/raid1/www/Hosts/bankrupt/TCRLA_Public/231113.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, November 13, 2023, Vol. 24, No. 227
Headlines
A R G E N T I N A
ARGENTINA: Massa Says IMF Will Probe 'Capital Flight' From Loan
ARGENTINA: Pays US$840MM in Interest to International Monetary Fund
B R A Z I L
BRAZIL: Foreign Investment in Brazil Drops by 40%
C O L O M B I A
COLOMBIA: Fitch Assigns 'BB+' Rating on US$2.5-Bil. in Social Bonds
C O S T A R I C A
COSTA RICA: Fitch Rates US$1.5-Billion Bond Due 2054 'BB-'
INSTITUTO COSTARRICENSE: Moody's Hikes Rating to Ba3
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Will Create Regional Plan for Three Sectors
J A M A I C A
JAMAICA: Hits Back at Critics Questioning Low Unemployment Rate
X X X X X X X X
LATAM: Countries Seek to Go Back to Pre-pandemic Tourism
[*] BOND PRICING COLUMN: For the Week Nov. 6 to Nov. 10, 2023
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Massa Says IMF Will Probe 'Capital Flight' From Loan
---------------------------------------------------------------
Buenos Aires Times report that Sergio Massa has announced that the
International Monetary Fund (IMF) is will open an investigation in
late November to study and probe "capital flight" from the
multi-billion-dollar credit line contracted with the multilateral
lender by Mauricio Macri in 2018.
During an interview, Massa revealed that "at the end of the month,
IMF will start an investigation on the capital flight from the 2018
stand-by agreement," according to Buenos Aires Times.
Massa added that the body would send "a commission to Argentina
that will conduct a review of the 66 percent which, according to
the AGN Auditor-General, was not used to finance hospitals, schools
or to solve economic stability, but to finance the payment to
investment funds," the report notes.
This was the agreement for US$57 billion, out of which nearly US$46
billion were disbursed, because in 2019, the last section was
stopped after the electoral defeat of Macri by Alberto Fernandez,
the report relays.
"The IMF's stand-by agreement does not meet the established
criteria for negotiation and execution (applicable regulations)",
the AGN's Public Debt Supervision Commission pointed out in
February this year, the report notes.
Irregularities such as "guarantees in excess of the authorized
amount; inconsistencies in the disclosure of the debt in financial
statements the issuance of debt without the quota established by
law at the time of issuance", as indicated by the document
presented by the ruling party majority of the body, the report
discloses.
In the meantime, president of the AGN Jesus Rodriguez and auditors
Alejandro Nieva and Miguel Angel Pichetto expressed their
differences on some of their colleagues' statements, the report
says. The former Peronist senator and Macri's running mate in 2019
presented a minority report explaining that there were no breaches
in the agreement with the IMF, the report relays.
It is worth remembering that the body comprises seven members:
three elected by the Senate, three by the Chamber of Deputies and
the president elected jointly by both chambers, the report relays.
The Macri government took out the loan at the time when Christine
Lagarde was managing director of the IMF, and he was accused of
allegedly violating administrative procedures, the report says.
The report underlined that the supporting documentation and case
files were generated in the GDE system after the agreement was
subscribed and they were incomplete, as well as disorganized, the
report notes. Some documents were also found without the digital
signature which validates administrative acts, the report
discloses.
The loan was not completed through a Law or Presidential Decree,
the report says. The agreement was signed by the Economy minister,
who did not have jurisdiction over Public Credit management, the
report relays.
Article 61 of Law 24,156 was violated, which establishes that in
the event that public credit operations bring about foreign public
debt, the Central Bank must issue an opinion on the impact of the
transaction in the balance of payments, the report notes.
On the other hand, the body made reference to the way the Macri
administration handled the foreign exchange market and its impact
on indebtedness: "The novel measures implemented in foreign
exchange implied a risk of dollarisation of short- and medium-term
portfolios. In this setting during the 2016-2018 period, the
Central Administration increased its total debt. By observing its
breakdown, it may be noted that both its foreign debt and debt in
foreign currency increased," the report relays.
Foreign debt accounted for 17.7 percent of the GDP in 2016 and in
merely two years (2018) that percentage climbed to 41.8 percent,
the report says. Meanwhile, gross debt in foreign currency, which
in 2016 accounted for 36.3 percent of the GDP, reached 65.8 percent
in 2018, the report notes.
The report highlighted that debt maturities for 2019 accounted for
192.75 percent of the stock of international reserves as of
December 31 that year, and for 131.36 percent of the stock of
international reserves by the end of 2018, the report discloses.
"Debt was not sustainable. In other words, the corrections
required both in the balance of payments (including the trade
balance) as well as the future primary tax profit and loss in order
to make the public debt sustainable in such context were very
unlikely to materialise given the historic deficit in those
accounts and considering the applicable foreign exchange
regulations, in addition to the volume of Letters issued during the
three-year period in question", the AGN added.
Moreover, regarding the maturities of debt in foreign currency, it
specified that in 2019, 2020 and 2021, at least 60 percent of
international reserves had to be allocated to the payment of
principal and interest maturities, with its ensuing impact on
reserves and the foreign exchange market, the report notes.
The operation was labeled "extraordinary" due to the volume
requested and as Argentina had never consented to such indebtedness
with the financial body, the report relays.
Former director of the IMF Alejandro Werner ruled out the
possibility that the investigation to be carried out by the body's
Independent Evaluation Office (IEO) will be an audit of how the
stand-by credit funds granted during Mauricio Macri's government
were used, the report says.
Thus, Werner refuted the Economy minister and presidential
candidate Union por la Patria, Sergio Massa, on the nature of the
investigative process, the report discloses.
During an interview, Werner specified that "the IEO will not make a
'review'", but explained that it will be an analysis of the
exceptional programmes to access the body's funds, with a view to
"checking whether the current framework is adequate," the report
relays.
In this vein, he pointed out that "it's not about how the money was
spent or how the program was approved", since "the focus of the
evaluation is whether the design scheme was the right one; it's not
an audit on how the money was spent", and accused Massa of
"bordering on lying", and said that the "minister's misinformation
is surprising," the report discloses.
Regarding the debate over the use of the credit funds to finance a
capital flight, Werner said that "in Argentina there is a faction
repeating that story with the intention of causing confusion, and
it resurfaces prior to the election due to the disastrous handling
of economic policy by this Government," the report relays.
Following that line, he assured "the Fund's statutes in multiple
crises indicate that IMF programmes must be aimed at reinstating
the conditions to access capital markets" and stated that "capital
flights may not be financed because otherwise the reserve levels
are not re-established," the report notes.
In this respect, and assessing the credit granted to Macri's
government, Werner acknowledged that "the programme may have had
significant weaknesses on the capital flow front, on whether or not
to impose capital controls" and pointed out that "they are elements
which could make it more resilient: capital controls conducted
earlier and pre-emptively," the report relays.
In addition, he remembered that "there was also a debate on foreign
exchange intervention", an aspect on which for some time he has
been criticised by Luis Caputo, the former Finance minister and
president of the Central Bank during the Cambiemos administration,
the report says.
According to the former IMF officer, "the stand-by agreement loan
with the Macri administration had the necessary elements for a
stabilisation programme, which go to the core of the macro
imbalance in Argentina," 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.
ARGENTINA: Pays US$840MM in Interest to International Monetary Fund
-------------------------------------------------------------------
Buenos Aires Times reports that after dealing a debt maturity with
the IMF in the amount of US$2.6 billion, Argentina will now cancel
a further US$840 million in quarterly interest with the
multilateral lender.
Economy Minister Sergio Massa confirmed that the Central Bank will
wire to the IMF, by indication of the National Treasury, the
necessary funds to fulfill that obligation in a timely fashion,
according to Buenos Aires Times.
Foreign exchange analysts expect this new commitment to be canceled
with yuan available from the swap with China, which allowed the
team headed by Sergio Massa to avoid an even stronger devaluation
than the 22 percent applied last August, after the primary
elections, the report notes.
This payment of the maturity with the IMF will be finalized less
than two weeks from the election to define the next president of
Argentina for the period 2023-2027, between Massa (Union por la
Patria) and Javier Milei (La Libertad Avanza), the report
discloses.
Obligations with the Fund this year will not be fully canceled,
since another principal payment of some US$900 million still has to
be faced by the end of the year, the report relays.
The report relays that payment must be made by the next president,
since in the timetable agreed upon with the Fund the date is
December 21, and the new administration will be inaugurated on the
10th, eleven days before.
Given the insufficiency of dollars and SDRs (the currency used by
the Fund), the currency swap agreement with China is now central to
the financing of imports and the foreign debt, the report notes.
After the last principal payment, gross reserves fell to US$21.8
billion, the lowest level since 2006, the report relays.
The Government announced two weeks ago the expansion of the swap
and the activation of a new freely available section in the amount
of US$6.5 billion, the report discloses.
The interest paid to the IMF have been increasing year after year
given the rise of international interest rates, 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.
The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.
S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its 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.
===========
B R A Z I L
===========
BRAZIL: Foreign Investment in Brazil Drops by 40%
-------------------------------------------------
Richard Mann at Rio Times Online reports that in 2023, foreign
direct investment (FDI) in Brazil's production sector plummeted by
40%.
Reports from the Central Bank highlight a decrease from last year's
$68.8 billion to $41.6 billion, according to Rio Times Online.
This downturn is significant, marking the second-lowest FDI in 14
years, the report relays. It only outstrips the low of $31.2
billion recorded in 2020, during the COVID-19 pandemic's onset, the
report notes.
For September alone, the FDI stood at $3.8 billion, a sharp fall of
61% from the previous year, the report adds.
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 Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).
===============
C O L O M B I A
===============
COLOMBIA: Fitch Assigns 'BB+' Rating on US$2.5-Bil. in Social Bonds
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Colombia's USD1.25
billion bonds maturing in 2035 and USD1.25 billion bonds maturing
in 2053. The bonds carry coupons of 8.0% and 8.75%, respectively.
Net proceeds will be used for eligible social expenditures under
its green, social, and sustainable bond framework.
KEY RATING DRIVERS
The bond ratings are in line with Colombia's 'BB+' Long-Term
Foreign Currency Issuer Default Rating (IDR)/Stable Outlook, which
Fitch affirmed on June 30, 2023.
ESG - Governance: Colombia's ESG scores for both Political
Stability and Rights and for the Rule of Law, Institutional and
Regulatory Quality and Control of Corruption reflect the high
weight that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model. Colombia has a medium WBGI
ranking at 44.6 reflecting a recent track record of peaceful
political transitions, moderate institutional capacity, and
established rule of law. Its governance ranking is negatively
impacted by a history of armed conflict and drug-related violence.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The bond rating would be sensitive to any negative change in
Colombia's Long-Term Foreign Currency IDR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The bond rating would be sensitive to any positive change in
Colombia's Long-Term Foreign Currency IDR.
ESG CONSIDERATIONS
Colombia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Colombia has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.
Colombia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore high relevant to the rating and are a key
rating driver with a high weight. As Colombia as a percentile rank
below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.
Colombia has an ESG Relevance Score of '4[+]'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Colombia has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.
Colombia has an ESG Relevance Score of '4[+]' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Colombia, as for all sovereigns. As
Colombia has track record of 20+ years without a restructuring of
public debt and captured in its SRM variable, this has a positive
impact on the credit profile.
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.
Entity/Debt Rating
----------- ------
Colombia
senior
unsecured LT BB+ New Rating
===================
C O S T A R I C A
===================
COSTA RICA: Fitch Rates US$1.5-Billion Bond Due 2054 'BB-'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Costa Rica's USD1.5
billion bond maturing November 2054 with a coupon of 7.3%.
Proceeds from the issuance will be used for general budgetary
purposes including to refinance public debt.
KEY RATING DRIVERS
The bond ratings are in line with Costa Rica's Long-Term Foreign
Currency Issuer Default Rating (LT FC IDR) of 'BB-'.
On March 2, 2023, Fitch upgraded Costa Rica's LT FC IDR to 'BB-'
with a Stable Rating Outlook.
ESG Governance: Costa Rica has an ESG Relevance Score of '5' [+]
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model.
Costa Rica has a high WBGI ranking at 73, reflecting its long track
record of stable and peaceful political transitions, well
established rights for participation in the political process,
strong institutional capacity, effective rule of law and a low
level of corruption.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The bonds' ratings would be sensitive to any negative changes in
Costa Rica's LT FC IDR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The bonds' ratings would be sensitive to any positive changes in
Costa Rica's LT FC IDR.
ESG CONSIDERATIONS
Costa Rica has an ESG Relevance Score of '5'[+] for Political
Stability and Rights, as WBGI have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver with a high weight. As Costa Rica has a percentile
rank above 50 for the respective governance indicator, this has a
positive impact on the credit profile.
Costa Rica has an ESG Relevance Score of '5' [+] for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Costa Rica has a percentile rank above 50 for the
respective governance indicators, this has a positive impact on the
credit profile.
Costa Rica has an ESG Relevance Score of '4' [+] for Human Rights
and Political Freedoms as the Voice and Accountability pillar of
the WBGI is relevant to the rating and a rating driver. As Costa
Rica has a percentile rank above 50 for the respective governance
indicator, this has a positive impact on the credit profile.
Costa Rica has an ESG Relevance Score of '4' [+] for Creditor
Rights as willingness to service and repay debt is relevant to the
rating and is a rating driver for Costa Rica, as for all
sovereigns. As Costa Rica has record of 20+ years without a
restructuring of public debt, which is captured in its SRM
variable, this has a positive impact on the credit profile.
Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.
Entity/Debt Rating
----------- ------
Costa Rica
senior unsecured LT BB- New Rating
INSTITUTO COSTARRICENSE: Moody's Hikes Rating to Ba3
----------------------------------------------------
Moody's Investors Service has upgraded the ratings of Instituto
Costarricense de Electricidad ("ICE") and Reventazon Finance Trust
("Reventazon") to Ba3 from B1, and changed the outlook to positive
from stable.
The rating action follows the outlook change to positive from
stable of the Government of Costa Rica ("GOP").
RATINGS RATIONALE
The upgrade of ICE's ratings to Ba3 reflects the sovereign credit
rating upgrade of the Government of Costa Rica to B1 as a
consequence of the improving structural fiscal consolidation and
debt affordability. The Ba3 rating positioned one-notch above the
Government of Costa Rica's sovereign rating of B1 continues to
recognize ICE's relatively stronger financial metrics and the
expectation that the regulatory framework will remain reliable and
credit supportive. Additionally, it continues reflecting ICE's key
role as an autonomous government entity and dominant position as
the largest vertically integrated utility in the country.
ICE's rating outlook change to positive from stable, in line with
the Government of Costa Rica's rating outlook, reflects the
favorable credit trends in the region and also the deep linkages
with the government given the full ownership, exposure to common
risks including interest rates, foreign exchange risks and economic
performance.
The upgrade on Reventazon's rating to Ba3 and change of outlook to
positive considers the significant dependance on ICE's financial
performance given the obligations it assumed under the contractual
operational and financial arrangements. ICE acts as Reventazon's
sponsor, operator, lessee, EPC contractor and off-taker.
ICE's baseline credit assessment ("BCA"), a measure of its
standalone creditworthiness, was upgraded to ba3 recognizing its
strategic position in the electricity domestic market, the growing
electricity demand supporting a solid revenue profile, the robust
coverage and leverage financial metrics and an overall
credit-supportive regulatory framework. The main credit risks
incorporated in Moody's rating analysis include (i) the significant
foreign exchange risk exposure as more than 50% of the total debt
is US dollar denominated while revenues in local Colones are not
adjusted to cover foreign exchange variations, (ii) an increasing
lag of variable costs recovery due to regulatory changes and (iii)
the rating constrain due to a relatively weaker sovereign credit
quality. Moody's expect that the company will average a (CFO
Pre-W/C + Interest Expense) / Interest Expense ratio of 2.8x and a
(CFO Pre-W/C) / Debt metric of 14.4% by 2024.
ICE's Ba3 rating recognizes the application of Moody's Joint
Default Analysis ("JDA") framework for GRIs which contemplates: i)
the baseline credit assessment of ba3, ii) Moody's assumption of
very high level of default dependence with the GOP as a result of
their exposure to common credit risks such as FX and interest rate
risks in addition to regional economic conditions, and iii) Moody's
assumption of strong level of government support in case of
financial need because the systemic relevance to the country's
economic development.
The rationale behind the levels of support from and dependence on
the government is derived from the company's obligation to reinvest
all net profit in further developing the national electrification
and generation development plans with no dividend payments;
electric operations being exempt from income taxes; and the
strategic importance to the overall Costa Rican economy and key
role as executant of the government's energy policies and
development plans.
RATINGS OUTLOOK
ICE's and Reventazon's positive rating outlooks are in line with
the positive outlook on Costa Rica's sovereign rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
FACTORS THAT COULD LEAD TO AN UPGRADE
Upward pressure would require an upgrade of Costa Rica's sovereign
rating while ICE records cash interest coverage above 3.0x and CFO
pre-WC/Debt above 13% on a sustained basis.
An upgrade of ICE's ratings would likely drive an upgrade of
Reventazon Finance Trust's rating.
FACTORS THAT COULD LEAD TO A DOWNGRADE
A downgrade of Costa Rica's sovereign rating could lead to a rating
downgrade for ICE. Additionally, if ICE's debt increases
significantly above the expected levels, such that its credit
metrics deteriorate and cash flow interest coverage falls below
2.0x or retained cash flow (RCF)/debt declines below 6% for an
extended period, downward pressure on the ratings will rise.
A downgrade of ICE's ratings would also likely result in a
downgrade of Reventazon Finance Trust's rating.
LIST OF AFFECTED RATINGS
Issuer: Instituto Costarricense de Electricidad (ICE)
Upgrades:
Corporate Family Rating, Upgraded to Ba3 from B1
Baseline Credit Assessment, Upgraded to ba3 from b1
Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B1
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: Reventazon Finance Trust
Upgrades:
Corporate Family Rating, Upgraded to Ba3 from B1
Senior Secured Regular Bond/Debenture, Upgraded to Ba3 from B1
Outlook Actions:
Outlook, Changed To Positive From Stable
The methodologies used in these ratings were Regulated Electric and
Gas Utilities published in June 2017.
COMPANIES' PROFILE
Headquartered in San Jose, Costa Rica, Instituto Costarricense de
Electricidad (ICE) is a government-owned vertically integrated
electric utility and an integrated telecommunications services
provider. ICE's electric and telecommunications operations are
subject to the purview of the Costa Rican regulatory bodies
Autoridad Reguladora de los Servicios Publicos and Superintendencia
de Telecomunicaciones, respectively.
Reventazon Finance Trust is a financing vehicle used to raise
proceeds for the construction of the 305.5 MW hydroelectric plant
located on the Reventazon River in Costa Rica, which is owned and
operated by ICE.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Will Create Regional Plan for Three Sectors
---------------------------------------------------------------
Dominican Today reports that the Minister of Economy, Planning, and
Development, Pavel Isa Contreras, emphasized the Dominican
government's commitment to convert economic growth into an improved
quality of life for its citizens. Contreras highlighted the need
to rethink the way the economy has been growing to prioritize
environmental conservation and people's well-being, according to
Dominican Today.
Minister Isa Contreras stressed the importance of developing more
effective public policies through direct dialogue with the people,
the report notes. These policies should aim to create better job
opportunities, improve the quality of education, enhance healthcare
services, ensure better transportation, address environmental
concerns, and provide access to clean drinking water and
sanitation, the report notes.
He also discussed the significance of Development Dialogues in the
Yuma region, which are the result of prior roundtable discussions,
the report relays. These dialogues allow for consensus-building on
the country's development in a cohesive manner, the report relays.
The regional dialogue scheduled for November 1st will be led by
Vice President Raquel Pena and involve various government officials
and stakeholders, the report notes.
This commitment to inclusive and sustainable development reflects
the government's efforts to address the diverse needs and
aspirations of the Dominican people, 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.
TCR-LA 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 wealth levels 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.
=============
J A M A I C A
=============
JAMAICA: Hits Back at Critics Questioning Low Unemployment Rate
---------------------------------------------------------------
Javaughn Keyes at RJR News reports that the Jamaican government is
clapping back at critics who have questioned the low unemployment
rate reported by the Statistical Institute of Jamaica (STATIN).
In October, STATIN reported that unemployment remained at a record
low of 4.5 per cent, the same as the rate in April, according to
RJR News.
At an event, Prime Minister Andrew Holness said the metric used to
calculate the rate has not changed, the report relays.
"The fiscal management of the country has created an environment of
confidence in the business community, particularly as it relates to
the stability in taxes and in parallel, the development of the
institutional framework, particularly as it relates to monetary
policy and foreign exchange management, which has given the private
sector the confidence to invest," he noted, the report discloses.
This investment, he said, is pulling in to formal employment those
who are "willing to work, seeking work, have educated and upskilled
themselves to be able to take advantage of work," the report says.
Mr. Holness said the job market has to be made more attractive.
"We have to rapidly engage those who are on the margins of our
society, who have, by whatever circumstances, decided that they
don't want to participate in the labour force, either because they
may feel that the economics of the current wage level is such that
it doesn't provide them an incentive to work, or that criminal
activities may pay them better, or it may be that they have decided
to stay home and be maintained," the report notes.
The parliamentary opposition has said while STATIN is reporting low
unemployment, the available jobs promote a "low wage, low tech and
low growth model," the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
===============
X X X X X X X X
===============
LATAM: Countries Seek to Go Back to Pre-pandemic Tourism
--------------------------------------------------------
Buenos Aires Times reports that Latin American countries are on
their way to recovering the tourist numbers they had prior to the
Covid pandemic, representatives from the sector in the region
stated at an industry event in London.
"From January to September this year, we welcomed 5.3 million
tourists, which is 96 percent of the level prior to the pandemic
(2019) during that period," said Ricardo Sosa, executive secretary
of the Inprotur Argentine Tourism Promotion Institute, according to
Buenos Aires Times.
Sosa was speaking as he attended the World Travel Market (WTM)
event, which took place in London earlier, the report says.
"Argentina is one of the two countries in Latin America which
recovered tourism the fastest compared to the years prior to the
pandemic, together with Colombia," added Sosa during the three-day
event, the report notes.
"The United Kingdom is among the top five nationalities of tourists
in Argentina from Europe. Traditionally, it used to send 100,000
tourists a year and during this recovery we're already at 70,000
British tourists," he said, in reference to figures from January to
September, 2023, the report relays.
"We're getting back 70 percent of tourists from the UK, with 40
percent less frequency of flights compared to the times before the
pandemic," the Argentine representative concluded, and pointed out
that airlines had not gone back to the traffic they had prior to
Covid, the report discloses.
Cristobal Benítez, national director of the Chilean Nature Tourism
Service, also wants to return to pre-pandemic figures soon, the
report says.
"Out of the total visitors in 2019 we have 27 percent fewer to date
in 2023. But if we compare it with 2022, we have grown in the
European market by 141 percent. We have set ourselves next year to
go back to previous figures," he pointed out.
"Before the pandemic, among Europeans, British tourists spent the
most per day in Chile, with an average stay of 14.5 days and nearly
US$93 per day," he added.
Argentine Ricardo Sosa confirms the importance of British tourists,
the report notes.
"The main European markets are Spain, France, Italy, the UK and
Germany. Each British tourist spends US$1,500, which is three times
as much as visitors from any neighbouring country. European
markets spend on average US$1,100 or 1,200," Sosa explained, the
report relays.
Even though countries from the Americas are the main source of
visitors given their proximity, the European market is important,
as highlighted by the Tourism secretary of Mexico, Miguel Torruco,
the report notes.
"Our main client is the US, followed by Canada and Colombia. The
UK, with nearly 600,000 tourists, came in fourth. In Europe it is
followed by Spain and Germany," he stated.
Recovery from the pandemic seems to be a fact in Mexico, the report
relays.
"Last year, we closed with 14 percent more tourists than in 2019.
In 2022, we came in ninth in foreign currency income," Torruco
said.
"The new tourist profile has changed after the pandemic, and
demands more open places, in touch with the population, to
experience different places in the same trip, to enjoy food, and
arts and crafts," he concluded.
Gilberto Salcedo, vice-president of ProColombia, is also happy with
the recovery they have experienced.
"At the close of 2022, a total 4,56 million visitors arrived in
Colombia, which is 1.5 percent more than in 2019, compared with
pre-pandemic levels," he added.
"And from January to August 2023, we observed a 32-percent growth
compared with 2022, with 3.2 million visitors arriving in that
period. We had a goal of 5.15 million travellers this year and I
believe we'll exceed it," stated Salcedo, the report notes.
Marcelo Freixo, president of the Embratur Brazilian International
Tourism Promotion Agency, also considers his country well on its
way to recovery, the report says.
"Pre-pandemic figures have more or less come back. Argentina and
the US are two good markets but Europe is also very important to
us," he pointed out.
Latin America knows about the importance of the European market,
the report discloses.
"This market is not only a window to Europe, it's a window to the
world. I would dare say it's one of the ones with the best business
levels," explained Colombian Gilberto Salcedo, the report relays.
"As a whole, in terms of arrivals, the European market is bigger
than the US market," said Chilean Cristobal Benítez, the report
adds.
[*] BOND PRICING COLUMN: For the Week Nov. 6 to Nov. 10, 2023
-------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
Banda de Couro 8 69.1 01/15/2027 BR BRL
Alibaba Group 3.3 63 02/09/2061 KY USD
AMTD IDEA Group 4.5 52.5 KY SGD
AAC Technologies 3.8 68.6 06/02/2031 KY USD
ACEN Finance 4 70.9 KY USD
AES Tiete 6.8 0.7 04/15/2024 BR BRL
Transocean Inc 6.8 67.6 03/15/2038 KY USD
Inversiones Latin 5.1 44.6 06/15/2033 CL USD
Inversiones Latin 5.1 44.8 06/15/2033 CL USD
Fospar S/A 6.5 1.3 05/15/2026 BR BRL
Frigorifico 7.7 71.1 07/21/2028 PY USD
Frigorifico 7.7 71.4 07/21/2028 PY USD
Galaxy Digital 3 62.5 12/15/2026 KY USD
Generacion 9.9 73.1 12/01/2027 AR USD
Generacion 12.5 0 02/16/2024 AR USD
Gol Finance Inc 8.8 40.5 KY USD
Gol Finance Inc 8.8 42 KY USD
Goldman Sachs 2.3 75.9 06/30/2040 KY EUR
Greenland Hong Kong 10.2 45.9 KY USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Guacolda Energia SA 4.6 40.8 04/30/2025 CL USD
Earls Eight 1.7 71.4 06/20/2032 KY AUD
Ecopetrol SA 4.6 75 11/02/2031 CO USD
Ecopetrol SA 5.9 63.9 11/02/2051 CO USD
Ecopetrol SA 5.9 65.5 05/28/2045 CO USD
Three Gorges Finance 3.2 74.2 10/16/2049 KY USD
Telecom Argentina SA 1 56.5 02/10/2028 AR USD
Telecom Argentina SA 1 64.2 03/09/2027 AR USD
eHi Car Services 7 64.9 09/21/2026 KY USD
Earls Eight 2.3 75.2 05/20/2032 KY AUD
Banco Davivienda SA 6.7 66.5 CO USD
Banco de Chile 2.7 75.4 03/09/2035 CL AUD
Banco de Chile 1.7 69.5 04/26/2032 CL EUR
Banco del Estado 3.1 72.5 02/21/2040 CL AUD
Banco del Estado de 1.7 70 03/01/2032 CL EUR
Banco del Estado 2.8 68.9 03/13/2040 CL AUD
Banco del Estado 1.7 69.2 07/05/2032 CL EUR
Banco GNB Sudameris 7.5 73.3 04/16/2031 CO USD
Banco GNB Sudameris 7.5 73.4 04/16/2031 CO USD
Banco Santander Chile 1.3 57.6 11/29/2034 CL EUR
Banco Santander Chile 3.1 72.3 02/28/2039 CL AUD
Kaisa Group Holdings 10.9 9.1 KY USD
Agile Group Holdings 6.1 41 10/13/2025 KY USD
Agile Group Holdings 5.5 45 04/21/2025 KY USD
Agile Group Holdings 5.5 39.2 05/17/2026 KY USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alfa Desarrollo SpA 4.6 72.1 09/27/2051 CL USD
Alibaba Group 2.7 67.4 02/09/2041 KY USD
Alibaba Group 3.2 65.2 02/09/2051 KY USD
Agile Group Holdings 5.8 50.2 01/02/2025 KY USD
QNB Finance 11.5 62.1 1/30/2025 KY TRY
Lani Finance 3.1 68.6 10/19/2048 KY AUD
Lani Finance 1.9 63.3 10/19/2048 KY EUR
Lani Finance 1.7 60 03/14/2049 KY EUR
Lani Finance 1.9 62.3 09/20/2048 KY EUR
QNB Finance 3.4 75.4 10/21/2039 KY AUD
QNB Finance 13.5 55.7 10/06/2025 KY TRY
QNB Finance 2.9 75.3 12/04/2035 KY AUD
Ruta del Maipo 2.3 53.5 12/15/2024 CL CLP
Santander Consumer 2.9 73.1 11/27/2034 CL AUD
Seagate HDD Cayman 3.4 73.4 07/15/2031 KY USD
Seazen Group 4.5 63.6 07/13/2025 KY USD
Silk Road Investments 2.9 68.8 01/23/2042 KY AUD
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Simpar Finance 10.8 73.8 02/12/2028 BR BRL
Skylark 1.8 58.2 04/04/2039 KY GBP
Tencent Holdings 3.8 74.1 04/22/2051 KY USD
Tencent Holdings 3.9 72.3 04/22/2061 KY USD
Tencent Holdings 3.2 66.2 06/03/2050 KY USD
Tencent Holdings 3.2 66.5 06/03/2050 KY USD
Tencent Holdings 3.3 63 06/03/2060 KY USD
Tencent Holdings 3.3 63.5 06/03/2060 KY USD
Panama Bond 4.5 73.5 01/19/2063 PA USD
Panama Bond 4.3 74.8 04/29/2053 PA USD
Panama Bond 3.9 66.8 07/23/2060 PA USD
Earls Eight 0.1 63.8 12/20/2031 KY AUD
Chile Bond 1.3 52 01/22/2051 CL EUR
Chile Bond 3.1 66.9 01/22/2061 CL USD
Chile Bond 1.3 65.4 01/29/2040 CL EUR
Chile Bond 1.3 71.2 07/26/2036 CL EUR
Chile Bond 3.3 66.6 09/21/2071 CL USD
KWG Group Holdings 7.4 15.8 01/13/2027 KY USD
KWG Group Holdings 6 40.8 01/14/2024 KY USD
KWG Group Holdings 5.9 22.2 11/10/2024 KY USD
KWG Group Holdings 6.3 17.6 02/13/2026 KY USD
KWG Group Holdings 7.4 26.5 03/05/2024 KY USD
KWG Group Holdings 6 19.4 08/10/2025 KY USD
KWG Group Holdings 6 16.8 08/14/2026 KY USD
KWG Group Holdings 7.9 27.5 08/30/2024 KY USD
KWG Group Holdings 7.9 60.2 09/01/2023 KY USD
MSU Energy SA 6.9 71.2 02/01/2025 AR USD
Jamaica Government 8.5 68.9 12/21/2061 JM JMD
Jamaica Government 6.3 72.7 07/11/2048 JM JMD
China Maple Leaf 2.3 75 01/27/2026 KY USD
China SCE Group 6 29 02/04/2026 KY USD
China SCE Group 7.4 56.2 04/09/2024 KY USD
China SCE Group 7 35.2 05/02/2025 KY USD
China SCE Group 6 42.9 09/29/2024 KY USD
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 71.3 10/18/2034 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 7.3 61.5 10/26/2050 CO COP
Colombia Bond 3.9 54.8 02/15/2061 CO USD
Colombia Bond 4.1 61.9 02/22/2042 CO USD
Colombia Bond 5.6 72.7 02/26/2044 CO USD
Colombia Bond 3.1 74 04/15/2031 CO USD
Colombia Bond 3.3 72.1 04/22/2032 CO USD
Colombia Bond 5.2 67.3 05/15/2049 CO USD
Colombia Bond 4.1 58.8 05/15/2051 CO USD
Colombia Bond 5 66.9 06/15/2045 CO USD
Colombia Bond 6.3 63 07/09/2036 CO COP
Colombia Bond 6.3 63 07/09/2036 CO COP
Itau Unibanco SA 5.8 19.4 05/20/2027 BR BRL
VTR Comunicaciones 5.1 55.3 01/15/2028 CL USD
VTR Comunicaciones 5.1 53.6 01/15/2028 CL USD
VTR Comunicaciones 4.4 54.4 04/15/2029 CL USD
VTR Comunicaciones 4.4 54.5 04/15/2029 CL USD
Vista Energy 1 73 03/03/2028 AR USD
Voyager II 3.3 74.3 03/23/2034 KY AUD
YPF SA 1 69.8 01/10/2026 AR USD
YPF SA 7 61.6 12/15/2047 AR USD
YPF SA 7 61 12/15/2047 AR USD
UEP Penonome II SA 6.5 73.6 10/01/2038 PA USD
UEP Penonome II SA 6.5 74.1 10/01/2038 PA USD
Guaranteed 5.4 73.7 01/29/2038 KY USD
Guaranteed 5.3 71.9 03/23/2038 KY USD
Helenbergh China 8 32.9 11/07/2024 KY USD
SYN prop e tech SA 13.6 20.3 3/15/2024 BR BRL
Yango Cayman 12 3.9 09/15/2023 KY USD
MSU Energy SA 6.9 70.8 02/01/2025 AR USD
El Salvador Bond 6.4 62.3 01/18/2027 SV USD
El Salvador Bond 6.4 62 01/18/2027 SV USD
El Salvador Bond 7.1 48.5 01/20/2050 SV USD
El Salvador Bond 7.1 48.6 01/20/2050 SV USD
El Salvador Bond 5.9 46 01/30/2025 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 7.6 49.4 02/01/2041 SV USD
El Salvador Bond 8.6 58.1 02/28/2029 SV USD
El Salvador Bond 8.6 57.9 02/28/2029 SV USD
El Salvador Bond 8.3 56.4 04/10/2032 SV USD
El Salvador Bond 8.3 56.3 04/10/2032 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 7.7 50 06/15/2035 SV USD
El Salvador Bond 9.5 54.6 07/15/2052 SV USD
El Salvador Bond 9.5 54.5 07/15/2052 SV USD
El Salvador Bond 7.6 49.9 09/21/2034 SV USD
El Salvador Bond 7.6 50 09/21/2034 SV USD
Agile Group Holdings 13.5 40.7 KY USD
Agile Group Holdings 8.4 38.1 KY USD
Agile Group Holdings 7.9 31 KY USD
Argentina Bonar Bonds 1 19.8 7/09/2029 AR USD
Argentina Bonar Bonds 1 27.5 08/05/2023 AR USD
Argentina Treasury 2.5 25.3 11/30/2031 AR ARS
Argentine Bond 0.5 19.5 07/09/2029 AR EUR
Argentine Bond 1 23.7 07/09/2029 AR USD
Argentine Bond 0.1 21.5 07/09/2030 AR EUR
Argentine Bonos 16 72.6 10/17/2023 AR ARS
Argentine Bonos 15.5 22.2 10/17/2026 AR ARS
Ascent Finance 3.4 58.4 02/06/2043 KY AUD
Ascent Finance 3.8 59.8 06/28/2047 KY AUD
Ascent Finance 1.2 61.4 07/12/2047 KY EUR
Astra Cumulative 1.5 60.6 11/01/2029 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 * * *