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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

          Wednesday, July 5, 2023, Vol. 24, No. 134

                           Headlines



A R G E N T I N A

ARGENTINA: To Make US$2.7-Billion as IMF Negotiations Continue


B A H A M A S

FTX GROUP: Begins Talks to Relaunch Int'l Cryptocurrency Exchange


B R A Z I L

BRAZIL: Public Debt Fell to US$1.2 Trillion in May


C O L O M B I A

BANCOLOMBIA SA: Moody's Affirms Ba3(hyb) Subordinated Debt Ratings
GRUPO AVAL: Moody's Affirms 'Ba2' Issuer Rating, Outlook Negative


D O M I N I C A N   R E P U B L I C

[*] DOMINICAN REPUBLIC: ALAVER Offers Guidance on Cibao Region


J A M A I C A

JAMAICA: Manufacturers Paid Less to Produce Outputs in May

                           - - - - -


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A R G E N T I N A
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ARGENTINA: To Make US$2.7-Billion as IMF Negotiations Continue
--------------------------------------------------------------
Buenos Aires Times reports that Argentina's government will make a
US$2.7-billion payment owed the International Monetary Fund (IMF)
as negotiations over the drafting of the country's extended fund
facility agreement continue.

Economy Ministry sources confirmed that the funds owed last month
to the IMF were "activated June 29 without touching dollars." The
source added that "US$1.9 billion will be in special drawing rights
and the rest in yuan," according to Buenos Aires Times.

The source of the Chinese currency is a debt-swap deal under which
Argentina will pay back as soon as the IMF board of directors
approves a new remittance, the report notes.  It remained unclear
at press time whether the government would pay the IMF directly in
yuans or would first change them into dollars, the report relays.

According to the sources, the funds met by special drawing rights,
or SDRs, were left over from previous payments to the IMF, the
report discloses.

Paying the IMF in Chinese currency is highly unusual and reflects
the lack of liquidity in Central Bank reserves, the report notes.
Estimates say they could fall below US$31 billion as a result of
the latest payment, the report relays.  International currency
holdings stood at US$43.78 billion when the Alberto Fernández
administration took office on December 10, 2019, the report says.

Argentina will have to pay a further US$1.3 billion as its first
July payment, the report discloses.

Argentina is attempting to avoid entering into default amid the
risk of the entire ongoing program collapsing, the report relays.
There have been prolonged conversations for several weeks between
IMF staff and Argentine officials to seal a new deal for the
program of this country's US$44 billion debt-load, the report
notes.  If the US$2.7 billion had not been paid by Argentina would
not be able to use special drawing rights for subsequent payments,
according to IMF rules, the report notes.

In recent weeks, Economy Minister Sergio Massa has been briefing
that a deal is imminent, the report relays.  Following confirmation
of his presidential candidacy for the ruling Union por la Patria
coalition, officials said that negotiations would be closed in the
following week and the new program guidelines disclosed, the report
says.

Massa is confident that he can reach a redrafted extended fund
facility agreement running up until the end of 2026, the report
discloses.  According to the Télam state news agency, this would
permit him to count on advances topping US$10 billion in the rest
of the year, the report notes.

During a presentation to construction industry leaders, Massa gave
a small clue in indicating that the agreement could skip the
quarterly stages for general guidelines covering all the second
half of this year, the report says.

Until now the markets have been operating calmly, taking it for
granted that Argentina and the IMF will arrive at an understanding,
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.  




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B A H A M A S
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FTX GROUP: Begins Talks to Relaunch Int'l Cryptocurrency Exchange
-----------------------------------------------------------------
Manya Saini at Reuters reports that bankrupt FTX is moving ahead
with efforts to revive its flagship international cryptocurrency
exchange, the Wall Street Journal reported citing CEO John Ray.

The company "has begun the process of soliciting interested parties
to the reboot of the FTX.com exchange," Ray said, according to the
Journal's report, according to Reuters.

The failed crypto company has been holding talks with investors
about backing a potential restart of the FTX.com exchange through
structures such as a joint venture, the report added citing people
familiar with the discussions, the report notes.

FTX debtors declined to comment on the report.

In November, FTX filed for Chapter 11 bankruptcy protection in the
United States following its spectacular collapse that sent shivers
through the digital assets industry, the report relays.

In the days leading up to the failure, customers of Sam
Bankman-Fried's crypto exchange withdrew billions of dollars,
hobbling the firm's liquidity. A rescue deal with rival exchange
Binance also fell through, precipitating crypto's highest-profile
collapse in recent years, the report discloses.

The industry has since been reeling amid the scrutiny of global
regulators, while FTX founder Bankman-Fried faces a criminal
lawsuit by the U.S. government for alleged fraud, the report
relays.

                          About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10, 2022, showing FTX had
$13.86 billion in liabilities and $14.6 billion in assets.
However,
only $900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




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B R A Z I L
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BRAZIL: Public Debt Fell to US$1.2 Trillion in May
--------------------------------------------------
Richard Mann at Rio Times Online reports that according to data
released by the National Treasury, the federal public debt in
Brazil reached R$6.01 (US$1.2) trillion at the end of May.

This figure represents a 0.31% decrease compared to April's debt of
R$6.03 trillion, according to Rio Times Online.

The drop in the debt can be attributed to various factors,
including the international economic situation, such as the
uncertainty surrounding the debt ceiling in the United States, as
well as the interest rate hikes by central banks in Europe and
North America, the report adds.

                              About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022
Brazilian general election. He was sworn in on January 1, 2023, as
the 39th president of Brazil, succeeding Jair Bolsonaro.

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).




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

BANCOLOMBIA SA: Moody's Affirms Ba3(hyb) Subordinated Debt Ratings
------------------------------------------------------------------
Moody's Investors Service has affirmed Bancolombia S.A.'s long-term
local and foreign currency deposit ratings at Baa2, following the
affirmation of the bank's Baseline Credit Assessment (BCA) and
Adjusted BCA at ba1. The bank's Prime-2 short-term local and
foreign currency deposit ratings as well as the Baa2 and Prime-2
long-term and short-term local and foreign currency Counterparty
Risk Ratings and the Baa2(cr) and Prime-2(cr) long-term and
short-term Counterparty Risk Assessments (CRA) were also affirmed.
Moody's also affirmed Bancolombia's Baa2 foreign currency senior
unsecured debt and Ba3(hyb) foreign currency subordinated debt
ratings. The outlook on the long-term bank deposit and senior
unsecured ratings remains stable.

RATINGS RATIONALE

The affirmation of Bancolombia's ba1 BCA reflects the bank's strong
and above-peers earnings generation and its continued ample access
to stable core funding, which is supported by its well-established
market position in Colombia. These strengths are counterbalanced by
the bank's high level of impaired loans, albeit cushioned by a
strong volume of loan loss reserves; a recent decrease in its
capitalization metrics; its moderate holdings of liquid assets, at
16.3% of tangible assets as of March 2023; and the bank's exposure
to riskier operating environments in countries of Central America,
which has a negative effect on its Macro Profile.

Bancolombia has reported a strong performance in profitability
since 2021, with its ratio of net income to tangible assets
increasing to 2.1% in March 2023 from 2.0% in year-end 2022 and
1.5% in 2021.The bank's stronger-than-peers funding profile, with
steady access to core deposits and a large volume of floating-rate
loans, has allowed it to sustain high and rising interest margins
amid a scenario of rapid increase in monetary policy rates that
also helped Bancolombia absorb the significantly higher provisions
reported in fourth quarter 2022 and first quarter 2023. Moody's
expect Bancolombia will maintain strong bottom-line results in the
next two to three quarters as margins stay high, despite continued
high provisioning needs.

The bank's problem loans, measured as Stage 3 loans under IFRS,
were 5.7% in March 2023. Although it remains at a relatively high
level, the bank's problem loan ratios have declined gradually since
year-end 2020, after peaking at 8.6%. Despite the relatively high
loan delinquency, Bancolombia has bottom-line results and capital
position that are partially protected by high reserve coverage at
6.2% of gross loans in March 2023, also equivalent to 1.1x Stage 3
loans. The steep economic deceleration in Colombia will likely
continue to pressure the bank's asset quality in the second half of
2023, especially in the consumer lending segment, which also
required the bank to increase provision expenses recently.

The bank's tangible common equity to adjusted risk-weighted asset
metric fell to 8.9% in March 2023, from 9.7% in year-end 2022 and
10.4% in 2021. Moody's expect the bank's capital metrics will
remain below levels seen in previous years, albeit still
commensurate with its BCA. This will stem from strong earnings and
a more subdued asset growth in 2023, which will likely lead to a
recovery in capital metrics. In 2020, the bank's capitalization
benefitted from the adoption of Basel III standards, mainly due to
a reduction in the density of risk-weighted assets. Since then,
capital metrics have fallen due to significant asset growth and
dividend payments, despite strong capital replenishment from
earnings.

Bancolombia's Baa2 deposit and senior debt ratings incorporate
Moody's assessment of a very high likelihood of government support,
given the bank's systemic importance in Colombia, resulting in a
two-notch uplift from its ba1 BCA.

The stable outlook on Bancolombia's deposit and senior debt ratings
reflects Moody's view that the bank's credit profile will remain
consistent with its current rating, supported by strong
profitability and sound funding profile, even as operating
conditions remain challenging until year-end 2023. In addition, the
ratings have a stable outlook in line with the outlook on the
sovereign rating.

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

Bancolombia's Baa2 deposit and senior debt ratings are at the same
level as the Government of Colombia's bond rating and could face
upward pressure if the sovereign bond rating were upgraded. In
addition, the bank's BCA could be upgraded because of an
improvement in its credit fundamentals, particularly in capital
after recent deterioration, coupled with an improvement of
Colombia's operating environment.

Conversely, the banks' ratings could be downgraded if Colombia's
bond rating is downgraded. The ratings and BCA could also face
downward pressure if the bank's intrinsic credit fundamentals
deteriorate unexpectedly, especially if capital metrics remains low
for a long period of time or if asset quality deterioration is more
material than expected, pressuring earnings and ultimately
capital.

RATING METHODOLOGY

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

GRUPO AVAL: Moody's Affirms 'Ba2' Issuer Rating, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed all ratings and assessments
assigned to Banco de Bogota S.A., including its ba1 baseline credit
assessment (BCA) and Baa2 long-term global deposit and senior
unsecured debt ratings. Moody's also affirmed the ratings assigned
to Grupo Aval Acciones y Valores S.A. (Grupo Aval), including its
Ba2 issuer rating, as well as the Ba2 backed senior unsecured debt
rating assigned to Grupo Aval Limited. The debt and deposit ratings
outlook for Banco de Bogota remains stable, while the outlook on
Grupo Aval's ratings remains negative.

RATINGS RATIONALE

BANCO DE BOGOTÁ

The affirmation of Banco de Bogota's ba1 BCA reflects the bank's
strong and resilient earnings generation with an average 1.6%
return on tangible assets between 2020 and 2022, which was
sustained amid the weaker risk conditions as a result of the
acceleration of inflation and interest rates in Colombia. With a
strong banking franchise in the country, Banco de Bogota's
operations is supported by a stable domestic core deposit base that
accounted for 76% of total funding as of March 2023, which limits
refinancing risks in times of tighter and highly volatile financial
markets.

These strengths are counterbalanced by Banco de Bogota's relatively
weaker loan asset quality, when compared to its main peers in the
country, indicated by a level of problem loans that remains above
peers average of 4.6%. The bank's stage 3 loans under IFRS
standards were high at 7.4% of gross loans as of March 2023. In
addition, the loan loss reserves coverage of stage 3 loans of 75%
in March 2023, also stood below its peers' 113% in the same period,
providing more limited cushion for profitability and
capitalization, particularly amid a more challenging operating
environment in Colombia in 2023. Considering the steep economic
deceleration that Colombia is expected to experience this year,
combined with strong loan growth presented by the bank in the last
two years, the bank's asset risk metrics will likely continue to
deteriorate in the second half of 2023, albeit Moody's expect it
will remain manageable and still consistent with the positioning of
its BCA.

Following the spinoff and the sale of BAC Holding International
Corporation (BHI) in 2022, Banco de Bogota's business and financial
profile has changed significantly. Before this organizational
restructuring, BAC International Bank, Inc (BAC, Ba1 stable), the
largest bank in Central America, represented roughly 45% of Banco
de Bogota's consolidated assets. The transaction, therefore,
reduced the size of Banco de Bogota's consolidated operations and
changed the strategic scope of its business model that is now more
focused on enhancing its position in the Colombian banking system,
with positive credit implications for the bank as a result of the
derisking from weaker operating environments in Central America,
reduced volatility of its consolidated balance sheet due to foreign
exchange movements, and improved financial flexibility by easing
capital allocation at Banco de Bogota level. The increase to the
bank's capital position from the sale of BHI was offset by
acceleration of loan growth of 19% between March 2022 and March
2023.  The bank's common equity tier 1 ratio stood at 9.7% in March
2023, down from 10.1% and 10.2% in 2022 and 2021 year-end,
respectively. Moody's expect Banco de Bogota's capitalization to
remain stable in the coming year benefiting from a slowdown in loan
origination, which will offset continued dividend payouts.

Banco de Bogota's Baa2 deposit and senior unsecured debt ratings
incorporate Moody's assessment of a very high likelihood of
government support, given the bank's systemic importance in
Colombia, which results in a two-notch uplift from its ba1 BCA. The
stable outlook on Banco de Bogota's rating reflects that, even as
operating conditions stay challenging for the rest of 2023, the
bank's financial profile will remain consistent with its current
rating, supported by recurring earning generation and stable
funding profile. In addition, the stable outlook also acknowledges
the stable outlook on the Government of Colombia, considering the
uplift related to Moody's assessment of government support.

GRUPO AVAL

Grupo Aval Limited's Ba2 senior unsecured debt ratings incorporate
the structural subordination of the holding company's liabilities
to the liabilities of Banco de Bogota and its other subsidiaries
and are notched off Banco de Bogota S.A.'s ba1 BCA. Grupo Aval's
Ba2 issuer rating considers the importance of Banco de Bogota as
the main subsidiary of the holding company. Grupo Aval Limited's
debt ratings are in turn based on Grupo Aval's irrevocable and
unconditional guarantee of Grupo Aval Limited's liabilities under
the indentures.

The affirmation of Grupo Aval's rating considers Moody's
expectation that Banco de Bogota's BCA will remain adequately
positioned at ba1 in the outlook horizon. In addition, despite the
holding company's relatively high double leverage ratio at 127% as
of March 2023, which was affected by BHI's spinoff in 2022, the
ratings are supported by the company's relatively low near-term
refinancing risks, historically adequate holdings of liquid assets
and good coverage of interest with dividends and interest income.
However, the negative outlook incorporates the company's high
double leverage ratio, calculated considering the combined value of
the holding company's equity and hybrid equity investments divided
by the holding company's own equity, which if persistent over time,
could lead to an increase in the notching gap between Grupo Aval's
rating and Banco de Bogotá's ba1 BCA.

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

Banco de Bogota's Baa2 supported ratings for deposits and senior
unsecured debt are positioned at the same level of sovereign bond
rating for the Government of Colombia (Baa2 stable). Therefore, the
ratings could face upward pressure if Colombia's government bond
rating were upgraded. In turn, the bank's BCA could be upgraded if
it achieved and sustained a significant improvement in asset
quality, coupled with continued strong earnings, in turn reducing
potential pressure on capital.

Conversely, the ratings of Banco de Bogota would face downward
pressure if Colombia's government bond rating were downgraded. In
addition, negative BCA and rating pressure would arise if the
issuer's intrinsic credit fundamentals deteriorate unexpectedly,
for example if current weaker operating conditions led to a larger
than expected deterioration in asset quality ratios that impaired
the bank's earnings and capital.

Either upward or downward pressures on Grupo Aval and Grupo Aval
Limited's ratings would be associated with upward or downward
change of Banco de Bogota's BCA, because the holding company's Ba2
issuer rating is anchored to the bank's BCA. However, Grupo Aval's
ratings could also face downward pressures from an additional
increase on the holding company's double leverage ratio, or if a
gradual reduction in the metric does not materialize, or a
significant deterioration in its interest coverage ratio and
liquidity buffers.

LIST OF AFFECTED RATINGS

Issuer: Grupo Aval Acciones y Valores S.A.

Affirmations:

ST Issuer Rating (Foreign Currency), Affirmed NP

ST Issuer Rating (Local Currency), Affirmed NP

LT Issuer Rating (Foreign Currency), Affirmed Ba2 NEG

LT Issuer Rating (Local Currency), Affirmed Ba2 NEG

Outlook Actions:

Outlook, Remains Negative

Issuer: Banco de Bogota S.A.

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed ba1

Baseline Credit Assessment, Affirmed ba1

ST Counterparty Risk Assessment, Affirmed P-2(cr)

LT Counterparty Risk Assessment, Affirmed Baa2(cr)

ST Counterparty Risk Rating (Foreign Currency), Affirmed P-2

ST Counterparty Risk Rating (Local Currency), Affirmed P-2

LT Counterparty Risk Rating (Foreign Currency), Affirmed Baa2

LT Counterparty Risk Rating (Local Currency), Affirmed Baa2

ST Bank Deposit (Foreign Currency), Affirmed P-2

ST Bank Deposit (Local Currency), Affirmed P-2

LT Bank Deposit (Foreign Currency), Affirmed Baa2 STA

LT Bank Deposit (Local Currency), Affirmed Baa2 STA

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Baa2 STA

Subordinate Regular Bond/Debenture (Foreign Currency), Affirmed
Ba2

Outlook Actions:

Outlook, Remains Stable

Issuer: Grupo Aval Limited

Affirmations:

Backed Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2 NEG

Outlook Actions:

Outlook, Remains Negative

RATING METHODOLOGY

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



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

[*] DOMINICAN REPUBLIC: ALAVER Offers Guidance on Cibao Region
--------------------------------------------------------------
Dominican Today reports that ALAVER, Asociacion de Ahorros y
Prestamos, organized a corporate lunch focused on discussing the
economic prospects for the second half of 2023, specifically
focusing on the Cibao Central region.  The event aimed to provide
valuable insights to ALAVER's business clients, according to
Dominican Today.

Renowned economist Raul Ovalle, the managing partner of Analytica,
delivered a comprehensive analysis of the economic situation in the
northern part of the country, taking into account the national and
international context and the challenges it faces, the report
notes.  His presentation provided valuable guidance to attendees,
the report relays.

Jose Francisco Deschamps, the executive vice president of ALAVER,
emphasized the importance of keeping associates well-informed to
enable them to make informed financial decisions for their
businesses and maintain sustainable growth, the report discloses.

As ALAVER approaches its 60th anniversary, the association remains
committed to ensuring that its associates are aware of the economic
and financial environment, the report notes.  Deschamps highlighted
the positive rating of A and B, as well as the absence of default,
for the companies associated with ALAVER, the report says.  This
success in the sector reflects the commitment to maintaining a
healthy portfolio, the report relays.

One of the key topics presented by Ovalle was the expected slowdown
in the global economy in the coming years, the report relays.
However, the Dominican Republic is projected to continue
demonstrating solid performance, with an estimated growth rate of
4% in 2023, the report notes.  This growth rate would position the
country as one of the three fastest-growing economies in the Latin
American region, the report discloses.

Ovalle also discussed the significant growth in loan portfolios in
sectors such as construction, real estate, commerce, consumption,
and the automotive industry, the report relays.  These sectors have
outperformed the national average as of April this year, the report
says.

Ovalle highlighted potential risks in 2023, particularly in a
pre-electoral year, the report relays.  These risks include the
deepening sociopolitical crisis in Haiti and the proposal for early
withdrawals from individually funded pension systems, the report
discloses.  He stressed the importance of public policymakers and
key players in the private sector investing in strengthening their
reputational risk management frameworks, the report relays.  This
investment is crucial for attracting and retaining investment in
the country, the report notes.

The lunch provided an opportunity for participants, including
prominent associates from the business banking segment, to analyze,
discuss, and share ideas about the future of the economy and
business in the Cibao Central region, 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.




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

JAMAICA: Manufacturers Paid Less to Produce Outputs in May
----------------------------------------------------------
RJR News reports that costs to produce outputs for manufacturers in
Jamaica fell by 0.7 per cent on an annual basis as at May 2023.

The Statistical Institute of Jamaica says the decline was due to a
24 per cent fall in the cost of 'Refined Petroleum Products,'
according to RJR News.

But the decline was countered by a 5.9 per cent increase in the
costs to manufacturers in the group 'Food, Beverages & Tobacco,'
the report notes.

For the month of May alone, output prices for producers in the
Manufacturing industry declined by 0.9 per cent, the report
relays.

A decline of 5.3 per cent in the cost of 'Refined Petroleum
Products' over the months was the main contributor to the reduction
in the cost to manufacture goods, the report adds.

As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.



                           *********


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
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of the same firm for the term of the initial subscription or
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