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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

          Monday, October 31, 2022, Vol. 23, No. 211

                           Headlines



A R G E N T I N A

ARGENTINA: Fernandez Reignites Infighting With Inflation Jab


B R A Z I L

ATENTO LUXCO 1: Fitch Cuts Foreign Currency IDR to B-, On Watch Neg
BANCO BOCOM: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable
BRAZIL: IDB Approves $110M-Loan to Boost Sustainability
CEMIG: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable


C O L O M B I A

FINANCIERA DE DESARROLLO: Fitch Affirms 'BB+' IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Have Extensive Trade Relations With Spain


E L   S A L V A D O R

LA HIPOTECARIA 15TH: Fitch Hikes Rating on Series C Notes to 'B-sf'


J A M A I C A

JAMAICA BROILERS: Board Accepts Proposal to Withdraw From Haiti


M E X I C O

BANCO COMPARTAMOS: Fitch Affirms 'BB+/B' LongTerm IDRs
BANCO COMPARTAMOS: S&P Alters Outlook on 'BB+/B' ICRs to Negative
CONSUBANCO SA: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Stable
SU CASITA 2007: Fitch Affirms 'CCsf' Rating on Class A Securities


P U E R T O   R I C O

ESJ TOWERS: Committee Taps Dage Consulting as Financial Advisor


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 24 to Oct. 28, 2022

                           - - - - -


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

ARGENTINA: Fernandez Reignites Infighting With Inflation Jab
------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Vice-President
Cristina Fernandez de Kirchner reignited infighting in the ruling
coalition by criticizing price increases authorized by her own
government following a wave of Cabinet resignations.

Fernandez de Kirchner, who is seen as the most powerful figure in
President Alberto Fernandez's government, referred to price
increases in private healthcare plans that are regulated by the
government, and said they were 20 percentage points above the
annual rate of inflation, according to Bloomberg News.

"The new increase is frankly unacceptable," Fernandez de Kirchner
tweeted, noting that the government had authorized it, the report
discloses.

The comment widens the gap between vice-president and president and
increases tensions within the ruling Peronist coalition. In
September, Fernandez de Kirchner said Economy Minister Sergio
Massa, another powerful government leader, should implement tighter
price controls as extreme poverty rises and annual inflation
approaches 100 percent. Massa has not yet done that, the report
relays.

The former president, who survived a failed assassination attempt
in September, has distanced herself from Fernandez since the
government lost control of the Senate in last year's midterm
elections, and now the rift between the two appears to be widening,
the report relates.
The president's chief-of-staff and four other ministers resigned or
announced upcoming departures during October, adding to the
departure of three other ministers earlier this year, the report
says.

The differences come at a time of growing speculation over who will
be the government's presidential candidate for next year's
elections, the report notes.

Fernandez de Kirchner's son Maximo, who is also a deputy, said that
he does not believe she will run for president, but the
vice-president has yet to comment on the speculation, the report
relays.

President Fernandez, however, has said he will be a candidate if
the coalition chooses him, 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 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.




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B R A Z I L
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ATENTO LUXCO 1: Fitch Cuts Foreign Currency IDR to B-, On Watch Neg
-------------------------------------------------------------------
Fitch Ratings has downgraded Atento Luxco 1 S.A.'s (Atento)
Long-Term Foreign Currency Issuer Default Rating to 'B-' from 'B+'.
In addition, Fitch has downgraded Atento's USD500 million senior
secured notes due 2026 to 'B-'/'RR4' from 'B+' /'RR4' and Atento
Brasil S.A.'s long-term National Scale Rating to 'B(bra)' from
'A-(bra) '. All of these ratings have been placed on Rating Watch
Negative.

The downgrades and Negative Watch reflect elevated uncertainty
about Atento's ability to generate sufficient cash flow to service
its debt and derivative obligations due to the rapid increase in
interest rates by the U.S. Federal Reserve Bank, which will make it
more difficult for Brazil to lower interest rates in the near-term
despite a decline in inflation rates in that country. Atento has
several derivatives that are tied to Brazil's CDI rates. These
actions also take into consideration the deteriorating economic
outlook for the company's main markets in 2023 that will result in
lower than previously expected volumes.

Ratings downgrades to the 'CCC' category are likely if the company
is not able to obtain additional liquidity or to restructure the
derivative contract by the end of the year. Atento's next payment
due on its derivatives is Feb. 3, 2023.

KEY RATING DRIVERS

Pressured Cash Flow: Atento is not able to generate neutral to
positive FCF due to weak market conditions and the sharp rise in
Brazilian interest rates to 13.75% from 2% in April 2021, which
have led to a large cash outflow related to derivative instrument
tied to rates. Cash interest obligations are estimated by Fitch to
be around USD90 million in 2023. Continued increases in the Fed
rate make it increasingly likely that Brazil will need to maintain
rates at close to current levels. Extraordinary measures by
shareholders will likely be necessary to improve the company's
liquidity, or the company will need to restructure its derivative
obligations to lessen the cash outflow impact of them during 2023.

Overcapacity Hurting Margins: Work from home should continue to
result in intense competition in the CRM/BPO industry. A higher
portion of employees working from home has resulted in cost savings
for operators, but also in workstation overcapacity which in turn
has led to increased price competition as companies fight to
fill-up available capacity. Spare capacity is estimated in the
20%-25% range, and Brazilian and Spanish markets in particular are
seeing fierce competition.

High Leverage: Fitch expects the company's operating EBITDA to
trend to around USD100 million in 2023. This compares with USD88
million in 2021, which was impaired by a cyberattack in 4Q21.
Results through 1H22 were pressured by restructuring costs as the
company closed facilities due to more staff working from home and
lower volumes. Operating EBITDA margins have been in the 4%-6%
range during 1H22 compared with margins of 7%-9.5% prior the
cyberattack. Positively, revenue has been only moderately affected
in 2H22 at around USD360 million per quarter compared with USD370
million before the attack. Net leverage in 2023 is expected at
around 5.5x compared with 8.5x as of the LTM to June and 5.1x in
2021.

Medium-to High-Risk Sector: The CRM/BPO segment has medium to high
risks. Competition is intense, clients tend to diversify
outsourcing providers and participants have high customer
concentration, especially among large financial institutions and
telecom carriers. Most contracts have no minimum volumes, which
increases volatility. The industry has high operating leverage,
driven by salaries and rent costs. A permanent reduction in volumes
that requires capacity adjustments usually results in heavy
labor-and rent-related severance payments.

DERIVATION SUMMARY

Atento is the largest CRM/BPO provider in Latin America, with
around 15% market share. Its ratings are tempered by a
deteriorating liquidity position and weak FCF prospects. The
ratings also reflect intrinsic client concentration in
telecommunications and the financial sector, no minimum volumes and
limited ability to collect fines from large clients. The rating
also reflects the challenges Atento faces to replace declining
traditional voice revenues with more value-added services. Atento's
EBITDA margins in the last three years were below those of other
CRM/BPO companies, such as Teleperformance S.A. and TTEC Holdings,
Inc., all at 10%-20%.

The CRM/BPO market is very competitive and fragmented. Atento faces
competition from CRM/BPO companies and from IT services companies,
among these are financially strong players with diversified
businesses and technological expertise such as Wipro Limited
(A-/Stable) and DXC Technology Company (BBB/Stable) as well as many
smaller dedicated domestic competitors.

KEY ASSUMPTIONS

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

- Workstations total approximately 80,000 in 2022 and 2023;

- Revenue per workstation rises 7% in 2022 and 2% in 2022;

- Fitch-defined EBITDA margins in the 6% to 8% range;

- Capex of around USD40 million over rating horizon;

- No dividends in the rating case.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to an
upgrade or removal from Rating Watch Negative

- Liquidity support from shareholders;

- Reduction of risk related to the derivative position;

- Operating EBITDA to cash interest above 2x;

- Stabilization of sector risks and expansion of value-added
solutions that lead to better consolidated margins and higher
switching costs for clients.

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

- Continued expectations of weak debt service coverage;

- Inability to improve liquidity;

- Sustained net leverage above 5.0x;

- Continued EBITDA margin weakness.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: Atento's liquidity is weak. The company's cash and
marketable securities pro forma for the notes coupon and hedging
obligations paid in August 2022 was around USD60 million. This
compares with short-term bank debt maturities of USD49 million. The
company's liquidity is largely dependent on organic cash flow
generation to service its debt given that it has limited ability to
raise incremental debt due to a financial covenant in its senior
2026 notes.

The company has USD50 million in a super senior credit facility
maturing in 2026, of which USD44 million has been withdrawn. The
undrawn portion is unavailable until the company meets the super
senior leverage ratio covenant of 0.35x. The company's total
financial debt consisted primarily of the USD500 million senior
notes due 2026 and short-term bank debt and the super senior credit
facility.

ISSUER PROFILE

Atento Luxco 1 (Atento Luxco) is fully controlled by Atento S.A.
(Atento), which is the largest provider of customer relationship
management (CRM) and business process outsourcing (BPO) services in
Latin America.

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            Recovery  Prior
   -----------             ------            --------  -----
Atento Brasil S.A.   Natl LT B(bra)Downgrade           A-(bra)

Atento Luxco 1 S.A.  LT IDR  B-    Downgrade           B+

   senior secured    LT      B-    Downgrade    RR4    B+


BANCO BOCOM: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed all ratings and assessments
assigned to Banco BOCOM BBM S.A. (BOCOM BBM), including the
long-term local and foreign currency deposit ratings of Ba1 and the
long-term counterparty risk ratings, of Baa3.  Moody's also
affirmed the bank's ba2 baseline credit assessment (BCA) and ba1
adjusted BCA, and its long-term counterparty risk assessment (CR
assessment) of Baa3(cr).  The short-term ratings and CR assessment
were also affirmed.  The rating outlook remains stable.

RATINGS RATIONALE

The affirmation of BOCOM BBM's ba2 BCA reflects bank's long track
record of disciplined risk management, supporting low levels of
problem loans and resilient earnings throughout the economic
cycles, which mitigates the high borrower concentration risk that
is intrinsic to its business model. The bank has a well-established
franchise focused on lending to large and upper-middle market
companies, where it has been expanding above industry level since
the acquisition of its control by the Chinese bank, Bank of
Communications Co., Ltd (BoCom, A2 stable, baa3), in 2016. The ba2
BCA also acknowledges BOCOM BBM's consistent profitability
fundamentals based on low cost of credit and strong contribution of
fee-based income, as well as its conservative liquidity management,
that helps to mitigate risks arising from a largely wholesale
funding structure.

Since 2016, BOCOM BBM has expanded its credit portfolio by a
compounded annual growth rate (CAGR) of over 30%, increasing
business volume with Chinese corporates and also taking advantage
of lower cost funding, including lines provided by the parent bank.
Between 2016 and June 2022, the bank reported low problem loan
ratio that averaged 0.7% of gross loans, reflecting the
acceleration in loan growth as well as a robust collateral
structure on loans, which will continue to help mitigate risks amid
a challenging operating environment over the next 12-18 months.  

As BOCOM BBM increases its customer base, the bank has been also
focusing on complementary products, including asset and wealth
under management businesses as well as local debt capital markets
structuring and derivative sales, with non-interest income
expanding by more than 50% per year, on average, since 2016 and
contributing to nearly 30% of total net revenues as of June 2022.
BOCOM BBM has reported stable net income to tangible banking asset
ratio of 1% since 2016, supported by consistent earnings
recurrence.

Conversely, this strong growth strategy has rapidly consumed
capitalization that declined to 6.4% in June 2022, considering
Moody's preferred measure of tangible common equity to risk
weighted assets, from 14% in 2016. Growth has been supported by the
issuance of capital instruments since 2019, a plan that is largely
aligned to capital efficiency. In 2021, the Chinese parent BoCom
announced its intention to acquire the remaining 20% of total
shares at the Brazilian bank, a transaction that is pending
regulatory approval. Following the completion of the deal, Moody's
expect capital to be increased by the parent, which will support
the continued higher-than-industry expansion.

The affirmation of BOCOM BBM's ratings with a stable outlook
reflects Moody's expectation that the bank's financial profile will
remain roughly stable over the next 12-18 months and the
willingness and capacity of the parent BoCom in China to support
the bank will remain broadly unchanged over the next 12-18 months.
The Ba1 long term deposit ratings incorporate one notch of uplift
to reflect Moody's assessment of high probability of affiliate
support from China-based parent Bank of Communications Co., Ltd.,
which has a baa3 BCA.

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

At the moment, there is no upward pressure on BOCOM BBM's BCA of
ba2 because the assessment is constrained by the Government of
Brazil's sovereign bond rating of Ba2, with stable outlook.
However, a multi-notch upgrade at the parent bank's BCA could lead
to an upgrade of BOCOM BBM's deposit ratings.

BOCOM BBM's BCA, and ratings, could experience downward pressure if
its asset quality deteriorates rapidly exerting pressures on
earnings generation, and on its capital position. In addition, a
multi-notch BCA downgrade of its parent bank could lead to a
downgrade of BOCOM BBM's deposit ratings.

METHODOLOGY USED

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

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Banco BOCOM BBM S.A.

Adjusted Baseline Credit Assessment, Affirmed ba1

Baseline Credit Assessment, Affirmed ba2

ST Counterparty Risk Assessment, Affirmed P-3(cr)

LT Counterparty Risk Assessment, Affirmed Baa3(cr)

ST Counterparty Risk Rating (Foreign Currency), Affirmed P-3

ST Counterparty Risk Rating (Local Currency), Affirmed P-3

LT Counterparty Risk Rating (Foreign Currency), Affirmed Baa3

LT Counterparty Risk Rating (Local Currency), Affirmed Baa3

ST Bank Deposit (Foreign Currency), Affirmed NP

ST Bank Deposit (Local Currency), Affirmed NP

LT Bank Deposit (Foreign Currency), Affirmed Ba1, Stable

LT Bank Deposit (Local Currency), Affirmed Ba1, Stable

Outlook Actions:

Issuer: Banco BOCOM BBM S.A.

Outlook, Remains Stable


BRAZIL: IDB Approves $110M-Loan to Boost Sustainability
-------------------------------------------------------
The Inter-American Development Bank (IBD) approved a $110 million
loan to the Desenvolve Sao Paulo development agency in Brazil to
finance the sustainable projects of municipalities and micro,
small, and medium-sized enterprises (MSMEs) in the state of Sao
Paulo. The operation aims to helps close infrastructure financing
gaps and stimulate a sustainable economic recovery that in the
country.

Half the loan's resources will go to 53 municipalities to shore up
their public infrastructure according to high sustainability and
climate resilience standards. The municipalities will implement
energy efficiency projects - like retrofitting street lighting with
LEDs and generating electric power from renewable sources like
photovoltaic panels - as well as alternative mobility projects like
bike lanes, pedestrian walkways, and low-carbon vehicles.

The rest of the resources are earmarked for approximately 850
businesses, most of which are located in the most vulnerable areas
of the state of Sao Paulo or are led by women or people of African
descent. In this way, the project invests in regions and segments
that have substantial financing needs but are not always served by
traditional lenders.

Over the medium and long term, the project is expected to drive
sustainable development in the State of Sao Paulo by creating more
jobs and revenue and lowering greenhouse gas emissions.

In broad terms, the program will help the state of Sao Paulo expand
sustainable investments in key areas like social inclusion and
climate change mitigation by bolstering municipalities and the
productive sector. These actions align with the State of Sao
Paulo's 2021-2022 Recovery Plan, which seeks to attract domestic
and foreign investment to all areas of the state and emphasizes
sustainable infrastructure. They are also in line with Desenvolve
SP's 2022-2026 Strategic Plan.

The $110 million IDB loan has a 25-year term, with a 5.5-year grace
period and an interest rate based on the Secured Overnight
Financing Rate (SOFR). The New Development Bank (NDB) will also
contribute up to $90 million in parallel financing for the program.
These resources will be implemented according to NDB's policies and
procedures.

This initiative is part of a broader partnership between the IDB
and Desenvolve SP.  In March, the IDB approved $195 million loan
for this development agency to invest in MSME innovation and
productivity initiatives.  The two institutions partnered to
produce a framework for sustainable financing, which they published
this month.  The IDB and Desenvolve Sao Paulo also developed a tool
for calculating the carbon footprint of operations financed by
Desenvolve SP, expanding the range of solutions to help businesses
and local governments respond to climate change.

                           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.


CEMIG: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed at 'BB' the Local Currency (LC) and
Foreign Currency (FC) Issuer Default Ratings (IDRs) of Companhia
Energetica de Minas Gerais (Cemig) and its subsidiaries Cemig
Distribuicao S.A. (Cemig D) and Cemig Geracao e Transmissao S.A.
(Cemig GT). Fitch has also affirmed at 'AA+(bra)' the National
Scale Ratings for the three entities. The Rating Outlook is
Stable.

Cemig's is rated on a stand-alone basis, and its IDRs reflect the
group's solid asset base, adequate leverage, sound liquidity and
positive operating performance from its energy distribution and
generation businesses. The company's aggressive capex plan is
manageable, but it will drive negative FCF and leverage will
increase to around 3.0x by 2025, from 2.0x currently. Cemig also
faces a material refinancing risk from its Cemig GT Eurobond of
USD1 billion due in December 2024, which exposes the company to
foreign currency risk.

Further, the group faces uncertainty related to the renewal of its
Emborcacao and Nova Ponte hydroelectric plants concessions, which
expiration is expected for 2027 and which accounts for about 50% of
Cemig GT's commercial capacity, or around 17% of consolidated
EBITDA.

KEY RATING DRIVERS

Favorable Business Profile: Cemig group's ratings benefit from its
asset diversification and operation in different segments within
the power sector, which dilutes business and regulatory risks. The
group is one of Brazil's largest integrated electric utilities,
distributing electricity to 9 million users and operating 5.5 GW of
generation installed capacity and 7,960 km of transmission lines.
Cemig's distribution segment should represent 46% of EBITDA in
2022, while generation and transmission will represent 38%.

Conservative Leverage: Cemig's consolidated adjusted net leverage
should remain in the 2.0x-3.0x range in the coming years, ranging
from 2.1x in 2022 and 2.9x in 2025, which considers its aggressive
capex plan of BRL18 billion that will partially be financed with
debt. Consolidated net leverage, excluding off-balance-sheet from
guarantees to nonconsolidated investments, should continue to be
below 2.5x until 2025, up slightly from 1.5x in 2022. Fitch's
adjusted debt for Cemig includes guarantees of BRL5.1 billion to
nonconsolidated companies, and adjusted EBITDA includes dividends
received of BRL356 million.

Aggressive Capex Pressures FCF: Fitch expects Cemig to present an
aggressive capex plan of BRL18 billion during 2022-2025, with
BRL3.4 billion in 2022 and BRL4.1 billion in 2023, mainly focused
in Cemig D, which will reinforce the asset base for futures tariff
review, starting in 2023 process. The disbursement of BRL2.0
billion related to tax credits reimbursement to consumers (BRL1.2
billion in 2022 and BRL800 million in 2023) will also affect the
group's cash flow. Consolidated FCF should remain negative at
BRL615 million in 2022 and BRL1.5 billion in 2023, at 3% of
revenues, incorporating a dividends pay-out of 50% of net income.

Modest Trends in Distribution: High inflation and an unfavorable
trend in volumes in its concession area have been affecting Cemig
D's performance in 2022. Fitch's base-case scenario incorporates an
annual increase in consumer demand of 0.5% in 2022 and an average
increase of 1.6% during the period from 2023 to 2025. Cemig D
should generate EBITDA of BRL2.7 billion in 2022, slightly below
the regulatory level for the year (BRL2.8 billion), and BRL3.0
billion on average during 2023-2025. The company's tariff review in
May 2023 is not expected to significantly increase the regulatory
EBITDA, as result of modest investments in its asset base over
2018-2021 period.

Favorable Generation Segment: Cemig's robust and predictable
generation segment performance are key for its consolidated credit
profile. Despite the reduced EBITDA margin of around 30% resulting
from a relevant energy purchase exposure, Cemig GT has expected
average annual EBITDA of BRL2.5 billion during 2022-2025. The base
case scenario considers annual energy sales of 4.6GWh per year and
Generation Scaling Factor (GSF) of 0.8x in 2022 and 0.85x 2023. The
expiration, in 2027, of two generation concessions, representing
51% of Cemig GT's assured energy, represents a risk, although the
company still has time to find solutions to reduce the potential
impact.

Standalone Credit Profile: Cemig's assessment considers that its
standalone credit profile is commensurate with a LC IDR of 'BB' and
not capped by the credit profile of its controlling owner, the
State of Minas Gerais. Fitch considers the strength of linkage and
the incentive to support between them as weak to moderate. In
addition, the company presents porous legal ring-fencing and open
access and control. Under Fitch's Parent-Subsidiary Rating
Criteria, the assessment of these factors allows Fitch to rate
Cemig up to one notch above the State of Minas Gerais's
consolidated profile. Fitch has the expectation that Cemig will
maintain its operational independence and dividend distribution
practice, which has historically been approximately 50% of its net
income. A change in Cemig's corporate governance, business or
financial strategy may put downward pressure on the company,
particularly in the event of a structural increase in its dividend
payout ratio.

Ratings Equalized: As per as Fitch's Parent and Subsidiary Linkage
Rating Criteria, Fitch equalizes Cemig, Cemig D and Cemig GT's
ratings. This mainly reflects the high legal incentives that the
holding company would have to support them in a stress scenario.
Cemig consolidates the subsidiaries and guarantees a significant
portion of their debts. The legal ties include Cemig as guarantor
for Cemig GT's Eurobond issuance. In addition, there are
cross-default clauses in the majority of the group's debt
instruments. Debt financial covenants are also measured on a
consolidated basis, with centralized strategy and cash management.
Fitch also views the subsidiaries as the core business of Cemig.

DERIVATION SUMMARY

Compared with Brazilian peers in the power sector, Cemig's credit
profile is weaker than Engie Brasil S.A. (Engie Brasil) and
Transmissora Alianca de Energia Eletrica S.A. (Taesa), both rated
with Local-Currency and Foreign-Currency IDRs of 'BBB-' and 'BB',
respectively. Cemig presents higher business risk coming from its
distribution segment and typically worse operational performance as
a state-owned company. Taesa operates in the highly predictable
transmission segment (11,689km of transmission lines across the
country, compared with 7,960km for Cemig), while Engie Brasil is
the largest private player in the generation segment (installed
capacity of 8.2 GW, compared with 5.5 GW for Cemig).

Compared with Brazilian peers on the National Scale, Cemig's credit
profile is weaker than Companhia Paranaense de Energia (Copel;
AAA(bra)/Stable) and higher to Centrais Eletricas de Santa Catarina
(Celesc; AA(bra)/Stable). All of them are state-owned companies and
carry political risk. In comparison with Copel, which has a similar
business profile, this company has greater relevance in the
generation segment in the consolidated results (45% of the
consolidated EBITDA, compared with 38% for Cemig), lower financial
leverage (net leverage below 2.0x from 2022 on) and more robust
liquidity position. The agency considers that, despite the solid
financial profile of Celesc, benefiting from a conservative
leverage ratio (net leverage below 2.0x) and less intense
investment plan, its worse business profile with much higher
exposure to the distribution segment (80% of the consolidated
EBITDA) justifies the rating differentiation.

KEY ASSUMPTIONS

- Cemig D energy demand increase of 0.5% in 2022 and average annual
growth of 1.6% in 2023-2025;

- Cemig D's non-manageable costs fully passed through tariffs;

- Average annual consolidated capex of BRL4.3 billion during
2022-2025;

- SAAG put option paid in cash in 2023 in the amount of BRL758
million;

- Dividend payout of 50% of net income.

RATING SENSITIVITIES

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

- Consolidated net adjusted leverage remaining below 3.0x on a
sustainable basis;

- Maintaining an adequate liquidity profile, combined with a
reduction of the debt concentration in 2024;

- Favorable outcome for the renewal of the Emborcacao and Nova
Ponte concessions;

- Upgrade of Brazil's sovereign rating would positively affect the
company's IDRs.

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

- Deterioration of liquidity and reduction in financial
flexibility;

- Net adjusted leverage higher than 4.0x on a sustainable basis;

- Significant operational issues in its mains subsidiaries Cemig D
and Cemig GT;

- Loss or costly renewal of generation concessions, depending on
the financial structure;

--Downgrade of Brazil's sovereign rating would negatively affect
the company's IDRs.

LIQUIDITY AND DEBT STRUCTURE
Sound Liquidity: The Cemig group should continue to have broad
access to financing sources, which is an important factor for the
reduction of the debt maturity concentration in 2024. Liquidity
strengthened in 2022, benefiting from positive operating results
and the receipt of BRL1.1 billion related to the reduction of the
active balance of the Cost Variation Compensation of Parcel A (CVA)
in the first half of 2022. At the end of June 2022, cash position
totaled BRL3.6 billion, compared with short-term debt of BRL1.8
billion.

Fitch believes Cemig needs to maintain a solid liquidity profile
and capital structure in anticipation of the challenges it will
face in the coming years. Cash inflows from the remaining CVA asset
balance of BRL1.0 billion will also be an important source of cash
in 2022 and 2023. In parallel, in the same period, cash outflows
with the return to the consumer of tax credits (BRL2.0 billion) and
with the potential purchase of the stake of some partners in FIP
SAAG (BRL758 million) will affect the group's cash position. On
June 30, 2022, Cemig group's total adjusted debt amounted to BRL16
billion, including off-balance-sheet debt of BRL5.1 billion, with
the balance mainly consisting of debentures of BRL5.9 billion and
Cemig GT's Eurobonds of BRL5.3 billion.

ISSUER PROFILE

Cemig is one of the largest integrated power utility group in
Brazil. The company operates as a holding of electricity
concessionaires in the areas of generation, transmission and
distribution. Cemig is controlled by State of Minas Gerais.

SUMMARY OF FINANCIAL ADJUSTMENTS

Revenues and EBITDA do not incorporate construction revenues and
construction costs.

ESG CONSIDERATIONS

Companhia Energetica de Minas Gerais (CEMIG) has an ESG Relevance
Score of '4' for Governance Structure due to the inherent
governance risks that arise with a dominant state shareholder,
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/Debt               Rating               Prior
   -----------               ------               -----
Cemig Geracao e
Transmissao S.A.    LT IDR    BB       Affirmed   BB
                    LC LT IDR BB       Affirmed   BB
                    Natl LT   AA+(bra) Affirmed   AA+(bra)

   senior
   unsecured        LT        BB       Affirmed   BB

Cemig Distribuicao
S.A.                LT IDR    BB       Affirmed   BB
                    LC LT IDR BB       Affirmed   BB
                    Natl LT   AA+(bra) Affirmed   AA+(bra)

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

Companhia Energetica
de Minas Gerais
(CEMIG)             LT IDR    BB       Affirmed   BB
                    LC LT IDR BB       Affirmed   BB
                    Natl LT   AA+(bra) Affirmed   AA+(bra)




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

FINANCIERA DE DESARROLLO: Fitch Affirms 'BB+' IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Financiera de Desarrollo Nacional S.A.'s
(FDN) Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB+'. The Rating Outlook is Stable. Fitch has also
affirmed FDN's National Long-Term Rating at 'AAA(col)' with a
Stable Outlook.

The affirmation of FDN's IDRs reflects Fitch's unchanged view of
potential support, if needed, from the government of Colombia.

Fitch has withdrawn FDN's Support Rating and Support Rating Floor
of '3' and 'BB+', respectively, as they are 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 a Government Support Rating (GSR) of
'bb+'.

KEY RATING DRIVERS

Government Support Rating: FDN's IDRs are driven by its GSR, which
is equalized with the Long-Term IDR of Colombia (BB+/Stable). The
ratings reflect Fitch's assessment of the government's propensity
and ability to provide timely support if needed. Although the
Colombian government does not guarantee all of FDN's liabilities,
Fitch views the entity with a high policy role as it is an integral
part of the state given its role in implementing the economic
development policies of the government's National Development Plan,
its strategic importance implementing infrastructure projects
across the country and the state's ownership of 73.37%.

The government's current ability to support is reflected in the
sovereign's IDR of 'BB+'. 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 FDN,
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.

Policy Bank: Colombia's ability to support FDN is reflected in its
sovereign rating of 'BB+'/Outlook Stable. FDN's role continues to
grow as it is one of the few development banks focusing on the
financing of infrastructure projects within Colombia. FDN is a
policy bank that finances and structures infrastructure projects,
participating heavily in the country's biggest road concession
programs and some of the largest infrastructure projects such as
Bogota subway and airports. FDN is of high strategic importance for
Colombia as one of the few banks that focuses on the financing of
domestic infrastructure projects, aligned with the government's
economic development policies.

FDN's high borrower concentration and no impairment at June 2022
are consistent with its development bank business model. This
concentration by name should reduce as disbursement increase
continue. Earning mix has shifted during the past three years
towards interest revenues as its loan portfolio gains prominence.
The bank's operating profit to risk-weighted assets ratio improved
to 4.31% at June 2022 due to the loan book growth and its
consolidation process. Fitch expects that the profitability ratio
will remain above 3%-3.5% in the midterm.

As FDN grows its loan book and disburses funds to various
infrastructure projects, Fitch expects capitalization metrics to
decline, but at ratios above those of the system. At June 2022,
FDN's CET1, reached 26.6%, slightly below the ratio of June 2021
(30.6). Liquidity remains strong with FDN's trading securities,
cash and equivalents covering 30% of total funding at June 2022.
Despite rapid loan growth, Fitch expects capitalization and
liquidity to remain robust over its rating horizon in view of the
current level of these ratios.

RATING SENSITIVITIES

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

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

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

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

- FDN's GSR and IDRs could be upgraded in the event of a similar
action in Colombia's sovereign ratings, while Fitch continues to
view FDN 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

Fitch affirmed the local senior debt issuance at the same level as
FDN's National Long-Term Rating as the notes' likelihood of default
is the same as the entity's.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

FDN's senior notes' national ratings are sensitive to any changes
in FDN's ratings.

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).

   Entity/Debt                     Rating         Prior
   -----------                      ------              -----
Financiera de Desarrollo
Nacional 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
   senior unsecured   Natl LT        AAA(col) Affirmed AAA(col)




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

DOMINICAN REPUBLIC: Have Extensive Trade Relations With Spain
-------------------------------------------------------------
Dominican Today reports that the Dominican Republic and Spain have
an important trade and cooperative exchange, but it could be
improved because the Dominican Republic purchases more from Spain
than it sells, which is simply a deficit that needs to be closed.
Despite this, Spain is currently carrying out 68 projects in the
nation for a total of 42 million euros and 110 million euros in
financial operations, as explained by Antonio Perez Hernandez, the
ambassador of Spain to the Dominican Republic, at the opening
ceremony of the first Spain-Dominican Republic business forum,
which was presided over by President Luis Abinader.

"Our collaboration has had and continues to have a significant
impact, paying particular attention to reducing economic and
geographic inequities, institutional strengthening, and the defense
of inclusivity and feminism," according to the diplomat, Dominican
Today relays.  The diplomat stated, "I think Spain is a benchmark
on all these issues," but not before pointing out that the
Dominican Republic is improving in terms of democracy and
stability, the report notes.  As Spain is the Dominican Republic's
top trading partner in Europe, Mario Pujols, executive vice
president of the Association of Industries of the Dominican
Republic (AIRD), was in charge of outlining the Dominican reality
to Spain, the report relays.

The Dominican Republic exports about 69 million dollars to Spain, a
country that has imported ten times that amount in goods, according
to Pujols, who spoke at the event, the report discloses.  However,
Spain has a trade deficit of more than 555 million dollars, the
report relays.  Pujols used his platform to call on Spanish
businesspeople to invest more money in the country's economy in
order to improve the numbers and reduce the deficit, 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
=====================

LA HIPOTECARIA 15TH: Fitch Hikes Rating on Series C Notes to 'B-sf'
-------------------------------------------------------------------
Fitch Ratings has affirmed at 'B-sf' the rating for the series A
notes on La Hipotecaria Eleventh Mortgage-Backed Notes Trust, La
Hipotecaria Thirteenth Mortgage-Backed Notes Trust, and series A
and B notes on La Hipotecaria Fifteenth Mortgage-Backed Notes
Trust. In addition, Fitch has upgraded the Series C notes issued by
La Hipotecaria Fifteenth Mortgage-Backed Notes Trust to 'B-sf',
from 'CCCsf'. The Rating Outlook is Stable for all ratings.

Fitch has also affirmed the ratings for La Hipotecaria El
Salvadorian Mortgage Trust 2013-1 certificates and La Hipotecaria
El Salvadorian Mortgage Trust 2016-1 certificates at 'AAAsf' with a
Stable Outlook.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
La Hipotecaria
Thirteenth Mortgage-
Backed Notes Trust

   A PAL3008861A4       LT B-sf  Affirmed     B-sf

La Hipotecaria El
Salvadorian Mortgage
Trust 2013-1

   Series 2013-1
   Certificates
   501716AA2            LT AAAsf Affirmed     AAAsf

La Hipotecaria El
Salvadorian Mortgage
Trust 2016-1

   2016-1 50346VAA7     LT AAAsf Affirmed     AAAsf

La Hipotecaria Eleventh
Mortgage-Backed Notes
Trust
  
   Series A Notes
   PAL3005461A6         LT B-sf  Affirmed     B-sf

La Hipotecaria Fifteenth
Mortgage-Backed Notes
Trust

   A                    LT B-sf  Affirmed     B-sf
   B                    LT B-sf  Affirmed     B-sf
   C                    LT B-sf  Upgrade      CCCsf

KEY RATING DRIVERS

Country of Assets Determine Maximum Achievable Ratings: El
Salvador's Country Ceiling (CC) is 'B-'. According to Fitch's
'Structured Finance and Covered Bonds Country Risk Rating Criteria'
the ratings of Structured Finance notes cannot exceed the CC of the
country of the assets, unless the transfer and convertibility (T&C)
risk is mitigated. While the series A notes of the three RMBS
transactions and the series B of La Hipotecaria Fifteenth
Mortgage-Backed Notes Trust have sufficient credit enhancement (CE)
to be rated above the country's Issuer Defult Rating, the T&C risk
is not mitigated, so the ratings remain constrained by the CC and
ultimately linked to the CC of El Salvador.

Operational Risk Mitigated (Latin America RMBS Rating Criteria):
Grupo ASSA, S.A. (BBB-/Stable, primary servicer) has hired La
Hipotecaria S.A. de C.V. (LHES) (the sub-servicer) to be the
servicer for the mortgages. Fitch has reviewed LHES 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 Eleventh Mortgage-Backed Notes Trust

Transaction Performance Supports Assigned Rating: CE has increased
during the last year due to the sequential nature of the structure.
As of July 2022, CE has increased to approximately 52.0% up from
45.1% observed in September 2021 for the series A notes. The series
A notes also benefit from reserve accounts equivalent to six times
their next interest payment.

The portfolio consists of 932 mortgage loans originated by La
Hipotecaria S.A. de C.V. in El Salvador, with an original
loan-to-value (OLTV) of 86.6%, an average seasoning of 160 months
and an average remaining term of 188 months. The weighted average
current LTV is 65.9% and the majority of performing borrowers
(55.4%) pay through payroll deduction mechanism. It is also
important to highlight the good asset performance, where cumulative
defaults (delinquencies higher than 180 days) have only reached
2.9% of original portfolio balance.

La Hipotecaria Thirteenth Mortgage-Backed Notes Trust

Transaction Performance Supports Assigned Rating: CE has increased
during the last year due to the sequential nature of the structure.
As of July 2022, CE has increased to approximately 19.2% up from
17.9% observed in September 2021 for the series A notes. The series
A notes also benefit from reserve accounts equivalent to 1.0625%
the outstanding balance of the series A notes, covering almost
three times (x) their next interest payment and senior expenses.

The portfolio consists of 940 mortgage loans originated by La
Hipotecaria S.A. de C.V. in El Salvador, with an OLTV of 86.4%, an
average seasoning of 112 months and an average remaining term of
234 months. The weighted average current LTV is 72.8% and the
majority of performing borrowers (62.5%) pay through payroll
deduction mechanism. It is also important to highlight the good
asset performance, where cumulative defaults (delinquencies higher
than 180 days) have only reached 1.9% of original portfolio
balance.

La Hipotecaria Fifteenth Mortgage-Backed Notes Trust

Transaction Performance Supports Upgrade On C Notes: CE have been
increasing due to the sequential nature of the structure and the
current CE for C notes is consistent to a 'B-sf' rating. As of July
2022, CE has increased approximately 16.9% up from 15.3% observed
in Sept. 2021 for the series A notes 6.1% up from 4.9% observed in
September 2021 for the series B notes, and 3.3% up from 2.3%
observed in September 2021 for the series C notes. A few factors
contributed, such as stability in the excess spread and good asset
performance. The series A notes and the series B notes also benefit
from reserve accounts equivalent to three times their next interest
payment in the form of a letter of credit.

Frequency of Foreclosure Remained Stable: The agency does not
expect additional deterioration derived from the pandemic,
therefore is no longer applying additional coronavirus-related
stresses to its assumptions. Under Fitch's assumptions in a 'B-sf'
scenario, the A, B and C notes would need to support a weighted
average foreclosure frequency (WAFF) of 10.5% and a weighted
average recovery rate (WARR) of 70.6%, compared to WAFF of 11.0%
and WARR of 70.1%.

These assumptions consider the main characteristics of the assets,
where OLTV is 86.8%, the seasoning average 85 months and remaining
term 266 months, WA current LTV is 77.0% and the majority of
performing borrowers (65.6%) pay through payroll deduction
mechanism. The assumptions also consider a Performance Adjustment
Factor of 0.7x considering the historical performance of the
portfolio.

CLN Transactions

La Hipotecaria El Salvadorian Mortgage Trust 2013-1, La Hipotecaria
El Salvadorian Mortgage Trust 2016-1.

DFC's Credit Quality Supports Rating: The rating assigned to the La
Hipotecaria El Salvadorian Mortgage Trust 2013-1 and La Hipotecaria
El Salvadorian Mortgage Trust 2016-1 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 El Salvadorian Mortgage Trust 2013-1 and La Hipotecaria
El Salvadorian Mortgage Trust 2016-1 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 El Salvadorian Mortgage Trust
2013-1 and La Hipotecaria El Salvadorian Mortgage Trust 2016-1
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.

RATING SENSITIVITIES

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

The ratings of La Hipotecaria Eleventh Mortgage-Backed Notes Trust
Series A Notes, La Hipotecaria Thirteenth Mortgage-Backed Trust
Series A Notes and La Hipotecaria Fifteenth Mortgage-Backed Notes
Trust Series A, B and C Notes could be downgraded in case of severe
increases in foreclosure frequency as well as reductions in
recovery rates.

In the case of La Hipotecaria El Salvadorian Mortgage Trust 2013-1
certificates, La Hipotecaria El Salvadorian Mortgage Trust 2016-1
certificates, the rating assigned could be downgraded in the case
of a downgrade on the U.S. sovereign rating.

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

The ratings of La Hipotecaria Eleventh Mortgage Backed Notes Trust
Series A Notes, La Hipotecaria Thirteenth Mortgage-Backed Notes
Trust Series A Notes and La Hipotecaria Fifteenth Mortgage Backed
Notes Trust Series A Notes are currently capped at El Salvador's CC
level. The same occur for Series B Notes of La Hipotecaria
Fifteenth Mortgage Backed Notes Trust. These ratings could only be
upgraded in case of an upgrade of El Salvador's CC.

The ratings of La Hipotecaria Fifteenth Mortgage-Backed Notes Trust
Series C Notes are also capped at El Salvador's CC, but it could be
upgraded in case of a future improvement of CE in conjunction with
an upgrade of El Salvador's CC.

In the case of La Hipotecaria El Salvadorian Mortgage Trust 2013-1
certificates, La Hipotecaria El Salvadorian Mortgage Trust 2016-1
certificates, the rating is at the maximum achievable level, thus
no upgrades are possible.

Fitch has revised global economic outlook forecasts as a result of
the Ukraine War and related economic sanctions. Downside risks have
increased and we have 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 Salvadorian 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 CE, 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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

- The ratings of the La Hipotecaria Eleventh Mortgage-Backed Notes
Trust Series A Notes, La Hipotecaria Thirteenth Mortgage-Backed
Trust Series A Notes and La Hipotecaria Fifteenth Mortgage-Backed
Notes Trust Series A & B Notes are driven by El Salvador's credit
quality as measured by its CC.

- The rating of the 2013-1 certificates issued by La Hipotecaria El
Salvadorian Mortgage Trust 2013-1 and the 2016-1 certificates
issued by La Hipotecaria El Salvadorian Mortgage Trust 2016-1 is
directly linked to the credit quality of the U.S. International
Development Finance Corporation.

ESG CONSIDERATIONS

La Hipotecaria Eleventh 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 Thirteenth 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 Fifteenth 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.




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

JAMAICA BROILERS: Board Accepts Proposal to Withdraw From Haiti
---------------------------------------------------------------
RJR News reports that the board of the Jamaica Broilers Group has
accepted the management's proposal to discontinue operations in
Haiti.

Services in the territory will end, effective October 29, according
to RJR News.

Jamaica Broilers says the decision will dent its more than $900
million investment in Haiti, the report relays.

The group, which has been operating in Haiti for more than a
decade, says the operations have become unsustainable due to the
country's social and political instability, the report says.

JB's Haitian operations recorded a 44 per cent drop in revenue to
$1.3 billion in its 2022 financial year, the report notes.

Total losses amounted to $364.5 million, up from $6.9 million when
compared to the previous year, the report adds.




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

BANCO COMPARTAMOS: Fitch Affirms 'BB+/B' LongTerm IDRs
------------------------------------------------------
Fitch Ratings affirmed the Long- and Short-Term Foreign and Local
Currency IDRs of Banco Compartamos, S.A., Institucion de Banca
Multiple's (Compartamos) at 'BB+'/'B', respectively, and its
Viability Rating (VR) at 'bb+'. Fitch has also affirmed
Compartamos' Government Support Rating (GSR) at 'no support' (ns)
and its Long- and Short-Term National Scale ratings at 'AA(mex)'
and 'F1+(mex)', respectively. The Rating Outlook for the Long-Term
ratings is Stable.

In addition, Fitch has affirmed Compartamos' local senior unsecured
debt at 'AA(mex)'.

KEY RATING DRIVERS

Consistent Financial Profile: Compartamos' IDRs are driven by its
'bb+' VR. This reflects the bank's highly profitable business model
that is focused on the microcredit niche for low-income segments,
primarily under its group lending criteria but also in its
individual methodology. Compartamos' national scale ratings are
relative rankings of creditworthiness within Mexico jurisdiction
and reflect the bank's strong market position in the microlending
sector accompanied by good financial performance, especially with
high capitalization levels.

Strong Microlending Market Position: Compartamos continues to have
a strong market position with higher competitive advantages than
its peers such as a longer track record of operations, ample
knowledge and larger scale in the micro finance segment. After
pandemic pressures, the bank rapidly adapted its business model and
underwriting standards to new market conditions and recovered from
operating losses in 2020. However, the bank must continue to
contain asset quality pressures, particularly if higher inflation
becomes more entrenched and interest rates continue to increase
sharply, which would significantly hamper borrowers' repayment
capacity.

Controlled Asset Quality: Compartamos' asset quality metrics
continue to be sensitive to the challenging operating environment
(OE). However, after severe stress experienced during and after the
pandemic, Compartamos' non-performing loan (NPL) to gross loans
ratios have performed well as a result of the economic recovery in
the country during 2021 and 2022. At the first half of 2022 (1H22),
the NPL ratio was 2%, which was the lowest level in the last five
years and compares better than sector peers. The adjusted NPL
ratio, which considers charge-offs, also shows lower levels and was
7.3% on the same date.

Good Earnings: Compartamos' operating profits have outperformed
Fitch's expectations. Earnings have been supported by ample net
interest margins due to resumed loan growth and controlled funding
costs as well as low loan impairment charges. At 1H22, the
operating profit to risk weighted assets (RWA) ratio increased to
16.6% from an average of 9.7% over the latest four years, excluding
2020 when the bank posted operating losses. Fitch expects
profitability to remain at good levels even if asset quality shows
moderate deterioration. Nevertheless, if high inflationary
pressures persist, both operating expenses and credit costs may
challenge the bank's ability to generate high earnings.

Capital with Headroom to Absorb Losses: Compartamos' capitalization
metrics are a key credit strength for the ratings. Its
capitalization metrics stand out among its local and regional
peers. The bank's common equity tier 1 ratio (CET1; common equity
tier 1) to RWA ratio of 38.6% as of 1H22 remains commensurate with
the intrinsic risks of the business model. The bank's current CET1
ratio has an ample buffer above Fitch's 25% trigger for a rating
downgrade.

Good Liquidity: Compartamos' funding structure is weaker than local
bank peers as the bank's deposits base continues to be relevantly
outpaced by the loan portfolio. The loan to deposits ratio at 1H22
was 878.7%. Customer deposits account for a low 19.6% of the bank's
funding. Compartamos' funding structure is mostly comprised of
credit lines with development and commercial banks and long- and
short-term debt issuances in the local market.

The bank's highly liquid balance more than compensates it weaker
position in customer deposits. Its good liquidity position resulted
from its highly revolving loan portfolio (average maturity of 5.1
months as of 1H22) that provides the bank the capacity to reprice
rapidly. The liquidity cover ratio and net stable funding ratio
remain at high levels of 1,579% and 187%, respectively.

RATING SENSITIVITIES

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

- ratings could be downgraded due to a material deterioration in
asset quality and profitability that pressures the bank's CET1
capital metric below 25% or a downward revision in Fitch's
assessment of the operating environment;

- Increased liquidity risks or reduced access to funding dependent
on market sentiment, depositors and investors could also trigger a
downgrade.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Upside potential for the bank's VR, IDRs and National Ratings in
the medium term is limited;

- Ratings could be upgraded if the bank increases its operations
relevantly, in conjunction with maintaining its good levels of
capitalization and profitability, and while continuing to gain
market position in the microlending segment.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Debt: Fitch affirmed the senior unsecured debt at the same
level as Compartamos' LT National Scale Rating of 'AA(mex)', as the
notes' likelihood of default is the same as the issuer.

Compartamos' GSR:

No D-SIB: Compartamos' 'ns' GSR reflects Fitch's expectation that
there is no reasonable assumption that support will be available
since the bank is not classified as a domestic systemically
important bank (D-SIB). As of June 2022, Compartamos' customer
deposit market share remained low with around 0.3% of the Mexican
banking system.

There is no downside potential for the GSR; however, upside
potential is limited and can only occur over time with a material
growth of the bank's systemic importance.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The debt rating would mirror any changes to the issuer's national
scale ratings.

VR ADJUSTMENTS

Fitch has assigned an Asset Quality score of 'b+', which is below
the 'bb' category implied score, due to the following adjustment
reasons: Impaired loan formation (negative).

Fitch has assigned an Earnings and Profitability score of 'bb+',
which is below the 'bbb' category implied score, due to the
following adjustment reasons: Revenue Diversification (negative).

Fitch has assigned a Funding and Liquidity score of 'bb+', which is
above the 'b' category implied score, due to the following
adjustment reasons: Non-deposits funding (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch classified pre-paid expenses and other deferred assets as
intangibles and deducted them from total equity due to their low
loss absorption capacity under stress.

Financial figures are in accordance with the local banking
regulator (Comision Nacional Bancario de Valores) criteria. 2Q22
figures include recent accounting changes in the process to
converge to International Financial Reporting Standards (IFRS).
Prior years did not include this change, and Fitch believes they
are not directly comparable.

ESG CONSIDERATIONS

Banco Compartamos, S.A., Institucion de Banca Multiple has an ESG
Relevance Score of '4' for Customer Welfare - Fair Messaging,
Privacy & Data Security due to due to the high lending rates
offered to unbanked, lower-income segments of the population, which
expose the bank to relatively higher regulatory, legal and
reputational risks. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Banco Compartamos, S.A., Institucion de Banca Multiple has an ESG
Relevance Score of '4' for Exposure to Social Impacts driven by its
focus on microfinance lending and unbanked segments that makes the
bank's profile and performance vulnerable to shifts in social or
consumer preferences, and also to political or social programs.
This 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/Debt                    Rating               Prior
   -----------                    ------               -----
Banco Compartamos,
S.A., Institucion de
Banca Multiple        LT IDR        BB+     Affirmed   BB+
                      ST IDR        B       Affirmed   B
                      LC LT IDR     BB+     Affirmed   BB+
                      LC ST IDR     B       Affirmed   B
                      Natl LT       AA(mex) Affirmed   AA(mex)
                      Natl ST       F1+(mex)Affirmed   F1+(mex)
                      Viability     bb+     Affirmed   bb+
                      Gov’t Support ns      Affirmed   ns

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


BANCO COMPARTAMOS: S&P Alters Outlook on 'BB+/B' ICRs to Negative
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Banco Compartamos to
stable from negative. At the same time, S&P affirmed its 'BB+/B'
global scale issuer credit ratings and its 'mxAA/mxA-1+' national
scale ratings on the bank. Finally, S&P also affirmed its 'mxAA'
issue-level rating on the bank's senior unsecured notes.

S&P expects that following the acquisition of 74.91% of Concredito,
both Banco Compartamos' (Compartamos) and Gentera's (Compartamos'
holding company) capital levels will remain stable, supported by
their internal capital.

Throughout 2022, Gentera, the holding company, has been acquiring
an increasing share of Concredito -- a Mexican nonbank financial
institution (NBFI) that grants microcredit through third-party
originators -- and it now owns 74.91% of the company. Genera partly
funded the acquisition by the capital generation of its
subsidiaries, which has dragged down its capital build-up efforts
for the past 12 months. S&P said, "However, now that Gentera's
acquisition plans have concluded, we forecast higher stability in
the subsidiaries' capital bases. We believe that Gentera's capital
will continue to be supported primarily by its main subsidiary's
earnings, Compartamos, but complemented by the rising share of both
its Peruvian operations and the recently acquired Concredito.
Considering the holding company's larger capital base and our
belief that it will maintain similar levels; we revised our outlook
on Compartamos to stable from negative because we now forecast that
its RAC ratio will remain around 15.5% for the next 12 months."

Compartamos' business profile continues to benefit from very high
margins because it focuses on higher-risk customers that are
outside the scope of most commercial banks. Moreover, amid rising
interest rates, the bank could easily transfer any increase in its
funding costs to its clients, which typically are less sensitive to
these increases given their microlending profile. Considering the
very small loan payments its clients make, the impact of higher
interest rates on their disposable income is marginal. S&P said,
"In this sense, we forecast that collection will remain high for
the next 12 months and will result in return on average assets
hovering around 8% and return on average equity of close to 25%.
However, we also consider the increasing pressures in the Mexican
economy and the impact that higher inflation could have on
Compartamos' clients. We will closely monitor the bank's
collections and the potential effect that external factors could
have on its profitability."

Compartamos' risk profile continues reflecting the nature of the
high-risk segment in which it operates. S&P said, "However, coming
out of the pandemic's peak, Mexico's microlending segment
outperformed our expectations and had a swift recovery. The sum of
the bank's nonperforming assets (NPAs) and net charge-offs (NCOs)
was 8.1% as of June 2022, which is much better than the 14.8% a
year prior. However, the prospects for Mexico's economy are gloomy,
which could hamper the informal clients that Compartamos serves. In
this sense, we expect NPAs and NCOs to rise slightly to about 2.2%
and 7.6%, respectively. However, even with this increase, we
forecast that the bank will maintain solid coverage levels above
200%."

The bank's funding profile continues to rely on its wholesale
funding sources. However, throughout the pandemic and during the
finance company-fueled debt market turmoil in Mexico, Compartamos
was able to continue issuing debt according to its funding plan. As
of June 2022, its funding mix was composed of market debt (44%),
credit lines (40%), and deposits (16%). S&P said, "We expect
Compartamos' deposit base to gradually increase, but it will take
some time for the bank to catch up with the rest of the system if
it manages to do so. On the other hand, our liquidity assessment
reflects that even in the face of an adverse economic scenario, the
bank would have sufficient resources to meet its operating expenses
and financial obligations in the next 12 months, including its two
maturities in 2023 totaling MXN3.0 billion."

ESG credit indicators: E-2, S-2, G-2


CONSUBANCO SA: Fitch Affirms LongTerm IDRs at 'BB-', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Consubanco, S.A., Institucion de Banca
Multiple's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB-' and Short-Term Foreign and Local Currency
Ratings at 'B'. Fitch has also affirmed Consubanco's Long-Term and
Short-Term National Scale ratings at 'A-(mex)' and 'F2(mex)',
respectively. The Rating Outlook for the Long-Term ratings is
Stable.

In addition, the National rating of Consubanco' local senior
unsecured debt was affirmed at 'A-(mex)'.

KEY RATING DRIVERS

Niche Solid Market Position: Consubanco's IDRs and National Ratings
are driven by its intrinsic creditworthiness, reflected in its
'bb-' Viability Rating (VR). The VR considers Consubanco's a
well-recognized market position in its core business,
payroll-deductible loans to public sector employees, a segment that
is not traditionally served by the local commercial banks.

However, its franchise size in the local financial system is still
modest with 0.2% of total system's loans. The bank's strong
presence and business specialization, along its past inorganic
expansion strategy, have delivered consistent revenues and credit
portfolio growth.

Reasonable Asset Quality: At 1H22, Consubanco's asset quality
continued in a improvement trend market by 3.8% of non-performing
loan to gross loan ratio, considering 90-day past due payments
receivable from employers. This is below the figures in 2021 and
2020 of 4.2% and 6.8%, respectively. This trend comes from
recoveries of dependencies, also favored by higher loan growth and
continued application of charge-offs. Fitch believes the bank's
delinquency ratios will continue at manageable levels given its
prudential risk controls; however, the bank's asset quality will
continue to be pressured by high credit concentrations by business
segment and employer.

Consistent Profitability: Consubanco's profitability remained
supported by high net-interest margins that strengthen by sustained
loan growth, under control loan impairment charges and relatively
stable operating expenses. At 1H22, its operating profit to risk
weighted asset ratio (RWA) was 2.8% (2018-2021 average: 2.9%).
Consubanco's profitability levels will continued to be pressured by
service fees to affiliates and loan originators. Despite current
challenges for the payroll lending industry in Mexico, Fitch
estimates Consubanco will continue to post good profitability as
has demonstrated to continue accessing to financing from local debt
markets.

Pressured Capitalization: Consubanco's capitalization has been
pressured over the last two years after a relevant divided payment
in 2020, increase of RWAs given the recent acquisitions and
portfolio growth, as well as, high credit concentration by employer
(main employer represents 2.6x the bank's common equity Tier 1
[CET1]). At 1H22, the bank's (CET1) to RWA ratio was 12.6%,
although as of August 2022 it had improved to 14.3%, given the
regulatory approval and early implementation of the new capital
requirement for operational risks (BIS III business indicator).
However, this metrics still compare below some higher rated peers.

Relatively Concentrated Funding: The bank's funding and liquidity
profile continues to compare unfavourably in comparison with its
banking peers. As of June 2022, its loans to deposits ratio stood
at 156.6% (2018-2021 average: 242.7%). However, relative to the
non-banks' lenders, which represent its main competitors,
Consubanco's funding structure is in a better position.

The banks have demonstrated to access to the local debt markets
even in the recent periods of stress on the payroll lending
industry due to its high regulated status. At the same date, the
senior local debt and securitizations represented 30.5% of total
funding; a portion that was reduced by the continued increase of
customer deposits.

RATING SENSITIVITIES

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

- In case of sustained pressures on the bank's financial profile.
Specifically, due to a significant deterioration of delinquency
ratios, if its CET1 and operating profit to RWAs ratios fall
consistently below 12% and 1%, respectively. An increased political
or business risk could also be negative for ratings;

- An increase in its liquidity risks, a low balance liquidity or
less access to funding that is susceptible to market sentiment or
of depositors, would also put pressure on the ratings.

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

An upgrade is possible over the medium term and in case of
sustained increases in its market position in payroll lending,
entailing consistent improvements in its revenue generation and
strengthening of its capitalization, particularly in case of CET1
metric continuously above 15%, while exhibiting under control asset
quality metrics. All in conjunction with sustained improvement in
the bank's funding sources diversification, while exhibiting sound
liquidity levels and consistent improvements in the loans to
deposits ratios.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's senior unsecured debt issuances' national ratings are at
the same level as Consubanco's national Long-Term rating as the
likelihood of default of the notes is the same as that of the
bank.

Government Support Unexpected: Consubanco's 'No Support' Government
Support Rating (GSR) reflects Fitch expectation of there is no
reasonable assumption that such support will be available due to
the bank's omission as a domestic systemically important bank
(D-SIB). As of 2Q22, Consubanco's deposits represented around 0.2%
of the Mexican banking system's total.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Movements in Consubanco's senior unsecured debt issuances' national
Long-Term ratings would mirror any changes in the bank's National
Scale ratings.

Given the bank's limited systemic importance and the almost
incipient penetration of deposits, Fitch believes that GSR are
unlikely to change in the foreseeable future.

VR ADJUSTMENTS

The Business Profile Score of 'bb-' has been assigned above the 'b'
category implied score due to the following adjustment reason:
Market Position (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has reclassified Account Receivables from employers as loans,
with those overdue by more than 90 days reclassified as impaired.
Reserves related to these account receivables from employees were
reclassified as loan loss reserves. Capitalized fee expenses and
other deferred assets were reclassified as intangibles and deducted
from total equity due to its lower loss absorption capacity.

ESG CONSIDERATIONS

Consubanco, S.A., Institucion de Banca Multiple has an ESG
Relevance Score of '4' for Customer Welfare - Fair Messaging,
Privacy & Data Security due to its exposure to reputational and
operational risks as its main business targets are government
employees and dependencies through credits with relatively high
rates, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

Consubanco, S.A., Institucion de Banca Multiple has an ESG
Relevance Score of '4' for Exposure to Social Impacts due to its
exposure to a shift in social or consumer preferences or to
government regulation of its lending offer, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Fitch has revised Consubanco, S.A., Institucion de Banca Multiple
ESG Relevance Score for Governance Structure to '3' from '4' due to
the related parties' operations, despite remaining relevant, comply
with the regulatory requirements and the past excesses did not
imply sanctions from the local regulator. Therefore, Fitch expects
this factor in conjunction with others to be credit-neutral or have
only a minimal credit impact on the entity.

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
   -----------                 ------              -----
Consubanco, S.A.,
Institucion de
Banca Multiple    LT IDR        BB-     Affirmed   BB-
                  ST IDR        B       Affirmed   B
                  LC LT IDR     BB-     Affirmed   BB-
                  LC ST IDR     B       Affirmed   B
                  Natl LT       A-(mex) Affirmed   A-(mex)
                  Natl ST       F2(mex) Affirmed   F2(mex)
                  Viability     bb-     Affirmed   bb-
                  Gov’t Support ns      Affirmed   ns

   senior
   unsecured      Natl LT       A-(mex) Affirmed   A-(mex)


SU CASITA 2007: Fitch Affirms 'CCsf' Rating on Class A Securities
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Su Casita Trust 2007's
class A and class B residential mortgage backed securities (RMBS)
as follows:

- Su Casita Trust Class A on an International Scale at 'CCsf';

- Su Casita Trust Class A on a National Scale at 'CC(mex)vra';

- Su Casita Trust Class B at 'D(mex)vra'.

KEY RATING DRIVERS

Asset Quality Remains Deteriorated: Defaulted portfolio over 180
days as a percentage of the original balance represents 11.3% as of
August 2022, slightly improving from the 13.5% observed a year
before, as restructuring activities continue. Portfolio
deterioration persists, with the outstanding balance remaining
polarized with 63.1% of the balance in a defaulted status as of
August 2022. LTM average CPR is at 5.6% as of August 2022 (last
review: 6.9%).

As of July 2022, a total of 672 properties integrated the inventory
while 45 had been sold during the present year, slightly increasing
repossessions since last review, however, not yet reaching
pre-pandemic levels (last review: 16 properties / 2019: 126). The
average net recovery rate calculated by Fitch as the sale price
minus costs divided by the outstanding balance is 33.2% (last
review: 30.9%). Considering the reported portfolio characteristics
as of Sept. 1, 2022, Fitch used its internal model to calculate the
total portfolio weighted average foreclosure frequency (WAFF) and
loss given default (LGD). For an expected-case, the WAFF of the
total outstanding loan portfolio the WAFF is 80.5% and the LGD
39.5%, compared to a WAFF of 84.5% and LGD 36.4% in the last
review, which included macroeconomic adjustments. In August 2022,
Fitch removed the macroeconomic adjustment for UDI and peso loans.

As of Sept. 1, 2022, the portfolio was comprised of 2,285 loans
originated in Mexico. Out of the remaining portfolio, 27.0% has
been restructured to pesos and 73% remains denominated in Udis.
Weighted average seasoning is 166 months with a remaining term of
89 months and annual interest rate of 10.3%. Reported current loan
to value (CLTV) is of 69.4%. Geographical concentration by top
three states are 25% in Baja California, 13% in Estado de Mexico
and 10% in Nuevo Leon, similar to last review.

Decreasing Overcollateralization (OC) Levels: As of August 2022, OC
level without considering defaults over 180 days stands at -165.1%
and -264.1% for class A and class B, respectively (-147.8% and
-233.2% as of August 2021, respectively), further decreasing as
seen in past reviews. The senior bond balance decreased to 19.3% of
its issuance amount as of August 2022 from 21.0% a year before.
Subordinated tranche's bond balance remains at 82.3% of its
issuance amount, with no amortizations since 2009. Transaction
structure considers a dual waterfall mechanism, where interest
collections are used after expenses to pay interest while principal
collections are used for amortization. Considering the fixed rate
interest coupons payable to the swap provider, during the LTM,
interest coverage ratio for senior tranche averaged 0.33x in the
LTM. Incomplete interest payments for class A are made by the
guarantor (MBIA, not rated by Fitch; hence no credit is given to
the notes ratings), while total unpaid interest for class B as of
August 2022 is of MXN141.7 million

Adequate Servicing: Portfolio is currently serviced by Adamantine
Servicios S.A. de C.V. (Adamantine) rated 'AAF3+(mex)' with a
Negative Outlook. Adamantine has proven adequate servicing
capabilities mitigating exposure to operational risks. Servicing
activities have remained stable, uninterrupted and active in terms
of restructuring and monetization of assets since last review.

RATING SENSITIVITIES

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

Class A notes could be downgraded if the third-party guarantor
stopped making payments to the swap provider since class A's
interest and principal at maturity depends heavily on this external
credit protection.

Class B notes are at the lowest possible rating; therefore, no
downgrades are possible.

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 Mexican RMBS transactions in the assumed adverse
scenario to experience a "Virtually No Impact" indicating a lo w
risk for rating and asset changes. However, downside risks have
increased and a slowing home price growth, lower GDP and higher
inflation could pressure mortgage performance.

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

Class A's rating maintains limited upgrade potential due to current
portfolio deterioration and negative credit enhancement. As for
class B notes, rating may be upgraded if past due interest were to
be paid in full and the transaction exhibited sustained and
consistent payment capacity for its subordinated tranche.

DATA ADEQUACY

The sources of information used to assess these ratings were
monthly collection and distribution reports provided by Adamantine
Servicios, S.A. de C.V. and The Bank of New York Mellon.

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.




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

ESJ TOWERS: Committee Taps Dage Consulting as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors for ESJ Towers, Inc.
seeks approval from the U.S. Bankruptcy Court for the District of
Puerto Rico to employ Dage Consulting CPAS, PSC as its financial
advisor.

The firm's services include:

(a) assisting the committee and its legal counsel in the
     examination and analysis of the Debtor's operations,
     financial condition, financial statements, schedules, monthly
     operating reports, plan of reorganization and other operating
     and financial documents filed;

(b) assisting the committee and its legal counsel in all matters
     related to court instructions, transactions and information
     requests of an accounting or financial nature;

(c) assisting the committee's legal counsel during depositions
     and court hearings; and

(d) providing expert witness services, if considered necessary,
     and other related services.

The firm will charge the following fees:

     Manager Consultant   $150 per hour
     Senior Consultant    $100 per hour
     Staff Consultant     $75 per hour

Jose Diaz Crespo, a certified public accountant at Dage Consulting,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Jose A. Diaz Crespo, CPA
     Dage Consulting CPA's, PSC
     340 Industrial Victor Fernandez Suite 201B
     San Juan, PR 00926
     Tel: 787-428-3388
     Email: jdiaz@dageconsulting.com

                         About ESJ Towers

ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury
apartments and condo units at ESJ Towers have direct access to Isla
Verde Beach, widely considered one of the best in Puerto Rico.

ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as
$50 million in both assets and liabilities. ESJ President Keith St.
Clair signed the petition.

Judge Enrique S. Lamoutte Inclan oversees the case.

The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill,
PSC Law Offices as legal counsel; Dage Consulting CPAS, PSC as
financial advisor; and De Angel & Compania, CPA, LLC as auditor.




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

[*] BOND PRICING: For the Week Oct. 24 to Oct. 28, 2022
-------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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