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

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

          Monday, May 8, 2023, Vol. 24, No. 92

                           Headlines



A R G E N T I N A

ARGENTINA: Pulls US$1 Billion From Bank Accounts in April Rush
ARGENTINA: Seeks U.S., Brazil Support for Faster IMF Payouts


B R A Z I L

BRAZIL: Central Bank Keeps Interest Rate at 13.75%


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Ups Minimum Wage for Workers in Tourism Sector


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Affirms 'BB+' Foreign & Local Curr. IDRs
BANCO DE DESARROLLO: Fitch Affirms 'BB' Foreign & Local Curr. IDRs
BANCO DE LOS TRABAJADORES: Fitch Affirms LongTerm IDRs at 'BB'
BANCO G&TC: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
BANCO INDUSTRIAL: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable



J A M A I C A

CARIBBEAN CEMENT: Reports Decline in Q1 Profit


M E X I C O

OPERADORA DE SERVICIOS: S&P Affirms 'B' LT ICR, Outlook Negative


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: TATT Says It Cannot Intervene Over Fee Increases


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week May 1 to May 5, 2023

                           - - - - -


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

ARGENTINA: Pulls US$1 Billion From Bank Accounts in April Rush
--------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that Argentines
withdrew over US$1 billion of US dollar deposits from the banking
system from late March to the end of April as speculation spread
about a potential currency devaluation in the official exchange
rate.

Dollar deposits dropped from nearly US$16.4 billion on March 20 to
just below US$15.3 billion by the end of April, a 6.7 percent
decline, according to Central Bank data, notes Bloomberg News.

In Argentina, checking or current accounts are denominated in pesos
but savings accounts can be denominated in US dollars, a reality
after decades of currency crises and runaway inflation, Bloomberg
News relays.

Annual inflation charging over 100 percent and dwindling dollar
reserves at Argentina's Central Bank renewed a peso sell-off in
April in parallel currency markets, Bloomberg News notes.  While
the official exchange rate is controlled by the government, the
peso's free floating parallel rates lost about 13 percent against
the greenback last month. It's down 30 percent so far this year, by
far the biggest decline in main emerging markets, Bloomberg News
says.

Economic volatility in Argentina is playing out before a
presidential election in October and most economists see a currency
devaluation on the official exchange rate all but inevitable,
Bloomberg News adds.

                       About Argentina

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

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

Last March 25, 2022, Argentina finalized agreement with the IMF
for a new USD44 billion Extended Funding Facility (EFF) intended
to fund USD40 billion in looming repayments of the defunct Stand-By

Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.

ARGENTINA: Seeks U.S., Brazil Support for Faster IMF Payouts
------------------------------------------------------------
Reuters reports that Argentina is seeking new easing of targets in
its $44 billion deal with the International Monetary Fund and
faster payouts, and is pushing to get key IMF members the United
States and Brazil to support it.

The country is expected to return to talks with the IMF over
amending the deal, which has come under strain amid a historic
drought that has battered the country's key cash crops soy and
corn, a senior economy ministry official said, according to
Reuters.

Three government sources, including the economy ministry official,
confirmed that the country was seeking to accelerate disbursements,
with some $10.64 billion of funds scheduled to be given currently
between June and December this year, the report relays.

The talks, after the IMF eased program targets already in early
April, come as Argentina's foreign currency reserves hit a
seven-year low with the drought dragging down grains exports, the
main source of dollars, the report notes.

That is threatening the country's ability to meet future debt
obligations and make payments on trade, the report discloses.  It
has ramped up pressure on Argentina and the IMF to revamp the debt
program, the largest extended to any country worldwide, the report
adds.

                       About Argentina

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

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

Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.

S&P Global Ratings, on March 29, 2023, lowered its long-term
foreign currency sovereign credit rating on Argentina to 'CCC-'
from 'CCC+'. S&P also affirmed its 'C' short-term foreign currency
sovereign credit rating and its 'CCC-/C' local currency ratings on
Argentina. The outlook on the long-term ratings is negative. S&P
also lowered the transfer and convertibility assessment to 'CCC-'
from 'CCC+'.

The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Divisions across the
political spectrum constrain the sovereign's ability to implement
timely changes in economic policy. Global capital markets are
closed to Argentina. In the local market, swaps are being deployed
to manage large maturities before placing debt through traditional
auctions. The central bank continues to play a key role as a
backstop for local debt management in the secondary market. The
ongoing severe drought has exacerbated pressures in the already
disrupted foreign exchange (FX) market.

Fitch Ratings, on the other hand, downgraded Argentina's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'C' from 'CCC-',
and has affirmed the Long-Term Local Currency IDR at 'CCC-' on
March 24, 2023. Fitch's downgrade of Argentina's rating to 'C' from
'CCC-' follows an executive decree that forces domestic
public-sector entities into operations involving their holdings of
sovereign debt securities, which would involve unilateral exchanges
and forced currency conversion that constitute default events under
Fitch's criteria. The 'C' rating reflects Fitch's view that default
is thus imminent. Fitch said the rating would be downgraded to
'Restricted Default' (RD) upon execution of the exchanges.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.




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

BRAZIL: Central Bank Keeps Interest Rate at 13.75%
--------------------------------------------------
Bloomberg News reports that Brazil's central bank held its interest
rate steady for the sixth straight meeting, sticking with its tough
inflation warnings and tweaking its language only slightly even as
President Luiz Inacio Lula da Silva calls for looser monetary
policy.

The bank's board kept the Selic unchanged at 13.75% as expected by
almost all economists in a Bloomberg survey.

In a statement, Copom, as the board is known, made a small
concession by saying a new rate hike is less likely, softening
language used since September, according to Bloomberg News.

At the same time, policymakers warned that the eventual approval of
a new public spending framework wouldn't automatically clear the
way for slower inflation, and that consumer price estimates remain
above their goals, adds Bloomberg News.

                              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.

As recently reported in the Troubled Company Reporter-Latin
America, Fitch Ratings, in December 2022, affirmed Brazil's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook. The ratings are constrained by high
government indebtedness, a rigid fiscal structure, weak economic
growth potential, and a record of governability challenges that
have hampered efforts to address these fiscal and economic issues
and clouded policy predictability. The Stable Outlook reflects
Fitch's expectation that growth will slow in the coming year and
that recent fiscal improvement will erode under a new government,
but within a margin consistent with the current rating, and from a
better starting point than previously expected. Uncertainty is
elevated regarding the plans of the incoming government and the
extent to which these could ease or aggravate fiscal and economic
challenges. However, Fitch does not expect policies that
jeopardize broad economic stability.

Standard & Poor's affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on Brazil, and
the outlook remains stable (June 2022).  The stable outlook
reflects S&P's base-case assumption that Brazil will maintain its
fiscal anchors over the next two years despite an increasing
interest burden, preventing significant fiscal slippage and
limiting the rise in its already high debt burden.

Moody's credit rating for Brazil was last set at Ba2 in 2018 with
stable outlook.  Moody's affirmed the Ba2 issuer ratings and
senior unsecured bond ratings in April 2022.

DBRS's credit rating for Brazil is BB (low) with stable outlook
(March 2018).



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

DOMINICAN REPUBLIC: Ups Minimum Wage for Workers in Tourism Sector
------------------------------------------------------------------
Dominican Today reports that the tourism industry nationwide will
implement an increase in the minimum wage for its employees
effective June 1, after reaching an agreement with the National
Wage Committee. Furthermore, the salary structure of the tourism
sector, which previously comprised large, medium, and small
companies, has been restructured into large and micro, small, and
medium-sized enterprises (MSMEs).

The wage increases for large companies will be 20% in two stages,
with a 15% increase in the first stage and a 5% increase on
February 1, 2024. Medium-sized companies will receive a 32.92%
increase, while small companies will receive a 49.06% increase,
leading to medium and small-sized companies receiving the same
minimum wage, according to Dominican Today.

The president of ASONAHORES emphasized that this agreement was
reached without any difficulties in making decisions, the report
notes.  Furthermore, tourism worker representatives expressed their
satisfaction with these increases, the report relays.

According to the Minister of Labor, these salary increases exceed
the country's inflation rate, which will lead to an improved
quality of life for workers, the report adds.

                About Dominican Republic

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

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

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

Fitch Ratings, in December 2021, revised the Outlook on Dominican
Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to Stable from Negative and affirmed the IDRs at 'BB-'.The
revision of the Outlook to Stable reflects the narrowing of
Dominican Republic's government deficit and financing needs since
Fitch's last review resulting in the stabilization of the
government debt/GDP ratio, as well as the investment-driven
economic momentum, reflected in the faster-than-expected economic
recovery in 2021 that Fitch expects to carry into above-potential
GDP growth during 2022 and 2023.

Standard & Poor's, also in December 2021, revised its outlook on
the Dominican Republic to stable from negative.S&P also
affirmed its 'BB-' long-term foreign and local currency sovereign
credit ratings and its 'B' short-term sovereign credit ratings. The
stable outlook reflects S&P's expectation of continued favorable
GDP growth and policy continuity over the next 12 to 18 months that
will likely stabilize the government's debt burden, despite lack of
progress with broader tax reforms, S&P said.A rapid economic
recovery from the downturn because of the pandemic should mitigate
external and fiscal risks.

Moody's affirmed the Dominican Republic's long-term issuer and
senior unsecured ratings at Ba3 and maintained the stable outlook
in March 2021.



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

BANCO AGROMERCANTIL: Fitch Affirms 'BB+' Foreign & Local Curr. IDRs
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco Agromercantil de Guatemala, S.A.'s
(BAM) Long-Term (LT) Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB+'. Fitch also affirmed BAM's Short-Term (ST)
Foreign and Local currency IDRs at 'B', the Shareholder Support
Rating (SSR) at 'bb+' and the Viability Rating (VR) at 'bb- '. In
addition, Fitch has affirmed the LT and ST National ratings of BAM
and its subsidiary Financiera Agromercantil, S.A. (Finam) at
'AAA(gtm)' and 'F1+(gtm)'. The Rating Outlook on the LT IDRs and
national ratings is Stable.

Fitch affirmed the LT and ST National ratings at 'AAA(gtm)' and
'F1+(gtm)', respectively, of Mercom Bank Ltd. (Mercom), an
affiliate company of BAM. At the same time, Mercom's national
ratings were withdrawn for commercial reasons. The Rating Outlook
on the LT national rating at the time of withdrawal was Stable.

KEY RATING DRIVERS

Support-Driven Ratings: BAM's IDR and national ratings are driven
by its 'bb+' SSR, reflecting the potential support it would receive
from its shareholder if required. Fitch's assessment of
Bancolombia, S.A.'s (Bancolombia) ability and propensity to provide
support to BAM results in equalized ratings given, primarily, BAM's
key strategic role in Bancolombia's regional profile.

Ability to Support: Bancolombia's support ability is closely linked
to its IDR of 'BB+', Stable Outlook, while any required support
would be manageable for Bancolombia, given BAM's moderate relative
size, accounting for about 7.3% of Bancolombia's consolidated
assets as of YE 2022.

BAM's Key Role in Bancolombia Group: Fitch considers BAM to be a
core part of the Bancolombia group, given the latter's regional
scope and diversification strategy and due to BAM's potential for
growth and profitability in the Central American largest economy.

High Integration and Reputational Risk: In Fitch's opinion, BAM
benefits from commercial and operational synergies with Bancolombia
and affiliated companies, with a management structure with a good
degree of integration, while there is ample financing fungibility.
In addition, Fitch considers that a default of BAM could
significantly affect Bancolombia's reputation and regional
franchise, which influences its propensity to provide support.

Viability Rating: BAM's VR of 'bb-' reflects its good market
position, robust asset quality, good profitability and
capitalization, although below its peers, and a stable funding and
liquidity profile. Fitch considers that BAM's business profile
benefits from being the third and fifth largest bank in Guatemala
in loans and deposits, respectively, and being the leader in
commercial loans, with a market share of 28.2% as of February 2023.
Although its total operating income is lower than those of its
local and regional peers, having a four-year average (2019-2022) of
USD214 million, it has an upward trend, reaching USD259 million at
YE 2022.

Robust Loan Quality: In Fitch view, BAM's has a robust loan quality
despite having a high concentration in largest borrowers, given the
four-year average past-due loans to gross loans is 1.8% and has
improved to 1.4% at YE 2022. Although Fitch expects greater loan
impairment pressure in 2023 due to portfolio aging after two years
of high growth, the economic slowdown and the potential
deterioration of restructured loans, BAM's asset quality will
remain consistent with the asset quality score of 'bb'.

Pressure on Profitability: In Fitch's opinion, BAM's profitability
will be under moderate pressure in 2023 due to the lower growth,
the increase in funding costs that would pressure the net interest
margin and the potential increase in loan impairment charges. At YE
2022, operating profits on risk-weighted assets (RWAs) was 1.7%,
higher than the four-years average of 1.4%. In its baseline
scenario, Fitch estimates that BAM's profitability would remain
above 1.2% and in line with its VR, even if downside risks
materializing.

Moderate Capitalization: Fitch expects BAM's capitalization to
remain stable in 2023, due to lower growth and earnings retention.
The Fitch Core Capital (FCC) on RWAs was 11.0% at YE 2022, lower
than Fitch's estimation due to higher-than-expected credit growth.
However, in the capitalization assessment, Bancolombia's continuous
and potential support is also positively weighted.

Stable Funding and Liquidity Profile: BAM's funding and liquidity
profile is based on a growing retail-based deposits,
well-diversified by type of deposits. Concentration by individual
depositor is moderate, and liquidity indicators are at a good
level, with liquid assets mainly allocated in Guatemalan sovereign
debt. Furthermore, the score assigned to funding and liquidity at
'bb' considers the ample availability of related funding and the
potential support it could receive from Bancolombia if required.

RATING SENSITIVITIES

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

- A downgrade of Bancolombia's IDR or lower support propensity
could result in a downgrade of BAM's LT and ST IDRs, SSR and
national ratings;

- BAM's VR could be downgraded by a material deterioration in loan
quality that impacts profitability on an operating profit to RWAs
consistently below 1.0% and encourages a deterioration in Fitch's
perception of the strength of the bank's risk profile.

- Additionally, a reduction of the FCC to RWAs ratio consistently
below 9.0% due to a material deterioration in loan quality or
accelerated credit growth, could result in a downgrade of the VR.

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

- BAM's FC IDR and SSR could be upgraded due to an upgrade in
Guatemala's country ceiling and Bancolombia's IDRs; the LC IDR
could be upgraded due to an upgrade in Bancolombia's IDR;

- VR could be upgraded if the bank improves its operating profit to
RWAs consistently above 2.0% or its FCC to RWAs above 13.0%,
maintaining a stable asset quality and funding and liquidity
profile;

- BAM's national ratings are at the highest level of the national
scale, therefore there is no potential for improvement.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

KEY RATING DRIVERS

Financiera Agromercantil: Finam's national ratings are based on the
potential support it could receive from Bancolombia if required.
Fitch considers that such support is highly influenced by the
relevant reputational risk that a default of any of its
subsidiaries in Guatemala would imply for Bancolombia. In addition,
Finam plays an important role in the group's operations, managing
guarantee trusts, which complements the business model and services
offered by BAM.

Mercom Bank: Mercom's national ratings consider the potential
support of Bancolombia while the voluntary liquidation process
concludes. Fitch considers that this support is maintained given
the high operational integration with the group, given the transfer
of its operations to BAM.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

RATING SENSITIVITIES

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

Finam

- A downgrade of Bancolombia's IDR or a lower support propensity
could lead to a downgrade of Finam's national ratings.

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

Finam

- Finam's national ratings are at the highest level of the national
scale, therefore there is no potential for improvement.

Mercom

- Sensitivities do not apply as these ratings have been withdrawn.

VR ADJUSTMENTS

BAM

The operating environment score of 'bb-' has been assigned above
the 'b' category implied score due to the following adjustment
reason: Sovereign Rating (positive).

The business profile assessment of 'bb-' has been assigned above
the implicit assessment of category 'b' due to the following
adjustment reason: Market position (positive).

The capitalization and leverage assessment of 'bb-' has been
assigned above the implied assessment of the 'b and below' category
due to the following adjustment reason: Capital flexibility and
ordinary support (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

BAM: Prepaid expenses and other deferred assets were reclassified
as other intangible assets and were deducted from FCC since the
agency considers these to have low capacity to absorb losses.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BAM's ratings are sensitive to changes in Bancolombia's ratings and
Guatemala's IDRs and country ceiling.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt                     Rating                 Prior
   -----------                     ------                 -----
Financiera
Agromercantil,
S.A.            Natl LT             AAA(gtm)Affirmed   AAA(gtm)
                Natl ST             F1+(gtm)Affirmed   F1+(gtm)

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
                Natl LT             AAA(gtm)Affirmed   AAA(gtm)
                Natl ST             F1+(gtm)Affirmed   F1+(gtm)
                Viability           bb-     Affirmed        bb-
                Shareholder Support bb+     Affirmed        bb+

Mercom Bank
Ltd.            Natl LT             AAA(gtm)Affirmed   AAA(gtm)
                Natl LT             WD(gtm) Withdrawn  AAA(gtm)
                Natl ST             F1+(gtm)Affirmed   F1+(gtm)
                Natl ST             WD(gtm) Withdrawn  F1+(gtm)

BANCO DE DESARROLLO: Fitch Affirms 'BB' Foreign & Local Curr. IDRs
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desarrollo Rural, S.A.'s
(BanRural) Long-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) at 'BB', Short-Term Local and Foreign Currency IDRs
at 'B' and Viability Rating (VR) at 'bb'. The Rating Outlook on the
Long-Term IDR is Stable. Fitch has also affirmed the Long-Term
National Ratings of BanRural and Financiera Rural S.A. (FinRural)
at 'AA(gtm)'. The Outlooks on the Long-Term National Ratings for
BanRural and FinRural have been revised to Positive from Stable.

The Outlook revision on the national-scale ratings of the bank and
the finance company reflects the ongoing improvement of the bank's
risk profile and loan portfolio quality, which the agency would
expect to consolidate, resulting in non-performing loans (NPLs)
consistently below historical records for the foreseeable future.

KEY RATING DRIVERS

Ample Market Position: BanRural's ratings are highly influenced by
its business profile, marked by its notably market position in
Guatemala with a strong franchise in consumer loans, SMEs,
microlending and an ample deposit base. Its relevancy is founded on
a four-year average total operating income of USD770 million, the
highest among Guatemalan banking industry although it is relatively
limited in a global basis. As of 2022, BanRural is the leader in
consumer, SME and microlending with 23.3%, 27.7% and 60.1% of
market shares, respectively, with clear pricing power over its key
segments and serves a relevant role in financial inclusion. It also
holds the second position in residential mortgages and the fifth
position in corporate loans with 18.9% and 8.3%, respectively.

Good Risk Profile: Fitch believes BanRural's risk profile remains
sufficient to manage the risks it is exposed to. This is especially
relevant due to the bank's orientation to customers of relatively
higher risk and the ability of the bank to control adequately asset
quality deterioration. Positively, credit risk metrics show
improvement as a result of better credit vintages in key segments.
However, risk controls lag from peers due to mainly operational
risk management.

Improved Asset Quality Metrics: Fitch considers BanRural's asset
quality metrics will remain near the level registered in 2022. The
90+days overdue loan ratio over gross loans of 2.1% is a marked
improvement from the 3.9% of YE 2021 while its four-year average
decreased to 3.6% from 4.1%. Fitch considers the bank's loan
portfolio quality is healthy despite being riskier than its closest
peers and the overall industry due to its prudent approach to risk
and well-defined business model. The bank records a higher loan
loss reserves over average gross loans ratio and low of write-offs.
Meanwhile, its investment portfolio will remain focused on AFS
securities of good credit quality as they are concentrated on
sovereign debt issues.

High Operating Profitability: Fitch considers that BanRural's
earnings and profitability metrics are likely to remain high in the
foreseeable future. As of 2022, the operating profit over
risk-weighted assets (RWAs) was 4.9%, higher than its most of its
peers and above its recent track record as its net interest margin
benefits from pricing power, lower financial costs, less loan
impairment charges and an improved operating efficiency.

Good Capitalization: Fitch believes that BanRural's capitalization
is suitable and will remain at similar levels in the ratings
horizon. The Fitch Core Capital to RWA ratio of 16% provides it
with a good loss absorption capacity and is considered relatively
less vulnerable to asset quality deterioration given the lower
concentration of the 20 largest debtors (0.9x FCC) comparing to
peers and adequate reserve coverage.

Sound Funding Structure and Liquidity: Fitch foresees that BanRural
will maintain its sound funding structure and liquidity ratios. As
of FYE 2022, the loans to deposit ratio of 53.5% indicates the
bank's sound liquidity and compares better than the banking system
average of 72.2%. Its customer base is ample, a reflection of its
local market position in retail clients and benefits the bank's
profitability through a low-cost structure due its high sight
deposit taking. Wholesale funding complements funding sources
through a sound number of providers and sufficient fund
availability in case of need.

Moderate Probability of Support: The bank's GSR of 'bb-' reflects
Fitch's opinion about the moderate probability of support being
forthcoming because of uncertainties about the ability or
propensity of the Guatemalan sovereign to do so.

RATING SENSITIVITIES

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

- BanRural's ratings are sensitive to a downgrade of the sovereign
rating and to downward revision of Fitch's assessment of the
operating environment (OE);

- BanRural's VR, IDRs and national ratings could negatively
affected by the deterioration of its financial profile caused by a
significant decline of its operating profit to RWA ratio to
consistently below 2.0% and a decline in its FCC to RWA ratio close
to 13.0%;

- BanRural's GSR is sensitive to changes in the sovereign rating as
well as its capacity and/or propensity to provide support.

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

- BanRural's IDRs and VR have limited upside potential given that
they are at the sovereign level. These ratings could be upgraded in
the event of a sovereign upgrade;

- National ratings could be upgraded from a consolidation of the
ongoing improvement of risk controls and a consistent maintenance
of NPLs, while maintaining profitability and capitalization at
similar levels in a horizon of at least 18 months to 24 months;

- BanRural's GSR could be upgraded if Guatemala´s sovereign rating
is upgraded.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

In Fitch's opinion, FinRural is a core entity for Grupo Financiero
BanRural. The financial company is fully integrated into BanRural's
administrative and operational structures and is part of its
long-term strategic objectives. Capital and funding are largely
fungible. Likewise, the reputational risk is high, since FinRural
is clearly identified with the bank, so a breach would have a
material impact.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

A reduction in FinRural's national ratings would replicate a
downgrade in BanRural's national ratings and would be associated
with a lower capacity and/or propensity of the bank to provide
support.

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

- An increase in FinRural's national ratings would replicate an
upward movement in BanRural's national ratings and would be
associated with an improvement in the parent company's ability to
provide support;

- The short-term national rating is at the top of the scale, hence,
there is no upgrade potential.

VR ADJUSTMENTS

The OE score of 'bb-' has been assigned above the 'b' category
implied score due to the following adjustment reason: Sovereign
Rating (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

BanRural: Prepaid expenses and other deferred assets were
reclassified as intangible assets and were deducted from equity
since the agency considers these to have low capacity to absorb
potential losses. Equity interests in insurance companies are also
deducted from equity.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

- BanRural's, GSR is linked to the sovereign Foreign Currency IDR
of Guatemala;

- FinRural's ratings are derived from the support provided by the
ratings of BanRural.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt                    Rating                 Prior
   -----------                    ------                 -----
Financiera
Rural, S.A      Natl LT            AA(gtm) Affirmed    AA(gtm)
                Natl ST            F1+(gtm)Affirmed   F1+(gtm)

Banco de
Desarrollo
Rural, S.A.     LT IDR             BB      Affirmed       BB
                ST IDR             B       Affirmed        B
                LC LT IDR          BB      Affirmed       BB
                LC ST IDR          B       Affirmed        B
                Natl LT            AA(gtm) Affirmed    AA(gtm)
                Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                Viability          bb      Affirmed       bb
                Government Support bb-     Affirmed       bb-

BANCO DE LOS TRABAJADORES: Fitch Affirms LongTerm IDRs at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab)
Long-Term (LT) Foreign (FC) and Local Currency (LC) Issuer Default
Ratings (IDRs) at 'BB'. Fitch also affirmed Bantrab's Short-Term
(ST) FC and LC IDRs at 'B'. In addition, Fitch has affirmed
Bantrab's Viability Rating (VR) at 'bb' and the Government Support
Rating (GSR) at 'bb-'. Moreover, Fitch has affirmed Bantrab and
Financiera de los Trabajadores, S.A.'s (Fintrab) LT and ST National
Rating at 'AA(gtm)' and 'F1+(gtm)', respectively. The Rating
Outlook for the LT Ratings is Stable.

KEY RATING DRIVERS

Strong Business Profile: Bantrab's IDRs and national ratings are
driven by its VR. Bantrab's VR of 'bb' is in line with its implied
VR, and is influenced by its strong business profile, characterized
by a robust franchise in the retail segment and a consistent
business model, as well as a strengthening of its total operating
income generation (four-year average: USD291 million), as well as a
resilient financial performance.

Stable Operating Environment for Banks: The Guatemalan banking
system's operating environment (OE) of 'bb-', with stable trend,
reflects the country's very strong economic recovery, which, in
Fitch's view, would continue to positively influence the banks'
resilient business and financial performance, and macro stability,
despite external downside risks still prevailing. The agency deems
Bantrab will continue to materialize the most benign conditions of
the Guatemalan OE in its solid financial profile.

Good Asset Quality: As of YE22, Bantrab's 90+ days impaired loans
ratio of 1.7% (YE21: 1.9%; system: 1.3%) shows a well-managed
credit quality underpinned by its edge in the collection mechanism,
payroll deduction. Given its focus on consumer lending, a
significative portion of the loan portfolio is collected through
this mechanism. The loan loss allowances for such impairments were
111.2% (YE21: 124.2%; system: 263%). In this regard, Fitch believes
that Bantrab will continue to yield favorable asset quality in the
foreseeable future.

Sound Profitability: Despite its declining trend, Bantrab's
operating profitability remains favorable. As of YE22, operating
profit over risk-weighted assets (RWA) was 4.2% (YE21: 5.3%),
higher than the industry's average of 3.0%. Profitability has been
pressured by historically high relative loan impairment charges,
despite a relatively stable net interest margin and controlled
operational efficiency.

Strong Capitalization: Fitch expects that Bantrab's capitalization
will continue at healthy levels over the rating horizon. Its core
metric, Fitch Core Capital (FCC) to RWA, stood at 23.1% as of YE22,
the highest amongst its local peers, providing the bank with a
strong loss absorption capacity and an ample room for credit
growth, despite its lower-than-peer access to capital in case of
need. The bank's capitalization is favored by high profitability
along with structurally low dividend distribution.

Concentrated Funding: Despite Bantrab's funding structure is more
reliant on deposits, the bank shows concentrations by depositor.
The 20 largest depositors accounted a high 29% of total deposits as
of YE22, with a high participation of Guatemalan state entities.
The loans-to-deposits ratio was 77.8% (YE21: 69.9%), above the
system average (72.2%). Currently, the bank is executing different
efforts to widen its alternative funding sources, but still lags
behind its local competitors. Positively, the bank's deposit cost
has continued decreasing due to its repricing and change of the
deposits mix strategies.

GSR: GSR reflects Fitch's opinion of moderate probability of
support that the bank would receive from the sovereign, if needed.
This is due to Bantrab's systemic importance, but is limited
compared with larger local peers, with market shares of 7.3% and
7.9% of system deposits and gross loans, respectively, as of
December 2022, balanced with the lack of recent history of
government support of systematically important banks.

RATING SENSITIVITIES

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

- Bantrab's ratings are sensitive to a downgrade of the sovereign
rating and to a material deterioration in the local OE;

- Bantrab's VR and IDRs could be downgraded if a deterioration of
the entity's financial profile becomes significant, reflected in a
weakening of its funding profile or a decline of its operating
profit to RWA consistently below 2.0%, thus causing a sustained
reduction in its FCC to RWA ratio below to 15.0%;

- Bantrab's GSR is sensitive to a downgrade of the sovereign
rating, as well as its propensity to provide support.

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

- The bank's IDRs and VR have limited upside potential given that
they are at the sovereign level. These ratings could be upgraded in
the event of a sovereign upgrade;

- Bantrab's LT National rating could be upgraded if its business
profile strengthens and further improvements of its funding and
liquidity profile materialize. Namely, a larger market franchise
and a higher business diversification as well as improvements in
concentration per depositors, and the expansion and consolidation
of alternative funding sources. Bantrab's ST National rating is at
the highest level of the national scale, so it has no upside
potential;

- Bantrab's GSR could be upgraded if Guatemala´s sovereign rating
is upgraded.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Fintrab's National ratings are underpinned by institutional support
it would likely receive from its shareholder, Bantrab. Fitch's
opinion of support is based on the significant reputational risk
that a default would pose to Bantrab. As a result, Fintrab's
National-Scale ratings are aligned to Bantrab's ones.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- Fintrab's National Ratings could be downgraded in the event of a
downgrade in Bantrab's National Ratings as well as if Fitch's
assessment of Bantrab's willingness to support it is lowered.

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

- While it is not Fitch's base case scenario, Fintrab's LT National
rating could be upgraded in the event of an upgrade in Bantrab's LT
National rating. Fintrab's ST National rating is at the highest
level of the national scale, so it has no upside potential.

VR ADJUSTMENTS

Fitch has assigned an Operating Environment score of 'bb-' that is
above the 'b' category implied score due to the following
adjustment reason: Sovereign Rating (positive).

Fitch has assigned a Business Profile score of 'bb-' that is above
the 'b' category implied score due to the following adjustment
reasons: Market Position (positive) and Business Model (positive).

Fitch has assigned an Earnings & Profitability score of 'bb+' that
is below the 'bbb' category implied score due to the following
adjustment reason: Historical and Future Metrics (negative).

Fitch has assigned a Capitalization & Leverage score of 'bb+' that
is below the 'bbb' category implied score due to the following
adjustment reason: Capital Flexibility and Ordinary Support
(negative).

SUMMARY OF FINANCIAL ADJUSTMENTS

Bantrab: Net asset value from an insurance subsidiary, pre-paid
expenses and other deferred assets were reclassified as intangible
and deducted from Total Equity in order to calculate Fitch Core
Capital.

Sources of Information

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bantrab's GSR is linked to the sovereign Foreign Currency LT IDR of
Guatemala.

Fintrab's National Ratings are linked to Bantrab's National
Ratings.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt                    Rating                 Prior
   -----------                    ------                 -----
Financiera
de los
Trabajadores,
S.A.            Natl LT            AA(gtm) Affirmed    AA(gtm)
                Natl ST            F1+(gtm)Affirmed   F1+(gtm)

Banco de los
Trabajadores    LT IDR             BB      Affirmed       BB
                ST IDR             B       Affirmed        B
                LC LT IDR          BB      Affirmed       BB
                LC ST IDR          B       Affirmed        B
                Natl LT            AA(gtm) Affirmed    AA(gtm)
                Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                Viability          bb      Affirmed       bb
                Government Support bb-     Affirmed       bb-

BANCO G&TC: Fitch Affirms LongTerm IDRs at 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Banco G&T Continental S.A.'s (G&TC)
Long-Term Foreign and Local Currency Issuer Default Rating (IDRs)
at 'BB', Short-Term IDRs at 'B', Viability Rating (VR) at 'bb' and
Government Support Rating (GSR) at 'bb-'. Fitch has also affirmed
the National Scale ratings of G&TC and its subsidiaries, Financiera
G&T Continental, S.A. and G&T Conticredit, S.A. The Rating Outlooks
on G&TC's Long-Term IDRs and National Long-Term ratings are
Stable.

Fitch is withdrawing GTC Bank Inc.'s National ratings in Panama and
in Guatemala as the entity no longer exists. Accordingly, Fitch
will no longer provide ratings or analytical coverage for GTC
Bank.

KEY RATING DRIVERS

Ratings Reflect Standalone Strength: The IDRs and the national
ratings of G&TC are driven by its VR, which is in line with its
implied VR. The ratings consider the bank's strong business
profile, effective risk controls and improved creditworthiness. The
Stable Outlook reflects Fitch's expectation that the bank will
maintain a stable performance over the rating horizon.

Stable Operating Environment for Banks: The Guatemalan banking
system's operating environment (OE) of 'bb-', with stable trend,
reflects the country's very strong economic recovery, which in
Fitch's view, would continue to positively influence the bank's
resilient business and financial performance, and supports the
macro stability, despite the external downside risks still
prevailing. Fitch believes G&TC will continue to materialize in its
solid financial profile the most benign conditions of the
Guatemalan OE.

Good Market Position Underpins Ratings: G&TC is one of the top five
banks in Guatemala. As of February 2023, it had a market share of
11% in terms of loans and 13.1% in deposits. The bank has a stable
and diversified business model, mainly focused on the corporate
segment, with moderate expansion in the midsize companies and
consumer segments. This business diversification has supported
stable earnings throughout the cycle. G&TC's franchise provides
moderate pricing power.

Improved Asset Quality: Loans quality compares well with peers and
has improved in the past four years, with a ratio of 90-day
non-performing loans (NPLs) of 0.75% at YE 2022 (2018-2021 average:
1.8%), below the banking system's average of 1.3%, reflecting the
bank's sound underwriting standards and risk controls. Reserve
coverage remains healthy above 400% (peer average: 263%), a high
level partly due to its conservative guidelines. Fitch expects
asset quality to stabilize at near current levels, supported by the
bank's control initiatives and favorable OE prospects showing
consistency in the foreseeable future.

Earnings Growth Tends to Moderate: G&TC's profitability is in line
with the average of the local banking system, and its consistent
strengthening over the last five years has been underpinned by the
dynamism of its loan book, better net interest margin (NIM),
manageable loan impairment charges and controlled operating costs.
The operating profit/risk-weighted assets ratio was 3.0% at YE
2022. Fitch estimates that the bank's profitability could stabilize
at its current levels, despite the NIM could be pressured by higher
interest rates.

Good Loss Absorption Capacity: As of December 2022, G&TC's Fitch
Core Capital (FCC) decreased to 14.1% from 16.4% at YE 2021 due to
higher RWAs as a result of lending growth, high dividend payout and
other comprehensive income (OCI) losses. Fitch expects the FCC
ratio to remain above 14% over the medium term, supported by the
bank's strong internal capital generation and earnings retention,
which is expected to outpace loan growth in the near term.

Stable Funding Profile: G&TC's funding and liquidity profile is
sound, supported by a large deposit base and good access to
wholesale funding markets. The bank has a stable and granular
deposit base, which underpins its gross loans to customer deposit
ratio (about 61% at YE 2022). Liquidity buffers are solid and
comfortably above the regulatory minimum requirements. Fitch
expects G&TC's loan/customer deposit ratio, to remain stable, with
a decline in loan growth offsetting slower deposit growth.

Moderate Probability of Support: Fitch believes that the
sovereign's propensity to support the banking system remains
moderate, as reflected in the GSR of 'bb-', given the small size of
the banking system relative to the Guatemalan economy. This becomes
the minimum the bank's rating could be lowered to. The one-notch
gap between the GSR and the sovereign rating reflects G&TC's
moderate systemic importance in the local market and its
deposit-based funding.

RATING SENSITIVITIES

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

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

- The bank's ratings are sensitive to a downgrade of the sovereign
rating and to a material deterioration in the local OE;

- G&TC's IDRs, VR and national ratings could be downgraded from a
sustained deterioration of the bank's financial performance
reflected in an increase of impairment levels, weakened
profitability (Operating profit to RWA consistently below 1.5%) or
erosion of capital cushions with an FCC ratio falling consistently
below 12.0%;

- G&TC's GSR is sensitive to a downgrade of the sovereign rating,
as well as its propensity to provide support.

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

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

- G&TC's IDRs and VR have limited upside potential given that they
are at the sovereign level. These ratings could be upgraded in the
event of a sovereign upgrade;

- G&TC's GSR could be upgraded if Guatemala's sovereign rating is
upgraded;

- G&TC's LT National rating could be upgraded if the bank proves
consistency and consolidation of its current asset quality and
profitability metrics while maintaining its current FCC ratio and
funding profile levels. The Short-Term National rating is at the
top of the national scale, therefore, there is no possibility of
upgrading.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

CONTICREDIT, FIN G&TC AND GTC - National Ratings

G&T Conticredit S.A. (Conticredit) and Financiera G&T Continental,
S.A.'s (Fin G&TC) national ratings in Guatemala are based on
Fitch's opinion of G&TC's ability and propensity to support its
subsidiaries, if needed. Fitch's view of the support is based on
the important role these subsidiaries play in their parent's
strategy and the significant reputational risk that the default of
any of them would pose to G&TC. As a result, their Guatemalan scale
ratings are at the same levels of G&TC's national ratings. The
Stable Rating Outlooks of these subsidiaries' long-term ratings
mirror the Stable Outlook of G&TC's ratings.

GTC concluded its voluntary liquidation and, the consolidation
process with its shareholder is fully completed. Therefore, the
national ratings in Guatemala and GTC's Panamanian national ratings
are withdrawn.

CONTICREDIT'S DEBT ISSUANCES NATIONAL RATINGS

Conticredit's senior debt issuances' national ratings are aligned
to those of their respective issuer. This reflects that, in Fitch's
opinion, the probability of default of the obligations is the same
as that of Conticredit, as the debt does not have specific
guarantees.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- The national ratings of Conticredit and Fin G&T could be
downgraded if G&TC's ratings are downgraded or if Fitch's
assessment of its parent's willingness to support it is reduced;

- Conticredit's senior unsecured debt national ratings would be
downgraded in the event of a negative rating action on
Conticredit's national ratings.

- GTC's sensitivities are not applicable as these ratings have been
withdrawn.

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

- Positive rating actions on the Long-Term National ratings of
Conticredit and Fin G&T could be driven by positive rating actions
on G&TC's ratings. The Short-Term National rating is at the top of
the national scale, therefore, there is no possibility of
upgrading;

- GTC's sensitivities are not applicable as these ratings have been
withdrawn.

VR ADJUSTMENTS

- G&TC's Operating Environment score of 'bb-' has been assigned
above the 'b' category implied score due to the following
adjustment reason: Sovereign Rating (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

G&TC: Fitch reclassified prepaid expenses and other deferred assets
as intangible assets and deducted them from total equity since the
agency believes they have low capacity to absorb losses.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

G&TC's GSR is linked to the sovereign FC IDR of Guatemala.

Conticredit and Fin G&TC's national ratings are sensitive to
changes in G&TC ratings.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
due to either their nature or the way in which they are being
managed by the entity.

   Entity/Debt                    Rating                 Prior
   -----------                    ------                 -----
GTC Bank, Inc.
(Guatemala)     Natl LT            WD(gtm)  Withdrawn  AA(gtm)
                Natl ST            WD(gtm)  Withdrawn F1+(gtm)

G&T
Conticredit,
S.A.            Natl LT            AA(gtm)  Affirmed   AA(gtm)
                Natl ST            F1+(gtm) Affirmed  F1+(gtm)

   senior
    unsecured   Natl LT            AA(gtm)  Affirmed   AA(gtm)

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

Financiera G&T
Continental,
S.A.            Natl LT            AA(gtm)  Affirmed   AA(gtm)
                Natl ST            F1+(gtm) Affirmed  F1+(gtm)

GTC Bank, Inc.
(Panama)        Natl LT            WD(pan)  Withdrawn  A+(pan)
                Natl ST            WD(pan)  Withdrawn F1+(pan)

Banco G&T
Continental
S.A.            LT IDR             BB       Affirmed      BB
                ST IDR             B        Affirmed       B
                LC LT IDR          BB       Affirmed      BB
                LC ST IDR          B        Affirmed       B
                Natl LT            AA(gtm)  Affirmed   AA(gtm)
                Natl ST            F1+(gtm) Affirmed  F1+(gtm)
                Viability          bb       Affirmed      bb
                Government Support bb-      Affirmed      bb-

BANCO INDUSTRIAL: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Industrial, S.A.'s (Industrial)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB', Short-Term IDRs at 'B', Viability Rating (VR) at 'bb' and
Government Support Rating (GSR) at 'bb-'. The Rating Outlook for
the Long-Term IDRs is Stable.

Fitch has also upgraded Industrial's Long-Term National Rating to
'AA+(gtm)' from 'AA(gtm)' with a Stable Outlook, and affirmed its
Short-Term National Rating at 'F1+(gtm)'. This reflects
Industrial's sound business profile and leadership in the local
market, which has translated into a proven consistent financial
performance, with outstanding asset quality and a robust funding
profile, even in a challenging operating environment (OE), compared
to other rated entities in Guatemala.

In addition, Fitch has upgraded the Long-Term National Ratings for
the Guatemalan subsidiary, Financiera Industrial, S.A. (FISA) and
its sister company, Contecnica, S.A., to 'AA+(gtm)' from 'AA(gtm)',
with a Stable Outlook, and affirmed their Short-Term National
Ratings at 'F1+(gtm)'. Bi-Bank, S.A.'s (Bi-Bank) Long- and
Short-Term and National Ratings in Panama were affirmed at
'A+(pan)' with a Stable Outlook and 'F1+(pan)'.

Fitch upgraded Westrust Bank (International) Limited's (Westrust)
Long-Term National Rating to 'AA+(gtm)' from 'AA(gtm)' and affirmed
its Short-Term National Rating at 'F1+(gtm)'. In addition,
Westrust's National Ratings were withdrawn for commercial reasons.
The Rating Outlook on the Long-Term National Rating at the time of
withdrawal was Stable.

KEY RATING DRIVERS

Sound Business Profile: Industrial's IDRs and national ratings are
driven by its inherent creditworthiness reflected in its VR, which
is at the same level as its implied VR. This denotes its leadership
in the Guatemalan banking system, its solid business and risk
profile, as well as its consistent and resilient financial
performance.

Stable OE for Banks: The Guatemalan banking system's OE of 'bb-',
with stable trend, reflects the country's very strong economic
recovery, which in Fitch's view, would continue to positively
influence the banks' resilient business and financial performance,
and supports the macro stability, despite the external downside
risks still prevailing. Fitch deems Industrial will continue to
materialize the most benign conditions of the Guatemalan OE in its
solid financial profile.

Strong Market Position: Industrial's VR also capture its relevant
market position as the largest bank in the country, with market
shares of 28.6% and 27.9% by loans and deposits as of February
2023, as well as its regional presence in Central America. Fitch
believes this leadership provides it a robust competitive position,
reflected in a sound and recognized franchise with broad access to
funding sources. The bank's consistent business model, strategy and
effective execution have underpinned steady and resilient financial
performance, despite of tough global conditions.

Remarkable Asset Quality: Fitch envisages the bank's loan quality
will continue in the foreseeable future at levels similar to those
recently observed. It stands out for its stable non-performing loan
(NPL) metric, which is also lower-than-local and regional-peers. In
2022, the NPL ratio was 0.5% (system: 1.3%) versus the four-year
average of 0.8%, while the industry reached 2.0%. Loan loss
allowances also held at a high 373.0% in 2022 (industry: 262.5%).

Sustained Profitability: In 2022, the operating profit to
risk-weighted assets (RWA) ratio of 2.3% was similar to the
four-year average (2.4%), boosted by higher income combined with
charges for impaired loans and operating expenses controlled, which
offset the mild decrease in the net interest margin. Fitch
anticipates the profitability will maintain stable and commensurate
with its current rating, denoting the bank's business model and
strategic initiatives.

Good Loss Absorption Capacity: Industrial's capital levels have
decreased in recent years and Fitch estimates the ratios will
return to percentages similar to pre-pandemic in the rating horizon
as credit evolution slows. In 2022, a higher RWA growth, driven by
rising loans, compared to capital expansion, resulted in Fitch Core
Capital (FCC) to RWA metric declining to 11.0% from 11.7% in 2021.
The regulatory capital ratio (15.3%) showed a similar behavior,
although it was above pre-pandemic levels (14%).

Fitch assesses as positive the wide loan loss allowances, which
together with subordinated debt and hybrid instruments, as well as
the bank's actions, could provide an additional cushion to absorb
unexpected loss. However, the ratios are lower than the system and
its closest peers.

Robust Funding Profile: The bank's diversified and low-cost funding
structure is sustained by a broad and growing deposit base, along
with extensive financing options due to its recognized leading
franchise in the region, allowing it to compare favorably with its
peers. In 2022, loan-to-deposit ratio stood at 75.8% (2018-2021:
78.6%). Industrial's liquidity is also underpinned by its wide
access to alternative resources from local and international
markets, providing it flexibility to withstand tough conditions.

Government Support: Industrial's GSR indicates Fitch's appreciation
of moderate likelihood of support that the bank would receive from
the sovereign, if required. In Fitch's assessment, the relatively
small size of the banking system is considered highly influential,
as it exposes banks to low vulnerability to large losses in
downturn. Fitch also weighs Industrial's systemic importance as the
largest bank in Guatemala.

RATING SENSITIVITIES

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

- The bank's ratings are sensitive to a downgrade of the sovereign
rating and to a material deterioration in the local OE;

- Industrial's IDRs and VR could be downgraded if sustained
deterioration in its financial performance drives a decline in the
bank's operating profit to RWA metric to a level continuously below
1.5% and its FCC to RWA ratio to a level consistently below 10.0%;

- Industrial's national ratings could be downgraded if Fitch
perceives less stability in its financial metrics and a sustained
deterioration in its loan quality;

- Industrial's GSR is sensitive to a downgrade of the sovereign
rating, as well as its propensity to provide support.

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

- The bank's IDRs and VR have limited upside potential given that
they are at the sovereign level. These ratings could be upgraded in
the event of a sovereign upgrade;

- Industrial's Long-Term National Rating have limited upside
potential due to its high exposure to the Guatemalan sovereign. The
Short-Term National Rating is at the top of the national scale
rating, so it has no upside potential;

- Industrial's GSR could be upgraded if Guatemala's sovereign
rating is upgraded.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Industrial has two debt Instruments: Industrial's Subordinated
Notes (ISbN) and Industrial's Subordinated Tier I capital (IST-I).
The ISbN notes are two notches below Industrial's VR, driven by
their subordinated status, ranking junior to all Industrial's
present and future senior indebtedness, pari passu with all other
unsecured subordinated debt and senior to Industrial's capital and
tier I hybrid securities. The IST-I notes are rated four notches
below Industrial's VR reflecting its deep subordination status and
discretionary coupon omission feature.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- The ratings of the ISbN and IST-I notes would be downgraded if
Industrial's VR is downgraded.

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

- The ratings of the ISbN and IST-I notes would be upgraded if
Industrial's VR is upgraded.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

The national ratings for FISA and Contecnica, through its holding
company Bicapital Corporation (Bicapital), are aligned with
Industrial's national ratings. This reflects Fitch's opinion of the
bank's strong propensity and ability to provide them support, if
needed. Fitch's support assessment considers with high importance
the relevant role of them in Industrial's local business model and
strategy.

For Westrust, the national ratings reflect with high importance the
relevant reputational risk that a potential default would
constitute to Industrial and group, damaging its franchise.
Westrust is in the process of voluntary liquidation and
transferring the last operations to Industrial.

Bi-Bank's national ratings in Panama are based on the solid
propensity and ability to provide support from its sister company,
Industrial, if required. Fitch's support assessment highly weighs
the huge reputational risk that a Bi-Bank default would mean for
the group, as well as the significant role it represents for the
conglomerate in its country diversification strategy.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- FISA's and Contecnica's national ratings could be downgraded if
Industrial's national ratings are downgraded, although this is not
Fitch's base case given the Stable Outlook on Industrial's
Long-Term rating, also, if Fitch's assessment of Industrial's
willingness to support them is reduced;

- Westrust's sensitivities are not applicable as these ratings have
been withdrawn;

- Bi-Bank's national ratings could be downgraded in case of
negative changes in Industrial's ability to support it, reflected
by its Foreign Currency IDR, and in its propensity to provide
support. Also, a downgrade of the senior unsecured debt rating
would result from a negative action on Bi-Bank's Short-Term
rating.

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

- The FISA and Contecnica Long-Term ratings could improve due to an
upgrade in Industrial's national rating, while its Short-Term
ratings are at the high level of the national scale, so they have
no upside potential;

- Westrust's sensitivities are not applicable as these ratings have
been withdrawn;

- Bi-Bank's ratings could be upgraded in case of positive changes
in Industrial's ability to support it, as reflected by its Foreign
Currency IDR, and propensity to provide support. The Short-Term
National Rating and its senior debt rating are at the top of the
national scale, therefore, there is no room for improvement.

VR ADJUSTMENTS

- The Operating Environment score of 'bb-' has been assigned above
the 'b' category implied score due to the following adjustment
reason: Sovereign Rating (positive).

- The Capitalization and Leverage score of 'bb-' has been assigned
above the 'b & below' category implied score due to the following
adjustment reason: Reserve Coverage and Asset Valuation
(positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

Industrial: Prepaid expenses and other deferred assets were
reclassified as intangible assets and deducted from total equity as
Fitch considers these to have low capacity to absorb losses.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Industrial's GSR is linked to the sovereign Foreign Currency IDR of
Guatemala.

FISA, Contecnica and Bi-Bank's national ratings are driven by
support from Industrial.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt                     Rating                 Prior
   -----------                     ------                 -----
Bi-Bank, S.A.   Natl LT             A+(pan) Affirmed    A+(pan)
                Natl ST             F1+(pan)Affirmed   F1+(pan)

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

Contecnica
S.A.            Natl LT             AA+(gtm)Upgrade     AA(gtm)
                Natl ST             F1+(gtm)Affirmed   F1+(gtm)

Banco
Industrial,
S.A.             LT IDR             BB      Affirmed       BB
                 ST IDR             B       Affirmed        B
                 LC LT IDR          BB      Affirmed       BB
                 LC ST IDR          B       Affirmed        B
                 Natl LT            AA+(gtm)Upgrade     AA(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                 Viability          bb      Affirmed       bb
                 Government Support bb-     Affirmed       bb-

   Subordinated  LT                 B-      Affirmed        B-

   subordinated  LT                 B+      Affirmed        B+

Financiera
Industrial,
S.A.             Natl LT            AA+(gtm)Upgrade     AA(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)

Westrust Bank
(International)
Limited          Natl LT            AA+(gtm)Upgrade     AA(gtm)
                 Natl LT            WD(gtm) Withdrawn  AA+(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                 Natl ST            WD(gtm) Withdrawn  F1+(gtm)



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

CARIBBEAN CEMENT: Reports Decline in Q1 Profit
----------------------------------------------
RJR News reports that Caribbean Cement Limited is reporting that it
made less profit in its first quarter ended March.

Profit for the three months was valued at $289.4 million versus
$1.6 billion for the corresponding period last year, according to
RJR News.

Revenues for the period were little changed at $6.8 billion, the
report notes.

That's $12.5 million less than the similar period in 2021, when
Carib Cement registered $6.81 billion, the report discloses.

Carib Cement attributes the decline in profit to scheduled annual
maintenance it performed during January and February, which
resulted in higher costs, the report says.

The company says despite its performance, it is also looking to
expand its investment portfolio, the report relays.

Carib Cement says although it experienced higher operating costs
for the quarter, the company generated cash from operating
activities of $2.2 billion of which $1.2 billion was invested and
$0.6 billion used to pay off its loan in the first quarter, the
report adds.

                     About Caribbean Cement

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.  

As reported in the Troubled Company Reporter-Latin America on
August 16, 2021, Jamaica Observer said that after enduring years
of sluggish results and a mountain of debt, Caribbean Cement
has shrunk its long-term debt from $11.39 billion in 2018 to
$500 million as at June 30, 2021.  At the same time, the company
reported $3.09 billion in net profit over the six months which
ended June 30. Its profit for all of 2020 was $3.2 billion.
The performance is coming off a challenging decade for the
cement producer which included four consecutive years of losses
from 2009 to 2013.




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

OPERADORA DE SERVICIOS: S&P Affirms 'B' LT ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its long-term 'B' global scale issuer
credit rating on Mexican leasing company Operadora de Servicios
Mega S.A. de C.V. SOFOM E.R. (GFMega) and its 'B' issue-level
rating on the company's senior unsecured notes. The outlook remains
negative.

The outlook remains negative, reflecting adverse market and
financial conditions that result in high refinancing risk for the
company while pressuring its margins through increasing funding
costs. The outlook also reflects the risk of the weakening economy
that could inhibit the payment capacity of GFMega's clients,
eroding its asset quality metrics and its already weak
profitability, which could start weighing on capitalization.

The company's funding base consists of its international bond due
in February 2025 (outstanding ~$350 million), which represented 43%
of its total liabilities as of March 2023. S&P believes the
company's refinancing strategy has been proactive as it already
reduced 30% of principal, through open market buybacks and the
tender offer, from the original issued amount of $500 million.
Moreover, the company is currently exploring several funding
initiatives to refinance the 2025 bond, which could materialize in
the next three to six months. They include: unsecured credit
facilities, local issuances with partial guarantees from a Mexican
development bank, an exchange offer, securitizations and/or
syndicated credit facilities. In this sense, S&P will be closely
monitoring the company's funding strategy during the following
months. In case these plans do not materialize or take longer than
expected, S&P could downgrade GFMega, reflecting greater pressures
on its funding flexibility and liquidity.

GFMega maintains a manageable debt maturity profile for the next 12
months with obligations corresponding to the semestral interest
payments on the 2025 bond (about MXN450 million) and the monthly
payments of its credit lines. S&P said, "Moreover, we expect the
company to continue to collect up to MXN1.2 billion in loan
payments quarterly, which could provide sufficient inflows to cover
near-term financial needs. Additionally, as of March 2023, GFMega
had MXN984 million available in credit lines from Mexican and
international lenders, and it maintains a cash position of about
MXN900 million. Considering all of the above, we expect the company
to have enough funds to cover its liquidity needs next year. Also,
we consider that if a funding line is closed and liquidity is
squeezed, the company can respond by stopping or reducing loan
originations." In addition, if secondary funding sources are
needed, GFMega has additional liquidity sources that include
secured funding, considering that only about 20% of its loans are
pledged.

S&P sid, "We expect GFMega's net income to be about MXN100 million
in 2023, which will be down 70% from the 2022 level. This is mostly
because of extraordinary income last year stemming from the bond
buybacks, which we don't expect to generate same levels during
2023. In this sense, we expect profitability metrics to
deteriorate, with an expected return on assets (ROA) of 0.5%,
compared with 1.75% in 2022, and efficiency levels of 54%, up from
35%. Moreover, we expect margins to remain pressured due to the
increase in lending rates and due to lower risk appetite towards
the sector, lifting funding costs. Despite the significant decrease
in bottom-line results, we expect the company's capitalization
levels to remain adequate, with a risk-adjusted capital (RAC) ratio
averaging 9.7% for 2023-2024. This incorporates our expectation of
slim loan-portfolio growth (about 2% for the next 24 months) due to
the company's preference of preserving liquidity over business
expansion. We also expect asset quality metrics to remain in line
with historical levels, with nonperforming assets (NPAs) and net
charge-offs (NCOs) of about 4% and 0.5%, respectively. However, we
will closely monitor loan book's performance over the following
months, as market and economic conditions will remain tough,
particularly for the small- to mid-size enterprise (SME) lending
sector. In this regard, if the payment capacity of GFMega's clients
worsens, we could observe volatile asset quality metrics,
intensifying pressures on profitability indicators and capital
levels."

GFMega's portfolio expanded at aggressive rates in previous years,
which allowed it to continue increasing its market share. GFMega is
one of the largest independent leasing companies in Mexico, while
gradually broadening its diversification by geography, business
lines, and economic sectors. On the other hand, although the
company has maintained relative business stability, we will closely
monitor its business resilience in the upcoming months, as we
believe that difficult market conditions could impair its business
stability that could result from worsening business prospects,
higher funding costs, lower net interest margins, and limited
operating revenue generation.






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

TRINIDAD & TOBAGO: TATT Says It Cannot Intervene Over Fee Increases
-------------------------------------------------------------------
Trinidad Express reports that the Telecommunications Authority of
Trinidad and Tobago (TATT) says while it is monitoring fee
increases within the industry, it cannot intervene as long as the
market remains competitive.

Digicel customers received an e-mail last May 1 advising that from
June 1, Internet fees will be increasing, according to Trinidad
Express.

This notice comes three months after Digicel increased its cable
rates, the report notes.

Digicel's competitor, Flow, also increased its rates, which went
into effect May 1, the report discloses.

Digicel said in the notice that prices have been increased to keep
pace with the increasing costs of TV content and network
reliability, the report says.

Speaking to the Express, TATT chief executive officer Cyn­thia
Reddock-Downes said the Tele­communications Act does now allow the
Authority to intervene to fix prices, as the market has 11 fixed
broadband operators competing in the market.

"The only way we could have intervened to fix prices is if a
service provider is declared dominant in the relevant market and it
is proven that the service provider is abusing their dominance.

"The Authority is currently undertaking an assessment to determine
if dominance exists in both the fixed and mobile markets and then
we can introduce price regulations, but until then we are using as
much moral suasion to encourage the providers to not increase their
prices," Reddock-Downes explained, the report discloses.

She recalled that in recent meetings with Digicel and Flow, both
indicated that a lot of the operating prices over the past year
have increased and the providers are not in a position to hold off
on increases, the report relays.

Reddock-Downes said consumers had the right to determine the best
package for themselves, the report notes.

"Again, as the market is competitive we legally cannot take any
action. We have put a post on our social media pages about consumer
rights.

"They should enquire about all available packages and plans and
carefully choose one based on their needs and financial
circumstances. Consumers may also consider the option to switch
service providers," she added, the report notes.

Reddock-Downes added that TATT has listed tariffs, prices, plans
and packages offered by service providers on its website to help
consumers make informed choices, the report notes.



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

[*] BOND PRICING COLUMN: For the Week May 1 to May 5, 2023
----------------------------------------------------------
Issuer              Cpn   Price       Maturity    Country    Curr
------              ---   -----        --------   -------    ----
Banco del Estado      3.1     72.5      02/21/2040   CL        AUD
Banco del Estado de   1.7     70        03/01/2032   CL        EUR
Banco del Estado      2.8     68.9      03/13/2040   CL        AUD
Banco del Estado      1.7     69.2      07/05/2032   CL        EUR
Banco GNB Sudameris   7.5     73.3      04/16/2031   CO        USD
Banco GNB Sudameris   7.5     73.4      04/16/2031   CO        USD
Banco Santander Chile 1.3     57.6      11/29/2034   CL        EUR
Banco Santander Chile 3.1     72.3      02/28/2039   CL        AUD
Guaranteed            5.4     73.7      01/29/2038   KY        USD
Guaranteed            5.3     71.9      03/23/2038   KY        USD
Helenbergh China      8       32.9      11/07/2024   KY        USD
             
Agile Group Holdings  6.1     41        10/13/2025   KY        USD
Agile Group Holdings  5.5     45        04/21/2025   KY        USD
Agile Group Holdings  5.5     39.2      05/17/2026   KY        USD
Alfa Desarrollo SpA   4.6     72.1      09/27/2051   CL        USD
Alfa Desarrollo SpA   4.6     72.1      09/27/2051   CL        USD
Alibaba Group         2.7     67.4      02/09/2041   KY        USD
Alibaba Group         3.2     65.2      02/09/2051   KY        USD
Agile Group Holdings  5.8     50.2      01/02/2025   KY        USD
QNB Finance          11.5     62.1      1/30/2025    KY        TRY
SYN prop e tech SA   13.6     20.3      3/15/2024    BR        BRL
Telecom Argentina SA  1       56.5      02/10/2028   AR        USD
Telecom Argentina SA  1       64.2      03/09/2027   AR        USD
Tencent Holdings      3.8     74.1      04/22/2051   KY        USD
Tencent Holdings      3.8     74.1      04/22/2051   KY        USD
Tencent Holdings      3.9     72.3      04/22/2061   KY        USD
Tencent Holdings      3.9     72.3      04/22/2061   KY        USD
UEP Penonome II SA    6.5     73.6      10/01/2038   PA        USD
UEP Penonome II SA    6.5     74.1      10/01/2038   PA        USD
Vista Energy          1       73        03/03/2028   AR        USD
Voyager II            3.3     74.3      03/23/2034   KY        AUD
VTR Comunicaciones    5.1     55.3      01/15/2028   CL        USD
VTR Comunicaciones    5.1     53.6      01/15/2028   CL        USD
VTR Comunicaciones    4.4     54.4      04/15/2029   CL        USD
VTR Comunicaciones    4.4     54.5      04/15/2029   CL        USD
Yango Cayman          12      3.9       09/15/2023   KY        USD
YPF SA                1       69.8      01/10/2026   AR        USD
YPF SA                7       61.6      12/15/2047   AR        USD
YPF SA                7       61        12/15/2047   AR        USD
Tencent Holdings      3.2     66.2      06/03/2050   KY        USD
Tencent Holdings      3.2     66.5      06/03/2050   KY        USD
Tencent Holdings      3.3     63        06/03/2060   KY        USD
Tencent Holdings      3.3     63.5      06/03/2060   KY        USD
Three Gorges Finance  3.2     74.2      10/16/2049   KY        USD
Transocean Inc        6.8     67.6      03/15/2038   KY        USD
QNB Finance           3.4     75.4      10/21/2039   KY        AUD
QNB Finance          13.5     55.7      10/06/2025   KY        TRY
QNB Finance           2.9     75.3      12/04/2035   KY        AUD
Ruta del Maipo        2.3     53.5      12/15/2024   CL        CLP
Santander Consumer    2.9     73.1      11/27/2034   CL        AUD
Seagate HDD Cayman    3.4     73.4      07/15/2031   KY        USD
Seazen Group          4.5     63.6      07/13/2025   KY        USD
Silk Road Investments 2.9     68.8      01/23/2042   KY        AUD
Simpar Finance       10.8     73.8      02/12/2028   BR        BRL
Simpar Finance       10.8     73.8      02/12/2028   BR        BRL
Skylark               1.8     58.2      04/04/2039   KY        GBP
KWG Group Holdings    7.4     15.8      01/13/2027   KY        USD
KWG Group Holdings    6       40.8      01/14/2024   KY        USD
KWG Group Holdings    5.9     22.2      11/10/2024   KY        USD
KWG Group Holdings    6.3     17.6      02/13/2026   KY        USD
KWG Group Holdings    7.4     26.5      03/05/2024   KY        USD
KWG Group Holdings    6       19.4      08/10/2025   KY        USD
KWG Group Holdings    6       16.8      08/14/2026   KY        USD
KWG Group Holdings    7.9     27.5      08/30/2024   KY        USD
KWG Group Holdings    7.9     60.2      09/01/2023   KY        USD
Inversiones Latin     5.1     44.6      06/15/2033   CL        USD
Inversiones Latin     5.1     44.8      06/15/2033   CL        USD
MSU Energy SA         6.9     70.8      02/01/2025   AR        USD
MSU Energy SA         6.9     71.2      02/01/2025   AR        USD
Panama  Bond          4.5     73.5      01/19/2063   PA        USD
Panama  Bond          4.3     74.8      04/29/2053   PA        USD
Panama  Bond          3.9     66.8      07/23/2060   PA        USD
Pearl Holding III     9       30.5      10/22/2025   KY        USD
Pearl Holding III     9       30.5      10/22/2025   KY        USD
Peruvian  Bond        3.6     68.6      01/15/2072   PE        USD
Peruvian  Bond        2       69.5      11/17/2036   PE        EUR
Peruvian  Bond        2.8     61.1      12/01/2060   PE        USD
Peruvian  Bond        1.3     72.1      03/11/2033   PE        EUR
Peruvian  Bond        3.2     60.9      07/28/2121   PE        USD
Itau Unibanco SA      5.8     19.4      05/20/2027   BR        BRL
Jamaica Government    8.5     68.9      12/21/2061   JM        JMD
Jamaica Government    6.3     72.7      07/11/2048   JM        JMD
Kaisa Group Holdings 10.9      9.1                   KY        USD
Lani Finance          3.1     68.6      10/19/2048   KY        AUD
Lani Finance          1.9     63.3      10/19/2048   KY        EUR
Lani Finance          1.7     60        03/14/2049   KY        EUR
Lani Finance          1.9     62.3      09/20/2048   KY        EUR
Fospar S/A            6.5      1.3      05/15/2026   BR        BRL
Frigorifico           7.7     71.1      07/21/2028   PY        USD
Frigorifico           7.7     71.4      07/21/2028   PY        USD
Galaxy Digital        3       62.5      12/15/2026   KY        USD
Generacion            9.9     73.1      12/01/2027   AR        USD
Generacion           12.5      0        02/16/2024   AR        USD
Gol Finance Inc       8.8     40.5                   KY        USD
Gol Finance Inc       8.8     42                     KY        USD
Goldman Sachs         2.3     75.9      06/30/2040   KY        EUR
Greenland Hong Kong  10.2     45.9                   KY        USD
Guacolda Energia SA   4.6     40.8      04/30/2025   CL        USD
Guacolda Energia SA   4.6     40.8      04/30/2025   CL        USD
Colombia Bond         7.3     71.3      10/18/2034   CO        COP
Colombia Bond         7.3     71.3      10/18/2034   CO        COP
Colombia Bond         7.3     61.5      10/26/2050   CO        COP
Colombia Bond         7.3     61.5      10/26/2050   CO        COP
Colombia Bond         3.9     54.8      02/15/2061   CO        USD
Colombia Bond         4.1     61.9      02/22/2042   CO        USD
Colombia Bond         5.6     72.7      02/26/2044   CO        USD
Colombia Bond         3.1     74        04/15/2031   CO        USD
Colombia Bond         3.3     72.1      04/22/2032   CO        USD
Colombia Bond         5.2     67.3      05/15/2049   CO        USD
Colombia Bond         4.1     58.8      05/15/2051   CO        USD
Colombia Bond         5       66.9      06/15/2045   CO        USD
Colombia Bond         6.3     63        07/09/2036   CO        COP
Colombia Bond         6.3     63        07/09/2036   CO        COP
Banco Davivienda SA   6.7     66.5                   CO        USD
Banco de Chile        2.7     75.4      03/09/2035   CL        AUD
Banco de Chile        1.7     69.5      04/26/2032   CL        EUR
Chile  Bond           1.3     52        01/22/2051   CL        EUR
Chile  Bond           3.1     66.9      01/22/2061   CL        USD
Chile  Bond           1.3     65.4      01/29/2040   CL        EUR
Chile  Bond           1.3     71.2      07/26/2036   CL        EUR
Chile  Bond           3.3     66.6      09/21/2071   CL        USD
China Maple Leaf      2.3     75        01/27/2026   KY        USD
China SCE Group       6       29        02/04/2026   KY        USD
China SCE Group       7.4     56.2      04/09/2024   KY        USD
China SCE Group       7       35.2      05/02/2025   KY        USD
China SCE Group       6       42.9      09/29/2024   KY        USD
Earls Eight           0.1     63.8      12/20/2031   KY        AUD
Earls Eight           2.3     75.2      05/20/2032   KY        AUD
Earls Eight           1.7     71.4      06/20/2032   KY        AUD
Ecopetrol SA          4.6     75        11/02/2031   CO        USD
Ecopetrol SA          5.9     63.9      11/02/2051   CO        USD
Ecopetrol SA          5.9     65.5      05/28/2045   CO        USD
eHi Car Services      7       64.9      09/21/2026   KY        USD
El Salvador Bond      6.4     62.3      01/18/2027   SV        USD
El Salvador Bond      6.4     62        01/18/2027   SV        USD
El Salvador Bond      7.1     48.5      01/20/2050   SV        USD
El Salvador Bond      7.1     48.6      01/20/2050   SV        USD
El Salvador Bond      5.9     46        01/30/2025   SV        USD
El Salvador Bond      7.6     49.4      02/01/2041   SV        USD
El Salvador Bond      7.6     49.4      02/01/2041   SV        USD
El Salvador Bond      8.6     58.1      02/28/2029   SV        USD
El Salvador Bond      8.6     57.9      02/28/2029   SV        USD
El Salvador Bond      8.3     56.4      04/10/2032   SV        USD
El Salvador Bond      8.3     56.3      04/10/2032   SV        USD
El Salvador Bond      7.7     50        06/15/2035   SV        USD
El Salvador Bond      7.7     50        06/15/2035   SV        USD
El Salvador Bond      9.5     54.6      07/15/2052   SV        USD
El Salvador Bond      9.5     54.5      07/15/2052   SV        USD
El Salvador Bond      7.6     49.9      09/21/2034   SV        USD
El Salvador Bond      7.6     50        09/21/2034   SV        USD
Banda de Couro        8       69.1      01/15/2027   BR        BRL
Alibaba Group         3.3     63        02/09/2061   KY        USD
AMTD IDEA Group       4.5     52.5                   KY        SGD
AAC Technologies      3.8     68.6      06/02/2031   KY        USD
ACEN Finance          4       70.9                   KY        USD
AES Tiete             6.8      0.7      04/15/2024   BR        BRL
Agile Group Holdings 13.5      40.7                  KY        USD
Agile Group Holdings  8.4      38.1                  KY        USD
Agile Group Holdings  7.9      31                    KY        USD
Argentina Bonar Bonds 1        19.8      7/09/2029   AR        USD
Argentina Bonar Bonds 1        27.5      08/05/2023  AR        USD
Argentina Treasury    2.5      25.3      11/30/2031  AR        ARS
Argentine  Bond       0.5      19.5      07/09/2029  AR        EUR
Argentine  Bond       1        23.7      07/09/2029  AR        USD
Argentine  Bond       0.1      21.5      07/09/2030  AR        EUR
Argentine Bonos      16        72.6      10/17/2023  AR        ARS
Argentine Bonos      15.5      22.2      10/17/2026  AR        ARS
Ascent Finance        3.4      58.4      02/06/2043  KY        AUD
Ascent Finance        3.8      59.8      06/28/2047  KY        AUD
Ascent Finance        1.2      61.4      07/12/2047  KY        EUR
Astra Cumulative      1.5      60.6      11/01/2029  KY        USD


                           *********


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

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

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

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

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

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


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