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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Monday, May 6, 2024, Vol. 25, No. 91

                           Headlines



A R G E N T I N A

ARGENTINA: Central Bank Cuts Rates to 50%
ARGENTINA: Massive Transport Strike Called for May 6


B R A Z I L

BRAZIL: Jobless Rate Ticks Up as Central Bank Readies Rate Cut
BRAZIL: Moody's Affirms 'Ba2' LT Issuer Rating, Outlook Now Pos.
CAMIL ALIMENTOS: S&P Withdraws 'BB-' Global Scale ICR
COMPANHIA DE GAS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


C O L O M B I A

BANCO DE OCCIDENTE: Fitch Publishes 'BB-(EXP)' Rating on Sub Notes


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: Bank BHD Commits US$500M++ to Tourism


E L   S A L V A D O R

EL SALVADOR: Fitch Affirms 'CCC+' LongTerm Foreign Currency IDR


J A M A I C A

[*] JAMAICA: Earns $263BB From Production and Consumption in 2023
[*] JAMAICA: World Bank Projects US$550M Investment From 2024-2027


P A N A M A

BANISTMO SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
MULTIBANK INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week April 29 to May 3, 2024

                           - - - - -


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

ARGENTINA: Central Bank Cuts Rates to 50%
-----------------------------------------
Buenos Aires Times reports that Argentina cut its key interest rate
for the third time in three weeks as officials bet on a sustained
slowdown in consumer prices and race to shrink the Central Bank's
interest-bearing liabilities.

Policymakers lowered the benchmark rate to 50 percent from 60
percent, according to a statement released May 2 that cited a
significant easing in price pressures over recent months, according
to Buenos Aires Times.

Officials have cut rates five times from an initial 133 percent
since President Javier Milei took power in December, the report
notes.  Inflation slowed every month since then, from a
three-decade-high monthly rate of 26 percent in December to 11
percent in March, the report relays.  Milei said over the weekend
that April's reading could be in the single digits, a sign that the
government's efforts to tame runaway price growth are working, the
report discloses.

In a separate radio interview, the president said he hopes to lift
Argentina's complex currency controls sometime this year, the
report relays.  An integral step in that process is cleaning up the
Central Bank's balance sheet by lowering rates, Milei said, adding
he imagined another rate cut would be made, the report says.

Since taking office, Milei's government has lifted price controls,
devalued the currency by more than 50 percent and posted
Argentina's first quarterly budget surplus since 2008, the report
discloses.  To achieve that, Milei froze nearly all public works
and transfers to local governments, and kept spending on pensions
and public salaries well below inflation, the report notes.  The
lower house approved Milei's sprawling economic reform bill, which
will face a vote in the Senate in coming weeks, the report relays.

The president's economic team sees monthly inflation slowing much
faster this year than analysts anticipate, forecasting consumer
price increases will fall to 3.8 percent by September, according to
a presentation seen by Bloomberg News dated April 4 and authored by
a top deputy to Economy Minister Luis Caputo, the report says.
Analysts surveyed by Argentina's Central Bank in March foresee
monthly inflation at 6.2 percent by September, the report notes.

Annual inflation, however, remains eye-popping, the report relays.
From a year earlier, Argentine consumers are grappling with price
gains of nearly 288 percent -- the highest level since the
crisis-prone nation exited hyperinflation in the early 1990s, 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings 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: Massive Transport Strike Called for May 6
----------------------------------------------------
Buenos Aires Times reports that a transport workers' confederation
has announced a mega-strike that will halt air, ground and sea
transport on today, May 6.

The strike has been called in rejection of President Javier Milei's
fiscal reform package, according to Buenos Aires Times.  The
industrial action will affect the operation of trains, the
underground, planes and ports. Buses are likely to be running, the
report notes.

"On May 6, in the morning and noon, the activities of air, ground,
port and sea transport will be interrupted in rejection of the
fiscal agreement imposing income tax once again," confirmed Juan
Carlos Schmid, general secretary of the Argentine Confederation of
Transport Workers (CATT), through X, the report relays.

In radio interviews following the announcements, Schmid explained
that "informative meetings" would be held to interrupt the normal
operation of transport, the report discloses.

"There will be conflictive situations once the fiscal pact affects
workers' pockets again," he warned, the report relays.

The CATT's measure will be take place three days prior to the
second 24-hour general strike called by the CGT General Workers'
Confederation umbrella union grouping on May 9, the report notes.

The transport workers' confederation is taking a stance against the
fiscal package, including changes to income tax brackets, 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings 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.



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

BRAZIL: Jobless Rate Ticks Up as Central Bank Readies Rate Cut
--------------------------------------------------------------
Bloomberg News reports that Brazil's jobless rate ticked up less
than expected last month, likely adding to central bankers'
concerns that the labor market is running too hot.

Official data released April 30 showed the unemployment rate rose
to 7.9% in March from a month earlier as nearly 8.6 million people
were jobless in the period, the report notes.  The central bank
plans to lower the benchmark interest rate by half-point next month
and is keeping a close eye on hiring as it charts its subsequent
moves, the report relays.  The labor market has proved resilient to
high borrowing costs, which are damping overall economic growth,
and stoking prices of services as well as concern that inflation
could pick up again, the report discloses.  

While the unemployment rate has edged up for three consecutive
months, economists caution many of the job losses are the result of
seasonal factors, the report says.  The lingering pressure has the
potential to slow the pace of intrest rate cuts from the central
bank, which has so far reduced the Selic by 3 percentage points to
10.75% since it started its easing campaign last August, 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.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain
a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.

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: Moody's Affirms 'Ba2' LT Issuer Rating, Outlook Now Pos.
----------------------------------------------------------------
Moody's Ratings has affirmed the Government of Brazil's long-term
issuer and senior unsecured bond ratings at Ba2, senior unsecured
shelf rating at (P)Ba2 and changed the outlook to positive from
stable.

Moody's assesses that Brazil's real GDP growth prospects are more
robust than in the pre-pandemic years, supported by the
implementation of structural reforms over multiple administrations,
as well as the presence of institutional guardrails that reduce
uncertainty around future policy direction. The outlook change to
positive is underpinned by Moody's assessment that more robust
growth combined with continued, albeit gradual, progress towards
fiscal consolidation, may allow Brazil's debt burden to stabilize.
However, there are risks to the government's execution of continued
fiscal consolidation.

The affirmation of the Ba2 rating is driven by still relatively
weak fiscal strength, given Brazil's high debt burden and weak debt
affordability, which remains sensitive to economic or financial
shocks. Brazil's reliance on local currency financing and a deep
domestic financial market mitigates financing risks. The Ba2 rating
also takes into account the sovereign's underlying credit
strengths, including a large and diversified economy, moderately
strong institutions and governance and a strong external position.

Brazil's country ceilings remain unchanged. The local-currency
country ceiling is positioned four notches above the sovereign
rating at Baa1, reflecting the economy's large size and
diversification, and limited external imbalances and macroeconomic
risks, balanced against the government's large footprint in the
economy. The foreign-currency country ceiling is Baa2, one-notch
below the local-currency country ceiling reflects large foreign
exchange reserves, which reduces the risk of restrictions on
transfer and convertibility in times of stress, and open capital
account, balanced against exchange-rate volatility and some
restrictions on capital flows.

RATINGS RATIONALE

RATIONALE FOR THE POSITIVE OUTLOOK

IMPROVED GROWTH PROSPECTS WITH MEDIUM-TO LONG-TERM UPSIDE
POTENTIAL

Moody's expects real GDP growth to average around 2% in 2024-25 and
over the medium term, well above the pre-pandemic -0.5% annual
average rate that was observed in 2015-19. More robust GDP growth
in recent years and the near- to medium-term is partly the result
of structural reforms implemented over successive administrations.
As explained below, these reforms are related to a range of policy
areas.

Brazil's economic performance surprised to the upside in 2022-23
reflecting in part cyclical factors, including strong agriculture
production on the back of a record harvest and fiscal expansion. In
the next few years, Moody's anticipates growth will be broad-based
extending to both the industry and the services sectors with
domestic demand propelled by a strong labor market and higher real
wages.

The government's energy transition agenda, which aims to attract
private investment into clean energy projects with incentives and a
favorable regulatory framework, adds upside potential to Moody's
medium- to longer-term growth forecasts.

Prospects of solid growth in the order of 2% support Moody's
assessment of upside risks to Brazil's credit profile, and align
with the economy's large scale, diversification and proven
resilience in recent years.

STRUCTURAL REFORMS OVER SUCCESSIVE ADMINISTRATIONS SUPPORT POLICY
EFFECTIVENESS WITH INSTITUTIONAL GUARDRAILS REDUCING POLICY
UNCERTAINTY

Despite a polarized political environment, successive governments
have been able to advance reforms in key areas, related to the
monetary policy framework and strengthened central bank
independence, improved governance of state-owned enterprises
(SOEs), and measures to improve the business environment, such as
financial digitalization and labor reform. The upcoming overhaul of
the tax regime, while taking effect over a long period, also marks
a notable structural reform.

In addition to laying the foundation for higher growth in the
coming years, structural reforms have increased policy
effectiveness, and coupled with institutional guardrails have
reduced uncertainty around future policy direction.

GRADUAL FISCAL CONSOLIDATION MAY LEAD TO STABILIZATION OF DEBT
BURDEN

In an environment of steady growth, Moody's expects the fiscal
framework introduced by the government last year, which limits the
increase in real primary spending to 70% of the increase in real
revenues in the previous year, will result in gradual fiscal
consolidation. Moody's expects Brazil's primary and overall fiscal
deficits will narrow in 2024-25 supported by revenue measures.
Unless a growth shock derails fiscal performance and/or an economic
or financial shock significantly raises the cost of debt, Brazil's
government debt may stabilize in a few years.

Building a track-record of compliance with the fiscal framework
would reduce uncertainty around Brazil's fiscal trajectory and
support a reduction in risk premia, leading to lower borrowing
costs for the government. In turn, this would accelerate the
decrease in the interest burden in line with lower interest rates.

However, risks to fiscal consolidation efforts remain due to
reliance on revenue growth to achieve lower deficits and the
government's restricted ability to cut spending.

RATIONALE FOR THE RATING AFFIRMATION

The Ba2 rating reflects still relatively weak fiscal strength,
given Brazil's spending rigidity, high debt burden and weak debt
affordability, which remains sensitive to economic or financial
shocks. Government debt ratios declined after the pandemic, but
Moody's expects debt burden will likely rise somewhat in 2024-25
before stabilizing in a few years. Risks of elevated debt burden
are mitigated by reliance on local currency financing, supported by
a deep domestic financial market, which limits financing and
exchange rate risks. Strong external position and low
balance-of-payment and external financing risks are key support
factors for Brazil's sovereign credit profile.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Brazil's Credit Impact Score (CIS-3) reflects exposure to
environmental and social risks, and moderately strong institutions.
Social and environmental risks are driven by high income inequality
and exposure to carbon transition risk.

Brazil's exposure to environmental risks (E-3 issuer profile score)
reflects carbon-transition risk, impacting its oil sector, and
risks related to waste and pollution, water management and the
depletion of natural capital.

Exposure to social risks (S-3 issuer profile score) reflects high
income inequality and some deficiency in the provision of basic
services, notwithstanding a large social safety net. Future social
pressure may arise if economic growth were to persistently weaken,
leading to deterioration in living standards.

The influence of governance on Brazil's credit profile (G-2 issuer
profile score) reflects the impact of relatively weak governance
indicators related to corruption and rule of law, set against
Moody's assessment of the strength of Brazil's institutional
arrangements, particularly the effectiveness of the judiciary and
improving monetary policy framework.

GDP per capita (PPP basis, US$): 18,861 (2022) (also known as Per
Capita Income)

Real GDP growth (% change): 3.1% (2022) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.8% (2022)

Gen. Gov. Financial Balance/GDP: -4.6% (2022) (also known as Fiscal
Balance)

Current Account Balance/GDP: -2.5% (2022) (also known as External
Balance)

External debt/GDP: 34.9% (2022)

Economic resiliency: baa2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On April 25, 2024, a rating committee was called to discuss the
rating of the Brazil, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have materially increased. The issuer's
governance and/or management, have not materially changed. The
issuer's fiscal or financial strength, including its debt profile,
has not materially changed.

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

Brazil's sovereign rating would be upgraded if the government
proves successful in delivering steady improvement in the primary
balance and overall fiscal deficits, which would enhance fiscal
policy credibility. This development would indicate the
government's ability to stay the course, reinforcing favorable
prospects for Brazil's fiscal trajectory and supporting reductions
in the sovereign risk premium, in turn reducing borrowing costs for
the government. Sustaining solid GDP growth in line with Moody's
current forecasts would support the government's ability to deliver
such improvements in fiscal metrics.

Negative credit pressure would emerge if commitment to fiscal
consolidation weakens leading to a deterioration in the primary and
overall fiscal balances. Erosion of policy credibility that weakens
investor confidence weighing on growth and investment, and
increasing government funding costs would also weaken the
sovereign's creditworthiness. Persistently low GDP growth would
represent a credit-negative development that would adversely affect
Brazil's credit profile.

The principal methodology used in these ratings was Sovereigns
published in November 2022.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

CAMIL ALIMENTOS: S&P Withdraws 'BB-' Global Scale ICR
-----------------------------------------------------
S&P Global Ratings withdrew its 'BB-' global scale and 'brAA+'
national scale issuer credit ratings on Camil Alimentos S.A. at the
issuer's request. S&P also withdrew the 'brAA+' issue ratings and
the '3' (55%) recovery rating. At the time of the withdrawal, the
outlook was stable.


COMPANHIA DE GAS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Companhia de Gas de Sao Paulo - COMGAS'
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+' and
Local Currency IDR at 'BBB-'. In addition, Fitch has affirmed the
company's National Long-Term Rating and senior unsecured debentures
at 'AAA(bra)'. The Ratings Outlook is Stable.

COMGAS' ratings reflect its long record of robust operational cash
generation and sound financial profile within the low to moderate
risk of the natural gas distribution industry in Brazil. The
issuer's credit profile benefits from a more diversified client
segment base and higher profitability than its peers in the
country. COMGAS has the ability to pass through natural gas cost to
tariffs and proven debt market access to support its expected
negative free cash flow (FCF).

Fitch considers limited risks coming from gas supply and the
industry's regulatory framework. COMGAS is analyzed on a standalone
basis, despite being part of Cosan group. COMGAS' Foreign Currency
IDR is capped by Brazil's 'BB+' country ceiling.

KEY RATING DRIVERS

Solid Business Profile: COMGAS is the largest natural gas
distributor in Brazil and benefits from its monopolistic operations
in part of the State of Sao Paulo (BB/Stable), the most
economically important state in the country. The company's
concession matures in 2049 and has a diverse client base compared
with peers with higher share of residential and commercial
customers. Clients from these two segments are more profitable and
have lower volatility during economic downturns. Residential
clients account for around 15% of revenues and 40% of operating
profit, while commercial clients represent around 5% and 10%,
respectively.

Robust EBITDA: COMGAS should sustain strong EBITDA and adjusted
EBITDA margin above average of its peers. The base case scenario
for the IDRs estimates EBITDA slightly increasing to BRL3.4 billion
in 2024 and BRL3.6 billion in 2025 based on adequate tariff
increases, maintenance of operating and cost efficiencies,
expansion of the client base and marginal volume billed growth.
Fitch expects the adjusted EBITDA margin, excluding gas acquisition
costs from net revenue, to be around 80%-85%. This assumption
considers a margin contribution of BRL0.93/cubic meter and stable
total volume billed in 2024 at 4.2 billion cubic meters, ex-thermo
clients. EBITDA was BRL3.3 billion in 2023, with adjusted EBITDA
margin of 83%.

Strong FCF Before Dividends: Fitch forecasts COMGAS's strong annual
cash flow from operations (CFO) at BRL2.3 billion-BRL2.5 billion
during 2024-2026, which is enough to support the high average of
annual investment of BRL1.6 billion during the period. Fitch
estimates negative BRL1.2 billion FCF on annual average until 2026
due to COMGAS's aggressive dividend payment.

COMGAS's Standalone Credit Profile (SCP), is due to perceptions of
its insulated status for legal ring fencing and porous status for
access and control, given that the access of its ultimate parent
Cosan S.A. (Foreign and Local Currency IDRs 'BB'/National Scale
Rating 'AAA(bra)'/Stable Outlook) is only through upstream of
dividends.

Conservative Leverage: Fitch estimates net leverage to increase to
2.2x by 2026, from 1.4x in 2023, which is still conservative
considering the COMGAS's low to moderate business risk. The company
is subject to natural gas consumption volatility within the
industrial segment as it represents the majority of its EBITDA
generation. This segment's performance is linked with GDP and gas
price competitiveness resulting in potential cash flow variation.
COMGAS' efficient expense structure and efforts to expand its
residential and commercial client bases, with higher profitability,
should continue to mitigate effects of industrial segment
volatility.

Manageable Supply Risk: Fitch assumes no gas supply disruptions for
COMGAS in the future. The company's mains supply contract is with
Petroleo Brasileiro S.A. (Petrobras; Foreign and Local Currency
IDRs BB/Stable) and matures in December 2034. COMGAS has also minor
long-term supply contract with related party Compass
Comercialização S.A.. Natural gas purchasing is the main cost for
natural gas distributors, which can be passed-through to tariffs
based on concession contract features, with no expectations that
take-or-pay and ship-or-pay clauses may significantly pressure
natural gas distributors' cash flow.

Regulatory Environment is Neutral: Regulations for the Brazilian
natural gas distribution industry is neutral for COMGAS's credit
profile. The existing regulatory environment stimulates higher gas
supply competition in the medium term, aiming to support lower
purchase prices and higher demand. This increases COMGAS's exposure
to large clients leaving its customer base by switching gas
suppliers. If it occurs, the company will continue to receive the
fee for its distribution service, which may not offset the impact
of lower volumes billed. The relevant scale of operations should
support COMGAS' competitiveness in gas purchase prices.

DERIVATION SUMMARY

COMGAS' credit profile compares favorably with Companhia de
Saneamento Basico do Estado de Sao Paulo (SABESP; Foreign and Local
Currency IDRs BB+/Stable), a water/wastewater utility operating in
the State of Sao Paulo, which carries some linkage with its
controlling shareholder, the State of Sao Paulo. COMGAS has a more
robust cash flow and lower capex needs. Both companies have sound
capital structures and liquidity profiles in addition to proven
financial market access.

Promigas S.A. E.S.P. (Promigas; Foreign and Local Currency IDRs
BBB-/Stable) has a strong business position in Colombia
(BB+/Stable) and predictable cash flow generation, but gross
leverage of around 3.5x-4.0x, higher than COMGAS at below 2.5x.
Promigas' business profile benefits from diversification within
natural gas transportation and distribution activities, while
COMGAS only distributes gas and can face demand volatility.

COMGAS business profile is similar to National Fuel Gas Company's
(NFG; IDR BBB/Stable), a diversified and integrated natural gas
company that develops, transports and distributes natural gas to
consuming energy markets in the Northeastern U.S. with assets
centered in New York and Pennsylvania. NFG benefits from better
operating environment and its diversified and integrated business
model anchored by regulated operations, low-cost acreage position
and conservative financial profile, support the one notch
difference from COMGAS.

KEY ASSUMPTIONS

- Total volume billed growth of 1.6% in 2024, excluding the thermo
power generation segment. Annual average volume growth of 1.9%
thereafter, similar with Fitch's GDP projections for Brazil;

- Dividend payout ratio of 100% of distributable net profit;

- Annual average capex of BRL1.6 billion in 2024-2026;

- Annual contribution margin increase in line with Fitch's
inflation estimates, adjusted by an efficiency factor of 0.57%.

RATING SENSITIVITIES

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

- Positive rating action on the Local Currency IDR is subject to an
improvement on Brazil's operating environment associated with a
meaningful higher participation of residential and commercial
clients;

- Positive rating action on the Foreign Currency IDR is subject to
a higher Brazilian country ceiling;

- An upgrade on the National Long-Term Rating does not apply as it
is at the top of the national scale.

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

- A lower Brazilian country ceiling would trigger a downgrade for
the Foreign Currency IDR;

- A deterioration of the country's operating environment would
trigger a downgrade for the Local Currency IDR;

- Expectation of a sustainable increase in net debt/EBITDA to above
3.0x;

- Fitch's perception of increased regulatory or gas supply risk;

- A sharp decline in volumes;

- Deterioration of the liquidity profile.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Profile: COMGAS's credit profile incorporates
sound liquidity position and proven access to credit to support the
expected negative FCFs. Fitch estimates the company to issue around
BRL2.0-2.5 billion during 2024 to support dividends distribution
and debt refinancing. On Dec. 31, 2023, cash and equivalents were
BRL2.6 billion and total debt of BRL7.2 billion consisted mainly of
BRL2.1 billion of debentures and Banco Nacional de Desenvolvimento
Economico e Social (BNDES) loans of BRL2.9 billion and presented
lengthened debt maturity profile. Fitch believes COMGAS has limited
room to reduce dividends, if needed, which moderates its financial
flexibility.

ISSUER PROFILE

COMGAS is the largest natural gas distributor in Brazil in volume
billed, with operations in 95 cities within its concession area of
177 municipalities in the state of Sao Paulo. The company assists
more than 2.5 million clients and is indirectly controlled by
Cosan.

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
   -----------                 ------              -----
Companhia de Gas de
Sao Paulo – COMGAS    LT IDR    BB+     Affirmed   BB+
                      LC LT IDR BBB-    Affirmed   BBB-
                      Natl LT   AAA(bra)Affirmed   AAA(bra)

   senior unsecured   Natl LT   AAA(bra)Affirmed   AAA(bra)



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

BANCO DE OCCIDENTE: Fitch Publishes 'BB-(EXP)' Rating on Sub Notes
------------------------------------------------------------------
Fitch Ratings has published a 'BB-(EXP)' expected rating for Banco
de Occidente, S.A.'s (Occidente) proposed Tier 2 subordinated
capital notes. The amount of these notes is expected to be
sub-benchmark, and the tenor is likely to be 10.25NC5, with a
maturity date yet to be determined. The notes will be offered under
RegS, and the proceeds will be used for general corporate purposes.
The final rating is subject to the receipt of final documentation
conforming to information already received.

KEY RATING DRIVERS

The 'BB-(EXP)' rating for Occidente's Tier 2 subordinated capital
notes is two notches below its 'bb+' Viability Rating (VR), the
anchor rating, reflecting loss-severity.

According to Fitch's criteria, the two-notch adjustment for loss
severity reflects the issue's subordinated debt status and expected
poor recovery prospects in a liquidation event relative to the
bank's senior debt. The notes will rank subordinated to all senior
debt, pari passu to all other unsecured subordinated debt and
senior to junior deemed debt. Fitch believes the notes do not pose
an incremental risk for non-performance.

Occidente's IDRs are driven by its intrinsic creditworthiness,
reflected in its 'bb+' VR. The bank's VR is one notch above its
implied 'bb' due to the high influence of Fitch's assessment of the
bank's business profile. Fitch believes that Occidente's consistent
business model, which focuses on less-riskier segments, allows the
bank to generate modest but consistent income, and defend asset
quality amid a Colombian sector-wide deterioration. The VR also
considers Occidente's modest profitability metrics and relatively
tight capital ratios.

RATING SENSITIVITIES

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

The rating of this issuance could be downgraded in the event of a
downgrade of Occidente's anchor rating.

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

The rating of this issuance could be upgraded in the event of an
upgrade of Occidente's anchor rating, and at all times the notching
down will be maintained.

For further information on Occidente's rating rationale and
sensitivities please refer to latest press release "Fitch Affirms
Banco de Occidente and Subsidiaries; Outlook Stable" dated Nov. 29,
2023.

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           
   -----------            ------           
Banco de Occidente
S.A.

   Subordinated       LT BB-(EXP) Expected Rating



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

[*] DOMINICAN REPUBLIC: Bank BHD Commits US$500M++ to Tourism
-------------------------------------------------------------
Dominican Today reports that Banco BHD has announced its commitment
to structuring financing for hotel and tourist real estate projects
totaling over US$500 million, aimed at fostering economic growth in
the country.

Luis Molina Marinez, Senior Vice President of Corporate and
Business Banking at Banco BHD, emphasized the bank's dedication to
supporting the comprehensive development of the industry, according
to Dominican Today.  

He stated, "We collaborate with hotel projects, real estate
ventures, and the entire business ecosystem, offering tailored
advice and structuring facilities to meet our clients' needs.  This
underscores our commitment to furthering this vital sector, which
is a significant driver of the country's economic progress," the
report relays.

Ariel Perez, Vice President of Tourism and Related Services at
Banco BHD, highlighted the bank's focus on evaluating hotel and
real estate investments that promote sustainable tourism in the
Dominican Republic, particularly emphasized during their
participation in DATE 2024, the report notes.

At the Dominican Annual Tourism Exchange fair, Banco BHD presented
its value proposition tailored to the tourism sector, the report
relays.  The bank offers personalized advice, loan structuring
services, administration of syndicated loans, sale and leaseback,
as well as resource management in capital markets and mergers and
acquisitions, all provided by a team of experts, the report notes.

Banco BHD has a long-standing history of financing tourism-related
projects, spanning over two decades. Over the last 15 years, the
bank has provided over US$850 million in financing to the sector,
the report discloses.  In 2023 alone, the entity experienced a 47%
growth in its credit portfolio, with nearly a 20% increase in
market share concerning its total portfolio within the tourism
sector, 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
=====================

EL SALVADOR: Fitch Affirms 'CCC+' LongTerm Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed El Salvador's Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'CCC+'. Fitch typically does not
assign Outlooks to sovereigns with a rating of 'CCC+' or below.

KEY RATING DRIVERS

Weak Credit Fundamentals: El Salvador's ratings are supported by
higher human development compared to peers, and history of relative
macroeconomic and financial stability anchored by official
dollarization. The ratings are constrained by high government debt,
a recent history of default on local pension-related debt,
persisting fiscal deficit and limited funding capacity.
Additionally, declining governance indicators also constrain the
ratings.

Improving Economic Growth: Real GDP growth reached 3.5% up from
2.8% in 2022, driven by a steep growth of the construction sector
(17.9%) and reactivation of recreational services (10.9%). Public
infrastructure construction was a major economic driver as the
government increased capital spending by 70% ahead of the 2024
election. Fitch anticipates growth will hover around 3% in 2024 and
2025, up from the historical low average of 2% (2001-2019).

The government's efforts to enhance security following its
comprehensive crackdown on gang violence has helped support solid
economic activity, and could be a potential upside to the country's
muted potential growth.

Wider Fiscal Deficit: Fitch estimates the government's fiscal
deficit increased to 4.7% of GDP in 2023 from 2.6% in 2022, which
includes Fitch's estimate of the pension deficit that is no longer
included in official data. The increase of the fiscal deficit was
mostly driven by a steep increase of public investment and accrued
spending to pension funds related to a debt exchange from the 2017
pension reform.

Fitch expects a decline of the fiscal deficit to 3.9% in 2024 and
3.4% in 2025. The clearing of pension-related payments will reduce
government spending somewhat. However, increasing spending on wages
and the government's desire to maintain high capital spending may
limit the government's capacity to significantly reduce its fiscal
deficit.

High Debt Burden: Non-financial public sector debt reached 84.9% of
GDP in 2023, up from 77.1% in 2022. Fitch includes pension-related
liabilities in its fiscal metrics. This increase is mostly
attributed to the repayment of accumulated interests from the 2017
grace period extension on pension-related liabilities, coupled with
the material worsening of the primary balance.

Fitch anticipates that government debt to GDP will stabilize over
the coming years at around 85% of GDP. However, high borrowing
costs has resulted in an adverse interest rate-to-growth
differential that could keep debt/GDP on an upward path in the
absence of further consolidation beyond Fitch's baseline.

Closing the Financing Gap: Fitch estimates financing needs of 13.8%
of GDP in 2024, which includes short-term debt amounting to 6.5% of
GDP. A large component of financing needs refers to pension-related
liabilities that the government continues to fund through private
pension funds. Multilateral lending (mostly CABEI and CAF)
continues to provide funding for infrastructure projects. Finally,
the April 2024 external debt issuance for USD1 billion
significantly reduced external debt amortizations through 2027
through debt buybacks (USD487 million), as well as provided the
funding to close the 2024 budget financing gap. The government has
also set aside the funds to cover the remaining USD99 million of
the 2025 maturing bond.

Clearing Local Debt Amortizations: The government of El Salvador
reached an agreement with domestic private banks to lengthen the
maturity profile of their government debt holdings. The banks
proposed to exchange maturing short-term debt (debt maturing in
under a year) to purchase two, three, five- and seven-year notes,
thus reducing the government's high rollover risks.

Similarly, Fitch estimates the debt exchange in the context of the
recent pension reform lowered the government's funding needs by
0.5% of GDP. The exchange involved an adverse change in terms via
the extension of maturities and the addition of a grace period
aimed at reducing the sovereign's financing needs. Fitch deemed
this operation a Distressed Debt Exchange (DDE).

The appetite and capacity from domestic investors, including
pension funds and banks, to absorb government debt has diminished
over the past years. However, Fitch anticipates the government will
be able to continue funding their budget in the short-term through
the local market.

Return to External Markets: El Salvador returned to global markets,
issuing a USD1 billion bond after years of relying on domestic and
multilateral debt. However, the government placed the bond with a
steep discount and a high coupon rate (9.5%), resulting in a yield
of 12%. The debt issuance includes a step-up component contingent
upon 'macro test' triggers. These are defined as either agreeing on
a Stand-by Arrangement (SBA) or Extended Fund Facility (EFF) with
the IMF, or attaining a minimum 'B' or 'B2' credit rating from at
least two of the three major credit rating agencies.

Potential IMF Agreement: The inclusion of the macro test to
maintain a more favorable coupon rate in the external bond issues
incentivizes the government to reach an IMF agreement. Fitch
anticipates that a potential IMF program will include a fiscal
adjustment between 3% and 4% of GDP to ensure debt sustainability.
However, the IMF has been critical of the government's adoption of
Bitcoin as legal tender and suggested its removal in the last
published Article IV published January 2022.

President Bukele Re-elected: El Salvador held general elections in
February 2024. President Nayib Bukele was re-elected in a landslide
with 84.7% of the votes for a second five-year term. Bukele's
popular support stems from the crack down on gang-related activity
and sharp improvement of security conditions. The official party,
Nuevas Ideas, attained a supermajority in Congress, winning 54
seats of the 60 congressional seats. The overwhelming support in
the election coupled with the supermajority in congress will
facilitate the president's capacity to implement his agenda.

El Salvador's World Bank Governance Indicator scores reached the
34th percentile in 2023 down from the 37th percentile in 2021 and
40th in 2020, particularly Voice & Accountability and Regulatory
Quality.

Low Foreign Reserves Levels: Net international reserves (March
2024: USD2.7 billion) remained relatively stable through 2023.
However, this is well below the 2019 levels of USD4.7 billion. The
significant narrowing of the current account deficit alleviated the
pressure on reserve levels seen in 2022, which led to a 27% drop
through the year. Importantly, about 90% of the reserves is
comprised of banking reserve requirements, and is not readily
available for government financing absent modifications to the
reserve requirement level, as was done in 2020-2021.

ESG - Governance: El Salvador 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. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) has in Fitch's proprietary
Sovereign Rating Model. El Salvador has a low WBGI percentile
ranking of 33.9%, reflecting a recent decline in regulatory
quality, a moderate level of rights for participation in the
political process, moderate institutional capacity, and low levels
of rule of law and control of corruption.

ESG - Creditor Rights: El Salvador has an ESG Relevance Score of
'4' for Creditor Rights, as willingness to service and repay debt
is highly relevant to the rating and is a key rating driver with a
high weight.

RATING SENSITIVITIES

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

- Public Finances: Intensification of financing strains that weaken
willingness and/or capacity to service government debt, as a result
of fiscal deterioration that increases financing needs or
deterioration in financing sources.

- External Finances: Further decline in external liquidity that
heightens risks to financial stability and debt repayment
capacity.

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

- Public Finances: Fiscal consolidation efforts that lead to a
material reduction in financing needs and/or easing of financing
constraints through progress in unlocking additional funding
sources, for example securing an IMF program.

- External Finances: Sustained improvement of foreign reserves, for
example a structural improvement of the current account deficit or
robust foreign direct investment inflows..

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

Fitch's proprietary SRM assigns El Salvador a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale.
However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilized the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.

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 Long-Term Foreign Currency 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.

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 El Salvador is 'B,' two notches above the
LT FC IDR. This reflects strong constraints and incentives,
relative to the IDR, against capital or exchange controls being
imposed that would prevent or significantly impede the private
sector from transferring the proceeds to non-resident creditors to
service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+2 notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG CONSIDERATIONS

El Salvador 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 El
Salvador has a percentile rank below 50 for the respective
Governance Indicator, this has a negative impact on the credit
profile.

El Salvador 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 El Salvador has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

El Salvador has an ESG Relevance Score of '4' for Creditor Rights
as willingness to service and repay debt is highly relevant to the
rating and is a key rating driver for El Salvador given the recent
implementation of pension debt exchange that Fitch deemed a
default.

El Salvador 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 El Salvador has a percentile rank below 50 for
the respective Governance Indicator, this has a negative 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
   -----------                       ------           -----
El Salvador           LT IDR          CCC+ Affirmed   CCC+
                      ST IDR          C    Affirmed   C
                      Country Ceiling B    Affirmed   B

   senior unsecured   LT              CCC+ Affirmed   CCC+



=============
J A M A I C A
=============

[*] JAMAICA: Earns $263BB From Production and Consumption in 2023
-----------------------------------------------------------------
RJR News reports that the government realised revenues of $263
billion from production and consumption in the economy in the last
fiscal year.

Keith Duncan, Chairman of the Economic Program Oversight Committee
(EPOC), says this was however lower than budgeted by $3.6 billion
as a result of a falloff in corporate income tax, according to RJR
News .

He was speaking at the EPOC's press briefing, the report notes.

                         About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.

[*] JAMAICA: World Bank Projects US$550M Investment From 2024-2027
------------------------------------------------------------------
RJR News reports that the World Bank foresees investments of US$550
million in Jamaica over the next four years.

This is part of the new strategic partnership forged between the
bank and Jamaica, according to RJR News.

In a release, the bank says the new plan for 2024 to 2027 focuses
on advancing green, resilient, and inclusive development, the
report notes.

It will also support the government's efforts toward debt reduction
and fiscal resilience, the report says.

Emphasis is being placed on boosting human capital, creating
higher-quality jobs, and strengthening resilience to shocks, the
report discloses.

The plan should see the development of a comprehensive plan of
technical and financial assistance, targeting: improving access to
quality secondary education, boosting social protection coverage,
strengthening the business environment and access to finance, the
report relays.

Increasing access to agricultural markets, strengthening disaster
risk management, and improving Jamaica's response to economic
shocks will also be emphasized, the report adds.

                            About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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

BANISTMO SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Banistmo, S.A.'s (Banistmo) Long-Term
Issuer Default Ratings (IDR) at 'BB+'. Fitch has also affirmed
Banistmo's Short-Term (ST) IDR at 'B', Shareholder Support Rating
(SSR) at 'bb+' and Viability Rating (VR) at 'bb'. The Rating
Outlook on Banistmo's Long-Term IDR is Stable.

KEY RATING DRIVERS

Support-Driven Ratings: Banistmo's IDRs, SSR and senior debt
ratings are underpinned by the ability and willingness of its
parent, Bancolombia, S.A. (Bancolombia; BB+/Stable), to provide
timely support to the bank, if needed. The Stable Outlook on the
Banistmo's long-term ratings mirrors the Outlook of the parent.

Strategic Role in Group: Fitch estimates that Banistmo plays a core
and integral part in the long-term strategy of the group. This
Panamanian subsidiary operates in a relevant jurisdiction that
offers significant growth potential and profit generation for the
Group's operations. This is highly weighted in Fitch's propensity
to support, resulting in Banistmo's IDR being equalized to its
parent's IDR.

Reputational Risk, High Integration: Fitch's assessment weight
moderately the huge reputational risk for Bancolombia and the
potential negative impact that it might have on other subsidiaries
if Banistmo defaults. In its support analysis, the agency also
considers the significant management and operational integration
between the entities, which has benefited Banistmo's business and
financial performance.

Operating Environment with Negative Trend: Challenges for 2024 in
the Panamanian banks' operating environment (OE) score of 'bb+',
are reflected in the recent change in the OE trend to negative from
stable. The OE is influenced by macroeconomic uncertainty, which
adds to the challenges of managing pressures of rising interest
rates and fragile asset quality that could affect banks' financial
performance.

Sound Domestic Franchise: Banistmo's VR at 'bb' reflects its robust
business profile and established presence in the Panama's banking
market, where it holds the position of the second-largest bank. As
of the end of 2023, the bank held approximately 12.4% of the
sector's loans and 11.6% of total deposits, highlighting its
significant role in the region's financial landscape. The bank's
franchise is supported by a strong corporate and retail banking
business and significant benefits from being part of a large
regional banking group, which strengthens the bank's loan and
deposit base.

Asset Quality Sensitive to Pressure: Fitch revised Banistmo's asset
quality trend to negative from stable in line with the OE trend, to
reflect the bank's exposure to unexpected portfolio deterioration
derived from the OE. Banistmo's stage 3 loan ratio increased to
8.8%, up from 8.3% at 2022. Despite a lower nominal value of NPLs,
the decrease in the portfolio due to prepayments negatively
impacted its metrics. Banistmo's loan quality is expected to remain
at levels close to those observed in 2023.

Further deterioration related to concentration by debtor and an OE
weighting over business dynamism is already incorporated into its
current rating assessment, partially offset by the level of
collateral in its loans, resuming credit growth, and underwriting
standards remaining stringent.

Improved Profitability Metrics: Banistmo's operating profitability
in 2023 benefited from lower loan impairment charges (LICs) and
higher non-interest income from net fee and commissions. Fitch
expects that profitability will gradually return to pre-pandemic
levels in the foreseeable future, although it remains sensitive to
loan impairment derived from OE pressures. As of 2023, the
operating profit to risk-weighted assets (RWA) ratio reached 2.1%
from 0.9% in 2022. However, its four-year average of 0.8% still
compares below the banking system's average of 0.9%.

Appropriate Capital Buffers: Banistmo has sustained moderate but
consistent capitalization levels over time. As of 2023, common
equity Tier 1 (CET1) to RWA ratio was 12.4% (2022: 11.9%), that
along with which together with the countercyclical capital buffer
gives the bank reasonable headroom to absorb potential losses.
Fitch expects capitalization levels to remain at similar levels
sustained by a modest loan expansion and its internal capital
generation. Fitch also views the parent's ordinary support
favorably.

Sound and Diversified Funding Structure: Banistmo's funding is
highly reliant on customer deposits, which have shown stability
over time, reflecting its sound local franchise. As of 2023,
deposits represented 79.1% of total funding, and its loans to
deposits metric was 112.2% (YE 2022: 111.3%). The diversified
financing profile also benefits from a good access to local and
international institutions, as well as local and global markets.
The financing profile also benefits from the parent's ordinary
support and synergies between them. Liquidity coverage ratio above
400% stands above regulatory requirements.

RATING SENSITIVITIES

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

- Any negative action on Bancolombia's IDRs would lead to a similar
action on Banistmo's SSR. In addition, IDRs and SSR could be
downgraded if Fitch's assessment of its parent's propensity and
ability to provide support to the bank diminishes;

- A further deterioration in asset quality that denotes a weakening
in the bank's risk profile could put pressure on Banistmo's VR.
Also, its VR could be downgraded as a result of a sustained
deterioration of profitability and asset quality ratios that
undermine the bank's financial performance, driving a decline in
its CET1 ratio consistently below 10% and/or its operating
profitability/RWA metric consistently below 0.5%.

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

- A positive rating action on Bancolombia's IDRs could trigger
similar rating action on Banistmo's IDRs and SSR;

- Over the medium-to-long term, an upgrade on Banistmo's VR would
require its CET1, including CCB, to be strengthened and maintained
at 16% of RWAs or higher, accompanied by a consistent and
substantial strengthening of its core profitability ratio to levels
closer to 2%, and a significant improvement in asset quality (with
a stage 3 ratio at levels closer to 5%).

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Banistmo's senior unsecured debt is rated at the same level of the
bank's ratings in the international scale, as Fitch considers the
likelihood of default of its debt as the same as that of the
issuer, since the senior obligations have average recovery
prospects.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- Banistmo's senior unsecured debt would mirror any potential
downgrade on the bank's international ratings.

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

- Banistmo's senior unsecured debt would mirror any potential
upgrade on the bank's international ratings.

VR ADJUSTMENTS

The Operating Environment score of 'bb+' has been assigned below
the implied score of 'bbb' due to the following adjustment
reason(s): Sovereign Rating (negative).

The Asset Quality score of 'bb-' has been assigned above the
implied score of 'b and below' due to the following adjustment
reason(s): Collateral and Reserves (positive).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banistmo's ratings are based on Fitch's opinion on the ability and
propensity of their ultimate parent, Bancolombia, to provide
support to them, if needed.

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
   -----------                          ------           -----
Banistmo S.A.         LT IDR              BB+ Affirmed   BB+
                      ST IDR              B   Affirmed   B
                      Viability           bb  Affirmed   bb
                      Shareholder Support bb+ Affirmed   bb+

   senior unsecured   LT                  BB+ Affirmed   BB+

MULTIBANK INC: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Multibank Inc.'s Long- and Short-Term
Issuer Default Ratings (IDRs) at 'BB+' and 'B', respectively. Fitch
has also affirmed the bank's Shareholder Support Rating (SSR) at
'bb+'. The Rating Outlook for the Long-Term ratings is Stable.

Fitch has also downgraded Multibank's Viability Rating (VR) to
'bb-' from 'bb', due to a weakened business profile that is
reflected in its deteriorating financial performance. This is
underpinned by the bank's reduced margins, impacted by lower income
generation and increased financing costs, stemming from its
predominantly institutional funding profile. Additionally, asset
quality has been under pressure, marked by a high Stage 3 loans
ratio and low reserve coverage.

KEY RATING DRIVERS

Shareholder Support: Multibank IDRs and debt ratings are based on
the potential support it would receive from its shareholder Banco
de Bogota, S.A. (Bogota), if required, as reflected in the
Shareholder Support Rating (SSR) of 'bb+'. The bank's Long-Term IDR
and SSR are equalized to Bogota's Long-Term IDR, reflecting Fitch's
assessment of the high propensity of support from its parent. The
Stable Outlook on Multibank mirrors that on the parent.

Core Subsidiary: In Fitch's view, Multibank supports its group's
regional franchise and market position and contributes to the
group's business model and diversification strategy, providing key
products and services in Panama which is considered a core market
for the group.

Parent's Ability to Support: Bogota's ability to provide support to
Multibank is closely linked to its 'BB+' IDR and considers
Multibank's relevant size, as it represents 13.7% of Banco de
Bogota's consolidated assets.

Business Profile Reflects Low Revenue Generation: Fitch has revised
Multibank's business profile assessment downward to 'bb-/stable'
from 'bb/stable.' The downgrade reflects the bank's ongoing
challenges with low total operating income (TOI) output and
deteriorated asset quality. While the bank's business model and
local franchise are somewhat established, they have not resulted in
consistent business volumes and income generation.

TOI metrics are more in line with banks assessed at 'b'; however,
Fitch also considers the benefits that Multibank derives from being
part of Grupo Aval driving the factor to 'bb-'. The downgrade in
the bank's risk profile and asset quality is also in step with the
adjusted business profile assessment.

Weakened Asset Quality Persists: Fitch has downgraded Multibank's
asset quality and risk profile scores to 'bb-'/Stable from
'bb'/Stable. This follows the bank's consistently high Stage 3
loans ratio and reserve coverage levels that are lower than banks
assessed in the 'bb' category. As of December 2023, Multibank
reported an Stage 3 loan ratio of 7.7% and a low reserve coverage
(at 23%) compared to peers.

Additionally, the bank's top 20 debtors represent a significant
concentration risk, amounting to 1.6x its Common Equity Tier 1
(CET1) capital—a figure higher than that of its closest
competitors. Nevertheless, Fitch recognizes that the credit
portfolio risk is partially offset by the bank's collateral
structure, as 72% of the loan portfolio is secured. However, given
the challenging operating environment in Panama, Fitch anticipates
that the bank will sustain a Stage 3 loan ratio above 5%, which is
in line with the 'bb-' assessment for this factor.

Profitability Further Declines: Fitch has revised Multibank's
earnings and profitability assessment downward to 'b/Stable' from
'b+/Stable' due to the sustained low profitability metrics. In
2023, the bank's core metric, the operating profit to risk-weighted
assets (RWA) ratio, declined to 0.4% from the previous year's 1.2%.
Moreover, the four-year average weakened even further to 0.2%,
lagging considerably behind that of its peers.

Additionally, the bank faces a challenging landscape for
improvement due to a challenging operating environment, hence Fitch
expects the core ratio to remain around 0.5%, in line with its 'b'
assessment.

Ordinary Support Benefits Loss Absorption Capacity: Multibank has a
lower loss absorption capacity compared to its regional peers.
However, this is counterbalanced by the potential ordinary support
from its ultimate shareholder if necessary. Fitch also considers
the bank's CET1 to RWA ratio and its LLAs (Loan Loss Allowances)
coverage of Stage 3 loans, which are lower than those of its peers.
As of year-end 2023, Multibank's CET1-to-RWA ratio was below 10%,
restrained by moderate earnings and the continued negative impact
from the Available-for-Sale (AFS) portfolio originating in 2022.

Fitch positively assesses the additional loss absorption capacity
provided by the regulatory countercyclical buffer (CCyB), which if
included in the CET1 ratio the metric is 11.6%. The agency does not
expect any significant changes in the bank's capital structure.
Fitch forecasts that the CET1 ratio will remain around 10%,
influenced by moderate asset growth and modest earnings.

Institutional Funding Profile Impacts Performance: While Multibank
liquidity position is sound and its funding structure is diverse,
including customer deposits, bilateral loans, and both local and
international debt issuances, its funding sources tend to have an
institutional profile. This results in higher funding costs,
contributing significantly to the bank's pressured profitability.
Consequently, this has led to Fitch's downgrade assessment of the
funding and liquidity profile to 'bb/stable' from 'bb+/stable.'
This rating is also more in line with the bank's business profile.

RATING SENSITIVITIES

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

- A downgrade of Multibank's IDR and SSR could result from a
downgrade of Banco de Bogota's IDR or from a reduced propensity of
Banco de Bogota to support its subsidiary, both of which are
unlikely at present;

- Multibank's VR could be downgraded as a result of a sustained
asset quality deterioration that further undermines the bank's
financial performance and business profile.

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

- Positive rating actions on Multibank's IDRs, senior unsecured
debt rating and SSR could be driven by positive rating actions on
Banco de Bogota's IDR;

- Positive rating actions on Multibank's VR could be driven by the
sustained strengthening of the Business Profile reflected in
profitability ratios consistently around 2% and a CET1 ratio
including CCyB of at least 13%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Unsecured Debt: The rating of Multibank's outstanding
long-term senior unsecured obligation is at the same level as the
issuer's rating as the likelihood of default of the obligations is
the same as that of Multibank.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- Multibank's senior unsecured debt would mirror any potential
downgrade on its ratings;

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

- Multibank's senior unsecured debt would mirror any potential
upgrade on the bank's ratings.

VR ADJUSTMENTS

The Operating Environment score has been assigned at 'bb+', below
the implied score of 'bbb' due to the following adjustment reasons:
Reported and Future Metrics (negative);

The Business Profile score has been assigned at 'bb-', above the
implied score of 'b' due to the following adjustment reasons: Group
Benefits and Risks (positive);

The Asset Quality score has been assigned at 'bb-', above the
implied score of 'b' due to the following adjustment reasons: Loan
Classification Policies (positive);

The Capitalization & Leverage score has been assigned at 'bb-',
above the implied score of 'b' due to the following adjustment
reasons: Capital Flexibility and Ordinary Support (positive).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Multibank's ratings derive from the support of Banco de Bogota
('BB+/Stable')

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
   -----------                           -----            -----
Multibank, lnc.       LT IDR              BB+ Affirmed    BB+
                      ST IDR              B   Affirmed    B
                      Viability           bb- Downgrade   bb
                      Shareholder Support bb+ Affirmed    bb+

   senior unsecured   LT                  BB+ Affirmed    BB+



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

[*] BOND PRICING: For the Week April 29 to May 3, 2024
------------------------------------------------------
Issuer Name                   Cpn      Price   Maturity      
Cntry   Curr
----------                    ---      -----   --------      
-----   ----
Aeropuerto de Tocumen        4.0 70.9 8/11/2041 PA USD
Aeropuerto de Tocumen        5.1 69.7 8/11/2061 PA USD
Aeropuerto de Tocumen        4.0 70.3 8/11/2041 PA USD
AES Tiete Energia SA        6.8 0.7 4/15/2024 BR BRL
Agile Group Holdings        5.8 16.3 1/2/2025 KY USD
Agile Group Holdings        6.1 13.4 10/13/2025 KY USD
Agile Group Holdings        5.5 13.0 5/17/2026 KY USD
Agile Group Holdings        7.9 3.3          KY USD
Agile Group Holdings        5.5 15.0 4/21/2025 KY USD
Agile Group Holdings        7.8 3.3          KY USD
Alfa Desarrollo SpA        4.6 74.5 9/27/2051 CL USD
Alfa Desarrollo SpA        4.6 74.7 9/27/2051 CL USD
Alibaba Group Holding        3.2 65.4 2/9/2051 KY USD
Alibaba Group Holding        2.7 68.6 2/9/2041 KY USD
Alibaba Group Holding        3.3 62.9 2/9/2061 KY USD
AMTD IDEA Group                1.5 7.5          KY USD
AMTD IDEA Group                4.5 55.3          KY SGD
Amwaj                        6.4 71.6          KY USD
Amwaj                        4.5 50.9          KY USD
Argentina Bonar Bonds        1.0 43.7 7/9/2029 AR USD
Argentina Treasury Dual        3.3 45.8 4/30/2024 AR USD
Argentine Bonos del Tesoro     15.5 40.3 10/17/2026 AR ARS
Argentine Gov't Int'l Bond     1.0 47.5 7/9/2029 AR USD
Argentine Gov't Int'l Bond     0.5 41.9 7/9/2029 AR EUR
Argentine Gov't Int'l Bond     0.1 42.5 7/9/2030 AR EUR
Ascent Finance                1.2 61.0 7/12/2047 KY EUR
Ascent Finance                3.4 66.6 2/6/2043 KY AUD
Ascent Finance                3.8 67.9 6/28/2047 KY AUD
Astra Cumulative  2019        1.5 62.1 11/1/2029 KY USD
At Home Cayman                11.5 69.3 5/12/2028 KY USD
At Home Cayman                11.5 70.6 5/12/2028 KY USD
AYC Finance                3.9 63.2          KY USD
Banco Davivienda SA        6.7 65.8          CO USD
Banco Davivienda SA        6.7 70.3          CO USD
Banco de Chile                2.7 75.1 3/9/2035 CL AUD
Banco del Estado de Chile      3.1 71.2 2/21/2040 CL AUD
Banco del Estado de Chile      2.8 67.7 3/13/2040 CL AUD
Banco Nacional de Panama       2.5 75.4 8/11/2030 PA USD
Banco Nacional de Panama       2.5 75.2 8/11/2030 PA USD
Banco Santander Chile        3.1 71.2 2/28/2039 CL AUD
Banco Santander Chile        1.3 73.9 11/29/2034 CL EUR
Banda de Couro Energetica      8.0 55.1 1/15/2027 BR BRL
Baraunas II Energetica S/A     8.0 12.5 1/15/2027 BR BRL
Bishopsgate Asset Finance      4.8 66.9 8/14/2044 KY GBP
Bolivian Gov'tInt'l Bond       4.5 58.3 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond       7.5 59.4 3/2/2030 BO USD
Bolivian Gov'tInt'l Bond       4.5 58.5 3/20/2028 BO USD
Bolivian Gov'tInt'l Bond       7.5 59.5 3/2/2030 BO USD
Bonos Para La Reconstruccion   5.0 63.6 10/31/2027 AR USD
Bonos Para La Reconstruccion   3.0 60.5 5/31/2026 AR USD
Bonos Para La Reconstruccion   5.0 51.9 10/31/2027 AR USD
Brazilian Gov't Int'l Bond     4.8 74.1 1/14/2050 BR USD
BRF SA                        5.8 78.1 9/21/2050 BR USD
BRF SA                        5.8 78.1 9/21/2050 BR USD
Caja de Compensacion        2.4 49.6 4/5/2025 CL CLP
Camposol SA                6.0 72.3 2/3/2027 PE USD
Camposol SA                6.0 72.6 2/3/2027 PE USD
CFLD Cayman Investment        2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment        2.5 3.4 1/31/2031 KY USD
CFLD Cayman Investment        2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment        2.5 3.8 1/31/2031 KY USD
CFLD Cayman Investment        2.5 2.2 1/31/2031 KY USD
CFLD Cayman Investment        2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment        2.5 2.9 1/31/2031 KY USD
CFLD Cayman Investment        2.5 3.5 1/31/2031 KY USD
CFLD Cayman Investment        2.5 2.2 1/31/2031 KY USD
Chile Gov'tInt'l Bond        3.5 72.7 1/25/2050 CL USD
Chile Gov'tInt'l Bond        3.1 73.6 5/7/2041 CL USD
Chile Gov'tInt'l Bond        3.1 62.8 1/22/2061 CL USD
Chile Gov'tInt'l Bond        3.5 72.3 4/15/2053 CL USD
Chile Gov'tInt'l Bond        1.3 67.4 1/29/2040 CL EUR
Chile Gov'tInt'l Bond        1.3 54.0 1/22/2051 CL EUR
Chile Gov'tInt'l Bond        3.3 62.9 9/21/2071 CL USD
Chile Gov'tInt'l Bond        1.3 74.4 7/26/2036 CL EUR
China Yuhua Education Corp     0.9 65.1 12/27/2024 KY HKD
CK HutchisonInt'l 19 II        3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 19 II        3.4 74.4 9/6/2049 KY USD
CK HutchisonInt'l 20        3.4 74.1 5/8/2050 KY USD
CK HutchisonInt'l 20        3.4 74.1 5/8/2050 KY USD
Colombia Gov't Int'l Bond      4.1 61.2 5/15/2051 CO USD
Colombia Gov't Int'l Bond      3.9 57.2 2/15/2061 CO USD
Colombia Gov't Int'l Bond      5.2 72.4 5/15/2049 CO USD
Colombia Gov't Int'l Bond      4.1 66.7 2/22/2042 CO USD
Colombia Gov't Int'l Bond      7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Gov't Int'l Bond 7.3 71.1 10/26/2050 CO COP
Colombia Gov't Int'l Bond 5.0 71.6 6/15/2045 CO USD
Colombia Gov't Int'l Bond 6.3 73.3 7/9/2036 CO COP
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombia Telecomunicaciones 5.0 67.5 7/17/2030 CO USD
Colombian TES                 7.3 70.9 10/26/2050 CO COP
Colombian TES                 6.3 73.1 7/9/2036 CO COP
Coopeucha                 4.6 38.3 6/1/2029 CL CLP
CODELCO                         3.7 67.4 1/30/2050 CL USD
CODELCO                         3.2 61.0 1/15/2051 CL USD
CODELCO                         3.7 67.3 1/30/2050 CL USD
CODELCO                         3.2 61.0 1/15/2051 CL USD
CODELCO                         3.6 74.7 7/22/2039 CL AUD
Earls Eight                 0.1 64.5 12/20/2031 KY AUD
Earls Eight                 1.7 72.4 6/20/2032 KY AUD
Ecopetrol SA                 5.9 73.6 5/28/2045 CO USD
Ecopetrol SA                 5.9 70.5 11/2/2051 CO USD
El Salvador Gov'tInt'l Bond 7.1 68.3 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.0 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.8 2/1/2041 SV USD
El Salvador Gov'tInt'l Bond 5.9 65.1 1/30/2025 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.6 9/21/2034 SV USD
El Salvador Gov'tInt'l Bond 7.1 68.4 1/20/2050 SV USD
El Salvador Gov'tInt'l Bond 7.6 72.9 2/1/2041 SV USD
Embotelladora Andina SA         6.5 23.2 6/1/2026 CL CLP
EFE                         3.8 65.7 9/14/2061 CL USD
EFE                         3.1 59.8 8/18/2050 CL USD
EFE                         3.1 59.8 8/18/2050 CL USD
EFE                         3.8 65.8 9/14/2061 CL USD
EFE                         6.5 11.1 1/1/2026 CL CLP
ETESA                         5.1 71.5 5/2/2049 PA USD
ETESA                         5.1 72.2 5/2/2049 PA USD
Metro SA                 3.7 65.1 9/13/2061 CL USD
Metro SA                 3.7 65.0 9/13/2061 CL USD
Metro SA                 5.5 50.1 7/15/2027 CL CLP
Metro SA                 5.0 63.8 5/11/2025 AR USD
ENAP                         4.5 73.2 9/14/2047 CL USD
ENAP                         4.5 73.2 9/14/2047 CL USD
ENA Master Trust         4.0 70.5 5/19/2048 PA USD
ENA Master Trust         4.0 70.9 5/19/2048 PA USD
Enel Generacion Chile SA 6.2 29.2 10/15/2028 CL CLP
Equatorial Energia         10.9 1.1 10/15/2029 BR BRL
Equatorial Energia         10.8 1.0 5/15/2028 BR BRL
Esval SA                 3.5 13.1 2/15/2026 CL CLP
Farfetch                 3.8 4.3 5/1/2027 KY USD
Fospar S/A                 6.5 1.4 5/15/2026 BR BRL
GDM Argentina SA         2.5 0.0 9/8/2024 AR USD
GDS Holdings                 4.5 67.7 1/31/2030 KY USD
Generacion Mediterranea SA 4.6 0.0 11/12/2024 AR ARS
General Shopping Finance 10.0 66.2          KY USD
General Shopping Finance 10.0 65.0          KY USD
Genneia SA                 2.0 56.9 7/14/2028 AR USD
Greenland Hong Kong         10.2 13.4          KY USD
Guacolda Energia SA         4.6 70.5 4/30/2025 CL USD
Guacolda Energia SA         10.0 70.1 12/30/2030 CL USD
Guacolda Energia SA         4.6 71.8 4/30/2025 CL USD
Guacolda Energia SA         10.0 70.1 12/30/2030 CL USD
Hector A Bertone SA         1.9 0.0 4/7/2024 AR USD
Hilong Holding                 9.8  68.7 11/18/2024 KY USD
Hilong Holding                 9.8 69.7 11/18/2024 KY USD
Hilong Holding                 9.8 69.4 11/18/2024 KY USD
Multiplo SA                 3.3 59.5          BR USD
Itau Unibanco SA/Nassau         5.8 20.2 5/20/2027 BR BRL
Jamaica Gov't Bond         6.3 67.8 7/11/2048 JM JMD
Jamaica Gov't Bond         8.5 73.0 12/21/2061 JM JMD
Lani Finance                 1.7 63.5 3/14/2049 KY EUR
Lani Finance                 1.9 66.9 10/19/2048 KY EUR
Lani Finance                 3.1 66.1 10/19/2048 KY AUD
Lani Finance                 1.9 65.8 9/20/2048 KY EUR
Link Finance Cayman 2009 2.2 70.0 10/27/2038 KY HKD
LIPSA Srl                 1.0 0.0 8/23/2024 AR USD
Logan Group Co                 7.0 5.1          KY USD
Longfor Group Holdings         4.0 43.3 9/16/2029 KY USD
Longfor Group Holdings         3.4 56.1 4/13/2027 KY USD
Longfor Group Holdings         3.9 38.4 1/13/2032 KY USD
Longfor Group Holdings         4.5 53.1 1/16/2028 KY USD
Luminis III                 2.3 41.8 9/22/2048 KY USD
Luminis III                 2.4 55.3 9/22/2048 KY AUD
Luminis IV                 3.2 70.4 1/22/2042 KY AUD
Luminis                         2.3 54.8 9/22/2048 KY AUD
Lunar Funding I                 1.7  8/11/2056 KY GBP
MTR Corp CI                 2.8 73.3 9/6/2047 KY HKD
MTR Corp CI                 3.0 73.1 3/11/2051 KY HKD
MTR Corp CI                 3.0 75.4 4/26/2047 KY HKD
MTR Corp CI                 3.2 73.7 2/5/2055 KY HKD
MTR Corp CI                 3.0 73.1 3/11/2051 KY HKD
NIO Inc                         4.6 73.1 10/15/2030 KY USD
Panama Gov'tInt'l Bond         4.5 63.1 4/1/2056 PA USD
Panama Gov'tInt'l Bond         2.3 70.2 9/29/2032 PA USD
Panama Gov'tInt'l Bond         3.9 55.8 7/23/2060 PA USD
Panama Gov'tInt'l Bond         4.5 64.9 4/16/2050 PA USD
Panama Gov'tInt'l Bond         4.5 62.0 1/19/2063 PA USD
Panama Gov'tInt'l Bond         4.5 66.6 5/15/2047 PA USD
Panama Gov'tInt'l Bond         4.3 62.6 4/29/2053 PA USD
Peruvian Gov'tInt'l Bond 3.6 71.8 3/10/2051 PE USD
Peruvian Gov'tInt'l Bond 2.8 57.3 12/1/2060 PE USD
Peruvian Gov'tInt'l Bond 3.2 57.3 7/28/2121 PE USD
Peruvian Gov'tInt'l Bond 3.6 65.7 1/15/2072 PE USD
Peruvian Gov'tInt'l Bond 3.3 74.3 3/11/2041 PE USD
Petroleos del Peru SA         5.6 68.3 6/19/2047 PE USD
Petroleos del Peru SA         5.6 68.3 6/19/2047 PE USD
Powerlong Real Estate         6.3 10.3 8/10/2024 KY USD
Provincia de Cordoba         7.1 39.6 10/27/2026 AR USD
Provincia de la Rioja         7.5 45.9 7/20/2032 AR USD
Provincia de la Rioja         4.5 51.8 1/20/2027 AR USD
Chaco Argentina                 4.0 0.0 12/4/2026 AR USD
QNB Finance                 13.5 63.1 10/6/2025 KY TRY
QNB Finance                 11.5 71.7 1/30/2025 KY TRY
QNB Finance                 2.9 74.2 9/16/2035 KY AUD
QNB Finance                 2.9 72.9 12/4/2035 KY AUD
QNB Finance                 3.0 75.4 2/14/2035 KY AUD
QNB Finance                 3.4 72.0 10/21/2039 KY AUD
Radiance Holdings Group         7.8 49.6 3/20/2024 KY USD
Rio Alto Energias Renovaveis 7.0 29.1 7/15/2027 BR BRL
Santander Consumer Chile SA 2.9 72.7 11/27/2034 CL AUD
Seazen Group                 6.0 75.2 8/12/2024 KY USD
Seazen Group                 4.5 34.1 7/13/2025 KY USD
Shui On Development Holding 5.5 61.2 6/29/2026 KY USD
Shui On Development Holding 5.5 73.0 3/3/2025 KY USD
Silk Road Investments         2.9 66.8 1/23/2042 KY AUD
Skylark                         1.8 59.0 4/4/2039 KY GBP
Autopista Central         5.3 37.2 12/15/2026 CL CLP
Autopista Central         5.3 50.6 12/15/2028 CL CLP
SQM                         3.5 65.5 9/10/2051 CL USD
SQM                         3.5 65.5 9/10/2051 CL USD
Southern Water Service         3.0 70.8 5/28/2037 KY GBP
SPE Saneamento RIO 1         7.2 10.8 1/15/2042 BR BRL
SPE Saneamento RIO 1 SA         6.9 10.5 1/15/2034 BR BRL
SPE Saneamento Rio 4 SA         7.2 10.2 1/15/2042 BR BRL
SPE Saneamento Rio 4 SA         6.9 10.2 1/15/2034 BR BRL
Spica                         2.0 74.9 3/24/2033 KY AUD
Spirit Loyalty Cayman          8.0 72.2 9/20/2025 KY USD
Spirit Loyalty Cayman          8.0 73.0 9/20/2025 KY USD
Spirit Loyalty Cayman          8.0 70.3 9/20/2025 KY USD
Spirit Loyalty Cayman          8.0 72.5 9/20/2025 KY USD
Sylph                         2.7 68.5 3/25/2036 KY USD
Sylph                         3.1 74.7 9/25/2035 KY USD
Sylph                         2.4 64.2 9/25/2036 KY USD
Sylph                         2.9 74.5 6/24/2036 KY AUD
Telecom Argentina SA         1.0 74.0 3/9/2027 AR USD
Telecom Argentina SA         1.0 66.1 2/10/2028 AR USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Telefonica Moviles Chile SA 3.5 74.4 11/18/2031 CL USD
Tencent Holdings         3.2 67.9 6/3/2050 KY USD
Tencent Holdings         3.3 64.0 6/3/2060 KY USD
Tencent Holdings         3.9 73.9 4/22/2061 KY USD
Tencent Holdings         3.8 75.4 4/22/2051 KY USD
Tencent Holdings         3.2 67.6 6/3/2050 KY USD
Tencent Holdings         3.9 73.9 4/22/2061 KY USD
Tencent Holdings         3.3 64.1 6/3/2060 KY USD
Three Gorges Finance         3.2 71.6 10/16/2049 KY USD
Grupo Travessia                 9.0 1.6 1/20/2032 BR BRL
Volcan Cia Minera SAA         4.4 62.2 2/11/2026 PE USD
Volcan Cia Minera SAA         4.4 62.0 2/11/2026 PE USD
VTR Comunicaciones SpA         5.1 61.6 1/15/2028 CL USD
VTR Comunicaciones SpA         4.4 60.8 4/15/2029 CL USD
VTR Comunicaciones SpA         5.1 61.9 1/15/2028 CL USD
VTR Comunicaciones SpA         4.4 60.6 4/15/2029 CL USD
YPF SA                         7.0 72.6 12/15/2047 AR USD
YPF SA                         1.0 66.8 4/25/2027 AR


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

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

Copyright 2024.  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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contact Peter A. Chapman at 215-945-7000.
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