/raid1/www/Hosts/bankrupt/TCRLA_Public/250113.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, January 13, 2025, Vol. 26, No. 9
Headlines
A R G E N T I N A
GAUCHO GROUP: U.S. Trustee Unable to Appoint Committee
B A H A M A S
FTX GROUP: FTX Squabbles With Crypto Startup Over EU Distributions
B R A Z I L
BRAZIL: Industrial Output Slips for Second Straight Month
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Monetary Poverty Rate Drops to 20.8% in Q3 2024
E L S A L V A D O R
EL SALVADOR: Fitch Hikes Long-Term IDR to 'B-', Outlook Stable
P A R A G U A Y
PARAGUAY: S&P Alters Outlook to Positive, Affirms 'BB+/B' SCRs
P U E R T O R I C O
BMF INC: Court Grants $439,250.26 in Attorney's Fees to MMG
T R I N I D A D A N D T O B A G O
CINEMAONE: Reports $7.4MM Loss, Liabilities Exceed Assets by $10MM+
X X X X X X X X
[*] BOND PRICING: For the Week from Jan. 6 to Jan. 10, 2025
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A R G E N T I N A
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GAUCHO GROUP: U.S. Trustee Unable to Appoint Committee
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The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Gaucho Group Holdings, Inc., according to court
dockets.
Gaucho Group Holdings, Inc. is a Delaware holding company
headquartered in Miami, Fla., which owns certain subsidiaries
including operating companies that own a winery, boutique hotel and
real property in Argentina.
Gaucho filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
24-21852) on November 12, 2024, with $10 million to $50 million in
both assets and liabilities.
Nathan G. Mancuso, Esq., at Mancuso Law, P.A. is the Debtor's legal
counsel.
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B A H A M A S
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FTX GROUP: FTX Squabbles With Crypto Startup Over EU Distributions
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Ben Zigterman at law360.com reports that the estate of bankrupt
crypto exchange FTX said it had no involvement with a startup
cryptocurrency exchange's announcement that it had purchased FTX EU
and would be handling distributions to former customers of the FTX
European subsidiary.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations. SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
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B R A Z I L
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BRAZIL: Industrial Output Slips for Second Straight Month
---------------------------------------------------------
Bloomberg News reports that Brazil's industrial output fell for the
second straight month, signaling that tight financial conditions
are taking toll on the credit-dependent sector as the central bank
prepares to take interest rates even higher.
Production declined 0.6% in November from the month prior, just
less than the median estimate of a 0.7% drop from analysts in a
Bloomberg survey, according to the report.
Industry gained 1.7% from a year earlier, the national statistics
agency reported, Bloomberg News notes.
Tighter financial conditions, increased economic uncertainty and
the recent sell-off in the Brazilian real have put pressure on the
sector, according to Andres Abadia, Pantheon Macroeconomics' chief
Latin America economist, Reuters said in a separate report.
"The outlook for the sector in the first half of 2025 is
deteriorating, primarily due to tight financial conditions. But the
lagged effect of fiscal support and still-resilient domestic demand
suggest that some sub-sectors will continue to perform relatively
well," he added, Reuters 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.
In October 2024, Moody's Ratings has upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to
Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from
(P)Ba2; and maintained the positive outlook.
S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings
affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB' with a Stable Outlook.
DBRS' credit rating for Brazil was last reported at BB with
stable outlook at July 2023.
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D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Monetary Poverty Rate Drops to 20.8% in Q3 2024
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Dominican Today reports that the Ministry of Economy, Planning, and
Development reported a significant reduction in the general
monetary poverty rate, which stood at 20.8% in the third quarter of
2024. This represents a year-on-year decline of 3.6 percentage
points (pp) and a 6.72 pp drop compared to the pre-pandemic period
of 2019.
The "Quarterly Bulletin of Monetary Poverty in the Dominican
Republic" highlights notable decreases across various demographics,
the report notes. Urban poverty fell by 4.0 pp from 24.1% to
20.1%, while rural poverty decreased by 1.16 pp to 24.7%, the
report discloses. Gender-specific data showed reductions as well,
with poverty among women declining by 3.1 pp to 22.6% and among men
by 4.1 pp to 18.9%, the report says. However, the poverty gap
between women and men widened slightly, increasing from 2.7 pp in
2023 to 3.7 pp in 2024, the report relays.
The report attributes the overall reduction in monetary poverty
primarily to a 6.3 pp increase in nominal per capita income among
Dominican households, the report notes. However, inflation and
income distribution dynamics offset some of this progress,
increasing poverty by 1.6 pp and 1.1 pp, respectively, adds the
report.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
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E L S A L V A D O R
=====================
EL SALVADOR: Fitch Hikes Long-Term IDR to 'B-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded El Salvador's Long-Term Foreign Currency
Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Rating Outlook
is Stable.
Key Rating Drivers
Improved Financing Drives Upgrade: The upgrade of El Salvador's
rating to 'B-' reflects the reduction in financing needs and easing
of financing constraints supported by the regaining of market
access, and recently announced IMF program. Fitch expects the
program to support implementation of fiscal consolidation measures
which in conjunction with the reduction in outstanding short-term
debt owed to domestic banks and buyback of external debt, due to
last year's liability management operations, should reduce
financing needs. Successful consolidation could also boost investor
confidence in El Salvador's debt sustainability and enable more
issuances.
IMF Deal Reached: On Dec. 18, 2024, the IMF made a staff level
agreement with El Salvador for a 40-month Extended Fund Facility
(EFF) program for USD1.4 billion. While the details are not yet
available, the deal includes a fiscal adjustment, legal changes to
make Bitcoin acceptance by businesses voluntary rather than
mandatory, and improving governance and transparency. On fiscal
policy, authorities agreed to a non-financial public sector (NFPS)
primary balance adjustment of 3.5% of GDP over the next three
years, with a front-loaded adjustment of 1.5pp in 2025. The EFF
should unlock additional multilateral funds. President Nayib
Bukele's party commanding majority in congress should facilitate
the implementation of these measures.
Authorities Seek Fiscal Consolidation: Fitch estimates the NFPS
deficit at 4.7% of GDP in 2024, unchanged from 2023, including its
estimate of the pension deficit, which is not included in official
data. Revenues grew about 9.0% due to higher taxes tied to
consumption and income. Expenditures grew about 14% due to rises in
salaries, interest payments, and capital spending. Higher salary
expenses included a one-off severance payment to public employees
who opted for voluntary early retirement packages. Interest
payments are rising due to higher borrowing costs, partly
reflecting extension of maturities resulting from previous
liability management operations. However, the interest burden is
benefitting from a four-year grace period on pension-related debt
granted to the government after it completed a debt exchange with
private pension funds (AFPs) in May 2023 with interest payments
being capitalized. Fitch deemed it a distressed debt exchange.
The 2025 budget targets an overall balance adjustment of 1.9% of
GDP via large spending cuts (e.g., general freeze of public sector
wages) and expected revenue increases (e.g., better tax
administration). It aims to cover all current expenses with fiscal
revenues and limits the use of borrowing to capital spending via
loans from multilateral lenders. Challenges may arise in rolling
out spending cuts and from rising borrowing costs. Diminishing
benefits from tax administration measures (e.g., electronic
invoicing) could make increases in revenues more challenging.
Despite this, Fitch forecasts the 2025 deficit to fall to 2.9% of
GDP.
Debt Levels Remain High: Fitch estimates that NFPS debt reached
87.7% of GDP in 2024 from 84.9% in 2023. Fitch expects debt-to-GDP
to stay about this level in 2025 and fall slowly in 2026, reaching
87.0% by the end of that year. However, similar to past pension
debt exchanges, debt-to-GDP could significantly rise in 2027, due
to the repayment of accrued interest from the 2023 grace period
extension.
Financing Risk Manageable in Short Term: In 2024, El Salvador
reduced short-term debt substantially through liability management
operations with local banks and improved financing sources. The
sovereign accessed external markets by issuing two bonds for
deficit financing and debt buybacks, which reduced short-term and
medium-term amortizations. However, this resulted in refinancing
the existing debt at higher borrowing costs. Multilateral loans
were used to support capital spending.
Fitch expects financing needs to be manageable in 2025 and in 2026
following declines in the deficit and short-term amortizations.
Deficit reduction will be driven by consolidation efforts at the
general government level. Pension-related deficit will likely
continue to be 2.0% of GDP and financed via AFPs. IMF
disbursements, multilateral funds, and domestic markets should
cover the rest of the non-pension related deficits and
amortizations. The central government budget does not include any
new external bond issuances in 2025. However, Fitch expects
repayment capacity to come under greater pressure over the medium
term as borrowing costs rise and accrued interest payments (5.7% of
GDP) to AFPs come due in 2027.
Growth Rises in 2025: Fitch projects real GDP growth will slow to
1.9% in 2024 from 3.5% in 2023. After slow growth in 1H24, economic
activity started picking up in 2H24 amid ongoing infrastructural
projects and higher tourist arrivals despite a slowdown in private
consumption. Fitch expects growth to rise to 2.3% in 2025 and then
to slowly return to its low average of 2.0% (2001-2019) in the
medium term.
The outlook faces mixed risks. Upside potential exists if the
government's efforts to enhance security drive higher investment
prospects or stronger-than-expected U.S. growth positively affects
remittances and exports. Conversely, the re-election of Donald
Trump to the U.S. presidency could lead to stricter immigration
policies and a more protectionist U.S. trade stance that affects
remittances (mostly coming from the U.S. and equal to 24% of GDP)
and exports (a third of which go to the U.S.).
Current Account Deficit Widens: Fitch estimates the current account
deficit (CAD) widened to 1.6% of GDP in 2024 from 1.4% in 2023 due
to a fall in goods exports amid recovering imports, which offset a
rise in services exports and remittances. Fitch forecasts the CAD
will slowly widen to 1.8% of GDP in 2025 due to the ongoing
recovery in imports. Tourist arrivals and remittances will continue
buoying current account receipts. The outlook faces downside risks
from a stronger dollar on the back of Trump policies, which could
add further strain to local exporters.
Net international reserves rose to USD3.7 billion in November 2024
from USD2.8 billion in January 2024. Fitch expects reserves to rise
further to USD4.4 billion in 2025 driven by IMF disbursements and
higher multilateral financing. About 57% of the reserves is
comprised of banking reserve requirements, which are not readily
available for government financing. Under the EFF, banks' reserve
requirements, currently at 11.5% of deposits, are expected to
gradually reach 15% by the end-June 2026. Salvadoran banks have a
favorable credit dynamic with year-over-year portfolio growth above
6.0% at 3Q24 and a low level of non-performing loans at 1.8% of
gross loans, while maintaining stable profitability, capital and
liquidity metrics.
ESG - Governance: El Salvador has an ESG Relevance Score (RS) of
'5' for both Political Stability and Rights and for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. El Salvador has a medium WBGI ranking at 41%,
reflecting a moderate level of regulatory quality, rights for
participation in the political process, institutional capacity and
control of corruption.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Public Finances: Intensification of financing strains that weaken
willingness and/or capacity to service government debt, for example
due to fiscal deterioration that increases financing needs or
deterioration in financing sources.
- External Finances: Significant decline in external liquidity that
heightens risks to financial stability and debt repayment
capacity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Public Finances: Fiscal consolidation that supports a sustained
reduction in government debt-GDP, interest-to-revenue, and
financing needs.
- External Finances: Sustained improvement of foreign reserves that
ease risks to the financial system and strengthens debt repayment
capacity.
Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns El Salvador a score equivalent to a
rating of 'B-' on the Long-Term Foreign Currency IDR scale.
Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final Long-Term Foreign Currency IDR.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.
Country Ceiling
The Country Ceiling for El Salvador is 'B+', two notches above the
Long-Term Foreign-Currency IDR. This reflects strong constraints
and incentives, relative to the IDR, against capital or exchange
controls being imposed that would prevent or significantly impede
the private sector from converting local currency into foreign
currency and transferring the proceeds to non-resident creditors to
service debt payments.
Fitch's Country Ceiling Model produced a starting point uplift of
+2 notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.
ESG Considerations
El Salvador has an ESG Relevance Score of '5' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As El
Salvador has a percentile rank below 50 for the respective
Governance Indicator, this has a negative impact on the credit
profile.
El Salvador has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As El Salvador has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.
El Salvador has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As El Salvador has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.
El Salvador has an ESG Relevance Score of '4' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for El Salvador, as for all sovereigns. As
El Salvador recently implemented a pension debt exchange in 2023
that Fitch deemed a default, this has a negative impact on the
credit profile.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
El Salvador LT IDR B- Upgrade CCC+
ST IDR B Upgrade C
Country Ceiling B+ Upgrade B
senior
unsecured LT B- Upgrade CCC+
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P A R A G U A Y
===============
PARAGUAY: S&P Alters Outlook to Positive, Affirms 'BB+/B' SCRs
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On Jan. 8, 2025, S&P Global Ratings revised its outlook on its
'BB+' long-term foreign currency and local currency sovereign
credit ratings on Paraguay to positive from stable. S&P also
affirmed these ratings and its 'B' short-term sovereign credit
ratings. The transfer and convertibility assessment remains
'BBB-'.
Outlook
The positive outlook indicates a one-in-three chance of an upgrade
in the next 12-24 months if consistently strong economic growth,
following the completion of several large investment projects,
leads to fiscal consolidation, and stabilizing the debt burden and
reduce economic volatility.
Upside scenario
S&P could raise its sovereign ratings to investment grade in the
next 12-24 months if economic growth and diversification strengthen
Paraguay's resilience to shocks. This, coupled with commitment to
and improvement of fiscal outcomes--as measured by the annual
increase in net general government (GG) debt as percentage of
GDP--should help stabilize debt burden at its currently moderate
level.
Downside scenario
S&P would revise its outlook on its sovereign ratings to stable in
the next 12-24 months if the economic growth momentum subsides,
limiting improvements in public finances. In addition, a
structurally higher debt level in the foreseeable future could lead
to the outlook revision to stable.
Rationale
The 'BB+' ratings reflect Paraguay's track record of prudent
macroeconomic policies and moderate GG debt to GDP of just below
30% in net terms (although higher than the 2019 ratio of 11.3%).
The fiscal profile has suffered from a series of external shocks
that slowed growth, while countercyclical policies increased
spending. Active revenue measures and slower expenditure growth
have narrowed the fiscal gap since the pandemic, and S&P thinks
stronger growth could further improve Paraguay's fiscal outcomes.
The sovereign's external position remains strong but exposed to
significant volatility in terms of trade. However, the floating
exchange rate and a monetary policy regime based on an
inflation-targeting framework conducted by an autonomous central
bank have strengthened monetary flexibility, despite shallow
domestic capital markets. While income levels remain weak, S&P
expects consistent growth to gradually improve Paraguay's
socioeconomic conditions.
Institutional and economic profile: GDP growth will remain robust
in 2025 despite weaker commodity prices.
-- Fiscal prudence remains key to macroeconomic stability amid
still evolving economic institutions.
-- Strong domestic demand should sustain economic growth at about
3.8% during 2025-2028.
-- There is some economic upside potential from the completion of
large projects in the country.
Paraguay's economic policies stem from a broad political consensus
on pro-business policies and macroeconomic prudence, while reforms
implemented in the last decade have bolstered credibility of
economic institutions. Broad consensus on economic policy direction
goes beyond the ruling Colorado Party, which has dominated
Paraguayan politics for the last few decades. Nevertheless,
tensions within the party have sometimes delayed approval of
legislation and created episodes of political uncertainty.
The Peña administration, which took office in August 2023, has
maintained good working relations across party lines, bolstering
the reform momentum. The government is focused on tackling
longstanding inefficiencies that have hindered the business
environment--foreign direct investment (FDI) levels have remained
below those of Latin American peers in the last decade--as well as
on rebuilding fiscal buffers. Approved legislation such as the
pension fund oversight law, the civil service reform, and the
strengthened autonomy of the General Controller illustrate some
progress in enhancing institutions over the medium term.
Moreover, the development of a special tax scheme and other
incentives for large investments, coupled with Paraguay's natural
capital, could result in total investment of $6.8 billion for
2025-2028 (averaging 3.7% of GDP per year) in sectors such as pulp
and paper, green fertilizers, and green energy. Implementation of
these projects will bolster economic growth and its
diversification. S&P said, "We think there could be some delays in
these projects, and we only partially incorporate them in our
forecast. Nonetheless, we expect growth to average 3.8% in
2025-2028, exceeding the 2.1% pace in 2020-2023. The development of
the Paracel pulp mill alone should generate investments equivalent
to 9% of GDP in 2025-2027."
Traditionally, agriculture and hydroelectric energy have been key
economic pillars. A series of external shocks slowed growth in
2019-2022. However, services and manufacturing activities have
gained relevance as domestic demand has strengthened. Correlation
with the economic cycles of Paraguay's main trading partners,
Brazil and Argentina, and volatility of GDP growth, have declined.
S&P said, "We estimate growth at 4.1% in 2024, despite
weaker-than-average rainfall levels and subdued commodity prices.
Low inflation and the normalization of the price differential with
Argentina have also bolstered domestic consumption. We expect GDP
per capita to reach $7,100 this year and grow to $8,100 by 2028.
This suggests per capita growth rates above 3% for the next three
years."
Flexibility and performance profile: Strong commitment to
consolidation and medium-term growth prospects could strengthen the
fiscal profile.
-- S&P expects strong growth and active revenue measures will help
reduce the GG deficit to about 1.7% of GDP in 2025, from about 3.1%
in 2021-2024.
-- Weaker commodity prices and import pressure from higher
investment will result in modest current account deficits through
2027, but external debt should remain stable.
-- The flexible exchange rate and the central bank's growing track
record of price stability should help absorb negative shocks.
S&P said, "We expect the government's conservative fiscal strategy
will reduce GG deficits to the Fiscal Responsibility Law's target
of 1.5% by 2026-2027, from an estimated deficit of 2.6% in 2024.
This law, enacted in 2013, has been important to guide budget
discussions in Congress, although compliance with it has been
subpar amid a series of external shocks in recent years. The
government complied with its target in 2024, the first time since
2018 thanks to robust economic growth, stronger tax enforcement,
and the correction of price distortions with Argentina.
"We estimate GG revenue grew 17% year over year, pushing revenue to
GDP to 15.4%, 1.4 percentage points above the 2022-2023 levels,
although still lower than of sovereign peers, particularly those in
the investment-grade category. The still high levels of tax
exemptions and evasion present an opportunity for GG revenue to
increase, despite the administration's commitment to keeping the
tax burden low."
Nonetheless, the ITAIPU dam's new tariff will generate nearly $650
million in annual proceeds in 2024-2026 that will be used for
social and infrastructure spending, which should provide some
budget flexibility against unexpected shocks. (Both Brazil and
Paraguay own the dam.) This revenue and spending will be accounted
as off-budget items.
S&P said, "We think the planned fiscal correction and a more
balanced currency mix in government funding could slow the increase
in government debt and improve the fiscal profile. Our key measure
of the government's fiscal performance is the change in the net
general government debt stock, expressed as a percentage of GDP.
This captures more than headline deficits. We estimate the payment
of the one-off arrears in 2023 accounted for around 1.3% of GDP,
which coupled with the guaraní's depreciation, likely pushed the
change in net GG debt closer to 5.8% in 2024.
"We expect net GG debt to stabilize at nearly 30% of GDP in the
forecast period, after increasing from 11% in 2019. We think the
interest burden could fall to 8% by 2027, after surging to 11% in
2024, considering our expectation of lower global interest rates.
While our debt projections are subject to volatility given the
sovereign's exposure to foreign-currency debt, the government aims
to improve its debt profile. In February 2024, Paraguay issued the
first series of global bonds denominated in domestic currency.
However, we think the de-dollarization strategy will likely be
gradual, and we estimate foreign-currency debt to account for 80%
of total debt by 2026.
"While Paraguay will continue to rely on external markets for
financing, we expect narrow net external debt to remain roughly
stable at 45% of current account receipts (CAR) over the forecast
period. This is because current account deficits in 2025-2027 of
2.8% of GDP stemming from higher imports, will result from higher
investment, which will be mostly funded by FDI, while exports would
grow only modestly. We estimate the current account deficit widened
to 3% in 2024, from 0.6% in 2023 as soy prices fell 20% (soy
exports account for 25% of CAR). The cellulose plant should boost
exports starting in 2028 (around US$1 billion per year according to
the company) and reduce import pressure."
Paraguay's flexible exchange rate has helped absorb external shocks
and gradually boost the country's economic resilience.
International reserves currently account for 22% of GDP. The
central bank occasionally intervenes in the foreign exchange market
to dampen volatility without targeting the exchange rate.
S&P said, "We view that monetary policy effectiveness has
strengthened in the last decade, underpinned by an independent
central bank guided by an inflation-targeting regime since 2011.
Inflation at the end of 2024 was 3.8%, after peaking at 11.8% in
April 2022. The central bank has recently announced the reduction
of its target to 3.5% +/- 2%. Despite the track record of price
stability, dollarization in Paraguay remains higher than in other
Latin American economies; around 45% of resident loans and deposits
are denominated in dollars. This is partly due to the significance
of the agricultural sector in the economy and its natural
dollarization, but also reflects shallow domestic markets.
"Still, we think risks to the financial sector remain limited in a
scenario of sudden spikes in the exchange rate, given that the
sectors, which have high exposure to foreign currency, generate
dollar-denominated revenues. The banking system has generally had
relatively high profitability. Paraguay's regulatory framework has
been improving in the past few years but is still in the process of
fully aligning with international standards such as Basel III
requirements."
"In accordance with our 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
Paraguay
Transfer & Convertibility Assessment
Local Currency BBB-
Paraguay
Senior Unsecured BB+
Ratings Affirmed; CreditWatch/Outlook Action
To From
Paraguay
Sovereign Credit Rating BB+/Positive/B BB+/Stable/B
=====================
P U E R T O R I C O
=====================
BMF INC: Court Grants $439,250.26 in Attorney's Fees to MMG
-----------------------------------------------------------
In the case captioned as MMG PRCI CFL LLC Plaintiff, v. BMF, INC.,
et al., Defendants, Civil No. 19-1461 (BJM) (D.P.R.), Magistrate
Judge Bruce J. McGiverin of the United States District Court for
the District of Puerto Rico granted MMG's motion for attorney's
fees in the amount of $439,250.26.
MMG PRCI CFL LLC brought this action under the court's diversity
jurisdiction against BMF, Inc., Orlando Mayendia-Diaz, Julio
BlancoDarcy, Wanda Mendez-Quinones, Andrew Bert Foti-Tallenger and
Eva Judith Pagan-Burgos. MMG alleged BMF breached a mortgage
contract, and the remaining defendants were guarantors liable for
BMF's breach. MMG moved for summary judgment against defendants.
Judge McGiverin granted the motion and allowed MMG to seek
attorney's fees if it desired. MMG, as the current owner of the
notes and mortgage deeds, moves for attorney's fees.
MMG is the owner of the Promissory Note of $5,500,000, which BMF
executed in favor of Westernbank on December 21, 2001. On the same
date, Mayendia, Blanco, Mendez, Foti, and Pagan signed guarantees
for any amounts BMF owed to Westernbank. BMF also pledged two
mortgage notes, dated Oct. 3, 1997 and Jan. 30, 2004, as security
for the amounts owed.
MMG argues it is entitled to attorney's fees pursuant to the terms
and conditions of the Promissory Note, Mortgage Note and Mortgage
Deed in the amount of $550,000. Defendants oppose the amount
because it lacks proportionality to the work done in the case and
as extremely unfair and onerous. Defendants urge the court to use
its equitable power under Puerto Rico law to lower the fee
imposition.
Under the Puerto Rico Civil Code, 31 L.P.R.A Sec. 3133, a court
"shall equitably modify the penalty if the principal obligation
should have been partly or irregularly fulfilled by the debtor."
BMF argues the 10% penalty is not proportional to the "fairly
light" litigation of the case and MMG could not have reasonably
incurred $550,000 in attorney's fees. A lack of proportion is
measured between the degree of fault and the degree of harm
caused.
Judge McGiverin concludes that it is uncontested that defendants
have failed to pay the full principal amount of $5,500,000.
However, BMF has irregularly paid the principal sum, and as of
Jan. 28, 2022, it owed MMG the sum of $4,392,502.61 in principal,
accrued interest in the amount of $2,214,288.03, which continues
to accrue until full payment of the debt at the rate of $640.57
per diem, and force-placed insurance in the amount of $7,121.80.
Because BMF did partly fulfill its obligations as required by Sec.
3133, the penal clause will be modified, and BMF will pay 10% of
$4,392,502.61.
A copy of the Court's decision is available at
https://urlcurt.com/u?l=HAYyTv from PacerMonitor.com.
About BMF Inc.
BMF, Inc., is a privately held company that operates a water
distillation operation to produce bottled drinking water. It
markets the water it distills to various retail chains and
restaurants throughout Puerto Rico and the Caribbean region.
BMF previously sought bankruptcy protection (Bankr. D.P.R. Case No.
12-00658) on Nov. 14, 2012.
BMF, Inc., based in Caguas, PR, filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 20-00964) on Feb. 26, 2020. In the petition signed
by CEO Andrew Bert Foti-Tallenger, the Debtor was estimated to have
$1 million to $10 million in assets and $10 million to $50 million
in liabilities. The Law Offices of Hector Eduardo Pedrosa Luna,
serves as bankruptcy counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
CINEMAONE: Reports $7.4MM Loss, Liabilities Exceed Assets by $10MM+
-------------------------------------------------------------------
Trinidad Express reports that although CinemaOne Ltd made a net
loss of $7.4 million and its current liabilities exceed its current
assets by more than $10 million, its auditors,
PricewaterhouseCoopers, have stated that despite potential risks,
they believe the company will be able to continue operating
smoothly.
According to PwC, these factors, along with others "indicate that a
material uncertainty exists that may cast significant doubt on the
group's ability to continue as a going concern," the report notes.
However, PwC stated that despite these concerns, it did not alter
its overall view of the company's financial health, Trinidad
Express relays.
For the financial year ended September 30, 2024 CinemaOne reported
a total comprehensive loss of $7.4 million, a significant increase
from the loss of $688,303 reported for the financial year ended
September 30, 2023, the report discloses.
"CinemaOne's Management has adopted the assumption that the group
is a going concern as an underlying assumption in Management's
preparation of CinemaOne's 2024 Financial Statements. This
Management judgement is in the context of sequential years of net
losses which increased to a loss of ($7.4 million) in 2024, the
volatile supply of film volume from the major production studios
since the onset of the Covid-19 pandemic and in the wake of the
2023 Hollywood strikes as well as the Group's constrained liquidity
position in 2024 which was highlighted by negative working capital
of ($10 million)," Note 25 of the audited financials stated, the
report says.
The note stated that those factors have created material
uncertainties regarding market conditions, particularly supply
chain uncertainties that could lead to lower-than-expected
revenues, the Group's ability to successfully refinance existing
borrowings, and the group's access to new borrowings and/or new
equity, the report notes.
However, CinemaOne's management concluded that this material
uncertainty has been mitigated by inter alia:
-- Increasing demand for the group's products and services as
evidenced by a 44% increase in total admissions to the group's
theatre facilities in 2024 versus the prior year and an increase in
total group revenue.
-- Announcements by all major studios of a significant increase in
theatrical movie supply releases in 2025, 2026 and beyond,
following the cessation of a key event, namely the Hollywood actors
and writers strikes of 2023, which postponed numerous major
releases in 2023 and 2024.
-- Phased capex and opex reductions to preserve liquidity.
-- Ongoing capital raising plans and initiatives, both debt and
equity, which resulted in incremental bank financing in 2023 and
2024 and which Management has commenced and expects to conclude in
2025. Management is actively and specifically engaged in debt
refinancing discussions which will additionally supply capex and
working capital financing in the range of $4-5 million.
-- The group's 69.7% ratio of funded debt/funded debt plus equity
is not considered overleveraged and enables the capacity for
additional debt funding. In 2024, the Group paid bank principal and
interest in the amount of $3.5 million.
-- The group's position as a listed entity affords additional
options for financing via the capital markets, as evidenced by the
group's successful $6 million Rights Issue in 2023.
"As a result of the above, Management is of the view that CinemaOne
has neither the intention, nor the need, to liquidate or curtail
materially the scale of its operations. Indeed, for the first time
since the end of the Covid-19 pandemic the CinemaOne Group has
delivered attendance volume and revenue which has surpassed the
pre-Covid 2019 results," it stated, the report relays.
The CinemaOne Group now operates three cineplex locations in One
Woodbrook Place, Port of Spain, Gulf City Mall, San Fernando and
Price Plaza, Chaguanas, the report notes.
"The consolidated results of the CinemaOne Group, which include
CineCentral Ltd as a subsidiary for the first full year of its
operations, were as follows: Gross Revenue increased by 12% to $20
million (FY 2023: $17.9 million) which marks the CinemaOne Group's
first ever attainment of $20 million in annual gross revenue. Gross
Profit increased by 15% to $12.4 million (FY 2023: $10.8 million),"
its chairman Brian Jahra stated, the report discloses.
"However, given reduced film supply volume, the revenue and gross
profit increases did not offset the higher operating costs
associated with the management of three cineplex sites resulting in
an Operating Loss of -$1.4 million (FY 2023: $1.9 million), the
report says. Increased and front loaded lease interest costs
associated with IFRS 16 adjustments for new leased properties, and
the suspension of capitalised interest due to the phasing of
certain capital expenditures, significantly increased finance costs
by 74% to $5.1 million versus the prior year (FY 2023: $2.9
million), the report says. When coupled with a tax impairment of
$.8 million versus the prior year tax credit of $.2 million, the
Net Loss increased to -$7.4 million (FY 2023: -$.7 million)" he
stated, the report adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week from Jan. 6 to Jan. 10, 2025
-----------------------------------------------------------
Issuer Name Cpn Price Maturity Cntry Curr
----------- --- ----- -------- ----- ----
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 2025. 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
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
* * * End of Transmission * * *