/raid1/www/Hosts/bankrupt/TCRLA_Public/220607.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

          Tuesday, June 7, 2022, Vol. 23, No. 107

                           Headlines



B R A Z I L

BANCO DE AMAZONIA: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
BANCO DE BRASIL: Fitch Alters Outlook 'BB-' IDRs to Stable
BANCO DO NORDESTE: Fitch Affirms 'B' LongTerm IDRs, Outlook Neg.
BNDES: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
BRAZIL: Industrial Prices Rise 1.94% in April; Less Than in March

BRAZIL: Weekly Consumer Price Index Drops in May in 5 Capitals
CAIXA ECONOMICA: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Neg.


C O L O M B I A

CREDIVALORES: Fitch Affirms 'B/B' Foreign Currency IDRs


J A M A I C A

JAMAICA: Lower Demand for Business Loans as Lending Rates Increase


P E R U

PERU: Social Conflicts Beset Mining Investments


P U E R T O   R I C O

LARRY BARBER: Seeks Chapter 11 Due to IRS Levy


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: TTMA, Police in Talks to Tackle Illicit Trade


V E N E Z U E L A

VENEZUELA: Maduro Claims Double-Digit Growth of Economy

                           - - - - -


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B R A Z I L
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BANCO DE AMAZONIA: Fitch Affirms 'BB-' LT IDRs, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Banco da Amazonia SA's (BASA) Long-Term
Foreign Currency and Local Currency Issuer Default Ratings (IDRs)
at 'BB-'. The Rating Outlook is Negative. In addition, Fitch has
affirmed BASA's Long-Term National rating at 'AA(bra)'/Stable.

Fitch has withdrawn BASA's Support Rating of '3' and Support Rating
Floor of 'BB-' as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria on Nov. 12, 2021. In line with the updated criteria, Fitch
has assigned BASA a Government Support Rating of 'bb-'.

KEY RATING DRIVERS

Ratings Equalized with Sovereign: BASA's 'BB-' Long-Term IDR is
equalized with that of Brazil, reflecting a moderate probability of
support from the Brazilian government. This considers Brazil's high
propensity to support BASA but moderate ability to do so. The
Brazilian government's high propensity to support the bank reflects
BASA's important policy role and majority state ownership. The
sovereign's ability to provide support is moderate as reflected in
its 'BB-' Long-Term IDR. BASA's Outlook on its Long-Term IDRs is
Negative, in line with that of the sovereign.

As is the case for development banks, Fitch does not assign a
Viability Rating to BASA. This is because its business model is
strongly influenced by its role as one of the government's main
regional policy banks that implements its development plans and
countercyclical policies in the Northern Region of Brazil.

BASA's 'AA(bra)' Long-Term National Rating is based on potential
support and reflects the bank's creditworthiness relative to that
of issuers in Brazil.

Key Regional Policy Bank: BASA is a federal owned bank with a clear
mandate to execute Brazil's government policy in the Amazon Region
channeling credit for economic and social development. At end-2021,
BASA had total loans of BRL11.2 billion but its policy role is
further reinforced by its status as the exclusive agent of
Constitutional Fund of the North (FNO, the main financial
instrument for the economic development of the Northern region
consisting of public funds and lending assets of BRL27.8 billion at
end-2021.

FNO Agent: BASA is the sole manager of FNO, one of the largest
funding sources for the institution and a key revenue contributor
for the entity. As fund administrator, BASA receives a monthly fee
on the fund's equity in addition to a del-credere fee for assuming
50% of the credit operation risks shared with the bank's customers.
These amounted to around 56% of the bank's operating income in
2021.

Risk Profile Sensitive to Policy Role: As a development bank, BASA
has a weaker risk profile than local commercial banks. This is a
consequence of the bank's role in financing emerging sectors and
industries, as well as customer segments that are underserved by
commercial banks. The bank is exposed to sectoral concentrations
due to the nature of its business. BASA's impaired loans ratio of
7.6% at end-2021 improved relative to end-2020 (11.0%), but this
largely reflected strong loan growth in the period (121%) and the
bank's active role in granting payment holidays and renegotiating
loans for borrowers affected by the pandemic. Fitch expects BASA's
asset quality to come under pressure in FY22-FY23 as these measures
unfold given heightened pressures on borrowers from weak GDP growth
and rising inflation.

Improved Internal Capital Generation: Earnings and profitability
have been more variable over economic cycles, reflecting its
countercyclical role, but BASA's performance over 2021 and 1Q22
have materially improved from historical levels reflecting
primarily increased business volumes, higher interest rates and
well-controlled expenses stemming from the implementation of an
intensive cost efficiency agenda. BASA is not profit-oriented but
its strategic agenda also prioritizes streamlining costs and
improving digitalization with the ultimate go of being financially
sustainable, improving internal capital generation and further
promoting its policy role in the Northern region of Brazil.
Accordingly, operating profit in FY21 expanded by 180% yoy (3.7% of
risk weighted assets) while loans grew by 121%. Revenues
particularly benefited from a greater mix towards operations with
FNO resources with the bank assuming full credit risk, which enjoys
a larger spread relative to operations that are risk-shared with
FNO.

We expect earnings to normalize going forward from a surge in loan
impairment charges (LICs) caused by asset-quality weakening, while
total reserve coverage of impaired loans (43% at FYE 2021) provided
only a moderate protection against downside risks. Lower loan
growth should also put pressure on net interest margins, despite
the combination of higher interest rates and the bank's low cost of
funding being generally positive for NIM levels.

Recent regulatory changes approved at end-2021 that will continue
to reduce FNO related fees with a phase-in period until 2023
pressure this revenue source (around 45% if BASA's revenues)
relative to previous years. However, Fitch expects BASA to remain
adequately profitable in FY22 as the bank's improved commercial
performance provides a reasonable first line of defense to cushion
impairment charges as reflected in its pre-impairment profit
generation of BRL1.1 billion in FY21 (enough to cover around 10.6x
of LICs).

Moderate Capital Buffers: BASA's common equity Tier 1 ratio
improved to 12.1% at end-2021 (11.6% at end-2020) reflecting
stronger internal capital generation (ROAE 27.5%) and prudent
dividend distribution (around 26%). This provides a reasonable
buffer against minimum requirements although capitalization remains
vulnerable to asset-quality shocks. Risk-weighted assets (RWA)
inflation (+17% yoy) was contained despite strong loan growth,
reflecting BASA's moderate reliance on collateralized loans
(largely bank guarantees) and lower RWA charges.

Pending regulatory approval, BASA managed to negotiate a capital
injection of BRL1.0 billion during 2021 from Brazil's federal
government. This will have a neutral impact on capital, as it will
be accompanied by the repayment of hybrid notes held by the
Treasury, but adds to greater predictability of the bank's capital
structure. Fitch is also monitoring the potential risk of capital
pressures due to an impending court ruling, which will require BASA
to provision the actuarial deficit of its proprietary pension plan
for employees.

RATING SENSITIVITIES

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

-- BASA's IDRs would be downgraded if Brazil's sovereign rating
    is downgraded. BASA's ratings are also sensitive to a reduced
    propensity of the authorities to support the bank. This could
    be indicated by an adverse change in BASA's policy role or a
    material reduction in government ownership, which Fitch views
    as unlikely.

BASA's National Long-Term Rating (NLTR) is sensitive to a negative
change in Fitch's opinion of the bank's creditworthiness relative
to other Brazilian issuers.

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

-- Upside is limited, given the Negative Outlook on the Long-Term

    Foreign Currency and Long-Term Local Currency IDRs. The NLTR
    is at the highest level on Fitch's National Rating scale for
    entities with international ratings equalized with the
    sovereign and; therefore, cannot be upgraded.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Fitch assigns BASA's ESG Relevance Score for Governance Structure
(GGV) at '4'. A GGV score of '3' is the standard score assigned to
all banks rated by Fitch. Given BASA's ownership and a track record
of the Brazilian federal government's ability to influence and
interfere in the policies of the banks it controls, Fitch believes
that an increase of government influence on BASA's management and
strategy could negatively impact creditors' rights. This has a
moderately negative impact on the bank's rating in conjunction with
other factors.

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

   DEBT          RATING                                PRIOR
   ----          ------                                -----
Banco da       
Amazonia S.A.
               LT IDR         BB-            Affirmed     BB-
               ST IDR         B              Affirmed     B
               LC LT IDR      BB-            Affirmed     BB-
               LC ST IDR      B              Affirmed     B
               Natl LT        AA(bra)        Affirmed     AA(bra)
               Natl ST        F1+(bra)       Affirmed     F1+(bra)

               Support        WD             Withdrawn    3
               Support Floor  WD             Withdrawn    BB-
               Govt Support   bb-            New Rating


BANCO DE BRASIL: Fitch Alters Outlook 'BB-' IDRs to Stable
----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of Banco do Brasil S.A. (BdB) at
'BB-'. The Rating Outlook has been revised to Stable from Negative.
The National long-term rating has been affirmed at 'AA(bra)' with a
Stable Outlook. In addition, Fitch has affirmed BdB's Viability
Rating (VR) at 'bb-'.

The Outlook revision of Bdb's IDRs to Stable from Negative reflects
Fitch's assessment that the overall financial profile of the bank
has improved, notably its profitability and capitalization metrics,
coupled with the improvements observed in the bank risk profile.

Fitch has withdrawn Bdb's Support Rating of '3' and Support Rating
Floor of 'BB-' as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria on Nov. 12, 2021. In line with the updated criteria, Fitch
has assigned BdB a Government Support Rating (GSR) of 'bb-'.

KEY RATING DRIVERS

Ratings Driven by VR: BdB's IDRs and national ratings are derived
from its intrinsic creditworthiness. Currently, the VR is at the
same level as Brazil's sovereign rating. Given BdB's majority
federal government ownership, its key policy role, particularly in
rural lending and systemic importance, there is a high propensity
of government support. However, the rating remains highly linked to
the sovereign and could be constrained in the future if a change in
its business model negatively affects the bank's risk profile.

Operating Environment Revision: Fitch revised the Brazilian banking
system operating environment score to 'bb-' reflecting banking
system resilience. However, the operating environment assessment
remains constrained by the country's sovereign rating.

VR Reflects Franchise and Improving Financial Metrics: BdB´s VR
reflects the bank's leading position in the country across multiple
business segments, including its agribusiness portfolio, insurance
and asset management. It also reflects the bank's improving
profitability ratios, good coverage of NPLs and capitalization
buffers.

Good Coverage, Lower Concentrations: BdB continued to report
adequate asset quality ratios; 'D-H' loans and NPLs stood at 8.1%
and 1.9%, respectively, in March 2022 compared with 7.8% and 1.75%
at YE 2021. Despite the slight deterioration, Bdb was able to
sustain good NPL reserve coverage, which declined to 297% in 1Q22
from 325% at end-2021. Fitch believes that at the current asset
quality score, BdB has sufficient headroom to absorb potential
deterioration. The bank's low NPL levels reflects its exposure to
lower risk loans with solid guarantee structures especially in the
agribusiness, payroll and mortgage loans accounted for a combined
49.9% of total loans.

BdB also reduced in asset concentrations, which benefits the
overall structure of its asset quality. Over the past five years,
BdB's top 20 clients declined to 8.7% of gross loans at March 2022
from 14.9% at YE 2018. As a result, Fitch has upgraded BdB's asset
quality score to 'bb-', from 'b+', based on reduced downside risks,
a high level of collateralization and solid reserve coverage.

Improving Efficiency and Margins: BdB maintained good profitability
overall, reflecting the bank's strategy to close the gap compared
with large private banks. The bank's operating profit/RWA ratio
stood at a solid 3.6% at March 2022, compared with an average of
2.1% over the past four years. Profitability is supported by a
continuous strategy of improving margins -- increasing origination
in higher margin products, e.g. credit cards -- and efficiency
(ratio reached 57.3% at March 2022, from 59.5% at end-2021 and
61.4% at end-2020). Nevertheless, due to its policy role
characteristics, BdB's efficiency ratio still negatively compares
with the largest private-sector banks. Fitch has upgraded BdB´s
earnings and profitability assessment to 'bb-', from 'b+'.

Adequate Capitalization: BdB has an adequate buffer over minimum
regulatory requirements, as its Common Equity Tier 1 (CET 1) ratio
improved to 12.7% at March 2022 from 11.9% at end-2021. Starting in
July 2022, BdB will begin to pay back the BRL 8.1 billion (88 bps
of Bdb´s CET 1 capital) in hybrid instruments subscribed by the
National Treasury and currently considered as CET1 capital.
Furthermore, part of the resources provided by the Fundo
Constitucional de Financiamento do Centro-Oeste - (FCO), which
comprises the bank's entire Tier 2 capital, are subject to a 10%
annual phase out between 2021 and 2029. Given the bank's good
internal capital generation prospects, these reductions are likely
to be manageable from a capital adequacy point of view. As a
result, Fitch has upgraded the capitalization and leverage score to
'bb-' from 'b+'.

Diversified Funding, Stable Liquidity: Fitch views BdB's funding
and liquidity as stable, supported by its large deposit franchise.
Customer deposits and local financial bills, which are very similar
to deposits, made up 48% of total funding at March 2022. BdB's
liquidity continues to be comfortable, at March 2022, with a
liquidity coverage ratio (LCR) and net stable funding ratio (NSFR)
of 176.7% and 111.6%, respectively. Additionally, the adjusted
loans to deposits (including deposit-like products) ratio stood at
99.2%. Therefore, Fitch has upgraded BdB's funding and liquidity
score to 'bb' from 'bb-'.

GSR

BdB's GSR of 'bb-' reflects the moderate probability of sovereign
support. Fitch believes that the Brazilian government's willingness
to support BdB in case of need is high; however, the government's
limited financial flexibility and capacity to provide support as
indicated by its sovereign rating, highly influence its GSR.

SENIOR DEBT RATING

The affirmation of BdB's senior debt ratings at 'BB-' reflects the
affirmation of the bank's Long-Term Foreign Currency IDR, which is
the anchor rating for the debt ratings.

RATING SENSITIVITIES

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

IDRs and VR

-- Rating downside would be primarily contingent on a downgrade
    of the Brazilian sovereign rating. BdB's ratings are also
    sensitive to changes in its strategic importance to the
    Brazilian government, which Fitch currently does not expect.
    BdB's VR would be negatively affected if its CET1 ratio falls
    below 10% and/or its regulatory capital ratios approach the
    minimum requirements, due to a combination of asset quality
    deterioration, weakening of profitability or higher than
    expected growth.

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

IDRs and VR

-- Rating upside would be contingent on an upgrade of the
    Brazilian sovereign rating, but currently has a limited upside

    potential, as its VR captures specific operating environment
    constraints.

NATIONAL RATINGS

BdB's National ratings may be affected by a change in Fitch's
perception of the bank's local relativities with respect to other
Brazilian entities.

SENIOR UNSECURED DEBT

Bdb's senior unsecured debt ratings are sensitive to a change in
its IDR.

VR ADJUSTMENTS

-- The VR of 'bb-' has been assigned below the 'bb' implied VR
    due to the following adjustment reason: Risk Profile
    (negative).

The Business Profile score of 'bb+' has been assigned below the
'bbb' category implied score due to the following adjustment
reason: Business Model.

The Asset Quality score of 'bb-' has been assigned above the 'b'
category implied score due to the following adjustment reason:
Reserve coverage and asset valuation.

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

Bdb´s ESG Relevance Score for Governance Structure was changed to
'3' from '4' reflecting the observed reduction of the Brazilian
federal government's influence and interference in the policies of
the banks it controls in recent years. Fitch views BdB's corporate
governance as strong and stable, with no major changes in the
overall long-term strategy of the bank.

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

   DEBT             RATING                             PRIOR
   ----             ------                             -----
Banco do Brasil S.A.
                   LT IDR        BB-       Affirmed     BB-
                   ST IDR        B         Affirmed     B
                   LC LT IDR     BB-       Affirmed     BB-
                   LC ST IDR     B         Affirmed     B
                   Natl LT       AA(bra)   Affirmed     AA(bra)
                   Natl ST       F1+(bra)  Affirmed     F1+(bra)
                   Viability     bb-       Affirmed     bb-
                   Support       WD        Withdrawn    3
                   Support Floor WD        Withdrawn    BB-
                   Govt Support  bb-       New Rating
  senior unsecured LT            BB-       Affirmed     BB-


BANCO DO NORDESTE: Fitch Affirms 'B' LongTerm IDRs, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Banco do Nordeste do Brasil SA's (BNB)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB-'. The Rating Outlook is Negative. In addition, Fitch has
affirmed BNB's Long-Term National Rating at 'AA(bra)'/Stable.

Fitch has withdrawn BNB's Support Rating of '3' and Support Rating
Floor of 'BB-', as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria on Nov. 12, 2021. In line with the updated criteria, Fitch
has assigned BNB a Government Support Rating (GSR) of 'bb-'.

KEY RATING DRIVERS

Ratings Equalized with Sovereign: BNB's 'BB'- Long-Term IDR is
equalized with that of Brazil, reflecting a moderate probability of
support from the Brazilian sovereign. The rating considers Brazil's
high propensity to support BNB, but moderate ability to do so.
BNB's 'AA(bra)' Long-Term National Rating is aligned with Brazil's
National Rating based on potential support, and reflects the bank's
creditworthiness relative to that of issuers in Brazil. BNB's
Negative Rating Outlook reflects the sovereign's Negative Outlook.

As is usual for development banks, Fitch does not assign BNB a
Viability Rating. This is because BNB's business model is strongly
dependent on support from the state, as reflected in its dedicated
policy and development role.

Government Support: The Brazilian government's high propensity to
support the bank reflects BNB's important policy role and majority
state ownership. The sovereign's ability to provide support is
moderate as reflected in its 'BB-' Long-Term IDR.

Important Policy Role: BNB is Brazil's largest regional policy bank
and contributes to the country's economic growth and social
development. Its strategy is aligned with national development
objectives and is highly influenced by Brazilian government policy.
BNB focuses on financing infrastructure, agricultural loans,
micro-lending to small entrepreneurs and to a lesser degree,
commercial financing to small and medium-sized enterprises (SMEs)
and retail.

Key Agent for State Support Transmission: By law, the bank manages
the Fundo Constitucional de Financiamento do Nordeste (FNE), and
its operations are largely guided by its political role. FNE is
comprised of public funds, and is the main source of funding for
long-term projects in the northeast of Brazil, with lending assets
of around BRL83 billion at YE 2021. FNE's resources were the main
funding for promoting production in all segments and sizes, in
urban and rural areas, and primarily in the Brazilian semi-arid
region, which, for natural characteristics, demands greater
investments to reduce inequalities.

In early 2022, BNB announced it had partnered with the private
equity manager, Vinci Partners in an infrastructure and renewable
energy fund targeted at around BRL2 billion. The fund will be
launched in 2022 and initially funded by both BNB and Vinci,
although it is expected to be complemented with external investors
in the medium term. The initiative further underpins BNB's high
strategic development policy importance to the government.

Asset Quality Well-Managed: Despite BNB's weaker risk profile than
domestic commercial banks, the bank's asset-quality metrics are
adequate and remained so in the last two years despite recessionary
pressures. The bank's impaired loans (D-H under defined local
resolution) of 7.2% compares well with industry average, although
its policy role implies that grace periods are often granted. BNB's
expanded credit risk includes FNE loans on which the bank bears a
risk sharing agreement of 50%, and are accounted off balance-sheet.
At YE 2021, this amounted to BRL32 billion and were well covered by
reserves (around 8%).

Performance linked to Policy Role: BNB's earnings tends to be more
volatile than pure commercial banks due to the bank's
countercyclical role. However, profitability metrics have been
strong through multiple economic cycles (ROAE of 23.4% in fiscal
2021 and 22.9% four-year average) underpinned by cheap funding
costs, sizeable revenues stemming from its FNE manager and well
controlled credit costs.

As the exclusive FNE administrator, BNB receives a management fee
over FNE's equity, and charges an additional yearly fee (del
credere) relative to the FNE's on-lending operations with shared
risk. Recent regulatory changes approved at YE 2021 will continue
to reduce del credere fees with a phase-in period until 2023, and
will add some pressure to this revenue source (around 43% if BNB's
revenues) relative to previous years. However, Fitch expects BNB to
remain reasonably profitable, reflecting strong reserve coverage on
impaired loans and sound pre-impairment profitability.

Improved Capital Buffers: Capital buffers are moderate over
regulatory minimums (Common Equity Tier 1 of 10.2% at YE 2021), but
have improved over 2021, reflecting BNB's sound internal capital
generation in 2021 (net profit/RWA of 2.3%) and prudent dividend
distribution (payout of 22%).

RATING SENSITIVITIES

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

-- BNB's IDRs would be downgraded if Brazil's sovereign rating is

    downgraded. BNB's ratings are also sensitive to a reduced
    propensity of support, which could indicate an adverse change
    in BNB's policy role or a material reduction in government
    ownership, which Fitch views as unlikely.

BNB's National Long-Term Rating is sensitive to a negative change
in Fitch's opinion of the bank's creditworthiness relative to other
Brazilian issuers'.

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

-- Upside is limited given the Negative Outlook on BNB's Long-
    Term IDR.

BNB's National Long-Term Rating is at the highest level on Fitch's
Brazil's national rating scale for entities with international
ratings equalized with the sovereign and therefore cannot be
upgraded.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS:

Fitch assigns BNB's an ESG Relevance Score for 'Governance
Structure' (GGV) of '4'. A GGV score of '3' is the standard score
assigned to all banks rated by Fitch. Given BNB's ownership and a
track record of the Brazilian federal government's ability to
influence and interfere in the policies of the banks it controls,
Fitch believes that an increase of government influence on BNB's
management and strategy could negatively impact creditors' rights.
This has a moderately negative impact on the bank's rating in
conjunction with other factors.

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

   DEBT              RATING                           PRIOR
   ----              ------                           -----
Banco do Nordeste    
do Brasil S.A.
                     LT IDR        BB-      Affirmed   BB-
                     LC ST IDR     B        Affirmed   B
                     Natl ST       F1+(bra) Affirmed   F1+(bra)
                     Support Floor WD       Withdrawn  BB-


BNDES: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of Banco Nacional de Desenvolvimento
Economico e Social (BNDES) at 'BB-' with a Negative Rating Outlook.
Fitch also affirmed BNDES's long-term National Rating at
'AA(bra)'/Stable.

In addition, Fitch has withdrawn BNDES's Support Rating of '3' and
Support Rating Floor of 'BB-' as they are no longer relevant to the
agency's coverage following the publication of its updated Bank
Rating Criteria on 12 November 2021. In line with the updated
criteria, Fitch has assigned BNDES a Government Support Rating
(GSR) of 'bb-'.


KEY RATING DRIVERS

IDRS, SUPPORT RATING, SENIOR DEBT, AND NATIONAL RATINGS

Ratings Equalized with Sovereign: BNDES' ratings are equalized with
Brazil's IDRs (BB-/Negative/B).The Brazilian government is the sole
shareholder of BNDES.. The equalization reflects the full federal
government ownership, BNDES' policy bank status and its role in the
implementation of government economic policies. Fitch does not
assign a Viability Rating to BNDES as its business model is
entirely dependent on the support of its state guarantor. BNDES's
long-term senior unsecured debt ratings are equalized with its
Long-Term IDR. The Negative Rating Outlook on BNDES's LT IDRs is in
line with that of the sovereign.

BNDES is 100%-owned by the Brazilian government, which exerts
influence over its lending activity, operations and governance.
BNDES's purpose is to support and foster economic activities that
contribute to the growth of the Brazilian economy and to promote
economic and social development in Brazil. It is one of the
government's main policy banks that implements its development
plans and countercyclical policies.

Key Policy Role: BNDES's lending and investment strategies are
fully aligned with public economic policy. The measures announced
by the government to mitigate the ongoing economic impact of the
COVID-19 crisis further underpined BNDES's special policy bank
status and its role as the state's financial arm. On behalf of the
Brazilian government, BNDES was the main agent managing several
emergency programs to provide liquidity lines to SMEs and
self-employed workers as a result of the crisis.

Development Agenda Reinforced: BNDES's development role agenda has
continued to evolve through the bank's active role on fostering the
structure of destatization projects, providing advisory services to
public entities, and attracting private investors on
infrastructure, concessions and public-private partnership (PPP)
projects. At end-March 2022, BNDES was mandated on 176 projects
across different sectors, totaling around BRL382 billion in size of
which 23 have already gone to auction. BNDES's total lending
disbursements in 1Q22 reached BRL14.8 billion (+31% yoy), of which
38.1% was directed to support micro, small and medium sized
companies.

Reduced Market-Risk: BNDES's exposure to market risk is above most
peers. However, this has come down substantially over the past
years in line with the bank's revised business plan, which includes
its goal to reduce market-risk volatility from its equity holdings,
prioritizing capital allocation aligned to its policy agenda, while
partnering with private agents on infrastructure projects. Equity
investments reached BRL79.2 billion (or 48% of CET1) at end-March
2022, mostly concentrated in Petrobras, JBS and Eletrobras. Fitch
expects the bank to continue divesting equity stakes in the
short-term, but this will be contingent on value considerations.

Strong Financial Profile: BNDES continues to execute its agenda to
fully liquidate resources from the National Treasury. This included
advance payment of BRL63 billion in 2021 and the expectation of
another BRL37.9 billion until end-2022, including ordinary and
extraordinary payments. So far, pre-payments have not pressured the
bank's liquidity position, which remains strong at BRL143 billion
at end-March 2022 (around 20% of assets). Capitalization remains
strong and capital levels have improved steadily in recent years
owing to asset de-risking and strong one-off earnings from equity
divestments. The bank's common equity Tier 1 capital ratio
(excluding hybrid instruments accounted as Core Equity) improved to
27.9% at end-March 2022 from 23.8% at end-March 2021.

National Ratings: National Ratings provide a relative measure of
creditworthiness for rated entities only within the country.

RATING SENSITIVITIES

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

-- Rating downside would be primarily contingent on a downgrade
    of the Brazilian sovereign rating. BNDES's ratings are also
    sensitive to changes in its strategic importance to the
    Brazilian government, which Fitch currently does not expect.

BNDES's senior debt ratings would move in line with the bank's
IDRs. The probability of default of any senior obligation is tied
to that of the bank (reflected in the Long-Term IDR), as a default
of senior obligations would be treated by the agency as default by
the entity.

BNDES's National Long-Term Rating is sensitive to a negative change
in Fitch's opinion of the bank's creditworthiness relative to other
Brazilian issuers'.

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

-- Upside is currently limited by the Negative Outlook on BNDES's

    Long-Term IDR.

BNDES's National Long-Term Rating is at the highest level on
Fitch's Brazilian national rating scale for entities with
international ratings equalized with the sovereign and therefore
cannot be upgraded.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Fitch has assigned BNDES an ESG Relevance Score for 'Governance
Structure' (GGV) of '4'. A GGV score of '3' is the standard score
assigned to all banks rated by Fitch. Given BNDES's ownership and a
track record of the Brazilian federal government's ability to
influence and interfere in the policies of the banks it controls,
Fitch believes that an increase of government influence on BNDES's
management and strategy could negatively impact creditors' rights.

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

   DEBT               RATING                              PRIOR
   ----               ------                              -----
Banco Nacional de    
Desenvolvimento
Economico e Social
(BNDES)              LT IDR        BB-       Affirmed     BB-
                     LC LT IDR     BB-       Affirmed     BB-
                     Natl LT       AA(bra)   Affirmed     AA(bra)
                     Support       WD        Withdrawn    3
                     Gov't Support bb-       New Rating

  senior unsecured   LT            BB-       Affirmed     BB-


BRAZIL: Industrial Prices Rise 1.94% in April; Less Than in March
-----------------------------------------------------------------
Rio Times Online reports that industrial prices in Brazil increased
by 1.94% in April this year compared to the previous month.
Compared to February, this percentage represented a decrease when
prices increased by 3.12%.

The cumulative rate for the last 12 months was 18%. So far this
year, the indicator has reached 6.94%, according to Rio Times
Online.  The data are included in the Producer Price Index (IPP),
published by the Brazilian Institute of Geography and Statistics
(IBGE), the report notes.

The cumulative rate for the last 12 months was 18%, the report
adds.

                        About Brazil

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

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

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


BRAZIL: Weekly Consumer Price Index Drops in May in 5 Capitals
--------------------------------------------------------------
Rio Times Online reports that the Weekly Consumer Price Index
(IPC-S) decreased in five of the seven capitals surveyed by the
Getulio Vargas Foundation (FGV) from April to May this year.

The most intense drop was observed in Brasilia, which went from
1.69% inflation in April to deflation (price drop) of 0.14% in May,
according to Rio Times Online..

                       About Brazil

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

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

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


CAIXA ECONOMICA: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Caixa Economica Federal's (CAIXA)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB-'. The Rating Outlook is Negative. In addition, Fitch has
affirmed CAIXA's Long-Term National rating at 'AA(bra)'/Outlook
Stable.

Fitch has withdrawn CAIXA's Support Rating of '3' and Support
Rating Floor of 'BB-' as they are no longer relevant to the
agency's coverage following the publication of its updated Bank
Rating Criteria on Nov. 12, 2021. In line with the updated
criteria, Fitch has assigned CAIXA a Government Support Rating
(GSR) of 'bb-'.

KEY RATING DRIVERS

IDRs Driven BY GSR: CAIXA's IDRs are driven by sovereign support
and are aligned with Brazil's sovereign ratings. The Negative
Outlook on the IDRs mirrors those on the sovereign. CAIXA´s
National Ratings provide a relative measure of credit risk among
issuers in Brazil.

Important Policy Role: Fitch considers CAIXA a policy bank and, per
its Bank Rating Criteria, does not assign a Viability Rating to the
institution because it is not possible to form an entirely
standalone credit view. In Fitch Ratings' view, there is a high
government propensity to provide support in case of need, given the
bank's federal government ownership, its key policy role in the
implementation of government economic policies, and the bank's
systemic importance.

Operating Environment Remains Constrained: The operating
environment remains constrained by the country's sovereign rating.
Brazil's ratings are supported by its large and diverse economy,
high per capita income relative to peers and capacity to absorb
external shocks underpinned by its flexible exchange rate, moderate
external imbalances, robust international reserves and deep
domestic government debt market. This is counterbalanced by
Brazil's high financing needs and government debt, a rigid fiscal
structure, weak economic growth potential and a difficult political
landscape that hampers timely progress on fiscal and economic
reforms.

Brazil's Largest Mortgage Lender: CAIXA is Brazil's third largest
bank by total assets, and has a high market share in both mortgage
loans and savings as of March 2022, around 66% and 36%,
respectively. The bank's size, economies of scale, geographic reach
and long-standing history afford it certain competitive advantages
and support revenue diversification and stability. CAIXA's strategy
is to increase its market share in the agribusiness segment and
credit origination has grown on a recurring basis.

Policy Role Drives Risk Profile: CAIXA's main risk is credit, which
represents around 60% of its total assets. Underwriting standards
historically varied over economic cycles, reflecting its policy
role and strategy to extend credit to the low-income population.
However, Fitch recognizes that CAIXA's management has been
gradually adjusting its underwriting standards in tandem with a
relatively lower risk appetite, higher conservatism and stronger
focus on profitability.

Resilient Asset Quality Faces Pressures: In Fitch's view, CAIXA's
asset quality is adequate, even with the pressures of a challenging
operating environment in recent years. The Impaired loans
(D-H)/total loans ratio compared well with the other large
Brazilian banks, reaching 7.8% in March 2022 and averaging 8.6%
over the past four years. The NPLs ratio increased slightly to 2.3%
at 1Q22 from 2.0% at 1Q21, but remained low. CAIXA's adequate
coverage of NPLs more than 90 days was 194% in 1Q22 and 216% in
1Q21, while its mortgage portfolio's loan to value ratio of 47%,
will limit potential credit losses over the long term.

Profitability Lower Than Private Peers: CAIXA's profitability was
historically lower than the peer average, reflecting its lower net
interest margin and larger cost base, which reflected its public
policy role. CAIXA's operating profit/RWA ratio reached a low of
1.1% in 1Q22. This ratio averaged 2.4% over the last four years due
to high profits that were underpinned by nonrecurrent events, such
as the sale of noncore assets.

Capitalization Improves: CAIXA's common equity Tier 1 (CET1)
reached 15.7% in 1Q22 from 12.7% in 1Q21. CAIXA implemented
measures to strengthen its capital structure, such as reducing
expenses, increasing share capital, among others. Despite this
improvement, some pressures on the bank's capitalization ratios may
occur in the next few years, because CAIXA agreed to repay BRL35.5
billion (of which BRL11.4 bn has already been paid) of the hybrid
instruments subscribed by the National Treasury that are part of
its CET1. Fitch believes these repayments will be manageable for
the institution.

Strong Funding Profile: CAIXA's funding base is highly diversified
and supported by the bank's extensive network. It is predominantly
retail funded, with customer deposits and deposit-like local
financial bills comprising 52% of total funding at 1Q22. Except for
loans funded by FGTS, the bank has a structural maturity mismatch
between its mortgage loans and liabilities. However, this maturity
mismatch risk is mitigated by the historic stability of CAIXA's
funding base and comfortable liquidity. The gross loan/deposits +
local financial bills (which are very similar to deposits) ratio
was 150% in 1Q22.

RATING SENSITIVITIES

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

CAIXA's ratings would be downgraded if Brazil's sovereign rating is
downgraded. CAIXA's ratings are also sensitive to a reduced
propensity of the authorities to support the bank. This could be
indicated by an adverse change in CAIXA's policy role or a material
reduction in government ownership, which Fitch views as very
unlikely.

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

-- Upside is currently limited by the Negative Outlook on CAIXA's

    Long-Term IDR.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

CAIXA's senior unsecured debt rating corresponds to the bank's
Long-Term IDR, since they rank equal to other senior unsecured
debts.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

-- CAIXA's senior unsecured debt ratings are sensitive to a change

    in its IDR.

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

-- CAIXA's senior unsecured debt ratings are sensitive to a
    change in its IDR.

VR ADJUSTMENTS

Fitch does not assign a VR/score the standalone credit factors.

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

The ESG Relevance Score for 'Community Relations, Social Access,
Affordability' is '4[+]'. CAIXA's public sector ownership supports
its ability to attract low cost retail deposits, while its policy
role ensures it retains a dominant position in the low income
retail mortgage market. These factors considerably boost CAIXA's
franchise, strengthen its credit profile and have a moderately
positive impact on its ratings in conjunction with other factors.

CAIXA's ESG Relevance Score for 'Governance Structure' (GGV) is
'4'. A GGV score of '3' is the standard score assigned to all banks
rated by Fitch. Given CAIXA's ownership and a track record of the
Brazilian federal government's ability to influence and interfere
in the policies of the banks it controls, Fitch believes that an
increase of government influence on CAIXA's management and strategy
could negatively affect creditors' rights. This has a moderately
negative impact on the bank's rating in conjunction with other
factors.

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

   DEBT                RATING                          PRIOR
   ----                ------                          -----
Caixa Economica       
Federal               LT IDR        BB-        Affirmed   BB-

                      LC ST IDR     B          Affirmed   B

                      Natl ST       F1+(bra)   Affirmed   F1+(bra)


                      Support Floor WD         Withdrawn  BB-

  senior unsecured    LT            BB-        Affirmed   BB-




===============
C O L O M B I A
===============

CREDIVALORES: Fitch Affirms 'B/B' Foreign Currency IDRs
-------------------------------------------------------
Fitch Ratings has removed the Rating Watch Negative (RWN) and
affirmed Credivalores-Crediservicios S.A.'s (Credivalores)
Long-Term Foreign Currency Issuer Default Rating (IDR) of 'B' and
Short-Term Foreign Currency IDR of 'B'. In addition, it has
affirmed the Long- and Short-Term National Scale ratings of
'A-(col)' and 'F2(col)', respectively, and outstanding debt
issuances were also removed from RWN. The Rating Outlook is
Negative. The Negative Outlook, mainly reflects weakened overall
funding profile driven by deteriorated investor confidence and
increased risk aversion for NBFIs in Latin America.

KEY RATING DRIVERS

The RWN was originally placed on April 11 of this year and
reflected elevated execution risk associated with refinancing the
company's USD164 million debt maturity on July 27, 2022,
particularly as lender sentiment has deteriorated for Latin
American NBFIs. As of mid-April, the company had only raised about
65% of their 2022 net cash flow need including those funds needed
for the repayment.

On May 16, 2022, Credivalores announced that it closed a new USD100
million committed term loan from funds of UBS O'Connor and Gramercy
and that a portion of the funds from this term loan, along with
approximately USD104 million of other funds already raised will be
used to fully repay the 9.75% dollar-bonds due July 2022. With this
term-loan, the company secured more than USD200 million in new
sources of funding for 2022 between the last quarter of 2021 and
during the first five months of this year.

The closing of this US$100 million term-loan completes the total
cash needs of Credivalores for 2022. The new USD100 million
term-loan is a committed facility structured through a Special
Purpose Vehicle backed by the credit card portfolio as collateral.
The facility has a 36-month tenor with an availability period of 12
months from the closing and principal amortization starting 24
months after closing, to obtain an average life of about 2.5
years.

Credivalores is also working to obtain other funding sources with
multiple lenders that are expected to be completed in the following
months to further its funding flexibility and lower funding costs.

As of YE 2021, Fitch's adjusted tangible leverage metric remained
at a high 7.9x, providing more limited loss absorption for the
increasing challenges. Fitch expects the company's tangible
leverage to remain below 9.0x despite new debt acquired during the
year will be mostly used to refinance existing debt and for double
digit forecasted growth, which could be commensurate with this new
rating level.

RATING SENSITIVITIES

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

-- Credivalores' ratings could still be negatively impacted by an

    increase in tangible leverage, measured as debt/tangible
    equity adjusted by the temporary effects from assets and
    derivatives valuation sustainably above 9.0x or if pre-tax
    income to average assets turns negative.

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

-- Credivalores' Outlook could be revised to Stable if the
    company is also able to show a sustained improvement in its
    profitability and asset quality metrics while reducing
    pressure on its tangible leverage metrics. A more consistent,
    conservative and demonstrated liquidity risk management track
    record could also contribute to stabilization of the Outlook
    and/or future positive rating momentum.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

-- The company's senior unsecured debt is expected to move in
    line with the Long-Term IDR, although a material increase in
    the proportion of secured debt could result in the unsecured
    debt being notched down from the IDR.

PCG Issuance

-- The four-notch relativity of the PCG issuance above
    Credivalores' Long-Term National Scale rating could be reduced

    in the event of future increases in the issuer rating or by an

    improvement in its intrinsic recovery, in accordance with the
    agency's methodology.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

-- A downward move in Credivalores' Long-Term National Scale
    rating would negatively affect the PCG ratings;

-- The company's senior unsecured debt is expected to move in
    line with the Long-Term IDR, although a material increase in
    the proportion of secured debt could result in the unsecured
    debt being notched down from the IDR.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

   DEBT              RATING                    RECOVERY     PRIOR
   ----              ------                    --------     -----
Credivalores-        
Crediservicios S.A.
                     LT IDR     B        Affirmed            B
                     ST IDR     B        Affirmed            B
                     Natl LT    A-(col)  Affirmed           
A-(col)
                     Natl ST    F2(col)  Affirmed           
F2(col)

  senior unsecured   LT         B        Affirmed     RR4    B

  guaranteed         Natl LT    AA(col)  Affirmed           
AA(col)




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

JAMAICA: Lower Demand for Business Loans as Lending Rates Increase
------------------------------------------------------------------
RJR News reports that the rise in lending rates has reportedly
dampened the demand for loans by Jamaican businesses.

The Private Sector Organisation of Jamaica (PSOJ) says the higher
cost of borrowing has left companies reluctant to borrow capital
and this could hamper growth, according to RJR News.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




=======
P E R U
=======

PERU: Social Conflicts Beset Mining Investments
-----------------------------------------------
EFE News reports that mining investments in Peru, which have
amounted to $60 billion over the past 10 years, look to be in
trouble in the near future due to social conflicts surrounding
several mines and the upcoming start of operations at the latest
copper mining megaproject, various experts say.

A large portion of Peru has significant reserves of copper, silver,
gold and zinc, among other metals, which contribute 10 percent to
the country's GDP, and 60 percent of the country's exports are
primary materials, according to EFE News.




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

LARRY BARBER: Seeks Chapter 11 Due to IRS Levy
----------------------------------------------
Larry Barber Enterprises, Inc., filed for relief under Subchapter V
of chapter 11 of the Bankruptcy Code in Tampa, Florida.

The Debtor is a Florida corporation with its principal place of
business located at 38743 Otis Allen Road, Zephyrhills, FL 33540.

The Debtor was established in 1998 by Mr. Larry Barber.  The Debtor
is family owned and operates as a full-service provider of tower
civil design, construction and maintenance services across the
United States, Puerto Rico, and the U.S. Virgin Islands. More
specifically, the Debtor's civil construction services encompass
design, site preparation, concrete work, fencing, access road
construction, landscaping, and site demolition/debris removal.

The case was filed on an emergency basis due to a Notice of Levy by
the Internal Revenue Service served on a critical client of the
Debtor for past due payroll taxes in the amount of $349,309.  The
Debtor intends to cure this deficiency with the Internal Revenue
Service through a Reorganization in this instant bankruptcy case.

The Debtor has already filed in Bankruptcy Court an emergency
motion to enforce the automatic stay and release the IRS levy.

The Debtor has 24 employees, including the Debtor's principal,
Larry Barber who owns 100% of the outstanding stock of the Debtor.
Mr. Barber's wife, Amy Barber, also works full time for the
Debtor.

The Debtor anticipates filing an emergency motion to pay
officer/insider salary for Mr. and Mrs. Barber.

The Debtor's first Post-petition payroll run is scheduled to occur
on May 27, 2022, for the pay period of May 14, 2022 to May 25,
2022, which is $21,290; this does not include any income towards
the insiders/officers of the Debtor.  The Debtor anticipates filing
an emergency motion to pay prepetition wages and salaries.

The Debtor does not need DIP financing at this time but may
consider financing options in the future for ongoing expenses as
well as exit financing.

The Debtor felt that bankruptcy relief was needed in order to
provide the best opportunity to reorganize.

The amounts owed to the three classes of creditors are as follows:

   a. Priority Unsecured Creditors: $1,500,000.00

   b. Secured Creditors: $107,285.75

   c. The amount of unsecured claims: $492,630.00

According to court filings, Larry Barber Enterprises estimates
between 1 and 5 unsecured creditors.  The petition states funds
will be available to unsecured creditors.

A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for June 24, 2022 at 9:30 a.m.

                 About Larry Barber Enterprises

Established by Larry Barber, Larry Barber Enterprises Inc. is a
full-service provider of tower civil design, construction and
maintenance services across the United States, Puerto Rico, and the
U.S. Virgin Islands.  On the Web:
http://www.larrybarberenterprises.com/

Larry Barber Enterprises sought bankruptcy protection under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.
Fla. Case No. 22-02083) on May 24, 2022.  In the petition filed by
Larry Barber, as president, Larry Barber Enterprises estimated
assets up to $50,000 and estimated liabilities between $1 million
and $10 million.  

Jake C Blanchard, of Blanchard Law, P.A., is the Debtor's counsel.

Amy Denton Mayer has been appointed as Subchapter V trustee.





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

TRINIDAD & TOBAGO: TTMA, Police in Talks to Tackle Illicit Trade
----------------------------------------------------------------
Trinidad Express reports that discussions for strong public-private
partnerships formed part of the meeting with Trinidad and Tobago
Manufacturers' Association (TTMA) and the Trinidad and Tobago
Police Service (TTPS) on the prevalence of illicit trade.

At the meeting held, Acting Police Commissioner McDonald Jacob and
members of his team reinforced their commitment to undertake
initiatives to tackle the issue of illicit trade, according to
Trinidad Express.

Jacob said this initiative will be pioneered through the efforts of
the Multi-Agency Task Force involving other agencies such as
Customs and Excise Division, Trinidad and Tobago Bureau of
Standards, Chemistry Food and Drug Division and the Tobacco Control
Unit, the report notes.

Furthermore, he noted that training and education remains an
important tool for law enforcement to increase detection at ports
of entry into T&T and retail outlets, the report relays.

Jacob said the innovative nature of perpetrators of illicit trade
poses challenges for its eradication, the report discloses.

"However, it is critical that adequate efforts are made to reduce
its occurrence in order to promote fair competition for legitimate
manufacturers, importers and distributors," he explained, the
report says.

TTMA president Tricia Coosal highlighted the importance of
collaboration and the Association's willingness to lend support,
where feasible and practical, to combat illicit trade activities in
the interest of protecting genuine business operators, the report
notes.

She said, "TTMA intends to continue its awareness drive, which
includes a multitude of areas such as piracy, illegal smuggling of
wildlife, tobacco and alcohol, pharmaceuticals, the prevalence of
illicit trade in free-trade zones and counterfeiting," the report
says.

Coosal noted that the association is committed to working closely
with the Multi-Agency Task Force headed by Assistant Superintendent
of Police Leon Haynes to provide necessary infrastructural
resources and training to his team, the report discloses.

Also present at the meeting from the TTPS were Assistant
Commissioner of Police Sharon Gomez-Cooper and Senior Supt of
Police Joseph Chandool. Representatives from the TTMA included
chief executive officer Dr Mahindra Ramdeen; director Josiane Khan
and secretariat member Ilanka Manrique, the report adds.




=================
V E N E Z U E L A
=================

VENEZUELA: Maduro Claims Double-Digit Growth of Economy
-------------------------------------------------------
EFE News reports that President Nicolas Maduro said that the
Venezuelan economy saw a double-digit growth in the first quarter
of 2022, but didn't specify the figure.

"Venezuela has experienced growth above double digits in the first
quarter of 2022. It is encouraging news, because the indicators, as
the economic intelligence bulletin produced by economic experts
says, the indicators are all showing improvement," Maduro said
during a Facebook live broadcast, according to EFE News.

As reported in the Troubled Company Reporter-Latin America in
September 2021, S&P Global Ratings withdrew its 'SD/D' foreign
currency sovereign credit ratings and 'CCC-/C' local currency
ratings on Venezuela due to lack of sufficient information. At the
same time, S&P withdrew its 'D' issue rating on 15 bonds.



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