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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, December 4, 2023, Vol. 24, No. 242

                           Headlines



A R G E N T I N A

ARGENTINA: Milei Heads to U.S. for Talks with IMF, Biden Admin.
ARGENTINA: Pres Says Closure of Central Bank is 'Non-Negotiable'
BLOCKFI INC: Reaches Deal in Principle With Vrai Nom


B R A Z I L

BANCO INDUSTRIAL: Moody's Hikes Long Term Deposit Ratings to Ba2
BRAZIL: Industrial Output Grows Slightly in October
BRAZIL: Sees Major Decline in October Primary Surplus
CSN RESOURCES: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba2'


C O L O M B I A

BANCO DAVIVIENDA: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg
BANCO DE BOGOTA: Fitch Affirms 'BB+' LT IDR, Outlook Stable
BANCO DE OCCIDENTE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
BANCOLOMBIA SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
FINANCIERA COLOMBIANA: Fitch Affirms 'BB+' LT IDR, Outlook Stable



D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos.


M E X I C O

AXTEL SAB: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
OPERADORA DE SERVICIOS: Moody's Lowers CFR to B3, Placed on Review


P U E R T O   R I C O

[*] BED BATH & BEYOND: Abandoned Locations Claimed by Retailers


V E N E Z U E L A

VENEZUELA: IMF Executive Board Holds Informal Briefing


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week Nov. 27 to Dec. 1, 2023

                           - - - - -


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

ARGENTINA: Milei Heads to U.S. for Talks with IMF, Biden Admin.
---------------------------------------------------------------
Bloomberg News reports that Argentine President-elect Javier Milei
arrived in the U.S. last week for a trip to New York and Washington
that will include meetings with the International Monetary Fund and
Biden administration officials, as well as former President Bill
Clinton, as he looks to shore up support for the nation's
crisis-torn economy.

Milei was to meet with President Joe Biden's National Security
Advisor Jake Sullivan and US Treasury officials, according to press
offices from the US and Argentina, reports Bloomberg News.

Accompanied by campaign manager Nicolas Posse and economic adviser
Luis Caputo, he'll also speak with IMF staff as Argentina needs to
reset its $43 billion loan agreement that's gone off track under
the current government, the report notes.

The purpose of the meetings is to explain the incoming
administration's economic plan including the fiscal adjustment,
reforms and deregulation, according to a text message from a Milei
spokesperson, the report relays.

Senior officials at the US Treasury were scheduled to meet last
Tuesday with Milei's economic policy team, according to a
department spokesperson, the report says.  During the meeting,
officials were expected to discuss the incoming administration's
economic policy priorities, the spokesperson said, the report adds.


Milei says he'll enact "shock therapy" on Argentina's economy once
he takes office, which will include sharp spending cuts and
attempts to privatize some state-run companies in a bid to avoid
hyperinflation, recounts Bloomberg News. Consumer prices are
running over 140% annually.

Milei, 53, won Argentina's election on Nov. 19 on a promise to take
radical action to fix South America's second-biggest economy.
During his campaign, Milei proposed the country ditch its currency
in favor of the US dollar and close the central bank, though since
winning he's distanced himself from his dollarization guru while
tapping Caputo, a Wall Street veteran, to lead the economic
transition team, notes the report.

According to Bloomberg News, one strategic concern for the US
during the outgoing government of Argentine President Alberto
Fernandez has been the potential influence of China, which has lent
billions of dollars to pay off a chunk of Argentina's debt to the
IMF. That had never happened before in the fund's eight-decade
history.

Milei has pledged to focus his foreign policy on deepening
diplomatic ties with the US and Israel, while he repeatedly said he
would cool relations with China, but would still allow bilateral
trade, Bloomberg says. Milei's foreign policy adviser, Diana
Mondino, has also walked back some of Milei's harshest rhetoric on
China and Brazil.

Last Monday, Milei had lunch with Clinton in New York, according to
people familiar with the situation, who asked not to be identified
as his schedule isn't public. Milei's pick for US ambassador,
Gerardo Werthein, is a major donor to the Clinton Foundation,
according to a 2016 story in Argentinian newspaper Clarin. As well,
the US ambassador to Argentina, Marc Stanley, supported Hillary
Clinton's presidential bid. The Clinton Foundation didn't respond
to a request for comment, the report relays.

Last Monday morning, Milei made a pilgrimage to the Queens cemetery
where a Chabad-Lubavitch rabbi is buried, part of a "spiritual"
trip to give thanks for his victory. Last Friday, he received a
blessing from another rabbi in Argentina. A video from La Nacion on
the website X showed a solemn Milei arriving to the grave with his
sister Karina. Milei, who was raised Catholic, is converting to
Judaism, according to his spokesman, adds the report.

                       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 will be succeeded by Javier Milei who won the
presidential election on November 19, 2023. Milei is scheduled to
be sworn in as President of Argentina on December 10, 2023.

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

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.

S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

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

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

ARGENTINA: Pres Says Closure of Central Bank is 'Non-Negotiable'
----------------------------------------------------------------
Buenos Aires Times reports that President-elect Javier Milei says
his vow to shutter Argentina's Central Bank stands, despite the
exit of the key advisors from his transition team and future
Cabinet.

The X (formerly Twitter) account being used to publish
communications from the outspoken libertarian said that Milei's
plan to close the monetary institution is "non-negotiable" after
rumours the policy would be dropped once the libertarian leader
takes office, according to Buenos Aires Times.

"We wish to clarify that the closing of the Argentine Central Bank
is non-negotiable," it declared decisively, the report notes.

The reports emerged after it became clear that two key advisors,
Carlos Rodriguez and Emilio Ocampo, would not be joining the
president-elect's government, the report relays.

Local media began reporting that ex-government officials Luis
Caputo and Demian Reidel, two figures who are very close to
Mauricio Macri, have been put in charge of overseeing Milei's
economic transition team, the report notes.  The latter duo are now
seen as frontrunners to be put in charge of the Economy Ministry
and the Central Bank respectively, the report says.

The statement also confirmed the arrivals of Osvaldo Giordano and
Horacio Marin for the ANSES social security agency and YPF state
oil company respectively, starting from December 10, the report
relays.

The document disseminated via the president-elect's social media
accounts declared that "the only official information about the
future government" is "published in this medium" given the lack of
clarifications about Milei's future Cabinet, the report discloses.

"In this respect, economist Osvaldo Giordano will be the head of
ANSES [social security agency] and engineer Horacio Marin will be
in charge of YPF [state energy firm] starting on December 10," the
document continued, the report notes.

For the time being, these are the only two official appointments
from Milei's Cabinet, the report relays.

The news means that the rumoured appointment of ex-Buenos Aires
Province gubernatorial candidate Carolina Piparo to ANSES - news
previously confirmed by Milei himself in interviews - will not come
to pass, the report discloses.

Milei plans to sell off YPF and the ENARSA state energy firms, the
report relays.

"In the transition we're considering for energy, YPF and the ENARSA
Argentine energy company have a role. While these structures are
rebuilt, they are set up to create value so they may be sold in a
very beneficial way for Argentines," Milei stated in a radio
interview, the report notes.

Rodriguez, who recently sparked controversy with homophobic
comments, said that he was quitting Milei's team after a lack of
consultation, the report discloses.  He becomes the latest figure
aligned with Milei to jump ship after the run-off as allies of
Macri assume key roles in the next government, the report relays.

"I hereby communicate my unavoidable decision to end any formal,
real or implied, relationship as an economic advisor for La
Libertad Avanza," posted the academic and former economic policy
secretary in Carlos Menem's government, the report notes.

The return of Caputo to frontline politics has generated
controversy among liberal economists, who look askance at the
arrival of the finance expert in the most sensitive area of the
future administration, the report relays.  They consider his
pragmatic stance is not in line with the tone of the promises made
during Milei's campaign, the report discloses.

It seems that Reidel, a Harvard economist and researcher who was
the second vice-president of the Central Bank during Federico
Sturzenegger's term in office during the Juntos por el Cambio
government, will take on one of the libertarian's major objectives:
eliminating the institution entirely, 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 will be succeeded by Javier Milei who won the
presidential election on November 19, 2023. Milei is scheduled to
be sworn in as President of Argentina on December 10, 2023.

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

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.

S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

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

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

BLOCKFI INC: Reaches Deal in Principle With Vrai Nom
----------------------------------------------------
Liam 'Akiba' Wright of Crypto Slate reports that BlockFi Inc. has
reached an agreement in principle with Vrai Nom Investment in its
complex bankruptcy proceedings, potentially marking a pivotal
moment in the crypto lending firm's efforts to navigate its
financial challenges. BlockFi has been granted an adjournment on
related hearings until December 19, 2023.

As BlockFi emerges from the shadows of its November 2022 bankruptcy
filing, the firm continues to grapple with the aftermath of a
tumultuous period in the crypto market.

The backdrop for this development is BlockFi's recent emergence
from bankruptcy.  This emergence followed a period of halted
withdrawals and intensive legal and financial restructuring,
notably amidst the fallout following the collapse of the FTX
empire.  BlockFi's entanglement with FTX and the subsequent $275
million claim against the latter outlined a complex web of
relationships that underscored the interconnected nature of the
cryptocurrency sector.

Though details remain scarce pending legal formalities, the
agreement between BlockFi and Vrai Nom signals a potential
resolution of some contentious issues that have prolonged the
bankruptcy proceedings. This accord, aiming to settle matters in
both the adversary proceeding and the main bankruptcy case,
suggests a proactive approach by both parties towards a mutual
understanding and, potentially, a conclusive end to certain legal
disputes.

         Genesis of the BlockFi and Vrai Nom dispute

In June 2022, BlockFi, amidst its regular business operations
before the bankruptcy filing, entered into a significant loan
agreement with Vrai Nom. Under this agreement, Vrai Nom loaned
BlockFi International 21,670,000 USDC.  To secure this loan,
BlockFi pledged a substantial amount of cryptocurrency,
specifically ETH and ETHW tokens, as collateral.  This arrangement
set the stage for the ensuing legal dispute that unfolded as
BlockFi navigated through bankruptcy.

The dispute intensified in March 2023 when Vrai Nom filed a proof
of claim in the bankruptcy proceedings, asserting a $1.95 million
claim against BlockFi's estate.  This claim was predicated on the
balance owed following Vrai Nom's exercise of remedies against the
pledged collateral. However, it was revealed that these remedies
were exercised after BlockFi had already filed for bankruptcy,
leading to a violation of the automatic stay, which halts all
collection activities against a debtor once they file for
bankruptcy.

The violation was further compounded on November 30, 2022, when
Vrai Nom transferred 12,254.6305 ETH tokens from the pledged
collateral, an action undertaken without obtaining relief from the
automatic stay.  This transfer exceeded the loan balance by over $1
million, followed by BlockFi International's estate losing nearly
$5.2 million in property value.  Moreover, Vrai Nom continued to
old 5,631 ETHW tokens, further complicating the matter.

           Failed settlement attempts and escalation

BlockFi, recognizing the severity of the situation, issued a demand
letter to Vrai Nom in May 2023, attempting to engage them in
settlement discussions concerning the stay violation.  However,
Vrai Nom's lack of substantive response to the demand letter and
failure to address the stay violation prompted BlockFi to pursue
legal action.

The automatic stay in bankruptcy is a crucial protection for
debtors, preventing creditors from seizing or exercising control
over the debtor's property without court permission.  Vrai Nom's
actions, executed with full knowledge of BlockFi's bankruptcy
filing, constituted a willful violation of this stay.  Such
violations can lead to severe consequences, including contempt of
court, sanctions, and punitive damages, as they undermine the legal
process and the debtor's reorganization ability.

BlockFi accused Vrai Nom of inflicting over $5.1 million in damages
to its estate.  These damages were exacerbated by the costs and
delays incurred in enforcing compliance with the automatic stay.

BlockFi's position is that Vrai Nom's blatant disregard for the
bankruptcy proceedings and legal norms justifies compensatory
damages and punitive measures, including sanctions, attorneys'
fees, and additional relief deemed appropriate by the court.

          Broader Implications and the Road Ahead

While this agreement is a notable step, the overall picture of
BlockFi's bankruptcy resolution remains multifaceted. The company's
plans to continue asset distribution, notably to BlockFi Interest
Account (BIA) and Retail Loan customers starting in early 2024,
remain critical to their recovery strategy.  Additionally,
BlockFi's intent to pursue litigation against entities like FTX and
Three Arrow Capital (3AC) for asset recovery underscores the
ongoing complexities and the potential for significant shifts in
the bankruptcy landscape, depending on the outcomes of these legal
battles.

                       About BlockFi Inc.

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others.  BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried.  BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer.  BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year.  Kirkland & Ellis is also advising Celsius
and Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC, as strategic and
communications advisor.  Kroll Restructuring Administration, LLC,
is the notice and claims agent.   



===========
B R A Z I L
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BANCO INDUSTRIAL: Moody's Hikes Long Term Deposit Ratings to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded Banco Regional de
Desenvolvimento do Extremo Sul's (BRDE) long-term local currency
issuer rating to Ba2 from Ba3, and Banco Industrial do Brasil
S.A.'s (BIB) long-term local and foreign currency deposit ratings
to Ba2 from Ba3. BRDE and BIB's long-term local and foreign
currency counterparty risk ratings were also upgraded to Ba1 from
Ba2, as well as their standalone Baseline Credit Assessments (BCA)
and adjusted BCAs to ba2 from ba3. The long-term Counterparty Risk
Assessments (CRA) assigned to BRDE and BIB were also upgraded to
Ba1(cr) from Ba2(cr). Moody's also affirmed at Not Prime the
short-term local currency issuer rating of BRDE, the short-term
local and foreign deposit ratings of BIB and the short-term local
and foreign currency counterparty risk ratings of BRDE and BIB.
Additionally, the short-term CRA of BRDE and BIB was also affirmed
at Not Prime(cr). The outlook on BRDE's long-term local currency
issuer rating and BIB's long-term local and foreign currency
deposit ratings are maintained at stable.

RATINGS RATIONALE

BANCO REGIONAL DE DESENVOLVIMENTO DO EXTREMO SUL (BRDE)

In upgrading BRDE's BCA to ba2 from ba3, respectively, Moody's
acknowledged the bank's well-established role in fostering
development in the southern states of Brazil, supported by
disciplined risk management practices, which have aided problem
loan ratios to remain low throughout credit cycles, and by robust
capitalization that provides adequate loss absorption capacity to
the bank, also remaining above those of similar rated peers. In
June 2023, the capital ratio, measured by Moody's ratio of tangible
common equity to risk weighted assets (TCE/RWA), stood at 21.2%.
BDRE is a non-deposit taker development bank, with a ba2 BCA that
reflects the bank's highly concentrated funding base, predominantly
sourced from Banco Nacional de Desenvolvimento Economico e Social
– BNDES (Ba2 stable, ba2 BCA) and multilateral agencies. These
funding sources, however, have been less volatile than
institutional based resources during tighter financial market
conditions.  

On the other hand, Moody's expect asset risks to rise in the next
two quarters amid challenging climatic events that have been
affecting the region, and, thus, affecting BRDE's agriculture loan
book that accounted to around 50% of gross loans in June 2023.
Despite that, the volume of BRDE's problem loans remained
controlled at 0.6% of gross loans in June 2023, well below the
banking industry average of 3.1%, with renegotiated loans
accounting for 13.3% of the portfolio. In order to mitigate credit
risk, BRDE maintains high levels of collateral supporting the
agribusiness portfolio and adequate loan loss reserves that covered
2.97x problem loans in June 2023.

BANCO INDUSTRIAL DO BRASIL S.A. (BIB)

The upgrade of BIB's BCA to ba2 from ba3, reflects the bank's
consistent business strategy and adequate risk management
guidelines that buttress a long track record of resilient asset
quality metrics and steady profitability. The bank's ba2 BCA
considers improved operating conditions in 2023 that have supported
its core business of lending to small and mid-sized companies
(SMEs), benefiting from lower inflation, and solid labor market and
consumption. However, its business model remains challenged by high
competition from large commercial banks that have been increasing
operations in its core markets, as well as its reliance on
wholesale, confidence-sensitive funding mix, which is particularly
affected by higher-for-longer interest rates.

BIB has a sound history of asset quality, with problem loan ratios
remaining below 2% over the past five years (1.2% in September
2023). The bank maintains a predominantly short-term loan book,
strong collateral management, and adequate loan loss reserves that
stood at 1.35% of total loans in September 2023. While the SME
segment will still be challenged by elevated financing costs in
2024, the easing monetary cycle provides a gradual relief. Moody's
expect BIB's track record of modest, although steady, profitability
to support its core capital replenishment capacity. The bank's
strong capitalization, measured by Moody's TCE/RWA ratio of 12.1%
in September 2023, is a positive factor supporting the Ba2 deposit
rating.

CHANGE IN BRAZIL'S MACRO PROFILE REFLECTS IMPROVED OPERATING
CONDITIONS

Moody's has raised Brazil's Macro Profile (MP) to Moderate from
Moderate-, reflecting improvement in the operating environment and
credit conditions for banks. Moody's expectation for credit
conditions in Brazil reflects the country's improved economic
strength, particularly in the past two years, with annual real GDP
growth averaging above 2.5%, compared with negative -1.0% in
2015-2020. Looking forward, Moody's anticipate moderation on
economic growth at 2% annually between 2024 and 2025, although a
gradual decline in inflation and interest rate levels will support
reduction in problem loans and credit expansion, all positive
conditions for the banking industry. Moreover, banks in Brazil
reported lower delinquencies, built up conservative loan loss
reserves and adopted tighter loan underwriting over time amid the
expectation of challenging economic scenario for 2024, which will
also help to absorb unexpected losses ahead.

The Moderate MP for Brazil also incorporates improvements arising
from structural reforms approved in recent years, such as (1)
independence of the Central Bank of Brazil, (2) the state-owned
company law in 2016, (3) the labor reform of 2017 and (4)
regulation on collateral framework that reduces uncertainties
related to judicial disputes, which will continue to support
operating conditions for the banking system in Brazil.

The change to Brazil's MP is not in and of itself expected to have
a substantial impact on the ratings of the majority of individual
Brazilian banks Moody's rates. Despite that, Moody's highlights
that the upgrade of BRDE's and BIB's BCA to ba2 also incorporate
improvements to these banks' financial profiles that are
commensurate with the Moderate MP.

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

An upgrade of BRDE's ba2 BCA is unlikely at this moment because it
is at the same level as the Government of Brazil's Ba2 sovereign
bond rating. Conversely, a deterioration of the bank's financial
fundamentals beyond Moody's expectations, more specifically, if the
bank were to report higher problem loans, weaker profitability and
sudden reduction in capital position, could have a negative effect
on the bank's BCA. BRDE's BCA could also be downgraded if the
sovereign rating were to be downgraded.

The BCA of ba2 assigned to BIB is at the same level as the
Government of Brazil's Ba2 sovereign bond rating, and therefore, a
BCA upgrade is highly unlikely at this time. However, BIB's BCA
could be downgraded if the sovereign rating is downgraded.
Furthermore, significant deterioration in asset quality or a
persistent drop in profitability, driven by adverse competitive
factors or deterioration in funding cost conditions, could also
exert downward pressure on the ratings by hindering the bank's
ability to replenish its capital over the medium term. A sustained
decline in bank's core capital position would impair BIB's capacity
to absorb losses, and could also drive a rating downgrade.

PRINCIPAL METHODOLOGY

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

BRAZIL: Industrial Output Grows Slightly in October
---------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil's industrial
sector experienced a modest 0.1% growth in October compared to
September, factoring in seasonal adjustments.

This information comes from the Brazilian Institute of Geography
and Statistics (IBGE), according to Rio Times Online.  They
released a detailed report on Dec. 1, Rio Times Online relays.

Looking at the year-on-year comparison, there was a 1.2% rise in
October 2023, the report discloses.  This is in comparison to
October 2022, the report adds.

It's important to note that these figures don't account for
seasonal adjustments, says Rio Times Online. Despite this rise, the
industrial sector has not grown significantly, it adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest

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

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.

In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.

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

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).

BRAZIL: Sees Major Decline in October Primary Surplus
-----------------------------------------------------
Richard Mann at Rio Times Online reports that Brazil sees major
decline in October primary surplus.  This resulted from higher
spending outpacing revenue growth, leading the surplus to drop to
BRL18.277 billion ($3.729 billion), according to Rio Times Online.
       
This figure shows a considerable fall from the BRL30.592 billion
($6.242 billion) achieved in October 2022, the report notes.
Adjusted for inflation, the surplus declined by 43%, the report
relays.
       
The primary surplus, indicating the government's fiscal health
excluding debt interest, usually sees an uptick in October, the
report notes.
       
This increase typically stems from financial institutions'
quarterly tax payments, the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest

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

Fitch Ratings upgraded on July 26, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'BB', from 'BB-',
with a Stable Outlook. The upgrade reflects better-than-expected
macroeconomic and fiscal performance amid successive shocks in
recent years, proactive policies and reforms that have supported
this, and Fitch's expectation that the new government will work
toward further improvements.

In mid-June 2023, S&P Global Ratings, revised the outlook on its
long-term global scale ratings on Brazil to positive from stable.
S&P affirmed its 'BB-/B' long- and short-term foreign and local
currency sovereign credit ratings on Brazil. S&P also affirmed its
'brAAA' national scale rating, and the outlook remains stable. The
transfer and convertibility assessment remains 'BB+'. The positive
outlook reflects signs of greater certainty about stable fiscal and
monetary policy that could benefit Brazil's still-low GDP growth
prospects. Continued GDP growth plus the emerging framework for
fiscal policy could result in a smaller government debt burden than
expected, which could support monetary flexibility and sustain the
country's net external position.

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

DBRS Inc., on August 15, 2023, upgraded Brazil's Long-Term
Foreign and Local Currency - Issuer Ratings to BB from BB (low).
At the same time, DBRS Morningstar confirmed Brazil's
Short-term Foreign and Local Currency - Issuer Ratings at R-4.
The trend on all ratings is Stable (March 2018).

CSN RESOURCES: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
$500 million Backed Senior Unsecured Global Notes due in up to 7
years to be issued by CSN Resources S.A. (CSN Resources) and
unconditionally guaranteed by Companhia Siderurgica Nacional (CSN)
(CSN, Ba2 stable). CSN's Ba2 Corporate Family Rating remains
unchanged. The outlook is maintained stable.

The proposed issuance is part of CSN's liability management
strategy and proceeds will be used for debt prepayment and general
corporate purposes, thus not materially affecting the company's
debt protection metrics.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

CSN's Ba2 ratings reflect the company's position as a leading
manufacturer of flat-rolled steel in Brazil (Ba2 stable), with a
favorable product mix that is focused on value-added products, and
as a major producer of iron ore (the second-largest exporter in
Brazil). Historically, the company has reported a strong
Moody's-adjusted EBITDA margin of 20%-35% (26.1% in the 12 months
that ended September 2023), supported by its solid domestic market
position, wide range of products across different segments and
globally competitive production costs for both steel and iron ore.
CSN's ratings also incorporate an improvement in the company's
leverage and liquidity, driven by several measures implemented over
the past three years, and the company's improved operating
performance.

CSN's ratings are constrained by the company's track record of
aggressive financial policies, including a highly leveraged capital
structure, an appetite for growth and dividend requirements to
cover debt service at the parent level. Additional credit concerns
include CSN's exposure to the volatility in the steel business in
Brazil and iron ore prices, its concentration in a single
production site in the mining segment and potential overhangs
related to ongoing judicial disputes.

CSN has historically maintained a highly leveraged capital
structure. However, the company reduced its leverage rapidly in
2020 and 2021 because of a higher EBITDA stream coming from the
strong performance of the iron ore export business and
better-than-expected performance of steel in 2021. The company's
steel and iron ore operations are softening after the recent peak
performance, but will remain adequate based on still
higher-than-historical price levels, despite weakness in the
Brazilian steel market coming from competition from imports. CSN's
adjusted EBITDA decreased to BRL11.6 billion in the 12 months that
ended September 2023 from BRL13.1 billion in 2022, reflecting lower
prices, and the company's adjusted leverage increased to 3.8x from
3.2x during the same period, but was still at adequate levels.
Moody's expects CSN's adjusted leverage ratio to remain within
3.5x-4x over the next 12-18 months based on lower steel and iron
ore prices, and to remain within this range over time based on the
price scenario of $80-$110 per ton for iron ore (62% Fe) and
normalized profitability on steel operations.

In the second half of 2022, CSN concluded the $1.025 billion
acquisition of LafargeHolcim (Brasil) S.A, announced some material
acquisitions of power generation assets and paid a total of BRL6.5
billion in dividends in 2022 and 2023. The acquisitions and
dividend payments do not jeopardize CSN's credit profile and
liquidity substantially, considering the significant buffer the
company has built under credit metrics, but it does highlight CSN's
appetite for growth and its capital allocation strategy, which does
not prioritize debt reduction. Accordingly, the company will still
need to build a track record of conservative financial management
to improve its credit profile further, either through the restoring
of its cash position after all acquisitions or through the
acceleration of gross debt reduction.

LIQUIDITY

CSN's cash position was BRL15.3 billion (BRL16.4 billion, including
Usiminas' shares) at the end of September 2023, down from BRL16.9
billion as of year-end 2022, but significantly above BRL1.6
billion-BRL4.1 billion from before 2020. The company's cash
position increased as a result of the FCF generated since
mid-to-late 2020 and the company's liquidity-enhancing initiatives,
such as the BRL4 billion IPO of its mining subsidiary and the
monetization of BRL1.3 billion related to Usiminas' preferred
shares. CSN's debt amortization schedule also improved
sustainability with liability management initiatives that reduced
debt costs and increased debt tenors. The proposed transaction is
part of CSN's liability management strategy and proceeds will be
partially used for debt prepayment, including a tender offer for
CSN's $300 million outstanding notes due 2026, and for general
corporate purposes, thus improving liquidity to address debt
maturities in 2024 while lengthening the company's debt
amortization schedule further.

Moody's expects CSN to maintain a recurring cash position close to
BRL15 billion, and CSN has stated its target to maintain net
leverage below 2x through the end of 2024. Such milestones increase
visibility into CSN's ability to maintain solid credit metrics and
liquidity while the company continues to invest in growth and
pursues M&A activities, namely the potential acquisition of
InterCement's assets, although the company still lacks a track
record of adhering to such targets.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectation that CSN's
operations will continue to perform well over the next 12-18
months, and the company will maintain a strong balance sheet and
liquidity while pursuing growth.

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

CSN's ratings could be upgraded if the company exhibits
conservative financial management over an extended period, or
maintains its financial flexibility, either through a strengthened
cash position or a lower debt balance through commodity cycles. An
upgrade would also require total leverage below 3.0x total adjusted
debt/EBITDA (3.8x in the 12 months that ended September 2023) and
an interest coverage ratio, measured as EBIT/interest expense,
above 4.0x (1.6x in the 12 months that ended September 2023) on a
sustained basis.

CSN's ratings could be downgraded if the company's performance over
the next 12-18 months deteriorates, such that its leverage remains
above 4.0x and EBIT/interest remains below 2.5x on a sustained
basis. Evidence of more aggressive financial policies or a
deterioration in the company's liquidity would also trigger a
rating downgrade.

COMPANY PROFILE

With an annual capacity of 5.6 million tons of crude steel,
Companhia Siderurgica Nacional (CSN) is a vertically integrated,
low-cost producer of flat-rolled steel, including slabs, hot and
cold rolled steel, and a wide range of value-added steel products,
such as galvanized sheet and tin plates. In addition, the company
has downstream operations to produce customized products,
pre-painted steel and steel packaging. CSN sells its products to a
broad array of sectors and industries, including automotive,
capital goods, packaging, construction and home appliance. CSN owns
and operates cold rolling and galvanizing facilities in Portugal,
along with long steel assets in Germany, through its subsidiary
Stahlwerk Thüringen GmbH. The company also has a long steel line
(500,000 tons capacity) at the Volta Redonda plant. CSN is a major
producer of iron ore (the second-largest exporter in Brazil), with
a sales volume of 41.2 million tons in the 12 months that ended
September 2023. The company has operations in other segments, such
as cement, logistics, port terminals and power generation. CSN
reported revenue of BRL44.6 billion ($8.9 billion) in the 12 months
that ended September 2023, with an adjusted EBITDA margin of
26.1%.

The principal methodology used in this rating was Steel published
in November 2021.



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

BANCO DAVIVIENDA: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Banco Davivienda
S.A.'s (Davivienda) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) to Negative from Stable and affirmed the
IDRs at 'BB+'. Fitch has also affirmed the Viability Rating (VR) at
'bb+' and the National Long-Term rating at 'AAA(col)' Outlook
revised to Negative from Stable. Fitch has additionally affirmed
Grupo Bolivar S.A.'s (GB) National Long-Term Ratings at 'AAA(col)'
Outlook revised to Negative from Stable.

The Negative Outlook reflects downside risk as significant assets
and earnings deterioration were above Fitch expectation due greater
materialization of credit risk, especially within the consumer
segment, resulting in important increase of loan loss provisions.
Also, Davivienda's earnings have been under pressure as funding
costs were driven by the current high interest environment due to
the restrictive monetary policy and the shift from demand deposits
to term deposits as part of the NSFR adoption in Colombia. The
Negative Outlook on Davivienda and GB National Long-Term ratings
mirrors the Outlook on Davivienda's IDRs.

KEY RATING DRIVERS

VR Drives IDRs: Davivienda IDRs are driven by its VR. The VR is one
notch above the 'bb' implied VR and reflects the bank's strong
business profile. This factor has a positive impact on the bank's
credit profile given the leading market position in Colombia as the
second largest bank and adequate franchise in Central America. The
assessment also considers its sound risk management and resilient
financial performance amid the recent challenging operating
environment (OE), as well as its good capital position and its
large and stable deposit base.

Challenging Operating Environment: Fitch expects the OE for
Colombian banks to remain stable during 2024 due to lower GDP
growth, inflation declining but still above the central bank's
3+/-1% target, slow decrease in funding cost and gradual
improvement on asset quality after a peak reached during 2H23.
Furthermore, exposure to global markets and political uncertainty
will likely continue to pose challenges and headwinds to economic
growth. Fitch believes sustained capitalization, resilient
profitability and adequate reserves provide sufficient resilience
to face stress for the banks.

Strong Business Profile: Davivienda's business profile is
underpinned by its stable total operating income (TOI), strong
market position in Colombia and a leading franchise in Central
America. Davivienda has a diversified business model serving more
than 23 million customers, offering a full suite of retail and
commercial banking as well as wealth management and capital market
services. The four-year average TOI is USD2,451 million is
supported on business and geographic diversification and has proved
resilience to its overall financial performance while control risk.
Continuous efforts to develop cutting-edge digital technologies
also strengthen its business model.

Risk Profile Impacted by Economic Cycle: Fitch considers the bank's
risk profile as sound, supported by its well-developed credit risk
standards and risk control framework. Collateral requirements (53%
loan portfolio: September 2023) and risk management with
well-defined systems and procedures have proven effective during
periods of market turmoil. Nevertheless, the bank has not been
immune to crises and economic downturns, and, since last part of
2022 and 2023, credit growth has decelerated in line with a
scenario of higher interest rates and a slowdown in local economic
activity. This has been accompanied by greater materialization of
credit risk, especially within the unsecured consumer segment,
resulting in important loan loss provisions that negatively
impacted profitability.

Asset Quality Deteriorated: Davivienda asset quality deteriorated
to 4.7% at September 2023 above Fitch expectations about 4% driven
by greater consumer loan deterioration after a historical growth
seen after the pandemic. Fitch expects that the pace of credit
normalization begins on 4Q23, which is expected to be manageable
thanks to the risk measures taken by the bank and the deceleration
of the total portfolio. However, credit cost should remain above 3%
for the next 12 months as additional provision expenses should be
needed and non-performing loan ratio could remain above 4.0% as
economic recovery is expected to continue facing challenges.
Moderate risk concentrations by debtor and economic sector and real
guarantees partially mitigate risks, even though is not expected to
see excess of loan loss reserves. The asset quality performance for
its Central America operation is expected to remain stable.

Continued Provisioning and Pressured NIM Dampen Earnings:
Davivienda's earnings have been under pressure as funding cost were
driven by the current high interest environment and the negative
impact of credit cost on profitability. Higher provisions driven by
asset quality deterioration brought net income down to its lowest
levels, while Net Interest Margin (NIM) was impacted by lower loan
growth, especially in higher margin credits and the shift from
demand deposits to term deposits as part of the NSFR adoption in
Colombia. Fitch expects the profitability core metric ratio of
operating profit to risk weighted assets (RWA) to contract to -0.4%
at YE 2023 below the bb range and then to resume its performance in
the next 12 months above 1.25%, once provisions show signs of
stabilization and pressures on NIM decrease as part of the end of
monetary rate-hiking cycle. Market volatility, political
uncertainty and high unemployment could affect the earnings
expected evolution.

Adequate Capital Metrics: Davivienda's capitalization remains
adequate amid assets contraction and limited earning generation
during 2023, with a common equity Tier 1 (CET1)-to-RWA ratio of
10.2% as of 3Q23 and a total regulatory capital ratio at 14.6% due
to additional loss absorption provided by hybrid capital
securities. Fitch expects capitalization to remain at about 11%
over the next two years with a capital score of 'bb-', commensurate
with the bank's planned growth and earnings recovery. Sound risk
management, high collateral requirements and resilient asset
quality also underpinned the bank's capitalization.

Diversified and Stable Funding: Davivienda's funding and liquidity
assessment is enhanced by its good market position in deposits,
supported by ample banking infrastructure and digital
transformation. Loans to deposits ratio of about 114% at September
2023 was below its historical average of 121% but still above the
peer average, as the bank utilizes longer-tenor funding that helps
to better match its assets and liabilities.

Customer deposits show a shift from demand deposits to term
deposits as part of the NSFR adoption in Colombia. Fitch expects
the deposit base and regular access to capital markets to continue
to boost loan growth. Conservative liquidity policies and a
consolidated market position will allow the bank to fulfil
regulatory liquidity ratios above 100%. The factor score remains at
'bb+'. Davivienda's subsidiaries are funded independently in their
home markets and must be self-sufficient to avoid contagion
effects.

RATING SENSITIVITIES

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

VR, IDRs and National Ratings

- Davivienda's VRs and IDRs are sensitive to a material
deterioration in the local OE or a negative sovereign rating
action;

- The ratings could be downgraded if asset quality deterioration is
not controlled and led profitability ratio (operating profit to
RWA) consistently below 1.25%, resulting in an erosion of CET1
ratio consistently below 10%;

- A weakening of Fitch's assessment on the business or risk profile
could also trigger a downgrade;

- Davivienda's national scale ratings will reflect any change in
local relativities.

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

VR, IDRS and National Ratings

- Given the limitations of the OE, a ratings upgrade is unlikely in
the medium term;

- Over the longer term, the ratings could be upgraded by the
confluence of an improvement of the OE and the bank's financial
profile;

- Davivienda's national ratings have no upside potential because
they are at the highest level in the national rating scale.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Davivienda's AT1 notes are rated four notches below its VR. The
notching reflects the notes' higher loss severity in light of their
deep subordination, and additional non-performance risk relative to
the VR, given the high write-down trigger of CET1 at 5.125% and
full discretion to cancel coupons. The debt has thus been affirmed
due to the affirmation of Davivienda's VR.

Davivienda's local subordinated debt is rated two notches below its
National Long-Term rating; two notches for loss severity (-2) and
zero notches for non-performance risk (0), given the terms of the
issuances (plain-vanilla subordinated debt).

Davivienda's local senior unsecured bonds are rated at the same
level as the bank's National Long-Term rating, considering the
absence of credit enhancement or any subordination feature.

GOVERNMENT SUPPORT RATING

The bank's Government Support rating of 'bb' reflects Davivienda's
size, systemic importance and the country's historical support
policy. Fitch believes there is a high probability of sovereign
support. Colombia's ability to provide such support is reflected in
the sovereign's Long-Term IDR (BB+/Stable).

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

- Davivienda's junior subordinated debt ratings will mirror any
action on the bank's VR.

- Davivienda's local senior debt ratings would move in line with
its National Long-Term rating.

- Davivienda's local subordinated debt ratings would move in line
with its National Long-Term rating.

- Davivienda's GS are potentially sensitive to any change in
assumptions as to the propensity or ability of Colombia to provide
timely support to the bank.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Grupo Bolivar National Ratings and Senior Debt

Grupo Bolivar's (GB) National ratings reflect the creditworthiness
of its main subsidiary, Banco Davivienda. GB's ratings are aligned
with Davivienda's because of its low double leverage (June 2023:
107%) supported by a high level of earnings retention and strong
cash flow metrics that sufficiently meet its debt service
requirements. Fitch expects a prudent dividend flow from the
companies to the holding company due to the effects of the economic
slowdown expected for 2024.

However, it considers that GB's prudent liquidity management, as
well as the flexibility of the investment plans and contingency
plans, sustains a projected cash flow that sufficiently covers the
debt service for the next several years.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

- GB's National ratings will mirror any action taken on
Davivienda's National ratings;

- Additionally, a substantial increase of GB's leverage (double
leverage above 120%) or a sustained decline in the dividend flows
from the operating companies that result in a deterioration of its
debt coverage ratios could pressure GB's ratings;

- GB's national scale ratings are at the highest level on the
national scale; therefore, they cannot be upgraded.

VR ADJUSTMENTS

The VR is one notch above the 'bb' implied rating due to the
following adjustment reason: business profile (positive).

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Grupo Bolivar's ratings are driven by the rating of its main
subsidiary, Banco Davivienda.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                    Rating              Prior
   -----------                    ------              -----
Grupo Bolivar
S.A.            Natl LT            AAA(col)Affirmed   AAA(col)
                Natl ST            F1+(col)Affirmed   F1+(col)

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

Banco
Davivienda
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(col)Affirmed   AAA(col)
                Natl ST            F1+(col)Affirmed   F1+(col)
                Viability          bb+     Affirmed   bb+
                Government Support bb      Affirmed   bb

   junior
   subordinated LT                 B       Affirmed   B

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

   subordinated Natl LT            AA(col) Affirmed   AA(col)

BANCO DE BOGOTA: Fitch Affirms 'BB+' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the international ratings of Banco de
Bogota S.A. (Bogota) and its holding company, Grupo Aval Acciones y
Valores S.A. (Grupo Aval). Fitch has affirmed Bogota's Viability
Rating (VR) and Long-Term (LT) Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'bb+' and 'BB+', respectively. The Rating
Outlook for the LT IDRs is Stable as Fitch does not anticipate a
further impact on the bank's financial profile after the
challenging operating environment (OE) from 2023, as healthier loan
growth coupled to improving economic activity are expected for
2024. A complete list of rating actions follows at the end of this
release.

Fitch has affirmed and subsequently withdrawn Grupo Aval's
Government Support Rating (GSR) as it is no longer considered to be
relevant for the analysis.

KEY RATING DRIVERS

Viability Rating Drives Rating: Bogota's VR is influenced by its
business profile, which is underpinned by its leading franchise.
The bank's ratings also consider its consistent financial
performance, reasonable credit and risk policies, and ample and
diversified funding base. Capitalization remains the bank's main
credit weakness relative to international peers.

Challenging Operating Environment: Fitch expects the OE for
Colombian banks to remain stable during 2024 due to higher GDP
growth, inflation declining but still above the central bank's
3+/-1% target, slow decrease in funding cost and gradual
improvement on asset quality after a peak reached during 2H23.
Furthermore, exposure to global markets and political uncertainty
will likely continue to pose challenges and headwinds to economic
growth. Fitch believes sustained capitalization, resilient
profitability and adequate reserves provide sufficient resilience
to face stress for the banks.

Leading Franchise: Bogota is Colombia's third-largest bank by
assets and by deposits, with 12% market share at June 30, 2023.
It's the second largest bank by net income; and third-largest by
loans (17.4% and 11.9% respectively). Given its size, the bank is a
systemically important financial institution in Colombia. Bogota
also consolidates Multibank, a Panamanian subsidiary which was
acquired in 2020 with a market share by assets, loans and deposits
of 4.0%, 4.5% and 3.5% respectively, at June 2023.

As of 3Q23, corporate lending reached 64.6% of gross loans, similar
to the ratio as of YE 2022, with a slight increase in consumer
loans from payrolls. 83% of the consolidated loans are booked in
Colombia while the remainder is mainly booked through Multibank.

OE Weighs on Asset Quality: Bogota's loan portfolio quality
deteriorated during 2023 due to the challenging OE and mainly
focused on unsecured retail loans. Nevertheless, the deterioration
is below that of the peers. The 90-day non-performing loans (NPLs),
reached 4.0% at September 2023 with a consolidated loan loss
reserve coverage ratio of 1.4x, similar to the pre-pandemic levels.
Deterioration should have reached its maximum level at 3Q23 end,
and asset quality ratios are expected to improve during 2024 thanks
to better macroeconomic conditions and OE, and lower interest
rates.

Profitability Impacted by Cost of Risk: Bogota's performance in
2023 was affected by higher cost of risk due to the deterioration
in retail loans and lower equity method income from
Corficolombiana. The bank's operating profit/risk weighted average
(RWA) of 1.9% at 2Q23 is mainly explained by sustained NIM and
higher impairment charges. Fitch expects this ratio to stabilize at
levels close to the 2.0%-2.5% range in the short to medium term
amid a stable OE, increasing loan growth, stable margins and lower
loan impairment charges.

Stable Capital Ratios: Bogota's capital has been maintained through
sustained profitability and moderate dividend policies, coupled
with moderate growth. Common equity Tier 1 (CET1) was 10.0% at
3Q23, stable to that from September 2022. Capital ratios for Bogota
are likely to improve during the short to mid-term as profitability
is expected to improve and due to the current effect the
available-for-sale portfolio has on the capital from ORI amid
higher RWA from loans, in addition, diversification, and improving
income from the equity method coming from Corficolombiana and
Porvenir should sustain the bank's profitability and, consequently,
its capitalization during 2024.

The recent announcement of a shareholder's agreement to change
Corficolombiana's controlling company to Banco Popular from Grupo
Aval is expected to result in improving capitalization ratios for
Banco de Bogota. Initial calculations result in 200 pb-250 pb
improvement in Bogota's CET1. Fitch will follow this process to
better assess its final impact.

Wide, Stable Funding: Bogota boasts an ample, well-diversified and
low-cost depositor base that funds all its lending activities. Its
loan to customer deposits ratio compares favorably with local
peers' even after the spin-off from 2022, which resulted in a ratio
closer to that of its Colombian operations. In Fitch's opinion,
Bogota's liquidity and liquidity management are appropriate for the
risks the bank faces. As of 3Q23, deposits grew 3.65% YTD,
supported especially by time deposits. This is explained in part by
the new NSFR regulation in Colombia, although the impact on banco
de Bogota has been lower compared to other local peers.

RATING SENSITIVITIES

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

- Bogota's VRs and IDRs are sensitive to a material deterioration
in the local OE or a negative sovereign rating action;

- The ratings could be downgraded from an extended deterioration of
the OE that leads to a significant deterioration of asset quality
and/or profitability (operating profit to RWA consistently below
1.5%), resulting in an erosion of capital cushions if the CET1
ratio falls consistently below 10%.

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

- Given the limitations of the OE, a ratings upgrade is unlikely in
the medium term;

- Over the longer term, an improvement in the OE, along with
improvement of capital metrics and profitability, could be positive
for creditworthiness.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SENIOR AND SUBORDINATED DEBT

BOGOTA

Bogota's senior unsecured obligations are rated at the same level
as the bank's IDR. Its subordinated debt is rated two notches below
the bank's VR.

GOVERNMENT SUPPORT RATING

BOGOTA

Bogota's GSR of 'bb', reflects the agency's estimation of a
moderate probability of sovereign support, if required, given the
bank's systemic importance. The ability of the sovereign to provide
support is based on its 'BB+'/Stable rating.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

SENIOR AND SUBORDINATED DEBT

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

- The ratings of Bogota's debt would move in line with the bank's
IDRs and VR.

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

- The ratings of Bogota's debt would move in line with the bank's
IDRs and VR.

GOVERNMENT SUPPORT RATING

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

- Bogota's GSRs would be affected if Fitch changes its assessment
of the government's ability and/or willingness to support the
bank.

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

- Bogota's GSRs would be affected if Fitch changes its assessment
of the government's ability and/or willingness to support the
bank.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

GRUPO AVAL ACCIONES Y VALORES S.A. (GRUPO AVAL)

Strong, Competitive Position: Grupo Aval Acciones y Valores S.A.'s
(Grupo Aval) ratings are driven by the business and financial
profile of its main operating subsidiary, Banco de Bogota (Bogota).
Moderate double leverage, good cash flow metrics and a sound
competitive position in multiple markets also support Grupo Aval's
ratings.

Challenging Consolidated Performance: On a consolidated basis,
Grupo Aval's financial profile has deteriorated during 2023 but it
has remained aligned to Fitch's expectations amid a more
challenging OE. Asset quality slightly deteriorated, with a
consolidated 90-days NPL of 3.8% at September 2023. On the other
hand, the holding company's operating profit to estimated RWA ratio
deteriorated to 2.65% at June 2023 due to increasing loan
impairment charges and higher cost of funds, which affected Aval's
subsidiaries. Fitch expects the consolidated profitability ratio to
return to levels close to those from the pre-pandemic years in the
mid-term, in the 3.0%-3.5% range, due to higher loan growth in 2024
and lower expectations on cost of risk. Also, lower impacts from
NSFR and funding cost is expected during 2024.

Evolving Double Leverage: On an unconsolidated basis, Grupo Aval's
double leverage is moderate (1.08x at September, 2023 or 1.24x when
including subordinated loans to subsidiaries and the AT1 investment
from BAC). This ratio has remained stable during 2023 and is
expected to return to levels below 1.20x in the short term as
profitability improves.

SENIOR AND SUBORDINATED DEBT

GRUPO AVAL LIMITED

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

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

GRUPO AVAL and GRUPO AVAL LIMITED

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

- Grupo Aval's IDR would remain at the same level as Bogota's and
would move in tandem with any rating actions on its main operating
subsidiary. However, the relativity between these two entities'
ratings could also be affected in the event of a material and
sustained increase in Grupo Aval's double-leverage metrics
(consistently above 1.2x), but also considering the holding
company's liquidity position and its management. Additionally, a
change in the dividend flows from the operating companies or debt
levels at the holding company that affects its debt coverage ratios
could also be detrimental to its ratings.

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

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

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

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of Grupo Aval Acciones y Valores are support-driven
from its main subsidiary Banco de Bogota S.A.; The rating of Grupo
Aval Limited issuance is linked to the rating of Grupo Aval
Acciones y Valores S.A.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                       Rating          Prior
   -----------                       ------          -----
Banco de Bogota,
S.A.               LT IDR             BB+ Affirmed   BB+
                   ST IDR             B   Affirmed   B
                   LC LT IDR          BB+ Affirmed   BB+
                   LC ST IDR          B   Affirmed   B
                   Viability          bb+ Affirmed   bb+
                   Government Support bb  Affirmed   bb

   senior
   unsecured       LT                 BB+ Affirmed   BB+

   subordinated    LT                 BB- Affirmed   BB-

Grupo Aval
Acciones y
Valores S.A.       LT IDR             BB+ Affirmed   BB+
                   ST IDR             B   Affirmed   B
                   LC LT IDR          BB+ Affirmed   BB+
                   LC ST IDR          B   Affirmed   B
                   Government Support ns  Affirmed   ns
                   Government Support WD  Withdrawn  ns

Grupo Aval
Limited

   senior
   unsecured       LT                 BB+ Affirmed   BB+

BANCO DE OCCIDENTE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de Occidente S.A.'s (Occidente)
and its subsidiaries' international and national ratings. Fitch
affirmed Occidente's Foreign and Local Currency Long- and
Short-Term Issuer Default Ratings (IDRs) at 'BB+' and 'B',
respectively, and its Viability Rating (VR) at 'bb+'.

At the same time, Fitch affirmed Banco de Occidente (Panama), S.A.
(BOP) LT IDR at 'BB+'. Fitch has also affirmed Occidente's and
Ficudiaria de Occidente, S.A.'s (Fiduoccidente) National Scale
Long- and Short-Term Ratings at 'AAA(col)' and 'F1+(col)' and
Occidental Bank (Barbados) Ltd. (OBB) at 'AA+(col)' and 'F1+(col)',
respectively.

The Rating Outlook on the long-term ratings is Stable. A list of
all rating actions is at the end of this document.

KEY RATING DRIVERS

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

Resilient Asset Quality: Occidente's adequate asset quality is
underpinned by a controlled NPL ratio (stage III loans), ample
reserve coverage and a fairly diversified portfolio. In 2023 the
Colombian banking system faced asset quality pressures driven by
persistent inflation and high interest rates. While Occidente's NPL
deteriorated to 3.3% as of September 2023 (December 2022: 2.9%),
Fitch expects that the ratio will return to levels below 3%,
commensurate with the agency's 'bb+' assessment, driven by the
bank's loan segment focus and adequate risk management controls.

Profits Remain Challenged: The bank's profitability metrics remain
relatively tight, stressed by increased funding costs and loan
impairment charges. In 9M23, its operating profit to risk-weighted
assets (RWA) ratio (annualized) decreased to 1.3% from 1.9% in
2022. As Colombian banks faced a new liquidity requirement by the
local regulator, most banks resorted to CDTs, a pricier funding
alternative that further tightened its net interest margin.
Occidente's loan impairment charges to pre-impairment operating
profit ratio increased to 64.8% in 9M23 from 56.5% in 2022. Fitch
expects Occidente's core metric to gradually recover to still be in
line with its 'bb-' assessment driven by the transfer of interest
rates to an increased portion of its loan portfolio and by the
expected interest rate cuts in 2024.

Modest Capitalization: As of September 2023, Occidente's CET1 to
RWA ratio was 10.3%, a level Fitch deems modest but that is similar
to other banks rated at the same level. The bank's capital metrics
are constrained by its rapid loan growth and recurrent dividend
payment policy. Positively, its ample reserve coverage improves its
loan loss absorption capacity. Fitch believes that Occidente's CET
1 ratio will revolve around 9%-10% given the bank's aggressive
credit growth plans and the still modest internal capital
generation. Nonetheless, Fitch believes that capital ordinary
support from its parent would be forthcoming if needed.

Adequate Funding Profile: The bank's funding structure is in line
with its business profile, which focuses on wholesale clients. Its
main source of funding is customer deposits, mainly from
institutional clients. While they provide for good stability, the
demanded cost is higher compared to other banks with a wide retail
base. As of September 2023, Occidente's loan to deposits ratio is
101.8%, which compares similar to other peers rated at the same
level. Other sources of funding are local bond issues and bilateral
loans. Fitch does not anticipate structural changes to Occidente's
funding profile

RATING SENSITIVITIES

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

- Occidente's VR and IDRs could be downgraded by a significant
deterioration of asset quality and profitability ratios that no
longer reflect the bank's good business profile; specifically, an
operating profit to RWAs ratio consistently below 1% and NPL ratio
above 5%.

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

- An upgrade is unlikely in the foreseeable future given the
constrains of the operating environment.

Occidente's SSR of 'bb+' reflects Fitch's view of high probability
of support from GA, if needed, given its role as one of the most
important subsidiaries for GA, as the group's second largest bank.
In Fitch's opinion, Occidente is core for GA's strategy and
institutional support should be forthcoming, if required. GA has a
consistent track record of support for its subsidiaries and its
ability to support them is illustrated by its 'BB+'/Outlook Stable
rating.

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

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

BANCO DE OCCIDENTE (PANAMA), S.A. (BOP)

BOP's IDRs are aligned to Occidente's as they reflect the potential
support it would receive from Occidente should it be required. The
parent's ability to support its Panamanian subsidiary is primarily
based on Occidente's IDR of 'BB+'/Stable Outlook. BOP's IDRs also
reflect the importance of the subsidiary in expanding Occidente's
international presence while maximizing synergies with the group.
Additionally, Occidente's expected support to BOP is bolstered by
the operational synergies, alignment of risk controls and business
practices.

OCCIDENTAL BANK (BARBADOS), LTD. (OBB)

OBB's national ratings reflect the potential support it would
receive from Occidente, should it be required. Fitch believes that
Occidente's propensity to support is high given the role OBB plays
in the group's strategy by offering international services to
Colombian and other Latin American clients and the high operational
and managerial integration. As this subsidiary is domiciled in
Barbados, Fitch also weights the country risks associated with
Occidente's ability to support in case of need which explains the
one notch difference in the national scale rating.

FIDUCIARIA DE OCCIDENTE S.A. (Fiduoccidente)

Fiduocciente national ratings are support driven and therefore are
aligned to Occidente's ratings. In Fitch's view, Fiduoccidente is a
core subsidiary to Occidente's business model and strategy, which
constitutes a high propensity of either direct or indirect support.
A default from this entity would constitute a high reputational
risk to its parent.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

BOP

- IDRs would change if Fitch's assessment of its parent's ability
and/or willingness to support BOP changes.

OBB

- A negative action on Occidente's national ratings;

- If Fitch perceives a diminished propensity of support from
Occidente.

Fiduoccidente

- A downgrade could come from a variation in Occidente's ability or
propensity of support or if its national ratings were downgraded.

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

BOP

- IDRs would mirror a positive action on Occidente's IDRs.

OBB

- An improvement of Barbado's country risk reflected in a sovereign
rating upgrade could lead to

Fiduoccidente

- The national ratings are already at the highest possible level.

VR ADJUSTMENTS

The VR of 'bb+' has been assigned above the 'bb' implied due to a
positive adjustment driven by the bank's business profile which is
assessed at 'bb+'.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BOP's, OBB's and Fiduoccidente's ratings are support driven by
Occidente's rating.

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. Fitch's ESG Relevance Scores are not inputs
in the rating process; they are an observation of the materiality
and relevance of ESG factors in the rating decision.

   Entity/Debt                      Rating              Prior
   -----------                      ------              -----
Occidental Bank
(Barbados) Ltd.   Natl LT            AA+(col)Affirmed   AA+(col)
                  Natl ST            F1+(col)Affirmed   F1+(col)

Banco de
Occidente
(Panama), S. A.  LT IDR              BB+     Affirmed   BB+
                 ST IDR              B       Affirmed   B
                 Shareholder Support bb+     Affirmed   bb+

Fiduciaria de
Occidente S.A.   Natl LT             AAA(col)Affirmed   AAA(col)
                 Natl ST             F1+(col)Affirmed   F1+(col)

Banco de
Occidente 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(col)Affirmed   AAA(col)
                 Natl ST             F1+(col)Affirmed   F1+(col)
                 Viability           bb+     Affirmed   bb+
                 Shareholder Support bb+     Affirmed   bb+

BANCOLOMBIA SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Bancolombia S.A.'s Long-Term Local and
Foreign Currency Issuer Default Rating (IDR) at 'BB+' with a Stable
Outlook and its Viability Rating (VR) at 'bb+'. Fitch has also
affirmed the international ratings for Bancolombia, certain local
and foreign subsidiaries, and a related entity.

KEY RATING DRIVERS

VR Drives IDRs: Bancolombia's VR, or standalone creditworthiness,
drives its Long-Term IDR. The VR considers Bancolombia's robust
company profile due to its leading market share within the
Colombian market and its adequate franchise in the Central America
region. The assessment also considers its sound risk management and
resilient financial performance amid the challenging operating
environment (OE).

Challenging Operating Environment: Fitch expects the OE for
Colombian banks to be challenging during 2024 due to lower GDP
growth, inflation declining but still above the central bank's
3+/-1% target, a slight decrease in funding cost, and gradual
improvement in asset quality after a peak reached during 2H23.
Furthermore, exposure to global markets and political uncertainty
will likely continue to pose challenges and headwinds to economic
growth. Fitch believes sustained capitalization, resilient
profitability, and adequate reserves provide sufficient resilience
to face stress.

Deteriorated Asset Quality: At 3Q23, the 90-day NPL ratio
deteriorated to 3.2% (YE 2022: 2.2%), reflecting the economic
slowdown and weaker borrower payment capacity due to high inflation
and high-interest rates. Loan loss allowances coverage of impaired
loans of 200.1% at 3Q23 support the bank's asset quality. Fitch
expects asset quality metrics to improve in 2024, considering that
the formation of new NPLs has already peaked and the bank is
reducing its exposure to sectors and segments affected by the
economic slowdown.

Solid Profitability: The operating profit-to-risk-weighted assets
ratio reduced to 3.0% as of 3Q23 from 3.3% at YE 2022. Nonetheless,
it remained solid mainly due to higher net interest margin (NIM)
and lower risk-weighted assets (RWA), which compensated for the
higher cost of credit. The higher NIM benefited from interest rate
hikes and the asset-sensitive balance sheet structure, mitigating
pressures in funding costs. Fitch expects profitability to improve
slightly in 2023, reflecting lower cost of credit and sound
margins.

Improved Capitalization: Bancolombia's CET1 improved to 10.9% at
3Q23 from 10.4% at YE 2022, reflecting sound capital internal
generation and lower RWA, the latest due to asset contraction.
However, this ratio compares unfavorable with that of regional
peers. In addition, loan loss allowances for impaired loans are
sound and better than domestic peers, which further supports the
bank's loss absorption capacity. Fitch does not anticipate
significant pressures in capitalization metrics in 2024 and
believes it will remain adequate at around 11%, driven by moderate
asset growth and net income generation.

Sound Liquidity: Bancolombia's liquidity position is sound and has
strengthened despite deposits reducing by 2.7% at 3Q23. Due to loan
portfolio contraction, the loan-to-deposit ratio improved to 105.6%
at 3Q23 compared to 107.6% at YE 2022. Fitch expects liquidity to
remain sound in 2024, reflecting moderate loan growth and the
bank's benefits from having the largest deposit market share in the
country and access to local and global capital and debt markets.

RATING SENSITIVITIES

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

- VRs and IDRs are sensitive to a material deterioration in the
local OE or a negative sovereign rating action;

- The ratings could be downgraded from a continued deterioration of
the OE that leads to a significant deterioration of the asset
quality and/or profitability (operating profit to RWA consistently
below 1.5%), that leads to a sustained decrease in the CET1 ratio
below 10%.

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

- Given the limitations of the OE, a ratings upgrade is unlikely in
the medium term for Bancolombia;

- Over the longer term, an improvement in the OE along with the
restoration of capital metrics could be positive for
creditworthiness.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The local Tier II capital subordinated notes are rated two notches
below Bancolombia's VR of 'bb+' and national rating of 'AAA' and
reflect loss severity exclusively. There is no notching due to
incremental non-performance risk. Notwithstanding, these securities
rank pari passu with other existing subordinated indebtedness and
the loss severity notching is wider on the proposed notes due to
the existence of a full write-down feature, which is not contained
in other outstanding subordinated debt.

Some other Tier II capital subordinated notes are rated three
notches below Bancolombia's national rating of 'AAA' and reflect
loss severity exclusively. There is no notching due to incremental
nonperformance risk. These notes consider transfer and
convertibility risk.

GOVERNMENT SUPPORT RATING (GSR)

The GSR of 'bb' reflects moderate probability of support being
forthcoming because of uncertainties about the ability or
propensity of the potential provider of support to do so. The
ability of the sovereign to provide support is based on its 'BB+'
Long-Term IDRs.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

SUBORDINATED DEBT

- Subordinated debt ratings will mirror any action on the bank's VR
and national long-term rating.

- The subordinated debt ratings are sensitive to a change in
Bancolombia's VR or national long-term rating. The ratings are also
sensitive to a wider notching from the anchor rating if there is a
change in Fitch's view on the non-performance of these instruments
on a going concern basis, which is not the baseline scenario.

GSR

- Bancolombia's GSR would be affected by a positive change in
Colombia's ability or willingness to support the bank.

- Bancolombia's GSR would be affected by a negative change in
Colombia's ability or willingness to support the bank.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

BP, BPR, TUYA, FIDUCOLOMBIA, AND VB

IDRs, NATIONAL RATINGS, and SENIOR DEBT

The ratings of Bancolombia Panama SA (BP), Bancolombia Puerto Rico
Internacional Inc. (BPR), Compania de Financiamiento Tuya S.A.
(Tuya), Fiduciaria Bancolombia S.A. (Fiducolombia) and Valores
Bancolombia S.A. (VB) reflect the potential support they would
receive from Bancolombia should it be required. In Fitch's view,
these entities are an integral part of its parent's business model
and core to its strategy, therefore, their ratings mirror those of
Bancolombia. Fitch also incorporates in its support rationale the
negative reputational implications of a potential default of BP,
BPR, Fiducolombia and BV for the parent. In the case of Tuya, Fitch
also considers the support track record of the parent towards the
entity.

SUBORDINATED DEBT

The subordinated bond issuance rating could be downgraded if Tuya's
long-term national rating is downgraded. The rating is also
sensitive to a higher differentiation from the national long-term
rating, or if there is a change in Fitch's perception of default on
these instruments.

SHAREHOLDER SUPPORT RATINGS

The SSR of 'bb+' for BP and BPR reflects moderate probability of
support being forthcoming because of uncertainties about the
ability or propensity of the potential provider of support to do
so. Fitch believes that these entities are core to the parent's
business strategy and regional expansion. Bancolombia's ability to
support these entities is reflected in its 'BB+' IDR.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

BP, BPR, Tuya, Fiducolombia, and VB

IDRs and SENIOR DEBT

- The IDRs and senior debt of BP and BPR are support-driven and
aligned with its parent's ratings, therefore, these ratings would
mirror any changes in Bancolombia's IDRs.

SSR

- BP and BPR's SSR would be affected if Fitch changes its
assessment of its parents' willingness and/or ability to provide
support.

NATIONAL RATINGS

- A negative change in the capacity or propensity of Bancolombia to
provide support to Tuya, Fiducolombia or VB could pressure
creditworthiness.

SUBORDINATED DEBT

- Tuya's subordinated bond issuance rating could be downgraded if
the long-term national rating is downgraded. The rating is also
sensitive to a higher differentiation from the national long-term
rating, or if there is a change in Fitch's perception of default on
these instruments.

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

BP, BPR, Tuya, Fiducolombia, and VB

IDRs and SENIOR DEBT

- The IDRs and senior debt of BP and BPR are support-driven and
aligned with its parent's ratings, therefore, these ratings would
mirror any changes in Bancolombia's IDRs.

SHAREHOLDER SUPPORT RATING (SSR)

- BP and BPR's SSR would be affected if Fitch changes its
assessment of its parents' willingness and/or ability to provide
support.

NATIONAL RATINGS

- The national scale ratings of Tuya, Fiducolombia, and VB are at
the highest level on the national scale; therefore, they cannot be
upgraded.

SUBORDINATED DEBT

- Subordinated debt ratings will mirror any action on the entity's
national long-term rating.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bancolombia Panama, Bancolombia Puerto Rico, Compañia de
Financiamiento Tuya, Fiduciaria Bancolombia y Valores Bancolombia's
are support driven from Bancolombia's ratings.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                     Rating              Prior
   -----------                     ------              -----
Bancolombia
(Panama) S.A.   LT IDR              BB+     Affirmed   BB+
                ST IDR              B       Affirmed   B
                Shareholder Support bb+     Affirmed   bb+
   long-term
   deposits     LT                  BB+     Affirmed   BB+

   short-term
   deposits     ST                  B       Affirmed   B

Valores
Bancolombia
S.A.            Natl LT             AAA(col)Affirmed   AAA(col)
                Natl ST             F1+(col)Affirmed   F1+(col)

Bancolombia
S.A.            LT IDR              BB+     Affirmed   BB+
                ST IDR              B       Affirmed   B
                LC LT IDR           BB+     Affirmed   BB+   
                LC ST IDR           B       Affirmed   B
                Natl LT             AAA(col)Affirmed   AAA(col)
                Natl ST             F1+(col)Affirmed   F1+(col)
                Viability           bb+     Affirmed   bb+
                Government Support  bb      Affirmed   bb

   senior
   unsecured    LT                  BB+     Affirmed   BB+

   subordinated LT                  BB-     Affirmed   BB-

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

   subordinated Natl LT             AA(col) Affirmed   AA(col)

   subordinated Natl LT             AA-(col)Affirmed   AA-(col)

Compania de
Financiamiento
Tuya S.A.       Natl LT             AAA(col)Affirmed   AAA(col)
                Natl ST             F1+(col)Affirmed   F1+(col)

   subordinated Natl LT             AA(col) Affirmed   AA(col)

Fiduciaria
Bancolombia
S.A.            Natl LT             AAA(col)Affirmed   AAA(col)
                Natl ST             F1+(col)Affirmed   F1+(col)

Bancolombia
Puerto Rico
Internacional
Inc.            LT IDR              BB+     Affirmed   BB+
                ST IDR              B       Affirmed   B
                Shareholder Support bb+     Affirmed   bb+

FINANCIERA COLOMBIANA: Fitch Affirms 'BB+' LT IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Corporacion Financiera Colombiana S.A.'s
(Corficolombiana) international Viability Rating (VR) and Long-Term
(LT) Foreign and Local Currency Issuer Default Ratings (IDRs) at
'bb+' and 'BB+', respectively. The Rating Outlook for the LT IDRs
is Stable.

In addition, Fitch has also affirmed the long-term and short-term
national ratings of both Corficolombiana and Fiduciaria
Corficolombiana S.A. at 'AAA(col)' and 'F1+(col)', respectively.
The national long-term ratings have a Stable Rating Outlook.

KEY RATING DRIVERS

Issuer Default Ratings (IDRs) Driven by VR: Corficolombiana IDRs
are driven by its VR, which reflects its strong business profile.
The ratings also consider Corficolombiana's stable financial
profile. Fitch does not anticipate a material impact on the
company's financial profile from any remaining pressures on the
operating environment (OE). Under Fitch's current assessment,
Corficolombiana's IDRs will likely remain at the level determined
by its own VR or at the same level as its main shareholder and
controlling company, whichever is higher.

Operating Environment: Fitch expects the OE for Colombian financial
institutions to remain stable during 2024 due to lower GDP growth,
inflation declining but still above the central bank's 3+/-1%
target, a slow decrease in funding cost and gradual improvement on
asset quality after a peak reached during 2H23. Furthermore,
exposure to global markets and political uncertainty will likely
continue to pose challenges and headwinds to economic growth. Fitch
believes sustained capitalization, resilient profitability and
adequate reserves provide sufficient resilience to face stress for
the banks.

Strong Business Profile: Corficolombiana is an investment-holding
company that controls or holds significant interests in various
companies in Colombia and abroad. The entity's equity investment
policy is focused on low-risk, consistent dividend-generating
companies. Corficolombiana's profitability and capital metrics have
been sound, despite the current challenges in the OE.

Capital Investments: Corficolombiana's main asset exposure arises
from its capital investments, since assets related to concession
contracts are the most important asset of the corporation,
representing 55.4% of total assets (both financial and intangible
associated to concessions). These investments are concentrated by
industry but diversified by company and as of 2Q23 have shown
adequate performance, but with a lower dynamic than in previous
years given the current OE.

Resilient Profitability Levels: As of 2Q23, profitability levels
were pressured due to a significant increase of funding costs given
a high interest rate environment, while operating income driven by
its capital investments remained relatively flat. As of 2Q23, net
income over average total equity decreased to 13.2% from 16.3% in
YE22, and operating profit over RWA also declined to 13.9% from
17.2%. Despite this, Corficolombiana maintains adequate
profitability levels for its business model, and profitability
metrics remain high.

Stable Capitalization and Leverage: Corficolombiana has
historically maintained very moderate leverage at a consolidated
level; the consolidated equity to assets ratio has historically
been near to 30% (2Q23: 27.5%), showing stability among economic
cycles. Regarding capitalization levels, Corficolombiana's CET1
ratio of 46.31% remains high (YE22: 47.52%), which is considered
adequate by Fitch, given its business model.

Funding Structure Aligned with Business Model: Corficolombiana's
funding comes mainly from long-term financial obligations (56.9% of
total funding) driven from loans taken with financial institutions
for the fulfilment and development of infrastructure projects and
senior unsecured debt issuances. Other relevant sources of funding
are customer deposits and short-term funding (22.08%). Pension
funds, insurance companies, financial institutions and large
corporations' treasury departments are Corficolombiana's usual
counterparties.

RATING SENSITIVITIES

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

- Corficolombiana's VR is sensitive to any rating action on
Colombia´s sovereign ratings or a material deterioration in the
local operating environment. However, if the VR were downgraded,
the IDR could become support-driven and remain equalized to its
main shareholder's, given Fitch's "higher of" approach and the
agency's assessment of the subsidiary being core for Grupo Aval. In
the latter case, the Outlook or Rating Watch would mirror that of
the parent;

- Corficolombiana's senior unsecured obligations will mirror any
changes on its long-term national scale rating;

- Corficolombiana's Shareholder Support Ratings (SSRs) would be
affected if Fitch changes its assessment of the respective parent's
willingness and/or ability to provide support.

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

There is limited upside potential for Corficolombiana's ratings
given the sovereign's current rating and Outlook.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior and Subordinated Debt: Corficolombiana's Senior Unsecured
obligations are rated at the same level as the bank's long-term
national-scale rating.

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

Change in Control: On Nov. 22, 2023 Banco Popular S.A. acquired a
controlling stake in Corficolombiana. This change in control does
not affect ownership, the main shareholders or the ultimate parent.
The only relevant change is Banco Popular will select 4 of the 7
members of the Board of Directors, while Banco de Bogota, Banco de
Occidente and Grupo Aval will be able to choose one member each.
Management and strategy are not expected to change. Fitch will
monitor if this change of control has any impact on
Corficolombiana's business, risk and financial profile; however,
this is not the base case and Grupo Aval will continue to
indirectly control Corficolombiana through its subsidiaries.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Corficolombiana's senior unsecured obligations will mirror any
changes in its long-term national scale rating.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

FIDUCIARIA CORFICOLOMBIANA

Fiduciaria Corficolombiana S.A.'s national ratings reflect the
potential support it would receive from its parent,
Corficolombiana, should it be required. In Fitch's view, Fiduciaria
Corficolombiana is an integral part of its parent's business model
and is core to its strategy. Fitch also incorporates in its support
view the negative reputational implications of a potential
subsidiary default for its parent.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

FIDUCIARIA CORFICOLOMBIANA

- There is limited upside potential for Fiduciaria
Corficolombiana's ratings given the sovereign's current rating and
Outlook;

- Fiduciaria Corficolombiana's ratings will mirror any changes in
the parent's long-term national scale rating.

VR ADJUSTMENTS

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of Banco de Occidente (Panama) S.A., Occidental Bank
(Barbados) Ltd. and Fiduciaria de Occidente S.A. are support-driven
from Banco de Occidente S.A.; The ratings of Fiduciaria
Corficolombiana S.A. are support-driven from Corporacion Financiera
Colombiana S.A. (Corficolombiana); The ratings of Grupo Aval
Acciones y Valores are support-driven from its main subsidiary
Banco de Bogota S.A.; The rating of Grupo Aval Limited issuance is
linked to the rating of Grupo Aval Acciones y Valores S.A.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                       Rating              Prior
   -----------                       ------              -----
Fiduciaria
Corficolombiana
S.A.              Natl LT             AAA(col)Affirmed   AAA(col)
                  Natl ST             F1+(col)Affirmed   F1+(col)

Corporacion
Financiera
Colombiana S.A.
(Corficolombiana) 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(col)Affirmed   AAA(col)
                  Natl ST             F1+(col)Affirmed   F1+(col)
                  Viability           bb+     Affirmed   bb+
                  Shareholder Support bb+     Affirmed   bb+

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



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

DOMINICAN REPUBLIC: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos.
-------------------------------------------------------------------
Fitch Ratings has affirmed Dominican Republic's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised
the Outlook to Positive from Stable.

KEY RATING DRIVERS

Positive Outlook, Ratings Affirmed: The Positive Outlook reflects a
trend improvement in governance, and robust growth prospects that
should lead to continued gains in per capita income. Dominican
Republic's composite Worldwide Governance Indicators (WGI) rose
from the 42nd percentile in 2018 to 51st percentile in 2022, with
the largest improvements in control of corruption, government
effectiveness, and rule of law. Post-election, there could be scope
for the next administration to pass pending legislation related to
a new Fiscal Responsibility Law that could contribute towards
improving the macro institutional framework. Growth has decelerated
in 2023, but Fitch expects it to recover to high levels during
2024-2025. External liquidity metrics have improved in recent
years, and foreign currency share of government debt is on a
downward path.

Dominican Republic's ratings are supported by a track record of
robust economic growth, a diversified export structure, high
per-capita GDP and social indicators, and governance scores that
compare favorably to peers. They are constrained by fiscal
weaknesses including a high interest burden and subsidization of a
loss-making electricity sector, improved but still relatively
narrow external liquidity buffers in the context of a managed
exchange rate regime, lingering weaknesses in the macroeconomic
policy framework, and heavy sovereign reliance on external bond
market financing.

Political Stability: The Dominican Republic will hold presidential
and legislative elections in May 2024. Current President Luis
Abinader is seeking reelection and maintains strong support. There
is limited diversity of ideology across political parties, which
bodes well for post-election political stability and policy
continuity. The Abinader administration has made progress in
strengthening institutions, including the removal of ministers
suspected of corruption, greater budget transparency, a crackdown
on drug trafficking, internal auditing of institutions, and
improvements in the judicial system. Major economic reform
initiatives such as a tax reform remain pending, but could advance
after elections.

Slow Growth Prompts Stimulus Measures: Following one of the
quickest post-pandemic recoveries in the region, growth has
decelerated notably in 2023 (1.9% yoy through October). The
economic slowdown has been driven in particular by a slump in the
interest-rate sensitive construction sector. Tourism, however, has
been remarkably resilient, with tourist arrivals reaching
historical records (up 14% over 2022). Fitch forecasts growth to
slow to 2.3% in 2023. In response, the government has enacted
stimulus measures including higher fiscal spending and central-bank
liquidity injections into banks to encourage subsidized credits to
the productive sector. These liquidity measures total DOP180
billion (2.9% of GDP), of which DOP158 billion have already been
disbursed as loans, exceeding the liquidity program enacted during
the pandemic. Fitch expects growth to return to a trend pace of 5%
in the medium term given high investment rates and robust FDI that
support strong potential growth.

Inflation Falls: Inflation has fallen swiftly in the past year on
slower growth and a broadly stable currency, and inflation
expectations are anchored at the 4% target. Well-behaved inflation
has enabled the Central Bank of the Dominican Republic (BCRD) to
cut the policy rate by 125bps to 7.25%, which remains relatively
restrictive, but the large liquidity stimulus measures it has taken
this year could pose some tensions with the managed FX regime. The
BCRD has allowed the peso to fluctuate gradually in the past year
but does not publish data on FX interventions it has had to
implement to achieve this. The BCRD also has not formally indicated
if it intends to preserve this more flexible de facto regime that
was adopted amid the shocks of recent years or if it will return to
a path of steady depreciation.

Current Account Deficit Declining: Fitch forecasts the current
account deficit to fall to 3.6% of GDP this year, from 5.6% in
2022, as lower fuel imports and robust tourism receipts and
remittances offset a slowdown in exports. This should be mostly
funded by robust FDI inflows, which have reached record levels of
around USD4 billion per year, mostly into the energy and tourism
sectors. Reserves reached USD14.8 billion as of Nov. 20, 2023 up
from 14.4 billion at end 2022, and represent a meaningful buffer to
manage shocks and their exchange-rate effects (4.2 months of 2023
CXP coverage, slightly below the 'BB' median of 4.4 months).

Tax Advances Fund Higher Capex: A revised budget that incorporates
fiscal stimulus measures was approved in August, targeting a
central government deficit of 3.2% of GDP (above an original 3%).
New extraordinary revenues totaling around 1% of GDP, including tax
advances from banks, will largely fund higher capex and social
spending this year. On a 12-month rolling basis, the
central-government deficit rose to 3.6% by September from 3.2% in
December, with most of the extraordinary revenue already accounted
for, and spending on capex unlikely to fall much further. Fitch
forecasts a central government deficit of 3.5% for the year as a
whole, and the broader NFPS deficit of 3.2%.

The 2024 budget envisions a slightly lower deficit of 3.1%,
balancing the phase-out of extraordinary revenues with sharply
lower capex. Achieving this deficit next year could be difficult
due to lower revenue from the tax advances (about 0.1% of GDP per
year from 2024-2026), some election year spending pressures, higher
spending on salaries and a rising interest burden. Fitch projects a
somewhat higher central government deficit of 3.7% (3.5% for
NFPS).

Fiscal Reforms: A Fiscal Responsibility Law was approved by the
Senate in August and is now under discussion in the Chamber of
Deputies, but this appears unlikely to advance ahead of elections.
A tax reform is likely to be a priority for the next
administration, given the low revenue base (15.3% of GDP, vs 'BB'
median of 28%) and increasing budget rigidity. Fitch believes any
revenue boost from a tax reform is more likely to be used for
spending than deficit reduction. However, it could still help
reduce the large and rising interest to revenue ratio, which Fitch
forecasts to rise to 22.4% in 2024 from 18.8% in 2022 ('BB' median
8% in 2022), and offer a chance to improve budget rigidities.

Local Currency Debt Share Improves: The government continued to
rely heavily on external borrowing in 2023, followed by
multilateral borrowing. A DOP-linked Eurobond issued in September
supported a gradual reduction in the foreign currency share of
government debt to 68% as of September 2023 (compared to the 'BB'
median of 52%). Local market borrowing has also increased in 2023,
representing 30% of total net borrowing thru September, supported
by lower peso rates. Fitch expects general government debt to rise
to 47.4% of GDP in 2023 and increase to 49.4% of GDP through 2025.
The proposed fiscal responsibility law, if passed and implemented,
intends to anchor fiscal consolidation and lower debt/GDP to 40%.

Electricity Sector Losses Rise: The loss-making electricity sector
remains a large and growing fiscal vulnerability, despite ambition
to fix this as laid out in the 2021 Electricity Pact. Government
transfers to support electricity distributors are on track to reach
1.4% of GDP in 2023, the highest since 2014. Rising losses from
transmission leakage and theft and non-invoicing in part reflect
the expansion in electricity coverage through the country,
particularly to less developed areas, but it has proven politically
difficult to address the problem.

ESG - Governance: Dominican Republic has ESG Relevance Scores (RS)
of '5[+]' and '5', respectively, for Political Stability and Rights
and for the Rule of Law, Institutional and Regulatory Quality, and
Control of Corruption. These scores reflect the high weight that
the WGI have in its proprietary Sovereign Rating Model (SRM).
Dominican Republic has a medium WGI ranking at the 49.9 percentile,
reflecting a recent track record of peaceful political transitions,
a moderate level of rights for participation in the political
process, moderate institutional capacity and rule of law and a
fairly high degree of corruption.

RATING SENSITIVITIES

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

- Public Finances: Sharp deterioration of the government debt/GDP
and interest/revenues ratios, for example, through the loosening of
fiscal policy, lower-than-expected growth, or financial losses of
the public electric utilities.

- External Finances: Significant deterioration of the external
liquidity position that increases external vulnerability

- Macro: Failure to recover strong growth in line with historical
averages.

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

- Public finances: Implementation of policy measures that
strengthens fiscal flexibility and improves currency composition of
government debt.

- Macro: Return to higher growth (amid macro and external
stability) that increases prospects for GDP per capita convergence
with higher-rated sovereigns.

- Structural: Further improvement in governance indicators.

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

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

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its Qualitative
Overlay (QO), relative to SRM data and output, as follows:

- Public Finances: -1 notch to reflect structural fiscal
vulnerabilities stemming from a relatively low tax take, budgetary
rigidity and vulnerability posed by a heavily-subsidized
electricity sector, and contingent liabilities related to the large
market debt and sizeable quasi-fiscal deficit of the central bank.

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

COUNTRY CEILING

The Country Ceiling for Dominican Republic is in line with the LT
FC IDR. This reflects no material constraints and incentives,
relative to the IDR, against capital or exchange controls being
imposed that would prevent or significantly impede the private
sector from converting local currency into foreign currency and
transferring the proceeds to non-resident creditors to service debt
payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee applied an
offsetting -1 notch qualitative adjustment to this, under the
Macro-Financial Stability Risks and Exchange Rate pillar.
Membership in the CAFTA-DR trade agreement puts some limits on
incentives for the use of transfer-and-convertibility restrictions,
but this is balanced by a managed exchange-rate regime and fairly
low international financial integration.

ESG CONSIDERATIONS

Dominican Republic has an ESG Relevance Score of '5[+]' for
Political Stability and Rights as the WGIs have the highest weight
in Fitch's SRM and are therefore highly relevant to the rating and
a key rating driver with a high weight. As Dominican Republic has a
percentile rank above 50 for the respective Governance Indicator,
this has a positive impact on the credit profile.

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

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

Dominican Republic has an ESG Relevance Score of '4' for Creditor
Rights as willingness to service and repay debt is relevant to the
rating and is a rating driver for Dominican Republic, as for all
sovereigns. As Dominican Republic has a fairly recent restructuring
of public debt in 2005, this has a negative impact on the credit
profile.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                      Rating           Prior
   -----------                      ------           -----
Dominican Republic   LT IDR          BB-  Affirmed   BB-
                     ST IDR          B    Affirmed   B
                     LC LT IDR       BB-  Affirmed   BB-
                     LC ST IDR       B    Affirmed   B
                     Country Ceiling BB-  Affirmed   BB-

   senior unsecured  LT              BB-  Affirmed   BB-



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

AXTEL SAB: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Axtel, S.A.B de C.V.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. Fitch
has also affirmed Axtel's National Long-Term Rating at 'A-(mex)'.
The Rating Outlook has been revised to Stable from Negative.

The affirmation and Stable Outlook reflect the company's successful
refinancing for its 2024 notes in July of 2023 which gave the
company more flexibility in its debt repayment schedule. It also
reflects Fitch's expectation that net leverage will remain below
3.5x leverage. The solid growth in the services segment is also a
benefit to the rating as the company continues to gain market share
in cloud and cybersecurity solutions, offsetting the decline in
voice and infrastructure. The ratings are tempered by Axtel's
relatively small operating scale.

KEY RATING DRIVERS

Improved Financial Flexibility after Refinancing: Axtel's
successful completion of the refinancing of its 2024 notes in 2023
has led to greater financial flexibility through a more manageable
debt maturity schedule. Axtel refinanced the remaining of its
USD314 million 2024 notes in July of 2023 through a combination of
a five-year syndicated loan with nine banks and a five-year
bilateral loan. As of Sept. 30, 2023, Axtel had USD46m of debt due
in 2024 and does not have any meaningful maturities due until 2027
when USD197 million are due, consisting mainly of the syndicated
and bilateral loans.

Improved Leverage on Solid Operating Performance: Fitch forecasts
margins to improve modestly to around 27%-28%, from 26% in 2022,
and remain flat throughout the rating horizon. While legacy voice
services continue to decline, cloud and cybersecurity solutions
have been growing rapidly as Axtel is able to meet growing secular
demand for these solutions with its broad array of services, amidst
a competitive industry. Likewise, revenues from government services
have grown in 2023 driven by contract renewals and increased
relationships with local governments.

Axtel's pipeline of new opportunities supports future revenue
growth. Fitch expects EBITDA to improve over the next few years
which, combined with lower net debt, should result in improving net
leverage. Net debt/EBITDA is expected to reach 3.2x in fiscal 2023,
compared to 3.6x in 2022, and approaching 2.5x by 2026. Fitch
forecasts margins to improve modestly to around 27%-28%, from 26%
in 2022, and remain flat throughout the rating horizon.

Infrastructure Weak but Stabilizing: Fitch expects infrastructure
revenue to stabilize in 2024 then gradually improve starting in
2025. YTD through September 2023, revenue from Axtel's
infrastructure unit (Axnet) has fallen 6% yoy in peso terms, driven
mainly by the timing of dark fiber contracts. Additionally, growth
opportunities from 5G-related fiber-to-the-tower and
fiber-to-the-datacenter have been slower than expected to
materialize. Weak revenue in Axtel's profitable infrastructure
business has weighed on overall margins. Growth in 5G and demands
for neutral network infrastructure providers could present
opportunities for the business longer-term, but near-term growth
will be limited.

Consistent Positive FCF: Relative stability of the B2B business and
capex flexibility enable the company to generate consistent
positive free cash flow. Fitch projects FCF to be around MXN280
million in fiscal 2023, a reduction from MXN750 million in 2022 as
a result of higher cash interest paid following the company's
refinancing as well as working capital effects. Fitch expects
Axtel's free cash flow to recover to around historical levels by
2024 due to improvements in EBITDA and working capital
normalization. Fitch does not anticipate Axtel to make shareholder
distributions over the next few years until they approach their Net
Leverage target of 2.5x.

Small Scale in Competitive Market: Axtel operates in a competitive
landscape that will constrain its ratings to the 'BB' category. In
fixed enterprise telecom services, Axtel is the second largest
participant, competing with Telefonos de Mexico S.A.B. de C.V.
(Telmex; A-/Positive), which has maintained a dominant market
position in the Mexican market. Axtel's market share is smaller in
IT services, but the competitive position is more balanced, given
the fragmented nature of that segment.

DERIVATION SUMMARY

Axtel has lower financial leverage than WOM Mobile S.A. (WOM;
B-/RWN). Axtel and WOM are relatively undiversified carriers, both
in terms of services and geography. WOM benefits from the relative
health of the Chilean operating environment, as well as the more
balanced market, while Axtel operates in an environment dominated
by a larger competitor. Axtel's relatively stable B2B service
business consistently has generated positive FCF, whereas WOM's FCF
is frequently negative.

Axtel has less service and geographical diversification than Cable
& Wireless Communications Limited (CWC; BB-/ Stable). CWC also has
greater scale and a stronger market position, operating primarily
in a series of duopoly markets, which supports stronger EBITDA
margins than Axtel's. However, CWC exhibits a weaker financial
profile.

Axtel's business profile could be considered similar to Empresa de
Telecomunicaciones de Bogota's (ETB; BB+/Stable), as they are small
scale, undiversified fixed-line providers. ETB benefits from lower
net leverage. Both companies are undergoing transitions, as ETB
attempts to reorient its product portfolio around fiber-based
solutions.

Axtel has a comparable business position to CWC's sister company,
VTR Finance N.V. (CCC-), given the two companies' scale, fixed-line
telecom focus and lack of geographic, product and service
diversification. Although VTR has a stronger competitive position
in the Chilean broadband and pay-TV market, Axtel benefits from
lower leverage and a stronger overall financial position. Axtel's
ratings are not influenced by Mexico's Country Ceiling (BBB+).

KEY ASSUMPTIONS

- Revenues of MXN11 billion in 2023, growing ~4% thereafter;

- EBITDA margins between 27%-28%

- Higher cash interest paid following refinancing pressuring FFO;

- Large working capital adjustment in 2023 and will normalize in
2024;

- Capital intensity of 12%-13%;

- No shareholder distributions anticipated over the rating
horizon.

RATING SENSITIVITIES

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

- Total debt/EBITDA sustained below 3.0x or net debt/EBITDA
sustained below 2.5x;

- Sustained improving performance evidenced by stable and growing
EBITDA margins and cash flow.

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

- Total debt/EBITDA sustained above 4.0x or net debt/EBITDA
sustained above 3.5x;

- Prolonged deterioration in revenue and EBITDA from macroeconomic
headwinds and competitive pressures;

- Large shareholder distributions that prevent continued
deleveraging.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of Sept. 30, 2023, Axtel had readily
available cash and equivalents of MXN600 million, against
short-term debt of MXN743 million, consisting mainly of an
outstanding balance of USD40 million on the company's revolving
facility. The company also has USD10 million undrawn availability
on its revolver, and sufficient access to refinance its short-term
debt. Axtel's liquidity is supported by a manageable amortization
schedule, strong banking relationships, and positive FCF.

ISSUER PROFILE

Axtel S.A.B. de C.V. (BB-/Negative) is a Mexican provider of
telecommunications and information technology (IT) services to
corporate and government clients. Axtel is unique among Fitch-rated
telecoms companies in Latin America, which tend to derive most of
their revenue from retail consumers.

SUMMARY OF FINANCIAL ADJUSTMENTS

Standard lease adjustments.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating             Prior
   -----------                   ------             -----
Axtel, S.A.B. de C.V.   LT IDR    BB-    Affirmed   BB-
                        LC LT IDR BB-    Affirmed   BB-
                        Natl LT   A-(mex)Affirmed   A-(mex)

OPERADORA DE SERVICIOS: Moody's Lowers CFR to B3, Placed on Review
------------------------------------------------------------------
Moody's Investors Service has downgraded Operadora de Servicios
Mega, S.A. de C.V., SOFOM, E.R.'s (Mega) corporate family rating to
B3 from B2, and its long-term local and foreign currency issuer
ratings to Caa1 from B3, as well as its foreign currency senior
unsecured debt rating to Caa1 from B3. At the same time, Moody's
placed the ratings under review with direction uncertain.
Previously, the outlook was negative. The Not-Prime (NP) short-term
issuer ratings, in foreign and local currency, were affirmed.

RATINGS RATIONALE

Moody's decision to downgrade Mega's ratings was triggered by the
announcement on November 13, 2023 that the company terminated the
offer to exchange its existing $350 million senior notes due in
February 2025 because it failed to secure the 50% minimum required
participation by the end of the offer expiration date.

The rating downgrade reflects Moody's increasing concern about
Mega's weakening liquidity management and the urgent need to
bolster its liquidity. As of September 2023, the company's
available cash liquidity only covered 46.1% of short-term
maturities, which would fall to 14.6% if Moody's would consider the
$350 million bond maturity as short-term, and underscores Mega's
needs to deal with this urgent matter over the next two months.
Tightened financial conditions will continue to pressure Mega's
ability to execute its funding plan, but Moody's acknowledges
management's efforts and focus on securing new financing
alternatives, as existing sources of liquidity will only marginally
cover these maturities and therefore the company is dependent on
raising new financing in short order.

At the same time, Mega's financial performance has consistently
weakened in 2023, as the finance company slowed down its cash
outflows by limiting loan origination and focusing on collections
to preserve liquidity, while asset quality and profitability have
been negatively affected by higher funding costs and increased loan
loss provisions. Thus, the turn-around plan for 2024 relies on a
successful liquidity plan that supports the anticipation of the
payment of its 2025 senior bond that would alleviate liquidity
needs in 2024 and support a gradual restoration of its business'
viability.

Despite the ongoing efforts to find alternate refinancing
solutions, Moody's expectation of continuing risks and significant
uncertainty around the finance company's completion of a successful
refinancing plan in the next two months is reflected in the review
with direction uncertain. The ongoing pressures on Mega's financial
profile are also considered in this review.

During this review period, Moody's will monitor the progress and
successful completion of Mega's refinancing plans, which will
continue to entail operational and execution risks given the
maturity date is fast approaching. The review will conclude on
assessing the success, or lack thereof, of Mega's refinancing plan
for its senior unsecured debt outstanding, the timing of which is
uncertain at this point.

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

Moody's could confirm the ratings and change the outlook to stable,
or potentially upgrade the ratings, if Mega strikes a timely new
refinancing plan with satisfactory terms and conditions that would
fulfill short-term liquidity needs and alleviate future refinancing
pressures and costs into 2024. Key credit drivers to support a
positive rating movement would also be a sustained improvement in
core earning generation, while maintaining its asset quality and
capital metrics sound.

Conversely, Moody's would consider further downgrading Mega's
ratings if there is insufficient progress in its refinancing plans
in the next two months.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.



=====================
P U E R T O   R I C O
=====================

[*] BED BATH & BEYOND: Abandoned Locations Claimed by Retailers
---------------------------------------------------------------
Dennis Limmer of Retail Wire reports that after the closing of its
business, Bed Bath & Beyond locations that have been abandoned are
now all being claimed and transformed by other companies.  In the
expansive industry of retail, bankruptcy filings often lead to
unexpected opportunities. That was the case when many businesses,
seeking to expand their reach, swooped in to fill the void left by
Sears, Toys "R" Us, and Circuit City.

This year marks the first holiday shopping season in over half a
century without physical Bed Bath & Beyond stores.  The company,
which shuttered its remaining 360 stores along with 120 buybuy
BABY outlets earlier this 2023, is known as one of the most
significant retail bankruptcies in recent history.  However, its
legacy continues online thanks to Overstock.com, which purchased
the brand and relaunched it on the web.

The bankruptcy proceedings of Bed Bath & Beyond have left hundreds
of vacant stores, which have turned out to be goldmines for both
retailers looking to expand and companies seeking unique spaces.
Replacement occupants now range widely from big-name chains like
Macy's, HomeGoods, Burlington, and Michaels to entertainment spots
like trampoline parks and indoor pickleball courts.

The attractiveness of these empty Bed Bath & Beyond stores comes
from the scarcity of new large spaces.  Due to the 2008 financial
crisis and the surge of online shopping, the creation of new retail

locations has markedly decreased, leading to historically low
retail
vacancy rates.

Many of the former Bed Bath & Beyond locations -- typically in
suburban areas, measuring under 50,000 square feet -- embody an
appealing trend for retailers.  Nowadays, companies lean toward
smaller spaces, reducing rent and labor costs in the face of an
increasingly digital shopping environment.  Macy's, for instance,
is launching smaller establishments called "Market by Macy's" in
old Bed Bath & Beyond buildings.

Burlington Stores has already occupied 44 former Bed Bath & Beyond
locations.

Despite the endless chatter about the so-called "retail
apocalypse," physical stores continue to hold significant
importance.  Notably, growth has been most pronounced in the
discount segment of retail, drawing in budget-conscious shoppers.

Bed Bath & Beyond locations have proven to be a hot commodity, with
rents soaring up to 50% higher than the original price.  Commercial
real estate investment firm CBRE said that landlords are exploiting
this trend, often subdividing these spaces.  Kimco Realty, which
owns 26 former Bed Bath & Beyond leases, reported that new leases
are 38% higher than previous ones.

                  About Bed Bath & Beyond

Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operates under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values.  The Company also operates Decorist, an online interior
design platform that provides personalized home design services.

At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.

Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing Chapter 11 cases, implementing
full-scale wind-downs of their Canadian business and the Harmon
branded stores.

Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed
Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023,
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code to pursue a wind-down of operations.
The cases are pending before the Honorable Vincent F. Papalia and
requested joint administration of the cases under Bankr. D.N.J.
Lead Case No. 23-13359.

Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Lazard Frares & Co. LLC is serving as investment banker,
and AlixPartners LLP is serving as financial advisor.  Bed Bath &
Beyond Inc. has retained Hilco Merchant Resources LLC to assist
with inventory sales.  Kroll LLC is the claims agent.



=================
V E N E Z U E L A
=================

VENEZUELA: IMF Executive Board Holds Informal Briefing
------------------------------------------------------
In line with the standard procedures for members whose Article IV
consultations with the IMF are extensively delayed, on December 1,
2023, the Executive Board was briefed by staff on recent economic
developments in Venezuela.

Informal sessions to brief the Executive Board based on publicly
available information are routinely held, approximately every 12
months, for members whose Article IV consultations are delayed by
more than 18 months. The Article IV consultation with Venezuela is
delayed by 203 months.

                      About Venezuela

Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and
islets in the Caribbean sea.  The capital is the city of Caracas.

Hugo Chavez was president to Venezuela from 1999 to 2013.  The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum.  Nicolas Maduro was elected president in 2013 after
the death of Chavez.  Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.

The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis.  It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.

Moody's has withdrawn 'C' local currency and foreign currency
ceilings for Venezuela in September 2022.  Standard & Poors has
also withdrawn its 'SD/D' foreign currency sovereign credit
ratings and 'CCC-/C' local currency ratings on Venezuela in
September 2021 due to lack of sufficient information.  Fitch
withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in
June 2019 due to the imposition of U.S. sanctions on the
country's government.



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

[*] BOND PRICING COLUMN: For the Week Nov. 27 to Dec. 1, 2023
-------------------------------------------------------------
       
Issuer               Cpn    Price      Maturity   Country    Curr
------               ---    -----      --------   -------    ----
Transocean Inc        6.8     67.6      03/15/2038   KY        USD
Inversiones Latin     5.1     44.6      06/15/2033   CL        USD
Inversiones Latin     5.1     44.8      06/15/2033   CL        USD
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
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
Three Gorges Finance  3.2     74.2      10/16/2049   KY        USD
Telecom Argentina SA  1       56.5      02/10/2028   AR        USD
Telecom Argentina SA  1       64.2      03/09/2027   AR        USD
eHi Car Services      7       64.9      09/21/2026   KY        USD
Earls Eight           2.3     75.2      05/20/2032   KY        AUD
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
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
Kaisa Group Holdings 10.9      9.1                   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
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
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
Tencent Holdings      3.8     74.1      04/22/2051   KY        USD
Tencent Holdings      3.9     72.3      04/22/2061   KY        USD
Tencent Holdings      3.2     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
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
Earls Eight           0.1     63.8      12/20/2031   KY        AUD
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
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
MSU Energy SA         6.9     71.2      02/01/2025   AR        USD
Jamaica Government    8.5     68.9      12/21/2061   JM        JMD
Jamaica Government    6.3     72.7      07/11/2048   JM        JMD
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
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
Itau Unibanco SA      5.8     19.4      05/20/2027   BR        BRL
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
Vista Energy          1       73        03/03/2028   AR        USD
Voyager II            3.3     74.3      03/23/2034   KY        AUD
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
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
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
             
SYN prop e tech SA   13.6     20.3      3/15/2024    BR        BRL
Yango Cayman          12      3.9       09/15/2023   KY        USD
MSU Energy SA         6.9     70.8      02/01/2025   AR        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


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

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

Copyright 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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