/raid1/www/Hosts/bankrupt/TCRLA_Public/220523.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, May 23, 2022, Vol. 23, No. 96

                           Headlines



B E R M U D A

VALARIS LIMITED: Moody's Upgrades CFR & Secured Notes to B2


B R A Z I L

BRADESCO SEGUROS: Fitch Withdraws 'BB' Insurer Financial Strength
BRAZIL: Already Out Of Hell, Says Economy Minister on Inflation
BRAZIL: Raises Inflation Forecast for 2022 From 6.6% to 7.9%
CEMIG: Moody's Upgrades CFR to Ba2 & Alters Outlook to Stable
MARFRIG GLOBAL: Moody's Upgrades CFR to Ba2, Outlook Positive



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Buys Power as Blackouts Linger


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Alters Outlook on 'BB' IDRs to Positive
BANCO DE DESAROLLO: Fitch Alters Outlook on BB- IDR to Positive
BANCO INDUSTRIAL: Fitch Alters Outlook on 'BB-' IDRs to Positive
BANTRAB: Fitch Alters Outlook on 'BB-' LT IDRs to Positive


M E X I C O

UNIFIN FINANCIERA: Fitch Maintains 'BB-' IDR on Watch Negative


P U E R T O   R I C O

EMPACADORA Y PROCESADORA: May Use Cash Collateral Thru July 15
STONEMOR INC: Incurs $12.2 Million Net Loss in First Quarter


X X X X X X X X

[*] BOND PRICING: For the Week May 16 to May 20, 2022

                           - - - - -


=============
B E R M U D A
=============

VALARIS LIMITED: Moody's Upgrades CFR & Secured Notes to B2
-----------------------------------------------------------
Moody's Investors Service upgraded Valaris Limited's Corporate
Family Rating to B2 from B3, Probability of Default Rating to B2-PD
from B3-PD, and secured notes to B2 from B3. The SGL-2 Speculative
Grade Liquidity rating was unchanged. The rating outlook remains
stable.

"The upgrade reflects Valaris' increasing revenue backlog and fleet
utilization and our expectation that the company will sign more
contracts at higher dayrates in an improving market," commented
Sajjad Alam, Moody's Vice President. "Supply side constraints in
global energy markets are likely to keep oil and gas prices
elevated and attract higher investments in offshore exploration and
development projects through 2023."

Upgrades:

Issuer: Valaris Limited

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Senior Secured Notes, Upgraded to B2 (LGD3) from B3 (LGD3)

Outlook Actions:

Issuer: Valaris Limited

Outlook, Remains Stable

RATINGS RATIONALE

The B2 CFR reflects Valaris' small but improving EBITDA base,
re-contracting risks involving its ability to sign long term
contracts on a consistent basis, lingering oversupply of offshore
rigs, and the risks of continued negative free cash flow generation
as a result of significant reactivation costs to deploy idle rigs
in an improving market. While dayrates have been increasing since
early-2021, oil prices need to stay high over an extended period to
foster significant growth in upstream investments in long-cycle
offshore projects. Moody's expects rig demand and dayrates to
increase gradually, albeit faster than Moody's prior assumptions,
allowing Valaris to reach breakeven cash flow in 2023. Valaris'
primary credit supports include its large and high-quality rig
fleet; excellent diversification across geography, rig types, and
customers; growing contracted backlog, which stood at $2.5 billion
as of May 2, 2022; and its strong contractual relationship with
Saudi Aramco (A1, stable), the world's largest oil producer and
employer of jackup rigs. While offshore rig contracting activity is
increasing slowly, Valaris has been able to win a high percentage
of contracts in recent quarters by leveraging its modern rigs,
excellent operating track record and prior commercial relationships
with most of the largest E&Ps, integrated oil companies and
national oil companies.

Valaris' senior secured notes are rated B2, at the CFR level, given
its dominance in the capital structure. Moody's views the B2 rating
to be more appropriate than the higher rating indicated by Moody's
Loss Given Default for Speculative-Grade Companies methodology
because of the absence of junior debt in the capital structure that
could potentially absorb losses in the event of a default. The
senior secured notes do not have any financial covenants and have a
PIK interest feature that allows Valaris to pay interest either in
cash, in additional notes (pay-in-kind) or utilize a combination of
both.

The SGL-2 rating reflects Moody's view that Valaris' large cash
balance and increasing operating cash flow will help maintain good
liquidity through 2023. The company had $578 million of cash
(excluding $30 million in restricted cash) as of March 31, 2022,
although it did not have a revolving credit facility. The company
also received $125 million cash proceeds from the sale of two
jackup rigs in the second quarter. Moody's expect about $100
million of negative free cash flow through 2023 primarily driven by
reactivation costs, which in turn should help earn future revenues.
Although the company has the option to take delivery of two latest
generation drillships at a total cost of $337 million, Moody's
expects management to exercise the purchase options only if there
are contract opportunities and necessary funding without materially
depletiing its liquidity cushion. Valaris' senior secured notes
indenture provides $275 million of incremental pari passu senior
secured debt capacity, which could help raise additional liquidity,
if needed.

The stable outlook reflects Valaris' good liquidity, improving
fleet utilization and increasing offshore rig demand.

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

The ratings could be upgraded if Valaris can generate free cash
flow, increase fleet utilization and revenue backlog and sustain
leverage below 3.5x in an improving offshore drilling industry
environment. The ratings could be downgraded if the company
generates larger than expected negative free cash flow, is unable
to sustain interest coverage above 2.5x, or suffers a sharp decline
in cash balance leading to weak liquidity.

Valaris Limited, based in Bermuda, is one of the world's largest
providers of offshore contract drilling services to the oil and gas
industry.

The principal methodology used in these ratings was Oilfield
Services published in August 2021.




===========
B R A Z I L
===========

BRADESCO SEGUROS: Fitch Withdraws 'BB' Insurer Financial Strength
-----------------------------------------------------------------
Fitch Ratings has affirmed and withdrew Bradesco Seguros S.A.'s
Insurer Financial Strength (IFS) at 'BB'/Negative Outlook and
National IFS Rating at 'AAA (bra)' /Stable. The ratings reflect the
company's strategic importance to its parent Banco Bradesco, of
which Bradesco Seguros is considered a core subsidiary.

The ratings were withdrawn for commercial reasons.

KEY RATING DRIVERS

Fitch views Bradesco Seguros as a 'core subsidiary' of Bradesco,
and therefore its ratings are equalized with those of its parent.
This is based on the strategic importance of its Bradesco Seguros
insurance operations, which complement the main retail banking
activities, common branding and Bradesco Seguros' high contribution
to group profits.

The ratings also reflect the company's leading position in the
Brazilian insurance market, consistent performance through the
cycles, diversified revenue base, strong distribution capacity
underpinned by Bradesco's wide agency network and comfortable
liquidity and capitalization ratios.

At YE 2021, life and pension segments remained the largest
contributors to revenues (76.8%), followed by P/C (12.3%) and
saving bonds (10.9%).

RATING SENSITIVITIES

Rating sensitivities pertaining to the noted ratings are no longer
relevant given today's withdrawal.

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.


BRAZIL: Already Out Of Hell, Says Economy Minister on Inflation
---------------------------------------------------------------
Richard Mann at Rio Times Online reports that inflation is global
today because central banks have been asleep at the wheel, Economy
Minister Paulo Guedes said at an event sponsored by Arko Advice and
the Traders Club. "Ours has already woken up."

With the pandemic, food and energy prices rose worldwide. And
still, a war came, the minister commented, according to Rio Times
Online.

Brazil, however, quickly bounced back and emerged from the crisis
in a "V" shape. "We rose more than advanced economies," he said,
the report notes.

He said the service sector is moving at a higher level than before
the 2015 recession, the report relays.

For Paulo Guedes, Brazil's central bank has woken up and quickly
led the country out of the crisis, the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

As reported in the Troubled Company Reporter-Latin America on
April 15, 2022, Moody's Investors Service affirmed the Government
of Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

Standard & Poor's credit rating for Brazil stands at BB- with
stable outlook (April 2020). S&P's 'BB-/B' long-and short-term
foreign and local currency sovereign credit ratings for Brazil
were affirmed in December 2021 with stable outlook. Fitch Ratings'
credit rating for Brazil stands at 'BB-' with a negative outlook
(November 2020).  Fitch's 'BB-' Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) has been affirmed in
December 2021.  DBRS's credit rating for Brazil is BB (low) with
stable outlook (March 2018).


BRAZIL: Raises Inflation Forecast for 2022 From 6.6% to 7.9%
------------------------------------------------------------
Rio Times Online reports that the Brazilian Ministry of Economy
raised from 6.6% to 7.9% the projection for inflation this year,
driven by higher food prices and administered prices, such as
energy.  The agency maintained the projection for the economy's
growth of 1.5%, according to Rio Times Online.

The data were released on May 19 in the MacroFiscal Bulletin,
prepared by the Economic Policy Secretariat of the Ministry of
Economy, the report notes.

The projection for inflation is above the one expected by the
financial market, the report relays.  High food prices and
administered prices weighed on the projection, the report adds.

                         About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

As reported in the Troubled Company Reporter-Latin America on
April 15, 2022, Moody's Investors Service affirmed the Government
of Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

Standard & Poor's credit rating for Brazil stands at BB- with
stable outlook (April 2020). S&P's 'BB-/B' long-and short-term
foreign and local currency sovereign credit ratings for Brazil
were affirmed in December 2021 with stable outlook. Fitch Ratings'
credit rating for Brazil stands at 'BB-' with a negative outlook
(November 2020).  Fitch's 'BB-' Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) has been affirmed in
December 2021.  DBRS's credit rating for Brazil is BB (low) with
stable outlook (March 2018).


CEMIG: Moody's Upgrades CFR to Ba2 & Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Companhia Energetica de Minas Gerais - CEMIG (CEMIG) to Ba2 from
Ba3. The baseline credit assessment was also upgraded to ba2 from
ba3. Concomitantly, Moody's has upgraded the global scale issuer
ratings of Cemig Distribuicao S.A. (CEMIG D) and Cemig Geracao e
Transmissao S.A. (CEMIG GT) to Ba2 from Ba3. The outlook on all
ratings changed to stable from positive.

Upgrades:

Issuer: Companhia Energetica de Minas Gerais - CEMIG

Corporate Family Rating, Upgraded to Ba2 from Ba3

Baseline Credit Assessment, Upgraded to ba2 from ba3

Issuer:Cemig Distribuicao S.A.

Issuer Rating, Upgraded to Ba2 from Ba3

Issuer:Cemig Geracao e Transmissao S.A.

Issuer Rating, Upgraded to Ba2 from Ba3

Outlook Actions:

Issuer: Companhia Energetica de Minas Gerais - CEMIG

Outlook, Changed To Stable From Positive

Issuer:Cemig Distribuicao S.A.

Outlook, Changed To Stable From Positive

Issuer:Cemig Geracao e Transmissao S.A.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The ratings' upgrade reflect the favorable operating track record
and the substantial improvements in the group's financial policy
and risk management over the past three years, following planned
asset divestures and liability management initiatives. As of March
2022, the company reported a consolidated cash & cash equivalents
position of aproximately BRL2.4 billion, compared to BRL1.1 billion
in debt maturities through March 2023. Liquidity available is
sufficient to cover all debt maturities over the next 24 months.
CEMIG's reduced leverage is also a credit positive, because it will
sustain the CFO pre-WC/debt ratio between 28% - 30% and interest
coverage between 3.5x-4.0x in the next 12 to 18 months, despite a
prospective modest economic growth, high inflationary pressures and
interest rates.

Supporting CEMIG's consolidated credit profile is its large scale
and leading position as one of the largest integrated power
utilities in Brazil, holding an installed generation capacity of
5.8 GW, 98% of which is hydro, 7,960 kilometers of transmission
lines, and distributing electricity to 8.9 million consumers
located in the State of Minas Gerais. The company's credit profile
is benefiting from the increased representation of the more
predictable regulated electricity distribution business, closer to
50% of total EBITDA today, up from from 30% between 2014-2017, as
power generation concessions expired, and the company continued
investing in its distribution network. Moody's recognizes the
overall supportive track record of Brazil's regulatory framework
for the electricity distribution sector, providing timely
compensation for energy costs and investment return through tariffs
increases. In 2021, the reversal of certain tax credits to
consumers has contributed to relatively low tariff increases in
CEMIG's service area, therefore reducing concerns on affordability
and delinquencies.

Factored in the ratings are the off-balance sheet contingent
obligations in the amount of BRL5 billion related to guaranteed
financial debt at non-controlled subsidiaries, which cause a
moderate deterioration in pro-forma leverage credit metrics, in
addition to the potential expiration of key hydro concessions in
2027 and significant refinancing needs in late 2024. Moreover, the
company is exposed to hydrology conditions and foreign currency
devaluation, given that its hedging arrangements encompass a cap to
devaluation of local currency. Also embedded in the ratings is the
view that the weak credit quality of its controlling shareholder,
the State of Minas Gerais (B2 stable), reflects in limited
availability of parental support. The credit quality of the
Government of Brazil (Ba2 stable) also limits the company's ratings
given its highly regulated business nature and the exposure to
local revenues.

CEMIG is a government related issuer (GRI). The State of Minas
Gerais is the shareholder with majority control, with 50.97%
ownership of common shares and 17.04% of overall shares. CEMIG's
Ba2 ratings consider the following four input factors within
Moody's GRI rating methodology: (i) a low-level probability of
extraordinary support from the state should CEMIG face financial
distress, (ii) Moody's estimates of a very high level of dependence
between the company and the state, (iii) Moody's rating of the
state of Minas Gerais, and most importantly, (iv) CEMIG's intrinsic
credit profile as captured in the baseline credit assessment of
ba2.

The rating actions on CEMIG D's and CEMIG GT's ratings mirrors that
of CEMIG because of credit linkages within the group. All
subsidiaries' debt are guaranteed by the holding company; at the
same time, there are cross default across provisions within the
corporate family; and cash flow management is centralized,
including the potential use of intracompany lending.

RATINGS OUTLOOK

The stable outlook reflects Moody's expectation that the group's
CFO-pre-WC to Debt will be above 18% and the interest coverage will
remain above 3.5x, while the company maintains a prudent financial
policy, holding a cash balance in excess of 12-month debt
maturities. Also, it considers CEMIG's access to different funding
sources, as to support planned investments and refinancing needs
over the next 24 months.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Cemig's ESG Credit Impact Score is moderately negative (CIS-3),
where its ESG attributes are overall considered as having a limited
impact on the current rating, with greater potential for future
negative impact over time.

The company has a moderate exposure to environmental risks,
reflected in the E-3 issuer profile scores mainly driven by its
exposure to physical climate risks, mostly in the form of extreme
weather patterns. On the other hand, carbon transition risk is low
as its generation portfolio is composed of renewable sources.

Social risk exposure is also moderate (S-3 issuer profile score)
reflecting the risk that demographic and societal trends could lead
to adverse regulatory political intervention, broadly in line with
other utilities in Latin America region.

The moderate governance score (G-3 issuer profile) is mainly due to
ownership concentration and moderate exposure to financial strategy
and risk management reflected in the significant refinancing need
in 2024 as well as the uncertainty around some generation plants
concession renewal after 2026-27.

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

A rating upgrade is unlikely in the short term, due to the stable
outlook as well as the company's linkages to the Brazilian
government. Upward pressure in the government's rating could lead
to a rating upgrade. A rating upgrade would also depend on CEMIG's
CFO pre-WC/debt to remain above 22% and interest coverage stays
above 4.5x, for a sustainable period.

A rating downgrade could happen upon Moody's understanding of
increased liquidity or refinancing risks, such as delays addressing
its 2024 debt maturities or if there is an increase in leverage. A
ratings downgrade would be considered if the company's consolidated
CFO pre-WC/debt remains below 13% and the interest coverage remains
below 2.5x, on a sustainable basis. Moody's perception of
deterioration in the operating environment for electricity
companies in Brazil, due to political interference or unfavorable
changes in the regulatory framework, could also trigger a
downgrade

COMPANY PROFILE

Headquartered in Belo Horizonte in the State of Minas Gerais, CEMIG
is a leading Brazilian integrated utility operating in the sectors
of electricity distribution, generation and transmission, with 5.8
gigawatts (MW) in installed capacity and around 7,960 km of
transmission lines across the country. CEMIG is controlled by the
State of Minas Gerais, which owns 50.97% of the company's voting
capital. For the 12 months ended in December 2021, CEMIG had net
revenue of BRL33.6 billion and EBITDA of BRL7.8 billion (according
to Moody's standard adjustments). As of 2021, the company's
generated 48% of its consolidated EBITDA from the distribution
business, 24% from power generation, 13% from electricity
transmission and 8% from gas distribution.          

The principal methodologies used in rating Companhia Energetica de
Minas Gerais - CEMIG were Regulated Electric and Gas Utilities
published in June 2017.


MARFRIG GLOBAL: Moody's Upgrades CFR to Ba2, Outlook Positive
-------------------------------------------------------------
Moody's Investors Service upgraded Marfrig Global Foods S.A.
corporate family rating to Ba2 from Ba3; positive outlook is
maintained.

Ratings actions:

Issuer: Marfrig Global Foods S.A.

LT Corporate Family Rating: upgraded to Ba2 from Ba3

Outlook Actions:

Issuer: Marfrig Global Foods S.A.

Outlook, positive

RATINGS RATIONALE

The upgrade to Ba2 reflects Marfrig's continued strong operational
performance and adequate liquidity, which increases its ability to
weather the volatility of the beef business, and the liability
management strategies implemented, which has led to lower financial
expenses. Moody's expects Marfrig to continue to extend debt
maturities and reduce 2022-2024 maturities, which represent about
38% of total debt at the end of 1Q22.

The positive outlook reflects Moody's belief that metrics will
remain steady in the next 12 to 18 months, and that the company
will be able to reduce the relative share of short-term debt in its
capital structure, while reducing total debt levels. The outlook
also reflects Moody's view that company will remain financially
disciplined with respect to M&A and shareholder returns and
preserve its liquidity to mitigate the inherent price volatility of
the beef industry.

The Ba2 rating is supported by Marfrig's scale as the second
largest beef producer globally, its good geographic footprint and
diversification in terms of raw material sourcing, which reduce
weather-related risks and animal diseases. The company is
well-positioned to capture the supportive fundamentals of the US
market and the strength in exports from South America, while higher
participation of processed foods in its mix and continuous focus on
productivity and cost-cutting will support margins. These strengths
are balanced against the company's narrow focus in the cyclical
beef industry, which is characterized by volatile earnings, and the
reliance on the North America segment, which generates about 75% of
the company's revenues. A deceleration in demand in the United
States would lead to weaker margins and pressure Marfrig's credit
metrics. The 33.25% stake Marfrig acquired in BRF S.A. will support
some diversification into the poultry and pork segments overtime.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Protein producers in Brazil are facing increasing scrutiny from
major stakeholders related to cattle raising linked to
deforestation of the Amazon and other biomes. This increases the
risk of boycotts and higher costs associated with stricter
requirements and initiatives related to cattle traceability. As a
response to these demands, Marfrig announced in 2020 a 10-year plan
called Marfrig Verde +, focusing on the traceability of cattle and
aiming at monitoring the entire cattle supply chain by 2030, both
in the Amazon and Cerrado biomes in Brazil.

Cattle procurement is not only related to deforestation, but also
involves the risks of purchasing raw materials from suppliers
involved with invasion of protected areas such as indigenous land.
Therefore, ability to implement a robust traceability policy can
mitigate responsible production risk exposure, a social factor in
Moody's ESG risk assessment.

Marfrig is a publicly owned company with shares listed on the B3
S.A. - Brasil, Bolsa, Balcao (Ba1 stable). The company is part of
the Novo Mercado, the segment with the highest standards of
corporate governance in Brazil, and has just one class of shares
(ordinary, with voting rights). The controlling shareholders,
represented by MMS Participacoes S.A. and its members individually
(Marcos Antonio Molina dos Santos and Marcia Aparecida Pascoal
Marçal dos Santos), hold 49.72% of total shares, and the remaining
is mostly free float (45.67%) and management and treasury stock
(4.47%). Currently, Marfrig's board has seven members, three of
whom are independent. Marcos Molina is the chairman of the board,
which creates some concerns related to concentrated ownership and
board independence.

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

An upward rating movement would require Marfrig to maintain a
strong liquidity position, a track record of financial discipline
and to increase its financial flexibility with reduction in debt
levels, with leverage, measured by Moody's total adjusted
debt/EBITDA sustained at or below 2.5x and interest coverage,
measured by EBITA/interest expense, sustained at 5.5x and above. An
upgrade would also require a maintenance of strong operating
performance, with CFO/Debt sustained at 25% or above, and a
resilient performance regardless of the underlying cattle cycle,
macroeconomic environment, and consumption and trade patterns in
key markets, in particular in the US.

Marfrig's ratings could be downgraded if the company's operating
performance weakens, its financial policy becomes more aggressive,
or its liquidity deteriorates. Quantitatively, the ratings could be
downgraded if total debt/EBITDA trends towards 3.5x over the next
12-18 months, EBITA/interest expense falls below 5x or CFO/debt
stays below 20%. All credit metrics incorporate Moody's standard
adjustments.

The principal methodology used in this rating was Protein and
Agriculture published in November 2021.

Marfrig Global Foods S.A. (Marfrig), headquartered in Sao Paulo,
Brazil, is the second-largest beef producer globally, with
consolidated revenue of BRL90.5 billion (around $17 billion) in the
12 months ended March 2022. Marfrig owns 81.73% of National Beef
(unrated) and 33.25% of BRF S.A. (Ba2 positive). The company is
diversified in terms of operating production facilities, with a
total cattle slaughtering capacity of 29,100 heads per day and lamb
slaughtering capacity of 6,500 heads per day (including 100%
capacity of National Beef) through its slaughtering plants
(including one lamb slaughtering unit in Chile) and processing
facilities located in Brazil, Argentina, Uruguay, and the US. In
North America, National Beef is the largest beef processor, while
in Brazil, Marfrig is the second-largest beef processor. Marfrig
also has relevant positions in South America, as the largest
protein producer of Uruguay and Chile's leading beef importer and
lamb producer.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Buys Power as Blackouts Linger
--------------------------------------------------
Dominican Today reports that the Dominican Republic Minister of
Energy and Mines, Antonio Almonte, disclosed that 250 megawatts
will enter to supply the demand for energy that has been affected
in recent weeks by the shutdown of several power generation plants.


These megawatts will be purchased from the companies Falcondo,
Sultana del Este and Barrick Gold at the same price as Punta
Catalina, according to Dominican Today.

"As of the weekend, the Estrella del Mar III generator will be
integrating some 150 more megawatts and that means that the
situation will be normalizing between May 20 and May 23," Almonte
revealed.

The official offered these statements after leading a meeting with
the main representatives of the energy sector, in order to respond
to the energy crisis and said that the blackouts are the fault of
past government administrations that neither planned nor worked in
time for the Installation of new generation units, the report
discloses.

                    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.




=================
G U A T E M A L A
=================

BANCO AGROMERCANTIL: Fitch Alters Outlook on 'BB' IDRs to Positive
------------------------------------------------------------------
Fitch Ratings has revised to Positive from Stable Banco
Agromercantil de Guatemala, S.A.'s (BAM) Long-Term Foreign Currency
(FC) Issuer Default Rating (IDR) Outlook and affirmed the IDR at
'BB'. Fitch has also upgraded BAM's Long-Term Local Currency IDR
(LC IDR) to 'BB+'/Stable from 'BB'/Stable and Long-Term National
Rating to 'AAA(gtm)'/Stable from 'AA+(gtm)'/Stable. BAM's Viability
Rating (VR) was affirmed at 'b+' as well as the Short-Term FC and
LC IDRs at 'B' and Short-Term National Rating at 'F1+(gtm)'.

The FC IDR Outlook revision to Positive and the upgrade of the LC
IDR and LT National Rating are driven by an improvement in Fitch's
assessment of the support propensity from its parent company,
Bancolombia (BB+/Stable) to BAM. In the agency's opinion, BAM's
strategic and operational integration with its parent has continued
to strengthen and has reached a high level since the entity became
fully owned by Bancolombia, with largely funding fungibility, while
maintaining a key role in the group.

Fitch has also withdrawn BAM's Support Rating (SR) of '3' as it is
no longer relevant to the agency's coverage following the
publication of the updated Bank Rating Criteria on Nov. 12, 2021.
In line with the updated criteria, Fitch has assigned BAM a
Shareholder Support Rating (SSR) of 'bb'.

KEY RATING DRIVERS

Shareholder Support: BAM's IDRs, SSR and National Ratings are based
on the potential support it would receive from its shareholder
Bancolombia, S.A. ifs required. Fitch's assessment of Bancolombia's
ability and propensity to support its subsidiary results in BAM's
ratings being equalized to those of its parent. The Positive
Outlook reflects that the LT FC IDR and SSR can be upgraded if
Guatemala's country ceiling is upgraded, since it exerts a cap on
BAM's FC ratings.

Key Role in Regional Strategy: Fitch considers BAM as a key part of
Bancolombia's regional scope and diversification strategy, as it
has a good potential for growth and profitability, and is a
relevant player in Central America's largest economy.

High Integration and Reputational Risk: BAM benefits from business
and operational synergies with its parent and maintains a
management structure with a high integration level. In addition,
Fitch believes that a default of BAM would materially affect the
reputation and regional franchise of its parent, which would
increase the propensity to provide support.

Good Market Position: BAM's VR of 'b+' is in line with its implicit
VR and considers its good market position in Guatemala, having
market shares of 11% and 8% in loans and deposits, respectively,
and being one of the leaders in the corporate segment. However, its
business volume scale is smaller internationally, as reflected in
its total operating income of USD230 million in 2021.

Improved Loan Quality: Fitch expects BAM's loan quality to sustain
better than pre-pandemic levels due to Guatemala's positive
operating environment, increased credit demand and the bank's sound
risk control framework. NPLs accounted for 1.5% of gross loans at
1Q22, below 2018-2019 average of 2.3% while loan loss allowance
coverage improves to 141.1% (2018-2019 average: 107.3%).

Profitability with Tailwinds: BAM has reached profitability levels
comparable with its larger local peers and Fitch expects that will
sustain an operating profit to risk-weighted assets (RWA) ratio
close to 2021 level of 2.2%. In Fitch's base scenario, the
profitability will continue be driven by continuous loan growth,
higher net interest margin, greater operating efficiency and low
loan impairment charges, reflecting its better loan quality.

Earnings Accumulation: Fitch expects BAM's capitalization to remain
strengthened with a Fitch Core Capital (FCC) to RWA close to 12%.
The capitalization has strengthened in 2021 due to the preferred
shares conversion to common capital and earnings accumulation due
to the non-payment of dividends.

Customer Deposits Growth: Fitch's assessment of BAM's funding and
liquidity profile considers the sustained deposits growth, access
to diversified funding sources as well as the synergies generated
and ordinary support that it could receive from Bancolombia, if
needed. It is expected that loans-to-deposits ratio remain close to
1Q22 at 100.3%, better than 2018-2019 average of 110.7%.

RATING SENSITIVITIES

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

-- A downgrade on Bancolombia's IDRs or lower support propensity
    would lead a downgrade of BAM's FC and LC IDRs, SSR and
    National Ratings;

-- A revision to Stable of Guatemala's IDR Outlook would lead to
    a similar action on BAM's FC IDR Outlook;

-- BAM's VR could be downgraded if the funding and liquidity
    profile materially weakens or its risk controls deteriorate,
    causing its operating profit to RWA ratio to fall consistently

    below 0.5% and its FCC/RWA below 9%.

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

-- BAM's FC IDR and SSR would be upgraded if Guatemala's country
    ceiling is upgraded;

-- The LC IDR would be upgraded if Bancolombia's IDR and
    Guatemala sovereign rating are upgraded;

-- BAM's ST IDRs and LT- and ST- National Ratings have the
    maximum rating level, therefore cannot be upgraded;

-- The VR could be upgraded if Fitch's assessment of Guatemala's
    operating environment is upgraded and the bank maintains
    stable loan quality and funding and liquidity profile.

VR ADJUSTMENTS

Fitch has assigned a Business Profile score of 'bb-' that is above
the 'b' category implied score due to the following adjustment
reason: Market Position (positive).

Fitch has assigned a Funding and Liquidity score of 'bb-' that is
above the 'b' category implied score due to the following
adjustment reasons: Liquidity access and ordinary support
(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.

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.


BANCO DE DESAROLLO: Fitch Alters Outlook on BB- IDR to Positive
---------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook to Positive from
Stable for Banco de Desarrollo Rural, S.A.'s (BanRural) Foreign and
Local Currency Long-Term Issuer Default Ratings (IDR) and affirmed
at 'BB-'. Fitch has also affirmed BanRural's Short-Term IDR at
'B',Viability Rating (VR) at 'bb-', Long-Term national rating at
'AA(gtm)' and Short-Term national rating at 'F1+(gtm)'. The Outlook
on the Long-Term National Rating is Stable.

The Outlook revision of BanRural's IDRs reflects the same action on
Guatemala's 'b+' operating environment (OE) assessment, following
Fitch's revision of Guatemala's sovereign Rating Outlook to
Positive from Stable. This is in line with better than expected
macroeconomic conditions in the country given the strong economic
recovery and the agency's expectation that this will foster the
continuity of the banking system's sound financial profile. In
Fitch's opinion, this would continue to encourage BanRural's
consistent financial performance and could benefit from an
improvement in Fitch's assessment of the OE and an upgrade in
Guatemala's sovereign rating, since the bank's IDR is rated at the
same level.

In addition, in line with the updated criteria, Fitch has withdrawn
BanRural's Support Rating of '4' and Support Rating Floor of 'B+'
as they are no longer relevant to the agency's coverage. In line
with the updated Bank Rating Criteria published on Nov. 12, 2021,
Fitch has assigned a 'b+' Government Support Rating (GSR).

KEY RATING DRIVERS

Positive Operating Environment: Banco de Desarrollo Rural, S.A.'s
(BanRural or the bank) VR of 'bb-' is in line with its implied VR.
The bank's ratings are influenced by its OE, which is expected to
register improved business dynamism in 2022, with favorable
conditions for the Guatemalan banking system's performance, despite
remaining external downside risks. In this sense, Fitch believes
BanRural is capable of leveraging its good business profile and
strong market position to improve its performance.

Relevant Guatemalan Bank: BanRural's ratings are highly influenced
by its business profile, notably its position as a relevant bank
with a strong franchise and leading position in consumer loans,
SMEs, microlending and an ample deposit base.

Good Risk Profile: Fitch believes BanRural's risk profile remains
sufficient to manage the risks it is exposed to. This is especially
relevant due to the bank's orientation to customers of relatively
higher risk. Positively, credit risk metrics show improvement as a
result of better credit vintages in key segments.

Asset Quality with Margin for Improvement: Fitch believes that
BanRural's asset quality metrics will remain in similar levels for
the foreseeable future. As of 2021, the 90+days overdue loan ratio
over gross loans of 3.95% remains higher than its closest peers and
the overall industry due to its business model. While the ratio is
in line with its recent history (2017-2020 average of 3.97%), it
registers a higher loan loss reserves over average gross loans
ratio and lower level of write-offs. Meanwhile. its investment
portfolio will remain focused on AFS securities of good credit
quality as they are concentrated on sovereign debt issues.

Good Profitability: Fitch believes that BanRural's profitability
and earnings metrics are likely to remain in similar levels in the
ratings horizon. As of 2021, the operating return over
risk-weighted assets (RWAs) was 3.2%, higher than its most of its
peers and above its recent track record as its net interest margin
benefits from adequate pricing, lower financial costs and an
improved operating efficiency.

Good Loss Absorption Capacity: Fitch believes that BanRural's
capitalization is suitable and will remain at similar levels in the
ratings horizon. Its Fitch Core Capital ratio of 17.7% provides it
with a good loss absorption capacity and is considered relatively
less vulnerable to asset quality deterioration given the lower
concentration of the 20 largest debtors (0.8x FCC) and adequate
reserve coverage.

Sound Funding Structure and Liquidity: Fitch foresees that BanRural
will maintain its sound funding structure and liquidity ratios. As
of 2021, the loans to deposit ratio of 51.1% indicates the bank's
sound liquidity and compares better than the banking system average
of 68.7%. Its customer base is ample, a reflection of its local
market position in retail clients and benefits the bank's
profitability through a low-cost structure due its high sight
deposit taking. Wholesale funding complements funding sources
through a sound number of providers.

Limited Probability of Support: The bank's GSR of 'b+' reflects
Fitch's opinion about the limited probability of support being
forthcoming because of significant uncertainties about the ability
or propensity of the Guatemalan sovereign to do so.

RATING SENSITIVITIES

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

BanRural's IDRs would be affirmed and its Outlook revised to Stable
from Positive if a similar rating action were to occur in the
Guatemalan sovereign rating or OE.

BanRural's VR, IDRs and National Scale Ratings could be downgraded
by the deterioration of its financial profile caused by a
significant decline of its operating profit to risk weighted assets
(RWA) ratio consistently below 2% and/or a decline in its Fitch
Core Capital to RWA ratio close to 12%. Ratings are also sensitive
to a downgrade of the sovereign rating.

BanRural's GSR is sensitive to changes in the sovereign rating as
well as its capacity and/or propensity to provide support.

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

BanRural's VR and IDR have limited upside potential given that they
are at the sovereign level. The VR and IDR could be upgraded in the
event of an upgrade of Guatemala´s sovereign rating and
improvement of the OE. National ratings could be upgraded from a
reduction of NPLs below peer levels while maintaining profitability
and capitalization levels.

BanRural's GSR is sensitive to changes in the sovereign rating as
well as its capacity and/or propensity to provide support.

VR ADJUSTMENTS

The Business Profile Score of 'bb' has been assigned above the 'b'
category implied score due to the following adjustment reasons:
Business Model (positive) and Market Position (positive).

The Capital and Leverage Score of 'bb-' has been assigned above the
'b' category implied score due to the following adjustment reasons:
Reserve Coverage and Asset Valuation (positive) and Risk Profile
and Business Model (positive).

The Funding and Liquidity Score of 'bb-' has been assigned above
the 'b' category implied score due to the following adjustment
reason: Deposit Structure (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.

ESG CONSIDERATIONS

Fitch has revised BanRural's ESG Relevance Score of for Human
Rights, Community Relations, Access & Affordability to '2' from
'4[+]' to reflect that the bank's focus on the supply of services
for underbanked and underserved communities no longer has a
positive impact on the credit profile.

BanRural's ESG Relevance Score for Exposure to Environmental
Impacts is '2' which is assigned to banks globally, to reflect that
BanRural has a level of exposure to environmental impacts no higher
than that of other banks.

The ESG Score of '2' is the typical relevance score for this factor
and implies that this issue is irrelevant to the entity rating but
relevant to the sector.

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.


BANCO INDUSTRIAL: Fitch Alters Outlook on 'BB-' IDRs to Positive
----------------------------------------------------------------
Fitch Ratings has revised Banco Industrial, S.A.'s (Industrial)
Rating Outlook to Positive from Stable and has affirmed the Foreign
and Local Currency Long-Term (LT) Issuer Default Ratings (IDR) at
'BB-', Short-Term (ST) IDRs at 'B' and Viability Rating (VR) at
'bb-'. Fitch also affirmed the LT and ST National Ratings of
Industrial at 'AA(gtm)'/Outlook Stable and 'F1+(gtm)',
respectively.

The Outlook revision of Industrial's IDRs reflects the same action
on Guatemala's 'b+' operating environment (OE) assessment,
following Fitch's revision of Guatemala's sovereign Rating Outlook
to Positive from Stable. This is in tune with better than expected
macroeconomic conditions in the country given the strong economic
recovery and the agency's expectation that this will foster the
continuity of the banking system's sound financial profile. In
Fitch's opinion, this would continue to encourage Industrial's
consistent financial performance and could benefit from an
improvement in Fitch's OE assessment and an upgrade in Guatemala's
sovereign rating, since the bank's IDR is rated at the same level.

Fitch has withdrawn the Industrial's Support Rating and Support
Rating Floor of '4' and 'B+', respectively, as they are no longer
relevant to the agency's coverage following the publication of
Fitch's updated Bank Rating Criteria on Nov. 12, 2021. In line with
the updated criteria, Fitch has assigned a Government Support
Rating (GSR) of 'b+'.

KEY RATING DRIVERS

Intrinsic Profile: Industrial's IDRs and national ratings are
underpinned by its inherent credit profile, captured in its VR,
which is immersed in the Guatemala OE (b+ with positive trend).
Industrial's VR of 'bb-' is in line with its implied VR and
considers its relevant market position, robust risk profile and its
resilient financial performance.

Better than Expected OE Outlook: This is based on Fitch's improved
expectation of business dynamism in 2022, with favorable conditions
for the Guatemalan banking system, despite external downside risks
still existing. The agency estimates the system's financial profile
to remain in a good position in 2022, and considers Industrial will
continue to materialize this in its solid financial performance
with consistent asset quality and profitability metrics, as well as
higher capitalization compared to pre-pandemic levels.

Relevant Position in the Market and Consistent Business Model:
Industrial's VR also reflects its leadership in the Guatemalan
banking system, with market shares of 29.0%, 29.1% and 26.7% in
terms of assets, loans and deposits as of February 2022, which
boosts its sound business profile and significant competitive
position. Its regional presence in Central America, the consistent
business model and the bank's strategy have resulted in a resilient
financial performance even in economic slowdown periods.

Outstanding Asset Quality: Industrial's loan quality, distinguished
for its steadiness and lower-than-local peers nonperforming loans
(NPLs) metric, as well as its ample coverage reserve for NPLs,
reflecting its strong risk profile. In 2021, the NPLs ratio
continued with a mild downward trend, standing at 0.6% (industry:
1.7%), after averaging 0.9% the last four years. Meanwhile, the
reserves for impaired loans grew prudently to 367.6% in 2021. Fitch
estimates that loan quality will remain similar in the rating
horizon.

Stable Performance: Fitch considers the bank's profitability will
remain steady, underpinned by the ongoing economic recovery with
charges for impaired loans ad hoc to the prospects of this
environment, along with initiatives implemented by the entity to
favor profitability, also reflecting its business model. In 2021,
the operating profit to risk weighted assets (RWA) ratio registered
2.4% (2017-2020: 2.3%), similar to 2.6% of the system.

Appropriate Capitalization: Industrial's capital levels have shown
strengthening, although the Fitch Core Capital (FCC) to RWA metric
dipped slightly to 11.7% in 2021 (2020: 12.2%), influenced by
higher credit growth. The regulatory capital ratio continued to
expand, reaching 16% in 2021 (2017-2020: 14.1%), driven by its
broad coverage of credit reserves, and subordinated debt and hybrid
instruments, which give an additional cushion above the regulatory
minimum of 10%. The agency estimates the capital position will have
a similar behavior in 2022, accompanied by a more benign OE.

Sound Deposit Franchise: The bank's deposit leadership in Guatemala
has translated into a diversified and low-cost funding structure,
with deposits being its main funding source. This is complemented
by other financing alternatives, which, along its ample access to
additional resources from national and international markets,
provides the entity with greater room in adverse events. A higher
loan's expansion, in relation to that observed in deposits, led to
a loan-to-deposit ratio of 75.6% in 2021.

Government Support Rating (GSR): Industrial's GSR of 'b+' reflects
Fitch expectation of limited probability of extraordinary support
that the bank would receive from the sovereign, if needed. In its
analysis, the agency weighs highly the small relative size of the
banking system, exposing banks to low vulnerability to large losses
in downturn. In addition, it considers Industrial's systemic
importance, being the largest bank in Guatemala.

RATING SENSITIVITIES

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

-- Industrial's IDRs, VR and National Ratings could be downgraded

    if sustained deterioration in its financial performance would
    drive a decline in the bank's operating profit to RWA metric
    continuously below 1% and its FCC to RWA ratio to a level
    consistently below 10%;

-- Industrial's IDRs and GSR are also sensitive to a downgrade of

    Guatemala's sovereign rating.

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

-- The IDRs and VR would be upgraded in the event of the same
    action on Guatemala's sovereign rating and an improvement in
    Fitch's assessment of OE's score. This in addition to
    maintaining its solid financial performance;

-- GSR could be upgraded if Guatemala´s sovereign rating is
    upgraded;

-- Industrial's National Ratings have limited upgrade potential
    due to the current level of OE.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Debt Instruments: Industrial Senior Trust's (ISnT) notes rating is
in line with Industrial's IDR, given that are senior unsecured
obligations and the likelihood of default, in Fitch's opinion, is
equal as the bank. Industrial Subordinated Notes (ISbN) are two
notches below Industrial's VR, driven by their subordinated status,
ranking junior to all Industrial's present and future senior
indebtedness, pari passu with all other unsecured subordinated debt
and senior to Industrial's capital and tier I hybrid securities.
Finally, Industrial's Subordinated Tier I capital (IST-I) notes are
rated four notches below Industrial's VR reflecting its deep
subordination status and discretionary coupon omission.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

-- The ratings of the ISnT, ISbN and IST-I notes would be
    downgraded if Industrial's LT IDR is downgraded.

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

-- The ratings of the ISnT, ISbN and IST-I notes would be
    upgraded if Industrial's LT IDR is upgraded.

VR ADJUSTMENTS

Fitch has assigned a Business Profile score of 'bb' that is above
the 'b' category implied score due to the following adjustment
reasons: Market Position (positive) and Business Model (positive).

Fitch has assigned a Funding and Liquidity score of 'bb-' that is
above the 'b' category implied score due to the following
adjustment reason: Deposit Structure (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.

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.


BANTRAB: Fitch Alters Outlook on 'BB-' LT IDRs to Positive
----------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab)
Foreign and Local Currency Long-Term (LT) Issuer Default Ratings
(IDRs) at 'BB-' and the Foreign and Local Currency Short-Term (ST)
IDRs at 'B'. In addition, Fitch has affirmed Bantrab's Viability
Rating (VR) at 'bb-' and its National LT and ST ratings at 'A(gtm)'
and 'F1(gtm)', respectively. The Rating Outlook on the LT IDRs and
National LT rating was revised to Positive from Stable.

The Outlook revision of Bantrab's LT ratings reflects the same
action on Guatemala's 'b+' operating environment (OE) assessment,
following Fitch's revision of Guatemala's sovereign Outlook to
Positive from Stable. This is in line with better than expected
macroeconomic conditions in the country given the strong economic
recovery and the agency's expectation that this will foster the
continuity of the banking system's sound financial profile.

In Fitch's opinion, this would benefit Bantrab's financial
performance over the rating horizon, specifically in terms of its
funding profile, while maintaining profitability and capitalization
robust.

Fitch has withdrawn the Bantrab's Support Rating and Support Rating
Floors of '5' and 'No Floor', respectively, as they are no longer
relevant to the agency's coverage following the publication of
Fitch's updated Bank Rating Criteria on Nov. 12, 2021. In line with
the updated criteria, Fitch has assigned a Government Support
Rating (GSR) of 'b+'.

KEY RATING DRIVERS

IDRS AND NATIONAL RATINGS

Stand-alone Profile: Bantrab's IDRs and national ratings are driven
by its VR. Bantrab's VR of 'bb-', which is in line with its implied
VR, is influenced by its business profile, a strong profitability
and a robust capitalization. Bantrab is a relevant participant in
the local consumer lending segment, serving mainly public
officials, and supported by the collection mechanism of payroll
discounts. The bank's four-year average total operating income was
USD254 million, a level that would categorize Bantrab as a
medium-sized bank in the local market.

Sound Profitability: Bantrab's profitability is a rating strength
and, given its business focus, Fitch estimates it will remain as
such over the rating horizon. This profitability is supported by an
increasing net interest margin, low loan impairment charges (LICs)
and an operational efficiency under control. As of YE 2021, the
profitability core metric, operating profit over risk-weighted
assets was 5.3%, higher than the average of the three pre-pandemic
fiscal years 2017-2019 of 4.3% and the banking system's, 2.6%.

Good Asset Quality: Bantrab's favorable asset quality's performance
relies mainly on the collection mechanism used, payroll deduction,
given its target segment, consumer. As of YE 2021, 98% of the
bank's loan portfolio is collected this way. Its 90+ days past-due
loans ratio stood at 1.9%, comparing below the average of the three
pre-pandemic fiscal years 2017-2019 (2.1%), and above the banking
system's (1.7%). While loan loss allowances for these impairments
were 124.2% (system: 208%). Concentration by top 20 debtors
remained low given its business focus. As of YE 2021, this top
debtors' balance represented less than 1.0% of gross loans or less
than 0.1x of Bantrab's Fitch Core Capital (FCC).

Robust Capitalization: Bantrab's capitalization remains robust and
it is expected to continue strengthening given the dynamic internal
capital generation and a low dividend pay-out. The capital core
metric is the highest amongst its local peers, providing an ample
absorption capacity for unexpected losses as well as sufficient
room for the projected business expansion. As of YE 2021, its FCC
ratio continued increasing to 22.5% (YE 2020: 21.5%).

Concentrated Funding: Bantrab's funding structure is more dependent
on deposits than the higher-rated local peers. Its deposit
structure is based on term deposits, and it is highly concentrated.
The 20 largest depositors represented around 26% of total deposits
as of YE 2021. The loans-to-deposits ratio was 69.9%, level similar
to the average of the last three pre-pandemic years, fiscal years
2017-2019 (69.5%), and comparing above the average of the system
(68.7%) as of YE 2021. Despite a relatively higher diversification
of funding sources, the bank still stands behind its local
competitors in terms of a wider access to alternative sources.

Fitch has assigned a GSR of 'b+' reflecting Bantrab's systemic
importance, although limited compared with larger local peers, with
market shares of 7.3% and 7.5% of system deposits and gross loans,
respectively, as well as the lack of recent history of government
support of a systematically important financial institutions.

RATING SENSITIVITIES

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

IDRs, VR, GSR and National Rating

-- A downgrade of the sovereign rating and a negative change in
    Fitch's OE assessment could lead to a negative rating action;
    however, this scenario is currently unlikely due to the
    sovereign rating positive outlook and the OE's positive trend;

-- While not Fitch's base case scenario, the VR, IDR and national

    ratings could be downgraded if the financial profile
    deteriorated to a point where operating profit to risk-
    weighted averages (RWAs) were consistently below 2% thus
    causing a decline in capitalization (FCC/RWA close to 12%);

-- Bantrab's IDRs and GSR are also sensitive to a downgrade of
    the sovereign rating, a scenario currently unlikely.

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

IDRs, VR, GSR and National Rating

-- A positive rating action could result in the event of an
    upgrade of Guatemala's sovereign rating and the improvement of

    the OE;

-- Bantrab's GSR could be upgraded if Guatemala's sovereign
    rating is upgraded. However, the comparatively lower systemic
    significance compared to local peers, and nonmaterial
    government ownership, may limit the upside potential;

-- Bantrab's National Scale ratings could be upgraded if further
    improvements in its funding and liquidity profile materialize.

    Specifically, further decrease of its financial cost alongside

    improvements in depositors' concentration, as well as the
    consolidation of a variety of alternative funding sources.

VR ADJUSTMENTS

Fitch has assigned a Business Profile score of 'bb-' that is above
the 'b' category implied score due to the following adjustment
reasons: Market Position (positive) and Business Model (positive).

Fitch has assigned an Earnings & Profitability score of 'bb-' that
is above the 'b' category implied score due to the following
adjustment reasons: Earnings Stability (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.

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.




===========
M E X I C O
===========

UNIFIN FINANCIERA: Fitch Maintains 'BB-' IDR on Watch Negative
--------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Unifin Financiera, S.A.B. de C.V.'s (Unifin) 'BB-' Long-Term
Foreign and Local Currency Issuer Default Rating (IDR), and senior
unsecured debt. The RWN is also maintained on the issuer's 'B'
Short-Term Foreign and Local Currency IDRs, the company's 'B'
hybrid securities and its 'A-(mex)'/'F2(mex)' Long- and Short-Term
National Scale ratings.

KEY RATING DRIVERS

The maintenance of the RWN reflects continued refinancing risk
associated with Unifin's USD200 million bond maturity due Aug. 12,
2022, particularly as the company's liquidity position deteriorated
modestly in 1Q22. The company has indicated that it has reached a
preliminary agreement with the existing bondholder to extend the
bond maturity to May 2024, which would provide additional financial
flexibility.

However, the extension has not yet been formally executed and
therefore cannot yet be relied upon by Fitch. Failure to execute
the bond maturity extension in the next few weeks in a manner
consistent with the announced terms, would result in a rating
downgrade, which might not be limited to one single notch or rating
category under such scenario. Fitch expects to review Unifin's
ratings before the end of May 2022.

Unifin's ratings primarily reflect its weaker than previous
funding, liquidity and coverage profile, further challenged by
reduced access to international markets due to reduced investor
confidence in Mexican non-bank financial institutions. Fitch has
downgraded the score for the factor to 'b+' with a Negative Outlook
from 'bb-' with a Negative Outlook. Unifin's debt maturities
between April 2022 and March 2023 represent 28.2% of its total
funding. Ratings are further constrained by a challenging operating
environment, pressured asset quality and low earnings. Ratings
remain supported by the company's strong local market position in
the Mexican leasing industry and appropriate leverage.

If the announced extension of the August 2022 bond maturity were to
take effect, it would reduce the company's upcoming maturities to
USD0.9 billion, of which 52% would be comprised of revolving
facilities that the company has renewed or expects to renew in the
near-term as they reach their maturity dates. As of March 2022, and
pro forma for the potential bond maturity extension, available cash
plus pending funding alternatives would cover remaining maturities
by 1.1x.

Absent the bond maturity extension, one of the company's strategy
to address its upcoming liabilities includes cash accumulation by
slowing down originations. Although during 1Q22, credit
originations were reduced, while collections increased, the
company's liquidity position reduced by 5.7% compared to the
previous quarter due to debt amortization payments and bond
repurchases.

The company is also considering issuing an additional USD250
million of local debt including a USD50 million of short-term debt
and a USD200 million of medium-term debt with partial guarantees
from a local development agency. Lastly, the company has a
reasonable level of unencumbered loans (71.9% of total loans at
1Q22) which it could potential seek to encumber without breaching
its covenants in order to raise additional financing.

As of 1Q22, Fitch's total debt-to-tangible equity ratio stood at
7.8x, up from 7.6x at YE 2021. However, Unifin's adjusted tangible
leverage metric decreased to 6.4x as of 1Q22 from 6.7x in YE 2021
mainly due to mark to market effects of derivatives on the balance
sheet. Fitch applies a 70% haircut to the revaluation surplus
related to the oil rig owned by the company, and adjusts for
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 of 8.0x as new debt issued during the year 2022 will be
mostly used to refinance existing debt.

Fitch expects Unifin's asset quality to continue to be pressured in
2022 due to the company's focus on lending to small to medium
enterprises in a still challenging operating environment. Unifin's
asset quality has been pressured by increased charge-offs and
foreclosed assets, but the non-performing loan (NPL) ratio has
stabilized. At 1Q22, Unifin's NPL ratio was 4.2%, lower than the
previous year; while the ratio considering foreclosed asset and
12-month charge-off metric was 7.0%, slightly below the average of
7.2% for the 2021-2019 period.

Earnings remained low for the business model; during the 1Q22
pre-tax profit was driven by resumed loan growth, lower loan
impairment charges and the repurchase of bonds during 1Q22. At
1Q22, pre-tax income to average assets ratio was 1.4% slightly
lower than YE 2021. This is low considering its high net-interest
margin business model. Fitch does not expect Unifin's profitability
to improve materially during the remainder of 2022, and believes it
is unlikely that it will return to pre-pandemic levels in the
mid-term as operating environment challenges remain.

SENIOR DEBT

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

HYBRID SECURITIES

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

Based on Fitch's analysis, the hybrid qualifies for 50% equity
credit 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 in the event of a change of control and its perpetual
nature.

RATING SENSITIVITIES

Fitch expects to continue to closely monitor Unifin's ratings, with
particular focus on execution of the recently-announced bond
maturity extension.

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

-- Failure to formally complete the bond maturity extension
    before in the next few weeks, in a manner consistent with the
    previously announced terms, would result in rating downgrade,
    which might not be limited to one single notch or single
    rating category under such scenario;

-- Provided a bond maturity extension is achieved in a manner
    consistent with the announced terms, Unifin's ratings could
    still negatively impacted by an increase in Fitch's total
    debt-to-tangible equity ratio after assets and derivatives
    valuation adjustments above 8x or a material deterioration of
    asset quality earnings or profitability;

-- If the IDRs are downgraded by any magnitude, Unifin's national

    ratings could be downgraded by more notches.

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

-- The RWN could be removed and the ratings could be affirmed if
    the company executes the bond maturity extension before the
    end of May, in a manner consistent with the announced terms
    and the company does not reduces its liquidity sources while
    it shows progress in some of the other alternative strategies
    that the entity is working on;

-- Thereafter, and over the medium- to longer term, the ratings
    could potentially be upgraded if Unifin strengthens its
    financial and business profiles. In particular, positive
    rating momentum would be contingent upon a more consistent,
    conservative and demonstrated liquidity risk management track
    record combined with improving profitability on a risk-
    adjusted basis.

SENIOR DEBT and HYBRID SECURITIES

-- The company's debt ratings would be expected to mirror any
    changes on those of Unifin's IDRs absent a material change in
    the capital structure which could impact the recovery
    prospects, and thus, the ratings of existing debt classes. The

    senior unsecured debt ratings would continue to be aligned
    with the company's IDRs, while the hybrid securities would
    remain two notches below.

ESG CONSIDERATIONS

Unifin has an ESG Relevance Score of '4' for Governance Structure
due to concerns regarding the expansion into 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 had a
negative impact on Fitch's assessment of the 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 meaningful balance sheet growth and less prudent capital
management underpin its high-risk profile and pressure execution,
which have 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.




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

EMPACADORA Y PROCESADORA: May Use Cash Collateral Thru July 15
--------------------------------------------------------------
Empacadora y Procesadora del Sur, Inc. and its secured creditor,
Banco Popular de Puerto Rico, advised the U.S. Bankruptcy Court for
the District of Puerto Rico that they have reached an agreement
regarding the Debtor's use of cash collateral and now desire to
memorialize the terms of this agreement into an agreed order.

The parties agree to a further extension of their Stipulation that
was approved through an order entered on March 11, 2022.

The parties agree that the Debtor may use cash collateral up to and
including July 15, 2022, in accordance with the budget.

The Debtors' right to use the cash collateral on a consensual basis
will terminate automatically on the earlier of (such date, the
Stipulation End Date): (a) the occurrence of an Event of Default
(as defined in the Stipulation); or, (b) July 15, 2022, in the
event the Parties are unable to reach a written agreement to
further extend the Stipulation.

For the period of May 15 through July 15, 2022, Debtors will make
two monthly adequate protection payments to BPPR in the amount of
$24,907 on the 15th date of each month, namely, June 15 and July
15, which will be applied to the principal balance of the Loan.

All replacement liens provided for in the Stipulation are ratified
and incorporated by reference.

A copy of the motion is available at https://bit.ly/3LkTv5I from
PacerMonitor.com.

           About Empacadora Y Procesadora Del Sur, Inc.

Empacadora Y Procesadora Del Sur, Inc. is engaged in the business
of packaging and manufacturing meats and chicken, and its income
is
derived essentially from amounts collected from sales of such
inventories to business clients in Puerto Rico and the U.S.
mainland.

Empacadora Y Procesadora Del Sur sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-00354) on
February 15, 2022. In the petition signed by Carlos C. Rodriguez
Alonso, president, the Debtor disclosed $11,604,565 in assets and
$10,598,204 in liabilities.

Alexis Fuentes Hernandez, Esq., at Fuentes Law Office represents
the Debtor as counsel.


STONEMOR INC: Incurs $12.2 Million Net Loss in First Quarter
------------------------------------------------------------
StoneMor Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $12.23
million on $80.98 million of total revenues for the three months
ended March 31, 2022, compared to a net loss of $4.62 million on
$78.31 million of total revenues for the three months ended March
31, 2021.

As of March 31, 2022, the Company had $1.78 billion in total
assets, $1.94 billion in total liabilities, and a total
stockholders' deficit of $157.48 million.

Joe Redling, StoneMor's president and chief executive officer said,
"As we entered 2022, we knew that we were facing tougher comps
after our strong sales production performance throughout 2021.  Our
teams delivered during the first quarter of 2022, with pre-need
sales production growth of 4% compared to a first quarter of 2021
that was up 45% against the first quarter of 2020.  This
performance contributed to a year-to-date adjusted EBITDA
improvement of $4.6 million, even as we are faced with rising costs
and other expense challenges."

As of March 31, 2022, the Company had $90.9 million of cash,
including $16.7 million of restricted cash, and $393.6 million of
total debt.

"Through the first quarter, we remained on target with our
previously announced 2022 annual guidance targets for organic
growth in our trusts of $70 million and unlevered free cash flow of
$40 million," said Jeff DiGiovanni, StoneMor's senior vice
president and chief financial officer.  "For the three months ended
March 31, 2022, we generated $28.2 million in trust growth, which
included $10.3 million in trust funds added through our recent
acquisitions, as well as $6.3 million in unlevered free cash flow.

Collectively, that's $34.5 million in value creation during the
first quarter of 2022."

A full-text copy of the Form 10-Q is available for free at:

                     https://bit.ly/3LDV1Qz

                       About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 72 funeral
homes in 24 states and Puerto Rico. StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

StoneMor reported a net loss of $55.28 million for the year ended
Dec. 31, 2021, a net loss of $8.36 million for the year ended Dec.
31, 2020, and a net loss of $151.94 million for the year ended Dec.
31, 2019.  As of Dec. 31, 2021, the Company had $1.74 billion in
total assets, $1.89 billion in total liabilities, and a total
stockholders' deficit of $145.74 million.




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week May 16 to May 20, 2022
-----------------------------------------------------
Issuer Name             Cpn     Price   Maturity  Country  Curr
-----------             ---     -----   --------  -------   ---
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    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 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *