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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

          Thursday, August 17, 2023, Vol. 24, No. 165

                           Headlines



A R G E N T I N A

COMPANIA LATINOAMERICANA: Fitch Affirms 'CCC-' Long Term IDRs


B R A Z I L

BRAZIL: Legal Amazon Governors Increase Collaboration w/ IDB
BRAZIL: Records Unprecedented Waterway Traffic in 1H 2023


C A Y M A N   I S L A N D S

CALEDONIAN BANK: Creditors' Meeting Set for Aug. 24
CAYMAN ISLANDS: Crypto Criminals Target Island


C O S T A   R I C A

BANCO DE COSTA RICA: Fitch Affirms 'BB-' IDRs, Outlook Stable
BANCO NACIONAL: Fitch Affirms 'BB-' Long Term IDRs, Outlook Stable
BANCO POPULAR: Fitch Affirms 'BB-' Long Term IDRs, Outlook Stable


M E X I C O

TOTAL PLAY: Moody's Cuts CFR to B2, On Review for Further Downgrade


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Cabinet Considers Raising Minimum Wage
TRINIDAD & TOBAGO: NIF Redeems $1.2 Billion Series A Bond

                           - - - - -


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A R G E N T I N A
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COMPANIA LATINOAMERICANA: Fitch Affirms 'CCC-' Long Term IDRs
-------------------------------------------------------------
Fitch Ratings has affirmed CLISA - Compania Latinoamericana de
Infraestructura y Servicios' (CLISA) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'CCC-'. In addition,
Fitch has affirmed CLISAs senior secured bond maturing July 2027 at
'CCC-'/'RR4'.

The ratings reflect CLISA's tight liquidity position and vulnerable
business profile due to Argentina's challenging economic
environment. Fitch expects the company's financial structure to
remain curtailed within the ratings horizon. The ratings also
reflect CLISA's strong local market position, stability of its
waste management operations, and potential impact of the
deteriorating macro conditions in Argentina on its construction
business. CLISA's secured bond recovery rating is 'RR4' as Fitch
generally caps Argentina corporates and higher risk jurisdictions
at this level.

KEY RATING DRIVERS

Liquidity Constraints and Refinancing Risk: CLISA's liquidity is
likely to deteriorate as Argentina faces major economic challenges,
which may impact the payment capacity of CLISAs primary clients,
the local governments. Fitch expects leverage to increase towards
4x in 2024. Under these conditions refinancing risks for CLISA will
increase, in particular as the coupon payment rate steps-up and the
PIK option fades out on their 2027 bond.

CLISA has a tight liquidity profile, in great part due to its
significant working capital needs from the prolonged period of
repayments for its receivables in relation to its payables. The
company usually manages this with a combination of short and
long-term financing that regularly pressure the company's leverage
metrics and liquidity profile. Fitch does not expect this to change
in the near future given the operating environment in Argentina and
the company's counterparty profile. As a result, the company will
remain pressured to refinance existing debt into the future, and
will likely remain highly dependent on continued access to both
local and international markets.

Significant Counterparty Risk: CLISA's ratings incorporate the
company's exposure to high counterparty risk, which is closely
linked to the Argentine public sector, as 80% to 90% of the
company's revenues come from various municipalities and provinces.
The more stable waste management business accounts for the majority
of this figure.

The company's construction business is highly dependent upon
projects developed by federal, provincial and municipal
governments. CLISA also faces contract renewal risk, which stems
from regular negotiations of public service contracts. The company
is vulnerable to delays in collection with the public sector as a
major client.

Exposure to Cyclical Businesses: CLISA's businesses are
intrinsically tied to the economic cycle and local politics. Fitch
expects 2023 revenues to be relatively stable vs. 2022. The company
has experienced a healthy increase in revenues driven primarily by
its construction and transportation segments. Fitch notes that the
renewed contract to operate the City of Buenos Aires subway,
includes a new accounting methodology for revenues which better
reflects traffic volumes. This also had a positive impact in
revenues last year. However, the EBITDA contribution of this
business is marginal.

For 2024, Fitch forecasts a significant decrease in revenues as a
result of a deteriorating economic environment in Argentina, which
can impact construction activity in the country and counterparty
payment capacity. Fitch forecasts EBITDA margins to remain close to
12% for the ratings horizon. CLISA may be able to mitigate some of
these risks as it seeks to grow its construction business through
more contracts with the private sector and overseas.

Market Position and Diversification: CLISA has a strong market
position and is one of Argentina's largest privately-owned
conglomerates with businesses in various public infrastructure
sectors. The company generates 60% of its EBITDA from its Waste
Management segment. Construction is the second largest contributor
representing roughly 33% of EBITDA. Approximately 60% of
construction revenues originate from Argentina, the remaining
portion originates largely from contracts in Peru, Paraguay and, to
a lesser extent, Brazil. Transportation and Water Supply represent
the balance of their EBITDA generation.

DERIVATION SUMMARY

CLISA maintains an important business position in Argentina's waste
management industry, serving the city of Buenos Aires and other
cities and counties such as, Santa Fe, Neuquen and San Isidro. In
addition, the company is an experienced and a well-positioned
operator in the construction sector. CLISA also continues to
operate the City of Buenos Aires' subway network under a 12-year
contract, which should provide a relatively stable revenue stream.

Profitability in the Transportation segment will depend on how
efficient CLISA becomes at managing the subway system. In Fitch's
view, these last two business segments are the most likely to
generate improvements in the company's overall financial profile,
but are challenged by the current economic environment in
Argentina.

CLISA's profitability is lower than Companhia de Saneamento Basico
do Estado de Sao Paulo ("SABESP" BB+/Stable). The company's overall
EBITDA margin as of 2022 was 12%, while its Waste Management
division had margins of 25%. SABESP's EBITDA margin was around
41.1% in 2022. CLISA; however, compares much more favorably against
Aguas y Saneamientos Argentinos S.A. (CCC-), which has a
loss-making operation.

In terms of credit metrics, CLISA also underperforms SABESP and
outperforms Aguas y Saneamientos. CLISA's gross leverage stands at
3.5x Debt/EBITDA while SABESP is at 2.7x. Similarly, CLISA's
operating profile is weaker with a 2x FFO interest coverage ratio
compared to SABESP's 3.4x. Aguas y Saneamientos is significantly
weaker in this respect with a loss-generating operation that
requires capital injections from its shareholders and has more
pressing refinancing risks.

Fitch also views CLISA's credit profile as much weaker than U.S.
peers in the waste management industry such as Waste Management
Inc. (BBB+/Stable) and Waste Connection Inc. (BBB+/Stable). These
companies are stronger scale, margins, FCF generation, leverage and
operating environment.

KEY ASSUMPTIONS

Fitch Makes the Following Assumptions Within the Ratings Case of
the

Issuer

-- Revenues remain stable in 2023 but deteriorate in 2024 due to
lower construction revenues and payment delays;

-- EBITDA margins stable at 12%;

-- Waste Management remains at historical margins of ~25% and
Transportation has just a marginal contribution to EBITDA;

-- Capex of USD40 million in 2023 and then USD30 million per
year;

-- Company continues using PIK option for interest payments on the
2027 bonds through 2024;

-- Company's short-term debt is rolled over and CLISA maintains at
least USD40 million in cash

-- No dividends paid.

RATING SENSITIVITIES

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

-- Long-term improvement in the company's liquidity position;

-- An upgrade of the Argentine Sovereign Rating and Country
Ceiling.

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

-- A downgrade could be triggered by an Argentine Sovereign Rating
downgrade;

-- A weakening in the company's liquidity position affecting
CLISA's ability to service debt;

-- A sustained EBITDA interest coverage ratio below 2x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Pressured Liquidity Position: The 'CCC-' rating reflects Fitch's
concern that reduced access to credit and continued economic
instability in Argentina could result in deterioration of CLISA's
liquidity position and capital structure.

As of March 2023, the company had readily available cash in hand of
ARS 10.2billion and short-term debt of ARS26.5 billion. Fitch notes
that about 3/4 of the cash is tied to projects and other
operations. Short-Term debt consisted of the balance of their 2023
notes, BRCC notes amortization, self-liquidating debt, and
revolving facilities. Self-Liquidating facilities are receivables
factoring like transactions with recourse to the company.

The amount outstanding on the 2027 is in excess of USD340 million.
These bonds have a bullet payment and include a step-up coupon that
goes from 5.25% in 2022 to 10.5% in 2024 with an option to PIK a
portion of the interest payment until 2024. As part of the
exchange, the security and covenants from the old 2023 bonds were
removed. The USD10.1 million balance of the 2023 bonds was paid in
July and is not reflected in the 1Q2023 numbers.

The company also renegotiated its privately placed 12.7% notes
under the Benito Roggio construction unit in Peru. The balance is
USD15 million for these notes and will be paid on equal quarterly
instalments with a final payment of USD3 million in November 2024.
These last notes are not subject to Argentina's capital controls.

ISSUER PROFILE

CLISA is a leading Argentine infrastructure management and
development company in business for over 100 years. The company is
organized into four main business segments: Construction and Road
Concessions, Waste Management, Transportation and Water Services.
The company provides services to both the public and private
sectors, but is mostly focused in public infrastructure.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

CLISA-Compania Latinoamericana de Infraestructura y Servicios has
an ESG Relevance Score of '4' for Governance Structure due to
ownership concentration, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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B R A Z I L
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BRAZIL: Legal Amazon Governors Increase Collaboration w/ IDB
------------------------------------------------------------
The Governors of the Brazilian Interstate Consortium for the
Sustainable Development of the Legal Amazon will increase their
collaboration as part of the Inter-American Development Bank's
regional program, Amazonia Forever.

After a high-level dialogue with the Minister of Planning and
Budget and Governor of the Inter-American Development Bank (IDB),
Simone Tebet, IDB President Ilan Goldfajn, and President of the
Legal Amazon Consortium, the Governor of the State of Para, Helder
Barbalho, signed a letter of intent to explore channeling financial
resources and technical cooperation to support projects that
promote the integrated sustainable development of the Brazilian
Legal Amazon, in line with an Action Plan to be jointly developed.

The governors of Brazil's Amazon states will explore new financial
instruments, prepare coordinated investment plans, and establish a
joint agenda for cross-border initiatives, prioritizing areas such
as sustainable infrastructure and land tenure regularization. The
announcement took place within the framework of the Amazon
Presidential Summit.

"Without adequate funding, we will not be able to achieve the
conservation and development goals the world needs, which is why
this cooperation with the IDB is important for the states of the
Legal Amazon, so that we can continue to implement policies and
protect our green heritage, with respect to biodiversity.
Therefore, there is no doubt that this movement is important for
Para and for the region, to guarantee conditions to strengthen our
actions, which are diverse," said the governor of the State of Para
and President of the Interstate Consortium for Sustainable
Development of the Legal Amazon, Helder Barbalho.

"We are honored to work closely with the Brazilian Amazonian states
in pursuit of sustainable development. Increasing collaboration is
critical to generating more impact, and we are ready to help the
Amazon region reach a new level of sustainable development by
expanding financing, strengthen the planning and execution of
projects, and supporting coordination both among Brazilian states
and with other countries in the region," said IDB President Ilan
Goldfajn.

The Legal Amazon comprises the states of Acre, Amapa, Amazonas,
Maranhao, Mato Grosso, Para, Rondonia, Roraima, and Tocantins. It
is home to 28 million people and 67% of the world's tropical
forests.

                          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.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
 
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
 
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 Inc., on  August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable.(March 2018).

BRAZIL: Records Unprecedented Waterway Traffic in 1H 2023
---------------------------------------------------------
Rio Times Online reports that Brazil's waterway sector achieved a
historic milestone in the first six months of 2023, handling over
616 million tons, marking a 2.4% increase from the 601.4 million
tons during the same period in 2021.

The performance from January to June 2023 reflects a 6.38% jump
from 2022, with March and May posting significant monthly growths
of 11.7% and 11%, respectively, compared to the previous year,
according to Rio Times Online.

Iron Ore, Crude Oil, and Soybeans primarily contributed to this
surge, 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.

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.
 
In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.
 
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 Inc., on  August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable.(March 2018).



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C A Y M A N   I S L A N D S
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CALEDONIAN BANK: Creditors' Meeting Set for Aug. 24
---------------------------------------------------
Caledonian Bank Limited, which is in liquidation, has set creditors
meeting on Aug. 24, 2023, at 9:00 am via telephone conference
call.

The liquidator can be reached at:

         Keiran Hutchison
         c/o EY Cayman Limited, 62 Forum Lane, Camana Bay,
         PO Box 510, Grand Cayman, KY1-1106

CAYMAN ISLANDS: Crypto Criminals Target Island
----------------------------------------------
David Fox at The Royal Gazette reports that Cayman residents have
been conned out of millions of dollars through a "pig butchering"
scam, as crypto criminals target the Caribbean Island.

Authorities are warning the schemes are so sophisticated, no one is
safe, according to The Royal Gazette.

A new, specialized Cayman law enforcement unit put in place to
investigate offshore business-related crime has received dozens of
reports and complaints from Cayman residents as well as from people
overseas involved in crypto companies registered there, the report
discloses.

The Cayman Islands Bureau of Financial Investigation was created to
meet international pressure for the island to be more proactive in
fighting global financial crime, the report notes.

They are now warning that victims in the Cayman Islands are being
specifically targeted in a sophisticated scam operated by outside
criminal groups, the report relays.

In fact, investigators suspect there are even more victims who
haven't reported being conned, for one reason or another, the
report says.

The Cayman Islands Bureau of Financial Investigation has received
dozens of reports from Cayman residents as well as from people
overseas involved in crypto companies registered here that they had
been conned out of millions of dollars through what is commonly
known as "pig butchering," the report notes.

The CIBFI told the Cayman News Service that while such criminals
have global victims, the numbers in Cayman seem to be higher
proportionately, the report relays.  They presumed it related to
the island's crypto business and large number of wealthy people,
the report discloses.

The Royal Cayman Island Police Service raised alarm with fresh
warnings for Cayman residents, the report notes.

CNS said, on average, Cayman Islands victims have lost between
CI$50,000 (1KYD=US$1.20) and CI$150,000, with some losing more than
a million dollars, the report relays.

They quoted the CIBFI: "The scam is a type of fraud in which
criminals lure victims into digital relationships to build trust
before convincing them to invest in cryptocurrency platforms.

"Unbeknown to victims, the fraudsters control the platforms and
will eventually take all the money and vanish," the report says.

The scams are usually perpetrated over a long period of time, and
combine elements of romance scams, investment schemes and
cryptocurrency fraud, the report relays.

The fraudsters build some form of relationship with their victims -
metaphorically fattening the pig, the report notes.

They then deceive them into making investments in fake business
ventures and take every penny - the butchering, the report
discloses.

Most victims are between 30 and 60, though recently retired people
have also been sucked into the scams, police said, the report
says.

Even police officers, those familiar with investment products,
graduate students, engineers, consultant doctors and those working
in the virtual currency space have been caught out by these
criminals, the report says.

"Unlike the stereotypical scam victim, many of them are highly
educated and digitally savvy," the CIFBI officers said, the report
notes.

Unfortunately, very few victims have been able to get any money
back, the report relays.  The criminals use a third-party
money-laundering service to obfuscate and hide the stolen funds
within a huge and sophisticated network, turning over billions of
dollars before being cashed out, usually to Chinese crime
syndicates operating in South East Asia, the report notes.

The team of 11 experts in the CIBFI includes specialists with
experience in Cayman, the UK, Jamaica, Trinidad & Tobago and Sweden
after an international recruitment campaign to find accredited
financial investigators, police and civilian professionals and
financial analysts, as well as a specialist investigator in
cryptocurrency transactions, the report says.

They collaborate with Interpol and Europol, utilising advanced
law-enforcement techniques in the investigation of complex,
cross-border financial crimes, while conducting proactive analysis
of intelligence alongside financial transactions, the report
notes.

Working with the Financial Reporting Authority, which has
effectively worked as a clearing house for reports about suspicious
financial activity but does not investigate, the bureau
collaborates between industry and law enforcement as it goes after
sophisticated organised crime, filling a longstanding hole in
Cayman's fight against financial crime, the report adds.




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C O S T A   R I C A
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BANCO DE COSTA RICA: Fitch Affirms 'BB-' IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica's (BCR) Foreign and
Local Currency Long-Term Issuer Default Ratings (IDRs) at 'BB-' and
Short-Term Foreign and Local Currency IDRs at 'B'. Fitch has also
affirmed the bank's Viability Rating (VR) at 'bb-' and the
Government Support Rating (GSR) at 'bb-'. The Rating Outlook on the
Long-Term IDRs remains Stable.

KEY RATING DRIVERS

Government Support Drives IDRs: BCR's IDRs are driven by the
support it would receive from its sole owner, the Republic of Costa
Rica, as reflected in its GSR. Fitch's assessment of the Costa
Rican government's ability to support the bank is highly influenced
by the sovereign rating (BB-/Stable), while the propensity to
support is primarily influenced by the explicit sovereign guarantee
for BCR's unsubordinated liabilities, resulting in that the GSR and
IDRs be equalized to the sovereign rating.

Sovereign Guarantee: According to the article 4 of the National
Banking System Law, BCR has the guarantee and the most complete
cooperation of the state and of all its dependencies and
institutions, which in Fitch's opinion would boost support.

Less-Strategic Government Ownership: In Fitch's view, the
government's second proposal to sell BCR indicates that its
government ownership is less strategic; however, business
relationships and ties with the government have not changed to
date. Also, the agency considers that as long as it remains a
state-owned bank, the government will remain willing to provide
support if needed. The transaction is subject to its formalization
and subsequent approval by the Costa Rican Congress, but if
approved, its execution could take significant time and operational
challenges, therefore, does not have an immediate impact on BCR's
ratings.

Moderate Policy Role: BCR's policy role is moderate in Fitch's
assessment of support given its significant commercial operations
and that its government ties could be transferred to other
entities, although with different degrees of difficulty, which
would also imply significant challenges.

Business Profile Facing Challenges: BCR's VR is influenced by its
strong market position and diversified business model in Costa
Rica, that resulted in a four-year average total operating income
(TOI) of USD503 million. Fitch 'bb-' assessment of BCR's business
profile considers its status of D-SIB as the country's second
largest bank by total assets and deposits with market shares of
19.4% and 20.2%, respectively, as of 1Q23. Also, there are
considered the challenges related to uncertainty of its government
ownership and the execution of financial objectives given market
conditions, as well as reputational risk of one of its
subsidiaries.

Risk Profile Sensitive to OE: BCR's market risk has increased due
to rising interest rates have resulted in a tightening of the net
interest margin (NIM) and unrealized losses for available for sale
(AFS) securities fair value (FV), while the appreciation of the
Costa Rican Colon (CRC) has derived in relevant accounting losses
due to exchange differential. However, these risks are common in
the Costa Rican banking system and are expected to decrease in the
short term. BCR's credit risk appetite and management is similar to
that of its locally owned peers and is in accordance with its
state-owned nature.

Controlled Asset Quality: Fitch assessed BCR's asset quality (AQ)
at 'bb-' given its four-year average impaired loan ratio of 2.6%
and expected increase closer to 3.0%, given growth focus on retail
loans (2.8% at 2Q23). This metric will continue to be consistent
with the 'bb' category, further supported by a diversified loan
portfolio by economic sector and by the 20 largest debtors, which
represented 0.9x its total equity, due to the loan loss allowances
continue providing sufficient loss absorption capacity by covering
136.4% of impaired loans and non-loan exposures concentrated in
Costa Rica's sovereign debt.

Expected Recovery of Profitability: Fitch expects BCR's
profitability to improve in the short term due to NIM progressive
recovery according the bank's strategy on reducing its funding
costs and growing in more profitable credit segments, the reduction
of the accounting loss due to exchange differential given a lower
long position in FC, and low loan impairment charges (LICs). The
operating profit to RWAs ratio of 0.9% as of 1Q23 is expected to
gradually getting closer to its four-year average of 1.9%.

Stable Capitalization: BCR's capitalization metrics are expected to
remain stable given low credit growth and gradual improvement in
the internal capital generation. The Fitch Core Capital to RWAs
ratio is expected to remain above 12% in a consolidated basis
(1Q23: 12.6%).

Sound Deposits Base: The bank's funding and liquidity profile is
considered by Fitch one of its strengths based on its four-year
average loans-to-deposits metric of 85.8% (2Q23: 80.4%) and the
solid deposit base and broad access to market. Deposits are
moderately concentrated as the largest 20 depositors accounted for
18.6% of total deposits at 1Q23, however, most of them are public
sector entities that have shown stability. Fitch expects LCR to
reduce, mainly in FC, but to remain at a good level and close to
the 1.3x in LC and 1.7x in FC as of 1Q23.

RATING SENSITIVITIES

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

-- BCR's IDRs and GSR in the event of a downgrade in Costa Rica's
sovereign ratings.

-- BCR's VR will be downgraded by a downward revision of Fitch's
assessment of the Costa Rican operating environment (OE). Likewise,
due to a material deterioration in the assets quality that weakens
BCR's financial profile and Fitch's assessment of the bank's risk
profile. Specifically, if the operating profits to RWA decline
consistently below 1.25% and the FCC to RWA ratio declines to a
level consistently below 12%.

-- If a bill involving the sale of the bank were approved, Fitch
would review the expected effects on the bank's IDRs, GSR and VR
and likely place them on Rating Watch.

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

-- BCR's IDRs and GSR in the event of an upgrade of Costa Rica's
sovereign rating.

-- An upward revision of Fitch assessment of the Costa Rican OE
and sovereign rating in conjunction with a consistent financial
performance and business and risk profiles could lead to an upgrade
of BCR's VR. The sovereign rating acts as a cap to the bank's VR.

VR ADJUSTMENTS

The OE score of 'bb-' has been assigned below the 'bbb' category
implied score due to the following adjustment reason: Sovereign
Rating (negative).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch calculated the consolidated RWAs and related metrics by using
BCR's individual RWAs and those of its main subsidiary, BICSA.

Pre-paid expenses and other deferred assets were reclassified as
intangible and deducted from total equity in order to calculate
FCC.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BCR's IDRs and GSR are linked to the Costa Rican sovereign rating.

ESG CONSIDERATIONS

Fitch has revised BCR's ESG Relevance Score of Group Structure to
'4' from '3' due to the government's initiative to sell the bank
and potential contagion risks related to the operation of one of
its subsidiaries, which negatively influence Fitch's assessment of
the bank's Business Profile in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

BANCO NACIONAL: Fitch Affirms 'BB-' Long Term IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Costa Rica's (BNCR)
Long-Term (LT) Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB-', and Short-Term (ST) Foreign and Local Currency
IDRs at 'B'. Additionally, Fitch has affirmed BNCR's Viability
Rating (VR) at 'bb-', Government Support Rating (GSR) at 'bb-', and
LT and ST National Scale Ratings at 'AA+(cri)' and 'F1+(cri)'. The
Rating Outlook for the LT ratings is Stable. Fitch has also
affirmed BNCR's international and national debt ratings.

KEY RATING DRIVERS

Sovereign Support: BNCR's IDRs, GSR and National Ratings reflect
Fitch's assessment of the potential support the bank would receive
if needed from its sole owner, the Costa Rican state, rated
'BB-'/Stable by Fitch. Regarding the ability to support the bank,
Fitch considers, with high importance, the Costa Rican sovereign
rating. While the government propensity to support is driven, with
high influence, by the strategic ownership and the explicit
guarantee, stated in the National Banking System Law (article 4)
for the BNCR as a state-owned commercial bank, which stipulates
that the government is responsible for all its non-subordinated
liabilities in the event of liquidation.

Strong Business Profile: The bank's VR also reflects its high
income-generation capacity, reflected in a four-year average total
operating income (TOI) of USD564 million, the highest among its
local peers. Moreover, BNCR is characterized by its historically
leading market position as the largest player in the Costa Rican
banking system, with the top market shares by loans and customer
deposits. As of May of 2023, BNCR market share was 25.3% by loan
portfolio and 27.4% by deposits.

Good Risk Management: The bank's risk profile is driven by its
domestic lending opportunities, and it is characterized by a
well-structured risk management framework. Following significant
unrealized losses from securities at fair value in 2022, the bank
accounted unrealized gains as of June 2023, but with low volatility
to P&L. As per the foreign exchange (FX) risk exposure, the bank
has had relatively low losses due to FX given the Costa Rican Colon
appreciation.

Controlled Asset Quality Metrics: The bank has properly managed the
asset quality throughout 1H23. The four-year average core metric,
impaired loans to gross loan, stood at 3.1%; and it was 2.3% as of
June 2023. While the reserve coverage of non-performing loan stood
at 122%, which is also supported by the significant level of real
guarantees (35% of its gross loans), benefiting the expected losses
absorption capacity. The top 20 debtors' concentration is moderate
as it is 1.1x the Fitch Core Capital (FCC) as of March 2023.

Profitability Improving: The bank's profitability has continued
showing a favorable trend benefited by the increase of the net
interest margin (NIM), lower relative loan impairment charges, and
a controlled operational efficiency. The four-year average core
profitability metric, operating profit as a share of risk-weighted
assets (RWA), was 1.4%, and increased to 1.9% as of June 2023.

Capitalization Gives Room for Growth: BNCR's capitalization has
benefited by the modest credit growth and internal capital
generation. As of March 2023, the bank's FCC to RWA ratio increased
to 13.1% (December 2022: 12.3%). While the regulatory capital ratio
slightly increased to 13.7% (December 2022: 13.6%). Fitch believes
that the bank will face challenges to keep appropriate levels of
capitalization as better credit growth prospects materialize and
the new capital requirement regulation is fully implemented.

Sound Funding Structure: BNCR's four-year average loan-to-deposit
ratio of 78.2% reflects that the bank's funding profile is one of
its main credit strengths, underpinned by its leading franchise in
deposits, an ample access to alternative funding sources and the
government support. Its customer deposit base (88% of total funding
as of June 2023) continued increasing during the 1H23 (2.4%). The
depositors' concentration is low since the top 20 depositors
accounted for about 2.5% of total customer deposits as of June
2023. Historical deposit stability, diversified funding sources and
material liquid assets mitigate the bank's exposure to the
liquidity risk.

RATING SENSITIVITIES


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

-- A negative action on BNCR's IDRs and GSR will result in the
event of a downgrade in Costa Rica's sovereign rating;

-- The bank's VR will be downgraded by a downward revision of
Fitch's assessment of the Costa Rican operating environment (OE).
Also, by a materially further loan portfolio deterioration that
affects operating profitability and pressures the FCC to RWA ratio
consistently below 12%;

-- A negative actions on BNCR's National Ratings would reflect a
weakening in the ability and propensity of the Costa Rican
government to provide support, in relation to the creditworthiness
of other entities in the same jurisdiction.

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

-- A positive action on BNCR's IDRs, VR and GSR will reflect an
upgrade of Costa Rica's sovereign rating;

-- An upward revision of Fitch assessment of the Costa Rican OE in
conjunction with a consistent financial performance and business
profile could lead to an upgrade of BNCR's VR. The sovereign rating
acts as a cap to the bank's VR;

-- Positive actions of BNCR's national ratings would reflect a
strengthening in the ability of the Costa Rican government to
provide support, which benefits the bank's credit profile in
relation to the creditworthiness of other entities in the same
jurisdiction.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Unsecured Debt: All senior unsecured debt is rated at the
same level as the bank's ratings in Fitch's international and
national scales, as the likelihood of default on the debt is the
same as BNCR's.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

-- The bank's senior unsecured debt would mirror any negative or
positive change in the BNCR's international and national ratings.

VR ADJUSTMENTS

The OE Score of 'bb-' has been assigned below the 'bbb' category
implied score due to the following adjustment reason: Sovereign
rating (negative).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified prepaid expenses, deposits as guarantee,
construction in process and other deferred assets as intangibles
and deducted them from total equity to reflect their low absorption
capacity.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

BANCO POPULAR: Fitch Affirms 'BB-' Long Term IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Popular y de Desarrollo Comunal's
(BPDC) Foreign and Local Currency Long-Term Issuer Default Ratings
(IDRs) at 'BB-' and Short-Term Foreign and Local Currency IDR at
'B'. The Rating Outlook on the long-term rating is Stable. Fitch
has also affirmed the bank's Viability Rating (VR) at 'bb-' and the
National Scale Long-Term and Short-Term Ratings at 'AA+(cri)' and
'F1+(cri). The Rating Outlook on the National Long-Term Rating is
Stable.

KEY RATING DRIVERS

Ratings Driven by Intrinsic Profile: BPDC's ratings are driven by
its VR of 'bb-' which is below the implied assessment of 'bb'. The
adjustment considers the high influence of the Costa Rican
operating environment (OE), whose implied score is 'bbb' but is
assed at 'bb-'/Stable due to its sovereign rating of 'BB-'/Stable.
While the VR implied score is 'bb', the bank's performance is
highly sensitive to the OE, hence the equalization of the scores.
The OE considers Costa Rica's economic recovery and supported by a
structural enhancement of the country's fiscal stance, as well as
higher economic development. External pressures persist, but the
stable trend reflects the bank's current adequate financial
position to withstand those challenges.

Business Profile Benefits from Public Nature: Fitch considers the
influence of BPDC's public nature on its business profile; this
strengthens some of its financial metrics, such as capitalization,
which consistently receives inflows via mandatory contributions
from Costa Rican employers. The bank's business profile is also
characterized by its strong franchise in Costa Rica, which is
reflected in a high market share in credit and deposits, with the
latter also benefiting from mandatory savings from the country's
workforce.

Adequate Asset Quality: The bank's asset quality reflects its risk
profile characterized by adequate underwriting standards. As of
June 2023, the bank's nonperforming loans (NPL; 90 days past due
loans) ratio improved to 2.06% from 2.62% in December 2021
(four-year average: 2.57%), driven by stricter collection
processes. Fitch's assessment of the bank's adequate asset quality
also considers the ample reserve coverage (204.7%) and relatively
low per-debtor concentrations.

Challenged Profitability: BPDC's profitability has been hit by the
spikes in interest rates and growing non-interest expense; the bank
has put in place strategies to reverse the trend. BPDC's four-year
average ratio of operating profit to RWA is 2.53%, in line with the
'bb' assessment for this driver. As of June 2023, interest expense
and loan impairment charges doubled compared to June 2022, while
operational efficiency also deteriorated. These are effects of a
reduced net interest income driven by increases in interest rates
that are reflected in higher interest expenses and that were not
transferred to loan rates. The company plans on improving profits
by implementing structural changes such as increasing commission
charges in some products, such as in credit cards; gradually
increasing its active interest rates; and tighten its expense
control, which would also benefit from a receding inflation.

Sound Capital Metrics: Fitch views BPDC's capitalization, assessed
as 'bbb-/Stable', as its strongest financial factor. As of June
2023, the bank's Fitch Core Capital (FCC) was 27.2%, well above
local and international peers, which allows for loan growth rates
above the industry average, as occurred in December 2022 (8.1%
versus 3.2%). This metric, along with increased provision coverage,
results in sound loan loss absorption capacity in the event of
asset quality deterioration. Given the bank's business model and
benefits in the form of mandatory contributions from Costa Rican
workers and employers, Fitch expects the bank to sustain high
capital metrics.

Reasonable Funding Profile: Fitch views BPDC's funding and
liquidity profile as reasonable and does not expect significant
structural changes in the foreseeable future. As of June 2023, the
bank's loans-to-customer deposits ratio was 125.5%, which lags
those of peers. The bank also relies on other funding sources such
as bilateral loans and local debt issuance. Furthermore, BPDC's
customer deposits benefit via mandatory contributions from the
country's workforce.

RATING SENSITIVITIES


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

-- The banks' ratings are sensitive to a downgrade of the
sovereign rating and to a deterioration in the local OE; however,
this is not currently Fitch's base case scenario given the Stable
Rating Outlook and OE stable trend;

-- IDRs, VR and National Ratings could be downgraded if sustained
deterioration in its financial performance drives a material
deterioration in asset quality and decline in the bank's operating
profit to risk weighted assets (RWA) metric to a level continuously
below 1.25%.

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

-- The bank's IDRs and VR have limited upside potential given that
they are at the sovereign level. The ratings, including National
Ratings, could be upgraded if financial performance is sustained
and both Costa Rica's sovereign rating and OE score are upgraded,
although the latter is not Fitch's base scenario given the current
Stable Outlook.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

All senior unsecured debt is rated at the same level as the
issuer's long- and short-term rating in national scale, as the
likelihood of default on the debt is the same as BPDC.

Fitch believes the bank's 'b+' GSR, one notch below the sovereign's
IDR, reflects the limited probability of support from the Costa
Rican government and its current ability to support the bank.
Despite the bank's legally protected public nature, as well as its
systemic importance, there is no government explicit guarantee
which would likely equalize the ratings.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The bank's senior unsecured debt would mirror any positive or
negative change in the BPDC's ratings.

-- GSR is sensitive to a downgrade of the sovereign rating, as
well as its propensity to provide support.

-- GSR could be upgraded if Costa Rica's sovereign rating is
upgraded.

VR ADJUSTMENTS

The VR of 'bb-' has been assigned below the 'bb' implied due to a
negative adjustment driven by the OE which is assessed at 'bb-'.

The OE Score of 'bb-' has been assigned below the 'bbb' category
implied score due to the following adjustment reason: Sovereign
rating (negative).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

SUMMARY OF FINANCIAL ADJUSTMENTS

All intangible assets were deducted from total equity to obtain the
FCC since the agency considers these to have low capacity to absorb
losses.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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

TOTAL PLAY: Moody's Cuts CFR to B2, On Review for Further Downgrade
-------------------------------------------------------------------
Moody's Investors Service has downgraded Total Play
Telecomunicaciones, S.A.P.I. de C.V.'s corporate family rating to
B2 from B1 and its senior unsecured notes ratings to B3 from B2. At
the same time Moody's placed the ratings under review for further
downgrade. The outlook was changed to rating under review from
stable.

Downgrades:

Issuer: Total Play Telecomunicaciones, S.A.P.I. de C.V.

Corporate Family Rating, Downgraded to B2 from B1; Placed Under
Review for further Downgrade

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to B3
from B2; Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Total Play Telecomunicaciones, S.A.P.I. de C.V.

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The downgrade of Total Play's ratings reflects the sharp
deterioration in its liquidity position and heavy reliance on
external funding that compares with material debt amortizations due
in 2023-2025 amid tight credit conditions. Moody's believes that
Total Play will continue facing increasing funding costs in
detriment of free cash flow (FCF) generation.

During the review period Moody's will assess Total Play's progress
towards reinforcing its liquidity position including securing
financing sources to timely meet debt maturities and capex needs,
while maintaining its operational track record. Moody's expects to
conclude the review in the next 60 days.

Total Play's persistent negative FCF strained the company's
liquidity because of the constant need to refinance upcoming
maturities and increase debt to fund capital spending. In July 2023
the company obtained a MXN8 billion club deal with Mexican
non-regulated financial institutions which increased its secured
debt ratio to 57% of its capital structure, up from 43% in December
2022. Moody's expects this ratio to increase towards 70% in 2024,
in detriment of the senior unsecured holders, who benefit from the
residual cash flows in the waterfall after the repayment of the
secured debt.

The company used a portion of these funds to refinance US dollar
denominated debt with Barclays due in December 2023 and with Credit
Suisse maturing in 2025 and the balance to repay suppliers, leaving
significant maturities in the short-term.

The review for downgrade was prompted by the rapid liquidity
erosion observed in 2023 resulting from the company's aggressive
financial policies. The company´s tight liquidity position
provides little flexibility to maneuver in the coming months to
meet debt maturities, capex needs and secure funds to refinance
MXN8.1 billion (USD476 million) in debt maturing through 2024 and
additional MXN15.5 million maturing in 2025, which includes its
$575 million in senior unsecured notes maturing in November 2025.

As of July 2023, the company's sources of cash total MXN5.5 billion
(USD323 million) including MXN1.3 billion in cash; MXN1.2 billion
available under its MXN6 billion committed facility with a
non-regulated entity and MXN3 billion in restricted cash as part of
the structure related to the existing secured debt.  As of July
2023, availability under its MXN6 billion committed facility
declined to MXN1.2 billion from MXN4 billion in March 2023, the
company also increased its secured debt with reported margin calls
of around USD60 million in connection to hedges that the company
has in place.

The company expects to reach neutral FCF in 2023 since it will
reduce its capital spending to around MXN15,600 million in 2023
(38% of revenues), from its peak 72.6% (MXN 17,959 million) in
2022, after reaching its target of 17.5 million homes passed in
December 2022 and shifting its growth strategy toward increasing
penetration, in its current footprint, to 35% from current 25.7%.
Nonetheless, Moody's notes that the company has changed its capex
guidance a few times in recent quarters, which reduces visibility
over the company's FCF generation.

Furthermore, Moody's believes that Total Play's capital spending,
estimated at around 30% of revenues going forward, will continue to
be higher than that of other telecom peers in Latin America, whose
spending tends to be around 20% of revenue. Moody's factors in
Total Play's certain flexibility to slow its growth if needed,
because this capital spending is discretionary compared with
maintenance spending (which is around $300 million per year).
However, Moody's believes that given the stiff competitive
environment in Mexico, any capex reduction will likely have a
negative impact in churn, profitability and growth.

Total Play's B2 CFR reflects the company's high-quality network,
which is the only 100% fiber-to-the-home (FTTH) infrastructure in
Mexico; history of successful organic growth; and low churn of 1.6%
as of June 2023. The B2 rating also factors in the company´s track
record of growth, experienced management team and Moody's-adjusted
EBITDA margin of 42.1% for the 12 months that ended June 2023.

Conversely, the rating considers Total Play's relatively small size
when compared to other global rated peers; with 16% market share in
broadband and 9% in Pay TV, as of December 2022. Total Play is
behind larger operators including America Movil, S.A.B. de C.V.
(Baa1 stable) and Grupo Televisa, S.A.B. (Baa2 stable). The rating
also considers the company's geographic concentration in only one
market and Moody's expectation of negative free cash flow (Moody's
adjustments include leases payments to capex) through 2024,
following Total Play's growth plan and increasing interest expense.
Negative FCF and tight liquidity is a key constraint to Total
Play's rating, as the company has weak interest coverage, measured
as EBITDA - capital spending/interest expense, which remains
negative at 1.1x for the last twelve months ended June 2023.

The B3 rating on the senior unsecured notes incorporates the
effective subordination to Total Play's secured debt. Following
recent refinancing executed by the company, around 57% of Total
Play's debt is secured by about 40% of the company's total
revenues, with a trust formally assigned to manage the debt service
with different regulated and non-regulated financial institutions.
The senior unsecured notes will represent the bulk of total
unsecured debt and close 40% of total debt and benefit from the
residual cash flows in the waterfall after the repayment of the
secured debt.

The company generates the bulk of its revenue in Mexican pesos,
while around 80% of its capital spending is denominated in US
dollars. Around half of the company´s debt is denominated in
foreign currency. To narrow this gap, Total Play has different
agreements in place with suppliers to fix foreign-currency
transactions or even share the risk of currency depreciation in
some cases. At the same time, the company hedges coupon payments on
the senior unsecured notes. Nonetheless, given the Mexican peso
appreciation and high interest rates in 2023, the company had
margin calls of around USD60 million during 2Q23. The company does
not expect additional outflows; however, additional margins calls
will put further pressure on the company's already weak liquidity.

Governance considerations have been a key driver of the rating
action reflecting the lack of visibility over a comprehensive plan
to refinance upcoming maturities coupled with limited liquidity
sources and financial flexibility. This aggressive approach towards
liquidity in tight credit conditions is reflected now in the
company's Financial Strategy and Risk Management assessment that
was changed to 5 from 4, the overall exposure to governance risks
(Issuer Profile Score or "IPS") to 5 (G-5) and Total Play's Credit
Impact Score to 5 (CIS-5), from 4. The ESG Credit Impact Score is
CIS-5, revised from CIS-4, since ESG considerations are a major
constraint for the rating.

The G-5 IPS also reflects ownership concentration with Ricardo
Salinas Pliego fully owns and controlling the company, carrying
carries meaningful key person risk, with a minority (44%) of
independent members on its board of directors.

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

An upgrade is unlikely at this point given the ongoing review for
further downgrade. However, Moody´s could stabilize the rating
outlook if the company demonstrates adequate liquidity, securing
financing to timely meet upcoming debt amortization and capex
needs.

Total Play's ratings could be further downgraded if liability
management plan is not in place during the review period or there
is further deterioration in its liquidity position.

Total Play Telecomunicaciones, S.A.P.I. de C.V. (Total Play) offers
fixed-telephony, pay TV and broadband internet services to
residential customers, and managed IT services for business
customers, and government entities. As of June 2023, the company
offered these services over its fully owned fiber optic network,
which covers more than 130,000 kilometers and 17.5 million homes
passed with 25.7% penetration, 11.1 million of revenue generating
units (RGUs) and 4.5 million subscribers, generating revenue of
MXN38,732 million (about USD2.04 billion) for the 12 months that
ended June 30, 2023.

The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.



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

TRINIDAD & TOBAGO: Cabinet Considers Raising Minimum Wage
---------------------------------------------------------
Trinidad Express reports that Finance Minister Colm Imbert has
confirmed that the Cabinet is actively considering the prospect of
raising the minimum wage in the country.

Imbert made the statement during a virtual news conference,
according to Trinidad Express.

The current minimum wage in this country stands at $17.50 per hour.
However, during the Labour Day celebrations, the Joint Trade Union
Movement (JTUM) advocated for an increase to $30 per hour, the
report notes.

"We are looking at it (increasing the minimum wage) there has been
a proposal," Imbert said, the report relays.

However, he warned that it is a delicate balancing act as it could
directly impact the government's wage bill and impact the economy,
the report discloses.

"One of the things you have to understand is that in addition to
helping people obviously by increasing the minimum wage and
obviously that will help people in the lower end," Imbert said, the
report says. "It has an effect on the other side, it has an effect
on businesses and then it has an effect on the state sector because
in some areas some of the state sector employees are paid at the
minimum wage level and therefore anytime you increase the minimum
wage the government's wage bill is going to go up so these are the
things we have to balance but it is something we are actively
looking at again I would say stay tuned for developments on that."

Imbert was, however, tight-lipped on what the new minimum wage
could be, notes the report.

TRINIDAD & TOBAGO: NIF Redeems $1.2 Billion Series A Bond
---------------------------------------------------------
Joel Julien at Trinidad Express reports that the National
Investment Fund Holding Co Ltd (NIF) will be redeeming the $1.2
billion principal on its Series A Bond.

The Series A Bond provided an annual interest rate of 4.5 per cent
for five years, according to Trinidad Express.

Series B and Series C were over 12 years and 20 years respectively,
the report notes.

Since its establishment in 2018, NIF has made a total interest
distribution of $1.122 billion to over 7,500 bondholders, the
report relays.

Last Aug. 8, it was to make its tenth interest distribution payment
of $112.2 million to bondholders on the three series of its $4
billion bond, the report notes.

Speaking to the Express, Peter Permell said as a citizen of
Trinidad and Tobago and head of the Clico Policyholders Group, he
must commend NIF on the completion of a successful bond issue, the
report adds.

"However, I am nonetheless taken aback and more so disappointed
that no alternative investment opportunity has been offered to
these loyal investors possibly in the form of a roll-over of their
existing bonds of a new tranche of bonds," he said, notes the
report.

"I say this particularly, in light of the Finance Minister's, in
his capacity as Corporation Sole, and by extension the Government's
public policy position as reflected in the 2018 NIF Bonds
prospectus, which states inter alia: 'The strategic consideration
which informed the establishment of the Company was that the
general public should be able to participate in the cash flows
derived from the assets of the Clico and CIB, acquired on behalf of
the people of Trinidad and Tobago'," he said, Trinidad Express
relays.

"However, I am not surprised by this development, given the fact
that I had gotten wind of a private placement of a new tranche of
NIF bonds, for the very same amount of $1.2 billion with the
operative words being private placement. The details of which I
will have a lot more to say about on TV6's Morning Edition
programme tomorrow," he said, adds the report.

NIF is a company created by its sole shareholder, Government of the
Republic of Trinidad and Tobago (GORTT), to hold five assets,
recounts Trinidad Express. The government received the assets as
proceeds from the shareholding of certain assets of CLICO and the
CLICO Investment Bank. The five assets are shares of: Republic
Financial Holdings Ltd, One Caribbean Media Ltd, West Indian
Tobacco Company Ltd, Angostura Holdings Ltd, and Trinidad
Generation Unlimited.


                           *********


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.
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Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN 1529-2746.

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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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