/raid1/www/Hosts/bankrupt/TCRLA_Public/230116.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

          Monday, January 16, 2023, Vol. 24, No. 12

                           Headlines



A R G E N T I N A

ARGENTINA: Indicators Show Signs of New Recession in Country
BLOCKFI INC: Crypto Withdrawals Should Remain Intact, Users Say


B R A Z I L

B3 SA BRASIL: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
BRAZIL: Inflation Up for All Income Groups in December, Says IPEA
ITAU UNIBANCO: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
TELECOMS GROUP: GTT Emerges From Chapter 11
TRANSMISSORA ALIANCA: Fitch Affirms 'BB' FC IDR, Outlook Stable



C O L O M B I A

ECOPETROL: Fitch Puts BB+ Rating on $2BB Sr. Unsec Notes due 2033


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: NIR Reaches US$14.4 Billion at End of 2022


J A M A I C A

JAMAICA: NIR Increases in December


M E X I C O

CYDSA SAB: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: OWTU Slams Electricity Rate Increase


X X X X X X X X

[*] BOND PRICING: For the Week Jan. 9 to Jan. 13, 2023

                           - - - - -


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

ARGENTINA: Indicators Show Signs of New Recession in Country
------------------------------------------------------------
Buenos Aires Times reports that the economic program of Minister
Sergio Massa continues to show signs of an evident failure in terms
of activity and stabilization, despite the announcements of the
ruling party.

More and more early indicators of activity suggest that the
Argentine economy has entered a new recessive phase, at the same
time that inflation is the highest since 1991, according to Buenos
Aires Times.

The INDEC confirmed that the Synthetic Indicator of Construction
Activity (ISAC) fell by 0.5%, the report notes.

                     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.

S&P Global Ratings, on Jan. 9, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC+/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative.  The
negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Global capital
markets are closed to Argentina. Moreover, disagreement within the
government coalition, and infighting among the opposition,
constrains the sovereign's ability to implement timely changes in
economic policy, according to S&P.

Fitch, on the other hand, downgraded Argentina's Long-Term
Foreign-Currency (FC) and Local-Currency (LC) Issuer Default
Ratings (IDRs) to 'CCC-' from 'CCC' in October 2022. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below. Fitch has removed the
Long-Term IDRs from Under Criteria Observation (UCO).  The
downgrade of Argentina's FC IDR to 'CCC-' reflects deep
macroeconomic imbalances and a highly constrained external
liquidity position, which Fitch expects to increasingly undermine
repayment capacity as foreign-currency debt service ramps up in the
coming years.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

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.


BLOCKFI INC: Crypto Withdrawals Should Remain Intact, Users Say
---------------------------------------------------------------
James Nani of Bloomberg Law reports that customers of bankrupt
BlockFi Inc. are objecting to the cryptocurrency lender's attempt
to undo hundreds of millions of dollars worth of their crypto
withdrawals made shortly before its bankruptcy in November 2022.

Calling the dispute a user interface issue, BlockFi last month said
that customers sought to withdraw assets on its platform even
though the company had frozen accounts on Nov. 10, 2022.

BlockFi contends that the transfers didn't actually occur and asked
the court for permission to adjust its user interface to reflect
what it said is the "proper accounting of digital assets" in its
accounts.

                      About BlockFi

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others.  BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.  

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried.  BlockFi received
a $400 million credit line from FTX US in an agreement that also
gave FTX the option to acquire BlockFi through a bailout
orchestrated by Bankman-Fried over the summer.

BlockFi also had collateralized loans to Alameda Research, the
trading firm co-founded by Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices.  Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year.  Kirkland & Ellis is also advising Celsius
and Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C. as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor.  Kroll Restructuring Administration, LLC
is the notice and claims agent.




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

B3 SA BRASIL: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed at 'BB' B3 S.A. Brasil, Bolsa, Balcao's
(B3) Long-Term Foreign Currency and Local Currency Issuer Default
Ratings (IDRs). Fitch has also affirmed at 'AAA(bra)'/'F1+(bra)'
B3's National Long- and Short-Term Ratings. The Rating Outlook for
the Long-Term IDRs and Long-Term National Rating is Stable.

KEY RATING DRIVERS

IDRs and Senior Debt

B3's ratings are based on its intrinsic creditworthiness and are
highly influenced by its business profile and the Brazilian
operating environment. Its Long-Term Foreign Currency and Local
Currency IDRs are one notch above the operating environment factor
score and sovereign ratings. Fitch views it as unlikely for the
differential to widen in the foreseeable future.

B3's ratings also reflect its above-peer profitability and growing
margins despite economic downturns over the last few years and
moderate risk appetite with strong operational and counterparty
risk infrastructure. B3's ratings also incorporate solid
management, corporate governance and strategy, adequate capital and
leverage ratios, and sound funding, liquidity and coverage.

Operating Environment Outlook Revision: Fitch has revised the
Outlook of its assessment of the Brazilian operating environment
for Financial Market Infrastructure firms (FMIs), currently scored
at 'bb-' to Stable from Negative, given the improving trends in
both the GDP per capita and ORI percentile ranks used to determine
this score. Fitch projects Brazilian GDP growth of 3.0% in 2022,
reflecting surprisingly strong momentum supported by the final
stages of post-pandemic economic reopening, stimulus measures and a
strong labour market.

Growth is cooling, however, on the back of the lagged effect of
substantial monetary tightening, and the expected global
deceleration will be an additional drag. Fitch expects growth to
slow to 0.7% in 2023, though growth remains sensitive to downside
risks.

Dominant Domestic Franchise: B3 benefits from its dominant domestic
franchise in trading and clearing services across multiple asset
classes in Brazil. Despite a higher relevance of revenues related
to trading, post-trading and clearing activities - 59% as of
September 2022 - when compared to other regional and international
exchanges, B3 has shown a gradual increase in its services business
units, which also helped to offset the observed drop in trading
volumes. These revenues stem from the development of new products
and strategic acquisitions in the last two years that are expected
to gradually increase service revenues as a proportion of overall
results.

Strong Operational Risk Management: Fitch considers B3's margining
process framework and its safeguard structures robust and
well-articulated, which reduces credit and counterparty risks
stemming from its central counterparty clearing (CCPs) activities -
compliant with IOSCO principles. This considers the collection of
guaranty funds and default waterfall procedures, which are viewed
by Fitch as being effective. There were no past cases of default.
B3's CCPs' margin collateral related to government securities,
represented 81% of total collateral, which increases B3 exposure to
the sovereign debt and which could pose a risk in the event of
sovereign deterioration.

While operational risks have been adequately managed as reflected
in good system availability ratios, legal risks remain from tax and
civil proceedings. Together these totaled BRL52.7 billion or high
2.6x B3's total equity position as of September 2022, and the
proceedings are currently classified as "possible" according to
B3's financial statements. In Fitch's assessment, no loss was
assumed under the rating horizon of up to 24 months. Therefore,
Fitch has affirmed B3´s risk profile score at 'bb', Stable
Outlook.

Sound Profitability: B3 continues to report strong and above
industry and regional peer profitability metrics despite ongoing
domestic and abroad challenges. Results as of 3Q22 have been
impacted by lower trading activities - which in 2020 and 2021 had
been supportive of the entity's profitability growth - partially
offset by the growth of service business lines. B3's EBITDA margin
stood at 67.1% at September 2022, down from 71.3% at-end 2021,
average of 69.5% between 2021-2018. Fitch expects B3´s
profitability in 2023 to remain linked with the reduction of market
uncertainties that could increase capital market activities.

Adequate Leverage: B3's leverage has increased since 2021 due to
the debt issuance but it remains moderate and commensurate with the
rating category, despite being higher than regional peers; internal
capital generation has been sufficient to cover operational needs.
As of September 2022, B3's leverage, based on Fitch's core metric
of gross debt /EBITDA stood at 1.8x, down from 1.9x at end 2021,
though higher than previous years. At 3Q22, B3´s total debt stood
at BRL12.3 billion, down from BRL14.2 billion at end-2021, of which
only 14.3% matures in the next 12 months. Fitch expects B3's
leverage to remain stable and close to current levels.

Funding and Liquidity Remains Adequate: In Fitch's view, B3 has a
good funding and liquidity profile. Fitch's core metric for this
factor, EBITDA/interest expenses, stood at 4.3x at September 2022,
a decrease compared to 10.7x reported at end-2021. Despite this
decline, B3's funding, liquidity and coverage factor score of 'bb+'
remains commensurate with the benchmarks for its implied score. B3
maintains a strong cash position, with liquid assets around BRL19.7
billion (unrestricted liquidity of BRL8.5 billion). B3's liquidity
and credit facilities designed specifically for its CCPs, which are
unutilized so far, are indicative of a strong liquidity profile.

National Scale Ratings

B3's national scale ratings are relative to the entity's
creditworthiness compared to other issuers within Brazil's
jurisdiction. The assignment of the long-term National Ratings at
'AAA(bra)' reflects the company's superior credit profile relative
to other Brazilian entities.

RATING SENSITIVITIES

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

IDRs and Senior Debt

- B3's ratings could be downgraded in the event of negative rating
actions on the Brazilian sovereign rating and/or from a downgrade
of Fitch's assessment of the operating environment factor score;

- The ratings could be negatively affected if counterparty risks at
B3's CCPs increase to a level beyond accompanying margin and
guaranty fund growth, such that it increases the risk of
compromising B3's liquidity/equity position or from prolonged and
repetitive system outages that result in reputational damage;

- Unfavorable decisions/expectations related to existing tax and
civil proceedings that weaken B3's financial profile could result
in a downgrade of one or more notches;

- A material and sustained deterioration in B3's financial
performance, translating into sustained EBITDA margins below 50%,
gross leverage above 3x and/or interest expense coverage below 3x,
could also put downward pressure on ratings.

National Ratings

- The national ratings of B3 may be affected by a change in Fitch's
perception of the company's creditworthiness with respect to other
Brazilian entities rated on the national scale.

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

IDRs and Senior Debt

- B3's IDRs could potentially be upgraded as a result of an upgrade
of Brazil's sovereign rating, but otherwise, B3's ratings have
limited upside potential in the near future, as they are already
one notch above Brazil's sovereign ratings.

National Ratings

- The national scale ratings of B3 are at the highest level on the
national scale; therefore, they cannot be upgraded.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating                 Prior
   -----------              ------                 -----
B3 S.A. Brasil,
Bolsa, Balcao      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(bra)Affirmed   AAA(bra)
                   Natl ST   F1+(bra)Affirmed   F1+(bra)

   senior
   unsecured       LT        BB      Affirmed        BB

BRAZIL: Inflation Up for All Income Groups in December, Says IPEA
-----------------------------------------------------------------
Richard Mann at Rio Times Online reports that inflation in Brazil
registered a generalized high for all income groups in December
last year, says the Institute for Applied Economic Research
(IPEA).

For the second year in a row, prices in Brazil were above the
ceiling set by the federal government, according to Rio Times
Online.

However, there was a diffuse deceleration throughout the year in
relation to 2021, the report notes.  Last month, IPEA pointed out
that prices rose 0.62%, but families with a monthly income of up to
R$900 felt inflation rise above this average, 0.71%, the report
relays.

Richer families also suffered from higher prices, the report adds.


                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that jeopardize
broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term foreign
and local currency sovereign credit ratings on Brazil, and the
outlook remains stable (June 2022).  The stable outlook reflects
S&P's base-case assumption that Brazil will maintain its fiscal
anchors over the next two years despite an increasing interest
burden, preventing significant fiscal slippage and limiting the
rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and senior
unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).


ITAU UNIBANCO: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency
Issuer Default Ratings (IDRs) of Itau Unibanco Holding S.A. (IUH)
and its operating subsidiary Itau Unibanco S.A. (Itau Unibanco) at
'BB' and Long-Term National Rating at 'AAA(bra)'. The Rating
Outlooks are Stable. Fitch has also affirmed IUH and Itau
Unibanco's Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS

The IDRs and National Ratings are driven by the entities'
standalone creditworthiness, as expressed by their 'bb' Viability
Ratings (VR).

The VRs are in line with the implied VRs and reflect the group's
leading domestic franchise and sound business diversification,
including some risk diversification from its Latin American
business. It also reflects resilient earnings through multiple
credit cycles, good asset quality protection through strong
provisioning buffers, satisfactory capitalization, ample access to
stable funding and comfortable liquidity buffers.

The VRs are one notch above Brazil's (BB-/Stable) sovereign rating,
reflecting the group's very strong standalone credit profile and
Fitch's view that these entities would likely retain the capacity
to service their obligations in the case of a sovereign default,
without any restrictions from the sovereign. The uplift on the
ratings is limited to one notch due to the group's high exposure to
the sovereign, primarily through its holdings of government
securities, and as the majority of its operations are concentrated
in Brazil. The Stable Outlook on the Long-Term IDRs mirrors
Brazil's Outlook.

Fitch rates IUH and its main bank subsidiary, Itau Unibanco S.A.,
at the same level in the consolidated group assessment. This is
because the Central Bank of Brazil regulates the group as a
consolidated entity. Capital and liquidity are highly fungible
among the entities. IUH's double leverage is low, and the group has
prudent liquidity management.

Operating Environment Outlook Revised to Stable: The operating
environment score for Brazilians Banks is bb-, and is in line with
the implied assessment based on Brazil's GDP per capita of USD8.937
and Fitch's Operational Risk Index of 41 (percentile rank). Fitch
revised the outlook on its OE score to 'stable' from 'negative'
given the improving trends in both of these indicators. Fitch
projects Brazilian GDP growth of 3.0% in 2022, reflecting
surprisingly strong momentum in the year supported by the final
stages of post-pandemic economic reopening, stimulus measures, and
a strong labor market.

However, growth is cooling following the lagged effect of
substantial monetary tightening, and the expected global
deceleration will be an additional drag. High policy rates should
be supportive for banks' interest revenue but will continue to
moderately pressure asset quality and credit volumes, as
households' resilience and business prospects weaken.

Leading Banking Franchise in Brazil: IUH has a leading banking
franchise in most of the segments it operates which, combined with
its sound business diversification, results in good pricing power
domestically and access to large, stable deposit bases. IUH's risk
and commercial experience over several economic cycles domestically
and some risk diversification from its Latin American business has
enabled it to manage periods of stress relatively well, including
during the economic fallout from the pandemic.

Contained Risks from Uncertain Operating Environment: IUH's risk
profile is moderate overall and is supported by the group's strong
risk management expertise and a fairly high level of lending
collateralization. Underwriting standards benefit from a leading
market position and credit concentration is not a key risk as in
other emerging markets. This, combined with its geographic
diversification, underpins the resilience of the group's asset
quality in periods of stress. However, IUH's risk profile is
sensitive to the concentration of activities within Brazil and
significant sovereign exposure.

Asset Quality Remains Adequate: IUH's 90-day nonperforming loan
(NPL) increased to 2.8% at end-9M22, from 2.5% at end-2021, but
remains below pre-pandemic levels despite the persistent weak
credit cycle over the past two years. Fitch expects the ratio to
increase moderately over the next year as households contend with
challenging economic conditions, including higher inflation and
interest rates and slowing real GDP growth, but to peak close to
pre-pandemic levels in 1H23. IUH's prudent loan provision policy
remains a rating strength and current coverage levels provides some
protection to risks of an economic slowdown in Brazil and in the
event of higher-than-expected asset-quality pressures.

Strong Profitability, Good Cost Efficiency: IUH manages to deliver
resilient operating profitability through the cycles, supported by
a healthy net interest margin (NIM), sound business diversification
and loan impairment charges (LICs) that tend to erode only a
moderate percentage of pre-impairment operating profit. Operating
returns on risk-weighted assets (RWAs) recovered to 3.8% in 2021
from a pandemic-induced low of 2.6% in 2020, reflecting a
significant decline in LICs, and remained stable at 3.7% in 9M22 as
a result of a wider NIM that has helped to absorb increased LICs.

Excess Liquidity and Stable Funding: IUH's funding benefits from a
stable and large deposit base and good pricing power. Funding and
liquidity management also benefits from deep global capital market
access at the group level. Its approach requires foreign
subsidiaries to be locally funded. Fitch expects IUH's liquidity
coverage ratio to be maintained at more normal levels after a rise
during the pandemic, while the net stable funding ratio should
remain high.

Government Support Rating: IUH's 'b+' GSR reflects a limited
probability of support from the Brazilian authorities, if required.
Despite contagion risks stemming from IUH's position as a domestic
systemically important bank with dominant market shares, the
government's limited financial flexibility and capacity to provide
support as indicated by its sovereign rating, highly influence its
GSR.

VRs Equalized with Group VR: IUH is a non-operating bank holding
company (BHC). Its VR is equalized with the group VR, derived from
the consolidated risk assessment of the group, due to moderate
double leverage, high fungibility of capital and liquidity as well
as their high degree of operational and balance-sheet integration.
As the main operating entity (73% of group assets at end-1H22),
Itau Unibanco's VR is also equalized with the group VR.

RATING SENSITIVITIES

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

The entities' VRs and Long-Term IDRs would come under pressure if
its CET1 ratio declines sustainably below 11% without a credible
plan to rebuild it in the short term, including as a result of
greater-than-expected asset-quality deterioration or unexpected
events. A meaningful erosion of the bank's earnings resilience
(i.e. operating profit/risk weighted assets (RWAs) below 2% on a
sustained basis) would also likely result in a negative rating
action.

IUH's ratings remain sensitive to a downgrade of Brazil
(BB-/Stable) or to the group's current operating environment score
(bb-), the latter being particularly sensitive to the economic and
banking prospects of IUH domestic and international markets.

The National Ratings are sensitive to a weakening creditworthiness
relative to other Brazilian issuers.

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

An upgrade of the VRs and Long-Term IDRs would require a sovereign
upgrade while maintaining healthy financial metrics.

The National Ratings are sensitive to strengthening
creditworthiness relative to other Brazilian issuers.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

IUH's senior unsecured debt is rated in line with its IDRs as the
likelihood of default on these obligations reflects the likelihood
of default of the entity.

IUH's subordinated debt is rated two notches below IUH's 'bb'
Viability Rating (VR). The notching is driven by the subordinated
status and the expected high loss severity of the notes. No
notching for non-performance is applied, because there is no coupon
flexibility (i.e., coupons must be paid as they are not deferrable
and the write-off trigger is close to the point of non-viability).
As a result, Fitch believes that the incremental non-performance
risk is not material from a rating perspective.

IUH's additional Tier 1 (AT1) securities' ratings at 'B', three
notches below the bank's VR. Fitch's baseline notching for such
high loss-absorbing and subordinated securities is to notch them
four notches below the VR (two for loss severity and two for
non-performance risk). However, Fitch's rating criteria also
factors in compression for non-investment-grade VRs, such as that
of IUH, and the criteria provides room for a narrower notching.
Therefore, the overall notching for these securities is three.
These securities make up the AT1 capital of IUH.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

SENIOR UNSECURED AND SUBORDINATED DEBT

IUH's senior unsecured debt ratings is sensitive to a change in its
IDR. IUH's hybrid ratings (for its Tier II subordinated debt and
AT1) rating are sensitive to a change in its anchor VR.

VR ADJUSTMENTS

The Asset Quality of 'bb-' has been assigned above the 'b' category
implied score because of the following adjustment reasons:
collateral and reserves (positive)

The Capitalization & Leverage score of 'bb-' has been assigned
above the 'b' category implied score because of the following
adjustment reasons: Internal capital generation and growth
(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
   -----------                      ------                 -----
Itau Unibanco
Holding 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(bra)Affirmed   AAA(bra)
                  Natl ST            F1+(bra)Affirmed   F1+(bra)
                  Viability          bb      Affirmed        bb
                  Government Support b+      Affirmed        b+
  
   Subordinated   LT                 B+      Affirmed        B+

   senior
   unsecured      LT                 BB      Affirmed        BB

   subordinated   LT                 B       Affirmed         B

Itau Unibanco
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(bra)Affirmed   AAA(bra)
                  Natl ST            F1+(bra)Affirmed   F1+(bra)
                  Viability          bb      Affirmed        bb
                  Government Support b+      Affirmed        b+

TELECOMS GROUP: GTT Emerges From Chapter 11
-------------------------------------------
globalinsolvency.com, citing BNAmericas.com, reports that U.S.
managed services and cloud connectivity provider GTT, formerly
called Global Telecom and Technology, has emerged from its Chapter
11 bankruptcy cases after more than two years of corporate and
financial restructuring.

The company, which maintains ethernet and IP sites in Sao Paulo,
Rio de Janeiro and Mexico City, first filed for bankruptcy
protection in October 2021, according to globalinsolvency.com.

"Over the past two years, we have concentrated relentlessly on
transforming our business into a customer-focused, managed services
provider with a culture of continuous improvement.  As we begin
2023 on a new path, I'm tremendously excited about the
opportunities ahead," CEO Ernie Ortega said, the report relays.
Throughout this period, the company has managed to reduce its debt
by around $2.8 billion and bring in new investors. For example, it
sold its infrastructure division to I Squared Capital for $2.1
billion, cutting debt by approximately 80%, according to GTT, the
report adds.


TRANSMISSORA ALIANCA: Fitch Affirms 'BB' FC IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Transmissora Alianca de Energia Eletrica
S.A.'s (Taesa) Foreign Currency (FC) and Local Currency (LC)
Long-Term (LT) Issuer Default Ratings (IDRs) at 'BB' and 'BBB-',
respectively, and its National Scale LT rating at 'AAA(bra)'. The
Rating Outlook for the FC IDR and National Scale rating is Stable.
The Outlook of the LC IDR was revised to Negative from Stable.

The Negative Outlook on the LC IDR reflects Taesa's challenges to
maintain its net adjusted leverage at adequate levels due to
relevant additional capex of BRL2.3 billion related to two new
concessions acquired in December 2022. Taesa total capex of BRL4.4
billion during 2023 to 2025 should result in negative FCF and
pressure credit metrics. A reduction in off balance sheet debt
guarantees and on dividends distribution are uncertain events that
could partially offset the pressure on the company's capital
structure.

The company's FC IDR is constrained by Brazil's country ceiling of
'BB', and the Stable Outlook for the FC IDRs follows the same
Outlook of Brazil's 'BB-' sovereign rating. A one-notch downgrade
in the LC IDR would not affect the National Scale rating, which
justify its Stable Outlook.

KEY RATING DRIVERS

Capex Program Pressures FCF: Aggressive capex plan and significant
dividends distribution will pressure Taesa's FCF over the next
three years. It should be negative at around BRL1.8 billion in
2023, BRL710 million in 2024 and BRL540 million in 2025, after
expected negative BRL627 million in 2022. The two new concessions
recently acquired should require investments of BRL2.3 billion
until 2025.

Taesa's investments should peak at BRL2.4 billion in 2023,
pressured by the payment of BRL886 million in indemnity to the
previous concessionaire of one of these concessions (Lot 5). The
base case scenario incorporates annual capex of BRL1.0 billion on
average during 2024 and 2025. Dividend distribution of 95% of
regulatory net income during the rating horizon will represent an
average disbursement of BRL1.1 billion during 2023-2025 period.

Leverage to Increase: Taesa should present adjusted net leverage
above 3.5x until 2026, not consistent with its current LC IDR. The
base case scenario considers Taesa's adjusted net debt-to-adjusted
EBITDA ratio of 3.7x in 2022, 4.0x in 2023 and 4.4x in 2024 and
2025, declining to 3.9x in 2026 after the end of the current
investment cycle. Fitch includes off balance sheet debt related to
guarantees provided as well as dividends received from
non-consolidated companies on those ratios.

As of September 2022, off balance sheet debt totaled BRL1.3
billion, being BRL1.1 billion from Interligação Elétrica Ivaí
S.A. (Ivaí) and BRL196 million from Empresa Diamantina de
Transmissão de Energia S.A. (EDTE). Ivai has started its operation
in November 2022 and EDTE in February 2022, with corporate
guarantee not expected to be released at least until 2024.

Robust Asset Portfolio: Taesa presents a strong and diversified
asset portfolio and no exposure to concession renewals over the
short-to-medium term. The company is one of the largest power
transmission companies in Brazil. It has 11,623km of transmission
lines across the country, with 1,332km under construction,
considering its stake in each project. Recently acquired Lots 3 and
5 will add 1,094km to the company's portfolio after the signature,
expected to March 2023. Out of the two new projects, 743km of Lot 5
is already in operational phase, while the 351km from Lot 3 should
be built until 2026. The two concessions will add BRL243 million in
terms of consolidated permitted annual revenues (PAR) to Taesa,
representing a 9% growth.

Low Business Risk: Taesa's credit profile benefits from the low
business risk associated with Brazil's power transmission segment
in Brazil, as revenues are based on assets availability rather than
volume transported. Positively, PARs are annually adjusted by
inflation indexes, which tend to compensate cost pressures.
Companies in this segment have a diversified client base and
guaranteed payment structure.

Predictable and Robust Revenues: High exposure to concessions
IGPM-indexed (about 80% of consolidated PAR) will also strengthen
the groups consolidated results. EBITDA, calculated through
regulatory accounting, should increase to BRL1.9 billion in 2022,
from BRL1.5 billion in 2021. For 2023, Fitch expects EBITDA to grow
to BRL2.0 billion, given that five new projects concluded
throughout 2022 will be operational during the entire year. EBITDA
margins are high, ranging 80%-85%, characteristic of transmission
companies in Brazil.

Standalone Approach: Taesa's ratings are not constrained by the
credit quality of one of its shareholders, Companhia Energetica de
Minas Gerais (Cemig) (LC and FC IDRs, BB/Stable), because Cemig
shares control of Taesa with Interconexion Electrica S.A. E.S.P.
(ISA; LC and FC IDRs, BBB/Stable), and its access to Taesa's cash
is limited to dividends. The analysis does not incorporate an
expected change in its shareholder structure. Despite of Cemig's
plan to sell its stake in Taesa, the timing and final outcome are
uncertain.

DERIVATION SUMMARY

Taesa's financial profile is stronger than Latin American peers
Interconexion Electrica S.A. E.S.P. (FC IDR, BBB/Stable) and
Consorcio Transmantaro S.A. (FC IDR, BBB/Stable), in Colombia, and
Transelec S.A. (FC IDR, BBB/Stable), in Chile. All these peers have
low business risk profiles and predictable cash flow generation,
characteristic of transmission electricity companies in a regulated
industry. The main different in ratings for these companies are the
country where they generate their main revenues and the location of
assets. While Taesa's peers are in higher rated countries, its
ratings are negatively affected by Brazil's Country Ceiling of
'BB'.

KEY ASSUMPTIONS

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

- Payment of BRL886 million in indemnity foreseen for Lot 5 in
March 2023;

- PARs adjusted considering inflation and, in some cases, 50%
reduction when the 15th operational year is completed;

- Operational expenses adjusted by inflation (IPCA);

- Minimum cash of BRL400 million;

- Capex of BRL4.4 billion during 2023-2025;

- Dividends corresponding to 95% of net income calculated through
regulatory accounting rules.

RATING SENSITIVITIES

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

- Positive rating action for the company's FC IDR would be
associated to an upgrade on Brazil's sovereign rating;

- Positive rating action for the company's LC IDR would be
associated to improvements on Brazil's operating environment;

- Upgrade not applicable to the National Scale rating as it is at
the highest level.

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

- Negative rating action for the LC IDR would be associated to a
deterioration in Taesa's consolidated financial profile, with net
adjusted leverage above 3.5x on funds from operations net leverage
above 4.0x, both on a sustainable basis;

- A weaker operating environment on Brazil may result on a
downgrade of the LC IDR;

- A downgrade on Brazil's sovereign rating would result in a
similar rating action on Taesa's FC IDR;

- A two-notches downgrade on Taesa's LC IDR would lead to a
downgrade on the National Scale rating.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects Taesa to maintain an adequate
liquidity position compared with short-term debt, and to maintain
ample access to bank credit lines and capital markets to mitigate
expected negative FCF over the next three years. By Sept. 30, 2022,
consolidated cash and marketable securities amounted to BRL1.6
billion, as per Fitch's calculations, compared with short-term debt
of BRL722 million.

The BRL1.25 billion debenture issuance in April 2022, with final
maturity in 2037, supported the strong liquidity position.
Nevertheless, Fitch believes the strong cash-to-short-term debt
ratio will return to the 0.5x-1.0x range after scheduled outflows
associated to capex under development, including the BRL886 million
to be paid regarding Lot 5 concession, expected to occur by March
2023.

Taesa's consolidated debt is characterized by a manageable maturity
profile and no foreign exchange risk. As of Sept. 30, 2022, the
group's total adjusted debt was BRL10.0 billion, considering its
proportional stake guarantee in debt of non-consolidated
subsidiaries - BRL1.3 billion. Its BRL8.7 billion consolidated on
balance sheet debt mainly consisted of BRL8.0 billion in
debentures.

ISSUER PROFILE

Taesa is the third largest transmission power company in Brazil
with 11,623km of lines including 1,332km under development. It has
participation in 41 concessions across the country, including four
under construction. Taesa is controlled by the Brazilian group
Cemig and ISA, which own 36.97% and 26.03% of the voting shares,
respectively.

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
   -----------               ------                 -----
Transmissora
Alianca de
Energia Eletrica
S.A.                LT IDR    BB       Affirmed       BB
                    LC LT IDR BBB-     Affirmed      BBB-
                    Natl LT   AAA(bra) Affirmed   AAA(bra)

   senior
   unsecured        Natl LT   AAA(bra) Affirmed   AAA(bra)



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

ECOPETROL: Fitch Puts BB+ Rating on $2BB Sr. Unsec Notes due 2033
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Ecopetrol S.A.'s new
issuance of up to USD2.0 billion senior unsecured notes due 2033.

The proceeds of the notes will be used to prepay USD472 million of
the outstanding principal amount of the loan entered in 2021 to
finance the acquisition of Interconexion Electrica S.A. E.S.P.
(ISA: BBB/Stable), and for general corporate purposes, including
financing the company's investment plan for 2023.

Ecopetrol S.A.'s ratings reflect the close linkage with the
Republic of Colombia (BB+/Stable), which owns 88.5% of the company.
Ecopetrol's ratings also reflect the company's strategic importance
for the country, as well as its ability to maintain a solid
financial profile.

KEY RATING DRIVERS

Linkage to Sovereign: Ecopetrol's ratings reflect the strong
linkage with the credit profile of the Republic of Colombia, which
owns 88.5% of the company's total capital. The ratings also reflect
the very strong incentive of the Colombian government to support
Ecopetrol in the event of financial distress, given the company's
strategic importance to the country, as it supplies virtually all
liquid fuel demand in Colombia, and owns 100% of the country's
refining capacity. The company relies on the receipt of funds from
the Colombian government, through its stabilization fund Fondo de
Estabilizacion de Precios de los Combustibles (FEPC), to offset the
difference from selling fuel in the local market at lower prices
versus the export market.

At September 2022, the amount accrued in the FEPC was COP20.4
trillion (USD5 billion). As the Colombian government continues to
increase retail prices of fuel, Fitch expects that the balance in
the FEPC account will decrease. During 2022, the price was adjusted
by COP600/gallon, and by additional COP400/gallon during January
2023.

Deconsolidated with ISA: Fitch expects that the majority of
Ecopetrol's consolidated EBITDA will continue to be generated from
its oil & gas business. Fitch estimates that on a deconsolidated
basis, ISA's EBITDA in 2022, adjusted to Ecopetrol's ownership, is
expected to represent 5.1% of Fitch's projected Ecopetrol EBITDA
for 2022. Thus, currently, the ISA acquisition is not expected to
materially affect Ecopetrol's leverage metrics over the rated
horizon.

Fitch estimates that consolidated pro forma gross leverage, defined
as total debt to EBITDA, will be low during the rating horizon at
1.0x for FYE 2022, and 1.2x on average through 2026. Pro forma for
ISA's debt and EBITDA, leverage in 2022 increases to 1.5x in 2022
and averages 2.1x through the rating horizon.

Strong Financial Profile: Ecopetrol's 'bbb' Standalone Credit
Profile (SCP) reflects the company's strong financial profile.
Fitch-calculated gross leverage as measured by total debt to EBITDA
decreased to 2.4x in 2021 from approximately 2.9x at YE 2020. Fitch
expects leverage to continue to be low though the rating profile as
Brent process continue supporting EBITDA generation, and debt is
expected to remain at current levels. Fitch expects Ecopetrol's
interest coverage as measured by EBITDA to interest expense
coverage to exceed 20x consistently through the rating horizon.

Positive FCF Expected: Fitch expects Ecopetrol's FCF to be positive
going forward, subject to revisions to investment and dividends
plans. Fitch's base case assumption includes the company having an
average annual capex budget of approximately USD5.0 billion over
the next three years, and that it will pay 60% of previous year's
net income in line with its 40% to 60% dividend policy. This,
coupled with Fitch's price assumptions for Brent crude oil price of
USD100/bbl in 2022, USD85/bbl in 2023 and USD53/bbl in the long
term, would result in positive FCF over the next three years.

Stable Operating Metrics: After production cuts of 4% implemented
in 2020, and subsequent 6% reduction in reserves resulting from
lower global hydrocarbon prices, Ecopetrol's operating metrics have
recovered and are well underway to reach pre-pandemic levels.

Fitch assumes total hydrocarbons production to be 704 thousand
barrels of oil equivalent per day (boe/d) in 2022 exhibiting a
trend or recovery expected to continue over the next three years.
The company's proved reserve (1P) of 2,002 million boe gave the
company a reserve life of 9.0 years as of 2021. Fitch assumes a
105% reserve replacement rate.

Ecopetrol's leverage, as measured by total debt/proved reserves,
was USD7.5/boe as of YE 2021 (this including ISA debt), lower than
previously forecast at USD10/boe for YE 2021 as a portion of the
debt was repaid during the year and reserves increased by 95 MM
boe. Fitch's calculated implied pretax break-even crude oil price
for Ecopetrol has remained relatively stable over the past three
years at approximately USD38/boe.

DERIVATION SUMMARY

Ecopetrol's rating linkage to the Colombian sovereign rating is in
line with the linkage for most national oil and gas companies
(NOCs) in the region, including Petroleos Mexicanos (PEMEX;
BB-/Stable), Petroleo Brasileiro S.A. (Petrobras; BB-/Stable),
Petroleos del Peru - Petroperu S.A. (BB+/Rating Watch Negative) and
Empresa Nacional del Petroleo (ENAP; A-/Stable).

In most cases in the region, NOCs are of significant strategic
importance for energy supply to their countries, including in
Mexico, Colombia and Brazil. NOCs can also serve as a proxy for
federal government funding as in Mexico, and have strong legal ties
to governments through their majority ownership, strong control and
governmental budgetary approvals.

Ecopetrol's SCP is commensurate with a 'bbb' rating, which is in
line with that of Petrobras at 'bbb', given Petrobras' recent
significant debt reduction. Excluding IFRS16 leases, Ecopetrol's
leverage at YE 2021 was 3.1x. Ecopetrol's credit profile is
materially higher than that of Pemex's 'ccc-' SCP as a result of
Ecopetrol's deleveraging capital structure versus PEMEX's
increasing leverage trajectory. Ecopetrol will continue to report
stable production, which Fitch expects to stabilize around 700,000
boed. This production trajectory further supports the notching
differential between the two companies' SCP.

KEY ASSUMPTIONS

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

- Ecopetrol remains majority-owned by Colombia;

- Brent average USD100/barrel in 2022 and USD85/barrel in 2023
before trending toward USD53/barrel in the long term;

- USD15barrel discount to Brent crude;

- Stable production growth of 2% annually in 2022-2024;

- 105% reserve replacement ratio per year;

- Aggregate capex of approximately USD5.0 billion per year for the
next three years;

- Dividends of 60% of previous year's net income.

RATING SENSITIVITIES

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

- Although not expected in the short to medium term, an upgrade of
Colombia's sovereign ratings.

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

- A downgrade of Colombia's sovereign ratings;

- A significant weakening of the company's linkage with the
government and a lower government incentive to support couple with
a deterioration of its standalone credit profile.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Ecopetrol's strong liquidity profile is supported
by cash on hand, strong access to the capital markets and an
adequate debt maturity profile. Ecopetrol reported COP13 trillion
(USD3.2 billion) of cash and equivalents on hand at Sept. 30, 2022,
compared with roughly USD3.5 billion of principal maturities in
2022 and 2023 and the USD774 million of debt service over the same
period. The company used its USD1.2 billion committed credit line
in September 2022 to repay a portion of the debt associated with
the acquisition of ISA.

ISSUER PROFILE

Ecopetrol is a leading integrated energy and infrastructure company
in the Latin American and Central American region. The company is
the largest in Colombia in relation to their Upstream, Midstream,
and Downstream business segments, and the company is the largest
energy transmission company in region in connection with the
Interconexion Electrica S.A. acquisition.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ecopetrol S.A.'s LT IDR is linked to the sovereign rating of
Colombia.

ESG CONSIDERATIONS

Ecopetrol has an ESG Relevance Score of '4' for Governance
Structure due to its nature as a majority government-owned entity
and the inherent governance risk that arises 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.

Ecopetrol has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to multiple attacks to its pipelines, 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        
   -----------           ------        
Ecopetrol S.A.

   senior unsecured   LT BB+  New Rating



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

DOMINICAN REPUBLIC: NIR Reaches US$14.4 Billion at End of 2022
--------------------------------------------------------------
Dominican Today reports that the Net International Reserves (NIR)
of the Dominican Republic reached US$14.4 billion at the end of
2022, the highest level in the country's economic history for a
year-end.

The information was provided by the Central Bank of the Dominican
Republic (BCRD), an entity that highlighted that they exceeded the
International Monetary Fund's suggested metrics, reaching more than
12.7% of GDP and nearly six months of imports, according to
Dominican Today.

According to the BCRD, this increase in reserves reflects the
notable dynamism of the sectors that generate foreign currency, the
report notes.

Furthermore, there is a strong macroeconomic environment and the
important role of the Central Bank's monetary and exchange
policies, as well as timely debt management by the Ministry of
Finance, the report relays.

Tourism's strong performance is highlighted, with an estimated $8.6
billion in revenue at the end of the year, the report discloses.
Meanwhile, national and free zone exports are expected to reach a
record of US$14.2 billion, with family remittances representing
approximately US$10 billion in foreign exchange earnings to the
country, the report notes.  The BCRD anticipates that Foreign
Direct Investment (FDI) will continue to be favorable, the report
relays.

It is estimated to be around US$4 billion, which, when combined
with other service income of around US$3 billion, will allow the
country to record foreign exchange income of around US$39.3 billion
in 2022, the report says.

On the other hand, the BCRD's timely implementation of the monetary
restriction plan to mitigate inflationary pressures has contributed
to maintaining a favorable differential concerning the country's
main trading partners' local interest rates, which would contribute
to greater capital flows and encourage national currency savings,
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.

The TCR-LA reported in April 2019 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.

The TCR-LA reported in December 2022, that Fitch Ratings affirmed
Dominican Republic's Long-Term Foreign Currency Issuer Default
Rating (IDR) at 'BB-' with a Stable Rating Outlook. Fitch said
Dominican Republic's ratings are supported by a track record of
robust economic growth, a diversified export structure, high
per-capita GDP and social indicators, and governance scores that
compare favorably to peers' after sustained improvement in the past
decade.

Standard & Poor's, 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.




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

JAMAICA: NIR Increases in December
----------------------------------
RJR News reports that Jamaica's Net International Reserves (NIR)
increased in the month of December 2022.

At the end of the month, the NIR was registered at US$3.98 billion,
according to RJR News.

That's $128.1 million more than November's reserves of $3.85
billion, the report notes.

The reserves at the end of December could cover up to 25 weeks of
goods and services imports, the report adds.

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




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

CYDSA SAB: Fitch Affirms LongTerm IDRs at 'BB+', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Cydsa, S.A.B. de C.V.'s Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) and senior
unsecured debt at 'BB+'. The Rating Outlook is Stable.

The ratings reflect Cydsa's diversified business profile, low cost
position, business resilience of some of its operations, vertical
integration and strong domestic brand recognition in table salt.
The ratings are tempered by Cydsa's limited geographic
diversification, price volatility of its chlorine and caustic soda
business and track record of moderate leverage.

Cydsa's current rating leverage headroom is limited due to its
challenging capex plan. Fitch estimates the company has invested a
total of USD115 million in 2021 and 2022 in its new caustic soda
plant to replace one of its existing facilities. A drop in caustic
soda prices in 2023 will be offset by the entry of the new caustic
soda plant with Cydsa's 2023 net leverage ratio falling to 2.9x
from an expected 3.4x in 2022 and 3.6x in 2021. Fitch expects Cydsa
to manage its growth strategy and dividend distributions
conservatively, and hold consolidated net adjusted debt/EBITDA
below 3.5x in the medium to long term.

KEY RATING DRIVERS

Diversified Business Profile: Cydsa is a mid-scale domestically
focused chemical company in Mexico (BBB-/Stable) with a diversified
portfolio of products and services. The company operates in the
table salt business, where it has a strong brand and market
position, and in the chlorine-caustic soda, refrigerant gases and
underground hydrocarbon storage businesses. Fitch estimates that
around 20% and 25% of Cydsa's EBITDA is in the Energy Processing
and Logistics and Salt segments, respectively. These more resilient
operations add important stability to the company's originally
more-volatile chemicals portfolio and is a key rating
differentiator compared with pure chemical peers in the region.

Vertical Integration: Cydsa controls a good portion of its
feedstock matrix: salt and energy. This vertical integration gives
the company flexibility to withstand the volatility of the chemical
cycle and support its good margins compared to peers. The company
owns salt wells, providing the key raw material for its Consumer,
Salt and Chlorine-Caustic Soda segments. Energy cogeneration assets
supply a majority of electricity, which protects the company from
potential volatility of price fluctuations. Nevertheless, the
cogeneration plants of the company still depend on natural gas
prices, which is the input of that operation.

Domestic Player: The company derives around 89% of its revenue
domestically, with most of its assets located in Mexico.
Consequently, Cydsa's financial performance is tied to Mexico's
political and economic development. The company has limited ability
to influence prices of chlorine and caustic soda, which are
volatile and significantly influenced by global supply and demand
dynamics. These products represent about 38% of Cydsa's EBITDA
portfolio on average during the last five years.

Exposure to PEMEX: Cydsa provides liquefied petroleum gas (LPG)
underground storage to a subsidiary of Petroleos Mexicanos (PEMEX;
BB-/Stable) at its salt caverns under a 20-year contract agreement.
This business unit's operating performance has been in line with
expectations and with no payment delays. Any changes in the
contract or relationship with PEMEX could bring volatility to
Cydsa's cash flow and pressure its credit profile. This segment
adds an important source of stable cash flow to Cydsa, partially
offsetting the current deterioration of the caustic soda prices.

Fitch's rating case scenario does not incorporate any additional
investment for developing new caverns. Depending on the speed of
the investment or funding strategy, it could pressure the company's
ratings.

Capex to Pressure FCF: For 2022 and 2023, Fitch expects Cydsa to
generate EBITDA of MXN3.5 billion and MXN4.0 billion, with EBITDA
margins in the range of 27%-29%. Better than expected caustic soda
prices led to a stronger EBITDA in 2022. Cydsa is now in the
process of investing to increase operating efficiency at one of its
caustic soda facility and to comply with the Minamata Convention,
which bans the use of mercury by 2025. This capex is estimated to
total about USD120 million over a period of three years, of which
USD115 million was invested in 2021 and 2022.

Fitch estimates Cydsa's FCF to be negative around USD50 million in
2022 and turning to positive USD48 in 2023 after the completion of
the investments. This includes dividends around USD13 million.

Leverage Falling: Cydsa's leverage profile is high for its rating,
which is explained by the temporary increase indebtedness to expand
its facilities. Fitch forecasts Cydsa's consolidated net adjusted
debt/EBITDA to move toward 3.4x by YE 2022 and 2.9x in 2023, mostly
expected by higher profitability due to its capex investments.
Cydsa's consolidated net leverage peaked at 3.6x in fiscal 2021 and
was 2.8x in fiscal 2020, which is consistent with its rating.
Considering only the restricted group leverage (salt, caustic soda,
refrigerant gases and cogeneration), total leverage is projected to
be around 4.0x in 2022.

DERIVATION SUMMARY

Cydsa is well positioned against small scale chemical producers
with limited regional diversification, which are typically rated in
the low 'BB' or below rating categories. Cydsa's business profile
is more diversified and its cash flows are more stable than
companies such as Unigel Participacoes S.A. (BB-/Stable). Cydsa's
diversified business profile is supported by the strong brand
recognition of its household salt products, and its cost position
in its chlorine-alkali chain segment benefits from important
investments in technology and the operations in the energy
processing and logistic segment.

Larger and more diversified chemical companies with lower leverage
such as Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable) or
Alpek, S.A.B. de C.V. (BBB-/Positive) are typically rated in the
low to mid 'BBB' category due to their stronger financial market
access and broader geographic diversification. Chemical companies
rated in the 'BBB' category tend to be product leaders across
broader regions, often spanning several continents.

KEY ASSUMPTIONS

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

- Cydsa generates annual EBITDA in the range of MXN3.4
billion-MXN4.7 billion between 2022-2024;

- Salt prices of USD18.88 in 2022 and USD19.30 per ton in 2023 and
2024;

- Salt volumes to grow at 1.1% per year during 2022-2024, in line
with expected population growth;

- Caustic soda prices of USD809 in 2022, USD717 in 2023 and USD771
in 2024;

- Capex of roughly USD50 million in 2023 and USD30 million in
2024;

- Fitch estimates dividends of USD13 million 2022-2024 and share
buybacks of USD6 million per year.

RATING SENSITIVITIES

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

- Sustained Fitch-adjusted net debt/EBITDA below 1.5x and gross
debt/EBITDA below 2.0x, combined with EBITDA of at least USD400
million and adequate portfolio diversification.

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

- Expectation of sustained Fitch-adjusted net debt/EBITDA above
3.5x on a consolidated basis, and gross debt/EBITDA above 4.5x;

- A further steep decline of chlorine and caustic soda prices that
erodes Cydsa's EBITDA or competitive dynamics, weakening Cydsa's
caustic soda business;

- Material increases in dividends that impacts liquidity;

- Any change or disruption in the contract with PEMEX for the
underground storage business could pressure the ratings;

- Large debt-financed acquisitions or investments.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: Cydsa has a strong liquidity position with no
refinancing risks in the short to medium term. As of Sept. 30,
2022, the company held cash of MXN2.8 billion, of which MXN109
million was restricted due to a non-recourse secured loan due 2036.
Short-term debt was MXN106 million.

Cydsa's total consolidated debt was MXN13.8 billion (~USD681
million) as of Sept. 30, 2022, and mostly reflects the USD302
million unsecured notes due 2027 (MXN9.3 billion), MXN2.7 billion
(~USD135 million) of the stand-by and MXN2.9 billion (~USD145
million) of secured loans due 2036 that relates to its underground
storage business. This secured loan has non-recourse clauses to
Cydsa.

ISSUER PROFILE

Cydsa, S.A.B. de C.V. is a mid-scale chemical producer in Mexico,
with a diversified portfolio of products. The company manufactures
and commercializes salt for household and food industry use, as
well as chlorine-caustic soda, refrigerant gases and more recently,
also operates underground hydrocarbon storage.

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
   -----------              ------          -----
Cydsa, S.A.B.
de C.V.            LT IDR    BB+  Affirmed    BB+
                   LC LT IDR BB+  Affirmed    BB+

   senior
   unsecured       LT        BB+  Affirmed    BB+



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: OWTU Slams Electricity Rate Increase
-------------------------------------------------------
Kay-Marie Fletcher at Trinidad Express reports the Oilfields
Workers' Trade Union (OWTU) begs the Trinidad and Tobago
Electricity Commission (T&TEC) not to increase electricity rates
for residential customers as the country braces for higher T&TEC
bills this year.

The OWTU said it is 100 per cent against the proposal by the
Regulated Industries Commission (RIC) to increase T&TEC's
residential customers' rates by 15 to 64 per cent, and move to bill
customers on a monthly basis versus the present bi-monthly billing
system, according to Trinidad Express.

RIC also proposed a commercial rate increase of 51 to 63 per cent
and an increase to the industrial customers' rate of 72 to 120 per
cent as well, the report notes.

Condemning this move by the RIC, the OWTU led by its president
general Ancel Roget hand-delivered a letter to T&TEC chairman
Romney Thomas in an attempt to convince him not to increase the
utility's plans, the report discloses.

Roget said while industrial and commercial customers may be able to
afford it, the increase will be detrimental to residential
customers who include the elderly, single parents, unemployed
citizens and the majority of the population that's already
suffering from the increasingly high cost of living, the report
relays.

Speaking to the media outside T&TEC's Stanley P Ottley Building, Mt
Hope, immediately after delivering the letter, Roget said, "With a
great sense of urgency, the union expresses its deepest concern
with the T&TEC's recommendation to the Regulated Industries
Commission, the report discloses.  These recommendations were
recently published in the Regulation of Electricity Transmission
and Distribution 2023 to 2027 draft determination," the report
relays.

"T&TEC recommended an increase in electricity rates to residential,
commercial and industrial customers. Whilst we have no problem with
multinational corporations, large commercial and industrial
customers paying more for the electricity from which they derive
huge profits, our deep concern is for residential customers, the
report notes.

"The households and families of Trinidad and Tobago are already
overburdened with high and continually increasing cost of living.
Higher electricity rates will only bring further hardship to
residential customers," he added.

Additionally, Roget said citizens should not have to pay T&TEC more
money, while the Government is over a billion dollars in debt to
the commission, the report says.

This, he said is one of the reasons why T&TEC is facing severe
financial challenges right now, the report relays.

According to Roget, the State through its various arms, ministries
and agencies owes T&TEC a whopping $1.3 billion, the report
discloses.

Overall, T&TEC is owed over $1.6 billion from its customers, the
report relays.

Added to that, he said another major contributor to TTEC financial
challenges is because it is crippled by power purchase agreements
(PPAs) between the commission and independent producers of
electricity or bulk suppliers, the report notes.

These include PowerGen, Trinidad Generation Unlimited (TGU) and
Trinity Power, the report relays.

According to the union, the PPAs require TT&EC to continuously pay
the independent producers for electricity even if T&TEC does not
use all of it, the report notes.

It also requires T&TEC to pay the National Gas Company (NGC) for
natural gas used to generate electricity by these same independent
producers of electricity, the report discloses.

As a result, the bulk suppliers have been given every advantage to
operate profitably, earning millions of dollars in profit at the
expense of TTEC, according to Roget, the report relays.

He said, "It is clear that the people are not the ones who make
these bad policy decisions but ultimately they are ones who feel
the worse effect from these bad policies . . .  The government must
pay its outstanding $1.3 billion of electricity bills and going
forward must pay on time," the report says.

"Gas represents the biggest cost of generating electricity,
therefore the Government must immediately review these onerous
power purchase agreements, thus ensuring that these independent
producers of electricity pay NGC for the gas," he added.

The last time TTEC increased its electricity rates was in 2009, the
report recalls.

Efforts to contact Thomas were futile, the report adds.




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

[*] BOND PRICING: For the Week Jan. 9 to Jan. 13, 2023
------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
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
Provincia de Rio Negro     7.8    70.4    12/7/2025    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    70.3    12/7/2025    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     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
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    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
Provincia de Cordoba       7.1    74.7     8/1/2027    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
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     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
Provincia de Buenos Ai     7.9    75.3    6/15/2027    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
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
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
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
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



                           *********


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

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