/raid1/www/Hosts/bankrupt/TCRLA_Public/240226.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, February 26, 2024, Vol. 25, No. 41
Headlines
A R G E N T I N A
ARGENTINA: Caps Minimum Wage Rise at 30% Amid Soaring Inflation
ARGENTINA: Criticizes EU as Mercosur Trade Talks Bog Down Again
ARGENTINA: Inflation Leaving More Than A Million Poor Per Month
GAUCHO GROUP: Reports Unregistered Sales of $980,000 Common Shares
PROVINCE OF SALTA: S&P Affirms 'CCC-' ICRs, Outlook Negative
B E R M U D A
777 RE: A.M. Best Cuts Financial Strength Rating to C(Weak)
C O L O M B I A
CREDIVALORES-CREDISERVICIOS: Fitch Lowers LongTerm IDRs to 'C'
J A M A I C A
JAMAICA: BOJ Expects Inflation to Remain Outside 4-6% Target
JAMAICA: Strategic Partnership Forged to Combat Climate Crisis
P U E R T O R I C O
WORLD SECURITY: Claims Will be Paid From Future Income
X X X X X X X X
LATAM: No Major Fallout Expected for Caribbean Tourism
[*] BOND PRICING COLUMN: For the Week Feb. 19 to Feb. 23, 2024
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A R G E N T I N A
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ARGENTINA: Caps Minimum Wage Rise at 30% Amid Soaring Inflation
---------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei's government
has capped the increase of Argentina's minimum wage at 30 percent
for the February-March period.
Inflation is running at more than 250 percent per annum in the
troubled nation, with prices rising more than 20 percent last
month, according to Buenos Aires Times.
"It has not been possible for the parties [involved] to agree
during discussions for the minimum wage," said Presidential
Spokesperson Manuel Adorni, the report relays.
No agreement was reached during a meeting of the Consejo del
Salario Mínimo (Minimum Wage Council), which is made up of the
government, business chambers and trade unions, the report notes.
The report discloses that the opposition-aligned CGT, Argentina's
largest labour grouping, called for an 85 percent increase and was
backed in its demand by the CTA union.
In these circumstances, "the government must arbitrate between the
parties and set a minimum wage" unilaterally, added Adorni, Buenos
Aires Times relays.
A resolution confirming the move was published in the Official
Gazette.
President Milei has previously warned that he would not move to
establish a new level, the report relays.
"I don't believe that a politician can define a price by hand. I'm
not even going to issue a decree setting a price," Milei declared,
the report discloses.
Buenos Aires Times says that the CGT accused the government of
derailing the wage council and "breaking a long tradition of
tripartite social dialogue."
The new hike lifts the minimum wage to 180,000 pesos for February
(US$204 at the official exchange rate), which represents a 15
percent increase over the current 156,000 pesos, the report relays.
By March, it will rise to 202,800 pesos for March (US$230), the
report notes.
Since taking office last December, Milei has overseen a 50 percent
devaluation of the peso, stripped away price controls and
authorised large hikes for public transport fares, fuel and
utilities such as gas and electricity, which will continue in the
coming months as subsidies are removed, the report relays.
Consumer prices rose 20.6 percent last month and year-on-year
inflation is now running at 254.2 percent. The price of the basic
food basket for a family of four is now 285,561 pesos (US$324.50),
according to official data, the report notes.
The wage adjustment comes at a time of increasing crisis in
Argentina, the report says. Poverty affects 57 percent of the
population, according to a new study by the Social Debt Observatory
of Catholic University of Argentina (UCA) – the highest rate
recorded by the private body in 22 years, the report notes.
Labour and social unrest is picking up. Rail-workers staged a
national strike, while healthcare professionals are planning the
same, the report relays. Four teachers' unions have announced
walkouts to coincide with the beginning of the school year, the
report notes.
The report relays that Milei predicted a "rebound" in Argentina's
economy is on the cards - but only after an even "tougher" time
ahead in the next two months.
"You're going to do a sort of 'V,' a first section falling, with
the hardest moment around March-April, which is when you hit
rock-bottom, and then you start to bounce back, and when you open
the 'cepo' [currency controls in place since 2019], [and] the
economy shoots forward," he argued, the report adds.
Argentina has a US$44.5-billion credit program with the
International Monetary Fund, which had collapsed under the previous
government and was revived by Milei upon taking office, the report
relays.
"The IMF estimates that if we continue to do this, we can clean up
the Central Bank's balance sheet and open the cepo in the middle of
the year," revealed Milei, who reaffirmed that his promise to
dollarise Argentina's economy is "ever closer" to becoming a
reality, 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: Criticizes EU as Mercosur Trade Talks Bog Down Again
---------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that deal between the
European Union and Mercosur that "makes everyone happy" may not be
possible so the South American trade bloc is mulling breaking the
treaty into parts, Argentina's foreign minister said.
President Javier Milei's top diplomat, Diana Mondino, offered the
grim assessment after meeting her French counterpart, Foreign
Minister Stephane Sejourne, in Buenos Aires, according to Bloomberg
News.
"We lament that they do not see the enormous potential this would
have for both parties to be able to grow," Mondino said of the EU
at a joint press conference, Bloomberg News notes.
Negotiations between Mercosur and Europe are ongoing despite
hitting a wall in recent months, the report relays. Opposition is
particularly stiff in France, where farmers have blockaded highways
over a deal they they say would enable cheap imports from countries
with lower environmental standards, Bloomberg News says.
The South American bloc and the EU have been in talks to clinch an
accord for more than two decades and an agreement was announced in
2019 but never implemented, Bloomberg News discloses.
Mercosur - made up of Brazil, Argentina, Uruguay, Paraguay and soon
Bolivia - discussed the idea of shifting their focus from Europe to
other regional trading groups when foreign ministers of those
countries met in Paraguay last month, Mondino said, Bloomberg News
notes.
She acknowledged that Argentina, under the administration of former
President Alberto Fernandez, had been the primary opponent of an EU
deal before Milei took office in December, Bloomberg News relays.
Bloomberg News notes that Sejourne reiterated France's opposition
to the treaty in its current form, saying "there cannot be any
advances without France." The diplomat stressed that there had to
be political agreements between the South American bloc and Europe
— "and not with Asia."
In response, Mondino said Argentina would work with all countries,
Bloomberg News 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: Inflation Leaving More Than A Million Poor Per Month
---------------------------------------------------------------
Buenos Aires Times reports that by one million per month,
Argentines fall into poverty as a result of the runaway inflation
and the devaluation of the peso.
At this rate, by late February, there will be over 23 million in
poverty conditions, that is, with serious difficulties to cover
their expenses this month. It is a dramatic setting, according to
Buenos Aires Times.
Over the last three month, 3.6 million more Argentines fell into
poverty and, as of January, poor people account for 46.8 percent,
some 22 million people, according to a study by Universidad Di
Tella, the report notes.
In a matter of three months, due to the devaluation and hike of the
basic food basket, 3.6 million new poor people were added to the
figure, from the professional and wage-earning middle class, the
report relays. Having a job and being a professional no longer
prevents people from falling into poverty in Argentina, the report
discloses.
Poverty climbed from 38.5 percent in the third quarter of last
year, to 46.3 percent in the last quarter of 2023, the report
relays. It is an increase by 7.8 points, huge from a statistic
standpoint, the report says.
The report notes that the calculation is by Martin Rozada, director
of the Master's Degree in Econometrics at Universidad Di Tella, who
added that for January the projection would be 46.8 percent of poor
people. This equals 21.8 million people if that rate is projected
to the entire country, including the rural population, the report
relays.
Inflation in January was 20.6 percent, but in the poorer regions or
provinces, the average rise of prices was higher, the report
discloses.
For instance, in Tucuman inflation was 24.1 percent according to
the Statistics Bureau in that province. In December, it had been
24.5 percent, the report relays.
With these values, poverty in the second half of 2023, which was
42.7 percent, might be higher than the 40.2 percent recorded in the
second half of 2023 and the 39.2 percent in the second half of
2022, the report notes.
The data from the INDEC Statistics Bureau show that the poverty
basket rose by 72.9 percent in the fourth quarter of 2023, with a
peak of 27 percent in December, after the devaluation of the peso,
the report notes.
During the entirety of 2023, the increase of the poverty line was
225.1 percent versus an average inflation of 211.4 percent, the
report discloses.
In January, the poverty basket for an adult was 193,146 pesos and
596,823 for a standard family, without taking into account rent,
the report relays.
In the meantime, in the fourth quarter of 2023, formal and informal
wages increased on average by 28,7 percent and 152.7 percent during
the whole of last year, in both cases well below average inflation
and the increase of the poverty line, the report notes.
In 2023, with the inflationary leap in December, retirees and
pensioners lost between 14,2% -in the case of those who collected
the minimum pension bonus- and 32.3 percent for medium and higher
pensions, the report relays. In addition, in January and February
2024 they collected the same as in December, with inflation in
those two months being 45 percent, the report says.
It is estimated that child poverty (under 14 years old) which in
the third quarter was 54.8 percent, might have been higher than 60
percent in the last three months of last year, the report
discloses.
The INDEC Statistics Bureau does not disseminate the quarterly
destitution and poverty figures due to the alteration caused in the
measurement by the half bonus, in June and December, the report
says. That is why it discloses those figures every six months,
taking into account the periods January-June and July-December, the
report notes.
The impact of poverty and destitution in the second half of 2023
will be disclosed on March 27.
Nevertheless, by disseminating the microdata of the Permanent
Household and Income Distribution Survey it is possible to
calculate a set of social indicators by cautiously comparing
homogenous quarters, the report relays.
That being said, the specialists who handle those INDEC Statistics
Bureau may calculate those key indicators, 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.
GAUCHO GROUP: Reports Unregistered Sales of $980,000 Common Shares
------------------------------------------------------------------
As previously reported on its Current Report on Form 8-K filed on
Nov. 27, 2023, Gaucho Group Holdings, Inc. commenced a private
placement of shares of common stock for gross proceeds of up to
$4,000,000 at a price per share which equals the Nasdaq Rule
5653(d) Minimum Price definition, but in no event at a price per
share lower than $0.60.
In a Form 8-K filed with the Securities and Exchange Commission on
Feb. 20, 2024, the Company disclosed that on Feb. 13, 2024,
pursuant to the Private Placement, the Company issued a total of
633,333 shares of common stock for gross proceeds of $380,000 at
$0.60 per share.
On Feb. 16, 2024, pursuant to the Private Placement, the Company
issued a total of 1,000,000 shares of common stock for gross
proceeds of $600,000 at $0.60 per share.
The Private Placement is conducted pursuant to Section 4(a)(2) of
the Securities Act and/or Rule 506(b) of Regulation D promulgated
under the Securities Act. The shares are only offered to a small
select group of accredited investors, as defined in Rule 501 of
Regulation D, all of whom have a substantial pre-existing
relationship with the Company. The Company filed a Form D on
December 15, 2023, amended on Jan. 11, 2024, and amended on Feb.
12, 2024.
On Feb. 7, 2024, in connection with the vesting of Restricted Stock
Units ("RSUs"), on Dec. 31, 2023, certain of the Company's
employees, consultants and advisors received a total of 18,410
shares pursuant to RSUs issued under the 2018 Equity Incentive Plan
at a price per share of $11.16.
For this sale of securities, no general solicitation was used, no
commissions were paid, all persons were accredited investors, and
the Company relied on the exemption from registration available
under Section 4(a)(2) and/or Rule 506(b) of Regulation D
promulgated under the Securities Act with respect to transactions
by an issuer not involving any public offering. A Form D was filed
with the SEC on March 30, 2023.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. was
incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company
changed its name from Algodon Wines & Luxury Development, Inc. to
Algodon Group, Inc., and effective March 11, 2019, the Company
changed its name from Algodon Group, Inc. to Gaucho Group Holdings,
Inc. Through its wholly-owned subsidiaries, GGH invests in,
develops and operates real estate projects in Argentina. GGH
operates a hotel, golf and tennis resort, vineyard and producing
winery in addition to developing residential lots located near the
resort. In 2016, GGH formed a new subsidiary, Gaucho Group, Inc.
and in 2018, established an e-commerce platform for the manufacture
and sale of high-end fashion and accessories. In February 2022,
the Company acquired 100% of Hollywood Burger Argentina, S.R.L.,
now Gaucho Development S.R.L ("GD"), through InvestProperty Group,
LLC and Algodon Wine Estates S.R.L., which is an Argentine real
estate holding company. In addition to GD, the activities in
Argentina are conducted through its operating entities:
InvestProperty Group, LLC, Algodon Global Properties, LLC, The
Algodon Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon
Wine Estates S.R.L. Algodon distributes its wines in Europe under
the name Algodon Wines (Europe). On March 20, 2020, the Company
formed a wholly-owned Delaware subsidiary corporation, Bacchus
Collection, Inc., which was dissolved on March 23, 2021. On June
14, 2021, the Company formed a wholly-owned Delaware limited
liability company subsidiary, Gaucho Ventures I Las Vegas, LLC, for
purposes of holding the Company's interest in LVH Holdings LLC.
Gaucho 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 Sept. 30, 2023, the Company had $18.91
million in total assets, $11.02 million in total liabilities, and
$7.89 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.
"The Company's operating needs include the planned costs to operate
its business, including amounts required to fund working capital
and capital expenditures. Based upon projected revenues and
expenses, the Company believes that it may not have sufficient
funds to operate for the next twelve months from the date these
financial statements are made available. Since inception, the
Company's operations have primarily been funded through proceeds
received from equity and debt financings. The Company believes it
has access to capital resources and continues to evaluate
additional financing opportunities. There is no assurance that the
Company will be able to obtain funds on commercially acceptable
terms, if at all. There is also no assurance that the amount of
funds the Company might raise will enable the Company to complete
its development initiatives or attain profitable operations. The
aforementioned factors raise substantial doubt about the Company's
ability to continue as a going concern for a period of one year
from the issuance of these financial statements," according to the
Company's Quarterly Report for the period ended Sept. 30, 2023.
PROVINCE OF SALTA: S&P Affirms 'CCC-' ICRs, Outlook Negative
------------------------------------------------------------
S&P Global Ratings, on Feb. 21, 2024, affirmed its global scale
issuer credit ratings and issue ratings on the province of Salta at
'CCC-'. The outlook remains negative.
Outlook
The negative outlook reflects risks of further deterioration of the
province's fiscal and liquidity profiles given the challenging
macroeconomic conditions and the limited visibility on changes to
the intergovernmental fiscal framework in Argentina, which could
pose risks for timely debt service in the next 12 months.
Downside scenario
S&P could downgrade the province if it is unable to contain
expenditure growth, resulting in a steep deterioration of the
fiscal performance and liquidity position, leading to a default or
a distressed debt exchange in the next 12 months.
In addition, while the national government started to reduce
foreign exchange restrictions, international reserves are still
low, potentially posing a near-term constraint for external debt
service payment.
Upside scenario
S&P said, "We could raise the ratings on Salta if, despite the
fiscal challenges, the provincial government is able to balance its
fiscal results and sustain adequate levels of liquidity. In
addition, we will need to see improvement in conditions for
nonsovereign issuers to access foreign currency, leading to a
higher transfer and convertibility (T&C) assessment."
Rationale
The 'CCC-' ratings on Salta are capped by S&P's T&C assessment,
which reflects persistent pressures on the foreign currency
markets, as seen in the low levels of international reserves. This
translates into risks for Salta in servicing its
foreign-currency-denominated debt.
The 'b-' stand-alone credit profile (SACP) reflects S&P's
expectation that prudent fiscal policies and cash accumulated by
Salta should help face debt service payments in the next 12 months.
That said, risks stem from macroeconomic instability and the
national government plan of sharp fiscal adjustment, which could
affect the province's fiscal performance and debt service
coverage.
The difficult economic conditions and the reduction of national
government transfers because of the sovereign shock therapy pose
risk. A myriad of economic imbalances provides complex conditions
for Argentina and Salta. Inflation is running near 250% year over
year, national fiscal accounts came under increased strain amid a
ramp-up of election spending in 2023, and international reserves
remain low. Argentina's new authorities have pledged to reduce the
size of the Argentine state, deregulate the economy, and put order
in both fiscal and monetary policy. If executed successfully, the
plan could support stronger growth; however, adjustments will weigh
on near-term economic activity. S&P said, "We expect Argentina's
GDP to contract 3.5% in 2024, following an estimated 1.6% fall in
2023. We expect Salta's GDP per capita to fall to US$5,360 in 2024,
from US$7,750 in 2023, reflecting the economic contraction and the
peso depreciation (both are calculated at official exchange
rate)."
Governor Gustavo Saenz was reelected in 2023 for a second four-year
term. The provincial administration will focus on the
diversification of the local economy, now concentrated in the
agricultural sector, taking advantage of its natural resources.
Salta's important mineral reserves have attracted foreign
investment in the lithium sector over the last five years, and
production is expected to ramp up at the end of 2024. That said,
the mining sector is still small, and increasing exports would only
partially mitigate the fall in domestic demand.
S&P expects Salta's administration to remain fiscally prudent in an
uncertain economic scenario. Argentina has very weak institutional
predictability and a volatile intergovernmental system that has
been subject to modifications to fiscal regulations and
inconsistency over the years. The national government's "shock
therapy" economic policies include cuts to provincial nonautomatic
transfers, as well as higher expenditure responsibilities for
provinces. Salta's authorities have announced some measures to
contain the impact on fiscal accounts. However, sustaining austere
fiscal policies, especially in terms of payroll, could be
politically challenging.
The economic contraction will further hurt fiscal outcomes and
liquidity. S&P said, "We expect Salta's operating surplus to fall
to 0.2% of operating revenue in 2024, from 8% in 2022, and after
capital expenditure (capex) balance to revert to a -2% of total
revenues from 1% surplus in 2022. Around 70% of Salta's operating
revenues are national government transfers. The bulk are automatic
transfers legislated by the coparticipation law, reducing risk of
sovereign unilateral changes. That said, the contraction of
economic activity and the national government's decision last
September to lower the personal income tax collection--a key
component of the coparticipation base--is eroding the province's
revenue base. We estimate transfers grew 120% in 2023, compared
with average inflation of 128% and a year-end inflation of 211%.
Nonautomatic transfers, including funds for infrastructure
spending, were 7% of total revenues in 2023 and we expect them to
fall to almost zero this year."
S&P expects the provincial administration to implement measures to
keep expenditure growth below that of revenues; capex will likely
be reduced to public works funded by multilaterals, and the
extension of the 2023 budget will provide the executive more
discretion to assign resources. That said, containing expenditure
growth will be challenging. More frequent salary negotiations have
reduced the province's fiscal benefit from inflation. Until October
2023, payroll was growing 150% year over year.
S&P said, "Based on our estimates, Salta's free and available cash
should cover 40% of debt service for the next 12 months. This
estimation is vulnerable to exchange rate movements, as 50% of debt
service is denominated in dollars. Exchange rate restrictions are
still in place and the province's main instrument to hedge cash
against currency risk is dollar linked instruments issued by the
sovereign (our 'CCC-' long-term sovereign rating captures the
heightened risk to timely payment of Argentina's commercial debt).
"The gradual amortization of the bond and tight financing
conditions should keep the debt burden on a declining path in
coming years. We expect the debt burden to fall to 18% of operating
revenues in 2024 from our estimate of 31% in 2024. About 75% of the
debt is denominated in U.S. dollars, which underscores potential
currency risk."
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
SALTA (PROVINCE OF)
Issuer Credit Rating CCC-/Negative/--
SALTA (PROVINCE OF)
Senior Unsecured CCC-
=============
B E R M U D A
=============
777 RE: A.M. Best Cuts Financial Strength Rating to C(Weak)
-----------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C- (Weak)
from B (Fair) and the Long-Term Issuer Credit Rating to "ccc-"
(Weak) from "bb" (Fair) of 777 Re. Ltd. (Hamilton, Bermuda).
Concurrently, AM Best has maintained the under review with negative
implications status for these Credit Ratings (ratings).
The ratings reflect 777 Re. Ltd.'s balance sheet strength, which AM
Best assesses as very weak, as well as its marginal operating
performance, very limited business profile and weak enterprise risk
management.
The rating action reflects a revision in 777 Re. Ltd.'s balance
sheet strength assessment to very weak, due to a significant
exposure to less liquid affiliated investments. Additionally, AM
Best's view of the company's operating performance and business
profile were adjusted downward reflecting its diminished ability to
write new business while simultaneously planning to address
existing liabilities.
The company is working with the Bermuda Monetary Authority to
reduce its exposure to affiliated assets, which is the primary
driver of the material decline in its risk-adjusted capitalization.
Finally, the company's risk management controls have shown some
weakness, including the significant year-over-year increase in
affiliated assets, which the company needs to address in the near
term. The ratings will remain under review with negative
implications until the company successfully executes on its plan to
reposition its asset portfolio and bring its risk management
practices in line with AM Best's expectations.
===============
C O L O M B I A
===============
CREDIVALORES-CREDISERVICIOS: Fitch Lowers LongTerm IDRs to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded Credivalores-Crediservicios S.A.'s
(Credivalores) Long-Term Foreign and Local Currency Issuer Default
Rating (IDR) to 'C' from 'B-' and its senior debt to 'C'/'RR4' from
'B-'/'RR4'. Fitch has also downgraded the Short-Term Foreign and
Local Currency IDR to 'C' from 'B'.
Additionally, Fitch has downgraded Credivalores' Long- and
Short-Term National Scale ratings to 'C(col)'/'C(col)' from
'BBB-(col)'/'F3(col)' and the company's partial credit guarantee
(PCG) local issuance national rating to 'CCC+(col)'/'RR4' from
'A(col)', keeping the four notches relativity above Credivalores'
Long-Term National Scale rating.
The downgrade follows the company's announcement on Feb. 7, 2024 of
an exchange debt offer for its USD 210 million notes due February
2025 and the use of the 30-day grace period for the coupon due Feb.
7, 2024 to materialize the agreement to implement a debt
restructuring.
Once the company discloses the terms and conditions of the exchange
offer, Fitch will assess the terms of the exchange and concurrent
consent solicitation to determine if it constitutes a distressed
debt exchange (DDE). If the exchange offer is deemed as DDE, Fitch
will downgrade Credivalores' IDR to 'Restricted Default' (RD) on
completion of the DDE.
KEY RATING DRIVERS
Credivalores' IDRs are based on its standalone credit profile
(SCP), which is below the implied SCP due to the weakest link of
funding, liquidity and coverage.
Funding, Liquidity and Coverage Revised Downward: Fitch has
downgraded its assessment of Credivalores' funding, liquidity and
coverage factor score to 'c' from 'b' with a Negative trend and
high importance, as this factor constitutes the company's main
credit weakness. Although the refinancing of the Euro Notes reduced
the pressure on short-term liquidity, the coupon of 2025 bonds and
its maturity within the next 12 months is becoming challenging for
the entity. Credivalores' liquidity coverage is pressured by the
increasing proportion of short-term debt, which represented around
20% of the total debt at September 2023. At the same time, the core
metric of liquid assets and undrawn committed facilities to
short-term funding was close to 0.36x.
Challenging Operating Environment: Fitch expects Colombian non-bank
financial institution (NBFI) performance to improve moderately
during 2024 due to lower GDP growth, declining inflation but still
above the central bank's 3+/-1% target, a slow decrease in funding
cost and gradual improvement on asset quality after a peak reached
during 2H23. Furthermore, exposure to global markets and political
uncertainty will likely continue to pose challenges and headwinds
to economic growth. Funding and liquidity will continue to weigh on
NBFIs' growth and profitability, especially given investor risk
aversion and more limited access to local debt markets.
Business Profile Affected by Leverage, Funding and Profitability:
Credivalores is the largest NBFI in Colombia engaged in consumer
lending to the low-to-mid income population that is not served by
traditional banks in small and mid-sized cities. The company has
been able to generate relatively stable total operating income
(TOI) in the last four years with an average of USD30 million from
2019 to 2023. However, the business profile has been affected by
structural issues regarding leverage, funding and profitability
together with a higher risk loan portfolio.
Increased Execution Risk: In Fitch's view, Credivalores' plans to
restructure its senior notes have a high execution risk. The
payment relies on the successful completion of the agreement and
positive advances in its payroll business strategy.
Higher Risk Profile: Credivalores has developed robust underwriting
standards for the payroll business that is similar to other local
competitors and follows Colombian regulations. However, the high
proportion of unsecured loans underpins weak asset quality.
Refinancing risk boosted market risk exposures, reflecting poor
stability of financial results throughout the cycle and weak risk
controls. Also, Credivalores is exposed to high currency risk as
part of its debt is denominated in U.S. dollars, while revenue is
generated solely in Colombian Pesos.
Tight Capitalization and Leverage: Credivalores' high leverage
remains a credit weakness due to limited profitability. Successful
completion of the exchange offer will reduce near-term refinancing
risk and should gradually improve internal capital generation.
Weak Asset Quality: Asset quality remains a challenge as the level
of impaired loans, over 60 days, to total loans continued to be
high at 20.1% at September 2023. The reserve coverage ratio
increased to 112% given the semi-secured portion of the portfolio
and the decrease in the credit card business, a level below the
banking system average of 186% at September 2023. The expected
economic slowdown is likely to affect the metrics, mainly for the
unsecured segment. NPLs will likely remain above 17% and the asset
quality will gradually improve once the company's focus on payrolls
starts to weigh on the loan portfolio.
Weak Profitability: The company reported low but positive results
during 2023 after significant losses observed during 2022. The
pre-tax ROAA of 0.4% as of September 2023 is similar to the average
of 2018-2021 of 0.4%. A strong contraction on business volumes as a
consequence of its 2022 payment of the financial commitments, the
Colombian economy deceleration and high provision expenses were not
offset by the significant increase on interest rate and the
positive impact of FX. Fitch expects the change in profitability to
continue in a 12-month to 18-month period, supported by the payroll
focus strategy and the materialization of the new debt strategy
based on the use of asset-backed founding sources.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Fitch will downgrade Credivalores' Long-Term IDR to 'RD' once the
exchange is completed and Fitch considered it is a DDE, and then
reassess the company's IDR based on the post-restructuring capital
structure.;
- Fitch will downgrade the ratings if the negotiation of the
agreement exceeds the grace period as this also constitutes a RD.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fitch will reassess Credivalores' SCP after the completion of the
DDE to determine the Long-Term IDR and senior unsecured rating.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
PCG Issuance
Credivalores' partial guarantee bond local issuance for COP160.000
million is rated four notches above its national long-term rating.
The level of enhancement above the base recovery corresponds to the
additional recovery that the guarantee gives to the notes, which
improves the recovery rate for the bond holders is case of default.
The notes have an irrevocable partial guarantee for 70% for payment
of interest or principal from Fondo Nacional de Garantias rated
'AAA(col)'.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
- The company's senior unsecured debt is expected to move in line
with the Long-Term IDR, although a material increase in the
proportion of secured debt could result in the unsecured debt being
notched down from the IDR;
- The four-notch relativity of the PCG issuance above Credivalores'
Long-Term National Scale rating could be reduced by future
increases in the issuer rating or by an improvement in its
intrinsic recovery according to Fitch's methodology;
- A downward move in Credivalores' Long-Term National Scale rating
would negatively affect the PCG ratings.
ADJUSTMENTS
The Standalone Credit Profile has been assigned below the implied
Standalone Credit Profile due to the following adjustment reason:
Weakest Link - Funding, Liquidity & Coverage (negative).
The Business Profile score has been assigned below the implied
score due to the following adjustment reasons: Business model
(negative), Historical and future developments (negative).
The Earnings & Profitability score has been assigned above the
implied score due to the following adjustment reason: Historical
and future metrics (positive).
The Funding, Liquidity & Coverage score has been assigned below the
implied score due to the following adjustment reasons: Business
model/funding market convention (negative), Liquidity coverage
(negative).
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.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Credivalores-
Crediservicios
S.A. LT IDR C Downgrade B-
ST IDR C Downgrade B
LC LT IDR C Downgrade B-
LC ST IDR C Downgrade B
Natl LT C(col)Downgrade BBB-(col)
Natl ST C(col)Downgrade F3(col)
senior
unsecured LT C Downgrade RR4 B-
guaranteed Natl LT CCC+(col)Downgrade RR4 A(col)
=============
J A M A I C A
=============
JAMAICA: BOJ Expects Inflation to Remain Outside 4-6% Target
------------------------------------------------------------
RJR News reports that the Bank of Jamaica is projecting the cost of
goods and services to remain outside the 4 to 6 per cent target
range until June next year.
At the central bank's monetary policy press briefing, BOJ Governor
Richard Byles said a number of temporary price shocks are expected
to affect inflation, according to RJR News.
"Higher than projected second-round effects from the PPV fare
increase, higher wage adjustments in the context of a tight labor
market and a further deterioration in supply chain conditions could
influence higher inflation. In particular, while shipping prices
and oil prices have remained below their peak, they have recently
risen amid ongoing geopolitical tensions and supply chain
disruptions," the BOJ governor explained, the report notes.
But Mr. Byles said lower than projected inflation could be caused
by weaker than projected global growth, which could reduce domestic
demand and imported inflation, resulting in lower rates of price
change in Jamaica, the report relays.
Annual inflation as at January 2024 was 7.4 per cent, the report
adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
JAMAICA: Strategic Partnership Forged to Combat Climate Crisis
--------------------------------------------------------------
RJR News reports that the Development Bank of Jamaica and the
Caribbean Community Climate Change Centre, both Direct Access
Entities to the Green Climate Fund, have signed a Memorandum of
Understanding to combat the climate crisis in Jamaica.
The DBJ said the signing of this MoU strategically aligns with the
Climate Change Centre's mandate to coordinate the region's response
and efforts to manage and adapt to the impacts of climate change,
according to RJR News.
The MoU will provide a framework for cooperation and collaboration
between the entities to mobilize climate change financing to pursue
development resilient to climate change in Jamaica and other
CARICOM Member States, the report notes.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism. Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.
In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable. The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction. The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.
S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'. The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.
In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
=====================
P U E R T O R I C O
=====================
WORLD SECURITY: Claims Will be Paid From Future Income
------------------------------------------------------
World Security Services, Inc., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a Disclosure Statement and Chapter
11 Plan dated February 13, 2024.
The Debtor operates a security and surveillance business in Caguas,
Puerto Rico. It provides services to pharmacies, condominiums,
residential communities, among other clients.
Before filing for bankruptcy, the Debtor managed its own
professional and personal financial affairs. The Debtor is still
managing its financial affairs but with the assistance and advice
of the professionals retained in the instant case.
The Debtor is seeking to restructure its debt obligations due to an
unsuccessful payment arrangement with the Puerto Rico Department of
Treasury. Additionally, there is a request to settle debts with the
US Department of Labor.
Class 1 consists of General Unsecured Claims. The Debtor will make
48 monthly installment payments in the amount of $500.00 upon the
effective date of the plan. On month number forty-nine of the plan,
the debtor will commence $2,800.00 monthly payments. This Class is
impaired.
Class 2 consists of Equity Interest Holders. There will be no
distribution to this class.
The Plan will be implemented as required under sec. 1123(a)(5) of
the Code. Payments and distributions under the Plan will be funded
by the cash flow from future income of the Debtor.
A full-text copy of the Disclosure Statement dated February 13,
2024 is available at https://urlcurt.com/u?l=5ptj7R from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Carlos Alberto Ruiz Rodriguez
Licenciado Carlos Alberto Ruiz, LLC
P.O. Box 1298
Caguas, PR 00726-1298
Tel: (787) 286-9775
Email: carlosalbertoruizquiebras@gmail.com
About World Security Services
World Security Services, Inc., operates a security and surveillance
business in Caguas, Puerto Rico.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 23-01542) on May 22, 2023,
with as much as $1 million in both assets and liabilities. Judge
Maria De Los Angeles Gonzalez oversees the case. Carlos Alberto
Ruiz, Esq., at Licenciado Carlos Alberto Ruiz, LLC, is the Debtor's
counsel.
===============
X X X X X X X X
===============
LATAM: No Major Fallout Expected for Caribbean Tourism
------------------------------------------------------
Javaughn Keyes at RJR News reports that tourism stakeholders are
reiterating that they do not expect a major fall-off in visitor
arrivals from the US Level three advisory issued for Jamaica.
Tourism Minister Ed. Bartlett says, despite initial jitters, the
current quarter's arrivals are expected to be robust, citing the
country's 42 per cent repeat visit record, according to RJR News.
"You wake up this morning and 42 per cent of your clients are back;
that's a great thing, and Jamaica has that, and so, for us it's
just a matter of holding the hands of our people and reinforcing
what they know already, for they have been coming and they know
Jamaica," he said, the report notes.
In the same vein, Nicola Madden Greig, President of the Caribbean
Hotel & Tourism Association, says the region continues to stand on
its reputation for good service, despite such adverse reports, so
much so that she's predicting that "this is going to be one of the
strongest quarters in terms of tourist arrivals across the region,"
the report relays.
The report discloses that while acknowledging the initial jitters
following these travel advisories, potential visitors who speak to
their travel agents and knowledgeable persons are quickly reassured
and fortified in their decision to go ahead with their travel
plans.
In January, the US issued a Level 3 advisory cautioning against
travel to Jamaica, based on concerns surrounding crime and the
country's health services, the report notes.
A Level 3 advisory was also issued for The Bahamas, encouraging
travelers there to exercise increased caution due to the prevailing
crime situation, the report adds.
[*] BOND PRICING COLUMN: For the Week Feb. 19 to Feb. 23, 2024
--------------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
---------- --- ----- -------- ----- ----
2W Ecobank SA 10.6 28.1 11/24/2029 BR BRL
ACEN Finance 4 64 KY USD
Aeropuerto Tocumen 5.1 70.1 8/11/2061 PA USD
Aeropuerto Tocumen 4 70.3 8/11/2041 PA USD
Aeropuerto Tocumen 5.1 70.3 8/11/2061 PA USD
Aeropuerto Tocumen 4 71.7 8/11/2041 PA USD
AES Tiete Energia SA 6.8 0.7 4/15/2024 BR BRL
Agile Group Holdings 5.8 16.4 1/2/2025 KY USD
Agile Group Holdings 6.1 13.4 10/13/2025 KY USD
Agile Group Holdings 5.5 12.6 5/17/2026 KY USD
Agile Group Holdings 7.9 3.3 KY USD
Agile Group Holdings 5.5 15.1 4/21/2025 KY USD
Agile Group Holdings 7.8 3.3 KY USD
Alfa Desarrollo SpA 4.6 74.7 9/27/2051 CL USD
Alfa Desarrollo SpA 4.6 74.6 9/27/2051 CL USD
Alibaba Group Holding 3.2 66 2/9/2051 KY USD
Alibaba Group Holding 2.7 68.5 2/9/2041 KY USD
Alibaba Group Holding 3.3 63.4 2/9/2061 KY USD
AMTD IDEA Group 1.5 7.5 KY USD
AMTD IDEA Group 4.5 55 KY SGD
Amwaj 6.4 69.7 KY USD
Amwaj 4.5 49.6 KY USD
Argentina Bonar Bonds 1 43.3 7/9/2029 AR USD
Argentina Treasury Bond 3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Te 15.5 39.7 10/17/2026 AR ARS
Argentine Gov't Int'l 1 46.4 7/9/2029 AR USD
Argentine Gov't Int'l 0.5 41.4 7/9/2029 AR EUR
Argentine Gov't Int'l 0.1 42 7/9/2030 AR EUR
Ascent Finance 1.2 61.6 7/12/2047 KY EUR
Ascent Finance 3.8 67 6/28/2047 KY AUD
Ascent Finance 3.4 65.7 2/6/2043 KY AUD
Astra Cumulative 2019 1.5 62 11/1/2029 KY USD
At Home Cayman 11.5 69.3 5/12/2028 KY USD
At Home Cayman 11.5 70 5/12/2028 KY USD
AYC Finance 3.9 62.2 KY USD
Banco Davivienda SA 6.7 64.1 CO USD
Banco Davivienda SA 6.7 70.3 CO USD
Banco de Chile 3.6 75.7 11/18/2039 CL AUD
Banco de Chile 3.5 75.4 9/5/2039 CL AUD
Banco de Chile 2.7 74.7 3/9/2035 CL AUD
Banco del Estado de Ch 3.1 70.5 2/21/2040 CL AUD
Banco del Estado de Ch 2.8 67 3/13/2040 CL AUD
Banco Nacional de Pana 2.5 74.7 8/11/2030 PA USD
Banco Santander Chile 3.1 70.6 2/28/2039 CL AUD
Banco Santander Chile 1.3 73.5 11/29/2034 CL EUR
Banda de Couro Energe 8 54.4 1/15/2027 BR BRL
Baraunas II Energeti 8 12.4 1/15/2027 BR BRL
Bishopsgate Asset Fi 4.8 66.9 8/14/2044 KY GBP
Bolivian Gov't Int'l 4.5 55.6 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
Bolivian Gov't Int'l 4.5 55.8 3/20/2028 BO USD
Bolivian Gov't Int'l 7.5 57.2 3/2/2030 BO USD
BOPREAL 5 64.7 10/31/2027 AR USD
BOPREAL 3 60.9 5/31/2026 AR USD
Brazilian Gov't Int'l4.8 73.8 1/14/2050 BR USD
BRF SA 5.8 73.5 9/21/2050 BR USD
BRF SA 5.8 73.6 9/21/2050 BR USD
Camposol SA 6 72.1 2/3/2027 PE USD
Camposol SA 6 72.5 2/3/2027 PE USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.6 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.1 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 8.7 1/31/2031 KY USD
CFLD Cayman Investment 2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment 2.5 2.2 1/31/2031 KY USD
Chile Gov't Int'l Bond 3.5 72.6 1/25/2050 CL USD
Chile Gov't Int'l Bond 3.1 73.4 5/7/2041 CL USD
Chile Gov't Int'l Bond 3.1 62.7 1/22/2061 CL USD
Chile Gov't Int'l Bond 3.5 72.1 4/15/2053 CL USD
Chile Gov't Int'l Bond 1.3 67.4 1/29/2040 CL EUR
Chile Gov't Int'l Bond 1.3 54 1/22/2051 CL EUR
Chile Gov't Int'l Bond 3.3 62.8 9/21/2071 CL USD
Chile Gov't Int'l Bond 1.3 74.2 7/26/2036 CL EUR
China Overseas Cayman 3.1 75.1 3/2/2035 KY USD
China Yuhua Education 0.9 65.8 12/27/2024 KY HKD
CK Hutchison Int'l 19 3.4 74 9/6/2049 KY USD
CK Hutchison Int'l 19 3.4 73.9 9/6/2049 KY USD
CK Hutchison Int'l 20 3.4 73.7 5/8/2050 KY USD
CK Hutchison Int'l 20 3.4 73.8 5/8/2050 KY USD
Colombia Gov't Int'l 3.9 2/15/2061 CO USD
Colombia Gov't Int'l 4.1 61.6 5/15/2051 CO USD
Colombia Gov't Int'l 5.2 72.9 5/15/2049 CO USD
Colombia Gov't Int'l 4.1 67 2/22/2042 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 7.3 71.7 10/26/2050 CO COP
Colombia Gov't Int'l 5 72 6/15/2045 CO USD
Colombia Gov't Int'l 6.3 73.5 7/9/2036 CO COP
Colombia Telecom 5 66.9 7/17/2030 CO USD
Colombia Telecom 5 67 7/17/2030 CO USD
Colombian TES 7.3 71.6 10/26/2050 CO COP
Colombian TES 6.3 73.4 7/9/2036 CO COP
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Corp Nacional de Chile 3.7 67.5 1/30/2050 CL USD
Corp Nacional de Chile 3.6 74 7/22/2039 CL AUD
Corp Nacional de Chile 3.2 61.2 1/15/2051 CL USD
Dibens Leasing S/A 10.9 30.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 34.6 3/1/2035 BR BRL
Dibens Leasing S/A 10.9 29.2 3/1/2035 BR BRL
Earls Eight 1.7 72 6/20/2032 KY AUD
Earls Eight 0.1 64.2 12/20/2031 KY AUD
Ecopetrol SA 5.9 74.2 5/28/2045 CO USD
Ecopetrol SA 5.9 70.7 11/2/2051 CO USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 72.9 9/21/2034 SV USD
El Salvador Gov't Int 7.6 73.3 2/1/2041 SV USD
El Salvador Gov't Int 5.9 65.1 1/30/2025 SV USD
El Salvador Gov't Int 7.6 73.5 9/21/2034 SV USD
El Salvador Gov't Int 7.1 68.7 1/20/2050 SV USD
El Salvador Gov't Int 7.6 73.5 2/1/2041 SV USD
Embotelladora Andina 6.5 23.3 6/1/2026 CL CLP
EFE 3.8 65.8 9/14/2061 CL USD
EFE 3.1 60 8/18/2050 CL USD
EFE 3.1 59.9 8/18/2050 CL USD
EFE 3.8 65.8 9/14/2061 CL USD
EFE 6.5 11.2 1/1/2026 CL CLP
ETESA 5.1 71.8 5/2/2049 PA USD
Empresa de Transmision 5.1 72.2 5/2/2049 PA USD
Metro SA 3.7 65.2 9/13/2061 CL USD
Metro SA 3.7 65.1 9/13/2061 CL USD
Metro SA 5.5 50.2 7/15/2027 CL CLP
Edsa SA 5 62.6 5/11/2025 AR USD
ENAP 4.5 73.3 9/14/2047 CL USD
ENAP 4.5 73.4 9/14/2047 CL USD
ENA Master Trust 4 70.8 5/19/2048 PA USD
ENA Master Trust 4 71.1 5/19/2048 PA USD
Enel Generacion Chile 6.2 29.4 10/15/2028 CL CLP
Equatorial Energia 11 1.1 10/15/2029 BR BRL
Equatorial Energia 10.8 1 5/15/2028 BR BRL
Esval SA 3.5 13.2 2/15/2026 CL CLP
Farfetch 3.8 4.3 5/1/2027 KY USD
Fospar S/A 6.5 1.4 5/15/2026 BR BRL
GDM Argentina SA 2.5 0 9/8/2024 AR USD
GDS Holdings 4.5 67.7 1/31/2030 KY USD
Generacion Mediterrane 4.6 0 11/12/2024 AR ARS
General Shopping Finan 10 66.2 KY USD
General Shopping Finan 10 65.1 KY USD
Genneia SA 2 56.4 7/14/2028 AR USD
Greenland Hong Kong 10.2 12.9 KY USD
Guacolda Energia SA 4.6 70.4 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Guacolda Energia SA 4.6 70.6 4/30/2025 CL USD
Guacolda Energia SA 10 70 12/30/2030 CL USD
Hector A Bertone SA 1.9 0 4/7/2024 AR USD
Hilong Holding 9.8 65.7 11/18/2024 KY USD
Hilong Holding 9.8 62.2 11/18/2024 KY USD
Hilong Holding 9.8 65.6 11/18/2024 KY USD
ICBC DO Brasil 3.3 59.5 BR USD
IMPSA 1 75 12/30/2031 AR USD
Itau Unibanco SA/Nassau 5.8 20.1 5/20/2027 BR BRL
Jamaica Gov't Bond 6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond 8.5 73 12/21/2061 JM JMD
Lani Finance 1.7 64.1 3/14/2049 KY EUR
Lani Finance 1.9 66.5 9/20/2048 KY EUR
Lani Finance 1.9 67.5 10/19/2048 KY EUR
Lani Finance 3.1 64.7 10/19/2048 KY AUD
Link Finance Cayman 2.2 69.8 10/27/2038 KY HKD
LIPSA Srl 1 0 8/23/2024 AR USD
Logan Group Co 7 5 KY USD
Longfor Group Holdings 4 45.2 9/16/2029 KY USD
Longfor Group Holdings 3.4 58 4/13/2027 KY USD
Longfor Group Holdings 3.9 40.2 1/13/2032 KY USD
Longfor Group Holdings 4.5 55.2 1/16/2028 KY USD
Luminis III 2.3 41.5 9/22/2048 KY USD
Luminis III 2.4 54 9/22/2048 KY AUD
Luminis IV 3.2 69.6 1/22/2042 KY AUD
Luminis 2.3 53.5 9/22/2048 KY AUD
Lunar Funding I 1.7 70.7 8/11/2056 KY GBP
MTR Corp CI 3 72.6 3/11/2051 KY HKD
MTR Corp CI 2.8 72.7 9/6/2047 KY HKD
MTR Corp CI 3.2 73.1 2/5/2055 KY HKD
MTR Corp CI 3 72.5 3/11/2051 KY HKD
Panama Gov't Int'l Bon 4.5 64.1 4/1/2056 PA USD
Panama Gov't Int'l Bon 2.3 70.3 9/29/2032 PA USD
Panama Gov't Int'l Bon 3.9 56.6 7/23/2060 PA USD
Panama Gov't Int'l Bon 3.3 75.7 1/19/2033 PA USD
Panama Gov't Int'l Bon 4.5 65.7 4/16/2050 PA USD
Panama Gov't Int'l Bon 4.5 63 1/19/2063 PA USD
Panama Gov't Int'l Bon 4.5 67.3 5/15/2047 PA USD
Panama Gov't Int'l Bon 4.3 63.8 4/29/2053 PA USD
Peruvian Gov't Int'l 2.8 57.2 12/1/2060 PE USD
Peruvian Gov't Int'l 3.2 57 7/28/2121 PE USD
Peruvian Gov't Int'l 3.6 71.3 3/10/2051 PE USD
Peruvian Gov't Int'l 3.6 65.4 1/15/2072 PE USD
Peruvian Gov't Int'l 3.3 74 3/11/2041 PE USD
Petroleos del Peru SA 5.6 66.3 6/19/2047 PE USD
Petroleos del Peru SA 5.6 66.4 6/19/2047 PE USD
Powerlong Real Estate 6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba 7.1 39.7 10/27/2026 AR USD
Provincia de la Rioja 4.5 55.5 1/20/2027 AR USD
Provincia de la Rioja 7.5 51.1 7/20/2032 AR USD
Chaco Argentina 4 0 12/4/2026 AR USD
QNB Finance 13.5 65.4 10/6/2025 KY TRY
QNB Finance 11.5 73.2 1/30/2025 KY TRY
QNB Finance 2.9 73.4 9/16/2035 KY AUD
QNB Finance 2.9 72.1 12/4/2035 KY AUD
QNB Finance 3 74.6 2/14/2035 KY AUD
QNB Finance 3.4 70.7 10/21/2039 KY AUD
Radiance Holdings Grou 7.8 69.6 3/20/2024 KY USD
Rio Alto Energias Reno 7 28.7 7/15/2027 BR BRL
Santander Consumer Ch 2.9 72.5 11/27/2034 CL AUD
Seazen Group 6 70.3 8/12/2024 KY USD
Seazen Group 4.5 30.6 7/13/2025 KY USD
Shui On Dev't 5.5 73.2 3/3/2025 KY USD
Shui On Dev't 5.5 61.7 6/29/2026 KY USD
Silk Road Investments 2.9 66 1/23/2042 KY AUD
Skylark 1.8 59.1 4/4/2039 KY GBP
Autopista Central 5.3 37.3 12/15/2026 CL CLP
Vespucio Norte 5.3 50.7 12/15/2028 CL CLP
Minera de Chile SA 3.5 65.5 9/10/2051 CL USD
Minera de Chile SA 3.5 65.4 9/10/2051 CL USD
Southern Water Services 3 70.9 5/28/2037 KY GBP
SPE Saneamento RIO 1 7.2 10.7 1/15/2042 BR BRL
SPE Saneamento RIO 2 6.9 10.3 1/15/2034 BR BRL
SPE Saneamento RIO 3 7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 4 6.9 10.3 1/15/2034 BR BRL
Spica 2 74.6 3/24/2033 KY AUD
Spirit Loyalty Cayman 8 72.1 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72.5 9/20/2025 KY USD
Spirit Loyalty Cayman 8 72 9/20/2025 KY USD
Spirit Loyalty Cayman 8 70.9 9/20/2025 KY USD
Sylph 2.7 68.3 3/25/2036 KY USD
Sylph 2.4 64.1 9/25/2036 KY USD
Sylph 3.1 74.6 9/25/2035 KY USD
Sylph 2.9 74.1 6/24/2036 KY AUD
SYN prop e tech SA 11.1 21.1 3/15/2024 BR BRL
Telecom Argentina SA 1 74.1 3/9/2027 AR USD
Telecom Argentina SA 1 66.2 2/10/2028 AR USD
Telefonica Moviles Chi 3.5 74.1 11/18/2031 CL USD
Telefonica Moviles Chi 3.5 74.2 11/18/2031 CL USD
Tencent Holdings 3.8 75.4 4/22/2051 KY USD
Tencent Holdings 3.2 67.3 6/3/2050 KY USD
Tencent Holdings 3.3 63.6 6/3/2060 KY USD
Tencent Holdings 3.9 73.4 4/22/2061 KY USD
Tencent Holdings 3.8 74.8 4/22/2051 KY USD
Tencent Holdings 3.2 67.2 6/3/2050 KY USD
Tencent Holdings 3.3 63.8 6/3/2060 KY USD
Tencent Holdings 3.9 73.2 4/22/2061 KY USD
Three Gorges Finance 3.2 70.5 10/16/2049 KY USD
Grupo Travessia 9 1.6 1/20/2032 BR BRL
Vina Santa Rita SA 4.4 63.8 9/15/2030 CL CLP
Volcan Cia Minera SAA 4.4 61.7 2/11/2026 PE USD
Volcan Cia Minera SAA 4.4 61.8 2/11/2026 PE USD
VTR Comunicaciones SpA 5.1 62.5 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 62.9 4/15/2029 CL USD
VTR Comunicaciones SpA 5.1 63.1 1/15/2028 CL USD
VTR Comunicaciones SpA 4.4 63.1 4/15/2029 CL USD
YPF SA 7 72.5 12/15/2047 AR USD
YPF SA 7 72.1 12/15/2047 AR USD
YPF SA 1 65.9 4/25/2027 AR USD
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2024. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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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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