/raid1/www/Hosts/bankrupt/TCRLA_Public/221111.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, November 11, 2022, Vol. 23, No. 220

                           Headlines



A R G E N T I N A

GUARACHI WINE: Creditors to Get Proceeds From Liquidation
[*] Fitch Lowers IDRs of 5 Argentine Finc'l. Entities to 'CCC-'


B A H A M A S

[*] BAHAMAS: Revenue Up $59MM Year Over Year in September


B E R M U D A

ENSTAR: Declares Q3 Loss of $444 Million


B R A Z I L

BRAZIL: Market Raises Inflation Forecast for 2022
OI SA: Fitch Lowers LongTerm Issuer Default Ratings to 'CC'


C A Y M A N   I S L A N D S

INVESTCORP HOLDINGS: Fitch Affirms 'BB/B' IDRs, Outlook Stable


C O L O M B I A

RUTA AL MAR: Fitch Affirms 'BB+' Rating on COP522 Billion Notes


P A N A M A

CREDICORP BANK: Fitch Affirms LongTerm IDR at 'BB+', Outlook Neg.
GLOBAL BANK: Fitch Affirms 'BB+' IDR & Alters Outlook to Stable


P U E R T O   R I C O

ECSEM CORPORATION: Taps Gandia-Fabian Law Office as Counsel
ESJ TOWERS: Committee Taps MRO Attorneys at Law as Counsel
LABORATORIO ACROPOLIS: Taps Carlos Soto Soto as Accountant


V E N E Z U E L A

VENEZUELA: October Oil Exports Tumble on Weaker Production

                           - - - - -


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

GUARACHI WINE: Creditors to Get Proceeds From Liquidation
---------------------------------------------------------
Guarachi Wine Partners Inc., filed with the U.S. Bankruptcy Court
for the Central District of California a Chapter 11 Liquidating
Plan dated November 1, 2022.

The Debtor was founded by Alejandro Guarachi ("Mr. Guarachi"), has
been in business since 1985, and was formally incorporated in
January 1988. Mr. Guarachi is the Debtor's sole shareholder and its
President, Chief Executive Officer and Chief Financial Officer.

Like many companies, the Debtor suffered a downturn in business due
to the COVID19 pandemic.  The Debtor's business was also affected
by global supply chain issues, cost increases, and a significant
litigation dispute with Bodega, the Debtor's primary supplier of
Argentinian wines, which resulted in Bodega refusing to renew its
agreement with the Debtor to be the exclusive importer of Bodega
wines.

Due to the foregoing business issues and costs associated with
litigating with Bodega and another primary wine supplier, the
Debtor was unable to pay creditors as their debts became due. With
its cash balance down to a small amount and in order to obtain a
breathing spell from litigation and immediate demands for payment
by creditors and suppliers, and to afford itself an opportunity for
an improvement in demand for wine and potential cost reductions and
a hopeful successful reorganization, the Debtor decided to commence
its chapter 11 bankruptcy case on the Petition Date.

Once the Debtor determined that a viable reorganization was not
feasible, the Debtor embarked on a path to maximize the recovery of
its substantial remaining wine inventory and brands. The Debtor's
strategy worked out very well as the Debtor was able to sell a
substantial amount of its remaining inventory at market prices
while the auction sale process was conducted.

In accordance with the Court approved bidding procedures, Sherwood
Partners proceeded to conduct an auction sale of the Debtor's
remaining wine inventory and brands on October 6, 2022. Titan Wine
& Spirits, LLC ("Titan"), a company owned 99% by Mr. Guarachi (or
an affiliate of his) and owned 1% by the Debtor was the winning
bidder at the auction with a high bid of $430,080. The Court
entered an order on October 14, 2022 approving of the Debtor's
asset sale to Titan. The Debtor's asset sale to Titan has since
closed.

As of the date hereof, the Debtor had a cash balance of
approximately $1.6 million ("Cash"). Even after the remaining
outstanding secured debt owing to CNB of approximately $317,000 is
paid in full, which is expected to occur in the coming days
pursuant to the CNB Stipulation, the Debtor will still have
approximately $1.283 million of remaining cash, all of which will
be unencumbered, and Levene, Neale Bender, Yoo & Golubchik L.L.P.
("LNBYG"), the Debtor's general bankruptcy counsel, is holding the
total sum of $90,000 resulting from six payments made by the Debtor
into LNBYG's trust account for the benefit of LNBYG and the Sub V
Trustee pursuant to the various cash collateral orders entered in
this Bankruptcy Case (the "Fee Reserve").

As set forth in the claims chart which is intended to show a worse
case scenario, after accounting for the CNB, PSI, and Kaiken
settlements, the Debtor projects that it will have $62,378.45 in
priority unsecured claims and $4,972,670.88 in general unsecured
claims, which would result in a 100% distribution on priority
unsecured claims and an estimated 27% distribution on general
unsecured claims.

Class 1 consists of all general unsecured claims of the Debtor not
included in any other class. Total estimated amount of class 1
claims is $4,972,670.88. Each holder of a class 1 allowed claim
will receive a cash payment equal to its prorated share of the
Debtor's cash after (1) liquidating all assets, including any
litigation claims and (2) paying any allowed secured,
administrative, and priority claims.  

Payments to Class 1 shall be made by the Debtor (1) at any time the
Debtor has over $1 million in cash (less reserves for pending or
estimated allowed secured, administrative and priority claims) and
(2) once all assets of the estate have been administered and all
allowed secured, administrative and priority claims have been paid
or reserved for. Class 1 will not receive interest on their
claims.

The Debtor's equity interest holders (1) Alejandro Guarachi Grantor
Trust (disregarded trust of Alejandro Guarachi) 25%, (2) Alejandro
Guarachi 2004 Trust (disregarded trust of Alejandro Guarachi) 75%,
and (3) Alejandro Guarachi, 100% owner via two disregarded trusts
(Alejandro Guarachi Grantor Trust and Alejandro Guarachi 2004
Trust). Class 2 receives no payments on account of their equity
interests during the life of the Plan, except to the extent that
there are funds after paying all allowed claims.

The Plan will be funded with the Debtor's cash on hand on the Plan
Effective Date and funds generated from all remaining assets of the
estate, including, but not limited to, Cash, AR, the Minority
Interests, and any litigation claims.

A full-text copy of the Liquidating Plan dated November 1, 2022,
is
available at https://bit.ly/3fGf5b4 from PacerMonitor.com at no
charge.

Attorneys for Chapter 11 Debtor:

     Ron Bender, Esq.
     Todd M. Arnold, Esq.
     Levene Neale Bender Yoo & Golubchik L.L.P.
     2818 La Cienega Avenue
     Los Angeles, CA 90034
     Tel: (310) 229-1234
     Fax: (310) 229-1244
     Email: rb@lnbyg.com
            tma@lnbyg.com

                  About Guarachi Wine Partners

Guarachi Wine Partners Inc. is a wine wholesaler based in
California.  It was founded by Alex Guarachi, the sole shareholder,
and has been in business since 1985. Guarachi Wine Partners sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Cal. Case No. 22-10545) on May 4, 2022.  In the petition
signed by Alejandro Guarachi, president and chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Victoria S. Kaufman oversees the case.

Ron Bender, Esq., at Levene, Neale, Bender, Yoo and Golubchick, LLP
is the Debtor's counsel.


[*] Fitch Lowers IDRs of 5 Argentine Finc'l. Entities to 'CCC-'
---------------------------------------------------------------
Fitch Ratings has taken selected actions on five Argentine
financial institutions (FIs) and two Uruguayan branches of
Argentine FIs. This review follows the recent sovereign rating
action taken by Fitch.

The affected entities are the following:

- Banco Santander Rio S.A. (Santander Argentina);

- Banco BBVA Argentina S.A. (BBVA Argentina);

- Banco Macro S.A. (Macro);

- Banco Supervielle S.A. (Supervielle);

- Tarjeta Naranja S.A.U. (TN);

- Banco de la Nacion Argentina (Sucursal Uruguay) (BNAUY);

- Provincia Casa Financiera (Provincia).

The actions are mostly downgrades of the Long-Term (LT) Issuer
Default Ratings (IDRs) to 'CCC-' from 'CCC'. The review included
Argentine FIs with Viability Ratings (VR) and Issuer Default
Ratings (IDR) rated at the same level as the sovereign, as these
ratings are sensitive to the deterioration of the operating
environment (OE), or further sovereign actions. Furthermore, Fitch
will not rate Argentine FIs higher than the sovereign rating, based
on their intrinsic credit profiles. No action was taken on Banco
Hipotecario S.A. since that bank´s ratings are not currently
capped by the sovereign ratings or country ceiling.

The rated entities are among the largest private-sector financial
institutions in the country. The IDRs of Santander Argentina, BBVA
Argentina, Macro, Supervielle are driven by their Viability Ratings
(VRs), and in the case of TN, its standalone intrinsic financial
profile. However, these are capped by the OE score of 'ccc-'.

In Fitch's view, regardless of their overall adequate financial
condition, these entities' ratings are constrained by the low IDRs
of Argentina and the still volatile economic and operating
environment whose risks are clearly skewed to the downside. This
underpins the agency's Negative Rating Outlook on the operating
environment scores. Fitch's assessment of the operating environment
directly affects these banks' ratings, and this is a high influence
factor for all banks in this review. Very high inflation, market
volatility, low loan growth, regulatory caps and floors or interest
rates and fees, higher credit costs, and rising administrative
expenses continue to weigh on financial profiles.

Most Argentine banks have increased their exposure to the public
sector assets, mainly Central Bank securities and other sovereign
bonds, given the lack of alternative profitable options to place
their very ample liquidity. While some banks, mainly the
foreign-owned, only invest in BCRA assets as they recognize these
have significantly less risk than sovereign bonds. Other banks,
largely the local entities, have more appetite for bonds of the
federal government, although the weight in the total securities
portfolio remains relatively low.

KEY RATING DRIVERS

Santander Argentina / BBVA Argentina / Banco Macro

These banks' VRs and IDRs are highly influenced by Fitch's
assessment of Argentina's operating environment at 'ccc-', and
Argentina's sovereign rating, which currently constrains the
ratings. The operating environment remains highly challenging as
asset quality continues to be pressured by a steep recession.
Additionally, low loan growth, regulatory caps and floors on
interest rates and fees, and rising operating costs due to rising
high inflation will negatively affect profitability.

Supervielle

Supervielle's VR and IDRs are highly influenced and constrained by
the low sovereign rating of Argentina and the volatile operating
environment. The ratings also consider the bank's moderate
franchise and adequate capitalization and management of funding and
liquidity, and its asset quality indicators. Profitability metrics
have been under pressure given the challenging operating
environment.

TN

TN's IDRs are predominantly influenced and constrained by
Argentina's volatile operating environment and low sovereign
ratings. The ratings also consider TN's higher risk appetite
relative to bank peers and its business concentration in credit
cards targeting low- and middle-income segments, which has resulted
in relevant asset quality deterioration and profitability
pressures. TN's ratings also factor in its robust niche franchise
as the largest credit card issuer in Argentina and one of the top
credit card issuers in the region.

BNAUY

BNAUY is a branch in Uruguay of Banco de la Nacion Argentina (BNA)
and part of the same legal entity. Its IDRs reflect Fitch's opinion
on BNA's stand-alone credit profile, which does not take support
into consideration due to the government's weak fiscal position.
BNA is fully owned by the Argentine state, and its liabilities
(including its branches abroad) are guaranteed by the sovereign.
BNA's creditworthiness is highly influenced by Argentina's volatile
operating environment. In addition, BNA has a leading franchise and
systemic importance in Argentina as the largest bank in terms of
loans and deposits.

Provincia

Provincia is a Uruguayan branch of Banco de la Provincia de Buenos
Aires (BAPRO) and part of the same legal entity. Provincia's IDRs
therefore reflect Fitch's opinion of BAPRO's credit profile (SCP),
which does not take support into consideration due to the Provincia
de Buenos Aires's weak fiscal position. BAPROS SCP is highly
influenced by the volatile operating environment in Argentina, and
its leading franchise and systemic importance in Argentina and the
Province of Buenos Aires as it is among the top four largest banks
in terms of deposits and loans. Fitch also considers the bank's
ample liquidity, as well as its low capital base and high exposure
to the public sector.

RATING SENSITIVITIES

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

Santander Argentina / BBVA Argentina / Banco Macro / Supervielle /
TN / BNAUY / Provincia Casa Financiera

IDRS, VR

- The IDRs and VRs of these banks, as well as the IDR of TN, would
be pressured by a further downgrade of Argentina's sovereign rating
or a deterioration in the local operating environment beyond
current expectations that leads to a significant deterioration in
their financial profiles;

- Any policy announcements that would be detrimental to these
financial institutions' ability to service their obligations,
including additional tightening of capital controls to the extent
that they restrict debt payments, would be negative for
creditworthiness.

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

- The IDRs and VRs would benefit from an upgrade of Argentina's
sovereign rating.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Macro's subordinated debt's 'C'/'RR6' rating is two notches below
the bank's VR, reflecting Fitch's base case notching for loss
severity. These securities are plain vanilla subordinated
liabilities, without any deferral feature on coupons and/or
principal. The 'RR6' for subordinated debt reflects poor recovery
prospects due to a low priority position relative to Macro's senior
unsecured debt.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Macro

Ratings on subordinated debt are primarily sensitive to any change
in Macro's VR.

VR ADJUSTMENTS

Santander Argentina / BBVA Argentina / Banco Macro / Supervielle

- The implied Viability Rating of 'ccc' has been adjusted to 'ccc-'
due to operating environment/sovereign rating constraint
(negative);

- The Operating Environment score of 'ccc-' has been assigned below
the implied score of 'bb' due to the following adjustment reasons:
Sovereign Rating (negative) and Macroeconomic Stability
(negative);

Santander Argentina / Banco Macro / BBVA Argentina

- The Business Profile score of 'ccc+' has been assigned below the
implied score of 'bb' for Santander Argentina and Banco Macro and
of 'b' for BBVA Argentina due to the following adjustment reason:
Business Model (negative).

Supervielle

- The Business Profile score of 'ccc' has been assigned below the
implied score of 'b' due to the following adjustment reason:
Business Model (negative).

BBVA Argentina and Banco Macro

- The Earnings & Profitability Profile score of 'ccc' has been
assigned below the implied score of 'bb' due to the following
adjustment reason: Earnings Stability (negative);

- The Capitalization & Leverage score of 'ccc+ has been assigned
below the implied score of 'bb' due to the following adjustment
reason: Historical and Future Metrics (negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Provincia

Provincia is a Branch of Banco de la Provincia de Buenos Aires
(Bapro) and part of the same legal entity. Therefore, Provincia's
IDRs reflect Fitch's opinion on Bapro's SCP, which does not take
support into consideration.

BNAUY

BNAUY is a Branch of Banco de la Nacion Argentina (BNA) and part of
the same legal entity. Therefore, BNAUY's IDRs reflect Fitch's
opinion on BNA's SCP, which doesn´t take support into
consideration.

ESG CONSIDERATIONS

Banco BBVA Argentina S.A., Banco Macro S.A., Banco Santander Rio
S.A., Banco Supervielle S.A. and Tarjeta Naranja S.A. have an ESG
Relevance Score of '4' for Management Strategy due to the current
high level of government intervention in the Argentine banking
sector. The imposition of interest rate caps can lead to inadequate
loan pricing and, together with the imposition of interest rate
floors on time deposits, puts significant pressure on banks' net
interest margins. Also, restrictions on fee levels can negatively
affect performance ratios. This challenges the bank's ability to
define and execute its own strategy. This has a negative impact on
the credit profiles, 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          Recovery   Prior
   -----------                 ------          --------   -----
Banco de la Nacion
Argentina (Sucursal
Uruguay)              LT IDR    CCC- Downgrade              CCC
                      LC LT IDR CCC- Downgrade              CCC

Banco Santander
Rio S.A.              LT IDR    CCC- Downgrade              CCC
                      ST IDR    C    Affirmed               C
                      LC LT IDR CCC- Downgrade              CCC
                      LC ST IDR C    Affirmed               C
                      Viability ccc- Downgrade              ccc

Banco Macro S.A.      LT IDR    CCC- Downgrade              CCC
                      ST IDR    C    Affirmed               C
                      LC LT IDR CCC- Downgrade              CCC
                      LC ST IDR C    Affirmed               C
                      Viability ccc- Downgrade              ccc
   Subordinated       LT        C    Affirmed     RR6       C

Banco Supervielle
S.A.                  LT IDR    CCC- Downgrade              CCC
                      ST IDR    C    Affirmed               C
                      LC LT IDR CCC- Downgrade              CCC
                      LC ST IDR C    Affirmed               C
                      Viability ccc- Downgrade              ccc

Banco BBVA
Argentina S.A.        LT IDR    CCC- Downgrade              CCC
                      ST IDR    C    Affirmed               C
                      LC LT IDR CCC- Downgrade              CCC
                      LC ST IDR C    Affirmed               C
                      Viability ccc- Downgrade              ccc

Provincia Casa
Financiera            LT IDR    CCC- Downgrade              CCC
                      LC LT IDR CCC- Downgrade              CCC

Tarjeta Naranja
S.A.U.                LT IDR    CCC- Downgrade              CCC
                      ST IDR    C    Affirmed               C
                      LC LT IDR CCC- Downgrade              CCC
                      LC ST IDR C    Affirmed               C




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B A H A M A S
=============

[*] BAHAMAS: Revenue Up $59MM Year Over Year in September
---------------------------------------------------------
RJR News reports that Bahamas government revenue improved by $59
million year over year at the end of September, standing at $196.2
million.

The Ministry of Finance said at the end of September, revenue
receipts totaled $196.2 million, representing a $20.8 million or
11.9 percent increase over the $175.5 million collected in the same
month of the prior year, according to RJR News .

This positive performance is largely attributed to rebounds in the
tourism, as well as improving domestic economic conditions, the
report notes.




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

ENSTAR: Declares Q3 Loss of $444 Million
----------------------------------------
Royal Gazette reports that Bermudian-based Enstar Group Limited has
reported a third-quarter net loss of $444 million.

That compares with a net loss of $196 million for the three months
ended September 30, 2021.

The company has reported a net loss of $1.2 billion for the first
nine months of the year, compared with net earnings of $365 million
for the nine months ended September 30, 2021, according to Royal
Gazette.

Return on equity was minus 10.6 per cent and adjusted ROE was minus
2.9 per cent for the quarter compared with minus 2.9 per cent and
minus 2.8 per cent, respectively, in the third quarter a year ago,
the report notes.

Enstar said ROE was impacted by $395 million of net unrealised
losses arising primarily from interest-rate increases on
fixed-maturity portfolios that are classified as trading, combined
with $151 million of net unrealised losses in Enstar's non-core
portfolios, the report relays.

The company said its group regulatory solvency, or economic balance
sheet, strengthened during the third quarter due to the impact of a
higher discount rate on its reserves and its core fixed-income
securities being shorter in duration than its insurance
liabilities, the report notes.

Run-off liability earnings of $109 million, or 3.7 per cent, were
driven by reductions in the value of certain portfolios that are
held at fair value and favourable development on Enstar’s
workers' compensation and marine, aviation and transit lines of
business, partially offset by adverse development on its general
casualty and motor lines of business, the report says.

Dominic Silvester, Enstar CEO, said: “The significant rise in
interest rates to combat high inflation continues to drive
unrealised bond losses in our investment portfolio. However, we
expect our bond portfolio to recover these unrealised losses over
time as these bonds will amortise back to par or full principal
value as they reach maturity,” the report relays.

He added: "Our balance sheet remains strong, and we have the
capacity to meet market demand. We will continue to provide
tailored solutions to our clients, drive positive claims outcomes
and invest for the long term. We are confident that this focus will
provide exceptional returns for our stakeholders," the report
adds.




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

BRAZIL: Market Raises Inflation Forecast for 2022
-------------------------------------------------
Rocco Caldero at Rio Times Online reports that the Brazilian
financial market raised its inflation forecast for this year to
5.61%, the first increase after 17 weeks of lowering its estimates,
the Central Bank of Brazil reported on October 31.

According to the Focus Bulletin, released every Monday by the
issuing entity after interviewing a hundred economists and
financial market analysts, the forecast for prices this year in
Brazil rose from 5.60% to 5.61%, while for 2023, it remained at
4.94%, estimated.

                             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.

In July 2022, Fitch Ratings affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-' and revised the Rating
Outlook to Stable from Negative.  In June 2022, S&P Global Ratings
also affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil.  Moody's, in April
2022, affirmed Brazil's long-term Ba2 issuer ratings and senior
unsecured bond ratings, (P)Ba2 senior unsecured shelf ratings, and
maintained the stable outlook.  On the other had, DBRS, in August
2022, confirmed Brazil's Long-Term Foreign and Local Currency
Issuer Ratings at BB (low).


OI SA: Fitch Lowers LongTerm Issuer Default Ratings to 'CC'
-----------------------------------------------------------
Fitch Ratings has downgraded Oi S.A.'s Long-Term Local and Foreign
Currency Issuer Default Ratings (IDRs) to 'CC' from 'CCC+'. In
addition, Fitch has downgraded Oi's unsecured senior notes due 2025
to 'CC'/'RR4' from 'CCC+'/'RR4', and Oi Movel S.A.'s secured 2026
notes to 'CC'/'RR4' from 'CCC+'/'RR4', and the National Long-Term
Rating to 'CC(bra)' from 'B(bra)'.

The downgrades reflect the increased likelihood of a debt
restructuring along with Oi's unsustainable leverage, due to weak
cash flow prospects and limited expected dividends over the next
several years from its approximate 35% stake in V.tal. The
downgrades also reflect Fitch's expectations of interest coverage
below 1x, as well as the underperformance relative to Fitch's prior
expectations of Oi's improved capital structure following asset
sales.

KEY RATING DRIVERS

Debt Restructuring Increasingly Likely: Oi has hired financial
advisors to assist in negotiations with its creditors under the
framework of its Judicial Recovery Plan. Fitch believes Oi has
undertaken these negotiations to avoid potential insolvency, given
the company's strained capital structure. In Fitch's view, if the
outcome of these negotiations result in a material reduction in
terms compared with the contractual terms agreed under the 2018
restructuring, the agency would downgrade the company's ratings to
'C'.

Unsustainable Leverage: The company is projected to reach EBITDA of
BRL1.5 billion by 2025. This level of EBITDA is insufficient to
service debt of BRL35 billion at face value. In addition, the
company needs to invest BRL1 billion to 1.2 billion of capex per
year over the next several years to expand its broadband services
strategy and migrate customers from copper to fiber optic
solutions.

It is uncertain whether the company can capitalize on the
optionality to take discounts on the face value of its debt for
early repayment given that any meaningful inflow would need to come
from the sale of its stake in V.tal, as the company is heavily FCF
negative.

Lower than Expected Inflows: Net asset sales proceeds will be lower
than previously expected as the company had BRL1.4 billion in
locked box adjustments, BRL1.4 billion are being disputed by
acquirers and proceeds from the secondary disposal of shares are
being offset against payables linked to V.tal. In addition, Oi's
stake in V.tal will be reduced to around 35% from 42% as a result
of price adjustments and contract negotiations for the use of
infrastructure assets.

Weak Operating Performance: Oi's top line revenue growth has
underperformed Fitch's expectations. The company's revenue
contribution from fiber broadband and business to business services
(Core business) has been insufficient to offset the decline in
legacy businesses tied to copper infrastructure (non-core). In
2021, Oi's core business grew BRL1.5 billion while its non-core
business declined BRL1.8 billion. YTD to 2Q22, core revenues grew
BRL600 million while the non-core business contracted BRL800
million.

DERIVATION SUMMARY

Oi's ratings reflect its restructured financial profile and
deteriorating outlook for its turnaround strategy. Compared to
Latin American carriers in the low speculative grade/distressed
territory, such as Digicel Group Holdings Limited (CCC-), Oi has a
weaker cash flow profile. Fitch also expects Oi to carry higher
leverage and lower profitability as a result of the divestments of
the higher margin assets. Compared to American carriers that have
either restructured or declared bankruptcy, such as Windstream and
Frontier, Oi has a much weaker financial position.

The ratings are not constrained by Brazil's operating environment
or country ceiling; however, the company is wholly exposed to
fluctuations in the Brazilian macroeconomic environment.

KEY ASSUMPTIONS

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

- New Oi revenues in the BRL8.0 billion-BRL9.0 billion range;

- Homes passed grow in the four million to five million range;

- Take up rates in the 20% to 21% range;

--EBITDA margins of 12%-15%;

- For the recovery analysis, Fitch estimates a going concern EBITDA
of around BRL1.4 billion and uses a 4.0x multiple. Most of the
enterprise value comes from Oi's 35% stake in V.tal, which is
valued at approximately BRL20.0 billion.

RATING SENSITIVITIES

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

- Fitch does not anticipate a positive rating action for Oi in the
near term due to the expected high leverage and negative free cash
flow.

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

- The ratings will be downgraded to 'C' if there are indications
that a default or default-like process has begun;

- The launch of an exchange offer, which Fitch deems a material
reduction in terms compared with the original contractual terms,
and the exchange is conducted to avoid bankruptcy, similar
insolvency or intervention proceedings, or a traditional payment
default.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: Oi's liquidity is weak. The company is projected to
be negative FCF during the rating horizon due to its weak interest
coverage below 1x and capex of around BRL1.2 billion. The company
has high debt of BRL34 billion at face value. The weak interest
coverage is despite grace periods in part of this debt. Oi's fair
value of debt is BRL21 billion, which reflects discounts available
to the company in the case of early repayment. However, given that
the company is heavily FCF Negative with only BRL5 billion of cash
and cash equivalents.

ISSUER PROFILE

Oi owns copper telecommunications infrastructure and provides fiber
optic and other digital services for residential and corporate
customers.

ESG CONSIDERATIONS

Oi S.A. has an ESG Relevance Score of '4' for Financial
Transparency. Reporting is adequate, but the complexity of the
financial and operational restructuring weighs on the overall
assessment of Transparency, 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            Recovery   Prior
   -----------                ------            --------   -----
Oi S.A.             LT IDR    CC     Downgrade             CCC+

                    LC LT IDR CC     Downgrade             CCC+

                    Natl LT   CC(bra)Downgrade             B(bra)

   senior
   unsecured        LT        CC     Downgrade    RR4      CCC+

   senior secured   LT        CC     Downgrade    RR4      CCC+

Oi Movel S.A.

   senior secured   LT        CC     Downgrade    RR4      CCC+




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

INVESTCORP HOLDINGS: Fitch Affirms 'BB/B' IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Investcorp Holdings B.S.C. (Closed)'s, a
Bahrain based alternative investment manager, and its related
entities' (collectively Investcorp) Long- and Short-Term Issuer
Default Ratings (IDR) of 'BB' and 'B', respectively. The Rating
Outlook is Stable.

The rating actions have been taken as part of a periodic peer
review of the alternative IM industry, which comprises 11 publicly
rated global firms.

KEY RATING DRIVERS

The affirmation reflects Investcorp's solid franchise within the
GCC region and fundraising success over recent years, which has
resulted in a more diversified business profile and higher, more
stable management fee income.

Rating weaknesses are Investcorp's smaller scale versus peers',
greater reliance on less stable activity fees and its greater usage
of the balance sheet to co-invest or warehouse investments, which
exposes the group to potentially volatile investment revaluations
as well as greater associated funding needs. It also reflects the
vulnerability of Investcorp's business model to a market downturn.

The Stable Outlook reflects Fitch's expectation that Investcorp
will maintain credit metrics in line with Fitch's 'bb' category
quantitative benchmark ranges for alternative IMs.

Investcorp benefits from good brand recognition in the GCC region
and a fairly loyal ultra high-net worth (UHNW) client base.
Fundraising has been successful over recent years with USD7.4
billion raised in financial year to June 2022 (FY21: USD4.3
billion). Management continue to focus on growing the institutional
client base, which now comprises around 71% of assets under
management (AUM) spread across multiple regions, including MENA
(33%), North America (27%), Europe (27%) and APAC (12%). With total
AUM of USD43 billion at FYE22 (YoY growth of 13%), Investcorp is,
however, notably smaller than peers.

Investcorp's franchise includes a number of business lines, built
up both organically and inorganically, which should benefit its
strategy to grow its institutional business and increase scale. The
majority of AUM (38%) is allocated to the credit business, with
real-estate and absolute-return investments comprising 23% and 17%,
respectively. Private equity is the other main business line and
accounts for 15% of AUM but has the highest AUM fees and accounts
for around 38% of management fee income.

The private-equity and real-estate businesses involve Investcorp
underwriting investments on a deal-by-deal basis before placing
them with clients while the credit business requires warehousing
investments on its balance sheet ahead of securitizations.
Investcorp also co-invests alongside clients to demonstrate
alignment of interest.

Revenue largely comprises investment management fees and more
volatile transaction fees, for example, placement fees and
investment-exit fees. Positively, management fees have been growing
in recent years as a result of strong fundraising and placement
activity, which enhances the stability of revenue.

Furthermore, management have a strategic aim to expand committed
capital-fund structures and at FYE22 committed funds comprised
around 7% of AUM versus 6% for FYE21. Management fees of the
absolute-return business (the Investcorp-Tages joint venture) are
less stable as they are charged on net asset values and funds are
primarily open-ended.

Elsewhere, Investcorp can earn performance fees if investment
performance exceeds contractual hurdle rates; however, these fees
can be volatile and Fitch does not typically include them in its
profitability assessment. Investcorp's balance-sheet investments
can be a source of income volatility as they expose net income to
investment revaluations.

Core operating performance, as measured by fee-related EBITDA
(FEBITDA), which excludes investment income from co-investments,
performance fees and performance-related compensation, improved in
FY22 but remained modest. The FEBITDA margin amounted to 21.5% in
FY22; up from 20.2% in FY21, which is at the low-end of Fitch's
'bbb' category benchmark range of 20%-30% for alternative IMs.
Fitch views Investcorp's compensation expense ratio as elevated
relative to peers. Performance fees totaled USD52 million and
balance-sheet gains amounted to USD109 million in FY22.

When assessing Investcorp's leverage, Fitch takes a hybrid
approach, given the firm's cash-generative business model and heavy
balance-sheet utilization. On this basis, Fitch views Investcorp's
leverage profile as commensurate with the current rating, with its
high gross debt/FEBITDA (11.4x for FY22) somewhat offset by a more
modest gross debt/tangible equity (0.7x at FYE22).

Fitch believes Investcorp had adequate liquidity at FYE22 with
USD249 million of cash, deposits with financial institutions and
other liquid assets, along with USD629 million of undrawn borrowing
capacity on its corporate revolvers and USD90 million of available
capacity on its Murabaha facility. Additionally, Investcorp had
USD899 million of balance-sheet co-investments, which could serve
as additional collateral for debt but are fairly illiquid. Debt
maturities are fairly long-dated after management issued a USD440
million Murabaha facility expiring 2027.

Interest coverage, as measured by FEBITDA/interest expense on
corporate debt, was modest, at 2.5x for FY22, which is within
Fitch's 'bb' category quantitative benchmark range of 2x-4x for
alternative IMs.

RATING SENSITIVITIES

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

- Material declines in AUM, which impair the firm's management
fee-generating capacity; a reduction in liquidity; or material
changes in leverage or interest coverage resulting from a material
degradation of balance-sheet assets or weaker investment
performance that adversely affects the firm's ability to generate
FEBITDA

- Increases in debt/tangible equity and debt/FEBITDA, such that the
combination of these metrics exceeds 1.0x and 6.0x, respectively,
under Fitch's hybrid leverage analysis, could negatively affect
ratings

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

- Fee-paying AUM growth, enhanced AUM diversity and scalability of
the platform, resulting in FEBITDA margin expansion; further
institutionalization of the investor base; an increase in
management fee contribution from committed capital fund structures;
and enhanced incentive earning potential

- A decline in balance-sheet or cash-flow leverage towards 0.5x and
4.0x, respectively, under Fitch's hybrid leverage analysis,
improved interest coverage, while maintaining adequate liquidity
and co-investment funding

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

SENIOR UNSECURED DEBT

Investcorp's senior unsecured debt rating is equalized with its
Long-Term IDR, reflecting a largely unsecured funding profile,
expectations for average recovery prospects under a stress scenario
and joint and several guarantees by Investcorp S.A.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior unsecured debt rating is would to move in tandem with
the IDR. Although not envisioned by Fitch, were Investcorp to
experience an increase in secured debt as a percentage of total
debt, this could result in the unsecured debt rating being notched
below Investcorp's Long-Term IDR.

SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS

Investcorp S.A. is the principal operating and asset-owning
subsidiary of the group and is a joint and several guarantor on
debt issued by Investcorp Capital Ltd. Therefore, the Long-Term IDR
of each entity is equalized with Investcorp's.

SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES

The ratings of Investcorp S.A. and Investcorp Capital Ltd. would
move in tandem with Investcorp's.

ESG CONSIDERATIONS

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

   Entity/Debt                  Rating          Prior
   -----------                  ------          -----
Investcorp Capital Ltd.  LT IDR  BB  Affirmed    BB

                         ST IDR  B   Affirmed    B

      senior unsecured   LT      BB  Affirmed    BB

Investcorp S.A.         LT IDR   BB  Affirmed    BB

                        ST IDR   B   Affirmed    B

     senior unsecured   LT       BB  Affirmed    BB

Investcorp Holdings
B.S.C. (Closed)         LT IDR   BB  Affirmed    BB

                        ST IDR   B   Affirmed    B

   senior unsecured     LT       BB  Affirmed    BB




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

RUTA AL MAR: Fitch Affirms 'BB+' Rating on COP522 Billion Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' and 'AA(col)' ratings of the
UVR-denominated senior secured notes of P.A. Concesion Ruta al Mar
(Ruta al Mar) for COP522,000 million due in 2044. The Rating
Outlook is Stable.

RATING RATIONALE

The rating reflects the project's acceptable mitigation of
completion and ramp-up risks, the latter related to the expected
increase in long distance and commercial traffic. It also reflects
a satisfactory rate-setting mechanism that allows for toll rates to
be adjusted annually by inflation rate. Debt structure is adequate
despite some back-loading and a bullet-payment structure for one of
the senior tranches. Fitch also views positively the presence of
prepayment mechanisms in scenarios of traffic underperformance or
outperformance, according to certain thresholds.

Fitch's rating case shows a minimum loan life coverage ratio (LLCR)
at 1.4x in 2023, which is in line with the current rating according
to the applicable criteria. This metric assumes a ramp-up period
ending in 2026 when the majority of the toll tranches are expected
to be delivered and the road will begin its O&M phase.

KEY RATING DRIVERS

Completion Risk Reasonably Mitigated - Completion Risk: Stronger

Construction works are being performed by Construcciones El Condor
(BBB-(col)/RWN) under a fixed-price date-certain engineering,
procurement and construction (EPC) contract. The works comprise the
construction of short road stretches and minor bridges, and the
improvement of existing roads. Fitch views the complexity of the
construction works as low and without a critical path. The advanced
stage of construction and remaining duration and costs to complete
the works drive a strong assessment for completion, duration and
scale, according to applicable criteria.

According to the independent engineer (IE), the EPC contractor has
the experience and the ability to successfully develop the project.
The budget is adequate and includes contingency levels that are in
the middle range compared with similar projects. The sizes of the
performance bond and the retention provision of 15.8% and 5.0% of
the EPC contract price, respectively, are sufficient to cover cost
overruns should the EPC contractor need to be replaced.

Ramp-up Risk Present Revenue Risk: Volume - Midrange

Toll-road that serves a diverse, mid-sized reference market in the
departments of Antioquia, Cordoba, Sucre and Bolivar, in Colombia
connecting the central region of Colombia with the northern coast,
serving a relevant role in the broader road network. The toll-road
is experiencing a ramp-up period as it is being enhanced with
expected improvements in average speed, time and safety for users.

The majority of its users are light vehicles, either commuters or
tourists, with a projected increase of heavier vehicles once the
works in the road are concluded. The road is expected to be a
superior alternative than competing roads given the high
specifications and average cost to end users.

Toll Tariffs Adjusted by Inflation - Revenue Risk (Price):
Midrange

Tariffs are legally adjusted by inflation on an annual basis
according to the concession agreement. Toll rates are moderate, and
differential tariffs are being applied by the government to
specific vehicle categories on some of the toll stations.

Moderately Developed Plan - Infrastructure Development and Renewal:
Midrange

The project depends on a moderately developed capital and
maintenance plan funded from project cash flows only. The plan is
to be implemented by the EPC contractor in the construction phase
and by the concessionaire in the O&M phase. The IE believes the
concessionaire has the experience and the ability to successfully
operate the project. The O&M plan, organizational structure and
budget are reasonable and in line with similar projects in
Colombia.

The structure includes a dynamic six-month, forward-looking O&M
reserve equal to the O&M costs projected to be incurred during the
next six months and a dynamic major maintenance reserve account
equivalent to the maximum six-month major maintenance payment
amount scheduled for the next 60 months.

Adequate Debt Structure - Debt Structure: Midrange

All debt is senior pari passu and is denominated either in UVR or
COP; all of the tranches are fully amortizing but one, which has a
bullet payment structure. Interest payments for all tranches are
indexed to inflation. The custom amortization profile is
back-loaded with over 50% of repayments for all tranches
concentrated on the last four years of their respective debt
tenors.

Structural features include a six-month principal and interest
prefunded debt service reserve account, a lock-up test for
dividends distribution, and mechanisms that are triggered in
scenarios in which traffic performance is either significantly
higher or lower than expected.

Financial Profile

The main metric to be considered is LLCR due to the bullet-payment
debt structure of one of the senior tranches, which represents
about 30% of the debt; this is also supported by the potentially
abnormal retentions of liquidity due to an outperformance cash trap
mechanism and a conservative distribution test of 1.45x.

Fitch's rating case minimum LLCR is 1.4x in 2023, which is
commensurate with the current rating according to the applicable
criteria. This metric assumes a ramp-up period ending in 2026 when
the majority of the toll tranches have been delivered and the road
will begin its O&M phase. A minimum debt service coverage ratio
(DSCR) of 1.0x is expected in 2027 which is not a concern
considering that available liquidity is expected to be sufficient
to cover any shortfalls that may occur.

PEER GROUP

Ruta al Mar is comparable with Red de Carreteras de Occidente (RCO;
BBB/Stable) in Mexico. Although both projects have a similar mix of
light and heavy vehicle traffic, RCO is as a road network with long
track record and more diversified traffic, so deemed to have a
stronger volume risk assessment. Both projects share price,
infrastructure development and renewal and debt risk midrange
assessments. The lower volume risk, the absence of completion risk
coupled with a stronger coverage metric at 1.6x, support RCO's
higher rating.

RATING SENSITIVITIES

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

- Completion difficulties leading to delays and cost overruns
beyond those already contemplated in Fitch's scenarios;

- Stagnant traffic performance in 2023 along with a slower and
extended recovery in the following years and/or significant
deterioration on available liquidity levels to face operating and
financial obligations;

- Multi-notch downgrade of El Condor that result in Fitch's
completion risk rating below that of the debt rating;

- Removal, relocation or modification of the Caimanera toll or its
fees without compensation that mitigates the resulting loss of
cash-flows.

- Capital structure after final debt drawings that result in an
LLCR below 1.4x

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

- Traffic significantly overperforming its expectations, resulting
in an LLCR above 1.5x along with absence of pending construction
works.

CREDIT UPDATE

As of Aug. 31, 2022, construction works advance have reached 85%,
which is consistent with the restated construction schedule. No
fines or deductions have been imposed by the grantor. According to
the IE, all construction works pending can be executed in
accordance to the construction budget and schedule, so no
significant delays are expected by Fitch.

The IE notes that the Concessionaire negotiated two amendments to
the EPC agreement that consider an increase to the EPC lump sum
price corresponding to the change of scope defined in concession
amendment 14. The increase in the lump sum is expected to be paid
with compensations received from the ANI, so no impact to the
project cash flows is anticipated.

The termination of works in Functional Units (UFs) is expected to
happen at or before their respective long-stop dates with the
exception of UF2 because of right-of-way issues, UF7.1 because of
pending environmental permits and UF8.3 due to a pending redesign.
All of these are covered by Liability Exculpatory Events and the
final delivery dates are currently being negotiated. In the opinion
of the IE, the amounts yet to be disbursed from both debt and
equity, will be sufficient to conclude construction works.

In September 2022, traffic blockades in the Caimanera toll by local
communities demanding the removal of the toll booth resulted in an
intervention by the ANI who will review the situation during a
four-month period to come up with are resolution. The resolution
may include the removal of the toll, which would result in some
form of compensation to the concessionaire according to the
Concession Agreement.

During 2021, average annual daily traffic (AADT) was 24,116,
equivalent to 120% of 2019's AADT in line with Fitch rating case's
expectation of 121%. As of August 2022, traffic reached an AADT of
26,728 which represents a growth rate of 11% year to date. This is
higher than its expectation of reaching a 6% traffic growth during
2022. The concessionaire attributes this performance to the
progress in the improvements and expansions on the different
sectors of the toll road.

Similarly, to AADT, toll collections in 2021 at COP169 billion were
in line with its rating case expectations while 2022 actual
performance up to August reached COP130 billion, 5% higher than its
forecast due to better traffic performance and higher tariffs as
inflation was higher than forecasted.

Expenses up to for 2021 and up to August 2022 are generally in line
with its forecasts, while DSCR in 2021 was 2.4x, above its rating
case expectation of 2.1x, while up to August 2022 DSCR was 1.6x
above its expectation of 1.3x.

Due to construction taking longer than originally planned,
investment requirements have been postponed, allowing the issuer to
receive higher revenues from the operation of the toll road and
reducing debt needs to finance the completion of construction
works. However, the concessionaire may draw down additional debt in
order to optimize its capital structure.

FINANCIAL ANALYSIS

Fitch has adjusted its traffic curves, considering that the traffic
growth in 2022 has exceeded its previous expectations. Also, since
traffic has recovered well beyond 2019 levels, the agency is
reintroducing a base case in this review.

Fitch's base case considers a traffic growth CAGR of 4% from 2023
to 2026 with a CAGR of 2% thereafter. Inflation was assumed at 8%
for 2022, 4% for 2023 and 2.5% from 2024 onward. This results in a
minimum LLCR of 1.5x in 2024.

Fitch's rating case considers a traffic growth CAGR of 3% from 2023
to 2026 with a CAGR of 2% thereafter. Inflation assumption is the
same as in the base case. Additionally, an OPEX stress of 5% was
applied as well as a 99% performance ratio. This results in a
minimum LLCR of 1.4x in 2024.

The bullet maturity in 2027 of one of tranches of the debt is not
expected to be a concern given that there are mandatory prepayments
that would reduce the outstanding balance to a manageable amount
and the available liquidity that would cover any shortfalls if they
occur.

The project has sufficient resilience to face adverse scenarios
such as that the Caimanera toll is removed and no compensation is
received.

SECURITY

Ruta al Mar is a public-private partnership concession based on a
private initiative. The main purpose of the project is to develop a
primary route with high performance specifications to ensure the
Antioquia-Bolivar connection, and link the center and south of the
country with the northern coast. The project consists of the
construction, improvement and operation of a 491km long toll road
located in Antioquia, Cordoba, Sucre and Bolivar, in Colombia.

The concession has a term of 34 years, with a maximum extension of
six years and nine months more depending on reaching the net
present values of the revenues established in the concession
agreement. The road is currently in the construction phase, and
construction work is expected to be completed in 2023, with 25-30
years of O&M to follow.

ESG CONSIDERATIONS

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

   Entity/Debt                Rating              Prior
   -----------                ------              -----
P. A. Concesion Ruta
al Mar

P. A. Concesion
Ruta al Mar/Senior
Notes/1 LT             LT
  
   COP 522 bln
   6.75% bond/note
   15-Feb-2044
   31574HAA1           LT      BB+    Affirmed     BB+

P. A. Concesion
Ruta al Mar/Senior
Notes/1 Natl LT        Natl LT

   COP 522 bln
   6.75% bond/note
   15-Feb-2044
   31574HAA1           Natl LT AA(col)Affirmed     AA(col)




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

CREDICORP BANK: Fitch Affirms LongTerm IDR at 'BB+', Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Credicorp Bank, S.A.'s (Credicorp)
Long-Term Issuer Default Rating (IDR) at 'BB+', Short-Term IDR at
'B' and Viability Rating (VR) at 'bb+'. Fitch has also affirmed the
Long- and Short-Term National Ratings at 'AA(pan)' and 'F1+(pan)',
respectively. The Rating Outlook for the Long-Term IDR and
Long-Term National Rating has been revised to Negative from
Stable.

The revision of the Outlook reflects Credicorp's diminished
profitability in 2022 and Fitch's expectations that the improvement
in the operating profit to risk-weighted assets (RWA) ratio in 2023
may not be high enough to sustain a four-year average ratio of
1.5%, which is the Fitch's sensitivity for a rating downgrade. The
Negative Outlook also reflects Fitch expectations that
capitalization could decrease over the ratings horizon given the
moderate profitability and future strategic plans.

KEY RATING DRIVERS

Pressured Financial Profile: Credicorp's international and national
ratings are underpinned by its intrinsic creditworthiness, captured
in its VR. The bank's financial profile is adequate, albeit with an
expected decrease in profitability and capitalization factors,
despite its moderate market position and some leadership in the
retail lending segment.

Operating Environment Weigh: Fitch's 'bb+' assessment of the
Panamanian banking system's operating environment (EO) weighs the
recovery of the banks' performance and continued normalization of
the payment behavior of loans with relief measures. The current
environment provides an opportunity for the bank to recover from
the pressures of the past two years, although OE risks will tilt
increasingly to the downside in 2023 due to the adverse global
economic scenario.

Consolidated Business Model: The bank consolidated business model,
which underpinned the business profile factor, is demonstrated in
its strong knowledge of the retail segment, evident in the recent
pandemic period with a reasonable control on the increment of
deterioration, comparing well with the local industry despite a
business mix prone to higher deterioration. The business model has
a market focus of retail banking with 78% of total loans coming
from retail loans including mortgages; the rest is corporate
business. However, the bank has a modest franchise with a market
participation in terms of asset and deposits of 1.6% that Fitch
believes could increase progressively given a new growth strategy.

Good Asset Quality: Due to the bank's conservative risk profile
loan quality remains good despite having increased after the
finalization of the pandemic relief measures in Panama. With
historical delinquency ratios below 1%, the bank reached a ratio of
1.8% in FY 2022. This is reasonable given Credicorp's
retail-oriented loan book and compares below the local industry and
in line with the rating category and peers. The delinquency ratios,
in Fitch’s view, should remain close to 2.0% in the short to
medium term.

Moderate Profitability: As of June 2022, the operating
profitability to RWA ratio was 0.7%, comparing below the four-year
average of 1.7% and the system's average (0.9%). The higher loan
provisions and the contraction of the revenue from the investment
in the insurance affiliate are the main drivers of the
profitability decrease. Recovery prospects are focused on business
growth, but Fitch's base scenario does not expect a return to
pre-pandemic levels until the medium term. Recovery prospects are
also influenced by the adverse external economic environment and
investment valuation performance.

Sound Capital: Credicorp's capitalization continue to be one of the
strengths of the bank's financial profile. As of June 2022, the
CET1 ratio to RWA was 18.9%. This level provides a good cushion for
absorbing potential credit losses combined with the good loan loss
allowance coverage. However, capital levels could decrease given
Fitch's expectations of credit growth.

Funding Profile Stable: The funding structure of Credicorp is
retail deposits based (86.9% of total funding) and complemented by
local issuance programs and long-term international financial
institutions. The entity maintains a steady loan to deposits ratio
with an average of 94% (Jun22: 89.6%). Liquidity is good at the
bank with liquid assets representing 39.2% of total customer
deposits as of June 2022.

RATING SENSITIVITIES

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

- A sustained operating profit-to-RWA ratio below 1.5% or a CET1
ratio below 15.0%.

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

- Upward movements in Credicorp's IDR, National Ratings and VR, are
unlikely in the short to medium term due to the Negative Outlook
for the IDR;

- The Negative Outlook on Credicorp's IDR would be revised to
Stable if the recovery of the profitability is stronger than
expected and allows the bank to maintain a four-year average of
1.5% of the operating profit to RWA ratio, while maintaining a CET1
above 15%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Unsecured Debt

Credicorp's senior unsecured debt is rated at the same level as the
bank's national rating, as in Fitch's view, the likelihood of
default on the debt is the same as for Credicorp.

GSR

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

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- Credicorp's senior unsecured debt rating would be downgraded in
case of negative rating action on the bank's national ratings.

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

- Credicorp's senior unsecured debt rating would be upgraded in
case of positive rating action on the bank's national ratings.

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

- The GSR is at the lowest possible levels and so cannot be
downgraded.

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

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

VR ADJUSTMENTS

The Operating Environment score of 'bb+' has been assigned below
the 'bbb' implied score due to the following adjustment reason:
Reported and future metrics (negative).

The Business Profile score of "bb" has been assigned above the 'b'
implied score due to the following adjustment reasons: Business
Model (positive), Strategy and execution (positive).

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating              Prior
   -----------                 ------              -----
Credicorp Bank,
S.A.              LT IDR        BB+     Affirmed   BB+
                  ST IDR        B       Affirmed   B
                  Natl LT       AA(pan) Affirmed   AA(pan)
                  Natl ST       F1+(pan)Affirmed   F1+(pan)
                  Viability     bb+     Affirmed   bb+
                  Gov’t Support ns      Affirmed   ns

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


GLOBAL BANK: Fitch Affirms 'BB+' IDR & Alters Outlook to Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Global Bank Corporation's (GBC)
Long-Term (LT) Issuer Default Rating (IDR) at 'BB+', and has
revised its Outlook to Stable from Negative. Fitch has also
affirmed the bank's Viability Rating (VR) at 'bb+', Short-Term (ST)
IDR at 'B' and the Government Support Rating (GSR) of 'No Support'
('ns'). The bank's National Long-Term rating was affirmed at
'AA(pan)'/ Outlook Stable, and the National Short-Term rating at
'F1+(pan)'. Fitch assigned GBC an 'F1+(pan)' National Short-Term
senior unsecured debt rating, and has affirmed GBC's 'BB+'
international debt rating.

The LT IDR Outlook revision to Stable reflects Fitch's view that
operating environment (OE) challenges have lessened, and the bank
has been able to sustain capitalization metrics and profitability
metrics above 10.0% and 0.5%. In addition, GBC has kept asset
quality deterioration under control and has maintained its market
position.

KEY RATING DRIVERS

Sound Financial Profile: GBC's IDRs and National Ratings are driven
by its intrinsic creditworthiness as reflected in its 'bb+'
Viability Rating (VR). GBC's VR is influenced by Fitch's assessment
of the Panamanian OE, currently at 'bb+' with a stable trend.
Moreover, GBC's ratings are highly influenced by the bank's
business profile marked by a strong market position in the local
banking system and relatively more diversified business model than
peers.

Good Business Profile: As of June 2022, GBC has a competitive local
franchise as it is the third largest bank in Panama by local loans
(market share: 8.1%) and the fourth in terms of local deposits
(5.4%). Moreover, GBC has a four-year average Total Operating
Income (TOI) of USD227 million, which Fitch expects should remain
similar over the rating horizon.

Stabilized Asset Quality: During the last fiscal year, GBC kept
asset quality metrics under control; however, NPL ratios are still
high compared to some local peers and historical records. As of
June 2022, GBC's non-performing loans (NPL) to gross loans ratio,
remained relatively stable compared to June 2021, 3.1% and 3.2%,
respectively, and above the average of the Panamanian banking
system (June 2022: 2.7%).

The NPLs' reserves coverage remained above 100% (118%), also
supported by a highly collateralized loan portfolio in mortgages.
The share of loans under regulatory restructuring continued to
diminish to around 7.0% of the loan book as of June 2022, and Fitch
expects this trend to remain as the economy gradually recovers.

Profitability Improved: GBC's profitability reversed its
unfavorable trend during fiscal 2022. However, it is still below
pre-pandemic levels and the system's average. As of June 2022,
GBC's core profitability metric, operating profit over
risk-weighted assets (RWA), remained below 1% (0.7%; average
2018-2019: 1.2%; system: 0.9%). Fitch expects GBC will strengthen
its capacity to generate operating profits in the current fiscal
year, although influenced by the challenging international
prospects that may limit the economic recovery. Projected core
metric for fiscal 2023 is 1.0%.

Capitalization Under Pressure: In the last five fiscal years, GBC's
Common Equity Tier 1 (CET1) Capital ratio (CET1 over RWA) showed
volatility. GBC's capitalization was pressured in fiscal 2022, but
is still manageable given the modest business expansion, mainly due
to the decrease in the bank's Tier 1 capital (-4.1%) from losses of
investments at fair value. As of June 2022, the CET1 Capital ratio
decreased to 11.8% (June 2021: 12.7%); while the regulatory CAR
also decreased to 15.11% (fiscal 2021: 15.97%). The agency also
considers the bank's perpetual bond, which provides additional loss
absorption capacity due to its nature as a convertible instrument
with a high trigger (Tier 1 of 6.5%). This instrument adds 3.3% on
capitalization metrics, resulting in a total regulatory capital
ratio of 15.1%.

Adequate Funding and Liquidity: During fiscal 2022, the loans to
deposits ratio reversed its improving (decreasing) trend. The
metric increased to around 120% as of June 2022 as a result of a
relative stability of the key funding source during fiscal 2022,
customer deposits (-0.2%), and a relatively low credit growth
(2.7%), and comparing well above that of the system's average at
the same date (87%). Fitch expects that customer deposits will grow
by one digit (4.1%) during the current fiscal year.

Moreover, the bank's exposure to the liquidity risk is mitigated by
GBC's wide access to alternative funding sources such as wholesale
funding and local and international capital markets, as well as an
appropriate level of liquid assets.

GSR: The GSR of 'ns' reflects that, however possible, external
support cannot be relied upon, given banking system's large size
relative to the local economy and weak support stance due to
Panama's lack of a lender of last resort.

RATING SENSITIVITIES

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

- GBC's IDRs, VR and national ratings could be downgraded if the
bank faces a decline in the CET1 to RWA ratio consistently below
10%, along with a sustained and material deterioration in the
bank's asset quality, and if the operational profits to RWA ratio
decreases below 0.5%;

- GBC's IDR and VR could be downgraded if there is a downward
revision on Fitch's assessment of the OE; however, this scenario is
not currently the base case given the OE's stable outlook;

- The bank's Long-Term senior unsecured debt rating and National
Short-Term senior unsecured debt rating would mirror any potential
downgrade on GBC's LT IDR and National Short-Term rating,
respectively;

- There is no downside potential for GSR because this is the lowest
level in the respective scale.

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

- GBC's IDRs, VR and national ratings could be upgraded if a
stronger competitive position leads to sustained, higher than
peers, profitability, which allows the CET1 to RWA ratio to be
consistently above 15%, while maintaining asset quality;

- Over the medium term, GBC's IDR and VR could be upgraded by an
upward revision of Fitch's assessment of the OE; however, this
scenario is not currently the base case given the OE's stable
outlook;

- The bank's Long-Term senior unsecured debt rating would mirror
any potential upgrade on GBC's LT IDR. The bank's National
Short-Term senior unsecured debt rating is at the highest level of
the national rating scale and, therefore, does not have upside
potential.

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

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The rating of the senior unsecured global debt is at the same level
as GBC's 'BB+' LT IDR, as the likelihood of default of the notes is
the same as that of the bank.

The Short-Term senior unsecured debt rating is at the same level as
GBC's 'F1+(pan)' National Short-Term rating, as the likelihood of
default of this debt is the same as that of the bank.

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

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

VR ADJUSTMENTS

The bank's 'bb+' VR has been assigned above the 'bb' implied VR due
to the following adjustment reason: Business Profile (positive).

The 'bb+' Operating Environment Score has been assigned below the
'bbb' implied score due to the following adjustment reason:
Reported and future metrics (negative).

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

The 'bb-' Capitalization & Leverage Score has been assigned above
the 'b' category implied score due to the following adjustment
reason: Core capital calculation (positive).

ESG CONSIDERATIONS

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

   Entity/Debt                     Rating               Prior
   -----------                     ------               -----
Global Bank
Corporation      LT IDR             BB+     Affirmed   BB+
                 ST IDR             B       Affirmed   B
                 Natl LT            AA(pan) Affirmed   AA(pan)
                 Natl ST            F1+(pan)Affirmed   F1+(pan)
                 Viability          bb+     Affirmed   bb+
                 Government Support ns      Affirmed   ns

   senior
   unsecured     LT                 BB+     Affirmed   BB+

   senior
   unsecured     Natl ST            F1+(pan)New Rating




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

ECSEM CORPORATION: Taps Gandia-Fabian Law Office as Counsel
-----------------------------------------------------------
Ecsem Corporation seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Gandia-Fabian Law Office as
its legal counsel.

The Debtor requires an attorney to:

   a. give legal advice regarding its duties, powers and
responsibilities in its Chapter 11 case under the laws of the
United States and Puerto Rico where it conducts its operations or
business, or is involved in litigation;

   b. advise the Debtor to determine whether a reorganization is
feasible and, if not, help the Debtor in the orderly liquidation of
its assets;

   c. assist in negotiations with creditors for the purpose of
arranging the orderly liquidation of assets or for proposing a
viable plan of reorganization;

   d. prepare legal papers;

   e. appear before the bankruptcy court or any court in which the
Debtor asserts a claim interest or defense directly or indirectly
related to this bankruptcy case; and

   f. perform other necessary legal services for the Debtor.

Gandia-Fabian Law Office will be paid at these rates:

     Mary Ann Gandia-Fabian     $300 per hour
     Senior Attorney            $300 per hour
     Junior Attorney            $250 per hour
     Accounting Analyst         $125 per hour

In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.

The firm received a retainer from the Debtor in the amount of
$10,000.

Mary Ann Gandia-Fabian, Esq., a partner at Gandia-Fabian Law
Office, disclosed in a court filing that her firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Mary Ann Gandia-Fabian, Esq.
     Gandia-Fabian Law Office
     P.O. Box 270251
     San Juan, PR 00928
     Tel: (787) 390-7111
     Fax: (787) 729-2203
     Email: gandialaw@gmail.com

                      About Ecsem Corporation

Ecsem Corporation filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 22-03006) on Oct. 19, 2022, with up to $500,000 in
both assets and liabilities. Judge Mildred Caban Flores oversees
the case.

The Debtor tapped  Mary Ann Gandia-Fabian, Esq., at Gandia-Fabian
Law Office as counsel.


ESJ TOWERS: Committee Taps MRO Attorneys at Law as Counsel
----------------------------------------------------------
The official committee of unsecured creditors of ESJ Towers, Inc.
received approval from the U.S. Bankruptcy Court for the District
of Puerto Rico to employ MRO Attorneys at Law, LLC to handle its
Chapter 11 case.

Myrna Ruiz-Olmo, Esq., the firm's attorney who will work primarily
in the case, will be paid at her hourly rate of $300 and will be
reimbursed for work-related expenses incurred. Associate attorneys
and paraprofessionals at the firm charge $150 per hour and $90 per
hour, respectively.

Ms. Ruiz-Olmo disclosed in a court filing that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Myrna L. Ruiz-Olmo, Esq.
     MRO Attorneys at Law, LLC
     PO Box 367819
     San Juan, PR 00936-7819
     Tel. 787-404-2204
     Email: mro@prbankruptcy.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; Ramon Luis Nieves, Esq., at RL
Legal Consulting Services, LLC as special counsel; Dage Consulting
CPAS, PSC as financial advisor; and De Angel & Compania, CPA, LLC
as auditor.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 12, 2022. MRO Attorneys at Law, LLC
and Dage Consulting CPAS, PSC serve as the committee's legal
counsel and financial advisor, respectively.


LABORATORIO ACROPOLIS: Taps Carlos Soto Soto as Accountant
----------------------------------------------------------
Laboratorio Acropolis Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Carlos Soto Soto, a
practicing accountant in Hatillo, P.R.

The Debtor requires an accountant to:

   a. assist in preparing monthly reports of operation;

   b. prepare financial statements;

   c. assist in preparing cash flow projections and any other
projection needed for the disclosure statement;

   d. assist in any financial and accounting pertaining to or in
connection with the administration of the Debtor's estate;

   e. assist in the preparation and filing of federal, state and
municipal tax returns; and

   f. assist the Debtor in any other assignment that might be
delegated.

The accountant will be paid an hourly fee of $50 for his services.

As disclosed in court filings, Mr. Soto Soto is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy
Code.

Mr. Soto Soto holds office at:

     Carlos J. Soto Soto
     State Road 129, Km 30.5
     Hatillo, Puerto Rico
     Tel: (787) 307-5403
     Email: cssaccounting129@gmail.com

                    About Laboratorio Acropolis

Laboratorio Acropolis Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 22-02670) on Sept. 8, 2022, with up to $1
million in both assets and liabilities. Judge Mildred Caban Flores
oversees the case.

The Debtor tapped Gloria Justiniano Irizarry, Esq., as legal
counsel and Carlos Soto Soto as accountant.




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

VENEZUELA: October Oil Exports Tumble on Weaker Production
----------------------------------------------------------
RJR News reports that vessel monitoring data and documents from
state-run oil firm PDVSA said falling production knocked
Venezuela's October oil exports to the fourth lowest monthly
average this year.

Oil production and exports by PDVSA and its joint ventures have
fluctuated this year due to outages, a lack of sustained investment
and a shrinking pool of partners willing to continue operating in
the U.S-sanctioned South American nation, according to RJR News.

The fall has been partially offset by rising exports of oil
byproducts and petrochemicals, including petroleum coke and
methanol, which are providing needed cash to PDVSA and other
state-owned companies, the report notes.

Refinitiv Eikon tanker tracking data and PDVSA's internal exports
reports indicate that in October, 25 cargoes departed Venezuelan
waters carrying an average 533,968 barrels per day of crude and
products, the report relays.

This marks a 25% decline from September and a 23% fall versus
October a year-ago, the report discloses.

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



                           *********


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

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

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

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

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

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


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