/raid1/www/Hosts/bankrupt/TCRLA_Public/231127.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 27, 2023, Vol. 24, No. 237
Headlines
A R G E N T I N A
ARGENTINA: Economy Sputters Toward Recession as Milei Takes Reins
ARGENTINA: Election Result Gives Traders a New Factor to Weigh
GAUCHO GROUP: Completes Third Water Well at Algodon Wine Estates
B O L I V I A
BANCO MERCANTIL SANTA CRUZ: S&P Lowers ICR to 'CCC+', Outlook Neg.
B R A Z I L
BRAZIL: Fiscal Uncertainty Affecting Foreign Investment
BRAZIL: Fluctuating Soybean Prices Amid Market Changes
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Losses Due to Rains Could Exceed DOP1 Bil.
M E X I C O
GRUPO AEROMEXICO: Moody's Hikes CFR to B2 & Alters Outlook to Pos.
MEXICO REMITTANCES: Fitch Affirms 'BB+' Rating on Ser. 2021-1 Notes
PLAYA RESORTS: Moody's Ups CFR & Sr. Sec. 1st Lien Term Loan to B1
P U E R T O R I C O
BORINQUEN NATURAL: Gen. Unsecureds Get $1,834 Monthly for 24 Mos
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Nov. 20 to Nov. 24, 2023
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Economy Sputters Toward Recession as Milei Takes Reins
-----------------------------------------------------------------
Buenos Aires Times reports that Argentina's economy stalled after
an August devaluation of the official peso rate, illustrating the
challenge president-elect Javier Milei will inherit when he takes
office next month.
Economic activity was flat in September from a month earlier,
according to government data, stronger than the 0.5 percent drop
forecast by economists, says Buenos Aires Times. From a year
earlier, the gross domestic product proxy fell 0.7 percent, in line
with expectations, Buenos Aires Times notes.
Milei's upset victory in August's presidential primary election
prompted the incumbent Peronist government to devalue the official
currency 18 percent and raise the key interest rate 21 percentage
points, Buenos Aires Times relates. The devaluation hit prices
hard that month and in September, when monthly inflation hit 12.7
percent - a level not seen since Argentina was exiting
hyperinflation in the early 1990s, Buenos Aires Times notes.
"The result signals GDP rose in the third quarter. Argentina would
avert a technical recession but is still at risk of a full-year
contraction. Milei's economic shake-up - which will likely include
a sharp fiscal adjustment and realignment of prices, the currency
and rates - poses additional headwinds to growth in 2024," said
Adriana Dupita, Brazil and Argentina economist for Bloomberg,
Buenos Aires Times discloses.
The libertarian outsider, who won a landslide victory in the
presidential run-off, will inherit an economy lurching into its
sixth recession in a decade and annual consumer price gains surging
past 143 percent, Buenos Aires Times says. He has promised to
replace the peso with the US dollar and shut down Argentina's
Central Bank, Buenos Aires Times notes.
Argentina's GDP slumped 2.8 percent in the second quarter, the
deepest decline since the peak of the pandemic in early 2020,
Buenos Aires Times relays. A record drought that wiped out US$20
billion of agricultural exports and accelerated food inflation took
a heavy toll on the economy, Buenos Aires Times notes. Economists
surveyed by the Central Bank see output declining two percent this
year and contracting again in 2024, Buenos Aires Times 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 will be succeeded by Javier Milei who won the
presidential election on November 19, 2023. Milei is scheduled to
be sworn in as President of Argentina on December 10, 2023.
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: Election Result Gives Traders a New Factor to Weigh
--------------------------------------------------------------
Michael Hirtzer & Tarso Veloso at Bloomberg News report that
futures of soybean meal jostled between gains and losses in trading
as the market began to digest the ways Argentina's farm economy
might change under President-elect Javier Milei.
Prices for the key ingredient in chicken and pork feed initially
slumped as much as 2.6 percent after voters chose the libertarian
who pledged to ditch the peso for the US dollar, a move that could
encourage more farmers to sell, according to Bloomberg News.
Futures then reversed course, rising as much as 1.2 percent as
traders refocused on current tightness instead of any future supply
bump that wouldn't begin until the new harvest season anyways,
Bloomberg News notes.
"Farmers should be more active selling soybeans once Milei
implements some campaign promises," said Thiago Milani, head of
trading and origination for 3Tentos, an agribusiness company in
Brazil, Bloomberg News relays. "Argentina for sure will be an
important meal player in the global market, but most likely after
May of next year," he added.
Milei, who takes office December 10, has proposed dropping the peso
and dollarising the economy. Such a move could boost farmer sales
of soybeans, since they'd rather be paid in US dollars than a
weaker local currency, Bloomberg News notes. It would also boost
coffers for Argentina's processors that until now have had little
material to crush, Bloomberg News discloses.
If such a policy were implemented, Argentina's farmers "will sell a
chunk of new-crop soybeans forward starting day one of the Milei
era," said Charlie Sernatinger, head of global grains at Marex
Capital Markets, Bloomberg News says.
Until then, the market remains fairly tight, Bloomberg News notes.
Exiting supplies in Argentina have nearly run out, while hot and
dry weather in the world's top soy producer Brazil has raised
concerns about smaller-than-expected supplies next year, Bloomberg
News says. Argentina had a small crop this year but traditionally
is the world's biggest exporter of both soymeal and soyoil,
Bloomberg News adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He will be succeeded by Javier Milei who won the
presidential election on November 19, 2023. Milei is scheduled to
be sworn in as President of Argentina on December 10, 2023.
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.
GAUCHO GROUP: Completes Third Water Well at Algodon Wine Estates
----------------------------------------------------------------
Gaucho Group Holdings, Inc. announced that its subsidiary Algodon
Wine Estates has completed a successful drilling of the property's
third water well to cater to the expansive 4,138 acre wine,
wellness, culinary and sport resort and luxury residential
development, in San Rafael, Mendoza, Argentina. This follows
previously announced news of approval to create the estate's first
and second water wells which have since been drilled. The Company
believes this continued initiative can significantly enhance the
property's valuation, as it further primes the real estate project
for expansion.
The Company said that in a significant step forward complementing
these infrastructure advancements, Gaucho Holdings is delighted to
unveil the completion of a monumental 3-million-liter lagoon, a key
feature within Algodon Wine Estates. This impressive lagoon is not
just an aesthetic marvel but serves a vital function in the
estate's ecosystem. It will be instrumental in the irrigation of
the flourishing vineyards, a variety of lush plant life, and the
meticulously landscaped golf course that adorns the winery. This
development marks a pivotal moment in the estate's commitment to
sustainable practices, ensuring the continued vibrancy and
ecological balance of the estate while fostering its growth and
enhancing its natural beauty.
Algodon Wine Estates anticipates applying to the local municipality
to drill for additional water wells with a goal of a total of 6
throughout the property. The successful completion of this
initiative is intended to allow access to natural aquifers that can
service the expansion of the estate's real estate project,
vineyards and winery, and other amenities. Algodon Wine Estates'
(algodonwineestates.com) luxury residential development is
comprised of over 400 estate lots in its Phase 1 plan and also
features the vineyards and winery responsible for producing the
wines of Algodon Fine Wines (algdoonfinewines.com), as well as a
boutique hotel (algodonhotels.com), with amenities such as a
nine-hole golf course (with an additional nine holes forthcoming),
grand slam style tennis courts, a year-round restaurant serving
traditional Argentine cuisine, and other services. More than 100
vineyard lots overlook the golf course, and the wines cultivated at
the estate have garnered multiple awards from international tasting
competitions.
Additionally, the company is actively advancing the development of
its refined masterplan, which includes an ultra-luxurious 60-room
hotel and spa. This establishment is poised to feature 30-50
residences, with Algodon Wine Estates aiming to establish a
co-branding partnership with a prestigious hotel brand. The
potential revenue from the hotel rooms and branded residences is
estimated to contribute an additional $25 million annually. The
masterplan builds upon the estate's acclaimed vineyard development,
highlighting the existing winery, 1946 vines, local Mendocino
culture, and the estate's topography, amenities, and distinctive
features. Further expansion involves the creation of 200
additional lots, varying in size from 2.47 acres to 6 acres. The
company envisions that the sale of these lots could ultimately
generate revenues exceeding $100 million.
"People may forget that the majority of Mendoza sits in a
high-desert climate, and in such an environment, access to
freshwater is vital. We came to San Rafael, Mendoza, with a plan
to develop the finest world-class wine, wellness, culinary, and
sports lifestyle resort and residential development in the region,
and we feel as though we have done just that. Every additional
amenity we develop is a step further to add even more value to this
extraordinary project. We believe individuals are now prioritizing
health and well-being, now more than ever. These days, big cities
have lost their allure, and our award-winning rural community can
provide many with a unique peace of mind only found in a natural,
socially distanced living community." - Scott Mathis, CEO, and
Founder of Gaucho Group Holdings.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc.'s
(gauchoholdings.com) mission has been to source and develop
opportunities in Argentina's undervalued luxury real estate and
consumer marketplace. The Company has positioned itself to take
advantage of the continued and fast growth of global e-commerce
across multiple market sectors, with the goal of becoming a leader
in diversified luxury goods and experiences in sought after
lifestyle industries and retail landscapes.
Gaucho Group reported a net loss of $21.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.39 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$21.01 million in total assets, $8.60 million in total liabilities,
and $12.40 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working
capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
=============
B O L I V I A
=============
BANCO MERCANTIL SANTA CRUZ: S&P Lowers ICR to 'CCC+', Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
domestic lender Banco Mercantil Santa Cruz (BMSC) to 'CCC+' from
'B-'. The outlook on the ratings is negative. S&P also lowered its
short-term issuer credit ratings on the bank to 'C' from 'B'. In
addition, S&P revised downward the bank's SACP to 'b' from 'b+'.
This is given banks' large exposure to the country in the form of
loans and securities. Therefore, S&P's downgrade and negative
outlook on Bolivia resulted in the same action on BMSC.
Higher current account deficits, limited liquid foreign exchange
reserves, and lack of access to external capital markets have
worsened the government's creditworthiness. These economic
conditions have been exacerbated by a political stalemate that has
impeded the government's ability to secure timely access to
official external funding. Political divisions, including within
the governing political party (Moviemiento al Socialismo [MAS])
have delayed congressional approval of external borrowing.
Moreover, lack of transparency on international reserves data
increases uncertainty about the country's external profile. These
risks are partly mitigated by relatively low debt service
requirements for the sovereign's commercial debt in the next year.
It affects BMSC's capital base and could also hurt the bank's asset
quality and deposit base. S&P will continue evaluating the
potential effects of weaker economic conditions on BMSC's credit
fundamentals. In particular, it's following the evolution of its
deposit base and liquidity. However, the bank's local currency
deposits remain stable, although dollar-denominated deposits have
been falling this year amid weaker public confidence.
===========
B R A Z I L
===========
BRAZIL: Fiscal Uncertainty Affecting Foreign Investment
-------------------------------------------------------
Richard Mann at Rio Times Online reports that Drausio Giacomelli,
Deutsche Bank's Chief Emerging Markets Strategist, notes that
Brazil's fiscal discussions and rising spending have led to global
investor caution.
This skepticism is limiting the flow of foreign capital into the
country, according to Rio Times Online.
In 2023, foreign direct investment (FDI) in Brazil's production
sector plummeted by 40%, the report notes.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.
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).
BRAZIL: Fluctuating Soybean Prices Amid Market Changes
------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's soybean
market recently faced a day of mixed price trends due to varying
market forces.
The Chicago market's rise and the dollar's significant fall
influenced these changes, according to Rio Times Online. Notably,
there weren't many business deals during this period, the report
notes.
Soybean prices varied across different Brazilian regions, the
report says. In Passo Fundo (RS), the price for a 60-kilogram sack
went up from BRL147 ($30) to BRL150 ($30.61), 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).
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Losses Due to Rains Could Exceed DOP1 Bil.
--------------------------------------------------------------
Dominican Today reports that the recent heavy rains in the
Dominican Republic have potentially caused more damage than the
severe flooding and human losses experienced on November 4, 2022,
according to insurance sector representatives.
Franklin Glass, the Executive President of the Dominican Chamber of
Insurers and Reinsureds (Cadoar) stated that while the exact extent
of the damage is still being assessed, over 2,000 claims from
affected property owners have already been received, according to
Dominican Today.
Glass explained that the process of receiving claims, information
gathering, and adjusting compensation values is expected to
continue for several weeks, the report notes. These claims are
being reported to the Insurance Superintendency daily, the report
relays.
During a meeting with Josefa Castillo Rodriguez, the Superintendent
of Insurance, and representatives of insurance companies, Glass
mentioned that last year's adjusted claims resulted in payments
exceeding 1,000 million pesos, predicting a similar or higher
figure this year, the report says.
Josefa Castillo highlighted the importance of insurance,
emphasizing the ongoing efforts to promote its use in the Dominican
Republic, the report notes. She mentioned that the insurance
sector was convened in response to the situation on November 18,
and customer claims are being actively addressed, the report
relays. However, she noted that the total losses are not yet
quantifiable and expressed concern about additional atmospheric
phenomena on the horizon, 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.
===========
M E X I C O
===========
GRUPO AEROMEXICO: Moody's Hikes CFR to B2 & Alters Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 Grupo
Aeromexico, S. A. P. I. de C. V. and subsidiaries (Aeromexico)'s
Corporate Family Rating and the rating of its existing $662.5
million Backed Senior Secured Global Notes due 2027. At the same
time, Moody's changed the outlook to positive from stable.
RATINGS RATIONALE
The upgrade of Aeromexico's ratings to B2 from B3 reflects the
company's robust operating and financial performance in 2023,
exceeding initial forecasts and Moody's expectation that this trend
will continue. Aeromexico's solid operation translated into a 4.3x
leverage (Moody's adjusted gross Debt/EBITDA) in 2022. This upward
trend persisted in 2023; Moody's projects a year-end leverage below
3.0x. The leverage is expected to stabilize within the 2.5-3.0x
range, and the cash position is projected to constitute 15%-20% of
revenues through 2025. This provides a buffer to the company's
credit quality, even in high-pressure scenarios. The robust
operational performance and stronger credit metrics are indicative
of ongoing enhancements in Aeromexico's cost and capital
structures.
Aeromexico's B2 rating reflects its leading position the Latin
American passenger airline industry, improved cost structure
following a business reorganization under Chapter 11 and strong
market share. Following Interjet's exit from the competitive
landscape, Aeromexico strengthened its market position as the only
full-service carrier based in Mexico for premium travel, allowing
for a significant revenue premium over other Mexican carriers.
Aeromexico's improved post-bankruptcy capital and cost structures
have also positively positioned it against low cost competitors and
other global full service carriers. The bulk of the savings were
related to fleet optimization that has resulted in a younger, more
fuel-efficient fleet with reduced ownership cost. Aeromexico also
benefits from significant tailwinds to the Mexican economy given
nearshoring trends. Given Mexico's strong link to the US, its
competitive manufacturing industry and the continued US dollar
inflows from remittances and tourism Moody's expects travel demand
will remain strong through 2025. Since nearshoring will also drive
formal labor demand, domestic travel would also surge.
The rating is constrained by Aeromeico's exposure to the airline
industry and rising macroeconomic risks and increasing costs. The
company will have to contend with higher costs derived from
local-currency-denominated labor costs amid the strengthening of
the Mexican peso. Although fuel price has declined since its peak
in 2022, volatility persists, threatening Aeromexico's
profitability despite firm demand and capacity discipline.
Aeromexico's operating performance has been stronger than
anticipated. For the full year ended 2022 EBIT margin of 10.5% far
exceeded the 5.0% the company had projected, with strong demand and
increased fleet efficiency offsetting its high fuel costs; even
under a more conservative scenario, EBIT margin should remain above
10% through 2024, far exceeding Moody's original expectation of
8.5%. The September 2023 US decision to restore Mexico's top
aviation-safety ranking benefits Aeromexico even further as it will
allow the company to scale in the US as planned. Moody's expects
passenger demand to remain strong through 2023 as people continue
to visit friends and relatives and because of an increase in
international long-haul and business travel. Flexible work
arrangements allows for more blending of business and leisure
travel. In Latin America, air travel demand continues to grow, and
carriers will benefit from a more rational and consolidated market
to keep airfares at high levels. Since 2019, the airline market has
consolidated through several transactions. In 2020, along with
Aeromexico, LATAM Airlines Group S.A (LATAM) and Avianca Group
International Limited also filed for bankruptcy because of the
adverse effects from the pandemic on their operations. The three
carriers emerged with strict network and cash generation
management, which will preserve the competitive landscape in the
region. Also, in 2020, the Mexican low-cost carrier Interjet ceased
domestic operations; Aeromexico plans to achieve a 6.4% compound
annual growth rate (CAGR) for its revenue from 6% capacity measured
in Average Seat Kilometer (ASK) through 2025, on the back of the
space left by Interjet.
LIQUIDITY
Aeromexico's liquidity is strong. The company closed 2022 with cash
of around $842 million including restricted cash of $87 million. In
terms of free cash flow, Aeromexico had a cash burn of $535 million
after sizeable $469 million working capital requirement and capex
of around $326 million including leases. Although Aeromexico still
has enough flexibility, it will face some $531 million in debt
maturities during 2023 and $370 million in 2024, increasing the
need to refinance and improve cash generation. Moody's anticipates
that Aeromexico will turm free cash flow positive by the end of
2023 and that the trend will keep onwards, allowing the company to
cover the close to $ 350 million capex planned in 2024 and $420
million in 2025, mainly related with its fleet plan.
RATING OUTLOOK
The outlook is positive reflecting Moody's expectation of
continuous passenger 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 RATINGS
An upgrade of Aeroméxico's rating would stem from sustained
increase in passenger demand that allow the company to sustain
revenue above $4.0 billion and strong credit metrics.
Quantitatively an upgrade would require adjusted leverage (measured
by total debt / EBITDA) below 4.0x and interest coverage (measured
by (FFO + interest expense) / interest expense) above 3.5x, all on
a sustained basis. The maintenance of an adequate liquidity profile
would also be required for an upgrade.
The rating could be downgraded if credit metrics' recovery falls
behind Moody's expectations, with adjusted leverage remaining above
5.0x and interest coverage (FFO plus interest/interest) remaining
below 2.0x on a sustained basis. A deterioration in the company's
liquidity profile or additional shocks to demand or profitability
that lead to cash burn could also result in a downgrade of the
rating.
Based in Mexico City, Grupo Aeromexico, S. A. P. I. de C. V. and
subsidiaries is a leading airline in the country with more than 20
million passengers transported in 2022. The company follows a
hub-and-spoke network model and is based in the Mexico City
airport. Aeromexico serves more than 85 destinations (42 domestic)
in Mexico, the US, Europe, Central and South America, Asia and
Canada through a fleet of close to 140 aircraft. The largest
shareholders of the reorganized company include funds managed by
Apollo Global Management and Delta Air Lines, Inc. (Baa3 stable),
as well as existing and new mexican investors. In 2022, the company
generated revenue of $3.8 billion.
The principal methodology used in these ratings was Passenger
Airlines published in August 2021.
MEXICO REMITTANCES: Fitch Affirms 'BB+' Rating on Ser. 2021-1 Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed the rating on the series 2021-1 notes
issued by Mexico Remittances Funding Fiduciary Estate at 'BB+'. The
Rating Outlook is Stable.
The rating reflects the one-notch uplift from the originator's --
Nueva Elektra del Milenio S.A. de C.V. (NEM; BB/Stable) --
Long-Term Local-Currency Issuer Default Rating (IDR), given the
strength of cash flows and the transaction structure. The rating
also considers the high future flow debt relative to NEM's
liability structure.
Entity/Debt Rating Prior
----------- ------ -----
Mexico Remittances
Funding Fiduciary
Estate
2021-1 593035AA6 LT BB+ Affirmed BB+
TRANSACTION SUMMARY
The future flow program is backed by existing and future
reimbursement remittance transactions (RRT) originated mainly in
the U.S. These are processed by NEM money transfer operators
(MTOs), which transfer remittances to NEM via a reimbursement
mechanism model. The majority of RRTs are processed by MTOs that
execute notice and consent agreements, irrevocably obligating the
designated remitters (DRs) to make payments to an account
controlled by the transaction trustee. Fitch's rating addresses
timely payment of principal and interest (P&I) on a quarterly
basis.
KEY RATING DRIVERS
Future Flow Rating Driven by Originator's Credit Quality: The
rating of this future flow transaction is tied to the credit
quality of the originator, NEM. NEM's credit ratings are highly
linked to its parent, Grupo Elektra, S.A.B. de C.V. (Elektra;
BB/Stable), given the strategic role NEM plays in consolidating the
group's commercial business.
Notching Differential Limited by Going Concern Assessment (GCA)
Score: Timely payment on the notes depends on the ongoing
performance of NEM's remittance business. NEM's GCA score of '3'
acts as a cap for the transaction rating. The GCA score provides an
indication of the likelihood that NEM continues to operate in the
event of default. The GCA score of '3' could allow for up to a
two-notch rating differential between the IDR of the originator and
the issuance; however, additional factors limit the maximum
uplift.
Notching Uplift from LC IDR Limited by Several Factors: The GCA
score allows for a maximum two-notch rating uplift from the
company's Local-Currency IDR, pursuant to Fitch's future flow
methodology. However, uplift is tempered to one notch from NEM's
IDR due to factors mentioned below, including the relatively high
future flow debt relative to the company's balance sheet.
Future Flow Debt Relative to NEM's Balance Sheet: NEM has a limited
funding mix given that majority of funding is held at the parent
level. Additionally, the majority of liabilities held on NEM's
balance sheet are current liabilities due to affiliated companies.
The series 2021-1 notes represent approximately 78.3% of NEM's
total funding utilizing financials as of September 2023. Fitch also
considered total future flow debt relative to Elektra's balance
sheet, representing approximately 22.3% of its total long-term
funding. These ratios are considered high by Fitch and constrain
the rating. Nevertheless, Fitch analyzed the potential benefits the
structure brings to the transaction to allow some notching
differentiation.
Coverage Levels Commensurate with Assigned Rating: When considering
maximum quarterly debt service and cash flows between October 2018
and September 2023 from DRs, the projected quarterly minimum debt
service coverage ratio (DSCR) is expected to be approximately
90.6x, reflecting an increase from 76.3x at the time of the
previous rating action. The transaction would be able to withstand
a decline in flows of approximately 99% and still cover a maximum
P&I payment. Nevertheless, Fitch will monitor the performance of
the remittance flows, as potential pressures could negatively
affect the assigned ratings.
Parent Provides Corporate Guaranty: Elektra has provided an
irrevocable and unconditional guarantee on a senior basis to the
collateral agent on behalf of investors, guaranteeing the full and
prompt payment of all payments when due by NEM under the
transaction documents. Given the unconditional and irrevocable
nature of the guarantee in place, the rating of the transaction
will always be the highest of either Elektra' ratings or the
ratings of NEM plus the notching differential allowed by the GCA
score.
Foreign Exchange Risk Mitigated by Excess Cash Flows: The
transaction is exposed to a two-day rolling devaluation risk as
remittance flows are paid in Mexican pesos by the DRs, although the
liabilities are U.S. dollar-denominated. This risk is mitigated by
significant excess coverage in cash flows to support Mexican peso
depreciation.
Transfer and Convertibility Risk Caps Transaction Rating: The
transaction is exposed to transfer and convertibility risks as
securitized remittance flows are paid into an account in pesos. To
partially mitigate operational risk that may arise from
transferring and converting flows on a daily basis to an off-shore
account, the transaction maintains a reserve fund that covers one
maximum P&I payment. Nevertheless, this exposure caps the rating of
the transaction at Mexico's Country Ceiling of 'BBB+'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The transaction ratings are sensitive to changes in the credit
quality of both Elektra and NEM. A deterioration of the credit
quality of Elektra or NEM is likely to trigger a negative rating
action;
- The transaction ratings are sensitive to the remittance business
line's performance and its ability to continue operating, as
reflected in the GCA score. A change in Fitch's view on the
company's GCA score that results in a lower GCA score would likely
trigger a negative rating action on the notes.
- The minimum expected quarterly DSCR is approximately 90.6x, and
should therefore be able to withstand a significant decline in cash
flows in the absence of other issues. However, significant declines
in flows could lead to a negative rating action. Any changes in
these variables will be analyzed in a rating committee to assess
the possible impact on the transaction ratings;
- No company is immune to the economic and political conditions of
its home country. Political risks and the potential for sovereign
interference may increase as a sovereign's rating is downgraded.
However, the underlying structure and transaction enhancements
mitigate these risks to a level consistent with the assigned
rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The main constraint to the program rating is the originator, NEM.
Given the unconditional and irrevocable nature of the guaranty
provided by Elektra, NEM's parent, the rating of the transaction
will always be the highest of either Elektra's ratings or the
ratings of NEM plus the notching differential allowed by the GCA
score. Therefore, if there is a positive chance in Fitch's view of
NEM's GCA score or a positive rating action on either Elektra or
NEM's ratings, a positive rating action could be triggered on the
notes.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The future flow ratings are driven by the credit risk of NEM, as
measured by its Long-Term Local-Currency IDR.
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.
PLAYA RESORTS: Moody's Ups CFR & Sr. Sec. 1st Lien Term Loan to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family Rating,
the Senior Secured First Lien Revolving Credit Facility and the
Senior Secured First Lien Term Loan ratings of Playa Resorts
Holding B.V.'s to B1 from B2. The outlook is maintained stable.
RATINGS RATIONALE
The upgrade of Playa's ratings reflects the company's improved
operating performance aided by revenue growth in all the regions
where it operates, margin improvement and lower leverage.
As of the last twelve months ended in September 2023 (LTM Sept-23),
Playa's EBITDA margin as adjusted by Moody's was at 18.6%,
surpassing pre-pandemic levels of around 15.6% and 6.7% in 2018 and
2019, respectively; while at the same time a reduction in the
company's indebtedness (including operating leases) since 2020, to
$1,077 million as of September 2023 from $1,262 million as of
December 2020, led to a significant reduction in leverage metrics,
with debt to EBITDA lowering to 4.2x as of LTM Sep-23 from 4.7x in
2021 and 13.0x in 2020. The 4.2x leverage metric also compares
favorably to the 6.6x levels in 2018-19. Moody's expects that Playa
will continue to deliver top-line growth through strong pricing and
stable occupancy across all markets; and will be able to maintain
Moody's adjusted EBITDA margin of at least 15.5% in 2024-2025,
which support a debt to EBITDA ratio of around 3.8x and interest
coverage of at least 1.8x.
Playa's ratings continue to reflect its strong portfolio of
all-inclusive luxury and upscale Caribbean and Pacific coastal
resorts which benefits from strong US travel demand, which is ahead
of the global travel recovery. The company's booked position
combined with increased flight capacity to its destinations,
support sustainable pricing gains in 2024-2025.
A key downside risk to Moody's scenario is a larger than expected
deceleration in the US economic growth – main origin of Playa's
customers- in the next 12-18 months (or a recession scenario) and a
larger than expected acceleration in inflation that reduces
consumers disposable income and overall demand for the hospitality
industry. Playa could also be negatively impacted by a significant
change in costumers' demand towards other destinations different
than the company's current markets in Mexico, Jamaica and the
Dominican Republic.
Playa has good liquidity and has strengthened recently aided by
internally generated cash flow. As of September 30, 2023, cash and
equivalents of $184 million, committed bank credit facility of $225
million, and around $130 million in Cash from Operations in the
next 12-18 months compare favorably with no significant short term
debt.
RATING OUTLOOK
The stable outlook reflects the company's good liquidity and
Moody's expectation that despite operating challenges envisioned
ahead Playa will be able to generate cash and sustain its current
credit metrics, specifically, leverage below 4.5x through 2025.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if cash generation accelerates along
with travel recovery allowing Playa to improve credit metrics.
Specifically, with debt/EBITDA below 4.0x and interest coverage
above 2.5x on a sustained basis.
Ratings could be downgraded if operations deteriorated resulting in
debt/EBITDA sustained above 5.0x or EBIT/interest coverage below
1.5x.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Playa Resorts Holding B.V. (Playa) owns and/or manages a portfolio
of 26 all-inclusive resorts (9,756 rooms) in beachfront locations
in Mexico, the Dominican Republic and Jamaica. For the last twelve
months ended September 2023, revenues were $939 million. The
company is publicly listed with a market capitalization of around
$1,066 million. Major shareholders are: Davidson Kempner
Management, LP which owns 9.3%, AIC Holdings Group 7.3%, The
Goldman Sachs Group, Inc. 7.3%, Rubric Capital Management LP 7.0%
and Sagicor Financial Corporation 6.5%.
=====================
P U E R T O R I C O
=====================
BORINQUEN NATURAL: Gen. Unsecureds Get $1,834 Monthly for 24 Mos
----------------------------------------------------------------
Borinquen Natural, LLC, submitted a Third Amended Plan of
Reorganization.
The Debtor scheduled a priority claim of $3,056.40 with the Labor
Department, amount will be paid in full on the Effective Date, in
compliance with the provisions set forth by 11 U.S. C. s
1129(a)(9)(C)(II).
Under the Plan, Class 1 The General Unsecured Claims of Vendors and
Trade Creditors total $42,125. Class 1 is impaired.
Class 2 The Contingent, Disputed & Unliquidated General
Unsecured Claims in Legal Proceedings total $1,140,000. Class 2 is
impaired.
Classes 1 and 2 will be treated on the following scenarios:
* Scenario A
Class 1 The General Unsecured Claims of Vendors and Trade
Creditors. The holders of the allowed general unsecured claims of
vendors will be paid in equal monthly installments of $1,833.98 for
principal and interest at 4.25% per year, for a period of 24
months, equivalent to 100% of their allowed claims.
Class 2 The Contingent, Disputed & Unliquidated General
Unsecured Claims in Legal Proceedings. The holders of the
contingent, disputed & unliquidated general unsecured claims
subject to legal proceedings in State Court will receive no
distribution under the Plan, as the claims are contingent, disputed
& unliquidated, and not Allowed Claims.
* Scenario B
Class 1 The General Unsecured Claims of Vendors and Trade
Creditors. The holders of the allowed general unsecured claims of
vendors will be paid in equal monthly installments of $1,833.98 for
principal and interest at 4.25% per year, for a period of 24
months, equivalent to 100% of their allowed claims.
Class 2 The Contingent, Disputed & Unliquidated General
Unsecured Claims in Legal Proceedings. The claims of the
contingent, disputed & unliquidated general unsecured claimants are
subject to, contingent and dependent upon the disputed claims being
resolved and liquidated in State Court and/or District Court.
Debtor will reserve a cash amount of $30,000, to be disbursed
pending and upon the final resolution of the legal proceedings
Secured Claims, General Unsecured Claims, as well as Priority Tax
Claims, if any, will be paid through the payment plans, from the
cash resulting from Debtor's Operations.
In the event that Debtor receives additional income from its
operations, other sources that could be used to fund the Plan,
Debtor may advance payments to creditors.
Attorneys for Debtor:
Myrna L. Ruiz-Olmo, Esq.
MRO Attorneys at Law, LLC
PO Box 367819
San Juan, PR 00936-7819
Tel: (787) 404-2204
Email: mro@prbankruptcy.com
Web: www.prbankruptcy.com
A copy of the Plan of Reorganization dated November 15, 2023, is
available at https://tinyurl.ph/XjrWm from PacerMonitor.com.
About Borinquen Natural
Borinquen Natural, LLC, is a corporation organized under the laws
of the Commonwealth of Puerto Rico. It is a limited liability
company engaged in the distribution and sale of a variety of health
food products. Borinquen Natural owns no real estate properties.
Borinquen Natural filed a voluntary petition for Chapter 11
protection (Bankr. D.P.R. Case No. 21-01058) on March 31, 2021,
listing under $1 million in both assets and liabilities. Judge
Mildred Caban Flores oversees the case.
The Debtor tapped Myrna L. Ruiz-Olmo, Esq., at MRO Attorneys at
Law, LLC, as bankruptcy counsel and Trebilcock & Rovira, LLC as
special litigation counsel. Albert Tamarez-Vasquez, CPA, at Tamarez
CPA, LLC, is the Debtor's accountant.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Nov. 20 to Nov. 24, 2023
--------------------------------------------------------------
Issuer Cpn Price Maturity Country Curr
------ --- ----- -------- ------- ----
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
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
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
Banda de Couro 8 69.1 01/15/2027 BR BRL
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
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
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
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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
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
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Information contained herein is obtained from sources believed to
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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.
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