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       T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, May 22, 2023, Vol. 24, No. 102

                           Headlines



A R G E N T I N A

ARGENTINA: Going Broke to Stall a Full-On Currency Collapse
BLOCKFI INC: Court Uphelds Account Transfer Cutoff in Ch. 11 Case
BLOCKFI INC: Says Liquidation the Ideal Way to Repay Clients
IRSA INVERSIONES: Fitch Affirms B-/B LongTerm IDRs, Outlook Stable


B R A Z I L

BRAZIL: Brazilian Retail Trade Sales Grow 0.8% in March
BRAZIL: Debt is Source of High Rates, Central Bank Chief Says
GLOBO COMUNICACAO: Moody's Affirms 'Ba2' CFR, Outlook Remains Neg.


C H I L E

INVERSIONES LATIN AMERICA: Moody's Cuts $404MM Sec. Notes to Caa3
VTR FINANCE: Fitch Lowers LongTerm IDRs to 'CCC-'


C O L O M B I A

BARRANQUILLA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
GRUPO SURA: S&P Affirms 'BB+' LT Issuer Credit Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Deputies Dismiss Claims of Financial Collapse


E L   S A L V A D O R

DAVIVIENDA SALVADORENO: Fitch Hikes LongTerm IDR to 'B'


J A M A I C A

JAMAICA: STATIN Reports Higher Cost for Health Care Goods


P A N A M A

INVERSIONES CREDIQ: Fitch Affirms 'B' IDRs, Outlook Stable


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week May 15 to May 19, 2023

                           - - - - -


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

ARGENTINA: Going Broke to Stall a Full-On Currency Collapse
-----------------------------------------------------------
Buenos Aires Times reports that Argentina's fight to prevent its
problematic currency from a total meltdown is leaving the Central
Bank, by some estimates, broke.

The nation has already spent all of its liquid international
reserves, plus another estimated US$1 billion, according to Buenos
Aires-based consulting firm 1816 Economia & Estrategia — raising
the stakes as the nation contends with a historic drought and
impending recession, according to Buenos Aires Times.

Without easy-to-spend cash on hand, questions are swirling about
how much longer the government can continue to defend the peso from
an all-out collapse, the report notes.  At risk is a currency
devaluation that stands to fan 104 percent inflation and exacerbate
high levels of social unrest ahead of October's presidential
elections, the report discloses.

"Fewer reserves leads to more pressure on the exchange rate, which
in turn leads to more pressure on inflation," said Fernando Losada,
a managing director at Oppenheimer & Co, the report notes.  "I see
no possible scenario under which inflation goes below three digits
this year," he added.

Argentina has struggled to build and keep international reserves at
healthy levels for decades, running through cash piles to combat
rising prices and juggle obligations on overseas bonds, the report
discloses.

The nation now technically has less than US$34 billion in total
foreign reserves, but the majority is locked up in less-liquid
assets — such as gold, credit swap lines with China and the Bank
of International Settlements and the dollars Argentines have in
their savings accounts, the report says.

That's a problem for a country in need of ready-to-spend cash.
Argentina's liabilities in foreign currency already exceed total
reserves by about US$1 billion — the worst such ratio since the
nation was wracked by economic crisis in the early 2000s, according
to the 1816 firm's report, Buenos Aires Times relays.

Argentina has been flying through its dollar reserves as it tries
to stop a slide in the peso's parallel-market exchange rate, which
has replaced the government's official currency rate amid draconian
capital controls, the report discloses.  In just the past week, the
Central Bank sold about US$470 million to support the currency in
parallel markets, said Fernando Marull, an economist at Buenos
Aires-based consultancy FmyA, the report says.

It's been difficult to measure the success of the government's
intervention, the report notes.  The unofficial peso lost about 13
percent against the US dollar last month, and is down 33 percent so
far this year, by far the biggest decline in key emerging markets,
the report relays.

President Alberto Fernandez has, in the past, attempted to beef up
reserves by forcing dollars earned from exports to flow into
Central Bank accounts and by accepting International Monetary Fund
cash injections, the report says.  But those measures are largely
falling flat.  And Fernandez — who has already withdrawn his
candidacy for re-election — has no guarantees that talks to
rework a US$44-billion programme with the IMF will result in
sped-up loan disbursements to help ease the situation, the report
discloses.

A spokesperson for Argentina's Central Bank said the market's
calculation of net reserves doesn't properly reflect its balance
sheet because it fails to account for other sources of financing,
such as a currency swap line with China, the report relays.

Officials have opted for other emergency measures in the meantime,
including tapping the China swap to finance US$1.8 billion of
imports from the country, the report notes.  It's also working with
Brazil to boost bilateral trade with credit lines in reais,
allowing it to bypass the dollar, the report relays.

For Argentines, the uncertainty is palpable.

Scarred by the Central Bank's decision to freeze access to dollar
savings during the 2001 economic crisis, many Argentines are
already pulling cash from their savings, the report discloses.
They yanked over US$1 billion of US dollar deposits from the
banking system from late March to the end of April, the report
says.

There are also few signs that reserves can be rebuilt any time
soon, the report notes.  The worst drought of the century has all
but removed any possibility of an influx of cash from agricultural
exports before the elections, the report relays.

"The risk of having liquid reserves in negative territory is that
the Central Bank may not have the dollars needed to meet an even
stronger outflow of foreign-exchange deposits," said Juan Sola, an
economist at BancTrust & Co in Buenos Aires, the report adds.

                           About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'.  S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina.  The outlook on the long-term ratings is negative.  S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.  The negative outlook on the long-term ratings
reflects risks surrounding pronounced economic imbalances and
policy uncertainties before and after the 2023 national elections.
Divisions across the political spectrum constrain the sovereign's
ability to implement timely changes in economic policy. Global
capital markets are closed to Argentina. In the local market, swaps
are being deployed to manage large maturities before placing debt
through traditional auctions.  The central bank continues to play a
key role as a backstop for local debt management in the secondary
market. The ongoing severe drought has exacerbated pressures in the
already disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

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, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.  


BLOCKFI INC: Court Uphelds Account Transfer Cutoff in Ch. 11 Case
-----------------------------------------------------------------
Rick Archer of Law360 reports that a New Jersey bankruptcy judge
ruled Thursday, May 11, 2023, that cryptocurrency platform BlockFi
can retain $375 million in assets customers attempted to withdraw
on a still-functioning user interface after the company suspended
transactions.

A group of BlockFi customers earlier told a New Jersey bankruptcy
judge Monday, May 8, that $375 million more in cryptocurrency
should count as customer property in the platform's Chapter 11 case
because it took eight days to shut down its customer app after it
suspended transactions.

                        About BlockFi Inc.

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 tapped 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.


BLOCKFI INC: Says Liquidation the Ideal Way to Repay Clients
------------------------------------------------------------
Jonathan Randles of Bloomberg Law reports that BlockFi Inc. is
moving forward with a plan to liquidate its cryptocurrency lending
platform in the coming months, dimming prospects it will be able to
find a buyer to rescue the business from bankruptcy.

BlockFi said that in light of "recent regulatory developments" and
other problems that a liquidation is currently the best option for
repaying its customers.  The company said it canvassed the market
for several months and explored selling the BlockFi platform in
whole or in parts, but determined "that there may be a lack of
meaningful value to be generated from a sale."

                       About BlockFi Inc.

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 tapped 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.


IRSA INVERSIONES: Fitch Affirms B-/B LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed IRSA Inversiones y Representaciones,
S.A.'s (IRSA) Long-Term Foreign Currency Issuer Default Rating
(IDR) at 'B-' and the Local Currency IDR at 'B'. Fitch has also
affirmed the company's senior unsecured rating at 'B'/'RR3'. The
Rating Outlook is Stable.

The affirmation reflects decreased default risk following IRSA's
successful refinancing of its 2023 notes and good operating
performance in the last twelve months. The FC IDR is constrained by
Argentina's 'B-' Country Ceiling. The Recovery Rating of 'RR3'
reflects above average recovery expectation for creditors in the
event of default. It is supported by the historical precedent of
numerous distressed debt exchanges by Argentine corporates that did
not result in a reduction in principal.

KEY RATING DRIVERS

Improved Credit Profile: Fitch estimates gross leverage for IRSA to
remain at around 3.5x throughout the next 18 months. Argentina's
highly inflationary environment and weak currency conditions may
temporarily affect leverage metrics, but the company has shown
operational resilience and the ability to secure local sources of
funding. IRSA has significantly improved its credit profile over
the last three quarters through the refinancing and repayment of
its local and international debt, reducing it from approximately
USD571 million as of YE 2022 to USD381 million as of 3Q23. IRSA's
sole international bond is an amortizing USD171 million bond due in
2028. The remaining of the company's debt is held locally.

Healthy Operational Metrics: Fitch projects IRSA's EBITDA to reach
well above USD100 million in 2023. The recovery of mall activity
post-pandemic is the main driver for the improvement. Occupancy
rates reached roughly 97% as of 3Q23 and LTM average mall occupancy
rates are above 94%. Revenues from tenant sales are robust. Office
occupancy rates continue around 70% and Fitch expects they will
remain at these levels over the forecast horizon. Hotels have shown
solid performance with revenues likely to surpass USD40 million and
operating margins expected above 28% in 2023. IRSAs operating
cashflow generation should remain healthy into 2024.

Persistent Operating Environment Risk: Fitch assumes that IRSA will
maintain a cautious approach to growth and dividend distributions
as Argentina's operating environment continues to be weak. The
company's assets and cashflow generation are almost entirely from
domestic sources. High inflation levels, capital controls, an
upcoming electoral process, and limited access to international
financial markets generate downside risks to IRSA's operational
performance.

Relevant Business Position: IRSA's business profile is underpinned
by its operational track record and strong market share which
result in good operating cash flow. IRSA is the leading commercial
real estate company in Argentina with an estimated market share of
67% in shopping malls and 10% in office space in the city of Buenos
Aires as of June 2022. The company has maintained consistent
occupancy levels of approximately 90% in shopping malls a majority
of which are in prime traffic locations. IRSA's total rental
portfolio encompasses approximately 490,000 sqm of GLA, distributed
in 336,000 sqm in 15 shopping malls, 74,000 sqm in six office
buildings, and 79,000 sqm in three hotels.

DERIVATION SUMMARY

IRSA ratings are primarily driven by Argentina´s weak operating
environment and limited access to external capital which

compares negatively to its regional peers. The ratings also reflect
IRSA's status as an experienced and well-positioned real estate
operator.

The company has adequate portfolio granularity with a comparatively
low loan-to-value, limited tenant concentration, consistent
consolidated occupancy levels of over 90% for its shopping malls
with lease duration between two and three years.

KEY ASSUMPTIONS

- Assumes 94% occupancy rates in the mall business and around 70%
in office;

- Capex at 5% of revenues;

- Dividends of USD100 million in 2023 and USD40 million in 2024;

- Tenant revenues adjust with inflation;

- Stable hotel business;

- Refinancing of local bonds and debt;

- Opportunistic divestitures.

RATING SENSITIVITIES

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

- The Foreign Currency Long-Term IDR is unlikely to be upgraded as
it is capped by Argentina's Country Ceiling;

- Debt to EBITDA of 2.5x or below;

- Improved liquidity profile.

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

- Debt to EBITDA increases above 3.5x;

- Liquidity decreases below 1.0x cash to short-term debt ratio.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Post-Refinancing: As of 3Q23 IRSA had close to
ARS40 billion in cash and cash equivalents including short-term
investments. A dividend payment of roughly ARS22 billion that was
approved in April 2023 will reduce IRSAs cash position
commensurately. Fitch views the company's liquidity as adequate
post-refinancing and dividend payments. Fitch also expects cash
flows from operations to reach over USD60 million annually, which,
together with access to refinancing of local maturities, should be
sufficient for repayment of short-term obligations.

ISSUER PROFILE

IRSA is a premier real estate operator in Argentina. The company is
primarily focused in the acquisition, development, and management
of shopping centers and it is the country's market leader in the
segment. The company also owns several office buildings and three
premium hotels.

ESG CONSIDERATIONS

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

   Entity/Debt                   Rating        Recovery   Prior
   -----------                   ------        --------   -----
IRSA Inversiones y
Representaciones S.A.   LT IDR    B- Affirmed               B-
                        LC LT IDR B  Affirmed               B

   senior unsecured     LT        B  Affirmed     RR3       B



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

BRAZIL: Brazilian Retail Trade Sales Grow 0.8% in March
-------------------------------------------------------
Rio Times Online reports that sales of Brazilian commerce, one of
the mainstays of the country's economy, rose 0.8 percent last March
compared to the previous month, leaving "stability" to take growth,
the state-run Brazilian Institute of Geography and Statistics
(IBGE) said.

The entity reported that retail trade grew 1.5 percent in the
quarterly moving average and 3.2 percent with respect to March
2022, as well as 2.4 percent this year and 1.2 percent in 12
months, according to Rio Times Online.

IBGE pointed out that the positive result in the first quarter is
highly focused on some activities, the report notes.

                       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).


BRAZIL: Debt is Source of High Rates, Central Bank Chief Says
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazil's
central bank chief said high levels of public debt are to blame for
interest rates steady at a six-year high, countering President Luiz
Inacio Lula da Silva's criticism of monetary policy and appeals for
a rate cut.

If government debt were low, "the cost of money would be cheaper
for everyone," Roberto Campos Neto said during a TV interview with
Brazil's CNN, according to globalinsolvency.com.

Campos Neto said it's not the central bank's fault when the
government issues a bond and pays yields of 6% above inflation,
like Brazil did recently, the report relays.

"There is a risk that justifies the real interest rate is 6%," he
added.

President Lula has attacked the central bank and its chief since
January, saying current rates are "absurd," boost unemployment and
don't need to be at a benchmark 13.75% when there are no demand
pressures.  He has also said Campos Neto has "no commitment" to
Brazil, the report notes.

                       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).


GLOBO COMUNICACAO: Moody's Affirms 'Ba2' CFR, Outlook Remains Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed Globo Comunicacao e
Participacoes S.A.'s Corporate Family Rating at Ba2. At the same
time Moody's affirmed Globo's Ba2 senior unsecured global ratings.
The outlook remains negative.

Affirmations:

Issuer: Globo Comunicacao e Participacoes S.A.

Corporate Family Rating, Affirmed Ba2

$325 Million Senior Unsecured Global Notes 2025, Affirmed Ba2

$500 Million Senior Unsecured Global Notes 2030, Affirmed Ba2

Outlook Actions:

Issuer: Globo Comunicacao e Participacoes S.A.

Outlook, Remains Negative

RATINGS RATIONALE

Globo's Ba2 ratings are mainly supported by its robust liquidity
and its leading market position in the Brazilian TV broadcasting
market, with a 35% share of the overall national audience and 38%
during prime time in 2022. The rating also reflects Globo's
diversification away from advertising revenue toward the
higher-margin content and programming segment, which accounted for
36% of revenue in 2022. The company's high-quality content, with
most of its prime-time programing produced in-house, is an
additional credit strength.

Constraining Globo's ratings are its dependence on Brazil's
economic growth, revenue concentration in the cyclical Brazilian TV
advertising market, with a degree of foreign-exchange exposure.
High-fixed-cost base stemming from its high-quality programming
strategy, margin compression, especially during economic downturns,
and strong competition from streaming platforms and digital media
advertising are also rating constrains.

To position itself as a strong player in an environment of
increasing importance of streaming platforms and digital
advertising, Globo is implementing a digital transformation
strategy, centralizing its content production and digital
businesses in a single business unit. Globo is focused on
strengthening its direct to consumer offers with a balance of
advertising and subscription revenues leveraging its content
production capabilities and its streaming platform, Globoplay.

Moody's expects 2023 revenues to continue to recover to
pre-pandemic levels, growing to around BRL16 billion. Operating
margins are also expected to improve to around 6%, compared to
-3.2% in 2022, supported by a gradual recovery in business
activity, increased participation of content revenues, and benefits
from cost savings. Moody's adjusted 2-year average gross leverage
should reduce to 3.1x, from 6.6x in 2022, and 2-year average
interest coverage (measures as [EBITDA-Capex]/Interest Expense)
should recover to 3.8x, from 1.3x in 2022.

Globo has a solid liquidity position, supported by total cash of
BRL14.7 billion as of December 2022. The company's strong liquidity
covers total adjusted debt of around BRL6 billion by 2.5x. Globo
has a very comfortable debt maturity profile, with no major
maturities until 2030. Moody's expectation that Globo will
prudently manage its dividend distributions to maintain adequate
liquidity to service its financial obligations.

Globo's debt is mostly denominated in US dollars, exposing the
company to foreign-currency fluctuations. Accordingly, the company
hedges at least its next 24-month foreign-currency exposure and a
significant portion of its long-term maturities, mitigating cash
impacts.

The negative outlook considers Moody's expectation that Globo will
continue to operate in challenging environment, facing strong
competition from streaming platforms and digital media providers.
In addition, the negative outlook considers the execution risk
derived from the need to change the business model and implement
its digital transformation strategy under difficult macroeconomic
conditions.

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

An upgrade is unlikely at this point given the negative outlook.
However, Moody's could stabilize the rating if Globo is able to
demonstrate improvement in the group's performance resulting from
the implementation of its digital transformation strategy while
maintaining strong credit metrics, liquidity and market
positioning.

Conversely, negative pressure could arise if Globo is unable to
recover its profitability, such that credit metrics or credit
worthiness deteriorates further, with 2-year average Moody's
adjusted leverage above 3.5x and interest coverage below 2.5x
without prospects for improvement. A deterioration in Brazil's
sovereign rating could also lead to negative rating actions for
Globo.

The principal methodology used in these ratings was Media published
in June 2021.

Headquartered in Rio de Janeiro and owned by the Marinho family,
Globo Comunicacao e Participacoes S.A. is Brazil's largest media
group and leading broadcast TV network, with net revenue of BRL15.1
billion (equivalent to $3 billion) as of December 2022. Globo
engages in other business activities, including pay-TV production
and programing, content streaming, magazine publishing and internet
businesses, through its subsidiaries.




=========
C H I L E
=========

INVERSIONES LATIN AMERICA: Moody's Cuts $404MM Sec. Notes to Caa3
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa3 from B3 the rating
assigned to the $404 million Senior Secured Notes issued by
Inversiones Latin America Power Limitada ("ILAP") with final
maturity in 2033. The outlook was changed to negative. This
concludes the review for downgrade initiated on February 24, 2023.

Downgrades:

Issuer: Inversiones Latin America Power Limitada

Senior Secured Regular Bond/Debenture, Downgraded to Caa3 from B3

Outlook Actions:

Issuer: Inversiones Latin America Power Limitada

Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

The downgrade of ILAP's secured notes to Caa3 reflects the
project's continuous subdued cash generation, consequence of
lower-than-expected energy generation and its exposure to volatile
electricity spot prices and curtailments in Chile. The Caa3
considers the project's significant reliance on the sale of
receivables and external sources of cash to avoid a default event
over the next 12 to 18 months, which entails a higher risk of a
debt restructuring with unfavorable terms and conditions for its
outstanding senior secured creditors.

The negative outlook on the company's ratings reflect uncertainties
around the timing for the project to obtain the necessary resources
to improve its liquidity position. A prolonged weak operating
profile and challenging financial position could lead to an early
termination of the project company's power purchase agreements
(PPAs) with distribution companies, which in turn would increase
the expected losses for debtholders.

During last twelve months to April 2023, ILAP generated a total of
474.9 GWh as measured by the Chilean national commission of energy.
This compares to a P90 generation of 549.3 GWh and a P50 generation
of 633.5 GWh estimated by the independent engineer when structuring
the project. Continuous subdued wind conditions have also impaired
ILAP's ability to generate sufficient cash to service its debt
payments. At times generation is subdued, the project company
incurs losses as it purchases energy in the volatile spot market to
honor its power purchase agreement (PPA) engagements. Although the
"el nino" phenomenon expected for 2023 could potentially increase
winds in the region, lower power production will continue to
constrain its internal cash generation during the first half of
2023.

Adding to the cash flow pressure, is ILAP's exposure to the spot
market prices. Over the past five years, Chile has changed its
power generation installed capacity, increasing the mix of solar
generation while decommissioning some coal-fired power plants.
These structural changes have led to permanently higher intraday
energy spot price volatility, with spot prices neighboring $0 per
megawatt hour (MWh) during sunshine hours amid strong solar
generation and $200/MWh during night hours when the system relies
on more expensive gas and diesel-fired plants. The new market
structure and electricity spot prices dynamism will likely
permanently hurt ILAP's cash generation, which bond's financing
structure was designed under market conditions prior to 2020 that
are not likely to be reestablished.

The project company has $16 million in receivables accumulated
under the first price stabilization mechanism (PEC I) for
collection from 2025 to 2027. ILAP plans to sell these receivables
in order to monetize them still in the first semester of 2023, a
process that requires majority approval by bondholders. Moody's
estimates that this monetization process is key to service the
principal and interests payment due July 3, and a failure to be
granted bondholders' approval would lead to a default on that
date.

In the last quarter of 2022, ILAP drew $17.5 million on the LC
Facilities it holds with Citibank N.A., and have eighteen months to
refund the facility before triggering an event of default.
Considering the successful monetization of receivables in the short
term, Moody's believes that the company's cash generation over the
next twelve months will be sufficient to service debt payments.
Nonetheless, internal cash generation might be insufficient to
provide for both debt service payments, interest payments on the LC
and total refunding of the LC. Therefore, Moody's base case
scenario contemplates a higher probability of default triggered by
the inability from the company to refund the LC without further
external capital injections. In 2022, ILAP relied on a $5 million
subordinated loan later converted into capital provided by the
sponsors to meet debt installments. At this point, Moody's does not
consider a new capital injection in the rating's scenario.

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

Ratings downgrade could result from the Moody's perception of a
lower recovery rate than 65% for debtholders.

A ratings upgrade is unlikely at this time given the negative
outlook and Moody's view that the project company will likely
default over the next 12-18 months. However, outlook stabilization
would be considered if ILAP is able to obtain the necessary funding
for its upcoming debt payments and to refund its letter of credit
facilities, being with higher cash generation than expected or
obtaining a cash injection from its sponsors. Quantitatively,
upward rating pressure would arise if ILAP demonstrates a recovery
of its liquidity profile, evidenced by a DSCR consistently above
1.0x.

The principal methodology used in this rating was Power Generation
Projects Methodology published in January 2022.

COMPANY PROFILE

ILAP is a subsidiary of Latin America Power S.A., owned by BTG
Pactual Brazil Infrastructure Fund II (45.85%), Patria
Infrastructure FIP (45.85%), and GMR Holding B.V. (8.30%). ILAP
owns 100% of the ownership interest in two wind power generation
assets in Chile, "San Juan" and "Totoral", which have achieved full
commercial operating date on March 2017 and January 2010,
respectively, and have a combined installed capacity of 239.2
megawatt ("MW") North of Santiago.


VTR FINANCE: Fitch Lowers LongTerm IDRs to 'CCC-'
-------------------------------------------------
Fitch Ratings has downgraded the Long-Term Local Currency and
Foreign Currency Issuer Default Ratings (IDRs) of VTR Finance N.V.
(VTR) to 'CCC-' from 'B-'. Fitch has also downgraded VTR Finance's
senior USD483 million notes due in 2028 to 'CC'/'RR5' from
'CCC+'/'RR5' as well as VTR Comunicaciones SpA's revolving credit
facilities, senior secured notes of USD474 million (2028) and
senior secured notes for USD391 million (2029) to 'CCC'/'RR3' from
'B'/'RR3'. Rating Watch negative has been removed.

The downgrades are based on increased pressured financial
flexibility in 2022 and lower FFO generation than previously
expected by Fitch, and the expectation of relevant challenges to
secure additional funds to serve its interest payments in the next
12-18 months. Also, the downgrade considers Fitch's expectation of
weak operational performance in 2023, given the continuation of a
highly competitive environment.

KEY RATING DRIVERS

Pressured Financial Flexibility: The company has weak liquidity.
The ability to access financial resources, through the use of its
committed RCF, as well as through asset monetization and/or owners'
contributions, is a critical factor in the short term, and an
important challenge, considering the strong deterioration of its
liquidity at the end of 2022. The company showed a relevant cash
burn of around CLP86 billion in 2022, to reach a year-end cash
position of CLP34 billion. This cash balance appears insufficient
to service the current level of short-term debt (vendor financing)
and interest expenses in the next 12 months.

Additional Measures Required to Improve Capital Structure:
Extraordinary measures such as shareholder support, asset
monetization and access to current undrawn RCF are crucial to
sustain the company's operations and improve financial structure,
given the deterioration in operational performance and the
expectation of relevant capex requirements in the medium term. For
2023, Fitch projected a combined net leverage of around 7.5x and
standalone net leverage for VTR of around 12x.

Weak Operating Performance: VTR has been unable to halt the loss of
clients and the deterioration of its EBITDA margin. Most of the
decline has been driven by fierce price competition, which has hurt
VTR's average monthly revenue per user (ARPU) since the beginning
of the pandemic. Broadband subscribers declined to less than 1.1
million from 1.3 million since the start of the pandemic,
pressuring earnings. As a result, VTR's EBITDA margin has declined
to 21.7% for the YE 2022 from 40% in 2019, while its EBITDA has
declined to CLP108 billion from CLP260 billion before the
pandemic.

Fitch does not expect a relevant EBITDA recovery 2023, and is
assuming a limited impact from synergies related of combined
operations. In terms of operating cash flow generation, VTR showed
a reduction of FFO to CLP5 billion, from CLP135 billion in 2021.

Shareholder Alignment: Uncertainty around the business strategy and
capital structure that the JV shareholders will pursue in the
medium term is a key credit concern. The merged entity is 50% owned
by Liberty Latin America (LLA) and 50% owned by America Movil
S.A.B. de C.V. (AMX; A-). Both are large telecom operators in Latin
America, but have differences in their business model and capital
structures.

LLA has a higher appetite for leverage and independent management
of each affiliate, with movements of cash around the group for
investments and acquisitions. AMX has a strong credit profile due
to its solid business position in most markets in Latin America and
the low level of leverage it has operated with historically.

ESG - Transparency: VTR's disclosure of its financial policy,
commercial strategy and future capital structure following its
combination with Claro Chile in October 2022 has been limited. The
lack of information surrounding these key credit considerations has
occurred despite high leverage and significant pressure on
operating metrics and cash flows.

DERIVATION SUMMARY

VTR's ratings are exposed to the competitive pressures in the
Chilean broadband market, which could further pressure its
operating performance and credit metrics. It is uncertain how much
VTR's credit profile can benefit from its combination with Claro
Chile given the lack of transparency. VTR's financial profile is
one of the most levered in the region.

VTR has a similar fixed-line operating profile to Telefonica
Moviles Chile (BBB+/Negative), although Telefonica Chile benefits
from leverage metrics around 2.0x-2.5x. The combined business with
Claro Chile should reach a similar scale and diversification as
Telefonica Moviles Chile S.A. (BBB+).

Compared with WOM Mobile S.A. (WOM; B+/Negative), VTR/Claro's
combined operation should have higher diversification and scale,
and a similar EBITDA margin. WOM's ratings reflect the company's
short but solid track record in Chile, taking on much larger
competitors. Recent WOM's ratings downgrade considers a shift in
the company's financial policy, suggesting a less clear path to
deleveraging, following the investment of USD100 million in WOM
Colombia as well as the material usage of its USD100 million
factoring facility with IDB Invest.

When compared with Millicom International Cellular S.A.'s
(BB+/Stable) subsidiaries, Comcel (CT Trust; BB+/Stable) and
Telefonica Celular del Paraguay (Telecel; BB+/Stable), VTR is less
diversified and operates in a more competitive market, but in a
stronger operating environment. Comcel and Telecel have more
dominant market positions and significantly lower net leverage at
around 2x and 3x, respectively. Comcel's and Telecel's ratings
reflect a strong linkage with their parent Millicom as it heavily
relies on these two wholly-owned subsidiaries' dividend upstream to
service its debt.

KEY ASSUMPTIONS

- Revenue declines around 7% in 2023 and mid-single digits in
2023;

- Operating EBITDA margins around 20%;

- Capex in a range of 20% to 23%.

Going Concern Recovery Approach:

Fitch's criteria consider a bespoke recovery analysis for issuers
with Issuer Default Ratings (IDR) of 'B-' and below. The bespoke
recovery analysis assumes VTR would be considered a going concern
in bankruptcy and the company would be reorganized rather than
liquidated. VTR's CLP130 billion going concern EBITDA is based on
Fitch's expectation of sustainable, post-reorganization EBITDA,
reflecting the intense competition in the Chilean market. The
enterprise value/EBITDA multiple applied is 5.0x; this figure
reflects VTR's market position.

Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of the debt in the capital
structure. The agency's debt waterfall assumptions consider the
company's total debt at Dec. 31, 2022. These assumptions result in
a Recovery Rating (RR) for the secured bonds and revolving credit
facility of VTR Comunicaciones (operating company affiliate) within
the 'RR3' range, which, per Fitch's criteria, leads to a one-notch
uplift to the IDR to 'CCC'. For structural subordination, the
result of recovery analysis of VTR's USD483 million senior secured
debt is an 'RR5', which is one notch below the IDR, resulting in a
'CC' rating. Fitch applied concession allocation payments to VTR's
debts.

RATING SENSITIVITIES

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

- Rapid turnaround of operational performance related to subscriber
base, ARPU, and EBITDA margin, and the ability to capture relevant
synergies related the JV for VTR operation;

- Shareholder support that strengthens financial flexibility and
reduces leverage;

- Improvement in liquidity position;

- Consistent and improved depth of disclosure surrounding strategy
and other credit considerations.

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

- Continuation of deteriorating operational performance;

- Inability to draw on revolving facilities;

- Lack of evidence of measures from shareholders, and/or management
that would improve VTR's financial flexibility and capital
structure.

LIQUIDITY AND DEBT STRUCTURE

Pressured Liquidity: The company has a weak liquidity and Fitch
expects VTR to generate negative FCF in the medium term. The
company will likely need to add debt to its capital structure to
fund at least part of the shortfall as its cash was only CLP34
billion at the end of 2022, absent extraordinary measures by
shareholders. This cash represents almost 50% of the short-term
debt, and showed a relevant deterioration compared with 2021
(CLP120 billion). At the end of 2022, VTR delisted USD91 million at
face value of capital markets debt, which it funded mainly by
monetizing foreign exchange derivatives when the CLP was around
CLP950/USD1. VTR does not face material debt maturities until
2028.

ISSUER PROFILE

VTR is a Telecom operator in Chilean market. The company is the
second largest provider of fixed internet services and the largest
provider of multi-channel video services with a 28% market share.
The company offers its services mainly through Hybrid Fiber Coaxial
network.

ESG CONSIDERATIONS

VTR Finance N.V. has an ESG Relevance Score of '5' for Financial
Transparency as a result of the very limited disclosure surrounding
VTR's group structure and its financial strategy in the context of
its combination with Claro Chile. This has a negative impact on the
credit profile and is highly relevant to the rating, resulting in
an implicitly lower rating.

VTR Finance N.V. has an ESG Relevance Score of '4' for Management
Strategy due to the inability of the management strategy to reverse
deterioration of operational performance and, consequently, in its
financial profile. This has a negative impact on the credit profile
and is relevant to the rating in conjunction with other factors.

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

   Entity/Debt                Rating          Recovery   Prior
   -----------                ------          --------   -----
VTR Comunicaciones SpA

   senior secured    LT        CCC  Downgrade    RR3        B

VTR Finance N.V.     LT IDR    CCC- Downgrade               B-

                     LC LT IDR CCC- Downgrade               B-

   senior secured    LT        CC   Downgrade    RR5      CCC+




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

BARRANQUILLA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Distrito Especial Industrial y Portuario
de Barranquilla's (the District) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB' with a Stable Rating
Outlook. Fitch has also affirmed Barranquilla's National Long-Term
Rating at 'AA(col)' with a Stable Outlook, and its National
Short-Term Rating at 'F1+(col)'. Barranquilla's Standalone Credit
Profile (SCP) is assessed at 'bb'. Barranquilla's local bond notes
of up to COP650,000 million, of which COP394,366 million were
actually placed, are affirmed at 'AA(col)'.

Barranquilla's ratings reflect the combination of a 'Low Midrange'
risk profile and a debt sustainability score at 'a' levels in
Fitch's rating scenario. Barranquilla registers an improvement in
its operating balance in 2022, being higher than Fitch's previous
years estimations. At the end of 2022, the operating balance was
24% (2018-2022 average of around 17.4%). The agency estimates that
this margin will moderate in 2023, amid a context of challenging
growth, coupled with a rising level of indebtedness that also
includes the District's substitution plans. Thus, Fitch projects
that Barranquilla's credit metrics would remain in adequate ranges
for its current rating.

KEY RATING DRIVERS

Risk Profile: 'Low Midrange'

Risk Profile - 'Low Midrange': The risk profile (RP) reflects the
moderately high risk relative to international peers that the
municipality's debt service coverage by operating balance will
weaken unexpectedly over the forecast horizon (2023-2027), either
because of revenue falling short of expectations or spending above
expectations, or an unanticipated rise in liabilities/debt.

Revenue Robustness: 'Weaker'

Fitch considers the institutional framework for transfer allocation
and its evolution to be stable and predictable. However, the
sustainability of transfer growth is uncertain, due to the fiscal
pressures faced by the central government and the adverse economic
environment. Transfers represent about 51.9% of Barranquilla's
operating revenues between 2018 and 2022, which comes from a
counterparty rated at 'BB+'.

Nonetheless, Fitch favorably highlights the local economic dynamics
together with fiscal strategies to increase overall collection.
Both Property and ICA taxes, which represent around 60% out of
taxes revenues, have shown a growing trend, specially ICA
collection that has shown two-digit growth in the past two years.

Revenue Adjustability: 'Midrange'

Barranquilla has discretion to adjust its tax rates, considering
the limits established by the National Government; however, the
capacity of taxpayers is moderate, which could counteract these
adjustments. The District shows a positive trend in its tax
collection and is evidenced by an increase of around 24% between
2021 and 2022. Administrative efforts keeping cadastral values
updated and increasing the taxpayer base, also the progressive
increasing of the ICA rate to financial entities, in addition to
the payment facilities provided to the taxpayers, have favored this
result.

Expenditure Sustainability: 'Midrange'

The Colombian institutional framework establishes that
responsibilities of territorial entities are mainly focused on the
provision of the social services of education, healthcare and
potable water. These responsibilities, are mainly funded with SGP
transfers. Fitch views them as moderately countercyclical and
expects stable growth in the midterm. During 2018-2022, operating
expenditure growth has been below operating revenue growth (CAGR 6%
and 9.2%, respectively). However, operating margins have been
stable and around 18,6% on average during the same period.

Expenditure Adjustability: 'Midrange'

Balanced budget rules are in place. Particularly expenditure
control rules, are defined under Law 617, which have a strong track
record of enforcement and effectiveness. This KRF assessment is
measured by the district's share of capex to total expenditure, as
well as its capacity to finance capex with its current balance.
This indicator averaged 12,7% over the last four years, according
to Fitch's calculations, a level above the defined limit of 10% to
be assessed as 'Midrange'. For this reason, this factor is
'Midrange' Barranquilla.

Barranquilla's level of capex represents around 29% of total
expenditure on average during 2018-2022 base on it development plan
which has a completion rate of 68,8% for four-year term. Fitch
estimates that capex levels in 2023 could remain high considering
additional long-term debt disposal, and current administration
final year.

Liabilities & Liquidity Robustness: 'Midrange'

The district operates under a moderate regulatory framework that
has shown to be beneficial as it has obliged the entities to
generate positive operating balances but also maintain prudential
limits in its debt. The district can borrow from a variety of
sources and currencies, and is exposed moderately to foreign
exchange and interest rate risk as an important share of total debt
is in foreign currency. The prudential limits established by law
were reviewed in the past years and, in specific conditions, direct
debt can be above 100% of current revenues. Fitch will closely
monitor the compliance of such. Fitch assess this key risk factor
(KRF) as 'Midrange' for Barranquilla.

The agency identified obligations related to the decentralized
sector (ADI and EDUBAR) which are pledged by municipal revenues.
These obligations are considered in the rating case scenario as
'Other Fitch Classified Debt'.

Liabilities & Liquidity Flexibility: 'Weaker'

Fitch observes the District has access to short-term credit with
local banks. However, the regulatory framework does not provide
emergency liquidity support from upper tiers, local bank's ratings
are in a speculative rating category. Fitch observes the District
has presented cash deficits in the last years, leading to
short-term debt usage, which have been paid on time. Fitch notes
that the District has presented an unrestricted cash deficit. In
2022, it was equivalent to about 11% out of tax revenues. The
agency acknowledges the District's corrective action plans, and
will monitor its results as this aspect reflects limitations to
maintain available liquidity and a latent refinancing risk in the
short term.

Debt Sustainability: 'a category'

Debt Sustainability is assessed at 'a' and considers an override
from the secondary metric, which is one levels below the primary
metric. Fitch's rating case forward looking scenario indicates that
the payback ratio (net direct risk to operating balance) the
primary metric of the debt sustainability assessment will reach an
average of 7x for the 2026-2027 period, which is aligned with a
'aa' assessment. The actual debt service coverage ratio the
secondary metric is projected at 1.6x for the average of 2026-2027,
Aligned with an 'a' assessment.

Debt sustainability is stable at the 'a' category from the previous
annual review. Fitch observed an improvement on both metrics in the
final years of the forecasted period. Nonetheless, Fitch observes
debt service coverage ratio (DSCR) results would be pressured for
the next three years due to higher interest rate levels, therefore
the success of debt substitution plan that the District is carrying
out will be monitored by Fitch closely, and determine its impact on
the short- term coverage level.

DERIVATION SUMMARY

The District's Standalone Credit Profile (SCP) is assessed at 'bb',
reflecting a combination of a 'Low Midrange' risk profile and debt
sustainability assessed in the 'a' category under Fitch's
rating-case scenario, and by peer comparison with other national
peers such as Departamento del Valle del Cauca y Antioquia,
Municipio de Itagui and other international peers. Fitch does not
apply any asymmetric risk. Therefore, Barranquilla's IDRs are at
'BB' ROS.

Short-Term Ratings

For the national scale, the correspondence table indicates an
'F1+(col)' Short-Term rating.

National Ratings

Barranquilla's national scale rating is 'AA(col)', and is derived
from the 'BB' IDR according to national correspondence table.

Debt Ratings

The Local Bond notes up to COP650.00 million rating is at the same
level as Barranquilla's NLTR at 'AA(col)'.

KEY ASSUMPTIONS

Risk Profile: 'Low Midrange'

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Midrange'

Expenditure Sustainability: 'Midrange'

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness: 'Midrange'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'a'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap (LT IDR): 'N/A'

Sovereign Cap (LT LC IDR) 'N/A'

Sovereign Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2018-2022 figures and 2023-2027 projected
ratios. The key assumptions for the scenario include:

- tax growth rate close to 6.9% annual average;

- transfers grow according to the moving average of the growth of
the Nation's current revenues over the last four years;

- an annual increase in GOs aligned with operating revenues, with a
floor close to inflation and a differential of up to 3%;

- average net capital expenditure of around COP854.690 million per
year;

- average cost of debt of 9.9%, in line with Fitch's estimations
for interest rates.

- debt levels consider the highest value between the District's
borrowing plan and potential borrowing according to a factor close
to regulatory limits.

- direct long-term debt disbursement of around COP746.000 million
in 2023.

- partial substitution plan for long-term debt (Deutchse Bank
-MIGA) is considered.

Liquidity and Debt Structure

At YE 2022, Barranquilla held COP2.8 billion of direct debt,
(includes short loan COP115.000 million) most of it with variable
interest rate according to market conditions. It's important to
standout, that currently the District is expose to exchange rate
risk, as around 36,8% of its long-term direct debt is in USD and
EUR. However, they have swaps to mitigate forex variations.

The district expects to continue with debt disposals in order to
accomplish its Development Plan, for 2023 COP746.116 million are
expected to be disposed, including COP3.400 million short-term
debt, which were considered in Fitch scenarios. The District is
still exploring options to substitute partial YE 2022 outstanding
debt.

Fitch includes in 'Other Fitch- classified debt' the debt raised
through Barranquilla's decentralized entities (GREs), which debt
service is paid with Barranquilla's pledge revenues: Agencia
Distrital de Infraestructura (ADI), Empresa de Desarrollo Urbano de
Barranquilla y la Region Caribe (Edubar). At YE 2022, these
entities held COP1.4 billion of long-term debt. Fitch incorporated
in the adjusted debt calculations the District direct debt, as well
as that Other Fitch Classified debt.

Fitch observed limitations in maintaining available liquidity as
Barranquilla has been registering unrestricted cash financing
deficits between 2019-2022. At YE 2022, the unrestricted cash
deficit was equivalent to around 11% of tax revenue, lower from its
highest level registered in 2020, when it reached 26,8%. The
deterioration was mainly because of the delay presented between the
debt disbursement and projects execution. According to the
administration correction measures has been taken to avoid the
persistence of such deficit.

Summary of Financial Adjustments

- Cash surplus of previous years are subtracted from capital
revenues;

- Previous years deficits are subtracted from expenditure;

- Also, some withdrawals from the pension funds are reclassified to
pass through transfers from capital revenue;

- General adjustments when inconsistencies are identified between
in financial statements provided by the issuer and those
published;

- Total debt repayment includes both short term and long-term debt
repayments;

- Capital expenditure considers such associated with gross capital
formation (formacion bruta de capital), according to Fitch's
perspective. In addition, operating expenditures include items with
a recurring nature.

Issuer Profile

Special Industrial and Port District of Barranquilla (City of
Barranquilla) is the capital to the Atlantic Department.

The City has a population of 1.2 million, which represents 48.4% of
the department´s population and contributes with 66.4% to the
Department´s GDP. The District´s main economic activities rely on
manufacturing and services; mainly: chemicals, plastics, food and
beverages, cosmetics, cleaning products, renewable energy, oil and
gas offshore; outsourcing and software IT services. Barranquilla is
base for oil exploration companies given the high public service
coverage, port and logistics experience. Moreover, important
universities are located in the City, offering a qualified
population to national and international corporations. Fitch
classifies Barranquilla, as for all Colombian LRGs, as type B as it
covers debt service from its cash flow on an annual basis.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Payback ratios consistently close to 9.0x with coverage ratios
consistently below 1.2x under Fitch's rating case.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Payback ratios consistently close to 5.0x on the scenario horizon
with a DSCR close to 2.0x; a favorable position with peers.

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
   -----------                ------                  -----
Distrito Especial
Industrial y
Portuario de
Barranquilla         LT IDR    BB       Affirmed        BB

                     LC LT IDR BB       Affirmed        BB

                     Natl LT   AA(col)  Affirmed    AA(col)

                     Natl ST   F1+(col) Affirmed   F1+(col)

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


GRUPO SURA: S&P Affirms 'BB+' LT Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings revised down its stand-alone credit profile
(SACP) for Grupo de Inversiones Suramericana S.A. (Grupo Sura) to
'bb+' from 'bbb-'. S&P also affirmed its long-term 'BB+' issuer
credit and issue-level ratings on Grupo Sura.

S&P said, "The stable outlook reflects our expectations that Grupo
Sura will receive higher dividends from its main subsidiaries
following a better financial performance in 2022. We also expect
the group to maintain a cash flow adequacy ratio above 2.0x and a
loan-to-value (LTV) ratio below 20%."

Grupo Sura's heavy reliance on short-term funding has increased its
liquidity exposure. Its use of short-term bank loans to repay
upcoming bond maturities is high (about $73 million maturing in
2023). In addition, the company's cash balance fell to about $13
million as of March 2023, a 35% drop from December 2021. The main
use of cash was to pay financial leases. S&P said, "Moreover, as
part of the company's cash uses, we expect a higher dividend
distribution to shareholders of about $154 million in the next 12
months, which will also lower Grupo Sura's liquidity cushion.
Therefore, we revised our liquidity assessment of Grupo Sura to
less than adequate from adequate, leading us to revise downward the
SACP to 'bb+' from 'bbb-'."

S&P said, "Although we believe Grupo Sura's liquidity pressure is
manageable for the moment and that the company will benefit from
its strong banking relationship with Bancolombia and access to the
credit market as it has done in the past, if we continue to see
Grupo Sura's liquidity deteriorate and lead to a stress scenario,
we could further revise the SACP.

"In our view, Grupo Sura's management hasn't been able to establish
an adequate minimum cash standard to operate, given the high amount
of debt requirements for the next 12 months and the recurrent use
of cash and short-term debt to repay upcoming debt maturities.
Though we acknowledge that the company signed a committed credit
line of about $63 million, the amount is relatively small compared
to the company's needs, mainly in terms of the outstanding debt
balance.

"In addition, the company has made a higher dividend distribution
to shareholders than we expected, instead of maintaining larger
leeway for sources of cash over uses. Liquidity is barely at 1x,
and we expect it to remain around 1x for the next 12 months.
Therefore, in our view, Grupo Sura doesn't have enough liquidity
cushion to withstand unexpected macroeconomic events and we now see
very limited evidence that strategic plans exist to change this
trend. Moreover, there is no evidence of rigorous discipline toward
maintaining strong cash levels or keeping a steady amount of
committed credit lines to ensure adequate liquidity at all times.
These factors led us to revise the management and governance score
to fair.

"Despite the company's worsened liquidity, we expect high dividend
from subsidiaries of about $346.8 million in 2023 and $365.9
million in 2024, mainly from Bancolombia and Sura AM (66% of total
dividend inflows). We think Bancolombia's credit portfolio will
keep growing at over 10% in the following years thanks to the
stability of the corporate lending sector and the adequate
performance of the bank's consumer segment. We also anticipate that
Sura AM will maintain its business stability and promising growth
prospects for the next couple of years due to its pension business
that will support a recurrent revenue stream. As a result, we
believe Grupo Sura's cash flow adequacy ratio will remain well
above 0.7x. In addition, we don't expect that the group will incur
additional debt and we foresee strong market and equity values
derived from its main subsidiaries' strong financial and operating
performances, leading to a LTV ratio below 20%."

ESG credit indicators: To E-2, S-2, G-3; From E-2, S-2, G-2

S&P said, "We revised the governance credit indicator to 'G-3' from
'G-2'. Governance factors are now a moderately negative
consideration in our credit rating analysis. The change relates to
our view that the management has few defined standards and
tolerances, and little risk management capability toward liquidity.
We have seen low cash balances and a high use of short-term debt,
leading to a liquidity ratio near 1x."




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

DOMINICAN REPUBLIC: Deputies Dismiss Claims of Financial Collapse
-----------------------------------------------------------------
Dominican Today reports that several deputies who were part of the
bicameral commission responsible for preparing the report to reform
Law 87-01 on Social Security have argued against the concerns
raised by the Dominican Association of Pension Fund Insurers
(Adafp) regarding the potential collapse of the country's financial
system.

Deputy Jesus Manuel Sanchez highlighted that since the 2010
Constitution, the State has been entrusted with guaranteeing
fundamental rights and ensuring the economic well-being of
citizens, according to Dominican Today.  He expressed support for
the creation of a public pension system and dismissed the notion
that the financial system would be negatively affected, the report
notes.  Sanchez emphasized that the comprehensive changes
integrated into the new social security reform would bring
well-being to the entire population, the report notes.

Deputy Tobias Crespo also underscored the importance of considering
the social and human aspects of the reform rather than focusing
solely on the return or profitability for the "millionaire sectors"
that have benefited from the pension systems, the report discloses.
He argued that the claims of a collapse in the country's financial
and economic system due to the reform were "false." Crespo
emphasized that the AFP sector should prioritize the workers who
contribute their resources, the report relays.

Congressman Rafael Castillo, another member of the bicameral
commission, defended the report on pensions by stating that if it
is approved, the AFPs (Pension Fund Administrators) would
experience a change in how they generate profits without negatively
impacting the country's economy, the report notes.  He highlighted
that the administrators' profits would be derived from the
investments they make and not from the accumulated funds of savers,
the report relays.

These deputies maintain that the social security reform will not
lead to a financial collapse and argue in favor of the changes,
emphasizing the well-being of the population and the need to
address the social and economic aspects of the pension system, the
report adds.

                   About Dominican Republic

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

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

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

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

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

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




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

DAVIVIENDA SALVADORENO: Fitch Hikes LongTerm IDR to 'B'
-------------------------------------------------------
Fitch Ratings has upgraded Banco Davivienda Salvadoreno, S.A.'s
(Davivienda Sal) Long-Term Issuer Default Rating (IDR) to 'B' from
'B-', with a Stable Rating Outlook, and upgraded the Shareholder
Support Rating (SSR) to 'b' from 'b-' and Viability Rating (VR) to
'ccc+' from 'cc'. These rating actions followed the recent upgrade
of El Salvador's Long-Term Foreign Currency IDR to 'CCC+' from 'RD'
given the completion of the domestic pension-related debt exchange
(see "Fitch Takes Rating Actions on El Salvador Following Local Law
Securities Debt Exchange,").

Fitch also revised its assessment for El Salvador banking system's
operating environment (OE) to 'ccc+' from 'cc' with a stable trend.
The OE upward revision reflects a moderate reduction in country
risk given El Salvador's improved, though still tight, fiscal and
external liquidity positions relative to Fitch's prior
expectations. The revision also considers the potential for
alleviating liquidity pressures in the local market given the
banking system's high exposure to the sovereign.

The national ratings of Davivienda Sal and its holding, as well as
those of other financial institutions rated in El Salvador, are
unchanged since they are not directly affected by the sovereign
upgrade.

KEY RATING DRIVERS

Parent Support-Driven Ratings: Davivienda Sal's IDRs are
underpinned by its SSR, denoting Fitch's opinion of the strong
ability and propensity of its shareholder Banco Davivienda S.A.
(Davivienda; BB+/Stable) to provide support to its subsidiary, if
needed.

Country Risks Constrain Support: Fitch's assessment of the owner's
ability to support remains heavily influenced by El Salvador's
Country Ceiling of 'B', which captures transfer and convertibility
risks, and imposes a cap on the bank's Long-Term IDR, resulting in
a four-notch rating difference below its parent's Long-Term IDR.
The bank's Long-Term IDR is two notches above the sovereign's
Long-Term IDR given the shareholder's commitment to support
Davivienda Sal, and the government's lack of intent to impose
capital controls that would constrain private sector debt repayment
capacity, despite recent periods of sovereign stress. The Stable
Outlook on Davivienda Sal's IDR mirrors the parent's Rating
Outlook.

Significant Reputational Risk: The agency deems in its support
analysis, with high importance, the huge reputational risk that a
potential default by Davivienda Sal would represent for Davivienda
and subsidiaries, severely damaging the franchise in the region.

OE Strongly Influences VR: Davivienda Sal's VR of 'ccc+' is below
its implied score of 'b-', reflecting Fitch's view that Salvadoran
bank credit profiles are highly exposed to OE risks and are
constrained by El Salvador's sovereign rating. Despite Salvadoran
banks' resilient financial profiles in recent years, the
sovereign's still tight liquidity position, high reliance on
short-term debt and limited financing sources could negatively
affect the financial industry's operating conditions in an adverse
scenario.

Robust Business Profile with Consistent Performance: Davivienda
Sal's VR considers its strong local position, with a market share
of 14.8% of loans as of March 2023, and its well-developed and
diversified business model, while operating in a high-risk
jurisdiction such as El Salvador. Its VR also incorporates its
stable loan quality, which Fitch expects to continue over the
rating horizon, with a non-performing loans (NPL) to gross loans
metric of 2.0% in 2022, and the entity's high exposure to
government debt of 0.9x its Fitch Core Capital (FCC). Davivienda
Sal's improved profitability, with an operating income to
risk-weighted assets (RWA) metric of 1.2% in 2022 (2021: 0.02%), is
also captured in the VR.

Capital Levels and Funding Structure: In 2022, the Fitch Core
Capital (FCC) to RWA ratio was 14.0%, similar to 2021. Fitch views
the bank's capital as sufficient to absorb losses in a stress
scenario, although the metrics could be affected by the negative
market valuation of El Salvador's sovereign debt instruments. The
entity's VR also weighs the bank's sound funding profile, sustained
by its stable deposit franchise and good access to alternative
financing sources. In 2022, the loans-to-deposits ratio stood at
106.4%. Fitch also views the parent's ordinary support, when
needed, favorably in its assessment of these factors.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Negative changes in the bank's Long-Term IDR and SSR would mirror
negative movements in El Salvador's Country Ceiling;

- Davivienda Sal's Long-Term IDR and SSR could be downgraded
following a multi-notch downgrade of Davivienda's IDRs; however,
this scenario is unlikely over the rating horizon given the
parent's Stable Outlook;

- Any perception by Fitch of a relevant reduction of the strategic
importance of Davivienda Sal for its parent could trigger a
downgrade of its SSR and IDR;

- The bank's Short-Term IDR would only be downgraded if its
Long-Term IDR were downgraded to 'CCC+' or below, which is unlikely
given the Stable Outlook on the bank's Long-Term IDR.

- A downgrade of El Salvador's sovereign rating could lead to a
downward revision of Fitch's assessment of the OE score for
Salvadoran banks, which would pressure Davivienda Sal's VR;

- Davivienda Sal's VR could also be downgraded due to lower
earnings, specifically if it affects the operating profit to RWA
ratio, resulting in consistent operating losses. A FCC-to-RWA ratio
consistently below 10% also would also pressure the VR.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Davivienda Sal's VR, Long-Term IDR and SSR could be upgraded
following an upgrade of El Salvador's sovereign rating and its
Country Ceiling as the bank's VR is capped by the sovereign's
Long-Term IDR and its IDR is capped by the Salvadoran Country
Ceiling. Fitch would also maintain the two-notch uplift from the
sovereign for the SSR;

- The upside potential for Davivienda Sal's VR is limited due to
Fitch's OE assessment. Davivienda Sal's VR could only be upgraded
over the medium term given an improvement of the OE, while
maintaining its good business and financial profiles.

VR ADJUSTMENTS

The Viability Rating of 'ccc+' has been assigned below the 'b-'
implied VR, due to the following adjustment reason: Operating
Environment/Sovereign Rating Constraint (negative).

The Operating Environment score of 'ccc+' has been assigned below
the implied score of 'b', due to the following adjustment reason:
Sovereign Rating (negative).

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified prepaid expenses as intangibles and deducted
them from the total equity to reflect their low absorption
capacity.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Davivienda Sal's IDRs and SSR are based on the potential support it
would receive from its parent, Banco Davivienda, S.A., if needed.

ESG CONSIDERATIONS

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

   Entity/Debt                         Rating        Prior
   -----------                         ------        -----
Banco Davivienda Salvadoreno, S.A.  

                    LT IDR              B    Upgrade    B-

                    ST IDR              B    Affirmed   B

                    Viability           ccc+ Upgrade    cc

                    Shareholder Support b    Upgrade    b-




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

JAMAICA: STATIN Reports Higher Cost for Health Care Goods
---------------------------------------------------------
RJR News reports that the cost of goods in the health care industry
increased by 4.9 per cent for the 12 months leading to April.

The Statistical Institute of Jamaica (STATIN) says for the month of
April alone, goods in the health division saw a 0.4 per cent
increase in prices, according to RJR News.

This was due mainly to a 0.4 per cent increase in the index for the
group 'Medicines and Health Products,' the report notes.

STATIN says higher prices for some over-the-counter painkillers, as
well as cough and flu medicines influenced the movement, the report
relays.

A 0.6 per cent upward movement in the cost of 'Out Patient Care
Services' was also reflected, as there were increases in fees
charged by some general practitioners, 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.




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

INVERSIONES CREDIQ: Fitch Affirms 'B' IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Inversiones CrediQ Business S.A.'s
(ICQB) Long and Short-Term Issuer Default Ratings (IDRs) at 'B'.
The Rating Outlook for the Long-Term Rating is Stable.

KEY RATING DRIVERS

Good Franchise Position: Inversiones CrediQ Business S.A.'s (ICQB,
or the entity) ratings are driven by its consolidated intrinsic
profile and are highly influenced by its business profile, which is
characterized by a niche, though strong and consistent franchise in
the auto lending segment. Fitch also considers that its business
profile is favored by its geographical diversification in the
region, as the company is the financial division of Grupo Q, a
leading vehicle distributor in Central America.

All ICQB subsidiaries have relevant market shares in their
respective markets, but are small entities when compared with the
banking system, representing less than 1% of assets, but ICQB's
total operating income has an increasing trend (December 2022:
USD85 million; 2019-2021: USD74.5 million).

Blended Sector Risk Operating Environment (SROE): ICQB's ratings
use a blended SROE assessment based on the average of the
environments where it operates, mainly Costa Rica and El Salvador.
The SROE assessment is mainly influenced by its major Costa Rican
operation (nearly 50% of earning assets).

Fitch's assessment of ICQB's SROE remains 'b' after El Salvador's
sovereign upgrade to 'CCC+' from 'RD' on May 5, 2023. For more
information on the event please review 'Fitch Takes Rating Actions
on El Salvador Following Local Law Securities Debt Exchange,'
available at fitchratings.com.

Controlled Asset Quality: ICQB's asset quality has proven resilient
during and after the height of the coronavirus pandemic. As of
4Q22, impaired loans past-due more than 90 days represented 1.9% of
gross loans (2019-2021 average: 2.5%). Additionally, reserve
coverage was high considering its high portion of secured loans and
represented close to 129% of impaired loans. Fitch expects this
ratio to remain stable over the ratings horizon due to the
companies' conservative risk framework and modest expected growth.

Recovering Profitability: ICQB's profitability increased in 2022 as
a result of improved loan performance. However, stable income
generation will depend upon ICQB maintaining its business volumes.
As of 4Q22, pre-tax income to average assets reached 4.4%
(2019-2021: 3.8%).

Stable Tangible Leverage: Fitch views the entity's tangible
leverage, at close to 4.0x as of December 2022, as reasonable for
its rating level (2019-2021: 4.8x). This metric has benefited from
improved capital generation and modest loan growth. In Fitch's
opinion, ICQB's debt levels will likely remain stable in the short
term due to anticipated reduced dynamism within the credit
portfolio.

Diversified Funding Structure: Fitch has revised the funding and
liquidity assessment to 'b-' from 'b', considering ICQB's low
unsecured debt that accounted for close to 29% of total debt and
its short-term liquidity coverage (cash and available credit lines)
that covered almost 1.1x its short-term debt as of December 2022.
ICQB's funding profile is somewhat diversified compared with its
peers and is primarily comprised of wholesale funding, complemented
by deposits and issue programs. In Fitch's view, ICQB has succeeded
in obtaining financing over the cycle.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A sustained deterioration in its profitability, specifically a
continued pre-tax income to average assets indicator below 1.0%;

- A material deterioration in Fitch's assessment of the main SROEs
where ICQB holds its major exposures.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Diversification of the entity's revenues sources while
maintaining its profitability levels, along with a meaningful
improvement in the scale of its operations without significantly
altering ICQB's risk profile;

- A material improvement in Fitch's assessment of the SROEs where
ICQB holds its major exposures.

ADJUSTMENTS

The Sector Risk Operating Environment score has been assigned below
the implied score due to the following reasons: International
Operations, divergence between domicile and business activity
(negative).

SUMMARY OF FINANCIAL ADJUSTMENTS

Prepaid expenses were reclassified as intangibles, deducted from
equity, to reflect their lower loss absorption capacity.

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
   -----------            ------        -----
Inversiones
CrediQ Business
S.A.               LT IDR B  Affirmed     B

                   ST IDR B  Affirmed     B




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

[*] BOND PRICING COLUMN: For the Week May 15 to May 19, 2023
------------------------------------------------------------
Issuer               Cpn    Price      Maturity   Country    Curr
------               ---    -----      --------   -------    ----
Vista Energy          1       73        03/03/2028   AR        USD
Voyager II            3.3     74.3      03/23/2034   KY        AUD
YPF SA                1       69.8      01/10/2026   AR        USD
YPF SA                7       61.6      12/15/2047   AR        USD
YPF SA                7       61        12/15/2047   AR        USD
Fospar S/A            6.5      1.3      05/15/2026   BR        BRL
Frigorifico           7.7     71.1      07/21/2028   PY        USD
Frigorifico           7.7     71.4      07/21/2028   PY        USD
Galaxy Digital        3       62.5      12/15/2026   KY        USD
Generacion            9.9     73.1      12/01/2027   AR        USD
Generacion           12.5      0        02/16/2024   AR        USD
Gol Finance Inc       8.8     40.5                   KY        USD
Gol Finance Inc       8.8     42                     KY        USD
Goldman Sachs         2.3     75.9      06/30/2040   KY        EUR
Greenland Hong Kong  10.2     45.9                   KY        USD
Guacolda Energia SA   4.6     40.8      04/30/2025   CL        USD
Guacolda Energia SA   4.6     40.8      04/30/2025   CL        USD
Panama  Bond          4.5     73.5      01/19/2063   PA        USD
Panama  Bond          4.3     74.8      04/29/2053   PA        USD
Panama  Bond          3.9     66.8      07/23/2060   PA        USD
Pearl Holding III     9       30.5      10/22/2025   KY        USD
Pearl Holding III     9       30.5      10/22/2025   KY        USD
Peruvian  Bond        3.6     68.6      01/15/2072   PE        USD
Peruvian  Bond        2       69.5      11/17/2036   PE        EUR
Peruvian  Bond        2.8     61.1      12/01/2060   PE        USD
Peruvian  Bond        1.3     72.1      03/11/2033   PE        EUR
Peruvian  Bond        3.2     60.9      07/28/2121   PE        USD
Tencent Holdings      3.2     66.2      06/03/2050   KY        USD
Tencent Holdings      3.2     66.5      06/03/2050   KY        USD
Tencent Holdings      3.3     63        06/03/2060   KY        USD
Tencent Holdings      3.3     63.5      06/03/2060   KY        USD
Three Gorges Finance  3.2     74.2      10/16/2049   KY        USD
Transocean Inc        6.8     67.6      03/15/2038   KY        USD
Inversiones Latin     5.1     44.6      06/15/2033   CL        USD
Inversiones Latin     5.1     44.8      06/15/2033   CL        USD
VTR Comunicaciones    5.1     55.3      01/15/2028   CL        USD
VTR Comunicaciones    5.1     53.6      01/15/2028   CL        USD
VTR Comunicaciones    4.4     54.4      04/15/2029   CL        USD
VTR Comunicaciones    4.4     54.5      04/15/2029   CL        USD
Banco del Estado      3.1     72.5      02/21/2040   CL        AUD
Banco del Estado de   1.7     70        03/01/2032   CL        EUR
Banco del Estado      2.8     68.9      03/13/2040   CL        AUD
Banco del Estado      1.7     69.2      07/05/2032   CL        EUR
Banco GNB Sudameris   7.5     73.3      04/16/2031   CO        USD
Banco GNB Sudameris   7.5     73.4      04/16/2031   CO        USD
Banco Santander Chile 1.3     57.6      11/29/2034   CL        EUR
Banco Santander Chile 3.1     72.3      02/28/2039   CL        AUD
QNB Finance           3.4     75.4      10/21/2039   KY        AUD
QNB Finance          13.5     55.7      10/06/2025   KY        TRY
QNB Finance           2.9     75.3      12/04/2035   KY        AUD
Ruta del Maipo        2.3     53.5      12/15/2024   CL        CLP
Santander Consumer    2.9     73.1      11/27/2034   CL        AUD
Seagate HDD Cayman    3.4     73.4      07/15/2031   KY        USD
Seazen Group          4.5     63.6      07/13/2025   KY        USD
Silk Road Investments 2.9     68.8      01/23/2042   KY        AUD
Simpar Finance       10.8     73.8      02/12/2028   BR        BRL
Simpar Finance       10.8     73.8      02/12/2028   BR        BRL
Skylark               1.8     58.2      04/04/2039   KY        GBP
KWG Group Holdings    7.4     15.8      01/13/2027   KY        USD
KWG Group Holdings    6       40.8      01/14/2024   KY        USD
KWG Group Holdings    5.9     22.2      11/10/2024   KY        USD
KWG Group Holdings    6.3     17.6      02/13/2026   KY        USD
KWG Group Holdings    7.4     26.5      03/05/2024   KY        USD
KWG Group Holdings    6       19.4      08/10/2025   KY        USD
KWG Group Holdings    6       16.8      08/14/2026   KY        USD
KWG Group Holdings    7.9     27.5      08/30/2024   KY        USD
KWG Group Holdings    7.9     60.2      09/01/2023   KY        USD
Telecom Argentina SA  1       56.5      02/10/2028   AR        USD
Telecom Argentina SA  1       64.2      03/09/2027   AR        USD
Tencent Holdings      3.8     74.1      04/22/2051   KY        USD
Tencent Holdings      3.8     74.1      04/22/2051   KY        USD
Tencent Holdings      3.9     72.3      04/22/2061   KY        USD
Tencent Holdings      3.9     72.3      04/22/2061   KY        USD
UEP Penonome II SA    6.5     73.6      10/01/2038   PA        USD
UEP Penonome II SA    6.5     74.1      10/01/2038   PA        USD
Guaranteed            5.4     73.7      01/29/2038   KY        USD
Guaranteed            5.3     71.9      03/23/2038   KY        USD
Helenbergh China      8       32.9      11/07/2024   KY        USD
             
Agile Group Holdings  6.1     41        10/13/2025   KY        USD
Agile Group Holdings  5.5     45        04/21/2025   KY        USD
Agile Group Holdings  5.5     39.2      05/17/2026   KY        USD
Alfa Desarrollo SpA   4.6     72.1      09/27/2051   CL        USD
Alfa Desarrollo SpA   4.6     72.1      09/27/2051   CL        USD
Alibaba Group         2.7     67.4      02/09/2041   KY        USD
Alibaba Group         3.2     65.2      02/09/2051   KY        USD
Agile Group Holdings  5.8     50.2      01/02/2025   KY        USD
QNB Finance          11.5     62.1      1/30/2025    KY        TRY
SYN prop e tech SA   13.6     20.3      3/15/2024    BR        BRL
Yango Cayman          12      3.9       09/15/2023   KY        USD
MSU Energy SA         6.9     70.8      02/01/2025   AR        USD
MSU Energy SA         6.9     71.2      02/01/2025   AR        USD
Itau Unibanco SA      5.8     19.4      05/20/2027   BR        BRL
Jamaica Government    8.5     68.9      12/21/2061   JM        JMD
Jamaica Government    6.3     72.7      07/11/2048   JM        JMD
Kaisa Group Holdings 10.9      9.1                   KY        USD
Lani Finance          3.1     68.6      10/19/2048   KY        AUD
Lani Finance          1.9     63.3      10/19/2048   KY        EUR
Lani Finance          1.7     60        03/14/2049   KY        EUR
Lani Finance          1.9     62.3      09/20/2048   KY        EUR
Colombia Bond         7.3     71.3      10/18/2034   CO        COP
Colombia Bond         7.3     71.3      10/18/2034   CO        COP
Colombia Bond         7.3     61.5      10/26/2050   CO        COP
Colombia Bond         7.3     61.5      10/26/2050   CO        COP
Colombia Bond         3.9     54.8      02/15/2061   CO        USD
Colombia Bond         4.1     61.9      02/22/2042   CO        USD
Colombia Bond         5.6     72.7      02/26/2044   CO        USD
Colombia Bond         3.1     74        04/15/2031   CO        USD
Colombia Bond         3.3     72.1      04/22/2032   CO        USD
Colombia Bond         5.2     67.3      05/15/2049   CO        USD
Colombia Bond         4.1     58.8      05/15/2051   CO        USD
Colombia Bond         5       66.9      06/15/2045   CO        USD
Colombia Bond         6.3     63        07/09/2036   CO        COP
Colombia Bond         6.3     63        07/09/2036   CO        COP
Banco Davivienda SA   6.7     66.5                   CO        USD
Banco de Chile        2.7     75.4      03/09/2035   CL        AUD
Banco de Chile        1.7     69.5      04/26/2032   CL        EUR
Chile  Bond           1.3     52        01/22/2051   CL        EUR
Chile  Bond           3.1     66.9      01/22/2061   CL        USD
Chile  Bond           1.3     65.4      01/29/2040   CL        EUR
Chile  Bond           1.3     71.2      07/26/2036   CL        EUR
Chile  Bond           3.3     66.6      09/21/2071   CL        USD
China Maple Leaf      2.3     75        01/27/2026   KY        USD
China SCE Group       6       29        02/04/2026   KY        USD
China SCE Group       7.4     56.2      04/09/2024   KY        USD
China SCE Group       7       35.2      05/02/2025   KY        USD
China SCE Group       6       42.9      09/29/2024   KY        USD
Earls Eight           0.1     63.8      12/20/2031   KY        AUD
Earls Eight           2.3     75.2      05/20/2032   KY        AUD
Earls Eight           1.7     71.4      06/20/2032   KY        AUD
Ecopetrol SA          4.6     75        11/02/2031   CO        USD
Ecopetrol SA          5.9     63.9      11/02/2051   CO        USD
Ecopetrol SA          5.9     65.5      05/28/2045   CO        USD
eHi Car Services      7       64.9      09/21/2026   KY        USD
El Salvador Bond      6.4     62.3      01/18/2027   SV        USD
El Salvador Bond      6.4     62        01/18/2027   SV        USD
El Salvador Bond      7.1     48.5      01/20/2050   SV        USD
El Salvador Bond      7.1     48.6      01/20/2050   SV        USD
El Salvador Bond      5.9     46        01/30/2025   SV        USD
El Salvador Bond      7.6     49.4      02/01/2041   SV        USD
El Salvador Bond      7.6     49.4      02/01/2041   SV        USD
El Salvador Bond      8.6     58.1      02/28/2029   SV        USD
El Salvador Bond      8.6     57.9      02/28/2029   SV        USD
El Salvador Bond      8.3     56.4      04/10/2032   SV        USD
El Salvador Bond      8.3     56.3      04/10/2032   SV        USD
El Salvador Bond      7.7     50        06/15/2035   SV        USD
El Salvador Bond      7.7     50        06/15/2035   SV        USD
El Salvador Bond      9.5     54.6      07/15/2052   SV        USD
El Salvador Bond      9.5     54.5      07/15/2052   SV        USD
El Salvador Bond      7.6     49.9      09/21/2034   SV        USD
El Salvador Bond      7.6     50        09/21/2034   SV        USD
Banda de Couro        8       69.1      01/15/2027   BR        BRL
Alibaba Group         3.3     63        02/09/2061   KY        USD
AMTD IDEA Group       4.5     52.5                   KY        SGD
AAC Technologies      3.8     68.6      06/02/2031   KY        USD
ACEN Finance          4       70.9                   KY        USD
AES Tiete             6.8      0.7      04/15/2024   BR        BRL
Agile Group Holdings 13.5      40.7                  KY        USD
Agile Group Holdings  8.4      38.1                  KY        USD
Agile Group Holdings  7.9      31                    KY        USD
Argentina Bonar Bonds 1        19.8      7/09/2029   AR        USD
Argentina Bonar Bonds 1        27.5      08/05/2023  AR        USD
Argentina Treasury    2.5      25.3      11/30/2031  AR        ARS
Argentine  Bond       0.5      19.5      07/09/2029  AR        EUR
Argentine  Bond       1        23.7      07/09/2029  AR        USD
Argentine  Bond       0.1      21.5      07/09/2030  AR        EUR
Argentine Bonos      16        72.6      10/17/2023  AR        ARS
Argentine Bonos      15.5      22.2      10/17/2026  AR        ARS
Ascent Finance        3.4      58.4      02/06/2043  KY        AUD
Ascent Finance        3.8      59.8      06/28/2047  KY        AUD
Ascent Finance        1.2      61.4      07/12/2047  KY        EUR
Astra Cumulative      1.5      60.6      11/01/2029  KY        USD



                           *********


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 2023.  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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