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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

          Friday, November 17, 2023, Vol. 24, No. 231

                           Headlines



B E R M U D A

NABORS INDUSTRIES: Moody's Ups CFR to B1, Alters Outlook to Stable


B R A Z I L

BRAZIL: Fitch Assigns 'BB' Rating on Sustainable Bond due 2031


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Traders Propose Free Trade Zone on Haiti Border


M E X I C O

OPERADORA DE SERVICIOS MEGA: S&P Cuts ICR to 'CCC+', Outlook Neg.
TRUST 18247-6: Fitch Affirms 'CCCsf' LongTerm Global Scale Rating


P E R U

AUNA SA: Fitch Assigns 'B+(EXP)' Rating to $300MM Sr. Secured Notes


P U E R T O   R I C O

ESJ TOWERS: Unsecured Creditors Will Get 2% of Claims in Plan
GRUPO HIMA: Gets OK to Sell Assets to Eleva Recovery for $3.3MM
SAN JORGE: Hires Offload Business Solutions as Prof. Assistant


T R I N I D A D   A N D   T O B A G O

[*] TRINIDAD & TOBAGO: Woodside Sees Positive Outlook for Country


X X X X X X X X

LATAM: 3 Caribbean Countries Join Crypto-Asset Reporting Framework
LATAM: U.S. Government Announces Enhanced Partnerships with Region

                           - - - - -


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B E R M U D A
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NABORS INDUSTRIES: Moody's Ups CFR to B1, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Nabors Industries
Ltd. (Nabors), including its Corporate Family Rating to B1 from B2,
Probability of Default Rating to B1-PD from B2-PD, and changed the
outlook to stable from positive. The ratings on Nabors' backed
senior unsecured global notes are affirmed at B3. The ratings on
Nabors Industries, Inc.'s (NII) existing backed senior unsecured
global notes were upgraded to Ba3 from B1 and NII's backed senior
unsecured global bonds to B3 from Caa1, and changed the outlook to
stable from positive. Moody's also assigned a Ba3 rating to NII
proposed senior priority backed global notes. The proceeds from the
proposed notes offering will be used to repay notes maturing in
January 2024 and February 2025. Nabors' Speculative Grade Liquidity
Rating (SGL) remains unchanged at SGL-2.

"The upgrade of Nabors' credit ratings reflects supportive industry
conditions for drillers and Moody's expectation the company will
generate higher free cash flow in 2024," stated James Wilkins,
Moody's Vice President. "The issuance of new notes to refinance
upcoming debt maturities in 2024-2025 will maintain the company's
good liquidity profile and will not meaningfully impact leverage."

RATINGS RATIONALE

The upgrade of Nabors' CFR to B1 reflects improving operating
performance supported by global drilling industry fundamentals and
Moody's expectation the company will continue to improve earnings,
reduce debt with free cash flow and improve credit metrics in 2024.
Its international business has benefitted from rising rig
utilization rates, rising day rates and is expected to continue to
grow further in 2024. The US land rig business has maintained
healthy gross margins, despite softness in the market resulting
from a decline in rig count, which Moody's expects could rebound in
2024 as exploration & production companies maintain or grow their
development spending. The industry continues to demonstrate capital
discipline when adding rigs to the market which is supporting
pricing and profit margins. The company has generated positive free
cash flow in the first nine months of 2023 and modestly reduced
debt. It is focused on generating positive free cash flow in 2024
and reducing net debt. Nabors' leverage (debt to EBITDA) was 2.7x
as of September 30, 2023, down from 3.7x at the outset of the
year.

The CFR also reflects the cyclical and competitive nature of the
drilling industry with pricing and rig utilization rates not
supporting free cash flow generation throughout industry cycles,
and its and significant level of debt and complex capital
structure. The credit profile is supported by Nabors' large scale,
high quality rig fleet, long-standing contractual relationship with
some of the world's largest oil companies, and a strong and
diversified international footprint. The company's relationship
with its largest customer, Saudi Arabian Oil Company (Saudi Aramco,
A1 Positive), which is expanding its fleet of rigs, will continue
to provide a base level of earnings and stability.

The Ba3 rating assigned to the proposed senior unsecured notes due
2030 (super priority guaranteed  notes, SPGNs) is one notch above
the CFR and at the same level as the existing SPGNs issued by NII.
Nabors' debt capital structure includes a secure revolving credit
facility and unsecured notes that have different guarantees. NII
has a senior secured revolving credit facility (unrated) that has a
priority claim over Nabors' assets relative to the super priority
guaranteed notes (SPGNs) given the lower tier notes guarantors will
be contractually subordinated in right of payment with respect to
the lower tier notes guarantor's guarantee of the revolving credit
facility. In addition to having a downstream guarantee from the
parent (Nabors), the SPGNs have upstream guarantees from certain
lower tier subsidiaries that are closer to Nabors' assets relative
to the guarantors of the priority guaranteed senior unsecured notes
(PGNs) that were issued by Nabors Industries Ltd. The 2026 and 2028
PGNs are rated B3, two notches below the CFR, given their
structurally subordinated position to the revolver and the SPGNs.
Following the proposed issuance and repayment of the NII senior
unsecured notes due in 2024 and 2025, NII will have $250 million of
senior unsecured exchangeable notes outstanding (unrated), that
will be the most junior debt in the capital structure owing to
their lack of subsidiary guarantees.  

The SGL-2 rating reflects Moody's expectation that Nabors will have
good liquidity through 2024 supported by cash and short-term
investments, positive free cash flow and availability under its
credit facilities. As of September 30, 2023, Nabors had $407
million of unrestricted cash and short-term investments, but $275
million was held at a joint-venture and was not readily accessible.
Moody's expects the company to generate -$200 million of free cash
flow in 2024 and apply surplus cash towards reducing debt. The $350
million revolving credit facility was undrawn and had letters of
credit totaling $45.7 million outstanding as of September 30, 2023.
Availability is subject to a minimum collateral coverage threshold
requirement. The revolver financial covenants include a minimum
interest coverage ratio (EBITDA / interest expense), which
increases every quarter (2.75x for the second quarter 2024), and a
minimum guarantor value, requiring guarantors and their
subsidiaries to own at least 90% of the consolidated PP&E of the
company. Moody's expects Nabors to comply with its credit agreement
financial covenants through 2024. The credit agreement matures
January 21, 2026, but is subject to a springing maturity date 90
days prior to the maturity of the 5.75% notes due February 1, 2025,
if the notes are outstanding 90 days prior to their maturity date.
Nabors has $156 million of notes maturing in January 2024 and $474
million of 5.75% notes maturing in February 2025. The proceeds of
the proposed notes will be used to repay these notes, after which
there will no longer be a springing maturity on the revolving
credit facility. Nabors has $558 million of notes maturing in
2026.

The company also has an accounts receivable facility that allows it
to sell up to $250 million of receivables, subject to the amount of
eligible receivables. As of September 30, 2023, $174 million of
receivables had been sold. The facility matures on August 13,
2024.

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

An upgrade could be considered if Nabors generates free cash flow
consistently and achieves meaningful debt reduction. The company
being able to sustain leverage (debt/EBITDA) below 3x in a down
cycle would be supportive of an upgrade. The ratings could be
downgraded if debt/EBITDA rises above 4x or the company generates
material negative free cash flow, does not proactively address debt
maturities or its liquidity cushion erodes.

The principal methodology used in these ratings was Oilfield
Services published in January 2023.

Nabors Industries Ltd., a Bermuda-incorporated entity, is one of
the largest global land drilling contractors with operations in
nearly two dozen countries and several offshore markets. Nabors
Industries, Inc. is a wholly owned subsidiary of Nabors Industries
Ltd.



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B R A Z I L
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BRAZIL: Fitch Assigns 'BB' Rating on Sustainable Bond due 2031
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Brazil's sustainable
bond maturing in March 18, 2031. The bond has a coupon rate of
6.25%.

An amount equivalent to the net proceeds of the bond will be used
for eligible green and/or social expenditures under Brazil's
Sovereign Sustainable Bond Framework. The proceeds of the issuance
will also be used for repayment of outstanding external debt.

KEY RATING DRIVERS

The rating is in line with Brazil's Long-Term (LT) Foreign Currency
(FC) Issuer Default Rating (IDR). On July 26, 2023, Fitch upgraded
Brazil's LT FC IDR to 'BB' from 'BB-', with a Stable Rating
Outlook.

ESG - Governance: Brazil has an ESG Relevance Score (RS) of '5' for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the World Bank
Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Brazil has a medium WBGI ranking at the 41st
percentile, reflecting a record of political tension, but peaceful
political transitions, a moderate level of rights for participation
in the political process, moderate institutional capacity, moderate
rule of law and a relatively high level of corruption.

RATING SENSITIVITIES

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

- The bond rating would be sensitive to any negative changes in
Brazil's LT FC IDR.

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

- The bond rating would be sensitive to any positive changes in
Brazil's LT FC IDR.

ESG CONSIDERATIONS

Brazil has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Brazil has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

Brazil has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and a key rating driver with a high
weight. As Brazil has a percentile rank below 50 for the respective
Governance Indicators, this has a negative impact on the credit
profile.

Brazil has an ESG Relevance Score of '4' [+] for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Brazil has
a percentile rank above 50 for the respective Governance Indicator,
this has a positive impact on the credit profile.

Brazil has an ESG Relevance Score of '4' [+] for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Brazil, as for all sovereigns. As Brazil has
track record of 20+ years without a restructuring of public debt
and captured in Fitch's SRM variable, this has a positive impact on
the credit profile.

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           
   -----------             ------           
Brazil

   senior unsecured    LT BB  New Rating



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Traders Propose Free Trade Zone on Haiti Border
-------------------------------------------------------------------
Dominican Today reports that Dominican merchants are increasingly
concerned about the ongoing border issues with Haiti and have
proposed the creation of a free trade zone at the border to
facilitate trade while protecting local products.  Ivan Garcia,
President of the Dominican Federation of Merchants (FDC),
emphasized the need for the necessary infrastructure to allow
Haitians and traders from other countries to enter the free trade
zone directly, reducing the need for them to enter Dominican border
towns, according to Dominican Today.

The proposal has gained support from other merchants who believe
that Haiti is an unreliable trade partner and that a free trade
zone on the border could accommodate traders from various
countries, including Cuba, Jamaica, Puerto Rico, and others, the
report notes.

With low sales reported in border areas due to the border closure
between the Dominican Republic and Haiti, merchants are
experiencing significant losses, the report relays.  Antonio Cruz
Rojas, President of the National Council of Merchants and
Entrepreneurs of the Dominican Republic (Conacerd), noted that many
small and medium-sized enterprises have seen their sales drop by
more than 50%, leading to layoffs and financial challenges, the
report says.

Additionally, merchants are concerned about the delay in approving
imports of agricultural products for mass consumption in
preparation for the holiday season, the report notes.  Without
prompt action from authorities, there is a risk of price increases
and shortages, especially for products like garlic, rice, onion,
and potatoes, which are high in demand during the holiday season,
the report relays. They hope that the government will authorize
quotas to stabilize prices and ensure adequate supply during the
festive season, 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.

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

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

On August 14, 2023, the TCR-LA reported that Moody's Investors
Service has 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 wealth levels 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.

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.



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M E X I C O
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OPERADORA DE SERVICIOS MEGA: S&P Cuts ICR to 'CCC+', Outlook Neg.
-----------------------------------------------------------------
On Nov. 15, 2023, S&P Global Ratings lowered its long-term global
scale issuer credit and issue-level ratings on Operadora de
Servicios Mega S.A. de C.V. SOFOM E.R. (GFMega) to 'CCC+' from 'B'.
The outlook remains negative. S&P also withdrew its 'B' rating on
GFMega's 2028 proposed unsecured bond.

The lender announced the termination of its debt exchange offer for
the outstanding 2025 senior unsecured notes as the minimum
participation level of 50% was not met. As a result, GFMega's
funding profile remains considerably concentrated as this bond
represented 42% of the total funding base, as of Sept. 30, 2023.
S&P said, "We believe GFMega still has some time to implement
alternative refinancing strategies. Nevertheless, these options
remain pending and challenging, increasing the lender's refinancing
risk. Therefore, we believe GFMega's liquidity position is
pressured, as it faces financial obligations of about $590 million
during the next 15 months, which include $352 million of its
international bond due February 2025, ~$160 million in credit
lines, and ~$80 million in coupon payments. GFMega maintained a
monthly average cash balance of about MXN1.2 billion (~$70 million)
during 2023, and stable collection levels of almost MXN1.3 billion
(~$75 million)each quarter, which enables the lender to meet its
short-term maturities. But we believe that if any of GFMega's
funding plans don't materialize, its ability to meet its long-term
financial obligations could erode."

S&P said, "In this sense, we believe GFMega's finances are
currently vulnerable and dependent upon favorable financial and
economic conditions to meet its debt obligations. Due to investors'
risk aversion towards the Mexican NBFI sector, we expect GFMega
will continue to struggle accessing unsecured funding. Therefore,
large liquidity needs for the next 15 months represent a
significant challenge for the company.

"We expect GFMega to become more reliant on secured sources. As of
Sept. 30, 2023, 21% of its funding consisted of secured credit
facilities, so the lender still can seek secured funding
alternatives. We believe secured debt could continue to increase at
a faster rate than GFMega's assets, resulting in some funding
relief for the following months. But this might also dent GFMega's
financial flexibility. We estimate loans pledged as collateral
could increase to 30%-35% of total portfolio from 22% currently,
while our ratio of unencumbered assets to unsecured debt could
decrease to about 120% from 138%. More importantly, our ratio of
priority debt (secured credit facilities) to adjusted assets could
be close to 25%. According to our methodology, if this ratio is
consistently above 30%, we could subordinate our issue-level
ratings on GFMega by one notch below the issuer credit rating."


TRUST 18247-6: Fitch Affirms 'CCCsf' LongTerm Global Scale Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Trust 18247-6 Credit Line's long-term
global scale rating at 'CCCsf' and national scale rating at
'CCC(mex)vra'.

The credit line is provided by Banco Santander Mexico, S.A.,
Institucion de Banca Multiple (Santander Mexico) as lender to Banco
Nacional de Mexico, S.A., Institución de Banca Multiple
(Citibanamex) as trustee of Fideicomiso Irrevocable de
Administración y Fuente de Pago con Derechos de Reversion Número
18247-6 (Unifin 2019).

The rating reflects increasing delinquency rates, concentration
levels per borrower and the levels of collections that are still
received in the servicer's accounts, affecting the cash flow
dynamics and credit risk of the portfolio. In Fitch´s view,
transaction default is a real possibility.

The transaction consists of a securitization of a pool of equipment
lease contracts originated and serviced by UNIFIN Financiera S.A.B.
de C.V. (Unifin). The structure is a credit facility provided to a
SPV in the form of a trust. Unifin was the settlor and the
collateral includes a pool of equipment lease contracts and, to a
lesser extent, cash and convertible short-term securities
investments.

   Entity/Debt                Rating                  Prior
   -----------                ------                  -----
UNIFIN 2019

   UFN F18247-6 (2019) LT      CCCsf       Affirmed   CCCsf
   UFN F18247-6 (2019) Natl LT CCC(mex)vra Affirmed   CCC(mex)vra

KEY RATING DRIVERS

Exposure to Commingling Risk Remains: Recurring portfolio
deterioration and collection levels are accentuated by delays in
the collection process. The transaction has reached around 50% of
overall collections in Master Collection trust (MCT) accounts, with
no relevant changes expected as payment process definition is
already established by obligors of static portfolio, with no
incentives to change it in the future. Therefore, commingling risk
exposure is primary due to the rest of collections being deposited
in Unifin´s accounts and the transaction relying on timely
transfers from Unifin to the transaction account.

Servicing Surveillance: Unifin remains as primary servicer of the
transaction given bankruptcy proceedings ("concurso mercantil")
filed by the entity, which keeps the SPV from replacing Unifin as
primary servicer. A shadow servicer has been introduced for report
and collection surveillance, improving reconciliations and
providing certain steadiness within the stressed operational
situation. However, information flow and asset pool servicing rely
on a distressed company process.

Delinquency Metrics Exceeding Stressed Assumptions: The transaction
shows record high delinquency levels, reaching 47.76%, as of
September 2023, driving stressed OC levels to 1.27%, far below the
target level (20.6%). Elevated concentrations affected delinquency
levels, where the top 10 economic groups identified by the agency
represent 37.4% of remaining portfolio. Since full turbo
amortization was triggered in August 2022, the transaction has had
enough collection cashflows to pay interest in a timely manner,
where the Interest Coverage Ratio (ICR) has remained above 6x and
remaining cashflows have been allocated for principal amortization.
The agency does not expect an interest payment shortfall in the
short term and will continue to monitor the aforementioned metrics,
delinquency trends and impacts on payment obligations if any.

RATING SENSITIVITIES

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

Major delinquency levels, OC reduction or lack of liquidity with
further pressure toward transaction default could lead to a
downgrade.

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

Fitch will keep monitoring the transaction through monthly reports
and surveillance with the Master Servicer and lender. If there are
improvements on collection transfers from Unifin, obligors
depositing in SPV´s accounts and a decrease on default metrics
followed by an increase in credit protection, an upgrade could be
possible.

ESG CONSIDERATIONS

UNIFIN 2019 has an ESG Relevance Score of 4 for Governance due to
Asset Isolation and Collateral Structure due to obligor risk
concentration, which has a negative impact on the credit profile,
and is and is relevant to the ratings in conjunction with other
factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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P E R U
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AUNA SA: Fitch Assigns 'B+(EXP)' Rating to $300MM Sr. Secured Notes
-------------------------------------------------------------------
Fitch Ratings has assigned an expected 'B+(EXP)'/'RR4' rating to
Auna S.A.'s USD300 million of senior secured notes due 2029 as part
of the company's recent refinancing strategy. Upon completion of
the transaction, Fitch expects to assign a final 'B+' rating to the
new issuance and upgrade Auna's corporate Long-Term Issuer Default
Ratings (IDRs) to 'B+'/Outlook Stable from 'B'/Outlook Positive.
Any remaining unsecured notes due 2025, would be affirmed at 'B',
given structural subordination.

Fitch currently rates Auna's Long-Term Foreign and Local Currency
IDRs 'B'/Outlook Positive; failure to complete the refinancing
would likely trigger a reassessment of the ratings.

Auna's ratings reflect its solid brand and market position, good
operating margins, geographical diversification and deleveraging
trend. Ratings remained constrained by limited financial
flexibility and ongoing refinancing risks in the medium term and
challenges to improve its capital structure. Fitch projects net
debt/adjusted EBITDA will decline to 4.2x at YE 2023 and to 3.4x by
2024.

KEY RATING DRIVERS

Successful Issuance to Reduce ST Refinancing Risks: Auna has
announced a debt refinancing, comprised of USD300 million of new
10% senior secured notes due 2029, in exchange for 6.5% senior
unsecured notes due 2025, and up to USD550 million in a new dual
currency term loan due 2028 to fully refinance its private
placement notes due 2028. The transaction unifies collateral into
one shared pool between all senior creditors, as the collateral
securing obligations under the new Term Loan will also secure the
new notes on a pari passu basis.

On proforma basis, Auna's debt schedule amortization presents a
short to medium term relief; however, there remains a sizeable
amount due up to 2025 of USD254 million from the previous USD433
million debt amount. The new term loan has instalment maturities
from a previous bullet structure. Fitch's base case scenario does
not incorporate any dividend pressure from Auna to its
shareholders. Any deviation from that would pressure the ratings.

Stronger Business Profile: The recent acquisitions in Colombia and
Mexico enhanced Auna's business profile with improvement in
diversification, scale and profitability. In April 2022, Auna
acquired a controlling stake in IMAT Oncomedica, a leading health
care group in Monteria, Colombia, and, in October 2022, OCA, a
premium health care and oncological services provider in Monterrey,
Mexico, for a total amount of USD822 million.

IMAT specializes in oncology, cardiology and high complexity
services, and has a capacity of 427 beds in two hospitals. OCA
operates three high-complexity hospitals representing the largest
infrastructure footprint in Monterrey's health care market, with
708 operating beds and approximately 35% market share based on
number of beds. As of June 30 2023, Auna's total hospitals
operations amounted to 375 operating beds in Peru, 1109 in Colombia
and 708 in Mexico.

On a pro forma basis, around 41% of Auna's revenue is now generated
in Peru, 29% in Colombia and 30% in Mexico. This represents an
improvement in revenue diversification compared with 2021, when 65%
of Auna's revenues were originated in Peru and 35% in Colombia. The
hospital operations in Monterrey offer a high-quality asset base
with a track record of robust operating margins (average of 34%).
Fitch foresees Auna's consolidated EBITDA margins moving around 24%
by 2024, an improvement from its historical 14% pre-pandemic levels
and 10.5% average during 2020-2021.

Operating Cash Flow Improving: Fitch expects Auna to generate
adjusted EBITDA of around PEN815 million in 2023 and PEN964 million
in 2024, which compares with proforma EBITDA of PEN673 million in
2022, considering a full year of acquisitions. Operating cash flow
should be around PEN131 million in 2023 and PEN320 million in 2024,
pressured by higher interest expenses. FCF will be approximately
negative PEN165 million in the first year and only PEN55 million
during 2024. The company is expected to focus on maintenance capex
and non-material opportunities to improve profitability. Fitch
incorporates around PEN296 million of capex in 2023, including
Detengra, and PEN265 million in 2024.

Leverage to Decline: Fitch expects Auna's net leverage to move to
4.2x in 2023 and down to 3.4x by 2024 as it completes the
integration of the acquired assets and implements new operating and
service standards. Those ratios represent an important improvement
compared with proforma figures in 2022 and 2021 of 5.0x and 6.3x,
respectively, per Fitch's calculations.

Solid Market Position: Auna operates through four business
segments: (1) Oncosalud Peru; (2) Health care services in Peru,
which consists of its Auna Peru network; (3) Health care services
in Colombia, which consists of its Auna Colombia network; and (4)
Health care services in Mexico, which consists of its Auna Mexico
network and its insurance business from Dentegra. In Peru, Auna has
a solid business position as one of the largest and most recognized
players in the health care industry due to its highly regarded
oncology services.

Oncosalud is considered the leading brand in Peru, maintaining
approximately 30% market share in terms of private insurance plan
members with 1,204,000 members as of June. 30, 2023. This market
position makes Oncosalud the largest single private health care
plan in the country. Auna has achieved integration in its Peruvian
oncology platform through its ownership and management of hospitals
and clinics in all of the major cities in the country.

DERIVATION SUMMARY

Auna's ratings reflect the company's strong market position as one
of Peru's largest and well-known, reputable health care providers
and its growing presence in Colombia, and more recently in Mexico.
The company's current capital structure and financial flexibility
are pressured by recent acquisitions and the challenges to pursue
continuous improvements on its debt profile, representing an
important factor for its 'B' ratings.

Auna's strong brand, reputation in the industry, and R&D platform
are among its competitive advantages, translating to strong
relationships with payers and bargaining ability with third
parties. Fitch views Auna as weaker compared with regional peers in
terms of business scale and size of coverage. However, recent
acquisitions and diversification movements are positive for its
business profile.

Rede D'Or Sao Luiz S.A. (BB+/Stable) and Diagnosticos Da America
S.A. - DASA (DASA; AA[bra]/Negative Outlook), comparably with Auna,
both have strong relationships with payers, as well as providers
and insurance companies, in Brazil due to the two companies'
positive brands and reputations. Auna's higher leverage and
refinancing risks are currently a rating constrain. Although Auna
has comparable business risk with many players in the health care
industry, the company benefits from the growing Peruvian and
Colombian operating markets with predominantly middle-class
demographics, and its strong asset base and market-share in
Monterrey, Mexico.

KEY ASSUMPTIONS

- Revenue growth reflecting organic growth and integration of
acquired assets, reaching around PEN3.6 billion in 2023, PEN4.0
billion in 2024 and PEN4.7 billion in 2025.

- EBITDA margins of around 23%-25% for 2023-2025;

- Average capex of PEN275 million during 2023-2024 and declining to
PEN183 million in 2025;

- No dividend payment during 2023-2025.

RECOVERY ANALYSIS

Key Recovery Rating Assumptions

The recovery analysis assumes that Auna would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going Concern Approach

Auna's going concern EBITDA is based on pro forma results
reflecting its recent acquisitions. The going concern EBITDA
estimate reflects Fitch's expectation of a sustainable,
post-reorganization EBITDA level, upon which Fitch bases the
valuation of the company. The enterprise value/EBITDA multiple
applied is 6.0x, reflecting Auna's strong brand and market position
in the regions it operates.

Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of the debt in the capital
structure. The agency's debt waterfall assumptions reflect the
company's total debt at June 30, 2023. These assumptions result in
a recovery rate for the secured bonds within the 'RR1' range, but
due to soft cap of Peru at 'RR4', Auna's secured notes are rated at
'B+'/'RR4', while its unsecured notes would be rated at 'B/RR5'.

RATING SENSITIVITIES

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

The successful refinancing of the bond due 2025 and existing Term
Loan are expected to benefit the ratings, leading to an one-notch
upgrade on IDR and secured notes.

- Fitch's adjusted EBITDA margins consistently above 23.5%;

- Fitch's net adjusted leverage ratios consistently below 3.5x;

- EBITDA interest coverage above 2.5x.

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

- Failure to complete 2025 bonds refinancing;

- Fitch's net adjusted leverage ratio consistently above 5.5x;

- Maintenance of aggressive growth strategy or shareholder-friendly
policies limiting expected improvements in its capital structure;

- Major legal contingency issues that disrupt operations or
significantly impact the company's credit profile.

LIQUIDITY AND DEBT STRUCTURE

Improvement in Medium Term Refinancing Risk: As of June 30, 2023,
Auna had PEN259 million of cash and cash equivalents, PEN379
million of short-term debt, and total debt of around PEN3.5 billion
per Fitch's criteria, which excludes leases. On proforma basis,
including the current transaction, AUNA`s debt schedule
amortization is benefited in the short to medium term, but remains
with still sizeable amount of debt due up to 2025 (USD254 million
from previous USD433 million), as the new term loan has instalment
maturities.

ISSUER PROFILE

Auna S.A. is one of the largest and most recognized players in the
Peruvian health care industry, with a growing presence in
Colombia's health care industry, and more recently in Mexico. The
company offers oncology and general health care plans and operates
hospitals and clinics.

ESG CONSIDERATIONS

Auna has an ESG Relevance Score of '4' for Management Strategy due
to management's appetite for debt-financed growth, though it
diversifies the business, which underscores higher than expected
event risk and potentially higher comfort with elevated/longer
periods of leverage than anticipated. This has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors.

Auna has an ESG Relevance Score of '4' for Financial Transparency,
as financial transparency and reporting continue to be relatively
weaker than for peers, which has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt          Rating                 Recovery   
   -----------          ------                 --------   
Auna S.A.

   senior secured   LT B+(EXP) Expected Rating   RR4



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

ESJ TOWERS: Unsecured Creditors Will Get 2% of Claims in Plan
-------------------------------------------------------------
ESJ Towers, Inc., d/b/a Mare St. Clair Hotel, submitted an Amended
Disclosure Statement describing Amended Plan of Reorganization
dated November 6, 2023.

On or before the Effective Date, the Debtor will sell for
$13,500,000 its fee simple interest in its residential and
commercial units at the Condominium, as well as substantially all
of its other assets, with the corresponding parking spaces,
inventory, including but not limited to furniture, supplies, spare
parts, office supplies, construction materials, computer equipment,
software, as more fully described in the Asset Purchase Agreement
"APA").

From the proceeds of the Sale, the Debtor will pay $9,600,000 to
Oriental, 100% of Allowed Administrative Expense Claims, and 100%
of Allowed Priority Tax Claims.

The Plan provides that only holders of Allowed Claims, that is,
holders of Claims not in dispute, not contingent, not unliquidated
in amount and not subject to objection or estimation, are entitled
to receive distribution thereunder. Until a claim becomes an
Allowed Claim, distribution will not be made to the holder of such
claim.

Class 1 consists of the Claims of Oriental (Proofs of Claim Number
127 and 130). On or before the Effective Date, Debtor will sell its
fee simple interest in Debtor's hotel and time share units, and the
corresponding parking spaces at the ESJ Towers Condominium, as well
as other asset, including Debtor's inventory, furniture, hotel
supplies, spare parts, office supplies, construction materials,
computer equipment, software, as more fully described in the Asset
Purchase Agreement ("APA") for $13,500,000.

From the proceeds of the Sale, Debtor will pay $9,600,000 to
Oriental, 100% of Allowed Administrative Expense Claims and 100% of
Allowed Priority Tax Claims, as well as payment to the remaining
Classes. Oriental's deficiency claim will be dealt with under Class
7. If Debtor's assets are sold for more than $13,500,000 or if
after all the payments to be made under the Plan there remain any
undistributed funds, those excess funds will be paid to Oriental to
reduce its deficiency claim. This Class is impaired.

Class 7 consists of Holders of Allowed General Unsecured Claims.
From the proceeds of the sale of Debtor's assets described in Class
1 above, Debtor will carve out $750,000 to be distributed on the
Effective Date pro-rata among the Holders of Allowed General
Unsecured Claims, including the claims of BMF Capital, LLC, Green
Capital Funding and High-Speed Capital, and any deficiency claim,
of Parliament High Yield Fund, LLC, Acrecent, Colebrook, and
Oriental Bank. In addition Debtor will establish a Litigation Trust
for and on behalf of Holders of Allowed General Unsecured Claims
("Litigation Trust Beneficiaries") to which Debtor's Claims and
Causes of Action, including those under Chapter 5 of the Bankruptcy
Code, Sections 542, 544, 545, 458, 549, 550 and 553, subject to any
liens thereon, accounts receivable, collection of money actions
will be transferred to the Litigation Trust on behalf the
Litigation Trust Beneficiaries, any net proceeds arising therefrom
to be distributed pro rata to the members of Class 7.

If Debtor does not prevail on any pending Objection to Claims,
those Allowed Claims will be included in this Class, and will
receive, their pro-rata share of the $750,000 carve out. The
allowed unsecured claims total $26,898,382.07. This Class will
receive a distribution of 2% of their allowed claims. This Class is
impaired.

Debtor's issued and outstanding shares will be cancelled upon the
consummation of the Plan.

Except as otherwise provided in the Plan, Administrative Expense
Claims will be paid in full in the regular course of Debtor's
business or on the Effective Date of the Plan from the proceeds of
the sale of Debtor's assets and the cash in Debtor's debtor-in
possession accounts.

As of the Petition Date, Debtor owned assets and had liabilities,
as more particularly described in its Schedules and Statement of
Financial Affairs, which together with Debtor's monthly operating
reports are available for public inspection at the office of the
Clerk of the Bankruptcy Court, during regular business hours.

A full-text copy of the Amended Disclosure Statement dated November
6, 2023 is available at https://urlcurt.com/u?l=1iXMYX from
PacerMonitor.com at no charge.

Debtor's Counsel:

     Charles A. Cuprill, Esq.
     Charles A. Cuprill, P.S.C., Law Offices
     356 Fortaleza Street (2nd Floor)
     San Juan, PR 00901
     Tel: 787-977-0515
     Email: ccuprill@cuprill.com

                       About ESJ Towers

ESJ Towers, Inc., owns the ESJ Towers in Carolina, P.R. The luxury
apartments and condo units at ESJ Towers have direct access to Isla
Verde Beach, widely considered one of the best in Puerto Rico.

ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as
50 million in both assets and liabilities. ESJ President Keith St.
Clair signed the petition.

Judge Enrique S. Lamoutte Inclan oversees the case.

The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill,
PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at
RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as
special counsels; Dage Consulting CPAS, PSC as financial advisor;
CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and
De Angel & Compania, PA, LLC as auditor.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 12, 2022. MRO Attorneys at Law, LLC
and Dage Consulting CPAS, PSC serve as the committee's legal
counsel and financial advisor, respectively.
  

GRUPO HIMA: Gets OK to Sell Assets to Eleva Recovery for $3.3MM
---------------------------------------------------------------
Grupo Hima San Pablo, Inc. and its affiliates received court
approval to sell assets to Eleva Recovery, LLC.

In his order, Judge Enrique Lamoutte Inclan of the U.S. Bankruptcy
Court for the District of Puerto Rico held that Eleva is a "good
faith purchaser."

"The approval of the sale to Eleva through the asset purchase
agreement is considered to be deemed fair and reasonable and in the
best interests of [the companies'] estates," the bankruptcy judge
said.

Eleva made a $3.3 million offer for the assets, which include a
business unit operating under the name Nova Infusion, a local
retailer of Grupo Hima San Pablo's affiliate Centro Medico Del
Turabo, Inc.

Also included in the sale are personal properties, permits and
licenses required to operate the Nova Infusion business, which has
offices in Bayamon, P.R.

The assets are being sold "free and clear" of interests, liens and
encumbrances to Eleva, according to the buyer's sale agreement with
the companies.

The companies previously put the assets up for bidding and held an
auction on Oct. 4 where Eleva emerged as the winning bidder. The
next highest bidder is MedPlus Health Services, LLC, which offered
$3.2 million for the assets.

                     About Grupo Hima San Pablo

Grupo HIMA San Pablo, Inc. serves as a diversified healthcare
services holding company pursuant to a corporate reorganization of
several businesses related by common ownership. Through its
subsidiaries and affiliates, Grupo HIMA San Pablo primarily owns
and operates hospital facilities and other healthcare related
businesses. As of August 2023, the HIMA GROUP operates four
hospitals, with over 1,200 licensed beds, including an Oncological
Hospital, a multi-specialty physician practice management company,
Home Care Service (including infusion therapies and wound care), a
free-standing ambulatory center and a 16-ambulance service
company.

Grupo HIMA San Pablo and its affiliates filed Chapter 11 petitions
(Bankr. D. P.R. Lead Case No. 23-02510) on Aug. 15, 2023. In the
petition signed by its chief executive officer, Armando J.
Rodriguez-Benitez, Grupo HIMA San Pablo disclosed $500 million to
$1 billion in assets and $100 million to $500 million in
liabilities.

Judge Enrique S. Lamoutte Inclan oversees the cases.

Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC and
Pietrantoni Mendez & Alvarez, LLC serve as the Debtors' bankruptcy
counsel and special counsel, respectively.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 7, 2023. Porzio, Bromberg & Newman,
P.C. is the committee's legal counsel.

Edna Diaz De Jesus is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.


SAN JORGE: Hires Offload Business Solutions as Prof. Assistant
--------------------------------------------------------------
San Jorge Children's Hospital Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Offload
Business Solutions as professional assistant.

The firm will provide these services:

     a. evaluate Debtor's business' Employee Retention Credit
("ERC") eligibility according to the Significant Decline in Gross
Receipts ("SDGR") Test and Full or Partial Suspension of Operations
("FPSO") Test;

     b. analyze Debtor's payroll data to determine "Eligible Wages"
during the period in which the business qualifies as an "Eligible
Employer." This includes the application of our "OBS PPP and ERC
Optimization Strategy" used to maximize the ERC within one or more
PPP-covered periods;

     c. provide the Debtor with "OBS Client Package," which
documents and summarizes conclusions found via "OBS Eligibility
Report," as well as an audit ready "OBS Employee Wage & Health
Summary" File;

     d. coordinate preparation and submission of Form(s) 941-X with
Paid Preparer signature; and

     e. provide reasonable IRS audit support, in connection with
OBS Eligibility Report and ERC Calculator and Supporting Data
File.

The firm will be paid at these rates:

     a. Up-Front Payment: The firm fees are not to exceed 10
percent of the Debtor's total computed ERC.

     b. Installment Billing: The firm's fees will not exceed 12.5
percent of the Debtor's total computed ERC. Fees will be invoiced
as follows:

     i. 50 percent after the delivery of the Debtor's Report and
preparation of all required Form(s) 941-X.

    ii. 50 percent after Debtor's receipt of the ERC refund
check(s) from the IRS, or the funds otherwise being applied to
other federal taxes owed by the Client to the IRS.

     c. Deferred Billing: The firm's fees shall equal 15 percent of
Client's ERC claim. Fees will be invoiced on submission of Form(s)
941-X; however, payment may be deferred and will be due upon
Client's receipt of the ERC refund check(s) from the IRS, or the
funds otherwise being applied to other federal taxes owed by the
Client to the IRS.

The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Patrick B Christmas, a partner at Offload Business Solutions,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Patrick B Christmas
     Offload Business Solutions
     127 West Fairbanks
     Winter Park, FL 32789
     Tel: (434) 633-5623

              About San Jorge Children's Hospital Inc.

San Jorge Children's Hospital, Inc. operates a hospital in San
Juan, P.R., which specializes in pediatrics.

San Jorge Children's Hospital filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 22-02630) on Sept. 1, 2022, with between $10 million and $50
million in both assets and liabilities. Edward P. Smith, chief
operating officer, signed the petition.

Judge Maria De Los Angeles Gonzalez presides over the case.

The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as bankruptcy counsel and Galindez, LLC as external auditor.

Cardona Jimenez Law Offices, P.S.C. represents the official
committee of unsecured creditors appointed in the Debtor's case
while RSM Puerto Rico serves as the committee's financial advisor.




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

[*] TRINIDAD & TOBAGO: Woodside Sees Positive Outlook for Country
-----------------------------------------------------------------
Joel Julien at Trinidad Express reports that global energy company
Woodside Energy views Trinidad and Tobago as an "advantaged region,
with existing infrastructure and favorable demand outlook", its
executive vice president of international operations Shiva McMahon
told investors.

McMahon said Woodside Energy is therefore continuing work on its
Calypso project, according to Trinidad Express.  The Calypso
project is a conventional gas development located in deepwater in
Trinidad and Tobago, the report notes.  Woodside is the operator of
Calypso with a 70 per cent interest, while BP hold the remaining 30
per cent, the report relays.

"We have selected an infield host as the preferred development
concept and are making really good progress on commercial and
marketing fronts as well," McMahon said at Woodside's Investor
Briefing Day 2023 held earlier, the report discloses.

McMahon noted that in T&T, where Woodside Energy has had "an
operating presence since 2005, our existing, the
shallow water fields are later in life and we're planning for
end-of-field life by the end of this decade," report notes.

The report relays that she added:

"The mindset of the teams is super-important, though. Everything we
do is through a lens of personal and process safety and facility
integrity first. At the same time, we remain focused on maximizing
the value of the assets and the remaining reserves. This year we've
been able to increase the daily production by approximately 10 per
cent through screening and execution of ideas from our teams."

This, McMahon said, was unlocked in several ways:

"By converting gas injectors into producers to produce the gas cap
before the end of field life. We also added perforations to capture
gas from unswept reservoir zones. We also reduced back pressure on
wells by operating the facilities differently than we did when the
production rates were higher," McMahon said.

Woodside's chief executive officer Meg O'Neill said Calypso
continues to make good progress.

"We've got many of the attributes that are constructive, so it is a
good quality gas resource. It's not particularly big. It's in a
jurisdiction, though, that is very supportive of development . . .
Trinidad and Tobago's whole economy is founded on oil and gas.

"They've got LNG; they have petrochemicals; so the Government is
very supportive of progressing Calypso. Our partner is supportive.
So (it's) a field that's got a bit of momentum," she said.

O'Neill said Woodside wants to focus on places with potential for
rapid development.

"Calypso's probably a great example of something that came to us in
the merger. Again, a discovery in a country that strongly supports
the industry, where . . . you've got the right fiscal framework, .
. . the right commercial framework . . . the right industrial
setting. So, that's going to be our focus," she said.

The report notes that RBC analyst Gordon Ramsay asked how important
it was for Woodside to get access to Atlantic LNG for the
commercial development of Calypso, and whether the Government was
facilitating that at the moment.

"The Government's been doing quite a bit of work . . . to harmonise
the fiscal terms for Atlantic LNG and to commercially restructure
that venture. The reality for us, though, is we're interested in
both LNG and we've got the option for sales into some of the
petchem facilities," she said.

O'Neill said one of the key forms of hydrogen that's going to be
attractive is ammonia, and there are facilities in Trinidad and
Tobago that produce ammonia, the report discloses.

"So, we want to make sure that we keep the door open, that we
create a bit of commercial tension amongst all the potential
processors of gas, and consider options for us to offtake our
product as well. So, that's very much a live conversation right
now. But we believe we'd be able to access Atlantic LNG if that was
our preferred development concept," she said.

Calypso is located approximately 220 km off the coast of Trinidad
in 2,100m of water.  It comprises several gas discoveries in Block
23(a) and Block TTDAA 14.  The development is located in a region
with existing infrastructure and a favourable demand outlook.

The Calypso appraisal drilling program (consisting of the Bongos-3,
Bongos-3X and Bongos-4 wells) concluded on 20 December 2021. All
wells encountered hydrocarbons.

The project comprises five discoveries: Bongos, Bele, Tuk, Hi-Hat
and Boom.



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

LATAM: 3 Caribbean Countries Join Crypto-Asset Reporting Framework
------------------------------------------------------------------
RJR News report that three Caribbean countries have joined an
initiative, developed by the Organization for Economic Co-operation
and Development (OECD), to ensure the recent gains in global tax
transparency will not be gradually eroded.

Belize, Barbados and The Cayman Islands have signed an agreement
with at least 47 other countries, including Australia, Austria,
Belgium, Brazil, Bulgaria, Canada, Chile, Denmark, France, Germany,
The United Kingdom, and The United States, according to RJR News.

The Crypto-Asset Reporting Framework developed by the OECD is a new
international standard on automatic exchange of information between
tax authorities, the report notes.

The framework is expected to further improve the signatories'
ability to ensure tax compliance and clamp down on tax evasion, the
report says.

The countries say, as jurisdictions that play host to active crypto
markets, they intend to work towards swiftly transposing the
reporting framework into domestic law and activating exchange
agreements in time for them to commence by 2027, subject to
national legislative procedures as applicable, the report notes.

Other jurisdictions have been urged to sign the agreement, the
report adds.

LATAM: U.S. Government Announces Enhanced Partnerships with Region
------------------------------------------------------------------
The Inter-American Development Bank Group (IDB Group) and the U.S.
government deepened their cooperation in Latin America and the
Caribbean with three new agreements in the areas of migration,
preservation of biodiversity, and facilitation of private-sector
investment in infrastructure.

The agreements were announced on November 3 during the Americas
Partnership for Economic Prosperity (APEP) Leaders' Summit in
Washington, D.C.

"Today's announcements showcase our commitment to the goals of the
Americas Partnership for Economic Prosperity to tackle economic
inequality and foster regional economic integration," said IDB
President Ilan Goldfajn. "They deepen the ties between the United
States and the region by focusing on critical development areas,
such as migration, natural capital, and private-sector investments
in sustainable infrastructure. Regional integration is the path
forward. Latin America and the Caribbean needs more of the U.S. and
the U.S. needs more of the region for sustainable and inclusive
growth."

                      Migration Fund Contribution

The U.S. government pledged a new contribution of $25 million to
the IDB's efforts to support countries in addressing current
migration challenges in the region. This contribution, along with
funds from Canada, Korea and Spain, and matching funds from the
IDB's Ordinary Capital, total $89 million in additional resources
available to help transform the challenges of migration into
opportunities. This includes better integrating migrants into their
communities by providing training and jobs and generally promoting
development in the region.

To address the scale and extent of the development challenges posed
by migration in Latin America and the Caribbean, the IDB's
governors approved the use of up to $100 million from the Bank's
Grant Facility in May 2019 and renewed this commitment in November
2022, approving another $100 million in an arrangement to match
resources and donations.

Grant resources will leverage investment operations to address the
challenges of countries receiving large and sudden migration flows,
allowing migrants to access registration and documentation, basic
and social services, and economic opportunities.

Since 2019, the IDB has approved 18 operations and 34
technical-cooperation grant projects in 12 countries related to
migration. This financial and operational support totals an
investment of approximately $1.3 billion in approved operations to
promote the development of host communities and migrant
populations. In addition, the IDB has generated knowledge and
databases to help inform future policies and programs, and launched
a Migration Perception Observatory.

                     IDB Invest and the DFC

IDB Invest, the IDB Group's private-sector arm, and the U.S.
International Development Finance Corporation (DFC) have signed a
framework to establish the Americas Partnership Platform. The
Platform aims to leverage the individual strengths of the
institutions to finance large-scale strategic infrastructure
projects in Latin America and the Caribbean.

Today, the region has a $2.2 trillion infrastructure gap. The two
sides will aim to facilitate financing processes to provide clients
with a seamless structure, helping unlock increased investments and
more private capital.

The Platform will help meet demand for increased financing for
high-quality infrastructure through greater information sharing and
coordination between the institutions on matters such as due
diligence and engagement with clients, facilitating potential
co-investment opportunities. The Platform will also better enable
the institutions to work together to source new projects.  

      Biodiversity and Nature-Based Solutions Grant Facility

The U.S. government also announced a $10 million contribution to
the IDB's Biodiversity and Nature-Based Solutions Grant Facility.
This initiative is fully aligned with the priorities of countries
in Latin America and the Caribbean, which hold approximately 40% of
the world's biodiversity. The contribution helps address global
challenges, provides cost-effective CO2 mitigation, and supports
climate resilience and conservation and restoration goals.

The collaboration aims to integrate nature considerations into
economic, policy and investment frameworks.

The IDB has ongoing projects on biodiversity and natural capital in
all APEP countries in Latin America and the Caribbean except
Mexico, where work is in the planning stages.

The IDB supports countries in the region through varied
biodiversity projects, from debt-for-nature conversions in Ecuador
and Barbados to nature-based solutions in Panama and the Dominican
Republic. The Bank is working on mainstreaming biodiversity and
natural capital accounting into all of its projects, and its
Natural Capital Lab fosters innovative approaches to biodiversity
conservation and sustainable development in the region.  In
addition to the latest contribution by the United States, the Lab
has received funding from France, the United Kingdom, and Canada,
among other countries.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *