/raid1/www/Hosts/bankrupt/TCRLA_Public/220719.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, July 19, 2022, Vol. 23, No. 137

                           Headlines



A R G E N T I N A

ARGENTINA: Fitch Puts 'CCC' IDRs Under Criteria Observation
ARGENTINA: Holds Key Rate at 52% Amid Faster Inflation
ARGENTINA: Inflation at 64% has Soy Farmers Hoarding All They Can
PAMPA ENERGIA: Moody's Affirms Caa3 CFR & Rates New Notes Caa3


B R A Z I L

AMERICANAS SA: Fitch Affirms 'BB' LongTerm Foreign Currency IDR
CENTRAIS ELETRICAS: Moody's Affirms 'Ba2' CFR, Outlook Stable
MINERVA SA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive


C A Y M A N   I S L A N D S

DIVERSIFIED REAL ESTATE: Oct. 13 Hearing on Settlement Motion Set
GMS GLOBAL: Oct. 13 Hearing on Settlement Motion Set
PREFERRED INCOME: Oct. 13 Hearing on Settlement Motion Set


C O L O M B I A

FIDEICOMISO PA COSTERA: Fitch Affirms BB+ Rating on USD & UVR Bonds


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Ups Secured Notes Rating to Ba3
DOMINICAN REPUBLIC: Gets DOP322M from EU to Support Banana Sector


E C U A D O R

[*] ECUADOR: Mining Exports Rise in One Year


E L   S A L V A D O R

EL SALVADOR: Fitch Puts 'CCC' IDR Under Criteria Observation


J A M A I C A

DIGICEL GROUP: Sells its Pacific Unit for $1.6 Billion


P A N A M A

MULTIBANK INC: Moody's Assigns First Time 'Ba1' Deposit Ratings


P A R A G U A Y

RUTAS 2 AND 7 FINANCE: Fitch Affirms BB+ Rating on USD457.6MM Notes


P E R U

VOLCAN COMPANIA: Fitch Alters Outlook on 'BB' IDRs to Stable

                           - - - - -


=================
A R G E N T I N A
=================

ARGENTINA: Fitch Puts 'CCC' IDRs Under Criteria Observation
-----------------------------------------------------------
Fitch Ratings has placed Argentina's Long-Term Foreign Currency
Issuer Default Rating (IDR) and Long-Term Local Currency IDR Under
Criteria Observation (UCO) following the conversion of the agency's
Exposure Draft: Sovereign Rating Criteria to final criteria.

The UCO assignment indicates that ratings may change as a direct
result of the final criteria. It does not indicate a change in the
underlying credit profile, nor does it affect existing Rating
Outlooks.

Fitch will resolve the UCO status within six months. The outcomes
will depend on Fitch's assessment of the appropriate notching based
on the new criteria. Not all issuers on UCO will have a rating
change upon resolution.

KEY RATING DRIVERS

Introduction of Modifiers at 'CCC': The recently published
Sovereign Rating Criteria introduces +/- modifiers in the 'CCC'
category. Sovereigns rated 'CCC' could experience a one-notch
rating change, potentially migrating from 'CCC' to 'CCC-' or
'CCC+'.

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

As stated above, existing rating sensitivities continue to apply.

   DEBT        RATING                                      PRIOR
   ----        ------                                      -----
Argentina   LT IDR      CCC   Under Criteria Observation   CCC

            LC LT IDR   CCC   Under Criteria Observation   CCC


ARGENTINA: Holds Key Rate at 52% Amid Faster Inflation
------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that Argentina's
Central Bank held its benchmark interest rate at 52%, even as
inflation accelerated to its fastest pace in 30 years, and set a
reference range for monetary policy.

The decision by the bank's board came after yields at the latest
Treasury note auction rose by as much as 400 basis points to 63.5
percent earlier according to a person with direct knowledge of the
matter, notes Bloomberg News.  Policy makers want to encourage
banks to purchase Treasury notes rather than the benchmark Leliq
notes that the Central Bank sells, the person said, asking not to
be named because the discussion isn't public, Bloomberg News
relays.

In a separate statement, the Central Bank said it was setting a
reference range for monetary policy, having rates for one-day repos
as the floor, Treasury notes as the ceiling, and keeping the 28-day
Leliq as the benchmark, Bloomberg News notes.  Currently, the rate
for one-day repos is 40.5 percent while Treasury notes stand at
63.5 percent, Bloomberg News discloses.

The range will serve as a "guide" for the Central Bank to determine
the benchmark rate and to show it remains above inflation, as
requested by the International Monetary Fund, a bank spokesman
said, Bloomberg News relays.

The measures are also intended to provide liquidity to the debt
market in pesos and gradually advance in the use of Treasury
instruments as monetary policy instruments, according to the
statement, Bloomberg News relates.

The decision to maintain the key rate at 52 percent, reported by
Bloomberg News earlier, took financial markets by surprise because
the bank was broadly expected to raise them, as it has done in
recent months every time official data showed inflation
accelerating, Bloomberg News notes.

Argentina's consumer prices rose 64 percent in June from a year
ago, and are expected to increase at an even faster rate in coming
months after the sudden resignation of Economy Minister Martin
Guzman led many businesses to jack up prices overnight, Bloomberg
News notes.

Argentina has had trouble finding enough participation to roll over
maturing local debt in recent auctions as many investors fear the
nation's local debt burden is unsustainable, Bloomberg News
discloses.  Earlier, the Central Bank offered a put option on its
local bonds to encourage banks to purchase Treasury assets.  The
country has a large local maturity of around 500 billion pesos
(US$3.9 billion) at the end of July, Bloomberg News notes.

Guzman's replacement, Economy Minister Silvina Batakis, pledged to
maintain interest rates, measured by the effective annual rate,
above inflation. So-called real positive rates are a pillar of
Argentina's US$44-billion agreement with the International Monetary
Fund, Bloomberg News adds.

                     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.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in up-front
net financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris  Club debt.

As reported by The Troubled Company Reporter - Latin America on
April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.

Fitch added that it is uncertain whether the EFF will be a strong
anchor for macroeconomic stabilization. Its policy requirements are
fairly unambitious relative to other IMF programs and in light of
the economy's deep imbalances, but it faces heightened risk
nonetheless from weak political support and  spill-overs from the
Russia-Ukraine war, says Fitch.

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.  DBRS' credit rating for Argentina is CCC, given on Sept. 11,
2020.


ARGENTINA: Inflation at 64% has Soy Farmers Hoarding All They Can
-----------------------------------------------------------------
Andrea Bossi at Bloomberg News reports that in Argentina, the top
exporter of soybean products, farmers are hanging on to more of
their crops than normal to defend against rampant inflation in yet
another blow to global food supplies.

Growers have long used hoarding to shield against Argentina's
notoriously volatile economy, especially gyrations in currency and
export taxes, according to Bloomberg News.  But this year,
spiraling inflation is exacerbating the dynamic, Bloomberg News
relays.  They've sold just 46 percent of the soy harvest, compared
with 57 percent at the same stage last year, an analysis of
government and grain exchange data shows, Bloomberg News
discloses.

The bigger-than-normal stockpiles of soybeans, often held on fields
in giant sausage-shaped silobags, speak to farmers' battle with
rates of inflation that are among the highest in the world -
consumer prices rose 64 percent in June from a year earlier, with
increases forecast to quicken, Bloomberg News notes.

More hoarding signals slower shipments of soy oil and soy meal at a
time when food supply chains are already heavily disrupted by the
lingering impact of the pandemic and the war in Ukraine, Bloomberg
News notes.  It also curtails hard currency flows to Argentine
coffers, exacerbating debt woes, Bloomberg News says.

Prices for everything are soaring - from diesel and tires for
tractors, to wages for farmhands and rates charged by truckers. But
a depreciation of the official exchange rate at which crop revenues
are converted from dollars to pesos hasn't been keeping pace,
Bloomberg News relays.  So rather than selling soy to exporters
now, it's better to wait for a devaluation or to avoid pesos
altogether by bartering beans for inputs, Bloomberg News
discloses.

"In Argentina they tend to hold onto grain as long as possible,
treating it like money in the bank," said Arlan Suderman, chief
commodities economist at StoneX. "It's to the point where they'd
barter to buy a new pickup truck with grain rather than pesos,"
Bloomberg News notes.

Bartering soybeans amid high inflation and currency swings isn't
for the faint-hearted, Bloomberg News relays.  

Ariel Striglio, a farmer in Santa Fe Province, took advantage of
high international prices, trading enough soy to exchange for
inputs and pay off debt while storing away about half of his
harvest, Bloomberg News notes.  But he recently saw two deals
collapse, such is the pace of price moves, Bloomberg News
discloses.

After negotiating a loan for a new seeder, Striglio had to cancel
after the bank hiked the rate by 15 percentage points, Bloomberg
News relays. Suppliers also pulled the plug on a sale of
fertilizers that he needs for corn and sunflower planting in just a
few weeks after parallel exchange rates for the peso spiked,
Bloomberg News notes.

"It should be a simple equation of selling for more than your
costs, but these days getting it right is like scoring a goal from
the halfway line," Striglio said, Bloomberg News says.

Greater uncertainty means farmers go into wait-and-see mode and
definitely don't look to expand, said Eugenio Irazuegui, head of
research at grains brokerage Enrique Zeni in Rosario, Bloomberg
News notes.

Francisco Perkins, a farmer in Buenos Aires Province, has also kept
back about half of his soy harvest as cost increases accelerate,
Bloomberg News relays.  "Whenever inflation is faster than currency
depreciation, I lose competitiveness because I need more crop
dollars to cover peso payments," he added.

Perkins highlighted out-of-step increases charged by fieldwork
contractors, who do the bulk of planting and harvesting in
Argentina, and by suppliers who are struggling to replenish stocks
because of import restrictions designed to protect the Central
Bank's dollar reserves, Bloomberg News notes.

One recent ordeal for Perkins involved a quest to get hold of
tractor tires - then forking out about five times what he would
have paid a year ago, Bloomberg News relays.

"We used to have a spreadsheet of values to help come to an
agreement with harvesters, but now we have to negotiate from zero,"
he said, notes the report. "Relative prices have been destroyed."

                     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.

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct
Stand-By Arrangement (SBA), with an extra USD4 billion in  
up-front net financing. This has averted the risk of a default to
the IMF and is facilitating a parallel rescheduling of Paris  Club
debt.

As reported by The Troubled Company Reporter - Latin America on
April 14, 2022, Fitch Ratings affirmed Argentina's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'CCC'.
Fitch said Argentina's 'CCC' ratings reflect weak external
liquidity and pronounced macroeconomic imbalances that undermine
debt repayment capacity, and uncertainty regarding how much
progress can be made on these issues under a new IMF program.

Fitch added that it is uncertain whether the EFF will be a strong
anchor for macroeconomic stabilization. Its policy requirements are
fairly unambitious relative to other IMF programs and in light of
the economy's deep imbalances, but it faces heightened risk
nonetheless from weak political support and  spill-overs from the
Russia-Ukraine war, says Fitch.

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.  DBRS' credit rating for Argentina is CCC, given on Sept. 11,
2020.



PAMPA ENERGIA: Moody's Affirms Caa3 CFR & Rates New Notes Caa3
--------------------------------------------------------------
Moody's Investors Service has assigned a Caa3 rating to Pampa
Energia S.A's proposed new series 9 notes, while also affirming
Pampa's Caa3 Corporate Family Rating and senior unsecured ratings.
The outlook is stable.

The offer to bondholders of the outstanding notes contemplates two
options to bondholders. Option A consist of combination of cash (up
to 30% of the existing 2023 notes outstanding) and new 2026 notes
and option B that offers $1010 in new notes (early consideration)
or $1000 (late consideration) in exchange of $1000 of old notes.
New notes will carry a higher coupon than the old notes at 9%
coupon and will amortize in three payments of 33%, 33% and 34% in
years 2024, 25 and 26 respectively.

If the transaction is completed, the offer will be considered a
distressed exchange under Moody's definition.

While Pampa's cash position would have allowed it to make the
principal payment on the notes and that the terms of the offer does
not represent meaningful losses for investors, Moody's views the
offer as a distressed exchange due to the current Central Bank
regulations that force companies to extend payment terms of debt
maturities.  

Assignments:

Issuer: Pampa Energia S.A.

Senior Unsecured Regular Bond/Debenture, Assigned Caa3

Affirmations:

Issuer: Pampa Energia S.A.

Corporate Family Rating, Affirmed Caa3

Senior Unsecured Regular Bond/Debenture, Affirmed Caa3

Outlook Actions:

Issuer: Pampa Energia S.A.

Outlook, Remains Stable

RATINGS RATIONALE

The rating action incorporates Moody's expectation of prudent
financial management of debt maturities as demonstrated by the
exchange offer, which has been launched 1 year ahead of the bonds'
maturity date providing the company with enough flexibility to be
able to orderly refinance debt maturities amid FX restrictions
imposed by the Argentine Central Bank.

Pampa Energia's credit profile continues to reflect the company's
good cash generation capacity, supported by a strong asset base and
a strong position in the market as an integrated power-electricity
producer, which also is able to source a large portion of the
natural gas requirements of its thermal power plants from its own
exploration and production (E&P) activities in the Oil and Gas
(O&G) sector. The company's low leverage and its good liquidity
position also support the ratings. The assigned Caa3 rating also
considers the expected improved debt maturity profile as a result
of the exchange.

Pampa's credit profile is supported by strong credit metrics over
recent years in spite of the volatility and unpredictability of the
markets where it operates. For the last three years Pampa has been
able to sustain cash from operations before working capital (CFO
pre WC) to debt above 30%, interest coverage
 (FFO+Interest)/Interest around 4 times and leverage (Debt to
Ebitda) below 3.5 times (all metrics as Moody's adjusted). At the
end of 2021 leverage stood at 2.2x and Moody's expectation is that
metrics will be sustained around current levels over the next 12 to
18 months despite a difficult operating environment.  

These credit strengths are mainly constrained by the concentration
of the company's operations in Argentina and exposure to uncertain
local regulation in the power and O&G businesses. The ratings
continue to be constrained by the exposure of the company to
Cammesa, the agency controlled by the Government of Argentina (Ca,
Stable) that manages the wholesale electricity market and Pampa's
main off-taker for its gas and power sales. In addition, the
company's activity in the oil&gas sector is also subject to
government intervention through price controls that are set at much
lower levels than international prices, limiting the company's
opportunity to benefit from the current high gas price environment
in the international markets.

The stable outlook on Pampa's ratings mainly mirrors the stable
outlook on the Ca Argentina bond rating. The ratings continue to
reflect the strong credit linkages and the exposure the company has
to Argentina's regulations and operating environment.

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

Considering current constraining factors, a rating upgrade is
unlikely in the next twelve to eighteen months. However, an upgrade
of the sovereign coupled with improved operating conditions in the
power and energy sectors could create positive rating pressure.

Further deterioration in the operating environment or a significant
negative shift in policies or regulations for the companies in the
infrastructure and O&G sectors will likely result in negative
pressures on Pampa's ratings. In addition, a weakening in the
company's liquidity cushion could also prompt a rating downgrade.

Pampa Energia S.A. (Pampa) is an integrated energy company in
Argentina, engaged in the generation and transmission of electric
power, as well as in E&P, and petrochemicals and hydrocarbon
commercialization and transportation. Since 2018, when Pampa
started divesting its oil business, its focus was reoriented to the
expansion of its power generation and to the production of natural
gas, mainly development and exploitation of unconventional gas
reserves (mostly tight gas), as well as to continue investing for
the development of its non-controlling interest in transmission and
gas transportation. End of 2020 Pampa announced the sale of its
electricity distribution business that was completed in mid-2021.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.



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

AMERICANAS SA: Fitch Affirms 'BB' LongTerm Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed Americanas S.A.'s 'BB' Long-Term Foreign
Currency Issuer Default Rating (IDR), 'BB+' Long-Term Local
Currency IDR and 'AAA(bra)' Long-Term National Scale Rating. In
addition, Fitch has affirmed Americanas' senior unsecured global
notes issued by its wholly owned subsidiaries JSM Global S.a r.l.
and B2W Digital Lux S.a.r.l. at 'BB' and its unsecured debentures
at 'AAA(bra)'. The Rating Outlook for the Local Currency IDR and
the National Long-Term Ratings is Stable, Negative for the Foreign
Currency IDR.

The ratings reflect Americanas' large business scale and strong
competitive position in the Brazilian non-food retail industry, and
reported long track record of adequate operating cash flow through
several economic cycles. The ratings also reflect Fitch's
expectation that the company's liquidity will remain robust, and
net leverage metrics conservative, while executing a significant
investment plan to protect market share and penetrate the recent
acquired food retail business.

KEY RATING DRIVERS

Solid Business Profile: Americanas operates the largest chain of
physical department stores in Brazil, with diversified portfolio of
products and low average ticket, which has contributed to its
resilient performance over several economic cycles. The company
also has one of the largest e-commerce platforms in Latin America,
which contributes to its diversification of sales channels and
represented 59% of its consolidated revenues in 2021. In addition
to its non-food retail chain, the company has just entered into the
food retail market in order to strengthen and diversify its client
base.

Aggressive competition from large groups remains an important
challenge for Americanas. The ongoing strategic investments in
technology and logistics should strengthen its presence in the
Brazilian market of physical stores and online retail.

Margin Contraction: The ongoing weak economic environment in
Brazil, combined with strong competition and a greater share of
online business, should pressure Americanas' operating margins in
2022 and 2023. Fitch expects EBITDAR margin to decrease to around
13% in 2022 and 2023, compared with average margin of 16% from 2018
to 2021. The rating-case incorporates same store sales (SSS) growth
slightly above inflation from 2022 onwards. In turn, online
businesses should benefit from high demand and new consumer
behavior, growing above the combination of Gross Domestic Product
(GDP) and inflation.

FCF Under Pressure: Working capital needs and strong expansion
investments should continue to put pressure on Americanas' free
cash flow (FCF). Annual investments should be around BRL2.0 billion
from 2022 to 2025, with the company's physical sales grow by 4% in
2022 and 3% from 2023 onwards. The rating-case assumes EBITDAR and
cash flow from operations (CFFO) at BRL4.0 billion and BRL1.2
billion, respectively in 2022, and BRL4.7 billion and BRL1.8
billion, respectively in 2023, with negative FCF of around BRL1.2
billion in the two-year period. The marketplace should represent
between 20% and 25% of consolidated EBITDAR in the medium term.

Gross Debt Reduction: Fitch believes Americanas' gross adjusted
leverage will present significant reduction in 2022. According to
Fitch's methodology, the adjusted total debt/EBITDAR ratio is
expected reach 4.3x in 2022, after proforma 5.2x in 2021, with a
more relevant decline expected to 3.8x in 2023. Americanas'
adjusted net debt/EBITDAR ratio is expected to reach 2.9x in 2022
and remain below 3.0x from 2023 onwards.

Foreign Currency IDR Capped by Country Ceiling: Americanas' Foreign
Currency IDR is constrained by Brazil's 'BB' Country Ceiling, as
the company's operations are essentially in Brazil and do not have
assets or cash held abroad. The Foreign Currency IDR's Negative
Outlook reflects the sovereign's Negative Rating Outlook.

DERIVATION SUMMARY

Americanas' 'BB' Foreign Currency IDR is lower that many of its
Latin American peers. Its geographic concentration in Brazil
differs from Falabella S.A. (BBB/Stable), which operates in more
than one market in Latin America. Americanas' exposure to Brazil's
economic environment also differentiates the company's risk from
its peers. Americanas' capital structure and liquidity are strong,
but still threatened by negative FCF trends, as opposed to peers.

Although El Puerto de Liverpool S.A.B. de C.V. (BBB+/Stable) is
also concentrated in only one market -- Mexico -- it is one of the
strongest rated retailers in Latin America. The company's
historical retail-only adjusted gross leverage is consistently
below 1.0x, stronger than Americanas' gross leverage above 4.0x.

Americanas and Grupo Unicomer Corp (BB-/Positive) have similar
business profiles, operating with a diversified portfolio in the
department store segment; however, Americanas is better positioned
than Unicomer due to its higher profitability and consistently
lower leverage. Despite geographic diversification, most of the
sovereign ratings of countries in which Unicomer operates are in
the 'B' rating category.

KEY ASSUMPTIONS

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

-- Sales area expansion of 4% in 2022 and 3% from 2023 onwards;

-- SSS growth of 10.5% in 2022 and 8.6% in 2023;

-- Marketplace representing 60% of online gross merchandise value

    (GMV) in 2022 and 65% in 2023;

-- Total capex of BRL4.0 billion in the 2022-2023 period.

RATING SENSITIVITIES

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

-- Positive actions on the sovereign rating could lead to
    positive actions on Americanas' Foreign Currency IDR and on
    the unsecured note rating, currently constrained by Brazil's
    country ceiling;

-- The Local Currency IDR may be revised upward in case of
    positive and sustainable FCF and relevant geographic
    diversification;

-- The Local Currency IDR may be revised upward if the total
    adjusted debt/EBITDAR and adjusted net debt/EBITDAR ratios
    fall below 3.5x and 2.0x, respectively on a sustainable basis.

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

-- Negative action on the sovereign rating could lead to negative

    action on the Americanas Foreign Currency IDR and the rating
    of the unsecured notes;

-- Liquidity Weakness;

-- Adjusted net debt/EBITDAR ratio above 3.0x on a sustainable
    basis;

-- Adjusted total debt/EBITDAR ratio above 4.5x on a recurring
    basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: Americanas' ratings incorporate the expectation
that the company will maintain its strong liquidity profile, with a
robust cash position, in addition to a manageable debt amortization
schedule. The company has broad access to credit lines to finance
its negative FCFs. As of March 2022, cash and equivalents were
BRL6.0 billion, compared to total adjusted debt of BRL20.2 billion,
including approximately BRL4.6 billion in rental obligations, as
per Fitch's methodology.

Of the BRL2.7 billion short-term debt, BRL1.7 billion corresponded
to anticipated receivables related to retail activity (disregarding
the discount of receivables from marketplace businesses), according
to Fitch's methodology, and is not dependent on the company's cash
for liquidation.

ISSUER PROFILE

Americanas is one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, a robust
e-commerce, a fintech, and has just entered into the niche food
retail. It is listed on B3, being indirectly controlled by Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Fitch uses a multiple of 5x to capitalize Brazilian companies
    leasing adjusted debt.

-- Fitch includes the factoring of account receivables on debt.
    Fitch adjusts short-term and long-term marketable securities
    back to cash and equivalents. Fitch considers the financing to

    the marketplace sellers as finance activity. Applying
    methodology, the finance service activity has a debt/equity
    leverage ratio of 2.0x. The asset of the financial service
    activity corresponds to the receivables related to the
    marketplace business, so, half of this asset is financed by
    debt, which is deconsolidated from total debt.

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
   ----           ------                       -----
B2W Digital Lux S.a.r.l.

   senior       LT          BB         Affirmed   BB
   unsecured

Americanas SA   LT IDR      BB         Affirmed   BB

                LC LT IDR   BB+        Affirmed   BB+

                Natl LT     AAA(bra)   Affirmed   AAA(bra)

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

JSM Global S.a r.l.

   senior       LT          BB         Affirmed   BB
   unsecured


CENTRAIS ELETRICAS: Moody's Affirms 'Ba2' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service affirmed Centrais Eletricas Brasileiras
SA-Eletrobras (Eletrobras) corporate family rating at Ba2, as well
as the company's baseline credit assessment (BCA) at ba2. The
rating action was driven by governance factors. The outlook remains
stable.

Affirmations:

Issuer: Centrais Eletricas Brasileiras SA-Eletrobras

Corporate Family Rating, Affirmed Ba2

Baseline Credit Assessment, Affirmed ba2

Outlook Actions:

Issuer: Centrais Eletricas Brasileiras SA-Eletrobras

Outlook, Remains Stable

RATINGS RATIONALE

The affirmation of Eletrobras' ratings reflects the conclusion of
the privatization process in line with Moody's expectation. The
proceeds from the equity offering were not retained at the company
and therefore did not reduce leverage. Nonetheless, Moody's expect
Eletrobras' credit profile to gradually benefit from the
privatization driven by the transformation of aprox. 40% of its
generation business to market-based prices combined with a reduced
exposure to the Angra 3 nuclear power project. The ratings'
scenario also incorporates the consolidation of Madeira Energia
S.A. (MESA) through Eletrobras' subsidiary Furnas Centrais
Eletricas S.A (Furnas).

Privatization is also likely to improve corporate governance
because of broadly distributed control with reduced exposure to
political interference in management decisions and future
investments, because voting powers of any shareholder are limited
to 10% to ensure the company's status of a true corporation.

Although the Government of Brazil (GoB, Ba2 stable) will no longer
have a direct vote-majority at the Board of Diretors, and hence
less influence on its business decisions, Moody's considers that
Eletrobras remains a Government-Related Issuer (GRI) with strong
credit linkages with the sovereign, particularly because they
retain the largest ownership interest on the company (42.7%
considering direct and indirect holdings), as well as the existing
direct debt guarantees and funding by public banks, representing
respectively 10% and 20% of total liabilities. Additionally, the
utility's dominant position in Brazil's electricity sector
providing essential power generation and transmission services,
continues to support the likelihood of financial aid in case of
need.

On the other hand, Eletrobras' leverage metrics will be constrained
by the recent increase in Furnas participation on the equity
capital of MESA, to 72.4% from 43%, which resulted in  the
company's higher exposure to the Santo Antonio power plant, an
Amazon-based 3.6 GW hydropower facility operating since 2012. The
unfavorable outcome of an arbitrage with the construction
consortium of this project led Eletrobras to spend an unexpected
BRL1.58 billion in equity injection to meet contingent obligations
of Santo Antonio, a project that has high leverage (BRL19.4 billion
total debt) and currently generates BRL1.3 billion in recurring
annual EBITDA (as of March 2022). As a result, the consolidation of
MESA will increase Eletrobras' leverage, leading to lower coverage
and higher indebtedness thresholds than anticipated in 2022.
Mitigating the higher leverage is the de-quotation of the power
generation business that will support a gradual recovery in
profitability from 2023 onwards. Santo Antonio's faces judicial
processes over social and environmental claims which also add risks
to Eletrobras.

Moreover, Eletrobras' credit profile remains pressured by its
negative free cash flow generation stemming from the large capital
spending plan, currently budgeted at BRL39 billion from 2022-26,
and the execution risks associated with the completion of the Angra
III nuclear plant. Balancing those pressures is Eletrobras'
adequate liquidity position and track record of access to
diversified funding sources, including deb issuances the local and
foreign capital markets, and loans from commercial and development
banks.

For the twelve months ended March 2022, Eletrobras' consolidated
leverage as measured by the cash flow from operations pre-working
capital (CFO pre-WC) to net debt ratio reached 23%, up from 16% in
the three-year average between 2019 and 2021. At the same time, the
cash interest coverage has improved to 2.6x from 2.1x. The
improvement relates to the business restructuring, along with
enhanced controls and other initiatives to support operating
efficiency gains. These metrics do not include the off-balance
guarantees to debt issued by unconsolidated subsidiaries of BRL40
billion and contingencies of approximately BRL15 billion. The
ratings' scenario considers that the (CFO pre-WC) to net debt ratio
will remain in the 20-25% range through 2026 with the interest
coverage in the 2.8x to 3.2x range.

As a government-related issuer, Eletrobras' Ba2 corporate family
rating takes into consideration the application of Moody's Joint
Default Analysis. This framework incorporates assumptions of high
dependence and moderate level of support from the GoB, the major
shareholder. Moody's unchanged view on the support considers that
some level of support from the federal government would still be
forthcoming because of the company's relevance as the main electric
company in Brazil accounting for 28% of the country's generation
capacity and 40% of the installed transmission lines and strategic
position for regional and economic development. However, Brazil's
fiscal consolidation efforts and potential budget restrictions
could hinder timely financial support should Eletrobras face a
financial distress. Historically, evidence of support from the
sovereign has been in the form of cash transfers for equity
increase, deferral on dividend payments, debt guarantees, and loans
granted from state owned banks.

RATIONALE FOR THE OUTLOOK

The stable outlook on Eletrobras' ratings follows the stable
outlook on the Government of Brazil's Ba2 rating. It also
incorporates Moody's view that the company's stand-alone credit
profile will be gradually improving over the next 12 to 18 months
maintaining adequate liquidity despite relatively higher leverage.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Eletrobras' ESG attributes are overall considered as moderately
negative, having a limited impact on the current rating, with
greater potential for future negative impact over time.

The company has a moderate exposure to environmental risks,
reflected in the E-3 issuer profile scores mainly driven by its
exposure to physical climate risks, mostly in the form of extreme
weather patterns. After the privatization, Moody's view lower
exposure for waste & pollution due to the spinoff of the nuclear
operation, which is however mitigated by higher exposure to water
stress arising from Santo Antonio power plant consolidation.

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

The moderate governance score (G-3 issuer profile) is mainly due to
moderate exposure to financial strategy and risk management
reflected in the large investment plan, foreign currency
debt-exposure and off-balance liabilities.

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

An upgrade of Eletrobras' Ba2 rating would depend on a similar
action on Moody's ratings on the government of Brazil.
Quantitatively, positive rating pressure would materialize if the
CFO pre-WC to total net debt ratio stays above 30%, or the interest
coverage Ratio approaches 4.2x on sustained basis.

Negative rating pressure could result from a deterioration in the
company's liquidity or leverage profile resulting from unexpected
cash outlays such as compulsory loans, additional investments,
extraordinary dividend distributions. Material deterioration in its
operating performance or a weaker than expected improvement in
profitability from the generation business could also weigh on the
ratings. Deterioration in the sovereign's credit quality or
perception of weakened governance could also prompt a downward
action. Quantitatively, the rating could be downgraded if the CFO
pre-WC to total net debt ratio falls below 20%, or the interest
coverage Ratio remains below 2.8x on sustained basis.

Headquartered in Rio de Janeiro, Eletrobras is the country's
largest energy company with a total installed capacity of 50.5
gigawatts (GW), equivalent to 28% of Brazil's total power
generation segment and interests on a total of 68,334 kilometers
(km) high voltage transmission lines, equivalent to 40% of the
country's electricity network. Investments are held mainly under
separate subsidiaries, being Furnas, Chesf and Eletronorte the
largest ones. In the last twelve months ended March 31, 2022, the
company's adjusted net revenues reached BRL38.6 billion, of which
59% derived from the generation business and 39% from the
transmission segment.

The methodologies used in these ratings were Unregulated Utilities
and Unregulated Power Companies published in May 2017.

MINERVA SA: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service affirmed Minerva S.A.'s Ba3 corporate
family rating and changed the outlook to positive from stable.

Ratings Affirmed:

Issuer: Minerva S.A

Corporate Family Rating, Affirmed Ba3

Outlook Actions:

Issuer: Minerva S.A

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

The affirmation of the Ba3 rating and change in outlook to positive
from stable reflects the company's strong free cash flow
generation, good liquidity, track record of margins stability and
focus on debt reduction, despite the challenges in domestic markets
in Latin America. Moody's expects credit metrics will improve in
the next 12 to 18 months, supported by favorable fundamentals in
beef markets in Latin America, particularly in Brazil, and strong
exports. Furthermore, the company has amortized USD-linked debt and
implemented liability management strategies to reduce exposure to
USD-debt and reduce financial costs, an additional credit positive.
Downside risks remain on the demand side in local markets, with
high inflation limiting purchasing power, and in export markets,
given the largest exposure to China (about 35% of total export
revenues in LTM ended March 2022).

Minerva is well positioned to continue to take advantage of
favorable fundamentals in export markets given its diversification
in different Latin America countries - Minerva's presence in
Argentina, Uruguay, Paraguay and Colombia provides it with access
to a wider range of export markets and the option to redirect
production in case of restrictions on beef exports from any of
these countries.

Minerva's Ba3 rating continues to reflect the company's good
liquidity, experienced management, significant share as a major
exporter in the Latin American beef industry and history of stable
operating margins. Offsetting some of these positive attributes is
Minerva's sales focus on beef and beef-related products, which
increases its exposure to the volatility in these markets. The
company's persistently high leverage, measured as Moody's-adjusted
debt/EBITDA, has been a major constraint on its rating over the
past few years. Minerva's gross leverage was 4.5x for the 12 months
that ended March 2022. Although this is the lowest level achieved
in the past 5 years, it is high compared to peers in the industry
in the same period.

Minerva has a comfortable amortization schedule, with most relevant
debt maturity concentrated beyond 2028, and liquidity is enhanced
by BRL 5.3 billion in cash at the end of 1Q2022 and consistently
positive free cash flow generation.

The positive outlook reflects Moody's expectation that Minerva will
be able to continue to generate positive free cash flow and reduce
absolute debt levels and leverage, while maintaining good liquidity
for its operations and debt-service requirements in the next 12 to
18 months. The outlook also reflects Moody's view that company will
remain financially disciplined with respect to M&A and shareholder
returns and preserve its liquidity to mitigate the inherent price
volatility of the beef industry.

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. Therefore, the main
environmental consideration for companies with operations in Brazil
is the ability to implement a comprehensive plan for cattle
traceability, and this will be an important consideration for
Minerva's credit profile over time. Moody's view deforestation as a
risk to Minerva because it can affect the company's reputation,
lead to boycotts from certain consumers, result in limited
availability of funding from banks and capital markets, and lead to
higher operating and financial costs.

Minerva claims it has a target of achieving zero illegal
deforestation throughout the value chain in South America. The
company says it monitors cattle suppliers that operate in
deforested parts of the Amazon or under protection of Ibama
(Brazil's Institute of Environment and Renewable Natural
Resources), and blocks those that do not comply with its
sustainability criteria. Minerva claims it tracks its farms in
Brazil with geospatial mapping in the Amazon, Cerrado, Pantanal and
other biomes, and uses a cloud-based traceability tool and
Brazilian National Institute for Space Research (INPE) satellite
data to observe its indirect suppliers in the Amazon. Minerva has
100% of direct suppliers mapped in these biomes. The company has
specific initiatives and tools transferred to producers and farmers
to help them track cattle purchases and implement low-carbon
practices.

Minerva S.A. is a publicly owned company, with shares listed on the
B3 S.A. - Brasil, Bolsa, Balcão (Ba1 stable). Currently, 22.36% of
Minerva's shares are owned by VDQ Holdings S.A. (the investment
vehicle of the founding family), 30.55% by Salic (UK) Limited, 3.8%
are Treasury shares and 43.29% are in free float. Minerva's board
of directors has 10 members, two of which are independent. Minerva
has a track record of strong execution, partially offset by a
concentrated ownership and financial strategy that supports high
leverage, which is mitigated by the company's strong liquidity and
comfortable debt amortization schedule.

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

An upgrade of Minerva's rating would require the company to reduce
absolute debt and show a significant reduction in its gross
leverage while maintaining a good cash balance to cover its cattle
purchase needs and debt-service requirements, while generating
positive FCF. Quantitatively, an upgrade of the company's rating
would depend on its ability to reduce its Moody's-adjusted total
debt/EBITDA closer to 3.5x; improve its interest coverage, measured
as EBITA/interest expense, to levels at or above 4x; and maintain
good operating performance, with cash flow from operations/debt
remaining at or above 20%.

The rating could be downgraded if Minerva's liquidity risk
increases or its operational performance deteriorates, with
leverage remaining persistently high. Quantitatively, Minerva's
rating could be downgraded if its gross leverage, measured as total
adjusted debt/EBITDA, remains above 4.0x on a consistent basis;
EBITDA/interest expense remains below 3x; cash flow from
operations/debt drops to levels below 15% and FCF becomes negative
on a consistent basis. All metrics are calculated considering
Moody's-adjusted metrics.

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

Headquartered in Barretos, Sao Paulo, Minerva S.A. (Minerva) is one
of Brazil's leading companies in the production and sale of fresh
beef, industrialized products and live cattle. With 25 slaughtering
plants in South America and a slaughtering capacity of 29,350 heads
per day, Minerva is the largest beef exporter in South America,
with a significant presence in South America and plants in Brazil,
Paraguay, Argentina, Uruguay and Colombia. Minerva reported net
revenue of BRL28.4 billion ($5.3 billion) for the 12 months that
ended March 2022.



===========================
C A Y M A N   I S L A N D S
===========================

DIVERSIFIED REAL ESTATE: Oct. 13 Hearing on Settlement Motion Set
-----------------------------------------------------------------
The liquidators of Diversified Real Estate, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded,
it financed its activities primarily through bank loans and
"friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships
at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market
Step Up Note Ltd., and Preferred Income Collateralized Interest
Ltd. Collectively, these three entities appear to have issued not
less than $260 million of these Notes; however, the actual number
is yet to be verified by transaction records and statements which
have not yet been received.  Certain other related entities were
otherwise involved with the issuance of the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation
and 11 affiliates, including Biscayne Capital (BVI) - in
Liquidation, and Diversified Real Estate Development Ltd., (in
Official Liquidation) filed Chapter 15 cases in Miami, Florida
(Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In
Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".

GMS GLOBAL: Oct. 13 Hearing on Settlement Motion Set
----------------------------------------------------
The liquidators of GMS Global Market Step Up Note Ltd, which is in
liquidation, filed a motion to request that the bankruptcy court
enter an order barring, enjoining, and restraining all "barred
persons" from commencing, prosecuting, continuing, or asserting all
"barred claims against any "protected persons" including any
Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded,
it financed its activities primarily through bank loans and
"friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships
at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market
Step Up Note Ltd., and Preferred Income Collateralized Interest
Ltd. Collectively, these three entities appear to have issued not
less than $260 million of these Notes; however, the actual number
is yet to be verified by transaction records and statements which
have not yet been received.  Certain other related entities were
otherwise involved with the issuance of the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation
and 11 affiliates, including Biscayne Capital (BVI) - in
Liquidation, and Diversified Real Estate Development Ltd., (in
Official Liquidation) filed Chapter 15 cases in Miami, Florida
(Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In
Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".

PREFERRED INCOME: Oct. 13 Hearing on Settlement Motion Set
----------------------------------------------------------
The liquidators of Preferred Income Collateralized Interest Ltd,
which is in liquidation, filed a motion to request that the
bankruptcy court enter an order barring, enjoining, and restraining
all "barred persons" from commencing, prosecuting, continuing, or
asserting all "barred claims against any "protected persons"
including any Debtors (SGG Party) in this Chapter 15 case.

The hearing to consider the settlement motion will be held before
Hon. A. Jay Cristol of the U.S. Bankruptcy Court of the Southern
District of Florida on Oct. 13, 2022 at 10:30 a.m.  It will be held
at the C. Clyde Atkins United States Courthouse, 301 N. Miami
Avenue, Miami, FL, 33128, Courtroom #7.

Any objections to the relief sought in the Settlement Motion must
be filed with the court in accordance with the application rules by
no later than Sept. 23, 2022 at 5:00 p.m.

The liquidators are:

       William Sugden
       Leah Fiorenza McNeill
       Christopher Coleman
       Alston & Bird LLP
       1210 West Peachtree Street, Atlanta Georgia 30309
       will.sugden@alston.com
       leah.mcneill@alston.com
       chris.coleman@alston.com

                         About the Debtor

South Bay Holdings, LLC, was an entity formed to develop real
estate projects in Florida.  When South Bay was originally
founded,
it financed its activities primarily through bank loans and
"friends and family" money.

In 2006 and 2007, South Bay sought to significantly expand its
business, including by acquiring 29 lots and associated
memberships
at an exclusive resort in Key Biscayne, Florida.

To finance the expansion, the owners then began to form certain
special purpose vehicles to sell notes that were intended to
support these development activities. The Notes were issued in
multiple series through SG Strategic Income Ltd., GMS Global
Market
Step Up Note Ltd., and Preferred Income Collateralized Interest
Ltd. Collectively, these three entities appear to have issued not
less than $260 million of these Notes; however, the actual number
is yet to be verified by transaction records and statements which
have not yet been received.  Certain other related entities were
otherwise involved with the issuance of the Notes.

These entities are all collectively owned either by Vanguardia
Trust (BVI), a British Virgin Islands trust, or SBH Trust (BVI),
also a British Virgin Islands trust. Both of the Trusts have a
common set of principals: Mr. Ernesto Weisson, Mr. Roberto Cortes,
Mr. R. Cortes Rueda, and Mr. J.C. Cortes Pablo.

Starting no later than 2016, the U.S. Securities and Exchange
Commission commenced an investigation of the Principals, Biscayne
Capital International, LLC, and others concerning the issuance and
marketing of the Notes.

In August 2018, the companies owned by the Trusts were put into
liquidation proceedings.

The liquidators of North Pointe Holdings (BVI) Ltd - In
Liquidation
and 11 affiliates, including Biscayne Capital (BVI) - in
Liquidation, and Diversified Real Estate Development Ltd., (in
Official Liquidation) filed Chapter 15 cases in Miami, Florida
(Bankr. S.D. Fla. Case No. 18-24659) on Nov. 26, 2018.

The Florida Bankruptcy Court entered an order on Jan. 14, 2019
recognizing the Cayman Islands liquidations of Vanguardia Group
Inc. (In Official Liquidation), SG Strategic Income Ltd. (In
Official Liquidation), Diversified Real Estate Development Ltd.
(In
Official Liquidation), GMS Global Market Step Up Note Ltd. (In
Official Liquidation), Preferred Income Collateralized Interest
Ltd. (In Official Liquidation), Sentinel Investment Fund SPC (In
Official Liquidation), and Sports Aficionados Ltd. (In Official
Liquidation) (collectively, the "Cayman Island Debtors") as
"foreign main proceedings".



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

FIDEICOMISO PA COSTERA: Fitch Affirms BB+ Rating on USD & UVR Bonds
-------------------------------------------------------------------
Fitch Ratings has taken the following rating actions on Fideicomiso
P.A. Costera:

-- USD150.8 million USD bonds: Affirmed at 'BB+'/Stable;

-- COP327,000 million UVR bonds: Affirmed at 'BB+'/Stable and
    upgraded to 'AAA(col)'/Stable from 'AA+(col)'/Positive;

-- COP135,000 million UVR loan: Affirmed at 'BB+'/Stable and
    upgraded to 'AAA(col)'/Stable from 'AA+(col)'/Positive;

-- COP250,000 million COP Loan A: Upgraded to 'AAA(col)'/Stable
    from 'AA+(col)'/Positive;

-- COP300,000 million COP Loan B: Upgraded to 'AAA(col)'/Stable
    from 'AA+(col)'/Positive.

RATING RATIONALE

The rating upgrade on the national ratings reflects the successful
completion of the construction phase now that all Functional Units
(UFs) have been accepted by the grantor and the project's
operational phase has started, coupled with the adequate financial
performance observed and expected. Previously, the national ratings
were constrained by the project's completion stage.

Fitch acknowledges the company is still in process to acquire
certain rights of way for UF3 and UF6, which should be achieved by
October 2023 and November 2023, respectively. Based on what has
been observed historically in this same project, Fitch opines that,
in the event that the concessionaire is not able to complete the
property acquisitions by those dates, a Liability Exculpatory Event
(LEE) would be provided by the grantor.

As for the rest of the UFs, there are also a few property
acquisitions which should be completed in July 2022, but already
have or are in process to obtain LEEs to extend the timeframe to
complete such process.

KEY RATING DRIVERS

The ratings are based on a concession agreement structure that
limits revenue risks due to the existence of traffic top-ups and
grant payments. The ratings are further supported by an adequate
tariff mechanism that allows annual adjustments of toll rates by
inflation and a strong debt structure characterized by several
prefunded reserve accounts, distribution tests, a cash sweep
mechanism and robust liquidity mechanisms.

Under Fitch rating case, the loan life coverage ratio is 1.5x,
deemed strong for the rating category according to applicable
criteria and revenue profile, but constrained to the transaction's
exposure to the credit quality of Agencia Nacional de
Infraestructura (ANI). The latter is viewed as a credit-linked
entity to the Government of Colombia (Local Currency Issuer Default
Rating BB+/Stable).

RATING SENSITIVITIES

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

-- Deterioration of Fitch's view regarding the credit quality of
    ANI's contributions to the project;

-- Failure to timely complete the acquisition processes of the
    pending rights of way, and no additional LEEs are granted to
    extend the deadline to complete it.

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

-- For international ratings, improvement of Fitch's view
    regarding the credit quality of ANI's contributions to the
    project;

-- A positive rating action on the national rating is not
    possible given the ratings are at the top of the scale.

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.

SECURITY

In September 2014, Concesion Cartagena-Barranquilla was granted a
25-year concession for the construction, rehabilitation,
improvement, operation and/or maintenance of 156.8km of roads
located in the departments of Atlantico and Bolivar, Colombia.
Concesion Cartagena-Barranquilla, the project company, is owned
100% by Interconexión Eléctrica S.A.E.S.P. (ISA; BBB/Stable)
through its subsidiary ISA Intervial Chile.

The project aims to connect two of the main ports of Colombia:
Cartagena and Barranquilla. The port of Barranquilla covers two
main routes, the Magdalena River, which communicates with the
interior of the country, and the Caribbean Sea, connecting goods
that are traded from/to the U.S., Europe and Asia. The port of
Cartagena is the third busiest in the Caribbean Sea.

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
   ----             ------                         -----

Fideicomiso P.A. Costera

Fideicomiso P.A.    LT        BB+        Affirmed   BB+
Costera /Debt/1 LT

Fideicomiso P.A.    Natl LT   AAA(col)   Upgrade    AA+(col)
Costera /Debt/1 Natl LT



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

AEROPUERTOS DOMINICANOS: Moody's Ups Secured Notes Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Aeropuertos
Dominicanos Siglo XXI, S.A. ("Aerodom")'s senior secured notes that
mature in 2029 to Ba3 from B1. The outlook on the rating remains
stable.

Upgrades:

Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.

Senior Secured Regular Bond/Debenture, Upgraded to Ba3 from B1

Outlook Actions:

Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.

Outlook, Remains Stable

RATINGS RATIONALE

The rating upgrade to Ba3 mainly reflects Aerodom's solid
progressive traffic recovery through 2021 and the first two
quarters of 2022, in addition to a sustained strengthening in key
financial metrics and liquidity available.

The passenger traffic recovery through the first quarter of 2022
displays a strong recovery versus pre-pandemic traffic levels,
accounting for 94% of the passenger traffic during the same period
in 2019, on average. The rating upgrade incorporates Moody's view
of traffic reaching annual close-to-full recovery to pre-COVID19
outbreak levels by end of 2022. Moody's recognize Aerodom's
diversified O&D passenger profile mix that includes not only
leisure related passengers, but predominantly visiting family and
relatives ("VFR") and business travel passengers that are
supporting a faster recovery when compared to main competing
airports in touristic regions such as Punta Cana International
Airport.

The upgraded Ba3 rating continues to recognize the supportive
long-term concession agreement that expires in 2030, which extends
beyond the notes' tenor in 2029. Additionally, the rating considers
a carrier base that continues to be highly diversified with JetBlue
Airways Corp. (Ba2 stable) being the main carrier with 27% share of
consolidated traffic as of 2021, limiting exposure to airline
concentration.

Quantitatively, during the first quarter of 2022 Aerodom recorded a
LTM 1.8x Moody's Debt Service Coverage Ratio and a LTM FFO/Debt
ratio of 20.7%. The rating action additionally considers the
substantial liquidity available of roughly $84 million that is
composed by cash available and a six-month debt service reserve
account.

In June 2020, Aerodom amended its loan contract (that ranks pari
passu with the Senior Secured Notes) due to unfavorable performance
in order to defer three past principal payments ($21.7 million) and
convert them into a balloon payment upon maturity in 2024. Moody's
recognize that the company has fully repaid the remaining deferred
amount by January 2022 with internally generated cash-flow.

RATING OUTLOOK

The outlook is stable reflecting Moody's expectation of a
progressive passenger traffic profile that will reach full recovery
within 2022, driving a continuous strengthening and stabilization
of key financial metrics.

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

The rating could face upward pressure if the air traffic presents
stable growth rates after full recovery, followed by the
improvement of financial performance leading to an increase in
Moody's debt service coverage ratio above 2.3x, on a sustained
basis.

The rating could be downgraded if Aerodom faces substantial traffic
volatility that reverts the recovery trend, causing liquidity
sources to be used. Quantitatively, if cash interest coverage falls
below 1.8x or Moody's Debt Service ratio below 1.5x, the rating
could be revised downwards.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes into account the impact of ESG factors when assessing
Aerodom's credit profile.

Aerodom faces a limited impact from environmental risks.
Nonetheless, traffic volumes are fundamentally linked to
macroeconomic trends, business sentiment, population growth and
personal mobility requirements. Traffic can also be affected by
extreme weather or natural disasters.

Aerodom is considered to have a high exposure to social risks.
While Dominican Republic has not implemented material air travel
restrictions, Moody's regard the pandemic as a social risk due to
the substantial implications for public health and safety that
leads to severe restrictions on air travel and, thus, cancellations
of airline routes, closing of borders and enhanced requirements to
maintain health and safety in the airport's operations.

Aerodom's governance considerations most relevant to Moody's credit
analysis are the sponsors' financial strategy and project risk
allocation; management credibility and track record; organization
structure; compliance and reporting; and board structure, policies
and procedures. Given that the transaction benefits from a project
finance structure, which takes into consideration covenants,
additional indebtedness and distribution tests, governance risks
are generally well addressed.

PEERS

The main rated peers in the Latin American region for Aerodom are
International Airport Finance, S.A. ("Quiport", Caa2 stable) in
Ecuador, Aeropuertos Argentina 2000 S.A. ("AA200", Caa3 stable) in
Argentina, ACI Airport Sudamerica, S.A. (Ba1, stable) in Uruguay,
Aeropuerto Internacional de Tocumen, S.A. (Baa2 stable) in Panama
and the Mexico City Airport Trust NAFIN F/80460 ("Mexcat", Baa3
stable). These issuers operate under heterogeneous operational
environments, regulatory frameworks and with specific passenger
profiles.

The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in September 2017.

PROFILE

Aerodom is the operator of six airports in the Dominican Republic
through a long-term concession granted by the government with an
expiration due 2030. The portfolio of airports is composed by Las
Americas International Airport in Santo Domingo, the Gregorio
Luperon International Airport in Puerto Plata, El Catey
International Airport in Samana, the Maria Montez International
Airport in Barahona, the Arroyo Barril Domestic Aerodrome in
Samana, and La Isabela International Airport in Santo Domingo. The
issuer is owned by VINCI Airports, a concessionaire operator with
more than 40 airports worldwide.

DOMINICAN REPUBLIC: Gets DOP322M from EU to Support Banana Sector
-----------------------------------------------------------------
Dominican Today reports that the Dominican Government received from
the European Union the transfer of funds from the credit facility
established in the "Banana Support Measures for the Dominican
Republic" (BAM) program, for an amount of DOP322,261,284.02
million, to be executed by the Agricultural Bank, in coordination
with the Ministries of Economy, Planning and Development, and
Agriculture. This transfer will be complemented by another
DOP34,389,937.06 to complete the total amount of the contribution
of DOP356,651,221.08.

Some 200 producers will be beneficiaries of the fund aimed at
contributing to the competitiveness of the banana value chain
sustainably and inclusively, which allows access to individual and
associative credits to micro, small, and medium banana producers in
the Dominican Republic, located in the provinces of Azua,
Montecristi and Valverde, according to Dominican Today.

In this sense, 90% of the portfolio will be allocated to a credit
facility. The remaining 10% will be used to cover technical
assistance to train producers and technicians from the ministry and
the bank and the project's operating expenses, the report notes.

The act was headed by Pavel Isa Contreras, Minister of Economy,
Planning, and Development; Fernando Duran, general manager of Banco
Agricola; and Katja Afheldt, ambassador of the European Union in
the Dominican Republic, the report relays.

The operational management of this credit facility, which was in
charge of Banco Ademi and will now pass to the Agricultural Bank of
the Dominican Republic, will have an initial period of five years
to capture, analyze, and grant financing facilities oriented
exclusively to the banana sector for the execution of activities to
promote production (inputs, technologies, reconversion, or working
capital), marketing, export (including access to certifications),
and environmental sustainability of the production of said item,
which stimulate its competitiveness and increase your productivity,
the report notes.

This credit facility will allow access to individual and
associative credits to micro, small, and medium banana producers in
the Dominican Republic of up to 31.44 hectares and 500 farms in the
established provinces, with individual loans from DOP150,000.00 to
DOP2,000,000 and associative loans and large producers from
DOP300,00.00 to DOP3,000,000.00, the report discloses.

                   About Dominican Republic

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

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

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

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

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

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





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

[*] ECUADOR: Mining Exports Rise in One Year
--------------------------------------------
Rio Times Online reports that according to Ecuador's Central Bank,
US$1.101 billion worth of mining products were exported between
January and May 2022, a 49% increase over the same period in 2021.
This was announced by the Ministry of Energy and Mines in a
statement.

According to the ministry, of this US$1.101 billion, US$490 million
came from the export of copper concentrate from the Mirador mine,
US$333 million from the export of gold and its concentrate from the
Fruta del Norte mine (both in Zamora Chinchipe) and US$278 million
from small-scale mining, the report notes.




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

EL SALVADOR: Fitch Puts 'CCC' IDR Under Criteria Observation
------------------------------------------------------------
Fitch Ratings has placed El Salvador's 'CCC' Long-Term Foreign
Currency Issuer Default Rating (IDR) Under Criteria Observation
(UCO) following the conversion of the agency's Exposure Draft:
Sovereign Rating Criteria to final criteria.

The UCO assignment indicates that ratings may change as a direct
result of the final criteria. It does not indicate a change in the
underlying credit profile, nor does it affect existing Outlooks.

KEY RATING DRIVERS

Introduction of Modifiers at 'CCC': The recently published
Sovereign Rating Criteria introduces +/- modifiers in the 'CCC'
category. Sovereigns rated 'CCC' could experience a one-notch
rating change, potentially migrating from 'CCC' to 'CCC-' or
'CCC+'.

Fitch will resolve the UCO status within six months. The outcomes
will depend on Fitch's assessment of the appropriate notching based
on the new criteria. Not all issuers on UCO will have a rating
change upon resolution.

RATING SENSITIVITIES

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

Existing rating sensitivities continue to apply. For more details,
please see the recent rating action commentaries: Fitch Downgrade's
El Salvador's Ratings to 'CCC' from 'B-'published Feb. 9, 2022.

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

As above, existing rating sensitivities continue to apply.

   DEBT        RATING                                     PRIOR
   ----        ------                                     -----
El Salvador   LT IDR   CCC   Under Criteria Observation   CCC

   senior     LT       CCC   Under Criteria Observation   CCC
   unsecured




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

DIGICEL GROUP: Sells its Pacific Unit for $1.6 Billion
------------------------------------------------------
RJR News reports that Digicel Group said that it has completed the
sale of its Pacific unit for an upfront payment of $1.6 billion.

The purchase was backed by funding from the Australian government
after a tax dispute between Papua New Guinea and Digicel threatened
to stall the sale, according to RJR News.

Telstra in October last year agreed to buy the Pacific operations
of Digicel, with the Australian government providing US$1.33
billion and Telstra contributing US$270 million, the report notes.

In April, Digicel said it was considering legal options after Papua
New Guinea imposed a tax of almost $100 million that the
Jamaica-headquartered telecoms firm said could affect the US$1.6
billion sale of its Pacific operations to Telstra, the report
relays.

Digicel is the largest mobile phone carrier in the Pacific, with
about 2.8 million subscribers and has operations in countries
including Fiji, Samoa and Vanuatu, the report adds.

                    About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America in April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.




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

MULTIBANK INC: Moody's Assigns First Time 'Ba1' Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1/Not Prime long- and
short- term foreign currency deposit rating to Multibank, Inc., as
well as a ba1 baseline credit assessment (BCA) and adjusted BCA. At
the same time, Moody's assigned Multibank long and short-term
counterparty risk ratings of Baa3 and P-3, respectively, and long
and short-term counterparty risk assessments of Baa3(cr) and
P-3(cr), respectively. The outlook is stable.

The following ratings and assessments were assigned to Multibank,
Inc. (821896045):

Long-term Global Scale foreign currency deposit rating of Ba1,
stable outlook

Short-term Global Scale foreign currency deposit rating of Not
Prime

Long-term counterparty risk assessment of Baa3(cr)

Short-term counterparty risk assessment of P-3(cr)

Long-term foreign currency counterparty risk rating of Baa3

Short-term foreign currency counterparty risk rating of P-3

Adjusted baseline credit assessment of ba1

Baseline credit assessment of ba1

Assigned outlook: Stable

RATINGS RATIONALE

Multibank's ba1 BCA incorporates the bank's good capitalization
metrics, which are supported by the low dividend payout policy and
a well-established franchise in the corporate banking as a leading
lender to certain economic segments and car financing segments in
Panama (Baa2 stable).

The BCA of ba1 reflects the recent deterioration of the bank's
level of problem loans measured as loans classified as Stage 3
(IFRS9) that reached 5.9% in March 2022, up from 4.8% of gross
loans in December 2021, and above pre-pandemic 1.9% at the end of
2019. Over the next two to three quarters, problem loans are
expected to reduce supported by the consistent economic recovery in
Panama, anticipated for 2022 and 2023, that continue to benefit
borrowers' repayment capacity and companies' performance. 
Multibank's low reserve coverage to Stage 3 loans at only 35.8% in
March 2022, also remained well below the 80% average reported by
its peers in Panama in the same period. However, the bank's loan
book benefits from a high level of loan over-collateralization, and
low borrower concentration (Top 20 borrowers represented 6% of
gross loans and 0.5x of Tangible common equity (TCE) in March
2022), factors that mitigate the low loan loss coverage ratio
maintained by the bank under IFRS standards. In addition, exposures
to inherently risky segments of the economy, such as loans to the
Commercial Real Estate (CRE) segment, are also relatively low
compared to peers.

Multibank's capital position is a positive credit driver as the
bank has historically maintained strong capitalization, which will
be supported by more conservative dividend policy in the next
years, as well as recovery in earnings generation expected for
2022. In March 2022, the bank's TCE to risk weighted assets ratio
(TCE/RWAs), Moody's preferred capital metric, remained at around
14%.

In terms of profitability, the weak performance reported in 2020
and 2021 resulted from higher loan loss provisioning, lower margin
on loans and low growth limited by weakened business conditions in
the period. In the first quarter of 2022, the economic recovery has
been supporting business volume and lower provisioning needs, which
improved the quarter's bottom line results relative to previous
periods.  In March 2022, net income increased to 0.42% of tangible
assets, from 0.31% in December 2021, though remaining still below
1.02% posted in 2019.  The higher interest rates in Panama
combined with an acceleration in credit origination will continue
to support Multibank's net interest income and margins. In March
2022, net interest margin improved to 2.6% from 2.2% at the end of
2021, reaching pre pandemic levels.

As a medium size bank, Multibank is largely funded by market-based
resources, that accounted for 30.2% of tangible banking assets in
March 2022, higher than its peers in the country. This concentrated
funding mix increases the bank's vulnerability in times of global
volatility. Multibank's liquidity strategy has focused on expanding
its domestic core deposits in the next 3 years, which will reduce
the reliance on market funding, increase resources granularity and
reinforce liquidity management.

Multibank's Ba1 foreign currency deposit rating is at the same
level of its BCA and adjusted BCA of ba1. Moody's incorporates a
very high probability of support from its ultimate parent, Banco de
Bogota S.A. (Baa2 stable, ba1) which, however,  does not result in
any rating uplift by affiliate support, because Banco de Bogota's
BCA is also ba1, at the same level of Multibank's BCA.

Corporate governance is highly relevant to banks' creditworthiness,
and are largely internal rather than externally driven, and for
Multibank Moody's do not have any governance concerns. Multibank
shows an appropriate risk management framework commensurate with
its risk appetite and has improved since its acquisition by Banco
de Bogota, and offsets risks stemming from concentrated shareholder
ownership and a complex organizational structure. As such,
corporate governance remains a key credit consideration and
requires ongoing monitoring.

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

An upgrade of Multibank's ratings would arise from a sustainable
reduction in the level of problem loans, combined with an increase
in loan loss reserve coverage that would support the loss
absorption capacity as the bank expands its business beyond its
current focus. Positive pressure would also be exerted by
consistent improvement in profitability benefiting capital ratios.

Conversely, the rating could be downgraded in case of further
deterioration in asset metrics, high problem loans and low coverage
ratios that could persist if the bank's high level of modified
loans result in higher credit losses. This scenario would, in turn,
impair profitability and capital buffers.

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



===============
P A R A G U A Y
===============

RUTAS 2 AND 7 FINANCE: Fitch Affirms BB+ Rating on USD457.6MM Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+sf' rating on the USD457.6
million series 2019-1 senior secured notes issued by Rutas 2 and 7
Finance Limited (the issuer), a Special Purpose Vehicle (SPV)
incorporated in the Cayman Islands. The Rating Outlook is Stable.

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

Rutas 2 and 7 Finance Limited

Series 2019-1 78319MAA1   LT   BB+sf   Affirmed   BB+sf

TRANSACTION SUMMARY

The notes are fully backed by deferred investment payment
obligations (PDIs) Trust Securities after the completion of all
bond construction milestones. PDIs are deferred investment
recognition payment rights vested upon completion of construction
milestones (tramos) of Rutas 2 and 7 projects from the Republic of
Paraguay (RoP). PDIs are public debt of the sovereign and their
budgeting process follows the same procedure as a sovereign bond's
debt service.

Fitch's ratings address the likelihood of timely payment of
interest and principal on the notes.

KEY RATING DRIVERS

Rating Linked to Sovereign's Long-Term (LT) Foreign Currency (FC)
Issuer Default Rating (IDR): Through its analysis, Fitch has
determined that the primary risk contributor for the transaction is
the RoP; therefore, the rating of the transaction is linked to
Paraguay's LT FC IDR of 'BB+'/Stable. The rating reflects Fitch's
view of the credit quality of PDIs.

Reliance on the Government Payment Obligation: After the
availability period, Fitch assumes that payment on the notes will
rely on the RoP's unconditional and irrevocable payment obligation
regarding vested PDIs. Under Paraguayan law 1535, PDIs are
considered external public debt of the RoP denominated in U.S.
dollars. Additionally, pursuant to the PPP Trust Agreement, PDI
payment right holders will have direct recourse against Paraguay
for failure to make any payment as and when due.

No Exposure to Construction/Performance Risk: PDIs are
Paraguayan-law governed, freely transferable payment rights. Once
issued, they are not related to the PPP Contract and therefore do
not depend on the status of the construction or operation of the
project, thus eliminating construction and operating risk. Vested
PDIs survive the termination or nullity of the PPP Contract for any
reason.

Construction Progress in 2021: Public works construction was never
suspended by the government throughout the coronavirus pandemic,
allowing the concessionaire of the project to continue making
progress. As of Dec. 31, 2021, the overall progress of the project
was slightly behind both the expected construction schedule, but
all project tranches (tramos) related to the PDIs backing the
2019-1 notes have been completed and PDIs related to these tramos
have been sold to the issuer and are 100% vested.

Transaction No Longer Exposed to Negative Carry: All PDIs related
to the 2019-1 notes have been sold to the issuer and are 100%
vested. The transaction is no longer exposed to negative carry.

RATING SENSITIVITIES

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

-- The ratings on the transactions are linked to the LT FC IDR of

    Paraguay; hence, a downgrade of Paraguay's FC IDR would
    trigger a downgrade of the rated notes in the same proportion;

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

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

-- The ratings on the transactions are linked to the LT FC IDR of

    Paraguay; hence, an upgrade of Paraguay's FC IDR would trigger

    an upgrade of the rated notes in the same proportion.

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.



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

VOLCAN COMPANIA: Fitch Alters Outlook on 'BB' IDRs to Stable
------------------------------------------------------------
Fitch Ratings has affirmed Volcan Compania Minera S.A.A.'s
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB', as well as its senior unsecured notes due in 2026 at 'BB'.
The Rating Outlook was revised to Stable from Positive.

The ratings affirmation and Outlook revision to Stable reflects
Fitch's expectation that the company's leverage profile and
liquidity will remain flat with net debt to EBITDA estimated to
average 2.1x. The rating case no longer considers an equity raise
of USD400 million from the company's shareholders and/or proceeds
from divestment of assets over the rated horizon. Fitch expects the
company's cash flow profile to remain strong, with FFO margins
estimated to average about 30% over the rated horizon. This will
cover the company's capex requirements and upcoming maturities, but
will not boost its liquidity position and net leverage profile in
line with a higher rating.

KEY RATING DRIVERS

Supportive Zinc Prices: High energy costs continue to exert
pressure on zinc smelters, sustaining a bottleneck in the refined
market. According to metals and mining consultancy CRU, the refined
market will remain in a 183,000 MT deficit during 2022, less than
1% of production, and remain tight during 2023. The supply deficit
coupled with depleting inventories pushed zinc prices up to
USD4,460/MT in 1Q22. Fitch's price deck assumes that the
historically high average price of USD3,500/MT in 2022 will trend
down toward USD2,100/MT in the rated horizon, due to an expected
global economic slowdown.

Pressured Cost Position: Recent inflationary pressures on steel,
oil, freights, explosives, chemical reagents and wages have all
prevented Volcan from improving its cost position, which began to
deteriorate during 2020 due to pandemic-related government
restrictions in Peru. Volcan's cost structure remains in the third
quartile of the global zinc all-in sustaining cost curve, with a
weighted average of USD1,863/MT Zinc, including byproducts
according to metals consultancy CRU. The company is working on
streamlining its operations while fostering exploration efforts at
approximately USD40 million to improve its approximately four years
of mine life.

Cash Flow Generation: Fitch forecasts Volcan's EBITDA at USD375
million in 2022, supported by high prices in 1H22 and stable
operations. Fitch expects FFO at more than USD320 million from
USD260 million in 2021, enough to cover capex needs of USD260
million in 2022, higher than the USD175 million spent in 2021.
Volcan's cash flow will allow it to self-finance its
capital-intensive expansion programs, which includes improving
operations at Yauli, its largest mining unit, and building the
Romina expansion in Alpamarca, which together, Fitch expects will
cost USD50 million in 2022.

Leverage profile: Fitch projects gross leverage over USD760 million
in 2022, down from USD913 million in YE 2021, and remain relatively
flat. Fitch expects gross and net leverage EBITDA ratios to average
2.5x and 2.1x, respectively, between 2022 and 2024. Volcan issued
USD475 million of 2026 bonds, of which it later repaid USD110
million, capitalizing on high zinc prices. It also obtained a
USD400 million syndicate loan to pay its USD410 million bond
outstanding due in early 2022.

Glencore Ownership: Volcan's ratings have not been upgraded from
its standalone credit profile due to Glencore's majority voting
rights. Glencore's 55% voting and 22% economic stakes in the
company is a positive consideration, as it enhances Volcan's
ability to receive financing from various sources. Glencore is a
leading zinc producer and has curtailed operations at its higher
cost mines, which has supported prices, during times of suppressed
prices. Volcan is considered a key asset by Glencore due to its
zinc operations footprint, cost position, and its extensive mining
rights within Peru.

Potential Asset Sales: Non-core assets sales could be used to repay
debt. Key assets that could be sold include Volcan's approximate
16% stake in Polpaico, a Chilean cement producer, and its hydro
power plants. The company also owns a port project 50 miles north
of Lima, which has recently waived constraints for a potential
disposal. Assets divestitures may be used as a contingent source of
cash should the company not succeed with its equity offering.

DERIVATION SUMMARY

Volcan benefits from a fairly diversified production of base and
precious metals, similar to peers Compania de Minas Buenaventura
S.A.A. (BB/Stable) and Nexa Resources S.A. (BBB-/Stable), and is
more diversified than Minsur S.A. (BBB-/Stable).

The company's scale of operations is comparable albeit lower than
that of Nexa Resources and Minsur, and considerably smaller than
that of higher-rated miners such as Industrias Penoles S.A.B. de CV
(BBB/Stable) and Southern Copper Corporation (SCC; BBB+/Stable).
Volcan has a weaker capital structure than these peers, as it did
not use elevated prices in 2017 and 2018 to reduce debt or build
cash. The company also has a weaker liquidity position than its
peers.

Volcan's cost position has been under pressure by cost inflation
along with those of moderate scale peers. Similar to peers, Volcan
demonstrated a willingness and ability to reduce development and
exploration expenditure during periods of lower commodity prices to
preserve cash flow. The consolidated life of mine of four years of
reserves is also on the lower end, when compared with Peruvian and
other global mining peers.

KEY ASSUMPTIONS

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

-- Average zinc price of USD3,500/tonne in 2022, USD3,000/tonne
    in 2023 and USD2,500/tonne in 2024;

-- Average silver price of USD22.50/oz in 2022, USD20/oz in 2023,

    and USD17.5/oz in 2024;

-- Average lead prices of USD2,700/tonne in 2022, USD2,300/tonne
    in 2023, and USD1,900/tonne in 2024;

-- Average copper price of USD9,500/tonne in 2022, USD8,500/tonne

    in 2023, and USD7,500/tonne in 2024;

-- Capex of USD260 million, USD300 million and USD215 million in
    2022, 2023, and 2024;

-- Zinc output of 247,000 MT, 266,000 MT and 283,000 MT in 2022,
    2023 and 2024;

-- Silver output of 10.3 million oz, 11.4 million oz, and 11.6
    million oz in 2022, 2023, and 2024;

-- Yauli's zinc and silver production rise 18% and falls 11%,
    respectively in 2022. Fitch expects Yauli to contribute 62% of

    revenues in 2022.

RATING SENSITIVITIES

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

-- A sustained net debt/EBITDA ratio of less than 2.0x in a
    sustained basis;

-- Positive to neutral FCF over the rating horizon;

-- Improved liquidity through asset sales or equity injection.

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

-- A sustained net debt/EBITDA ratio of more than 3.0x with an
    unwillingness or inability to deleverage;

-- Negative FCF over the rating horizon.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Volcan ended March 31st, 2022 with USD226
million of readily available cash and equivalents and about USD19
million of short-term debt and USD887 million in total debt.
Volcan's liquidity position is estimated to be flat over the rated
horizon supported by cash flows that will cover capex, and Fitch's
expectation that all maturing debt will be refinanced.

ISSUER PROFILE

Volcan is a polymetallic mining company with a moderate cost
position on the global zinc cost curve per CRU. It has a track
record over 40 years of operating in Peru. Volcan is diversified
into the base metals zinc and lead and the precious metal silver.

ESG CONSIDERATIONS

Volcan Compania Minera S.A.A. has an ESG Relevance Score of '4' for
Waste & Hazardous Materials Management; Ecological Impacts due to
its zinc concentrate leak. In June 2022, a truck careened off the
road spilling 30 million tonnes of zinc concentrates in the Chillon
river. Although cleaning works have concluded, reparations and
potential fines are pending to be defined. This has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

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

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

Volcan Compania       LT IDR      BB    Affirmed    BB
Minera S.A.A.

                      LC LT IDR   BB    Affirmed    BB

   senior unsecured   LT          BB    Affirmed    BB


                           *********


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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