/raid1/www/Hosts/bankrupt/TCRLA_Public/220408.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

          Friday, April 8, 2022, Vol. 23, No. 65

                           Headlines



C O L O M B I A

BANCO DAVIVIENDA: S&P Rates New Senior Unsecured Notes 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Inflation Remains the Highest in the Region
DOMINICAN REPUBLIC: Up in Monetary Policy Rate Stokes Concern


E L   S A L V A D O R

AES EL SALVADOR II: Moody's Cuts CFR to Caa1, Outlook Negative
TITULARIZADORA DE DPRS: Fitch Lowers Series 2019-1 Loan to 'B'


J A M A I C A

DIGICEL GROUP: Looks at Legal Options Concerning Tax Imposition


M E X I C O

UNIFIN FINANCIERA: Fitch Lowers LT IDRs to 'BB-', On Watch Neg.


P A N A M A

BAC INTERNATIONAL: Fitch Lowers LT IDR to 'BB', Off Negative Watch


P U E R T O   R I C O

EDUCATIONAL TECHNICAL: Selling Interest in Personal Property

                           - - - - -


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C O L O M B I A
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BANCO DAVIVIENDA: S&P Rates New Senior Unsecured Notes 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Banco
Davivienda S.A.'s (Davivienda's; BB+/Stable/B) proposed senior
unsecured notes for up to $750 million with a maturity profile of
up to 10 years, which will have a fixed rate. Davivienda plans to
use the proceeds for general corporate purposes and to keep
strengthening its asset-liability management. S&P also expects the
issuance to be fully hedged against foreign-exchange fluctuations
using natural hedging between assets and liabilities and
derivatives strategies, which will depend on market conditions and
on balance sheet needs upon the receival of funds.

S&P said, "The rating on the notes is the same as our long-term
issuer credit rating on Davivienda, reflecting the debt's pari
passu ranking in right of payment with all of the bank's senior
debt obligations. The proposed notes don't affect our assessment of
Davivienda's funding and liquidity. These notes would represent
only about up to 2% of the bank's total funding, considering
figures as of December 2021. As of the same date, deposits
represented nearly 76% of Davivienda's funding, which we view as
more stable during adverse market and economic conditions. The rest
of the funding profile consisted of market debt (12.7%), credit
lines (10.6%), and repurchase agreements (0.6%). We expect
Davivienda to maintain a similar funding structure, given that
deposits were stable during the COVID-19 crisis.

"In this sense, the bank's large and stable deposit base allows for
a sound stable funding ratio (SFR) of 110% as of December 2021,
slightly above its three-year average of 106%. We expect the SFR to
remain above 100% during the next two years, because we don't
expect any significant change in Davivienda's funding structure,
and it will finance its long-term funding needs with long-term
liabilities to avoid substantial mismatches in the balance sheet.

"We consider that Davivienda faces low refinancing risk, given that
modest short-term liquidity needs continue to support its liquidity
profile. As of December 2021, our broad liquid assets to short-term
wholesale funding was 4.2x, well above its three-year average of
2.8x. The latter reflects prudent management and ongoing debt
refinancing, bolstered by a highly liquid position coming out of
the pandemic-induced economic shock. We expect these levels to
start declining gradually as credit demand picks up in the region
and starts increasing Davivienda's liquidity needs.

"Finally, our ratings on Davivienda also reflect its large
franchise in Colombia with diversified operations in Central
America with digital strategy, which will fuel the bank's growth
and operating revenues for the following years. We also forecast
the bank's modest projected risk-adjusted capital ratios of about
6.4% for the next 24 months. We also incorporate Davivienda's
credit losses, which increased because of the pandemic's economic
fallout, but we expect this metric to improve gradually, given that
most of the borrower support programs have ended and their effect
is reflected on the bank's balance sheet."




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Inflation Remains the Highest in the Region
---------------------------------------------------------------
Dominican Today reports that the post-pandemic crisis and the war
in Ukraine have unleashed a global inflationary wave that the
countries comprising the CARD region have not escaped: Honduras,
Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the
Dominican Republic.

As of February of this year, according to a report by the Central
American Monetary Council, the Dominican Republic was the country
with the highest level of year-on-year inflation with 9%, a value
that exceeds Nicaragua (7.8%), El Salvador (6.7%), Honduras (6.4%
), Costa Rica (4.9%) Guatemala (3.0%) and Panama, which is the
country with the lowest rate with 2.7%, according to Dominican
Today.

The groups "Food and Non-Alcoholic Beverages," "Housing," and
"Transportation" are the sectors that have experienced the greatest
effects of inflation that affect the economies of the Central
American countries due to the instability in fuel prices and the
increases in the products of the basic basket, the report notes.

The CARD region includes the six-member countries of the Central
American Monetary Council. The CAPARD region consists of the
six-member countries of the Central American Monetary Council and
Panama, the report relays.

Information published by the Central Bank explains that prices
continue to reflect more persistent inflationary pressures than
expected, associated with the notable increase in oil prices, which
exceeded US$100 per barrel, and other critical raw materials for
producing the high costs of international container transport and
other disruptions in supply chains, the report discloses.

The Central Bank points out that year-on-year inflation in
February, that is, in the last twelve months, stood at 8.98% in the
country and core inflation at 6.97%, reflecting the second-round
effects on production associated with supply shocks of external
origin, the report relays.

The monetary authority explains that given the scenario described,
combined with the uncertainty regarding Russia's invasion of
Ukraine and its impact on the behavior of the world economy, it
continues to implement the monetary normalization plan to
counteract external shocks on prices and contribute to the
convergence of inflation to the target range, the report adds.

                About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCRLA reported in April 2019 that the Dominican Today related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.  The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.  S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings.  The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.  A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.


DOMINICAN REPUBLIC: Up in Monetary Policy Rate Stokes Concern
-------------------------------------------------------------
Dominican Today reports that economists believe that the Central
Bank's decision to increase its monetary policy interest rate
again, now by 50 basis points, going from 5.00 to 5.50% per year,
will have a significant impact on the country's economic activity.

Meanwhile, the Association of Multiple Banks of the Dominican
Republic (ABA) has already announced that "it definitely has a
transmission channel at bank rates," such as that of new loans,
according to Dominican Today.

"As long as we have an expansive fiscal policy in terms of public
spending, understood as current expenses higher than current
income, the Central Bank has no other alternative to contain
inflationary pressure than to increase the interest rate," said
Guillermo Caram, former governor of the Central Bank, the report
notes.

                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.

TCRLA reported in April 2019 that the Dominican Today related that
Juan Del Rosario of the UASD Economic Faculty cited a current
economic slowdown for the Dominican Republic and cautioned that if
the trend continues, growth would reach only 4% by 2023. Mr. Del
Rosario said that if that happens, "we'll face difficulties in
meeting international commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.  The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.  S&P also affirmed
its 'BB-' long-term foreign and local currency sovereign credit
ratings and its 'B' short-term sovereign credit ratings.  The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.  A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.





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E L   S A L V A D O R
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AES EL SALVADOR II: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for AES El
Salvador Trust II bis (Trustco II) to Caa1 from B3, including its
Corporate Family Rating and the rating on the company's senior
unsecured notes. The ratings outlook remains negative.

Downgrades:

Issuer: AES El Salvador Trust II bis

Corporate Family Rating, Downgraded to Caa1 from B3

Gtd. Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
from B3

Outlook Actions:

Issuer: AES El Salvador Trust II bis

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade reflects Trustco II's heightened refinancing risk for
the $310 million Notes that will mature in March 2023, given the
current challenging financing conditions in the local and global
markets. Also, liquidity position of Trustco II will be tight in
2022, indicating a higher likelihood of a default event.

As of December 2021, Moody's estimates that the notes' guarantors
had around $30 million of cash balance on a combined basis,
together with an expected internal cash generation of $60 million
in the 12-month period through December 2022. This will not be
sufficient to cover Trustco II's liquidity needs, including working
capital requirements, capital expenditures and debt maturities of
around $340 million. For Trustco II's liquidity assessment, Moody's
also considers that under the terms of the Notes, the structure has
a six-month debt service reserve account covering interest only.

The ratings acknowledge that the guarantors benefit from an
interest income of approximately $11 million per year on two
intercompany loans amounting to $183.4 million from AES Corporation
(AES, Ba1 review for upgrade ) in connection with their
acquisition. The ratings also consider AES' historical track-record
of support through the reduction in the dividend payments from its
El Salvadorian subsidiaries amid the country's financial and
liquidity challenges.

The strong market position of the guarantors, as providers of the
essential electricity distribution service with predictable revenue
streams, are balanced by the dependence on timely subsidies from
the Government of El Salvador (Caa1 negative), which exposes the
company to the sovereign credit quality.

This action also considers the deterioration in the regulatory
framework that reduces the predictability and consistency on how
the regulated tariffs are applied for the operating distribution
companies that guarantee the notes. In March, the Government of El
Salvador published Decrees introducing a price cap to the tariffs
of end-clients, limiting the pass through of fuel costs. This
measure will negatively impact net working capital for the
electricity distribution companies in the absence of corresponding
subsidies.

The negative outlook reflects Trustco II's weak liquidity and
refinancing risk, with debt obligations maturing in 2023 along with
Moody's rating outlook of El Salvador's sovereign rating.

In terms of environmental, social and governance (ESG) factors,
Moody's considers that Trustco II has low carbon transition risks
within the regulated utility sector given their transmission and
distribution-only utility operations and lack of any direct
exposure to fossil-fuel generation. However, it is exposed to
potential regulatory changes, a social risk.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded or stabilized if the company extends
its debt maturity profile or improve liquidity cushion ahead of
upcoming debt maturities. Further downgrade pressures could
materialize upon Moody's views that expected recovery for Trustco
II's creditors is weaker than anticipated or a deterioration in the
credit quality of El Salvador.

Trustco II issued the 10-year $310 million senior global notes due
in 2023 for the benefit of four affiliated electric distribution
companies in El Salvador: Compania de Alumbrado Electrico de San
Salvador SA de CV (CAESS), Empresa Electrica de Oriente, S.A. de
C.V. (EEO), AES CLESA S. en C. de C.V. (CLESA) and Distribuidora
Electrica de Usulutan (DEUSEM). These four distribution utilities
which are majority owned by The AES Corporation (AES; Ba1 RUR)
unconditionally and severally guarantee the debt of Trust II bis,
collectively the guarantors.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

TITULARIZADORA DE DPRS: Fitch Lowers Series 2019-1 Loan to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the rating of the Series 2019-1 loan
issued by Titularizadora de DPRs Limited to 'B' from 'B+'. The
Rating Outlook is Stable.

The downgrade of the rating follows a recent change in Fitch's view
of Banco Cuscatlan's (BC) credit quality given Fitch now evaluates
the bank based on its individual credit profile without the
potential support the bank might receive from its parent, Grupo
Terra.

DEBT                                    RATING         PRIOR
----                                    ------         -----
Titularizadora de DPRs Limited

Series 2019-1 Variable Funding Loan   LT B Downgrade    B+

TRANSACTION SUMMARY

The transaction is backed by U.S.-dollar-denominated existing and
future diversified payment rights (DPRs) originated by BC. DPRs are
processed by designated depository banks (DDBs) that have executed
acknowledgement agreements (AAs), irrevocably obligating them to
make payments to an account controlled by the transaction trustee.

Fitch's rating addresses timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Future Flow Rating Driven by Originator's Credit Quality: The
rating of the transaction is tied to the credit quality of the
originator, BC. Fitch's view of BC's credit quality now reflects
its intrinsic credit strengths and weaknesses relative to other
rated entities in El Salvador and no longer considers the support
the bank might have received from its parent, Grupo Terra. Given
this change in approach by Fitch, BC's credit quality is now
further influenced by its local operating environment (El Salvador:
CCC).

Going Concern Assessment (GCA): Fitch uses a GCA score to gauge the
likelihood that the originator of a future flow transaction will
stay in operation throughout the transaction's life. Cuscatlan
GCA's score of '2' reflects that the bank is considered large and
systemically important in El Salvador, which is a highly
concentrated market. Direct support is not being considered, nor
potential sovereign support; however, the bank could benefit from
government assistance to receive extraordinary shareholder support
if required.

Several Factors Limit Notching Differential: The 'GC2' score allows
for a maximum uplift of four notches from the bank's IDR; however,
uplift is tempered to three notches due to factors mentioned below,
including BC's IDR, El Salvador's lack of last resort lender and
DDB concentration risk.

Future Flow Debt Size Not a Constraint: Future flow debt represents
approximately 1.7% of BC's total funding and 14.1% of non-deposit
funding when considering the current outstanding balance on the
program ($55 million) based on December 2021 financials. Fitch
considers these ratios to be small, and, as a result, they do not
currently pose a constraint to the assigned rating.

Flows Remain Resilient Amidst Pandemic: BC's DPR program flows
continued to exhibit growth despite pandemic pressures processing
approximately $2.59 billion in DPR flows in 2020, up slightly from
$2.58 billion in 2019. This trend continued into 2021 with BC
processing $3.67 billion in DPR flows for the year, an increase of
41% yoy. Stability of BC's growing DPR business line is supported
by the bank's moderate positioning within El Salvador, as well as
El Salvador's growing export and family remittance sectors.

Strong Coverage Levels Remain Supportive of Assigned Rating:
Considering average rolling quarterly DDB flows over the last five
years (January 2017-December 2021) and the maximum periodic debt
service over the life of the program, including Fitch's interest
rate stress, the projected quarterly debt service coverage ratio
(DSCR) is 114.6x. Fitch considers this coverage level to be strong.
Moreover, the transaction can withstand a decrease in flows of over
99% and still cover the maximum quarterly debt service obligation.
Nevertheless, Fitch will continue to monitor the performance of the
flows as potential pressures from the ongoing health crisis could
negatively affect the assigned rating.

No Lender of Last Resort: El Salvador is a dollarized economy
without a true lender of last resort. While certain mechanisms are
in place to help fend off a banking system crisis, this limits the
notching differential of the transaction.

Potential Redirection/Diversion Risk: The structure mitigates
certain sovereign risks by collecting cash flows offshore until the
collection of periodic debt service amounts. In Fitch's view,
diversion risk is partially mitigated by the acknowledgments signed
by the three DDBs. The largest DDB, Citibank N.A., continues to
process more than 75% of DPRs (78% in 2021). While this trend is
decreasing, the agency believes Citibank's still relatively heavy
DDB concentration exposes the transaction to a higher degree of
diversion risk relative to other Fitch-rated DPR programs in the
region, limiting the overall notching differential.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to negative
rating action/downgrade:

-- The transaction ratings are sensitive to changes in the credit
    quality of the originating bank, which in turn is sensitive to
    changes in the credit quality of El Salvador and its operating
    environment. A deterioration of the credit quality of BC by
    one notch could pose a further constraint to the rating of the
    transaction from its current level.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- The main constraint to the program rating is the originator's
    rating and bank's operating environment. If upgraded, Fitch
    will consider whether the same uplift could be maintained or
    if it should be further tempered in accordance with criteria;

-- The transaction ratings are sensitive to the ability of the
    DPR business line to continue operating, as reflected by the
    GCA score, and a change in Fitch's view on the bank's GCA
    score can lead to a change in the transaction's rating. The
    quarterly DSCRs are expected to be more than sufficient to
    cover debt service obligations and should therefore be able to
    withstand a significant decline in cash flows in the absence
    of other issues. However, significant declines in flows could
    lead to a Negative rating action. Any changes in these
    variables will be analyzed in a rating committee to assess the
    possible impact on the transaction ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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J A M A I C A
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DIGICEL GROUP: Looks at Legal Options Concerning Tax Imposition
---------------------------------------------------------------
RJR News reports that Digicel Group is considering legal options
after Papua New Guinea imposed a $100 million  tax that the
telecoms firm says has potential implications for the planned 2.1
billion dollar sale of its Pacific operations to Australia's
Telstra.

In a statement, Digicel said its founder, Denis O'Brien, met with
Papua New Guinea Prime Minister James Marape to try to resolve the
matter, according to RJR News.

It said a new arbitrary, company-specific tax was introduced on
March 25, which was perplexing not just for Digicel, but for the
Papua New Guinea economy given the reputational and credit rating
implications, the report notes.

The act imposes a one-time tax liability on Digicel equal to about
100 million dollars with a further penalty of 14 million dollars
for non-payment, the report relays.

Telstra said last October it would buy Digicel's Pacific operations
in a deal largely funded by the Australian government, the report
adds.

                     About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America in
April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.




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M E X I C O
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UNIFIN FINANCIERA: Fitch Lowers LT IDRs to 'BB-', On Watch Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded Unifin Financiera, S.A.B. de C.V.'s
(Unifin) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) to 'BB-' from 'BB', and placed the ratings on
Negative Watch. In addition, the 'B' Short-Term Foreign and Local
Currency IDRs were also placed on Negative Watch. Fitch has also
downgraded Unifin's Long- and Short-Term National Scale ratings to
'A-(mex)'/'F2(mex)' from 'A(mex)'/'F1(mex)', respectively, and
placed them on Negative Watch. The senior global debt and hybrid
securities were also downgraded by one notch to 'BB-' and 'B',
respectively.

The ratings downgrade reflects Fitch's downward revision of
Unifin's profitability assessment to 'b+' from 'bb-', as its core
metric has remained below 2% over the past two years, compared to
its pre-pandemic average of around 3%. The ratings also reflect the
downward revision of Unifin's business profile to 'bb' from 'bb+',
due to a weakened funding franchise in foreign markets driven by
deteriorated investor confidence and increased risk aversion for
Mexican NBFIs.

Fitch has also adjusted downwards the funding, liquidity and
coverage assessment to 'bb-' from 'bb+' factoring in the increasing
short- term refinancing risks, as Unifin faces the upcoming
maturity of its USD 200 million bond. The Negative Watch reflects
that delays in the execution of Unifin's short-term refinancing
strategy could drive additional rating downgrades ahead of the bond
maturity. Fitch expects to review the ratings within the next 30
days.

KEY RATING DRIVERS

Unifin's ratings reflect with high importance its funding, and
liquidity and coverage assessment, challenged by its reduced access
to international markets, from which the company gets 58.4% of
total funding. The high level of near-term maturity concentrations
increases pressures on Unifin's ratings, as over the next 12 months
debt maturities represented about 25.5% of its total funding; the
most relevant is the USD200 million bond in Aug. 12, 2022 (private
placement).

The company's strategy is to prioritize cash accumulation by
slowing down origination, an in progress strategy that has not been
tested due to a track record of a relatively high growth appetite.

Unifin recently tapped the local markets with a short-term issuance
of USD145 million. Its main strategy is to issue additional USD50
million and a medium-term issuance of USD200 million, supported by
a partial guaranty provided by a Mexican development bank. Unifin
is also negotiating other mostly secured funding facilities, and
believes it can draw from existing credit lines, which are
uncommitted and typically require collateral, taking advantage of
its reasonable level of unencumbered loans (73.2% of total loans at
YE 2021).

Fitch's believes funding and liquidity plans, if timely executed,
exceed the amount of the short-term debt maturities and relies to
some extent on the entity's financial flexibility; however, most
options are highly dependent on market sentiment and others are
still in negotiation process.

Unifin's ratings also consider its business profile, as it retains
a strong local market position in the Mexican leasing industry.
Unifin is the market leader among independent entities and
specialized bank subsidiaries. However, Fitch believes weakened
investor appetite has pressured Unifin's funding franchise.

Capitalization and leverage metrics remain highly sensitive to
Unifin's financial performance and growth. As of 4Q21, Fitch's
total debt-to-tangible equity ratio increased to 7.7x from 6.3x at
YE 2020, which is still high for the new rating category. However,
Unifin's adjusted tangible leverage metric was 6.6x as of 4Q21,
which also deteriorated from 6x in 4Q20.

Fitch applies a 70% haircut to the revaluation surplus related to
the oil rig, and adjusts the temporary impacts from derivative
valuations on the balance sheet and capital through other
comprehensive income items. Fitch expects the company's tangible
leverage to remain below the rating sensitivity as new debt
acquired during the year will be mostly used to refinance existing
debt.

Fitch expects Unifin's asset quality to continue to be pressured in
2022 due to its focus on SMEs in a still challenging operating
environment (OE). Although NPLs remained controlled in 2021,
Unifin's asset quality has been pressured by increased charge-offs
and foreclosed assets. At YE 2021, Unifin's NPL ratio was 4.5%,
slightly lower than the previous year; while the foreclosed assets
and charge-offs metric was 7.5%, above the average of 7.0% for the
2020-2019 period, when the company started to perform charge-offs.
The top 20 borrowers with respect to tangible equity and gross
loans represented 1.3x and 17.5%, respectively at YE 2021 (1Q21:
1.1x and 17.8%).

Earnings remain low for the business model's risks; however, they
improved slightly in 2021 from 2020 driven by resumed loan growth,
lower loan impairment charges and cost efficiencies despite
increased financing costs from liquidity excesses on balance sheet
(negative carry), debt maturities extension and hedging cost for
all USD denominated debt. At YE 2021, pre-tax income to average
assets ratio was 1.6% slightly better than YE 2020, but still lower
considering its high net-interest margin business model.

Fitch does not expect Unifin's profitability to improve relevantly
during 2022, and believes it is unlikely that it will return to
pre-pandemic levels on the mid-term as OE challenges remain.

Unifin's ratings also capture the agency's ongoing concerns about
the robustness of its corporate governance, due to non-core
strategies to sustain financial metrics, such as the acquisition of
complex assets (oil rig), and the recent repurchase of bonds to
prioritize profitability instead liquidity. In addition, Fitch
considers as a weakness the level of disclosure of information to
third-party. This has a moderately negative impact on the ratings.

SENIOR DEBT

The senior global debt rating is at the same level as Unifin's
'BB-' rating, as the likelihood of a default of the notes is the
same as for the company.

HYBRID SECURITIES

Unifin's hybrids securities are rated 'B', two notches below its
Long-Term IDR. The two-notch differential represents incremental
risk relative to the entity's IDRs, reflecting the increased loss
severity due to its deep subordination and heightened risk of
non-performance relative to existing senior obligations.

Based on Fitch's analysis, the hybrid qualifies for 50% equity as
it meets Fitch's criteria with regard to the ability to defer
coupon payments, the existence of a coupon step-up of 500 basis
points (bps) in the event of a change of control and its perpetual
nature.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Fitch expects to resolve the Negative Watch after assessing
    the progress in the funding and liquidity plans proposed by
    the company and the impact on Unifin's business and financial
    profiles. If refinancing risk significant heightened, Fitch
    does not rule out a multi-notch downgrade;

-- A downgrade of Unifin's ratings could result from further and
    sustained deterioration on Fitch's total debt-to-tangible
    equity ratio after assets and derivatives valuation
    adjustments above 8x;

-- Deterioration of asset quality, and earnings and profitability
    also will pressure down the ratings;

-- A multi-notch downgrade of the national ratings is possible if
    the IDRs are downgraded by more than one notch;

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- The Negative Watch could be removed and ratings be affirmed if
    the company's strategies progress as expected reducing
    refinancing risk and improving the funding and liquidity
    profile of the company;

-- The current Negative Watch makes an upgrade highly unlikely in
    the near term;

-- Over the medium term, the ratings could be upgraded if Unifin
    strengthens its financial and business profiles and materially
    recovers profitability.

SENIOR DEBT and HYBRID SECURITIES

-- The company's debt ratings would mirror any changes on those
    of Unifin's IDRs. The senior unsecured debt ratings would
    continue to be aligned with the company's IDRs, while the
    hybrid securities would remain two notches below.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified pre-paid expenses as intangibles and deducted
from total equity due to low loss absorption capacity under
stress.

ESG CONSIDERATIONS

Unifin has an ESG Relevance Score of '4' for Governance Structure
due to concerns regarding non-core strategies to sustain financial
metrics such as the acquisition of complex assets (oil rig) and the
repurchase of bonds to prioritize profitability instead of
liquidity preservation, which have a negative impact on Fitch's
assessment of company's credit profile, and are relevant to the
ratings in conjunction with other factors.

Unifin has an ESG Relevance Score of '4' for Management Strategy.
Unifin's ample balance sheet growth with less prudential capital
management that underpin its high-risk profile and pressures its
level of execution, which has a negative impact on the credit
profile, and are relevant to the ratings in conjunction with other
factors.

Unifin has an ESG Relevance Score of '4' for or Financial
Transparency. Unifin's third party disclosure is weaker than
international best practices', which have a negative impact on the
credit profile, and are relevant to the ratings in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

DEBT                     RATING                   PRIOR
----                     ------                   -----
Unifin Financiera, S. A. B. de C. V.

                   LT IDR BB- Downgrade           BB
                   ST IDR B Rating Watch On       B
                   LC LT IDR BB- Downgrade        BB
                   LC ST IDR B Rating Watch On    B
                   Natl LT A-(mex) Downgrade      A(mex)
                   Natl ST F2(mex) Downgrade      F1(mex)
senior unsecured   LT BB- Downgrade               BB
subordinated       LT B Downgrade                 B+



===========
P A N A M A
===========

BAC INTERNATIONAL: Fitch Lowers LT IDR to 'BB', Off Negative Watch
------------------------------------------------------------------
Fitch Ratings has downgraded BAC International Bank, Inc.'s (BIB)
Long-Term (LT) Issuer Default Rating (IDR) to 'BB' from 'BB+', LT
National Scale Rating to 'AA-(pan)' from 'AA(pan)' and Shareholder
Support Rating (SSR) to 'bb-' from 'bb+'. Fitch has removed the
ratings from Rating Watch Negative. The Rating Outlooks for the LT
IDR and National Ratings are Stable. Fitch affirmed BIB's Viability
Rating (VR) at 'bb' and its Short-Term (ST) IDR and ST National
Scale rating at 'B' and 'F1+(pan)', respectively.

These actions follow the spin-off completion of BIB's owner, BAC
Holding International Corp. (BHI, formerly Leasing Bogota S.A.
Panama) from Banco de Bogota S.A. (BB+/Stable).

KEY RATING DRIVERS

BIB

IDRs, VR AND NATIONAL RATINGS

The downgrade on BIB's LT IDR and National Rating and RWN removal
is driven by the downgrade of the SSR, which is now one level below
BIB's VR. In Fitch's opinion, Banco de Bogota's ability and
propensity to provide support to BIB has decreased after the
spin-off because its stake in BHI's capital has reduced to 25%,
while synergies between companies and reputational risk are
expected to decrease.

BIB's IDRs and national ratings are now based on its VR, which is
constrained by the operating environment (OE) of Central American
countries in which it has presence. BIB's OE is rated 'bb-' with a
stable trend, based on its international operations through a
weighted average of the gross earning assets and OE' scores of the
jurisdictions where the group does business, entailing geographic
diversification. In Fitch's opinion, the persistent yet lessening
risks from the regional economic environments are balanced by BIB's
resilient and consistent business and financial profile.

Fitch also takes into account BIB's strong business profile as the
largest financial group in Central America with significant banking
and financial operations along with significant market shares and
systemic importance in each country. It has highly integrated
operations along a strong focus and leadership in some lending
segments and a well-developed means of payments business. The group
serves corporate and retail sectors with diversified products
portfolio resulting in relatively stable income generation.

Despite challenges from the OE, BIB's asset quality and
profitability metrics remain reasonable due to its well-positioned
business and effective risk framework; therefore, Fitch rates these
factors 'bb', above its OE. As of December 2021, its impaired loans
accounted for 1.3% of gross loans, and operating profit to risk
weighted assets ratio was 2.5%, favorable to last year and to some
regional peers. In spite of the loan alleviation programs that
already expired, Fitch believes BIB will maintain their impairment
metrics under control in the foreseeable future and will exhibit
similar profitability levels due to its sound business position
along with moderate recovery expectations for consumption and
commercial activities in the region. Asset quality also takes into
account BIB's exposure to local sovereign debt, which represents
about 80% of its investments.

BIB's tightened core capital position, through a CET1 ratio of 9.1%
as of December 2021, is partly favored by its subordinated
perpetual bond program issued, which is categorized as AT1 in the
regulatory capitalization metrics and improves the bank's loss
absorption ability. BIB's Tier 1 capital remains close to 12%, and
the regulatory capital metric was 12.5%. BIB's funding profile
benefits from an ample and stable deposit base due to the group's
solid franchise in the region and from reasonable liquidity levels.
All subsidiaries have a significant share of deposits in their
respective countries along diversified non-deposit funding
structures. As of December 2021, BIB's loan to deposit ratio was
85%.

SSR

Fitch's assessment of support considers with high influence BIB's
relative size compared with Banco de Bogota, as BIB now represent
roughly above 100% and 60% of Banco de Bogota's assets and net
income, respectively after the spin-off. This relative size entails
any required support would be considerable relative to Banco de
Bogota's ability to provide it.

Fitch's assessment also considers with high influence that, after
the spin-off, Banco de Bogota's reputational risk in a BIB default
scenario would be limited, considering the independence in
branding, management and operations as well that there are no
longer any cross-default clauses. Fitch's support assessment is
also highly influenced by the change in BIB's role from a core
fundamental operation for Banco de Bogota to a strategically
important investment for the Colombian bank, as the latter
maintains a stake of 25% of BHI, BIB's owner.

DEBT RATINGS

Fitch has affirmed BIB's commercial paper program and ST National
rating at 'F1+(pan)', which is the same level as the issuer's ST
national rating. Fitch views these debt programs' likelihood of
default as the same as BIB's senior unsecured obligations because
they do not have specific guarantees.

Fitch also downgraded BIB's bonds LT National rating to 'AA-(pan)'
from 'AA(pan)' and junior subordinated perpetual debt's national LT
rating to 'BBB+(pan) from 'A-(pan)' and removed the RWN , mirroring
the same action on the issuer's National LT rating. The
subordinated bonds' national rating is four notches below its
anchor rating, BIB's National LT Rating, two-notches downgrade for
loss severity due to its deep subordination and two-notch
additional notches for incremental non-performance risk given the
bonds' non-cumulative coupon omission capability.

SUBSIDIARY RATINGS

Fitch has affirmed the IDRs, SSR and national scale ratings of
Banco BAC San Jose, S.A. (BAC San Jose). Fitch has also affirmed
the national scale ratings of Banco de America Central Honduras,
S.A., Banco de America Central, S.A. (El Salvador), Inversiones
Financieras Banco de America Central, S.A., Banco de America
Central, S.A.(BAC Guatemala), BAC Bank, Inc. (BBI), Credomatic de
Guatemala, S.A. (Credomatic) and Financiera de Capitales, S.A.
(Fincap). All LT rating Outlooks are Stable.

BIB's subsidiaries' ratings reflect the BIB's ability and
propensity as parent to potentially provide support. Fitch's
assessment of support is highly influenced by the subsidiaries'
fundamental role within BIB's regional strategy because through
them it serves key business segments in all Central American
countries, which is its core market. BIB is the controlling
shareholder of its subsidiaries, which have high managerial,
operational and strategic integration, and operate under the same
brand. Therefore the reputational risk for BIB is significant in
the event of an unexpected default of one of its rated
subsidiaries, which also has a high influence on the assessment of
support.

Fitch also affirmed the national ratings of the subsidiaries' debt
in line with their national ratings.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

BIB

-- A downgrade of BIB's IDR and National Ratings would reflect
    the same action on BIB's VR. Any IDR downgrade would be
    limited to a one-notch movement, at BIB's current SSR of
    'bb-';

-- A deterioration in Fitch's assessment of the OE in Central
    America would put additional pressure on BIB's VR;

-- BIB's VR would also be pressured in case of sustained
    reductions of its operations volume and business activities
    that lead to significant deterioration of its loan book along
    with continuous reductions on its profitability and
    capitalization levels, particularly in case of sustained
    operating profits to RWAs and CET1 metrics consistently below
    1.5% and 9%, respectively;

-- A downgrade of BIB's SSR could result from a downgrade of
    Banco de Bogota's IDR or from a reduced ability or propensity
    of Banco de Bogota to support BIB.

-- BIB's bonds, commercial paper and subordinated perpetual
    bonds' National Ratings would be downgraded in the case of
    negative actions on BIB's National Ratings, as the bonds and
    commercial paper's ratings will remain in line with BIB's
    national rating while the subordinated perpetual bonds'
    ratings will maintain its four-notch difference respect to the
    issuer's National Rating.

BIB's SUBSIDIARIES

-- Negative changes in BAC San Jose's IDRs and SSR would mirror
    any movement in Costa Rica's sovereign ratings and Country
    Ceiling;

-- The national ratings of BIB's subsidiaries in Honduras, El
    Salvador and Costa Rica and their debt ratings could be
    downgraded if Fitch's perceives a relevant reduction in the
    propensity of support by BIB;

-- The national ratings of BIB's subsidiaries in Guatemala could
    be downgraded if BIB's IDR is downgraded.

-- A multi-notch downgrade of BIB's IDRs would also entail a
    downgrade in BIB's subsidiaries ratings in Costa Rica,
    Honduras and El Salvador and their debt ratings.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

BIB

-- BIB's IDR and national ratings would be upgraded if its VR is
    upgraded.

-- Positive rating action in BIB's VR would reflect relevant
    improvement in Fitch's assessment on BIB's OE, maintaining a
    good asset quality, constant profit generation and stable
    levels of capital and liquidity.

-- Under the current OE, upside potential in BIB's VR would come
    from maintaining its well-positioned business and sound loan
    portfolio, while exhibiting sustained improvements in
    profitability and capitalization levels, particularly in case
    of operating profits to RWAs and CET1 metrics consistently
    above 3% and 12%, respectively.

-- Positive rating actions on BIB's SSR could be driven by
    positive rating actions on Banco de Bogota's IDR or a relevant
    improvement in Fitch's assessment of Bogota's propensity to
    support BIB.

-- BIB's bonds, commercial paper and perpetual subordinated
    bonds' National Ratings would be upgraded in case of positive
    actions on BIB's National Ratings as the bonds and commercial
    paper's ratings will remain in line with BIB's national rating
    while the subordinated perpetual bonds' ratings will maintain
    its four-notch difference with respect to the issuer's
    National Rating.

BIB's SUBSIDIARIES

-- BAC San Jose's IDRs and SSR could be upgraded in the event of
    an upgrade of Costa Rica's sovereign rating and Country
    Ceiling;

-- The National Ratings of BIB's subsidiaries in Honduras, El
    Salvador and Costa Rica and their debt issuances are at the
    top of the scale. Therefore, there is no room for positive
    actions.

-- The national ratings of BIB's subsidiaries in Guatemala would
    be upgraded if BIB's IDR is upgraded in more than one notch.

VR ADJUSTMENTS
BIB

Fitch has assigned BIB a Capitalization & Leverage Score of 'bb-',
which is above the 'b' category implied score, due to the following
adjustment reason: regulatory capitalization (positive).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Banco de America Central (El Salvador)

Fitch reclassified prepaid expenses and other deferred assets were
as intangibles and deducted them from total equity to calculate the
capital base according to Fitch.

Banco BAC San Jose, S.A.

Fitch reclassified pre-paid expenses as intangible assets and
deducted them from total equity since they have a low capacity to
absorb losses. Fitch reclassified recoveries from charge-offs as
nonoperating income.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of BAC Honduras are support-driven by BAC International
Bank Inc.'s VR.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


DEBT                      RATING                   PRIOR
----                      ------                   -----
Banco de America Central Honduras, S.A.

                   Natl LT AAA(hnd) Affirmed       AAA(hnd)
                   Natl ST F1+(hnd) Affirmed       F1+(hnd)
senior unsecured   Natl LT AAA(hnd) Affirmed       AAA(hnd)

Banco de America Central, S.A. (El Salvador)

                   Natl LT EAAA(slv) Affirmed      EAAA(slv)
                   Natl ST F1+(slv) Affirmed       F1+(slv)
senior unsecured   Natl LT AAA(slv) Affirmed       AAA(slv)
senior secured     Natl LT AAA(slv) Affirmed       AAA(slv)

Financiera de Capitales, S.A.

                      Natl LT AA+(gtm) Affirmed    AA+(gtm)
                      Natl ST F1+(gtm) Affirmed    F1+(gtm)

Inversiones Financieras Banco de America Central, S.A.

                      Natl LT EAAA(slv) Affirmed   EAAA(slv)
                      Natl ST F1+(slv) Affirmed    F1+(slv)

BAC International Bank, Inc.

                      LT IDRBB Downgrade           BB+
                      ST IDRB Affirmed             B
                      Natl LTAA-(pan) Downgrade    AA(pan)
                      Natl STF1+(pan) Affirmed     F1+(pan)
                      Viabilitybb Affirmed         bb
Shareholder Support   bb- Downgrade                bb+
junior subordinated   Natl LT BBB+(pan) Downgrade  A-(pan)
senior unsecured      Natl LT AA-(pan) Downgrade   AA(pan)
senior unsecured      Natl ST F1+(pan) Affirmed    F1+(pan)

Credomatic de Guatemala, S.A.

                      Natl LT AA+(gtm) Affirmed    AA+(gtm)
                      Natl ST F1+(gtm) Affirmed    F1+(gtm)

Banco BAC San Jose, S.A.

                      LT IDR B+ Affirmed           B+
                      ST IDR B Affirmed            B
                      LC LT IDR BB- Affirmed       BB-
                      LC ST IDR B Affirmed         B
                      Natl LT AAA(cri) Affirmed    AAA(cri)
                      Natl ST F1+(cri) Affirmed    F1+(cri)
Shareholder Support   b+ Affirmed                  b+
senior unsecured      Natl LT AAA(cri) Affirmed    AAA(cri)
senior unsecured      Natl ST F1+(cri) Affirmed    F1+(cri)

BAC Bank, Inc.

                      Natl LT AA+(gtm) Affirmed    AA+(gtm)
                      Natl ST F1+(gtm) Affirmed    F1+(gtm)

Banco de America Central, S.A. (Guatemala)

                      Natl LT AA+(gtm) Affirmed    AA+(gtm)
                      Natl ST F1+(gtm) Affirmed    F1+(gtm)



=====================
P U E R T O   R I C O
=====================

EDUCATIONAL TECHNICAL: Selling Interest in Personal Property
------------------------------------------------------------
Educational Technical College Inc. asks the U.S. Bankruptcy Court
for the District of Puerto Rico to approve the sale of its interest

in the personal property listed in Exhibit 1.

The Debtor listed in its Schedules an interest in the Property. The

Property consists mainly of furniture, equipment used in the
various laboratories for the courses offered by the Debtor, office
equipment, fixtures, among other. The same is located in the
premises located at Coamo, Puerto Rico which is being surrendered
to the landlord. Furthermore, the Debtor is commencing its distance

learning module and does not need the inventory for its future
operations.

The Property may be sold in bulk as one lot in the amount of
$35,499 or as separate items with the values detailed in Exhibit
1.

Should the items be sold separately, the estimated total amount to
be received is $50,870.11. This amount is subject to the
realization of the sale of all items detailed therein. The Debtor
will cover any and all expenses related to the sale of the
Property.

The Property serves as collateral to the Small Business
Administration, who holds alien over the Debtor's personal
property, including furniture and fixtures, equipment, accounts
receivables and intangibles among others, as per the terms and
conditions of the Economic Injury Disaster Loan issued to the
Debtor on May 25, 2020 and the registered UCC financing statement
dated June 9, 2020. The total value of SBA's entire collateral is
listed in over $1.1M as per amended Schedule A/B.

The Debtor proposes to provide as adequate protection to SBA 10%
of the net proceeds, to be applied to the principal amount ofthe
secured claim. The Debtor needs the remaining balance of the sales
price in order to cover operating expenses as well as other
administrative expenses accrued. These funds will allow the Debtor
to maintain its operations including the launch of its distance
learning educational module which will start to produce regular
income for the Debtor necessary for its reorganization.

It must be underscored that due to the Debtor's inability to have
access to its funds because of the pre-petition garnishment
performed by Atue Real Estate S.E. and the protracted litigation
related to the return of those funds to the Debtor, the operations
of the Debtor were impaired and it was unable to generate regular
income as it had been producing prior to the bankruptcy filing.
Therefore, these funds are indispensable in order for the Debtor to
be able to recuperate from this business interruption and relaunch
its new business module through the distance learning courses.

The Debtor has not requested authorization to retain the services
of a Notary because none is needed due to the nature of the
Property and the terms of the sale.

In order to minimize expenses related to the sale, the Debtor is
actively marketing the Property through the resources of its
principal stockholder, Mr. Emilio Huyke, who has over 30 years
experience in the advanced educational field. The Debtor will be
marketing the same online through Facebook, Twitter and Ebay and
will be sending promotional pamphlets to the various vocational
schools and other educational institutions. This reduces the
marketing costs and the need to engage a third party for such
purpose.

The most significant expense associated with the sale is the moving
cost from the Coamo facility to the Bayaman facility. Thereafter,
all other expenses related to further transportation of the
Property after the sale is consummated will be covered by the
purchasers.

The expenses related to the sale are as follows: Adequate
Protection Payment to SBA - 10% of Net Proceeds; Moving Costs -
$8,000; and Marketing Costs - $400.

The Debtor requests that the transfer of the Property be free and
clear of all liens.

The Debtor needs to be able to achieve the sale of the Property on
urgent basis in order to ensure that it will have the funds needed
for operations and the launching of the distance learning courses
and complete the move of the Property from the Coamo premises in
order to surrender the same to the landlord during the month
ofApril 2022.

Therefore, the Debtor needs the prompt authorization by the
Honorable Court in order to start an aggressive marketing campaign
and achieve the sale of the Property as soon as possible. It
respectfully requests that the time for objections to the sale of
the Property be reduced to seven days under Rule 9006 of the
Federal Rules of Bankruptcy Procedure.

A copy of the Exhibit 1 is available at
https://tinyurl.com/3s7n38tt from PacerMonitor.com free of charge.

            About Educational Technical College

Bayamon, P.R.-based Educational Technical College, Inc. filed a
voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case
No. 21-02392) on Aug. 9, 2021, listing $1,969,503 in assets and
$1,407,201 in liabilities. Emilio E. Huyke, president of
Educational Technical College, signed the petition.

Judge Edward A. Godoy oversees the case. Carmen D. Conde Torres,
Esq., at C. Conde & Assoc., and Dage Consulting CPA's, PSC serve
as the Debtor's legal counsel and accountant, respectively.



                           *********


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
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Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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