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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, September 18, 2023, Vol. 24, No. 187

                           Headlines



A R G E N T I N A

ARGENTINA: Central Bank to Keep Key Interest Rate Unchanged
CITY OF BUENOS AIRES: Fitch Affirms B- LongTerm IDR, Outlook Stable
PROVINCE OF CORDOBA: Fitch Affirms LongTerm IDRs at 'CCC+'
PROVINCE OF SANTA FE: Fitch Affirms B- LongTerm IDR, Outlook Stable
YPF SA: Judge Says Argentina Owes About $16-Bil. After Payout Trial



B A H A M A S

[*] BAHAMAS: Economy Continues to Grow


B R A Z I L

BRAZIL: Steps into the Green Bond Arena


P U E R T O   R I C O

GAFC SERVICES: Hires Jacqueline E. Hernandez Santiago as Counsel
PUERTO RICO: Management Firms Seek Receiver to Repay Bondholders


V E N E Z U E L A

PETROLEOS DE VENEZUELA: S&P Expects Firm to Retain Ownership


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week Sept. 11 to Sept. 15, 2023

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Central Bank to Keep Key Interest Rate Unchanged
-----------------------------------------------------------
Buenos Aires Times reports that Argentina's Central Bank will
likely keep its key interest rate unchanged despite inflation
reaching its highest in more than three decades because
policymakers expect slowing price pressures later in the year, two
officials with direct knowledge of the matter said.

Central Bank policymakers plan to hold the benchmark Leliq rate at
the current 118 percent level during a board meeting, according to
the people, who asked not to be named to discuss upcoming policy
decisions, according to Buenos Aires Times.  Annual inflation
jumped again to 124 percent in August, according to data published
by the INDEC national statistics bureau, the report notes.

The officials expect the monthly inflation rate to remain above 10
percent in September after hitting 12.4 percent last month, before
slowing to single-digit territory in October, one of the people
said, the report relays.

A Central Bank spokesman said the agency doesn't comment in advance
on rate decisions.

Already one of the world's fastest inflation rates, Argentina's
problem with out-of-control price increases is only worsening after
the government devalued the official currency by 18 percent in
August, a day after an unexpected primary election result that saw
outsider libertarian economist Javier Milei take first place, the
report discloses.

Businesses in Buenos Aires and beyond hiked prices overnight after
the currency plunge, fueling concerns about a return to the
hyperinflation suffered in late 1980s and early 1990s, the report
relays.

August's 12.4 percent monthly increase is the fastest since
February 1991, and was even higher than the 11.5 percent median
estimate by economists in a Bloomberg survey, the report notes.

The outlook ahead is equally worrying, with economists polled by
the Central Bank saying annual inflation will reach almost 170
percent by the end of the year, while gross domestic product will
contract three percent, according to a monthly survey also
published, the report discloses.

The International Monetary Fund has asked Argentina to maintain its
rate positive in real terms, which strips out inflation, as part of
the country's US$44-billion agreement, leading BCRA, as the Central
Bank is known, to last raise rates in August together with the
currency devaluation, the report says.

Price increases in August, double the monthly pace seen in July,
confirms the rapid pass-through that a currency devaluation has on
products in Argentina, explaining at the same time why the
government has tried to avoid such measures for years, the report
notes.

Galloping inflation has in addition helped fuel Milei's political
ascent, challenging the candidate for the ruling Peronist coalition
- Economy Minister Sergio Massa - which placed third in the primary
last month, the report relays.  Massa recently announced a slew of
drastic measures to lure more voters, such as eliminating income
taxes for all but the top one percent of the population and giving
government employees a raise, even if this is likely to fuel
inflation further, the report notes.

The real interest rate still remains positive despite August data
because it incorporates expected inflation, senior Economy Ministry
official Gabriel Rubinstein told Bloomberg News in a separate
telephone interview. Monthly inflation could return to single
digits in October, he said, echoing the Central Bank officials, the
report discloses.

Argentines will cast their ballots in the general election on
October 22, which could be followed by a run-off vote between the
top two candidates on November 19, and a new government will be
inaugurated in December, 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.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None
of its rated bond issues are affected.

S&P said the negative outlook on the long-term ratings is based
on the risks surrounding pronounced  economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among
the opposition, constrain the sovereign's ability to implement
timely changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's
Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to
'CC' from 'C' and affirmed the Long-Term Local Currency (LC) IDR
at 'CCC-'. Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a
default event of some sort appears probable in the coming years,
regardless of the outcome of upcoming elections. The affirmation of
the LC IDR at 'CCC-' follows the peso debt swap in June that Fitch
did not deem to be a "distressed debt exchange" (DDE).

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.


CITY OF BUENOS AIRES: Fitch Affirms B- LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the city of Buenos Aires' (CBA)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'B-' with a Stable Rating Outlook. Fitch has also affirmed the
Short-Term IDRs at 'B'. Fitch has affirmed the city's euro
medium-term note program (EMTN) and series 12 7.50% senior
unsecured notes at 'B-'. CBA's standalone credit profile (SCP)
remains at 'b+'. The IDR is capped by Argentina's 'B-' Country
Ceiling.

CBA continues to meet Fitch's criteria requirements to be rated at
'B-', above Argentina's sovereign rating by having a strong budget,
no need to undertake external refinancing of debt, and sufficient
liquidity.

KEY RATING DRIVERS

Risk Profile: Vulnerable

The 'Vulnerable' assessment, for all Argentine local and regional
governments (LRGs), reflects Fitch's view of a very high risk of
the issuer's ability to cover debt service with the operating
balance weakening unexpectedly over the scenario horizon due to
lower revenue, higher expenditure, or an unexpected rise in
liabilities or debt-service requirements.

Revenue Robustness: 'Midrange'

This key risk factor is 'Midrange' due to the resiliency of CBA's
revenue structure and high fiscal autonomy in the context of
volatile national economic performance and also due to its strong
estimated GDP per capita (2022: USD42,065) in the national
(USD13,725) and international context. Even within a national
complex and imbalanced fiscal framework for LRGs, compared with
argentine LRGs and similar to other international peers (like Lagos
State, Nigeria), CBA has a high revenue autonomy due to its local
economy based in the services sector, and therefore a low reliance
on federal transfers.

The share of federal revenues that stem from a 'CC' sovereign
counterparty decreased from 23.8% in 2020 to 16.1% in 2022 derived
from Federal Law no. 27606 that returned CBA's federal
co-participation coefficient share to 1.4%. The measure affects
federal revenue predictability and risk. The lack of compliance
with the Supreme Court's ruling on re-composition of daily and
automatic co-participation transfers to the city sets a negative
precedent in the tax distribution framework between the nation and
provinces, as jurisdictions are exposed to increasingly uncertain
and discretionary decisions at the executive level.

During 2023 the city has not received budgetary current transfers
derived from Law no. 27606; however, overall CBA maintains a high
level of local revenues reflecting its resilient revenue structure
and has expenditure flexibility for adjustments.

Revenue Adjustability: 'Weaker'

Fitch considers, for Argentine LRGs, that local revenue
adjustability is low, and, challenged by the country's large and
distortive tax burden and the weak macroeconomy, that impact
affordability. National GDP recovered 10.4% in real terms during
2021 and in 2022 a further 5.2%; economic inertia from recovery
continued benefiting local tax collection. During 2022, the city's
local taxes increased 11% in real terms (2021: 14.3%) and in June
2023 they continued increasing around 13.1%. CBA's economic
importance translates into a high tax revenue/total revenue ratio
of 76.9% in YE 2022.

Expenditure Sustainability: 'Weaker'

Argentine LRGs have high expenditure responsibilities, in a context
of structurally high inflation. The country's fiscal regime is
structurally imbalanced regarding revenue-expenditure
decentralization.

Local economic strengths and revenue growth above inflation and
expenditure dynamics benefited CBA's budgetary performance during
2021 and 2022. In YE 2022 the city's operating balance was of 24.4%
of operating revenues (2021: 16.5%) due to economic inertia and the
city's prudent budgetary control and planning. June 2023 data shows
a similar performance of around 29.5% compared with June 2022
(31.4%).

CBA has managed to contain opex growth relative to inflationary
pressures. Fitch assumes that due to historically high inflation in
2023, re-composition of expenditures to a level closer to and above
inflation will occur towards the medium term. CBA's operating
balance is estimated to average around 16.9% in 2023-2026.

Expenditure Adjustability: 'Weaker'

For Argentine subnationals, infrastructure needs and expenditure
responsibilities are deemed as high, with leeway to cut expenses
viewed as low. CBA's capex/total expenditure averaged 15.5% during
2018-2022. Capex levels recovered to 15.1% in 2022 (2021: 12.7%)
and continue reflecting CBA's capacity for some budgetary
adjustments. In 2022, opex represented 80.2% of total expenditure
and staff expenses remained controlled at 43.6%, close to the
historical average of 43.7% for 2018-2022.

Liabilities and Liquidity Robustness: 'Weaker'

Unhedged foreign currency debt exposure is an important weakness
considered, along with the weak national framework for debt and
liquidity and underdeveloped local market. The assessment also
considers a 'CC' sovereign that restructured its debt during 2020,
thus curtailing external market access to LRGs. CBA did not engage
in any debt restructuring processes like other argentine LRGs did
in 2020- 2021.

CBA's debt is mostly composed of issuances and multilateral loans.
At YE 2022, direct debt totaled ARS363.8 billion, with an increase
of around 33.9% relative to 2021 and further increased towards
ARS489.3 billion in June 2023 due to currency depreciation. CBA has
no significant U.S. dollar capital maturities until June 1, 2025
for USD296.6 million and other USD debt payments that together
amount to around USD350 million in that year.

Liabilities and Liquidity Flexibility: 'Weaker'

For liquidity, Argentine LRGs rely mainly on their own unrestricted
cash. In YE 2022, CBA's unrestricted cash totaled around ARS135.9
billion, and at July 2023 around ARS416.7 billion. CBA's liquidity
coverage ratio averaged 2.0x during 2018-2022 and Fitch projects it
to remain at adequate levels for 2023-2025.

Debt sustainability: 'aa' category

The city of Buenos Aires' operating balance has maintained a
favorable performance, as inertia of operating revenues has been
above operating expenditure due to high inflation and expenditure
control, in YE 2022 the city's operating margin was of 24.4% of
operating revenues. The score considers a 'aaa' primary payback
ratio of 0.7x for 2025 under Fitch's rating case. Also, debt
sustainability considers an override from the 'aa' actual debt
service coverage ratio (ADSCR) of 2.7x in 2025, as in that year the
city will have external debt capital payments from its Series 12
bond.

Debt sustainability and the city's operating balance capture the
city's local economic strengths, budgetary balance, and smoother
debt maturity profile, which presents no external refinancing risks
until 2025. The projected ADSCR remains aligned with the city's
2018-2022 average of 1.7x.

DERIVATION SUMMARY

CBA's 'b+' SCP is derived from a 'Vulnerable' risk profile and 'aa'
debt sustainability score. The SCP notch specific derivation also
considers comparison with international peers, including Argentine,
Turkish and Nigerian peers. Fitch does not apply any asymmetric
risk or extraordinary support from upper-tier government. CBA meets
Fitch's criteria requirements to be rated at 'B- ', which is above
the current sovereign 'CC' foreign-currency rating. CBA's ratings
are capped by Argentina's 'B-' Country Ceiling, which results in an
IDR of 'B-'. The short-term rating of 'B' is derived from CBA's
Long-Term IDR.

KEY ASSUMPTIONS

Qualitative assumptions:

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Midrange'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'aa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Sovereign Cap: 'B-' (Country Ceiling)

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 2023-2025 projected
ratios. The key assumptions for the scenario include the
following:

- Operating revenue average growth of 126% for 2023-2025; assuming
growth below average inflation towards the medium term to stress
operating margins;

- Operating expenditure average growth of 135.4% for 2023-2025;
assuming growth above average inflation towards the medium term to
assume real term expenditure re-composition;

- Average capital expenditure/ total expenditure levels of around
15.4%; similar to the 2018-2022 historical average of 15.5%;

- Cost of debt considers non-cash debt movements due to currency
depreciation with an average exchange rate of ARS301.1 per U.S.
dollar for 2023, ARS775.8 for 2024 and ARS1,746.1 for 2025;

- Consumer price inflation (annual average % change) of 124.1% for
2023, 142% for 2024, 122% for 2025.

RATING SENSITIVITIES

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

- An upgrade on Argentina's Country Ceiling above 'B-' could
positively benefit CBA's ratings provided that their payback ratio
remains below 5x.

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

- A downgrade of Argentina's Country Ceiling would negatively
affect CBA's ratings as well as any regulatory restrictions to
access foreign exchange by LRGs. The SCP could be lowered in the
'b' category if CBA's operating balance and liquidity deteriorate
triggering a sustained actual debt service coverage level below
1.0x and if the payback ratio exceeds 9.0x resulting in a debt
sustainability score lower than 'a' in Fitch's rating case.

ISSUER PROFILE

CBA is Argentina's federal capital and the country's most important
social and economic center. The city represents approximately 20.6%
of the country's GDP, and the surrounding province generates an
additional 31.7% of the national GDP.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

CBA's ratings are capped by Argentina's Country Ceiling.

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.

   Entity/Debt             Rating        Prior
   -----------             ------        -----
Buenos Aires,
City of           LT IDR    B- Affirmed    B-
                  ST IDR    B  Affirmed    B
                  LC LT IDR B- Affirmed    B-
                  LC ST IDR B  Affirmed    B

   senior
   unsecured      LT        B- Affirmed    B-

PROVINCE OF CORDOBA: Fitch Affirms LongTerm IDRs at 'CCC+'
----------------------------------------------------------
Fitch Ratings has affirmed Province of Cordoba's Long-Term (LT)
Foreign Currency (FC) and Local Currency Issuer Default Ratings
(IDRs) at 'CCC+'. Fitch has also affirmed at 'CCC+' Cordoba's
step-up USD709.4 million senior unsecured notes due 2025, step-up
USD510.0 million senior unsecured notes due 2027, and step-up
USD450.0 million senior unsecured notes due 2029. The bonds are
rated at the same level as the province's IDRs.

Cordoba meets Fitch's criteria requirements to be rated above the
LT FC 'CC' sovereign rating. It maintains a strong budget, has no
need to undertake external refinancing of debt over the following
one year, and has sufficient liquidity available to service its
debt. These are underpinned by Cordoba's sound budgetary
performance, debt service coverage ratio and liquidity coverage
ratio remaining in line with Fitch's rating case assumptions.

The province's standalone credit profile (SCP) is assessed at 'b-'.
Despite adequate management practices, Fitch applies an asymmetric
risk that lowers Cordoba's IDR by one notch from its SCP. This
leads to Cordoba's IDR being at 'CCC+' three notches above
Argentina's LT FC IDR of 'CC' but one notch below Argentina's
Country Ceiling of 'B-'.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Fitch assesses the province's Risk Profile as 'Vulnerable' in line
with other Fitch-rated Argentine local and regional governments
(LRGs). Cordoba's risk profile combines all six factors assessed at
Weaker (revenue, expenditure, and debt and liquidity frameworks)
and considers the sovereign IDR.

The assessment reflects Fitch's view that there is a very high risk
of the issuer's ability to cover debt service with the operating
balance weakening unexpectedly over the scenario horizon
(2023-2024) due to lower revenue, higher expenditure or an
unexpected rise in liabilities or debt-service requirement.

Revenue Robustness: 'Weaker'

The assessment reflects the evolving nature of the national fiscal
framework, dependence on a 'CC' sovereign counterparty risk for
51.3% (three year-average) of its total revenue, amid an adverse
macroeconomic environment riddled with higher inflation. To date,
as per law, federal co-participation transfers have never been
interrupted to provinces. Cordoba's wealth metrics are moderately
above the national average, yet lags international peers.

Operating revenue is mostly made up of taxes, including turnover
tax, which made up 27.0% of operating revenue in 2022, and stamp
duty, which made up 3.7%. At YE 2022, federal non-earmarked
transfers (coparticipaciones) increase 0.4% in real terms amid an
inter-annual inflation rate of 94.8%. As of June 2023, national
transfers to Cordoba increased 106.8% yoy in nominal terms but only
1.2% in real terms in a macroeconomic context where inter-annual
inflation reached 104.3% in June 2023.

Revenue Adjustability: 'Weaker'

Cordoba's ability to generate additional revenue in response to
possible economic downturns is limited, like all Fitch-rated
Argentine LRGs. Fitch considers that local revenue adjustability is
low and is challenged by the country's large and distortive tax
burden. The negative macroeconomic environment further limits the
province's ability to increase tax rates and expand tax bases to
boost its local operating revenues. Structurally high inflation
also constantly erodes real-term revenue growth and affects
affordability. On its rating case, Fitch expects operating revenues
to increase below the average inflation rate for 2023-2024.

Expenditure Sustainability: 'Weaker'

Argentine provinces have high expenditure responsibilities,
including healthcare, education, security, social security,
inter-urban transportation and other services. The country's fiscal
regime is structurally imbalanced regarding revenue-expenditure
decentralization. Cordoba's track-record of prudent fiscal policies
and expenditure controls are hindered by Argentina's structurally
high inflation pressuring expenditures. Despite this, operating
balance reached 21.7% of operating revenue in 2022. The province
has historically shown satisfactory operating margins; five
year-average 20.4%. On its rating case, Fitch expects a
re-composition of expenditure, with an average operating margin of
15.3% for 2023-2024.

Cordoba did not transfer its pension scheme to the nation. The
annual pension deficit has been partially mitigated by funding
transfers from the National Administration of Social Security since
2016. Federal funding to mitigate provincial pension deficits is
subject to yearly budgetary allocation, which is unpredictable and
discretionary. However, since 2019, no bilateral agreements have
been implemented; hence financial support has been decreasing,
adding pressure to Cordoba's operating margins. If social security
institution financial performance is included, the province's
operating balance for 2022 would be 18.7%, versus 21.7% without
it.

Expenditure Adjustability: 'Weaker'

For argentine subnationals, infrastructure needs and expenditure
responsibilities are deemed high, with leeway to cut expenses
viewed as low amid an adverse macroeconomic context. National
capital expenditure (capex) is low and insufficient translating
capex burdens to LRGs. Capex levels recovered to 19.8% in 2022 and
continue reflecting Cordoba's capacity for some budgetary
adjustments to accommodate other opex pressures. In 2022, opex
represented 78.1% of total expenditure and staff expenses remained
controlled at 39.4%, below to the historical average of 45.5% for
2018-2022. Cordoba's main capital expenditure projects are on areas
deemed as key for the economic and social development of the
province; such as hospitals, schools, water and sewage, internet
access, and roads.

Liabilities and Liquidity Robustness: 'Weaker'

Capital market discipline is hindered by a protracted macroeconomic
context, and currently heightened by a 'CC' rated sovereign.
Unhedged foreign currency debt exposure is an important structural
weakness considered in this key risk factors assessment. However,
limited local capital markets led LRGs to issue debt in foreign
currency, causing this structural reliance on external markets for
financing, because local currency options generally carry higher
financial costs and shorter terms due to the high-inflation
environment. Additionally, financial obligations are characterized
by medium-term maturity of less than 10 years.

By YE 2022, direct debt increased by about 66.6% underpinned by
high inflation and currency depreciation, totaling ARS439.5
billion. Approximately 97.3% of Cordoba's direct debt is
denominated in foreign currency and is unhedged, mainly in U.S.
dollars, which is a rating risk in the current environment of high
inflation and currency depreciation. However, 93.3% of its total
debt has fixed interest rates.

Rule A7782 On FX Restrictions to LRGs

On June 1, 2023, BCRA, Argentina's Central Bank, imposed foreign
exchange (FX) restrictions (Rule A7782) to LRGs similar to those
already in place for corporates. In response, Cordoba took legal
action against this measure. On June 6, Cordoba's Federal Court No.
2 granted temporary access to MULC FX market to the province. In
fact, the province has already accessed MULC FX market twice to
service its USD notes. Other provinces have taken the same legal
path as Cordoba.

All of them have been granted access to MULC FX market. Cordoba's
currently ample liquidity and transitory investments shall, in
Fitch's view, mitigate upcoming debt service payments in the next
12 months. However, increased refinancing risk derived from Rule
A7782 cannot be ruled out and could derive an event-driven action.
For more details please refer to Interpretations of Central Bank of
Argentina's FX Restrictions for LRGs Vary (July 26, 2023).

Liabilities and Liquidity Flexibility: 'Weaker'

Fitch perceives the Argentine national framework in place for
liquidity support and funding available to subnationals as
'Weaker', as there are no formal emergency liquidity support or
bail-out mechanisms established. Consolidated cash positions of
ARS119 billion in 2022 covered 12.0% of total revenue; as of March
2023, cash positions stood at ARS141 billion. Cordoba has shown
historically good liquidity coverage metrics averaging over the
last five years, 5.4x (2022: 6.9x). In its rating case, Fitch
expects total cash will remain stable at around 10.8% of total
revenue (2020-2022 average: 15.5%).

Debt sustainability: 'aa' category

Fitch, considering the current sovereign 'CC' rating level,
curtailment of the external market amid a volatile macroeconomic
and regulatory context, is only projecting a rating case for YE
2024. Debt sustainability metrics are analyzed to evaluate Province
of Cordoba-specific debt repayment capacity and its liquidity
position in the next 12 months.

Cordoba benefits from a resilient fiscal performance with a sound
operating margin above 20.4%, supported by a dynamic and well
diversified tax base and economic structure. Fitch's rating case
envisages a progressive reduction of the operating margin towards
16%-14%, incorporating tax collection growth below inflation
against inflation-driven operating expenditure. At YE 2022,
Cordoba's budgetary performance remain robust; operating margin
reached 21.7%, in line with three-year average of 22.0%.

Under Fitch's rating case scenario (2023-2024), the debt payback
ratio (net adjusted debt-to-operating balance), the primary metric
of debt sustainability, will remain below 5.0x by 2024 (2022:
1.6x), which corresponds to a 'aaa' assessment. In addition, actual
debt service coverage ratio (operating balance-to-debt service),
secondary metric of debt sustainability, at 1.8x in 2024 (4.5x in
2022), leading to an 'a' assessment. The overall debt
sustainability score at 'aa' is underpinned by the medium-term
maturity of debt in tandem with high refinancing risks stemming
from a 'CC' macroeconomic environment where transfer and
convertibility risks prevail.

ESG -- Creditor Rights: Cordoba concluded a DDE in January 2021.
The agreement granted Cordoba debt service relief after amending
its amortization profile to semiannual installments from bullet
payments; however, this impacted bondholders. Therefore, creditor
rights remain a key rating driver.

DERIVATION SUMMARY

Fitch has relied on its rating definitions to position the
province's IDRs at 'CCC+'. Cordoba's SCP is assessed at 'b-',
reflecting a combination of vulnerable risk profile and debt
sustainability in the 'aa' category. The SCP also factors in
national and international peer comparison, in particular city of
Buenos Aires (B-/Stable), province of Santa Fe (B-/Stable),
Istanbul Metropolitan City (B/Negative) and Lagos State
(B-/Stable). Despite adequate management practices in place, Fitch
applies an asymmetric risk that lowers Cordoba's IDR by one notch
from its SCP due to low governance linked to the 2021 DDE process.
This leads to Cordoba's IDRs being at 'CCC+', three notches above
Argentina sovereign LT FC IDR.

KEY ASSUMPTIONS

Qualitative Assumptions

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt Sustainability: 'aa' category

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: '-1'

Sovereign Cap: 'Yes' (Country Ceiling)

Sovereign Floor: 'N/A'

Quantitative Assumptions - Issuer Specific:

In line with its LRG criteria, for an entity with base case
financial profile indicating an SCP of 'b' or below, the base case
analysis alone may be sufficient to evaluate the risk of default
and transition for the debt. Therefore, in the case of Cordoba,
Fitch's base case is the rating case which already incorporates a
very stressful scenario. It is based on 2018-2022 figures and on
updated figures as of June 2023.

The Key Assumptions For the Scenario Include the Following:

- Tax revenue and current transfers average growth of 129% from
2023-2024, below inflation growth, underpinned by an adverse
macroeconomic context further exacerbated by presidential
elections;

- Operating revenue average growth of 129% for 2023-2024;

- Operating expenditure average growth of 140% for 2023-2024, above
inflation, considers lag effects from high inflation in previous
years;

- Average net capital balance of around minus ARS324 billion during
2023-2024 to be financed with operating margins, capital grants,
and financing from multilateral official creditors, national
agencies or foreign commercial banks;

- Cost of debt considers non-cash debt movements due to currency
depreciation with an average exchange rate of ARS301.1 per U.S.
dollar for 2023 and ARS775.8 per U.S. dollar for 2024.

RATING SENSITIVITIES

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

- An upgrade on Argentina's Country Ceiling above 'B-' could
positively benefit Cordoba's ratings if debt sustainability metrics
remain in line with projections of a payback ratio below 5.0x and
actual debt service coverage ratio above 1.0x, under Fitch's rating
case;

- If the impact in the SCP of the asymmetric risk wears off due to
lessen refinancing risks.

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

- A downgrade of Argentina's Country Ceiling below 'CCC+' would
negatively affect Cordoba's rating; as well as any regulatory
restrictions to access FX by LRGs;

- The SCP could be lowered if Cordoba's operating balance
deteriorates triggering an increase in the payback ratio above 5x
in tandem with a sustained actual debt service coverage ratio below
2.0x resulting in a debt sustainability score lower than 'aa' in
Fitch's rating case;

- Refinancing risks underpinned by an inability to tap the
international capital market could compromise debt repayment
capacity in the coming years.

LIQUIDITY AND DEBT STRUCTURE

Fitch-adjusted debt include Cordoba's bond issuances at end-2022 of
ARS326.7 billion and loans (both foreign and domestic) of ARS112.8
billion. Liquidity includes ARS119 billions of total cash, which
Fitch deems as non-earmarked.

ISSUER PROFILE

The Province of Cordoba is located in the central region of
Argentina; it is the second-most populated province, with around
3.9 million inhabitants in 2022, an unemployment rate of 8.5% in
2021, its GDP per capita is in line with Argentina's at USD10,260
(2021), and contributes approximately 8.0% of national GDP.
Cordoba's economy is diversified and is based on primary and
industrial goods, as well as services (66.9% of the province's
gross domestic product). The province produces agricultural
products such as soybean, corn, wheat and peanuts. The province has
one of Argentina's most industrialized areas. Cordoba's industrial
sector is centered in the car and auto parts industry and the
agro-industrial sector.

SUMMARY OF FINANCIAL ADJUSTMENTS

No material adjustments were made to figures reported by the
province.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Cordoba's IDRs are capped by the Country Ceiling of Argentina.

ESG CONSIDERATIONS

Cordoba has an ESG Relevance Score of '5' for Creditor Rights, due
to the province's 2021 DDE. This event has limited the current
rating assignment from a higher rating level and, therefore,
creditor rights remain a key rating driver.

The province has an ESG Relevance Score of '4' for Rule of Law,
Institutional and Regulatory Quality, Control of Corruption,
reflecting the negative impact the weak regulatory framework and
national policies of the sovereign have over the province 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.

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Cordoba, Province of   LT IDR    CCC+ Affirmed    CCC+
                       LC LT IDR CCC+ Affirmed    CCC+

   senior unsecured    LT        CCC+ Affirmed    CCC+

PROVINCE OF SANTA FE: Fitch Affirms B- LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the Province of Santa Fe, Argentina's
(Santa Fe) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'B-' with a Stable Rating Outlook. Fitch has also
affirmed Santa Fe's 6.9% senior unsecured notes for USD250 million
due 2027 at 'B-'. Santa Fe's standalone credit profile (SCP) is
assessed at 'b-' based on peer comparisons.

The affirmations reflect Fitch's expectations that Santa Fe will
maintain solid debt metrics and no significant external refinancing
needs because of a low level of indebtedness and adequate operating
balances over the next three years (2023-2025). This latter is
based on stable operating margins showed in 2018-2022. Santa Fe
also has enough liquidity to avoid a default evidenced in good
liquidity coverage ratios. Therefore, the province continues to
meet Fitch's criteria requirements to be rated at 'B-', above the
'CC' foreign currency sovereign rating and aligned with Argentina's
Country Ceiling: having a strong budget, no need to undertake
external debt refinancing, and sufficient liquidity.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

Santa Fe's risk profile of 'Vulnerable' is based on 'Weaker'
attributes on the six key risk factors with a sovereign rated below
the 'B' category. The assessment reflects Fitch's view of a very
high risk relative to international peers that the issuer's ability
to cover debt service with the operating balance may weaken
unexpectedly over the forecast horizon (2023-2025) due to lower
revenue, higher expenditure, or an unexpected rise in liabilities
or debt or debt-service requirement.

Revenue Robustness: 'Weaker'

Santa Fe's revenue robustness, assessed as 'Weaker', reflects its
high dependence on federal transfers, with transfers representing
around 62.9% (five-year average) of operating revenues from 2018 to
2022. These federal transfers are automatic from the
co-participation tax-sharing regime, which stem from a 'CC' rated
sovereign counterparty, amid an adverse macroeconomic environment
riddled with higher inflation. The latter is compounded by the
country's modest economic growth prospects.

Weak and volatile national economic performance is also factored
into the revenue robustness assessment. Despite Argentina's
sovereign defaults, federal automatic co-participation has not been
interrupted since the law was enacted. Fitch expects that even in a
distress or default scenario Argentina would continue to pay the
daily transfers of co-participation, which are non-discretionary
and automatic. As of June 2023, national transfers to Santa Fe
increased 106.7% yoy in nominal terms, slightly above the national
average in accordance with inflation.

Revenue Adjustability: 'Weaker'

Local revenue adjustability is low and challenged by the country's
large and distortive tax burden. The negative macroeconomic
environment further limits the province's ability to increase tax
rates and expand tax bases to boost its local operating revenues.
Structural high inflation also constantly erodes real-term revenue
growth and affects affordability.

Provincial jurisdictions have legal autonomy to set tax rates, in
particular turnover tax. Tax collection accounted for 28.9% of
total consolidated provincial revenues in 2022, reflecting low
fiscal autonomy and reliance on federal transfers from the
co-participation regime. In 2021, Santa Fe's tax revenue
performance was less dynamic than that of other provinces, but it
was one of the least affected in 2020 by the pandemic. In 2022,
Santa Fe's tax collection increased slightly above inflation, close
to 3% in real terms. As of 2Q23, tax revenue increase has been
lower than the accumulated inflation in the same period.

Expenditure Sustainability: 'Weaker'

Argentine provinces have high expenditure responsibilities,
including healthcare, education, water, transportation and other
services. The country's fiscal regime is structurally imbalanced
regarding revenue-expenditure decentralization.

Santa Fe, along with some other entities, has fiscal prudence
policies and expenditure controls. However, Argentina's
structurally high inflation pressures expenditures. Santa Fe's
operating margins have remained steady, averaging 14% over the last
five years. In addition, Santa Fe is among the provinces that did
not transfer their pension scheme to the nation. It is responsible
for any shortfall pension deficit funding that represents an
additional expenditure burden and risk for its operating balance
results. When considering the weight of the pension deficit the
operating margin dropped to 4.5% from 12% in 2022. On its rating
case, Fitch expects a re-composition of expenditure, with an
average operating margin of 5% for 2023-2025, considering such
pension burden. In 2022, there was a significant salary adjustment,
as the staff expenditure grew by 7%.

Since 2016, Santa Fe's pension scheme deficit began to be partially
financed by the national government through the National Social
Security Administration (Administracion Nacional de la Seguridad
Social [ANSES]). In June 2021, Santa Fe closed the 2019 bilateral
agreement through which ANSES recognized the financing of 85.8% of
the deficit, the difference between the real deficit and advances
have a refund scheme, which alleviates fiscal accounts, although
the province must always finance these differences in advance.
However, this agreement needs to be revised to make the
corresponding inflationary adjustments. To date, the nominal
amounts granted by the nation has not been updated according to
inflation, which results in a higher province's pension deficit.

Expenditure Adjustability: 'Weaker'

Fitch views leeway or flexibility to cut expenses for Santa Fe as
weak relative to international peers, considering that only 9.8% of
consolidated provincial total expenditures corresponded to capex in
2022 (average of 10.9% in 2018-2022). Santa Fe has very high
infrastructure needs, thus increasing capex does not necessarily
translate into economic growth due to the infrastructure lag,
reflecting limited flexibility to adjust expenditures. In 2022,
opex accounted for 88.9% of total expenditure and staff expenses
remained controlled at 44.9%, below the historical average of 47.4%
for 2018-2022.

Liabilities & Liquidity Robustness: 'Weaker'

There is a weak national framework for debt and liquidity
management and an underdeveloped local financial market, which led
Argentine Local and Regional Governments (LRGs) to issue debt in
foreign currency, causing this structural reliance on external
markets for financing.

Despite Santa Fe's very low leverage (payback ratio at 0.2x and
fiscal debt burden at 2.9% in 2022), approximately 87% of Santa
Fe's direct debt is denominated in foreign currency, unhedged and
mainly in U.S. dollars, which increases the risks in the current
environment of high inflation and currency depreciation and leading
this factor to 'Weaker'. Regardless, the majority of Santa Fe's
debt has fixed interest rates (69% of its direct debt).

Despite the sovereign restructured its debt during 2020, which
restricted external market access to LRGs, Santa Fe remained
current on its obligation and did not engage in any debt
restructuring processes unlike most rated Argentine LRGs. On March
23, 2023, the province fully paid 7% senior unsecured notes. It is
worth to mention that the province was not affected by the BCRA
resolution that restricts free access to the Free and Single
Exchange Market (MULC), as from June 2, 2023 until the end of the
year, as the next principal payment will be in November 2025.

The external market remains closed; hence the province is looking
at multilateral, banking and commercial sources of funding to
accomplish its capex program. In 2022 the province obtained a
financing from Latin American Development Bank for USD100 million
geared toward the program of "Santa Fe + Conectada" and in 2023 it
will take around ARS27,000 million mainly from Nuevo Banco Santa
Fe.

In 2022, the national government and the province reached an
agreement on the collection of the nation's historical debt with
the province for the deduction of 15% of the transfers of
co-participation during the 2006-2015 period, which amounted to
approximately ARS151,873 million. The nation will pay such debt
with inflation-adjusted bonds and bills, which will mature in a
staggered manner over 10 years.

Liabilities & Liquidity Flexibility: 'Weaker'

Fitch perceives the Argentine national framework in place regarding
liquidity support and funding available to subnationals as
'Weaker', as there are no formal emergency liquidity support
mechanisms established. The national government can support LRGs in
liquidity distress on a case-by-case basis in the form of a
friendly creditor, such as the availability of some programs and
loans to provinces from federal trust funds, and also through
co-participation advancements. However, the current macroeconomic
environment constrains the predictability, size and timing of this
support. The Argentine government's 'CC' ratings drive the
assessment of such support to 'Weaker', considering the
counterparty risk.

Since 2021, the province has subscribed a short-term treasury bills
program in an amount of around ARS5 billion in case of liquidity
shortfall. Santa Fe's liquidity coverage ratio averaged 10.8x
during 2018-2022, and Fitch projects it will remain sufficient to
service debt for 2022-2025. However, in 2025, this metric would be
similar to ADSCR, which signs that the cash would reduce sharply
after the first instalment of the 6.9% senior unsecured notes. In
2022 and 2023, liquidity increased below inflation due to
meaningful debt repayments, even though it remains at a good
position.

Debt Sustainability: 'aa category'

Santa Fe's 'aa' debt sustainability score considers a 'aaa' primary
payback ratio of 3.4x for 2025 under Fitch's rating case. The
assessment also considers the 'aaa' fiscal debt burden of 11.6% and
an override stemming from a weaker score of the actual debt service
coverage ratio (ADSCR): 1.8x in 2023 when Santa Fe's 7% senior
unsecured notes were fully paid and 1.4x in 2025, when Santa Fe's
6.9% senior unsecured notes will start to be amortized. Debt
sustainability and the province's operating balance capture the
province's local economic strengths, budgetary balance, and
smoother debt maturity profile, which presents no external
refinancing risks until 2025.

DERIVATION SUMMARY

Santa Fe's SCP of 'b-' resulting from a combination of a
'Vulnerable' risk profile and a debt sustainability assessment of
'aa'. The SCP factors in international peer comparisons, such as
cities in Turkey or Nigeria. Santa Fe's ratings are not affected by
any other factors. PSF meets Fitch's criteria requirements to be
rated at 'B-', which is above the current sovereign 'CC' rating,
and so the Long-Term Foreign Currency IDR is aligned with
Argentina's 'B-' country ceiling, which results in an IDR of 'B-'.

Debt Ratings

To finance major capital projects and tackle infrastructure lag,
Santa Fe issued notes for USD500 million through two USD250 million
placements. The first one, placed in October 2016, accrues a 6.9%
rate, payable on a semi-annual basis, with a final maturity of 11
years, with three annual installments of USD83.3 million in the
last three years (2025, 2026 and 2027). The second tranche for
USD125 million, placed in March 2017, matured in March 2023. It had
a fixed rate of 7%, payable on a semi-annual basis.

KEY ASSUMPTIONS

Risk Profile: 'Vulnerable'

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Debt sustainability: 'aa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Rating Cap (LT IDR): 'B-'

Rating Cap (LT LC IDR) 'B-'

Rating 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 2023-2025 projected
ratios. The key assumptions for the scenario include:

- Operating revenue average growth of 126% for 2023-2025; assuming
growth below average inflation towards the medium term to stress
operating margins;

- Operating expenditure average growth of 133.2% for 2023-2025;
assuming growth above average inflation towards the medium term to
assume real term expenditure re-composition and the weight of the
province's pension deficit;

- Average capex/total expenditure levels of around 6%;

- Cost of debt considers non-cash debt movements due to currency
depreciation with an average exchange rate of ARS301.1 per U.S.
dollar for 2023, ARS775.8 for 2024 and ARS1,746.1 for 2025;

- Consumer price inflation (annual average % change) of 124.1% for
2023, 142% for 2024, 122% for 2024.

Liquidity and Debt Structure

By YE 2022, direct debt increased by about 35% underpinned by high
inflation and currency depreciation, totaling ARS118.5 billion.
Approximately 87% of Santa Fe's direct debt is denominated in
foreign currency and is unhedged, mainly in U.S. dollars, which is
a rating risk in the current environment of high inflation and
currency depreciation. However, 68% of its total debt has fixed
interest rates. The Province of Santa Fe was one of the entities
that didn't restructure its USD notes throughout 2020.

Summary of Financial Adjustments

No material adjustments were made to figures reported by the
province.

Issuer Profile

Province of Santa Fe is located in central-eastern Argentina. It
has 3.6 million residents, making it the third most populous
province, representing 8% of the country's population. Santa Fe's
economy is the nation's third-largest and is relatively broad,
diversified and stable. Santa Fe contributed almost 13% of the
nation's total GDP in 2022.

RATING SENSITIVITIES

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

A downgrade of Argentina's Country Ceiling would negatively affect
Santa Fe's ratings as well as any introduction of regulatory
impediments for the Argentine provinces to access FX. The IDR could
be downgraded if the ADSCR drops below 1.0x in tandem with a
liquidity coverage ratio below 1.0x underpinned by lower operating
margins and unrestricted cash; regardless of whether the payback
ratio remains below 5x. Thus, Santa Fe will not meet all the
conditions to be rated above the sovereign.

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

An upgrade of Argentina's Country Ceiling, combined with Santa Fe's
debt service coverage ratio above 2x from Fitch's forward-looking
scenario of 1.8x in 2023 and 1.4x in 2025, could positively affect
Santa Fe's ratings provided that its payback ratio remains below
5x.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Santa Fe's ratings are aligned with Argentina's Country Ceiling and
are above the sovereign's ratings.

   Entity/Debt             Rating         Prior
   -----------             ------         -----
Santa Fe,
Province of        LT IDR    B- Affirmed    B-
                   LC LT IDR B- Affirmed    B-

   senior
   unsecured       LT        B- Affirmed    B-

YPF SA: Judge Says Argentina Owes About $16-Bil. After Payout Trial
-------------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina
suffered a big legal defeat as a U.S. judge ruled that the country
must pay about $16 billion to minority shareholders of YPF arising
from the government's 2012 seizure of a majority stake in the oil
and gas company.

U.S. District Judge Loretta Preska in Manhattan ruled in favor of
Burford Capital, which funded the litigation brought by
shareholders Petersen Energia Inversora and Eton Park Capital
Management LP, and according to court papers was entitled to a
respective 70% and 75% of their damages, according to
globalinsolvency.com.  

The payout includes the approximately $8.4 billion of damages
Burford sought plus about $7.6 billion of 8% prejudgment interest
running from May 3, 2012, about 2-1/2 weeks after the seizure, the
report notes.

Burford called the decision "a complete win." Its shares closed up
22% in London and rose as much as 28% in intraday trading in New
York, the report relays.

Argentina, which is in dire financial straits including a scarcity
of foreign exchange reserves, had sought to pay no more than $4.92
billion, saying a big payout "would further burden a sovereign
nation with a populace enduring pressing economic challenges and
would far exceed Argentina's budget for many critical services,"
the report discloses.

Preska had previously ruled that Argentina had breached its
obligations to the shareholders by seizing the 51% YPF stake held
by Repsol without tendering for the remaining shares, including
those held by Petersen and Eton Park, the report adds.

                        About YPF SA

YPF S.A. is a vertically integrated, majority state-owned Argentine
energy company, engaged in oil and gas exploration and production,
and the transportation, refining, and marketing of gas and
petroleum products.

Founded in 1922, YPF was an oil company established as a state
enterprise.  YPF was later privatized under president Carlos Menem
and was bought by the Spanish firm Repsol in 1999, and the
resulting merged company was call Repsol YPF.  

In 2012, about 51% of the firm was renationalized and this was
initiated by President Cristina Fernandez se Kirchner.  The
government of Argentina agreed to pay $5 billion compensation to
Repsol.

In April 2023, S&P Global Ratings lowered its local and foreign
currency ratings on YPF SA to 'CCC-' from 'CCC+'.  The outlook on
these ratings is now negative.  The downgrade follows a similar
action on S&P's long-term foreign currency ratings and T&C on
Argentina, following announced plans that, if implemented, would
oblige some nonfinancial public-sector entities to exchange or sell
their holdings of global- and local-law dollar-denominated bonds
issued during the 2020 restructuring for other locally issued peso
debt, likely dollar- and/or inflation-linked bonds. In S&P's view,
the lack of clarity and the apparent motivation for the potential
transaction underscore heightened credit vulnerabilities, in
particular given the increasing pressures from the severe drought
that Argentina is facing, which further constrains the already
disrupted FX market. This expected greater pressure on the FX
markets also explains S&P's downward revision of the T&C assessment
to 'CCC-'.




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

[*] BAHAMAS: Economy Continues to Grow
--------------------------------------
Trinidad Express reports that the Central Bank of Bahamas (CBB)
says preliminary indications are that during the month of July, the
growth trajectory of the domestic economy persisted, although at a
moderated pace, with indicators reverting to trend, as the recovery
from the Covid-19 pandemic neared completion.

In its Monthly Economic and Financial Developments July 2023,
released, the central bank said the domestic economy is projected
to sustain its positive growth trajectory in 2023, buoyed by
ongoing gains in tourism sector output, according to Trinidad
Express.

However, as indicators return to pre-pandemic levels, the pace of
expansion is expected to moderate. Further, downside risks to the
sector persist, related mainly to exogenous factors, such as
elevated global prices, which could disrupt travel sector activity,
the report notes.

In addition, major central banks' counter-inflation policies could
weaken the travel spending capacity of key source market consumers,
the report discloses.

"Nonetheless, new and ongoing foreign investment-led projects are
anticipated to provide support to the construction sector, and by
extension to economic growth. In terms of the labor market, the
employment rate is expected to continue to improve, associated with
job gains concentrated largely in the construction and tourism
sectors," the CBB said, the report relays.

It said in terms of prices, inflation is projected to remain high
in the near-term, although decreasing over the medium to long term,
with a lag to moderating price trends in the major trading markets
and delayed fuel cost pass-through in domestic energy costs, the
report notes.

"Nevertheless, uncertainty in international oil prices, and supply
chain shortages, related to geopolitical tensions in Eastern Europe
are upside risks to inflation, the report discloses.  On the fiscal
front, as conditions become more favorable for more consolidation,
the government's net financing gap is anticipated to sustain its
downward trend, the report says.

"The recovery in revenue is expected to be significantly connected
to tourism-led improvements in taxable economic activities, the
report relays.  Further, the estimated budgetary gap is projected
to require a blend of domestic and external borrowings, but with a
higher proportion of the total funding from domestic sources," the
report notes.

Regarding monetary sector developments, the CBB said banking sector
liquidity is expected to remain elevated, due to commercial banks
maintaining their conservative lending posture, the report says.
In addition, external reserve balances are forecast to remain
buoyant in 2023, remaining above international benchmarks,
supported by anticipated foreign currency inflows from tourism and
other net private sector receipts. Consequently, external balances
should remain more than adequate to sustain the Bahamian dollar
currency peg, the report notes.

The CBB said the tourism sector output continued to record strong
growth, bolstered by robust gains in the high value-added air
component and in the sea segment, attributed to the ongoing demand
for travel in key source markets, the report says.

Tourism Monthly data revealed that tourism maintained a healthy
growth momentum in July, amid strong gains in both the high-value
air traffic and the sea segment, on account of the ongoing demand
for travel in the major source markets, the report discloses.

The most recent data provided by the Nassau Airport Development
Company Limited (NAD) indicated that total departures in July, net
of domestic passengers, rose by 15.7 per cent to 167,052, relative
to the comparative period in 2022, the report says.

Specifically, US departures increased by 16.1 per cent to 149,967,
while non-US departures grew by 12.5 per cent to 17,085, compared
to the previous year, the report notes.

"On a year-to-date basis, total outbound traffic expanded by 28.1
per cent to approximately one million passengers. In particular, US
departures moved higher by 28 per cent to almost 0.9 million
visitors, vis-a-vis the same period in 2022.  Likewise, non-US
departures rose by 28.8 per cent to just over 0.1 million visitors,
compared to the prior year," the report relays.

The CBB said positive trends were mirrored in the short-term
vacation rental market, the report notes.  The latest data provided
by AirDNA showed that in July, total room nights sold increased to
201,530 from 170,904 in the corresponding 2022 period, the report
relays.

Reflecting this outturn, the occupancy rates for both entire place
and hotel comparable listings rose to 67 per cent and 60.2 per
cent, respectively, relative to 61.8 per cent and 55 per cent in
the prior year, the report discloses.

Further, price indicators revealed that year-over-year, the average
daily room rate (ADR) for entire place listings increased by 4.7
per cent to US$563.52 and for hotel comparable listings, by 1.9 per
cent to US$199.58, the report says.

During July, monetary developments featured moderated gains in bank
liquidity, with growth in the deposit base, outpacing the rise in
domestic credit, the report notes.  Specifically, excess liquid
assets, a broad measure of liquidity, expanded by US$114.5 million
to US$3,020.4 million, albeit lower than the US324.4 million
accumulation a year earlier, the report relays.

Likewise, excess reserves, the narrow measure of liquidity, rose by
US$43.4 million to US$2,043.9 million, a slowdown from a US$261
million build up in the same period of 2022, the report says.

The CBB said external reserves grew by US$39.8 million to
US$2,737.3 million during the review month, although a moderation
from the $84.2 million expansion in the comparable period of the
previous year, the report discloses.

It said contributing to this outturn, the Central Bank's net
purchase from commercial banks widened to US$84.7 million, from
$33.9 million in the prior year, the report relays.

Meanwhile, commercial banks net intake from their customers
strengthened to $102.9 million, from the US$23.1 million gain last
year, the report relays.  In contrast, the Central Bank's
transactions with the public sector reversed to a net sale of
US$45.4 million, from a net purchase of US$54.8 million in 2022,
the report adds.




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

BRAZIL: Steps into the Green Bond Arena
---------------------------------------
Richard Mann at Rio Times Online reports that the National Treasury
meets investors in New York, London, and Boston to discuss a new
green bond, and this marks Brazil's debut in this sector, sources
told local media.

The meetings set the stage for a bond worth $1 to $1.5 billion, the
report notes.  It might mature in 10 years, the report relays.  The
bond could launch by this month's end, the report notes.

Green bonds finance eco-friendly projects, the report discloses.
They support sustainability and environmental goals, the report
says.  Investors buy them for their positive impact, the report
adds.

                        About Brazil

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

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).




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

GAFC SERVICES: Hires Jacqueline E. Hernandez Santiago as Counsel
----------------------------------------------------------------
GAFC Services, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Legal Office of
Jacqueline E. Hernandez Santiago, Esq. as counsel.

The firm will provide these services:

   a. advise the Debtor with respect to its duties, powers and
      responsibilities in the bankruptcy case;

   b. advise the Debtor in connection with the determination,
      whether reorganization is feasible and, if not, assist
      in the orderly liquidation of assets;

   c. assist the Debtors with respect to the negotiations with
      creditors for arranging the orderly liquidation of
      assets, and plan of reorganization;

   d. prepare on behalf of the Debtor legal papers;

   e. perform the required legal services needed by the Debtors to
      proceed or in connection with the operation of and
      involvement with is business; and

   f. perform necessary services for the benefit of the Debtor and
      the estate.

The firm will be paid at the rate of $275 per hour, and will also
be reimbursed for reasonable out-of-pocket expenses incurred.

The retainer is $15,000.

As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy
Code.

The firm can be reached at:

     Jacqueline E. Hernandez Santiago, Esq.
     LEGAL OFFICE OF JACQUELINE E.
     HERNANDEZ SANTIAGO, ESQ.
     22 Mayaguez Street
     Hato Rey, PR 00918
     Tel: (787) 766-0570

              About GAFC Services, LLC

GAFC Services, LLC in Carolina, PR, filed its voluntary petition
for Chapter 11 protection (Bankr. D.P.R. Case No. 23-02567) on
August 18, 2023, listing $2,245,501 in assets and $1,565,422 in
liabilities. Juan Carlos Arocha as president, signed the petition.

Judge Mildred Caban Flores oversees the case.

Hernandez Law Offices serves as the Debtor's legal counsel.


PUERTO RICO: Management Firms Seek Receiver to Repay Bondholders
----------------------------------------------------------------
Michelle Kaske of Bloomberg News reports that GoldenTree Asset
Management and Syncora Guarantee are seeking a court-appointed
receiver for Puerto Rico's bankrupt power utility that would repay
bondholders as island officials aim to slash the agency's debt by
75%.

The firms, which manage or insure nearly $1 billion of the
utility's bonds, filed a notice of appeal to the US Court of
Appeals for the First Circuit court in Boston after Judge Laura
Taylor Swain, who is overseeing the bankruptcy of Puerto Rico's
Electric Power Authority, last month denied their request to lift
a
stay and appoint a receiver.

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America. The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf               

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).  Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains the case web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.




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

PETROLEOS DE VENEZUELA: S&P Expects Firm to Retain Ownership
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit
ratings on CITGO Holding Inc. (Holding) and its subsidiary CITGO
Petroleum Corp. (CITGO Petroleum). The outlook is stable.

S&P also assigned its 'B+' issue-level rating on the $1.1 billion
of senior secured notes. The recovery rating is '1'.

The '1' recovery rating on CITGO Petroleum's debt indicates the
likelihood of very high (90%-100%; rounded estimate: 95%) recovery
following a default.

The stable outlook reflects S&P's expectation that Petroleos de
Venezuela (PDVSA) will retain its controlling ownership of the
CITGO enterprise, which will continue to constrain CITGO's rating.
It expects the refineries to continue to run at high utilization
and the company to maintain consolidated leverage below 1x through
2024.

CITGO Petroleum is issuing $1.1 billion of senior secured notes and
will use cash on hand to fully repay Holding approximate $1.286
billion 2024 senior secured debt maturity. CITGO Petroleum
continues to have excess liquidity and a robust cash balance
leading to low net leverage.

CITGO's structural complexity will improve with its planned
refinancing. The company is refinancing Holding's debt at CITGO
Petroleum, eliminating structurally subordinated debt and reducing
organizational complexity. CITGO Petroleum is issuing $1.1 billion
of senior secured notes and will use cash on hand at Holding to
fully repay all fixed debt at Holding. S&P said, "Consolidated debt
marginally improves but does not affect our view of credit quality
as we fully consolidate Holding's credit measures. That said, we
note that the structural complexity improves as now all debt will
be at CITGO Petroleum."

S&P said, "We believe the company's near-term debt maturities are
manageable. Once the company executes the proposed offering, its
next near-term maturity is the $1.125 billion of senior secured
notes coming due in June 2025. We believe the company is well
positioned to deal with its upcoming maturities as it has excess
liquidity of approximately $3.8 billion, including full
availability under the $500 million accounts receivable (AR)
securitization facility, as of June 30, 2023. Although the AR
facility matures in 2024, we expect it to have additional financing
in place to meet its working capital needs.

"We expect CITGO to benefit from above-average refining margins in
2023. We forecast S&P Global Ratings-adjusted EBITDA of $2.7
billion-$2.9 billion in 2023. Although this is lower than in 2022,
it still reflects an above-average refining margin environment.
Given the above-average margins, the company continues to generate
meaningful surplus cash, which we believe will continue to build
through 2023. We forecast crude refining margins to return to
midcycle levels in 2024 and forecast cash to remain at
approximately $3 billion. Our forecast assumes a gross margin per
barrel (/bbl) of approximately $11 and average utilization rates of
mid- to upper-90%. This leads us to an S&P Global Ratings-adjusted
debt to EBITDA below 1x through 2024.

"Our base case assumes indirect parent company PDVSA retains
control of the CITGO enterprise, which will continue to constrain
the rating. In 2019, PDVSA defaulted on its 8.5% senior bond due in
2020, which was secured by 50.1% of owner PDV Holding Inc.'s
ownership interest in Holding. A U.S. court date is set for October
to begin the process to auction off shares of Holding to pay
creditors with judgments against Venezuela. While new stable
ownership would likely improve the rating on CITGO, uncertainty
relating to a possible change of control in the near term remains.
Therefore, despite numerous ongoing legal proceedings with PDVSA
creditors, PDVSA's credit quality continues to constrain the rating
of CITGO. A change of control will only be triggered if PDVSA
ceases to own more than 50% of the ownership interest of CITGO
Petroleum or Holding and the rating is downgraded within 90 days.
This prevents immediate prepayment or default in a short period. We
will continue to monitor the proceedings and believe any initial
decision could be subject to further litigation.

"The stable outlook reflects our view that PDVSA will retain its
controlling ownership of CITGO, which continues to constrain the
rating. We do not believe the Venezuelan government will take any
action that harms the operational capability of CITGO's
refineries.

We expect the refineries to continue to run at high utilization and
expect the company to maintain strong liquidity, leading to
consolidated leverage below 1x through 2024."

While S&P considers it unlikely, it could lower the rating if:

-- A PDVSA bankruptcy proceeding includes Holding, such that its
   assets could be sold to cover PDVSA's debts; or

-- S&P views its capital structure to be unsustainable.

Higher ratings are unlikely given the controlling ownership by
PDVSA. S&P could, however, raise the rating possibly by multiple
notches, if CITGO is sold to a company with stronger
creditworthiness than PDVSA.




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

[*] BOND PRICING COLUMN: For the Week Sept. 11 to Sept. 15, 2023
----------------------------------------------------------------
Issuer               Cpn    Price      Maturity   Country    Curr
------               ---    -----      --------   -------    ----
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
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
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
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
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
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
Earls Eight           0.1     63.8      12/20/2031   KY        AUD
Earls Eight           2.3     75.2      05/20/2032   KY        AUD
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
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
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
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
Tencent Holdings      3.8     74.1      04/22/2051   KY        USD
Tencent Holdings      3.9     72.3      04/22/2061   KY        USD
Tencent Holdings      3.2     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
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
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
eHi Car Services      7       64.9      09/21/2026   KY        USD
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
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
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
Vista Energy          1       73        03/03/2028   AR        USD
Voyager II            3.3     74.3      03/23/2034   KY        AUD
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
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



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

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

Copyright 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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