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

          Monday, August 8, 2022, Vol. 23, No. 151

                           Headlines



A R G E N T I N A

ARGENTINA: Pledges End of Money Printing to Battle 60% Inflation
ARGENTINA: Running Out of Cash to Stave Off Devaluation


B E R M U D A

FLY LEASING: Moody's Cuts CFR to B3 & Sr. Unsecured Notes to Caa2


B R A Z I L

BADESC: Fitch Affirms BB-/B IDRs & Alters Outlook to Stable
BANCO DE DESENVOLVIMENTO: Fitch Affirms BB- IDRs, Outlook Stable
BANCO PINE: Fitch Affirms & Withdraws 'B-' LongTerm IDRs
BANCO REGIONAL: Fitch Affirms BB-/B IDRs & Alters Outlook to Stable
BRADSEG PARTICIPACOES: Fitch Affirms 'BB' IDR, Outlook Now Stable

DESENSOLVE SP: Fitch Affirms BB-/B IDRs, Outlook Revised to Stable
SUL AMERICA: Fitch Alters Rating Watch to Positive on 'BB-' LT IDR


C O S T A   R I C A

AUTOPISTAS DEL SOL: Fitch Affirms 'B' Ratings, Outlook Now Stable


E L   S A L V A D O R

SALVADORENO DPR: Fitch Affirms BB- Rating on Series 2015 Loans


G U A T E M A L A

GUATEMALA: S&P Assigns 'BB-' Rating to US$500MM Notes


P U E R T O   R I C O

APOGEE GROUP: Case Summary & Four Unsecured Creditors
JOG'S LLC: Seeks to Hire Maria Martinez de Jesus as Accountant
STONEMOR INC: To Release 2022 Second Quarter Results on August 11


X X X X X X X X

LATAM: Tourism Sector on the Mend After Pandemic
[*] BOND PRICING: For the Week Aug. 1 to Aug. 5, 2022

                           - - - - -


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

ARGENTINA: Pledges End of Money Printing to Battle 60% Inflation
----------------------------------------------------------------
Patrick Gillespie & Scott Squires at Bloomberg News reports that
Argentina's new Economy Minister Sergio Massa pledged on Wednesday,
August 8 to stop printing money that helps fuel runaway inflation,
outlining his strategy to turn around the country's deepening
crisis.

Massa rolled out his economic road map after being sworn in by
President Alberto Fernandez as the third such minister in a month.
Massa's measures also focused on boosting exports, reducing the
country's fiscal deficit and increasing the central bank's
dwindling reserves, according to Bloomberg News.

Massa inherits the enormous challenge of taming inflation that's
expected to reach 90% by the end of this year. Cut off from
international capital markets, Fernandez's government has relied on
money printing to cover its chronic fiscal deficit, Bloomberg News
discloses.  

"Magic doesn't exist," Massa bluntly told reporters in Buenos
Aires. "We have to confront inflation with determination,"
Bloomberg News says.

The government will finance its budget by reducing its deficit or
via private lending, Bloomberg News relays.  The country is
considering four loan offers by three international banks and a
sovereign wealth fund, he said, without providing a figure of the
potential deal, Bloomberg News notes.

Although light on specifics, Massa committed to meeting the
government's primary deficit target this year, a key pillar of its
US$44 billion program with the International Monetary Fund,
Bloomberg News relays.  Massa said he spoke to IMF staff to discuss
the program's future. An IMF spokesperson said in a statement that
its staff spoke to Massa about implementing the program, 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
July 19, 2022, Fitch Ratings 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.

Last 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 has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.


ARGENTINA: Running Out of Cash to Stave Off Devaluation
-------------------------------------------------------
Scott Squires at Bloomberg News report that even in Argentina, a
country whose very name has become synonymous with financial
crisis, the current moment is dire.

With inflation hurtling toward triple digits and, economists say,
just a policy mistake or two away from setting the stage for
hyperinflation, the central bank is desperately trying to avert a
peso devaluation that would only trigger another wave of price
hikes, according to Bloomberg News.

Each day, the bank dispatches its traders to sell dollars and buy
pesos that no one wants. On average, they're burning through $60
million a day, Bloomberg News notes.  For now, that's kept the peso
mostly steady in the primary foreign-exchange market, Bloomberg
News discloses.

Bloomberg News relays that the problem is that their foreign
reserves - the hard currency that serves as an emergency stash to
protect a country from financial ruin - are now so low that no one
can really tell just how much more they can spend.  The nation
haemorrhaged US$1.47 billion even as President Alberto Fernandez
handed sweeping powers to a newly appointed economy minister to set
things right, Bloomberg News relays.  By some accounts, policy
makers have already blown through all the easy-to-spend reserves
they had on hand, leaving them scrambling to come up with ways to
turn illiquid assets into cash, Bloomberg News notes.

The central bank's public data is too opaque to decipher how
exactly it's drawing on the various piles of money that make up its
reserves, and officials are mum on the topic, Bloomberg News
relays.

What is known is this: There's little chance of getting financial
help from abroad, the report notes.  Foreign bond investors - who
have already pushed down the price of Argentina's overseas bonds to
about 20 cents on the dollar - are too scarred by a string of past
defaults to lend the country money now, the report discloses.  The
International Monetary Fund is unlikely to step in this time
either, the report says.  It's already committed some US$44 billion
to the country and is showing no interest in pledging more capital,
the report relays.

All this means that local traders are positioning for a major
devaluation, the report notes.  They drove the peso to as low as
335 per dollar last month in the parallel, unofficial market where
it trades free from government intervention, some 60% weaker than
the 130-per-dollar rate in the official market, the report
discloses.  A devaluation of that magnitude, economists say, could
potentially spark an immediate surge in prices of up to 30% on
essential goods such as foods and even bigger increases for fuel,
deepening the financial pain that Argentines have been enduring for
years, the report relates.

"The problem is we have never had such a weak real exchange rate,
nor such a wide gap between the official and parallel rates, while
reserves were this low," said Emiliano Anselmi, an economist at
brokerage Portfolio Personal Inversiones, the report relays.  "The
government won't be able to hold out much longer without a one-off
devaluation," the report notes.

A worsening trade balance in Argentina, a net energy importer, is
also to blame for its lack of reserves, the report discloses.  The
rising global cost of energy and rampant government spending in the
first half of the year caused total import costs to outpace revenue
from agriculture and other exports, the report says.  Argentina's
trade balance dipped negative in June for the first time since
December 2020, according to Bloomberg data, the report relays.

In a bid to contain the crisis, Fernandez named House Speaker
Sergio Massa as economy minister, giving the former cabinet chief
and veteran politician an expanded portfolio and a mission to fix
the economy, the report discloses.  Massa, who will be sworn in
after his predecessor lasted just three weeks, will face deep
political divides paralysing Argentina's left-leaning ruling
coalition, not to mention global investors yanking money out of
emerging markets as the Federal Reserve jacks up interest rates,
the report relays.

As money leaves Argentina, the country's reserves provide a last
line of defence for the peso. Most estimates place Argentina's
so-called net reserves - its assets on hand, minus the money it
owes - at about US$2 billion, with some economists estimating even
less, the report says.

More than half of the money on the central bank's balance sheet is
held in credit swap lines with China and the Bank of International
Settlements, the report relays.  Gold accounts for a small portion.
Most of the rest - about US$12 billion - come from savers' bank
deposits, the report notes.

The central bank declined to comment on the exact composition of
its US$38 billion in gross reserves or what money it uses to
support the peso, the report discloses.  It says it keeps adequate
foreign currency on hand to sustain normal economic growth and
maintain a balanced foreign-exchange market, the report says.

Fears of the government's insolvency are so acute that savers
rushed to yank dollars from their bank accounts, the report notes.
Dollar deposits fell to their lowest since 2016 as Argentines
withdrew almost US$750 million, the report relays.

"People are quick to react in times of market stress," said Pablo
Waldman, a senior strategist at Inviu in Buenos Aires, the report
relays.  "They prefer to stash their savings under the proverbial
mattress," he added.

                        Dire Straits

To be sure, Argentina has gotten by on less before, with total
reserves dipping as low as US$37 billion in March before the nation
reached a new deal with the IMF, the report notes.  There's also
hope Argentina could get a flood of dollars if it can persuade soy
farmers to sell some US$13.4 billion of their beans sitting in
storage, instead of waiting for a more favorable exchange rate, the
report relays.

Investors are optimistic that Massa will have a better chance of
shoring up the economy than his predecessor, Silvina Batakis, the
report discloses.

"Massa is an upgrade," said Graham Stock, a senior emerging-market
sovereign strategist at Bluebay Asset Management in London, the
report relays.

Still, there may be only so much he can do. Devaluing the currency
would stoke inflation that's already above 60%, but trying to keep
it near its current levels will be a challenge given the lack of
dollars in the country, the report relays.  The government needs to
trim spending, but that risks undermining popular support, the
report notes.

"The central problem remains that there is no easy solution to the
crisis," Stock said, the report says.  "High inflation is making
the government unpopular and driving capital flight," he added.

                    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
July 19, 2022, Fitch Ratings 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.

Last 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 has also confirmed Argentina's Long-Term Foreign Currency
Issuer Rating at CCC and Long-Term Local Currency Issuer Rating at
CCC (high) on July 21, 2022.




=============
B E R M U D A
=============

FLY LEASING: Moody's Cuts CFR to B3 & Sr. Unsecured Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Fly Leasing Limited's
corporate family rating to B3 from B1 and its senior unsecured
rating to Caa2 from B3. Moody's also downgraded to B2 from Ba3 the
backed term loan ratings of FLY's subsidiaries, Fly Funding II
S.a.r.l. and Fly Willow Funding Limited. Moody's has maintained
negative outlooks on all three companies.

Downgrades:

Issuer: Fly Leasing Limited

Corporate Family Rating, Downgraded to B3 from B1

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from
B3

Issuer: Fly Funding II S.a.r.l.

Gtd 1st Lien Senior Secured Bank Credit Facility, Downgraded to B2
from Ba3

Issuer: Fly Willow Funding Limited

Gtd Senior Secured Bank Credit Facility, Downgraded to B2 from
Ba3

Outlook Actions:

Issuer: Fly Leasing Limited

Outlook, Remains Negative

Issuer: Fly Funding II S.a.r.l.

Outlook, Remains Negative

Issuer: Fly Willow Funding Limited

Outlook, Remains Negative

RATINGS RATIONALE

Moody's downgrade of FLY's ratings considered the lack of a
meaningful turnaround in the company's profitability and cash
generating capacity and the level of uncertainty concerning its
ability to generate sufficient cash to satisfy or refinance its
debt obligations. This uncertainty includes pertaining to the
timing and valuation of aircraft sales that appear to be necessary
in order to alleviate its liquidity needs. At March 31, FLY had
approximately $127 million of unrestricted cash and Moody's expects
it to be challenged to generate positive free cash flow (currently
anticipated to be approximately $40 million free cash flow deficit)
in the next 12 months, given the company's substantial term loan
amortization payment requirements that fall due in this period. The
company's financial flexibility is further limited by its high
reliance on secured funding, leaving very little in the form of
unencumbered assets, and its lack of a committed revolving credit
facility. All of these factors create refinancing risk for FLY's
$400 million senior unsecured notes that mature in October 2024.

Moody's also anticipates that Fly's Moody's-adjusted debt to EBITDA
leverage (10.7x for the trailing-12 months' through March 2022)
will remain elevated but will moderately improve as the company
increases its fleet size and uses a portion of its restricted cash
to repay some of its outstanding debt. Moody's anticipates that air
travel demand will continue to gradually increase towards 2019
levels through 2023. The majority of FLY's fleet is comprised of
modern narrow-body aircraft used primarily in domestic and regional
travel, which has better prospects of improved volumes as air
travel demand continues to recover.

The B2 ratings for the secured term loan obligations are a notch
above FLY's B3 CFR, reflecting these loans' security interest in
aircraft as well as the loss-absorbing benefit that accrues to the
loans from FLY's senior unsecured notes. FLY's senior unsecured
notes' Caa2 rating is two notches below FLY's CFR, reflecting the
notes' structural subordination in the group's capital structure.

FLY's negative outlook reflects Moody's expectation that it will
continue to suffer a deficit of free cash flow during the next
twelve months and incorporates the level of uncertainty surrounding
the timing and value of asset sales that could alleviate some of
its liquidity pressure.

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

The ratings could be upgraded if FLY's revenue and earnings
substantially improve, such that debt-to-EBITDA leverage improves
to below 8.0x on a sustained basis, and the company's liquidity
position substantially improves.

The ratings could be downgraded if Moody's expectations surrounding
the likelihood of default and recovery further weaken, including
through a pre-emptive restructuring of debt obligations. This could
be precipitated by further deterioration in liquidity or inability
to sell aircraft on favorable terms.

Incorporated in Bermuda, FLY is a lessor of commercial aircraft and
engines owned by an affiliate of Carlyle Aviation since August
2021. As of March 31, 2022, the company had 67 aircraft and seven
engines on lease and 4 aircraft off-lease and had total assets of
$3.1 billion. Carlyle Aviation is a multi-strategy aviation
investment manager with assets under management of $10.2 billion
which owns and manages a fleet of 308 aircraft.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.



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

BADESC: Fitch Affirms BB-/B IDRs & Alters Outlook to Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Agencia de Fomento do Estado de Santa
Catarina S.A. - Badesc's (Badesc) Long- and Short-Term Local- and
Foreign Currency Issuer Default Ratings (IDRs) at 'BB-' and 'B',
respectively. The Long- and Short-Term National Ratings have also
been affirmed at 'AA(bra)' and 'F1+(bra)', respectively.

Fitch has also revised the Rating Outlook on Badesc' IDRs to Stable
from Negative. The rating action mirrors the recent action on
Badesc's parent, the state of Santa Catarina (Santa Catarina;
Long-Term Foreign- and Local Currency IDRs at BB-/Stable).

The Long-Term National Rating Outlook remains Stable.

Fitch has withdrawn Badesc's Support Rating of '3' as it is no
longer relevant to the agency's coverage following the publication
of its updated Bank Rating Criteria on Nov. 12, 2021. In line with
the updated criteria, Fitch has assigned Badesc a Shareholder
Support Rating (SSR) of 'bb-'.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS, SSR

Badesc's IDRs and national ratings are driven by the SSR and based
on Fitch's expected support from its parent (Santa Catarina State)
and are equalized to the parent's ratings. Fitch considers Badesc
as a core subsidiary in terms of financial services to the state,
where Badesc focuses its operations. Fitch does not assign a
Viability Rating (VR) to the institution, since according to
Fitch's methodology, VRs are not usually assigned to development
banks or to other FIs whose operations are largely determined by
their policy roles.

Badesc's SSR is highly influenced by its role, along with the
subnational, in Fitch's opinion. The institution is a development
arm of the state's government, being an important entity in
boosting the state's economic growth through lending to micro and
small enterprises, as well as providing resources for
municipalities under the administration of Santa Catarina State.

Group regulation is also a significant factor for Badesc's rating
in Fitch's opinion. The regulator is very active and imposes some
limitations on the actions of the developing agencies in Brazil. In
addition, the regulator imposes any state to be the majority
shareholder in development agencies in Brazil. Therefore, Fitch
believes it is also likely to favor support of a subsidiary by the
parent in case of need.

In its assessment, Fitch also considers the small size of the
institution relative to the financial capacity of Santa Catarina;
the fact that a potential sale of Badesc is very low; the high
reputational risk that Badesc represents to the state; the high
level of operational integration between both parent and subsidiary
and the fact that it is a state-controlled institution.

Badesc has a dividend policy of full earnings distribution;
however, part of this amount is returned to Badesc itself to
provide subsidy for programs and the Santa Catarina State. This one
has recurrently injected capital in the last years into Badesc,
mainly for Emergency Funds and State guarantee funds for emergency
aid for micro, small and medium-sized companies in the state of
Santa Catarina, mainly during the pandemic.

Since Badesc's ratings are driven by support, the issuer's
intrinsic credit metrics have a limited impact on its ratings.
Badesc's asset quality was adequate compared to the risks it takes.
As of December 2021, the agency's D-H loans/gross loans ratio was
6.5% (7.9% in 2020 and 4YE average at 8.0%). Badesc's profitability
was high in 2021, the operating profits/risk weighted average ratio
stood at 8.2%, compared with 1.7% in 2020 and 4.3% at 4YE average.

Badesc has strong a capitalization, with a regulatory capital ratio
of 58.2% at YE21. Capital is integrally composed of common equity
Tier 1. As a development agency, Badesc has limitations to
diversify its funding base. The loan portfolio has been financed
mainly by equity or onlendings from official entities, such as
BNDES (National Bank for Economic and Social Development), FINEP
(Financier of Studies and Projects) and FUNGENTUR (Tourism Fund).
The company had conversations with multilateral institutions for
future loan lines.

Badesc's liquidity position is good. The agency has a significant
amount invested in financial instruments with immediate liquidity
to meet its obligations. As a development agency, Badesc must
create and permanently maintain a liquidity fund equivalent to at
least 10% of the value of its obligations to be fully invested in
federal government securities.

RATING SENSITIVITIES

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

IDRs, SSR, NATIONAL RATINGS

-- The ratings would be affected by further changes in Santa
    Catarina's ratings;

-- The ratings could be affected by reduction of propensity from
    the Santa Catarina to support, which is not currently under
    Fitch's expectations.

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

-- Improvements in the ratings are dependent on the upgrade of
    the parent.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Santa Catarina's State

Rating Action
                     Rating             Prior
                     ------             -----
Agencia de Fomento
do Estado de Santa
Catarina S.A. - Badesc

LT IDR               BB-      Affirmed   BB-
ST IDR               B        Affirmed   B
LC LT IDR            BB-      Affirmed   BB-
LC ST IDR            B        Affirmed   B
Natl LT              AA(bra)  Affirmed   AA(bra)
Natl ST              F1+(bra) Affirmed   F1+(bra)
Support              WD       Withdrawn  3
Shareholder Support  bb-      New Rating


BANCO DE DESENVOLVIMENTO: Fitch Affirms BB- IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desenvolvimento do Espirito
Santo S.A.'s (Bandes) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BB-', and Short-Term Local and Foreign
Currency IDRs at 'B'. Fitch has also affirmed Bandes' National
Long-Term rating at 'AA(bra)'/Stable, and National Short-Term
rating at 'F1+(bra)'.

In addition, Fitch has revised the Rating Outlook on Bandes' IDRs
to Stable from Negative. The rating action mirrors the improvement
in the assessment on Bandes' parent after the Brazilian sovereign's
Outlook revision to Stable from Negative on July 14, 2022.

The State of Espirito Santo's credit profile is assessed internally
by Fitch.

Fitch has withdrawn Bandes' Support Rating of '3' as it is no
longer relevant to the agency's coverage following the publication
of its updated Bank Rating Criteria on Nov. 12, 2021. In line with
the updated criteria, Fitch has assigned Bandes a Shareholder
Support Rating (SSR) of 'bb-'.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS AND SSR

Bandes' IDRs and National Ratings are driven by its SSR, and based
on the expectation of support from its controlling shareholder, the
government of the State of Espirito Santo. Fitch believes Bandes
plays an important role for the state, as it is the government's
development arm, with an important role in boosting the local
economy's growth through lending to small and medium enterprises,
as well as providing resources for municipalities within the state.
Fitch does not assign a Viability Rating to the institution, given
the bank's role as a development agency, for which Fitch cannot
form an entirely standalone credit view.

Fitch views group regulation of the institution relative to the
financial capacity of Espirito Santo as a significant factor for
Bandes' rating. Since the regulator is very active and imposes some
limitations on the actions of development banks in Brazil, the fact
that there is no impediment on the regulator's part for potential
support by the state is an important factor.

Fitch also considers in its assessment the relative manageable
size, high reputational risk to the state, high level of
operational integration between the state and Bandes, recent
support track record and that the development bank is a state-owned
institution.

Bandes' main objective is to expand and promote government programs
to help develop the regional economy through financing lines to
small and medium-sized enterprises and municipalities, especially
for investments focused on technology. Bandes also plays an
important role in supporting the state economy through government
created funds managed by the bank.

As the ratings are support driven, Bandes' financial profile has no
direct rating implications. The development bank's financial
profile has been comparatively weak in 2018 and 2019, affected by a
severe drought that hit the state of Espirito Santo, and
consequently companies in the region. In 1H22, 2021 and 2020,
Bandes' performance has steadily improved after a significant shift
in strategy implemented in 2019. The previous strategy to support
the primary economic sector has changed along with the new
government, which now seeks to support the secondary economic
sector (industries and services) through loans to SMEs.

Loans classified in the D-H categories improved to 23.5% in 2021
from 35.5% in 2019 (4YE average at 25.5%), and the bank posted good
profitability ratios, in 2021 the operating profits/RWA ratio stood
at 5.7%, compared with 3.2% in 2020 and losses in 2019 and 2018
(4YE average -0.6%). The bank continues to be adequately
capitalized, supported by the state government and maintains
sufficient liquidity. Bandes´ regulatory capital ratio of 28.8% at
YE 2021. Capital is integrally composed of common equity Tier 1.

As a development bank, Bandes has limitations regarding its funding
sources, when compared with commercial banks. The credit portfolio
has been financed mainly by equity or on lendings from official
entities, such as BNDES (National Economic and Social Development
Bank). However, the institution aims to increase and diversify its
funding, including credit from international development banks. In
2021, the bank raised USD 30 million from the Inter-American
Development Bank (IDB).

RATING SENSITIVITIES

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

IDRs, NATIONAL RATINGS and SSR

-- Any changes to the State of Espirito Santo's ability or
propensity to support Bandes may result in a rating review.

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

IDRs, NATIONAL RATINGS and SSR

-- An upgrade of the Ratings would depend on an improvement in the
State of Espirito Santo's ability or propensity to provide
support.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bandes' ratings are dependent on Fitch's view of the State of
Espirito Santo's creditworthiness.

                                   Rating             Prior
                                   ------             -----
Banco de Desenvolvimento
do Espirito Santo S.A.

                 LT IDR              BB-     Affirmed    BB-
                 ST IDR              B       Affirmed    B
                 LC LT IDR           BB-     Affirmed    BB-
                 LC ST IDR           B       Affirmed    B
                 Natl LT             AA(bra) Affirmed    AA(bra)
                 Natl ST             F1+(bra) Affirmed   F1+(bra)
                 Support             WD       Withdrawn  3
                 Shareholder Support bb-      New Rating

BANCO PINE: Fitch Affirms & Withdraws 'B-' LongTerm IDRs
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Banco Pine S.A.'s (Pine)
Foreign and Local Currency Long-Term Issuer Default Ratings (IDRs)
at 'B-', National Long-Term Rating at 'BB+(bra)' and Viability
Rating (VR) at 'b-'. At the time of the withdrawal the Rating
Outlook on Pine's Long-Term IDR and National Long-Term Rating was
Stable.

Fitch has withdrawn the ratings for commercial reasons.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

Pine's ratings reflect the gradual improvements observed in
profitability metrics, although the bank continues to report
operational losses. Pine's ratings capture execution risks stemming
from its business profile and the volatility expected as a result
in its financial profile, especially on earnings and
capitalization.

Pine's current business model focuses on both small and medium
enterprises (SMEs, 41% of total loans) and on large corporates
(59%). The bank's ability to successfully implement its strategic
objectives has been curbed by weak capitalization metrics. Pine's
difficulties selling its significant consolidated foreclosed assets
have also prevented the bank from fully implementing its strategy.

Despite gradually improving, Pine's profitability continues to be
limited by the scale of its business, which has been hampered by
the size of foreclosed assets and tight capitalization metrics. In
2021, Pine reported a negative 0.2% operating profit/RWA ratio,
from negative 1.8% a year before. Despite improvements, Pine's
ability to achieve a sustainable operational breakeven remains
dependent on reduction of its foreclosed assets.

Pine continues to report pressured capitalization metrics that are
below its peers. Despite the reported growth on loans, Pine was
able to sustain its common equity Tier 1 (CET1) ratio. At YE 2021,
the bank reported a 9.6% CET1 ratio, from 10.7% a year before. At
the same time, total regulatory capital ratio fell to 11.1% from
11.7% at YE 2020. Pine's current capitalization constrains the
bank's ability to absorb potential losses and to proper implement
its business model.

Pine's asset quality metrics continues to improve but are still
higher than its peers as a result of the expansion of its new
strategy. Pine's impaired loans ratio declined to 7.6% at YE 2021
(0.3% NPLs), from 8.6% (0.6%) at YE 2020 as a combination of the
high level of renegotiations (10.7% of loans in 2021), clean-up of
legacy portfolio coupled with the good performance of its lending
activities. Pine's impaired loans coverage declined to 70.6% in
2021, from 88.4% a year before. At the same time, the bank's NPLs
coverage reached 17.6x at end-2021, from 13.7x in end-2020.

Pine's liquidity and funding structure remains stable and adequate
to its business model. At YE 2021, it reported a liquidity
reduction to BRL1.2 billion from BRL2.4 billion a year before. The
reduction was expected given that the bank has been reducing its
liquidity carrying costs. The bank's loan-to-deposits ratio
adjusted for the local deposit-like products stood at good 59.8% at
YE 2021, which compares favorably with its peers.

RATING SENSITIVITIES

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

-- Negative rating sensitivities are not applicable as the
    ratings have been withdrawn.

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

-- Positive rating sensitivities are not applicable as the
    ratings have been withdrawn.

VR ADJUSTMENTS

Fitch assigned the VR in line with the implied VR.

RATING ACTIONS

Banco Pine S.A.

                  Rating               Prior
                  ------               -----
LT IDR              B-       Affirmed    B-
LT IDR              WD       Withdrawn   B-
ST IDR              B        Affirmed    B
ST IDR              WD       Withdrawn   B
LC LT IDR           B-       Affirmed    B-
LC LT IDR           WD       Withdrawn   B-
LC ST IDR           B        Affirmed    B
LC ST IDR           WD       Withdrawn   B
Natl LT             BB+(bra) Affirmed    BB+(bra)
Natl LT             WD(bra)  Withdrawn   BB+(bra)
Natl ST             B(bra)   Affirmed    B(bra)
Natl ST             WD(bra)  Withdrawn   B(bra)
Viability           b-       Affirmed    b-
Viability           WD       Withdrawn   b-
Government Support  ns       Affirmed    ns
Government Support   WD       Withdrawn   ns


BANCO REGIONAL: Fitch Affirms BB-/B IDRs & Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco Regional de Desenvolvimento do
Extremo Sul's (BRDE) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BB-' and Short-Term Local and Foreign
Currency IDRs at 'B'. Fitch has also affirmed BRDE's National
Long-Term rating at 'AA(bra)' with a Stable Rating Outlook and its
National Short-Term rating at 'F1+(bra)'. Fitch has revised the
Outlook on BRDE's IDRs to Stable from Negative.

These actions mirror Fitch's recent action on BRDE's parents, the
State of Parana and the State of Santa Catarina.  The rating
actions also mirror the improvement in Fitch's assessment on the
State of Rio Grande do Sul, which is assessed internally by Fitch.

Fitch has withdrawn BRDE's Support Rating of '3' as it is no longer
relevant to the agency's coverage following the publication of its
updated Bank Rating Criteria on Nov. 12, 2021. In line with the
updated criteria, Fitch has assigned BRDE a Shareholder Support
Rating (SSR) of 'bb-'.

KEY RATING DRIVERS

BRDE's IDRs and National Ratings are driven by the SSR and are
based on Fitch's expectation of support from the bank's
shareholders, the states of Parana, Santa Catarina and Rio Grande
do Sul. BRDE's IDRs are equalized with those of Parana and Santa
Carina. Fitch currently rates Parana and Santa Catarina
'BB-'/Outlook Stable. Fitch does not publicly rate Rio Grande do
Sul. The creditworthiness of all three states strongly influences
BRDE's ratings. Fitch does not assign a Viability Rating to the
institution, as it functions as a development bank, a category for
which Fitch cannot form an entirely standalone credit view.

BRDE's ratings are also highly influenced by its strategic role and
importance as a development bank in the South of Brazil. Fitch also
believes that the local regulator would be likely to favor support
of BRDE by the parent states as needed.

BRDE's relatively small size compared to each shareholder (state)
highly influences the likelihood of support from its parents. It
would be relatively easy for the states to provide support if
needed considering their financial flexibility, the high
reputational risk that BRDE represents to the states, the high
degree of operational integration between the three subnationals
and the bank, and the states' recent track record of support to
BRDE.

BRDE mainly provides financing to private companies and
cooperatives and also works, though to a lesser extent, with
municipalities on a development bias. The bank has a stable
business model and focuses its operations on its controlling and
bordering states. Fitch believes that, as with other public banks,
strategies and goals could be influenced by the political
guidelines of the bank's shareholders. On the other hand, strategic
decisions must be unanimously approved by the three states, which
reduces the possibility of conflicts among controllers.

Since BRDE's ratings are driven by support, there are no direct
rating implications to its financial profile. In 2021, BRDE's asset
quality indicators were stable and still compared favorably with
peers with the same performance profile in Brazil. In 2021, credits
in 'D-H' corresponded to 3.1%, against 3.9% in 2020 and 3.8% of 4YE
Average. BRDE's operating profits to risk-weighted assets (RWAs)
ratio improved to 3.0% from 2.2 % in 2020 and 2.5% in the 4YE
Average, this ratio remained in line with peers.

The bank has also maintained adequate capitalization levels, with a
Common Equity Tier 1 Capital ratio of 20.5% in 2021. The bank's
main source of funding is funds from Banco Nacional de
Desenvolvimento e Social (BNDES/FINAME), which has been reducing
its funding (60%-50% of funding in 2020). The bank increased its
funding through new sources of complementary national resources and
international development entities as French Development Agency
(FDA), Inter-American Development Bank (IDB) and European
Investment Bank (EIB).

RATING SENSITIVITIES

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

IDRs, NATIONAL RATINGs and SSR

-- Since BRDE's ratings are driven by the SSR, they can be
    downgraded if one or more of its shareholders are also
    downgraded;

-- There may also be a downgrade if there are changes in the
    propensity of the controlling states to support BRDE.

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

IDRs, NATIONAL RATINGs and SSR

-- An upgrade of BRDE's ratings is dependent on improvement in
    the parents' ability and propensity to provide support

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BRDE's IDRs are equalized with those of Parana and Santa Carina.
Fitch currently rates Parana and Santa Catarina 'BB-'/Outlook
Stable

RATING ACTIONS

                        Rating            Prior
                        ------            -----
Banco Regional de
Desenvolvimento do Extremo Sul (BRDE)

     LT IDR              BB-      Affirmed  BB-
     ST IDR              B        Affirmed  B
     LC LT IDR           BB-      Affirmed  BB-
     LC ST IDR           B        Affirmed  B
     Natl LT             AA(bra)  Affirmed  AA(bra)
     Natl ST             F1+(bra) Affirmed  F1+(bra)
     Support             WD       Withdrawn 3
     Shareholder Support bb-      New Rating


BRADSEG PARTICIPACOES: Fitch Affirms 'BB' IDR, Outlook Now Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on the Local Currency
Long-Term IDR (Issuer Default Rating) of Bradseg Participacoes
S.A.'s (Bradseg) to Stable from Negative and affirmed the Rating.
The National Long-Term Rating of 'AAA(bra)' was also affirmed and
the Outlook remained Stable. The rating actions on Bradseg follow
the revision of the Outlook of its parent, Banco Bradesco, of which
it is a core subsidiary.

KEY RATING DRIVERS

Bradseg' ratings are aligned with those of its parent, Banco
Bradesco S.A. (Bradesco; Local Currency Long-Term IDR BB/Stable).
The Outlook for Bradseg' IDR rating mirrors that of its parent's
Long-Term Local Currency IDR, which, in turn remains one notch
above Brazil's sovereign rating (Long-Term Local Currency IDR
BB-/Stable).

Fitch views Bradseg as a 'core subsidiary' of Bradesco, and
therefore its ratings are equalized with those of its parent. This
is based on the strategic importance of Bradseg's insurance
operations which complement the main retail banking activities,
common branding and high contribution of Bradseg to group profits.
The insurance holding company has consistently contributed about
26% of the bank's consolidated earnings historically.

The ratings also reflect the company's leading position in the
Brazilian insurance market, consistent performance through the
cycles, diversified revenue base, strong distribution capacity
underpinned by Bradesco's wide agency network and comfortable
liquidity and capitalization ratios.

In applying Fitch's insurance criteria regarding the impact of
ownership on Bradseg' ratings, Fitch considered how the ratings
would theoretically be affected under Fitch's bank support
criteria. Fitch's insurance criteria are principles based regarding
ownership, and the referenced bank criteria was used to help inform
Fitch's judgment in applying those principles.

RATING SENSITIVITIES

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

Bradseg' ratings are linked to that of Banco Bradesco. Therefore,
any negative change in the bank's ratings would affect the issuer's
ratings, as would a change in its willingness to provide support,
which Fitch considers highly unlikely.

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

Bradseg' IDR has limited upside potential, as it is equalized to
that of Banco Bradesco, whose ratings are constrained by its
operating environment. Over the medium term, the ratings could
benefit from stabilization and eventual improvement of Fitch's
assessment of the operating environment for Brazilian banks.

For the national scale rating, this sensitivity is not applicable,
given that the National LT rating of Bradseg was affirmed at
'AAA(bra)'.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of Bradseg is directly linked to the IDR of Banco
Bradesco, the ultimate parent company.

                                  Rating             Prior
                                  ------             -----
Bradseg Participacoes S.A.

                         LC LT IDR  BB       Affirmed  BB
                         Natl LT    AAA(bra) Affirmed  AAA(bra)


DESENSOLVE SP: Fitch Affirms BB-/B IDRs, Outlook Revised to Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Desenvolve SP - Agencia de Fomento de
Sao Paulo (Desenvolve) Long- and Short-Term Local- and Foreign
Currency Issuer Default Ratings (IDRs) at 'BB-' and 'B',
respectively. The Long- and Short-Term National Ratings have also
been affirmed and 'AA(bra)' and 'F1+(bra)' respectively.

Fitch has also revised the Rating Outlook on Desenvolve's IDRs to
Stable from Negative. The rating action mirrors the recent action
on Desenvolve's parent, the state of Sao Paulo (Long-Term Foreign
Currency and Local Currency IDRs at BB-/Stable).

The Long-Term National Rating Outlook remains Stable.

Fitch has withdrawn Desenvolve's Support Rating of '3' as it is no
longer relevant to the agency's coverage following the publication
of its updated Bank Rating Criteria on Nov. 12, 2021. In line with
the updated criteria, Fitch has assigned Desenvolve a Shareholder
Support Rating (SSR) of 'bb-'.

KEY RATING DRIVERS

Desenvolve's IDRs and national ratings are driven by the SSR and
based on Fitch's view of expected support from its parent, Sao
Paulo, and are equalized to the parent's ratings. Fitch considers
Desenvolve as a core subsidiary in terms of financial services to
the state, where Desenvolve focuses its operations. Fitch does not
assign a Viability Rating (VR) to the institution, since according
to Fitch`s methodology, VRs are not usually assigned to development
banks or to other FIs whose operations are largely determined by
their policy roles.

In Fitch's opinion, Desenvolve's SSR is highly influenced by its
role with the subnational. The institution is a development arm of
the state's government, being an important entity in boosting the
state's economic growth through lending to micro and small
enterprises, as well as providing resources for municipalities
under the administration of Sao Paulo State.

Parent and Group regulation are also a significant factor for
Desenvolve's rating in Fitch's opinion. The regulator is very
active and imposes some limitations on the actions of the
developing agencies in Brazil. In addition, the regulator requires
that a state be the majority shareholder in development agencies in
Brazil. Therefore, Fitch believes this is also likely to favor
support of a subsidiary by the parent in case of need.

In its assessment, Fitch also considers the small size of the
institution relative to the financial capacity of Sao Paulo; the
fact that a potential sale of Desenvolve is very low; the high
reputational risk that Desenvolve represents to the state; the high
level of operational integration between both parent and subsidiary
and the fact that it is a state-controlled institution.

Since Desenvolve's ratings are driven by support, the issuer's
intrinsic credit metrics have a limited impact on its ratings.

Desenvolves' asset quality was adequate compared to the risks it
takes. As of December 2021, the agency's D-H loans/gross loans
ratio was 10.1% (7.6% in 2020 and 5YE average of 10.6%).
Desenvolve's profitability was satisfactory in 2021, the
pre-impairment operating profits/Average Total Assets rose to 5.3%
up from 4.6% in 2020 and 4.1% and 4.0% respectively in 2019 and
2018.

Desenvolve has a strong capitalization, during 2021, the agency
received several capital increases including one of R$1 billion in
November. As of March 2022, the agency's Tier I and total capital
ratio reached 77.8%. Desenvolve's liquidity position is good. The
agency has a significant amount invested in financial instruments
with immediate liquidity to meet its obligations.

As a development agency, Desenvolve has limitations to diversify
its funding base. The loan portfolio has been financed mainly by
equity or onlendings from official entities, such as BNDES
(National Bank for Economic and Social Development), FINEP
(Financier of Studies and Projects) and FUNGETUR (Tourism Fund).
Other major funding has been sourced from multilateral institutions
such as IFC and CAF, while negotiations with other multilateral
institutions are currently underway.

RATING SENSITIVITIES

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

IDRs, SSR, NATIONAL RATINGS

-- Further changes in Brazil's ratings or Outlooks;

-- Improvements in the ratings are dependent on the upgrade of
    the parent.


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

IDRs, SSR, NATIONAL RATINGS

-- Further changes in Brazil's ratings or Outlooks;

-- The ratings would be affected by further changes in Sao
    Paulo's ratings;

-- The ratings could be affected by reduction of propensity from
    Sao Paulo to support, which is not currently under Fitch's
    expectations.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Desenvolve's ratings are equalized to those of its parent, the
state of Sao Paulo.

RATING ACTIONS

Desenvolve SP -
Agencia de Fomento
do Estado de Sao Paulo S.A.

                      Rating                 Prior
                      ------                 -----
    LT IDR              BB-       Affirmed    BB-
    ST IDR              B         Affirmed    B    
    LC LT IDR           BB-       Affirmed    BB-
    LC ST IDR           B         Affirmed    B
    Natl LT             AA(bra)   Affirmed    AA(bra)
    Natl ST             F1+(bra)  Affirmed    F1+(bra)
    Support             WD        Withdrawn   3
    Shareholder Support bb-       New Rating


SUL AMERICA: Fitch Alters Rating Watch to Positive on 'BB-' LT IDR
------------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Sul America S.A.
(SASA) Long-Term Issuer Default Ratings (IDR) and National
Long-Term Rating to Positive from Evolving.

The Positive Watch reflects Fitch's view of a rating advantage
based on the business combination with Rede D'Or. The ratings were
previously on Rating Watch Evolving due to downward pressures
related to the sovereign.

KEY RATING DRIVERS

The Positive Watch reflects Fitch's expectation that once the
incorporation is complete, SASA's ratings should reflect the
potential ownership of Rede D'Or and the synergies between the
companies, which can benefit SASA's ratings under a group credit
approach. In the event of the non-approval of the business
transaction agreement between SASA and Rede D'or, or the
cancellation of either parties' plans to proceed with the
transaction, Fitch will likely remove the ratings from Positive
Watch and affirm them.

The rating actions follow the announcement of the revision of
Brazil's Sovereign Rating outlook from Negative to Stable, which
also reflects the direct influence and high importance on the
profile of the insurance sector and operating environment and in
the insurer's ratings.

SASA's ratings were on Rating Watch Evolving prior to the sovereign
rating outlook review. The Evolving Watch also reflected the direct
influence and high importance of Brazil's sovereign rating outlook
on the insurance industry profile and operating environment. The
Evolving Watch also reflected the company's significant exposure to
sovereign and other non-investment grade bonds, which in turn,
negatively affect Fitch's assessment of SASA's investment and asset
risk and capitalization and leverage credit factors.

Fitch expects SASA's insurance and asset management operations will
continue to operate independently as a subsidiary of the group,
given the different dynamics of the business. The transaction will
join the largest hospital network to one of the major independent
insurers in the country with a focus on health. The combination
between the two companies is based on strategic pillars focused on
the expansion and alignment of their health ecosystems, including
the health, dental, life, pension, and investment businesses.

RATING SENSITIVITIES

Fitch will resolve the Positive Watch when the incorporation
receives the necessary approvals and actually takes place. At that
time, the resolution of the Positive Watch on SASA will consider
Fitch's view on consolidated credit strength and SASA's strategic
importance to Rede D'Or. The ratings analysis will weigh the
implications of the transaction for SASA in several key areas,
including underwriting and operating strategy, business growth,
capital management and risky asset allocation.

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

International Scale

–- The ratings could be upgraded upon closing should Fitch view
    Rede D'Or's consolidated credit quality to be superior to
    SASA's current ratings and decide to apply uplift to SASA's
    ratings based on its strategic importance to Rede D'Or;

–- An improvement in Brazil's industry profile and operating
    environment, driven by an improvement in country risk and a
    stronger financial market development, which would lead to an
    improvement in Fitch's assessment of SASA's business profile,
    investment and asset risk and capitalization and leverage
    credit factors;

National Scale

-- The approval of the business combination transaction agreement
    between SASA and Rede D'Or by relevant authorities;

–- A positive change in Fitch's perception of SASA's
    creditworthiness with respect to other Brazilian entities
    rated on the national scale;

-- An improvement in Brazil's industry profile and operating
    environment, driven by an improvement in country risk and a
    stronger financial market development;

-- A sustained improvement on SASA's technical profitability and
    leverage, measured by a combined ratio and a net leverage
    ratio below its previous three year-end average ratios;

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

International Scale

-- The non-approval of the business transaction agreement between
    SASA and Rede D'or, or the cancellation of either parties'
    plans to proceed with the transaction, in which case Fitch
    will likely remove the ratings from Positive Watch and affirm
    them.

-- If Fitch decides that SASA's strategic importance to Rede D'Or
    is not sufficient to provide any ratings uplift;

-- A downgrade in Brazil's sovereign rating (BB-/Stable), which
    would lead to a worsening of Fitch's assessment of the
    insurance industry profile and operating environment, which
    would also deteriorate SASA's business profile, investment and
    asset risk, and capitalization and leverage credit factors;

-- A sustained and material deterioration in profitability and
   leverage, measured by an ROAE below 8% and a FLR above 31%.

National Scale

-- The non-approval of the business transaction agreement between
SASA and Rede D'or, or the cancellation of either parties' plans to
proceed with the transaction, in which case Fitch will likely
remove the ratings from Positive Watch and affirm them.

-- An adverse change in Fitch's perception of SASA's business
profile and creditworthiness with respect to other Brazilian
entities rated on the national scale;

-- A sustained and material deterioration in technical
profitability, measured by a combined ratio above its previous
three year-end average ratios.

                           Rating                         Prior
                           ------                         -----
Sul America S.A.

                   LT IDR    BB-      Rating Watch Revision  BB-

                   ST IDR    B        Affirmed               B

                   LC LT IDR BB-      Rating Watch Revision  BB-

                   LC ST IDR B        Affirmed               B

                   Natl LT   AA-(bra) Rating Watch Revision
                                                         AA-(bra)
                   Natl ST   F1+(bra) Affirmed           F1+(bra)

senior unsecured  Natl LT   A+(bra)  Affirmed           A+(bra)



===================
C O S T A   R I C A
===================

AUTOPISTAS DEL SOL: Fitch Affirms 'B' Ratings, Outlook Now Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Autopistas del Sol, S.A.'s (AdS)
international notes at 'B', and national scale rating on its local
notes at 'AA-(cri)'. The Rating Outlook for both ratings has been
revised to Stable from Negative. The international and local notes
are supported by the cash flow generation Costa Rica's Ruta 27 toll
road.

The Outlook revision to Stable reflects Fitch's updated view on
Costa Rica's sovereign credit risk ('B'/Stable), given the the
project's links with the sovereign's credit quality through the
minimum revenue guarantee (MRG). The Outlook also reflects a
post-pandemic traffic recovery that is generally in line with
Fitch's expectations, and the limited effects thus far of the
completion of the first phase of improvements to the San Jose-San
Ramon competing road, which Fitch expects will remain the case in
the short term.

RATING RATIONALE

AdS's ratings reflect the asset's traffic and revenue profile,
supported by an adequate toll adjustment mechanism. Mostly used by
commuters, the project may face significant competition in the
short-to-medium term once the main competing road is improved, and
especially if its tariffs are significantly lower than those of
Ruta 27.

Toll rates are adjusted quarterly to exchange rate and annually to
reflect changes in the U.S. Consumer Price Index (CPI). The ratings
also reflect a fully amortizing senior debt structure with a fixed
interest rate and a net present value (NPV) cash trap mechanism
that prevents an early termination of the concession before debt is
fully repaid.

Fitch's Rating Case minimum and average debt service coverage
ratios (DSCR) are 0.9x and 1.2x, respectively, which remain in line
with Fitch's criteria guidance for the assigned rating. The
eventual shortfalls in coverage ratios will likely be covered by
the reserve accounts available within the structure. Under this
scenario, Fitch expects the project will receive MRG payments from
2025 onward, which totals 9% of annual revenues on average.

KEY RATING DRIVERS

Mostly Commuter with Growing Heavy Traffic [Revenue Risk - Volume:
Midrange]:

The asset is a toll-road that serves a strong reference market,
playing an important role in the broader transportation system as
it serves as a link between San Jose (Costa Rica's capital city)
and its surrounding metropolitan area with the Pacific Coast. The
road is used by commuters on workdays and by San Jose residents
traveling to beaches on the weekends. The road could face
significant competition once major improvements to the existing and
congested San Jose-San Ramon Route are made. The concession
agreement provides an MRG that compensates the issuer if revenue is
below certain thresholds, somewhat alleviating this risk.

Adequate Rate Adjustment Mechanism [Revenue Risk - Price:
Midrange]

Toll rates are adjusted quarterly to reflect changes in the Costa
Rican Colon (CRC) to USD exchange rate, and annually to reflect
changes in the U.S. CPI. Tolls may be adjusted prior to the next
adjustment date if the U.S. CPI or the CRC/USD exchange rate varies
by more than 5%. Historically, tariffs have been updated
appropriately.

Suitable Capital Improvement Program [Infrastructure Development &
Renewal: Midrange]

The asset is operated by an experienced global company with a
higher-than-average expense profile due to its geographical
attributes. The majority of the investments required by the
concession have been made. The concession requires lane expansions
when congestion exceeds 70% of the ideal saturation flow, which
triggers the need for further investments. However, the project
would only require the grantor to perform these investments to the
extent they do not represent a breach in the DSCRs assumed by the
issuer in the financing documents.

Structural Protections Against Shortened Concession [Debt
Structure: Midrange]

Debt is senior secured, pari passu, fixed-rate, and fully
amortizing. It is USD-denominated but no significant exchange rate
risk exists due to the tariff adjustment provisions set forth in
the concession, and because CRC-denominated toll revenues will be
converted to USD daily. There is an NPV cash trap mechanism to
prepay debt if revenue overperforms, which largely mitigates the
risk of the concession maturing before the debt is fully repaid.
Typical project finance features include a six-month debt service
reserve account (DSRA), a six-month backward and forward-looking
1.20x distribution trigger and limitations on investments and
additional debt.

Financial Summary: Under Fitch's Rating Case, the project yields a
minimum and average DSCR of 0.9x and 1.2x, respectively. The
concession is expected to expire in July 2033, which matches its
concession maturity. It assumes payments under the MRG starting in
2025, which amounts in average to 9% of annual revenues. The
metrics are in line with Fitch's applicable criteria for the
assigned rating.

PEER GROUP

Comparable projects in the region include TransJamaican Highway
(TJH; BB-/Stable) in Jamaica. AdS and TJH are similar projects
since they are both strong commuting assets within their respective
country's capital cities. Although they share similar attributes,
the difference in ratings comes from AdS' lower metrics (average
DSCR of 1.2x versus 2.1x of TJH under Fitch's rating case) and
because TJH has no dependency on traffic growth in order to repay
the rated debt. TJH is rated above the Jamaican sovereign
(B+/Stable) and is constrained by Jamaica's 'BB-' Country Ceiling.

RATING SENSITIVITIES

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

-- Negative rating action on Costa Rica's sovereign ratings could
    trigger a corresponding negative action on the rated notes.

-- Traffic (WAADT) performance significantly below the Fitch's
    rating case expectation of 40,560 vehicles in 2022 and 38,379
    vehicles in 2023, and/or a substantially greater than expected
    traffic loss occurs due to the completion of works in the
    competing route.

-- A deterioration of the liquidity available for debt service,
    beyond the expected use of reserves.

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

-- A further positive rating action for the international rating
    is unlikely in the near future given the tight financial
    profile that is expected for the coming years with DSCR close
    to 1x until 2025.

-- The national scale rating may present a positive rating action
    if traffic (WAADT) performs above Fitch's base case
    expectation of 41,432 vehicles in 2022 and 41,868 vehicles in
    2023.

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.

TRANSACTION SUMMARY

The asset serves as a connection between the city of San Jose and
its metropolitan area with Puerto Caldera, along the Pacific Coast.
The asset is operated by Globalvia, one of the world leaders in
infrastructure concession management, which manages 28 concessions
in seven countries. The company was established in 2007 by FCC
Group and Bankia Group. In March 2016, Globalvia was acquired by
pension funds OPSEU Pension Plant Trust Fund (40%), PGGM N.V. (40%)
and Universities Superannuation Scheme Ltd (20%).

CREDIT UPDATE

During the first five months of 2022, traffic reached 95% of 2019
traffic, generally in line with Fitch's Rating Case expectation of
96% of 2019 volume. The traffic mix has shifted slightly since the
pandemic, with a proportional increase of heavy vehicles (now 7%
from 6% in 2019) as it decreased less than other categories, and a
decline in bus traffic generally due to pandemic-related effects on
public transportation. This is consistent with what Fitch has
observed with other toll roads, given the significant effects of
pandemic-related measures on commuting traffic.

Tariffs in 2022 increased around 13%, in line with U.S. inflation,
plus an extraordinary adjustment in May to account for a variation
of the CRC/USD greater than 5%, generally maintaining their real
value in USD terms.

Revenues through May 2022 at USD 32.9 million slightly surpassed
2019 revenues for the same period. Even though traffic did not
reach levels commensurate to 2019, higher tariffs have resulted in
a faster recovery in revenues. Actual revenues in this period were
5% higher than those expected in Fitch's Rating Case, given tariffs
were greater than forecast, considering the higher actual
inflation.

Operational expenses have been generally in line with Fitch's
expectations. However, total expenditures were materially lower,
given that investments for slope stabilization were considerably
lower than projected at USD3.5 million vs. the expected USD9.8
million, due to permitting issues that are being resolved. The
postponed investments are expected to be executed in the second
half of 2022. These investments, which include the construction of
a viaduct, are needed because of settlements detected in a section
of the road, which requires that it be reinforced to avoid the
destabilization of the roadway. DSCR for June 2022 was 1.01x,
higher than the expected 0.72x given the lower CAPEX investment.

The first phase of improvements to the competing route San Jose-San
Ramon (Ruta Uno) were completed in early 2Q22 and have not
materially affected AdS's traffic. The execution of the second
phase has presented recurrent delays, originally expected to begin
works in 2021 and having little progress to date. The third and
fourth phases are scheduled to begin works later this year and
concluded in 1H2023. Fitch expects the conclusion of these works
until 2024. Ruta Uno announced that they will increase the toll
tariffs of the road; however, the general expectation is that total
tolls will be cheaper than those of Ruta 27.

FINANCIAL ANALYSIS

Considering that traffic has stabilized, nearly recovering to
pre-pandemic levels, Fitch has reintroduced a Base Case in this
review.

Fitch's Base Case assumes a traffic recovery in 2022 of 95%
relative to 2019 levels based on the following average assumptions
of quarterly traffic: 98% and 93% for 3Q22 and 4Q22, respectively.
The traffic reduction in 4Q22 reflects the expected effects of the
completion of the second phase of improvements in the competing
road. For 2023 and 2024, Fitch assumes traffic of 96% and 80%
relative to 2019 levels, which considers, among other factors, a
tempered negative impact from the competing route that will likely
complete its improvements in 4Q22 and 2024. From 2025 until 2033,
Fitch expects a compounded annual growth rate of 4%.

O&M and major maintenance expenses were projected following the
issuer's budget plus 7.5% for every year U.S. inflation is forecast
at 6.5% for 2022, 2.8% for 2023, 2.7% for 2024 and 2.0% afterward.
This scenario resulted in a minimum and average DSCR of 0.93x and
1.23x, respectively.

Fitch's Rating Case assumes a traffic recovery in 2022 of 93%
relative to 2019 levels based on the following average assumptions
of quarterly traffic: 98% and 85% for 3Q22 and 4Q22, respectively.
The traffic reduction in 4Q22 reflects the expected effects of the
completion of the second phase of improvements in the competing
road.

For 2023 and 2024, Fitch assumes traffic of 88% and 71% relative to
2019 levels, which considers, among other factors, a greater
negative impact from the competing route that will likely complete
its improvements in 4Q22 and 2024. From 2025 until 2033, Fitch
expects a compounded annual growth rate of 4%. O&M, major
maintenance and inflation assumptions are the same as in the Base
Case.

This scenario resulted in a minimum and average DSCR of 0.89x and
1.20x, respectively. Available liquidity is sufficient to withstand
transitory shortfalls when CFADs cannot fully cover debt service.
In 2022, O&M reserves are expected to cover the forecasted
shortfall which is driven mainly by the additional CAPEX
investments. Under this scenario, MRG will be received from 2025
onward.

                           Rating              Prior
                           ------              -----
Autopistas del Sol, S.A.


Autopistas del Sol,
S.A./Debt/1 LT        LT

Serie 2017-B-CR
30-Dec-2030 – 144A
05330RAA8            LT       B         Affirmed   B

Serie 2017-B-CR
30-Dec-2030 -
Reg S USP05875AB84   LT       B         Affirmed   B

Autopistas del Sol,
S.A./Debt/2 Natl LT   Natl LT

Series 2017-A-CR
  Local Notes 10-yr   Natl LT  AA-(cri)  Affirmed   AA-(cri)




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

SALVADORENO DPR: Fitch Affirms BB- Rating on Series 2015 Loans
--------------------------------------------------------------
Fitch Ratings has affirmed Salvadoreno DPR Funding Ltd.'s Series
2015 loans at 'BB-'. The Rating Outlook is Negative. The Negative
Rating Outlook reflects Banco Davivienda Salvadoreno, S.A.'s
(Davivienda Sal) Negative Outlook.

              Rating        Prior
              ------        -----
Salvadoreno DPR Funding, Ltd.

2015-1   LT  BB-  Affirmed  BB-
2015-2   LT  BB-  Affirmed  BB-
2015-3   LT  BB-  Affirmed  BB-

TRANSACTION SUMMARY

The future flow program is backed by U.S. dollar-denominated
existing and future diversified payment rights (DPRs) originated by
Banco Davivienda Salvadoreno (BDS). The majority of DPRs are
processed by designated depository banks (DDBs) that have executed
acknowledgement agreements (AAs), irrevocably obligating them to
make payments to an offshore account controlled by the transaction
trustee.

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

KEY RATING DRIVERS

Future Flow Rating Driven by Originator's Credit Quality: The
ratings of the future flow transactions are tied to the credit
quality of the originator, Davivienda Sal. On April 4, 2022, Fitch
affirmed Davivienda Sal's Long-Term Issuer Default Rating (IDR) at
'B-'. The Rating Outlook is Negative. In addition, Fitch has
affirmed Davivienda Sal's Short-Term IDR at 'B', Viability Rating
(VR) at 'ccc' and Shareholder Support Rating (SSR) at 'b-'.

Davivienda Sal's IDR and SSR are underpinned by the ability and
propensity of its parent Banco Davivienda S.A. (Davivienda;
BB+/Stable) to provide support to its subsidiary, if required.

Strong Going Concern Assessment (GCA): Fitch uses a GCA score to
gauge the likelihood that the originator of a future flow
transaction will stay in operation through the transaction's life.
Fitch assigns Davivienda Sal a GCA score of 'GC2' based on the
bank's market position as the third largest bank by loans (15.1%)
in the Salvadoran banking system in 2021, and the strong likelihood
of parent support.

Factors Limiting Notching Differential: The 'GC2' score allows for
a maximum uplift of four notches from the bank's IDR; however,
uplift is tempered to three notches, as Davivienda Sal's IDR and GC
score are support-driven, and because of El Salvador's lack of a
last resort lender.

Future Flow Debt Size Not A Constraint: The future flow transaction
represents 0.4% of Davivienda Sal's total funding and 2.2% of
non-deposit funding when considering the current outstanding
balance on the program ($9.4 million) as of May 2022 and utilizing
March 2022 financials. Fitch considers these ratios small enough to
allow the financial future flow ratings up to the maximum uplift
indicated by the GCA score, but is tempered to three notches in
this case for the reasons previously described.

Coverage Levels Commensurate with Assigned Rating: Considering
average rolling quarterly DDB flows over the last five years and
the maximum periodic debt service over the life of the program
including Fitch's interest rate stress, Fitch's projected quarterly
debt service coverage ratio (DSCR) is 50.9x. Moreover, the
transaction can withstand a drop in flows of approximately 98.0%
and still cover the maximum quarterly debt service obligation.
Nevertheless, Fitch will continue to monitor the performance of the
flows as potential economic pressures could negatively impact the
assigned rating.

Sovereign/Diversion Risks Reduced: The structure mitigates certain
sovereign risks by collecting cash flows offshore until periodic
debt service requirements are met, allowing the transaction to be
rated over the sovereign country ceiling (B-). Fitch believes
payment diversion risk is partially mitigated by the AAs signed by
the three correspondent banks processing the vast majority of USD
DPR flows.

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

RATING SENSITIVITIES

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

-- The transaction's ratings are sensitive to changes in the
credit quality of the originating bank. A deterioration of the
credit quality of the sovereign and/or respective bank by one notch
is likely to pose a constraint on the transaction's rating from its
current level.

-- The transaction's ratings are sensitive to the DPR business
line's ability to continue operating, as reflected by the GCA
score. Additionally, the transaction's rating is sensitive to the
securitized business line's performance. The quarterly DSCRs are
expected to be greater than 50x and should therefore withstand a
significant decline in cash flows in the absence of other issues.
However, significant declines in flows could lead to a negative
rating action. Any changes in these variables will be analyzed in a
rating committee to assess the possible impact on the transaction's
ratings.

-- No company is immune to the economic and political conditions
of its home country. Political risks and the potential for
sovereign interference may increase as a sovereign's rating is
downgraded. However, the underlying structure and transaction
enhancements mitigate these risks to a level consistent with the
assigned rating.

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

-- The main constraint to the program rating is the originator's
rating and bank's operating environment. If upgraded, Fitch will
consider whether the same uplift could be maintained or if it
should be further tempered in accordance with criteria.

-- Fitch has revised global economic outlook forecasts as a result
of the Ukraine War and related economic sanctions. Downside risks
have increased and Fitch has published an assessment of the
potential rating and asset performance impact of a plausible, but
worse-than-expected, adverse stagflation scenario on Fitch's major
SF and CVB sub-sectors ("What a Stagflation Scenario Would Mean for
Global Structured Finance"). Fitch expects LatAm's Global
Cross-Sector's financial future flow transactions in the assumed
adverse scenario to experience "Virtually No Impact" indicating a
low risk for rating changes.



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

GUATEMALA: S&P Assigns 'BB-' Rating to US$500MM Notes
-----------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to Guatemala's
US$500 million notes due in 2029 at a 5.25% interest rate. The
rating on the notes is the same as the long-term foreign currency
sovereign credit rating on Guatemala (BB-/Positive/B). The
sovereign will use the issuance proceeds for general budgetary
purposes, including to refinance public indebtedness.

The ratings on Guatemala are based on S&P's view of its
still-developing public institutions and a challenging political
environment that constrains policymaking effectiveness. They also
incorporate the important economic recovery following the pandemic
shock. Further steps to promote long-term growth and address high
social needs would be key to substantially reduce the country's
high poverty level. On the other hand, Guatemala's solid external
position, moderate general government debt to GDP, and sound
monetary policy constitute relative credit strengths to manage the
volatile external economic conditions.

The positive outlook reflects that the country's economic
resilience persists amid global volatility and the run-up to the
2023 general elections. Sustained economic growth will gradually
address long-standing social needs and infrastructure gaps.




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

APOGEE GROUP: Case Summary & Four Unsecured Creditors
-----------------------------------------------------
Debtor: Apogee Group, LLC
        1315 Ashford Avenue, PH-1
        San Juan, PR 00907

Business Description: The Debtor is primarily engaged in renting
                      and leasing real estate properties.

Chapter 11 Petition Date: August 2, 2022

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 22-02268

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Hector Eduardo Pedrosa Luna, Esq.
                  THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA
                  33 Calle Bolivia, Suite 500
                  San Juan, PR 00917
                  Tel: 787-920-7983
                  Email: hectorpedrosa@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Elan P. Colen-Roger as managing member.

A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for
free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/5CXXXEY/APOGEE_GROUP_LLC__prbke-22-02268__0001.0.pdf?mcid=tGE4TAMA


JOG'S LLC: Seeks to Hire Maria Martinez de Jesus as Accountant
--------------------------------------------------------------
Jog's, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to employ Maria Martinez de Jesus, doing
business as Accounting and Consulting Services, as its accountant.

The accountant will perform these services:

     (a) assist the Debtor in gathering and compiling the
necessary
information required to file the Chapter 11 petition and court
required information and schedules;

     (b) provide consulting services;

     (c) prepare monthly operating reports;

     (d) prepare all necessary tax returns; and

     (e) assist the Debtor and its attorney in all matters related
to this Chapter 11 proceeding.

The accountant will be paid at her hourly rate of $100, plus
reimbursement of expenses.

Maria Martinez de Jesus disclosed in a court filing that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The accountant can be reached at:

     Maria Martinez de Jesus
     Accounting and Consulting Services
     95 Calle Rolando Cruz
     Jardines de Salinas
     Salinas, PR 00751
     Telephone: (939) 208-3515
     Email: marianiservices@gmail.com

                         About Jog's LLC

Jog's LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.P.R. Case No. 22-01525) on May 27, 2022,
listing as much as $100,000 in both assets and liabilities. Carlos
G. Garcia Miranda serves as Subchapter V trustee.

Judge Edward A. Godoy oversees the case.

The Debtor tapped Carmen D. Conde Torres, Esq., at C. Conde &
Assoc. as counsel and Maria Martinez de Jesus as accountant.


STONEMOR INC: To Release 2022 Second Quarter Results on August 11
-----------------------------------------------------------------
StoneMor Inc. expects to release 2022 second quarter financial
results on Thursday, Aug. 11, 2022 after the market closes.  In
connection with this announcement, StoneMor plans to hold a
conference call to discuss its results later that day at 4:30 p.m.
eastern time.

This conference call can be accessed by calling (800) 954-0601.
No
reservation number is necessary; however, it is advised that
interested parties access the call-in number 5 to 10 minutes prior
to the scheduled start time to avoid delays.  StoneMor will also
host a live webcast of this conference call.  Investors may access
the live webcast via the Investors page of the StoneMor website
www.stonemor.com under Events & Presentations.

                        About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 72 funeral
homes in 24 states and Puerto Rico.  StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

StoneMor reported a net loss of $55.28 million for the year ended
Dec. 31, 2021, a net loss of $8.36 million for the year ended Dec.
31, 2020, and a net loss of $151.94 million for the year ended Dec.
31, 2019.  As of March 31, 2022, the Company had $1.78 billion in
total assets, $1.94 billion in total liabilities, and a total
stockholders' deficit of $157.48 million.




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

LATAM: Tourism Sector on the Mend After Pandemic
------------------------------------------------
EFE News reports that after two years of uncertainty due to the
pandemic, Latin America's tourism industry is showing clear signs
of recovery from the severe blow delivered by Covid-19

Passenger volume on commercial airlines was up more than 180
percent in the first five months of 2022 from the same period last,
according to the International Air Transport Association (IATA),
according to EFE News.

And a report released in May by the Mastercard Economics Institute
showed that bookings by people in the United States for travel to
the Dominican Republic were 84 percent higher than at the same
point in pre-pandemic 2019, the report recalls.

Reservations for trips to Mexico and Jamaica increased by 73
percent and 65 percent, respectively, compared with 2019, the
report adds.


[*] BOND PRICING: For the Week Aug. 1 to Aug. 5, 2022
-----------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD



                           *********


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *