to 5.3x in 2023 from about 5.5x projected in 2022 and 4.9x in 2021. Absent a more robust EBITDA recovery and debt reduction, leverage will likely remain elevated and above 5x. Mixed Operating Environment Trends: LCPRH benefits from a U.S. dollarized economy with relatively high GDP per capita within the region and favorable systemic governance characteristics. High per-capita GDP supports Puerto Rico's mobile base, which is comprised mainly of 4G post-paid customers and compares favorably with other markets in Latin America and the Caribbean. GDP and population trends are projected to remain broadly flat and may even contract over the next few years, comparing unfavorably to most markets in Latin America. Strong Market Position: LCPRH is a large telecom operator with strong market shares in wireless at number two, broadband at number one and Pay-TV at number one in Puerto Rico. Wireless represented 49% of LCPRH's consolidated 2022 revenue, and Fitch estimates broadband was close to 20% and Pay-TV was around 10%%. The remaining 21% was mainly generated by providing broadband internet, video, fixed-line telephony, mobile and managed services to enterprises. T-Mobile US, Inc. (BBB-/Positive) has a number one mobile market share on the island but does not have a significant broadband or fixed-line presence. America Movil S.A.B. de C.V.'s (A-/Positive) Claro unit is number two in broadband and number three in mobile, although LCPRH's mobile subscriber base is weighted toward post-paid. America Movil is more heavily weighted toward pre-paid customers, which typically generate lower average revenue than post-paid users. LLA Linkages: Liberty Latin America (LLA)'s financial management involves moderately high amounts of leverage across its legally separate credit pools. LCPR represents approximately 30% of LLA's consolidated EBITDA and 35% of consolidated net debt, while Cable & Wireless Communications Limited (C&W; BB-/Stable), which operates in much of the rest of the Caribbean and in Panama, generates about 60% of EBITDA and holds around 55% of net debt. A deterioration of the financial profile of one of the credit pools, or the group more broadly, could place more financial burdens on LCPRH, given LLA's acquisitive nature and its willingness to move cash around for M&A. LCPR's cash declined to USD72 million in 2022 from USD159 million in 2021 mainly due to shareholder distributions. Secured Instrument Recovery Prospects: The instrument ratings reflect Fitch's approach to Recovery Ratings under its Corporate Recovery Ratings and Instrument Ratings Criteria. Secured debt ratings of 'BB+' incorporate collateral support included in the transaction structure. The instruments qualify as 'Category 2 First-Lien' with an'RR2' and a two-notch uplift from LCPR's IDR. LCPR has an ESG Relevance Score of '4' for Exposure to Environmental Impacts to due to its operations in a hurricane-prone region, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. LCPR has an ESG Relevance Score of '4' for Financial Transparency as LLA's financial disclosures and financial management strategy are somewhat opaque, relative to peers in the region, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. DERIVATION SUMMARY LCPRH is smaller and with less geographic diversification compared with CWC while it operates in a much safer jurisdiction. LCPR's ratings have a Negative Outlook as its net leverage could remain above 5x given increased competition and various cost pressures, compared with expectations of C&W's net leverage below 4.5x. Compared to WOM S.A. (B+/Negative), LCPRH has a more mature growth profile, greater service diversification and scale and a history of positive pre-distribution FCF generation. LCPRH also has a much larger post-paid subscriber base, which tends to be more stable and profitable, at around 80% compared with WOM in the 50% range. WOM's ratings have a Negative Outlook due to projected negative FCF and the expectation that net leverage could remain above 5x. The shareholders of both companies have taken actions that have resulted in increased net debt although the degree of leveraging at WOM has been more meaningful. Compared with Caribbean peer Digicel International Finance Limited (C), LCPRH has a more subscription-based diversified product portfolio and a less leveraged capital structure. Consolidated parent-level leverage is much lower at LLA than at Digicel Group Holdings Limited (C). LLA has a business profile similar to Millicom International Cellular S.A. (MIC; BB+/Stable), a holding company with subsidiaries inleading positions in several markets. LLA's revenue base has more U.S. dollars and subscription revenue, while Millicom's revenue is primarily local currency denominated. Both have seen leverage increase from acquisitions; however, LLA's leverage is higher than Millicom, which Fitch expects to decline to 2.5x-3.0x. LCPRH's business profile and diversified service offerings in Puerto Rico are similar to those of Millicom's Telecomunicaciones Digitales, S.A. (BBB-/Stable) in Panama (BBB-/Stable). Telecomunicaciones Digitales, S.A. benefits from lower leverage, supporting the multi-notch difference in ratings. KEY ASSUMPTIONS Fitch's Key Assumptions Within The Rating Case for the Issuer Include: - Fixed revenue generating units (RGUs) grow about 2% overall in 2023 and slowdown in 2024, mainly due to broadband penetration offset declining Pay-Tv and telephone over the medium term; - Blended fixed ARPU declines about 1% in 2023 and increases marginally in 2024; - Flat to marginally positive mobile RGUs, with ARPUs declining in 2023 on continued promotional activity and flat to marginally positive in 2024; - Blended EBITDA margins of around 32% in the medium term, equivalent to around USD500 million; - Capex of around USD200 million to USD250 million, or approximately 14%-16% of revenue. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not anticipate an upgrade in the near term, given the company's and the larger group's elevated leverage profiles; - Longer-term positive actions are possible if total debt/EBITDA and net debt/EBITDA are sustained below 4.50x and 4.25x, respectively, at LCPR and LLA. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A meaningful contraction of mobile or fixed market share or increased competition that leads to lower cash flow generation; - Total debt/EBITDA and net debt/EBITDA at LCPR sustained above 5.25x and 5.00x, respectively, due to organic cash flow deterioration or M&A; - While the three credit pools are legally separate, net debt/EBITDA at LLA sustained above 5.0x could result in negative rating actions for one or more entities in the group. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: The company does not face any large debt maturities until 2027 when USD1.2 billion of notes are due. Liquidity is mainly supported by expectations of pre-distribution FCF of USD20million to USD50 million per year and access to a USD173 million revolving credit facility maturing in 2027. Readily available cash and equivalents of USD72 million as of YE 2022. Fitch expects LLA will manage LCPRH similarly to its other subsidiaries, with excess cash used for shareholder distributions and M&A. Although credit pools are legally separate, LLA has a history of moving cash around the group for investments and acquisitions. This approach allows subsidiaries to pursue growth opportunities, however, it limits subsidiary prospects for material deleveraging. LLA's 2022 consolidated leverage was 4.4x on a net basis and 4.9x on a gross basis based on operating EBITDA of USD1.6 billion, USD7.9 billion in debt and USD800 million of cash. ISSUER PROFILE Liberty Cablevision of Puerto Rico (LCPR) is a telecommunications operator that offers mobile, Pay-TV, broadband and fixed telephony services to residential customers, as well as medium and large businesses in Puerto Rico and the US Virgin Islands. ESG CONSIDERATIONS LCPR has an ESG Relevance Score of '4' for Exposure to Environmental Impacts to due to its operations in a hurricane-prone region, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. LCPR has an ESG Relevance Score of '4' for Financial Transparency as LLA's financial disclosures and financial management strategy are somewhat opaque, relative to peers in the region, which 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 Recovery Prior ----------- ------ -------- ----- LCPR Senior Secured Financing Designated Activity Company senior secured LT BB+ Affirmed RR2 BB+ Liberty Communications of Puerto Rico LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ LCPR Loan Financing LLC senior secured LT BB+ Affirmed RR2 BB+ ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Food Prices Remain High ------------------------------------------ Trinidad Express reports that if one were to go to the market or buy locally produced vegetables, one may notice there is a significant reduction in the prices but when it comes to grocery items there is no ease up as food price inflations continue to bite into citizens' pockets. The Supermarket Association of Trinidad and Tobago (SATT) continues to blame the Ukraine-Russia war along with elevated commodity and labour costs in food-producing countries for making it impossible to reduce prices at this time, according to Trinidad Express. Its president Rajiv Diptee told Sunday Business, that the inputs for production also remain high and these extend throughout the food value chain, which includes fertilisers, chemicals, and plastics, the report notes. Comparing food prices from March 2022 to March 2023, a pound of cheddar cheese last year was $26.95 while the price this year has seen an increase of $3 to $29.95, the report relays. Chief Curry 500 grammes went from $27.95 to $36.95, while the 2 kilo package of Country Pride flour went from $15.95 to $19.95, the report discloses. Diptee explained that this country will always be dependent on imported food and imported inputs for manufacturers, the report notes. "We, therefore, need to become more efficient in how we import. The port infrastructure has to become the best, allowing for true first-world efficiency. "All associated costs of importing must be tightly monitored with frivolous charges by the freight companies and government agencies being eliminated. "General ease of doing business has to be improved to eliminate delays and any added costs. The consumer is the one in the end that pays the price of these inefficiencies," SATT’s president stressed, the report discloses. Diptee noted that the region produces varied foods, so there is an urgent need to improve transport and freight services between the islands, the report relaus. He said this would increase food security and reduce the region's and by extension Trinidad and Tobago's dependence on non-regional countries, the report discloses. On the call made by Trade and Industry Minister Paula Gopee-Scoon last month for businessmen to be reasonable with their prices, Diptee said the supermarkets in his association are fiercely competing for the customers, the report says. "The benefits of such intense competition weigh heavily in the customer's favour as it allows them to fetch the best possible prices, eliminating ill-gotten prices such as price gouging in the process. Any stores engaging in ill-gotten practices run the dire risk of severe damage to their institutional credibility given how quickly social media tends to react," he observed, notes the report. Diptee emphasised that the ease of doing business cannot be understated in T&T, the report notes. "Our competitive ranking needs to improve to ensure simple statutory procedures are not beleaguered by inefficiencies in the Public Service. At every level where savings can be achieved, that presents an opportunity to pass on discounts to consumers. This is something that I am confident our stakeholders can address," he added. On the vegetable side, consumers are breathing a sigh of relief as prices are gradually coming down, the report relays. President of the Agricultural Society of T&T (ASTT) Darryl Rampersad said most commodities have been drastically reduced, due to the availability of land space as some farmers can now plant in the wetlands, the report notes. Rampersad said certain crops such as pumpkin moved from $10 per pound to $2 per pound, while celery which cost $120 is now priced at $15 a bundle, the report relays. Rampersad highlighted that the market is based on supply and demand and due to availability and production levels selling prices have dropped, however he said some input costs are up despite the drop in freight cost, but the farmers can make a living while recovering from last year's losses as there are still farmers unable to plant due to losses from last year, the report discloses. "The ASTT partnered with members of the Agricultural Development Bank to assist farmers with a jump-start loan to get them restarted in agriculture," he said, notes the report. According to Rampersad, some challenges continue to exist like access to land tenure, available financial assistance, access to the incentive programmes, and praedial larceny, the report notes. Asked about Government's input in helping farmers, the ASTT head said the Government is taking a proactive approach in clearing some waterways to avoid flooding, the report relays. He also said discussions were held with the Agriculture, Land and Fisheries Minister Kazim Hosein and since then there are a lot of improvements and plans for the sector, the report notes. There is also a proposal to improve the incentive programmes and revamp the predial larceny squad, which is now being looked at, the report says. Chicken Prices Stable Head of the Poultry Association Robin Phillips told Sunday Business that prices remained stable but high following the price increase in October which saw chicken being sold at between $15 and $17 a pound for processed chicken, while live-weight birds cost between $8 to $12 depending on the weight, the report discloses. Poultry prices on the Ministry of Trade and Industry website for February from different poultry depots ranged between $8 to $9.25 for a pound of live-weight birds and pluck and gutted chicken costs from $15 to $20, the report relays. Fish Prices Increase Felicity/Charleville interim president Soomraj Balram said fish prices always increase during the Lenten season as there is usually, a scarcity of fish, during this period and fishermen are burning more fuel, to go further out in order get a good catch, the report notes. Consumers are now paying $20 for Crocro, Boshay $25, Salmon between $30 and $35, Carite and King fish $45 to $50, per pound, while shrimp prices are three pounds for $100, the report relays. Balram called on the Government to subside fuel for the fishermen as they are now paying $5.60 as opposed to $2.80 for diesel, the report discloses. "If that assistance is given to us we would be able to sell fish for a more affordable price," he added, notes the report. =========================== V I R G I N I S L A N D S =========================== THREE ARROWS: 3AC, CoinFLEX Founders Launch OPNX ------------------------------------------------ Oliver Knight of Coin Desk reports that Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the "world's first public market place for crypto claims trading and derivatives." The exchange, abbreviated to OPNX, will feature zero-proof audits for user balances and a portfolio margin feature that was pioneered by FTX, OPNX CEO Leslie Lamb said Thursday, March 9, 2023, morning on a Twitter Spaces discussion. Users will also be able to use bankruptcy claims as margin as well as selling them on a public order book, Lamb added. FLEX, the native token of CoinFLEX, which recently received approval from the Seychelles court for a restructuring plan, is currently trading at $1.75 after rising by 0.78% in the past 24 hours. Su and Davies' journey as a pair of well-regarded crypto fund managers came to a head during last year's market crash when their Three Arrows Capital's long-only strategy backfired following the $60 billion collapse of the Terra ecosystem. The fund was then liquidated, prompting market contagion that spread to almost all crypto lenders. The OPNX platform will allow investors to purchase bankruptcy claims across the crypto market that may mature over the coming years. FTX claims, for instance, are currently trading at around 20 cents on the dollar on over-the-counter (OTC) markets. Open Exchange was launched in February 2023 as a platform for trading what it says is a $20 billion market for crypto-related bankruptcy claims. About Three Arrows Capital Three Arrows Capital Ltd. was an investment firm engaged in short-term opportunities trading, and is heavily invested in cryptocurrency, funded through borrowings. As of April 2022, the Debtor was reported to have over $3 billion of assets under its management. Three Arrows Capital Ltd. was incorporated as a business company under the laws of the British Virgin Islands. Its sole shareholder owning all of its "management shares" is Three Arrows Capital Pte. Ltd., which previously operated as a regulated fund manager in Singapore until 2021, when it shifted its domicile to the BVI, as part of a global corporate plan to relocate operations to Dubai. The Debtor borrowed digital and fiat currency from multiple lenders to fund its cryptocurrency investments. After cryptocurrency lost 99% of its value, and then prices of other cryptocurrencies had rapid declines, the Debtor reportedly defaulted on its obligations. On June 24, 2022, one of the Debtor's many creditors -- DRB Panama Inc. -- filed an application to appoint joint provisional liquidators -- and thereafter, full Liquidators -- in the Eastern Caribbean Supreme Court in the High Court of Justice (Commercial Division) located in BVI. The application was assigned claim number VIHCOM2022/0117. Subsequently, on June 27, 2022, the Debtor filed its own application for the appointment of joint liquidators before the BVI Commercial Court. On June 29, 2022, the Honorable Mr. Justice Jack of the BVI Commercial Court appointed Russell Crumpler and Christopher Farmer of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital Ltd. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week March 13 to March 17, 2023 --------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Esval SA 3.5 49.9 2/15/2026 CL CLP Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Fospar S/A 6.5 1.2 5/15/2026 BR BRL Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR 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 Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD Noble Holding Internat 6.2 62.2 8/1/2040 KY 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 Sylph Ltd 2.4 65.1 9/25/2036 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 Noble Holding Internat 6.1 62.0 3/1/2041 KY 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 Argentine Republic Gov 8.3 72.9 12/31/2033 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 Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD Provincia del Chaco Ar 4.0 0.0 12/4/2026 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 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 Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY 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 ********* 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 * * *