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                 L A T I N   A M E R I C A

          Monday, May 30, 2022, Vol. 23, No. 101

                           Headlines



A R G E N T I N A

INVERSIONES Y REPRESENTACIONES: Fitch Assigns 'CCC' LongTerm IDRs


B R A Z I L

BRAZIL: Consumer Prices Hit Six-Year High in Mid-May
HIDROVIAS DO BRASIL: Fitch Lowers LongTerm IDRs to 'BB-'


C H I L E

CHILE: Accepts $3.5 Billion Credit Line From IMF


C O L O M B I A

BARRANQUILLA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
GRAN TIERRA: S&P Affirms 'B' ICR & Alters Outlook to Positive


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Electricity Crisis is Alleviated
DOMINICAN REPUBLIC: Forest Unit Discloses Massive Reforestation


M E X I C O

BANCO DEL BAJIO: Fitch Affirms 'BB+/B' IDRs, Outlook Stable
BANCO VE POR MAS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
GRUPO KUO: S&P Upgrades Global Scale ICR to 'BB', Outlook Stable


P A N A M A

BANISTMO SA: Fitch Affirms 'BB+/B' Issuer Default Ratings
ENA NORTE: Fitch Affirms 'BB' Rating on US$600MM Notes
MULTIBANK INC: Fitch Affirms 'BB+/B' IDRs, Outlook Stable


P U E R T O   R I C O

ERG INC: Seeks to Hire Lugo Mender Group as Legal Counsel


T R I N I D A D   A N D   T O B A G O

CONSOLIDATED ENERGY: S&P Raises ICR to 'BB-', Outlook Stable
TRINIDAD & TOBAGO: Energy Windfall is Temporary, Minister Says


X X X X X X X X

[*] BOND PRICING: For the Week May 23 to May 27, 2022

                           - - - - -


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A R G E N T I N A
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INVERSIONES Y REPRESENTACIONES: Fitch Assigns 'CCC' LongTerm IDRs
-----------------------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of 'CCC' to IRSA Inversiones y
Representaciones S.A. (IRSA). The Rating Outlook is Stable.

Fitch also assigns a rating of 'CCC'/'RR4' to IRSA's new senior
unsecured notes due 2028 to be issued as part of the company's
proposed exchange transaction.

The 'CCC'/'RR4' rating of the existing USD360 million bonds due in
2023 issued under IRSA Propiedades Comerciales S.A. (IRSA PC) is
affirmed and transferred to IRSA as the latter assumed full
responsibility for the bonds as of May 17, 2022.

Fitch also withdraws IRSA PC's Long-Term Local and Foreign Currency
IDRs.

Fitch has withdrawn IRSA PC's ratings due to its dissolution and
the absorption of all its assets and liabilities by IRSA.

KEY RATING DRIVERS

Exchange Offering: On May 16, 2022, the company announced a
voluntary exchange offer of its USD360 million notes due in 2023
originally issued by IRSA PC for cash and new notes to be issued by
IRSA. The Central Bank of Argentina authorized up to 30% of the
notional amount times the participation rate to be paid in USD. The
new notes would be up to an amount of USD262.8 million, pay an
8.75% coupon per annum, pay interest semiannually, amortize
starting in 2024, and be due in June 2028. Bondholders will have
two exchange options (A and B) with a premium paid to early
participants. Option A includes a pro-rata cash and bonds exchange,
while Option B bonds only. Option B bondholders may receive a
pro-rata of any remaining cash available after all Option A
bondholders receive theirs. The exchange is subject to a minimum
bondholder participation rate of 75%.

Fitch believes a successful exchange will significantly reduce
IRSA's refinancing risk. Conversely, failure to execute the
proposed transaction will further limit the company's ability to
address its 2023 debt maturities due, in great measure, to the
existing capital controls in Argentina and challenging macro
conditions.

Weak Operating Environment Caps Ratings: Argentina's economic
environment is depressed and impaired by high debt and inflation.
Argentina's annual inflation is expected to average 50% between
2021 through 2022. Argentina's continued capital controls expose
IRSA to FX risk overtime, as their interest expense and debt are
predominately in U.S. dollars. As for most Argentinean corporates,
Fitch believes accessibility and cost of capital to IRSA is limited
and at a high cost.

Refinancing Risk: As of March 31, 2022, IRSA's net debt to EBITDA
ratio is estimated at 4x including sales and development and 5.5x
excluding them. The company's LTV is low at under 20%. IRSA has
managed to deleverage through asset sales and improved operational
performance. However, devaluation risks, capital controls, and high
inflation continue to put pressure on leverage and refinancing risk
as the majority of the company's debt is in USD. Fitch expects IRSA
to continue its deleveraging efforts throughout the year, but these
efforts may be curtailed by limited access to US dollars, which
increases the risks of repayment for all Argentinean borrowers. The
proposed exchange, if successful, will reduce the risk of repayment
on the USD360 million bonds maturing in 2023 and improve the
company's overall debt repayment profile.

Relevant Business Position: The company is an experienced and well
positioned operator maintaining 67% share of Buenos Aires' malls
and 10% of the city's office market as of March 2022, making it the
leading commercial real estate company in Argentina. IRSA has
maintained consistent occupancy levels, approximately 90% in
shopping malls and 80% in its office buildings, even during the
pandemic. IRSA operates 335,690 sqm of gross leasable area (GLA) in
15 shopping malls, 83,892 sqm of GLA in six office buildings and
79,000 sqm of GLA in three premium hotels.

Recovery in Malls Operations as Economy Reopens: Recovery was
significant in 2021 as operations improved following the sharp
decline in performance seen in 2020 as a result of pandemic-related
restrictions on malls activities. Fitch expects to see a continued
gradual improvement in IRSA's sales and traffic in 2022. As of
3Q22, nine-month revenues are up 37% nominally when compared to the
same period for 2021. That said, a devaluation of the ARS may
underscore some of these performance gains in the future.

DERIVATION SUMMARY

IRSA's ratings are primarily driven by Argentina's weak operating
environment, high net leverage, and limited financial flexibility,
which compares negatively to its regional peers. The ratings also
reflect IRSA's status as an experienced and well-positioned real
estate operator. The company has adequate portfolio granularity,
limited tenant concentration, consistent consolidated occupancy
levels of 90%, and lease duration between two and three years.

KEY ASSUMPTIONS

-- Occupancy levels maintained at 90% and 80% for the mall and
    office segments, respectively, during fiscal 2022;

-- Recovery in revenues of 37% maintained for fiscal 2022;

-- Net debt to EBITDA of around 5.5x is maintained or lowered
    over the next 18 months;

-- Total unencumbered assets base of around USD1.8 billion;

-- A successful exchange transaction with at least a 75%
    participation rate.

RATING SENSITIVITIES

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

-- An upgrade is unlikely but could be considered if the
    Argentine sovereign rating is upgraded and if the
    macroeconomic environment improves, clarity increases
    surrounding the company's ability to refinance its hard
    currency debt, and IRSA's liquidity position becomes stronger
    or the company accesses U.S. dollars.

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

-- A significant deterioration of credit metrics to total net
    debt/EBITDA of 7.5x on a sustained basis;

-- Weakened EBITDA to Interest expense of below 1.0x;

-- A downgrade may occur if, in Fitch's judgment, a default of
    some kind appears probable or a default or default-like
    process has begun, which would be represented by a 'CC' or 'C'

    rating.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery performed under the following assumptions
    resulted in a high recovery level. However, the bonds are
    capped at 'RR4' for Argentina, senior unsecured ranking, and
    'CCC' rating;

-- The recovery estimate reflects a sustainable, post-
    reorganization Going Concern (GC) EBITDA level upon which Fitch
bases the enterprise valuation. An Enterprise Value (EV) multiple
of 6x EBITDA is applied to the GC EBITDA to calculate a
post-reorganization EV. Fitch also assumes a 10% administrative
claim;

-- The choice of multiple considers that similar public companies

    trade at EBITDA multiples in the 12x-15x range. Fitch used a
    multiple of 6x to estimate a value for IRSA because this
    company benefits from dominant market share, unique brands,
    higher barriers to entry, or undervalued assets. It also
    factors in Argentina's challenging operating environment.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
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.

LIQUIDITY AND DEBT STRUCTURE

Refinancing Risk Remains: Fitch views refinancing risks for IRSA
remaining high during the next 18 months. The company's refinancing
capacity is highly dependent on Argentina's macro-economic
environment. This includes the ability to sustain post-pandemic
recovery as well as debt repayment risks associated with capital
controls that restrict access to hard currency.

The issuer faces debt repayments of USD430 million in 2023. IRSA is
planning to manage its refinancing risks during fiscals 2022 and
2023 through a combination of assets sales, cash and debt
refinancing. A successful exchange can mitigate these risks
significantly.

The issuer maintains a readily available cash of USD51 million and
an unencumbered assets base of approximately USD1.8 billion as of
March 31, 2022. Through recent asset sales IRSA has raised
approximately and additional USD105 million in cash. IRSA
consolidated net loan to value ratio is below 20% as of the same
period.

ISSUER PROFILE

IRSA is a premier real estate operator in Argentina. The company is
primarily focused in the acquisition, development, and management
of shopping centers and it is the country's market leader in the
segment. The company also owns several office buildings and three
premium hotels.

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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B R A Z I L
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BRAZIL: Consumer Prices Hit Six-Year High in Mid-May
----------------------------------------------------
nasdaq.com, citing Reuters, reports that Brazilian consumer prices
rose more than expected in the month to mid-May, statistics agency
IBGE said, marking the sharpest jump for the period in six years as
the country grapples with galloping inflation.

The IPCA-15 consumer price index rose 0.59% in the month, according
to IBGE, the report notes.

That was down from 1.73% in the previous month as the central bank
has raised interest rates aggressively, but still above
expectations of a 0.45% rise, according to the median forecast in a
Reuters poll, the report relays.

Inflation in the 12 months to mid-May hit 12.20%, up from 12.03% in
mid-April, the report discloses.

Analysts had expected it to remain at 12.03%, the poll showed.
Prices for eight of nine categories of products and services
surveyed were up in mid-May, the report relays.

The biggest impact came from transportation, with costs up 1.8%,
even though decelerating from the 3.43% increase seen a month ago,
IBGE said, 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).


HIDROVIAS DO BRASIL: Fitch Lowers LongTerm IDRs to 'BB-'
--------------------------------------------------------
Fitch Ratings has downgraded Hidrovias do Brasil S.A.'s (Hidrovias)
Long-Term Foreign Currency (FC) and Local Currency (LC) Issuer
Default Ratings (IDR) to 'BB-' from 'BB' and National Scale
long-term rating to 'AA-(bra)' from 'AA(bra)'. The Outlook for the
FC and LC IDRs and National Scale is Stable.

The downgrade reflects Hidrovias' higher than expected leverage in
the medium term. Even incorporating recent operating cash flow
improvements, Fitch forecasts net leverage of 4.7x and 4.2x during
2022 and 2023, respectively. Ongoing hydrological risks, lower
financial flexibility, and the fact that the company could have to
renegotiate an important (in terms of EBITDA contribution)
take-or-pay contract that historically had a strong credit quality
off-taker (Vale S.A.; BBB/Stable) are also incorporated into the
analysis and weaken Hidrovias' credit profile within the 'BB'
rating category. Fitch does not incorporate any major changes in
the contract terms.

KEY RATING DRIVERS

Cash Flow Volatilities Despite Take or Pay Contracts: Hidrovias'
business resilience was tested during 2021 when the company
experienced a combination of drastic non-manageable events. The
hydrological risk, which is now relatively higher than years ago,
even considering positive developments during 2022 that indicate
water levels in South Corridor to be better than the previous year.
The crop failure in 2021 has also affected exports volumes in the
North Corridor, reducing Hidrovias opportunities to leverage its
assets and improve operating cash flow. For 2022, the scenario is
more favorable with expectation of soy crop recovery in Mato
Grosso. Fitch estimates around BRL805 million of EBITDAR in 2022
and BRL920 million in 2023.

High Leverage to Remain: The acquisition of Imperial during 2Q21
(USD85 million), relatively lower EBITDA generation, higher capex
and impact of FX volatility drove Hidrovias's net leverage to peak
at 7,0x in 2021, per Fitch's calculations. Fitch expects net
leverage to show significant improvement from 2021, as it stays
around 4.7x in 2022 and 4.2x in 2023. This compares with 4.9x in
2019 and 4.7x in 2020, per Fitch's calculations. Those leverage
ratios were already high for a 'BB' rating as the ongoing
investments had been postponing a more significant deleveraging
trend.

Managing Capex is Key: Management's strategy on business
diversification, growth (discretionary capex), and returns to
shareholders is a key to determining leverage trends. Fitch
incorporates that in the medium-term, Hidrovias will continue to
invest to leverage its business scale, taking advantage of growth
opportunities in the market it operates. Fitch estimates around
BRL399million in capex during 2022 and it to grow to BRL456 million
in 2023, those levels are still significantly lower than previous
planned capex (BRL550-650 million). The ongoing business expansion
is likely to lead to negative FCF in 2023 of around BRL94 million.
The company has project expansions in the North Corridor.

Challenge to Increase Client Diversification: Hidrovias has
portfolio concentration risk, as its main clients are Vale S.A.
(BBB/Stable; to be replaced by a new entity), COFCO Group and
Alumina do Norte do Brasil S.A. (Alunorte), which Fitch estimates
together account for 48%-62% of total EBITDA on historical basis.
Over the past years, Hidrovias added new clients and sectors to its
portfolio, including projects for salt operations in Brazil's Rio
Grande do Norte state and new service activities in Santos Port.
Fitch's base case scenario considers that Hidrovias could have to
renegotiate its iron ore contract in the South Corridor, but it is
projected to be at a reasonable rate.

Grains and fertilizer, iron ore, and bauxite represent around 45%,
38%, and 16%, respectively, of Hidrovias' 2021 EBITDA.
Approximately 58% and 42% of EBITDA is generated in Brazil and
Uruguay/Paraguay, respectively. Manageable FX Risk Exposure:
Hidrovias faces exposure to FX risk, as most of its debt is U.S.
dollar-denominated. This is mitigated by strong EBITDA generation
(around 60%) in hard currency, as well as 90% of its cash balance
denominated in U.S. dollars. This has been key to mitigate currency
mismatch risks in short-term cash outflows as it relates to
semiannual bond coupon payments.

DERIVATION SUMMARY

Hidrovias's business profile is well-positioned in the 'BB' rating
category relative to transportation and logistics peers across the
region, which are generally rated in the 'BB' to 'BBB' categories.
Hidrovias' rating constraint derives from its medium-size business
scale and weakest capital structure among Brazilian peers,
including MRS Logistica S.A. (BB/Negative), Rumo S.A.
(BB/Negative), and VLI S.A. (AAA[bra]/Stable). Offsetting those
factors are Hidrovias' solid business profile with majority of
operations being based on take-or-pay contracts.

Hidrovias' expected 2022 net leverage is higher than that expected
for other rated Brazilian peers in the transportation and logistics
sector with more mature operations and with higher credit ratings.
Rumo, VLI and MRS Logistica are forecast to report 2022 net
leverage of 3.3x, 3.2x and 2.1x, respectively. Hidrovias' ratings
incorporate expectations of net adjusted leverage ratio trending to
4.7x-4.2x by 2022/2023.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer:

-- Strong Revenue growth in 2022, reflecting recovery in both
    South and North Corridor, reaching around BRL1.75 billion and
    around 10% in 2023;

-- EBITDA margin around 46%-48% in the next three years;

-- Total capex of around BRL400 million in 2022 and BRL450
    million in 2023;

-- No dividend distributions until net leverage moves down to
    3.5x.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

-- Broader client diversification;

-- Net debt/EBITDA consistently below 3.5x and total debt/EBITDA
    below 4.0x;

-- Interest coverage consistently above 4.5x;

-- Maintenance of strong liquidity to avoid refinancing risks.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- Large debt-funded M&A transactions or entering into a new
    business in the logistics sector that adversely affect its
    capital structure on a sustained basis or increase business
    risk exposure;

-- Net leverage consistently above 4.5x on a sustained basis;

-- Deterioration of liquidity position, with increasing short- to

    medium-term refinancing risks.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
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.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Position: The challenging scenario during 2021
and the acquisition of Imperial has affected Hidrovias' historical
robust cash position and its strong financial flexibility. As of
March 31 2022, the company's cash and marketable securities were
BRL537 million, which represents a deterioration from the average
of BRL1 billion from the 2018-2020 period (BRL659 million in 2021).
Fitch expects Hidrovias to maintain adequate cash position while
manage its FCF and growth strategy in the medium term, and remain
proactive to avoid short-term refinancing risks within 18-24
months.

Hidrovias's cash position as of 1Q22 was adequate at BRL537 milion,
while short-term debt was BRL115 million, excluding lease
obligations. The company has a comfortable debt amortization
schedule in the medium term, with an average of BRL52 million due
annually in 2022-2024, but faces some large maturities in 2025,
2028 and 2031. The most relevant maturities are: senior notes of
BRL723 million in 2025, BRL393 million of local debentures in 2028
and BRL2.3 billion of senior notes in 2031. Hidrovias does not have
a committed standby credit facility. Hidrovias' total adjusted
debt, per Fitch's calculations, was BRL4.3 billion at 1Q22, mainly
composed of BRL2.3 billion of cross-border bonds due 2031, BRL723
million of cross-border bonds due 2025, BRL393 million of local
debentures with final maturity in 2031 and BRL542 million of Banco
Nacional de Desenvolvimento Economico e Social (BNDES) financing.
Fitch includes in the debt calculation BRL107 million (USD21
million) of guarantees related to one of its 50% joint ventures,
Obrinel S.A., domiciled in Uruguay.

ISSUER PROFILE

Hidrovias is an integrated logistics provider focused on waterways
logistics services. It has an end-to-end infrastructure, including
transhipment, port terminals and a fleet of barges, pusher tugs and
cabotage vessels. The company operates in logistics corridors in
the northern region of Brazil and in the Paraguay-Paraná river
system.

ESG CONSIDERATIONS

Fitch has revised the ESG Relevance score for Exposure to
Environmental Impacts to '4' from '3', considering the effective
impact on the company operations in 2021 due the hydrologtical
risks. Due to lower draft in rivers, the company stopped navigating
for around 2 months in South Corridor (iron ore take or pay
contract). This has a negative impact on the credit profile, and is
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.




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C H I L E
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CHILE: Accepts $3.5 Billion Credit Line From IMF
------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Chile accepted a
short-term liquidity line (SLL) from the International Monetary
Fund (IMF) of around $3.5 billion, aiming to support the South
American country's economy as it rebounds from the COVID-19
pandemic.

Chilean authorities also notified the IMF that of their decision to
exit the current two-year flexible credit line, which was set to
expire at the end of the month, according to globalinsolvency.com.


The credit line has no conditionality and "provides predictable,
revolving and renewable liquidity support in foreign exchange,"
Chile's mission chief to the IMF, Ana Corbacho, told reporters, the
report relays.

Chilean authorities plan to treat the renewable SLL as
"precautionary," the IMF said in a statement, the report notes.

A robust vaccination campaign made the copper producing nation a
global leader in the fight against COVID-19 and helped the country
return to pre-pandemic output levels in 2021, Corbacho said, the
report relays.

In a statement, IMF Deputy Managing Director Bo Li credited the new
credit line to Chile's "very strong fundamentals and policy
frameworks, and a sustained track record of implementing policies
that have supported the country's resilience in the face of large
shocks," the report notes.

Chile's central bank echoed the IMF in a statement, citing "the
normalization of the exceptional measures implemented during the
pandemic and the lower risks perceived in relation to the health
emergency" as reasons to accept the SLL, the report discloses.

Chile's interior ministry did not immediately respond to a request
for comments.




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BARRANQUILLA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Distrito Especial Industrial y Portuario
de Barranquilla's (the District) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB', Outlook Stable. In
addition, Fitch has affirmed Barranquilla's National Long-Term
Rating at 'AA(col)', Outlook Stable and National Short-Term Rating
at 'F1+(col)'. Barranquilla's Standalone Credit Profile (SCP) is
assessed at 'bb'.

Barranquilla's local bond notes of up to COP650,000 million, of
which COP394,366 million were actually placed, are affirmed at
'AA(col)'.

Barranquilla's issuer ratings reflect a combination of 'Low
Midrange' risk profile and a debt sustainability of 'a' under
Fitch's rating case scenario. The affirmation also reflects the
improvement in the coverage ratios, given the district's
restructuring plans and disposals of up to COP850,329 million for
the next two years. Fitch expects the district to maintain its
financial performance under its rating case, however, debt levels
will remain high and above 100% when compared to its operating
revenue considering Fitch's calculations.

KEY RATING DRIVERS

Risk Profile - 'Low Midrange': The risk profile (RP) reflects the
moderately high risk relative to international peers that the
municipality's debt service coverage by operating balance will
weaken unexpectedly over the forecast horizon (2022-2026), either
because of revenue falling short of expectations or spending above
expectations, or an unanticipated rise in liabilities/debt.

Revenue (Robustness) Assessed as Weaker

Barranquilla's revenue structure presents a relatively high
dependence on national transfers, as at YE 2021 55% of operating
revenue comes from a counterparty rated at 'BB+'. In Fitch´s view,
the District is at a higher risk of economic downturns compared to
other municipalities.

Barranquilla's tax revenue presents a balanced combination of
property tax (IPU, its Spanish acronym) and industry and commerce
tax (ICA, its Spanish acronym) in its own revenue structure. These
taxes have shown a sound evolution in the last years as a result of
the improvement in its socioeconomic profile relative to other
Colombian municipalities and administrative actions to strength tax
collection. Non-tax revenues, such as fines and penalties represent
a small percentage of the revenue structure, 4.5% of operating
revenues at YE 2021.

Revenue (Adjustability) Assessed as Midrange

Barranquilla holds legal discretion to adjust its tax rates under
the limits established by the national government. Nonetheless, the
affordability of taxpayers is modest, which could restrain rate
adjustments. The district's tax collection presents a positive
trend and represents 40.5% of operating revenue at YE 2021.
Management efforts to keep cadastral values updated (tariff
updates), a wide tax payer base and the adoption of a simple
taxation regime support revenue generation. The District estimates
current revenues to represent 54% of total revenues by 2026 and
expects tax revenues to increase at a CAGR of 11.4% considering the
administrative actions implemented. Fitch considers the District's
expectations in its rating case scenario and the time it keeps its
general assumptions for local and regional governments (LRGs).

Expenditure (Sustainability) Assessed as Midrange

Barranquilla's main responsibilities are the provision of basic
services such as education, healthcare, water supply, sanitation
and transportation. These responsibilities, are mainly funded with
SGP transfers. During 2017-2021, operating expenditure growth has
been slightly above operating revenue growth (CAGR 7.8% and 7.3%,
respectively). At YE 2021, operating expenditure presented a higher
annual growth rate compared to operating revenue, mainly due to
increases in health and education expenditure and explaining the
trend observed. However, operating margins have been stable and
around 16.2% on average during the same period.

Expenditure (Adjustability) Assessed as Midrange

Barranquilla's level of capex has been increasing constantly as a
result of its economic dynamism, revenue generation and long-term
debt disposals, representing 29% of total expenditure on average
during 2017-2021. As per the District's development, capex levels
in 2022 could remain high considering additional long-term debt
disposals. In Fitch's view, the high capex ratio denotes a moderate
margin to cut expenditure considering capex is partly financed
through operating balance.

Liabilities and Liquidity (Robustness) Assessed as Midrange

The district operates under a moderate regulatory framework that
has shown to be beneficial as it has obliged the entities to
generate positive operating balances but also maintain prudential
limits in its debt. As a result, Fitch assess this key risk factor
(KRF) as 'Midrange'. The prudential limits established by law are
currently in observation for the District, Fitch will closely
monitor the compliance of such.

Liabilities and Liquidity (Flexibility) Assessed as Weaker

Fitch observes the District has access to short-term credit with
local banks. However, the regulatory framework does not provide
emergency liquidity support from upper tiers. As of the last
sovereign rating downgrade, local bank's ratings are now in a
speculative rating category. Fitch observes the District has
presented cash deficits in the last years, leading to short-term
debt usage, which have been paid on time.

Debt Sustainability: 'a' Rating Category

Debt sustainability is derived from a combination of payback ratios
(net adjusted debt/operating balance), actual debt service coverage
ratios (ADSCR) and fiscal debt burden indicators commensurate with
an 'a' score.

DERIVATION SUMMARY

Barranquilla's IDRs are based on its SCP, which is assessed at
'bb', reflecting a combination of a 'Low Midrange' risk profile and
debt sustainability metrics assessed in the 'a' category. Its SCP
reflects a peer analysis. No other factors affect the ratings.

KEY ASSUMPTIONS

-- Risk Profile: 'Low Midrange'

-- Revenue (Robustness): 'Weaker'

-- Revenue (Adjustability): 'Midrange'

-- Expenditure (Sustainability): 'Midrange'

-- Expenditure (Adjustability): 'Midrange'

-- Liabilities and Liquidity (Robustness): 'Midrange'

-- Liabilities and Liquidity (Flexibility): 'Weaker'

-- Debt Sustainability: 'a' category

-- Support (Budget Loans): 'N/A'

-- Support (Ad Hoc): 'N/A'

-- Asymmetric Risk: 'N/A'

-- Sovereign Cap: 'N/A'

-- Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2017-2021 figures and 2022-2026 projected
ratios. The key assumptions for the scenario include:

-- 7.1% yoy increase in operating revenue on average in 2022-
    2026;

-- 7.1% yoy increase in operating expenditure on average in 2022-
    2026;

-- Net capital balance of COP403,821 million on average in 2022-
    2026;

-- Average cost of debt at 7.4%;

-- Long-term debt disposals of COP489,275 million for 2022 and
    COP361,054 million for 2023;

-- Considers the district's long-term debt restructuring plans.

RATING SENSITIVITIES

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

-- Payback ratios consistently below 9.0x on the scenario horizon

    with a DSCR close to 2.0x; a favorable position with peers.

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

-- Payback ratios consistently close to 13.0x under Fitch's
    rating case;

-- Payback ratios consistently close to 9.0+x with coverage
    ratios consistently below 1.2x under Fitch's rating case;

-- A deterioration in a key risk factor that lead to a change in
    the RP, a scenario that Fitch views unlikely.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

LIQUIDITY AND DEBT STRUCTURE

At YE 2021, Barranquilla held COP2.65 billion of long-term direct
debt, composed of various bank loans and local bond notes; most of
the long-term debt with variable interest rate and low exposure to
exchange rate risk, as 31% of its long-term direct debt is in USD
and EUR and has swaps to mitigate forex variations. During 2021,
the district disposed COP1.1 billion, COP128,000 million above
Fitch projections, for capital investments and short-term debt
repayment. The district expects to continue with debt disposals in
order to accomplish its Development Plan, for 2022 COP489,000
million are expected to be disposed and for 2023 COP361,000
million, amounts considered in Fitch scenarios.

In terms of short-term debt, the district registered COP13,333
million at YE 2021. As per MFMP (Marco Fiscal de Mediano Plazo) and
according to the administration, no additional short-term debt is
expected.

Fitch considers in its payback ratios the long-term debt acquired
through Barranquilla's Government Related Entities (GREs), Agencia
Distrital de Infraestructura (ADI), Empresa de Desarrollo Urbano de
Barranquilla y la Region Caribe (Edubar) and Transmetro. At YE
2021, these entities held COP1.4 billion of long-term debt, being
ADI and Edubar the most representative.

ISSUER PROFILE

Barranquilla, District of Colombia is the capital of the Atlantic
Department, and its economic dynamism is relevant for the
department as it contributes with 66.4% of GDP. With 1.2 million
habitants, the main economic activities are manufacturing and
services. The district is responsible for main public services,
education and healthcare.

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.


GRAN TIERRA: S&P Affirms 'B' ICR & Alters Outlook to Positive
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Colombia-based oil and
gas producer Gran Tierra Energy Inc. (GTE) to positive from stable
and affirmed its 'B' issuer credit rating on the company.

At the same time, S&P affirmed its 'B' issue-level rating on the
company's senior unsecured debt and placed it on CreditWatch with
negative implications given higher risk of subordination in the
next 90 days.

S&P also assigned GTE's 8.75% proposed amortizing senior secured
bond due 2029 our 'B' issue-level rating.

S&P said, "The positive outlook reflects our view that the company
will achieve production volumes above 32,000 barrels of oil
equivalent per day (boepd) in the next 12 to 18 months, while
benefiting from rising crude oil prices and keeping leverage below
2.0x. The positive outlook could lead us to upgrade GTE if it
accelerates its growth capex or increases its production rates to
allow for a higher production scale and reserves, similar to
industry peers that we rate 'B+'.

"We think that GTE will keep benefiting from rising crude oil
prices that have allowed for higher operating netbacks of about
$67.1 per barrel in the first quarter of 2022 (versus $34.7 per
barrel in 2021), equivalent to a 78.7% margin (versus a 66.4%
margin in 2021). On the other hand, the company has reduced its
liability exposures by partially repaying its revolving credit
facility (RCF) through own cash generation and is achieving faster
deleveraging than we expected. GTE reported debt to EBITDA of 1.5x
for the first quarter of 2022 (from 4.1x in 2021), and our
base-case scenario considers no additional debt and continuous cash
generation to maintain leverage metrics below 2.0x for the next 24
months.

The proposed liability management will allow the company to improve
its debt maturity profile while investing in its internal and
external growth strategy. The proposed exchange transaction aims to
achieve more than 80% acceptance from current bondholders to
exchange its stake for the new 8.75% senior secured notes with
equal amortizations in 2027, 2028, and 2029. S&P said, "While we
assigned a 'B' rating to the proposed senior secured bond, if this
transaction is successfully executed, the current unsecured notes
will be automatically subordinated. As a result, we will lower the
rating on those notes to 'B-' from 'B'. We expect to resolve the
CreditWatch with negative implications within the next 90 days when
we have more information about the transaction."

The company has now reduced its debt-to-EBITDA ratio to below 2.0x.
However, given some delays in capex investments due to the pandemic
and lower prices, the company hasn't been able to recover to 2019
production levels of above 32,000 boepd. S&P siad, "Our base-case
scenario assumes that without short-term debt maturities, GTE will
be able to resume internal growth plans and achieve this production
target in the next 12-24 months. We expect production rates to
reach about 40,000 boepd before royalties by 2023, allowing the
company to compare similar to industry and regional peers that we
rate 'B+'."

ESG credit indicators: E-4, S-2, G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis on GTE, stemming from regulations on
greenhouse gas emissions for the oil and gas industry to which the
company must adhere. GTE has carbon footprint reduction initiatives
such as using gas-driven power on production fields and reducing
diesel consumption, which also protect cash flows through tax
savings. In term of social risks, Colombian blockades and protests
affected GTE's crude oil distribution and supply chain in the
second quarter of 2021, resulting in a 4% decline in production
compared to the previous quarter. However, we haven't identified
any material implications to its liquidity and profitability, given
rising oil prices."




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

DOMINICAN REPUBLIC: Electricity Crisis is Alleviated
----------------------------------------------------
Dominican Today reports that the National Interconnected Electric
System (SENI) maintains a supply above 3,016 megawatts, a behavior
that the authorities promise to maintain with a generation of 400
megawatts already in the bidding phase.

Currently, the service is stabilized after the exit of several
generating plants at once, and the SENI took out more than 800
megabytes, causing blackouts in different parts of the country,
according to Dominican Today.

There were 2,7114.3 megawatts online from thermal power plants,
which are those that use derivatives of fossil fuels, the report
notes.

The energy demand is close to 3,200 megabytes in the Dominican
population, the report discloses.  To guarantee the supply, a
national energy plan is being worked on that will gradually
contribute about 2,000 megabytes over the next five years, said
yesterday the executive vice president of the Distribution
Companies of Electricity and Secretary of the Unified Council of
Electricity Distribution Companies: Empresa Distribuidora de
Electricidad del Este, SA Edenorte Dominicana, SA, and Edesur
Dominicana, SA, Andres Astacio, the report relays.

Speaking on the El Dia program, Astacio said that a short-term
solution had been sought with 400 mg, and another 800 mg are being
tendered so that the tender closes between July and August of this
year, the report discloses.

He stressed that work is being done to add 2,000 mg to the system
within five years, in addition to the fact that by 2028 the energy
"mix" will have integrated 1,000 mg in renewable energy, which
should allow energy independence and supply, the report notes.

In the country, there is an installed energy capacity that can be
used at any time of 3,350 megawatts, of which there is 250 mg in
solar energy, 140 in wind power, and 400 mg from hydroelectric
plants, but only half is used because priority is given to the
drinking water and irrigation service, he explained, the report
adds.

                            Almonte

The Minister of Energy and Mines, Antonio Almonte, stated that the
entry of several generators at the end of this month would
guarantee the stability of the electrical system, which has
experienced a notable improvement in recent days with the
administrative measures adopted, the report relays.

"Punta Catalina I is expected to start operating on May 30 and, in
addition, the Los Mina V and VII generators will enter the system
during the week, contributing more than 200 megawatts; while
Estrella de Mar III will increase the offer by an additional 70
megawatts", he said, the report discloses.

In the television program Hoy Mismo, Minister Almonte assured that
with the reincorporation of these generators, the country would
return to the point of electrical stability with a supply greater
than demand but with a narrow margin concerning supply and demand,
the report relays.

Regarding the measures adopted, he said that they had talked with
the executives of Barrick Gold and Falcondo so that they would
increase the supply of energy that they supply to the system as
part of their surplus production, the report relays.

400 Mg tendered At the end of last year, an emergency tender for
400 new megawatts was launched, which ended in March, and of these,
200 were awarded and will be installed in October this year to
ensure a supply greater than the demand, said Almonte, the report
relays.

                        2,000 Megawatts

By October 2022, SENI will receive the first 400 mg from the
emergency tender, to which will be added 800 mg from another tender
and another 800 mg from the construction of two natural gas
terminals in Manzanillo, for a total of 2,000 megawatts, 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: Forest Unit Discloses Massive Reforestation
---------------------------------------------------------------
Dominican Today reports that the director of the Executing
Technical Unit of Agroforestry Development Projects (UTEPDA),
Eliferbo Herasme, highlighted the work carried out by this entity
in favor of the recovery of the forested area in several boundaries
of the South region and the Dominican Republic.

According to Herasme, the institution is in charge of reforestation
programs, based on coffee, fruit and timber species, in the
southern towns of Elias Pina, Barahona, Independencia, Hondo Valle,
Juan Santiago, Las Canitas, Los Frios, Sabaneta and the Sierra de
Neiba, the report relays.

The director of UTEPDA said that similar projects have been
implemented for several months and are planned to be developed in
Galvan and Tamayo, Bahoruco province, according to Dominican
Today.

"We will carry out a massive planting of avocado and mango in
communities such as Guanarate, El Granado, Bayahonda, and Cabeza de
Toro, this accompanied by an extensive reforestation program in
communities that, like these, belong to the municipality of Tamayo
and that look devastated by the hand of man and natural phenomena
that have affected us," said Eliferbo Herasme, the report notes.

Concerning the regulations, technical, administrative, and
productive tasks, Eliferbo Herasme said that the Technical
Execution Unit of Agroforestry Development Projects, UTEPDA,
previously attached to the Administrative Ministry of the
Presidency, since the beginning of the present government
administration, has been an organ of the Ministry of Environment,
the report discloses.

"During the last 18 months, from UTEPDA, we have been carrying out
a work of readjustment of this unit, fulfilling a delicate mission
placed under our responsibility by the President of the Republic,
Luis Abinader. And that's what we've been doing", said Herasme when
talking with Mario Lara and Vianelo Perdomo in the Contraparte
program produced on Hilando Fino TV, the report relays.

                   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.




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

BANCO DEL BAJIO: Fitch Affirms 'BB+/B' IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Banco del Bajio S.A. Institucion de
Banca Multiple's (BanBajio) Viability Rating (VR) at 'bb+' and its
Long- and Short-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB+' and 'B', respectively. Fitch affirmed
BanBajio's Government Support Rating (GSR) at 'bb-'.

Fitch has also affirmed BanBajio's and Financiera Bajio, S.A. de
C.V. Sofom E.R.'s (FIBA) Long- and Short-Term National scale
ratings at 'AA(mex)' and 'F1+(mex)', respectively. The Rating
Outlook on the Long-Term ratings is Stable.

KEY RATING DRIVERS

BanBajio's IDRs and National Ratings are driven by its intrinsic
creditworthiness, as reflected in its 'bb+' viability rating (VR).
The VR reflects the bank's well recognized market position, in
particular in the agribusiness and SME segments, controlled asset
quality and resilient earnings generation through economic cycles,
as well as good capitalization and funding structure.

Strong Regional Market Position: BanBajio is the largest among
midsized Mexican banks with modest market shares of 3.5% and 3.0%
of loans and deposits, respectively, as of March 2022 (1Q22). Fitch
considers the bank's good regional market position, in the
agribusiness and SME segments has allowed some pricing power that
supports business volumes and results in a resilient financial
performance even under complex economic conditions.

Controlled Asset Quality: Fitch expects BanBajio to sustain
controlled impaired loans ratios despite the expected low credit
demand in 2022. Asset quality metrics compare better than peers as
a result of the bank's knowledge of its core market and good risk
controls. BanBajio's impaired loans (NPLs) to total loans was 1.1%
at 1Q22 compared to the three-year average of 1.0% (local GAAP),
while the adjusted impaired loans ration (NPLs plus charge-offs of
the 12 months) was 1.7%. Reserve coverage of impaired loans remains
adequate considering the bank segment and individual borrower
concentration above 200% of NPLs.

Recovering Profitability; Low LICs: Profitability metrics were
impacted during the pandemic due to high loan impairment charges
(LICs). As of 1Q22, lower LICs and higher net interest income drove
an uplift in the bank's operating profit to RWA ratio to 4.3% in
1Q22 from 3.1% and 2.3% in 2021 and 2020, respectively. In Fitch's
view, BanBajio's profitability recovery will continue in 2022 but
will still be dependent on credit growth and interest margin
performance.

Strong Capitalization: Fitch expects BanBajio's capitalization to
remain above 16% and above the rating sensitivity for a rating
downgrade of 13%, due to expected low credit growth and sustained
earning generation that would offset the resumption of dividend
payments. Capitalization maintains good loss absorption capacity,
as reflected in the bank's CET1 to RWA ratio, which reached 19.2%
in 1Q22, and by the adequate coverage of credit reserves
considering the bank's moderate concentrations.

Stable Funding and Liquidity Profile: BanBajio is largely funded by
customer deposits, which represented 81.1% of total funding at
1Q22, while the loan to deposit ratio slightly improved to 104.7%
(2018-2021 average: 117.9%) supported in recent years by deposit
growth above loan expansion; however, the bank´s ratio still
stands behind largest local banks. Concentration remains moderate,
the largest 20 depositors accounted for 13.7% of total deposits.
Fitch believes BanBajio's liquidity will remain at comfortable
levels due to moderate expected loan expansion, the liquidity
coverage ratio has remained above 100% in the last four years.

Government Support Rating (GSR): BanBajio's 'bb-' GSR reflects
Fitch's expectation that although the bank is not a domestic
systemically important bank (D-SIB) there is moderate probability
of sovereign support in case of need, given the bank's mid-size
franchise and moderate market share of core customer deposits in
the investment-grade Mexican operating environment. As of 1Q22,
BanBajio's deposits were around 3.0% of the Mexican banking
system.

RATING SENSITIVITIES

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

-- BanBajio's IDRs, VR and National Ratings could be downgraded
    due to a material deterioration of its financial performance
    that leads to a sustained decline in a CET1 ratio below 13%
    and operating profit to RWAs ratio below 2%. Increased risks
    that pressure Fitch's assessment of the OE could also impact
    the ratings;

-- BanBajio's GSR could be downgraded if Fitch believes that the
    government's propensity to support the bank has declined due
    to reasons such as a material loss in the market share of
    retail customer deposits.

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

-- BanBajio's IDRs, VR and National Ratings could be upgraded by
    the confluence of an improvement of the OE and the credit
    profile of the bank. Specifically, if the bank significantly
    enhances its franchise while continuing to diversify its
    business model, maintains a healthy financial profile and
    improves its capital metrics to 20%.

-- BanBajio's GSR upgrade is limited and can only occur over time

    with a material gain in the bank's systemic importance.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

FIBA: The national ratings of FIBA are aligned with BanBajio's
national ratings, based on Fitch's institutional support assessment
that the subsidiary is core to the bank's strategy due to its
relevant role in providing core products such as factoring and
leasing, which complement the bank's offering.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

-- FIBA 's national ratings would mirror any negative action on
    BanBajio's ratings. A modification of the entity's strategic
    importance to the bank could also affect FIBA's ratings.

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

-- FIBA's national ratings would mirror any positive action on
    BanBajio's national ratings.

Financial figures for 2021 and prior years are in accordance with
Mexican Financial Reporting Standards (NIF), while 1Q22 figures are
under International Financial Reporting Standards (IFRS).

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 classified prepaid expenses and other deferred assets as
intangibles and deducted them from equity to reflect low absorption
capacity.

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.

Rating Actions

Banco del Bajio, S.A.     LT IDR       BB+      Affirmed BB+
                          LC ST IDR    B        Affirmed B
                          Natl ST      F1+(mex) Affirmed F1+(mex)
                          Govt Support bb-      Affirmed bb-
                          Viability    bb+      Affirmed bb+

Financiera Bajio, S.A.
de C.V., SOFOM, E.R.      Natl ST      F1+(mex) Affirmed F1+(mex)
                          Natl LT      AA(mex)  Affirmed AA(mex)

BANCO VE POR MAS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings affirmed Banco Ve por Mas, S.A. Institucion de Banca
Multiple, Grupo Financiero Ve por Mas's (BBX+) Long- and Short-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'
and 'B' respectively, and Viability Rating (VR) at 'bb-'. The
government support rating (GSR) was also affirmed at 'no support'
('ns'). The Rating Outlook on the Long-Term IDR is Stable.

Fitch also affirmed the National Scale ratings of BBX+, Casa de
Bolsa Ve por Mas, S.A. de C.V., Grupo Financiero Ve por Mas (CBBX+)
and Arrendadora Ve por Mas, S.A. de C.V. Sofom E.R., Grupo
Financiero Ve por Mas (AXB+) at 'A(mex)'/'F1(mex)'. The Outlook on
the Long-Term ratings is Stable.

KEY RATING DRIVERS

BBX+'s VR, IDRs and National Ratings

BBX+'s IDRS are driven by its 'bb-' VR, which is partially
constrained by its modest local market position but that is
partially offset by its relatively diversified business model that
has been translated into low but recurrent earnings through its
almost 20 years of operation. The VR also captures stable capital
and asset quality (AQ) metrics that commensurate with BBX+'s rating
level and a diversified funding profile with comfortable liquidity
position. As of March 2022 (1Q22), BBX+'s customer deposits, gross
loans and total asset market share was 0.7%, 0.8% and 0.6%
respectively. BBX+'s national scale ratings are relative rankings
of creditworthiness within a certain jurisdiction.

According to Fitch's assessment, BBX+'s earnings and profitability
profile is the weakest key rating driver (KRD) of the intrinsic
creditworthiness of the bank. The operating profit to risk-weighted
assets (RWAs) ratio was 1.3% at 1Q22, that still lags behind its
closest local peers. During the first three months of 2022 the bank
exhibits improvements in its operating efficiency through lower
non-interest expenses, but the profitability is still materially
affected by high loan impairment charges that drains more than the
half of pre-impairment profit (63.4%). Fitch considers that
profitability enhancing remains as the biggest challenge of BBX+.

BBX+'s AQ profile maintains a modest deterioration trend but
according to Fitch's assessment metrics are controlled and
commensurate with its score level. The impaired loans to gross
loans (NPL) ratio was 3.3% at 1Q22, which is above Mexican
financial industry average but that compares similar with most of
its closest local peers. The NPL ratio increase is explained by a
steady grow of commercial loans impairments as a result of the
current crisis.

A factor that add pressure to Fitch's AQ assessment is the
relatively high concentrations per borrower (top 20 debtors: 2x
BBX+'s common equity Tier 1 [CET1]); however, the loan loss
allowances fully covered the impaired loans (101.9%) for the first
time since 2018, something positive in Fitch's view.

BBX+'s capital metrics are stable across the economic cycle and
commensurate with its rating level. The CET1 capital ratio was
12.8% at 1Q22, which is similar to previous years but below to most
of its closest local peers. Despite BBX+'s low earnings generation
and relatively high gross loan growth (12.2% yoy at YE 2021), the
metric has remained stable given that since 2019 the RWAs has
barely grown.

Although BBX+'s still face the challenge to increase its earnings
and profitability to enhance their position as the first line of
defense, Fitch considers that current capital levels provide a good
loss absorption capacity. Fitch believes faster-than-peers growth
should be accompanied by higher profitability in order to sustain
capital metrics without the need of capital injections.

Fitch believes that BBX+'s funding profile is one of the strongest
KRD for the rating. As of 1Q22, the gross loans to customer
deposits ratio was 111.3%, comparing favorably with its 2018-2021
average of 122.7% as well as with most its closest local peers.
BBX+'s funding profile is underpinned by a structure that compares
similar to larger mid-size Mexican banks, which is mainly composed
by customer deposits (84.2% of total non-equity funding excluding
repos and securities lending).

BBX+'s liquidity profile is adequate given its comfortable position
that does not exhibit short-term pressures. The bank's good
liquidity profile is reflected in its regulatory liquidity coverage
and net stable funding ratios that consistently above regulatory
requirements. As of 1Q22, the metrics were 138% and 124.9%
respectively.

RATING SENSITIVITIES

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

BBX+'s IDRs, VR and National Scale Ratings

-- If there were a sustained weakening in the bank's AQ that
    translates into a deterioration of the bank's operating profit

    to RWA ratio consistently below 1% and a CET1 ratio
    consistently below 12% that leads to downgrade the Business
    Profile assessment score.

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

BBX+'s IDRs, VR and National Scale Ratings

-- Over the medium term through an improvement of the bank's
    financial profile, specifically if the operating profit to RWA

    ratio is consistently above 1.25% in conjunction with a CET1
    capital ratio consistently above 15% while maintaining
    reasonable and stable metrics for other financial factors.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
GSR

BBX+'s 'ns' GSR reflects Fitch expectation of there is no
reasonable assumption that such support will be available due to
the bank's omission as a domestic systemically important bank
(D-SIB). As of 1Q22, BBX+ deposits represented 0.7% of the Mexican
banking system.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

BBX+'s GSR

--There is no downside potential for the GSR.

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

BBX+'s GSR

-- Upside potential is limited and can only occur over time with
    a material growth of the bank's systemic importance.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

ABX+ and CCBX+ National Ratings

The national ratings of ABX+ and CBBX+ are aligned with BBX+'s
national ratings, and consider the Grupo Financiero Ve por Mas,
S.A. de C.V.'s (GFBX+), which creditworthiness is assumed to be
aligned to that of its main subsidiary (BBX+), legal obligation to
support its subsidiaries, as well as Fitch's perception that these
remain key and an integral part to the group's overall vision and
strategy.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

ABX+ and CCBX+ National Scale Ratings

-- Any negative movement would be driven by any negative action
    on BBX+'s ratings.

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

ABX+ and CCBX+ National Scale Ratings

-- Any positive movement would be driven by any positive action
    on BBX+'s ratings.

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).

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

BBX+ and CBBX+: Pre-paid expenses and other deferred assets were
classified as intangibles and deducted from total equity due to its
low absorption capacity under stress.

ABX+: Pre-paid expenses, other deferred assets and goodwill were
classified as intangibles and deducted from total equity due to its
low absorption capacity under stress.

Sources of Information

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Banco Ve por Mas, S.A., Institucion de Banca Multiple, Grupo
Financiero Ve por Mas has an ESG Relevance Score of '4' for
Governance Structure due to its exposure to an ownership
concentration, which has a negative impact on the credit profile,
and is relevant to the rating[s] 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.

Rating Actions

Casa de Bolsa Ve por Mas,
S.A. de C.V.,
Grupo Financiero Ve por Mas

                          Natl LT  A(mex)  Affirmed   A(mex)
                          Natl ST  F1(mex) Affirmed   F1(mex)

Arrendadora Ve por Mas, S.A.
de .C.V., Sociedad Financiera
de Objeto Multiple, Entidad
Regulada, Grupo Financiero
Ve por Mas
                           Natl LT A(mex)   Affirmed   A(mex)
                           Natl ST F1(mex)  Affirmed   F1(mex)

Banco Ve por Mas, S.A.,
Institucion de Banca
Multiple,
Grupo Financiero Ve por Mas

                           LT IDR    BB-     Affirmed   BB-
                           ST IDR    B       Affirmed   B
                           LC LT IDR BB-     Affirmed   BB-
                           LC ST IDR B       Affirmed   B
                           Natl LT   A(mex)  Affirmed   A(mex)
                           Natl ST   F1(mex) Affirmed   F1(mex)
                           Viability bb-     Affirmed   bb-
                           Govt Support ns   Affirmed   ns


GRUPO KUO: S&P Upgrades Global Scale ICR to 'BB', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings, on May 26, 2022, raised its global scale issuer
credit and issue–level ratings on Mexico-based conglomerate Grupo
KUO S.A.B. de C.V. (KUO) to 'BB' from 'BB-'. S&P also raised its
national scale issuer credit rating to 'mxA' from 'mxBBB+'.

S&P said, "The stable outlook reflects our expectation for a
continued improvement in financial performance across all the
company's business segments in the next 12 months. This is because
we believe KUO can transfer higher prices to final consumers in the
chemicals segment, continue to raise exports to Japan, Korea, and
the U.S., along with production at the recently finished plant in
the pork meat segment, and take advantage from contracts and
volumes in the automotive segment. These factors would enable
leverage to drop to the low 2x area, while the company maintains
EBITDA margins at about 12%.

"In November 2021, KUO's pork processing plant started operations,
with a weekly processing capacity of more than 40,000 pigs. We
expect that the plant's volume, growth in the company's
exports--mainly to Japan, Korea, and the U.S. with higher
margins--and increased chicken sales to Maxicarne stores will
expand the pork meat segment by 16.7% and 9.6% in 2022 and 2023,
respectively. Moreover, we expect that the company will benefit
from higher final demand for electronics and compostable
applications in the polystyrene segment, along with stabilized DCT
transmissions volume in the automotive division amid lower expected
styrene prices and final prices for aftermarket products."

During the first quarter of 2022, KUO extended its weighted average
maturity to 5.5 years from 4.6 years through debt refinancing.
Additionally, the company has refinanced its $300 million committed
credit facilities maturing in 2027. In addition to improving KUO's
debt maturity profile with 85% of its total debt maturing in 2027
and having a comfortable maturity schedule in 2023-2027, S&P
believes that company's debt refinancing, along with available
committed facilities, will improve its liquidity amid rising
inflation.

Lower petrochemicals prices in the company's chemicals segment will
be mitigated by higher prices in value-added applications. The
automotive segment will confront limited availability and increased
prices of some inputs such as steel and aluminum, along with a
semiconductor shortage. The mitigating factors will be stabilized
DCT production costs and higher DCT prices, given that this product
is more profitable than manual transmission. Finally, the pork meat
segment's margins, though hit by raw material prices and volatile
global pork prices, will benefit from higher production and margins
as a result of the new processing plant, and greater domestic
prices. As a result, we forecast EBITDA margins will be about 12%
for the following years, down from 14% in 2021. Moreover, the
company continues to implement measures to control SG&A expenses
across its three business segments.

ESG credit indicators: E-3, S-2, G-2




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

BANISTMO SA: Fitch Affirms 'BB+/B' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed Banistmo, S.A.'s (Banistmo) Long-Term
Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable.
At the same time, Fitch affirmed Banistmo's Short-Term IDR at 'B',
Shareholder Support Rating (SSR) at 'bb+' and Viability Rating (VR)
at 'bb+'. Fitch has also affirmed the National Long- and Short-Term
Ratings for Banistmo and its subsidiary, Leasing Banistmo, S.A.
(Leasing Banistmo), at 'AA(pan)' with a Stable Outlook and
'F1+(pan)', respectively, as well as their debt issuances.

KEY RATING DRIVERS

Support-Driven Ratings: Banistmo's IDRs, SSR and national ratings
are underpinned by Fitch's perception of the ability and propensity
of its parent, Bancolombia, S.A. (Bancolombia; BB+/Stable), to
support to Banistmo if needed. The bank's LT IDR and Stable Outlook
mirror those of its shareholder. The national rating reflects
Bancolombia's relative credit strength compared to other rated
entities in Panama. The Stable Outlook mirrors the Outlook assigned
to its parent.

Significant Role for Parent: Banistmo is Bancolombia's second
largest operation. Fitch views Banistmo as a key and integral part
of Bancolombia's diversification and business strategy in a core
market such as the Central American region (in particular Panama),
providing it with material growth potential. This leads to
Banistmo's IDR being equalized with parent's IDR, since the
subsidiary's role in the parent's group is strongly weighted in
Fitch's propensity-to-support assessment.

Reputation and Integration Influencing Support: The ratings also
moderately deem the significant reputational risk that a potential
Banistmo's default would entitle for its parent, affecting its
franchise. The high level of integration between the entities,
which has generated operational and management synergies (and had
also favored Banistmo's business and risk profile), is also
incorporated into the agency's support analysis.

Ongoing Economic Recovery: Fitch assesses Panama's operating
environment (OE) at 'bb+'/'Stable', considering lower pressures
that could affect the recovery prospects of the banks' financial
performance. However, the banks' loan quality and profitability
remain sensitive to macro aspects such as employment recovery and
GDP growth (Fitch estimates a GDP growth of 7% for 2022 in Panama)
as well as the bank's efficient management of modified loans.

Sound Business Profile: Banistmo's intrinsic creditworthiness
profile is reflected in its VR of 'bb+', which is above its implied
'bb' VR, based on the robust bank's business profile, which highly
influences the rating. Banistmo is the second largest player in the
banking system by local loans and customer deposits, with market
shares of 13.7% and 14.0%, respectively in 2021. Fitch also
believes that belonging to a regional group encourages greater
recognition, strengthening its franchise and business model, as
well as its deposit base.

Asset Quality Prone to Stabilize: Fitch expects Banistmo's loan
quality to return (by the end of 2022) to levels close to those
observed pre-pandemic. A still further deterioration in its asset
quality will be punctual and manageable and is already incorporated
into its current rating assessment. In 2021, the NPLs metric (+ 90
days) decreased to 2.7% compared to 3.4% in 2020, influenced by the
end of the relief measures. The reserve for NPLs expanded prudently
reaching 248.9% in 2021.

Profitability Reverses Trajectory: A significant reduction in loan
impairment charges (LICs) mainly underpinned an improvement in
Banistmo's profitability in 2021, already showed a downward trend
before the crisis. In 2021, operating profit to risk weighted
assets (RWA) metric was 1.1% (2020: -1.1%; 2017-2019: 1.5%). Fitch
expects this positive performance trend to continue, boosted by the
bank's initiatives, although profitability is still sensitive to
pressure.

Appropriate Capital Levels: Banistmo's capitalization showed a
slight upward evolution that stabilized in 2021, sustained by a
modest loan expansion and its recovered internal capital
generation, which Fitch expects to continue in 2022. In 2021, the
Common Equity Tier 1 (CET1) to RWA metric was 12.5% (2017-2020
average: 12.3%). The regulatory capital ratio exhibited a similar
behaviour, providing a reasonable buffer over the regulatory limit.
Nevertheless, Fitch also views Banistmo's parent's ordinary support
favorably.

Liquidity Backed by a Sturdy Structure: The bank's diversified
funding structure reflects its sound local franchise and good
access to local and global markets. The financing profile also
benefits from the parent's ordinary support and synergies arisen
between them. This has resulted in a broad deposit base, and robust
relationship with the institutions. In 2021, a higher growth rate
of deposits relative to loans, led to a loan-to-deposit ratio of
111.0%.

RATING SENSITIVITIES

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

-- Since Banistmo's support-driven IDR is at the same level
    as its standalone creditworthiness captured in its VR, a
    downgrade of the bank's IDRs and national ratings could
    be possible only if both Banistmo's VR and its SSR are
    downgraded;

-- Any negative action on Bancolombia's IDRs would lead to a
    similar action on Banistmo's SSR. In addition, the SSR and
    national ratings could be downgraded if Fitch's assessment of
    its parent's propensity and ability to provide support the
    bank reduces;

-- A deterioration in Fitch's assessment of the OE would pressure

    Banistmo's VR. Also, its VR could be pressured by a further
    deterioration of profitability and asset quality ratios that
    undermine the bank's financial performance, driving a decline
    in its CET1 ratio consistently below 10% and/or its operating
    profitability/RWA metric consistently below 0.5%.

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

-- A positive rating action on Bancolombia's IDRs would trigger
    similar rating action on Banistmo's IDRs, SSR and national
    ratings;

-- Over the medium term, Banistmo's VR could be upgraded by the
    confluence of an improvement of the OE and the financial
    profile of the bank.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Debt: Banistmo's senior unsecured debt is rated at the same level
of the bank's ratings in both international and local scale, as
Fitch considers the likelihood of default of its debt is the same
as that of the issuer and since the senior obligations have average
recovery prospects.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

-- Banistmo's senior unsecured debt would mirror any potential
    downgrade on the bank's international and national ratings.

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

-- Banistmo's senior unsecured debt would mirror any potential
    upgrade on the bank's ratings.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Leasing Banistmo: The national ratings of Leasing Banistmo and its
issuances are aligned with Banistmo's national ratings. Its
national ratings reflect Fitch's assessment of the potential
support that the Panamanian subsidiary would receive (if required)
from its ultimate shareholder, Bancolombia. The agency's assessment
of the propensity for support is based on the key strategic role
the entity plays in Bancolombia's model and strategy by providing
complementary financial services to those offered by the bank in a
market that is considered relevant. Fitch considers that the
propensity of support is moderately influenced by the high
integration with the group and by the significant reputational risk
that the default of this subsidiary would represent, both for
Banistmo and Bancolombia.

As of December 2021, the entity's asset quality improved in line
with the recovery of commercial activity. This resulted in an
improvement in results that favored the reversion of reserves.
Fitch estimates that Leasing Banistmo's capitalization and
liquidity could maintain stable levels.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

-- Negative action on Bancolombia's IDRs would lead to a
    downgrade in Leasing Banistmo's national ratings;

-- National ratings could also be downgraded if Fitch's perceives

    that its parent's propensity and / or ability to support the
    subsidiary is reduced;

-- Leasing Banistmo's senior unsecured debt would reflect any
    potential downgrade of the entity's national ratings.

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

-- A positive rating action on Bancolombia's IDRs would trigger a

    similar action on Leasing Banistmo's national ratings;

-- Leasing Banistmo's senior unsecured debt would reflect any
    potential improvement in the entity's national ratings.

VR ADJUSTMENTS

The VR of 'bb+' has been assigned above the 'bb' implied VR due to
the following adjustment reason: Business Profile (positive).

The Earnings & Profitability Score of 'bb-' has been assigned above
the 'b' category implied score due to the following adjustment
reason: Historical and Future Metrics (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.


ENA NORTE: Fitch Affirms 'BB' Rating on US$600MM Notes
------------------------------------------------------
Fitch Ratings has affirmed the Long-Term rating on ENA Norte
Trust's (ENA Norte) USD600 million notes at 'BB' and the national
Long-Term rating at 'A+(pan)'.  The Rating Outlook is Stable.  The
standalone credit profile (SCP) is assessed at 'b+'.

RATING RATIONALE

ENA Norte's ratings reflect a strong and mature asset with a long
operational track record. The project has the contractual ability
to adjust tolls according to inflation. However, given tolls have
not been increased since the issuance of the notes, Fitch continues
to assume that tolls will remain unchanged over the life of the
notes. ENA Norte's debt structure is robust as the totality of the
toll revenue is dedicated to cover operational and financial
obligations and has allowed for the project's gradual deleverage.

Under Fitch's rating case, minimum LLCR is 1.03x in 2022, which
indicates the debt is tightly repaid at maturity. This metric level
is deemed weak with respect to indicative levels provided by
Fitch's applicable criteria for the SCP rating category. The
government's ability to implement credit protection measures and
the ability refinance the debt in the medium term supports the
current rating.

According to Fitch's Government-Related Entity criteria, Fitch's
strong assessment for the strength of the link between the
Panamanian government and the project, and a moderate assessment of
the perceived incentive of government support when needed, in
combination with the four-notch distance between the issuer's SCP
at 'b+' and Panama's sovereign rating at 'BBB-'/Stable, results in
a top down, minus two approach, as described in Fitch's applicable
criteria.

The national scale rating of 'A+(pan)' with a Stable Outlook
reflects ENA Norte's credit quality relative to other rated issuers
and issuances within Panama.

KEY RATING DRIVERS

Limited Volume Risk - Revenue Risk (Volume): Midrange:

The corridor operates in a strong reference market, the city of
Panama, with a long track record of traffic, showing moderate
volatility, and plays an important connectivity role for commuters
and commercial traffic within the city's broader road network.
Given the recent infrastructure changes in the city, the assets
face competition from free alternatives and other transportation
modes.

Fixed Toll Rates - Revenue Risk (Price): Weaker

Although the concessionaire is entitled to annually adjust toll
rates at inflationary levels, toll rates have not been increased by
inflation and are not expected to be updated in the medium term.
Toll rates are structurally protected with a covenant that
prohibits toll rate reductions if debt service coverage ratio
(DSCR) does not meet a minimum threshold.

Suitable Infrastructure Plan - Infrastructure Development and
Renewal: Midrange

Sound contractual requirements to fund capital expenditure costs
are in place for the corridors. According to the independent
engineer, the physical condition of Corridor Norte is not at its
best and requires immediate major maintenance. The concessionaire
already has short- and medium-term maintenance plans in place to
perform the work required in certain sections of the corridors. The
capital investment program is internally funded.

Conservative Debt Structure - Debt Structure: Stronger

ENA Norte Trust's debt structure has fixed interest rate, is flow
zero and has a six-month debt service reserve account for interest
payments.

Financial Profile

Under Fitch's rating case, ENA Norte's LLCR in the rating case is
at 1.03x and is weak according to the applicable criteria for the
SCP rating. Debt is tightly repaid at its maturity in 2028.

PEER GROUP

Peer Analysis

ENA Norte is comparable with Autopistas del Sol (AdS; B/Negative).
Both projects provide critical connectivity within their respective
areas and are subject to increasing competition from free
alternatives, but Fitch assesses Price Risk as Weaker for ENA
Norte. AdS's average DSCR is higher at 1.1x when compared versus
the 1.03x coverage metric of ENA Norte, whose ratings are supported
by the government's ability to implement credit protection measures
and the ability refinance the debt in the medium term.

RATING SENSITIVITIES

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

-- Traffic performance materially worse than Fitch's rating case
    projection of 140,924 AADT for 2022;

-- Multi-notch downgrade on Panama's sovereign rating.

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

-- Given the still uncertain future path of traffic recovery
    coupled with the tight metrics of the transaction, an upgrade
    is unlikely in the short term.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

CREDIT UPDATE

In 2021, traffic represented 75% of the level of 2019, generally in
line with Fitch's expectation of recovery for this year at 72%. It
is worth noting that during Q4 2021, traffic reached 85% of Q4 2019
traffic, improving over Fitch's expectation of 80% for this
quarter. However, in Q1 2022 traffic receded back to 74% of Q1
2019, which was attributed by the issuer to school vacations in the
first two months of the year and to diminished traffic due to an
uptick in COVID cases in January caused by the Omicron variant.
This, however seems to be a temporary slump, as traffic in march
2022 reached 83% of the same month of 2019.

Mobility restrictions were largely eliminated after Q1 2021, and no
new restrictions are envisioned as cases have remained low after
the January 2022 surge. Recovery has lagged behind other
transportation assets that have reached their pre-pandemic traffic
due to the commuting nature of the asset, as this kind of traffic
has been slower to recover given the work-at-home trend.

Toll revenues in 2021 were USD63.7 million, 8.7% above Fitch's
projections of USD58.6 million and in line with traffic
performance, as tariffs have not been updated; In general terms,
the traffic and revenue mix have remained steady, with a slight
proportional growth from heavy vehicles as Fitch has seen in other
assets in the region.

Cashflow available for debt service (CFADS) in 2021 was 40% above
expected, mainly because the project had lower than expected
expenses, considering that CAPEX was USD7 million lower than
projected by Fitch. This is because Fitch's rating case expectation
assumed that 2020 postponed CAPEX would be invested in 2021, which
was not the case. Actual CAPEX, however, was in line with
management budget and Fitch confirmed with them that they do not
expect to invest the postponed CAPEX in the following years. Their
view is that budgeted investments will be enough to maintain the
road in its current form.

As a result of higher CFADS, the issuer made debt prepayments USD7
million above Fitch's projections with a resulting lower
outstanding balance, which led to a lower interest expense
payment.

As of April 22, the trust maintains a debt service reserve account
equivalent to two quarterly interest payments (six months) at
USD7.7 million. The issuer makes interest payments in a quarterly
basis; it has a cash flow zero debt structure with legal maturity
in 2028.

FINANCIAL ANALYSIS

At present, Fitch is not differentiating between its base and
rating case assumptions, given the level of uncertainty about
future traffic performance.

Fitch rating case assumes a traffic recovery of 85% and 95% of the
2019 level for 2022 and 2023 respectively. In 2024, Fitch assumes
traffic will achieve full recovery to 2019 levels, followed by a
traffic CAGR of 2%. Toll rates are assumed to remain fixed for the
term of the debt. OPEX were adjusted to assume a gradual increase
to reach around USD13 million in 2024, the amount observed in 2019
in real basis, adding a 7.5% stress to OPEX and CAPEX. Inflation is
projected at 5% in 2022, 2% in 2023 and 1% onwards. The rating case
results in an LLCR of 1.03x.

This coverage is weak for ENA Norte's SCP rating, according to
Fitch's applicable criteria. Also, debt is tightly repaid at
maturity. The government's ability to implement adjustments to toll
rates to enhance credit protection measures supports the assigned
rating.

Fitch also ran a severe downside case scenario, which assumed an
extended traffic recovery compared with the rating case. Under this
case traffic was assumed to recover in 2022, 2023 and 2024 at 75%,
85% and 95% of 2019 levels, respectively. In 2025, Fitch assumes
traffic will recover to 2019 levels, followed by a traffic CAGR of
2.0%. The rest of the variables remain as in the rating case.

Under this scenario, minimum LLCR decreases to 0.6x and debt is not
paid at maturity, with a remaining 2% balance of the original
amount in 2028.

SECURITY

The Panama-Madden Segment (corridor Norte) is a 13.5-kilometer
(8.4-mile) toll road that intersects Phase I on the eastern end and
runs northwest, connecting to the Interstate Colon Highway. ENA
Norte operates the toll road concession of Corridor Norte and has
no other significant commercial activities. ENA Norte is a
subsidiary of Empresa Nacional de Autopista S.A. (ENA). ENA is an
entity wholly owned by the government of Panama, with the purpose
of acquiring companies that have been granted concessions for the
construction, maintenance and operation of toll roads.

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.


MULTIBANK INC: Fitch Affirms 'BB+/B' IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Multibank Inc.'s Long- and Short-Term
Issuer Default Rating (IDR) at 'BB+' and 'B', respectively. Fitch
has also affirmed the bank's National Long- and Short-Term Ratings
at 'AA(pan)' and 'F1+(pan)', respectively. The Rating Outlook for
long-term ratings is Stable. Fitch has downgraded the bank's
Viability Rating (VR) to 'bb' from 'bb+'.

The VR downgrade reflects a change in Fitch's assessment of
Multibank's business profile to 'bb' from 'bb+' due to lower total
operating income generation than larger local and regional peers in
2022. In addition, its business model, although favors its
portfolio diversification (leading to a good asset quality) it
still results in a limited profitability for Multibank's current VR
level.

KEY RATING DRIVERS

Shareholder Support: Multibank IDRs, Shareholder Support Rating
(SSR), national and senior unsecured debt ratings are based on the
potential support it would receive from its shareholder Banco de
Bogota, S.A. (Bogota), if required. The bank's Long-Term IDR is
equalized to Bogota's Long-Term IDR, reflecting Fitch's assessment
of the high propensity of support from its parent. The Stable
Outlook on Multibank mirrors that on the parent.

Strategically Important Subsidiary: In Fitch's view, Multibank
supports its group's franchise and market position in Panama and
contributes to the group's business model and regional strategy,
providing key products and services in a market considered core.

Reputational Risk and Integration: Growing integration with Bogota
improves Multibank's franchise, provides a relative business model
stability and benefits the subsidiary's business generation. Fitch
also weighs with high importance the reputational risk that an
event of default by Multibank would constitute to its shareholder,
severely damaging the franchise.

Sound Franchise, Albeit Medium Sized: In Fitch's opinion,
Multibank`s restructuring process - following its ownership change
in 2020 - is leading to some businesses reorganizations, positive
effects of which may take more time to produce effective results.
Regardless, Fitch understands the importance of building a solid
business model framework, more aligned to the new parent's
interests. Also, Multibank's VR still reflect its sound yet medium
franchise within the Panamanian banking system, with an estimated
market share of around 5%-6% in terms of domestic loans and a
2018-2021 average total operating income of USD157 million. Fitch
also considers that the bank's business profile benefits from a
relevant integration to Grupo Aval as reflected in growing, strong
customer relationships, higher business generation and more robust
risk management model.

Reduced Pressure on Asset Quality: Multibank's impaired loans/gross
loans ratio of 2.1% at YE 2021 remained above its four-year average
of 1.7% but was one of the lowest ratios among peers. Fitch expects
the bank to stabilize its delinquency metrics gradually and return
to its pre-pandemic level, due to the decreasing proportion of
modified portfolio and the improvement in commercial loan
placement. The bank's reserve coverage was reasonable and roughly
in line with the sector average.

Profitability Still Below Historical Levels: Multibank's reported
operating profit/risk-weighted assets (RWA) ratio was around 0.5%
as of YE 2021 (four-year average: 0.9%). Decreasing COVID-19
related loan impairment charges, along with higher revenue streams
and the absence of extraordinary acquisition-related expenses,
favored gradual improvement from the losses generated in 2020.
Profitability remains weaker than that of its closest domestic
peers, although Fitch recognizes management's strategic focus to
recover it.

Adequate Loss Absorption Capacity: Multibank's common equity Tier 1
(CET1) capital ratio declined to 11.3% as of 2021 from 12.2% at YE
2020, reflecting higher RWA. However, this ratio compares favorably
with the minimum regulatory requirements (4.5%). Loan loss
allowances for impaired loans are sound, which further supports the
bank's loss absorption capacity. Fitch's assessment also considers
the ordinary support that could receive from its parent if need
arises.

Sound Funding and Liquidity: Multibank relies on a solid customer
deposits base, strengthened by the support of a strong regional
group, and also on diversified funding sources. At YE 2021, its
loans to deposit ratio of 118.7% (2020: 105.7%) reflected a mild
reduction of deposits by 3.4%. The bank's liquidity position is
sound, as reflected in a liquid asset to deposits ratio above 35%
for the last four periods.

RATING SENSITIVITIES

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

-- A downgrade of Multibank's IDR, SSR and National Ratings could

    result from a downgrade of Banco de Bogota's IDR or from a
    reduced propensity of Banco de Bogota to support its
    subsidiary, both of which are unlikely at present;

-- Multibank's VR could be downgraded as a result of a sustained
    deterioration of profitability (operating profit to RWAs below

    0.5%) and asset quality ratios that undermine the bank's
    financial performance, driving a decline in its CET1 ratio
    consistently below 10%.

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

-- Positive rating actions on Multibank's IDRs, National Ratings,

    senior unsecured debt rating and SSR could be driven by
    positive rating actions on Banco de Bogota's IDR;

-- Positive rating actions on Multibank's VR could be driven by
    the sustained strengthening of the Business Profile along with

    profitability indicators consistently above 2.5% and a CET1 of

    at least 15%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Unsecured Debt: Multibank's ratings of its outstanding
senior unsecured obligations are at the same level of the company's
IDR as the likelihood of default of the obligations is the same as
the one of Multibank.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

-- Multibank's senior unsecured debt would mirror any potential
    downgrade on its IDRs.

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

-- Multibank's senior unsecured debt would mirror any potential
    upgrade on the bank's ratings.

VR ADJUSTMENTS

The Business Profile score has been assigned at 'bb', above the
implied score of 'b' due to the following adjustment reasons:
Business Model (positive), Group Benefits and Risks (positive)

The Earnings & Profitability score has been assigned at 'bb-' above
the implied score of 'b' due to the following adjustment reasons:
Historical and Future Metrics (positive).

The Capitalization & Leverage score has been assigned at 'bb-'
above the implied score of 'b' due to the following adjustment
reasons: Capital Flexibility 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.




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

ERG INC: Seeks to Hire Lugo Mender Group as Legal Counsel
---------------------------------------------------------
E.R.G. Incorporado seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Lugo Mender Group, LLC to
serve as legal counsel in its Chapter 11 case.

The firm's services include:

a. advising the Debtor regarding its duties, powers and
    responsibilities in its case under the laws of the United
    States and Puerto Rico in which it conducts its operations,
    does business or is involved in litigation;

b. advising the Debtor in connection with its reorganization
    endeavors, including assisting in the formulation of a plan
    of reorganization to be prepared;

c. assisting the Debtor in negotiations with creditors for
    the purpose of arranging a feasible plan of reorganization;

d. preparing legal papers;

e. appearing before the bankruptcy court or any other court
    in which the Debtor asserts a claim or defense directly
    or indirectly related to its bankruptcy case; and

f. performing other necessary legal services.

The hourly rates charged by the firm for its services are as
follows:

     Attorneys          $300 per hour
     Associates         $200 per hour
     Legal Assistants   $125 per hour

In addition, the firm will seek reimbursement for out-of-pocket
expenses.

The retainer fee $4,000.

Alexis Betancourt Vicencty, Esq., a partner at Lugo Mender Group,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Alexis A. Betancourt Vicencty, Esq.
     Lugo Mender Group, LLC
     100 Carr. 165 Suite 501
     Guaynabo, P.R. 00968-8052
     Tel: (787) 707-0404
     Fax: (787) 707-0412
     Email: wlugo@lugomender.com

                         About E.R.G. Inc.

E.R.G. Incorporado, doing business as Motel Salinas, is a Puerto
Rico-based company operating in the traveler accommodation
industry.

E.R.G. filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.P.R. Case No. 22-01272) on May 3, 2022,
listing up to $1 million in assets and up to $10 million in
liabilities. Carlos G. Garcia Miranda serves as Subchapter V
trustee.  

Judge Maria De Los Angeles Gonzalez oversees the case.

Alexis A. Betancourt Vicencty, Esq., at Lugo Mender Group, LLC is
the Debtor's legal counsel.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

CONSOLIDATED ENERGY: S&P Raises ICR to 'BB-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings, on May 25, 2022, raised its issuer credit
rating on Consolidated Energy Ltd. (CEL) to 'BB-' from 'B+'. S&P
also raised its issue-level rating on the company's senior
unsecured and secured debt to 'BB-' from 'B+'.

The stable outlook indicates S&P expects the company's operating
and financial performance to continue to improve through higher
revenues and EBITDA.

CEL, a petrochemical company with operations in Trinidad and Tobago
and the U.S. Gulf Coast, continues to enhance its EBITDA from
higher methanol prices and production levels.

In 2021, methanol prices continued to bounce back from lower 2020
levels, with U.S. methanol contract prices rising to about
$550/metric ton (MT) from 2020 levels of around $300/MT. Due to the
higher prices and the increased production levels across CEL's
facilities, the company's revenues rose to about $1.8 billion
(72.4% increase from 2020) and adjusted EBITDA of around $640
million, 93.6% higher than in 2020.

S&P said, "Additionally, due to stable debt levels, CEL's leverage
ratio sharply decreased. It posted adjusted debt to EBITDA of 5.6x
at the end of 2021 from 10.6x at the end of 2020. Considering that
methanol price momentum remains strong so far in 2022 and we expect
that to continue, we estimate that CEL's revenues will increase to
about $2.3 billion and EBITDA to $900 million by the end of 2022
(as of March 31, 2022, CEL reported EBITDA of $372 million with
higher ammonia and urea ammonium nitrate [UAN] prices). Although
rising inflation has pressured some commodities and raw material
prices, we think that CEL should manage its cost fluctuations and
pass them through to its sale prices to maintain stable
profitability.

"We also expect that CEL will reach higher operating efficiencies
due to the expected increased production across all its facilities
(following recent turnarounds for Natgasoline in the U.S. and the
M3 and M5 plants in Trinidad and Tobago) due to solid product
demand. As a result, we expect CEL to have EBITDA margins in the
35%-40% range. Because we don't forecast significant debt increases
and expect stronger EBITDA for the next 12 months, we think CEL
will continue to deleverage, with a debt-to-EBITDA ratio below
4.0x.

"In line with our previous upgrade trigger, CEL has bolstered its
cash flows, generating higher revenue and EBITDA than we expected,
and lowered its leverage significantly at the end of 2021. Due to
the larger cash flows, the company was able to manage efficiently
its operations and continued to demonstrate its prudent financial
policy toward debt. CEL didn't incur significant additional debt to
fund its capital expenditures (capex) or its working capital needs
last year. As illustrated by the company's first quarter results
this year, CEL continues to deleverage, with an adjusted leverage
ratio near 4.0x. Moreover, according to our estimates, the company
continues to evidence a consistent track record of adjusted
weighted debt to EBITDA of 4.0x-4.5x and a weighted EBITDA interest
coverage ratio above 3.0x.

S&P expects that its favorable operating and financial performance
will continue allowing CEL to keep generating consistent cash flows
through the favorable methanol prices and higher production
volumes, but following better production at its Natgasoline plant
and enhanced financial results in the company's ammonia, urea
ammonium nitrate (UAN), and melamine output. Coupled with broadly
stable debt levels, the higher expected EBITDA should allow the
company to keep deleveraging, with adjusted debt to EBITDA close to
3.6x by the end of 2022.

In 2021, the company refinanced part of its $214 million notes due
2022 (current outstanding $159.6 million) and its $493 million
senior unsecured notes due 2025 well ahead its maturity by issuing
a new bond of about $850 million (U.S. dollar and euro tranches)
that will come due in 2028. After this debt refinancing, CEL
doesn't have material debt obligations in 2022, and its liquidity
continues to benefit from committed revolving credit facilities of
about $270 million ($225 million at CEL and the remainder at
Natgasoline), which the company has almost all available ($200,000
dispensed at Natgasoline as of March 31, 2022). Although the
company still faces paying the outstanding $160 million of its
senior unsecured notes due 2022, we think it has room to prepay
this obligation using own cash from the expected larger operational
cash flow (cash balance of around $173 million at the end of March
2022) or by partially refinancing it with its available credit
facilities.

ESG credit indicators: E-3, S-2, G-2


TRINIDAD & TOBAGO: Energy Windfall is Temporary, Minister Says
--------------------------------------------------------------
Ria Taitt at Trinidad Express reports that unless it borrows vast
sums of money, the Trinidad and Tobago Government will not be able
to afford the salary increases being sought by the trade unions
representing public servants, so said Prime Minister Dr. Keith
Rowley at a public meeting in Arima.

Rowley said an increase of four per cent-two per cent for each of
the two collective bargaining periods would cost $1.45 billion in
backpay and an additional cost of $730 million more for public
servants' salaries for each succeeding year in perpetuity,
according to Trinidad Express.

"The question is: Is that sustainable?" Rowley asked, according to
the report.

"Let's get generous and let's say we give eight per cent-four per
cent plus four per cent.  That would cost a backpay of $3.6 billion
and an additional annual cost of $1.4 billion. Do you see that
money in the Treasury in Trinidad and Tobago at this time? Do you
see the Minister of Finance in Trinidad and Tobago being able to
find that money on a monthly basis to make sure that you (public
servants) with jobs get paid at the end of the month?" the Prime
Minister said, the report notes.

"We will have to borrow the money and if we do that on this scale,
in this way, and the oil price and gas price change, we are leaping
in the dark," he said, the report relays.

Referring to the war in Ukraine, the Prime Minister said
circumstances beyond this country's control "brought unusually high
oil prices and some improvement in the gas price, resulting in the
Government receiving a little more money than it budgeted for . . .
It might be approximately $4 billion, which is the increase outside
of what we budgeted for.  But you would have seen that we went to
Parliament and added to the 2022 budget, $3.1 billion (in
additional expenditure) to be paid for out of that $4 billion (in
additional revenue)," he said, the report notes.

Having spent $3 billion of the $4 billion already, he said "the war
(in Ukraine) is grinding to a halt. It might drag on for a little
while longer, we don't know. Of the $4.2 billion, we spend $3.1
billion already. Let's say we have $1 billion left, the backpay at
four per cent would be $1.45 billion. You know what that means? We
have to go and borrow $450 million to pay for that backpay." He
said the Government may or may not do that, but "let it work itself
out," the report discloses.

                      People Under Pressure

The Prime Minister said while the Government had indicated that
some of the windfall would go to public servants, it had to
determine what was affordable, the report discloses.

"We have to give the public servants a reasonable offer because we
don't need anybody to tell us the pressure that the people of this
country, like the public servants, have been under. It is we who
said that we will not go to the International Monetary Fund (IMF),
we will prescribe our own medicine giving us the opportunity to do
what no IMF program will allow us to do. We have not laid off a
single public servant . . . because we have said the first
objective is to have people keep their jobs. "Secondly, the
objective is that at the end of the month, we have the money to pay
you, the report relays.

"And third objective, as soon as we are able to, we will improve
your earning capacity. That is the order in which the Government
has operated. And if we find ourselves in a situation where we put
(objective) number three in front of number one, then you know what
happens there," he said, the report notes.

The most important thing is to keep all the jobs in place, the
Prime Minister said, adding; "We have a little breathing space now.
I said let us not over-react, let us not get carried away, the
report discloses.

"Because we all know that what is happening in Ukraine could be
temporary.  More than likely it is going to be temporary. Because
the war in Ukraine has pushed out of the market the largest
exporter of oil and one of the largest exporters of natural gas -
Russia. If anything happens that causes that situation to change
then that pressure for the high price is gone and the oil price
will fall," he added.

"If tomorrow the Russians try to stop the war, that pressure on the
oil price would be relieved.  If tomorrow the Saudis decide we have
made enough money out of this special arrangement and they going to
pump more oil; or if tomorrow the Venezuelans come back into the
market, that (high price) is gone.  So we are in a temporary
situation driven solely because the Russian supply has been pushed
out of the market as a penalty for the Russian behaviour in
Ukraine. So if we go and cut our cloth to suit these prices that
exist today, when the turnaround comes, we may have ourselves with
parts of our bodies exposed because the cloth was not properly
cut," he said, the report relays.




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

[*] BOND PRICING: For the Week May 23 to May 27, 2022
-----------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
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
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
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
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
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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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