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       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

          Friday, October 21, 2022, Vol. 23, No. 205

                           Headlines



A R G E N T I N A

ARCOR SAIC: Discloses Exchange Offer Commencement for 2023 Notes
ARGENTINA: IDB OKs $700MM Loan to Promote Macroeconomic Stability
GAUCHO GROUP: Expands Argentina Real Estate Opportunities


B E R M U D A

CARNIVAL HOLDINGS: Discloses Offering of $1.25B for Refinancing


B R A Z I L

BRAZIL: Rents in Sao Paulo Up Quarterly for First Time Since 2020


C O L O M B I A

BANCO AGRARIO: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
BANCOLDEX: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
FINDETER: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable


M E X I C O

GRUPO AEROMEXICO: Launches Tender Offer to Implement Delisting
MEXARREND SAPI: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative


P A N A M A

LA HIPOTECARIA 16TH: Fitch Affirms 'CCsf' Rating on Series C Notes


P U E R T O   R I C O

EPUMPS SOLUTIONS: Seeks Approval to Hire Ana Morales as Accountant


V E N E Z U E L A

CITGO PETROLEUM: US Judge OKs Sales Process for Shares in Parent
VENEZUELA: U.S. Creditors Take Small Comfort From Sanctions Relief

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A R G E N T I N A
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ARCOR SAIC: Discloses Exchange Offer Commencement for 2023 Notes
----------------------------------------------------------------
Arcor S.A.I.C. disclosed the commencement of its offer to exchange
(the "Exchange Offer") any and all of the outstanding 6.000% Notes
due 2023 (the "Old Notes") for newly issued 8.250% Notes due 2027
(the "New Notes") and cash consideration, as applicable, each upon
the terms and subject to the conditions set forth in the exchange
offer memorandum (the "Exchange Offer Memorandum"), dated October
4, 2022 and the related eligibility letter (the "Eligibility
Letter" and, together with the Exchange Offer Memorandum, the
"Exchange Offer Documents").

Only holders who have electronically submitted a duly completed
Eligibility Letter certifying that they are (1) "qualified
institutional buyers" ("QIBs") as defined in Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"), or (2)
holders of Old Notes other than "U.S. persons" (as defined in Rule
902 under the Securities Act) who are located outside of the United
States, who are qualified offerees in other jurisdictions, are
authorized to receive the Exchange Offer Memorandum and to
participate in the Exchange Offer (such holders, "Eligible
Holders").

Exchange Consideration

Upon the terms and subject to the conditions set forth in the
Exchange Offer Documents, Eligible Holders who validly tender Old
Notes, and whose Old Notes are accepted for exchange by us may
choose between two, mutually exclusive, consideration options,
detailed in the table below, in the columns under the headings
"Option A" and "Option B."

Eligible Holders whose Old Notes are accepted for exchange in the
Exchange Offer will also receive accrued and unpaid interest in
respect of such exchanged Old Notes from the last interest payment
date to, but not including, the Settlement Date (as defined below)
(such payment, the "Accrued Interest Payment").

Tenders of Old Notes under Option A

Upon the terms and subject to the conditions set forth in the
Exchange Offer Documents, tenders of Old Notes submitted under
Option A at or prior to the Early Participation Date (as defined
below) will receive a combination of the Early A Pro-Rata Cash
Consideration (as defined below) and the applicable Early A New
Notes Consideration (as defined below) (together, the "Early A
Consideration"), or solely the Early A Pro-Rata Cash Consideration
depending on the amount of Old Notes tendered pursuant to Option A
at or prior to the Early Participation Date. Tenders of Old Notes
submitted under Option A after the Early Participation Date but at
or prior to the Expiration Date (as defined below) will receive
U.S.$1,000 principal amount of New Notes per U.S.$1,000 principal
amount of Old Notes validly tendered and accepted for exchange (the
"Late Exchange Consideration"). For the avoidance of doubt,
Eligible Holders submitting tenders after the Early Participation
Date will not receive any cash consideration.

The Early A Consideration and the Early B Consideration (as defined
below) together are referred to as the "Early Exchange
Consideration." The Early Exchange Consideration and the Late
Exchange Consideration together are referred to as the "Exchange
Consideration."

The Aggregate Early A Cash Consideration is an aggregate amount
equivalent to the lesser of (x) 30% of the aggregate principal
amount of Old Notes that are validly tendered and accepted for
exchange in the Exchange Offer (such 30% of the aggregate principal
amount, the "Total Cash Consideration"), and (y) the principal
amount of the Old Notes accepted for exchange under Option A at or
prior to the Early Participation Date (the "Aggregate Early A Cash
Consideration"). The Early A Pro-Rata Cash Consideration is the
Aggregate Early A Cash Consideration, payable on a pro rata basis
to Eligible Holders of Old Notes, validly submitting tender orders
in exchange for Early A Consideration (the "Early A Pro-Rata Cash
Consideration").

The Early A New Notes Consideration for each Eligible Holder whose
Old Notes are accepted for exchange under Option A at or prior to
the Early Participation Date will be New Notes in a principal
amount equal to the difference between U.S.$1,000 and the Early A
Pro-Rata Cash Consideration received by each such Eligible Holder
(the "Early A New Notes Consideration").

At the Expiration Date, the Early A Pro-Rata Cash Consideration and
Early A New Notes Consideration will be determined based on the
principal amount of Old Notes validly tendered and accepted in the
Exchange Offer. Accordingly, the actual amounts of Early A New
Notes Consideration and Early A Pro-Rata Cash Consideration
comprising the Early A Consideration to be received by each
Eligible Holder whose Old Notes are accepted in the Exchange Offer
under Option A at or prior to the Early Participation Date (and, in
the event that less than all of the Total Cash Consideration is
paid out pursuant to Option A, the actual amount of Early B
Pro-Rata Cash Consideration (as defined below), if any, to be
received by Eligible Holders whose Old Notes are accepted in the
Exchange Offer under Option B at or prior to the Early
Participation Date), will depend on the actual participation by
Eligible Holders in the Exchange Offer and their selection between
Option A and Option B.

Tenders of Old Notes under Option B

Upon the terms and subject to the conditions set forth in the
Exchange Offer Documents, tenders of Old Notes submitted under
Option B at or prior to the Early Participation Date will receive
U.S.$1,020 principal amount of New Notes per U.S.$1,000 principal
amount of Old Notes validly tendered and accepted for exchange. The
consideration received by holders of Old Notes under this paragraph
is referred to as "Early B Consideration."

Upon the terms and subject to the conditions set forth in the
Exchange Offer Documents, tenders of Old Notes submitted under
Option B after the Early Participation Date but at or prior to the
Expiration Date will receive the Late Exchange Consideration, which
is U.S.$1,000 principal amount of New Notes per U.S.$1,000
principal amount of Old Notes validly tendered and accepted for
exchange. Consideration for Old Notes, either under Option A or
Option B, submitted after the Early Participation Date but at or
prior to the Expiration Date, is the same.

In the event that less than the Total Cash Consideration is
tendered under Option A, the difference between the Total Cash
Consideration and the Aggregate Early A Cash Consideration (such
difference, the "Aggregate Early B Cash Consideration") will be
paid to Eligible Holders whose Old Notes are accepted for exchange
under Option B at or prior to the Early Participation Date, pro
rata to the principal amount of their Old Notes accepted for
exchange under Option B at or prior to the Early Participation Date
(the "Early B Pro-Rata Cash Consideration"), and ratably reducing
the principal amount of New Notes that comprise the Early B
Consideration. Eligible Holders tendering Old Notes under Option B
at or prior to the Early Participation Date will only receive cash
as part of the Early B Consideration if the Total Cash
Consideration is greater than the Aggregate Early A Cash
Consideration.

The Exchange Offer will expire at 11:59 p.m. (New York City time)
on November 1, 2022 (such date and time with respect to the
Exchange Offer, as the same may be extended with respect to such
Exchange Offer, the "Expiration Date"). In order to be eligible to
receive the Early Exchange Consideration, eligible holders of Old
Notes must validly tender and not validly withdraw their Old Notes,
on or prior to 5:00 p.m., New York City time, on October 18, 2022,
unless extended (such date and time, as the same may be extended,
the "Early Participation Date"). Eligible Holders of Old Notes who
validly tender their Old Notes after the Early Participation Date,
but on or prior to the Expiration Date, will be eligible to receive
only the Late Exchange Consideration. Old Notes validly tendered
may be validly withdrawn at any time prior to 5:00 p.m., New York
City time on October 18, 2022, unless extended by the Company in
its sole discretion (such date and time, as the same may be
extended, the "Withdrawal Date"), but not thereafter. Unless the
Exchange Offer is extended, the Settlement Date for the Exchange
Offer is expected to be on November 9, 2022, in compliance with
Argentine Central Bank requirements to access the foreign exchange
market starting on November 2, 2022 for purposes of obtaining the
U.S. dollars required to pay the Total Cash Consideration.

The consummation of the Exchange Offer is conditioned upon, among
other conditions, the valid tender of U.S.$350,000,000 or more of
the aggregate principal amount outstanding of Old Notes in the
Exchange Offer (the "Minimum Participation Condition"), and other
customary conditions, including (1) having obtained all
governmental approvals that we, in our reasonable judgment,
consider necessary for the completion of the Exchange Offer, and
all such approvals shall remain in effect, including the approval
we received by the Central Bank to access the foreign exchange
market for payment of the Total Cash Consideration, and (2) that
Arcor will not be obligated to consummate the Exchange Offer upon
the occurrence of an event or events or the likely occurrence of an
event or events that would or might reasonably be expected to
prohibit, restrict or delay the consummation of the Exchange Offer
or materially impair the contemplated benefits to Arcor of the
Exchange Offer. Subject to applicable law and limitations described
in the Exchange Offer Memorandum, Arcor may waive any of these
conditions in its sole discretion. See "Description of the Exchange
Offer-Conditions to the Exchange Offer" in the Exchange Offer
Memorandum.

The purpose of the Exchange Offer is to exchange the Old Notes for
cash and the New Notes, as applicable, which will extend the
maturity of the debt obligations associated with the Old Notes.

Morrow Sodali Ltd. is the Information and Exchange Agent for the
Exchange Offer. Questions or requests for assistance related to the
Exchange Offer or for additional copies of the Exchange Offer
Documents may be directed to Morrow Sodali Ltd. at the following
email address: arcor@investor.morrowsodali.com. You may also
contact your broker, dealer, commercial bank, trust company or
other nominee for assistance concerning the Exchange Offer. The
Exchange Offer Documents are available for Eligible Holders at the
following web address: https://projects.morrowsodali.com/Arcor.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and
Santander Investment Securities Inc. are acting as dealer managers
(the "Dealer Managers") for the Exchange Offer. Banco Santander
Argentina S.A., Banco Itaú Argentina S.A. and Banco de Galicia y
Buenos Aires S.A.U. are acting as local placement agents.

Subject to applicable law, the Exchange Offer may be amended in any
respect, extended or, upon failure of a condition to be satisfied
or waived prior to the Expiration Date or Settlement Date, as the
case may be, terminated, at any time and for any reason. Although
we have no present plans or arrangements to do so, we reserve the
right to amend, at any time, the terms of the Exchange Offer
(including, without limitation, the conditions thereto) in
accordance with applicable law. We will give Eligible Holders
notice of any amendments and will extend the Expiration Date if
required by applicable law.

Eligible Holders of Old Notes are advised to check with any bank,
securities broker or other intermediary through which they hold Old
Notes as to when such intermediary would need to receive
instructions from an Eligible Holder in order for that Eligible
Holder to be able to participate in, or withdraw their instruction
to participate in, the Exchange Offer before the deadlines
specified in the Exchange Offer Documents. The deadlines set by any
such intermediary for the submission of instructions will be
earlier than the relevant deadlines specified above.

To reimburse the time and cost of processing the tender of Old
Notes in the Exchange Offer, Arcor will pay a processing fee to
brokers acting on behalf of certain Eligible Holders. This
processing fee will be payable to brokers only with respect to
individual tenders of up to U.S.$250,000 aggregate principal amount
of Old Notes per each Eligible Holder and will be in an amount
equal to 0.25% of the principal amount of such tendered Old Notes
that are accepted for exchange. See "Description of the Exchange
Offer-Processing Fee" in the Exchange Offer Memorandum for more
information regarding eligibility requirements that the process
brokers must follow to obtain the processing fee.

Important Notice

This announcement is not an offer of securities for sale in the
United States, and none of the New Notes has been or will be
registered under the Securities Act or any state securities law.
They may not be offered or sold within the United States or to, or
for the account or benefit of, U.S. persons except pursuant to an
exemption from, or in a transaction not subject to the registration
requirements of the Securities Act. This press release does not
constitute an offer of the New Notes for sale, or the solicitation
of an offer to buy any securities, in any state or other
jurisdiction in which any offer, solicitation or sale would be
unlawful. Any person considering making an investment decision
relating to any securities must inform itself independently based
solely on an offering memorandum to be provided to eligible
investors in the future in connection with any such securities
before taking any such investment decision.

This announcement is directed only to holders of Old Notes who are
(1) "qualified institutional buyers" ("QIBs") as defined in Rule
144A under the Securities Act, or (2) other than "U.S. persons" (as
defined in Rule 902 under the Securities Act) who are located
outside of the United States, who are qualified offerees in other
jurisdictions, are authorized to receive the Exchange Offer
Memorandum and to participate in the Exchange Offer. No offer of
any kind is being made to any beneficial owner of Eligible Bonds
who does not meet the above criteria or any other beneficial owner
located in a jurisdiction where the Exchange Offer Solicitation is
not permitted by law.

The distribution of materials relating to the Exchange Offer may be
restricted by law in certain jurisdictions. The Exchange Offer is
void in all jurisdictions where it is prohibited. If materials
relating to the Exchange Offer come into your possession, you are
required by the Company to inform yourself of and to observe all of
these restrictions. The materials relating to the Exchange Offer,
including this communication, do not constitute, and may not be
used in connection with, an offer or solicitation in any place
where offers or solicitations are not permitted by law. If a
jurisdiction requires that the Exchange Offer be made by a licensed
broker or dealer and a dealer manager or any affiliate of a dealer
manager is a licensed broker or dealer in that jurisdiction, the
Exchange Offer shall be deemed to be made by the dealer manager or
such affiliate on behalf of the Company in that jurisdiction.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings assigned a 'B' rating to Arcor S.A.I.C's new
8.25% senior unsecured notes due 2027. The proposed bonds will be
issued as part of an exchange offer whereby Arcor bondholders can
tender their current USD500 million 6% senior unsecured notes due
2023 to receive the new bonds and up to 30% of the outstanding
principal in USD cash. The exchange offer is voluntary and subject
to bondholder participation.


ARGENTINA: IDB OKs $700MM Loan to Promote Macroeconomic Stability
-----------------------------------------------------------------
Argentina will promote macroeconomic stability and strengthen its
public finances with a $700 million loan from the Inter-American
Development Bank (IDB).

The loan will provide budgetary support to help the country meet
itsshort-term financing needs and protect social spending on
vulnerable groups and infrastructure, while implementing reforms to
reduce the public deficit, promote price stability, and ensure debt
sustainability.

The IDB financing is in line with the goals of the Extended Fund
Facility that the country signed with the International Monetary
Fund (IMF) in March 2022, and will be supplemented with financial
assistance from other multilateral lending agencies.

The IDB loan resources will support the Government's commitment to
press forward with reforms under the IMF program. Specifically, the
IDB financing will help strengthen public finances, prop up efforts
to stabilize prices, and bster the balance of payments.

The IDB loan is for a seven-year term, with a three-year grace
period, and an interest rate based on SOFR.

                   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
Aug. 12, 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.


GAUCHO GROUP: Expands Argentina Real Estate Opportunities
---------------------------------------------------------
Gaucho Group Holdings, Inc. announced the formation of Gaucho
Development SRL, an Argentine holdings company slated to develop
the Company's recently acquired land holdings in the commercial and
business districts of San Rafael, Mendoza and Cordoba.  The Company
estimates potential rental income of more than US$260,000 annually,
once development is complete.

Last year, the Company purchased land holdings in Argentina in an
all-stock transaction valued at approximately $2.4 million.  One of
the property lots is located in the San Rafael, Mendoza region of
Argentina, and the other is located in the country's second largest
city of Cordoba, with the estimated fair market value of the
combined properties totaling approximately $2.4 million.  Both
properties are also located on major thoroughfares, seeing
significant foot and street traffic, and both with ample parking, a
feature considered a rare benefit in Argentine cities.

Scott Mathis, CEO & Chairman of Gaucho Holdings commented, "We've
already secured our first tenant (a well-known, multi-unit business
that has demonstrated a long operating history in Argentina) with a
ten-year lease at our San Rafael location.  As part of the same
property that is yet to be developed, there's an adjacent area on
which we intend to build a two-floor business center and commercial
marketplace containing six units on the ground floor and two units
on the top.  Similarly, at our Cordoba property, we intend to
develop a two-floor business center and marketplace containing four
units on the ground level and five units on the upper level.  As
both these locations offer ample customer parking, generally a rare
feature in Argentine cities, we believe we can set a premium on
rental asking prices.  Additionally, when we factor in an estimated
inflationary increase annually, the numbers year-over-year may be
significantly higher.  We believe the valuation of the real estate
was temporarily lowered because of the Covid crisis, which could
allow for substantial appreciation in the years ahead."

"Argentina's challenging economic environment certainly has its
negatives, but it can also provide extraordinary opportunities.  It
may serve us well to build in Argentine pesos, at the equivalent of
USD 70 per sq ft which includes paying labor in the devalued peso,
and then further benefit from that scenario by leasing those
properties in U.S. dollars.  Our goal and model is to attempt to
'produce in pesos, then sell in USD' as much as we can.  We believe
we can duplicate this same model throughout Argentina's biggest
cities, such as Cordoba as well as Buenos Aires, for which we've
already targeted multiple prime locations.  One of our biggest
strengths may ultimately be having the ability to leverage
opportunities such as this because of our local, on-the-ground
experience.  Over the next 36 months, our goal is to invest 30
million USD under this same scenario.  We are excited about the
long-term opportunities this model may provide."

Algodon's Chief Operating Officer, Sergio Manzur Odstrcil,
commented: "Due to the current USD to Peso conversion rates and its
effect on labor and some materials costs, we are seeing historic
lows in building costs -- at values we have not seen in 30 years,
so now is the time to build.  We estimate it may cost approximately
USD 650 per sq m (USD 60 per sq ft) to build these commercial
business centers which, when combined, total approximate 2150 sq m
(23,142 sq ft).  We believe with the potential rental income we
could make back our building costs in a matter of just a few
years."

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.  

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through
its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019.  As of June 30, 2022, the Company had $25.01 million
in total assets, $10.25 million in total liabilities and $14.75
million in total stockholders' equity.




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CARNIVAL HOLDINGS: Discloses Offering of $1.25B for Refinancing
---------------------------------------------------------------
Carnival Corporation disclosed that Carnival Holdings (Bermuda), a
subsidiary of Carnival Corporation, has commenced a private
offering of $1.25 billion aggregate principal amount of Senior
Priority Notes due 2028, according to a press release.

The Senior Priority Notes will be fully and unconditionally
guaranteed on an unsecured basis, jointly and severally, by the
Company, Carnival plc and certain of the Company's and Carnival
plc's subsidiaries that guarantee substantially all of the
Company's other indebtedness.

In connection with the offering of the Senior Priority Notes, the
Company and its subsidiaries will contribute 12 unencumbered
vessels to the Issuer, with each of these vessels continuing to be
operated under one of the Company's, Carnival plc's or one of their
subsidiaries' brands, the company said.

The Company expects to use the net proceeds of the offering to make
principal payments on debt and for general corporate purposes. The
Company may use all or a portion of the net proceeds to temporarily
repay amounts outstanding under the Company's revolver.

As reported in the Troubled Company Reporter-Latin America on Oct.
20, 2022, Moody's Investors Service assigned a B2 rating to
Carnival Holdings (Bermuda) Limited's (a subsidiary of Carnival
Corporation and Carnival plc ("Carnival")) planned senior unsecured
priority notes.  There is no change to Carnival's other ratings
including its senior secured first lien rating of Ba3, senior
secured second lien rating of B1 or existing senior unsecured
rating of B3. The company's speculative grade liquidity rating of
SGL-3 is also unchanged. The outlook is negative.




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BRAZIL: Rents in Sao Paulo Up Quarterly for First Time Since 2020
-----------------------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that the rental housing
market in Sao Paulo recorded an increase in the third quarter for
the first time since 2020, highlighting the final recovery of the
market after the fluctuations during the pandemic period.

Compared to the year's second quarter, rental prices increased by
2% between July and September - up 16% compared to the same period
in 2021, according to Rio Times Online.

The data comes from the QuintoAndar rent index, the report notes.

According to the indicator, the performance in the third quarter
was characterized by the decline in housing prices, 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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BANCO AGRARIO: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco Agrario de Colombia S.A.'s
(Agrario) Long-Term (LT) Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB+' with a Stable Rating Outlook.

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

KEY RATING DRIVERS

IDR and GSR

Government Support Rating: Agrario's IDRs are driven by its GSR of
'bb+', which reflects Fitch's assessment of the propensity and
ability of support from the bank's sole shareholder, the Colombian
government, if needed.

High Policy Role: Even though the Colombian government does not
explicitly guarantee Agrario's liabilities, its key policy role in
the development of the agricultural sector results in an
equalization of its GSR with the sovereign's LT IDR of 'BB+'. The
GSR also reflects moderate probability of support being forthcoming
because of uncertainties about the ability or propensity of
Colombia due to its speculative-grade IDR, should it be needed.

Viability Rating

Improved Asset Quality: Agrario's Viability Rating (VR) is below
the supported IDR and reflects the improved 90-day NPL ratio to
5.8% at 1H22 from 6.3% at YE 2021, reflecting better risk
management and improved collection processes. Agrario's loan
portfolio is supported by its sound loan loss allowances coverage
of impaired loans of 133% at 1H22 and high collateralization
levels. Fitch expects asset quality to remain stable and
commensurate with the bank's business model and rating category due
to the agricultural sector's sound performance, as it has been one
of the less affected sectors amid the crisis.

Solid Profitability: Agrario's operating profit to risk-weighted
assets (RWA) remains high at 8.3% at 1H22 (YE 2021: 8.9%). Solid
profitability resulted from the significant decrease in loan
impairment charges, given the considerable amount of voluntary
provisions created during 2020. This ratio also compares better
than pre-pandemic levels due to the adoption of Basel III
principles which reduced the RWA density. Fitch expects
profitability to remain sound in 2023, driven by stable asset
quality and credit growth; however, it could slightly reduce due to
higher provisioning needs.

Adequate Capitalization: Agrario's common equity Tier 1 (CET1)
reduced to 15.0% at 1H22 from 19.4% at YE 2021, mainly reflecting
cash dividend payment (90% of 2021 net income) and the increase of
RWA. In 2021, the bank's capital ratio was strengthened following
the adoption of Basel III guidelines. Despite the recent decrease
at 1H22, this ratio is still sound. Fitch does not anticipate
significant pressure on capitalization metrics in 2023 and believes
capitalization will remain adequate, driven by moderate asset
growth and stable earnings. In Fitch's opinion, Banagrario's
capital position is commensurate with its rating level and risk
exposure due to the Colombian government's support.

Sound Liquidity: Agrario's sound liquidity position is reflected in
the loans-to-deposit ratio of 87.6% at 1H22, which has remained
stable as core deposits grew by 5.7% during 2H22 and 6.5% in 2021.
Historically, customer deposits have covered almost two-thirds of
the bank's funding needs. Fitch expects liquidity to remain sound
as the bank benefits from an ample and stable deposit base and
access to local funds from other financial institutions.

RATING SENSITIVITIES

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

- Agrario's GSR and IDRs could be downgraded if the sovereign
   rating is downgraded;

- Agrario's GSR and IDRs could be downgraded if Fitch perceives
   a decrease in the bank's policy role for the government,
   but this scenario is unlikely in the short- and medium term;

- The VR could be downgraded if a significant deterioration of
   the asset quality and/or profitability results in a sustained
   decrease in the CET1 ratio below 12%.

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

- Agrario's GSR and IDRs could be upgraded in the event of a
   similar action in Colombia's sovereign ratings, while Fitch
   continues to view as having a high policy role for the
   government;

- The VR could be upgraded by the confluence of improvements in
   the operating environment and asset quality that results in a
   profitability (operating profit to RWA) consistently above
   4.75%.

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
   -----------                         ------          -----
Banco Agrario de
Colombia S.A.

                   LT IDR              BB+  Affirmed    BB+
                   ST IDR              B    Affirmed    B
                   LC LT IDR           BB+  Affirmed    BB+
                   LC ST IDR           B    Affirmed    B
                   Viability           bb   Affirmed    bb
                   Support             WD   Withdrawn   3
                   Support Floor       WD   Withdrawn   BB+
                   Government Support  bb+  New Rating


BANCOLDEX: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Banco de Comercio Exterior de Colombia
S.A.'s (Bancoldex) Foreign and Local Currency Long-Term Issuer
Default Ratings (IDRs) at 'BB+'. The Rating Outlook is Stable.
Fitch has also affirmed Bancoldex's National ratings at 'AAA(col)'
and its subsidiary Fiduciaria Colombiana de Comercio Exterior
S.A.'s (Fiducoldex) National Scale ratings at 'AAA(col)'; Outlook
Stable.

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

KEY RATING DRIVERS

Bancoldex's IDRs are driven by its GSR, which is equalized with the
Long-Term IDR of Colombia (BB+/Stable). The ratings reflects
Fitch's assessment of the Colombian government's high propensity
and ability to provide timely support to Bancoldex if needed. The
national ratings of Bancoldex, which are at the highest level in
the ratings scale, are relative rankings of creditworthiness within
Colombia. These are based on potential sovereign support, if
needed.

Government Support Rating: Although the Colombian government does
not explicitly fully guarantee all of Bancoldex's liabilities,
Fitch considers in its support assessment the government majority
ownership of the bank. Additionally, Fitch believes Bancoldex plays
a prominent policy role as it is an integral arm of the state in
implementing economic development policies. The entity also has
many operational and financial synergies with the public
administration. Colombia's ability to support Bancoldex is
reflected in its sovereign rating (BB+/Stable).

GSR indicates the minimum level to which the entity's Long-Term
IDRs could fall if Fitch does not change its view on potential
sovereign support.

Development Bank Role: Bancoldex's ratings consider its high
strategic importance within Colombia for promoting SMEs, as well as
large commercial and corporate entities in improving
competitiveness and fostering foreign trade. Its primary activity
as a development bank is the provision of wholesale funds and
guarantees to commercial banks and other non-bank financial
institutions, as well as direct credit lines to SMEs and corporates
for economic reactivation.

Bancoldex good asset quality is aligned with its development bank
model. Although past due loans (PDL) greater than 30 days increased
to 2.7% as of June 2022, because deterioration on the direct loan
portfolio to SMEs, it also incorporates the new risk conditions
that bring this new product to the loan portfolio of the bank.
Bancoldex's countercyclical role underpinned loan growth and
profitability during the crisis. Operating profit to risk-weighted
assets (RWA) of 2.4% at June 2022 is close to its pre-pandemic
levels of 2.8% (2018-2019) amid higher interest rates environment
and greater contribution of direct lending to the net interest
margins.

Bancoldex's capital benefits from stable profit generation, high
reserve levels and low asset impairment, which compensates for
modest levels of internal capital generation and a high pay-out
ratio. As of June 2022, its common equity Tier 1 ratio (CET1) was
18.5% similar than a year ago. Bancoldex has diversified its
funding sources through bond issuances, term deposits and credit
lines with local and international financial institutions.

RATING SENSITIVITIES

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

- Bancoldex's GSR and IDRs could be downgraded if the sovereign
rating is downgraded.

- Bancoldex´s GSR, IDRs and National Scale ratings could be
downgraded if Fitch perceives a decrease in the bank's policy role
for the government, but this scenario is unlikely in the short- and
medium term.

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

- Bancoldex's GSR and IDRs could be upgraded in the event of a
similar action in Colombia's sovereign ratings, while Fitch
continues to view Bancoldex as having a high policy role for the
government;

- National ratings have no upside potential because they are at the
highest level in the national rating scale.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Fiducoldex's National Ratings reflect the support they would
receive from Bancoldex in case of need, mainly based on Fitch's
opinion of the entity's high strategic role for Bancoldex's
business model and the reputational and franchise implications from
a subsidiary default. Fiducoldex's synergies with its parent and
respective role in executing the group's long-term strategy are
also important factors.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- The ratings of Fiducoldex will reflect any negative rating action
taken on their main shareholder Bancoldex and any change in Fitch's
assessment on the propensity and/or ability of the parent to
provide support.

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

- The national scale ratings of Fiducoldex's are at the highest
level on the national scale; therefore, they cannot be upgraded.

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(ies), either due to their nature or the way in which they
are being managed by the entity(ies).

   Debt                      Rating          Prior
   ----                      ------              -----
Banco de Comercio Exterior
de Colombia 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            AAA(col) Affirmed  
AAA(col)
                            Natl ST            F1+(col) Affirmed  
F1+(col)
                            Support            WD       Withdrawn
3
                            Support Floor      WD       Withdrawn
BB+
                            Gov't Support      bb+      New Rating

Fiduciaria Colombiana de
Comercio Exterior S.A.
- Fiducoldex                Natl LT            AAA(col) Affirmed  
AAA(col)
                            Natl ST            F1+(col) Affirmed  
F1+(col)


FINDETER: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Financiera de Desarrollo Territorial
S.A.'s (Findeter) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'BB+'. The Rating Outlook is Stable.
Fitch has also affirmed Findeter's National Long-Term Rating at
'AAA(col)', Outlook Stable.

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

KEY RATING DRIVERS

Government Support Rating: Findeter's IDRs and senior debt are
driven by its GSR, which is equal to Colombia's Long-Term IDR
(BB+/Stable). The ratings reflect Fitch's assessment of the
Colombian government's propensity and ability to provide timely
support to Findeter if needed.

Although the Colombian government does not explicitly guarantee all
of Findeter's liabilities, Fitch views the entity as an integral
arm of the state, given its role in implementing economic
development policies of the government's National Development Plan,
its role in financing regional and urban infrastructure, and the
state's majority ownership. Colombia's ability to support the
development bank is reflected in its sovereign rating.

GSR indicates the minimum level to which the entity's Long-Term
IDRs could fall if Fitch does not change its view on potential
sovereign support.

The national ratings of Findeter, which are at the highest level in
the ratings scale, are relative rankings of creditworthiness within
Colombia. These are based on potential sovereign support, if
needed.

Development Bank Role: Findeter is a wholesale development bank,
which structures general obligation loans to supervised financial
institutions, as well as direct lines to territorial entities,
generally backed by promissory notes from infrastructure projects.
Findeter's mission as a development bank to channel financing into
implementing infrastructure projects on behalf of the state, allows
the entity to foster a social impact while ensuring a profitable
return aligned with inflation.

Since the national government declared an economic, social and
ecological emergency in 2020, Findeter has strength its role as a
local development bank, supporting private sector and state-owned
companies and financing key sectors through special and direct
lines of credit after the coronavirus outbreak, which further
supports Fitch's opinion on the entity's relevant policy role.

Findeter's impairments have been low historically, as the majority
of its credit exposure is to the nation's largest banks, with NPLs
reaching only 0.03% at June 2022. Despite its high concentrations,
top 20 exposures accounted for 99.98% of total loans, concentration
risk is mitigated by the high reserves of 1702.2%. At the same
date, the bank's operating profit to risk-weighted assets ratio
improved to 2.5 %, above the average of the last four years of
1.8%. The significant increase in net interest margin, given the
environment of high interest rates, boosted the ratio.

Fitch believes Findeter´s capital is robust and is deem sufficient
to maintain growth and absorb potential losses. The high
capitalization metrics are supported on recurrent profitability and
in the fact that the bank has a legal restriction on the payment of
cash dividends. As of June 2022, the common equity Tier 1 was
25.4%, which compares favorably with its local and international
peers. At the same date, the loans to customer deposits ratio of
156.9% exceeded the banking sector average (108.5%), as the bank
utilizes longer tenor funding that helps to better match its asset
and liability structure.

RATING SENSITIVITIES

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

- Findeter's GSR and IDRs could be downgraded if the sovereign
rating is downgraded;

- Findeter's GSR, IDRs and National Scale ratings could be
downgraded if Fitch perceives a decrease in the bank's policy role
for the government, but this scenario is unlikely in the short- and
medium term.

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

- Findeter's GSR and IDRs could be upgraded in the event of a
similar action in Colombia's sovereign ratings, while Fitch
continues to view Findeter as having a high policy role for the
government;

- National ratings have no upside potential because they are at
the highest level in the national rating scale.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SENIOR UNSECURED DEBT

The rating of Findeter´s senior unsecured debt is at the same
level as the bank's 'BB+' Long-Term IDR as the likelihood of
default of the debt issuance is the same as the likelihood of
default of the bank.

SUBORDINATED DEBT

Findeter's subordinated bonds are rated 'AA(col)' on the National
Scale, two notches below Findeter's Long-Term National Scale rating
of 'AAA(col)', reflecting two notches for loss severity (-2) ,
given the terms of the issuances (plain-vanilla subordinated
debt).

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

SENSITIVITIES

Senior and subordinated notes' ratings are sensitive to any changes
in Findeter's IDRs; therefore, the debt ratings will follow the
same direction and magnitude on Findeter's ratings movements.

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
   -----------                          ------              -----
Financiera de Desarrollo
Territorial S.A. -
Findeter               LT IDR             BB+      Affirmed   BB+
                       ST IDR             B        Affirmed   B
                       LC LT IDR          BB+      Affirmed   BB+
                       LC ST IDR          B        Affirmed   B
                       Natl LT            AAA(col) Affirmed  
AAA(col)
                       Natl ST            F1+(col) Affirmed  
F1+(col)
                       Support            WD       Withdrawn  3
                       Support Floor      WD       Withdrawn  BB+
                       Gov't. Support     bb+      New Rating

   senior unsecured    LT                 BB+      Affirmed   BB+

   subordinated        Natl LT            AA(col)  Affirmed  
AA(col)




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

GRUPO AEROMEXICO: Launches Tender Offer to Implement Delisting
--------------------------------------------------------------
Grupo Aeromexico, S.A.B. de C.V. ("Aeromexico" or the "Company")
(BMV: AEROMEX) informs, following the relevant events dated June
10, June 28 and July 11, 2022, that pursuant to Article 108,
Section I, paragraph (b), of the Securities Exchange Law (Ley del
Mercado de Valores), the National Banking and Securities Commission
(Comision Nacional Bancaria y de Valores) granted today
authorization to launch a cash tender offer for up to 11,535,328
registered shares, subscribed and paid, Series Unica, representing
the current capital stock of Aeromexico (the "Shares"), in order to
carry out the delisting of all of its shares before the Bolsa
Mexicana de Valores, S.A.B. de C.V. (Mexican Securities Exchange)
(the "Offering"), and, in due course, the subsequent cancellation
of the registration of the shares representing its capital stock
before the National Securities Registry (Registro Nacional de
Valores), as resolved by the General Extraordinary Shareholders
Meeting of the Company held on June 27, 2022 (the "Meeting"). In
this regard, Aeromexico has disclosed and informed to its investors
the corresponding notice of commencement of the Tender Offer
period, which will be opened from October 11 to November 8, 2022.

As previously disclosed by the Company, the Offering, as well as
the subsequent cancellation of registration before the National
Securities Registry of the Company's shares, is being carried out
in compliance with the contractual obligations assumed by
Aeromexico with its former creditors, now shareholders of the
Company, during its orderly restructuring process under Chapter 11
of the Bankruptcy Code of the United States of America (the
"Restructuring Proceeding"), as well as with the authorization and
resolutions adopted by the Meeting.

The Company offers to acquire only the Shares, this is, up to
11,535,328 registered shares, since several shareholders of the
Company contractually agreed with the Company not to participate in
the Offering, and, thus, for the sole purpose of their
participation in the Offering, these shareholders are considered as
a controlling group, considering that they previously agreed not to
participate in the Offering. Therefore, the Shares subject to the
Offering (i) are not owned by the shareholders that maintain
control over the Company, nor (ii) are owned by the shareholders
that are party under certain Registration Rights Agreement entered
into by the Company and the majority of its shareholders in
compliance with the obligations assumed by the Company under such
Agreement, which is part of the Joint Plan of Reorganization
approved by the Bankruptcy Court of the United States of America
under the Restructuring Proceeding.

Headquartered in Mexico City, Mexico, Grupo Aeromexico SAB de CV
operates as an airline.  As reported in the Troubled Company
Reporter-Latin America, Egan-Jones Ratings Company, on August 10,
2022, upgraded the foreign currency and local currency senior
unsecured ratings on debt issued by Grupo Aeromexico SAB de CV to C
from D. EJR also retained its 'D' rating on commercial paper issued
by the Company to B from A3.


MEXARREND SAPI: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Mexarrend, S.A.P.I. de C.V.'s Long-Term
Local and Foreign Currency Issuer Default Ratings (IDRs) at 'B',
senior unsecured Long-Term debt rating at 'B'/'RR4', Long-Term
National Ratings at 'BBB-(mex)' and the Short-Term National
Ratings, and the short-term portion of the senior unsecured notes
program at 'F3(mex)'. Fitch has removed all ratings from Rating
Watch Negative (RWN). The Rating Outlooks for the Long-Term IDRs
and National Long-Term Rating are Negative.

KEY RATING DRIVERS

The rating affirmation and removal from RWN reflect that the
refinancing risk associated with the company's Oct. 11, 2022
international bond maturity has been sufficiently addressed by
available credit facilities and balance sheet cash and the bond has
been paid in full. The affirmation is secondarily supported by
stable asset quality and leverage.

The Negative Outlook reflects sustained pressure on the company's
funding profile beyond October 2022, given a USD300 million bond
maturity in 2024, the company's increased use of secured funding
and recent market events that have further undermined investor
confidence in the Mexican non-bank financial institutions sector.
The Negative Outlook is secondarily influenced by the company's
relatively weak and near-break-even profitability. Further
deterioration in profitability that results in sustained losses
would also pressure the ratings.

Near-Term Refinancing Addressed: On Oct. 11, 2022, Mexarrend
announced the payment in full of its bond maturity due on that same
date.

Increased Secured Funding: While the recent credit line and the
company's continued utilization of its existing secured committed
warehouse facilities reduce short-term liquidity pressures, they
also increase the company's secured funding as a proportion of the
company's total funding, reducing financial flexibility.

Sizeable Maturity in 2024: Fitch notes that Mexarrend has a
significant maturity concentration from a July 2024 bond maturity
of USD300 million.

RATING SENSITIVITIES

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

- Failure to proactively address the 2024 bond maturity through
   refinancing and/or maintaining sufficient liquid resources;

- A material and sustained reduction in the company's unsecured
   funding as a proportion total funding;

- A sustained negative core profitability metric (pretax
   profits to average assets);

- Debt/tangible equity (adjusted for the temporary effects
   of derivatives valuations) above 9.0x on a sustained basis;

- An actual or imminent breach of the company's debt
   covenants that increases liquidity and refinancing risks.

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

- The Rating Outlook could be revised to Stable from Negative
   if Mexarrend demonstrates proactive and sustained access
   to diversified funding sources that allow portfolio growth
   and reduce refinancing risk, and maintains a positive core
   profitability metric (pretax profits to average assets);

- The current Negative Rating Outlook makes an upgrade highly
   unlikely in the near term.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior unsecured debt program and short-term portion of the
senior unsecured notes program ratings are at the same level as
Mexarrend's IDR and Short-Term National Ratings, respectively,
because the probability of default on the debt is the same as that
of the company. The 'RR4' recovery rating reflects Fitch's
expectation of average recovery prospects.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

- Mexarrend's international and local debt issues are sensitive
   to a change in the company's Long-Term IDRs and National
   Ratings, respectively, as the likelihood of default of these
   notes is the same as that of the company;

- The notes' rating may diverge from the IDRs if asset
   encumbrance increases to the extent that it relevantly
   subordinates senior unsecured bondholders.

SUMMARY OF FINANCIAL ADJUSTMENTS

For comparability and analytical purposes, Fitch reclassified
certain income statement and balance sheet accounts. Accounts
receivable from factoring and cash financing are classified as
loans, fixed assets under operating leased contracts were
classified as the operating lease portfolio, pre-paid expenses and
some other assets were reclassified as intangibles given their low
loss absorption capacity, gross operating and finance lease income
is composed of interest, operating lease and equipment financing
income net of the cost of equipment, and related services and
supplies revenue is presented net of cost as other operating
income.

ESG CONSIDERATIONS

Mexarrend has an ESG Relevance Score of '4' for or Management
Strategy, in contrast with a standard scoring of '3', reflecting
risks associated with the execution of the recently announced
business combination with Zinobe, rebranding and the development of
additional business lines. This has a negative impact on the rating
in conjunction with other factors.

Mexarrend has an ESG Relevance Score of '4' for Governance
Structure given some concerns regarding board independence which
may impact strategic decisions. This has a moderately negative
impact on the rating in conjunction with other factors.

Mexarrend has an ESG Relevance Score of '4' for Financial
Transparency to highlight that the level of detail between audited
financial statements and quarterly financial report and the level
of disclosure differ. Such differences could limit Fitch's ability
to assess the company's financial profile. While financial
transparency is improving, these concerns still have a moderately
negative impact on the rating in conjunction with other factors.

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

   Debt                         Rating       Recovery   Prior
   ----                         ------       --------   -----
Mexarrend, S.A.P.I.
de C.V.
                      LT IDR      B         Affirmed     B
                      ST IDR      B         Affirmed     B
                      LC LT IDR   B         Affirmed     B
                      LC ST IDR   B         Affirmed     B
                      Natl LT     BBB-(mex) Affirmed     BBB-(mex)

                      Natl ST     F3(mex)   Affirmed     F3(mex)

   senior unsecured   LT          B         Affirmed  RR4  B
   
   senior unsecured   Natl ST     F3(mex)   Affirmed     F3(mex)




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

LA HIPOTECARIA 16TH: Fitch Affirms 'CCsf' Rating on Series C Notes
------------------------------------------------------------------
Fitch Ratings has affirmed La Hipotecaria's Panamanian RMBS and
underlying U.S. transactions.

Fitch has affirmed all notes issued by La Hipotecaria Panamanian
Mortgage Trust 2010-1, La Hipotecaria Mortgage Trust 2019-1, La
Hipotecaria Mortgage Trust 2019-2, La Hipotecaria Panamanian
Mortgage Trust 2014-1, La Hipotecaria Mortgage Trust 2021-1, La
Hipotecaria Tenth Mortgage-Backed Notes Trust, La Hipotecaria
Twelfth Mortgage-Backed Notes Trust, La Hipotecaria Fourteenth
Mortgage-Backed Notes Trust and La Hipotecaria Sixteenth
Mortgage-Backed Notes Trust.

   Debt                      Rating        Prior
   ----                      ------            -----
La Hipotecaria Trust 2019-2

   Series 2019-2
   Certificates          LT  BBB-sf Affirmed   BBB-sf

La Hipotecaria Tenth
Mortgage Trust Series A
Notes

   Interest Only         LT  A-sf   Affirmed   A-sf
   Series A              LT  A-sf   Affirmed   A-sf

La Hipotecaria Panamanian
Mortgage Trust 2021-1

   Series 2021-1
   Certificates          LT  BBB-sf Affirmed   BBB-sf

La Hipotecaria Panamanian
Mortgage Trust 2010-1

   2010-1 Certificates   LT  AAAsf  Affirmed   AAAsf
   2010-1 Certificates   ULT A-sf   Affirmed   A-sf

La Hipotecaria Fourteenth
Mortgage-Backed Notes
Trust

   A                     LT  BBB-sf Affirmed   BBB-sf
   B                     LT  B+sf   Affirmed   B+sf
   C                     LT  CCCsf  Affirmed   CCCsf

La Hipotecaria Sixteenth
Mortgage-Backed Notes
Trust

   Series A              LT  BBB-sf Affirmed   BBB-sf
   Series B              LT  CCCsf  Affirmed   CCCsf
   Series C              LT  CCsf   Affirmed   CCsf

La Hipotecaria Panamanian
Mortgage Trust 2014-1

   Class A-1 50346EAA5   LT  AAAsf  Affirmed   AAAsf
   Class A-2 50346EAB3   LT  BBB-sf Affirmed   BBB-sf

La Hipotecaria Trust 2019-1

   Series 2019-1
   Certificates          LT  AAAsf  Affirmed   AAAsf

La Hipotecaria Twelfth
Mortgage-Backed Notes
Trust

   Series A PAL3006961A4 LT  BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

Higher Stresses Applied Due to Macroeconomic Adjustments: Fitch
expects Panama's real GDP growth will reach 9% in 2022, and to have
unemployment rate decreasing to 9%, from 11.3% observed YE 2021.
Fitch continues to apply higher stress scenarios as described in
"Fitch Ratings Revises Macroeconomic Adjustment for La Hipotecaria
RMBS in Panama" considering the end of forbearance programs in July
2021 and underperformance of loans that were modified until then.

In the additional stress scenario analysis, the 'Bsf'
representative pool weighted average foreclosure frequency (WAFF)
for Banco La Hipotecaria, S.A. (BLH) in Panama increased to 8.8%
from 8.2% in the current assumption. As adjustments were maintained
at 1.0x at A(cat), given that Fitch does not envisage changes to
the SF Rating Cap (Asf), rating multiples were compressed.

Operational Risk Mitigated (Latin America RMBS Rating Criteria):
Grupo ASSA, S.A. (BBB-/Stable, primary servicer) has hired BLH (the
sub-servicer) to be the servicer for the mortgages. Fitch has
reviewed BLH systems and procedures and is satisfied with its
servicing capabilities. Additionally, Banco General S.A.
(BBB-/Stable) has been designated as back-up servicer in order to
mitigate the exposure to operational risk, and will replace the
defaulting servicer within five days of a servicer disruption
event.

La Hipotecaria Tenth Mortgage Trust Series A Notes

Country of Assets Determine Maximum Achievable Ratings: Panama's
Issuer Default Rating (IDR) is 'BBB-'/Stable Rating Outlook and its
Country Ceiling is 'A-' (as of Jan. 28, 2022). According to Fitch's
'Structured Finance and Covered Bonds Country Risk Rating Criteria'
the ratings of Structured Finance notes cannot exceed the Country
Ceiling of the country of the assets, unless the transfer and
convertibility (T&C) risk is mitigated. While the transactions have
sufficient credit enhancement to be rated above the country's IDR,
the T&C risk is not mitigated, so the ratings remain constrained by
the Country Ceiling and ultimately linked to the ratings of
Panama.

Frequency of Foreclosure Assumptions Similar to Previous Review:
Asset characteristics have been stable throughout the years. In an
'A-sf' scenario, the A note and the interest-only note would need
to support a WAFF of 36.0% and a weighted average recovery rate
(WARR) of 91.6%, compared to a WAFF of 33.5% and a WARR of 90.8%
from last annual review, in November 2021.

These assumptions consider the main characteristics of the assets,
where original loan-to-value (OLTV) is 93.4%, the seasoning average
176 months and remaining term 195 months, WA current LTV is 58.6%
and the majority of performing borrowers (52.0%) pay through
payroll deduction mechanism. The assumptions also consider a
Performance Adjustment Factor of 0.7x considering the historical
performance of the portfolio.

Transaction Performance Supports Assigned Ratings: Credit
Enhancement (CE) has increased during the last year due to the
sequential nature of the structure. As of July 2022, CE has
increased to approximately 57.5% up from 52.9% observed in Sept.
2021. CE continues to build due to the sequential nature of the
transaction structure. The transaction also benefits from a reserve
account of 1% of the outstanding balance of the series A notes,
which is sufficient to cover almost three months of senior expenses
and interest payment on series A and interest only.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust

Country of Assets and Counterparty Determine Maximum Achievable
Ratings: The rating is constrained by Panama's sovereign rating
(BBB-/Stable) due to the portfolio's exposure to the sovereign.
Over 30% of the residential mortgages were granted to public sector
employees and about 69% of the pool benefits from Panama's
Preferential Treatment Law, whereby the government provides lenders
a subsidy, through fiscal credits, for originating mortgages below
market interest rates for a definite period of 10 or 15 years.
Also, as the reserve account is in the form of a letter of credit
provided by Banco General (BBB-/Stable), the transaction is also
exposed to this entity.

Frequency of Foreclosure Assumptions Affected by the Macroeconomic
Adjustments: To gauge the impact of the macroeconomic
underperformance, Fitch reviewed its FF parameter. Under Fitch's
updated assumptions in an 'BBB-sf' scenario, the A note would need
to support a WAFF of 21.5% and a WARR of 90.5%, compared to a WAFF
of 19.5% and a WARR of 89.8% from last annual review, in November
2021.

These assumptions consider the main characteristics of the assets,
where OLTV is 90.8%, the seasoning average 134 months and remaining
term 235 months, WA current LTV is 63.4% and the majority of
performing borrowers (62.8%) pay through payroll deduction
mechanism. The assumptions also consider a Performance Adjustment
Factor of 0.7x considering the historical performance of the
portfolio.

Robust Credit Enhancement Supports Assigned Ratings: CE has been
slightly impacted by the increase in defaults, even though it is
still at robust levels. As of July 2022, CE has decreased to 20.6%
down from 21.3% observed in Sept. 2021. Fitch expect the CE to
build up due to the sequential nature of the transaction structure.
The transaction also benefits from a reserve account of 1% of the
outstanding balance of the series A notes in the form of a letter
of credit, which is sufficient to cover almost three months of
senior expenses and interest payment on the Series A notes.

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust

Country of Assets and Counterparty Determine Maximum Achievable
Ratings: The rating of the series A notes is constrained by
Panama's sovereign rating (BBB-/Stable) due to the portfolio's
exposure to the sovereign. Around a quarter of the residential
mortgages were granted to public sector employees. Also, as the
reserve account is in the form of a letter of credit provided by
Banco General, and this counterparty has not been able to be
replaced according to transaction documents, the series A notes is
also exposed to this entity.

Frequency of Foreclosure Assumptions Affected by the Macroeconomic
Adjustments: To gauge the impact of the macroeconomic
underperformance, Fitch reviewed its FF parameter. Under Fitch's
updated assumptions in an 'BBB-sf' scenario, the A note would need
to support a WAFF 19.9% and a WARR of 81.6%, compared to a a WAFF
17.7% and a WARR of 88.0% from last annual review, in November
2021. Under Fitch's updated assumptions in a 'B+sf' scenario, the
Series B notes would need to support a WAFF of 12.1% and a WARR of
89.0%, compared to a WAFF of 10.4% and a WARR of 89.6% from last
annual review. For the expected scenario, the Series C notes would
need to support a WAFF of 8.8% and a WARR of 92.0%, compared to a
WAFF of 7.4% and a WARR of 92.8% from last annual review.

These assumptions consider the main characteristics of the assets,
where OLTV is 84.2%, the seasoning average 123 months and remaining
term 235 months, WA current LTV is 65.3% and the majority of
performing borrowers (62.8%) pay through payroll deduction
mechanism. The assumptions also consider a Performance Adjustment
Factor of 0.7x considering the historical performance of the
portfolio.

Transaction Performance Supports Assigned Ratings: CE has increased
during the last year due to the sequential nature of the structure.
As of July 2022, CE has increased to approximately 11.1% up from
10.4% observed in Sept. 2021 for the Series A notes, to 3.4% from
3.1% for the Series B notes, and for series C it increased to 0.8%
from 0.7%. The loan modifications of a third of the portfolio in
2021 produced a slower amortization speed, affecting as a
consequence the payment of the most junior tranche.

The series A notes also benefits from a reserve account equivalent
to 3x its next interest payment in the form of a letter of credit.

La Hipotecaria Sixteenth Mortgage-Backed Notes Trust

Ratings Capped by Country of Assets: The rating of the series A
notes is constrained by Panama's sovereign rating (BBB-/Stable) due
to the portfolio's exposure to the sovereign. About a third of the
residential mortgages were granted to public sector employees and
almost 100% of the pool benefits from an interest rate subsidy
provided by the Republic of Panama.

Frequency of Foreclosure Assumptions Affected by the Macroeconomic
Adjustments: To gauge the impact of the macroeconomic
underperformance, Fitch reviewed its FF parameter. Under Fitch's
updated assumptions in an 'BBB-sf' scenario, the A note would need
to support a WAFF of 15.5% and a WARR of 57.3%, compared to a WAFF
of 14.5% and a WARR of 56.4% from the rating assignment. At the
expected scenario, the WAFF was updated to 6.0%, from 5.6%, and the
WARR changed to 74.4%, from 73.6%. These assumptions consider the
main characteristics of the assets, where OLTV is 90.3%, the
seasoning average 59 months and remaining term 302 months, WA
current LTV is 77.0% and the majority of performing borrowers
(86.5%) pay through payroll deduction mechanism.

Transaction Performance Supports Assigned Ratings: The series A
notes benefit from a sequential pay structure wherein target
amortization payments for this series are senior to interest and
principal payments on the series B and C notes. Series A notes also
benefit from CE of 8.8%, an interest reserve account equivalent to
3x its next interest payment and excess spread, which is still
consistent to the assigned ratings.

Series B notes has a CE of -0.6% and excess spread, while series C
notes benefit from excess spread, although none of them are able to
surpass the WAFF and WARR defined at the expected level by Fitch.
The decrease in the credit enhancement in the first months is
expected, especially in transactions in which 100% of the portfolio
contains subsidies and fiscal credits can delay part of the
expected inflows. Fitch expects that CE will converge to initial
levels in the near future.

CLN Transactions

La Hipotecaria Panamanian Mortgage Trust 2010-1, 2014-1 A-1, La
Hipotecaria Trust 2019-1

DFC's Credit Quality Supports Rating: The rating assigned to the La
Hipotecaria Panamanian Mortgage Trust 2010-1, La Hipotecaria
Panamanian Mortgage Trust 2014-1 A-1, and La Hipotecaria Trust
2019-1 certificates is commensurate with the credit quality of the
guarantee provider. The credit quality of U.S. International
Development Finance Corporation (DFC) is directly linked to the
U.S. sovereign rating (AAA/F1+/Stable), as guarantees issued by,
and obligations of, DFC are backed by the full faith and credit of
the U.S. government, pursuant to the Foreign Assistance Act of
1969. The ULT rating assigned to the 2010-1 certificates is
commensurate with the credit quality of the series A notes of La
Hipotecaria's Tenth Mortgage-Backed Notes Trust.

Reliance on DFC Guaranty: Fitch assumes the payment on the La
Hipotecaria Panamanian Mortgage Trust 2010-1, La Hipotecaria
Panamanian Mortgage Trust 2014-1 A-1, and La Hipotecaria Trust
2019-1 certificates will rely on the DFC guaranty. Through this
guaranty, DFC will unconditionally and irrevocably guarantee the
receipt of proceeds from the underlying notes in an amount
sufficient to cover timely scheduled monthly interest amounts and
the ultimate principal amount on the certificates.

Ample Liquidity: The La Hipotecaria Panamanian Mortgage Trust
2010-1, La Hipotecaria Panamanian Mortgage Trust 2014-1 A-1 and La
Hipotecaria Trust 2019-1 certificates benefit from liquidity, in
the form of a five-day buffer between payment dates on the
underlying notes and payment dates on the certificates.
Additionally, the certificates benefit from liquidity in the form
of an interest reserve account or a letter of credit at the
underlying note level. Fitch considers this sufficient to keep debt
service current on the guaranteed certificates until funds under a
claim of DFC are received.

La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2 Certificates,
La Hipotecaria Trust 2019-2, La Hipotecaria Panamanian Mortgage
Trust 2021-1

Credit Quality of the Underlying Notes Support Ratings: The 2014-1
A-2, 2019-2 and 2021-1 certificates are a repackaging of the BLH
12th, BLH 14th and BLH 16th Series A notes, respectively, therefore
the rating assigned to the certificates is commensurate with the
credit rating of the series A notes of each transaction, which
carry a rating of 'BBB-sf'/Stable. The interest received from the
underlying notes is expected to be sufficient to cover the expenses
and coupon payments due for the certificates.

RATING SENSITIVITIES

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

The ratings of the La Hipotecaria Tenth Mortgage Trust Series A
notes and interest-only notes, La Hipotecaria Twelfth
Mortgage-Backed Notes Trust Series A notes, La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A Notes and La
Hipotecaria Sixteenth Mortgage-Backed Notes Trust Series A Notes
are sensitive to changes in the credit quality of Panama.

A downgrade of Panama's ratings, and for BLH Tenth its Country
Ceiling, could lead to a downgrade on the notes. In addition, the
ratings of the La Hipotecaria Twelfth Mortgage-Backed Notes Trust
Series A Notes and La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust Series A Notes are sensitive to changes in the credit quality
of Banco General as the Letter of Credit provider. Finally, severe
increases in foreclosure frequency as well as reductions in
recovery rates could lead to a downgrade of the notes.

In addition, the ratings of the La Hipotecaria Twelfth
Mortgage-Backed Notes Trust Series A Notes and La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A Notes are sensitive
to changes in the credit quality of Banco General as the Letter of
Credit provider.

The series B and C of La Hipotecaria Fourteenth Mortgage-Backed
Notes Trust and the series B of La Hipotecaria Sixteenth
Mortgage-Backed Notes can be downgraded if there is a relevant
increase in foreclosure frequency as well as reductions in recovery
rates. For series C of La Hipotecaria Sixteenth Mortgage-Backed
Notes Trust, rating can be downgraded if the C notes is irrevocably
impaired such that it is not expected to pay interest and/or
principal in full in accordance with the terms of the obligation's
documentation during the life of the transaction. This assessment
would be consistent to a C category.

DFC Guaranteed Notes: In the case of La Hipotecaria Panamanian
Mortgage Trust 2010-1, La Hipotecaria Panamanian Mortgage Trust
2014-1-A-1 Tranche and the La Hipotecaria Mortgage Trust 2019-1
notes, the rating assigned could be downgraded in the case of a
downgrade on the U.S. sovereign rating.

The unenhanced rating of the La Hipotecaria Panamanian Mortgage
Trust 2010-1 is sensitive to changes in the credit quality of the
La Hipotecaria Tenth Mortgage Trust Series A Notes, hence, a
negative rating action of the series A notes would trigger a
negative rating action of the unenhanced rating on the notes in the
same proportion.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the La Hipotecaria Twelfth Mortgage-Backed Notes Trust
Series A notes. If La Hipotecaria Twelfth Mortgage-Backed Notes
Trust Series A notes are downgraded, that could lead to a downgrade
of the certificates.

The La Hipotecaria Mortgage Trust 2019-2 certificates' ratings are
sensitive to changes in the credit quality of the La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A notes. If La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A notes
are downgraded, that could lead to a downgrade on the
certificates.

The La Hipotecaria Panamanian Mortgage Trust 2021-1 certificates'
ratings are sensitive to changes in the credit quality of the La
Hipotecaria Sixteenth Mortgage Backed Notes Trust series A notes.
If La Hipotecaria Sixteenth Mortgage-Backed Notes Trust Series A
notes are upgraded, that could lead to an upgrade of the
certificates.

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 Panamanian RMBS portfolio in the assumed adverse
scenario to experience a "Mild to Modest Impact", indicating asset
performance to be modestly negatively affected relative to current
expectations. Downside risks have increased and a slowing home
price growth, lower GDP and higher inflation could pressure
mortgage performance. However, ratings are expected to remain
resilient given portfolio seasoning, strong structural features and
high levels of credit enhancement, having a "Virtually No Impact"
assessment.

For the CLN transactions, the impacts of the Ukraine War are
incorporated into Fitch's view of the sovereign's credit quality,
and may indirectly affect the transaction's rating.

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

The ratings of the La Hipotecaria Tenth Mortgage-Backed Notes Trust
Series A Notes & Interest-Only Notes, La Hipotecaria Twelfth
Mortgage-Backed Notes Trust Series A Notes, La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A Notes and La
Hipotecaria Sixteenth Mortgage-Backed Notes Trust Series A Notes
are sensitive to changes in the credit quality of Panama. An
upgrade of Panama's ratings, and for BLH Tenth its Country Ceiling,
could lead to an upgrade on the notes.

The ratings of La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust Series B and C Notes and La Hipotecaria Sixteenth
Mortgage-Backed Notes Trust Series B and C Notes could be upgraded
in case of a future improvement of CE.

DFC Guaranteed: In the case of La Hipotecaria Panamanian Mortgage
Trust 2010-1, La Hipotecaria Panamanian Mortgage Trust 2014-1-A-1
Tranche and the La Hipotecaria Mortgage Trust 2019-1 notes, the
ratings are at maximum achievable level.

The unenhanced rating of the La Hipotecaria Panamanian Mortgage
Trust 2010-1 is sensitive to changes in the credit quality of La
Hipotecaria Tenth Mortgage-Backed Notes Trust Series A notes,
hence, a positive rating action of the series A notes would trigger
a positive rating action of the unenhanced rating on the notes in
the same proportion.

The La Hipotecaria Panamanian Mortgage Trust 2014-1 A-2
certificates' ratings are sensitive to changes in the credit
quality of the La Hipotecaria Twelfth Mortgage-Backed Notes Trust
Series A notes. If La Hipotecaria Twelfth Mortgage-Backed Notes
Trust Series A Notes are upgraded, that could lead to an upgrade of
the certificates.

The Hipotecaria Mortgage Trust 2019-2 certificates' ratings are
sensitive to changes in the credit quality of the La Hipotecaria
Fourteenth Mortgage-Backed Notes Trust Series A notes. If La
Hipotecaria Fourteenth Mortgage-Backed Notes Trust Series A notes
are upgraded, that could lead to an upgrade on the certificates.

The La Hipotecaria Panamanian Mortgage Trust 2021-1 certificates'
ratings are sensitive to changes in the credit quality of the La
Hipotecaria Sixteenth Mortgage Backed Notes Trust Series A notes.
If La Hipotecaria Sixteenth Mortgage-Backed Notes Trust Series A
notes are upgraded, that could lead to an upgrade of the
certificates.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

- The LT rating of the 2010-1 certificates issued by La Hipotecaria
Panamanian Mortgage Trust 2010-1 is directly linked to the credit
quality of the DFC and the ULT rating of the 2010-1 certificates
issued by La Hipotecaria Panamanian Mortgage Trust 2010-1 is
directly linked to the rating of the Series A Notes issued by La
Hipotecaria Tenth Mortgage Trust.

- The rating of the A-1 certificates issued by La Hipotecaria
Panamanian Mortgage Trust 2014-1 is directly linked to the credit
quality of the DFC and the rating of the A-2 certificates issued by
La Hipotecaria Panamanian Mortgage Trust 2014-1 is directly linked
to the rating of the Series A Notes issued by La Hipotecaria
Twelfth Mortgage-Backed Notes Trust.

- The rating of the 2019-1 certificates issued by La Hipotecaria
Trust 2019-1 is directly linked to the credit quality of the DFC.

- The rating of the 2019-2 certificates issued by La Hipotecaria
Trust 2019-2 is directly linked to the rating of the Series A Notes
issued by La Hipotecaria Fourteenth Mortgage-Backed Notes Trust.

- The rating of the 2021-1 certificates issued by La Hipotecaria
Trust 2021-1 is directly linked to the rating of the Series A Notes
issued by La Hipotecaria Sixteenth Mortgage-Backed Notes Trust.

- The ratings of the La Hipotecaria Tenth Mortgage Trust Series A
and Interest Only Note are driven by Panama's credit quality as
measured by its Country Ceiling.

- The ratings of the La Hipotecaria Twelfth Mortgage-Backed Notes
Trust A Notes, La Hipotecaria Fourteenth Mortgage-Backed Notes
Trust A Notes and La Hipotecaria Sixteenth Mortgage-Backed Notes
Trust A Notes are driven by both BG's and Panama's credit quality
as measured by their LT FC IDR.

ESG CONSIDERATIONS

La Hipotecaria Tenth Mortgage-Backed Notes Trust Series A Notes has
a Human Rights, Community Relations, Access & Affordability of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

La Hipotecaria Twelfth Mortgage-Backed Notes Trust has a Human
Rights, Community Relations, Access & Affordability score of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

La Hipotecaria Fourteenth Mortgage-Backed Notes Trust has a Human
Rights, Community Relations, Access & Affordability score of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

La Hipotecaria Sixteenth Mortgage-Backed Notes Trust has a Human
Rights, Community Relations, Access & Affordability score of '4'
for its exposure to accessibility to affordable housing, which in
combination with other factors, impacts the rating.

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.




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

EPUMPS SOLUTIONS: Seeks Approval to Hire Ana Morales as Accountant
------------------------------------------------------------------
Epumps Solutions, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Ana Morales, an
accountant practicing in Caguas, P.R.

Ms. Morales will assist the Debtor with tax return filing, and
accounting and reporting matters.

As compensation, Ms. Morales will receive a monthly fee of $700.

Ms. Morales disclosed in a court filing that she is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

Ms. Morales can be reached through:

     Ana Morales Colon
     #160 Flamboyan Street, La Serrania
     Caguas, PR 00725
     Office: (787) 636-5155
     Mobile: (787) 787-308-0423
     Email: jmconsultingserv@yahoo.com

                   About Epumps Solutions

Epumps Solutions, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02731) on Sept.
14, 2022, with up to $1 million in both assets and liabilities.
Roberto Santos Ramos has been appointed as Subchapter V trustee.

Judge Enrique S. Lamoutte oversees the case.

The Debtor tapped Noemi Landrau Rivera, Esq., at Landrau Rivera &
Assoc. and Ana Morales, an accountant practicing in Caguas, P.R.




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

CITGO PETROLEUM: US Judge OKs Sales Process for Shares in Parent
----------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that an auction
schedule to sell shares in Citgo Petroleum's parent company, which
could force a breakup of the Venezuela-owned U.S. oil refiner, was
approved by a U.S. federal judge.

U.S. District Judge Leonard P. Stark's order sets bidding and sales
procedures, hiring of investment banker Evercore Group and directs
an approach to the U.S. Treasury Department to seek a decision on
any share sale, according to globalinsolvency.com.

The Treasury has protected Citgo from creditors by previously not
allowing transactions, the report notes.

Delaware District court judge Stark last year approved the sale of
shares in PDV Holding, whose only asset is Citgo shares, to pay
Canadian miner Crystallex $970 million, the report relays.

The money is outstanding from an expropriation judgment on its
Venezuelan assets. Citgo is the crown jewel of Venezuela's overseas
assets, and has split from its Caracas-based ultimate parent,
Venezuelan state-run oil firm PDVSA, the report says.

It is currently under control of Venezuela's opposition leader Juan
Guaido, the report discloses.

Horacio Medina, the head of the board supervising Citgo, told
Reuters the board is considering its next steps and sees "room to
explore alternative options" to any auction, the report relays.

"We are now in meetings with our lawyers to decide the next
actions," he added.

Judge Stark's process sets a nine-month calendar after the official
launch date before he reviews a high bid, the report notes.  That
would mean any sale could not happen until late 2023 or early 2024
if the U.S. Treasury authorizes it, Medina said, the report adds.

As reported in the Troubled Company Reporter-Latin America in June
2022, S&P Global Ratings affirmed its 'B-' long-term issuer credit
ratings on CITGO Holding Inc. and core subsidiary CITGO Petroleum
Corp.


VENEZUELA: U.S. Creditors Take Small Comfort From Sanctions Relief
------------------------------------------------------------------
globalinsolvency.com, citing WSJ Pro Bankruptcy, reports that
Venezuela's creditors welcomed its potential rapprochement with the
U.S. but still face risks and uncertainties in collecting from the
South American country's bankrupt government as its relations with
Washington, D.C.'s thaw.

A rollback of U.S. sanctions on Venezuelan oil points a way to
resolving the country's huge foreign debt obligations, but offers
no immediate fix for its longstanding default, according to
sanctions experts and other people close to its top external
creditors, globalinsolvency.com discloses.

President Nicolas Maduro had asked Wall Street asset managers in
recent months to press for an easing of U.S. sanctions to bring
more Venezuelan crude oil into world markets-and to provide an
opening for restructuring the country's debts, according to
globalinsolvency.com.

Businesses and bondholders are barred from negotiating with Mr.
Maduro's administration, part of a wide-ranging sanctions campaign
put in place by the U.S. under former President Donald Trump, the
report relays.

The Biden administration is preparing to let Chevron Corp. resume
drilling in Venezuela and to let the country's oil exports flow to
U.S. and European markets again, contingent on President Maduro
embarking on talks with opposition leaders on holding free and fair
elections, The Wall Street Journal reported, the report notes.

Some investors and analysts are voicing cautious optimism that
other commercial relations with the Venezuelan government will also
be allowed to resume, including possible restructuring talks with
its creditors, 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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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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