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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

          Tuesday, December 12, 2023, Vol. 24, No. 248

                           Headlines



A R G E N T I N A

ARGENTINA: Fernandez Leaves With 9.439BB Banknotes in Circulation
ARGENTINA: Poverty Rate has Risen to 44.7%, UCA Observatory Says
GAUCHO GROUP: Welcomes Michael Koh to Advisory Board


B R A Z I L

ATLAS LITHIUM: Grosses $9.9MM From Registered Direct Offering
BANCO NACIONAL: Moody's Affirms Ba2 Deposit Rating, Outlook Stable
BRAZIL: Central Bank Overcame Autonomy Challenges, Chief Says
BRAZIL: Ministry Eyes 3-Mo Extension for Consumer Debt Program
[*] BRAZIL: Economy Slows Sharply, Avoids Expected Contraction



C O L O M B I A

COLOMBIA: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable


D O M I N I C A N   R E P U B L I C

AES ESPANA: Fitch Alters Outlook on 'BB-' LongTerm IDR to Positive
BANCO DE RESERVAS: Fitch Alters Outlook on 'BB-' LT IDR to Pos.
DOMINICAN REPUBLIC: Exports to Guyana on the Rise


E L   S A L V A D O R

GRUPO UNICOMER: S&P Withdraws 'B+' Issuer Credit Rating


N I C A R A G U A

CISA EXPORTADORA: Closes Doors, Parent Files for Bankruptcy
CISA EXPORTADORA: Growers Organize to "Survive" Firm's Bankruptcy

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Fernandez Leaves With 9.439BB Banknotes in Circulation
-----------------------------------------------------------------
Buenos Aires Times reports that part of the 'inheritance' received
by the future Javier Milei government is the record money-printing.
During the Alberto Fernandez presidency, the number of banknotes
in circulation in Argentina rose 80 percent by comparison with the
total registered at the end of his predecessor Mauricio Macri's
term, according to Buenos Aires Times.

When Frente de Todos came to power in December, 2019, there were
5.2425 billion banknotes in circulation with 1,000 pesos as the
highest denomination, the report notes.  That has since risen to
2,000 pesos with an unprecedented 9.4393 billion banknotes in the
streets, Buenos Aires Times discloses, citing a Bloomberg Linea
report.

Divided by the 46,044,703 people populating Argentina according to
the 2022 census, that makes for an average of 2,050 banknotes per
inhabitant, Buenos Aires Times says.

When Alberto Fernandez reached the Casa Rosada, 100-peso banknotes
represented 46.8 percent of the total in circulation with those
worth 1,000 pesos barely 5.9 percent, the report notes.  With
Javier Milei on the brink of inauguration, the 100-peso banknotes
barely symbolise 15.9 percent and those of 1,000 pesos 51.4 percent
of the banknotes in circulation in Argentina or over half, the
report relays.

The latter is no longer the highest denomination, overtaken since
last May with the 2,000-peso banknote, of which there are 176.7
million in circulation or barely 1.9 percent of the total,
according to the Central Bank, the report discloses.  Printing
currency up to the values of 5,000 and even 10,000 pesos had been
within the plans of the outgoing government, even reaching an
advanced stage but later ruled out, the report relays.

The 1,000-peso and 2,000-peso banknotes are printed on three
different continents, the report says.  Argentina's Mint is joined
by those of Brazil and Spain (Casa da Moeda and Fabrica Nacional de
Moneda y Timbre respectively) and by the China Banknote Printing
and Minting Corporation, the report notes.  In recent months the
currency has been freighted via air and sea from those three
countries, as well as Germany, France and Malta, the report
relays.

During the electoral campaign, president-elect Javier Milei
attributed the persistently high rise in prices to precisely
money-printing, affirming that "it is partly transferred to
inflation," the report discloses.

"Inflation will continue being high as the result of this
government's disasters.  We are creating all the mechanisms to stop
printing money so that within a period of 18 to 24 months we can
halt inflation. Such is the empirical evidence of the Argentine
case.  Convertibility, which worked according to similar rules,
took 20 months," he argued in dialogue with Radio La Red, recounts
the report.

Another important point, when analysing the effects of this major
presence of banknotes is the value each has in day-to-day
economics, which is definitely what most bothers Argentines --
their purchasing-power, the report notes.

In 2015, at the end of Cristina Fernandez de Kirchner's second
term, the highest denomination was 100 pesos, the equivalent of
US$10.17 at the parallel exchange rate of that time, the report
says. When Mauricio Macri left the presidency in 2019, the highest
denomination had become 1,000 pesos representing some US$14.28, the
report discloses.  Today's highest denomination of 2,000 pesos
equals just over US$2, the report relays.

In the last eight years, the top Argentine banknote has thus
plunged 80 percent when measured against United States currency,
the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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
0its 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.

ARGENTINA: Poverty Rate has Risen to 44.7%, UCA Observatory Says
----------------------------------------------------------------
Buenos Aires Times reports that more than 17.5 million people in
Argentina are poor with poverty now affecting 44.7 percent of the
population, according to the latest figures from the influential
Observatorio de la Deuda Social of the Universidad Catolica
Argentina (Social Debt Observatory of the Catholic University of
Argentina, ODSA-UCA).

Published just days before president-elect Javier Milei's
inauguration, the new report represents the final quarter of the
year and concluded that 9.6 percent of Argentines live in extreme
poverty, according to Buenos Aires Times.

The institution's figures show a year-on-year increase in poverty
indices, the report notes.  Both rates are the highest recorded by
the observatory since 2006, the report relays.

In the same quarter of 2022, the observatory had reported a rate of
44.1 percent, with extreme poverty affecting 8.1 percent of the
population, the report discloses.

In addition, ODSA-UCA warned that quality of employment has fallen
to its lowest level since 2004, with 33.1 percent of the
economically active population over the age of 18 either unemployed
(8.8 percent) or in unstable underemployment (24.3 percent), the
report says.

The profile of the Observatorio de la Deuda Social rose
considerably during the administration of former president Cristina
Fernandez de Kirchner, when official statistics supplied by the
INDEC national statistics bureau became unreliable, the report
relays.  Since then, its multidimensional approach to measuring
poverty has been widely influential, the report discloses.

More than four in 10 Argentines are living in poverty according to
the statistics agency, which is tasked with measuring official
government data, the report says.

According to the ODSA-UCA data, some 18.7 million Argentines can't
afford the basic food basket (which includes not only food but also
goods and services), the report notes.  The observatory estimates
that some four million people are not satisfying their basic
nutritional requirements, the report says.

Its latest poverty index shows an increase from 43.1 percent in
2022 to 44.7 percent in 2023, meaning that there are 17.5 million
Argentines living with low income levels, precarious housing,
insufficient health and education or food insecurity, the report
relays.

The work of the ODSA-UCA is based on a sample of 5,760 households
in a geographical universe of large urban conglomerates covering
metropolitan areas in Greater Buenos Aires, Greater Cordoba,
Greater Rosario, Greater Mendoza, Salta, Neuquen, La Rioja, San
Juan, Tierra del Fuego, Chubut and Chaco, the report notes.

"The effects of inflation added to the stagnation of the economy
and the situation of informal employment mean that poverty levels
in Argentina have increased.  And all indicators show that this
increase in the number of poor or new poor people will continue to
rise next year," warned Agustin Salvia, director of ODSA-UCA, the
report relays.

Salvia warned that "it is necessary to continue to provide social
support to vulnerable sectors so that there is no social overflow,"
the report notes.

President-elect Milei has vowed to cut government spending and
deliver austerity measures in order to reset Argentina's economy,
the report relays.

For Salvia, "the cause of poverty has been and continues to be the
lack of investment and balanced growth between dynamic sectors and
traditional sectors, with the capacity to generate more and better
jobs, or even decent jobs in the informal economy," the report
disclose.

Finally, the director of the Observatorio de la Deuda Social
estimated that, if poverty is calculated on the basis of a person's
income level and some basic lack of education, health, housing or
services, the official rate "would rise to 65 percent," the report
adds.

                       About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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
0its 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.

GAUCHO GROUP: Welcomes Michael Koh to Advisory Board
----------------------------------------------------
Gaucho Group Holdings, Inc., announced the appointment of Michael
Koh, founder of one of the most respected real estate property
management and consulting firms in Argentina, to the Advisory Board
of the Company.

Michael Koh is a distinguished figure in the Argentine luxury real
estate sector, recognized for his visionary approach.  As the
managing partner and founder of Koh Investments, he established
ApartmentsBA, Argentina's most respected real estate property
management and consulting firm.  Under his leadership, ApartmentsBA
thrived until its acquisition by Luxury Retreats in 2010.
Additionally, he co-founded and led fypio, a real estate software
company, showcasing his versatility in real estate development and
technological integration within the sector.

Mr. Koh is currently spearheading the innovative real estate
portal, Casa Libre, set to launch in Q1 of 2024.  This platform is
anticipated to revolutionize the Argentine real estate market,
replacing Zona Prop with its advanced features, including
revolutionary software, 3D floor plans, and video walkthroughs.
Post-launch in Argentina, there are plans for expansion into
Mexico. This ambitious project further demonstrates Mr. Koh's
pioneering spirit in the real estate technology space, having
already made a significant impact with fypio, a software that
powered Rocket Homes, a direct competitor to Zillow.

The addition of Mr. Koh to the Advisory Board is expected to
enhance Gaucho Holdings' strategic vision and guide its growth in
the dynamic luxury real estate market of Argentina.  His extensive
experience and deep understanding of the Argentine real estate
sector will be invaluable in navigating the new economic landscape
and seizing investment opportunities.

"Reflecting on my years in Buenos Aires, I often imagined living in
Argentina's golden era," commented Michael Koh.  "I've experienced
its beauty, got married, and raised Argentine-born children here.

I love this country and am excited about its future.  I feel
confident Javier Milei will lead us back towards prosperity.  With
rich resources like beef, corn, and lithium, I believe Argentina is
on the cusp of realizing its true potential, offering promising
investment opportunities along the way."

Michael Koh's appointment comes at a crucial time following
Argentina's recent elections, signaling a potential shift and
revitalization in the economy.  Gaucho Holdings recognizes this
political change as an opportunity for economic growth and
investment in Argentina, where the Company has been actively
investing since 2007.

Scott Mathis, CEO and founder of Gaucho Holdings, stated: "The
appointment of Michael Koh to our Advisory Board is a strategic
move to bolster our 'Argentina army'.  With his guidance, we aim to
build a bridge for U.S. and global investors to participate in the
growth of Argentine assets through our company.  We are uniquely
positioned to capitalize on these opportunities, thanks to our
diversified portfolio and established presence in the Argentine
market since 2007. Our synergistic approach across our assets
allows us to streamline operations effectively.  With Michael on
board, we are reinforcing our commitment to expanding our footprint
in this promising market."

Gaucho Holdings said it is poised to announce new initiatives in
response to Argentina's evolving economic landscape.  With a
history of successful investments and a seasoned management team
familiar with the Argentine market's nuances, the Company is
uniquely positioned to leverage these changes.  The addition of
Michael Koh to the Advisory Board is a testament to Gaucho
Holdings' dedication to growth and excellence in the luxury market
of Argentina.

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc.'s
(gauchoholdings.com) mission has been to source and develop
opportunities in Argentina's undervalued luxury real estate and
consumer marketplace.  The Company has positioned itself to take
advantage of the continued and fast growth of global e-commerce
across multiple market sectors, with the goal of becoming a leader
in diversified luxury goods and experiences in sought after
lifestyle industries and retail landscapes.

Gaucho Group reported a net loss of $21.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.39 million for
the year ended Dec. 31, 2021.  As of March 31, 2023, the Company
had $21.01 million in total assets, $8.60 million in total
liabilities, and $12.40 million in total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working
capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.



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B R A Z I L
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ATLAS LITHIUM: Grosses $9.9MM From Registered Direct Offering
-------------------------------------------------------------
Atlas Lithium Corporation disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Dec. 5, 2023, it closed
a previously announced registered direct offering of 335,908 shares
of its common stock to certain accredited investors at a purchase
price of $29.77 per share.  The gross proceeds from the Registered
Offering were approximately $9.9 million after deducting offering
expenses paid by the Company.  The net proceeds received by the
Company from the Registered Offering will be used for general
corporate purposes, including the development and commercialization
of the Company's products, general and administrative expenses, and
working capital and capital expenditures.

The Registered Shares were offered pursuant to a prospectus
supplement dated Dec. 1, 2023, and a base prospectus dated Sept.
18, 2023, which is part of a registration statement on Form S-3
(Registration No. 333-274223) that was declared effective by the
Securities and Exchange Commission on Sept. 18, 2023.  Copies of
the prospectus supplement and the accompanying prospectus relating
to the Registered Shares may be obtained for free by visiting the
SEC's website at www.sec.gov.

                        About Atlas Lithium

Atlas Lithium Corporations formerly Brazil Minerals, Inc. is a
mineral exploration and development company with lithium projects
and exploration properties in other critical and battery minerals,
including nickel, rare earths, graphite, and titanium, to power the
increased demand for electrification. The Company's current focus
is on developing its hard-rock lithium project located in Minas
Gerais State in Brazil at a well-known, premier pegmatitic district
in Brazil. The Company intends to produce and sell lithium
concentrate, a key ingredient for the global battery supply chain.

Atlas Lithium reported a net loss of $5.66 million in 2022, a net
loss of $4.03 million in 2021, a net loss of $1.55 million in 2020,
a net loss of $2.08 million in 2019, a net loss of $1.85 million in
2018, a net loss of $1.89 million in 2017, a net loss of $1.74
million in 2016, and a net loss of $1.88 million in 2015. For the
nine months ended Sept. 30, 2023, the Company reported a net loss
of $25.60 million.


BANCO NACIONAL: Moody's Affirms Ba2 Deposit Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Banco Nac. de Desenv.
Economico e Social - BNDES' (BNDES) Baseline Credit Assessment
(BCA) and Adjusted BCA at ba2, as well as the bank's long-term
local and foreign currency deposit ratings at Ba2. The rating
agency has also affirmed the bank's short-term local and foreign
currency deposit ratings at Not Prime, the foreign currency senior
unsecured rating at Ba2, the long-term and short-term local and
foreign currency Counterparty Risk Ratings at Ba1 and Not Prime,
respectively, and the long-term and short-term Counterparty Risk
Assessments at Ba1(cr) and Not Prime(cr), respectively. The outlook
on BNDES' long-term deposit and senior unsecured ratings was
maintained stable.

As part of the rating action Moody's has also affirmed the Ba2
long-term local currency issuer rating assigned to the bank's
subsidiary BNDES Participacos S.A. - BNDESPAR (BNDESPAR). The
outlook on BNDESPAR's long-term issuer rating was maintained
stable.

RATINGS RATIONALE

The affirmation of the ratings and assessments assigned to BNDES
reflects the resilience of its fundamental credit strength through
different economic cycles, which is supported by the bank's strong
asset quality metrics, robust capitalization and adequate liquidity
position. In addition, the ba2 BCA assigned to the bank
incorporates its franchise as the largest development bank in Latin
America and its important role as provider of long-term debt and
equity financing as well as of funds for infrastructure projects in
the Government of Brazil (Ba2 stable). BNDES also has a relevant
role in assisting the federal government, its sole owner, in the
financing of public concessions.

The affirmation of the ba2 BCA reflects Moody's view that BNDES
will likely continue to report low level of problem loans,
reflecting its disciplined credit origination, backed by large
volume of collateral, and its current strategy to increase loan
disbursement in line with the government's growth acceleration
program (PAC). In September 2023, BNDES' problem loan ratio,
measured as 90-day past due loans to gross loans, was 0.02%, down
from 0.13% one year prior and well below the system's delinquency
ratio of 3.5% (as of August 2023). BNDES has a consistent track
record of low loan delinquency, also supported by a loan book with
a 38% share of indirect operations (onlending) to financial
institutions, which are responsible for the credit risk from final
borrowers. Despite these strengths, the bank continues to report
high borrower concentration, with its 11 largest borrowers in the
portfolio of direct loans representing about 53% of tangible common
equity, which adds volatility to asset risk. However, the bank's
strong cushion of loan loss reserves, at more than 166 times
problem loans in September 2023, helps to mitigate potential future
weakening in asset risk.

In September 2023, BNDES' capitalization, measured by Moody's
preferred ratio of tangible common equity (TCE) to risk-weighted
assets (RWAs), was 23.04%, up from 21.85% one year prior, mostly as
a result of steady earnings retention in the period. This
improvement is positive for the bank's financial profile. During
the next 12 months, Moody's anticipate BNDES' capitalization will
likely reduce as the bank pursues more robust loan growth. BNDES'
steady access to low-cost long-term constitutionally mandated
funding (the FAT fund) and adequate position of liquid assets are
also credit strengths. In September 2023, BNDES' liquid assets
accounted for 29.5% of tangible banking assets, down from 32.1% one
year before. Moody's expect liquidity to reduce further in 2024 due
to operational growth, although it will likely remain adequate. In
October, BNDES and the Ministry of Finance agreed on extending the
amortization of the pending amount (BRL23 billion) the bank owes to
the National Treasury until 2030, which would be positive for the
bank's liquidity position.

The ba2 BCA also incorporates BNDES' modest recurring earnings
generation, which reflects its role as development bank. In 2021
and 2022, BNDES reported high profitability metrics underpinned by
extraordinary gains related to the divestment of equity
participation in large domestic companies. However, in September
2023, the bank's profitability, measured by Moody's ratio of net
income to tangible banking assets, returned to a level more aligned
with its historical trend, at 2.7% from 6.3% one year before. For
the next 12 months, Moody's expect the bank's profitability will
likely remain modest as earnings will derive largely from lending
activity, and also because of asset growth.

Moody's assess BNDES as a government-backed bank because of its
strategic importance to the federal government and its whole
ownership by the National Treasury. However, the bank's ratings do
not receive any uplift from government support as the bank's
standalone BCA is positioned at the same level of the Government of
Brazil's ratings.

The affirmation of BNDESPAR's issuer rating is aligned to the
affirmation of the Ba2 long-term deposit ratings assigned to its
parent company and sole shareholder BNDES. BNDESPAR's main role is
to support the Brazilian capital markets through minority and
temporary equity investments in the corporate sector, as well as
investments in fixed income instruments.

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

BNDES' ratings are aligned to the Government of Brazil's Ba2
sovereign rating, reflecting the close interlinkage between BNDES'
standalone creditworthiness and the sovereign's credit position and
economic potential. A positive move in Brazil's sovereign rating
could trigger an upward movement in BNDES's ratings.

BNDES' BCA could be downgraded if the bank's financial profile
weakens as a result of consistent deterioration in asset quality
fundamentals, which could have a direct negative impact to
capitalization. Downward pressures to BNDES' deposit and senior
unsecured debt ratings could also arise from a downgrade of
Brazil's sovereign rating.

BNDESPAR is fully owned by BNDES and, as such its ratings are
intertwined with BNDES' ratings. Positive or negative movement on
BNDES' ratings would also trigger changes to BNDESPAR' issuer
rating.

PRINCIPAL METHODOLOGY

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

BRAZIL: Central Bank Overcame Autonomy Challenges, Chief Says
-------------------------------------------------------------
Reuters reports that Brazil's central bank chief, Roberto Campos
Neto, said that the bank successfully overcame some challenges to
its autonomy posed by the new administration of President Luiz
Inacio Lula da Silva, despite what he termed some "noises" in the
past year.

Speaking at an institutional event, he said the central bank
managed to maintain decisions based on technical guidelines
throughout this new government in which, for the first time, the
new executive branch had to coexist with a central bank chief
chosen by the previous administration, according to the report.

"Obviously there were noises from the first big autonomy test, but
I think they were overcome," Campos Neto said, the report notes.

Lula, a leftist, took office in January amid skepticism toward
monetary policy and inflation targets, which he deemed excessively
low and detrimental to economic growth, the report relays.

However, his government in June maintained the inflation target at
3% for 2024 and beyond, a position advocated by the central bank,
the report says.

Policymakers initiated an easing cycle in August after keeping
interest rates unchanged for nearly a year, the report notes.  So
far, borrowing costs have dropped by 150 basis points to 12.25%,
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).


BRAZIL: Ministry Eyes 3-Mo Extension for Consumer Debt Program
--------------------------------------------------------------
Reuters reports that Brazil's government aims to extend the
deadline for its broad consumer debt renegotiation program
"Desenrola" by an additional three months, said a top Economy
Ministry official.

The original closing date was set for the end of this year,
according to Reuters.

As a campaign promise of leftist President Luiz Inacio Lula da
Silva, the government launched the program to ease the financial
burden on families, strained by the pandemic and high borrowing
costs following a previous inflation surge, the report notes.

About 72 million people in Latin America's largest economy have
been blacklisted, according to October data from credit bureau
Serasa, the report relays.

Speaking at a press conference, Marcos Barbosa Pinto, the
ministry's secretary of economic reforms, said the proposed change
would be included in an executive order expected to be sent to
Congress, 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).

[*] BRAZIL: Economy Slows Sharply, Avoids Expected Contraction
--------------------------------------------------------------
Reuters reports that Brazil's economy avoided contraction in the
third quarter, extending a run of better-than-expected growth, even
as it slowed sharply due to falling investment and the fading
impact of a robust harvest to start the year.

Latin America's largest economy grew by a seasonally adjusted 0.1%
in the three months through September, government statistics agency
IBGE said, according to the report.

Economists had forecast a 0.2% drop in a Reuters poll, the report
notes.  It was the third straight quarter of economic growth,
lifting gross domestic product (GDP) to its highest level ever,
7.2% above its pre-pandemic level, according to IBGE, the report
relays.

The agency revised second-quarter growth to 1.0% from the previous
0.9%, while the first-quarter increase dropped to 1.4% from the
initial 1.8%, the report says.

In the third quarter, services activity and industrial output both
expanded 0.6%, while agricultural output fell by 3.3%, the report
adds.

It was the third straight quarter of economic growth, lifting gross
domestic product (GDP) to its highest level ever, 7.2% above its
pre-pandemic level, according to IBGE, notes Reuters.

The report recalls that President Luiz Inacio Lula da Silva took
measures this year to increase households' disposable income,
providing a lingering boost to family spending.

Household consumption rose by 1.1% in the third quarter, while
government spending grew by 0.5%. Fixed business investment fell by
2.5% from the prior quarter, notes Reuters.

"Household consumption increased, possibly boosted by the
consistently good performance of inflation, which contributes to
real income and purchasing power," said Felipe Salto, chief
economist at Warren Rena, the report relates. He said fixed
investments are still suffering from high borrowing costs, the
report adds.

Compared to a year earlier, the economy's 2.0% growth was slightly
more than the 1.9% rise economists had expected, but well below the
3.5% recorded in the previous quarter, Reuters relays.  

                          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).



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

COLOMBIA: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Colombia's Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

Stable Credit Fundamentals: Colombia's ratings reflect the
country's track record of macroeconomic and financial stability,
underpinned by an independent central bank with an inflation
targeting regime and a free-floating currency. The ratings are
constrained by continued fiscal challenges that weigh on prospects
for consolidation needed to ensure stable debt/GDP, a particularly
high interest burden, high commodity dependence, and structurally
large current account deficit.

Uncertain Reform Path: President Gustavo Petro's popularity has
steadily fallen from highs after the presidential election in
August 2022 and now hovers around 30%. Momentum on his reform
agenda slowed in 2023 as his coalition broke apart over differences
with the government's healthcare reform proposal. In the October
2023 local and regional elections, Petro's Pacto Historico party
fared poorly. Despite the set-backs, his healthcare and pension
reforms have continued to move forward in the congress. Fitch
believes that the proposed pension reform could pass by June 2024
with compromises.

The reform shifts contributions to the public system from private
pension funds and creates a solidarity pension for certain poor or
vulnerable people aged three years above the current retirement
age. The healthcare reform, which seeks to make private healthcare
system administrators more efficient with a focus on primary care
and boost healthcare investment in rural areas, has proven more
controversial, but could move forward amid negotiations.

Growth Weakness in 2023-2024: GDP growth is expected to slow to
just 1.1% in 2023 on the back of monetary and fiscal tightening.
The interest-rate-sensitive construction sector has been especially
hard hit, falling nearly 7.7% in 3Q23. Fitch expects gross capital
formation to fall by nearly 14% in 2023, including a significant
adjustment in inventories, while consumer spending remains somewhat
more resilient, eking out around 2% growth.

Net exports should contribute positively, with a significant
contraction in imports and moderate growth in exports. Fitch
expects flat growth in 2024 at 1.1%. Despite the expected rate cuts
in 2024, ex-ante real rates will remain high and contractionary,
which will dampen the recovery in investment and consumption. Fitch
expects a recovery will gather steam in 2H24 and lift growth to a
near-trend pace of 2.8% in 2025.

Inflation Slowly Falls: Inflation has proven to be higher and
stickier than in most other inflation-targeting countries in the
region. This in part reflects a series of weather-related and other
supply shocks over the last two years, as well as the depreciation
of the currency in 2022-1H23. In addition, inflation stickiness
reflects widespread indexation including in utility rates, rents
and education. The unwinding of the fuel subsidy over the course of
2023 has also added to inflation over the past year.

Inflation peaked at 13.3% in March 2023, and has gradually declined
more recently, and is expected to reach 9.5% by year-end 2023,
gradually declining to 6% by year-end 2024, still above the upper
3+/-1% band of the central bank's target. Fitch expects inflation
to reach 3.8% toward the upper bound of the central bank's target
range by year-end 2025. The gradual fall in inflation may allow the
central bank to begin rate cuts in December 2023, but at a gradual
pace.

Fiscal Consolidation in 2023: Fitch estimates a 4.3% of GDP central
government (CG) fiscal deficit in 2023, down from 5.3% in 2022, and
in line with the budget target. Revenues are expected to rise by
over 20% in 2023 following the implementation of 2021-22 tax
reforms, but fall short of government expectations (largely due to
lower oil revenues). Primary spending is growing above inflation.
The interest burden is projected to remain stable at 4.2% of GDP in
2023, up significantly from 3.3% in 2021 due to the higher interest
rates and the impact of high inflation on the government's
inflation linked debt (roughly 30% of the total local debt).

CG Deficit Under Pressure in 2024: In 2024, Fitch forecasts a CG
deficit of 5.2% of GDP, higher than the 4.4% of GDP budgeted,
reflecting a smaller revenue improvement relative to budget
expectations, but a similarly large increase in spending. The
Constitutional Court ruled recently that royalties from oil and
coal companies are deductible for corporate taxes, which will cost
the government 0.4% of GDP in 2024 (for payments due in both
2023-24).

In addition, the government estimates a large revenue yield of 1.7%
of GDP from tax administration and litigation measures (e.g.
through expedited settlement on tax disputes). Fitch expects
central government revenues to grow by 0.7% of GDP in 2024, given
the court ruling and a lower yield from the tax litigation
initiatives.

Challenging MT Consolidation Prospects: Fitch believes absent major
changes in fiscal policy, deficits will hover around 4.5% of GDP
over the medium term, above the levels required in the fiscal rule.
President Petro and Finance Minister Bonilla have recently voiced
the need to alter the fiscal rule to allow for greater spending at
a time of economic weakness. However, it is uncertain if congress
will approve any such change (no formal legislation suggesting such
a change has been submitted by the government to congress).

Short-Term Improvement in Debt Burden: GG debt to GDP is on track
to fall significantly in 2023 to a projected 52% of GDP, which is
in line with the 'BB' median and down from 57% in 2022. The fall in
2023 was largely driven by continued high nominal GDP growth (11%)
and exchange rate appreciation, reverting much of the increase
driven by depreciation in 2020-2022. However, Fitch expects debt to
begin to rise in 2024 onward, as nominal GDP growth slows
significantly and primary balances move farther away from
debt-stabilizing levels.

Current Account Adjustment in 2023-2024: The current account
deficit is expected to improve markedly in 2023 to 3.8% of GDP,
from over 6% of GDP in 2022, due largely to import compression.
Fitch expects the current account balance to narrow to 3.2% of GDP
in 2024, and to widen again to 4.1% of GDP in 2025 as the economy
rebounds. Foreign direct investment has proven resilient to date
despite political uncertainties, expected to reach over USD13
billion in net terms.

The agency expects little fluctuation in international reserves
(USD57.5 billion at year-end 2023) over the next two years and
international reserve coverage of current external payments (CXP)
to remain nearly six months. In April 2022, the IMF approved a new
two-year flexible credit line with Colombia for USD9.8 billion,
representing an additional buffer to face external shocks, which
the country has used in the past.

ESG - Governance: Colombia 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. Colombia has a medium WBGI ranking at 47.5 reflecting
a recent track record of peaceful political transitions, a moderate
level of rights for participation in the political process,
moderate institutional capacity, established rule of law and a
moderate level of corruption.

RATING SENSITIVITIES

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

Public Finances: A sustained deterioration in Colombia's general
government debt-to-GDP ratio relative to the 'BB' peer median, for
example from persistent high fiscal deficits and/or weak growth;

Macro: Deterioration of investment and medium-term growth prospects
with adverse social ramifications, such as high unemployment and
poverty levels;

External Finances: Marked increase in external vulnerabilities, for
example due to renewed large current accounts deficits, a sharp
fall in foreign direct investment and/or increase in net external
debt-to-GDP.

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

Public Finances: Achievement of fiscal consolidation consistent
with a steadily declining general government debt-to-GDP ratio and
enhanced fiscal policy credibility;

Macro: Higher sustained medium-term economic growth above
Colombia's historical averages, accompanied by broader
macro-financial stability;

Structural: Improvement in governance indicative of better social
cohesion.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Colombia a score equivalent to a
rating of 'BB+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

- Fitch removed the QO Macro +1 notch, as Fitch believes that the
SRM has now begun to reflect improvements in growth and growth
volatility, which were affected immensely during the pandemic and
were previously negatively impacting the model output.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

COUNTRY CEILING

The Country Ceiling for Colombia is '1' notch above the LT FC IDR.
This reflects moderate constraints and incentives, relative to the
IDR, against capital or exchange controls being imposed that would
prevent or significantly impede the private sector from converting
local currency into foreign currency and transferring the proceeds
to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG CONSIDERATIONS

Colombia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators 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 Colombia has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

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

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

Colombia 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 Colombia, as for all sovereigns. As
Colombia has track record of 20+ years without a restructuring of
public debt and captured in its 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           Prior
   -----------                       ------           -----
Colombia              LT IDR          BB+  Affirmed   BB+
                      ST IDR          B    Affirmed   B
                      LC LT IDR       BB+  Affirmed   BB+
                      LC ST IDR       B    Affirmed   B
                      Country Ceiling BBB- Affirmed   BBB-

   senior unsecured   LT              BB+  Affirmed   BB+



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

AES ESPANA: Fitch Alters Outlook on 'BB-' LongTerm IDR to Positive
------------------------------------------------------------------
Fitch Ratings has affirmed AES Espana B.V.'s Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'BB-' and revised the
Rating Outlook to Positive from Stable. Fitch has also affirmed AES
Espana's USD300 million notes due 2028 at 'BB-'. The ratings
consider the combined operating assets of AES Espana and Dominican
Power Partners (DPP; jointly referred to as AES Dominicana), which
are joint obligors of the USD300 million notes due 2028.

AES Espana's ratings reflect a strong linkage to the Dominican
Republic's (BB-/Positive) credit quality, due to its dependence on
government transfers, as well as historically strong balance sheet
and diversified asset portfolio.

A parent and subsidiary relationship exists between AES Espana and
AES Corporation (BBB-/Stable) due to the latter's pledge of shares
in the operating companies, but Fitch rates AES Espana on a
standalone basis, not assuming implicit parental support.

KEY RATING DRIVERS

Outlook Revised to Positive Based on Sovereign: Fitch revised the
Dominican Republic's sovereign Rating Outlook to Positive from
Stable on Nov. 29, 2023, reflecting a track record of robust
economic growth, a diversified export structure, high per-capita
GDP and social indicators, and governance scores that compare
favorably to peers. Post-election, there could be scope for the
next administration to pass pending legislation related to a new
Fiscal Responsibility Law that could contribute towards improving
the macro institutional framework. Growth has decelerated in 2023,
but Fitch expects it to recover to high levels during 2024-2025.
External liquidity metrics have improved in recent years, and
foreign currency share of government debt is on a downward path.

Increased Leverage Manageable, Temporary: Fitch views AES Espana's
multi-year increase in gross leverage from 2.8x at YE 2023 to about
5.0x yoy through 2025 as a manageable, cyclical event, despite
being above prior expectations and exceeding Fitch's downward
rating sensitivity. The increase will be temporary, and
attributable to an increased capex program to expand renewable
energy capacity, partially funded by new debt.

In addition, higher leverage is due to continued weaker EBITDA
generation, as the company remains only partially contracted with
the state-owned distribution companies (discos) until its
TTF-linked natural gas supply contract converts to a more
economical index beginning in 2026. However, in 2023, the company
generated some additional margin as demand increased with hot
weather and supply prices steadily declined. In 2026 and beyond,
Fitch expects the company to deleverage to the 3x range, as capex
rates subside and EBITDA grows with the higher contracted renewable
assets, as well as a re-contracting with the discos as a baseload
provider under a more economical gas supply contract.

Expansion Plan Impacts Cash Flow: Fitch expects that AES Espana
will produce a negative annual average FCF of USD85 million during
its higher capex program in 2023-2025 and an extraordinary
dividend. Cash flow from operations (CFO) should also normalize to
historical levels following the temporary lower contracted
position, and the rate of dividend payments should moderate in
2024. The renewable expansion program is managed by unrestricted
subsidiary ADRE (99.9% owned by AES Espana) and will amount to
around USD452 million through 2025, funded by around USD350 million
in new debt.

In 2026 and beyond, Fitch expects capex to focus primarily on
maintenance work and be funded through FCF and for CFO to rebound
to historic levels as the company reverts to baseload status.

Stable LNG Business; Opportunistic Transactions: AES Espana's
natural gas supply, storage and transportation business accounts
for an average 42% of annual revenues and approximately 25% of
annual variable margin (subject to volumes sold and prices). The
company provides the country's sole LNG import terminal, offering
regasification, storage, and transportation infrastructure. EBITDA
declined in 2023 yoy as the company executed fewer extraordinary
LNG transactions compared to 2022. In 2024, Fitch expects gas
transactions to increase for several clients, and going forward to
remain a dynamic and opportunistic component of the company's
business profile.

Dependence on Government Transfers: High energy distribution losses
have averaged a chronic 33% due to low collection rates and
important subsidies for end-users. This has created a strong
dependence on government transfers for the country's generation
companies, and has been exacerbated by the country's exposure to
fluctuations in fossil-fuel prices and strong energy demand growth
from discos. The regular delays in government transfers can
pressure generators' working capital needs and add volatility to
cash flows.

High-Quality Asset Base: Historically, AES Espana has ranked among
the lowest-cost electricity generators in the country. AES Espana's
combined-cycle plant with dual natural gas, as well as fuel oil No.
2 (diesel), is generally expected to be fully dispatched as a
base-load unit as long as the LNG price is not more than 15% higher
than the price of imported diesel (as is the situation in
2022-2026). The company continues to invest in renewable assets as
well, adding new solar and wind assets to the portfolio at zero
variable cost.

DERIVATION SUMMARY

AES Espana's ratings are linked to and constrained by the Dominican
Republic's ratings, from which it indirectly receives its revenues.
Empresa Generadora de Electricidad Haina, S.A. (EGE Haina;
BB-/Stable) is Espana's closest peer competitor, as both companies
ratings are linked to and constrained by the Dominican Republic's
ratings, from which they indirectly receive material parts of their
revenues. Each company is exposed to working capital volatility due
to operating difficulties tied to state-owned discos, which are
characterized by high dependency on government transfers due to
their and high energy loss and lower collection rates.

EGE Haina benefits from a diversified energy matrix, which includes
thermal and nonconventional renewable energy assets, with more
installed capacity than AES Espana and DPP combined. However, AES
Espana operates the country's sole natural gas port,
regasification, storage and gas pipeline facilities. Both companies
are in a period of asset expansion, in which they can each expect
leverage to increase to around 5x through 2025.

AES Espana's capital structure is strong relative to similarly
rated, unconstrained peers. Orazul Energy Peru S.A.'s (BB/Stable)
ratings reflect the company's predictable cash flows supported by
an adequate contractual position, historically efficient and
reliable hydroelectric generation assets, and cost structure
flexibility. Contrary to AES Espana, Orazul's historically elevated
leverage levels have tempered in recent years due to asset sales
and debt reduction, and could improve compared to the rating
category over the medium term.

KEY ASSUMPTIONS

- Both AES Espana and DPP increase generation volumes through
partial disco purchased power agreements (PPAs, last updated in
February 2023), albeit at lower levels than historical base load
volumes;

- By 2026, both generators resume fully-contracted financial PPAs
with discos and margins revert to generation;

- Approximately USD350 million in new debt (issued by unrestricted
renewable development subsidiary ADRE) to support ongoing capex and
dividend payments equivalent to 100% of prior year's net income;

- Dividends of USD124 million in 2023, declining to an average
USD46 million through 2026, with year-end cash estimated at around
than USD70 million;

- Solar assets Mirasol I and II (each 50 MW capacity)
operationalize in 2023 and 2024, respectively, and solar assets
Peravia I and II (total 140 MW) to operationalize in early 2025;

- Fuel prices (TTF and NYMEX Natural Gas/Henry Hub) track Fitch
price deck.

RATING SENSITIVITIES

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

- An upgrade in the Dominican Republic's sovereign ratings,
inclusive of the electricity sector achieving financial
sustainability through proper policy implementation.

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

- A downgrade in the Dominican Republic's sovereign ratings;

- Sustained deterioration in the reliability of government
transfers;

- Continued exposure to spot sales and gas sales that collectively
represent more than 60% of EBITDA, coupled with a financial
performance deterioration resulting in the combined Espana/DPP
ratio of debt-to-EBITDA to above 4.5x for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: AES Espana and DPP have historically reported
very strong combined credit metrics for the rating category. Both
companies have financial profiles characterized by low to moderate
leverage and strong liquidity, on a sustained basis. Cash on hand
at YE 2022 was USD77 million, and the company maintains around
USD70 million by policy each year. The companies' strong liquidity
position is further supported by the future refinancing of their
2026 international bond to a bond due in 2028. Andres also has
local, amortizing bonds due in 2027.

ISSUER PROFILE

AES Espana is a 319 MW combined cycle power station and has a
160,000 m3 LNG storage facility, regasification terminal and a 34km
pipeline to DPP. The company also operates 100 MW of solar and 50
MW of wind assets, with more in the pipeline.

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
   -----------              ------          -----
AES Espana B.V.       LT IDR BB- Affirmed   BB-

   senior unsecured   LT     BB- Affirmed   BB-

BANCO DE RESERVAS: Fitch Alters Outlook on 'BB-' LT IDR to Pos.
---------------------------------------------------------------
Fitch Ratings has taken the following rating actions on two
Dominican Banks following the revision of the Dominican Republic's
sovereign Rating Outlook to Positive from Stable. The ratings
actions also follow Fitch's revision of the Outlook of its
assessment for the Dominican banking system's operating environment
(OE) of 'b+' to Positive from Stable. The revision of the OE
Outlook to Positive reflects the trend of improvement in
governance.

In Fitch's opinion, this improvement will be accompanied by further
growth prospects of the country that, in turn, should lead to
continued improvement in per capita income and in the operating
risk index (ORI) metrics. These can ultimately be commensurate with
an OE assessment of 'bb-', allowing the banks to continue
generating consistent business volumes.

Fitch has revised the Outlooks of Banco de Reservas de la Republica
Dominicana, Banco de Servicios Multiples (Banreservas) and Banco
Multiple BHD, S.A. (BHD)'s Long-Term Issuer Default Ratings (IDRs)
to Positive from Stable while affirming their Long-Term IDRs at
'BB-'. The Positive Outlook on these banks reflects its view that
the improvement in the OE will support the financial system to
maintain double-digit growth and a healthy financial profile, given
the lower inflation and interest rates. The banks' national ratings
are not impacted.

KEY RATING DRIVERS

IDRs and VR

Banreservas' IDRs reflect Fitch's assessment of the Dominican
Republic government's reasonable ability and propensity to support
the bank due to its systemic importance, policy role and full
ownership by the government. Banreservas' Viability Rating (VR), or
standalone creditworthiness, was affirmed at 'b+' and reflects the
strength of the bank's business profile as it has the largest
franchise in the Dominican Republic. It also reflects sound asset
quality and profitability, adequate capitalization, and sound
liquidity.

BHD VR drives its Long-Term IDR. BHD' VR was affirmed at 'bb-'
reflecting its strong franchise and diversified business model,
being the third largest bank in Dominican Republic, with a market
share of 15.4% by total assets as of 2S23. It also reflects the
bank's sound asset quality, resilient profitability, adequate
capitalization levels and sound liquidity.

Government Support Rating (GSR)

Banreservas' GSR of 'bb-' reflects its systemic importance with an
asset market share of 34.4% at 3T23, its policy role by collecting
funds for the government's single treasury account to pay debt
obligations, its role as a provider of public sector loans, and its
100% government ownership. The GSR also reflects moderate
probability of support being forthcoming because of uncertainties
about the ability or propensity of the Dominican Republic due to
its speculative-grade IDR of 'BB-'/Positive, should it be needed.

BHD' GSR of 'b+' reflects that despite BHD's solid franchise in
deposits of 15.6% as of 1S23, which drives us to consider it as a
systemically important bank, there is limited probability of
support being forthcoming because of significant uncertainties
about the ability or propensity of the Dominican Republic to do
so.

RATING SENSITIVITIES

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

IDRs and VR

- Banreservas' and BHD's IDRs and VR would mirror any downgrade in
the Dominican Republic's sovereign ratings and Country Ceiling;

- Banreservas' IDRs are sensitive to a change in Fitch's perception
of the Dominican sovereign's propensity to support the bank;

- Banreservas' VR could be downgraded if there is a relevant
deterioration in asset quality or profitability, or sustained
pressures on the FCC to risk-weighted average (RWA) ratio to below
9.0%;

- BHD's VR could be downgraded if there is significant pressure on
the bank's financial profile, such as a relevant deterioration in
asset quality or profitability combined with an FCC to RWAs ratio
consistently below 10%.

GSR

- Banreservas' GSR would be affected if Fitch negatively changes
its assessment of the Dominican government's propensity to provide
timely support to the bank. This could also arise in the event of a
sovereign negative rating action;

- A downgrade of BHD's GSR could occur if the sovereign's ability
to support the bank weakened, as reflected in a sovereign
downgrade, or if the sovereign's propensity to support the bank
becomes less likely.

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

IDRs and VR

- Banreservas' IDRs could be upgraded if there is a similar
sovereign rating action;

- Banreservas and BHD's VR could be upgraded by the confluence of
improvements in the OE and the financial profile of the bank.

GSR

- Banreservas' GSR could be upgraded if the sovereign rating is
upgraded;

- An upgrade of BHD's GSR is possible in the event of a sovereign
upgrade if it coincides with a strengthening of the sovereign's
ability and propensity to support the bank.

VR ADJUSTMENTS

Banreservas: Fitch has assigned a Business Profile score of 'bb',
which is above the 'b' category implied score due to the following
adjustment reason: Market position (positive).

BHD: Fitch has assigned a Business Profile score of 'bb', which is
above the 'b' category implied score due to the following
adjustment reason: Business Model (positive).

Banreservas and BHD: Fitch has assigned a Funding and Liquidity
score of 'bb-', which is above the 'b' category implied score due
to the following adjustment reason: Deposit structure (positive).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banreservas' ratings are driven by the Dominican Republic sovereign
rating.

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 de Reservas
de la Republica
Dominicana, Banco
de Servicios
Multiples
(BANRESERVAS)       LT IDR             BB- Affirmed   BB-
                    ST IDR             B   Affirmed   B
                    LC LT IDR          BB- Affirmed   BB-
                    LC ST IDR          B   Affirmed   B
                    Viability          b+  Affirmed   b+
                    Government Support bb- Affirmed   bb-

Banco Multiple
BHD, S.A.           LT IDR             BB- Affirmed   BB-
                    ST IDR             B   Affirmed   B
                    LC LT IDR          BB- Affirmed   BB-
                    LC ST IDR          B   Affirmed   B  
                    Viability          bb- Affirmed   bb-
                    Government Support b+  Affirmed   b+

DOMINICAN REPUBLIC: Exports to Guyana on the Rise
-------------------------------------------------
Dominican Today reports that the Dominican Republic has experienced
a significant increase in exports to Guyana, attributing this
success to the government's supportive measures for exporting
companies and the resilience displayed by exporters during the
post-pandemic years.

Key factors contributing to this boost in exports include President
Luis Abinader's official visit to Guyana last June and the
reciprocal visit by President Irfaan Ali of Guyana to the Dominican
Republic in August, according to Dominican Today.  These visits
fostered closer commercial relations between the two nations, the
report notes.

Furthermore, ProDominicana organized business rounds in October,
resulting in over 123 formal meetings between Dominican exporters
and international buyers, with a strategic focus on Guyana, the
report relays.

Notably, Dominican exports to Guyana during the past three years
have surpassed those of the 2016-2020 period. Products such as
Portland Cement, sweet cookies, fermented beverages, chocolate, and
construction materials have shown remarkable growth in exports, the
report says.

In October alone, national industries represented 67% of
international shipments, reinforcing the Dominican Republic's
position in the Guyana market as an opportunity to diversify
exports within the Caribbean, the report notes.

ProDominicana remains committed to increasing Dominican exports by
identifying new market niches for domestic products and promoting
foreign investment in the Dominican economy, 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 December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, 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 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.



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

GRUPO UNICOMER: S&P Withdraws 'B+' Issuer Credit Rating
-------------------------------------------------------
S&P Global Ratings withdrew its 'B+' issuer credit rating on El
Salvador-based retailer Grupo Unicomer Corp. at its request
following the recent redemption of its 2024 notes. The outlook was
stable at the time of the withdrawal.




=================
N I C A R A G U A
=================

CISA EXPORTADORA: Closes Doors, Parent Files for Bankruptcy
-----------------------------------------------------------
Marcelo Teixeira at Reuters reports that Mercon Coffee Group, one
of the world's largest coffee traders, has filed for bankruptcy
protection in the U.S. due to what it defined as "exceptionally
challenging operating environment," according to a document seen by
Reuters.

Mercon, which has operations in all the major producing regions
including Brazil, Vietnam and Central America, said in a letter
sent to clients that problems in recent years such as the
logistical disruption during the pandemic, frost and drought in
Brazil, price volatility, and rising interest rates all combined to
hurt the company's financial situation, according to Reuters.

In the letter, signed by Mercon's Chief Executive Oscar Sevilla,
the company said lenders have elected "not to extend credit
agreements, resulting in extremely tight working capital
conditions," the report notes.

Court documents from the U.S. Bankruptcy Court for the Southern
District of New York show Mercon and its affiliates in several
countries have a total debt of $363 million, the report relays.

Among the largest creditors are several banks in the countries
where Mercon operates, but also trade companies in Brazil, Central
America and the United States, the report says.

Rumors of financial problems at the coffee trader, which has sales
operations in Europe, Asia and the United States, circulated among
some market participants in the last hours, the report discloses.

The comments followed news from Nicaragua that the country's
largest coffee exporter, CISA Exportadora, had closed doors, the
report says.  CISA was a subsidiary of Mercon.

In a statement, Nicaragua's government said it was aware of CISA's
suspension of operations and bankruptcy, which it added was "not
just occurring in Nicaragua" and was "foreign" to the country's
current economic situation, the report relays.

The government said it was working with the coffee sector, as well
as with foreign countries, to ensure the sale and export of
Nicaraguan coffee, the report notes.

"We are doing everything in accordance with our laws and
constitution that we need to do to ensure that CISA Exportadora
meets its business and financial commitments," it said, the report
relays.

One broker, who asked not to be named due to the sensitivity of the
issue, told Reuters that Mercon was in a difficult financial
situation after failing to extend credit lines for its trading
operations, particularly with Dutch bank Rabobank.

Rabobank confirmed Mercon was a client, but declined to comment
further on the situation.

Mercon said in the letter that it will work with clients to "ensure
a seamless process concerning open contracts," the report notes.

A Mercon source said the company had stocks and will continue to
operate under bankruptcy protection, moving coffee from its
warehouses and shipping it to buyers, the report adds.


CISA EXPORTADORA: Growers Organize to "Survive" Firm's Bankruptcy
-----------------------------------------------------------------
Ivan Olivares at Havana Times reports that at least 60 Nicaraguan
coffee growers -- mostly from Matagalpa and Jinotega -- who had
operations with the recently closed CISA Exportadora, were to meet
December 8, 2023.  The objective was to form a committee that will
allow them to influence the bankruptcy process of Mercon Coffee
Group, which threatens their finances, and those of thousands of
workers who depend on this activity, according to Havana Times.
Nicaragua received USD $711 million from coffee exports in 2022,
the report recalls.

The crisis that affects a good part of the country's coffee
producers became evident on December 1, when CISA informed them
that it would stop receiving their beans, awakening a fear that
materialized in the following hours and days, when it was learned
that Mercon, the global firm that owns CISA Exportadora, had gone
bankrupt, the report notes.

On December 6, a letter signed by the CEO of Mercon Coffee Group,
Oscar Sevilla, confirmed that after evaluation of all options, "the
business no longer has the necessary financing to continue its
operations and the Board decided to file for Chapter 11 of the
United States Bankruptcy Code, as the best alternative to protect
the company's assets," the report relays.

The 60 producers seek to organize themselves to "be in any type of
negotiation, so that they do nothing behind our backs.  This is how
we are going to let the government and the banks involved know,
because here they usually make deals without taking us into
account.  In the end they only tell us ‘we decided on that', and
we are all in this boat," a coffee grower told CONFIDENCIAL. He did
not rule out meeting with government officials, as well as with
bank representatives, the report discloses.

A total of 8.3% of the debts that led to Mercon's bankruptcy are
contracted with Nicaraguan banks: $19.5 million USD with Lafise; 7
million with the Production Development Bank; 2.0 million with the
BDF, and 1.5 million with the BAC Nicaragua, in addition to 3.0
million with BAC Panama; and 3.5 million with the International
Bank of Costa Rica (BICSA), amounts that pale when compared to the
202.5 million it owes to Rabobank, or the 25 million it must pay to
the Dutch FMO, the report relays.

    Other Companies Refuse to Buy Coffee From Affected Growers

The closure of CISA Exportadora, also implied the cessation of
operations of Mercapital, the arm of the business group dedicated
to financing producers, the report relays.  This left them without
the necessary capital to cover the expenses of the harvest, when
thousands of people come to work from different parts of the
country to the coffee-growing areas, the report notes.

The producer mentioned above, as well as numerous other sources in
the coffee sector with whom Havana Times spoke with in the last
three days, have indicated with concern that Mercon's bankruptcy
occurs at a time when the producers are in the middle of the
harvest and the coffee is ripening, the report discloses.  They
urgently need money to pay its workers, the report says.

In this context, many companies that competed with CISA, like
Atlantic and OLAM the two largest, as well as other smaller ones,
refuse to receive coffee from producers who were CISA clients,
arguing that this coffee belongs to the closed company, which had
already paid for that product.

"Who is protecting us right now?" asks the coffee grower, the
report relays.  He points out that producers have a liquidity
problem, so many may try to sell part of their coffee (for a lower
price) in local markets to be able to meet the payroll and continue
the harvest, the report notes.

"I see what these other companies are doing: they leave all that
coffee without receiving it and then buy it cheap when the
producers take it to the local market. In fact, they have already
reduced the price at which they buy a quintal by 500 cordobas
(around US $14)," he denounced.

Although he recognizes that they have a legal commitment with CISA,
this producer responds that the bankrupt company "is seriously
affecting us, because it is breaching the contract by not receiving
our coffee and by not making the already agreed upon loan
disbursements.  Here everything is done to protect to the big
guys," the report discloses.

             When Your Creditors Run Out of Patience

The bankruptcy of Mercon Coffee Group is explained by the existence
of a debt that exceeds USD 363.3 million, after receiving a
renewable line of credit for 450 million dollars in 2019, plus
another 325 million that was approved on June 30 by Rabobank, based
in the Netherlands, the report discloses.  This capital injection
was insufficient to resolve the financial situation of the company,
which declared bankruptcy at the beginning of December, the report
says.

The letter signed by CEO Sevilla explains that "in the last three
years, the logistical disruptions derived from the pandemic, added
to the effects of frost and drought in Brazil, the prolonged delay
of the market, the sustained fluctuation of prices and rapid
increases in interest rates combined to form an exceptionally
challenging operating environment for Mercon," the report relays.

He adds that, despite this series of "unfortunate triggering
events," the company's senior management implemented all kinds of
solutions over the last few months seeking to sustain the operation
of the business. Proof of this is the capitalization that occurred
in June, as well as the change in the company's ownership
structure, which was insufficient to change the destiny of the
conglomerate that was born in Nicaragua and came to have a presence
on three continents, the report relays.

"Unfortunately, macroeconomic factors working against Mercon have
persisted for longer than expected and lenders have chosen not to
extend credit agreements, resulting in extremely tight working
capital conditions," Sevilla added.

In addition to what the BDF and BAC banks may be doing to recover
their money, a professional linked to agro-export activity said he
was aware that "Lafise would be executing its guarantees, without
it being clear what that means beyond keeping the facilities, the
report notes.  I don't know if they would finance the operation to
recover their debt, although I don't think that can be automatic.
They may possibly require the Superintendency of Banks to relax
some provisions," the report relays.

The websites of the Nicaraguan banks, Lafise, BDF and BAC did not
make any reference to the situation posed by the bankruptcy of CISA
Exportadora, the report adds.


                           *********


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

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

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

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of the same firm for the term of the initial subscription or
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                  * * * End of Transmission * * *