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

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

          Friday, January 2, 2026, Vol. 27, No. 2

                           Headlines



A R G E N T I N A

ARGENTINA: Sharp Drop in Employees, Employers in Milei's first 2Yrs


B R A Z I L

BRAZIL: Bull Market Ends Year With Jobs Surprise, Strong Real


C O L O M B I A

EMPRESA DE TELECOMUNICACIONES: Fitch Cuts LongTerm IDRs to 'BB'
EMPRESAS PUBLICAS DE MEDELLIN: Fitch Cuts LongTerm IDRs to 'BB'
GRUPO SURA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
ISAGEN SA: Fitch Lowers IDR to 'BB+', Outlook Stable
[] Fitch Cuts Colombian Corporates' IDR After Sovereign Downgrade

[] Fitch Takes Action on Colombian & Central American Banks


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Sales Slow During December in National District


M E X I C O

LEISURE INVESTMENTS: Transfer of Animals to Clearwater Marine OK'd

                           - - - - -


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

ARGENTINA: Sharp Drop in Employees, Employers in Milei's first 2Yrs
-------------------------------------------------------------------
Buenos Aires Times reports that the number of formally registered
workers and companies in Argentina has suffered a marked setback
since the start of President Javier Milei's government.

According to a study from the CEPA (Centro de Economia Política
Argentina) think tank, a total of 280,984 formal jobs have been
lost over the period, with 20,134 firms shutting their doors over
the same period, the report notes.

The CEPA report, based on the government data tracked by
Superintendencia de Riesgos del Trabajo work inspectors, concludes
that the fall in registered employment was 2.85 percent in the
first 22 months of the Milei administration – equivalent to 419
less workers a day, according to Buenos Aires Times.

In parallel, the number of employers with registered staff
decreased from 512,357 to 492,223 over the period – a contraction
of 3.9 percent, the report relays.

The transport and storage sector was hit hardest with the loss of
4,851 employers, followed by retail trade, real estate,
professional services and the manufacturing industry, the report
discloses.

Regarding employment, the greatest job losses were seen in public
administration, defence and social security with 88,342 less
workers, followed by construction with a fall of 77,383, the
manufacturing industry with 59,127 fewer employees and transport
and storage, which lost 53,642, the report relays.

Construction was the most affected sector in percentage terms with
a fall of 16.2 percent in registered employment, the report notes.

The CEPA report notes that 99.6 percent of employers closing down
are from firms with fewer than 500 workers, the report discloses.
Nevertheless, the greatest job destruction has occurred in major
firms – 69.4 percent of the jobs
lost corresponded to companies with more than 500 employees, the
report notes.

CEPA concluded that the data evidenced a marked retreat in formal
employment and a significant contraction of the business fabric
with a differential impact according to sector and company size in
the first months of the current administration, 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.

In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion.  The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.

S&P Global Ratings on Dec. 17, 2025, raised its local currency
sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/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 raised its issue ratings on local currency bonds to
'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility
assessment is unchanged.

Moody's Ratings on July 17, 2025, upgraded Argentina's
long-term foreign currency and local currency issuer ratings to
Caa1 from Caa3 and changed the outlook to stable from positive.
Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term
Foreign and Local Currency Issuer Ratings to B (low) from CCC
in November 2024.



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

BRAZIL: Bull Market Ends Year With Jobs Surprise, Strong Real
-------------------------------------------------------------
Rio Times Online reports that Brazil closed the year with a market
message that can be easy to miss from abroad: the country is not
only exporting commodities, it is exporting stability signals.

On the last trading day of 2025, the Ibovespa rose 0.40% to
161,125.37, capping a gain of about 34% for the year, the strongest
annual performance since 2016, according to Rio Times Online.  

With B3 closed on Dec 31 and Jan 1, that closing level is the
reference point until trading resumes on Jan 2, the report notes.

The spark was a clean set of labor numbers. Unemployment fell to
5.2% in the three months to November, the lowest in the current
statistical series, the report relays.  Average real monthly
earnings reached a record R$3,574 ($662), the report discloses.

The government's formal-employment registry reported 85,864 net
jobs created in November, above expectations, the report relays.
In plain terms: more people working, earning more, and doing so
formally, the report notes.

That combination tends to support consumption, improve credit
quality, and reduce the kind of political stress that can spill
into markets, the report discloses.

                    Market Gains Tempered by Rate Outlook

A Sao Paulo-based institutional desk framed the trade simply:
strong jobs can lift company earnings, but they also keep investors
alert to the interest-rate path, the report says. That tension
helps explain why the rally
looked selective rather than euphoric, the report relays.

Cyclicals led. The five biggest gainers were Cyrela (+3.00%), CVC
(+2.86%), C&A (+2.72%), Taesa units (+2.61%), and
Cury (+2.51%), the report notes.

The five biggest decliners were Magazine Luiza (-3.94%), Localiza
(-3.03%), Marcopolo preferred (-0.66%), Hapvida (-0.61%), and TIM
(-0.60%), the report relays.

Two declines were partly technical: Magazine Luiza traded ex-bonus
after a 5% stock bonus tied to a R$400 million ($74 million)
capital increase, while Localiza moved around a R$2.065 billion
($382 million) capital package and
related rights adjustments, the report relays.

Outside Brazil, U.S. stocks edged down as traders weighed Federal
Reserve minutes, keeping global risk appetite measured, 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.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023,
Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB'
with
a Stable Outlook.  DBRS' credit rating for Brazil was last
reported
at BB with stable outlook at July 2023.









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

EMPRESA DE TELECOMUNICACIONES: Fitch Cuts LongTerm IDRs to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Empresa de Telecomunicaciones de
Bogota S.A., E.S.P.'s (ETB) Long-Term Foreign Currency Issuer
Default Rating (IDR) and Long-Term Local Currency IDR to 'BB' from
'BB+'. Fitch has also downgraded ETB's Long-Term National Scale
Rating at 'AA-(col)' from 'AA(col)'. Following the downgrades, the
Rating Outlook on the IDRs is Stable and the National Scale Rating
Outlook is Stable.

The downgrade reflects leverage remaining above negative
sensitivities of 2.0x (gross) and 1.5x (net) over the medium term,
driven by sustained negative FCF despite lower capex. It also
reflects intense telecom competition in Colombia (sovereign:
BB/Stable) and limited financial flexibility. The ratings consider
ETB's limited scale and concentration in Bogotá.

The Stable Outlook reflects expected continued positive operating
performance momentum and steady leverage through the rating
horizon. ETB has a competitive fiber to the home (FTTH) position in
Bogotá, with around 2.2 million homes passed.

KEY RATING DRIVERS

Negative FCF: Fitch expects ETB's FCF to remain negative over the
rating horizon, despite lower capex and renegotiated dividend
payments with its controlling entity. Fitch expects ETB to reduce
capex intensity to around 15% over the rating horizon, down from a
historical peak of 30%, considering the completion of its strong
network. The company is shifting its focus to maintenance capex and
pursuing growth in IT services, which require less intensive
investment.

Fitch expects FCF margin to be around -2.5% of revenue over the
next few years. Assumptions include interest-only payments on the
dividend liability to Distrito de Bogotá in 2025-2026 and a
payment of COP90 billion to Comunicación Celular S.A. (Comcel
S.A.) between 2025 and 2028.

Limited Deleveraging: Gross and net leverage will remain above
Fitch's previous leverage sensitivities of 2.0x and 1.5x,
respectively, and cash from operations (CFO) minus capex to debt
will stay negative to neutral in the medium term. Fitch forecasts
gross leverage of 2.7x in 2025, trending toward 2.1x over the
medium term, conditional to strengthening EBITDA levels from cost
efficiencies, capex cuts and FTTH growth.

Intense Competition: Fitch expects the company's competitive
position to remain under pressure as integrated operators Claro,
Movistar and Tigo push commercial strategies to retain and grow
subscribers in Bogotá. The Movistar-Tigo consolidation will
reshape sector dynamics given its scale, investment savings, and
operating synergies. ETB is the fourth fixed operator in Colombia
(6.1% of market share), the second largest in Bogotá after Claro,
with 23% broadband share, and the leader in FTTH in the city with
39% of residential subscribers.

Gradual EBITDA Margin Improvement: Operating margin pressure from
price competition and cost inflation is weakening operating cash
flow. EBITDA margin fell from 31% in 2022 to 20.8% in LTM as of
September 2025. Fitch forecasts a recovery to 23% in 2026,
supported by an expected revenue increase of about 10% and a
cost-saving plan focused on reducing personnel, maintenance after
the copper-asset sale, and commercial and energy costs.

Business-to-Business (B2B) Growth Focus: Revenue growth will be
driven mainly by enterprise and government connectivity and IT
services. Fitch expects B2B, wholesale, government, and digital
centers to make up about 55% of 2025 revenue, with average annual
growth above 10% over the rating horizon. Gov tech, Ed tech,
Centros Digitales, wholesale services and Internet Social project
support this trajectory over the next years. In the home segment,
Fitch expect about 100,000 additional FTTH connections by 2027.

Standalone Rating: ETB is rated on a standalone basis as any
recurring support from the District of Bogota, its controlling
shareholder, is unlikely. Fitch views the district's 2017, 2023 and
2025 decisions to restructure ETB's dividend liability, extend the
debt term and include a grace period to capital, respectively, as
extraordinary support for the company's cash position. No Country
Ceiling and/or operating environment constraints were in effect for
these ratings.

PEER ANALYSIS

ETB is rated one notch below Colombia Telecomunicaciones S.A.
E.S.P. (ColTel; BB+/Stable), which has greater scale, broader
diversification, a growing fixed operation, and a strong mobile
footprint in Colombia. ColTel carries higher leverage than ETB, but
it is in the process of a being acquired by Millicom International
Cellular S.A (Millicom; BB+/Stable).

UNE EPM Telecomunicaciones S.A. (Tigo UNE; BB+ /Stable) has a
somewhat stronger business profile than ETB due to its larger scale
and diversification, and a stronger financial profile with lower
leverage when compared to ETB.

In fixed broadband, ColTel is the second operator after Claro
nationwide, with about 34% market share, followed by Tigo UNE at
about 25% and ETB at about 6%. In Bogotá, Claro leads with about
45%, followed by ColTel at about 25% and ETB at about 23%. ETB
leads in FTTH connections, followed by ColTel with about one-third
of subscribers. ColTel and ETB operate FTTH networks, while Tigo
UNE's network is based on hybrid fiber coaxial (HFC).

Compared with Chilean peers, Telefónica Móviles Chile S.A. (TMCH;
BB-/Negative) and Empresa Nacional de Telecomunicaciones S.A.
(Entel; BBB-/Stable) have stronger market positions,
diversification, and scale than ETB. ETB's leverage is similar to
that of Entel and lower than that of TMCH.

This comparative context supports ETB's lower rating relative to
more diversified and larger peers, while noting ETB's competitive
position in FTTH and its smaller scale.

FITCH'S KEY RATING-CASE ASSUMPTIONS

-- Total revenue growth of 10% in 2026 and the mid-single digits
over the rating horizon due to an increase in B2B revenues;

-- EBITDA margin of 20% in 2025, rising to 23% in 2026, with slight
increases in subsequent years;

-- Home business with a decline in ARPU of around 10% in 2026 that
stabilizes in the following years, with growth of 100,000 clients
by 2027;

-- Capex intensity with an average of around 15% in 2026-2028;

-- No cash tax payments over the rating horizon due to the effects
of the financial stability agreement in place until 2029;

-- Dividends paid throughout the rating horizon defined with
shareholders;

-- Refinancing all maturing debt over the rating horizon;

-- Payments to Claro of COL90 billion in three years.

RATING SENSITIVITIES

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

-- Revenue growth slower than Fitch expects;

-- EBITDA margin deterioration below 20% in the medium term;

-- Total debt-to-EBITDA above 3.0x and/or net debt-to-EBITDA above
2.5x on a sustained basis;

-- Sustained negative (CFO-capex)/debt;

-- EBITDA-to-interest expense below 3.0x on a sustained basis.

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

-- (CFO-capex)/debt ratio consistently above 7.5% in the medium
term;

-- Gross and net leverage returning to levels consistently lower
than 2.0x and 1.5x , respectively;

-- Consistent improvement in business scale and diversification.

LIQUIDITY AND DEBT STRUCTURE

Liquidity of ETB is limited. As of September 2025, available cash
and equivalents were COP41,437 million versus short-term debt of
COP142,859 million.

Fitch expects that the company will be able to refinance upcoming
debt maturities corresponding to 2026 and 2027, considering its
access to the local market. This debt is primarily made up of bank
loans with limited capital markets exposure. ETB negotiated with
the Bogotá District to reduce the total dividend debt and the
number of dividend payments in 2025-2026, paying only interest on
the dividends to preserve liquidity. Available non-committed bank
lines total COP63,000 million.

ISSUER PROFILE

ETB is an integrated Colombian telecommunication company 86.36%
owned by the District of Bogota. The company's main services
include fixed voice traditional services (local and long distance),
broadband and subscription TV services on its fiber network.

RATINGS ACTION
                                    Rating              Prior
                                    ------              -----
Empresa de Telecomunicaciones
de Bogota, S.A., E.S.P.

                          LT IDR      BB       Downgrade  BB+
                          LC LT IDR   BB       Downgrade  BB+
                          Natl LT     AA-(col) Downgrade  AA(col)


EMPRESAS PUBLICAS DE MEDELLIN: Fitch Cuts LongTerm IDRs to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Empresas Publicas de Medellín
E.S.P.'s (EPM) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) to 'BB' from 'BB+'. The Rating Outlook is Stable.
Fitch also affirmed EPM's National Scale Long-Term rating at
'AAA(col)' and National Long-Term ratings for EPM Inversiones S.A.,
Aguas Nacionales EPM S.A. E.S.P. and Caribemar de la Costa S.A.S.
E.S.P. (Afinia) at 'AAA(col) with a Stable Outlook. Their National
Short-Term ratings were affirmed at 'F1+(col)'.

The IDRs reflects the downgrade of the City of Medellín's IDR to
'BB' and EPM's close linkage with its shareholder, including the
company's financial relevance to the city, the lack of effective
documentation limiting dividends and Medellín's influence over
EPM's administration and operations. The ratings also reflect EPM's
dominant position in Colombia's power generation and distribution
sectors, moderate leverage and strong liquidity, given significant
upcoming debt maturities.

KEY RATING DRIVERS

Strong Linkage with Parent: Under Fitch's Government-Related
Entities and Parent and Subsidiary Linkage Rating Criteria, EPM's
ratings are aligned with the City of Medellín ('BB'/Stable) given
open ring-fencing, parent access and control, and EPM's strategic
and financial importance to the municipality. Open ring-fencing is
evidenced by the absence of effective documentation limiting
dividend distributions, and the city's influence over EPM's
administration and operations supports open access and control.

EPM's distributions account for 20% or more of municipal revenue
and 20%-30% of the city's investment budget. These factors indicate
strong linkage under GRE and PSL criteria and no basis for notching
between EPM and the City's ratings.

Strong Credit Profile: Fitch assesses EPM's Standalone Credit
Profile (SCP) at 'bb+', supported by operations in regulated
businesses in mature markets, a robust and diversified asset base,
moderate leverage (debt/EBITDA) and strong liquidity. Colombia,
where the company is headquartered, is the main EBITDA contributor,
accounting for 80% of consolidated EBITDA. More than 80% of EPM's
EBITDA and capex pertain to the energy business (electricity
generation and distribution and natural gas distribution), with
water and waste treatment accounting for the balance.

EPM holds leading market positions in Colombia's generation and
distribution sectors. The remaining four units of the Ituango
project are expected to come online between 4Q27 and 1Q28, adding
about 1.2GW of capacity, which should strengthen EPM's generation
profile and support EBITDA growth.

Moderate Leverage Increase: Fitch expects EPM's consolidated
leverage to rise moderately to an average of about 3.2x over the
rating horizon, driven by negative FCF from elevated capex, with
average intensity of roughly 16.5% of revenue. Capex will be
concentrated in the distribution segment, including energy
distribution company Afina, and the completion of the Hidroituango
project, along with a dividend payout of 55% of the prior year's
net income, and significant refinancing needs in 2026 and 2027.
Despite these pressures, Fitch expects EBITDA-to-interest coverage
to remain solid at above 3.5x over the rating horizon.

Cash Flows Support Liquidity: Fitch expects short-term liquidity
relief at Afinia from the sale of its Tariff Option balance of
about COP738 billion (USD190 million) and a smaller capex program
in coming years. However, Fitch sees limited visibility for a
recovery in Afinia's financial and operational performance. EPM
expects incremental cash flow from the planned sale of UNE EPM
Telecomunicaciones in 2026, supporting liquidity.

Conversely, EPM expects to begin annual payments to Sociedad
Hidroituango S.A. E.S.P. (HI) under an arbitration conciliation
that depends on the behavior of the variables defined for the
calculation and settlement of HI's remuneration, estimated at about
COP443 billion (USD116 million) for 2025. This will pressure cash
flow but will be partially offset by dividends from HI and tax
benefits.

Moderate Regulatory Risk: Fitch views EPM's regulatory risk as
moderate, reflecting a concentration in regulated businesses in
Colombia and recent initiatives by the government to influence
public service regulation. Colombia's new power market rules reduce
generators' commercial flexibility and could pressure profitability
and leverage during dry periods. However, this risk is mitigated by
EPM's conservative commercial policy, which keeps a high percentage
of its energy purchases and sales under contracts. Regulatory
changes are required to avoid causing hardship and to ensure
financial stability for all market participants.

PEER ANALYSIS

EPM's ratings are linked to those of its owner, the city of
Medellin, due to the latter's strong ownership and control over the
company. The company's low business-risk profile is commensurate
with that of Grupo Energia Bogota S.A. E.S.P.'s, Enel Americas
S.A., AES Andes (BBB-/Stable), Enel Colombia S.A. E.S.P. and
Promigas (BBB-/Rating Watch Negative).

Fitch projects EPM's total leverage to average around 3.2x over the
rating horizon, considering the financing needed for its
investments plan, including demanding capex needs at Afinia, as
well as covering working capital needs. This is in line with AES
Andes' and Promigas' expected average gross leverage, that will
remain between 3.5x and 4.0x. It is higher than Enel Colombia,
which will remain below 2.0x.

EPM also compares well with electricity generation peers that have
national ratings, namely Enel Colombia S.A. E.S.P., Isagen S.A.
E.S.P. and Celsia Colombia S.A. E.S.P., all rated 'AAA(col)'.
Similar to peers, EPM has an efficient portfolio of low-cost hydro
assets. In 2024, EPM ranked first in installed capacity, ahead of
Enel Colombia, and first in generation, ahead of Enel Colombia and
Isagen, which were second and third, respectively.

FITCH'S KEY RATING-CASE ASSUMPTIONS

-- Ituango units 5 through 8 come online in 2028 with no penalties
or further significant delays;

-- A generation load factor of about 51% over the rated horizon;

-- Distribution tariffs increase at the expected rate of inflation
between 2026 and 2029;

-- Sale of Afinia's Tariff Option balance in 2025;

-- Dividend payout of 55% of previous year's net income;

-- UNE divestment in 2026;

-- Total debt disbursements of around COP31 trillion between 2026
   and 2029;

-- Capex of COP7.7 trillion in 2026, COP9.6 trillion in 2027,
   COP6.6 trillion in 2028 and COP4.6 trillion in 2029.

RATING SENSITIVITIES

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

-- A negative rating action on the City of Medellin's ratings;

-- Sustained gross leverage above 4.0x.

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

-- Although unlikely, Fitch may consider a positive rating action
   if there is a positive rating action on the company's owner,
   the City of Medellin.

LIQUIDITY AND DEBT STRUCTURE

As of 3Q25, EPM had adequate liquidity with cash on hand and
equivalents of COP3.6 trillion (USD945 million) at the group level,
of which about COP1.3 trillion (USD338 million) was at the parent
company. Consolidated debt was COP31.6 trillion (USD8.3 billion).
Fitch expects liquidity pressures from significant upcoming
maturities of USD1 billion in 2026 and USD2.1 billion in 2027 to be
refinanced.

Fitch estimates that available cash plus forecast cash flow from
operations (CFO) will cover more than two times short-term
maturities on average as of YE 2025. Fitch foresees refinancing
pressures, mitigated by EPM's proven access to financing through
capital markets and bank debt.

ISSUER PROFILE

EPM provides public utility services. It participates in the
generation, transmission, distribution and commercialization of
electricity, the distribution and commercialization of natural gas
and the provision of water, sewage and waste management services.

RATINGS ACTION

Empresas Publicas de Medellin
E.S.P. (EPM)
                     LT IDR     BB        Downgrade   BB+
                     LC LT IDR  BB        Downgrade   BB+
                     Natl LT    AAA(col)  Affirmed    AAA(col)
   senior unsecured  LT         BB        Downgrade   BB+
   senior unsecured  Natl LT    AAA(col)  Affirmed    AAA(col)

Aguas Nacionales EPM S.A. E.S.P.

                     Natl LT    AAA(col)  Affirmed    AAA(col)
                     Natl ST    F1+(col)  Affirmed    F1+(col)

Caribemar de la Costa SAS ESP

                     Natl LT    AAA(col)  Affirmed    AAA(col)
                     Natl ST    F1+(col)  Affirmed    F1+(col)

EPM Inversiones S.A.

                     Natl LT    AAA(col)  Affirmed    AAA(col)
                     Natl ST    F1+(col)  Affirmed    F1+(col)


GRUPO SURA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Grupo de Inversiones Suramericana S.A.'s
(Grupo Sura) Long-Term Foreign and Local Issuer Default Ratings
(IDRs) at 'BB+'. Fitch also affirmed the senior unsecured notes at
'BB+' with a Recovery Rating of 'RR4'. The rating Outlook for the
IDRs is revised to Stable from Negative.

The Stable Outlook of Grupo Sura's IDRs reflects significant
reliance on dividends from Grupo Cibest and its main subsidiary
Bancolombia whose ratings were recently affirmed at 'BB+'/Stable
after the Colombian sovereign downgrade to 'BB'/Stable.
Bancolombia's ratings are one notch above Colombia's sovereign
rating, reflecting the bank's very strong standalone credit
profile.

Fitch has affirmed Sura Asset Management S.A.'s (Sura AM) Long-Term
Foreign and Local Currency IDRs at 'BBB' with a Stable Outlook and
the Short-Term Foreign and Local Currency IDRs at 'F3'. The Rating
Outlook for the IDRs is Stable. The three-notch uplift above
Colombia's sovereign rating reflects geographic diversification,
operations in more favorable environments, and ring-fenced cash
flows that strongly support the rated obligations. The Foreign
Currency (FC) rating is two notches above Colombia's country
ceiling (BB+) to reflect the company's strong ability to service
its obligations, supported by sizeable foreign earnings and assets
under management that limit transfer and convertibility risk.

KEY RATING DRIVERS

Grupo Sura

Multijurisdictional SROE: Grupo Sura's sector risk operating
environment (SROE) score of 'bb+' with High Importance reflects the
weighted average of the implied OEs of the jurisdictions where it
operates. Grupo Sura is an international group based in Colombia
with direct financial operations in 10 Latin American countries.
However, significant reliance on dividend streams from Bancolombia
(BB+/Stable), Colombia's largest bank, constrains the SROE.

Fitch's assessment also takes into account the entity's other
assets in additional jurisdictions with stronger OEs, which
partially preserves the issuer's capacity to service its
obligations in the relevant currency in the event of sovereign
default.

Diversified Business Profile: Grupo Sura's IDRs are based upon its
standalone credit profile (SCP) and reflect its diversified
business profile with dominant local franchises and revenue
diversification in strongly regulated financial industries,
including pension funds, banking and insurance services, in several
Latin American countries. The SCP is below the implied SCP as it is
aligned with, and limited by, the assigned SROE score of 'bb+' and
Colombia's sovereign rating.

Sura AM

SROE Stable: Fitch employs a blended approach to assess the sector
risk operating environment (SROE) score, considering the countries
where Sura AM operates. This assessment is weighted by each
country's EBITDA generation and the volume of assets under
management (AUM). Additionally, the SROE has minimal exposure to
deterioration in investor confidence due to its stable and highly
regulated business.

Standalone Credit Profile Drives IDRs: Sura AM's Long-Term IDRs are
based on its SCP, which is one notch above the assigned SROE score
of 'bbb-' and three notches above Colombia's sovereign rating,
reflecting the company's robust business profile, leading regional
franchise, large footprint, and sound financial profile. In
addition, the ratings reflect a credit profile that is resilient to
changes in the OE given the geographic diversification of its
business. Sura AM AuM and Ebitda outside from Colombia represent
74.3% and 75.9% respectively in several jurisdictions with stronger
OEs.

RATING SENSITIVITIES

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

Grupo Sura

-- A weaker assessment of Grupo Sura's multijurisdictional SROE due
to a sovereign downgrade in Colombia, Chile or Mexico;

-- A material reduction in dividends flows from key subsidiaries
due to regulatory restrictions on the banking business or
deterioration in financial profiles—that negatively impacts debt
service, mainly at Bancolombia;

-- Assumption of new debt to significant levels, resulting in a
substantial weakening of financial leverage, interest coverage, and
liquidity.

Sura AM

-- Adverse regulatory changes in the pension fund system in the
jurisdictions where the company operates;

-- Sovereign downgrades in key jurisdictions of operations,
particularly Chile, Mexico, or Colombia;

-- A downgrade of the company's SROE due to EBITDA re-composition
or reduced cash flows across operating jurisdictions;

-- Sura AM's credit metrics deteriorating such that its
debt-to-adjusted FEBITDA remains consistently above 3.0x, or
adjusted FEBITDA-to-financial-expense remains well below 6.0x.

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

-- Grupo Sura's IDRs could be upgraded with a combination of (i)
improved multijurisdictional SROE, (ii) an upgrade of the Colombian
sovereign rating, and (iii) strengthened credit quality at key
subsidiaries.

Sura AM

-- While upside is limited, an upgrade could occur if Sura AM's
SROE score improves to 'bbb' and its financial profile strengthens
consistently, with gross debt to FEBITDA below 1.5x and FEBITDA to
interest expense above 12.0x, on a sustained basis.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Grupo Sura's global senior unsecured long-term debt is rated at the
same level as its Long-Term IDR, as the likelihood of default on
the notes is the same.

Sura AM's senior unsecured bond rating corresponds with the
company's Long-Term IDR, given the probability of default is the
same as that of the issuer.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The ratings on Grupo Sura's senior unsecured debt would move in
line with its global IDRs, respectively.

Sura AM's senior unsecured debt would generally move in line with
its Long-Term IDR.

ADJUSTMENTS

Grupo Sura

The Standalone Credit Profile has been assigned below the implied
Standalone Credit Profile due to the following adjustment
reason(s): Sector Risk Operating Environment / Sovereign Rating
Constraint (negative).

The Business Profile score has been assigned below the implied
score due to the following adjustment reason(s): Business Model
(negative).

Sura AM

The Sector Risk Operating Environment score has been assigned above
the implied score due to the following adjustment reason:
International operations, divergence between domicile and business
activity (positive).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason: Revenue
Diversification (negative).

The Funding, Liquidity & Coverage score has been assigned above the
implied score due to the following adjustment reason: Historical
and future metrics (positive).


ISAGEN SA: Fitch Lowers IDR to 'BB+', Outlook Stable
----------------------------------------------------
Fitch Ratings has downgraded Isagen S.A. E.S.P.'s (Isagen)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'BB+' from 'BBB-' and 'BBB', respectively. The Rating Outlook is
Stable. Fitch has also affirmed Isagen's Long-Term National Scale
Rating at 'AAA(col)'/Stable and Short-Term National Scale Rating at
'F1+(col)'.

These actions follow the downgrade of Colombia's sovereign rating
to 'BB', signaling a weaker operating environment. Isagen's
operations are exclusively in Colombia in a regulated business, and
it has sizable debt maturities that could pressure liquidity over
the upcoming years. Fitch rates Isagen's IDRs at the same level as
Colombia's 'BB+' Country Ceiling.

Isagen's ratings also reflect its leading position in the Colombian
electricity generation market and its diversified portfolio of
generation assets. Incremental capex over the next years will
result in negative FCF, along with moderate leverage metrics that
Fitch projects will remain close to 3.4x.

KEY RATING DRIVERS

Low-Risk Business Profile: Isagen's conservative commercial
strategy, which aligns contract sales with the firm energy of its
hydroelectric plants, supports cash flow visibility and limits
exposure to hydrology and price volatility. The company has
long-duration contracts averaging eight years with a diversified
base of high-quality offtakers, supporting revenue stability.
Favorable hydrology in 2025 increased generation to 12.4TWh through
September 2025, a 30% increase compared with 2024; however, Fitch
expects lower spot prices to reduce revenue by about 15% by YE 2025
due to weaker spot market sales.

Isagen minimizes spot purchases and prioritizes contracts linked to
actual generation. This enhances its resilience to hydrologic
variability and market-price swings, underpinning predictable
operating performance.

Incremental Capex in Renewables: Isagen is the third-largest power
generator in Colombia, with around 3,300 MW of installed capacity
primarily from hydroelectric sources, complemented by solar and
wind. The company has revised its investment plan to expand
renewable capacity by an additional 520 MW, of which 160 MW came
online in 2025 with the Shangri-La solar project.

Fitch projects capex will total around USD550 million over the next
four years. The scale and low marginal costs of Isagen's asset base
support operational flexibility and competitiveness, underpinning
its ability to compete effectively in Colombia's market while
advancing renewable expansion.

Moderate Leverage: Fitch expects Isagen to maintain moderate
leverage levels for its current rating, with EBITDA leverage of
about 3.4x over the rating horizon, reflecting financing needs to
execute capital expenditures. Fitch's base case projects annual
EBITDA to average around COP3.8 trillion over the next four years,
supported by higher generation from expanded installed capacity.
Fitch expects EBITDA interest coverage to remain adequate,
averaging 2.7x over the rating horizon.

Shareholder Loan Provides Flexibility: Fitch does not consider
Isagen's shareholder loan (SHL) as financial debt, as the SHL is a
subordinated obligation, with interest payments optionally
paid-in-kind, subject only to Isagen's request. The lender of the
SHL cannot accelerate or enforce any of its rights or exercise any
of its remedies to collect the principal of the loan. The structure
of the SHL gives the company additional flexibility to carry out
its growth strategy, if necessary, without affecting its capital
structure.

SHL Payments Depend on Cash Generation: Isagen's shareholder
distributions, via SHL interest payments, prepayments, or
dividends, depend on future cash generation. Ratings expect
distributions to hinge on excess cash. In 2025, Isagen paid around
COP495 billion in dividends. With increased capex, Fitch
anticipates negative FCF during the rating horizon to be covered by
Isagen's financing plan. As of Sept. 30, 2025, the SHL balance was
approximately COP2.5 trillion, maturing in 2050.

Moderate Regulatory Risk: Fitch views Isagen's regulatory risk as
moderate, reflecting its concentration in regulated businesses in
Colombia and recent initiatives by the government to influence
public service regulation. Colombia's new power market rules reduce
generators' commercial flexibility and could pressure profitability
and leverage during dry periods; this is mitigated by Isagen's
conservative commercial policy, which keeps a high percentage of
its energy purchases and sales under contracts. Regulatory changes
are required to avoid causing hardship and to ensure financial
stability for all market participants.

PEER ANALYSIS

Isagen's credit profile compares similarly with investment-grade
electric generation companies (gencos) in the region, such as
Kallpa Generación S.A. (BBB-/Stable), Enel Generacion Chile S.A.
(BBB+/Stable) and Colbun S.A. (BBB+/Stable). These companies
benefit from predictable CFO, due to robust contracted positions
and conservative capital structures.

Rating differences mainly stem from asset base size and diversity,
affecting price competitiveness and operational flexibility.
Isagen, with 3.3GW of hydro, wind and solar capacity, is
well-positioned compared to Kallpa's 1.8GW capacity. Enel
Generación Chile and Colbun have larger capacities than Isagen,
evenly split between hydro and thermal.

Latin American peers generally have strong capital structures
aligning with the 'BBB' rating. Isagen's leverage ratio, total debt
to EBITDA, is projected to stay near 3.4x, lower than Kallpa's
expected 4.0x. Enel Generación Chile (below 1.0x) and Colbun
(3.0x) boast stronger capital structures, supporting their 'BBB+'
rating.

Isagen also compares well with electricity generation peers that
have national ratings, namely Enel Colombia S.A. E.S.P., Empresas
Publicas de Medellin E.S.P. (EPM) and Celsia Colombia S.A. E.S.P.,
all rated 'AAA(col)'. Isagen is the third-largest electricity
generation company in Colombia in terms of installed capacity,
trailing Enel Colombia and EPM.

FITCH'S KEY RATING-CASE ASSUMPTIONS

-- Average electricity generation of 16.1 TWh in rating horizon;

-- Contracting policy at 70% of total electricity sales on
    average;

-- Shareholder distribution is contingent on excess cash;

-- Total debt to EBITDA consistently below 3.5x;

-- Average monomic prices of COP370/kWh over the forecast horizon.

RATING SENSITIVITIES

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

-- A downgrade of Colombia's Country Ceiling;

-- Sustained leverage of more than 4.0x;

-- A change istrategy that weakens CFO performance or introduces a
more aggressive approach to leverage and capex;

-- Debt service coverage ratio sustained below 1.1x.

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

Fitch views an upgrade as unlikely in the near term due to the
company's concentrated generation business in Colombia and expected
leverage levels.

LIQUIDITY AND DEBT STRUCTURE

Fitch expects Isagen to face liquidity and refinancing pressures
due to sizable upcoming amortizations and Colombia's rating
downgrade. The company is likely to maintain moderate cash balances
while refinancing most near-term maturities, with major
amortizations in 2027 (COP1.3 trillion) and 2028 (COP1.2 trillion).
Fitch expects excess cash to be directed to dividends or SHL
servicing. The debt service coverage ratio is projected to remain
slightly above 1.1x over the rating horizon. The company has the
flexibility to capitalize interest payments on its SHL and can
retain CFO generation, if necessary.

As of Sept. 30, 2025, financial debt was COP11.8 trillion,
comprising roughly 30% local bonds and 70% loans. About 99% is
COP-denominated, aligning with cash flows and limiting FX risk.

ISSUER PROFILE

Isagen is Colombia's third-largest electricity generation company
with around 3,300MW of installed capacity, and third largest in
energy generation at 12.4TWh generated as of September 2025. Isagen
operates 27 generation plants: 15 hydroelectric plants (2,913MW),
two wind farms (32MW), 10 solar farms (197MW) and the Shangri-La
solar project (160MW).

RATINGS ACTION
                              Rating              Prior
                              ------              -----
Isagen S.A. E.S.P.
                   LT IDR     BB+      Downgrade  BBB-

                   LC LT IDR  BB+      Downgrade  BBB

                   Natl LT    AAA(col) Affirmed   AAA(col)

                   Natl ST    F1+(col) Affirmed   F1+(col)

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

senior unsecured  Natl ST    F1+(col) Affirmed   F1+(col)


[] Fitch Cuts Colombian Corporates' IDR After Sovereign Downgrade
-----------------------------------------------------------------
Fitch Ratings has downgraded six Colombian corporate issuers'
Foreign Currency and Local Currency Issuer Default Ratings (IDRs).
The actions follow the recent downgrade of Colombia's sovereign
rating.

The entities involved are:

  - Enel Colombia S.A. E.S.P.
  - Transportadora de Gas Internacional S.A. ESP (TGI)
  - TermoCandelaria Power, S.A.
  - Oleoducto Central S.A. (OCENSA)
  - Ecopetrol S.A.
  - Grupo Energia Bogota S.A. E.S.P. (GEB)
  - A.I. Candelaria (Spain), S.A.

KEY RATING DRIVERS

Fitch downgraded Ecopetrol S.A.'s Long-Term Foreign and Local
Currency IDRs to 'BB' from 'BB+' and assigned it a Stable Rating
Outlook, reflecting the downgrade of Colombia's IDR (BB/Stable).

The ratings reflect the Colombian government's 82% ownership of
Ecopetrol. The company's ratings are capped at the sovereign rating
due to the absence of legal ring-fencing isolating its cash flows,
in addition to material access and control exerted by the
government on the company. This is a consequence of Ecopetrol's
strategic importance as a key liquid fuel supplier in Colombia and
owner of 100% of the country's refining capacity, on top of the
significant revenue up-streamed to the government.

Fitch downgraded Oleoducto Central S.A.'s (OCENSA) Long-Term
Foreign and Local Currency IDRs to 'BB' from 'BB+' and assigned it
a Stable Outlook, in line with Ecopetrol's rating.

OCENSA's ratings reflect its linkage with Ecopetrol's credit
profile, the largest crude oil producer in Colombia and OCENSA's
main off-taker. OCENSA's operations are integral to Ecopetrol's
core business due to operational synergies. Ecopetrol relies
heavily on OCENSA's infrastructure to transport crude oil from
production fields to refineries and export terminals. Fitch
considers OCENSA strategically important for Ecopetrol because it
transported 82% of Ecopetrol's crude oil production in 2Q25.

Fitch downgraded A.I. Candelaria (Spain), S.A.'s Long-Term Foreign
and Local Currency IDRs to 'BB-' from 'BB' and assigned it a Stable
Outlook, in line with OCENSA's rating.

A.I. Candelaria's outstanding notes will remain structurally
subordinated to OCENSA's outstanding USD400 million notes. As the
holding company, A.I. Candelaria depends on dividends from OCENSA
to service its obligations. Therefore, a substantial leverage
increase at OCENSA could increase the structural subordination of
A.I. Candelaria's creditors. This risk is mitigated by OCENSA's
record of stable dividend distributions and A.I. Candelaria's right
to veto changes to OCENSA's dividend policy and capex plans above
USD100 million. Fitch believes the projected dividend stream will
be more than sufficient to cover interest expense and principal
payments on A.I. Candelaria's outstanding notes.

Fitch downgraded Grupo Energia Bogota S.A. E.S.P.'s (GEB) Long-Term
Foreign and Local Currency IDRs to 'BBB-' from 'BBB' and assigned
it a Stable Outlook, reflecting the downgrade of Bogota's IDR
(BB/Stable). Fitch assesses GEB's Standalone Credit Profile (SCP)
at 'bbb'. GEB operates independently and autonomously, positively
affecting its ratings.

Fitch believes regulatory ring-fencing mechanisms, material
minority shareholders, and strong governance practices reduce the
parent's capacity to extract value from its stronger subsidiary.
Under Fitch's "Parent-Subsidiary Rating Criteria" these factors led
Fitch to rate GEB two notches above Bogota's consolidated profile.

Fitch downgraded Transportadora de Gas Internacional S.A. ESP's
(TGI) Long-Term Foreign and Local Currency IDRs to 'BBB-' from
'BBB' and assigned it a Stable Outlook, in line with GEB's rating.
Fitch caps TGI's SCP at Colombia's 'BB+' country ceiling, as 100%
of the company's EBITDA as of September 2025 was generated in
Colombia.

TGI's ratings receive a one-notch uplift due to GEB's
medium-to-high operational and strategic incentives to support TGI.
This equalizes their ratings, per Fitch's Parent-Subsidiary Linkage
Criteria. These incentives reflect GEB's nearly 100% ownership of
TGI and the substantial financial contribution to GEB of
approximately 45% of GEB's operating EBITDA. Fitch also expects
investment in Colombia and midstream businesses, such as TGI's, to
remain a strategic focus for GEB's future growth.

Fitch downgraded Enel Colombia S.A. E.S.P.'s Long-Term Foreign and
Local Currency IDRs to 'BBB-' from 'BBB' and assigned it a Stable
Outlook, reflecting the downgrade of Colombia's IDR. The company is
headquartered in Colombia (BB/stable), and its operation there
represented approximately 90% of its consolidated EBITDA for the
LTM ended September 2025. Fitch caps Enel Colombia's SCP at
Colombia's 'bb+' due to the substantial cash flow generation from
that country. Cash flows from operations in Panama (BB+/Stable),
Guatemala (BB+/Stable) and Costa Rica (BB/Positive) exceed the
company's hard currency debt service coverage for the next 12
months by more than 1.5x.

Per Fitch's Parent and Subsidiary Linkage Criteria, Enel América
S.A.'s (BBB+/Stable) controlling stake of 57.4% in Enel Colombia
provides sufficient control to apply the linkage following a
stronger parent approach. Strategic incentives are medium given
Enel Colombia's importance to the group and expected contribution
of about 40% of its parent consolidated EBITDA. Legal incentives
are weak due to the absence of parental guarantees or
cross-defaults, and operational incentives are low as shared
business and some common management do not yield material benefits
to the parent. Overall, these factors support a bottom-up plus-one
approach, leading to an IDR of 'BBB-' for Enel Colombia.

Fitch affirmed TermoCandelaria Power S.A.'s (TPL) Long-Term Foreign
and Local Currency IDRs at 'BB' and revised the Outlook to Stable
from Positive. The Outlook revision reflects a weaker operating
environment in Colombia following the downgrade of its IDR. TPL's
operations are based exclusively in Colombia in a regulated
industry.

RATING ACTIONS
                             Rating           Prior
                             ------           -----
Ecopetrol S.A.
                   LT IDR     BB   Downgrade   BB+
                   LC LT IDR  BB   Downgrade   BB+
senior unsecured  LT         BB   Downgrade   BB+

Oleoducto Central
S.A. (OCENSA)

                   LT IDR     BB   Downgrade   BB+
                   LC LT IDR  BB   Downgrade   BB+

Grupo Energia
Bogota S.A. E.S.P.
(GEB)
                   LT IDR     BBB- Downgrade   BBB
                   LC LT IDR  BBB- Downgrade   BBB
  senior unsecured LT         BBB- Downgrade   BBB

A.I. Candelaria
(Spain), S.A.

                   LT IDR     BB-  Downgrade   BB
                   LC LT IDR  BB-  Downgrade   BB
  senior secured   LT         BB-  Downgrade   BB

TermoCandelaria
Power, S.A.
                   LT IDR     BB   Affirmed    BB
                   LC LT IDR  BB   Affirmed    BB
  senior unsecured LT         BB   Affirmed    BB

Enel Colombia S.A. E.S.P.
  
                   LT IDR     BBB- Downgrade   BBB
                   LC LT IDR  BBB- Downgrade   BBB

Transportadora de Gas
Internacional S.A.
ESP (TGI)
                   LT IDR     BBB- Downgrade   BBB
                   LC LT IDR  BBB- Downgrade   BBB
  senior unsecured LT         BBB- Downgrade   BBB


[] Fitch Takes Action on Colombian & Central American Banks
-----------------------------------------------------------
Fitch Ratings has conducted a portfolio review of Colombian and
Central American banks following Colombia's sovereign downgrade.

The Entities involved are:

- Bancolombia (Panama) S.A.
- Banco Agrario de Colombia S.A.
- Bancolombia S.A.
- Banco de Comercio Exterior de Colombia S.A.
- Banistmo S.A.
- Grupo Aval Limited
- Corporacion Financiera Colombiana S.A. (Corficolombiana)
- Banco DAVIbank S.A.
- Banco Davivienda S.A.
- Grupo Cibest S.A.
- Banco Davivienda (Costa Rica) S.A.
- BBVA Colombia S.A.
- Banco Agromercantil de Guatemala S.A.
- Banco de Occidente (Panama), S. A.
- Grupo Aval Acciones y Valores S.A.
- Financiera de Desarrollo Territorial S.A. - Findeter
- Bancolombia Puerto Rico Internacional Inc.
- Financiera de Desarrollo Nacional S.A.
- Banco de Bogota, S.A.
- Banco de Occidente S.A.
- Multibank, Inc.

On Dec. 16, 2025, Fitch downgraded Colombia's Long-Term IDRs to
'BB'/Stable from 'BB+'/Negative and its Country Ceiling to 'BB+'
from 'BBB-'. Despite the downgrade, Fitch's 'bb' assessment of
Colombia's banking Operating Environment is unchanged. The
sovereign action reflected worsening fiscal/debt dynamics, not
deteriorating economic activity or banking conditions. The banking
system maintains sufficient capitalization, improving
profitability, and declining loan impairment charges. Fitch
projects GDP growth of ~2.7% in 2025, up from 1.7% in 2024.

This portfolio review includes Colombian banks with Issuer Default
Ratings (IDRs) at the same level or above the sovereign. Fitch
believes these ratings are more sensitive to a potential downgrade
of the sovereign. Fitch rarely assigns financial institution
ratings higher than the sovereign based on their current intrinsic
credit profiles. The exceptions are those with highly rated parents
or exceptional credit profiles.

The banks' national ratings, as well as those of other financial
institutions rated in Colombia, are not directly affected. Those
ratings reflect the relative strengths and weaknesses of each
institution in a specific jurisdiction.

Fitch has taken actions on the Colombian banks' Central American
subsidiaries in Costa Rica, Guatemala and Panama. Fitch has also
placed Banistmo S.A. on Rating Watch Negative (RWN) following the
recent announcement of its sale to Inversiones Cuscatlán
Centroamérica S.A.

KEY RATING DRIVERS

Government Support-Driven Banks

This group includes state-owned banks with IDRs and Government
Support Ratings (GSRs) driven by implicit support from the
sovereign: Banco de Comercio Exterior de Colombia (Bancoldex),
Financiera de Desarrollo Territorial S.A (Findeter), Financiera de
Desarrollo Nacional S.A. (FDN) and Banco Agrario de Colombia S.A,
(Agrario).

The Colombian government is the shareholder and the source of any
potential support, if required. Fitch downgraded their Long-Term
IDRs to 'BB' from 'BB+' and assigned a Stable Outlook. This
reflects that the ratings are driven by their Government Support
Rating (GSR), which Fitch downgraded to 'bb' from 'bb+'. The
creditworthiness of these entities is closely linked to the
sovereign due to their policy role, state ownership, and high
strategic importance to the government. Consequently, their ratings
have traditionally been aligned with the sovereign rating
(BB/Stable). This is consistent with Fitch's assessment of the
sovereign's propensity and ability to provide support.

Bancolombia S.A.

Fitch affirmed Bancolombia's VR and IDRs at bb+ and 'BB+',
respectively. Fitch also revised the LT IDRs' rating Outlook to
Stable from Negative. Bancolombia's ratings are driven by its
standalone creditworthiness, which is reflected in its 'bb+' VR,
which is aligned with its implied VR. The bank's VR considers
Bancolombia's robust company profile, underpinned by its leading
market share within the Colombian market, which results in
consistent and ample total operating income generation and strong
financial profile.

Bancolombia's ratings are now one notch above Colombia's sovereign
IDRs (BB/Stable) and reflect Bancolombia's very strong business
profile and its significant market position within the Colombian
banking system relative to its local peers. This positioning,
leadership and above-average performance provides Bancolombia with
greater resilience to absorb potential macroeconomic risks compared
to lower-rated peers.

The rating also reflects Fitch's expectation that Bancolombia would
likely maintain its capacity to meet its obligations even in the
event of a sovereign default, without any restrictions imposed by
the sovereign. However, the uplift of the ratings is constrained to
just one notch given the bank's moderate exposure to sovereign
risk, primarily through its holdings of government securities and
the concentration of its operations within Colombia, especially
after the recent change in its corporate structure.

Banco de Bogota S.A. (Bogota)

Fitch downgraded Bogota's Long-Term IDRs to 'BB' from 'BB+' and its
VR to 'bb' from 'bb+'. Fitch also assigned a Stable Outlook to the
LT IDRs, aligned to the rating actions of the sovereign. Bogota's
VR is aligned with its implied VR and is influenced by its business
profile, which is underpinned by its leading franchise. The ratings
reflect Bogota's consistent financial performance, reasonable
credit and risk policies, ample, diversified funding base and
improving capitalization, which is above that of local peers.

Banco Davivienda (Davivienda)

Fitch downgraded Davivienda's IDRs to 'BB' from 'BB+' and its VR to
'bb' from 'bb+'. Fitch also assigned a Stable Outlook to the LT
IDRs, aligned to the ratings actions of the sovereign. Davivienda's
VR is aligned with its 'bb' implied VR and reflects its leading
market position in Colombia as the second-largest bank and adequate
franchise in Central America. This assessment also factors in sound
risk management, recovering financial performance and an improving
capital position, and a large, stable deposit base.

Banco de Occidente S.A. (Occidente)

Fitch downgraded Occidente's Long Term IDRs to 'BB' from 'BB+',
Fitch also assigned a Stable Outlook and its VR to 'bb' from 'bb+',
aligned with its implied VR of 'bb'. Fitch affirmed the bank's
Short-Term IDRs at 'B'. Occidente's VR mirrors its consistent
business model and strong market position, which allows the bank to
generate consistent income over time. The VR also encompasses
Occidente's controlled asset quality, modest profitability metrics
and relatively tight capital ratios, along with its stable deposit
base and funding access.

Occidente's SSR of 'bb' is aligned with Grupo Aval (GA)'s IDR and
reflects Fitch's view of a high probability of support from its
ultimate parent, if needed, given its role and contribution to the
group. Occidente is GA's second largest bank. In Fitch's opinion,
Occidente is core to GA's strategy, and institutional support
should be forthcoming if required. GA has a consistent track record
of support for its subsidiaries, and its ability to support them is
reflective of its 'BB'/Stable rating.

Grupo Cibest S.A. (Cibest)

Fitch affirmed Cibest's ratings at 'BB+' and revised the Outlook to
Stable from Negative. The ratings are driven by the business and
financial profile of its main operating subsidiary, Bancolombia
rated 'BB+/Stable. Cibest's ratings also take into account the
creditworthiness of strong and diversified subsidiaries in Colombia
and Central America as well as its moderate double leverage. Fitch
expects Cibest's liquidity management to be prudent, relying on
Bancolombia's structure and practices and with a proper use of cash
flows.

Bancolombia (Panama) S.A. (BP), Bancolombia Puerto Rico
International Inc (BPR), Banco Agromercantil de Guatemala S.A.
(BAM) and Banistmo S.A. (Banistmo)

BP and BPR's IDRs are based on the potential support it would
receive from its shareholder Bancolombia, if required. BP and BPR's
Local and Foreign Currency IDRs Outlooks were revised to Stable
from Negative, following Bancolombia's ratings affirmations and the
revision of the Outlook, and reflects the parent's solid commitment
to its subsidiary.

Fitch affirmed BP and BPR's Shareholder Support Ratings (SSR) at
'bb+', reflecting a moderate probability of support. Fitch believes
these entities are core to the parent's business strategy and
regional expansion. Bancolombia's ability to support the entities
is reflected in its 'BB+'/Stable' IDR.

Fitch affirmed BAM's IDRs at 'BB+' and revised its rating Outlook
to Stable from Negative, aligning with its parent company Grupo
Cibest's IDRs and Outlook. This reflects BAM's SSR of 'bb+' and
considers the ability and propensity of support from their
shareholder, Grupo Cibest. The strength of support is reflected in
Grupo Cibest's rating and the Guatemalan bank's moderate size
relative to the parent (less than 7% of Grupo Cibest's consolidated
assets as of 3Q25).

Fitch views Grupo Cibest's strong propensity to provide support
given BAM's strategic role in the group's geographic expansion.
BAM's commercial objectives are closely aligned with Grupo
Cibest's, resulting in strong synergies and a high degree of
integration in administration, technology, controls and human
resources. Given this extensive integration, any default by BAM
would pose a significant reputational risk to Grupo Cibest and its
affiliates.

Fitch has placed Banistmo S.A.'s Long-Term IDR of 'BB+', its SSR of
'bb+', its VR of 'bb', its national-scale ratings of 'AA+(pan) and
'F1+pan' and its debt ratings on Rating Watch Negative (RWN)
following the recent announcement of sale to Inversiones Cuscatlán
Centroamérica S.A. At the same time, Fitch affirmed the bank's
Short-Term IDR at 'B'. The RWN on Banistmo's ratings reflects the
potential credit implications due to the announced changes in its
shareholder structure. Fitch will follow-up on the transaction
completion and its implications on Banistmo's profile, which could
take more than six months.

Banistmo's IDRs and SSR are driven by support from Grupo Cibest,
which is expected to continue until the transaction is completed.
Fitch's assessment moderately weighs the huge reputational risk for
Bancolombia and the recently incorporated Grupo Cibest, and for and
the potential negative impact that it may have on other related
entities if Banistmo defaults. In its support analysis, Fitch also
considers the significant management and operational integration
between the entities, which has benefited Banistmo's business and
financial performance. Banistmo's current 'bb' VR is weighted
toward its robust business profile and established presence in the
Panama's banking market, where it is the second largest bank.

Grupo Aval Acciones y Valores S.A. (Grupo Aval), Grupo Aval Ltd,
Corporacion Financiera Colombiana S.A. (Corficolombiana) and Banco
de Occidente Panama S.A. (BOP)

Fitch downgraded Grupo Aval's FC and LC LT IDRs to 'BB' from 'BB+'
and assigned it a Stable Outlook, mirroring the actions of its main
subsidiary, Bogota. Grupo Aval's ratings are driven by the business
and financial profile of its main operating subsidiary. Low double
leverage, good cash flow metrics and a sound competitive position
in multiple markets also support Grupo Aval's ratings.

Grupo Aval Limited's senior unsecured debt ratings are aligned with
those of Grupo Aval, as this entity guarantees the senior bonds
issued by the former.

Fitch downgraded Corficolombiana's LT IDRs to 'BB' from 'BB+' and
assigned a Stable Outlook; it also downgraded the VR to 'bb' from
'bb+'. The downgrade reflects the impact of the sovereign rating
downgrade on its ratings. Corficolombiana's IDRs are driven by its
VR, which considers its strong business profile, exposure from
capital investments, improvements in profitability levels and its
stable capitalization and leverage. Under Fitch's current
assessment, Corficolombiana's IDRs will likely remain at the level
determined by its own VR, or at the same level as its main
shareholder and its controlling company, whichever is higher.

Fitch also downgraded the SSR to 'bb' from 'bb+', reflecting its
importance to the strategy and business of the ultimate controlling
company Grupo Aval Acciones y Valores S.A. and its main shareholder
Banco de Bogota S.A. In Fitch's opinion, support for
Corficolombiana would come from its main shareholder. Its ability
to support Corficolombiana is reflected in its 'BB'/Stable rating.

Fitch downgraded Banco de Occidente Panama's (BOP) IDR to 'BB' from
'BB+' and assigned a Stable Outlook. Fitch also downgraded the SSR
to 'bb' from 'bb+'. The ratings reflect the potential support they
would receive from its parent Banco de Occidente and its ultimate
parent Grupo Aval, if required.

Multibank, Inc. (Multibank)

Fitch downgraded Multibank LT IDR and LT National Ratings to 'BB'
and 'AA(pan)' from 'BB+' and 'AA+(pan)' respectively. Multibank's
ratings are driven by potential support it would receive from its
shareholder Bogota, if required, as reflected in its SSR, which
Fitch downgraded to 'bb' from 'bb+' on RWN, reflecting the reduced
importance of the bank to its current shareholder, Bogota.

The bank's Long-Term IDR and SSR are equalized with Bogota's
Long-Term IDR, reflecting Fitch's assessment of a high propensity
to provide support. The Rating Watch Evolving (RWE) on Multibank's
Long-Term IDR, Long-Term National Rating and Long-Term debt ratings
continue to reflect moderate upside potential due to the benefits
that could be generated due to the recently announced transaction
with BAC International Corporation (BIC) and planned merger are
completed. Multibank's Short-Term IDRs were maintained Rating Watch
Positive (RWP), while its Short-Term National Ratings and
Short-Term debt ratings were maintained on RWN, reflecting
potentially different directions of movement based on their current
levels.

Banco DAVIbank S.A. (DAVIbank)

DAVIBank's IDRs reflect Fitch's view of the support it would now
receive from its sister company, Davivienda, both belonging to
Davivienda Group S.A., if needed, as indicated by DAVIbank's
Shareholder Support Rating (SSR) of 'bb'. Fitch downgraded
DAVIbank's SSR to 'bb' from 'bb+' following Davivienda's rating
actions. As a result, Fitch downgraded DAVIbank's Long-Term
Foreign-Currency and Local-Currency IDRs to 'BB' from 'BB+'. Their
Outlook is now Stable, which aligns with those of Davivienda.

Banco Davivienda Costa Rica S.A. (Davivienda CR)

Fitch downgraded Davivienda CR's LT IDRs to 'BB' from 'BB+' and
assigned it a Stable Outlook, mirroring the downgrade of its
parent, Davivienda. Davivienda CR's IDRs are underpinned by its
'bb' SSR, which reflects Fitch's assessment of the ability and
propensity of its shareholder Davivienda to provide timely support
if needed.

Senior And Subordinated Debt

Bogota's and BP's senior unsecured obligations are rated at the
same level as their respective IDRs.

Bancolombia, Bogota Davivienda and Occidente's subordinated debt is
rated two notches below the respective banks' VR.

Davivienda's AT1 notes are rated four notches below its VR. The
notching reflects the notes' higher loss severity in light of their
deep subordination, along with additional nonperformance risk
relative to the VR, given the high write-down trigger of common
equity Tier 1 (CET1) at 5.125% and full discretion to cancel
coupons.

GSR

Fitch downgraded Bancolombia's, Bogota's and Davivienda's GSRs to
'bb-' from 'bb'. This reflects Fitch's estimation of a moderate
probability of sovereign support, if required, given the banks'
systemic importance. The ability of the sovereign to provide
support is based on its 'BB'/Stable rating.

Foreign Owned Commercial Banks (BBVA Colombia S.A.)

Fitch has downgraded BBVA Colombia's Long-Term IDRs to 'BB+'
(Foreign Currency) and 'BBB-' (Local Currency) and assigned it a
Stable Outlook. BBVA Colombia's IDRs and Shareholder Support Rating
(SSR) reflect expected support from its parent, Banco Bilbao
Vizcaya Argentaria, S.A. (BBVA) (A-/Stable) if needed. However,
under Fitch's criteria, when shareholder support is present,
potential uplift relative to the sovereign is constrained: the
bank's sizable domestic operations limit the Local-Currency LT IDR
to a maximum of two notches above the sovereign and the
Foreign-Currency LT IDR to the country ceiling. As a result, Fitch
also downgraded the Short-Term Foreign-Currency and Local-Currency
IDRs to 'B' and 'F3', from 'F3' and 'F2', respectively.

Fitch further downgraded BBVA Colombia's SSR to 'bb+' from 'bbb-'.
As noted above, the support assessment is influenced by the country
risk where the bank operates and is therefore capped by Colombia's
Country Ceiling of 'BB+'. Fitch also downgraded BBVA Colombia's VR
to 'bb' from 'bb+'. Given the bank's profile, Fitch does not expect
it to be rated above the sovereign.

RATING SENSITIVITIES

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

Government Support-Driven Ratings

-- As development banks that are majority owned by the state,
Bancoldex, Findeter, FDN and Agrario's creditworthiness and ratings
are directly linked to those of the sovereign. Hence, its ratings
and Outlook will move in line with any potential change in
Colombia's ratings;

-- Although not a baseline scenario, Bancoldex, Findeter, FDN and
Agrario's ratings could change if Fitch perceives a decrease in the
bank's strategic importance to the government's public policies,
such as a shift in its countercyclical role or supporting
commercial companies either directly or through wholesale loans;

-- Under Fitch's current support assessment, Agrarios's IDR will
likely remain at the level determined by its VR, or at the same
level as its GSR, whichever is higher.

Bancolombia, Bogota, Davivienda and Banco de Occidente

-- Bancolombia, Bogota, Davivienda and Banco de Occidente's VRs
and IDRs are sensitive to a material deterioration in the local
operating environment or a negative sovereign rating action;

-- Bancolombia ratings could be downgraded due to a significant
deterioration in profitability and capital metrics, specifically if
the operating profit to risk weighted assets (RWA) consistently
falls below 2.0% and the CET1 ratio drops below 11.0%, which would
no longer align with its strong business profile. Significant
increase in the bank's exposure to the sovereign may also trigger a
VR downgrade to the same level of the sovereign rating.

-- Banco de Bogota's ratings could be downgraded due to
significant weakening of asset quality and/or profitability
(operating profit to RWA consistently below 1.5%), in turn
resulting in an erosion of capital cushions if the CET1 falls
consistently below 10%.

-- Davivienda's ratings could be downgraded if asset quality
deterioration is not contained below 4% and the operating
profit-to-RWAs ratio consistently falls below Fitch's 1.25%
expectation over the next 12-24 months, leading to a sustained CET1
ratio consistently below 10%.

-- Occidente's VR and IDRs could be downgraded by a significant
deterioration of asset quality and profitability ratios that no
longer reflect the bank's good business profile; specifically, an
operating profit to RWAs ratio consistently below 1% and NPL ratio
above 5%. Under Fitch's current support assessment, Occidente's IDR
will likely remain at the level determined by its VR, or at the
same level as its controlling company, whichever is higher

-- Bancolombia's, Bogota's and Davivienda's GSR are potentially
sensitive to any change in assumptions as to the propensity or
ability of Colombia to provide timely support to the banks.

-- Occidente's SSRs would be affected if Fitch changes its
assessment of Grupo Aval's willingness and/or ability to provide
support.

-- Bancolombia's, Davivienda's, Occidente's and Bogota's debt
ratings would move in tandem with the respective banks' IDRs and
VR.

BBVA Colombia

-- Negative rating action on BBVA S.A.'s IDRs would lead to
similar actions in BBVA Colombia's IDRs and potentially its SSR if
the parent is downgraded by two notches or more;

-- Negative rating action on the Colombian sovereign's ratings
would also lead to a similar action on the Long-Term Foreign
Currency IDR and its SSR as they are capped by the Country
Ceiling;

-- BBVA Colombia's IDRs and SSR could also change if Fitch's
assessment of its parent's ability and/or willingness to support
the bank changes.

Grupo Cibest

-- A downgrade of Bancolombia will result in a similar action for
Cibest because the ratings are equalized. Also, Cibest's IDRs could
be downgraded if there is a significant and sustained increase in
double leverage above 120%. This would lead to a rating one notch
below Bancolombia's IDRs.

BP and BPR

-- The IDRs of these entities are support-driven and aligned with
those of its parent's. Therefore, these ratings would mirror any
changes in Bancolombia's IDRs.

Banistmo

-- Banistmo's ratings could be downgraded upon completion of the
transaction, depending on Fitch's assessment Banistmo's profile
after the transaction is completed;

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

-- A deterioration in asset quality that denotes a weakening in
the bank's risk profile could pressure Banistmo's VR. The VR could
also be downgraded because 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%;

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

BAM

-- A downgrade of Grupo Cibest's IDR or lower propensity to
support could result in a downgrade of BAM's LT and ST IDRs, and
SSR;

Grupo Aval's, Aval Limited, Corficolombiana and BOP

-- Grupo Aval's IDR would remain at the same level as Bogota's and
would move in tandem with any rating actions on its main operating
subsidiary. However, the relative positioning between the two
entities' ratings could also be affected by a material, sustained
increase in Grupo Aval's double-leverage metrics (consistently
above 1.2x), while also considering the holding company's liquidity
position and management quality

-- The ratings for Grupo Aval Limited's senior unsecured debt
would move in line with Grupo Aval's IDRs;

-- Under Fitch's current support assessment, Corficolombiana's IDR
will likely remain at the level determined by its VR, or at the
same level as its main shareholder and its controlling company,
whichever is higher;

-- BOP's IDRs are support-driven and aligned with those of its
parent's. Therefore, these ratings would mirror any changes in
Banco de Occidente's IDRs.

Multibank, Inc.

-- Multibank's IDR and SSR could be downgraded, mirroring
downgrade of BIB's LT IDR, once BIB becomes a shareholder, or due
to a reduced propensity of current parent, Bogota, to support
Multibank before the transaction is completed;

-- Multibank's Short-Term IDRs would only be downgraded if its
Long-Term IDRs to 'CCC+' or below;

--Multibank's senior unsecured and subordinated debt would reflect
any downgrade of the bank's ratings.

DAVIbank

-- Negative rating actions on Davivienda's IDRs would trigger
similar actions on DAVIbank's IDRs and SSR;

--Any perception by Fitch of the parent's significantly reduced
propensity to support DAVIbank may trigger a downgrade of the IDRs
and SSR.

-- The bank's IDRs could also be affected by a negative sovereign
rating action;

-- Under Fitch's current support assessment, DAVIbank's IDR will
likely remain at the level determined by its VR, or at the same
level as Davivienda, whichever is higher.

Davivienda CR

-- Negative changes in Davivienda CR's IDRs and SSR would mirror a
more than one-notch negative movement in Costa Rica's sovereign
ratings and Country Ceiling;

-- A downgrade in Davivienda's IDRs would trigger the same action
on Davivienda CR's IDRs and SSR;

-- Any perception by Fitch of the parent's significantly reduced
propensity to support the subsidiary may trigger a downgrade of the
IDRs and SSR.

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

Government Support-Driven Ratings

-- An upgrade is highly unlikely in the near future as the IDRs
are constrained by the sovereign rating;

-- Positive rating actions on Bancoldex, Findeter, FDN and Agrario
will mirror any potential positive change in Colombia's sovereign
rating.

Bancolombia, Bogota, Davivienda and Banco de Occidente

-- Due to the Stable Outlook on Colombia's sovereign rating and
limitations of the operating environment, an upgrade is unlikely in
the medium term for Bancolombia, Bogota, Davivienda and Occidente;

-- Bancolombia's, Bogota's and Davivienda's GSR are potentially
sensitive to any change in assumptions as to the propensity or
ability of Colombia to provide timely support to the banks;

-- Occidente's SSRs would be affected if Fitch changes its
assessment of Grupo Aval's willingness and/or ability to provide
support;

-- Bancolombia's, Davivienda's, Occidente's and Bogota's debt
ratings would move in tandem with the respective banks' IDRs and
VRs.

BBVA Colombia

-- BBVA Colombia's IDR will likely remain one notch below the
parent's IDR subject to sovereign rating and Country Ceiling
considerations or at the level determined by its own VR, whichever
is higher.

Grupo Cibest

-- An upgrade of Cibest's IDRs would result from any positive
change in Bancolombia's ratings.

BP and BPR

The IDRs of these entities are support-driven and aligned with
those of its parent's. Therefore, these ratings would mirror any
changes in Bancolombia's IDRs.

Banistmo

-- The RWN on the bank's ratings could be removed if the
transaction does not close, in which case the ratings would be
affirmed at their current level with a Stable Outlook;

-- A positive rating action Grupo Cibest's IDRs would trigger
similar rating action on Banitsmo's IDRs, SSR and national
ratings;

-- Over the medium-to-long term, an upgrade of Banistmo's VR would
require its CET1, including counter cyclical buffer (CCB), to
improve and be 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%).

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

BAM

-- BAM's IDRs and SSR could be upgraded if Grupo Cibest 's IDRs
are upgraded.

Grupo Aval's, Aval Limited, Corficolombiana and BOP

-- Grupo Aval's IDR would remain at the same level as Bogota's and
would move in tandem with any rating actions on its main operating
subsidiary;

-- The ratings for Grupo Aval Limited's senior unsecured debt
would move in line with Grupo Aval's IDRs;

-- Under Fitch's current support assessment, Corficolombiana's IDR
will likely remain at the level determined by its VR, or at the
same level as its main shareholder and its controlling company,
whichever is higher;

-- BOP's IDRs are support-driven and aligned with those of its
parent's. Therefore, these ratings would mirror any changes in
Banco de Occidente's IDRs.

Multibank, Inc.

-- Multibank's RWN could be removed if the transaction does not
occur. In that case, the ratings would be affirmed at their current
level, reflecting the Stable Outlook from its parent, Bogota;

-- Multibank's Short-Term National Ratings have no upside
potential because they are at the highest level of the rating
scale.

-- Multibank's senior unsecured and subordinated debt would
reflect any upgrade of the bank's ratings.

DAVIbank

-- An upgrade of DAVIbank's IDRs would result from any positive
change in Davivienda's ratings.

Davivienda CR

-- Davivienda CR's IDRs and SSR could be upgraded following a
similar action on Davivienda's IDRs.

VR ADJUSTMENTS

Banco de Bogota S.A. (Bogota)

-- The Business Profile score has been assigned above the implied
score due to the following adjustment reason: Market position
(positive).

Banco Davivienda (Davivienda)

The Business profile score of 'bbb-' is above the 'bb' category
implied score due to the following adjustment reason(s): Business
model (Positive).

The Earnings & profitability score of 'bb-' is above the 'b &
below' category implied score due to the following adjustment
reason(s): Historical and future metrics (Positive).

Corporacion Financiera Colombiana S.A. (Corficolombiana)

The VR has been assigned below the implied VR due to the following
adjustment reason(s): Operating Environment/Sovereign Constraint
(negative);

The Business Profile score has been assigned above the implied
score due to the following adjustment reason(s): Business Model
(positive);

The Funding and Liquidity score has been assigned below implied
score due to the following adjustment reason: Deposit Structure
(negative).

BBVA Colombia, S.A.

The Business Profile score has been assigned above the implied
score due to the following adjustment reason(s): Group Benefits and
Risk (positive).

The Earnings and Profitability score has been assigned above the
implied score due to the following adjustment reason: Historical
and Future Metrics (positive).

The Capitalization and Leverage score has been assigned above the
implied score due to the following adjustment reason: Capital
Flexibility and Ordinary Support (positive).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bancoldex, Agrario, FDN and Findeter's ratings are driven by
support from the Colombian government.

BBVA Colombia's ratings are driven by support from its ultimate
parent Banco Bilbao Vizcaya Argentaria S.A.

Grupo Aval Acciones y Valores' ratings are driven by support from
its main subsidiary Banco de Bogota S.A.

Grupo Aval Limited's debt rating is linked to Grupo Aval Acciones y
Valores S.A.'s rating.

Banco de Occidente Panama's ratings are driven by support from its
ultimate parent Banco de Occidente.

Multibank's ratings are driven by support from Banco de Bogota.

Grupo Cibest, Bancolombia Panama and Bancolombia Puerto Rico's
ratings are driven by Bancolombia's ratings.

Banistmo and BAM's ratings are driven by Grupo Cibest's ratings.

DAVIbank and Davivienda CR's ratings are driven by support from its
ultimate parent and sister company Banco Davivienda.

RATINGS ACTION

Banco de Comercio
Exterior de Colombia
S.A.
                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Affirmed      B

                     LC LT IDR       BB     Downgrade     BB+

                     LC ST IDR       B      Affirmed      B

                     Gov't. Support  bb     Downgrade     bb+

Banco Davivienda
(Costa Rica) S.A.

                     LT IDR          BB     Downgrade     BB+  

                     ST IDR          B      Affirmed      B

                     LC LT IDR       BB     Downgrade     BB+

                     LC ST IDR       B      Affirmed      B

                     Shareholder   
                      Support        bb     Downgrade     bb+

Financiera de Desarrollo
Territorial S.A. - Findeter

                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Affirmed      B

                     LC LT IDR       BB     Downgrade     BB+

                     LC ST IDR       B      Affirmed      B

                     Gov't Support   bb     Downgrade     bb+

Multibank, Inc.

                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Rating Watch  B
                                             Maintained

                     Natl LT       AA(pan)  Downgrade     AA+(pan)


                     Natl ST       F1+(pan) Rating Watch  F1+(pan)

                                            Maintained

                     Shareholder
                      Support        bb     Downgrade     bb+

   senior unsecured  LT              BB     Downgrade     BB+

   senior unsecured  Natl LT       AA(pan)  Downgrade    AA+(pan)

   subordinated Natl LT            A+(pan)  Downgrade    AA-(pan)

   senior unsecured  Natl ST      F1+(pan)  Rating Watch F1+(pan)
                                            Maintained

Banco DAVIbank S.A.


                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Affirmed      B

                     LC LT IDR       BB     Downgrade     BB+

                     LC ST IDR       B      Affirmed      B

                     Shareholder
                      Support        bb     Downgrade     bb+

Banco de Occidente
(Panama), S. A.

                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Affirmed      B

                     Shareholder
                      Support        bb     Downgrade     bb+

Banco Davivienda S.A.                    

                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Affirmed      B

                     LC LT IDR       BB     Downgrade     BB+

                     LC ST IDR       B      Affirmed      B

                     Viability       bb     Downgrade     bb+

                     Gov't Support   bb-    Downgrade     bb

   Subordinated      LT              B+     Downgrade     BB-

junior subordinated  LT              B-     Downgrade     B

Grupo Aval Acciones
y Valores S.A.

                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Affirmed      B

                     LC LT IDR       BB     Downgrade     BB+

                     LC ST IDR       B      Affirmed      B

Financiera de Desarrollo
Nacional S.A.

                     LT IDR          BB     Downgrade     BB+

                     ST IDR          B      Affirmed      B

                     LC LT IDR       BB     Downgrade     BB+

                     LC ST IDR       B      Affirmed      B

                     Gov't Support   bb     Downgrade     bb+

Banco Agrario de Colombia S.A.

                     LT IDR           BB    Downgrade     BB+

                     ST IDR           B     Affirmed      B

                     LC LT IDR        BB    Downgrade     BB+

                     LC ST IDR        B     Affirmed      B

                     Gov't Support    bb    Downgrade     bb+

Bancolombia Puerto Rico
Internacional Inc.

                     LT IDR           BB+   Affirmed      BB+

                     ST IDR           B     Affirmed      B

                     Shareholder
                      Support         bb+   Affirmed      bb+

Grupo Aval Limited

   senior unsecured  LT               BB    Downgrade     BB+

Banco de Occidente S.A.

                     LT IDR           BB    Downgrade     BB+

                     ST IDR           B     Affirmed      B

                     LC LT IDR        BB    Downgrade     BB+

                     LC ST IDR        B     Affirmed      B

                     Viability        bb    Downgrade     bb+

                     Shareholder
                      Support         bb    Downgrade     bb+

       Subordinated  LT               B+    Downgrade     BB-

Bancolombia (Panama) S.A.

                     LT IDR           BB+   Affirmed      BB+

                     ST IDR           B     Affirmed      B

                     Shareholder
                      Support         bb+   Affirmed      bb+

long-term deposits  LT               BB+   Affirmed      BB+

short-term deposits ST               B     Affirmed      B

Banco Agromercantil
de Guatemala S.A.

                     LT IDR           BB+   Affirmed      BB+

                     ST IDR           B     Affirmed      B

                     LC LT IDR        BB+   Affirmed      BB+

                     LC ST IDR        B     Affirmed      B

                     Shareholder
                      Support         bb+   Affirmed      bb+

BBVA Colombia S.A.

                     LT IDR           BB+   Downgrade     BBB-

                     ST IDR           B     Downgrade     F3

                     LC LT IDR        BBB-  Downgrade     BBB

                     LC ST IDR        F3    Downgrade     F2

                     Viability        bb    Downgrade     bb+

                     Shareholder
                      Support         bb+   Downgrade     bbb-

Banco de Bogota, S.A.

                     LT IDR           BB    Downgrade     BB+

                     ST IDR           B     Affirmed      B

                     LC LT IDR        BB    Downgrade     BB+
                     LC ST IDR        B     Affirmed      B

                     Viability        bb    Downgrade     bb+

                     Gov't Support    bb-   Downgrade     bb

   senior unsecured  LT               BB    Downgrade     BB+

   subordinated      LT               B+    Downgrade     BB-

Corporacion Financiera
Colombiana S.A.
(Corficolombiana)

                     LT IDR           BB    Downgrade     BB+

                     ST IDR           B     Affirmed      B

                     LC LT IDR        BB    Downgrade     BB+

                     LC ST IDR        B     Affirmed      B

                     Viability        bb    Downgrade     bb+

                     Shareholder
                      Support         bb    Downgrade     bb+

Bancolombia S.A.
                     LT IDR           BB+   Affirmed      BB+

                     ST IDR           B     Affirmed      B

                     LC LT IDR        BB+   Affirmed      BB+

                     LC ST IDR        B     Affirmed      B

                     Viability        bb+   Affirmed      bb+

                     Gov't Support    bb-   Downgrade     bb

    Subordinated     LT               BB-   Affirmed      BB-

Banistmo S.A.
                     LT IDR           BB+   Rating Watch On BB+

                     ST IDR           B     Affirmed        B

                     Natl LT     AA+(pan) Rating Watch On AA+(pan)


                     Natl ST     F1+(pan) Rating Watch On F1+(pan)

                     Viability        bb  Rating Watch On   bb

                     Shareholder
                      Support         bb+ Rating Watch On   bb+

  senior unsecured   LT               BB+ Rating Watch On   BB+

  senior unsecured   Natl LT     AA+(pan) Rating Watch On AA+(pan)


Grupo Cibest S.A.

                     LT IDR           BB+   Affirmed      BB+

                     ST IDR           B     Affirmed      B

                     LC LT IDR        BB+   Affirmed      BB+

                     LC ST IDR        B     Affirmed      B




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

DOMINICAN REPUBLIC: Sales Slow During December in National District
-------------------------------------------------------------------
Dominican Today reports that December is usually marked by two
things for Dominicans: holidays and rising prices for basic goods.

Journalists from Listin Diario visited different markets in the
National District and noticed that merchants were upset about the
slow sales of essential foods during and after the Christmas
holidays, according to Dominican Today.

"Things are bad. Well, things have been bad all year. People don't
have money, and  the government has neglected that," said Luis Jose
Tejada, a merchant who has been selling at the Mercado Nuevo de la
Duarte for more than two decades, the report notes.

The report relays that Jose Tejada's statements coincided with
those of several market vendors, who say they have never been in a
situation like the one in 2025, the report discloses.

"In the market, you sell more or less. People go and buy in other
places where many sell the same things as here,” said Juan
Bautista, the report says.

Inside the market, sales were slow due to the date and other
reasons, according to the vendors, the report relays.

                    Villa Consuelo Market

On the other hand, the situation at the Villa Consuelo Market was
calm; some of the meat and
sausage vendors did not even show up for work, while others were
seen cleaning up, the report relays.

Juan Tomas Mercado, owner of a stall, said that things were "very
slow and strange" during the month of December, the report notes.

"There is a saying that 'after the storm comes the calm,' but this
year there was no storm, we have only had calm. There is nothing,
it has been like this throughout the year," he revealed, the report
relays.

However, Maritza Feliz, owner of Carnicería Teteo, had a different
view from Tomas Mercado. She took the opportunity to reveal that
December had been a "good month."

"This has been a very good December.

"Sales were slow during the year, but in December they were very
dynamic," she said, the report discloses.

                    Prices after Christmas Eve

After visiting both markets, reporters from this media outlet
confirmed that the prices of seasonal foods such as chicken range
from RD$90 to RD$95 after Christmas Eve, and pork from RD$120 to
RD$140, the report adds.

Other foods such as carrots, cabbage, lettuce, onions, potatoes,
and rice range from RD$40 to RD$120. Likewise, the prices of ripe
and green bananas remain between RD$25 and RD$30, the report
relays.

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.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency
Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.




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

LEISURE INVESTMENTS: Transfer of Animals to Clearwater Marine OK'd
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
Leisure Investment Holdings LLC and its affiliates to transfer
certain animals, free and clear of liens, claims, interests, and
encumbrances.

The Debtors and their affiliates operate more than 30 attractions
-- dolphin habitats, marinas and water, theme, and adventure parks
-- in eight countries across three continents, with primary
operations in Mexico, the United States, and the Caribbean,
including Jamaica, Cayman Islands, Dominican Republic and St.
Kitts. The Company also has locations in Italy and Argentina. The
Company's parks are home to approximately 2,400 animals from more
than 80 species of marine life, including hundreds of marine
mammals (such as dolphins, sea lions, manatees and seals), birds,
and reptiles. As of 2023, the Company's marine mammal family
included approximately 295 dolphins, 51 sea lions, 18 manatees and
18 seals.

The Court found that due, proper, timely, adequate, and sufficient
notice of the Second Misc. Asset Transfer Notice, the Transfers,
and all deadlines related thereto, has been provided to all
interested parties and entities in accordance with the Bankruptcy
Code, the Bankruptcy Rules, the Local Rules, and the Miscellaneous

Asset Sale Procedures Order.

The Debtors have demonstrated compelling circumstances and a good,
sufficient, and sound business purpose and justification for
entering into the Transfer Agreements.

The Debtors have adequately marketed their assets, including the
Transferred Animals, and such sale and marketing process was
conducted in a non-collusive, fair, and good-faith manner. The
Debtors have afforded interested parties a full and fair
opportunity to participate in the sale process for the Transferred
Animals and to make higher or otherwise better offers.

The Debtors and Clearwater Marine Aquarium, a 501(c)(3)-qualified
non-profit organization (Transferee), and their respective counsel
and other advisors, have not engaged in any conduct that would
cause or permit the Transfer Agreements or the consummation of the
Transfers to be avoided, or costs or damages to be imposed.

The Transferees are obtaining ownership of the Transferred Animals
in good faith and for fair and reasonable consideration, and none
of the Transferees is an "insider" of any Debtor.

None of the Transferees are a "successor" to, a mere continuation
of, or an alter ego of the Debtors or their estates.

The transfer of the Transferred Animals to the Transferees will be
a legal, valid, and effective transfer of the Transferred Animals,
and will vest each Transferee with all right, title,  and interest
of the Debtors to the Transferred Animal free and clear, to the
fullest extent permitted by law.

Each Transfer Agreement is a valid and binding contract between
the
Debtors and the applicable Transferee.

The Transfers and the transactions contemplated thereby are
approved. The Debtors and the Transferees are authorized to
effectuate the terms of the Transfer Agreements and the
transactions contemplated.

The transfer of the Transferred Animals to the Transferees in
accordance with the terms of the Transfer Agreements will be a
legal, valid, enforceable, and effective transfer of the
Transferred Animals and will vest the Transferees, as applicable,
with all legal, equitable, and beneficial right, title, and
interest of the Debtors to the Transferred Animals free and clear
of all Interests of any kind or nature whatsoever, including,
without limitation, rights or claims based on any Successor or
Other Liabilities.

A copy of the transfer agreement can be found at
https://urlcurt.com/u?l=uQleAm

      About Leisure Investments Holdings

Leisure Investments Holdings LLC and affiliates are operating
under
the name "The Dolphin Company," manage over 30 attractions,
including dolphin habitats, marinas, water parks, and adventure
parks, located in eight countries across three continents. Their
primary operations are based in Mexico, the United States, and the
Caribbean, with locations in Jamaica, the Cayman Islands, the
Dominican Republic, and St. Kitts. These attractions are home to
approximately 2,400 animals from more than 80 species of marine
life, including a variety of marine mammals such as dolphins, sea
lions, manatees, and seals, as well as birds and reptiles. As of
2023, the marine mammal population at the Debtors' parks includes
roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals.

Leisure Investments Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on
March 31, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100 million and $500 million each.

Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.

The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq.,
Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels.
The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES,
LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON
CONSULTANTS, LLC d/b/a VERITA GLOBAL.



                           *********


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 2026.  All rights reserved.  ISSN 1529-2746.

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

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

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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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