/raid1/www/Hosts/bankrupt/TCRLA_Public/221006.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

          Thursday, October 6, 2022, Vol. 23, No. 194

                           Headlines



A R G E N T I N A

ARGENTINA: Poverty Reaches 36.5% in First Half of 2022
LA RIOJA: Fitch Affirms 'CCC-' LongTerm IDRs


B R A Z I L

BRAZIL: Central Bank Revises Inflation Forecast Downward to 5.8%
BRAZIL: Unemployment Rate Falls to Lowest Level Since 2015


C A Y M A N   I S L A N D S

E-HOUSE CHINA: Files for Chapter 15 Bankruptcy Protection in N.Y.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Agricultural Sector Losses Could Exceed RD$2B


E L   S A L V A D O R

TITULARIZADORA DE DPRS 2019-1: Fitch Lowers LongTerm IDR to 'B-'


J A M A I C A

JAMAICA: BOJ Increases Interest Rate Again


M E X I C O

BANCO INVEX: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
FINANCIERA INDEPENDENCIA: S&P Withdraws 'B' LongTerm ICR


P A N A M A

PROMERICA FINANCIAL: Fitch Alters Outlook on 'B' IDR to Positive


P E R U

NAUTILUS INKIA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable


S T .   L U C I A

ST. LUCIA: MSMEs Gets New Financing


V E N E Z U E L A

VENEZUELA: Lack of Credit Sends Businesses Seeking Loans Abroad

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Poverty Reaches 36.5% in First Half of 2022
------------------------------------------------------
Buenos Aires Times reports that Argentina's poverty rate stood at
36.5 percent of the population in the first half of 2022, according
to official data.

The figure, a drop of 0.8 percentage points compared to the second
half of 2021, was revealed by the INDEC national statistics bureau
based on a survey of 31 of the country's largest urban populations,
according to Buenos Aires Times.

Extreme poverty, meaning people who are unable to cover their basic
food expenses, increased to 8.8 percent, some 5.3 million people, a
drop of 1.9 points year-on-year but a rise of 0.6 points compared
to last half-year, the report relays.

In a devastating blow, INDEC revealed that more than half of those
aged 14 and lower live in poverty, 50.9 percent, with 12.7 percent
of the same group considered destitute, the report notes.

The overall rate of 36.5 percent represents a drop of 4.1 points
from 40.6 percent recorded in the first half of 2021 the preceding
year, when the Covid-19 pandemic had paralyzed economic activity.
The number of people below the poverty line -- i.e. those who do
not cover the full basket of household expenses - in the survey was
10.64 million, of whom 2.56 million are destitute, the report
says.

INDEC study is based on Argentina's 31 largest urban areas and not
on the entire population of 47 million people, but it offers an
overall picture that can be projected to the whole country, the
report discloses.  Using the 36.5 percent rate, that would be
equivalent to 17.3 million people, the report relays.

Argentina's economy grew 6.4 percent in the first half of the year,
with unemployment at 6.9 percent in the second quarter, the report
notes.  Income and wages, however, have been ravaged by runaway
inflation, the report says.  Between January and August prices rose
56.4 percent year-on-year, with annual forecasts now surpassing 90
percent, the report adds.

                    Regional Breakdown

INDEC's figures show that 27.7 percent of the country's households
are poor, with 6.8 percent in extreme poverty, the report
discloses.

The worst situation was observed in Gran Resistencia, Chaco
Province, where INDEC found that half of the population is poor,
the report notes. Concordia in Entre Rios has 49.2 percent of its
population not meeting their basic needs, the report relays.  In
the country's most populous region, Buenos Aires Province, 42
percent of inhabitants suffer from poverty, the report says.

Other cities where more than four out of every 10 were poor were
Gran Catamarca (40.3 percent), Santiago del Estero (40 percent),
Gran Cordoba (40 percent), San Nicolas (40.7 percent) and San
Nicolás (40.7 percent), the report says.

The top place on the ranking went unsurprisingly to Buenos Aires
City, where poverty reaches only 16.2 percent of the population,
the report discloses.  The second best rate was observed in Ushuaia
(23.9 percent), followed by Formosa (24.4 percent), the report
discloses.

According to official data, households living in poverty are made
up of an average of almost four people each (3.96), with a family
"basket" value costing 93,177 pesos for an income of 58,472 pesos,
the report relays.  Thus, what poor families earn is some 40
percent below what is necessary to be out of poverty, the report
notes.

In the case of extreme poverty, close to four people per household
was also detected (3.89), with an income of 26,000 pesos for a
basic food basket that costs 40,857 pesos, the report relays.

                        Fears And Demands

INDEC's next report could make for even more pessimistic reading,
given the high inflation rates recorded in July, August and so far
in September, which will damage purchasing-power even further, the
report 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 in
August 2022, S&P Global Ratings affirmed its foreign and
local-currency sovereign credit ratings of 'CCC+/C' on the Republic
of Argentina. The outlook remains stable. S&P also
affirmed its national scale 'raBBB-' rating and its 'CCC+' transfer
and convertibility assessment. S&P said the stable outlook reflects
the challenges in managing pronounced economic imbalances ahead of
the 2023 national elections given disagreement on policy within the
government coalition and financing pressures in the local market.

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.
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.

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.


LA RIOJA: Fitch Affirms 'CCC-' LongTerm IDRs
--------------------------------------------
Fitch Ratings has affirmed the province of La Rioja, Argentina's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'CCC-'. Fitch also affirmed the 'CCC-' ratings for La Rioja's
step-up USD318.42 million senior unsecured notes due 2028. The
bonds are rated at the same level as the province's IDRs.

Fitch relied on its rating definitions to position La Rioja's
ratings and standalone credit profile. The rating action reflects
La Rioja's higher exposure to discretionary transfers than national
peers, adequate debt service coverage ratio over the next 12-24
months, high debt relative to its operating balance, and protracted
negotiations to conclude its distressed debt exchange (DDE). The
province's SCP was assessed at 'ccc-'.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Fitch assessed the province's Risk Profile as 'Vulnerable,' in line
with other Fitch-rated Argentine LRGs. La Rioja's risk profile
combines all six factors assessed at Weaker (revenue, expenditure,
and debt and liquidity frameworks) and considers the sovereign
IDR.

The assessment reflects Fitch's view that there is a very high risk
of the issuer's ability to cover debt service with the operating
balance weakening unexpectedly over the scenario horizon
(2022-2024) due to lower revenue, higher expenditure or an
unexpected rise in liabilities or debt-service requirement.

Revenue Robustness: 'Weaker'

La Rioja's revenue robustness, assessed as 'Weaker,' reflects its
high level of dependence on federal transfers, which account for
91.2% (average for 2017:2021) of its operating revenues; 69.9%
stems from automatic transfers from the co-participation
tax-sharing regime, which stem from a 'CCC' rated sovereign
counterparty. Of this figure, 16.4% are discretionary transfers
that exposed the province to policy and political risks such as the
nation's recent standby agreement with the IMF. Revenue growth has
been highly volatile due to the vulnerable macro environment
riddled with higher inflation.

At YE 2021, federal non-earmarked transfers (coparticipaciones)
grew 8.2% in real terms amid an inter-annual inflation rate of
50.9%. As of August 2022, national transfers to La Rioja increased
74.5% yoy in nominal terms, but only 2.0% in real terms in a
macroeconomic context where inter-annual inflation reached 71% in
July 2022.

Revenue Adjustability: 'Weaker'

Local revenue adjustability is low for Argentine LRGS and is
challenged by the country's large and distortive tax burden, and
high inflation dynamics that could affect real-term revenue growth
and affordability. The weak macroeconomic environment also limits
LRGs' ability to increase tax rates and expand tax bases to boost
their local operating revenues. La Rioja's ability to generate
additional revenue in response to possible economic downturns is
further limited by its high dependency on transfers and its small
tax base. On its rating case, Fitch expects operating revenues to
increase below the average inflation rate for 2022-2024.

Expenditure Sustainability: 'Weaker'

Argentine provinces have high expenditure responsibilities,
including healthcare, education, security, social security,
inter-urban transportation and other services. The country's fiscal
regime is structurally imbalanced regarding revenue-expenditure
decentralization, this is further exacerbated by the nation's
macroeconomic commitments with the IMF. During 2017-2021, the
province has shown volatile operating margins; five year-average
8.3%. On its rating case, Fitch expects a re-composition of
expenditure similar to inflation levels, with an average operating
margin of 9.3% for 2022-2024. La Rioja is among the provinces that
transferred its pension system to the national government and,
therefore, is not pressured by pension deficits.

Expenditure Adjustability: 'Weaker'

For argentine subnationals, infrastructure needs and expenditure
responsibilities are deemed high, with leeway to cut expenses
viewed as low. National capital expenditure (capex) is low and
insufficient translating capex burdens to LRGs. Capex levels
recovered to 22.1% in 2021 above the five-year average of 14.8%. In
2021, opex represented 77.6% of total expenditure and staff
expenses remained controlled at 23.2%, below to the historical
average of 31.2% for 2017-2021.

Liabilities and Liquidity Robustness: 'Weaker'

Capital market discipline is hindered by a protracted macroeconomic
context, and currently heightened by a 'CCC' rated sovereign.
Unhedged foreign currency debt exposure is an important structural
weakness considered in this KRF assessment. However, limited local
capital markets led LRGs to issue debt in foreign currency, causing
this structural reliance on external markets for financing, because
local currency options generally carry higher financial costs and
shorter terms due to the high-inflation environment. Additionally,
financial obligations are characterized by medium-term maturity of
less than 10 years.

By YE 2021, direct debt increased by about 26.1% underpinned by
currency depreciation, totaling around ARS39.2 billion.
Approximately 90.2% of La Rioja's direct debt is denominated in
foreign currency and is unhedged, mainly in U.S. dollars, which is
a rating risk in the current environment of high inflation and
currency depreciation. However, 99.5% of its total debt has fixed
interest rates. Over the next three years, principal payments on
their U.S. dollar notes range from USD53.7 million in 2024 to
USD75.6 million from 2025 to 2027, and USD37.8 million in 2028. The
external market remains closed; hence the province is looking for
local alternative sources of financing to accomplish its capex
program.

On a positive note, refinancing risk is expected to remain
controlled until 2024 as a result of the recent DDE completion. The
province will face debt-capital payments starting in February 2024.
One of the major achievements, among others, was the reprofiling of
its international financial notes and step-up interest payments.

The senior unsecured notes were initially issued to finance the
construction of Wind Parks (Parque Eolico Arauco) and the
expectation was that the province would be able to generate
revenues through a mirror loan with the parks that would finally be
used to repay the bonds (though revenues were not formally
secured). However, the Wind Parks are not yet fully operational,
requiring further investments, and currently generate a low level
of revenues, which is directed to its operational costs. Fitch does
not incorporate additional revenues from the Wind Parks to its
projections. As of today, there is no longer a mirror-loan scheme,
there is only an agreement to make interest payments through the
wind farm scheme.

Liabilities and Liquidity Flexibility: 'Weaker'

For liquidity, Argentine LRGs rely mainly on their own unrestricted
cash. Fitch views the Argentine national framework in place for
liquidity support and funding available to subnationals as
'Weaker', as there are no formal emergency liquidity support
mechanisms established. The current context of national capital
controls is another risk captured in the liquidity flexibility
assessment, as the imposition of exchange regulations could
ultimately affect LRGs' ability to fulfill their financial
obligations. In its rating case, Fitch expects total cash will
remain at around 5.2% of total revenue (2017-2021 average: 12.4%).

Debt sustainability: 'aa' category

Considering the current sovereign 'CCC' rating level, curtailment
of the external market amid a volatile macroeconomic and regulatory
context, Fitch is only projecting a rating case for YE 2024. Debt
sustainability metrics are analyzed to evaluate Province of La
Rioja-specific debt repayment capacity and its liquidity position.

Under Fitch's rating case scenario (2022-2024), the debt payback
ratio (net adjusted debt-to-operating balance), the primary metric
of debt sustainability, will remain below 2.7x by 2024 (2021:
2.2x), which corresponds to a 'aaa' assessment. In addition, actual
debt service coverage ratio (operating balance-to-debt service),
secondary metric of debt sustainability, at 0.8x in 2024 (14.8x in
2021), leading to a 'b' assessment. The overall debt sustainability
score of 'aa' is underpinned by the medium-term maturity of debt in
tandem with high refinancing risks stemming from a 'CCC'
macroeconomic environment where transfer and convertibility risks
prevail.

ESG - Creditor Rights: In comparison to other argentine LRGs, La
Rioja's DDE, concluded in September 2021, was a protracted process
and involved a default event that took one year to be solved. The
agreement granted the province a debt service relief, both through
reduced interests and postponement of capital repayments; however,
this affected bondholders. Therefore, creditor rights remain a key
rating driver.

DERIVATION SUMMARY

Fitch has relied on its rating definitions to position the
province's IDRs at 'CCC-'. La Rioja's SCP is assessed at 'ccc-',
reflecting a combination of vulnerable risk profile and debt
sustainability in the 'aa' category. The assessment reflects (i)
the province's high exposure to discretionary transfers, in
comparison with other argentine LRGs, stemming from a 'CCC'
sovereign that could jeopardize its operating margin trend, pushing
the Actual Debt Service Coverage Ratio below 1.0x; (ii) La Rioja's
high debt level relative to its operating balance; (iii) and
protracted negotiations to conclude a DDE in comparison to other
argentine LRGs.

The SCP also factors in national and international peer comparison,
in particular Province of Entre Rios (CCC-), municipality of
Cordoba (CCC-), Province of Salta (CCC) and Manisa Metropolitan
Municipality (B/Stable). Fitch does not apply any asymmetric risk
or ad-hoc support from the central government and assesses
intergovernmental financing as neutral to the province's ratings.
The 'CCC-' IDR reflects challenges ahead that could hinder the
province's repayment capacity, such as transfer and convertibility
risks and the province's inability to access external markets to
address financing needs.

KEY ASSUMPTIONS

Qualitative Assumptions

Risk Profile: Vulnerable

Revenue Robustness: Weaker

Revenue Adjustability: Weaker

Expenditure Sustainability: Weaker

Expenditure Adjustability: Weaker

Liabilities and Liquidity Robustness: Weaker

Liabilities and Liquidity Flexibility: Weaker

Debt sustainability: 'aa' category

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap: 'N/A'

Sovereign Floor: 'N/A'

Quantitative Assumptions - Issuer Specific

In line with its LRG criteria, for an entity with base case
financial profile indicating an SCP of 'b' or below, the base case
analysis alone may be sufficient to evaluate the risk of default
and transition for the debt. Therefore, in the case of La Rioja,
Fitch's base case is the rating case which already incorporates a
very stressful scenario. It is based on 2017-2021 figures and on
updated figures as of June 2022. The key assumptions for the
scenario include:

- Operating revenue average growth of 59.6% for 2022-2024;

- Operating expenditure average growth of 62.8% for 2022-2024;

- Average net capital balance of around minus ARS6,456 million
during 2022-2024;

- Cost of debt considers non-cash debt movements due to currency
depreciation with an average exchange rate of ARS135.4 per U.S.
dollar for 2022, ARS222.6 per U.S. dollar for 2023, and ARS346.5
per U.S. dollar for 2024.

RATING SENSITIVITIES

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

- Sustained operating balances that strengthen the actual DSCR
above 1.0x on a continuous basis, under Fitch's rating case.

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

- A downgrade of Argentina's sovereign rating below 'CCC-' would
negatively affect La Rioja's rating;

- Signs of deeper liquidity stress that could compromise debt
repayment capacity in the coming years, including evidence of
increased refinancing risk or transfer and convertibility risk in
its local and foreign currency debt.

ISSUER PROFILE

La Rioja is located in the northeast region of Argentina and has a
GDP of around USD2 billion, or less than 1% of national GDP. Due to
its relatively small size, public sector employees represent almost
one third of the local economy. The province reports below average
income of around USD5,200 per capita. The population is growing in
line with the national average with limited pressure on
infrastructure.

SUMMARY OF FINANCIAL ADJUSTMENTS

No material adjustments were made to figures reported by the
province.

ESG CONSIDERATIONS

La Rioja has an ESG Relevance Score of '5' for Creditor Rights due
to the province's protracted DDE and Fitch's expectation that
fiscal challenges at the national and local level will continue to
hinder the province's future ability to repay its debt obligations,
and therefore has a negative impact on the credit profile. This
expectation still weighs in the rating assignment; therefore,
creditor rights remains a key rating driver.

The province has an ESG relevance score of '4' for Rule of Law,
Institutional & Regulatory Quality, Control of Corruption as it
presents weak management practices and regulations toward its
financial obligations, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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

   Entity                         Rating           Prior
   ------                         ------           -----
La Rioja, Province of   LT IDR     CCC-  Affirmed   CCC-

                        LC LT IDR  CCC-  Affirmed   CCC-

   senior unsecured     LT         CCC-  Affirmed   CCC-




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B R A Z I L
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BRAZIL: Central Bank Revises Inflation Forecast Downward to 5.8%
----------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's central bank
has lowered its official inflation forecast for 2022 to 5.8
percent, down from 8.8 percent in June.

The information is contained in the quarterly inflation report
released by the monetary authority, according to Rio Times Online.

Despite the improvement in expectations, the forecast was higher
than the official target for this year, the report notes.

The inflation target for 2022, as measured by the national consumer
price index, is 3.5 percent, with a confidence interval of 1.5
percentage points, so the tolerance range is between 2 and 5
percent, the report adds.

                       About Brazil

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

As reported in the Troubled Company Reporter-Latin America in July
2022, Fitch Ratings has affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative.

On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long-
and short-term foreign and local currency sovereign credit
ratings on Brazil.

Moody's Investors Service also affirmed on April 15, 2022,
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. At the same time,
DBRS Morningstar confirmed the Federative Republic of Brazil's
Short-term Foreign and Local Currency Issuer Ratings.


BRAZIL: Unemployment Rate Falls to Lowest Level Since 2015
----------------------------------------------------------
Rocco Caldero at Rio Times Online reports that the Brazilian
economy maintained the pace of job creation, reaching a positive
balance of 278,639 formal jobs in August.

The unemployment rate fell to 8.9% in the June to August quarter,
according to Rio Times Online.  It dropped 0.9 percentage points
from the previous quarter, in March, April, and May, the report
notes.

The index reached the lowest level since August 2015, when it
recorded the same percentage, the report relays.

The IBGE (Brazilian Institute of Geography and Statistics) released
the result, the report adds.

                       About Brazil

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

As reported in the Troubled Company Reporter-Latin America on
July 18, 2022, Fitch Ratings has affirmed Brazil's Long-Term
Foreign Currency Issuer Default Rating at 'BB-' and revised the
Rating Outlook to Stable from Negative.

On June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long-
and short-term foreign and local currency sovereign credit
ratings on Brazil.

Moody's Investors Service also affirmed on April 15, 2022,
Brazil's long-term Ba2 issuer ratings and senior unsecured bond
ratings, (P)Ba2 senior unsecured shelf ratings, and maintained the
stable outlook.

DBRS Inc. confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low) on Aug 12, 2022. At the same time,
DBRS Morningstar confirmed the Federative Republic of Brazil's
Short-term Foreign and Local Currency Issuer Ratings.




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

E-HOUSE CHINA: Files for Chapter 15 Bankruptcy Protection in N.Y.
-----------------------------------------------------------------
Bloomberg Law reports that E-House China Enterprise Holdings Ltd on
Oct. 3 filed for Chapter 15 bankruptcy in Manhattan, a move that
gives it protection from creditors in the US while it works out a
restructuring elsewhere.

According to Bloomberg Law, the real estate agency, which counts
China Evergrande Group among its key customers, is undergoing a
debt restructuring in the Cayman Islands.

The Chapter 15 filing prevents creditors from seizing the company's
US assets while its Cayman restructuring plays out, the report
notes.

E-House is a China-based real estate transaction service provider.



===================================
D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Agricultural Sector Losses Could Exceed RD$2B
-----------------------------------------------------------------
Dominican Today reports that the losses caused in the agricultural
sector by the passage of Hurricane Fiona through the east of the
Dominican Republic exceed 2 billion pesos, estimates Ulises de
Veras, president of the Federation of Ranchers of the Eastern
region of the Dominican Republic.  "Much more than 2 billion pesos
has been lost in the eastern region of the country. That is an
estimate that we have made in terms of losses," he expressed,
according to Dominican Today.

He said that the cattle industry suffered a lot in terms of milking
parlor facilities, pens, fences and animal losses, the report
relays.

"The rivers also grew a lot and everything that bordered them
suffered a lot of damage," he added, the report notes.  "All cocoa
farmers have suffered a lot because the wind was very destructive.
Around here all those hills are clean because the breeze bends and
breaks all those cocoa plants; trees that take two to three years
to recover," he said, the report relays.  He projected that cocoa
and all agriculture will not recover immediately, the report says.

He reported that in the area of Nisibon, La Gina de Nisibon and La
Laguna de Nisibon, where there is rice, there are also great
losses, the report notes.  "The same in Gina de Miches, where
factories were destroyed by the hurricane, and in all those areas
where there is agriculture, such as rice, bananas, yuca, everything
that the wind combats has suffered a lot," explained the
representative of the ranchers from the associations of Hato Mayor,
El Seibo, La Romana Monte Plata, San Pedro de Macoris and La
Altagracia, the report relays.

He acknowledged that the government has intervened quickly through
the authorities of the agricultural sector, but assured that the
losses will take between one and two years to recover, the report
discloses.  "Agriculture, livestock, cocoa farmers and other
farmers who have been affected by the hurricane will take more than
a year to recover," said the representative of the area that sends
more than 350,000 liters of milk to the market daily, the report
notes.

He added that milking livestock is made up of animals that must be
kept in places sheltered by zinc and the hurricane winds knocked
down the facilities, the report relays.  "Four bowers were
destroyed, and I have great losses in the paddocks and the banks of
the palisades that are close to the rivers.  The rivers grew
violently to places that were unimaginable", pointed out the cattle
producer, the report adds.

                About Dominican Republic

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

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

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

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

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

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




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

TITULARIZADORA DE DPRS 2019-1: Fitch Lowers LongTerm IDR to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded the rating of the Series 2019-1 loan
issued by Titularizadora de DPRs Limited by one-notch to 'B-' from
'B'. The Rating Outlook is Stable.

The rating action follows Fitch's recent downgrade of El Salvador's
Long-Term (LT) Issuer Default Rating (IDR) by two notches to 'CC'
from 'CCC' on Sept. 15, 2022 (please see "Fitch Downgrades El
Salvador to 'CC'; Removes from UCO'" at as Banco Cuscatlán de El
Salvador, S.A's credit quality continues to be highly influenced by
its operating environment.

   Debt                       Rating          Prior
   ----                       ------          -----
Titularizadora de DPRs Limited
Series 2019-1 Variable
Funding Loan

                       LT        B-  Downgrade   B

TRANSACTION SUMMARY

The transaction is backed by U.S. dollar-denominated existing and
future diversified payment rights (DPRs) originated by Banco
Cuscatlán de El Salvador, S.A. (BC). DPRs are processed by
designated depository banks (DDBs) that have executed
acknowledgement agreements (AAs), irrevocably obligating them to
make payments to an account controlled by the transaction trustee.

Fitch's rating addresses timely payment of interest and principal
on a quarterly basis.

KEY RATING DRIVERS

Future Flow Rating Driven by Originator's Credit Quality: The
rating of the transaction is tied to the credit quality of the
originator, Banco Cuscatlan de El Salvador, S.A. (BC). Fitch's view
of BC's credit quality is based on its intrinsic credit strength
and is highly influenced by the local operating environment (El
Salvador, CC). Fitch downgraded El Salvador's IDR by two notches by
two notches on Sept. 15, 2022 to 'CC' from 'CCC'.

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 throughout the transaction's
life. Cuscatlán GCA's score of '2' reflects that the bank is
considered large and systemically important in El Salvador, which
is a highly concentrated market. Fitch does not consider direct
support or potential sovereign support in the transaction's rating;
however, the bank could benefit from government assistance to
receive extraordinary shareholder support if required. The score
allows for a maximum of four notches above the local currency IDR
of the originator.

Notching Uplift from IDR: The 'GC2' allows for a maximum four
notch-rating uplift from the bank's Long-Term IDR pursuant to
Fitch's future flow methodology. Considering the credit quality of
the originator, which is driven by its operating environment (El
Salvador, 'CC'), the assigned rating is at the maximum notching
differential of four notches allowed by Fitch's future flow
methodology for an originator with a GCA score of 'GC2'. It is
worth highlighting that Fitch reserves the maximum notching uplift
for originator's rated on the lower end of the rating scale.

Low Future Flow Debt Relative to Balance Sheet: The future flow
transaction represents approximately 1.4% of BC's total funding and
11.0% of non-deposit funding when considering the current
outstanding balance on the program ($45 million) as of August 2022
and utilizing June 2022 financials. Fitch considers the ratio of
future flow debt relative to the bank's balance sheet small enough
to allow the financial future flow ratings up to the maximum uplift
indicated by the GCA score.

Strong Coverage Levels Remain Supportive of Assigned Rating:
Considering average rolling quarterly DDB flows over the last five
years (January 2017-December 2021) and the maximum periodic debt
service over the life of the program, including Fitch's interest
rate stress, projected quarterly debt service coverage ratio (DSCR)
is 114.6x. Fitch considers this coverage level to be strong.
Moreover, the transaction can withstand a decrease in flows of over
99% 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. In Fitch's view, diversion risk
is partially mitigated by the acknowledgments signed by the three
DDBs. The largest DDB, Citibank N.A., continues to process more
than 75% of DPRs (78% in 2021). While this trend is decreasing,
Fitch believes Citibank's still relatively heavy DDB concentration
exposes the transaction to a higher degree of diversion risk
relative to other Fitch-rated DPR programs in the region.
Nevertheless, DDB concentration does not currently constrain the
rating.

RATING SENSITIVITIES

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

- The transaction ratings are sensitive to changes in the credit
quality of the originating bank. Currently the program is receiving
the maximum notching uplift from the originator's IDR. Therefore, a
deterioration of the credit quality of BC by one notch would
trigger a downgrade to the rating of the transaction from its
current level.

- The transaction ratings are sensitive to the ability of the DPR
business line to continue operating, as reflected by the GCA score,
and a change in Fitch's view on the bank's GCA score could lead to
a change in the transaction's rating. Fitch expects the quarterly
DSCRs to be more than sufficient to cover debt service obligations
and should therefore be able to 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. Fitch
will analyze any changes in these variables to assess the possible
impact on the transaction 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 would
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.

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.



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

JAMAICA: BOJ Increases Interest Rate Again
------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) has again increased
it policy interest rate, a move to make borrowing more expensive
and push consumers to spend less.

The central bank's policy interest rate now stands at 6.5 per cent,
a 50 basis points increase over last month, according to RJR News.
  
The rate hike makes one full year of increases, as the BOJ, like
most central banks around the world, tries to fight inflation, the
report discloses.

The cost of goods and services over the last year has exceeded the
BOJ's four to six per cent target range, pushed by global shipping
constraints and later the Russia/Ukraine crisis, the report
relays.

The central bank has been pushing up the rate in a bid to stem
inflation, which has remained at 10.2 per cent for the 12 months
leading to July and August this year, the report discloses.

The new interest rate takes effect, and comes a week after the US
Federal Reserve pushed up its lending rate, the report notes.

The private sector has on a number of occasion, called for the BOJ
to halt its rate increases, as businesses are being affected by the
increased borrowing rates from some financial institutions, the
report adds.

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




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

BANCO INVEX: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings affirmed Banco Invex, S.A. Fideicomiso F/2157's
(Fibra MTY) Foreign Currency and Local Currency Long-Term Issuer
Default Ratings at 'BB+' and the National Scale Long Term Rating at
'AA(mex)'. The Rating Outlook is Stable. Fitch also affirmed the
'BB+'/'AA(mex)' ratings of Fibra MTY's Certificados Bursatiles
Fiduciarios (CBFs) issuance FMTY 20D due 2027.

Fibra MTY's ratings are based on the company's good asset quality,
and strong financial profile characterized by high EBITDA margins,
expected medium-term net leverage ratios (measured as net debt to
EBITDA) of around 4.5x while the company deploys its growth
strategy, and solid liquidity.

The ratings are limited by scale in terms of gross leasable area
(GLA) and revenue concentration by property, tenant and region;
factors that mitigate this risk include the good tenant quality and
corporate guarantees that back lease contracts.

KEY RATING DRIVERS

Good Portfolio Quality: Fibra MTY's rent price per square meter
(sqm) compares favorably with average local market prices. Its
tenant base comprised mainly of institutional companies with
long-term lease contracts that are the result of the fibra's good
asset quality. The company owned and operated 60 properties,
equivalent to 818,864 sqm of GLA as of June 30, 2022, an increase
compared with the 22 properties and 220,287 sqm at YE 2015. Fibra
MTY's property portfolio comprises 19 office buildings, 35
industrial assets and six commercial properties.

Low Risk Rental Income: High asset quality, good property location
and long-term relationships with tenants allow Fibra MTY to
maintain high occupancy rates. The total portfolio occupancy rate
in terms of GLA was 91.7% as of June 30, 2022. Fitch considers that
Fibra MTY's lease contracts, with an average remaining life of more
than four years, provide predictability on the company's future
revenue. Fibra MTY had a laddered lease expiration schedule with
18.4% of lease contracts expiring during the second half of 2022
and in 2023, 10.0% in 2024, 4.8% in 2025 and 66.8% thereafter.
Fitch expects total occupancy to be between 92% and 94% in the next
few years.

Rental Income with Low Diversification: Fibra MTY presents
concentration by property, tenant and region. As of June 30, 2022,
Fibra MTY had 117 tenants; the top 10 tenants in June 2022
represented approximately 44.9% in terms of annualized base rent
(ABR), compared with 45% in 2021 and 50.3% during 2020. The largest
tenant, Industrias Acros Whirlpool, S.A. de C.V., accounted for
18.9% of rental income, while none of the other tenants represented
more than 4.1%. Fibra MTY maintains a diversified portfolio of
tenants by industry, which supports the rating. The contribution
from consumer durable goods, capital goods and the automotive
sector accounted for 51.7% of revenues at June 30, 2022.

The company also has significant geographic concentration. As of
June 2022, revenues generated in the state of Nuevo Leon
represented 56.2%, compared with 64.5% during 2020. Fitch estimates
this concentration will decrease as the company executes its growth
plan in the next 12-36 months. The plan is focused mainly on
industrial properties in states with positive growth prospects in
the manufacturing sector in North and central Mexico.

Consistent Growth Strategy: As part of its growth plan, the company
has identified stabilized portfolios with an overall value of
USD558 million and 619,249 sqm of GLA. The assets are industrial
properties located in the Northern and central regions of Mexico
and are mainly focused to the automotive and manufacturing sectors.
The company currently seeks purely industrial portfolios given the
office's segment recovery lags behind the industrial and commercial
segments. Discipline is demonstrated through the decision to
acquire only stabilized assets, with a track record of revenue
generation instead of asset development.

To finance part of its growth strategy, the company completed an
equity follow-on in September 2022 for an amount of MXN3.45 billion
(around. USD173 million). Fitch expects Fibra MTY will start
deploying the equity resources in 2023 and assumes the company will
use its available lines of credit in 2024 and 2025 (MXN3.4
billion).

Adequate Leverage: Fitch expects Fibra MTY's net leverage
(calculated according to Fitch's Criteria) to be close to 4.5x in
the medium term while it executes its growth strategy. The base
case projections consider the deployment of the resources obtained
from the equity follow-on and the cash flows generated by current
and new properties. The ratings consider a growth strategy financed
with a combination of debt and equity that allows the company to
maintain a loan-to-value metric (LTV debt/investment properties)
equal to or below 35%.

Fibra MTY's properties are unencumbered, and Fitch expects an
unencumbered asset to unencumbered net debt ratio of 3x in the
coming years. The unencumbered asset pool could provide additional
financial flexibility to the company in an environment of low
economic activity and limited access to different sources of
funding.

DERIVATION SUMMARY

Fibra MTY's ratings are supported by its good asset quality, low
cost structure and balanced growth strategy, that translate into
stable profitability and net leverage ratios. The ratings are
limited by Fibra MTY's scale in terms of GLA and revenues, as well
as revenue concentration by tenant, property and geography,
compared to other Mexican real estate operators.

Fibra MTY's total portfolio GLA as of June 30, 2022 was 818,864
sqm. In terms of GLA office, industrial and commercial properties
represented 25.3%, 72.3% and 2.4%, respectively. Tenant
concentration has improved to 44.8% from more than 50% in past
years, but it is still higher than its peers. Factors that mitigate
this risk include the good tenant quality and corporate guarantees
that back lease contracts.

Fibra MTY's financial structure is strong for the rating level and
should remain stable as the company continues its growth strategy.
Fitch projects net leverage at between 4.0x and 5.0x, reflecting a
balanced growth financed with debt and equity.

As of June 30, 2022 Fideicomiso Irrevocable 1721 Banco Actinver,
S.A., Institucion de Banca Multiple, Grupo Financiero Actinver,
Division Fiduciaria (Fibra Prologis; BBB/Stable; AAA(mex)/Stable)
had 4.0 million square meters of industrial properties in the
northern and central regions of Mexico, with 97% occupancy; the
ratings factor in the expectation that Fibra Prologis will maintain
moderate financial leverage, net debt to EBITDA around 5x.

CIBANCO, S.A., Institucion de Banca Multiple, Trust F/00939 (Fibra
Terrafina; BBB-/Stable) had an industrial portfolio of
approximately 3.6 million sqm of GLA with approximately 96.3%
occupancy; Fitch expects net leverage to be below 6.0x in the
following years.

KEY ASSUMPTIONS

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

- Rent prices per sqm increase in line with inflation and with
   acquisitions;

- Portfolio occupancy rates between 92% and 94% in rating
   horizon;

- EBITDA margin between 77.5% and 80.6%;

- Acquisitions financed with a mix of debt and equity;

- Acquisitions for around USD120 million in 2023, USD90
   million in 2024 and USD90 million during 2025;

- Net leverage between 4.0x and 5.0x after the deployment
  of around USD173 million in equity;

- LTV tends to be at or below 35%.

RATING SENSITIVITIES

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

- Increasing the scale of the portfolio and reducing the
   concentration of income and NOI per tenant and property;

- EBITDA margin consistently higher than 80%;

- Maintenance of a net leverage metric below 4.0x on a sustained
   basis, throughout investment periods;

- Maintenance of an unencumbered asset to unencumbered net debt
   coverage of 3x or higher.

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

- An increase in the concentration of income per tenant and/or
   property;

- Deterioration in profitability that results in an EBITDA margin
   below 70% on a sustained basis;

- An increase of net leverage in ranges above 5.0x on a sustained
   basis, as a result of a deterioration in profitability and/or
   acquisitions financed mainly with debt;

- Dividend payments consistently higher than 100% of AFFO,
   resulting in a weaker capital structure;

- Weakening liquidity profile;

- Operating EBITDA coverage to interest paid of 2.5x or less;

- A ratio of unencumbered assets to unsecured debt equal to
   or less than 2.0x.

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: At June 30, 2022, Fibra MTY's Cash and
equivalents was MXN1.1 billion. On September 2022, the company
completed an equity follow on for MXN3.45 billion (around USD173
million). Fitch projects that Fibra MTY will start deploying this
equity in 2023 as part of its growth strategy.

Liquidity is also supported by Fibra MTY's committed credit
facilities. As of June 2022, availability under these credit lines
was equivalent to MXN3.4 billion. Fitch assumes these credit lines
will be used during 2024 and 2025 to finance its growth strategy.

The company's total debt of MXN5.4 billion is unsecured. Fitch
expects for Fibra MTY an unencumbered asset to unencumbered net
debt ratio of around 3x in the coming years. Additionally, the
company's entire debt is in USD. Fibra MTY has a natural hedge from
exchange rate volatility, given that contracts denominated in this
currency represent around 77.9% of its revenues.

ISSUER PROFILE

Fibra MTY is a diversified real estate operator with properties in
the office, industrial and commercial sectors; its properties have
an ABR of 818,864 square meters and presence in the main markets of
Mexico.

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.

   Entity                      Rating             Prior     
   ------                      ------             -----
Banco Invex, S.A.
Fideicomiso F/2157
(Fibra MTY)          LT IDR     BB+     Affirmed   BB+

                     LC LT IDR  BB+     Affirmed   BB+

                     Natl LT    AA(mex) Affirmed  AA(mex)

   senior unsecured  LT         BB+     Affirmed   BB+

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


FINANCIERA INDEPENDENCIA: S&P Withdraws 'B' LongTerm ICR
--------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit ratings
on Financiera Independencia S.A.B. de C.V. SOFOM E.N.R (Findep) at
the issuer's request. At the same time, S&P also withdrew its 'B'
issue-level ratings on Findep's senior unsecured notes.

At the time of the withdrawal, the ratings had a negative outlook
that reflected Mexican nonbank financial institutions' (NBFIs)
financing strains, which could hamper Findep's funding profile and
take a toll on liquidity. The outlook also reflected the company's
solid capital base and S&P's opinion that nonperforming assets and
net charge-offs will average 19% in 2022, with lower cost of risk
stemming from a less risky loan portfolio as AFI continues to
outpace Findep's Mexican operations.




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

PROMERICA FINANCIAL: Fitch Alters Outlook on 'B' IDR to Positive
----------------------------------------------------------------
Fitch Ratings has affirmed Promerica Financial Corporation's (PFC)
Long-Term Issuer Default Ratings (LT IDR) at 'B' and Short-Term IDR
(ST IDR) at 'B'. Fitch also affirmed PFC's Viability Rating (VR) at
'b' and the senior secured debt rating at 'B'/'RR4'. The Rating
Outlook of the LT IDR was revised to Positive from Stable.

The Positive Outlook is driven by the positive trend on Fitch's
assessment of the blended Operating Environment (OE) of PFC that
was revised to 'b from 'b-' with positive trend. Fitch revision
reflects the stabilization of most markets after the pandemic
period, especially in Ecuador, Nicaragua and Costa Rica, combined
with the positive prospects in Guatemala, one of its largest and
most profitable markets. Additionally, the recovery of financial
performance is visible specifically in the profitability metrics
that gradually are strengthening capital metrics despite exposure
to high-risk operating environments.

Fitch has withdrawn PFC's Support Rating of '5' and Support Rating
Floor of 'No Floor', as they are no longer relevant to the agency's
coverage following the publication of its updated Bank Rating
Criteria on Nov. 12, 2021. In line with the updated criteria, Fitch
has assigned the issuer a Government Support Rating (GSR) of 'No
Support' ('ns').

KEY RATING DRIVERS

IDRs and VR

PFC's IDR is driven by its VR based on the consolidated risk
profile of the bank holding company, which reflects the performance
of nine banks operating across different countries in Latin
America.

Fitch's blended assessment of OE of the issuer is key for the
intrinsic creditworthiness. Fitch assess the OE weighing the
multi-jurisdictional nature of its operation. The most relevant
countries by size of total assets are Ecuador, Guatemala,
Nicaragua, Costa Rica and Panama that combined represent 83.2% of
total assets as of June 2022. In the past year, most environments
stabilized with the exception of El Salvador, which remains
trending negative, but this does not materially affect Fitch's OE
assessment given that it represents 7.1% of total assets. However,
this is offset by Guatemala's operation that drives the
consolidated OE factor of 'b'.

The group offers universal banking services with a balance of 58.3%
of lending and other financial services to companies and the rest
of consumer and retail sectors at consolidated level. In the
Central American region, PFC is the third largest financial
conglomerate owned by local shareholders. The group has a total
operating income of USD1.1 billion (for the average of 2018-2021),
USD18.7 billion in total assets, loans of USD11.7 billion and
deposits of USD13.9billion. The Ecuadorian subsidiary has a
relevant position as the third largest private bank, in Guatemala
is the leader in credit cards and in Nicaragua is the largest bank
of the country.

The asset quality is considered good by the agency with a 90 days
past due ratio of 1.7% as of June 2022. Although there are some
economic sectors of the loan book that could take a longer time to
recover, the expected deterioration is mostly incorporated in the
group figures and relevant increments in the rating horizon above
2% are not the base scenario; the asset quality benefits also from
the multi-jurisdictional business model and good collateralization
in lending to companies.

The profitability of PFC has shown good recovery being sustained
and even improving in the coming years. The operating profit to
Risk Weighted Asset (RWA) ratio was 2.0% and expected to remained
close to that level in the ratings horizon, underpinned the control
of the credit costs, stronger NIM and the positive trend of the
operating environment in the second largest subsidiary of the group
by assets and the most profitable, Guatemala.

PFC' s capitalization is stable but is still considered its weakest
financial factor comparing to regional peers. As of June 2022, the
CET1 ratio was 9.7% and the base case scenario is to gradually
increase in the coming two years. In the medium term, improvements
could come from the ongoing improvement in profitability, total
earning retention and no plan for acquisitions, but with
expectations to still compare slightly below peers in the rating
category.

At consolidated level, PFC shows the typical funding structure of a
universal bank with 81% of the funding coming from core deposits
and the rest comes from wholesale sources. Loans to customer
deposits ratio remains around 90%. The rest of the funding comes
from an ample and diversified number of sources such as credit
facilities and local debt issuances on a consolidated level, as
well as, global debt and credit facilities on a unconsolidated
level. In Fitch's opinion the financial flexibility of the group is
good and benefits from its business model focused on traditional
banking services. Liquidity levels remain adequate despite a
natural decline due to the growth of the loan book.

GSR

The GSRs of 'ns' reflect that, however possible, external support
cannot be relied upon, given banking system's large size regarding
economy and weak support stance due to Panama's lack of a lender of
last resort.

RATING SENSITIVITIES

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

- The VR and IDR would be affected negatively by a decline in its

   CET1 consistently below 8% and/or the subsidiaries' dividends
   upstream to PFC pressures its debt servicing;

- Ratings could also be pressured by a materially weaker
   assessment of PFC's multijurisdictional operating environment,
   especially in its largest markets, which is not Fitch's
   baseline scenario at present.

GSR

- Because these are the lowest levels in the respective scale,
   there is no downside potential for GSR.

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

- Ratings could be upgraded by an improvement in the blended OE
   assessment of PFC's main driven by improvements in its largest
   jurisdictions, along with improvements in profitability with a
   ratio of operating profits to RWA sustained above 2.0% and CET1

   to RWA ratio consistently above 10% while maintaining the good
   asset quality and its good regional market position.

GSR

- As Panama is a dollarized country with no lender of last
   resort, an upgrade in GSR is unlikely.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The rating assigned to PFC's senior notes is at the same level as
PFC's Long-Term IDR, as the likelihood of default on the notes is
the same as PFC's. Despite the notes being senior secured and
unsubordinated obligations, Fitch believes the collateral mechanism
would not have a significant impact on recovery rates. In
accordance with Fitch's rating criteria, recovery prospects for the
notes are average and are reflected in their Recovery Rating of
'RR4'.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- The senior debt ratings would be downgraded if PFC's LT IDR is
   downgraded.

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

- The senior debt ratings would be upgraded if PFC's LT IDR is
   upgraded.

VR ADJUSTMENTS

Fitch has assigned PFC an Operating Environment Score of 'b', which
is below the 'bb' category implied score, due to the following
reason: International Operations (negative).

ESG CONSIDERATIONS

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

  Debt                                Rating      Recovery  Prior
  ----                               ------       --------  -----
Promerica Financial
Corporation          LT IDR             B   Affirmed          B
                     ST IDR             B   Affirmed          B
                     Viability          b   Affirmed          b
                     Support            WD  Withdrawn         5
                     Support Floor      WD  Withdrawn         NF
                     Gov't. Support     ns  New Rating
  senior secured     LT                 B   Affirmed   RR4    B




=======
P E R U
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NAUTILUS INKIA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Nautilus Inkia Holdings SCS's (Inkia's)
Long-Term Foreign and Local Currency Issuer Default Ratings at
'BB'. The rating action affects USD373 million senior unsecured
notes due in 2027 (previously USD600 million prior to September
2022 USD227 million tender). The Rating Outlook is Stable.

Inkia's ratings reflect the company's consolidated credit profile
of its subsidiaries, underpinned by stable cash flow generation, a
strong business position, and adequate liquidity as well as
expectations for credit metrics to remain in line with the rating
level over the medium term. The ratings are buoyed by the company's
main cash flow subsidiary, Kallpa, which mitigates other
subsidiary's relatively weaker credit profiles.

The company's historically debt-acquisitive strategy and pressured
cash outflows from its shareholder remain of concern, however Fitch
views Inkia's capital structure as having stabilized following a
multi-year liability management initiative. Fitch's base case
anticipates gross leverage of 5.3x softening incrementally in the
intermediate-term, barring additional issuances and unforeseen
capital spending spikes.

KEY RATING DRIVERS

Capital Restructuring Stabilizes Credit Metrics: Inkia's multi-year
deleveraging and expansionary initiative has resulted in general
credit stabilization. Fitch-calculated leverage, as measured by
debt to EBITDA, has held steady at around 5.3x over the past three
years, during which the company both acquired, re-distributed and
reduced debt through asset divestments, a tender offer, and
debt-financed capital improvements. EBITDA to interest coverage has
improved over that same time, to 3.9x by FYE 2021, in line with the
current rating category. Fitch estimates Inkia's leverage could
improve to an average 4.2x over the rating horizon, and its EBITDA
to interest coverage will average 4.6x, reflecting incremental
progress towards upward rating sensitivities.

Debt Structurally Subordinated to Levered OpCos: Inkia's holding
company debt remains structurally subordinated to operating company
(OpCo) debt, although management has eliminated onerous cash
trapping mechanisms that could negatively affect cash flow
predictability to the holding company. Inkia's cash flow depends on
cash distributions from subsidiaries and associated companies,
which totaled USD290 million in 2021, resulting in total holding
company debt to cash flow of 2.2x. Total subsidiary debt amounts to
approximately USD2 billion, or about 74% of total consolidated debt
at YE 2021.

Solid Business Position, Geographic Diversification: Inkia's
ratings reflect its diversified portfolio of businesses, mostly
comprised of companies with solid market positions and credit
profiles operating across six countries. While over half of the
company's average annual EBITDA is generated in investment grade
countries, primarily Peru (BBB/Stable), the balance operates in
non-investment-grade countries, adding risk to the consolidated
profile. Around half of the company's EBITDA is generated by Kallpa
Generacion (BBB-/Stable), Inkia's most important asset. Energuate,
Guatemala's (BB/Positive) largest electricity distribution company
by population served comprises a material and stable 33% of
EBITDA.

Stable Cash Flows, Negative FCF Expected: Inkia's operations
benefit from its business diversification, given its participation
in companies that maintain a low business-risk profile, and from
stable and predictable cash flow generation. However, Fitch expects
Inkia will continue to report neutral to negative FCF on an ongoing
basis due to expansionary capex in Peru and significant cash
outflow to shareholders averaging almost USD200 million per year
through 2025. Average annual capex is expected at USD117 million.
Most of this includes expansion and upgrades in the near-term, but
settles to maintenance capex in the intermediate-term.

Historically Aggressive Shareholder Strategy: Inkia has
historically pursued an aggressive growth strategy, prioritizing
high short-term dividend flows over capitalizing on deleveraging
opportunities. Consequently, Fitch maintained Negative Outlook of
Inkia from 2014 to 2016 and from 2018 to 2021, largely due to the
aggressive strategy and lack of financial discipline resulting in
significant and unexpected cash outflows from Inkia when its
financial profile was weak. Though not currently contemplated, a
negative rating action could result should additional cash
distributions funded by debt without an offsetting debt reduction.

DERIVATION SUMMARY

Inkia presents a generally weaker capital structure relative to its
large, multi-asset energy peers in Latin America. Its nearest peer
in this group is Chilean generator AES Andes S.A. (BBB-/Stable),
which is also in a deleveraging trajectory, with leverage at 3.6x
at FYE 2021.

Colbun S.A. (BBB+/Stable) and Engie Energia Chile S.A.
(BBB+/Stable) operate with a stronger capital structure than Inkia,
with leverage consistently at or below 2.0x, comfortably within the
investment-grade rating category.

In Peru, Fitch rates Kallpa, Orazul Energy Peru S.A. (BB/Stable)
and Fenix Power Peru S.A. (BBB-/Stable). Inkia is rated two notches
below Kallpa. Inkia has a more diversified asset base, but it has
greater exposure to countries with weak operating environments,
indicating higher business risk. Kallpa has a diversified asset
base in Peru and expected lower leverage through the rating
horizon, peaking at 4.5x during Las Flores construction. Inkia has
the capacity to reduce leverage below 5.0x after completion of the
investment cycle.

Inkia is rated two notches below Fenix. Fenix is a single-asset
generator with a high proportion of take-or-pay costs, but its
ratings are buoyed by strong shareholder support from Colbun.

Inkia is rated at the same level as Orazul. Orazul's smaller scale
is offset by its efficient generation assets in a strong operating
environment. Both companies are expected to report leverage closer
to 4.0x through the rating horizon.

KEY ASSUMPTIONS

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

Kallpa Generacion S.A.

- Average Monomic Price of USD54 over rating horizon;

- 5.6% annual average revenue growth through the rating cycle;

- Average load capacity of 67% across all three generation
   plants;

- Contracted capacity and generation remain at similar levels;

- Annual average COGS is 62% of revenues over the rating horizon;

- 2023-2026 average capex at USD28 million, primarily for
   maintenance work;

Energuate Trust

- VAD tariff prices increase by inflation based on 2021 average
   annual prices;

- Annual average Inflation of around 4% from 2022 through 2026;

- Annual taxes averaging around 25% of income;

- Average energy losses of 19% in the next four years;

- Flat annual customer growth;

- Minimal foreign exchange fluctuation, reflecting Guatemala's
   managed float;

- Dividends paid increasing to USD220 million in 2022 then
   averaging USD50 million in subsequent years;

- Average capex of around USD56 million annually through the
   medium term, supported by FCF;

- No additional debt in forecast period.

Nautilus Inkia Holdings

- Annual dividend payments of USD200 million over next four
   years;

- Annual capex averaging USD117 million over next four years;

- Annual YE cash balance approximating USD100 million each year.

RATING SENSITIVITIES

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

- A positive rating action could be triggered by a conservative
   cash flow management, leading to total debt/EBITDA below 4.0x
   on a sustained basis while moving the portfolio of assets to
   investment-grade countries.

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

- Consolidated gross leverage remains above 5.0x through the
   rating horizon following additional investment opportunities
   undertaken without an adequate amount of additional equity;

- Reduced cash flow generation due to adverse regulatory issues,
   deterioration of its contractual position and/or deteriorating
   operating conditions for the distribution company business;

- An aggressive dividend policy funded by debt;

- Inkia's asset portfolio becomes more concentrated in countries
   with high political and economic risk.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Inkia's liquidity is adequate due to strong
cash flows from subsidiaries, adequate cash on hand, a comfortable
amortization profile and adequate access to the debt capital
markets.

The company held approximately USD325 million in readily available
cash at March 31, 2022, mostly in hard currency in the U.S. Inkia's
prior two years (2019 and 2020) of cash on hand averaged USD145
million. The higher than usual cash on hand is attributable to loan
proceeds from subsidiary Energuate's quetzal-denominated loans
totaling USD 232.1 million. Loan proceeds were largely
re-distributed within the Inkia group to tender USD227 million of
Inkia's USD600 million senior unsecured notes due 2027. Going
forward, cash levels should resume historical norms, with USD100
million serving as a policy floor.

Inkia's senior unsecured notes due 2027 are structurally
subordinated to all existing and future indebtedness and other
liabilities of the company's subsidiaries. In addition, the 2027
notes are effectively subordinated to all existing and future
secured indebtedness of the company and any subsidiary to the
extent of the value of the assets securing such indebtedness.

ISSUER PROFILE

Inkia is an international company focused on the electric power
generation and distribution sectors. The company is based in Latin
America with operations in Peru, Chile, El Salvador, Bolivia,
Nicaragua and Guatemala.

The company owns, operates and develops power plants to generate
and sell electricity to distribution companies and unregulated
consumers under short- and long-term purchase power agreements and
to the spot market. Its operating companies use natural gas, water,
wind, diesel and heavy fuel oil to produce electricity. The
company's combined installed capacity was 2,426MW at FYE 2021. It
also owns the largest distribution company in Central America,
measured by population served, Energuate, based in Guatemala.

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.

  Entity/Debt                        Rating           Prior
  -----------                        ------           -----
Nautilus Inkia Holdings SCS  LT IDR     BB   Affirmed   BB

                             LC LT IDR  BB   Affirmed   BB

  senior unsecured           LT         BB   Affirmed   BB




=================
S T .   L U C I A
=================

ST. LUCIA: MSMEs Gets New Financing
-----------------------------------
Jamaica Observer reports that an estimated US$3.7 million has been
committed by the Caribbean Development Bank (CDB) to support micro,
small and medium-sized enterprises (MSMEs) in St Lucia.

Under the newly approved facility by the regional bank's board of
directors, the funds will enable the Government of St Lucia to
provide grants and loan financing to suitably qualified firms in
the Organization of Eastern Caribbean States (OECS) territory,
according to Jamaica Observer.

It is anticipated that the program will create more resilient
MSMEs, better positioned for growth and sustainability, and even
more capable of contributing to the country's overall economic
development, the report notes.  Additionally, training and
technical assistance will be offered to the small businesses to
enhance their operational capacity, the report relays.  Counterpart
funding is also to be provided by the St Lucian Government, the
report says.

The loan facility will be available to qualified St Lucian
entrepreneurs with sustainable businesses who are unable to meet
collateral or other lending requirements of traditional financial
institutions, the report discloses.

"The project will have a two-fold positive impact, permitting the
Government of St Lucia to retain the flexibility needed to support
growth recovery through funding the critical MSME sector at a time
of continuing urgent need, while improving debt dynamics and
supporting the government's commitments to long-term debt
sustainability by contributing to a reduction in the overall
average cost of debt," said Daniel Best, director projects at the
CDB, the report relays.

Under the project, to be administered by the Small Business
Development Centre (SBDC) and the St Lucia Development Bank (SLDB),
entrepreneurs will be trained in business management and sector
specific technical-vocational areas, the report relays.  CDB's
Caribbean Technological Consultancy Services (CTCS) will also
through its trainer program, offer modules in a number of areas,
the report discloses.  Some of these include business
incorporation, continuity planning and disaster preparedness;
bookkeeping and financial management; e-commerce and marketing;
export development; environmental sustainability and other gap
areas identified in the industry, the report says.

MSMEs, which have been touted as the engines of growth in many
Caribbean countries, is also in St Lucia regarded as the backbone
of the economy, providing employment for a large cross section of
some of the most vulnerable members of the labor force, the report
relays.  It is estimated that the sector contributes close to 40
per cent of country's gross domestic product (GDP) and provides
employment for close to 40,000 persons or approximately 49 per cent
of the labor force, the report notes.  Estimates indicate that
there are over 6,000 MSMEs registered in St Lucia" 2,000 of which
are operated by persons within the 18-35 years age group, the
report relays.

"This intervention will shore up the private sector as St Lucia's
MSMEs account for a large proportion of all private enterprises,
employment, and contributions to GDP," the CDB said, the report
adds.




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

VENEZUELA: Lack of Credit Sends Businesses Seeking Loans Abroad
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Venezuelan
business owners struggling to get access to credit amid their
country's continued economic crisis are seeking loans through
foreign banks, business people and finance industry sources said.

Local banks in the South American country offer few loans to the
private sector because of efforts by Nicolas Maduro's government to
lower inflation by increasing the supply of foreign cash, limiting
the expansion of credit, reducing public spending and raising
taxes, according to globalinsolvency.com.  

Large companies in need of financing have begun seeking loans from
foreign banks with local partners or connections, private sector
and finance sources said, the report relays.

The loans have market-rate interest rates and a high collateral
threshold, they said. Under law, local banks must retain 73% of
their deposits in the central bank, which leaves little margin for
loans, the report discloses.

"Industries have to seek options to maintain their operations,"
said one businessman, adding that because loans are costly due to
interest and guarantees, only large companies can seek them, the
report relays.

"Small and medium businesses can't carry them." Several companies
seeking credit are from the agricultural sector and need the funds
to purchase wheat, fertilizers and other goods from abroad, three
sources said. Other businesses looking for loans are focused on
export of food and drink, they added, the report adds.

As recently reported in the Troubled Company Reporter-Latin
America, Moody's Investors Service has withdrawn Venezuela's C
local currency and foreign currency ceilings.



                           *********


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
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