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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 25, 2023, Vol. 24, No. 192

                           Headlines



A R G E N T I N A

ARGENTINA: Economy Shrinks for First Time in Nearly Three Years
YPF SA: Investors See Rally in Bonds Running Out of Steam


B R A Z I L

BRAZIL: Targets 40% Rail Export by 2035
BRAZIL: Tourism's Big Impact on Sao Paulo's Economy and Jobs
PARANA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
SAO PAULO: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable


C A Y M A N   I S L A N D S

EDO SUKUK: Fitch Gives 'BB' Final Rating on Senior Unsecured Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: About 60% Ownership is Not Regulated


G U A T E M A L A

ENERGUATE TRUST: Moody's Affirms 'Ba2' CFR, Outlook Stable
NAUTILUS INKIA: Moody's Raises CFR & Senior Unsecured Debt to Ba2


M E X I C O

BANCO MONEX: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
UNIFIN: Files Plan Draft to Restructure Debt


P A N A M A

BANISTMO SA: Moody's Cuts Deposit & Unsecured Debt Ratings to Ba1


P U E R T O   R I C O

CLEAN HARBORS: Egan-Jones Retains BB+ Senior Unsecured Ratings


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week Sept. 18 to Sept. 22, 2023

                           - - - - -


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

ARGENTINA: Economy Shrinks for First Time in Nearly Three Years
---------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Argentina's
economy shrank 4.9% in the second-quarter of 2023 versus the
year-ago period, the country's statistics agency said, slightly
missing analysts' forecast of a 4.8% contraction and posting the
first break in growth for years.

The result marks the first time the country's growth was in the red
since 2020. The agricultural sector registered the highest drop,
with a 40.2% decrease compared to the same period the previous
year, according to globalinsolvency.com.

The country is battling to salvage a $44 billion deal with the
International Monetary Fund (IMF) amid a steady depreciation of the
peso, negative central bank reserves and a flagging economy due to
the impact of drought on the farming sector, the report notes.

                      About Argentina

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

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

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

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.


YPF SA: Investors See Rally in Bonds Running Out of Steam
---------------------------------------------------------
Buenos Aires Times reports that a months-long rally in bonds from
Argentina's state-run oil driller YPF SA has run its course, with
investors saying it's time to sell ahead of presidential elections
in October.

Notes due in 2025 have climbed about 20 cents on the dollar in the
past year, delivering some of the best returns in emerging-markets
corporates, according to Buenos Aires Times.   The rally, combined
with a lack of clarity about the incoming administration, have made
the bonds - seen as safe havens from the country's near-constant
economic chaos - expensive, according to investors and analysts
from local shops including TPCG Valores SA and Puente Hnos. SA, the
report notes.

"Now maybe looks like a good time to sell," said Ray Zucaro, chief
investment officer at RVX Asset Management LLC in Miami, who holds
Argentina's sovereign and corporate debt, the report relays.

Paula La Greca, a corporate analyst at TPCG in Buenos Aires,
agrees. "YPF bond prices lack the fundamental support to continue
rising," she said by email, the report notes.

Outsider candidate Javier Milei - who wants to dollarise the
economy - is the frontrunner to win the upcoming presidential vote,
the report says.  He upended the race after coming ahead of
Patricia Bullrich, the main opposition coalition's candidate, and
Economy Minister Sergio Massa in an August primary, the report
discloses.

"The economic situation that the next administration will inherit,
whether that is Milei, Bullrich or Massa, is what is creating
uncertainty," said Juan Manuel Vazquez, a fixed income sales trader
at Puente, a brokerage in Buenos Aires, the report relays.  "Macro
imbalances have mounted up to a point in which there are no easy
ways out, and that's what scares investors," the report notes.

Argentina is on the brink of its sixth recession in 10 years, with
40 percent of the population living below the poverty line, the
report says. Consumer prices are surging nearly 125 percent
annually as the Central Bank runs out of reserves and Argentines
flock to US dollars to hedge against another devaluation of the
peso, the report relays.

While any of the three candidates are seen supporting further
development of the Vaca Muerta shale field, key for YPF and the
country's energy sector, whoever wins the October 22 vote will need
to slash the fiscal deficit and rebuild dwindling international
reserves in order to repay investors before large installments on
the nation's sovereign bonds come due in 2025, the report notes.

"At these prices I prefer Argentina's sovereign debt," said
Fabricio Gatti, a portfolio manager at Novus Asset Management in
Buenos Aires. "If Argentina defaults on its sovereign bonds, the
collapse in YPF's bonds will be even greater," the report
discloses.

To be sure, YPF's highly liquid notes are still offering better
yields than other state oil firms in Latin America, according to
Jaimin Patel, a senior credit analyst for Bloomberg Intelligence,
the report notes.

"YPF's seven percent notes due in 2033 have rallied since May, yet
still trade at a discount to par of more than 23 percent.  That's
almost the highest among actively traded 10-year emerging market
dollar corporates with an outstanding amount above US$500 million,"
said Jaimin Patel, Bloomberg Intelligence senior credit analyst,
the report notes.

Investors are also watching to see if Milei - a firebrand
libertarian economist who has little congressional support - will
sell the government's stake in YPF as promised, the report says.
The plan throws the future of the company into question just weeks
after a US judge ruled Argentina would have to pay US$16 billion to
investors including Burford Capital Ltd after the government's
expropriation of the company a decade earlier, the report relays.

"We've had all this noise in the US courts around the Burford case,
so people are pretty aware of what the downside risks are," said
Siby Thomas, a portfolio manager at T Rowe Price Group Inc in
Baltimore, adding that Milei may have trouble finding buyers for
the company. "The government would likely attach more value to YPF
equity than investors would," the report notes.

Vazquez also has doubts about a potential government stake sale,
the report says.

"YPF is a huge player in the Argentine energy sector, and does not
receive any explicit subsidy from the Treasury, unlike other
state-owned companies," the Puente trader said. "Why would you get
rid of a company that has such strategic importance?" 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-'.




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B R A Z I L
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BRAZIL: Targets 40% Rail Export by 2035
---------------------------------------
Richard Mann at Rio Times Online reports that Brazil aims to
increase its rail export share to 40% by 2035, a plan recently
announced by Transport Minister Renan Filho, who emphasized the
need for both public and private investment.

"Brazil needs to focus on rail, given its vast size," Filho stated.
"We're aiming to shift from the 17% to 40% in the next 13 years.
A blend of funding is required to hit this target," according to
Rio Times Online.

To attract investors, the government is crafting an enticing
infrastructure package, 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).


BRAZIL: Tourism's Big Impact on Sao Paulo's Economy and Jobs
------------------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's Federal
Budget Office revised its 2023 fiscal outlook, lowering the
projected deficit to R$ 141.4 billion (US$28.7 billion) from
R$145.4 billion (US$29.6 billion).

Accordingly, this represents 1.3% of GDP, a slight drop from 1.4%,
according to Rio Times Online.

Next, the office announced an additional budget cut, the report
notes.  They will slash R$ 600 million (US$122 million) from
discretionary expenses this time, the report relays.

This type of spending covers public operations and investments.
With this cut, total reductions have reached R$ 3.8 billion (US$772
million), 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).


PARANA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed the Brazilian State of Parana's (Parana)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB' with a Stable Rating Outlook, and its Short-Term Foreign
and Local Currency IDRs at 'B'. Fitch has also affirmed Parana's
National Long-Term and Short-Term Rating at 'AAA(bra)' and
'F1+(bra), respectively, with a Stable Outlook. Fitch assesses
Parana's standalone credit profile (SCP) at 'bbb-'.

The state's IDRs are capped by Brazil's sovereign IDR (BB/Stable).
Per criteria, Brazilian Local and Regional Governments (LRGs) do
not qualify to be rated above the sovereign due to the regulatory
framework. The federal government has strong influence over local
governments such as evidenced by the establishment of a salary
floor for teachers; pre-clearance to enter into foreign credit
operations; the recent limitation to the ICMS tax rate for fuels,
electricity and telecommunications, among others.

KEY RATING DRIVERS

Risk Profile: 'Weaker'

The assessment reflects Fitch's view that there is a high risk of
the issuer's ability to cover debt service with the operating
balance weakening unexpectedly over the scenario horizon
(2023-2027) due to lower revenue, higher expenditure or an
unexpected rise in liabilities or debt-service requirement.

Revenue Robustness: 'Midrange'

The Brazilian tax collection framework transfers to states and
municipalities a large share of the responsibility to collect
taxes. Constitutional transfers exist as a mechanism to compensate
poorer entities. For that reason, a high dependency towards
transfers is considered a weak feature for a Brazilian LRG.

The primary metric for key risk factors Revenue Robustness is the
transfers ratio (transfers to operating revenues). LRGs that report
a transfer ratio above or equal to 40% are classified as weaker,
while others with a ratio below 40% are classified as 'Midrange'.
The State of Parana reports substantial fiscal autonomy, what
drives this factor to 'midrange'. Transfers represented 24.8% of
operating revenues for the average of the 2018-2022 period.

Moreover, historically, revenue growth performed above GDP growth.
Taking the period of 2018-2022, Fitch observes CAGR of 10.8% in
nominal terms for operating revenues, compared to an average annual
nominal GDP growth of 9%.

Revenue Adjustability: 'Weaker'

Fitch considers Brazilian states and municipalities to have a low
capacity level for revenue increase in response to a downturn.
There is low affordability of additional taxation given that tax
tariffs are close to the constitutional ceiling and a small number
of tax payers represent a large share of tax collection, driving
this factor to Weaker. When faced with a negative shock over
revenue collection, Brazilian LRGs are less likely to raise tax
rates. Instead, they usually apply measures to lower tax evasion
and introduce tax refinancing programs.

The most relevant tax, the Imposto sobre a Circulacao de
Mercadorias e Servicos (ICMS -- Tax on Circulation of Goods and
Services) has a concentrated taxpayer base. According to the State
of Parana, the 10 largest taxpayers corresponded to 31% of total
ICMS tax collection in Parana in 2022, aligned with other Brazilian
states. Moreover, the National Congress recently set a limit for
ICMS tax tariffs for electricity, telecommunications and fuels,
creating further challenges for revenue adjustability.

Expenditure Sustainability: 'Midrange'

States have a mandate over the provision of health care, education
and law enforcement.

Expenditure tends to grow with revenues as a result of earmarked
revenues. States and municipalities are required to allocate a
share of revenues in health and education. This results in a
procyclical behavior in good times, as periods of high revenue
growth result in a similar behavior for expenditures. However, due
to the big weight of personal expenditures and salary rigidity,
downturns that result in lower revenues are not followed by similar
drops in expenditures.

Parana presents moderate control over expenditure growth, with
sound margins. Operating margins averaged 15.2% between 2018 and
2022. The state is current on its payroll bill and has no
significant delays for the payment of suppliers. Operating
expenditure CAGR of 6.3% between 2018 and 2022 was considerably
below the 10.8% CAGR observed for operating revenues.

Expenditure Adjustability: 'Weaker'

Brazilian local governments suffer from a fairly rigid cost
structure, driving this factor to 'Weaker'. As per the Brazilian
Constitution, there is low affordability of expenditure reduction,
especially for the payroll bill and pensions. As a result, whenever
there is an unpredictable reduction in revenues, operating
expenditure does not follow automatically.

For the State of Parana, personal expenditures corresponded to
63.2% of total expenditure in 2022. This item has very limited
flexibility for adjustments given salary rigidity and limited
ability to manage human resources or pensions. Other operating
expenditures amounted to close to 27.7% of total expenditures in
2022 and has some flexibility for adjustments, but still limited by
constitutional mandates on health and education. Lastly, capex
represented 7.3% of total expenditures in 2022 and 7.3% on average,
between 2018 and 2022. Historically, Brazilian LRGs have often
relied on investments cuts when facing a more challenging economic
scenario.

Liabilities & Liquidity Robustness: 'Weaker'

Access to new loans is restricted as Brazilian LRGs are not allowed
to access the market through bond issuances. Lenders consist mainly
of public commercial and development banks and multilateral
organizations. Often, loans are guaranteed by the federal
government, especially for foreign currency loans. For that reason,
the federal government has strict control over new lending to
LRGs.

There is a moderate national framework for debt and liquidity
management since there are prudential borrowing limits and
restrictions on loan types. Under the Fiscal Responsibility Law
(LRF) of 2000, Brazilian LRGs have to comply with indebtedness
limits. Consolidated net debt for states cannot exceed 2x (200%) of
net current revenue. The State of Parana reported a debt ratio of
10.64% as of December 2022. The LRF also sets limits for guarantees
(22% of net current revenues). Parana reported a 0.68% ratio as of
December 2022.

As of December 2022, external debt totaled BRL3.5 billion,
corresponding to 14.3% of direct debt. External debt service is
projected around BRL618 million annually for the average of
2023-2027. External debt is largely owed to multilateral
organizations and counts with federal government guarantee. Debt
directly owed to the Federal Government represented 62.8% of direct
debt in December 2022. Intergovernmental debt counts with more
favorable terms, such as debt service relief during periods of
economic distress. Such was the case during the 2020 and early
2021.

Parana has settled a liability dispute with Banco Itau related to
Banestado, which amounted to BRL 4.5 billion. The final amount was
settled at BRL1.7 billion. Moreover, the settlement led to a
smoother debt service profile. Parana was previously considering a
bullet payment to Itau towards 2029. There was a risk that the
BRL4.5 billion claim would be enrolled in judicial orders. Thus,
with the dispute settlement, the debt was refinanced into a gradual
amortizing profile, avoiding the risk of judicialization.

There is moderate off-balance sheet risk from the pension system.
The pension system is a burden for most Brazilian LRGs, especially
for states given their mandate over education and public security.
Pension payments represent a significant share of operating
expenditures. Another relevant contingent liability refers to the
payment of judicial claims, the so-called "precatorios". The
National Congress has established that subnational governments have
to fully pay for such liabilities until 2029.

Liabilities & Liquidity Flexibility: 'Midrange'

A framework exists for providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion. Fitch assesses the entity's
available liquidity to differentiate between 'Weaker' and
'Midrange' for Liabilities and Liquidity Flexibility.

One of the metrics analyzed by the Brazilian National Treasury to
LRGs borrows with federal government with guarantees (Capacidade de
Pagamento or CAPAG) is the liquidity rate, measured by the LRGs'
short-term financial obligation to net cash.

The threshold for the federal government to rate this ratio as 'A'
is 100%. Fitch has set a threshold of 100% for the average of the
last three years (2020-2022 YE) and for the last year-end results
available (December 2022) below 100%, which would result in a
'Midrange' assessment for this factor.

The State of Parana reported a three-year average liquidity ratio
of 15.6%. As of December 2022, the metric reached a strong 6.9%,
corroborating with the 'Midrange' assessment.

Debt Sustainability: 'aaa category'

Debt Sustainability is assessed at 'aaa', stable from the previous
annual review. Fitch rating case forward looking scenario indicates
that the payback ratio (net direct risk to operating balance) - the
primary metric of the debt sustainability assessment - will reach
an average of 2.8x for the 2025-2027 period, which is aligned with
a 'aaa' assessment. The actual debt service coverage ratio - the
secondary metric - is projected at 2.1x for the average of
2025-2027, aligned with an 'aa' assessment. Fiscal debt burden is
projected at 25.2% for the same period. Fitch has not applied an
override to the primary metric since the secondary metric is only
one category below.

Fitch takes into consideration, for its rating case, the state's
historical performance and projections for main macro variables,
such as nominal GDP growth and inflation. The rating case is a
stressed scenario. Operating revenues are expected to grow 4.7% on
average between 2023 and 2027. Operating expenditure growth for
2023 reflects expectations for salary adjustments after a period of
high inflation. Going forward, Fitch applies a growth rate related
to inflation plus spread, what leads to an average OPEX growth of
8.1% for the 2023-2027 period.

Fitch considers new loans disbursement to follow the schedule
informed by the government. Debt amortization and interest payment
also reflect government projections.

DERIVATION SUMMARY

Parana's SCP of 'bbb-' results from the combination of a 'Weaker'
risk profile and 'aaa' debt sustainability assessment. The SCP
factors in the state´s comparison with national and international
peers. Parana's IDRs of 'BB'/Outlook Stable are not affected by
asymmetric risks or extraordinary support, but are capped by the
sovereign rating.

KEY ASSUMPTIONS

Risk Profile: 'Weaker'

Revenue Robustness: 'Midrange'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Midrange'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Midrange'

Debt sustainability: 'aaa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Rating Cap (LT IDR): 'BB'

Rating Cap (LT LC IDR) 'BB'

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 2023-2027 projected
ratios. The key assumptions for the scenario include:

- Yoy 4.7% increase in operating revenue on average in 2023-2027,
which results of a combination of growth assumptions for taxes
(linked to inflation plus spread), transfers (linked to nominal
GDP), and other operating revenues (linked to inflation). The
rating case includes a 100 bps annual negative shock to taxes and
transfers.

- Yoy 4.9% increase in tax revenue on average in 2023-2027, which
results from a projected 2.7% nominal growth in 2023 - below
inflation - following the limitation of the ICMS tax tariff, and
projected growth of inflation plus spread for 2024-2027.

- Yoy 8.1% increase in operating expenditure on average in
2023-2027, which reflects an expectation for OPEX growth of 15.6%
in 2023 following salary increases and contract adjustments to
reflect the lagged effects of inflation, and inflation plus spread
for 2024-2027. The rating case includes a 50 bps negative shock to
OPEX growth.

- Net capital balance of - BRL4,768million on average in 2023-2027;
CAPEX is projected to sustain historical values in real terms and
to absorb excess cash generation through the projection horizon.

- Long-term debt considers new loan disbursements as projected by
the government minus amortization of non-intergovernmental debt.

- Cost of debt: 6.4% on average in 2023-2027, which reflects
government projections for debt service payments. For the rating
case, Fitch applies a 50 bps shock to apparent cost of debt.

Quantitative assumptions - Sovereign Related

The values above reflect Fitch's projections for sovereign ratings
in 2023 and with estimates for 2024-2025, respectively (weights and
changes since the last review were not included, as none of these
assumptions were material to the rating action).

Liquidity and Debt Structure

Net adjusted debt considers BRL24.4 billion of direct debt and
unrestricted cash of BRL16.1 billion as of December 2022. Fitch
estimates that close to 29.4% of debt is guaranteed by the federal
government and 62.8% consist of intergovernmental debt with the
federal government. Guaranteed debt includes BRL3.5 billion of
foreign debt contracts with multilateral organizations.

Issuer Profile

Parana is classified by Fitch as Type B LRGs, which are required to
cover debt service from their cash flow. The state is an important
commodity exporter, such as for soy, poultry and coffee, and has a
solid industrial sector with car plants, pulp and paper, food,
shale oil, among others.

RATING SENSITIVITIES

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

- A negative rating action on Brazil's IDR would lead to a negative
rating action on the State of Parana given that its ratings are
currently capped by the sovereign;

- The State of Parana's IDRs would be downgraded if its payback
ratio is projected above 5x and its actual debt service coverage
ratio is projected below 2x.

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

- A positive rating action on Brazil's IDR would lead to a positive
rating action on the State of Parana given that its ratings are
currently capped by the sovereign.

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
   -----------               ------               -----
Parana, State of   LT IDR     BB       Affirmed    BB
                   ST IDR     B        Affirmed    B
                   LC LT IDR  BB       Affirmed    BB
                   LC ST IDR  B        Affirmed    B
                   Natl LT    AAA(bra) Affirmed    AAA(bra)
                   Natl ST    F1+(bra) Affirmed    F1+(bra)


SAO PAULO: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Municipality of Sao Paulo's
Long-Term Foreign Currency and Local Currency Issuer Default
Ratings (IDRs) at 'BB'. The Rating Outlook is Stable. Fitch has
also affirmed Sao Paulo's Short-Term Foreign Currency and Local
Currency IDRs at 'B', its National Long-Term rating at 'AAA(bra)',
and its National Short-Term Rating at 'F1+(bra)'. Fitch assess Sao
Paulo's Standalone Credit Profile (SCP) at 'a-'.

The municipality's IDRs are capped by Brazil´s sovereign IDR
(BB/Stable). Per criteria, Brazilian local and regional governments
(LRGs) do not qualify to be rated above the sovereign due to the
regulatory framework. The Federal Government has strong influence
over local governments such as evidenced by the establishment of a
salary floor for teachers; pre-clearance to enter into foreign
credit operations; the recent limitation to the ICMS tax rate for
fuels, electricity and telecommunications, which affected transfers
from states to municipalities, among others. Sao Paulo SCP of 'a-'
is supported by its low debt level and adequate pace of new loans
disbursement and cost, besides the municipality´s sound operating
margins.

KEY RATING DRIVERS

Risk Profile: 'Low Midrange'

The assessment reflects Fitch's view that there is a moderately
high risk of the issuer's ability to cover debt service with the
operating balance weakening unexpectedly over the 2022-2026
scenario horizon due to lower revenue, higher expenditure or an
unexpected rise in liabilities or debt-service requirements.

Revenue Robustness: 'Midrange'

The Brazilian tax collection framework transfers to states and
municipalities a large share of the responsibility to collect
taxes. Constitutional transfers exist as a mechanism to compensate
poorer entities. For that reason, Fitch views high dependency on
transfers as a weak feature for Brazilian LRGs.

The primary metric for Revenue Robustness is the transfers ratio,
defined as transfers to operating revenues. Fitch classifies LRGs
that report a transfer ratio above or equal to 40% as 'Weaker' and
those with a ratio below 40% as 'Midrange'. Sao Paulo reports
moderate fiscal autonomy, which supports a 'Midrange' assessment.
Transfers represented 28.3% of operating revenue for the average of
2018-2022.

Historically, revenue growth performed above GDP growth. In
2018-2022, CAGR was 13.5% in nominal terms for operating revenue,
compared with average annual GDP growth of 9%. Fitch expects future
revenue performance to align with GDP.

Revenue Adjustability: 'Weaker'

Brazilian states and municipalities have a low capacity for revenue
increases in response to a downturn. There is low affordability of
additional taxation given that tax tariffs are close to the
constitutional national ceiling and a small number of taxpayers
represent a large share of tax collection, driving this factor to
'Weaker'.

The most important municipal tax is the ISS tax on services, which
represented 54.7% of tax revenues in 2022. The top-10 ISS tax
payers represented 17.6% of ISS tax collection in 2022 and are from
the financial, digital services and technology sectors. The second
most important tax is the IPTU, a tax on real-estate property,
which corresponded to 29.9% of tax collections.

Expenditure Sustainability: 'Midrange'

Municipal responsibilities are moderately countercyclical since
they are primarily concerned with the provision of basic healthcare
and elementary education.

Expenditure tends to grow with revenues as a result of earmarked
revenues. States and municipalities are required to allocate a
share of revenues in health and education. This results in a
procyclical behavior in good times, as periods of high revenue
growth result in a similar behavior for expenditures. However, due
to the big weight of personal expenditures and salary rigidity,
downturns that result in lower revenues are not followed by similar
drops in expenditures.

Sao Paulo presents sound control over expenditure growth, with
sound margins. Operating margins averaged 12.1% between 2018 and
2022. The municipality is current on its payroll bill and has no
significant delays for the payment of suppliers. Operating
expenditure CAGR reached 12.7% between 2018 and 2022, slightly
below the 13.5% CAGR observed for operating revenues.

Expenditure Adjustability: 'Weaker'

Brazilian local governments suffer from a fairly rigid cost
structure, driving this factor to 'Weaker'. As per the Brazilian
Constitution, there is low affordability of expenditure reduction,
especially for the payroll bill and pensions. As a result, whenever
there is an unpredictable reduction in revenues, operating
expenditure does not follow automatically.

For the Municipality, personal expenditures corresponded to 38.9%
of total expenditure in 2022. This item has very limited
flexibility for adjustments given salary rigidity and limited
ability to manage human resources or pensions. Other operating
expenditures amounted to close to 53% of total expenditures in 2022
and has some flexibility for adjustments, but still limited by
constitutional mandates on health and education. Lastly, Capex
represented 8% of total expenditures in 2022 and 4.9%, on average,
between 2018 and 2022. Historically, Brazilian LRGs have often
relied on investments cuts when facing a more challenging economic
scenario.

Liabilities & Liquidity Robustness: 'Midrange'

The Brazilian credit market for subnational government is rather
limited and highly controlled by the federal government. Often,
LRGs will opt for new loans with federal guarantees, which are only
granted to subnationals rated 'A' or 'B' under the National
Treasury CAPAG, a Criteria that assesses three indicators
(indebtedness, current savings and liquidity). Within this limited
market, Fitch understands that Sao Paulo has relative easier access
to new loans given the strength of its economy and sound public
finances.

There is a moderate national framework for debt and liquidity
management since there are prudential borrowing limits and
restrictions on loan types. Sao Paulo does not present maturity
concentration and has moderate market access.

As of December 2022, external debt totaled BRL568.3million, with no
relevant maturity concentration. Fitch expects external debt to
increase significantly as São Paulo enters into new lending
transactions with multilateral agencies. External loans must be
approved by the federal government and count with federal
guarantee. The municipality has virtually no direct debt towards
the federal government following the write-off of August 2022.

Under the Fiscal Responsibility Law (LRF) of 2000, Brazilian LRGs
have to comply with indebtedness limits. Consolidated net debt for
municipalities cannot exceed 1.2x (120%) of net current revenue.
The Municipality of São Paulo reported a negative debt ratio of
10.81% as of December 2022, according to national treasury
calculation, reflecting unrestricted cash higher than direct debt.
The LRF also sets limits for guarantees (for municipalities, 22% of
net current revenues). Sao Paulo reported no guarantees as of
2022.

There is some off-balance sheet risk coming from the pension system
for Municipality of Sao Paulo, which is low when compared to
Brazilian states, given that municipalities do not carry the burden
of pensions related to public security. The municipality transfers
additional resources annually to cover for the pension deficit.
Another relevant contingent liability refers to the payment of
judicial claims, the so-called "precatorios". The national congress
has determined that subnational governments must fully amortize
such liabilities until 2029.

Liabilities & Liquidity Flexibility: 'Midrange'

A framework exists for providing emergency liquidity support from
the federal government via the granting of extended maturity over
the prevalent federal debt portion. Fitch assesses the entity's
available liquidity to differentiate between 'Weaker' and
'Midrange' for Liabilities and Liquidity Flexibility.

One of the metrics analyzed by the Brazilian National Treasury to
LRGs borrows with Federal Government with guarantees (Capacidade de
Pagamento or CAPAG) is the liquidity rate, measured by the LRGs'
short-term financial obligation to net cash.

The threshold for the Federal Government to rate this ratio as 'A'
is 100%. Fitch has set a threshold of 100% for the average of the
last three years (2020-2022 YE) and for the last YE results
available (December 2022) below 100%, which would result in a
'Midrange' assessment for this factor.

The Municipality of Sao Paulo reported a three-year average
liquidity ratio of 16.4%. As of December 2022, the metric reached
21.6%, corroborating with the 'Midrange' assessment.

Debt Sustainability: 'aaa category'

Fitch's rating case forward-looking scenario indicates that the
payback ratio, measured as net direct risk to operating balance,
the primary metric of a Debt Sustainability assessment, will reach
an average of 0.8x in 2025-2027, aligned with the 'aaa' category.
Actual debt service coverage ratio, the secondary metric, is
projected at 3.2x on average for 2025-2027, within 'aa' assessment.
Fiscal debt burden is projected at 3.2% for the period.

The municipality of Sao Paulo went through a sizable debt reduction
during 2022 following the write-off of debt owed to the federal
government. Direct debt decreased from BRL25.8 billion in December
2021 to BRL1.3 billion in December 2023, resulting on a significant
improvement of debt metrics under Fitch rating case. Projections
consider new debt as informed by the municipality. The actual
disbursement of new loans will depend on the speed of Sao Paulo´s
CAPEX program implementation, which is projected to average around
BRL14 billion annually between 2023-2027, compared with a BRL3.2
billion in the 2018-2022 period.

DERIVATION SUMMARY

Sao Paulo's ratings reflect the combination of a 'Low Midrange'
risk profile and 'aaa' debt sustainability assessment under Fitch
rating case scenario. The 'a-' SCP and factors in the comparison
with national and international peers. Sao Paulo's 'BB' IDRs are
capped by the sovereign ratings.

KEY ASSUMPTIONS

Risk Profile: 'Low Midrange'

Revenue Robustness: 'Midrange'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Midrange'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Midrange'

Liabilities and Liquidity Flexibility: 'Midrange'

Debt sustainability: 'aaa'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Asymmetric Risk: 'N/A'

Rating Cap (LT IDR): 'BB'

Rating Cap (LT LC IDR) 'BB'

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 2016-2020 figures and 2021-2025 projected
ratios. The key assumptions for the scenario include:

- YoY 5.7% increase in operating revenue on average in 2023-2027,
which results of a combination of growth assumptions for taxes
(linked to inflation plus spread), transfers (linked to nominal GDP
for 2024-2027, but pressured by the ICMS tax tariff ceiling in
2023), and other operating revenues (as projected by the
government). The rating case includes a 100bps annual negative
shock to taxes and transfers;

- YoY 5.8% increase in tax revenue on average in 2023-2027,
projected to grow with inflation plus spread;

- YoY 6.3% increase in operating expenditure on average in
2023-2027, which considers a high growth of 11.5% in 2023 as
projected by the government, reflecting OPEX adjustment to the
accumulated inflation in recent years. For the period of 2024-2027,
OPEX will grow aligned with inflation plus spread;

- Net capital balance of -- BRL 10,905 million on average in
2023-2027, reflecting government projections for CAPEX. The
sizeable debt write-off of August 2022 is expected to translate
into a significant increase in CAPEX;

- Long-term debt considers new loans disbursements as projected by
the government.

- Cost of debt: 7% on average in 2023-2027, reflecting government
projections for debt service payments and average debt cost of new
loans. For the rating case, Fitch applies a 50bps shock to apparent
cost of debt.

Quantitative assumptions - Sovereign Related

The values above reflect Fitch's projections for sovereign ratings
in 2023 and with estimates for 2024-2025, respectively (weights and
changes since the last review were not included, as none of these
assumptions were material to the rating action).

Liquidity and Debt Structure

Direct debt decreased considerably from BRL25.8 billion in December
2021 to BRL1.3 billion in 2022 following the write-off of debt owed
to the federal government. Until recently, intergovernmental debt
corresponded to approximately 95% of Sao Paolo's direct debt. This
debt has now been fully amortized as compensation granted by the
federal government to the Municipality of Sao Paulo due to the
judicial process that transferred the property of the Airport
"Campo de Marte" to the federal government. The transaction had no
cash impact for the municipality.

Sao Paulo has a history of strong liquidity, with an 'A' liquidity
score under the National Treasury CAPAG for the last three years.
Fitch expects the municipality to report negative net direct debt
in the short term given the sizable reduction in direct debt and
unrestricted cash of BRL16.8 billion by the end of 2022.

Issuer Profile

Fitch classifies the city of Sao Paulo, Brazil as a Type B LRG,
which is required to cover debt service with cash flows on an
annual basis. Sao Paulo acts as the economic and financial capital
of the country and is host to a relatively skilled population with
well-developed logistics and infrastructure. The economy represents
around 9.8% of Brazilian GDP.

RATING SENSITIVITIES

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

- A negative rating action on Brazil's IDR would lead to a negative
rating action on the Municipality of Sao Paulo given that its
ratings are currently capped by the sovereign;

- The Municipality of Sao Paulo's IDRs would be downgraded if its
payback ratio is projected above 9x and its actual debt service
coverage ratio is projected below 1.5x, which Fitch views as
unlikely.

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

- A positive rating action on Brazil's IDR would lead to a positive
rating action on the Municipality of Sao Paulo given that its
ratings are currently capped by the sovereign.

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
   -----------              ------               -----
Sao Paulo,
Municipality of   LT IDR     BB        Affirmed    BB
                  ST IDR     B         Affirmed    B
                  LC LT IDR  BB        Affirmed    BB
                  LC ST IDR  B         Affirmed    B
                  Natl LT    AAA(bra)  Affirmed    AAA(bra)
                  Natl ST    F1+(bra)  Affirmed    F1+(bra)  




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

EDO SUKUK: Fitch Gives 'BB' Final Rating on Senior Unsecured Notes
------------------------------------------------------------------
Fitch Ratings has assigned Energy Development Oman SAOC's (EDO,
BB/Positive) trust certificate issuance programme a final rating of
'BB'. The programme is issued on behalf of EDO Gas SPC via the
special-purpose vehicle EDO Sukuk Limited and guaranteed by EDO,
which is the sole owner of EDO Gas. The programme's rating is in
line with EDO's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating of 'BB'. The Recovery Rating is 'RR4'.

EDO Sukuk Limited is also the trustee of the programme and an
exempted company with limited liability incorporated in the Cayman
Islands and has been incorporated solely for the purpose of
participating in the transactions contemplated by the transaction
documents to which it is a party and its shares are held by
MaplesFS Limited as share trustee. EDO Gas is the obligor, seller,
lessee, buyer and servicing agent and EDO guarantees EDO Gas's
payment obligations under the trust certificate issuance
programme.

KEY RATING DRIVERS

The trust certificate issuance programme's rating is aligned with
that of the ultimate parent and guarantor's IDR. This reflects
Fitch's view that default of these senior unsecured obligations
would reflect the default of EDO in accordance with the agency's
rating definitions. Fitch has given no consideration to any
underlying assets or any collateral provided, as Fitch believes the
trustee's ability to satisfy payments due on the certificates
ultimately depends on EDO Gas satisfying its unsecured payment
obligations to the trustee under the transaction documents
described in the base offering circular.

In addition to EDO Gas's propensity to ensure repayment of the
trust certificates, in Fitch's view, EDO Gas is required to ensure
full and timely repayment of EDO Sukuk Limited's obligations, due
to EDO Gas's various roles and obligations under the sukuk
structure and documentation, especially but not limited to the
below features:

- Pursuant to the master lease agreement, master murabaha agreement
and the servicing agency agreement, the rental due on a rental
payment date, will be an amount equal to the periodic distribution
amount, less any murabaha profit instalment, which when taken
together with such murabaha profit instalment will be sufficient to
fund the periodic distribution amounts payable by the trustee in
respect of the relevant trust certificates

- On any dissolution or default event, the aggregate amounts of
deferred sale price then outstanding will become immediately due
and payable; and the trustee will have the right under the purchase
undertaking to require EDO Gas to purchase all of its rights,
title, interest, benefit and entitlement, present and future, in to
and under the relevant lease assets at the exercise price

- The exercise price payable by EDO Gas under the purchase
undertaking to the trustee, together with the aggregate amount of
the deferred sale price then outstanding, if any, are intended to
fund the dissolution amount payable by the trustee under the trust
certificates. The dissolution amount should equal the sum of the
outstanding face amount of such trust certificate; and any due and
unpaid periodic distribution amounts for such certificates, or such
other amount specified in the applicable pricing supplement

- On the occurrence of a total loss event or partial loss event, if
there is a shortfall from the insurance proceeds, EDO Gas
undertakes to pay the loss shortfall amount directly into the
transaction account. If the servicing agent is not in compliance
with the obligation to insure the assets against total loss or
partial loss events, it shall immediately deliver written notice to
the trustee and the delegate of such non-compliance and the details
thereof, and this will constitute a company event

- The payment obligations of EDO Gas under the servicing agency
agreement, purchase undertaking, master lease agreement, and the
master murabaha agreement are direct, unconditional,
unsubordinated, and unsecured obligations, and at all times will
rank at least equally with all other present and future unsecured
and unsubordinated obligations of EDO Gas from time to time
outstanding. Furthermore, EDO guarantees EDO Gas's payment
obligations under the programme on a senior unsecured basis thus
ranking them equally with EDO's existing debt obligations

- Additionally, EDO has agreed to unconditionally and irrevocably
guarantee the due and punctual performance by EDO Gas of all of its
payment obligations under the transaction documents to which the
obligor is a party. To the extent that EDO Gas does not pay any sum
payable by it under the transaction documents by the time and on
the date specified for such payment, the guarantor will pay that
sum as directed. The obligations of the guarantor under the
guarantee will be direct, unconditional, unsubordinated and
unsecured obligations, which at all times rank at least equally
with all other present and future unsecured and unsubordinated
obligations of the guarantor from time to time outstanding

- The sukuk documentation includes an obligation on EDO Gas to
ensure that at all times, the tangible asset ratio - defined as
total value of the lease assets/aggregate value of the lease assets
and the deferred sale price outstanding - is more than 50%. Failure
of EDO Gas to comply with this obligation will not constitute an
obligor event. If the tangible asset ratio falls below 33%
(tangibility event), the certificate holders will have the option
to require the redemption of all or any of their trust certificates
at the dissolution amount and the trust certificates will be
delisted. In this event, there would be implications for the
tradability and listing of the trust certificates

- Fitch expects the tangibility ratio will be above 50% through the
life of any trust certificates issued under the programme. The
obligor will have a large base of unencumbered tangible assets, of
which a material portion comprises moveable assets that will be
initially earmarked for the programme but immoveable assets may
also be deemed eligible later on, if needed. As such, the asset
base of EDO Gas is sufficiently strong to support the trust
certificate programme

- In the unlikely event of EDO Gas having insufficient headroom,
Fitch expects support from EDO owing to the senior unsecured
guarantee it provides. Therefore the sukuk rating is equalised with
that of the ultimate parent. As of end-2022, EDO had OMR87.7
million (USD227.8 million) of cash on its balance sheet and as of
early 2023 had an undrawn OMR150 million (USD389.6 million)
revolving credit facility. This, alongside with strong cash flow
available to creditors, provides adequate liquidity support for the
trust certificate issuance programme

- The terms of the trust certificates include a negative pledge
provision, company event, change-of-control clause, restrictive
covenants with respect to the trustee, and a cross-acceleration
clause. Certain transaction documents are governed by English law,
while others are governed by Omani law. Fitch does not express an
opinion on whether the relevant transaction documents are
enforceable under any applicable law. However, Fitch's rating on
the trust certificates reflects the agency's belief that EDO Gas
would stand behind its obligations. Fitch does not express an
opinion on the trust certificates' compliance with sharia
principles when assigning ratings to the trust certificates.

DERIVATION SUMMARY

The programme's ratings are derived from the guarantor's Long-Term
IDR.

KEY ASSUMPTIONS

The programme is issued on behalf of EDO Gas SPC via the
special-purpose vehicle EDO Sukuk Limited and guaranteed by EDO,
which is the sole owner of EDO Gas.

RATING SENSITIVITIES

EDO Sukuk Limited

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

- An upgrade of EDO's IDR would lead to similar action on the
programme's rating

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade:

- A downgrade of EDO's IDR would lead to similar action on the
programme's rating. The programme's rating may also be sensitive to
adverse changes to the roles and obligations of EDO Gas and EDO
under the trust certificates' structure and documents

EDO

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

- Positive rating action on Oman would be mirrored on EDO's rating

- The 'bbb+' Standalone Credit Profile (SCP) is capped by
limitations of the company's business profile

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

- EDO's rating is on Positive Outlook, therefore, Fitch does not
expect negative rating action at least in the short term. However,
the Outlook revision to Stable on Oman will be replicated for EDO.

- Negative rating action on Oman would be mirrored on EDO's rating

- Weakening linkages between Oman and EDO (which Fitch's believe is
unlikely), coupled with significant deterioration of the latter's
SCP

- Funds from operations gross leverage and/or EBITDA net leverage
rising above 1.5x on a sustained basis due to, for example,
sustained negative free cash flow (FCF) driven by high capex or
large acquisitions, which may be negative for the SCP but not
necessarily for the IDR

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of end-2022 EDO had cash and cash equivalents
of USD228 million. Together with the USD390 million undrawn
revolving credit facilities obtained in early 2023 EDO has
sufficient liquidity to cover two-year debt maturities of USD428
million. Fitch expects EDO to maintain a robust liquidity profile
given its strong pre-dividend FCF, proven access to international
debt markets and strong linkage with the sovereign. Fitch expects
EDO's flexible dividend policy will allow for liquidity
preservation during periods of restricted capital-market access
and/or lower prices.

ISSUER PROFILE

EDO is Oman's national energy company and the EDO Group owns
participating interests in two concessions, accounting for
approximately 65% of Oman's oil and gas production.

EDO Gas SPC is a newly formed, wholly-owned subsidiary of EDO to
which the entirety of EDO's gas concession was transferred
alongside all related contractual obligations, undertakings, and
related tangible and intangible assets.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EDO's Long-Term IDR is constrained by the rating of its sole
shareholder, the government of Oman (BB/Positive).

The rating of the trust certificate issuance programme is in line
with EDO's Long-Term IDR and senior unsecured rating.

   Entity/Debt            Rating        Recovery     Prior
   -----------            ------        --------     -----
EDO Sukuk Limited

   senior
   unsecured          LT BB  New Rating    RR4     BB(EXP)



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

DOMINICAN REPUBLIC: About 60% Ownership is Not Regulated
--------------------------------------------------------
Dominican Today reports that about 60% of the country's properties
are not formally regularized or titled because the informality of
property is a historical evil that dates back more than 60 years,
said Hector Perez Mirambeaux, general director of the National
Cadastre (DGCN).

To face this problem, the DGCN, the Ministry of Finance, and the
Inter-American Development Bank (IDB) launched the Project for the
Development and Implementation of the Geographic Information System
to strengthen cadastral information and improve access to services
for the population, according to Dominican Today.

Perez Mirambeaux affirmed that they hope that with this program and
other initiatives, this stage of deficiency in the ownership of
private properties will be overcome, the report notes.

The system seeks to strengthen the process of land registration and
titling while having a more reliable real estate inventory,
allowing the application of valuation techniques that will
positively impact revenue management and strengthen the cash
availability of the treasury, the report discloses.

The Vice-Minister of the Treasury, Derby de los Santos, said that
by having a better capacity to know the cadastral information of
the country, the State could simultaneously increase its revenue
collection capacity, the report says.

He emphasized that the investment to create this system is a loan
of more than US$500,000 from the IDB, the report notes.

On the other hand, Ariel Zaltsman, IDB's leading specialist in tax
management, explained that this system is part of the Program to
Improve the Efficiency of Tax Administration and Public Expenditure
Management, the report relays.  As part of this program, the design
of the georeferencing application in an open-source tool and the
acquisition of a georeferencing tool and computer equipment have
been financed so far, the report adds.

                   About Dominican Republic

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

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

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

On August 14, 2023, the TCR-LA reported that Moody's Investors
Service changed the outlook on the Government of Dominican
Republic's ratings to positive from stable and affirmed the local
and foreign-currency long-term issuer and senior unsecured ratings
at Ba3.  Moody's said the key drivers for the outlook change to
positive are: (i) sustained high growth rates have enhanced the
scale and wealthclevels of the economy; and (ii) a material decline
in the government debt burden coupled with improved fiscal policy
effectiveness will support medium-term debt sustainability.  The
affirmation of the Ba3 ratings balances the Dominican Republic's
strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.

In September 2023, S&P Global Ratings assigned its 'BB' issue
rating to the Dominican Republic's 11.25% Dominican peso (DOP)
linked bond for DOP71 billion (equivalent to US$1.25 billion)
maturing in 2035. The rating on the bond is the same as the
long-term local currency sovereign credit rating on the Dominican
Republic (BB/Stable/B).  The country used about 57% of the
DOP-linked bond to roll over a peso-denominated bond maturing in
2026, and will use the rest of the proceeds for general budgetary
purposes.

Fitch Ratings, in December 2022, affirmed the Dominican Republic's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Rating Outlook.




=================
G U A T E M A L A
=================

ENERGUATE TRUST: Moody's Affirms 'Ba2' CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has affirmed Energuates' Ba2 corporate
family rating and Backed senior unsecured notes' rating. The
outlook is stable.

RATINGS RATIONALE

The rating's affirmation follows I-Squared announcement that it has
sold its shareholding interest in the company to Threelands Energy
Ltd. The ratings affirmation takes into consideration that the
acquisition by the new owner was cash fund by equal participation
of the three new partners in the acquiring entity, without any
additional debt raised at the operating company level.

The ratings' affirmation anticipates that the change in ownership
will not introduce material changes in Energuate's financial
policy, capital structure or in the management's team currently in
place. The affirmation also considers that Energuate's consolidated
credit metrics (which as per Moody's calculations take into account
the debt incurred at the level of the direct parent Estrella
Cooperatief B.A.) will continue to be supportive of the assigned
ratings.

This acquisition has been executed through a Special Purpose
Vehicle (Threelands Energy Ltd), integrated by three partners in
equal parts each. The acquisition funds were provided through
equity from the sponsors, without requiring additional leverage at
the acquired company level and maintains the current capital
structure of the combined acquisition targets, including Energuate,
Estrella Cooperatief B.A. and Inkia Guatemala Holdings Ltd.

Threelands Energy is adopting a long-term strategic approach, with
no expectations to exit or divest its new holdings in the short to
medium term. Furthermore, Threelands Energy intends to work
alongside Energuate's current management team to ensure continuity
of the existing business plan with the aim to maintain operational
performance and growth strategy in line with historical trends.
This includes making investments to expand the electric grid,
improve collections and reduce energy losses in its service areas.
The dividend policy will also remain compliant with Energuate's
existing distribution covenants and limitations, as defined in its
debt agreements.

Energuate Trust has a manageable debt profile that includes $330
million senior unsecured notes due in 2027 that is unconditionally
and irrevocably guaranteed by its two Guatemalan utilities, namely
Distribuidora de Electricidad de Occidente SA (DEOCSA) and
Distribuidora de Electricidad de Oriente, SA (DEORSA), and
approximately $330 million of loans with diverse principal
payments. Moody's credit view of Energuate Trust also takes into
account the $175 million senior unsecured debt at the level of
Estrella, which is primarily to be serviced with dividends from the
Energuate Trust.

Rating Outlook

The stable rating outlook reflects Moody's assumption that the
combined consolidated financial metrics will remain supportive of
the utilities' credit profile. Specifically, Moody's expect
consolidated CFO pre-WC/debt to comfortably exceed 10% and positive
retained cash flow (CFO pre-WC/debt) on a sustained basis. The
stable outlook also factors in the utilities' liquidity framework
and the debt incurrence test embedded in the financing documents,
namely consolidated net debt/EBITDA of below 4.0x and an interest
coverage ratio of 2.0x.

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

Negative pressure on the rating would emerge if, the owner's
financial policy becomes more aggressive than anticipated and
credit metrics become weaker than Moody's current expectations.
Specifically, if combined consolidated leverage increases beyond 4
times (net debt to EBITDA) or if consolidated CFO pre-WC/debt or
the interest coverage ratio (CFO pre-WC+Interest/Interest) remain
below 10% and 2.5x, respectively, on a sustained basis.

A downgrade of Guatemala's sovereign rating, a deterioration in the
utilities' relationship with the Guatemalan authority or in the
credit supportiveness of the regulatory framework could also
increase the pressure for a rating downgrade. Negative rating
pressure would follow a less credit-supportive tariff review
outcome (October 2024) that diminishes the company's current
allowed rate of return of 7% after tax or an inconsistent
application of regulatory mechanisms that is detrimental to the
utilities' credit quality.

Positive rating pressure is limited, given the utilities' size and
the challenges in their service territory. However, a significant
improvement in key credit metrics could result in an upgrade.
Specifically, if combined CFO pre-WC/debt and combined retained
cash flow (RCF)/debt exceed 22% and 17%, respectively, along with
an improvement in the company's combined consolidated leverage as
measured by a debt to capitalization ratio below 75%, all on a
sustained basis.

Profile

Through two corporate entities, DEOCSA and DEORSA, Energuate is one
of the largest energy distributors in Guatemala and the largest
distribution company in Central America measured by population
served.  Currently operates in 20 of Guatemala's 22 departments,
distributing energy to a service area of 101,914 km2 with
approximately 12 million inhabitants, which represent approximately
72% of Guatemala's population.  As of March 31, 2023 the company
services to more than 2.31 million regulated customers. The company
holds government authorizations to provide energy distribution
services within the service area until 2048.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.


NAUTILUS INKIA: Moody's Raises CFR & Senior Unsecured Debt to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded Nautilus Inkia Holdings
SCS's (Inkia) senior unsecured and corporate family ratings to Ba2
from Ba3. The ratings' outlook is stable.

This rating action follows the group's announcement that it has
sold the group's electricity distribution business in Guatemala,
and therefore a governance consideration.

RATINGS RATIONALE

The ratings upgrade incorporates Moody's view that, after the sale,
Inkia's business risk profile will improve as it will largely
depend on the cash up streamed from its remaining and most
significant subsidiary, Kallpa Generacion S.A. (Kallpa, Baa3
stable), which operates in Peru (Government of Peru, Baa1
negative), a market that has been relatively more stable and
predictable than in Guatemala (Government of Guatemala Ba1,
stable). While the asset's sale also reduces Inkia's size and
diversification, pro-forma consolidated credit metrics of the
remaining entity that include Kallpa and Inkia's holding company
debt are supportive of the rating upgrade.

On September 11, Inkia's ultimate parent I Squared capital
announced the sale of its entire holdings on Energuate Trust
(Energuate Ba2), Estrella Cooperatief B.A. and Inkia Guatemala
Holdings Ltd to Threelands Energy Ltd. While the transaction price
has not been publicly disclosed, the payment will be made in cash.
Under the terms of the notes, Inkia has a 30-month window to use an
amount  equal to the net cash proceeds to either repay any of its
senior indebtedness or reinvest the proceeds for expansion capex
projects or acquisitions. If 30 months after the sale there are any
remaining net proceeds, the company will make an offer to purchase
notes, at a purchase price equal to 100% of the principal amount
outstanding, plus accrued and unpaid interest.

Inkia's debt consists of the $218 million outstanding notes that
are scheduled to mature in 2027, amid limited capital investment
requirements. After the two tenders performed in 2022, Moody's
calculate that the annual interest payments under the notes
approximate $13 million, funded comfortably with the subsidiaries'
up streamed cash from Kallpa, which Moody's estimate of above $150
million per year.

Kallpa's key credit metrics on a standalone basis are expected to
improve from current levels due to better market conditions in
conditions in Peru, as evidenced by a consolidated CFO pre-WC/debt
ratio of above 20% in the next three years. These ratios are well
positioned for Kallpa's investment grade rating, which requires
maintenance of a minimum CFO pre-WC/debt ratio of 18%, even when
incorporating Inkia's outstanding debt primarily serviced by
Kallpa's dividends. Inkia's Ba2 rating considers structural
subordination considerations for the debt at Inkia's level, as well
as the expectations of continued high distributions to the ultimate
shareholders I-Squared temper Inkia's rating.

Inkia's governance risk (G-4 IPS) mainly reflects the company's
aggressive financial policies and a complex organizational
structure as well as the structural subordination of the notes.

Inkia's CIS-3 credit impact score (CIS- 3) reflects that its ESG
attributes are overall considered as having a limited impact on the
current rating, with greater potential for future negative impact
over time.

The stable outlook assumes that the credit quality of Inkia's will
remain supported by Kallpa's improving operating performance.
Specifically, the stable outlook considers that the Inkia's
consolidated ratio of CFO pre-W/C to debt will consistently exceed
10%. It also assumes I Squared Capital's and management's corporate
finance decisions, including cash distributions, will continue to
balance shareholder friendly policies with Inkia's credit quality.

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

An upgrade of Inkia's ratings could occur upon the materialization
of the improvement in Kallpa's consolidated credit metrics, such
that Inkia's consolidated CFO pre-W/C to debt consistently exceeds
14%.

Given the recent upgrade, negative pressure on Inkia's ratings is
unlikely. However, a deterioration in its key subsidiaries' credit
quality, particularly a downgrade of Kallpa's rating, would create
negative pressure on the ratings. A material step-up in the holding
company debt that increases Moody's structural subordination
considerations would also add negative pressure on the ratings.
Quantitatively, a rating downgrade would be considered if the
consolidated CFO pre-W/C to debt remains below 10%, on a
sustainable basis.

PROFILE

The three co-issuers under Inkia's senior unsecured notes are:
Nautilus Inkia Holdings SCS (Inkia), indirect parent of Kallpa,
Nautilus Isthmus Holdings LLC (Nautilus Isthmus), indirect parent
of the group's interests in Chile and Nautilus Distribution
Holdings LLC (Nautilus Distribution) that after the sale of its
distribution business in Guatemala mainly holds the interest in the
Bolivian utility COBEE. The three co-issuers agreed to
unconditionally undertake, on a joint and several basis, all
obligations associated with the outstanding debt and they bound by
the applicable provisions under the indenture of the senior
unsecured notes due in 2027 ($218 million outstanding).

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.




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

BANCO MONEX: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Banco Monex, S.A., Institucion de Banca
Multiple, Grupo Financiero Monex's (Banco Monex) Long- and
Short-Term Foreign and Local Currency Issuer Default Ratings (IDR)
at 'BB+' and 'B', respectively, its Viability Rating (VR) at 'bb+',
and its Government Support Rating (GSR) at 'no support' (ns). The
Rating Outlooks for the LT IDRs are Stable.

At the same time, Fitch has revised the Rating Outlook for the
Long-Term National Ratings to Positive from Stable of Banco Monex,
Monex Casa de Bolsa, S.A. de C.V., Grupo Financiero Monex (Monex
CB) and Monex, S.A.P.I. de C.V. (Monex) and affirmed the Long- and
Short-Term National Scale ratings at 'AA-(mex)'/'F1+(mex)'.

The Positive Outlook on Banco Monex's LT National Rating reflects
Fitch's view of the strengthening of the bank's creditworthiness
relative to other issuers in Mexico, as it has sustained above
average profitability relative to local peers, which has supported
good capital metrics that help to offset the bank's concentrated
business model risks. The Rating Outlooks on the long-term ratings
of Banco Monex's affiliates have also been revised to Positive from
Stable, in line with Banco Monex.

KEY RATING DRIVERS

Banco Monex's VR, IDRs and National Ratings

Consolidated Business Model: Banco Monex's IDRs and National
ratings are driven by its intrinsic creditworthiness as determined
by its VR of 'bb+', which is one notch above its implied VR of 'bb'
due to the bank's strong local market position in FX wholesale
trading. The VR reflects the bank's good credit profile underpinned
by a consolidated business model and consistent earnings aided by
its leadership in FX trading and traditional credit risk exposure
that is lower than its peers. Banco Monex's total operating income
was USD345 million for the average of 2022-2019, well above other
FX banks and some mid-sized banks in the country.

FX Market Leadership: Banco Monex is specialized in FX wholesale
trading on behalf of customers in the spot and futures market.
However, the bank's market position for deposits and gross loans is
moderate. Banco Monex has been consistently a market leader in net
gains on FX forward and spot trading across the cycle. As of June
2023 (2Q23), it was the third largest bank in the Mexican FX
segment, with a market share of 9.6% according to local regulator
information.

Adequate Asset Quality: Banco Monex's asset quality assessment
considers its controlled NPL ratio consistently below 2%, ample
loan loss allowances to cushion expected credit losses and
reductions in borrower concentrations. Fitch also considers the
bank's high proportion of liquid assets with good credit quality.
As of 2Q23, cash & equivalents and investment securities portfolio
comprised 74% of total assets. Fitch believes the bank will
maintain adequate asset quality over the medium term. As of 2Q23,
the stage 3 loans to gross loans ratio was 1.6%, the same as its
four-year average, while loan loss allowances covered 2.2x stage 3
loans at the same date. The 20 largest borrowers represented 0.9x
of the bank's common equity tier 1 (CET1), which is the lowest
level reported during the last four years.

Above-Average Profitability: Banco Monex maintains high earnings
and profitability metrics better than previous years, which in
Fitch's opinion will remain above historical levels and reflect the
positive trend in the factor. As of 2Q23, operating profit to
risk-weighted-assets (RWA) ratio was 6%, the highest since 2019 and
similar to YE 2022 metric of 5.8%. The profitability is underpinned
by high operating FX volumes, controlled loan impairment charges,
lower non-interest expenses, as well as, the benign operating
environment for Mexican banks that has allowed to take advantage of
the high interest rates. Net gains on trading grew 64.3% in 2022,
and by 2Q23 these already represented 74.7% of those generated at a
record level in 2022, which also explains the high profitability of
the bank.

Strengthened Capital: Banco Monex's capital base and metrics have
consistently strengthened since 2021 due to stable earnings
generation that has been mostly reinvested over the same time
frame. The CET1 to RWAs ratio was 18.7% as of 2Q23, which is the
bank's second-best metric registered since 2019 (YE 2022: 19.1%).
Fitch revised the trend on its capital and leverage assessment to
positive as the current metric is at the upper limit of the 'bb'
score range, providing the bank an ample buffer to absorb losses.
Fitch also expects capital metrics to remain at levels above 18%
due to the bank's strong earnings and profitability profile despite
future potential capital distributions via dividend payments.

Comfortable Funding and Liquidity: Banco Monex's funding structure
is mainly comprised of wholesale funding (2Q23: 57%) due to an
asset mix heavily weighted on investment securities that are mostly
funded through repos and securities lending. Fitch believes this
funding mix will remain for the foreseeable future given Banco
Monex's business model but traditional funding sources related to
credit activities are well diversified and totally covered through
customer deposits. As of 2Q23, gross loans to customer deposits
ratio was 51.5%, the best level since 2019. Liquidity is a credit
strength for the bank as reflected in its liquidity coverage and
net stable funding ratios that were consistently above minimum
regulatory thresholds, while liquid assets fully covered customer
deposits and short-term funding as of 2Q23.

Monex's National Ratings

Equalized Ratings: Monex's ratings are equalized with those of its
main operating subsidiary, Banco Monex, mainly due to a double
leverage ratio consistently below 120% As of 2Q23, the ratio was
108.2%, which was the lowest level recorded since 2015 (2022-2019
average: 110.8%). Fitch expects Monex's double leverage ratio to
remain below 120% for the foreseeable future due to the consistent
and growing earnings generation of its main operating subsidiaries.
Additionally, the entities operate in the same market and the
holding company has majority ownership of its main bank
subsidiary.

Operating Subsidiaries Provide Liquidity: The ratings also consider
the consistent liquidity that operating subsidiaries provide to
Monex to service its debt as proven with its only senior unsecured
debt issuance, which was pre-funded in August 2023. Fitch views
Monex's liquidity and refinancing risk as very low as the entity
does not have interest-bearing liabilities.

RATING SENSITIVITIES

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

Banco Monex - VR, IDR and National Ratings

- A sustained deterioration of the bank's operating profit to RWA
ratio consistently below 2.5% and a CET1 to RWA ratio consistently
below 14%, in conjunction with a weakened business profile as
reflected by a reduced market position in the FX trading market;

- A negative rating action on the sovereign or a weaker OE would
result in a similar action on Banco Monex's IDRs and VR given its
less diversified business profile.

Monex

- The national ratings would remain at the same level as Banco
Monex and would move in tandem with any rating actions on its main
operating subsidiary. However, a significant and sustained increase
of Monex's double leverage ratio above 120% would lead to a
differentiation of one notch with respect to the National Scale
ratings of Banco Monex.

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

Banco Monex - VR, IDR and National Ratings

- The Positive Outlook on Banco Monex's national ratings could
materialize in a ratings upgrade if the bank maintains its CET1 to
RWAs ratio and operating profit to RWA ratio consistently above 18%
and 4%, respectively, while the asset quality and funding and
liquidity profiles remain stable.

- An upgrade of Banco Monex's international ratings is unlikely in
the foreseeable future as these are already at a relatively high
level for its moderate business model and scale. Over the medium
term, an upgrade would depend on greater business and risk
diversification, as well as a marked improvement of its gross loan
and customer deposit market shares within the Mexican financial
system.

Monex

- Any positive movement in Banco Monex's national ratings.

Banco Monex's GSR

Banco Monex's GSR is 'ns' as there is no reasonable assumption that
such support will be available since is not considered a domestic
systemically important bank (D-SIB). As of 2Q23, Banco Monex
deposits represented 0.8% of the Mexican banking system's
deposits.

There is no downside potential for the GSR; however, upside
potential is limited and can only occur over time with a material
growth of the bank's systemic importance.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Monex CB

Legal Obligation to Support Subsidiary: Monex CB's national ratings
and Outlook are aligned with those of Banco Monex due to Monex
Grupo Financiero, S.A. de C.V.'s legal obligation to provide
support to its subsidiaries, as well as Fitch's perception of Monex
CB's key and integral part to the group's overall vision and
strategy.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

Monex CB's national ratings would mirror any changes in Banco
Monex's national ratings. Additionally, a change in Fitch's
perception of the entity's lower strategic importance for the bank
and the controlling group could lead to a negative rating
action/downgrade.

VR ADJUSTMENTS

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Banco Monex and Monex CB: Fitch classified pre-paid expenses and
other deferred assets as intangibles and deducted them from total
equity due to their low loss absorption capacity under stress.

Monex: Fitch classified pre-paid expenses, other deferred assets
and goodwill as intangibles and deducted them from total equity due
to their low absorption capacity under stress. Fitch re-classified
the net operating leases classified as fixed assets as other
earning assets.

Sources of Information

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

Financial figures are in accordance to the Comision Nacional
Bancaria y de Valores criteria. Figures for 2023 and 2022 include
recent accounting changes in the process to converge to
International Financial Reporting Standards. Prior years did not
include these changes and Fitch believes they are not directly
comparable.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Monex CB: Monex CB's ratings and Outlook are aligned with those of
Banco Monex due to Monex GF's legal obligation to provide support
to its subsidiaries.

Monex: Monex's national ratings are aligned with those of its main
operating subsidiary, Banco Monex.

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
   -----------                     ------                  -----
Banco Monex,
S.A.,
Institucion
de Banca
Multiple,
Monex Grupo
Financiero        LT IDR             BB+     Affirmed       BB+
                  ST IDR             B       Affirmed        B
                  LC LT IDR          BB+     Affirmed       BB+
                  LC ST IDR          B       Affirmed        B
                  Natl LT            AA-(mex)Affirmed   AA-(mex)
                  Natl ST            F1+(mex)Affirmed   F1+(mex)
                  Viability          bb+     Affirmed       bb+
                  Government Support ns      Affirmed       ns

Monex Casa de
Bolsa, S.A.
de C.V.,
Monex Grupo
Financiero        Natl LT            AA-(mex)Affirmed   AA-(mex)
                  Natl ST            F1+(mex)Affirmed   F1+(mex)

Monex Sociedad
Anonima
Promotora de
Inversion de
Capital
Variable          Natl LT            AA-(mex)Affirmed   AA-(mex)
                  Natl ST            F1+(mex)Affirmed   F1+(mex)

UNIFIN: Files Plan Draft to Restructure Debt
--------------------------------------------
Valentine Hilaire at Reuters reports that Mexico's troubled leasing
firm Unifin said it filed a draft of a plan to restructure its
debt, as it aims to emerge from bankruptcy.

The firm also said in a statement it reached confidentiality
agreements with some bond holders to manage debt obligations,
according to Reuters.

The proposed plan would help Unifin manage debt, resume operations,
preserve jobs, and generate returns for stakeholders, according to
the company statement, the report notes.

The company last published quarterly results in the second quarter
last year, which showed financial liabilities at around $4 billion,
the report relays.

Unifin's business model focuses on offering specialized financing
to companies, including automotive credit, the report adds.




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

BANISTMO SA: Moody's Cuts Deposit & Unsecured Debt Ratings to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded all ratings and
assessments assigned to Banistmo, S.A., including the long-term
foreign currency senior unsecured debt rating to Ba1, from Baa3,
the long-term and short-term foreign currency bank deposit ratings
to Ba1 and Not Prime, from Baa3 and Prime-3, respectively and the
long-term and short-term foreign currency counterparty risk ratings
to Baa3 and Prime-3, from Baa2 and Prime-2, respectively. Moody's
also downgraded the baseline credit assessment (BCA) and adjusted
BCA to ba1 from baa3, as well as the long-term and short-term
counterparty risk assessments to Baa3(cr) and Prime-3(cr), from
Baa2(cr) and Prime-2(cr), respectively.

The ratings outlook on Banistmo's long-term foreign currency senior
unsecured and deposit ratings was changed to stable, from
negative.

RATINGS RATIONALE

The downgrade of Banistmo's BCA to ba1, which underpins the
downgrade of the bank's ratings, mainly reflects the bank's
continuously weak asset quality, with a high level of loan
impairments, leading to a credit profile that is more aligned with
ba1 rated peers globally. In addition, and despite improvements
reported in the first half of 2023, high provisioning needs have
negatively impacted the bank's bottom line results in recent years.
The positive credit drivers that continue to support Banistmo's
creditworthiness are its strong capital buffers and stable core
deposits that benefit from its well-established position as the
second largest commercial bank in Panama that partially offsets its
moderate liquidity buffers. In addition, Banistmo also benefits
from an integrated structure with its ultimate parent Bancolombia
S.A. (Baa2 stable, ba1), including management expertise and risk
management and compliance practices, although this does not
currently translate into a ratings uplift.

Asset risk pressures are evidenced by the bank's high level of
problem loans, measured as Stage 3 loans under IFRS 9 accounting
standards, which accounted for a high and above-peers 8.4% of gross
loans as of June 2023, although below the 10.1% peak reported by
the bank at the end of 2021. The bank's high level of loan
impairments is a result of both the unwinding of relief measures
implemented in Panama in 2020 and 2021, and preexisting pressures
related to portfolio concentrations on the commercial real estate
segment.

In addition, Banistmo's bottom-line results have historically been
below peers due to higher credit charges, reporting a low five-year
average net income to tangible assets (NI/TA) ratio of 0.5% at the
end of 2022. In the first half of 2023, performance improved backed
by higher margins and lower credit costs, and NI/TA ratio increased
to 1.5%, supported by a fall in loan loss provisions to 0.6% of
gross loans in June 2023, from 1.9% in 2022 (1.8% last five-years
average). While the bank holds a relatively large level of reserves
in its balance sheet, at 5.3% of gross loans in June 2023, and a
high share of real guarantees that helps to mitigate future asset
risk pressures, the loan loss reserve coverage stood at 65% of
impaired loans in June 2023, a level that is close to peers in
Panama but below global peers. Amid still below-trend economic
growth and tight refinancing conditions globally in 2024, Moody's
expect the bank to continue to reinforce provisions for loan
losses, which could continue to pressure future bottom-line
results.

Capital position is a key credit strength for Banistmo's financial
profile and helps to mitigate asset risks. As of June 2023, the
bank's capitalization, measured as tangible common equity (TCE) to
Moody's risk-weighted assets (RWA), stood at 13.7%, broadly in line
with previous years' levels. Despite its subdued profitability, the
bank's capitalization has benefited from continued earnings
retention and conservative dividend payout policy adopted by its
shareholder, reflecting Bancolombia's commitment to the financial
flexibility and franchise positioning of its subsidiary in Panama.
Despite the announced dividend payout of close to $75 million on
the third quarter of 2023, Moody's expect Moody's assessment of the
bank's capital and overall credit profile to remain commensurate
with its current BCA.

The stable outlook on Banistmo's deposit and senior unsecured debt
ratings captures Moody's expectations that the bank's main credit
metrics will remain broadly in line with its current BCA, including
its strong capital buffers and adequate funding profile, while
asset quality and profitability will likely remain its key credit
challenges.

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

Downward pressure on the bank's BCA could arise from asset quality
metrics deteriorating further from already weak levels,
particularly if they affect the bank's profitability and ultimately
capital levels. However, even if the bank's BCA were downgraded,
its ratings could be sustained by an uplift stemming from Moody's
assessment of affiliate support from Bancolombia.

Banistmo's ratings could be upgraded if the bank's asset quality
metrics consistently recovered, leading to increasing earnings
generations as provision needs fall, provided that capital buffers
remained stable, and the bank maintains its access to diversified
and granular sources of funding.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




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

CLEAN HARBORS: Egan-Jones Retains BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on August 15, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Clean Harbors, Inc.

Headquartered in Norwell, Massachusetts, Clean Harbors, Inc.
provides a variety of environmental remediation and industrial
waste management services to customers in the United States and
Puerto Rico.




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

[*] BOND PRICING COLUMN: For the Week Sept. 18 to Sept. 22, 2023
----------------------------------------------------------------
Issuer               Cpn    Price      Maturity   Country    Curr
------               ---    -----      --------   -------    ----
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
Jamaica Government    8.5     68.9      12/21/2061   JM        JMD
Jamaica Government    6.3     72.7      07/11/2048   JM        JMD
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
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
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



                           *********


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
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Information contained herein is obtained from sources believed to
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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.
.


                  * * * End of Transmission * * *