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

          Wednesday, June 22, 2022, Vol. 23, No. 118

                           Headlines



A R G E N T I N A

ARGENTINA: Raises Benchmark Rate to 52% as Inflation Stays Hot


B R A Z I L

BRAZIL: Seal $1.6MM Deal With IDB for Decarbonization Plan
BRF SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable
SAMARCO MINERACAO: Workers Unions File Revised Restructuring Plan


C H I L E

LATAM AIRLINES: U.S. Court Approves Reorganization Plan


C O L O M B I A

AUTOPISTA RIO MAGDALENA: Fitch Keep BB+ Notes Rating on Watch Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Discloses Ban for Elimination of Host Crops
DOMINICAN REPUBLIC: Fertilizer Producers Complain of Price
[*] DOMINICAN REPUBLIC: Rum & Tobacco Exports Totaled US$425.39MM


E C U A D O R

GUAYAQUIL MERCHANT: Fitch Affirms BB- Rating on 2019-1 Notes


G U A T E M A L A

BANCO INDUSTRIAL: Moody's Affirms 'Ba1' Deposit Ratings


M E X I C O

CREDITO REAL: Preps Up U.S. Bankruptcy After Bond Default

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Raises Benchmark Rate to 52% as Inflation Stays Hot
--------------------------------------------------------------
Buenos Aires Times reports that Argentina's Central Bank lifted its
benchmark interest rate for the sixth time this year to 52 percent
as the government struggles to cool inflation expectations.

The monetary authority raised the key Leliq rate by 300 basis
points, according to a statement. The Central Bank also raised the
minimum rate on fixed-term deposits for savers to 53 percent,
according to Buenos Aires Times.

The move comes two days after the INDEC national statistics bureau
statistics agency said annual inflation is running at a 30-year
high of 60.7 percent, the report relays.  So-called positive rates
are one pillar of Argentina's US$44-billion deal with the
International Monetary Fund, the report notes.

The rising rates so far this year hasn't helped tame Argentines'
expectations as the international impact on energy and food prices,
along with already high inflation, keep uncertainty high, the
report relays.  Economists surveyed by the Central Bank forecast
inflation at nearly 73 percent by the end of this year, the report
discloses.

In the statement, the monetary authority pointed to May inflation
of 5.1 percent showing a deceleration from the previous month. "The
Central Bank hopes that monthly inflation prints will continue
descending gradually," it added.

Central Bank officials face two key challenges in the second half
of the year to comply with the IMF program: building up more cash
reserves and staying within limits on money printing, the report
says.

Economists also see the monetary authority speeding up the pace of
the peso's controlled devaluations, or crawling peg, later in the
year as it focuses on boosting reserves, a trade-off that risks
stoking inflation in the near term, the report relays.

The IMF board is set to assess the first staff review of the
program on June 24.

                      Local Debt

In a separate statement, the Economy Ministry stated it would
continue its effort to try to create "attractive" conditions for
investors of its local debt. The government's inflation-linked debt
in pesos faced a steep sell off as investors grew concerned about
its ability to pay with prices rising 61 percent annually, the
report notes.

The government also published decrees Thursday updating the annual
budget to reflect targets within the IMF program, such as the
primary fiscal deficit, the report relays.  The 2021 Budget was
carried over into this year after congress rejected the
government's draft budget for 2022, the report relays.  Another
decree addresses the segmentation of price increases for
Argentina's utility bills, the most politically sensitive part of
the IMF program, the report notes.

                             About Argentina

Argentina is a country located mostly in the southern half of South
America.  Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept. 28,
2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

Argentina obtained on March 25, 2022, approval from the Executive
Board of the International Monetary Fund (IMF) of a 30-month
extended arrangement under the Extended Fund Facility (EFF)
amounting to SDR 31.914 billion (equivalent to US$44 billion).
Under the new terms, Argentina secured a much-needed grace period
that postpones repayment of its debt. However, IMF warned of
exceptionally high risks to the program.




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B R A Z I L
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BRAZIL: Seal $1.6MM Deal With IDB for Decarbonization Plan
----------------------------------------------------------
The President of the Inter-American Development Bank (IDB),
Mauricio Claver-Carone, and the Minister of Infrastructure of
Brazil, Marcelo Sampaio, signed an agreement of $1.6 million in
technical cooperation to support the Brazilian government in its
efforts to prepare a national decarbonization plan for the
transportation sector. The initiative will be funded by the UK
Sustainable Infrastructure Programme (UKSIP).

The goal of the partnership is to help Brazil implement
technologies and regulatory frameworks to reduce greenhouse gas
emissions from transportation, which will contribute to reach its
national targets for 2025 and 2030 (reductions of 37% and 43%
respectively).

The partnership will also implement pilot technologies and
initiatives to support the low carbon transition in Brazil; and
update integrated transport planning, particularly the National
Logistics Plan and the General Plans for Public Actions or
Partnerships, to meet the country's decarbonization goals for the
transportation sector.

"The IDB is committed to concrete, highly impactful solutions that
make Brazil more climate resilient. This approach is also
economically savvy: the multiplier effect of sustainable
infrastructure projects strengthens productive capacity and creates
nearshoring opportunities," said IDB President Claver-Carone in Sao
Paulo.

Claver-Carone is visiting Sao Paulo, where the fifth annual Brasil
Investment Forum opened on June 14. The forum is the largest
foreign investment event in Latin America and the Caribbean, and is
organized by IDB, ApexBrasil and the federal government of Brazil.

"The Brazilian government works to develop a sustainable transport
infrastructure from a socio-environmental point of view. We use
environmental development indexes to evaluate and stimulate good
management practices in the sector and establish sustainability
guidelines for our projects and endeavors. We want to be leaders
and role models in green infrastructure", said Minister Sampaio.

"The UK government believes that investment in low-carbon
infrastructure can help Brazil achieve a greener and more inclusive
economic recovery. That is why we are proud of the Sustainable
Infrastructure Program, which will support the implementation of
the national decarbonization plan in Brazil's transport sector.
This project is part of our long-term partnership with the country
to support the establishment of ambitious targets for the low
carbon transition and the implementation of the commitments made at
COP 26 in Glasgow last year," said Melanie Hopkins, British Embassy
Charge d'Affaires.

According to data from the Climate Observatory, Brazil's
transportation sector accounted for 47% of the country's emissions
in 2019, with cargo transport responsible for 40% of this total. In
addition to supporting decarbonization efforts, the initiative
focuses on improving transportation and logistics to provide better
services. It aims to foster sustainability to mitigate the climate
effects of transportation infrastructure and services and help them
adapt to climate change.

Analyses by the Organization for Economic Cooperation and
Development (OECD) and the International Monetary Fund (IMF) have
found that every dollar of infrastructure investment has an average
multiplier effect of 1.6, from short-term job creation to long-term
economic productivity gains.


BRF SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed BRF S.A.'s Ba2 corporate family
rating and its senior unsecured ratings. The outlook changed to
stable from positive.

Ratings Affirmed:

Issuer: BRF S.A.

Corporate Family Rating, Affirmed Ba2

$234 million Global Notes due 2023: affirmed at Ba2

$295 million SR Global Notes due 2024: affirmed at Ba2

$690 million GTD Global Notes due 2030: affirmed at Ba2

$800 million SR Global Notes due 2050: affirmed at Ba2

Outlook Actions:

Issuer: BRF S.A.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The change in outlook to stable from positive reflects the
challenging operating environment faced by BRF, which has led to
weaker than expected performance in 1Q22, as a result of
persistently high grain prices and inflationary pressure on costs,
combined with fragile demand in Brazil's domestic market. Moody's
believe results will gradually improve during 2022, but credit
metrics for the year will remain pressured, with leverage (total
adjusted debt/EBITDA) at around 5x.

BRF's Ba2 ratings is supported by its strong business profile and
leadership in both processed foods in Brazil and global poultry
exports, as well as the company's adequate liquidity and
comfortable debt amortization schedule. With BRL9.1 billion in cash
at the end of March 2022, BRF covers all its debt obligations
through 2025.

Offsetting these positive attributes are the relatively low
geographic diversity in terms of production footprint and heavy
concentration in poultry and strong exposure to grain prices and
currency volatility.

Moody's continues to believe that the long-term growth strategy
("2030 Vision") will allow BRF to significantly improve scale,
product and geographic diversification and the share of
higher-margin products in its portfolio, bringing more resilience
to margins and cash flows. However, given the current macroeconomic
environment, with higher interest rates and inflation affecting
purchasing power, and the challenges faced by the protein industry
(poultry and pork segments), Moody's believes that BRF will make
changes in its capital allocation strategy in the short-term,
delaying the M&A initiatives contemplated in the long-term growth
plan.

The stable outlook reflects Moody's expectation that BRF will
improve its operational performance and maintain adequate liquidity
over the next 12 to 18 months. The stable outlook also incorporates
Moody's assumption that the company will maintain its financial
discipline on capital allocation while it implements its growth
strategy and will maintain leverage at the levels set by its
financial policy.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Protein producers in Brazil are facing increasing scrutiny from
major stakeholders related to cattle raising linked to
deforestation of the Amazon and other biomes. As a major poultry
and pork producer, BRF is less exposed than beef producers to
deforestation risk than its Brazilian peers that primarily produce
beef. BRF maintains a sustainable grain purchasing policy to avoid
links with deforestation. The company has communicated that it
targets traceability for 100% of its Amazon and Cerrado grain
purchases through 2025 and requires that its suppliers comply with
the socioenvironmental criteria under its Sustainable Grain
Purchasing Policy.

BRF is a publicly owned company, with shares listed on the B3 S.A.
- Brasil, Bolsa, Balcao (Ba1 stable). BRF's ownership structure is
diffused, with Marfrig Global Foods S.A. currently holding 33.25%
of total shares, two pension funds - Fundacao Petrobras de
Seguridade Social (Petros) and Caixa de Previdencia dos
Funcionarios do Bando do Brasil - holding 11.39% of its total
shares and Kapitalo Investimentos Ltda holding 5.14%. ADRs
represent 20.27%, while board members hold about 0.46% of total
shares, treasury shares represent 0.46% and the remaining 29.21%
corresponds to free float. The Board currently has 10 members, out
of which six are independent. Marfrig has appointed board members
and the Chairman of the Board, Marcos Molina, who is Marfrig's
controlling shareholder.  

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

An upgrade would be considered in case of improvement in operating
performance and margins, with BRF showing a resilient performance
regardless the underlying macroeconomic environment and consumption
patterns in key markets. An upward rating movement would require
BRF to maintain a strong liquidity position and improve credit
metrics, with leverage, measured by total adjusted debt/EBITDA
improving towards 3.5x or below, and CFO/debt trending towards 20%.
Moreover, an upward rating movement would also be subject to its
relative position to Government of Brazil's sovereign ratings
(currently at Ba2 stable).

A downgrade could result from a deterioration in BRF's operating
performance and liquidity, with weaker cash flow limiting the
company's ability to maintain leverage under the target set by its
financial policy. Quantitatively, a downgrade could also occur if
total adjusted debt/EBITDA remains above 4x on a sustained basis. A
deterioration in the Government of Brazil's credit quality could
hurt BRF's ratings.

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.

BRF S.A. (BRF) is one of the largest food conglomerates globally
and posted consolidated net revenue of BRL49.8 billion ($9.3
billion, considering average exchange rate) for the twelve months
ending March 2022. The company operates 40 meat processing plants,
13 industrial facilities/processing plants for margarine, pasta,
dessert and soybean crushing, and 54 distribution centers in the
world. BRF exports to more than 127 countries and has a leading
position in global poultry exports, with 9% of the world's poultry
trade according to the USDA.


SAMARCO MINERACAO: Workers Unions File Revised Restructuring Plan
-----------------------------------------------------------------
Lara Sanli of Bloomberg Law reports that two workers unions
representing creditors from Samarco Mineracao SA have filed a
revised version of the Brazilian mining company's
debt-restructuring plan, according to people familiar to the
matter.

Samarco's owners, Vale SA and BHP Group Ltd., support the plan
filed May 18, 2022, by the unions, Sindicato Metabase
Mariana and Sindimetal Espirito Santo, the people said, asking not
to be named because the filling isn't public yet.  An earlier
version of the plan had been rejected in a creditors meeting about
a month ago.

The plan will compete with the one filed by bondholders from an ad
hoc committee.

                  About Samarco Mineracao SA

Samarco Mineracao SA is a Brazilian mining joint venture between
BHP Group and Vale SA. It serves as an iron ore processing
company.

The company provides blast furnace, direct reduction, sinter feed,
as well as low and normal silica content pellets.

On April 9, 2021, the Debtor filed a voluntary petition for
judicial reorganization in the 2nd Business State Court for the
Belo Horizonte District of Minas Gerais in Brazil pursuant to
Brazilian Federal Law No. 11,101 of Feb. 9, 2005.

Samarco Mineracao filed for Chapter 15 bankruptcy recognition
(Bankr. S.D.N.Y. Case No. 21-10754) on April 19, 2021, in New York,
to seek U.S. recognition of its Brazilian proceedings.

The Debtor's U.S. counsel is Thomas S. Kessler of Cleary Gottlieb
Steen & Hamilton LLP.




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LATAM AIRLINES: U.S. Court Approves Reorganization Plan
-------------------------------------------------------
LATAM Airlines Group and its subsidiaries in Brazil, Chile,
Colombia, Ecuador, Peru and the United States on June 18, 2022,
disclosed that the U.S. Bankruptcy Court for the Southern District
of New York approved the group's Plan of Reorganization filed by
LATAM in the context of its Chapter 11 reorganization proceeding.
Backed by nearly all of LATAM's creditors, the Plan is the result
of months of negotiations among major stakeholders, which included
an extensive mediation period.  The Plan complies with U.S. and
Chilean legal requirements.  

The confirmation order issued by the U.S. Court represents the
latest milestone in the U.S. Chapter 11 process initiated by LATAM
to ensure its long-term sustainability.

"We are very satisfied with the judge's confirmation of our
restructuring plan. This is a very important step in the process
to
emerge from Chapter 11, and we will continue working hard to
complete the remaining steps in the coming months," said Roberto
Alvo, CEO of LATAM Airlines Group S.A.

LATAM is now focused on the implementation of the corporate actions
necessary to complete the exit from the Chapter 11 reorganization
process in the coming months. This includes approval at the
Extraordinary Shareholders' Meeting of the new capital structure
contemplated in the Plan, the registration of shares and bonds in
the securities registry of the Financial Market Commission (CMF)
and the implementation of the respective preferential offering
periods of the convertible shares and bonds in favor of LATAM's
current shareholders.

Once effective, the LATAM Plan will inject approximately US$8
billion through a combination of a capital increase, the issuance
of convertible bonds and new debt.  This includes US$5.4 billion
of
financing backed by major shareholders (Delta Air Lines, Qatar
Airways and Grupo Cueto) and LATAM's major creditors (i.e., the
Parent Ad Hoc Group creditors and certain local bondholders).
LATAM's exit from the Chapter 11 process is expected during the
second half of 2022.

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.  It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to
the
Ad Hoc Committee of Shareholders.




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AUTOPISTA RIO MAGDALENA: Fitch Keep BB+ Notes Rating on Watch Neg.
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Fitch Ratings has maintained on Rating Watch Negative (RWN) the
following ratings for P.A. Autopista Rio Magdalena (ARM):

-- UVR notes for COP915,500 million due in June 2036 at 'BB+' and

    'AA+(col)';

-- UVR loan for COP278,000 million due in June 2036 at 'BB+' and
    'AA+(col)'.

The rated notes coexist on a pari-passu basis with two Colombian
peso denominated and U.S. dollar denominated loans, for an amount
of USD200 million and COP825,000 million, and mature in 2031 and
2035, respectively.

The maintenance of the RWN reflects the project's exposure to the
credit quality of Construcciones El Condor, S.A. (CEC,
BBB-(col)/RWN), which signed an engineering, procurement and
construction (EPC) contract with ARM for the execution of UF1 and
UF2.

The Negative Watch on ARM will be resolved once El Condor's
Negative Watch is resolved. In March 2022, the project sponsor
Aleatica completed a remediation plan whereby El Condor is now the
sole EPC contractor for UF1 and UF2. As part of the remediation
plan, the sponsor provided additional liquidity to sustain the same
security package level for these Functional Units (UFs), when Meco
was part of the consortium in charge of the construction works.

RATING RATIONALE

The ratings reflect the project's exposure to completion risk and a
concession agreement that limits revenue risk due to the existence
of traffic top-ups and grant payments. The transaction includes a
satisfactory tariff adjustment mechanism that allows for increasing
toll rates by inflation every year.

The ratings consider a strong debt structure that includes cash
sweep and pre-payment mechanisms that largely protect the
transaction from traffic performance being materially different
from expected. Under Fitch's rating case, the project's minimum
loan life coverage ratio (LLCR) of 1.3x, which is strong for the
rating category according to applicable criteria and the revenue
profile, where toll revenues represent about 20% of total revenues.
The ratings are constrained by the credit quality of CEC, as per
Fitch's 'Stronger' completion risk assessment, in conjunction with
the project's qualitative attribute assessments and available
security.

KEY RATING DRIVERS

Completion Risk Limited by Weak Contractor [Completion Risk:
Stronger]: Construction works are performed under two fixed-price
date-certain engineering, procurement and construction (EPC)
contracts; the obligations under the EPC contract for UF3 were
assumed on a joint and several basis. According to the Independent
Engineer, works are of low complexity and executed by well
experienced contractors, and the completion schedule is adequate.
The security package provides adequate liquidity should the EPC
contractor need to be replaced, by means of combination of
performance bonds, letters of credits and EPC contract retention
clauses between 5% and 7.5%.

Low Exposure to Volume Risk [Revenue Risk - Volume: High Midrange
(revised from Midrange)]: The assessment reflects solely the road's
traffic characteristics as per applicable criteria; however,
exposure to traffic risk is rather limited due to the concession
framework. The road connects the country's largest cities, Medellin
and Bogota, with the Caribbean coast and the main ports of the
country. There is only one operational toll plaza with low traffic
volatility, but two new plazas are expected to start operations in
2024. There is a moderate exposure to heavy vehicles traffic.
Additionally, the road is expected to face some competition upon
completion of all UFs and operate with moderate tolls. Fitch has
revised its assessment of Revenue Risk - Volume to 'High Midrange'
from 'Midrange' following the publication of its new Transportation
Infrastructure Rating Criteria, which assesses volume risk on a
five-point scale.

The project's main revenue sources are National Infrastructure
Agency (ANI)'s contributions, toll revenues and traffic top-up
payments to be made periodically by ANI to compensate the
concessionaire if toll collections are below the amounts
established in the concession contract. ANI payment obligations
under the concession agreement are consistent with the credit
quality of the grantor, ANI. Fitch views the latter as a
credit-linked entity to the Government of Colombia (Local Currency
Issuer Default Rating 'BB+'/Stable).

Inflation Adjusted Toll Rates [Revenue Risk - Price: Midrange]:
Toll rates are annually adjusted by inflation rate at the beginning
of the year. Toll rates are moderate, and should the net present
value of toll collections received by the 9th, 14th, 19th, and last
year of the concession be below guaranteed values, ANI has the
obligation to cover any shortfalls, after deductions.

Adequate Maintenance Plan [Infrastructure Development and Renewal:
Midrange]: The project depends on a moderately developed capital
and maintenance plan to be implemented by the concessionaire. The
plan will be largely funded from the project's cash flows. The
structure includes a dynamic 12-months forward-looking operating
and maintenance (O&M) reserve that accounts for expected O&M as
well as periodic major maintenance expenditures. The O&M plan,
organizational structure and budget, appear reasonable and in line
with similar projects in Colombia.

Robust Structural Features [Debt Structure: Stronger]: Debt is
denominated in U.S. Dollars (USD), Unidad de Valor Real (UVR) and
Colombian Pesos (COP). USD-denominated debt is matched with
USD-linked currency revenues settled in COP (24% of future budget
allocations [Vigencias Futuras] are USD-linked), and will be
partially exposed to variable rate. COP-denominated debt is indexed
to inflation. Structural features also include a 12-month principal
and interest prefunded onshore and offshore debt service reserve
accounts (DSRA), and cash sweep mechanisms for traffic over and
underperformance, according to preestablished DSCR levels.

Financial Profile: The most relevant financial metric for the
project is LLCR, given the transaction's structure. Although under
Fitch's rating case, DSCRs below 1.0x are projected, the existence
of cash sweep mechanisms and reserve accounts support liquidity in
case top-up payments are not timely received. Fitch's base and
rating case LLCRs is 1.3x, which is strong for the rating category
according to applicable criteria and compared with other similarly
rated transactions, particularly in light of the project's low
exposure to volume risk.

PEER GROUP

ARM is comparable to Fideicomiso P.A. Costera (Costera), rated
'BB+'/Stable and 'AA+'(col)/Positive and Fideicomiso P.A. Pacifico
3 (Pacifico), rated 'BB+'/'AA+(col)'/Stable. The three projects are
part of the 4G toll road program in Colombia and share the same
assessments for all risk attributes, although Costera and Pacifico
have a higher contribution of toll revenues to their total revenues
than ARM, which makes them being more exposed to volume risk. Even
though Costera and Pacifico have greater construction progress and
higher rating case's LLCRs at 1.5x, their ratings are constrained
by the counterparty risk of the ANI.

RATING SENSITIVITIES

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

-- Completion difficulties leading to delays and cost overruns
    beyond those already contemplated in Fitch's scenarios;

-- Deterioration in Fitch's view regarding the credit quality of
    ANI's grantor obligations;

-- Deterioration in the credit quality of the EPC contractors
    that result in Fitch's completion risk rating below that of
    the debt rating.

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

-- A positive rating action is unlikely in the short term given
    the rating is on Negative Watch;

-- The Negative Watch will be resolved once El Condor's Negative
    Watch is resolved.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

In March 2022, the project sponsor Aleatica completed the
remediation plan whereby El Condor is now the sole EPC contractor
for UF1 and UF2. Due to an update in unitary costs, the amended EPC
contract included an increase of the contract price to COP1,729
billion from the original COP1,669 billion. As part of the
remediation plan, the sponsor provided additional liquidity as to
sustain the same security package level for these UFs, when Meco
was part of the consortium in charge of the construction works.

As of April 2022, the overall construction progress based on EPC
schedule was 28.3% complete, in line with the programmed progress
of 28.2%. For UF1 and UF2, the concessionaire was granted by a
Liability Exculpatory Event (LEE) to compensate for the national
strike in Colombia between April and May 2021. This LEE allowed to
extend the UF1 long-stop date to Sept. 7, 2024 and UF2 to Aug. 18,
2024. For UF3, according to Arup the concessionaire presented a new
schedule that anticipates completing the works by September 2022,
which is considered feasible subject to securing the rights of way
as planned and experiencing favorable weather conditions.

UF4 was completed and delivered on October 25, 2021 to the ANI and
the certificate of completion was executed on January 17, 2022.

In 2021, average annual daily traffic (AADT) in Puerto Berrio toll
booth reached 1,917 vehicles, which represented 112% of 2019 levels
and surpassed Fitch's base case expectations of 1,554 vehicles.
Also, toll revenues were COP7.8 billion, above COP5.6 billion
projected. According to the concessionaire, traffic benefited from
the easing on mobility restrictions and the closing of the highways
Medellin-Costa Atlantica in August 2021 and Medellin-Bogota road in
December 2021, which induced traffic to the project.

As of April 2022, traffic continued showing a robust performance.
AADT reached 2,537 vehicles which corresponds to a growth of 36%
compared with the same period of 2021. Similarly, toll revenues
reached COP3.8 billion, a growth of 52% compare with 2021. The
robust performance of traffic was due to the completion of UF4, the
start of operations of Vias del Nus and the execution of the works
of UF3.

The issuer properly complied with debt service payment in December
2021, which included UVR bond's interest and loans' commitment
fees, for COP42 billion.

FINANCIAL ANALYSIS

Fitch's base case (BC) assumes a ramp-up phase for all toll plazas
of the project until 2025 driven by the completion of future
infrastructure projects expected to induce traffic to the project.
The compounded annual growth rate (CAGR) traffic is 18.8% in
2022-2026 and 3.1% onwards.

Fitch's rating case (RC) assumes a one-year delay in the ramp-up
phase for all toll booths compared to the base case, driven by the
potential delay in completing future infrastructure projects. The
compounded annual growth rate (CAGR) traffic is 17.2% in 2022-2026
and 2.4% onwards.

Other assumptions for Fitch's cases used to calculate credit
metrics:

-- Colombia CPI growth: 2022: 6.0%; 2023 onward: 3% every year;

-- U.S. CPI growth: 2022: 6.5%; 2023: 2.7%; 2024: 2.5%; 2025
    onward: 2% every year;

-- Opex stress: 5.0% (BC); 7.5% (RC);

-- Capex stress: 3.0% (BC); 5.0% (RC);

-- Construction delay: None for the BC and up to concession
    deadline for all UFs under RC;

-- ANI contribution's payment delay: Three months after the end
    of previous year;

-- Top-up payment delay: 18 months (maximum delay before
    termination event);

-- Performance ratio: 99% (BC); 98% (RC);

-- LIBOR rate: 2022: 3.0%; 2023: 3.5%; 2024+: 4% (BC); 2022:
    5.0%; 2023: 5.5%; 2024+: 6% (RC);

-- COP/USD exchange rate: 2022 and 2023: 3,850; 2024+:
    depreciation at 2%.

Credit Metrics

-- Minimum LLCR: 1.3x (BC and RC).

SECURITY

The security package includes a pledge of the project company's
shares, a first priority security interest in all of its assets, a
pledge of all onshore and offshore accounts, EPC contract security
package, proceeds from credit enhancements and
insurance/reinsurance, and a pledge of the right to receive the
termination payment under the concession agreement.

In December 2014, ANI granted the concession to build,
rehabilitate, improve, operate and maintain the Rio Magdalena 2
toll road, to ARM, a company fully-owned by Aleatica S.A.U. The
project has a length of 144km and will include 87km of construction
works, 47km of rehabilitation and 10km of improvement, the latter
connecting to Ruta del Sol highway. It aims to improve the
connection between the southwest, central Colombia, including
Bogota and Medellin, and the Caribbean coast to the main ports of
Colombia, Cartagena and Barranquilla.

ESG CONSIDERATIONS

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

   DEBT           RATING                                  PRIOR
   ----           ------                                  -----
P.A. Autopista
Rio Magdalena

P.A. Autopista      LT  BB+        Rating Watch          BB+
Rio Magdalena/                     Maintained
Senior Secured
Notes/1 LT

P.A.                Natl LT  AA+(col)   Rating Watc     AA+(col)
Autopista                              Maintained
Rio Magdalena/
Senior Secured
Notes/1 Natl LT




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

DOMINICAN REPUBLIC: Discloses Ban for Elimination of Host Crops
---------------------------------------------------------------
Dominican Today reports that the Ministry of Agriculture held a
meeting with hundreds of producers, technicians of the agricultural
sector, and representatives of tomato processing agro-industries to
formalize Resolution No.2018-45, which orders a ban on whitefly
host crops (Bemisia tabaci Genn) and Trips.

The Vice Minister of Agricultural Production and Marketing led the
activity on behalf of his superior, Minister Limber Cruz. At the
meeting, the official informed that the ban will begin in the
southern region on July 1 and will end on September 30, according
to Dominican Today.

According to Ramirez, the ordinance establishes that the ban
applies to industrial tomato crops, eggplant, beans, melon,
watermelon, cucumber, molondrón, peppers, pumpkin, cotton,
tobacco, musú/luffa, squash, bitter gourd/melon, and zucchini, the
report relays.

He also guaranteed that the Government would take all the pertinent
measures to enforce this resolution, considering that the effective
application of the ban "is the lifeline to maintain stable
production throughout the region," the report notes.

"We thank, on behalf of Minister Límber Cruz, the disposition of
Agroindustrias Linda, Famosa and Victorina, who always work
punctually with the official authorities to keep food production
high, and, for their disposition so that the norms are complied
with," The official pointed out, the report discloses.

The activity was also attended by the governor Angela Grey Perez;
Juan Clase, deputy director of the Plant Health Department and Luis
Zoquier, representative of the Regional IPM Council and Afconagro,
an entity that groups the companies Linda, La Famosa, and
Victorina, the report notes.

The Vice Minister informed that the Ministry of Agriculture,
through all the regional directorates, will support producers in
planting crops that are not hosts to whitefly and thrips, to
continue supporting food production, the report relays.

While the provincial governor Angela Grey Perez Diaz offered all
the support to the Ministry of Agriculture for the implementation
of the ban and urged farmers to respect this period of time "to
produce with high yield and quality and not be affected by the
invasion of pests such as whitefly and other viruses," the report
says.

Luis Zoquier spoke on behalf of Afconagro, who highlighted the
unconditional support to the tomato sector provided by the Minister
of Agriculture, engineer Limber Cruz."

                       About the Ban

The ban is a period in which it is not allowed to plant host crops
of whitefly, viruses, and other pests in traditional areas of
contamination of these items, which manages to break the life cycle
of the whitefly, transmitter of viral diseases, and lowers virulent
populations, the report notes.

The ban's implementation is reinforced by crop elimination
operations during the period from July to September in the South
and Southwest regions of the country, 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: Fertilizer Producers Complain of Price
----------------------------------------------------------
Dominican Today reports that while the companies that supply
fertilizers used in agriculture claim to have enough stock and that
prices have been frozen since September 2021, producers in the
southern region say that these inputs are registering considerable
increases in the domestic market.

The director of Institutional Relations of the company, Fersan,
Carlos Fernandez, said that the supply of raw materials has been
assured and that they are mainly importing from the United States
and Canada and therefore have not had difficulties maintaining a
good "stop" in stock, according to Dominican Today.

He added that the subsidy granted by the Government, through the
"Siembra RD" program, has managed to keep the prices of these
inputs, which are vital for national production, stable, the report
notes.

The executive director of the company Abonos Dominicanos (Abodom),
Jose Peralta Abreu, agreed with Fernandez and said that the
agreement with the Government was made to guarantee the price and
supply of the main nutrients used in fertilization in the country,
such as nitrogen, phosphorus, potassium, sulfur sulfate, and other
micronutrients, the report relays.

He affirmed that the companies have enough raw material for the
national supply of the chemical products used as fertilizers, the
report notes.

He stated that if the Government had not subsidized to keep prices
stable, the country's fertilization would have fallen more than it
did, and it would not be sustainable for producers to fertilize.
For example, he said urea (the most used fertilizer raw material)
was selling for around US$75 or US$80 per bag without subsidy, and
with the subsidy, it is selling for less than US$42, the reoirt
discloses.

"Imagine a rice producer, whose main nutrient is urea, the producer
was going to have to buy it at the double the price, and this was
going to have to increase its price enormously, or he was not going
to fertilize and this was going to cause a great fall in the
production," explained Peralta Abreu, when consulted by Listín
Diario, the report relays.

                       Producers Complain

The president of the Block of Producers and Associations of
Peravia-Valdesia, Cesar Ramírez, informed that the prices of
fertilizers and manure have continued to increase and that the
Government subsidy has not been reflected in these prices, the
report discloses.

He explained that they used to buy a bag of fertilizer at RD$1,100
or RD$1,200 for avocado, depending on the quality of the product
and that it is now at RD$2,900, the report notes.

Another producer in greenhouses in Rancho Arriba, San Jose de Ocoa,
who preferred not to be identified, said that fertilizers have
increased by 40%, the report relays.

He maintained that the most used fertilizers went up and that the
other fumigation products went up "by a million," and they can no
longer say that it is because of the dollar, the report notes.

"I bought the macro, which is the most used in greenhouses, at
RD$960 and now it is at RD$2,280, and nitric acid, phospholic acid,
which must be used daily because it is what unclogs the hoses and
gives consistency to the chili, that we bought in February at
RD$3,200 and it is at RD$9,500 phospholic acid and nitric acid at
RD$7,500," said the producer, the report discloses.

He added that the solubles and fertilizers of all kinds that they
use had risen more than 40%. "In fact, fertilizers have risen up to
70%," he emphasized, the report says.

Regarding the subsidy approved by the Government through the
"Siembra RD" program to guarantee food security, the Rancho Arriba
greenhouse producer said that it did not reach the farmers and that
"if it did, it was to increase the price of the products," the
report discloses.

He expressed that in fumigation, products increased by double and
that the subsidy was not reflected in any of those products, the
report notes.

"The acids, those are in 8 and 9 gallon jugs and the fertilizers,
there is one called El Micro that is very expensive, that is almost
RD$5,000 for 25 pounds. All those that I told you are two thousand
and something, they are 55 pounds and the fumigation supplies,
insecticides, pesticides come in gallons and liters, and they are
all expensive," he added.

                   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: Rum & Tobacco Exports Totaled US$425.39MM
-----------------------------------------------------------------
The Dominican Today reports that the export volume of tobacco and
rum amounted to US$425.39 million between January and April of this
year, both products reflecting critical levels of growth in their
sales abroad.

In the case of tobacco, an agricultural item with a variety of
derived products, from robust cigars to fruit leaves, its exports
in the first four months of the year reached US$384.67 million,
according to The Dominican Today.

In 2021, according to statistics from the Export and Investment
Center of the Dominican Republic (ProDominicana), the tobacco
sector and its substitutes registered a growth of 31.9%, with the
amount exported on this date being US$1,236.14 million, the report
notes.

Between January and April, Rum exports registered an amount of
US$40.72 million; in 2021, it was US$111.9 million, its main
destinations being Spain with US$43.11 million and the United
States with US$18.37 million, the report relays.

Russia and the Netherlands were also present with US$6.66 million
and US$4.55 million, respectively. Furthermore, every month
ProDominicana, within the framework of the Exhibition of the
Exportable Offer, recognizes the contribution of some products, 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.




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

GUAYAQUIL MERCHANT: Fitch Affirms BB- Rating on 2019-1 Notes
------------------------------------------------------------
Fitch Ratings has affirmed the outstanding series 2019-1 notes
issued by Guayaquil Merchant Voucher Receivables Ltd. at 'BB-'. The
Rating Outlook is Stable.

The Stable Outlook on the series 2019-1 notes reflects the Stable
Outlook on Banco Guayaquil's (BG) rating.

   DEBT              RATING             PRIOR
   ----              ------             -----

Guayaquil Merchant Voucher Receivables Limited

2019-1 401539AA9     LT  BB-   Affirmed    BB-

TRANSACTION SUMMARY

The transaction is backed by FFs due from American Express (AmEx),
Visa International Service Association (Visa) and Mastercard
International Incorporated (Mastercard) related to international
merchant vouchers acquired by BG in Ecuador.

Fitch's ratings reflect timely payment of interest and principal on
a quarterly basis.

KEY RATING DRIVERS

Future Flow (FF) Rating Driven by Originator's Credit Quality: The
rating of this FF transaction is tied to the credit quality of the
originator, BG. On Dec. 6, 2021, Fitch affirmed BG's Long-Term
Issuer Default Rating (IDR) at 'B-' and revised the Outlook to
Stable from Negative. The Stable Outlook on Guayaquil follows
Fitch's adjustment of its operating environment (OE) assessment for
the Ecuadorian banking system to Stable from Negative as Fitch
expects a favorable environment for economic and credit growth, as
well for the Ecuadorian banks' financial performance recovery.

GCA Supports Notching Differential: Fitch uses a going-concern
assessment (GCA) score to gauge the likelihood that the originator
of a FF transaction will stay in operation throughout the
transaction's life. Fitch assigned a GCA score of 'GC2' to BG based
on the bank's systemic importance. The score allows for a maximum
of four notches above the local currency IDR of the originator, but
additional factors limit the maximum uplift.

Several Factors Limit Notching Differential: The 'GC2' allows for a
maximum four notch-rating uplift from the bank's Long-Term IDR
pursuant to Fitch's FF methodology. However, the agency currently
limits the rating uplift for the FF program to three notches from
BG's IDR due to factors including Ecuador's lack of last resort
lender and exposure to de-dollarization risk when it comes to flow
volumes. Fitch also reserves the maximum notching uplift for
originator's rated at the lower end of the rating scale.

Increased FF Debt Relative to Balance Sheet: The existing merchant
voucher program represents approximately 2.9% of BG's total funding
and approximately 31.5% of BG's non-deposit funding utilizing
financials as of December 2021. Consistent with what Fitch has
observed in other FF programs across the region, an increase in
BG's customer deposit liabilities and a decrease in other forms of
funding has led the FF debt to non-deposit ratio to increase since
the last review. The growth in BG's core deposits primarily driven
by the pandemic has provided low cost funding to the bank without
the immediate need for other sources of funding.

Although the FF debt to non-deposit funding ratio is above the 30%
threshold outlined in Fitch's FF rating criteria, Fitch expects
this ratio will return to levels below this threshold as the
transaction continues to amortize. Fitch believes the current FF
debt relative to balance sheet ratios remain consistent with the
assigned ratings.

Coverage Levels Commensurate with Rating: Transaction flows have
increased significantly over the past year and are now comparable
to pre-pandemic levels. Coverage levels have remained sufficient to
cover quarterly debt service payments and remain commensurate with
the rating on the outstanding notes. Maximum quarterly debt service
began in January 2022 and is approximately $10.4 million. When
considering rolling quarterly flows over the last five years (June
2017-May 2022), Fitch expects quarterly debt service coverage
ratios to be approximately 4.2x the maximum debt service for the
life of the program.

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

De-dollarization Risk: While the dollarization regime anchors
macroeconomic stability, the risk of de-dollarization exists. It
would only occur in an extreme scenario but would be a major shock
to the Ecuadorean system.

Reduced Redirection/Diversion Risk: The structure mitigates certain
sovereign risks by collecting cash flows offshore until investors
are paid. Fitch believes diversion risk is mitigated by notice,
consent and agreements obligating American Express Visa, and
MasterCard to remit payments to the collection accounts controlled
by the trustee.

RATING SENSITIVITIES

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

-- The transaction's ratings are sensitive to changes in the
    credit quality of Banco Guayaquil, S.A. A deterioration of the

    credit quality of BG could pose a constraint to the rating of
    the transaction from its current level;

-- The transaction ratings are sensitive to changes to the bank's

    IDR; the ability of the credit card acquiring business line to

    continue operating, as reflected by the GCA score; and
    further, unforeseen changes in the sovereign environment.
    Changes in Fitch's view of the bank's GCA score can lead to a
    change in the transaction's rating. The transaction's ratings
    are sensitive to the performance of the securitized business
    line. Additionally, the merchant voucher programs could also
    be sensitive to significant changes in the credit quality of
    American Express, Visa or MasterCard to a lesser extent.

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

-- The main constraint to the program rating is the originator's
    rating and BG's OE. If a positive rating action/upgrade
    occurs, Fitch will consider whether the same uplift could be
    maintained or if it should be further tempered in accordance
    with criteria;

-- Fitch has revised 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
    ("What a Stagflation Scenario Would Mean for Global Structured

    Finance"). Fitch expects LatAm's Global Cross-Sector's
    financial FF transactions in the assumed adverse scenario to
    experience "Virtually No Impact" indicating a low risk for
    rating changes.

Any changes in these variables will be analyzed in a rating
committee to assess the possible impact on the transaction
ratings.

BEST/WORST CASE RATING SCENARIO

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

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.




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

BANCO INDUSTRIAL: Moody's Affirms 'Ba1' Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has affirmed all ratings and assessments
assigned to Banco Industrial, S.A. (Industrial), including the
bank's long- and short-term local and foreign currency deposit
ratings of Ba1 and Not Prime, respectively, as well as its Baseline
Credit Assessment (BCA) of ba3. At the same time, Moody's affirmed
the Ba1 foreign currency senior unsecured debt rating assigned to
Industrial Senior Trust's obligations. The outlook on all ratings
was changed to stable, from negative.

These rating actions follow the affirmation of Government of
Guatemala's Ba1 bond rating and the change in outlook to stable
from negative.

At the same time, Moody's changed Guatemala's Macro Profile to
Weak+ from Weak, reflecting the country's stable economy with a
history of resiliency to external shocks, including its
demonstrated ability to cope with the pandemic with a minimal
impact to its overall credit profile. The expected economic growth
for 2022 and 2023 in Guatemala will support a favorable operating
environment for banks. The upgrade of the Macro Profile, however,
has not resulted in a change of the banks' ratings in the country.

RATINGS RATIONALE

In affirming Industrial's ba3 BCA, Moody's acknowledges the bank's
strong commercial banking franchise in Guatemala, which supports a
consistent track record of good asset quality indicators and steady
profitability metrics, including in 2020 and 2021. The bank's
credit profile continues to benefit from a funding structure that
is primarily comprised of low-cost core deposits, while its
liquidity position remains steadily at strong levels. Conversely,
the bank's BCA is still constrained by modest capital levels,
measured by Moody's preferred ratio of tangible common equity to
risk-weighted assets (TCE/RWA), which remained below other rated
banks' in the region over the past three years.

In December 2021, Industrial's problem loan ratio was 0.6% and
remained slightly below the average ratio of 0.83% for the past
three years. The low delinquency is supported by a disciplined risk
management, with conservative credit underwriting policies, as well
as from the predominance of low-risk loans and a high diversified
  credit portfolio. Guatemala was not severely hit by the pandemic
and the economic activity has already returned to pre-pandemic
growth levels, which has helped the bank to maintain comfortable
level of loan loss reserves that accounted for 367.6% of problem
loans in December 2021, still above the pre-pandemic level of
196.4% in year-end 2019. Moody's expect the bank's problem loan
ratio to increase slightly in the coming two quarters because of
inflationary pressure in the country, although the deterioration
will likely not be aggressive.

Industrial's TCE/RWA ratio was at 7.98% in December 2021, slightly
below 8.25% one year prior, mainly influenced by higher credit
growth in 2021. Although consistent over the last three years
within a range of 8.0% to 8.3%, the low TCE/RWA ratio still poses
as a challenge to the bank's standalone credit profile. While
Industrial's stable margins and good profitability, with an average
net income to tangible assets ratio of 1.4% in the last three
years, contributes positively to capital replenishment,
historically, Industrial has a large dividend distribution policy,
with dividends averaging 63% of net income in the past three years
– hinders further capital increase. On a regulatory basis, total
capital ratio stood at 17.1% in December 2021, which was
comfortably above minimum capital requirements.

The outlook change on Industrial's ratings to stable, from
negative, resulted from a similar action on the Government of
Guatemala's bond rating, which was affirmed at Ba1. Industrial's
Ba1 local currency deposit rating and Industrial Senior Trust's Ba1
debt rating benefit from two notches of uplift from the bank's ba3
BCA, incorporating Moody's assumption of very high probability of
government support in the case of need. This assumption is
supported by Industrial's systemic importance as the largest bank
in the country with about a quarter of market share in deposits and
loans.

The affirmation of Industrial Senior Trust's rating and the change
in its outlook are in line with the actions taken on Industrial's
local currency deposit rating because the vehicle's obligation is
unconditionally guaranteed by the bank.

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

Upward pressure on Industrial's BCA could emerge from a significant
and sustained improvement in the bank's asset quality and
profitability metrics. An upgrade of the Government of Guatemala's
sovereign bond rating would likely result in a corresponding change
in the bank's deposit ratings because of government support.

The bank's deposit ratings would likely be downgraded if the
Government of Guatemala's bond rating were downgraded because the
banks' ratings are aligned to those of the sovereign. A downgrade
of the bank's deposit rating would result in a downgrade of its
subordinate debt rating. In addition, the BCA could be under
pressure if the bank's asset quality deteriorated on a consistent
basis, causing a significant reduction in profitability and
capital.

METHODOLOGY USED

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

LIST OF AFFECTED RATINGS

Issuer: Banco Industrial S.A.

Affirmed ratings and assessments:

Long term local currency deposit rating of Ba1, outlook changed to
stable from negative

Short term local currency deposit rating of Not Prime

Long term foreign currency deposit rating of Ba1, outlook changed
to stable from negative

Short term foreign currency deposit rating of Not Prime

Foreign currency subordinate debt rating of B1

Foreign currency junior subordinate debt rating of B3(hyb)

Long term local currency counterparty risk rating of Ba1

Short term local currency counterparty risk rating of Not Prime

Long term foreign currency counterparty risk rating of Ba1

Short term foreign currency counterparty risk rating of Not Prime

Baseline credit assessment (BCA) of ba3

Adjusted baseline credit assessment of ba3

Long term counterparty risk assessment of Ba1(cr)

Short term counterparty risk assessment of Not Prime(cr)

Outlook action:

Outlook, Changed To Stable From Negative

Issuer: Industrial Senior Trust

Affirmed ratings and assessments:

Backed long term foreign currency senior debt rating of Ba1,
outlook changed to stable from negative

Outlook action:

Outlook, Changed To Stable From Negative




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

CREDITO REAL: Preps Up U.S. Bankruptcy After Bond Default
---------------------------------------------------------
Jeremy Hill and Michael O'Boyle of Bloomberg News report that
Credito Real SAB, Mexico's largest payroll lender, which fell into
default earlier this year, is preparing a potential bankruptcy
filing in the US, according to people with knowledge of the
situation.

The non-bank lender is looking to line up financing from existing
creditors to help fund the bankruptcy process, said one of the
people, who asked not to be identified because the talks are
private.

The company has been working with creditors on a restructuring plan
that would allow it to continue operating, after it failed to repay
holders of a maturing Swiss franc.

                      About Credito Real SAB

Credito Real SAB is a Mexico-based company that provides consumer
financing.



                           *********


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

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