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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, January 22, 2024, Vol. 25, No. 16
Headlines
A R G E N T I N A
ARGENTINA: It Will Dock Day's Pay From Striking State Workers
ARGENTINA: La Rioja Province Issues its Own Quasi-Currency
ARGENTINA: Milei to Meet Georgieva in Davos After IMF OKs Support
B R A Z I L
BRAZIL: Coffee Exports Steady in 2023 Despite Value Drop
BRAZIL: Ranks Seventh in G20 Inflation for 2023
GOL LINHAS: Meets Creditors for New Funds, Restructuring
PRIO SA: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
C O L O M B I A
COLOMBIA: S&P Affirms 'BB+/B' Sovereign Credit Ratings
P U E R T O R I C O
FRITOLANDIA Y ALGO: Seeks to Hire JPC Law Office as Attorney
X X X X X X X X
[*] BOND PRICING COLUMN: For the Week Jan. 15 to Jan. 19, 2024
- - - - -
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A R G E N T I N A
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ARGENTINA: It Will Dock Day's Pay From Striking State Workers
-------------------------------------------------------------
Buenos Aires Times reports that Argentina's government will dock a
day's pay from state employees who join the January 24 strike
called by the CGT labor confederation.
The CGT, the nation's largest and most influential umbrella union
grouping, has called a national strike in protest of President
Javier Milei's proposed labor reforms, according to Buenos Aires
Times.
Presidential Spokesperson Manuel Adorni argued in his daily press
conference that it is "reasonable for someone who doesn't work not
to collect" their wage, the report notes.
"We're still waiting for the arguments justifying the strike
because they remain unclear," he said witheringly, the report
relays.
The CGT has already outlined its reasoning for the strike, which is
to draw attention to sweeping labor reforms outlined in President
Milei's emergency decree and sweeping 'Omnibus Law' bill, the
report says.
Warming to his theme, Adorni said that the government's freephone
telephone denunciation hotline would be active that day for "all
those who feel extorted or obligated to strike" so they can "file
an anonymous report" with the authorities, the report discloses.
President Milei's spokesperson also criticised union leader Pablo
Moyano, the report notes.
"I heard Hugo Moyano's son [Pablo] say that the country is working
. . . I don't know what a working country means to him or to whom
it is working," Adorni said dismissively, the report says.
The spokesperson also referred to President Milei's trip to Davos
for the World Economic Forum, in which he delivered a controversial
speech denouncing "socialism," "collectivism," "radical feminism,"
and climate change theories, among other topics, the report
relays.
Adorni said that "usually, Argentine heads of state went to that
kind of forum to save face or to spend some time there - the
president has shown what his convictions are and where he intends
Argentina to go, and we're honoured that Argentina is once again a
beacon for the Western world," the report notes.
According to the spokesperson, "statesmen and businesspeople showed
enthusiasm about the change process in Argentina, calling on local
politics to be up to this historic moment and accompany the change
starting to be forged," the report discloses.
Adorni was also quizzed about Argentina's potential road to
dollarisation, a key campaign promise that Milei since seems to
have cooled on, the report relays. The question came after Economy
Minister Luis Caputo, speaking from the event in the Swiss Alps,
said that the "conditions are not yet there" to adopt the US dollar
as Argentina's legal currency, the report says.
"The Argentine situation deteriorated massively in the last
quarter. There's no hurry for that dollarisation, the report notes.
The priority is to stabilise the economy," Caputo maintained, the
report relays.
After being consulted about the topic, Adorni argued that "for
months, Milei spoke about the purpose of dollarisation, the report
discloses. He's always spoken of a competition of currencies and
that's our lodestar," the report says.
"This is a road with different steps. Today, the step we're taking
is the Bases Law [sent to Congress]. That will determine the next
steps. We're convinced the law won't come to fruition, and if it's
not approved, the adjustment will have to be revised," he
explained, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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: La Rioja Province Issues its Own Quasi-Currency
----------------------------------------------------------
Buenos Aires Times reports that the provincial legislature in La
Rioja has approved the printing of the region's own
"quasi-currency," a move that will partly cover salary payments for
state workers as Governor Ricardo Quintela's government copes with
a fall in income.
With the support of Peronist lawmakers - the Partida Justicialista
has 32 of 36 lawmakers - the legislature authorized the provincial
government to create a quasi-currency called 'bocade' to the value
of some 22.5 billion pesos (US$26 million at the official exchange
rate), according to Buenos Aires Times.
Initially, that amount was to be lower, but shortly before the
beginning of special sessions, Quintela's administration said the
amount would be increased due to inflation, the report notes.
The circulation of this instrument will depend on printing times
and agreements with private firms over its use, the report notes.
"We're forced to do this due to the speed, savagery and cruelty of
the adjustment made in 20 days," said Quintela, a veteran Peronist,
after the move was approved by the local legislature, the report
relays.
"I called for special sessions and sent a bill to create financial
instruments, either virtual or physical, to be able to help," the
governor explained, the report discloses.
Governor Quintela has been one of President Javier Milei's most
vocal critics of late. Rebukes have escalated since it emerged that
provincial governments would suffer a sharp drop in federal
revenue-sharing funds, the report says.
Milei has sent a draconian austerity plan to cut public spending by
five percent of GDP, including severe cutbacks in the funds sent to
provincial governments, the report notes.
Friction
In recent days, the issue of quasi currencies has generated
friction between the provincial and national administration, the
report relays.
"Welcome provincial currencies to the competition," commented Milei
wryly in a post on the X social network as he reacted to the news,
the report discloses.
"To think that during the campaign they said I was crazy for
suggesting a system with free competition of currencies and now
they're launching it," added the president, who is currently in
Davos, Switzerland, attending the World Economic Forum, the report
says.
The population of La Rioja is around 380,000 people, from a country
of 46.6 million inhabitants, the report notes. Its economy is
based on agricultural production, mining, tourism and agroindustry,
mainly oils, sweets and wine, the report relays.
Sixty-five percent of full-time registered workers in the region
are employed by the state, according to government data, the report
notes.
Under the new law, 30 percent of state salaries will be paid in
bocade, the report says.
Nothing New
In Argentina, several provincial governments have a history of
creating "quasi-currencies" for everyday use, not least La Rioja,
the report relays.
In 1985, when former president Carlos Menem served as provincial
governor, La Rioja issued provincial bonds to pay part of the
salaries of public employees, the report discloses. The bonds were
redeemable on demand and circulated at par with the austral, the
report says.
When Argentina adopted 'convertibility' and introduced peso-dollar
parity in 2001, amid a deep economic crisis, then-governor Angel
Maza decided to issue provincial bonds once again, the report
notes.
Most quasi-currencies, trading well below their nominal value, were
absorbed by the state in 2004, but, Milei warned that regional
administrations thinking of taking the plunge that they would "in
no way be rescued by the national government," the report relays.
The La Rioja provincial government links the printing of its new
bocade currency to the lack of response by Milei's government to an
outstanding debt claim to the tune of some 9.3 billion pesos
(US$10.8 million) that is now before the Supreme Court, the report
adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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: Milei to Meet Georgieva in Davos After IMF OKs Support
-----------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei will have a
chance to discuss next steps in Argentina's relationship with the
International Monetary Fund during a meeting with Managing Director
Kristalina Georgieva in Davos.
The Argentine leader, who has unveiled a drastic austerity program
upon taking office on December 10, will meet Georgieva at the World
Economic Forum that takes place at the Alpine Swiss town,
presidential spokesman Manuel Adorni told reporters, according to
Buenos Aires Times.
Under Georgieva, the IMF gave Milei's economic plans a key vote of
confidence on January 10, approving a review of the country's
US$44-billion program that will likely unlock a
larger-than-expected loan disbursement of US$4.7 billion for the
South American nation, pending board approval, the report notes.
Milei will eventually have to decide whether to stick to the
current program, signed by his predecessor, or negotiate a new one,
the report relays.
Business Leaders
Economy Minister Luis Caputo will hold a separate meeting with
Georgieva, alongside Chief of Staff Nicolas Posse, and will also
participate in a panel to be moderated by the IMF chief on the
prevention of economic fractures, according to his press office,
the report relays. He'll also speak about Argentina's economic
program in another panel, the report relays.
While Milei will focus strictly on political leaders, his economy
chief will lead a separate agenda, meeting with leaders of the
business and banking community, including Glencore International AG
Chief Executive Officer Gary Nagle, Banco BTG Pactual SA co-founder
Andre Esteves and Margarita Louis-Dreyfus, who controls Louis
Dreyfus Co, the report says.
Foreign Minister Diana Mondino will meet separately with business
leaders from Visa inc, Nestle SA and Merck & Co Inc, according to
her press office, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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: Coffee Exports Steady in 2023 Despite Value Drop
--------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that in 2023, Brazil's
coffee exports remained nearly consistent in volume, reaching 39.24
million 60-kilogram bags.
However, their value saw a 13% decrease, as reported by the
industry's trade association, according to Rio Times Online.
This slight reduction in quantity, a mere 0.4%, resulted in
revenues of $8.041 billion, 13% lower than the record high in 2022,
the report notes.
Márcio Ferreira, president of the Brazilian Coffee Exporters
Council (Cecafe), linked this decline to adverse weather and
logistical hurdles, 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.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."
Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.
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: Ranks Seventh in G20 Inflation for 2023
-----------------------------------------------
Richard Mann at Rio Times Online reports that in 2023, Brazil
recorded the seventh highest inflation among G20 countries, reports
Alex Agostini, Austin Rating's chief economist.
The country ended the year with a 4.62% annual rate, its lowest
since 2020, according to Rio Times Online. This marked the first
time in three years Brazil met its inflation target, the report
notes.
Argentina led the G20 in inflation, ending 2023 with a 211.4% rate,
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).
GOL LINHAS: Meets Creditors for New Funds, Restructuring
--------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that the
parent company of Brazil's Gol Linhas Aereas Inteligentes SA and
Colombia's Avianca is meeting creditors to kickstart negotiations
in a bid to fix its balance sheet.
Abra Group Ltd will host talks with representatives of its $1.5
billion bondholders in New York, the first step toward striking a
comprehensive restructuring deal for the troubled low-cost airline
group, according to globalinsolvency.com.
Abra's bondholders are working with financial adviser Houlihan
Lokey Inc. and law firm Dechert LLP, while Abra hired Rothschild &
Co., they said, the report discloses. The funds in attendance will
be barred from trading as they discuss a debt overhaul and a plan
to raise fresh cash for Gol, the report notes. Gol and Avianca's
top shareholders agreed to form Abra about two years ago after the
Colombian carrier exited bankruptcy, the report relays. The
airlines continue to operate independently. Gol has already gone
through several rounds of restructuring and capital raising since
the onset of the pandemic, the report says. The company must also
strike a deal with its own creditors while seeking to renegotiate
agreements with lessors, the report notes. On top of high costs
and a heavy debt burden, it has grappled to cash in on the rebound
of Brazil flights due to a delay in Boeing Co. deliveries of 737
Max aircraft last year, the report adds.
As reported in the Troubled Company Reporter-Latin America on Dec.
8, 2023, Fitch Ratings has downgraded GOL Linhas Aereas
Inteligentes S.A.'s (GOL) Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) to 'CCC-' from 'CCC+', and its
Long-Term National Scale to 'CCC-(bra)' from 'CCC(bra)'. Fitch has
also downgraded GOL Finance Inc.'s unsecured bonds to 'CC/RR5' from
'CCC/RR5'. The downgrades reflect increasing risks of GOL's debt
restructuring as a result of its ongoing high refinancing risks,
operating cash flow pressure due to current and deferred leases
payments and weak liquidity position. The assessment incorporates
the company´s recent announcement of hiring a financial advisor to
review its capital structure.
PRIO SA: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
----------------------------------------------------------
Moody's Investors Service has affirmed PRIO S.A.'s ("PRIO") Ba3
corporate family rating and the Ba3 rating on Petrorio Luxembourg
Trading S.a.r.l. ("PetroLux") $600 million backed senior secured
notes due 2026. The outlook for all ratings remains stable.
RATINGS RATIONALE
PRIO's Ba3 ratings reflect the company's high operating efficiency
and cash generation, which supports low debt leverage and good
interest coverage ratios. The rating is also supported by PRIO's
high capital spending flexibility, favorable regulatory
environment, and the fact that the company's capital is listed on
the Brazilian stock exchange, which strengthens its corporate
governance. The Ba3 rating also reflects the increase in the
company's production and proved developed reserve size after the
acquisition of the Albacora Leste field.
The ratings are primarily constrained by PRIO's still-small asset
base and size of crude oil production compared with those of peers,
its high operating risk because of geographic concentration and the
mature nature of its oil and gas assets, and the company's
dependence on acquisitions of oil and gas assets to increase
production levels sustainably and maintain the reserve level.
On January 2023, PRIO concluded the acquisition of the Albacora
Leste oil field for $1.951 billion. The new field significantly
increased PRIO's production and reserve sizes while not affecting
the company's conservative leverage ratios. PRIO's average daily
production currently amounts to 100,000 barrels and will increase
further to 160,000 barrels through 2026 with additional investments
in the existing fields. PRIO has also been able to extract
operational synergies given the proximity of its fields, namely
with the tieback of the Polvo and Tubarao Martelo fields, and will
continue its optimization strategy through the tieback from Wahoo
to Frade.
The company's current lifting costs of $7/bbl, full cycle costs of
$25-30/bbl and breakeven costs of $20-25/bbl already compares
favorably with offshore and onshore producers, and Moody's expects
additional cost reduction as the company starts operations in Wahoo
in 2024, assuming no delays on the licensing process. Wahoo will
have very low lifting costs because it will be operated by the same
facilities such as FPSOs used for Frade. The low cost structure
provides PRIO with flexibility to withstand commodity price
volatility and continue generating positive free cash flow to meet
debt maturities even under adverse scenarios.
PRIO has extremely low leverage ratios, with total adjusted
debt/EBITDA of 1.5x in the twelve months ended September 2023,
RCF/debt of 63.0% and interest coverage (EBITDA/interest) of 10.9x
in the same period. Moody's expects stability in credit metrics in
the medium term assuming Moody's price estimate of $55-75/bbl for
Brent. However, PRIO remains small in size compared to higher rated
peers, and continues to depend on acquisitions to maintain reserves
while increasing production levels sustainably. All of PRIO's
producing fields are mature and have high annual production decline
rates of close to 10%.
LIQUIDITY
PRIO has good liquidity, with $445 million in cash and equivalents
at the end of September 2023 and $386 million in debt coming due
through the end of 2024. Moody's expects the company's free cash
flow cash generation of around $1.5 billion through commodity
cycles to be more than enough to cover capital spending of around
$600 million per year, and the company to maintain its conservative
approach toward future M&A and dividend distribution to preserve
its liquidity. PRIO's next major refinancing need are the secured
notes due 2026, and the company has a number of funding
alternatives, such as access to capital markets, bilateral loans
and bank funding from the pre-sale of crude and factoring of
receivables. However, PRIO does not have committed credit
facilities and the company's alternate liquidity is limited because
its asset base is small and is largely encumbered.
RATING OUTLOOK
The stable outlook on PRIO's Ba3 rating reflects Moody's
expectation that the company maintain production above 100,000
boe/d after the acquisition of Albacora Leste and reach 140,000
boe/d when Wahoo starts producing in 2024. The outlook also
incorporates Moody's expectations that PRIO will maintain adequate
liquidity even with potential volatility in oil prices.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
PRIO's Ba3 ratings could be upgraded if the company (1) increases
production to levels approaching 150,000 boe/d; (2) increases its
production diversification; (3) sustains leveraged full-cycle
ratio, which measures an oil company's ability to generate cash
after operating, financial and reserve replacement costs,
consistently above 2.5x; (4) maintains E&P debt/proved developed
reserves below $7.0, and (5) maintains retained cash flow (cash
from operations before working capital requirements less dividends)
to total debt above 30%, all of which while maintaining an adequate
liquidity.
PRIO's Ba3 ratings could be downgraded if (1) retained cash flow to
total debt declines below 25%, with limited prospects of a quick
turnaround; (2) if E&P debt/proved developed reserves remains above
$10.0, with limited prospects of a quick turnaround and (3) if
there is a deterioration of the company's liquidity profile.
Founded in 2015 and headquartered in Rio de Janeiro, Brazil, PRIO
is an independent oil and gas production company focused on assets
located mainly in the Campos basin. The company has operations in 5
offshore fields. In the twelve months ended September 2023, its
total assets amounted to $5.7 billion.
The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.
===============
C O L O M B I A
===============
COLOMBIA: S&P Affirms 'BB+/B' Sovereign Credit Ratings
------------------------------------------------------
S&P Global Ratings, on Jan. 18, 2024, revised the outlook on its
long-term ratings on Colombia to negative from stable. S&P
affirmed its 'BB+' long-term foreign currency and 'BBB-' long-term
local currency sovereign credit ratings on Colombia. S&P also
affirmed its 'B' short-term foreign currency and 'A-3' short-term
local currency ratings.
Outlook
S&P expects broad continuity in fiscal and monetary policies within
a stable political environment. Its outlook is negative because
potentially persistently weak investor confidence -- that affects
private-sector investment -- may pose risks to its expectation that
GDP growth will return to its trend rate of just above 3% in the
next couple of years. Low economic growth may indicate less
economic resilience and could, absent corrective measures,
contribute to fiscal slippage or higher external vulnerabilities.
Downside scenario
S&P said, "We could downgrade Colombia during the next two years if
economic growth is below our expectations. We could also lower the
rating if larger-than-expected current account deficits (CAD)
worsen Colombia's already weak external profile or if unexpected
fiscal slippage contributes to weaker public finances."
Upside scenario
Conversely, S&P could stabilize the rating during the next 12-24
months if it perceives less risk to Colombia's expected trend
economic growth, likely coupled with policy steps that improve the
sovereign's financial profile. A larger and more diverse export
sector, helping to reduce external vulnerability and strengthen
economic resilience, could help stabilize the rating.
Rationale
S&P said, "Our ratings on Colombia are based on its stable
democracy and political institutions, which have sustained
predictable economic policies for many years, despite several
economic shocks. They also incorporate monetary policy flexibility
based on inflation targeting and a flexible exchange rate, which
remain key economic buffers against external shocks. Our ratings
are constrained by the sovereign's high external debt and volatile
terms of trade, as well as its limited fiscal flexibility."
Institutional and economic profile: Failure to boost economic
growth could gradually erode the sovereign's financial profile
-- Colombia's stable democracy, division of power, and checks and
balances sustain policy predictability and economic pragmatism.
-- The government expects to gain approval of pension and health
care reform in 2024 after extensive negotiations in Congress.
-- GDP growth will remain slow in 2024, mainly because of weak
domestic demand.
Colombia's stable democracy, separation of powers, independent
judiciary, and other checks and balances are likely to sustain
pragmatic and predictable economic policies. Its active judiciary
has often limited the actions of the executive branch of
government.
The center-left government of President Gustavo Petro lacks a
majority in each chamber of Congress, forcing it to gain support
from other political parties to pass laws. Local elections in late
2023 modestly weakened the president's standing--his candidates did
not perform well in large cities (including Bogota, where Petro had
been mayor)--raising the political costs for gaining votes to pass
reforms in Congress from parties inside and outside his coalition.
President Petro is likely to make gradual progress with his
economic and social policies. The administration expects that its
pension and health care reforms will be approved this year after
modifications in Congress. The pension reform would broaden
coverage and reduce the bias in favor of wealthier recipients in
the current system while the health reform would restructure the
institutions delivering health care and expand coverage. The fate
of a proposed labor reform, which seeks to improve working
conditions, is less certain.
The government has shown pragmatic economic management. It passed a
significant tax reform in the beginning of its term to garner
revenues to fund its planned expansion of social spending. It has
raised the retail price of gasoline (though not diesel), which had
been frozen by the previous administration, to reduce a costly
fiscal subsidy, and it recently announced increases in road tolls
for 2024.
Nevertheless, weak private-sector sentiment has contributed to low
investment, despite a rapid recovery from the last recession. The
economy grew above 9%, on average, during 2021-2022, thanks to
expansive fiscal policy, record-low interest rates, and favorable
terms of trade (high prices for its oil and coal exports). Tight
monetary policy and substantial fiscal tightening cut GDP growth in
2023 to likely 1.2%. Growth is likely to remain stable in 2024 at
1.3%, reflecting weak domestic demand (despite the beginning of
interest rate cuts by the central bank in December 2023), and
investment may not pick up this year.
Consumption, which well exceeds its pre-pandemic level, has driven
much of the recent growth. However, fixed investment as a share of
GDP remains below pre-pandemic levels in Colombia. Although S&P
expects growth to return to Colombia's trend rate of just above 3%
in the next couple of years, potentially persistently weak
investment could lower the country's economic prospects. Failure to
boost economic growth could gradually erode the sovereign's
financial profile.
Colombia's long-term growth prospects depend largely on
accelerating its only moderate pace of building new physical
infrastructure to reduce costs and spur diversification of exports.
Institutional weaknesses and political challenges have delayed many
projects.
Long-term growth also depends on managing the transition from
hydrocarbon production toward renewable energy. The government
stopped signing new contracts for exploration and development in
oil and gas while honoring all existing contracts, as it seeks to
boost output of renewable energy. The short-term impact of this
policy on energy output is likely to be modest, given ample
existing proven reserves and projects already underway. Uncertainty
remains about the details of the long-term strategy to shift away
from hydrocarbon production, which generates 40% of total exports
and 20% of foreign direct investment (FDI), and has accounted for
10%-20% of central government revenues in recent years.
Colombia is exposed to the adverse effects of climate change
(especially flooding) despite having more than half its land
covered by forests and over 80% of electricity generation from
hydropower. More than 80% of its population and economic activity
is concentrated in about 20% of its land and is vulnerable to
natural disasters. Illegal mining and unauthorized cattle ranching
contribute to deforestation in some parts of the country, where law
enforcement is weak.
Flexibility and performance profile: External adjustment will
contain vulnerabilities while public finances remain stable in the
coming two years
-- Public finances are likely to remain stable in 2024, with net
general government debt staying below 60% of GDP.
-- The CAD likely fell sharply to below 4% of GDP in 2023 and may
hover around 3%-4% of GDP in 2024, containing external
vulnerabilities.
-- Tighter monetary policy will likely bring inflation to 5%-6% in
2024, above the central bank's target range.
A sharp fall in the current account deficit in 2023 to 3%-4% of GDP
from 6.3% in 2022 will contain Colombia's near-term external
vulnerabilities. The adjustment resulted mainly from a smaller
trade deficit (falling GDP growth led to a sharp fall in imports)
and lower outflows of profits and dividends to foreign firms,
largely in the energy sector. FDI likely exceeded the CAD. The CAD
may hover around 3%-4% of GDP in 2024 and exceed 4% in 2025-2026.
FDI is likely to fund the CAD fully or largely this year and next.
As a result, S&P forecasts Colombia's narrow net external debt to
remain around 110%-120% of current account receipts (CAR) and its
gross external financing needs just below 100% of CAR and usable
reserves during 2024-2026. The availability of a US$9.8 billion
flexible credit line from the IMF, which will begin to amortize in
2024, supports Colombia's external liquidity.
S&P expects that general government deficits will be stable but
high, likely around 4% of GDP in 2024 and 2025. (The general
government includes the central bank, local and regional
governments, social security, a fuel price stabilization fund, and
a deposit guarantee fund.) The deficit was likely close to 4% of
GDP in 2023, down from 6.6% in 2022. Two recent tax reforms and
inflows of taxes, royalties, and dividends from the energy sector
have boosted government revenues.
Colombia's public finances could suffer from potential shortfalls
in revenues from lower commodity prices. The 2022 tax reform
targets around 1.3% of GDP in added revenues but could yield less
money if collections from commodity sectors of the economy
decline.
Nevertheless, S&P expects that fiscal adjustment over the next two
to three years will stabilize the net debt burden around 55% of GDP
and limit the annual increase in net general government debt to
around 3.5%-4% of GDP. Interest spending spiked above 15% of
general government revenues in 2023 but is likely to stabilize in
2024 and decline toward 12%-13% of revenues in future years.
Colombia's central bank continues to adhere to its long-standing
policy of targeting inflation and letting the currency float
freely. Inflation will likely dip below 6% in 2024, above the
bank's target of 3% plus/minus 1%. Inflation is likely to be about
3%-4% in 2025. Colombia's recent inflation rate has exceeded that
of Latin American peers (Brazil, Chile, Mexico, and Peru). As a
result, the central bank is likely to be cautious in cutting its
policy interest rate in 2024, especially in the face of possible
supply disruptions caused by El Nino.
S&P said, "We assess the sovereign's contingent liabilities as
limited. Our assessment of Colombia's financial system, with total
loans representing 65% of assets and about 45% of the country's GDP
as of October 2023, is based on a Banking Industry Country Risk
Assessment of '6'. (Our BICRA groups are on a scale from 1-10, with
'1' denoting the lowest risk and '10' the highest risk.) The
banking sector's average regulatory solvency ratio is 17.5%. After
the strong credit expansion in 2021-2022, we expect credit
contracted in 2023 in real terms owing to a slowing economy,
elevated inflation, and high interest rates."
Therefore, asset quality metrics are deteriorating. As of Oct. 31,
2023, nonperforming loans (NPLs) represented 3.4% of total loans,
up from 2.4% at year-end 2022. S&P said, "Banks are implementing
more stringent lending policies, so we expect NPLs to hover around
3%-3.25% in 2024-2025 and remain fully covered by reserves. For
2024, we expect modest credit growth in real terms." The gradual
adoption of Basel III capitalization rules will be finalized in
2024. Other contingent liabilities (from court orders for
compensation, public-private partnerships, natural disasters, and
other sources) are below 10% of GDP.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
RATINGS AFFIRMED
COLOMBIA
Transfer & Convertibility Assessment
Local Currency BBB
COLOMBIA
Senior Unsecured BB+
Senior Unsecured BBB-
RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION
TO FROM
COLOMBIA
Sovereign Credit Rating
Foreign Currency BB+/Negative/B BB+/Stable/B
Local Currency BBB-/Negative/A-3 BBB-/Stable/A-3
=====================
P U E R T O R I C O
=====================
FRITOLANDIA Y ALGO: Seeks to Hire JPC Law Office as Attorney
------------------------------------------------------------
Fritolandia y Algo Mas seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ JPC Law Office as
its attorney.
Fritolandia requires JPC Law Office to:
a. advise the Debtor with respect to its duties, powers and
responsibilities in the case under the laws of the U.S. and Puerto
Rico in which the debtor in possession conducts its operations;
b. advise the Debtor in connection with a determination on
whether a reorganization is feasible and if not, help the Debtor
in the orderly liquidation of its assets;
c. assist the Debtor with respect to negotiations with
creditors for the purpose of achieving a reorganization or an
orderly liquidation;
d. prepare necessary complaints, answers, orders, reports,
memoranda of law and any other legal paper or document required in
the above captioned case;
e. appear before the Bankruptcy Court or any other court in
which the Debtor asserts a claim, interest or defense related to
the bankruptcy case;
f. perform such other legal services for debtor as may be
required in the proceeding or in connection with the operation of
the Debtor's business including, but not limited to, notarial
services; and
g. employ other professional services, if necessary.
JPC Law Office will be paid at the hourly rate of $200.
JPC Law Office will be paid a retainer in the amount of $7,283.
JPC Law Office will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jose M Prieto Carballo, partner of JPC Law Office, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
JPC Law Office can be reached at:
Jose M Prieto Carballo, Esq.
JPC LAW OFFICE
P.O. Box 363565
San Juan, PR 00936-3565
Tel: (787) 607-2066
E-mail: jpc@jpclawpr.com
About Fritolandia y Algo Mas
Fritolandia y Algo Mas sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-00029) on Jan.
9, 2024, listing $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Jose M. Prieto Carballo, Esq., at JPC Law Office, serves as counsel
to the Debtor.
===============
X X X X X X X X
===============
[*] BOND PRICING COLUMN: For the Week Jan. 15 to Jan. 19, 2024
--------------------------------------------------------------
Issuer Cpn Price Maturity
Country Curr
------ --- ----- --------
------- ----
Nuevosur SA/Chile 4.0 40.6 3/21/2028 CL CLP
SYN prop e tech SA 11.3 20.8 3/15/2024 BR BRL
Esval SA 3.5 16.7 2/15/2026 CL CLP
Esval SA 3.4 23.6 3/15/2028 CL CLP
Colombian TES 6.3 72.2 7/9/2036 CO COP
Colombia Gov't Int'l Bond 6.3 72.5 7/9/2036 CO COP
Falabella SA 3.4 73.5 1/15/2032 CL USD
Ecopetrol SA 5.9 72.5 11/2/2051 CO USD
CFLD Cayman 2.5 7.7 1/31/2031 KY USD
Tencent Holdings Ltd 3.8 72.8 4/22/2051 KY USD
Argentina Bonar Bonds 1.0 35.9 7/9/2029 AR USD
Bolivian Gov't Int'l Bond 4.5 49.3 3/20/2028 BO USD
Shui On Development 5.5 66.2 3/3/2025 KY USD
BRF SA 5.8 71.7 9/21/2050 BR USD
Longfor Group Holdings Ltd 4.5 53.7 1/16/2028 KY USD
Agile Group Holdings Ltd 5.8 16.5 1/2/2025 KY USD
Argentina Gov't Int'l Bon 0.5 32.7 7/9/2029 AR EUR
Shui On Development 5.5 56.3 6/29/2026 KY USD
Petroleos del Peru SA 4.8 70.5 6/19/2032 PE USD
Tencent Holdings Ltd 3.2 65.0 6/3/2050 KY USD
Colombian TES 7.3 71.1 10/26/2050 CO COP
Banco Santander Chile 1.3 72.5 11/29/2034 CL EUR
2W Ecobank SA 10.3 26.3 11/24/2029 BR BRL
Sociedad Concesionaria 5.3 36.6 12/15/2026 CL CLP
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
Luminis IV Ltd 3.2 69.9 1/22/2042 KY AUD
Ascent Finance Ltd 3.8 66.2 6/28/2047 KY AUD
Banda de Couro Energetica 8.0 64.6 1/15/2027 BR BRL
Baraunas II Energetica 8.0 24.0 1/15/2027 BR BRL
Astra Cumulative Return 1.5 61.7 11/1/2029 KY USD
Genneia SA 2.0 56.2 7/14/2028 AR USD
Empresas Gasco SA 7.3 20.4 12/1/2025 CL CLP
QNB Finance Ltd 3.4 71.3 10/21/2039 KY AUD
Banco del Estado de Chile 3.1 70.7 2/21/2040 CL AUD
Sylph Ltd 2.7 68.1 3/25/2036 KY USD
Banco Santander Chile 3.1 70.7 2/28/2039 CL AUD
Luminis III Ltd 2.3 39.4 9/22/2048 KY USD
Ascent Finance Ltd 1.2 61.6 7/12/2047 KY EUR
Spica Ltd 2.0 74.2 3/24/2033 KY AUD
Lani Finance Ltd 1.7 63.8 3/14/2049 KY EUR
Luminis Ltd 2.3 54.5 9/22/2048 KY AUD
Luminis III Ltd 2.4 54.9 9/22/2048 KY AUD
Skylark Ltd 1.8 59.2 4/4/2039 KY GBP
Amwaj Ltd 4.5 51.8 KY USD
Earls Eight Ltd 1.7 71.0 6/20/2032 KY AUD
Santander Consumer Chile SA 2.9 72.1 11/27/2034 CL AUD
Earls Eight Ltd 0.1 63.1 12/20/2031 KY AUD
Farfetch Ltd 3.8 1.5 5/1/2027 KY USD
Colombia Telecomunicaciones 5.0 65.0 7/17/2030 CO USD
Volcan Cia Minera SAA 4.4 63.2 2/11/2026 PE USD
Spirit Loyalty Cayman Ltd 8.0 72.0 9/20/2025 KY USD
Longfor Group Holdings Ltd 3.4 57.7 4/13/2027 KY USD
YPF SA 7.0 73.6 12/15/2047 AR USD
Brazil Gov't Int'l Bond 4.8 74.2 1/14/2050 BR USD
Seazen Group Ltd 6.0 53.5 8/12/2024 KY USD
Telefonica Moviles Chile SA 3.5 73.2 11/18/2031 CL USD
Camposol SA 6.0 69.4 2/3/2027 PE USD
Longfor Group Holdings Ltd 4.0 46.4 9/16/2029 KY USD
Petroleos del Peru SA 5.6 60.2 6/19/2047 PE USD
Agile Group Holdings Ltd 5.5 12.1 5/17/2026 KY USD
Banco Davivienda SA 6.7 72.1 CO USD
Longfor Group Holdings Ltd 3.9 41.5 1/13/2032 KY USD
VTR Comunicaciones SpA 5.1 58.5 1/15/2028 CL USD
Seazen Group Ltd 4.5 30.0 7/13/2025 KY USD
Gol Finance Inc 8.8 25.3 KY USD
Panma Gov't Int'l Bond 3.9 56.3 7/23/2060 PA USD
Powerlong Real Estate 7.0 9.5 12/6/2025 KY USD
Argentina Gov't Int'l Bond 0.1 34.7 7/9/2030 AR EUR
Banco Nacional de Panama 2.5 74.2 8/11/2030 PA USD
Powerlong Real Estate 6.3 9.3 8/10/2024 KY USD
Credivalores-Crediservicios 8.9 23.5 2/7/2025 CO USD
CFLD Cayman Investment 2.5 2.6 1/31/2031 KY USD
Argentine Bonos del Tesoro 15.5 32.3 10/17/2026 AR ARS
VTR Comunicaciones SpA 4.4 58.4 4/15/2029 CL USD
Tencent Holdings Ltd 3.9 70.8 4/22/2061 KY USD
Alibaba Group Holding Ltd 3.3 60.5 2/9/2061 KY USD
Spirit Loyalty/ Spirit IP 8.0 72.8 9/20/2025 KY USD
Alibaba Group Holding Ltd 2.7 66.0 2/9/2041 KY USD
Alibaba Group Holding Ltd 3.2 63.3 2/9/2051 KY USD
Sociedad Quimica 3.5 67.2 9/10/2051 CL USD
Agile Group Holdings Ltd 6.1 13.0 10/13/2025 KY USD
Aeropuerto Internacional 5.1 74.2 8/11/2061 PA USD
eHi Car Services Ltd 7.0 66.6 9/21/2026 KY USD
Colombia Gov't Int'l Bond 3.9 58.6 2/15/2061 CO USD
Colombia Gov't Int'l Bond 5.2 74.5 5/15/2049 CO USD
ENAP 4.5 74.4 9/14/2047 CL USD
Chile Gov't Int'l Bond 3.5 72.3 4/15/2053 CL USD
Agile Group Holdings Ltd 5.5 14.0 4/21/2025 KY USD
Bolivian Gov't Int'l Bond 7.5 54.7 3/2/2030 BO USD
Hilong Holding Ltd 9.8 50.8 11/18/2024 KY USD
AYC Finance Ltd 3.9 62.2 KY USD
AySA 7.9 74.3 5/1/2026 AR USD
Colombia Telecomunicaciones 5.0 65.1 7/17/2030 CO USD
Peru Gov't Int'l Bond 3.2 58.2 7/28/2121 PE USD
ETESA 5.1 71.8 5/2/2049 PA USD
Agile Group Holdings Ltd 7.9 3.3 KY USD
Powerlong Real Estate 7.1 9.4 1/15/2026 KY USD
ENA Master Trust 4.0 70.1 5/19/2048 PA USD
Panma Gov't Int'l Bond 4.5 65.9 4/16/2050 PA USD
Panma Gov't Int'l Bond 4.5 62.1 1/19/2063 PA USD
ACEN Finance Ltd 4.0 64.2 KY USD
Chile Gov't Int'l Bond 3.1 63.3 1/22/2061 CL USD
CODELCO 3.7 68.8 1/30/2050 CL USD
Guacolda Energia SA 4.6 64.4 4/30/2025 CL USD
Powerlong Real Estate 4.0 9.3 7/12/2024 KY USD
Peru Gov't Int'l Bond 2.8 58.7 12/1/2060 PE USD
Panma Gov't Int'l Bond 4.5 63.7 4/1/2056 PA USD
Peru Gov't Int'l Bond 3.6 72.3 3/10/2051 PE USD
Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD
Spirit Loyalty/ Spirit IP 8.0 72.8 9/20/2025 KY USD
El Slavador Gov't Int'l Bond 7.1 68.5 1/20/2050 SV USD
Peru Gov't Int'l Bond 3.6 67.0 1/15/2072 PE USD
Panma Gov't Int'l Bond 4.5 67.4 5/15/2047 PA USD
Agile Group Holdings Ltd 7.8 4.4 KY USD
General Shopping Finance Ltd 10.0 69.3 KY USD
Chile Gov't Int'l Bond 3.3 63.2 9/21/2071 CL USD
Empresa de los 3.1 60.3 8/18/2050 CL USD
Argentina Treasury Dual Bond 3.3 45.8 4/30/2024 AR USD
Panma Gov't Int'l Bond 4.3 63.5 4/29/2053 PA USD
China Yuhua Education 0.9 65.3 12/27/2024 KY HKD
Spirit Loyalty/Spirit IP 8.0 71.8 9/20/2025 KY USD
CK Hutchison Int'l 20 Ltd 3.4 73.8 5/8/2050 KY USD
Bonos Para La Reconstruccion 5.0 50.2 10/31/2027 AR USD
Colombia Gov't Int'l Bond 4.1 68.0 2/22/2042 CO USD
Empresa de los Ferrocarriles 3.8 67.7 9/14/2061 CL USD
CODELCO 3.2 61.8 1/15/2051 CL USD
Bishopsgate Asset Finance 4.8 69.3 8/14/2044 KY GBP
Tencent Holdings Ltd 3.3 61.3 6/3/2060 KY USD
Telefonica Moviles Chile SA 3.5 73.3 11/18/2031 CL USD
Falabella SA 3.4 73.6 1/15/2032 CL USD
Greenland Hong Kong 10.2 13.2 KY USD
Provincia de Cordoba 7.1 39.9 10/27/2026 AR USD
CFLD Cayman 2.5 3.0 1/31/2031 KY USD
Chile Gov't Int'l Bond 1.3 54.8 1/22/2051 CL EUR
At Home Cayman 11.5 66.6 5/12/2028 KY USD
Peru Gov't Int'l Bond 2.0 74.5 11/17/2036 PE EUR
China Overseas Finance 3.1 73.7 3/2/2035 KY USD
Lunar Funding I Ltd 1.7 73.2 8/11/2056 KY GBP
VTR Comunicaciones SpA 5.1 58.7 1/15/2028 CL USD
El Slavador Gov't Int'l Bond 7.6 71.8 9/21/2034 SV USD
Banco Nacional de Panama 2.5 74.4 8/11/2030 PA USD
Chile Gov't Int'l Bond 1.3 68.7 1/29/2040 CL EUR
El Slavador Gov't Int'l Bond 7.6 72.5 2/1/2041 SV USD
Sociedad Quimica 3.5 67.1 9/10/2051 CL USD
Tencent Holdings Ltd 3.8 72.9 4/22/2051 KY USD
Volcan Cia Minera SAA 4.4 63.0 2/11/2026 PE USD
Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050 CO COP
Empresa de Transporte 3.7 65.8 9/13/2061 CL USD
Guacolda Energia SA 10.0 67.9 12/30/2030 CL USD
Petroleos del Peru SA 5.6 60.2 6/19/2047 PE USD
CFLD Cayman 2.5 8.6 1/31/2031 KY USD
ETESA 5.1 72.0 5/2/2049 PA USD
Camposol SA 6.0 70.0 2/3/2027 PE USD
Chile Gov't Int'l Bond 1.3 74.6 7/26/2036 CL EUR
Southern Water Services 3.0 69.4 5/28/2037 KY GBP
VTR Comunicaciones SpA 4.4 58.4 4/15/2029 CL USD
Three Gorges Finance I 3.2 71.1 10/16/2049 KY USD
AES Argentina Generacion SA 8.0 94.4 7/15/2025 AR USD
QNB Finance Ltd 13.5 67.6 10/6/2025 KY TRY
AMTD IDEA Group 1.5 7.5 KY USD
CODELCO 3.7 68.7 1/30/2050 CL USD
Bolivian Gov't Int'l Bond 4.5 48.6 3/20/2028 BO USD
Gol Finance Inc 8.8 29.1 KY USD
QNB Finance Ltd 11.5 73.1 1/30/2025 KY TRY
Petroleos del Peru SA 4.8 70.6 6/19/2032 PE USD
Aeropuerto Internacional 5.1 74.1 8/11/2061 PA USD
CFLD Cayman 2.5 2.3 1/31/2031 KY USD
Bolivian Gov't Int'l Bond 7.5 54.2 3/2/2030 BO USD
Tencent Holdings Ltd 3.9 70.7 4/22/2061 KY USD
Empresa de Transporte 3.7 66.1 9/13/2061 CL USD
Aruba Gov't Int'l Bonds 6.5 62.8 5/6/2028 AW USD
YPF SA 1.0 65.3 4/25/2027 AR USD
BRF SA 5.8 71.6 9/21/2050 BR USD
Banco Davivienda SA 6.7 71.0 CO USD
Telecom Argentina SA 1.0 73.2 3/9/2027 AR USD
SPE Saneamento RIO 1 SA 7.2 10.6 1/15/2042 BR BRL
SPE Saneamento RIO 1 SA 6.9 10.4 1/15/2034 BR BRL
CODELCO 3.2 61.7 1/15/2051 CL USD
ENAP 4.5 74.4 9/14/2047 CL USD
Logan Group Co Ltd 7.0 3.9 KY USD
Bonos Para La Reconstruccion 3.0 59.9 5/31/2026 AR USD
Telecom Argentina SA 1.0 65.5 2/10/2028 AR USD
Empresa de los Ferrocarriles 3.1 60.1 8/18/2050 CL USD
Tencent Holdings Ltd 3.2 64.9 6/3/2050 KY USD
Hilong Holding Ltd 9.8 51.9 11/18/2024 KY USD
Credivalores-Crediservicios 8.9 23.9 2/7/2025 CO USD
Guacolda Energia SA 4.6 63.9 4/30/2025 CL USD
ENA Master Trust 4.0 69.3 5/19/2048 PA USD
Tencent Holdings Ltd 3.3 61.4 6/3/2060 KY USD
Jamaica Government Bond 8.5 73.0 12/21/2061 JM JMD
SPE Saneamento Rio 4 SA 7.2 10.1 1/15/2042 BR BRL
El Slavador Gov't Int'l Bond 5.9 59.0 1/30/2025 SV USD
CFLD Cayman 2.5 3.0 1/31/2031 KY USD
CFLD Cayman 2.5 3.0 1/31/2031 KY USD
CODELCO 3.6 74.2 7/22/2039 CL AUD
At Home Cayman 11.5 66.6 5/12/2028 KY USD
El Slavador Gov't Int'l 7.1 68.6 1/20/2050 SV USD
General Shopping Finance 10.0 69.3 KY USD
Hilong Holding Ltd 9.8 51.3 11/18/2024 KY USD
CK Hutchison International 3.4 74.0 5/8/2050 KY USD
CFLD Cayman 2.5 2.0 1/31/2031 KY USD
Equatorial Para 11.0 1.0 5/15/2028 BR BRL
El Slavador Gov't Int'l 7.6 72.1 9/21/2034 SV USD
Industrias Metalurgicas 1.0 72.6 12/30/2031 AR USD
YPF SA 7.0 73.4 12/15/2047 AR USD
CFLD Cayman 2.5 8.5 1/31/2031 KY USD
Generacion Mediterranea SA 12.5 0.0 2/16/2024 AR USD
Provincia de la Rioja 7.5 57.1 7/20/2032 AR USD
Enel Generacion Chile SA 6.2 29.0 10/15/2028 CL CLP
SPE Saneamento Rio 4 SA 6.9 10.4 1/15/2034 BR BRL
Sociedad Quimica 4.9 55.7 1/5/2030 CL CLP
Provincia de la Rioja 4.5 58.7 1/20/2027 AR USD
Link Finance Cayman 2009 2.2 72.7 10/27/2038 KY HKD
ICBC DO Brasil Banco 3.3 59.6 BR USD
Provincia del Chaco 4.0 0.0 12/4/2026 AR USD
El Slavador Gov't Int'l Bond 7.6 72.6 2/1/2041 SV USD
Jamaica Government Bond 6.3 67.7 7/11/2048 JM JMD
Empresa de los Ferrocarriles 6.5 11.1 1/1/2026 CL CLP
Empresa de los Ferrocarriles 3.8 67.6 9/14/2061 CL USD
AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL
Inversiones CMPC SA 1.5 57.2 7/3/2025 CL CLP
Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050 CO COP
Elektra Noreste SA 3.9 74.2 7/15/2036 PA USD
Amwaj Ltd 6.4 72.8 KY USD
Colombia Gov't Int'l Bond 5.0 73.7 6/15/2045 CO USD
Silk Road Investments Ltd 2.9 66.3 1/23/2042 KY AUD
Banco del Estado de Chile 2.8 67.2 3/13/2040 CL AUD
Vert Cia Securitizadora SA 11.5 56.5 2/15/2024 BR BRL
Guacolda Energia SA 10.0 70.0 12/30/2030 CL USD
Colombia Gov't Int'l Bond 6.3 72.5 7/9/2036 CO COP
AMTD IDEA Group 4.5 61.3 KY SGD
Elektra Noreste SA 3.9 74.2 7/15/2036 PA USD
GDM Argentina SA 2.5 0.0 9/8/2024 AR USD
QNB Finance Ltd 2.9 73.4 9/16/2035 KY AUD
Colombia Gov't Int'l Bond 4.1 62.9 5/15/2051 CO USD
Panma Gov't Int'l Bond 2.3 70.5 9/29/2032 PA USD
Argentina Gov't Int'l Bond 1.0 38.5 7/9/2029 AR USD
Chile Gov't Int'l Bond 3.5 72.9 1/25/2050 CL USD
Rio Alto Energias Renovaveis 7.0 28.4 7/15/2027 BR BRL
Travessia Securitizadora 9.0 1.6 1/20/2032 BR BRL
Hector A Bertone SA 1.9 0.0 4/7/2024 AR USD
Sociedad Concesionaria 5.3 49.3 12/15/2028 CL CLP
Empresa de Transporte 5.5 57.8 7/15/2027 CL CLP
Embotelladora Andina SA 6.5 23.0 6/1/2026 CL CLP
Sylph Ltd 3.1 74.3 9/25/2035 KY USD
Sylph Ltd 2.4 64.0 9/25/2036 KY USD
Lani Finance Ltd 1.9 66.1 9/20/2048 KY EUR
Lani Finance Ltd 1.9 67.2 10/19/2048 KY EUR
Banco de Chile 2.7 74.4 3/9/2035 CL AUD
Lani Finance Ltd 3.1 65.7 10/19/2048 KY AUD
Dibens Leasing S/A 10.6 30.9 3/1/2035 BR BRL
QNB Finance Ltd 2.9 72.1 12/4/2035 KY AUD
Ascent Finance Ltd 3.4 66.6 2/6/2043 KY AUD
Dibens Leasing S/A 10.6 32.4 3/1/2035 BR BRL
Itau Unibanco SA/Nassau 5.8 20.5 5/20/2027 BR BRL
Sylph Ltd 2.9 73.9 6/24/2036 KY AUD
Dibens Leasing S/A 10.6 36.6 3/1/2035 BR BRL
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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 2024. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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of the same firm for the term of the initial subscription or
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contact Peter A. Chapman at 215-945-7000.
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