/raid1/www/Hosts/bankrupt/TCRLA_Public/220603.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, June 3, 2022, Vol. 23, No. 105

                           Headlines



B A H A M A S

BAHAMAS: Removing Customs Duty on Dozens of Food Items


B R A Z I L

ELETROBRAS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
ELETROBRAS: S&P Affirms 'BB-' Global Scale Issuer Credit Rating
SIMPAR SA: Moody's Assigns First Time Ba3 Corporate Family Rating


C O L O M B I A

ITAU COLOMBIA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
SIERRACOL ENERGY: Fitch Affirms 'B+' LongTerm Currency IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Bank to Increase Monetary Policy Rate Again
DOMINICAN REPUBLIC: Bread Costs Affect Small Bakeries the Most
[*] DOMINICAN REPUBLIC: Leader Heads a Cabinet Powwow


E C U A D O R

BANCO PICHINCHA 5: Fitch Affirms 'B-sf' Rating on 4 Tranches


E L   S A L V A D O R

EL SALVADOR: S&P Lowers LongTerm Sovereign Credit Ratings to 'CCC+'


J A M A I C A

JAMAICA: Enters Import-Export Deal With Cayman


P A N A M A

BANCO GNB SUDAMERIS: Fitch Affirms BB LongTerm IDRs, Outlook Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Severe Food Insecurity Up by 72% in Two Years
TRINIDAD PETROLEUM: S&P Raises ICR to 'BB', Off CreditWatch Dev.

                           - - - - -


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B A H A M A S
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BAHAMAS: Removing Customs Duty on Dozens of Food Items
------------------------------------------------------
RJR News reports that the Bahamas Government has outlined its
intention to remove the customs duty from roughly three dozen food
items amid a historic rise in inflation.

Prime Minister Philip Davis tabled the Excise (Amendment) Bill,
2022 and Tariff (Amendment) Act, 2022 in the House of Assembly,
according to RJR News.

The majority of the food items being made duty-free had a duty rate
of five per cent, the report notes. These items include diary
products, vegetables and meats, the report relays.

Mr. Davis said the duty and excise reductions would assist in
lowering the cost of living for Bahamians who have in recent months
complained about rising inflation, the report notes.




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B R A Z I L
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ELETROBRAS: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Centrais Eletricas Brasileiras S.A.'s
(Eletrobras) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) and outstanding senior unsecured bond ratings at
'BB-'. The National Scale ratings of Eletrobras, its rated
subsidiaries and their outstanding local debentures ratings were
also affirmed at 'AA(bra)'. The Rating Outlook is Negative for the
IDRs and Stable for the National Scale ratings.

Fitch has also revised its assessment of Eletrobras' stand-alone
credit profile (SCP) to 'bb-' from 'b+', reflecting the company's
improving capital structure and strengthening operating cash
generation. Per Fitch's Government Related Entity Criteria (GRE
Criteria), Eletrobras' IDRs are equalized with Brazil's sovereign
rating (BB-/Negative), as the strength of the linkage between both
entities is strong and the government has a strong to very strong
incentive to provide support to the company. The Negative Outlook
for Eletrobras' IDRs reflects the same Outlook for Brazil's
sovereign rating.

KEY RATING DRIVERS

Strong Linkage to the Sovereign: Eletrobras' credit profile
benefits from the strong linkage between the company and Brazil.
The ratings incorporate likely support from the sovereign and is
one of the pillars for ratings equalization. Brazil controls
Eletrobras through its 52% stake in the issuer's voting shares and
plays an important role on Eletrobras' operational, strategic and
financing activities. The government also guarantees 13% of
Eletrobras' debt, which further reinforces the linkage and support
for the company. The Brazilian power sector also relies on
Eletrobras' portfolio of generation plants and transmission lines
given its size as the largest player in the sector. Eletrobras'
size and importance of the sector add to the government's incentive
to support the company given the strong socio-political
implications in the event of distress.

Privatization Efforts Advance: There will be a reduction in the
voting capital of the Federal Government and entities linked to the
government from 72.33% to at least 45%, through the issuance of
common shares (dilution), and the sale of shares in entities linked
to the government. The sale, which will occur by a capital increase
without the participation of the government, has already been
approved by congress and could occur between late June and
mid-August. Fitch does not incorporate the potential privatization
of Eletrobras since it is an uncertain event. If Eletrobras becomes
a private entity, Fitch will likely decouple Eletrobras' rating
from the sovereign and analyze the company on a stand-alone basis.
Privatization should allow the company to obtain higher sales
prices associated with part of its generation assets and greater
flexibility to manage its costs.

Improving SCP: Eletrobras' capital structure has improved and is
expected to remain so. Eletrobras has been using the proceeds from
internal cash flow generation and asset sales to lower its
financial debt. As of YE 2021, total debt was reduced by BRL7.3
billion compared with YE 2019, or 9%, and 14.5% lower than in 2018.
Stronger cash flow generation also resulted in more conservative
credit metrics, although FCF is expected to turn negative due to
aggressive capex plan over the next few years, somewhat limiting
further improvements in the company's SCP.

Manageable Negative FCF: Eletrobras' Strategic Plan for 2022-2025
incorporates an aggressive investment plan of BRL30 billion in
capex, which should pressure FCF over the next few years. Despite
of strong expected cash flow from operations (CFFO) of around
BRL8.6 billion-BRL9.1 billion over the next two years, the capex
program should leave Eletrobras with negative FCF of around BRL1.8
billion on average in 2023 and 2024. Fitch forecasts dividend
payout of 25% over the rating horizon. The base case projections
also incorporate BRL15.0 billion from the construction of the
nuclear plant, Angra 3.

Leverage Moderating: Fitch expects Eletrobras' adjusted leverage
ratios to moderate, with net adjusted debt/adjusted EBITDA ranging
between 3.3x to 3.7x until 2024. For the year ended 2021, total
adjusted debt/adjusted EBITDA and net adjusted debt/adjusted EBITDA
were 4.7x and 3.7x, respectively. Total adjusted debt includes
contingent liabilities of BRL29.9 billion related to guarantees
provided to minority-owned, non-consolidated gencos on a
proportionate basis. If the contingent guarantees are excluded from
the leverage calculations, the net leverage would be 2.0x.
Eletrobras' consolidated debt profile benefits from an extended
debt maturity schedule.

Subsidiaries Ratings Equalized: Fitch equalizes National Scale
ratings of Companhia Hidro Eletrica do Sao Francisco (Chesf) and
Companhia de Geracao e Transmissao de Energia Eletrica do Sul do
Brasil - Eletrobras CGT Eletrosul (CGT Eletrosul) with Eletrobras'
rating due to the strong legal, operational and strategic links
between them and the controlling shareholder. Eletrobras held
99.58% of Chesf and 99.89% of CGT Eletrosul. The strong ties are
mainly based on the importance of Chesf and Eletrosul assets for
the Eletrobras group and on Eletrobras' position as guarantor and
creditor of 55% of Chesf's debt and 81% of CGT Eletrosul's debt.

Centrais Eletricas Brasileiras S.A. (Eletrobras) has an ESG
Relevance Score of '4' for Governance Structure due to ownership
concentration, as a majority government-owned entity and due to the
inherent governance risks that arise with a dominant state
shareholder, which 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.

DERIVATION SUMMARY

Eletrobras' IDR is equal to the sovereign's 'BB-' rating. Compared
with other state-owned electric utility companies in Latin America,
Eletrobras' IDRs are lower than the Mexican company Comision
Federal de Electricidad (CFE; BBB-/Stable), and the Colombian
company Interconexion Electrica S.A. E.S.P (ISA; BBB/Stable). CFE's
ratings are fully supported by the Mexican sovereign rating of
'BBB-'/Outlook Stable due to its monopoly position in the country.
ISA's ratings are higher than parent company Ecopetrol (BB+/Outlook
Stable) due to regulatory ring-fencing mechanisms and a track
record of strong governance practices. ISA benefits from a low
business risk profile, strong geographic and business
diversification of its revenue source, which along with the high
predictability of CFFO, translate into a robust financial profile.

Eletrobras' 'bb-' SCP is three notches below the 'BBB-' Local
Currency IDR of the Brazilian generation company Engie Brasil
Energia S.A. and the Brazilian transmission groups Alupar
Investmento S.A. and Transmissora Alianca de Energia Eletrica S.A.
due to its lower operating performance and weaker financial
profile, despite its larger size and asset diversification.

KEY ASSUMPTIONS

-- Generation prices of BRL196/MWh in 2022, BRL178/MWh in 2023,
    BRL184/MWh in 2024 and 2025;

-- Inflation of 9.2% in 2022 and 5% thereafter;

-- GDP growth of 0.5% in 2022 and 1.8% thereafter;

-- Average annual capex (not including equity contributions) of
    BRL7.7 billion from 2022 to 2025;

-- Dividends of 25% of net income;

-- Development of Angra 3 projects without a private partner;

-- No distributions associated with the outstanding guarantees to

    non-consolidated subsidiaries.

RATING SENSITIVITIES

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

-- A positive rating action on the Brazilian sovereign rating
    could lead to a positive rating action on Eletrobras;

-- Privatization of the company and weaker linkage with the
    government.

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

-- A downgrade of Brazil's sovereign rating;

-- Weakened linkage with the Federal government of Brazil coupled

    with a weaker financial flexibility and higher leverage
    profile of greater than 6.0x.

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

Sound Liquidity Profile: Eletrobras has a strong liquidity
position. The company's robust consolidated cash and marketable
securities of BRL15.4 billion were above its short-term debt of
BRL9.4 billion at the end of the first quarter of 2022. Eletrobras'
total adjusted debt of BRL72.6 billion at YE 2021 was mainly
concentrated in Brazilian state-owned entities. Brazilian owned
Federal banks hold 29% of the consolidated on-balance-sheet debt,
with Petrobras responsible for 12%, reinforcing the linkage with
the government. Foreign currency debt representing around 17% of
the group's debt. The Brazilian government provides guarantees in
the amount of BRL5.9 billion, approximately 14% of total
consolidated debt.

ISSUER PROFILE

Eletrobras is the largest electric energy group in Brazil. It
operates in the energy generation and energy transmission segments.
The group is responsible for 28% of the installed generation
capacity and 40% of the transmission lines in the country.

SUMMARY OF FINANCIAL ADJUSTMENTS

Lease interest and depreciation deducted from operating income.

ESG CONSIDERATIONS

Centrais Eletricas Brasileiras S.A. (Eletrobras) has an ESG
Relevance Score of '4' for Governance Structure due to its nature
as a majority government-owned entity and the inherent governance
risk that arises with a dominant state shareholder, 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

   DEBT                       RATING                       PRIOR
   ----                       ------                       -----
Companhia de Geracao e      
Transmissao de Energia
Eletrica do Sul do
Brasil -
Eletrobras CGT Eletrosul     Natl LT   AA(bra)  Affirmed   AA(bra)


senior unsecured            Natl LT   AA(bra)  Affirmed   AA(bra)


senior secured              Natl LT   AA(bra)  Affirmed   AA(bra)


Centrais Eletricas          
Brasileiras S.A.
(Eletrobras)                 LT IDR    BB-      Affirmed   BB-

                             Natl LT   AA(bra)  Affirmed   AA(bra)


  senior unsecured           LT        BB-      Affirmed   BB-

Companhia Hidro Eletrica
do Sao Francisco S.A.

  senior secured             Natl LT   AA(bra)  Affirmed   AA(bra)



ELETROBRAS: S&P Affirms 'BB-' Global Scale Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings, on June 1, 2022, affirmed its 'BB-' global
scale issuer credit and issue-level ratings on Centrais Eletricas
Brasileiras S.A. - Eletrobras (or the company). S&P also affirmed
its 'brAAA/brA-1+' national scale ratings.

S&P said, "The stable outlook reflects our expectation that
Eletrobras will continue deleveraging in the upcoming 12-24 months
through the proceeds of sales of non-core assets, while it keeps
improving its operating performance. We forecast adjusted debt to
EBITDA of about 5.0x and funds from operations (FFO) to adjusted
debt 7%-9% in 2022-2023, including the consolidation of SAESA."

Furnas, a fully owned subsidiary of Eletrobras, will start
including Santo Antonio Energia S.A.'s (SAESA) results in its
financial reports following an indirect capitalization that will
boost Furnas' ownership of SAESA to about 70% from 43%.

Furnas and other equity holders of SAESA have a track record of
supporting the project through capitalizations pro rata to their
ownership shares. Still, on May 31, 2022, Furnas was the sole
shareholder to have committed a required R$1.5 billion capital
increase at SAESA, approved under an extraordinary shareholder
meeting on April 29, 2022. As a result, Furnas became the project's
majority shareholder, increasing its stake to about 70% from 43%.

SAESA owns the concession of UHE Santo Antonio until October 2047.
This run-of-river hydro plant is located on the Madeira River, with
3.5 gigawatt (GW) of installed capacity and sold its 2.4 GW assured
energy under long-term power purchase agreements (PPAs) in
regulated (70%) and free markets (30%). As of March 31, 2022,
SAESA's debt totaled R$19.4 billion, with an average cost of IPCA
plus 7.23% per year.

S&P said, "We expect Eletrobras' credit metrics to weaken. Our
adjusted debt for Eletrobras already includes about R$31 billion of
financial guarantees it provides to special purpose entities (SPEs)
that it doesn't control, of which R$8.4 billion corresponds to
SAESA. After making pro forma adjustments to consolidate SAESA's
cash flows and debt, we now forecast Eletrobras' adjusted debt to
EBITDA to increase to about 5.0x and funds from operations (FFO) to
adjusted debt to drop to 7%-9% in 2022-2023 from 3.5x-4.0x and
above 12%, respectively. The new metrics prompted us to revise our
assessment of the company's financial risk profile to highly
leveraged from aggressive.

"We also believe that the pace of Eletrobras' deleveraging will
slow down, because its FFO will take a hit from higher interest
expenses and increased debt following the consolidation of SAESA's
high debt. Nonetheless, we believe leverage could decrease if the
company continues to sell its non-strategic assets, such as the
disposal of shares of publicly traded companies that totaled about
R$9.1 billion as of March 31, 2022 (net of sale of its 32.66%
shares in CEEE-T in April 2022 for R$1.1 billion).

"On May 18, 2022, Brazil's federal audit court approved the
company's privatization model. We don't incorporate it in our
base-case scenario, given uncertainties over the process, including
market appetite and minimum price that the government would
accept.

"If the proposed privatization is implemented, with governance
standards that includes limits on the government's influence on the
company's administrative and strategic decisions, we could revise
our assessment of the link between Eletrobras and the government,
which we currently view as very strong. All else remaining equal,
that would trigger a downward revision of our assessment of an
extraordinary likelihood of support in case of financial distress
to high or lower from extremely high."


SIMPAR SA: Moody's Assigns First Time Ba3 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to Simpar S.A. The outlook for the rating is stable.

This is the first time Moody's assigns a rating to Simpar.

Ratings assigned:

Issuer: Simpar S.A.

Corporate Family Rating: Ba3

Outlook: stable

RATINGS RATIONALE

Simpar's Ba3 rating reflects primarily its status as the holding
company of one of the largest logistics and vehicle and equipment
rental groups in Brazil, with relevant size, scale and market
position as the largest supply chain management service provider
and truck logistic transportation company in Brazil through JSL;
largest truck and equipment rental company in Brazil through Vamos;
and the second largest rent-a-car and fleet management company
through Movida. The group's solid business model which encompasses
long term service agreements, a wide service portfolio, diverse
client base and cross selling opportunities, and that provides
resiliency to operations during downturns is an additional credit
positive. Simpar's subsidiaries have flexible business models and
proven ability to manage the return of invested capital throughout
the life cycle of its vehicles and equipment, which ensures
adequate profitability and cash generation through economic cycles.
The company's good liquidity and profitability, and Moody's
expectations of gradual deleveraging in the next 12-18 months also
support the rating.

The rating is primarily constrained by the group's high
consolidated Moody's-adjusted gross leverage of 4.9x in the last
twelve months ended March 2022 (excluding the credit-linked notes)
resulted from its fast growth strategy coming from both organic and
inorganic opportunities and from the capital-intensive nature of
Simpar's businesses. Simpar's outlook of negative free cash flow
related to its growth strategy is an additional concern, although
Moody's recognizes that the company has the financial flexibility
to reduce expansion capex and sell its unencumbered light and heavy
vehicle fleet in case of need, which would help the company to
generate cash and reduce debt. Finally, Simpar's capital allocation
strategy could lead to notching considerations of debt issued at
the parent level in case of structural subordination in the
future.

Since August 2020, Simpar has announced sixteen acquisitions
through its JSL, Vamos and Automob (former Original) subsidiaries
that increased total debt marginally and will result in a cash
outflow of BRL1.7 billion split over 2021-25, and won three
concessions, accelerating its growth strategy. The company raised
debt to fund the organic growth of its subsidiaries, but also
raised BRL3 billion in equity with the IPO and follow-on of Vamos
and JSL, respectively, which helped to temper the impact of its
growth strategy in leverage ratios. Moody's expects that all
acquisitions will bring additional BRL5.9 billion in revenues and
BRL1 billion in EBITDA annually (about 20-30% above current level),
which would alone drive leverage down to around 4.5x at the end of
2022 (excluding the credit-linked notes). Assuming no additional
gross debt reduction, Simpar's adjusted gross leverage would hover
around 4.0x-5.0x in the next few years with the consolidation of
recent acquisitions, in line with the historical level of about 5x.
Net leverage, used for covenant measure, would remain at around
3.0x.

LIQUIDITY

Simpar has good liquidity with BRL10.5 billion in consolidated cash
at the end of March 2022 (BRL11.6 pro forma to a debt issuance made
in April 2022), sufficient to cover short-term debt by 6.9x and all
debt amortizations until 2025. The holding company has a cash
position of about BRL2.8 billion, also sufficient to cover all debt
amortizations until 2030, and received about BRL285 million in
dividends during the last twelve months ended March 2022. The
company also has BRL2 billion in approved credit lines available
for capex, which are an additional source of funding for expansion
despite being subject to certain conditions for disbursement.

Given the capital-intensive nature of Simpar's businesses, its free
cash flow generation only turn positive when the company downsizes
its fleet or if it is able to increase the return of its assets
substantially. In the twelve months ended March 2022, Simpar's free
cash flow was negative BRL9 billion, driven mainly by the BRL8.7
billion spent in the fleet expansion of Movida and Vamos-which led
to a net capex of BRL10.4 billion. Simpar's total capex was even
higher at BRL12.3 billion in the twelve months ended March 2022,
but Moody's nets this amount by the asset sales achieved during the
period to reflect the regular renewal of Simpar's fleet. The
company's current high cash position and proven ability to sell
cars in a timely manner to raise cash mitigates the risks
associated with high leverage and covenant breach, as the company
can quickly adjust its cash position to offset the lower EBITDA
stream during economic downturns.

ESG CONSIDERATIONS

The surface transportation and logistics sector primarily consists
of trucks, railroad and parcel delivery companies, which are heavy
consumers of diesel fuel. The sector faces high environmental risk
because of stricter emission standards and lower demand for freight
exposed to environmental risks, especially coal. Simpar is not
exposed to coal and other products in secular decline, but faces
environmental risks related to carbon transition on the trucking
logistics segment and the need to invest in fleet renewal to meet
customers' preferences, as well as waste and pollution generated by
the business activity. Social risks include the management of
customer relations, including sensitive customer data, mainly in
the car rental segment; responsible production; health and safety;
and demographic and societal trends that may challenge mainly the
car rental business model through new mobility alternatives.

In terms of corporate governance, the group is publicly listed in
Brazil since 2010 (initially through JSL and currently through
Simpar), with shares listed on the Novo Mercado segment of B3 (São
Paulo's Stock Exchange), the segment with the highest level of
corporate governance. Fernando Simões' family is the controlling
shareholder of Simpar holding directly and indirectly (through JSP
holding) 63.70% of the group's total shares. Other members of the
family hold approximately 7.30% of total shares, management, board
and treasury shares account for 1.92% and free float represents
27.09% of total. Simpar's board of directors is composed of five
members, of which two are independent.

Simpar controls its listed subsidiaries JSL, Movida and Vamos,
appointing three out of five board members for each. Currently,
Moody's sees strong linkages between the holding company and its
subsidiaries, evidenced by a relevant ownership, significant
commercial synergies, cross-guarantees among Simpar, JSL and Vamos'
debt, and financial covenants measured on a consolidated basis in
existing debt instruments. Furthermore, a majority vote of the
board of JSL, Movida and Vamos can lift any upstream dividend or
intercompany loans restrictions, effectively providing Simpar full
control over its subsidiaries cash flows.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Simpar will
continue to grow both organically and inorganically and improve
profitability and cash generation to gradually reduce leverage
overtime. The outlook also reflects Moody's expectation that the
company will maintain a conservative approach toward liquidity,
balancing capex and shareholders and creditors interest overtime.

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

Simpar's rating could be upgraded if the company is able to reduce
leverage materially, either through organic EBITDA growth or
through gross debt reduction. Quantitatively, a rating upgrade
would require total Moody's-adjusted gross debt to EBITDA below
4.0x and EBIT to interest above 2.5x (1.8x in the twelve months
ended March 2022) on a sustained basis. The maintenance of an
adequate liquidity profile would also be required for an upgrade.

Simpar's rating could be downgraded if the company's operating
performance deteriorates, with operating margin declining to below
8% (23.7% in the twelve months ended March 2022) without prospects
of improvement. The rating would also suffer negative pressure if
EBITDA growth does not materialize, such that Simpar's
Moody's-adjusted gross leverage does not remain at around 5.0x on a
sustained basis. A deterioration in the company's liquidity profile
and evidence of an aggressive growth strategy in times of weak
market fundamentals could also lead to a downgrade.

The principal methodology used in this rating was Surface
Transportation and Logistics published in December 2021.

COMPANY PROFILE

Headquarter in Sao Paulo, Brazil, Simpar is the non-operating
holding company of a leading logistics provider and light and heavy
vehicle and equipment rental group that operates in Brazil since
1956. The company has a 71.9% stake in JSL S.A. (JSL), the largest
logistics service company in Brazil that provides dedicated
logistic services and truck cargo transportation (29% of
consolidated revenues); a 65.0% stake in Movida Participações
S.A. (Movida), Brazil's second largest rent-a-car, fleet management
and used car sales company (41%); a 71.9% stake in Vamos Locação
de Caminhões, Máquinas e Equipamentos S.A. (Vamos), a truck,
machinery and equipment leasing and new and used heavy vehicles
sales company (20%). The company also owns 73.9% of a light vehicle
dealership (Automob) and 100% of BBC, a multiple bank, of CS Infra,
a port and toll road concession company (incorporated in December
2021), and of CS Brasil, a public and mixed capital transportation
services provider. In the LTM ending March 2022, SIMPAR reported
consolidated net revenues of BRL15.8 billion ($3 billion) with an
adjusted EBITDA margin of 37%.




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C O L O M B I A
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ITAU COLOMBIA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Itau Corpbanca Colombia S.A.'s (Itau
Colombia) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB', and Viability Rating (VR) at 'bb'. The
Rating Outlook for the Long-Term IDRs is Stable.

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

KEY RATING DRIVERS

Itau Colombia's IDRs are driven by the bank's VR, which is in line
with the implied VR, and primarily reflect its business profile,
underpinned by its ultimate parent's expansion strategy and
business model that Fitch considers of strategic importance to
consolidate the bank's presence in Colombia. The rating also
reflects Itau Colombia's advances in profitability and moderate
risk profile, resulting in controlled asset quality metrics.

The Stable Rating Outlook reflects Fitch's belief that any
remaining pressures on the operating environment, such as upcoming
elections or a higher than expected deceleration in economic
growth, is not anticipated to materially impact the bank's
financial profile.

The bank continues to extensively implement Itau Unibanco Holding's
(BB/Negative) expansion strategy and business model, which Fitch
considers strategically important to consolidate the bank's
presence in Colombia. Under a universal banking strategy, with a
focus on corporate and medium to high income customers, Itau
Colombia has a market share of 3.7% (December 21) and was the third
largest international franchise.

Asset Quality Improvement: Itau Colombia has made important efforts
to redesign its risk profile and apply a conservative approach to
the complete credit risk process. Continued tuning of its internal
models and ongoing monitoring of the loan portfolio and warning
signals, as well as a strengthened collection process, have
contributed to asset quality performance. Consolidated PDLs
decreased to 3.5% of gross loans at YE 2021 from 3.7% at YE 2020
(March 2022: 3.3%). In addition, assets under forbearance programs
decreased to 8% of gross loans at December 2021, which is similar
to the average for Colombian banks (YE 2021: 7%).

Profitability Explained by Corporate Focus: Itau Colombia's
profitability is low relative to peers due to the bank's corporate
focus and limited size. Operating profitability in 2021 reflected
the positive impact of economic reactivation, resumed loan growth,
higher fees related to the retail segment, and cost control amid a
process of banking transformation. The bank's operating profit to
RWA ratio increased to 0.5% at YE 2021 (March 22: 0.66%) from an
average of -0.43% for the period 2018-2021. The negative trend in
profitability reversed in 2021 as efforts to increase profitability
and consolidate its business plan started to materialize.

Tight Capital Ratios: Fitch views the bank's capital as relatively
tight when compared to other rated institutions in similar
operating environments (universal commercial banks in a 'bb+'
operating environment). However, Fitch also considers Itau
Colombia's ample loan loss reserves and the potential to receive
capital injections (ordinary support) if required from its ultimate
parent (Itau Unibanco, BB/Negative), resulting in a positive
adjustment to the bank's implied capitalization and leverage score.
The decline in the bank's common equity Tier 1 (CET1) to 9.4% at
March 2022 was affected by its limited internal capital
generation.

Sound Liquidity: The bank maintains good liquidity levels that
somewhat offsets its concentrated liability structure. Itau
Colombia's moderate franchise limits its competitive advantage and
influences funding costs. The bank has made a relevant effort
toward growing low-cost and stable funding. The bank's
loans/deposits ratio was 113% at YE 2021 due to the use of mid- to
long-term time deposits, domestic and overseas bond issuances, and
increased retail funding. The deposit structure is heading toward a
composition of stable resources, in line with the more conservative
liquidity policies and liquidity coverage ratios, which stood at
116.3% as of March 2022 above regulatory minimums.

Shareholder Support Rating: Fitch believes that Itau Colombia is
strategically important to Itau Unibanco Holding (BB/Negative),
underpinning Itau Unibanco's support rating of 'bb-'. Therefore,
Fitch anticipates support from the parent, if required. However,
Itau Colombia's ratings are higher than those implied by the
potential for support from its ultimate parent in consideration of
its own intrinsic credit profile given Colombia's stronger
operating environment relative to Brazil's.

RATING SENSITIVITIES

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

Itau Colombia's ratings could be downgraded if its operating profit
to RWA ratio reverts consistently below 0.5% on a yearly basis,
especially considering the sensitive margins and credit cost.

The ratings could also be pressured by a material deterioration of
asset quality and profitability, causing a sustained decline in the
CET1 ratio below 9% assuming excess reserve maintenance and
challenging operating environment.

Itau Colombia's SSR would be affected by a negative change in
Itau's ability or willingness to support the bank. Although Fitch
considers the subsidiary's credit profile mostly independent from
its ultimate parent, the VR and IDRs may be pressured in a scenario
of further downgrades of Itau Unibanco Holding (BB/Negative), due
to Fitch's criteria, which states that the intrinsic credit profile
of a subsidiary bank cannot be completely delinked from that of its
parent.

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

Positive rating actions could occur if Itau Colombia demonstrates a
capacity to sustain improvements in earnings and asset quality
metrics, while also maintaining an CET1 ratio greater than 12% and
operating profit to RWA above 1.25% amid the relatively faster loan
growth that the bank could have within a better operating
environment.

A positive change in Itau's ability or willingness to support the
bank would affect Itau Colombia's SSR.

VR ADJUSTMENTS

The capitalization and leverage score has been assigned above the
implied score due to the following adjustment reason: 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. ESG issues are credit neutral
or have only a minimal credit impact on the entity, either due to
their nature or the way in which they are being managed by the
entity.

   DEBT              RATING                            PRIOR
   ----              ------                            -----
Itau CorpBanca    LT IDR BB                Affirmed    BB
Colombia S.A.
                 ST IDR B                  Affirmed    B
                 LC LT IDR BB              Affirmed    BB
                 LC ST IDR B               Affirmed    B
                 Viability bb              Affirmed    bb
                 Support WD                Withdrawn   4
                 Support Floor WD          Withdrawn   B+
                 Shareholder Support bb-   New Rating

SIERRACOL ENERGY: Fitch Affirms 'B+' LongTerm Currency IDRs
-----------------------------------------------------------
Fitch Ratings has affirmed SierraCol Energy Limited's Long-Term
Foreign and Local Currency Issuer Default Rating (IDR) at 'B+'. The
Rating Outlook is Stable. In addition, Fitch has affirmed SierraCol
Energy Andina, LLC's long-term senior unsecured ratings at
'B+'/'RR4'.

SierraCol's ratings reflect its small but stable low-cost
production profile of roughly 33,900 boed (net of royalties) in
2021, which is balanced across its two main asset, Cano Limon and
La Cira Infantas. SierraCol has a long track record operations in
Colombia with solid production expected to average a net 36,000
boed through the rating horizon, and 1P reserve life to average 7.2
years. The company has a strong leverage profile, which Fitch
expects to remain below 1.0x through the rating horizon.

Despite strong operating metrics, the ratings remain constrained by
the company's relatively small size and the low diversification of
its oil fields.

KEY RATING DRIVERS

Small Production Profile: SierraCol's ratings are constrained by
its net production size of 34,600bbld in 2021, proforma for a full
year of COG production, which Fitch expects to be maintained
through the rating horizon. The company has a concentrated
production profile split between its mains assets (CLM and LCI),
representing 90% of total production, which it operates as a joint
venture with Ecopetrol (BB+/Stable). SierraCol produces
high-quality crude with 94% of production having API between 25-35,
which gives it preferential treatment to sell locally to Ecopetrol.
The company sells the majority of its production to Ecopetrol under
contracts that guarantee pricing at a premium to the vasconia
discount.

Efficient Cost Producer: SierraCol is one of the lowest-cost
producers in Latin America. Its half-cycle costs were estimated to
be $18.89/bbl in 2021. The company's full-cycle cost is estimated
to be $31.35 bbl in 2021, which is the half-cycle cost plus the
three-year average FD&A for 1P of $12.46 bbl in 2021. SierraCol's
realized oil price is higher than peers due to the quality of its
crude, and the company's realized average oil price of $65.10/bbl
in 2021. Further, the company's average transportation cost is
$1bbl due its legacy contract with Ecopetrol.

Strong Leverage Profile: SierraCol's total debt to EBITDA ratio is
strong, estimated at 1.0x in 2021. Fitch expects that a favorable
crude market will allow SierraCol to maintain strong EBITDA to
cover more than 1.0x gross debt of $600 million through the rating
profile. Fitch does not assume additional debt or decreases to
notes outstanding through the rating horizon. Fitch expects the
company's average debt to PDP of $9.28/bbl and total debt to 1P to
be $6.44/bbl through the rating horizon further support SierraCol's
strong leverage profile.

Financial Flexibility: Fitch's rating case assumes SierraCol will
have conservative financial policies that incorporate winding down
commodity hedges in order to avoid unnecessary costs in a
supportive commodity environment. Over the rating horizon, funds
from operations are estimated to cover capex by an average of 1.7x
under Fitch's price deck assumption. Further, at YE 2021, the
company had a healthy PDP and 1P reserve life of 4.4 years and 6.4
years, respectively, giving the company flexibility in allocating
capital in the event of price volatility.

Fitch expects PDP and 1P reserve life metrics will average 5.0 and
7.2 years, respectively through the rating horizon. The rating case
is assuming dividends will be paid each year to its controlling
shareholder, The Carlyle Group; however, Fitch does not expect
dividends to materially exceed FCF.

DERIVATION SUMMARY

SierraCol Energy's credit and business profile is comparable to
other small independent oil producers in Colombia. Geopark
(B+/Stable), Frontera Energy Corporation (B/Stable), and Gran
Tierra Energy International Holdings Ltd. (B/Stable) are all
constrained to the 'B' category or below, given the inherent
operational risk associated with small scale and low
diversification of their oil and gas production.

SierraCol's production profile compares favorably with other 'B'
rated oil exploration and production companies operating in
Colombia. Over the rated horizon, Fitch expects SierraCol's gross
production will average 40,000bbld, slightly lower than Geopark and
Frontera, both of which are expected to be 45,000bbld and higher
than Gran Tierra Energy at 30,000bbld. SierraCol's PDP reserve life
of 4.4 years and 1P reserve life of 6.4 years in 2021 compares
favorably to Frontera at 1.6 years and 6.6 years, Geopark at 4.2
years and 6.7 years, and Gran Tierra at 4.3 years and 6.2 years.

SierraCol's half-cycle production cost was $13.70bbl in 2021 and
full-cycle cost was $26.60bbl in line with Geopark, who is the
lowest cost producer in the region at $13.60 bbl and $23.40bbl and
below Gran Tierra at $24.90bbl and $40.70bbl, and Frontera at
$28.60bbl and $42.20bbl.

SierraCol's has strong capital structure expected to have a gross
leverage that will average 1.0x over the rated horizon and debt to
PDP of $10.43bbl and total debt to 1P of $7.21bbl, which is lower
than all peers: Geopark gross leverage of 2.2x and Debt to PDP of
$14.04bbl and 1P of $7.08bbl, Gran Tierra at 2.7x, $16.81bbl and
$10.05bbl, and Frontera at 1.5x, $19.93bbl and $4.98bbl.

KEY ASSUMPTIONS

-- Annual realized oil prices at $79 for 2022 and a $4 discount
    to Fitch's price deck for Brent of $80 for 2023, $60 for 2024
    and $53 thereafter;

-- Average daily production of 36,000 bbld from 2022 through
    2026;

-- Reserve replacement ratio of 105% per annum per rated horizon;

-- Lifting and transportation cost average of $15bbl over rated
    horizon;

-- SG&A cost average of $2.50bbl over rated horizon;

-- Hedging cost average of $1.0bbl in 2022, then zero over rated
    horizon;

-- Consolidated capex of $973 million from 2022 through 2026
    averaging $195 million per year;

-- Dividends of 20% of EBITDA through the rating horizon;

-- Effective tax rate of 30% over rated horizon.

RATING SENSITIVITIES

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

-- Net production rising consistently to 75,000 boed on a
    sustained basis while maintaining a total debt to 1P reserves
    of USD5.00 barrel or below;

-- Reserve life is unaffected as a result of production
    increases, at approximately seven to eight years;

-- The company's is able to maintain a conservative financial
    profile, with gross leverage of 2.5x or below.

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

-- Extraordinary dividend payments that exceed FCF and weaken
    liquidity;

-- Sustainable production falls below 30,000 boed;

-- Reserve life declines to below 6.0 years on a sustained basis;

-- A significant deterioration of total debt/EBITDA to 3.0x or
    more.

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: SierraCol's cash balance at YE 2021 was $119
million after the $600 million senior unsecured bond offering
issuance covering interest expense of $17 million, and at least one
year of production expenses, which is $328 million. The company's
liquidity is expected to continue to improve as it benefits from
strong crude prices.

ISSUER PROFILE

SierraCol Energy Limited (SierraCol) is an independent oil producer
in Colombia created after Carlyle acquired Occidental Petroleum
Corporation's operations in Colombia in December 2020 for
approximately $825 million (2.5x EV/EBITDA and $8.97 EV/1P boe).
SierraCol is the 3rd largest oil producer in Colombia.

ESG CONSIDERATIONS

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

   DEBT                RATING                 RECOVERY   PRIOR
   ----                ------                 --------   -----
SierraCol Energy     
Limited              LT IDR      B+    Affirmed            B+

                     LC LT IDR   B+    Affirmed            B+

SierraCol Energy Andina, LLC

  senior unsecured   LT          B+    Affirmed    RR4     B+




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

DOMINICAN REPUBLIC: Bank to Increase Monetary Policy Rate Again
---------------------------------------------------------------
Dominican Today reports that the increase in inflation in Latin
America, above the levels projected by central banks, has forced
the entities that regulate the financial system to move their
monetary policy rates upwards, as a strategy to face the
inflationary process, due to the international context and the war
between Russia and Ukraine.

In the case of the Dominican Republic, the Central Bank (BC)
reported that it will once again increase its monetary policy rate
as it has been doing since November of last year, now at 100 basis
points, according to Dominican Today.  Thus, it will go from 5.50%
per year to 6.50%, a decision that, despite being an alternative to
control inflation, affects bank customers, the report notes.

The Central Bank indicated through a statement that the rate of the
permanent liquidity expansion facility will increase from 6.00 to
7.00% per year and the interest-bearing deposit rate (Overnight)
from 5.00 to 6.00% per year, 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: Bread Costs Affect Small Bakeries the Most
--------------------------------------------------------------
Dominican Today reports that the increase in costs in raw materials
and supplies, initiated by the pandemic and aggravated by the
Russian invasion of Ukraine, is punishing the small bakeries in the
Dominican Republic that distribute the bread consumed by popular
neighborhoods with greater force, which than the big
manufacturers.

Although the Government ordered the direct delivery of a subsidy
for wheat flour for 45 days, which was later extended for 60 more,
the increase in costs of the other inputs with which bread is
produced has continued to rise, which affects to a greater extent
small bakeries, according to Dominican Today.

This is so because the large companies in this area produce sliced
bread, whose prices have continued to adjust, which has not
happened with the water and sobao breads consumed by popular
neighborhoods, which have maintained the price of two units for
fifteen pesos, the report notes.

The subsidy granted by the Government to flour has been positive
because the price of this raw material has been maintained since
February, between 2,200 and 2,250 pesos per quintal, the report
discloses.

This, after having produced an increase of around 400 pesos since
the price before the crisis was 1,850 pesos per quintal, the report
relays.

But the prices of vegetable fat, yeast, and other inputs have
continued to rise, causing a drop in the profit margins of small
bakeries and forcing them to finance capital increases to avoid
closing operations, the report notes.

                         Situation

Faced with this situation, there is debate in the sector about
proposing to the Government direct support for small and
medium-sized bakeries, the report discloses.

It understands that this support can be through eliminating Itebis
on raw materials and inputs or in money if the authorities know
that this solution could open a gap through which evasion
penetrates, the report says.

Among bakery owners, there are fears that the costs will be
prolonged over time and that this support could become more
peremptory, the report relays.

It is known that Russia and Ukraine are among the leading producers
and exporters of flour and raw material used in the production of
vegetable fat and that the end of the war in which they are
involved is not yet in sight, the report discloses.

To this, other countries that produce wheat and inputs for the
processing of vegetable fat have limited their exporters, the
report relays.

This is causing, say, bakery owners, the demand for these products
reaches the level of supply, the necessary reserve to avoid upward
pressure on prices, the report relays.

And this worries the sector because it sees that its response
capacity is running out, 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: Leader Heads a Cabinet Powwow
-----------------------------------------------------
Dominican Today reports that President Luis Abinader met with the
ministers and general directors to follow up on the "Government in
the Provinces" program, carried out two weeks ago in his absence
because he was on a trip to Switzerland.

The meeting was held in the government council room for more than
an hour and at the end of the meeting, the Administrative Minister
of the Presidency, Jose Ignacio Paliza, reported that the head of
state received a report of the day where the Officials
simultaneously visited the national territory, according to
Dominican Today.

He said that during the meetings, civil society had the opportunity
to share and be heard and follow up on the works carried out by the
Government in the provinces, the report notes.

                  About Dominican Republic

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

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

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

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

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

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




=============
E C U A D O R
=============

BANCO PICHINCHA 5: Fitch Affirms 'B-sf' Rating on 4 Tranches
------------------------------------------------------------
Fitch Ratings has affirmed the IMS Ecuadorian Mortgage 2021-1 Trust
certificates at 'AAA'/Outlook Negative and the series A notes
issued by Fideicomiso Mercantil Titularizacion Hipotecaria de Banco
Pichincha 5 (FIMEPCH 5) at 'B-'/Outlook Stable.

   DEBT                 RATING                 PRIOR
   ----                 ------                 -----
IMS Ecuadorian
Mortgage 2021-1 Trust

2021-1 44970EAA1     LT   AAAsf    Affirmed     AAAsf

Fideicomiso Mercantil
Titularizacion
Hipotecaria de
Banco Pichincha 5

A1                   LT   B-sf     Affirmed     B-sf
A2                   LT   B-sf     Affirmed     B-sf
A3                   LT   B-sf     Affirmed     B-sf
A4                   LT   B-sf     Affirmed     B-sf

KEY RATING DRIVERS

FIMEPCH 5

Rating Capped at Transaction Account Bank: The series A notes are
capped at the rating of the Transaction Account Bank provider
(currently Banco Pichincha (B-/Stable). For the 'Bsf' rating
category the Transaction Account Bank must have at least the same
rating as the notes, according to Fitch's Structured Finance and
Covered Bonds Rating Criteria. However, in this case, the eligible
bank has been defined as an entity with a rating equal to or
maximum one notch below Ecuador's sovereign rating (B-/Stable),
which constrains the ratings.

Stable Pool Characteristics: The portfolio has finished the
replenishment phase and has been static since January 2022. Pool
characteristics remained unchanged throughout the first year. As of
April 2022, Fitch has updated the 17.4% weighted average
foreclosure frequency (WAFF), and WA recovery rate (WARR) of 81.6%
for the 'B-sf' stress scenario, close to closing assumptions of
17.0% WAFF and 85.2% WARR.

These assumptions consider the assets main characteristics, with
the original 66.7% loan-to-value (OLTV) average, the assets
original term averaging 210 months, the remaining term averaging
164 months, and 30.4% of the portfolio concentrated in properties
valued equal to or less than 300 minimum wages at origin. As of
April 2022, just one loan (0.04%) reached 180 dpd, and another loan
(0.02%) has been restructured. The portfolio has performed
according to Fitch's original expectations.

Adequate Capital Structure Supports Ratings: The series A notes
benefit from a sequential pay structure, where their target
amortization payments are senior to interest and principal payments
on the series B notes. Series A also benefits from CE of 10.6% as
of April 2022 and an interest reserve account equivalent to 3x
their next interest payment, which allows them to pass the 'B-sf'
stress. In addition, although they benefit from excess spread, due
to their Net WAC feature, Fitch does not consider this variable.

Higher Stresses Applied Due to Ecuador's Macroeconomic Environment:
Ecuador's Issuer Default Ratings are 'B-'/Stable and its Country
Ceiling (CC) is 'B-'. Fitch applied higher stresses to the rated
notes to reflect the macroeconomic environment and Latin America's
potential idiosyncratic risks. The stresses applied are
commensurate to the stresses equivalent to three rating categories
above the cap level (defined at 'B+sf' for Ecuador) for an uncapped
country, in accordance with Fitch's Structured Finance and Covered
Bonds Country Risk Rating Criteria.

Operational Risk Mitigated: Pursuant to the servicer agreement,
Banco Pichincha will perform the role of primary servicer. Fitch
has reviewed Banco Pichincha's systems and procedures and is
satisfied with its servicing capabilities. Additionally,
Corporacion de Desarrollo de Mercado Secundario de Hipotecas CTH
S.A. (CTH) has been designated as master and back-up servicer,
mitigating the exposure to operational risk.

IMS Ecuadorian Mortgage 2021-1 Trust

DFC Credit Quality Supports Rating: The rating assigned to the
2021-1 certificates is commensurate with the guarantee provider's
credit quality. The DFC's credit quality is directly linked to the
U.S. sovereign rating (AAA/F1+/Negative), as guarantees issued by,
and obligations of, the DFC are backed by the full faith and credit
of the U.S. government, pursuant to the Foreign Assistance Act of
1969.

Reliance on DFC Guaranty: Fitch assumes the payment on the notes
will rely on the DFC guaranty. Through this guaranty the DFC will
unconditionally and irrevocably guarantee the receipt of proceeds
from the underlying notes in an amount sufficient to cover timely
scheduled interest amounts (considering the minimum between the
class A2 and A4 interest rate minus Trust expenses and 3.4%) and
the ultimate principal amount on the certificates. The DFC guaranty
effectively protects noteholders, taking into consideration the
scope of the guaranty, the claim process and the timing required
for the guarantor to disburse the funds to the issuer.

Ample Liquidity: The transaction benefits from liquidity, in the
form of a five-day buffer between payment dates on the underlying
notes and payment dates on the certificates. Additionally, the
certificates benefit from a three-month debt service reserve
account at the underlying note level and a guaranty fee reserve
account that was funded at transaction closing and will be utilized
throughout the life of the certificates to ensure the guaranty fee
due to the guarantor is paid in a timely manner. Fitch considers
this sufficient to keep debt service current on the guaranteed
certificates until funds are received under a DFC Guaranty claim
and that the guaranty will not terminate as a result of a failure
to pay the guaranty fee.

RATING SENSITIVITIES

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

The ratings are sensitive to the Ecuadorian sovereign's credit
quality, as well as Banco Pichincha's (acting as the transaction
account bank holder) credit quality. A downgrade of Ecuador's
ratings (especially of its Country Ceiling) or adowngrade of Banco
Pichincha would result in a downgrade of the series A notes.

The transaction's performance may also be affected by changes in
market conditions and economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain note ratings susceptible
to potential negative rating actions depending on the extent of the
decline in recoveries.

For IMS Ecuadorian Mortgage 2021-1 Trust, the certificates' rating
is directly linked to the credit quality of DFC, the guaranty
provider. The DFC's credit quality is directly linked to the U.S.
sovereign rating, as guarantees issued by, and obligations of, DFC
are backed by the full faith and credit of the U.S. government,
pursuant to the Foreign Assistance Act of 1969. The rating could be
downgraded if the U.S. sovereign rating is downgraded.

Fitch has revised its global economic outlook forecasts as a result
of the Ukraine War and related economic sanctions. Downside risks
have increased, and Fitch has published an assessment of the
potential rating and asset performance impact of a plausible, but
worse-than-expected, adverse stagflation scenario on Fitch's major
SF and CVB sub-sectors.

Fitch expects the Ecuadorian RMBS portfolio in the assumed adverse
scenario would experience a "Mild to Modest Impact," indicating
asset performance would be modestly negatively affected relative to
current expectations. Downside risks have increased and slowing
home price growth, lower GDP and higher inflation could pressure
mortgage performance. However, ratings are expected to remain
resilient given sufficient levels of credit enhancement, having a
"Virtually No Impact" assessment.

For the certificates, the impacts of the Ukraine War are
incorporated into Fitch's view of the sovereign's credit quality
and may therefore indirectly affect the transaction's rating.

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

The ratings assigned to the class A notes issued by FIMEPCH 5 are
sensitive to the credit quality of the Ecuadorian sovereign, as
well as to the credit quality of Banco Pichincha (acting as the
transaction account bank holder). An upgrade of the sovereign
rating of Ecuador (especially of its Country Ceiling) and an
upgrade of Banco Pichincha could result in an upgrade of the series
A notes.

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels.

For IMS Ecuadorian Mortgage 2021-1 Trust, the rating of the
certificates is directly linked to the credit quality of DFC, the
guaranty provider. The credit quality of DFC is directly linked to
the U.S. sovereign rating, as guarantees issued by, and obligations
of, DFC are backed by the full faith and credit of the U.S.
government, pursuant to the Foreign Assistance Act of 1969. The
Rating Outlook could be revised to Stable if the U.S. sovereign
rating Outlook is revised to Stable from Negative.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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.




=====================
E L   S A L V A D O R
=====================

EL SALVADOR: S&P Lowers LongTerm Sovereign Credit Ratings to 'CCC+'
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term foreign and local currency
sovereign credit ratings on El Salvador to 'CCC+' from 'B-'. The
outlook is negative. S&P also lowered its short-term foreign and
local currency sovereign credit ratings to 'C' from 'B'. S&P's
transfer and convertibility (T&C) assessment remains 'AAA'.

Outlook

The negative outlook reflects the at least one-in-three chance of a
downgrade over the next six to 18 months if the government does not
make adequate progress filling its substantial financing gap. S&P
believes that the government could tap alternative sources of
liquidity to meet its debt service payments over the next 12
months. However, delays in obtaining more funding, as well as in
undertaking corrective fiscal measures to reduce deficits, could
hurt investor confidence and make it more difficult for the
government to continue covering its financing gap.

Downside scenario

S&P said, "We could lower the ratings over the next six to 18
months if we perceive a weakening of the government's ability to
secure adequate funding for its fiscal deficits and rollover needs,
or its capacity to undertake fiscal adjustment needed to stabilize
its very high debt burden. Furthermore, higher refinancing risks or
potential signs of the government being less willing to service its
debt would also lead to a downgrade."

Upside scenario

In contrast, S&P could revise the outlook to stable over the next
six to 18 months if the combination of improved debt management,
continued economic recovery, and greater clarity about fiscal
policies reduces the medium-term financing gap.

Rationale

S&P's 'CCC+' ratings on El Salvador are based on its fiscal and
external debt vulnerabilities and its dependence on favorable
economic conditions to meet its financial commitments. The
government's high financing needs and heavy reliance on short-term
domestic debt have exacerbated rollover risk amid narrowing
financing options.

The rating also incorporates the country's institutional
weaknesses, reflected in long-standing difficulty predicting future
policy responses amid poor checks and balances, low per capita GDP
at $4,800, and only moderate GDP growth due to persistently low
investment. In addition, the sovereign has weak public finances and
a very high debt burden, around 80% of GDP. Furthermore, El
Salvador lacks monetary flexibility because of dollarization, which
continues even after the government's decision to accept bitcoin as
an alternative legal tender. Monetary inflexibility increases the
risks embedded in the high debt burden.

Institutional and economic profile: Congressional majorities and
high popularity should allow the government to pass reforms without
much opposition

-- S&P expects the economy will grow 3% in 2022, backed by strong
growth in private investment and remittances sustaining domestic
consumption.

-- The government's overwhelming majority in congress has
concentrated power, but it has also raised concerns about checks
and balances.

-- Congressional majorities should allow the administration to
pass measures to obtain alternative financing sources, and
potentially correct fiscal imbalances.

El Salvador's economy rebounded strongly in 2021, growing 10.3%
(following a contraction of nearly 8.2% in 2020), quickly
recovering its pre-pandemic levels. S&P projects the economy to
grow 3% in 2022, above potential growth, backed by continued
dynamism in private investment and domestic consumption.
Remittances, which account for about 25% of GDP, have proved more
resilient than expected during the pandemic and should continue to
rise but gradually return to their pre-pandemic level in the coming
years.

Nevertheless, S&P expects economic growth to return to around 2.4%
over the next three years. El Salvador has low income, with per
capita GDP estimated at about $4,800 for 2022. Despite recent
improvements, it will remain challenging to overcome the many years
of only moderate economic growth stemming from low investment,
historical political gridlocks between congress and previous
presidents, and weak competitiveness.

The ruling Nuevas Ideas party holds a qualified majority in
congress, leading to an unprecedented concentration of power in the
executive, following several decades of divided power (and
sometimes deadlock) between the president and the legislature. The
current distribution of power should allow the government to pass
reforms, approve budgets, and get authorization for new borrowings
without much opposition. Conversely, it could weaken checks and
balances between the country's public institutions, as highlighted
by international criticism of the government's move to change
senior officials in the judiciary.

After more than three years in office, President Nayib Bukele's
popularity remains very high because of the good management of the
pandemic, the subsequent economic recovery, perception of improved
public security, and discontent with traditional political parties.
The government's support will likely hinge on its ability to
maintain progress on security, following a spike in homicides in
late March, and its efforts to mitigate the impact of higher
inflation.

The administration is advancing public investment projects in key
areas of the economy. Nevertheless, limited fiscal space has
delayed potential advances on economic reforms to increase
productivity and the implementation of an ambitious public-private
partnership investment program. However, there are challenges to
improve predictability and rule of law in order to foster private
sector confidence.

Flexibility and performance profile: El Salvador's fiscal situation
is likely to remain fragile given the limited financing options

-- S&P projects fiscal deficits to remain elevated over the next
two years as higher oil subsidies and interest payments outweigh
the increase in tax collections.

-- S&P assumes the government could tap alternative sources of
liquidity to service its debt over the next 12 months, although
heavy reliance on short-term debt and high upcoming external debt
amortizations underscore the rollover risk.

-- Since fiscal deficits are largely covered with external
borrowings, S&P projects relatively high external debt and
weakening external liquidity ratios.

S&P said, "According to our forecasts, we project fiscal deficits
will remain high, at around 4.5% of GDP over 2022-2024, as the
impact of oil subsidies and higher interest payments outweighs the
boost in tax collection from the economic recovery. Recent
anti-evasion and anti-corruption efforts, coupled with higher
consumption driven by remittances, have led to a strong revenue
performance. However, the risk of fiscal slippage on the
expenditure side from wages, subsidies, and interest payments is
still significant. Due to the recent hike in inflation, the
government increased its oil subsidies to contain the deterioration
in real income. In our base case, we expect the government's
interest burden to remain elevated, at around 20% of revenues, in
the coming years because of the high debt, increasing funding
costs, and the hike in global interest rates."

The government has been funding its large fiscal deficits mainly
from external borrowings through official creditors and capital
markets. This has exacerbated El Salvador's high government debt
burden, which we expect to remain around 80% of GDP in 2022-2025
(in net terms). Fiscal consolidation efforts, supported by the
Fiscal Responsibility Law of 2016 and pension reform in 2017, have
proved insufficient to reduce the sovereign's large debt burden.

The government's financing gap will remain wide in the next two
years, raising rollover risks. S&P estimates the government will
continue to rely heavily on the Central American Bank for Economic
Integration and other multilateral institutions to close its
financing gap. Furthermore, El Salvador has continued to depend
largely on short-term domestic debt (LETES and CETES) to finance
its deficits. Short-term debt is currently at an all-time high of
$2.5 billion (around 8% of GDP).

The government faces a significant external amortization of $800
million in January 2023. S&P assumes the government could tap
alternative sources of liquidity to meet its debt service payments
over the next 12 months, although it may be difficult to secure
sufficient financing. Potential sources of liquidity include
official funding, a pension reform, the use of the IMF's Special
Drawing Rights for budgetary purposes, and lowering banks' reserve
requirements to issue more domestic debt to local banks. However,
some of these measures might erode the country's financial
stability.

El Salvador's limited fiscal flexibility remains a key credit
constraint. In S&P's view, significant shortfalls in basic services
and infrastructure continue to limit the government's ability to
curb expenditure, while a large informal economy constrains its
ability to raise additional revenue.

S&P said, "We expect the current account deficit (CAD) to further
widen in 2022 as the substantial increase in imports, fueled by
higher oil prices, outweighs the increase in exports and
remittances. We estimate CADs to average 5% of GDP in 2022-2024.
The country's trade and income deficits are partially offset by
solid transfers from remittances. Remittances increased
substantially during the pandemic because of stimulus packages in
the U.S., El Salvador's main source of remittances, and we project
they'll gradually normalize over the coming years. On the other
hand, we estimate foreign direct investment will remain around 1.2%
of GDP over the coming years, only partially covering CADs. As a
result, we expect El Salvador's narrow net external debt to
gradually worsen and average 75% of current account receipts over
the next three years.

"As a result of high current account deficits and upcoming external
debt amortizations, we expect the external liquidity ratio to
remain weak, with gross external financing needs averaging 120% of
current account receipts and usable reserves. Furthermore, we think
the country's external profile could rapidly deteriorate if the
government were unable to secure sufficient external borrowings in
the coming year.

"We expect the banking sector to maintain adequate capitalization
and liquidity ratios. Credit to the private sector is gradually
recovering after having decelerated as a result of the pandemic,
while total deposits have continued to perform strongly due to
limited investment options. Given that banks' assets-to-GDP ratio
is about 75% and that our Banking Industry Country Risk Assessment
(BICRA) is '8', we consider El Salvador's banking sector contingent
liabilities to be limited. (BICRAs are grouped on a scale from '1'
to '10', ranging from what we view as the lowest-risk banking
systems [group '1'] to the highest-risk [group '10'].)

"The absence of monetary policy flexibility constrains the ratings
on El Salvador. Inflation picked up significantly over the past
year, in line with global dynamics, and we expect it to remain
high, at around 6% in 2022 and to decline only gradually
thereafter."

The government approved legislation for bitcoin to become legal
tender last year, along with the U.S. dollar, ensuring immediate
convertibility between both currencies, at market prices. Despite
the change, S&P believes the country will continue using the U.S.
dollar as its main currency. So far, banks have adopted bitcoin as
a medium of exchange but have sought to avoid exposure to the
cryptocurrency on their balance sheets.

S&P said, "The country moved to full dollarization in 2001, and we
expect no significant change in the exchange rate regime, given the
significant exit costs. This, coupled with the reliance on
remittances inflows from Salvadorans living abroad, supports our
'AAA' T&C assessment."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  DOWNGRADED   
                                TO               FROM
  EL SALVADOR

  Sovereign Credit Rating    CCC+/Neg/C        B-/Neg/B

  Senior Unsecured           CCC+              B-

  RATINGS AFFIRMED  

  EL SALVADOR

  Transfer & Convertibility Assessment

  Local Currency            AAA




=============
J A M A I C A
=============

JAMAICA: Enters Import-Export Deal With Cayman
----------------------------------------------
RJR News reports that Jamaica has entered into an import-export
arrangement with the Cayman Islands.

The agreement, which took effect on May 23, will see the Cayman
Islands importing more plantain, breadfruit, soursop and ackee from
Jamaica, according to RJR News.

Cayman Islands Agriculture Minister Jay Ebanks, who visited Jamaica
recently, said the broadened list of produce from Jamaica would
improve Cayman's food security, the report notes.

Mr. Ebanks said expanding intra-regional trade within the Caribbean
is critical to food security and economic stability, especially
with the ongoing and increasing threats to global food supplies,
from climate change to the war in Europe, the report adds.




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

BANCO GNB SUDAMERIS: Fitch Affirms BB LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco GNB Sudameris S.A. (GNB) Long-Term
Foreign Currency and Local Currency Issuer Default Ratings (IDRs)
at 'BB' and its Viability Rating (VR) at 'bb'. Fitch also has
affirmed Gilex Holding S.A.'s (GH) Long-Term IDRs at 'BB-'. The
Rating Outlook for GNB and GH is Stable.

Fitch has also withdrawn GNB's Support Rating and Support Rating
Floor as it is no longer relevant to the agency's coverage
following the publication of Fitch's updated Bank Rating Criteria
on Nov. 12, 2021. In line with the updated criteria, Fitch has
assigned GNB a new Government Support Rating (GSR) of 'b+'

KEY RATING DRIVERS

GNB's IDRs are driven by the bank's VR, which is aligned with its
implied VR. The bank's business profile continues to be diverse
with a dual focus in the wholesale and retail segments in Colombia,
Paraguay and Peru. In view of this relevant regional presence
outside of Colombia, Fitch used a blended approach to determine the
Operating Environment score of 'bb'.

The IDR and VR ratings were affirmed with a Stable Outlook as Fitch
does not anticipate a material impact on the bank's financial
profile from any remaining pressures on the operating environment,
such as upcoming elections or a lower than expected acceleration in
economic growth.

The bank's business and risk profile assessment of 'bb+' considers
its consolidated retail segment exposure which is composed mostly
of lower-risk, payroll-backed lending products known locally as
'Libranza'. The bank has made significant progress in 2021 in
growing its digital banking capabilities and greatly expanding the
number of digital customers, which is expected to lower operational
costs, as well as consolidating its local position in Paraguay with
the acquisition of the former BBVA Paraguay.

The bank's capitalization metric, currently score at 'b+' is the
weakest link of the ratings. Although its common equity Tier 1
(CET1) ratio improved at YE 2021 to 9.4% from nearly 8.3% a year
earlier and 7.0% two years earlier, this metric continues to
compare below LatAm peers in the 'BB' category. The increase was
partly due to greater earnings retention and the bank's strategy to
support growth, mainly in Paraguay. The current metric is partially
enhanced by the bank's ample loan loss reserves, low-risk appetite
and strong asset quality.

Operating revenues over risk-weighted assets had weakened to 0.93%
at YE 2021 from 1.1% a year earlier and 1.5% in 2019. The BBVA
acquisition in Paraguay explained higher operating expenses in
2021. Meanwhile, sustained high levels of loan impairment charges,
in part due to robust loan growth, and the bank's preference to
maintain a more liquid balance sheet relative to its peers also
weighed on profitability last year.

Historical profitability had also been affected by the bank's
conservative risk appetite that existed prior to the pandemic.
Fitch expects an improved operating environment, which could
provide sustainable earnings diversification, and efficiency
improvements from recent capital expenditures to support greater
operating profits over the medium-term, underpinning Fitch's
adjustment of this factor.

Asset quality remains strong and compares very well to domestic and
regional peers. Fitch expects the bank's conservative policies,
relatively robust underwriting standards, and adequate risk
controls to contribute toward maintaining solid asset quality in
the foreseeable future. As of Dec. 31, 2021, the 90-day past due
loan (PDL) to total loan ratio improved slightly to 1.85% and is
one of the lowest in the Colombian banking system.

The Loan loss reserves ratio as of the same date was at a
comfortable 175% of PDLs. The bank's asset quality ratios in all
three markets compare well to local peers. The level of loans under
pandemic-related relief programs continue to shrink and only
represented 6.35% of the consolidated portfolio at YE2021.

GNB is amply funded by customer deposits and these accounted for
71% of total non-equity funding. The Loan to Customer Deposits
ratio was at a very conservative level of 65% at YE 2021,
supporting its 'bb+' funding and liquidity score, and well below
the averages of the industry that are usually above 100%. The
bank's modest franchise limits its competitive advantages and
generally influences its funding cost. Deposits come primarily from
institutional and public investors, resulting in higher funding
costs and higher concentrations by depositors, compared to banks
with a wider retail deposit base.

Nearly a third of GNB's consolidated assets are in the form of cash
and liquid securities, as the bank is a market maker of government
securities in Colombia. These holdings also contribute toward
fulfilling the treasury services the bank provides to institutional
customers, while further enhancing its overall funding and
liquidity strategy. The bank's liquidity ratios are among the
strongest top three in the industry.

Government Support Rating: Fitch believes there is a limited
probability that GNB would receive sovereign support if needed,
which underpins its GSR. The bank's GSR of 'b+' is driven by its
moderate systemic importance as a market maker and its payroll
lending share of the Colombian market of 9%. GNB is also working to
grow its share of retail deposits, although this metric is still a
modest 4% when compared to local systemically important banks.

GH's IDR and Senior Debt

GH ratings are driven by the business and financial profile of its
main operating subsidiary, (GNB; BB/Stable). Moderate double
leverage and good cash flow metrics also support GH's ratings. GH
acts as a non-operating holding company reliant on dividend income
from GNB, owning 94.72% of GNB shares.

GH's Long-Term IDRs are one notch below those of GNB, reflecting
GH's double leverage which was at 1.25x at December 2021, after
including GNB Paraguay's acquisition of BBVA Paraguay. GH maintains
a cash buffer in excess of $160 million at the holding level,
reflecting ownership commitment to support GH and GNB's business
growth. The rating also considers the entity's different
jurisdiction (Panama) relative to its main subsidiary (Colombia)
and GNB's sound competitive position in multiple jurisdictions.

GH's servicing of its liabilities is heavily reliant on dividend
upstreaming from its operating subsidiaries (Dividends to interest
expenses ratio was 1.3x at December 2021). Senior debt includes a
covenant requiring to vote in favor of a minimum dividend pay-out
ratio equal to 50% of GNB's net income. Conglomerate regulation in
the Colombian banking system regarding consolidated regulatory
focus in GH will support the capacity of its operating subsidiaries
to upstream dividends once regulatory requirements are fulfilled at
both the subsidiary and holding level.

The rating assigned to GH's issuance is aligned to the company's
Foreign Currency IDR, as despite being senior secured and
unsubordinated obligations, in Fitch's view the amount pledged
collateral would not have a significant impact on recovery rates.

RATING SENSITIVITIES

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

GNB VR, IDRs, and Subordinated Debt

-- Downside pressure for the VR and IDRs would arise from further

    deterioration of the CET1 ratio (consistently below 9%),
    especially if accompanied by negative trends in its
    profitability and/or asset quality metrics;

-- Ratings are sensitive to a deterioration of the operating
    environment;

-- As the subordinated debt rating is two notches below GNB's VR
    anchor, the rating is sensitive to a downgrade in the VR. The
    rating is also sensitive to a wider notching from the VR if
    there is a change in Fitch's view on the non-performance risk
    of these instruments on a going-concern basis, which is not
    the baseline scenario.;

GNB's GSR would be affected by a negative change in government's
willingness and ability to support the bank;

-- GH's ratings are sensitive to a change in GNB's ratings, and
    the rating of the former will likely move in line with
    potential rating changes in the latter. However, a material
    and consistent increase in GH's double leverage (above 120%),
    or the deterioration in its debt servicing ability, could
    negatively impact GH's rating and widen the difference
    relative to GNB's ratings.

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

-- Ratings could be positively affected if the bank is able to
    sustain or rebuild its profitability metrics;

-- Upside potential for the international ratings is heavily
    contingent on a material improvement on capitalization levels,

    which is currently is a higher influence rating factor under
    Fitch's rating approach. An upgrade of the VR and IDRs could
    arise if the bank is able to reach and sustain a CET1 capital
    ratio greater than 12%, while avoiding material deterioration
    of its other financial and qualitative credit fundamentals,
    with consistently better results, in the form of operating
    earnings over risk weighted assets greater than 2%;

-- As the subordinated debt rating is two notches below GNB's VR
    anchor, the rating is sensitive to an upgrade in the VR;

-- GNB's GSR would be affected by a positive change in the bank's

    systemic importance that would impact the government's
    willingness and ability to support the bank;

-- An upgrade or change in GNB's rating will mirror in GH's
    ratings.

VR ADJUSTMENTS

The earning and profitability score has been assigned above the
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

Gilex Holding S.A. has an ESG Relevance Score of '4' for Governance
Structure due to Key person risk, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

Fitch has revised GNB' ESG Relevance Score for Governance Structure
to '3' from '4' to reflect a reassessment of the key person risk,
as the bank's owner has withdrawn from his position on the board of
directors to ensure governance independence and reduce the impact
on the bank's credit profile.

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

   DEBT                      RATING                          PRIOR
   ----                      ------                          -----
Gilex Holding S.A.         LT IDR          BB-    Affirmed   BB-
                           ST IDR          B      Affirmed   B
                           LC LT IDR       BB-    Affirmed   BB-
                           LC ST IDR       B      Affirmed   B

  senior secured           LT              BB-    Affirmed   BB-

Banco GNB Sudameris S.A.   LT IDR          BB     Affirmed   BB
                           ST IDR          B      Affirmed   B
                           LC LT IDR       BB     Affirmed   BB
                           LC ST IDR       B      Affirmed   B
                           Viability       bb     Affirmed   bb
                           Support         WD     Withdrawn  4
                           Support Floor   WD     Withdrawn  B+
                           Gov't Support   b+     New Rating

  subordinated             LT              B+     Affirmed   B+




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

TRINIDAD & TOBAGO: Severe Food Insecurity Up by 72% in Two Years
----------------------------------------------------------------
Asha Javeed at Trinidad Express reports that the Caribbean is at a
tipping point for food security.

It's dependence on food imports is fuelling its food insecurity,
according to Trinidad Express.

And while economies across the region are reopening and trying to
recover from the impact of the Covid-19 pandemic, food security is
impacted by the dual blow of the shipping crisis and by the
Russia-Ukraine war, the report notes.

"Promoting recovery and food security will be paramount against the
backdrop of the Ukraine crisis. While the full range of
implications remains uncertain, repercussions are expected to be
felt widely, including in the Caribbean," a report, done by Caricom
and the World Food Program (WFP) in February noted, Trinidad
Express discloses.

The report looked at the impact Covid-19 had on people's
livelihoods, access to markets and food security, Trinidad Express
relays.

Four surveys were done over a two year period—April 2020, June
2020, February 2021 with the most recent from January 25 to
February 8, 2022, the report relates.

It noted that most acutely affected will be global prices of energy
and commodities, such as grains and metals, due to additional
disruptions in supply chains and volatilities in financial markets,
Trinidad Express notes.

"Reverberations of the conflict on global supply chains and food
systems are also expected to be felt in this region. Heavy import
dependency among most Caribbean economies on fuel, food products
and agricultural inputs means that global changes in oil, shipping
and commodity prices will further drive inflationary trends. This
will particularly affect people living in poverty and vulnerable
households, who are still reeling from the effects of Covid-19, the
report relays.

"For most Caribbean countries, the primary source markets for the
importation of food, fuel and chemicals are the United States of
America, countries of Latin America and the Caribbean and the
European Union. While overall direct trade with Russia and Ukraine
is negligible, increasing international prices for basic staple
foods will especially hurt import-dependent countries.
Food-producing countries, such as Guyana and Suriname, are more
directly exposed to supply chain shocks and inflationary pressure
due to their reliance on imported agriculture inputs, such as
fertiliser from Russia," it said.

The report said that "adjustments to government budgets are also
expected under new fiscal realities, which means that financing for
public services such as health, education or social protection may
be at risk from cuts," Trinidad Express discloses.

"It is critical to protect and increase these over time to promote
inclusive economic recovery. Growing humanitarian needs in Ukraine
and international financial support also means that resources from
donors and International Financial Institutions (IFIs) will be
increasingly stretched and under pressure," it said.

The report noted that based on survey results and population data,
it is estimated that 2.75 million out of 7.1 million people, about
39 per cent, are food insecure across the English-speaking
Caribbean as of February 2022, Trinidad Express relays.

It said that this is a slight increase compared to 2.69 million in
February 2021 and a decrease from the nearly 3 million in June
2020, Trinidad Express relays.

"There has been an overall increase of 1 million food insecure
people since the beginning of the pandemic. While the levels of
overall food insecurity have remained relatively stable over the
past year, the number of severely food insecure people has
significantly increased from 482,000 in February 2021 to 693,000 in
February 2022, representing nearly 10 percent of the population.
Severe food insecurity has increased by 44 per cent over the past
year and by 72 per cent since the first survey round in April 2020,
highlighting the deepening crisis and the inequality of the impacts
of Covid-19, particularly on lower income households. In line with
the previous sections of this report, the food security findings
reflect a deterioration in food consumption patterns, economic
vulnerability (including food prices, income changes and sources),
market stability and livelihood disruptions," it said, the report
notes.

                  Venezuelans Fare Worst

It noted that these impacts are hitting hardest those who can least
afford it—particularly families with the lowest incomes, the
report relays.

"Spanish-speakers in Trinidad and Tobago are still faring worse
than others, as are younger respondents compared to other age
groups. The survey highlights that unpaid time spent on childcare
and domestic work are still greater than before the pandemic, and
these activities often are disproportionately shouldered by women.
Continued and deepened analysis on gender remains a priority to
ensure that recovery processes are gender-responsive and support
women's empowerment. Governments have turned to many policy
measures and program to manage these impacts and support people,
Trinidad Express relates.

"Social protection has played a critical role through expanded
unemployment insurance, income support, cash transfers and food
support. While many measures have ended, the impacts to people's
incomes and lives have not. It is critical for governments to
continue to provide safety nets and invest in people's resilience,
particularly for those living in poverty and facing different
facets of vulnerability. Caribbean states are highly exposed to
global and regional shocks, and Covid-19 has joined a long list of
shocks that have had profound implications on people's lives -
including the 2008 global financial crisis and numerous hurricanes
and other disasters. The very active 2020 and 2021 hurricane
seasons, and the eruption of La Soufriere volcano in St Vincent and
the Grenadines, are stark reminders of the threats to people's
lives and economic recovery," the report said, Trinidad Express
notes.

The WFP stated that the number of severely food insecure people has
shot up by over half a million between December 2021 and March 2022
in Latin America and the Caribbean, as the region struggles to cope
with the fallout of Covid-19, now coupled with the consequences of
the conflict in Ukraine, Trinidad Express discloses.

"Food insecurity now affects 9.3 million people in the countries
where WFP has a presence in the region, according to recent surveys
conducted by the organisation. In a press statement issued, it
noted that in a worst-case scenario, where the conflict in Ukraine
continues unabated, the figure could rise to 13.3 million.

                      Caricom Intervenes

Two weeks ago, Prime Minister Dr Keith Rowley attended a three-day
Agri-Investment Forum and Expo to discuss improving supply channels
for food supplies and other trade issues. The forum was sponsored
by Caricom and the Government of Guyana, Trinidad Express relays.

At a press conference hosted after the event, Dr Rowley said TT
together with Guyana will be taking steps towards strengthening
self-sufficiency on regional food supplies, noting that it was
"time to get serious," the report notes.

"What we have been doing is looking for our food supply far away
around the world when in fact there are possibilities to find a
food supply next door with our effort significant aspects of our
investment and our transportation but there are some missing links
we need to put in place to ensure our food supply comes from the
closest, most affordable and most sustainable arrangements.
Currently we import a lot of our meat from Australia and New
Zealand, Europe and the US very little from next door. If those
things are done as they should be done then Caricom will begin to
insulate itself from the ups and downs and shortages that take
place and will continue to take place," Dr Rowley said, Trinidad
Express adds.


TRINIDAD PETROLEUM: S&P Raises ICR to 'BB', Off CreditWatch Dev.
----------------------------------------------------------------
S&P Global Ratings, on June 1, 2022, removed its ratings on
Trinidad Petroleum Holdings Ltd. (TPHL) from CreditWatch with
developing implications, and raised its issuer credit rating on the
company to 'BB' from 'B-'. The outlook is negative. S&P also
assigned final 'BB' issuer credit and issue-level rating to
Heritage.

S&P also withdrew its issue-level ratings on TPHL's 9.75% senior
secured notes due 2026 and 6.00% senior unsecured senior notes due
2022 after full repayment.

Trinidad and Tobago (T&T)-based oil and gas producer Heritage
Petroleum Company Limited (Heritage) is the main operating
subsidiary of Trinidad Petroleum Holdings Ltd. (TPHL), accounting
for about 87% of the group's total EBITDA and 58% of the country's
total oil production. Therefore, S&P views Heritage as a core
subsidiary of TPHL.

S&P said, "The negative outlook on both TPHL and Heritage mirrors
that on T&T (BBB-/Negative/A-3). If we were to lower our long-term
local currency sovereign rating on T&T, it would lead to a
downgrade on both companies. Moreover, we could downgrade Heritage
if TPHL's liquidity position weakens beyond our expectations.

"Given its lack of debt in the past, Heritage's leverage metrics
were stronger. However, given that it's the group's largest
operating entity -- generating 87% of total EBITDA -- Heritage's
cash flows were transferred to the holding company, TPHL, to cover
its debt and interest payments. With the new capital structure, we
now view TPHL's capital structure as in line with that of Heritage,
resulting in weaker credit metrics. Heritage refinanced most of
TPHL's debt through its $500 million senior secured notes due 2029
and the new term loan of $475 million. This debt structure now has
a more comfortable amortization schedule, and so we expect that
Heritage will be able to allocate part of its cash generation to
growth and expansion capital expenditures (capex). Our base-case
scenario assumes that Heritage's debt to EBITDA will remain below
3x and free operating cash flow (FOCF) to debt will average 5% for
the next 12 months, versus debt to EBITDA of 1x as of the end of
fiscal year 2021 (ended Sept. 30)."

There are no changes to our assumed financial risk profile for TPHL
because, on a consolidated basis, the company only reprofiled its
financial liabilities. Moreover, at the holding company, S&P
continues to expect approximately $400 million in additional debt
from Petrotrin's current liabilities.

The company's average production rose to 41,239 barrels of oil
equivalent per day (boepd) during fiscal 2021 from 39,182 boepd in
fiscal 2020. As of the end of fiscal 2021, Heritage reported 145
million boe in proven (1P) reserves. Heritage sells all of its
production in the international markets. As of the end of fiscal
2021, its production mix was oil (79%) and natural gas (21%). S&P
said, "We expect Heritage to focus on oil production and benefit
from rising crude oil prices. Our updated crude oil price deck
estimates $90 per barrel for the rest of 2022 and $75 per barrel in
2023."

Last year, Heritage's lifting costs rose about 17%, mainly to
increase production amid rising oil prices. Lifting costs increased
to $23.38 per barrel at the end of fiscal 2021 from $19.94 per
barrel in fiscal 2020. Additionally, the Supplemental Petroleum Tax
(SPT) waiver, which the government granted, expired in June 2021 as
the low oil price cycle ended. During fiscal 2021, Heritage's SPT
increased the cost of each barrel sold by 15%. Despite SPT, the
company's operating margins in 2021 were similar to those in 2020:
33% versus 30%. S&P said, "We expect government taxes and SPT to
represent about 45% per barrel, a higher share than those of
industry peers. Our base-case scenario for fiscal 2022 assumes
Heritage's EBITDA margins will be below 40%."

S&P said, "We view Heritage as a core subsidiary of TPHL because
the former carries out the group's strategic objectives, and we
think it's likely to receive extraordinary support, if required,
under any foreseeable circumstance. After the corporate
reorganization, TPHL shut down its refinery operations, leaving
only the exploration and production segment (TPHL's
subsidiary—Heritage) and the fuel trading segment (operated by
Paria Fuel Trading Company Limited [Paria]). In our view, it's
highly unlikely that TPHL would sell Heritage, given that it's a
large player in T&T's economy and the government continues to show
strong interest in its success. Moreover, Heritage has contributed
1.6% to the government's budget in 2020 and this ratio is slated to
reach 3.5% in 2021. It has also represented 3.3%-3.5% of T&T's GDP
historically. Moreover, Heritage produces 58% of T&T's total crude
oil output. Therefore, our final issuer credit rating on Heritage
mirrors that on its parent company after Heritage reduced liquidity
pressures on TPHL's short-term financial obligations."

TPHL and Heritage ESG credit indicators: E-4, S-2, G-5

Environmental factors remain a negative consideration in S&P's
rating analysis of TPHL and Heritage related to regulations on the
oil and gas industry's greenhouse gas emissions. Heritage has had a
record of oil spills in bodies of water from tank and pipeline
ruptures. However, since the company started operating, there have
been no regulatory breaches, fines, or penalties that have hurt
Heritage's profitability or cash flows. However, environmental
factors continue to expose its financial risk profile and liquidity
to risk. The company is upgrading its infrastructure to ensure the
safety and reliability of its operations.

In addition, governance factors are a very negative consideration,
given delays in repayment of Petrotrin's outstanding debt, which
could impair both companies' cash positions if accelerated.



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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