/raid1/www/Hosts/bankrupt/TCRLA_Public/230815.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
Tuesday, August 15, 2023, Vol. 24, No. 163
Headlines
A R G E N T I N A
ARGENTINA: Beef Prices to Pour More Fuel on 116% Inflation
B R A Z I L
BRAZIL: DBRS Hikes Issuer Rating to BB, Trend Stable
BRAZIL: Even Faster Interest Rate Cuts Unlikely, Says Central Bank
BRAZIL: Retail Sales Up in First Half But Losing Steam
PETROLEO BRASILEIRO: Does Not Intend to Sell Braskem Stake
C H I L E
CHILE: Inflation Eases Less Than Forecast
D O M I N I C A N R E P U B L I C
AEROPUERTOS DOMINICANOS: Moody's Affirms Ba3 Rating on Sec. Notes
BANCO DE RESERVAS: Moody's Affirms 'Ba3' Deposit Ratings
DOMINICAN REPUBLIC: Announces 1st Ordinary Share Issuance Program
P A N A M A
PROMERICA FINANCIAL: Fitch Puts Final 'B+' Rating to $225MM Notes
P U E R T O R I C O
ESJ TOWERS: Florence Cohen Steps Down as Committee Member
- - - - -
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A R G E N T I N A
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ARGENTINA: Beef Prices to Pour More Fuel on 116% Inflation
----------------------------------------------------------
Jonathan Gilbert at Buenos Aires Times reports that beef prices in
Argentina are poised to soar over the coming months - fresh fuel
for inflation already galloping at 116% annually in a country that
eats the most red meat in the world.
Argentine beef inflation has stayed in check this year as ranchers
flooded cattle markets because of a brutal drought that frazzled
pastures, providing ample supply to butcher shops, according to
Buenos Aires Times.
Beef cuts sold in stores in the Buenos Aires metropolitan area
(AMBA), home to nearly a third of Argentines, cost 72 percent more
in June than a year earlier, the report notes. While that may
sound high, it pales in comparison to overall inflation, which is
comfortably in triple-digit territory, the report relays.
A recent decision to temporarily weaken the exchange rate for corn
exports - designed to spur shipments abroad - has bumped up
domestic feed costs, the report discloses. Prices paid for
livestock have, therefore, swelled over the last couple of weeks
and are trickling down to supermarkets and butchers, the report
says.
What's more, as rains return to the Pampas farm belt - albeit
slowly and unequally - ranchers are starting to take the opposite
approach to drought times, keeping cows in replenished fields to
rebuild herds, the report notes. That will tighten supplies to
meat-packers, pushing up both cattle and beef prices over the rest
of the year, the report relays.
"When the rains start falling normally, pastures will recover and
farmers will withhold cattle," said Miguel Schiariti, head of beef
industry group CICCRA and a rancher himself, the report discloses.
Beef prices could rise 40 percent by October from June's levels,
according to CICCRA - though Schiariti said predicting the
magnitude of the increase is tough after the corn measure and the
faltering rains, the report says.
The timing couldn't be worse for Economy Minister Sergio Massa, who
is the ruling Peronist party's main presidential candidate, the
report discloses.
Argentine voters vie with their neighbours in Uruguay as the
biggest per capita consumers of red meat on the planet. Massa is
already struggling to fight annual inflation, the report notes.
Food, clothing and home appliances have all driven the print, and
fuel hikes at the pump show no sign of respite, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
S&P Global Ratings, on June 13, 2023, 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.
S&P said the negative outlook on the long-term ratings is based on
the 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.
Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.
The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).
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, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.
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B R A Z I L
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BRAZIL: DBRS Hikes Issuer Rating to BB, Trend Stable
----------------------------------------------------
DBRS Inc. upgraded the Federative Republic of Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low). At
the same time, DBRS Morningstar confirmed the Federative Republic
of Brazil's Short-term Foreign and Local Currency – Issuer
Ratings at R-4. The trend on all ratings is Stable.
KEY CREDIT RATING CONSIDERATIONS
The upgrade to BB primarily reflects diminishing downside risks to
the fiscal outlook. Due to a package of revenue-raising measures
earlier this year, the primary deficit is expected to come in
around 1.0% of GDP, an improvement from the projected deficit of
2.3% in the 2023 budget. The government is also putting in place a
new fiscal framework that targets a primary balance in 2024 and a
surplus of 1.0% of GDP in 2026. We expect congress will approve the
framework in August 2023. In our view, even if the primary targets
are not achieved, the new framework signals that fiscal results
will continue to improve during the Lula administration.
Improvements in DBRS Morningstar's "Fiscal Management and Policy"
and "Debt and Liquidity" building blocks are the key factors
contributing to the upgrade.
Although Brazil's weak medium-term growth prospects remain a key
credit challenge, we also view the cumulative impact of economic
reforms implemented over the last two administrations as credit
positive. Reforms to the credit markets, labor regulations, and
infrastructure concessions could end up boosting investment and
productivity more than currently expected. The value-added tax
reform, which the lower house recently passed and is now under
consideration in the Senate, could also improve growth prospects
over time. In addition, the central bank's inflation-targeting
credibility has been strengthened on the back of institutional
changes and a solid track record.
Notwithstanding these positive developments, Brazil continues to
face significant credit challenges. In particular, high public
debt, a large fiscal deficit, and modest growth prospects leave the
economy vulnerable to shocks. The new fiscal framework sets out a
deficit-reduction path through 2026, but even if the targets are
achieved the resulting consolidation may not be sufficient to
stabilize debt dynamics. Absent further adjustment, the debt ratio
could continue on an upward trajectory and jeopardize the
sustainability of public finances.
CREDIT RATING DRIVERS
The ratings could be upgraded if the government advances a
structural fiscal adjustment that improves public debt dynamics.
Implementation of economic reforms that strengthen the growth
outlook would facilitate this adjustment and be viewed as credit
positive.
The ratings could be downgraded if the commitment to fiscal
consolidation weakens or there is a material deviation from the
expected consolidation path. Additional shocks – either domestic
or external – that exacerbate Brazil's growth challenges could
make the necessary fiscal adjustment even more difficult to
achieve.
CREDIT RATING RATIONALE
Risks to the Fiscal Outlook Have Declined, But High and Rising
Public Debt Leave Public Finances Vulnerable to Shocks
Two actions have reduced downside risks the fiscal outlook. First,
the Lula administration implemented a series of measures early in
the year to curb the fiscal deficit. After posting a primary
surplus of 1.3% of GDP (consolidated public sector) in 2022, fiscal
accounts were set to deteriorate sharply in 2023 on account of tax
cuts and a large expansion of social benefits. The 2023 budget
estimated a primary deficit of 2.3% of GDP. However,
revenue-raising actions in early 2023 have improved the outlook.
According to the July 21st FOCUS survey, the median expectation for
the public sector primary deficit is 1.0% of GDP.
Second, the government is putting in place a new framework that
will act as a constraint on fiscal policy going forward. The
framework targets a primary balance in 2024 and a surplus of 1.0%
of GDP in 2026. It also limits primary expenditure growth to 70% of
revenue growth. The deficit-reduction measures in 2023 combined
with the new framework reduce downside risks to the fiscal outlook
and account for the one-category uplift to the Fiscal Management
and Policy building block.
Brazil's government debt levels are high but lower than previously
projected. Due to the pandemic and associated policy response,
gross non-financial public sector debt (IMF definition) jumped from
88% of GDP in 2019 to 97% in 2020. However, Brazil's strong
recovery and rapid fiscal repair drove the debt ratio down to 86%
in 2022. This places the debt ratio not only 2 percentage points of
GDP lower than before the pandemic, it is 6 percentage points lower
than projected in our August 2022 review and 13 percentage points
lower than projected in our September 2021 review.
Notwithstanding these positive developments, consolidating fiscal
accounts continues to present the most significant challenge to
sovereign credit profile. Meeting the new primary balance targets
will require substantially more revenue and strict expenditure
control. The government plans to raise revenue, in part, by
introducing income tax reform later this year, which in our view,
will be difficult to pass in congress. Controlling expenditures is
also complicated by spending items that are indexed to revenue or
the minimum wage. Given the myriad challenges, we are not confident
that the primary targets will be met; nevertheless, we assume that
the constraints built in to the new framework will keep fiscal
accounts on a gradually improving path. Another challenge is that
even if the targets established in the new framework are achieved,
they are unlikely to stabilize debt dynamics during the Lula
administration. Assuming the government reaches a primary surplus
of 1.0% of GDP in 2026, as outlined by the new framework, we
estimate that the next administration would need to tighten fiscal
policy by about 1% of GDP in order to put public finances on a
sustainable path.
The composition of Brazil's public debt provides some advantages,
but the high level of debt and stressed fiscal accounts leave
public finances vulnerable to shocks. Almost all government debt is
denominated in local currency and held by Brazilian residents.
This, combined with the Treasury's sizable liquid holdings, reduce
exchange rate and rollover risks. However, the debt ratio will
continue to rise if fiscal consolidation efforts are not sustained.
Tighter financing conditions or rising risk premiums could also
worsen debt dynamics, especially as nearly 40% of the debt is
floating rate and the average maturity is relatively short (4.0
years). The vulnerability of public finances to shocks highlights
the importance of pursuing a consolidation strategy backed by a
credible fiscal framework that reinforces market confidence and
sustains access to affordable borrowing.
Brazil's Solid Monetary Policy Framework and a Well-Capitalized
Banking System Have Helped the Economy Weather Shocks
On an institutional level, the central bank has reinforced its
inflation-targeting credibility with the markets over the last 7
years. From 2016 to 2020, policy actions backed by clear objectives
and enhanced communication better anchored inflation expectations
around the target. Global shocks have recently lifted inflation
above the target, but policymakers have acted to reinforce the
central bank's inflation-fighting credentials. The government
passed a reform in February 2021 to provide the central bank with
greater institutional autonomy. In addition, Brazil's National
Monetary Council decided in June 2023 to set the inflation target
rate at 3% from 2024 onwards, thereby helping anchor medium-term
expectations.
The inflation outlook is clearly improving. Annual headline
inflation declined from its peak of 12.1% in April 2022 to 3.2% in
June 2023. Driving disinflation is moderating food prices and
easing supply shocks. Year-over-year inflation will likely increase
in the second half of this year as the base effects from the tax
cuts on fuel last summer drop out of the calculation. Core
inflation is also cooling but still above levels consistent with
the central bank's targets. Expectations for yearend inflation in
2023 and 2024, according to the July 21st FOCUS Survey, are 4.9%
and 3.9%, respectively. In response, the central bank has kept the
policy rate at 13.75% since August 2022, thereby putting monetary
policy in a highly restrictive stance. The ex-ante real policy rate
was above 9% in June 2023, against the central bank's estimate of
the neutral real rate of 4.5%. The central bank looks set to start
lowering the policy rate in the next 1-2 months. However, with core
inflation running a bit hot and inflation expectations still
hovering slightly above target, rate cuts will likely be conducted
in a gradual manner with the overall policy stance remaining
restrictive through 2024.
Brazil's large banks remain highly capitalized with ample
liquidity, but challenging market conditions weigh on
profitability. Higher levels of debt combined with rising interest
rates are contributing to slower credit growth and making it more
difficult for some households and firms to service their debts.
Non-performing loans increased to 3.6% in May 2023, the highest
level since October 2017. However, early delinquency rates (15-90
days past due) have stabilized in recent months, and banks appear
well-provisioned and sufficiently capitalized to digest
greater-than-expected credit losses, if necessary, particularly the
larger banks with well-diversified loan portfolios. In addition,
banks appear well-positioned to manage global market volatility.
Their reliance on external funding is low and their direct exposure
to exchange rate risk is minimal.
Reforms Pose Some Modest Upside Risk to Medium-Term Growth
Prospects
The IMF estimates potential GDP growth at around 2 percent. The
relatively poor outlook partly reflects Brazil's aging population,
which has led to a slowdown in the growth of the labor force.
However, interlinking structural constraints of low investment,
high business costs and weak competitive forces also play a role.
Low investment is especially evident in Brazil's underdeveloped
infrastructure. In addition, high tariff barriers, elevated
compliance costs, and inward-looking industrial policy impede
Brazil from more fully benefiting from global trade and investment.
The country's weak medium-term growth outlook has led us to make a
negative adjustment in the "Economic Structure and Performance"
building block assessment.
We view the risks around the growth outlook as well-balanced
although slightly skewed to the upside. The cumulative impact of
microeconomic reforms implemented over the last two administrations
could end up boosting investment and productivity more than
currently expected. Past reforms include changes to credit markets,
labor regulations, and infrastructure concessions. The value-added
tax reform, which the lower house recently passed and is now under
consideration in the Senate, would also be positive. The reform,
which is designed to be revenue-neutral, is unlikely to spur
activity in the near term but given the substantial scope for
efficiency gains it could have a meaningful impact on growth over
time. Alternatively, a political unwillingness or inability to
address fiscal imbalances could end up dampening investment and
weakening growth prospects.
Brazil's external accounts are in a relatively strong position. In
the 12 months to May 2023, the current account posted a deficit of
2.5% of GDP. Rising global commodity prices due to Russia's
invasion of Ukraine have not had a major impact on Brazil's terms
of trade. Primary goods exports, such as soybeans and meat, have
benefited from higher prices, but the positive price effect has
been offset by a widespread increase in import prices, particularly
fertilizers. With regards to volumes, rising agricultural and
mining exports are supporting the trade balance. We expect the
current account to remain in a moderate deficit position over the
next few years, with net FDI inflows providing a stable source of
external financing. Brazil's flexible exchange rate should help
external accounts adjust to evolving global conditions. Moderate
external debt levels reduce risks to balance sheets across the
economy stemming from potential currency fluctuations. In addition,
sizable foreign exchange reserves (17% of GDP) provide the central
bank with substantial resources to mitigate the impact of potential
capital flow volatility, if necessary.
The Current Political Landscape Presents Challenges and
Opportunities
The capacity of Brazil's leftist President Luiz Inacio Lula da
Silva (Lula) to advance his legislative agenda will depend, in
large part, on his ability to build consensus in a congress that is
right-of-center and increasingly assertive. We expect congress will
likely moderate Lula's tax and expenditure proposals and resist any
potential efforts to reverse previously passed reforms (i.e. labor
reform, the privatization of Eletrobras). Nevertheless, there
appear to be opportunities for executive-legislative cooperation.
This has been evident over the last six months as congress and the
Lula administration have worked together to advance a new fiscal
framework and value-added tax reform. However, finding consensus on
income tax reform, which we expect will be presented in the second
half of this year, could prove to be more difficult.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Environmental (E) Factors
This factor is relevant but does not have a significant effect the
ratings. Land management practices in Brazil could create economic
challenges and strain trading relationships over time and, as a
result, the factor Land Impact and Biodiversity is a relevant
factor for the ratings. This has been taken into account within the
"Economic Structure and Performance" building block.
Social (S) Factors
The Human Capital & Human Rights factor has a significant effect on
the ratings. Similar to other emerging market economies and many of
its regional peers, Brazil's per capita GDP is low at US$9.0k
(US$17.9k on a PPP basis). This reflects a relatively low level of
labor productivity. This factor has been taken into account in the
"Economic Structure and Performance" building block.
Governance (G) Factors
Two governance factors have a significant effect the ratings: (1)
Bribery, Corruption and Political Risks, and (2) Institutional
Strength, Governance and Transparency. According to Worldwide
Governance Indicators, Brazil ranks in the 42nd percentile for Rule
of Law and 34th percentile for Control of Corruption. In addition,
Brazil ranks in the 35th percentile for Government Effectiveness.
These factors are taken into account in the "Political Environment"
and "Fiscal Management and Policy" building blocks.
Notes: All figures are in U.S. dollars unless otherwise noted.
Public finance statistics reported on a general government basis
unless specified. Fiscal balance and gross debt figures are
reported for the non-financial public sector (NFPS) and based on
the IMF definition. NFPS debt includes central, state, and local
governments, and social security funds; it excludes the central
bank, state-owned enterprises, Petrobras and Eletrobras.
BRAZIL: Even Faster Interest Rate Cuts Unlikely, Says Central Bank
------------------------------------------------------------------
Bloomberg News reports that Brazil's central bank said a faster
pace of interest rate cuts is unlikely after it kicked off an
easing cycle with a bigger-than-expected reduction of 50 basis
points.
"The Committee judges that there is low probability of an
additional intensification in the pace of adjustment," central
bankers wrote in the minutes of their Aug. 1-2 meeting published on
August 8, notes the report.
A faster pace of rate cuts would require "substantial" improvements
on inflation dynamics beyond headline measures, such as lower
estimates for consumer price increases, a "sharp" widening of the
output gap and more benign price pressures on the services sector,
they wrote, notes Bloomberg.
According to the report, policymakers led by Roberto Campos Neto
signaled plans to keep the pace of monetary easing in Latin
America's largest economy as inflationary dynamics gradually
improve. Consumer price increases are now below target, while core
measures excluding energy and food items are also slowing down. At
the same time, gross domestic product is seen expanding just 1.3%
next year.
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.
Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
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).
BRAZIL: Retail Sales Up in First Half But Losing Steam
------------------------------------------------------
Reuters reports that Brazil's retail sales ended the first half of
2023 in positive territory when compared with the previous year but
saw its expansion lose steam since January as high interest rates
bite Latin America's largest economy.
Sales came in stable in June versus the previous month, government
statistics agency IBGE said, below expectations of a 0.4% increase
from economists polled by Reuters.
On a yearly basis, they expanded 1.3% in the period, beating the
0.35% increase forecast by economists as sales gained ground for
the ninth consecutive month when compared with 2022, the report
notes.
Overall, however, the scenario is not so bright as the first half
expansion heavily depended on a single month, IBGE said in a
report, Reuters discloses.
"The first half closes on a high much because of the growth
concentrated in January, when sales rose 4.1%," research manager
Cristiano Santos said, the report relays. "After January, the
results have been more tepid, always close to 0%."
Sales of office supplies, medicinal products, fuels and lubricants
were down in June from May, according to IBGE, with their drop
offset by a rise in apparel and food sales, the report adds.
Worsening credit conditions amid high interest rates have been
affecting the retail sector in Brazil, despite the government's
move to boost social spending and inflation cooling down, notes
Reuters.
"Consumers in Brazil overall ended the second quarter on a less
terrible note, but risks remain titled to the downside, at least in
the very near term," said Pantheon Macroeconomics' chief economist
for Latin America, Andres Abadia, Reuters reports. "Looking ahead,
we think conditions will improve, particularly from late fourth
quarter onwards, thanks mainly to lower interest rates, which will
support still-resilient domestic fundamentals."
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.
Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
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).
PETROLEO BRASILEIRO: Does Not Intend to Sell Braskem Stake
----------------------------------------------------------
Marta Nogueira and Paula Arend Laier, citing Valor Economico, at
Reuters report that Brazilian state-run oil company Petrobras
(PETR4.SA) is not planning to sell its 36% stake in petrochemical
firm Braskem (BRKM5.SA).
Petrobras is one of Braskem's main shareholders alongside
conglomerate Novonor (ODBES.UL), which holds a controlling stake in
the firm but has sought to sell it to repay creditors after
entering bankruptcy protection, according to Reuters.
According to Valor Economico, Petrobras CFO Sergio Leite said
during a meeting with analysts that the company has no plans to
sell off its stake in Braskem, the report notes.
In a statement, the company said it was studying alternatives in
the petrochemicals sector as part of its strategic planning, the
report relays. It did directly comment on the report.
Petrobras holds contractual rights to buy out Novonor's stake in
the firm or exercise tag-along rights in case of a potential sale,
the report discloses.
Three offers so far have been presented to take control of Braskem:
a joint bid from Abu Dhabi's ADNOC and U.S. asset manager Apollo
(APO.N), and separate proposals from Brazilian firms Unipar
Carbocloro (UNIP6.SA) and J&F, the report relays.
Following Valor Economico's story, shares of Braskem rose 7.8% in
afternoon trading, making it one of the top gainers on Brazil's
benchmark stock index Bovespa (.BVSP), the report says.
About Petrobras
Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil. Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia. But, Brazil represents majority of its production.
The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank
and
Brazil's Sovereign Wealth Fund (Fundo Soberano) each control 5%,
bringing the State's direct and indirect ownership to 64%.
A corruption scandal was uncovered in 2014 that involved
Petrobras.
The scandal related to money laundering that involved Petrobras
executives. The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total. Over a thousand warrants were issued against politicians
and businessmen in relation to the scandal. In 2016, Marcelo
Odebrecht, CEO of Odebrecht, was sentenced to 19 years in prison
after being convicted of paying more than $30 million in bribes to
Petrobras executives.
In January 2018, Petrobras agreed to pay $2.95 billion to settle a
U.S. class action corruption lawsuit. In September 2018,
Petrobras
agreed to pay $853.2 million to settle with Brazilian and U.S.
authorities.
In July 2022, Fitch Ratings affirmed Petrobras' BB- Long-Term
Issuer Default Rating. In addition, Fitch has revised the Rating
Outlook to Stable from Negative following a similar revision to
Brazil's Sovereign Rating Outlook. Also in July 2022, Egan-Jones
Ratings Company upgraded the foreign currency and local currency
senior unsecured ratings on debt issued by Petrobras to BB+ from
BB.
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C H I L E
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CHILE: Inflation Eases Less Than Forecast
-----------------------------------------
Bloomberg News reports that Chile's annual inflation eased broadly
in line with forecasts in July, a month that ended with the central
bank delivering a larger-than-expected interest rate cut and
indicating more big reductions to come.
Consumer prices rose 6.5% from a year prior, just above the 6.4%
median estimate of analysts in a Bloomberg survey, according to
Bloomberg News.
Monthly inflation stood at 0.4%, the national statistics institute
reported, Bloomberg News relays.
A closely-watched price gauge that excludes volatile items
increased 8.5% in 12 months and 0.3% from June, the report adds.
Price-growth is heading toward the 3% target after policymakers
held borrowing costs at an over two-decade high for nearly a year,
the report notes.
In a statement with last month's rate decision, central bankers
wrote both headline and core inflation have eased faster than
expected, the report discloses.
Still, in recent days the peso has weakened and gasoline prices
have started to tick up, stoking import costs, the report relays.
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D O M I N I C A N R E P U B L I C
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AEROPUERTOS DOMINICANOS: Moody's Affirms Ba3 Rating on Sec. Notes
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Moody's Investors Service has affirmed the Ba3 rating assigned to
Aeropuertos Dominicanos Siglo XXI, S.A. ("Aerodom")'s senior
secured notes that mature in 2029 and, at the same time, changed
its outlook to positive from stable.
Affirmations:
Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.
Senior Secured Regular Bond/Debenture, Affirmed Ba3
Outlook Actions:
Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
The outlook change to positive recognizes the favorable traffic
growth prospects for Aerodom underpinned by an ongoing strong
travel demand to the Dominican Republic. Additionally, it also
considers the anticipated syndicated loan full repayment by 2024 in
conjunction with the commencement of the amortization schedule for
the senior secured notes extending through 2029, which will
contribute to a steady leverage reduction over the next 12-18
months. Furthermore, the rating action recognizes the Government of
Dominican Republic (Ba3 positive) outlook change to positive driven
by the sustained high growth rates enhancing the scale and wealth
levels of the economy. Moody's notes that the ongoing development
of the tourism sector, which has expanded into higher-end offerings
and more international markets, has contributed significantly to
growth in recent years.
The affirmed Ba3 rating considers Aerodom's advantageous service
area, in conjunction with the diversified origin and destination
(O&D) passenger profile mix and demographics, that have been
supporting a robust recovery to pre-pandemic traffic levels,
surpassing 2019 annual traffic by 6% during 2022. As of first half
of 2023, Aerodom's aggregate traffic has expanded 14% compared to
the corresponding period in 2019 leading to enhanced coverage and
leverage metrics. Quantitatively, during the first quarter of 2023
Aerodom recorded a LTM 1.92x Moody's Debt Service Coverage Ratio
and a LTM Funds from Operations/Debt ratio of 24.3%.
The Ba3 rating continues to recognize the supportive long-term
concession agreement that expires in 2030, which extends beyond the
notes' tenor in 2029. Additionally, the rating considers a carrier
base that continues to be highly diversified with JetBlue Airways
Corp. (Ba2 stable) being the main carrier with 23% share of
consolidated traffic as of 2022, limiting exposure to airline
concentration. Importantly, the Ba3 rating incorporates Moody's
assumption of no material additional indebtedness or significant
dividend distributions that would weaken key credit metrics.
The liquidity profile as of 1Q2023 considers roughly $89 million
that is composed by cash available and a six-month debt service
reserve account, that coupled with an annual Funds from Operations
of roughly $114 million on average should cover for all the
upcoming debt service in the next 2 years without the need to incur
additional debt. Moody's notes that the reserve for debt service on
the rated bonds is available only through the loan maturity in
2024. That will relatively weaken the credit protections for
bondholders during the amortization profile of the senior secured
notes in the 2024-29 period. Nonetheless, Aerodom's bondholders
will continue to benefit from structural considerations in the debt
agreement that include limitations on additional indebtedness and
dividend distribution tests.
Moody's ratings base case include the following assumptions:
-- Revenue from passengers assumes no update to specialized
tariffs.
-- Annual increase in passenger traffic of 5% during 2023 and
2024.
-- No major CAPEX investments and expansions that would require
significant additional funding.
-- No material additional indebtedness or significant dividend
distributions that would dwindle key credit metrics or
significantly weaken liquidity profile.
RATING OUTLOOK
The outlook is positive reflecting Moody's expectation of
continuous stable traffic growth performance through 2024
underpinned by a strong travel demand and a diversified passenger
profile mix, progressively improving key credit metrics.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating would be upgraded if the air traffic presents stable
growth rates after full recovery, followed by the improvement of
financial performance leading to an increase in Moody's debt
service coverage ratio above 2.3x, on a sustained basis.
The rating could be downgraded if Aerodom faces substantial traffic
volatility that reverts the recovery trend, causing liquidity
sources to be used. Quantitatively, if cash interest coverage falls
below 1.8x or Moody's Debt Service ratio below 1.5x, the rating
could be revised downwards.
PROFILE
Aerodom is the operator of six airports in the Dominican Republic
through a long-term concession granted by the government with an
expiration due 2030. The airport portfolio is composed by Las
Americas International Airport in Santo Domingo, the Gregorio
Luperón International Airport in Puerto Plata, El Catey
International Airport in Samana, the Maria Montez International
Airport in Barahona, the Arroyo Barril Domestic Aerodrome in Samana
and La Isabela International Airport in Santo Domingo.
On April 2016, VINCI Airports a subsidiary of VINCI S.A. acquired
Aerodom from Advent International. This acquisition is considered
credit positive for Aeorodom, given the extensive experience of the
new operator and synergies that can be implemented to improve
operations and performance. VINCI Airports operates over 65
airports worldwide, with Latin American presence in Brazil, Costa
Rica, Dominican Republic and Mexico.
On January 2017, Aerodom issued $317 million in senior secured
notes with a fixed coupon of 6.75% due 2029. The proceeds and a
$216 million loan due 2024 were used to prepay the previous
existing notes.
The main rated peers in the Latin American region for Aerodom are
International Airport Finance, S.A. ("Quiport", Caa2 stable) in
Ecuador, Aeropuertos Argentina 2000 S.A. ("AA200", Caa3 stable) in
Argentina, ACI Airport Sudamerica, S.A. (Ba1, stable) in Uruguay,
Aeropuerto Internacional de Tocumen, S.A. (Baa2 negative) in Panama
and the Fideicomiso Irrevocable de Administracion y Pago numero
80460 Reexpresado ("Mexcat", Baa3 stable). These issuers operate
under heterogeneous operational environments, regulatory frameworks
and with specific passenger profiles.
The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in September 2017.
BANCO DE RESERVAS: Moody's Affirms 'Ba3' Deposit Ratings
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Moody's Investors Service has affirmed the deposit ratings assigned
to Banco de Reservas de la Republica Dominicana (Banreservas),
including long and short-term local and foreign currency deposit
ratings of Ba3 and Not Prime, respectively. As a government-owned
bank, the outlook on the bank's long-term deposit ratings was
changed to positive, from stable, following Moody's outlook
revision on the Government of Dominican Republic (DR)'s Ba3
government bond rating to positive from stable.
At the same time, Moody's also upgraded the bank's Baseline Credit
Assessment (BCA) and Adjusted BCA to ba3 from b1, the long-term
local and foreign currency counterparty risk ratings to Ba2 from
Ba3, as well as the long-term counterparty risk assessment to
Ba2(cr) from Ba3(cr). The short-term counterparty risk ratings of
Not Prime, and the short-term counterparty risk assessment of Not
Prime(cr) were affirmed.
RATINGS RATIONALE
RATIONALE FOR UPGRADE OF BCA
According to Moody's, the primary driver for the BCA upgrade was
the bank's consistent track record of good asset quality, sound
funding profile and strong recurring profitability levels that have
supported improvement in its capitalization over the past three
years. The bank's well-established franchise as the largest bank in
the system with 41% deposit market share as of June 2023, also
benefits its historically sound liquidity position, and provides a
stable access to core deposits, that has helped to shield the bank
from the heightened financial markets volatility since 2020.
Despite its strong loan growth of 14% between December 2022 and
December 2021, Banreservas' asset risks remained relatively stable,
with nonperforming loans ratio reaching a low 0.6% of gross loans
in December 2022, and reserve for loan losses covering 5.5% of
gross loans and 9.4 times of nonperforming loans. In addition, the
bank continues to maintain a relatively large amount of
restructured loans that accounted for 1.6% of gross loans in
December 2022, related to programs implemented during the pandemic.
About 95% of these loans are under due course supporting the
quality of this portfolio. Moody's expect asset quality to remain
a positive key driver to the BCA, with the level of nonperforming
loans gradually returning to pre-pandemic average of 1.6% (2017 and
2019 period).
Banreservas' BCA of ba3 also incorporates recent enhancement to the
bank's capital position, measured by Moody's tangible common equity
to risk weighted assets, that increased to 8.9% in December 2022,
from 7.8% at the end of 2021, benefiting from steadily high
profitability, with net income to tangible assets up to 2.1% in
December 2022, from 1.8% in 2021, and diminished dividend payouts
since 2021. Strong credit income and low funding costs will offset
pressures arising from higher cost of credit as the bank maintains
strong loan growth strategy, particularly into higher risk consumer
lending products that increased 22% in the last twelve months ended
in December 2022 and reached 27% of total loans.
As a bank 100% owned by the government, Moody's assesses
Banreservas as government-backed institution, and therefore, the
bank's Ba3 deposit ratings as well as its BCA of ba3, are at the
same level of the Government of Dominican Republic's Ba3 sovereign
bond rating. The government-backed support status is also
underpinned by the close financial and business links between the
bank and the government, as well as Banreservas' important deposit
and lending franchises in the DR. Consequently, the deposit ratings
carry the positive outlook of the sovereign rating.
MACRO PROFILE OF DOMINICAN REPUBLIC CHANGED TO MODERATE-
The improvement in the DR's Macro Profile to Moderate-, from Weak+,
reflects steady improvement in the country's economic conditions,
with sustained high growth rates over the past two decades that
have supported the scale and wealth levels of the economy,
bolstering the sovereign's resilience to shocks. The country's
economic strength also reflects strong real GDP growth of more than
12% in 2021 and the expectation that growth will average around 5%
over the medium term, supporting a favorable operating environment
for banks. It also incorporates the ongoing development of the
tourism sector, which has expanded into higher-end offerings and
more international markets, contributing significantly to growth in
recent years.
Despite the rapid credit growth in the last decade, the Dominican
Republic has one of the lowest financial intermediation rates in
Latin America, at around 27% in 2022. Nonperforming loans (NPLs)
have remained low as a percentage of gross loans and Moody's expect
asset quality to remain at healthy levels supported by tourism,
investment and remittances inflows, boosting economic growth and
debtholders' repayment capacity. The highly concentrated banking
system provides leading banks with strong pricing power, while a
stable base of core deposit funding and ample liquidity buffers
support the banks' financial flexibility.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Banreservas' long-term deposit rating is unlikely
because they are rated at the same level as the DR's sovereign
rating, reflecting the strong credit links between the sovereign
and the bank. The bank's BCA is also at the same level of the DR
ratings, and therefore has no upward pressure at this point.
Factors that could lead to a BCA downgrade include: (1) a
substantial and consistent deterioration in asset risk and
profitability and/or (2) weakened capitalization as a result of an
acceleration of its loan origination. In addition, a downgrade of
the DR's sovereign rating could lower Banreservas' supported
ratings, as well as its ba3 BCA. However, these movements would be
currently constrained by the positive outlook on the sovereign debt
rating.
METHODOLOGY USED
The principal methodology used in these ratings was Banks
Methodology published in July 2021.
DOMINICAN REPUBLIC: Announces 1st Ordinary Share Issuance Program
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Dominican Today reports that President Luis Abinader, alongside the
Superintendence of the Securities Market (SIMV), announced the
initiation of the first ordinary share issuance program in the
Dominican Republic's capital market industry. This program has
been structured for the company Cesar Iglesias by BHD Stock Market,
according to Dominican Today.
During a ceremony at the National Palace's Las Cariatides Hall,
President Abinader initiated the public offering by ringing the
bell, the report notes. He encouraged all Dominicans to take
advantage of this opportunity to save and invest in securities,
offering an alternative mechanism for companies to raise capital by
selling shares, the report relays.
Abinader highlighted the significance of this achievement, noting
that it marks the first issuance and placement of shares for a
commercial company in the Dominican stock market's history, the
report notes. He emphasized that the stock market is currently in
a favorable position, and this achievement was made possible
through private initiative, business vision, and collaboration with
key players in the financial market, the report discloses.
The president attributed the success to Law 163-21, formulated
based on consultations with business leaders and experts, which
addressed obstacles to the capital market's development, the report
says. This law paved the way for Dominicans to participate in
share placements for the first time, the report notes.
BHD Stock Market structured the issue, which will be placed in
collaboration with Inversiones Popular - Puesto de Bolsa, Alpha
Inversiones, and PARVAL. INVESTA Capital Partners served as Cesar
Iglesias' exclusive financial advisor, the report relays.
The placement of Cesar Iglesias shares is open from August 9, 2023,
through various placement and distribution agents, the report
notes. Notably, the country's stock market experienced an
unprecedented achievement in July 2023, with over 940,000 visitors,
making it an iconic month in the nation's tourism history, the
report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCRLA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has changed the outlook on the Government of Dominican
Republic's ratings to positive from stable and affirmed the
local and foreign-currency long-term issuer and senior unsecured
ratings at Ba3.
Moody's said the key drivers for the outlook change to positive
are: (i) sustained high growth rates have enhanced the scale and
wealthclevels of the economy; and (ii) a material decline in the
government debt burden coupled with improved fiscal policy
effectiveness will support medium-term debt sustainability
The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively
contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which
include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.
S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18
months that will likely stabilize the government's debt burden.
In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy. It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.
Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.
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P A N A M A
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PROMERICA FINANCIAL: Fitch Puts Final 'B+' Rating to $225MM Notes
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Fitch Ratings has assigned a final rating of 'B+'/'RR4' to
Promerica Financial Corporation's (PFC) USD225 million senior
secured notes. The rating is in line with the expected rating
assigned on Aug. 3, 2023.
The notes have a five-year maturity and will bear interest at the
rate of 10.750% per year. The notes will be senior secured
obligations and will rank senior in right of payment to all
existing and future senior indebtedness to the extent of the value
of the collateral securing the notes.
KEY RATING DRIVERS
The rating assigned to the notes is aligned to PFC's Long-Term
Issuer Default Rating (IDR). Despite the notes being senior secured
and unsubordinated obligations, in Fitch's view, the collateral
mechanism would not have a significant impact on recovery rates. In
accordance with Fitch's rating criteria, recovery prospects for the
notes are average and reflected in their Recovery Rating of 'RR4'.
The agency considers that the pledged shares are not traded and
have not been rated by Fitch in its opinion on recovery prospects.
PFC's IDR of 'B+' is driven by its Viability Rating (VR) of 'b+',
which is based in the issuer consolidated risk profile with
operations in nine countries. Fitch's assessment of the Operating
Environment (OE) is a key of PFC's creditworthiness and is assessed
computing a weighted average on the total assets in each
jurisdiction. PFC has a noteworthy market position in the markets
where it operates and ranks as the third-largest financial
conglomerate owned by local shareholders in Central America.
The company's consolidated figures show a good asset quality, with
a Stage 3 loans ratio of 2.0%, while the profitability has improved
since 2020 and is expected to stabilized around the current ratio
of 1.7% of operating profit to risk weighted assets (RWAs). Fitch
believes PFC's capitalization is reasonable, with a CET1 to RWAs
ratio that should remain close to 10%. The funding structure is
mainly comprised of core customer deposits and financial
flexibility is considered good. As of 1Q23, available resources
from syndicated credit lines were about USD200 million. Cash
available from operations was around USD300 million at this same
date and covered the USD200 million global bond that matures in
2024 by 2.5x.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- The rating of this issuance could be downgraded in the event of
a downgrade of PFC's IDR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- The rating of this issuance could be upgraded in the event of
an upgrade of PFC's IDR.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
DATE OF RELEVANT COMMITTEE
August 02, 2023
Sources of Information
The principal sources of information used in the analysis are
described in the Applicable Criteria.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
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P U E R T O R I C O
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ESJ TOWERS: Florence Cohen Steps Down as Committee Member
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The U.S. Trustee for Region 21 disclosed in a court filing that
Florence Paley Cohen has been removed from the official committee
of unsecured creditors in the Chapter 11 case of ESJ Towers, Inc.
The remaining members of the committee are:
1. Homeowners Association of ESJ Towers
Chana Cohen, President, Board of Directors
P.O. Box 79878
Carolina, PR 00984
Tel: (787) 529-5539
Email: rentwithchana@yahoo.com
External Counsel: Monique Diaz Mayoral
Tel: (754) 755-5508
Email: m@diazmayorallaw.com
2. Frank Luccarelli
Deeded Timeshare Owner and Vacation Club Member
32 Lynncliff Road
Hampton Bays, NY 11946
Cell: (631) 745-1622
Tel: (631) 728-6735
Email: islandcl@yahoo.com
3. Steven Vega, Vacation Club Member
140 Donizetti Pl #13G
Bronx, NY 10475
Tel: (212) 942-8645
Email: steven_vega@live.com
About ESJ Towers
ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury
apartments and condo units at ESJ Towers have direct access to Isla
Verde Beach, widely considered one of the best in Puerto Rico.
ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as
50 million in both assets and liabilities. ESJ President Keith
St.Clair signed the petition.
Judge Enrique S. Lamoutte Inclan oversees the case.
The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill,
PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at
RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as
special counsels; Dage Consulting CPAS, PSC as financial advisor;
CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and
De Angel & Compania, PA, LLC as auditor.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 12, 2022. MRO Attorneys at Law, LLC
and Dage Consulting CPAS, PSC serve as the committee's legal
counsel and financial advisor, respectively.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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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
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