---

       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, February 5, 2024, Vol. 25, No. 26

                           Headlines



B E R M U D A

HIGHLANDS HOLDINGS: S&P Affirms 'BB+' ICR, Off Watch Negative


B R A Z I L

3R LUX: Fitch Rates Up to $500MM Proposed Notes Due 2031 'B+'
AMBIPAR LUX: Fitch Rates New Sr. Green Notes Due 2031 'BB-'
BRAZIL: Considerable Decline in Corruption Perception
PETROBRAS: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
PETROBRAS: Increased Oil & Gas Production by 3.7% in 2023



C H I L E

ENJOY SA: S&P Lowers ICR to 'D' on Judicial Reorganization Filing


C O L O M B I A

GRAN TIERRA: S&P Affirms 'B' ICR & Alters Outlook to Stable
GRUPO SURA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable


E L   S A L V A D O R

FONDO DE CONSERVACION: Moody's Withdraws Caa3 Secured Notes Rating


J A M A I C A

DIGICEL GROUP: Completes Massive Restructuring
JAMAICA: Almost a Qtr of Businesses Expect Economy to Get Worse


M E X I C O

TOTAL PLAY: Fitch Lowers LongTerm IDRs to 'B-', On Watch Negative


P A R A G U A Y

PARAGUAY: S&P Raises LongTerm Sovereign Credit Rating to 'BB+


P U E R T O   R I C O

FHT RENTAL: Case Summary & Four Unsecured Creditors
PUERTO RICO: Dechert LLP Updates List of PREPA Bondholders
UNLIMITED DEVELOPMENT: Seeks to Hire Luna Law Offices as Counsel


T R I N I D A D   A N D   T O B A G O

CONSOLIDATED ENERGY: S&P Affirms BB- ICR & Alters Outlook to Stable


U R U G U A Y

MERCADOLIBRE INC: Moody's Affirms Ba1 CFR, Outlook Remains Stable


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week Jan. 29 to Feb. 2, 2024

                           - - - - -


=============
B E R M U D A
=============

HIGHLANDS HOLDINGS: S&P Affirms 'BB+' ICR, Off Watch Negative
-------------------------------------------------------------
S&P Global Ratings removed its issuer credit ratings on
nonoperating holding company (NOHC) Aspen Insurance Holdings Ltd.,
Highlands Holdings Bond Issuer Ltd., and Highlands Holdings Bond
Co-Issuer Inc., and the issue ratings on the securities issued by
these NOHCs, from CreditWatch negative, where they were placed on
Nov. 17, 2023. S&P affirmed all the ratings. The outlook is stable.


On Nov. 15, 2023, S&P published its revised criteria for analyzing
insurers' risk-based capital.

The implementation of the revised capital model criteria has no
material impact on S&P's view of the financial strength of Aspen
Insurance Holding Ltd. and its operating entities (collectively,
Aspen group). As a result, S&P affirmed all ratings.

At the same time, S&P affirmed the 'BB+' ratings on Highlands
Holdings Bond Issuer Ltd. and Highlands Holdings Bond Co-Issuer
Inc. to reflect its view of regulatory restrictions to payments
between the regulated entities to these NOHCs as high.

The stable outlook reflects S&P's expectation that Aspen group will
maintain capital adequacy in line with our 99.99% confidence level
under its model and sustain strong underwriting results in
2023-2025.

Impact of Revised Capital Model Criteria

By applying S&P's revised capital adequacy framework, it expects
Aspen's risk-based capital adequacy to be in line with its extreme
stress benchmark (99.99% confidence level) in 2023-2025.

The revised criteria led to an improvement in capital adequacy
primarily reflecting an increase in total adjusted capital owing to
the absence of haircuts (previously applied) to liability
adjustments, namely non-life reserve discounting and not deducting
non-life deferred acquisitions.

S&P has also captured the benefits of risk diversification more
explicitly in its analysis, which supports capital adequacy
metrics.

Credit Highlights

S&P said, "The stable outlook reflects our expectations that the
group will continue to benefit from its competitive position within
the global specialty and reinsurance market. As a result,
underwriting performance will continue to improve to below a 95%
combined ratio in the next two years. We also anticipate that
Aspen's capital adequacy will exceed our 99.99% confidence level
over the next two years."

S&P could consider lowering the ratings if:

-- Aspen's underwriting performance does not improve as expected,
signaling greater competitive pressure than we anticipate.

-- Aspen's capital adequacy fell sustainably below our 99.99%
confidence level for a prolonged period, and it believes that a
rapid recovery is unlikely. This could stem, for example, from
excessive investment risk-taking, or a change in capital management
policy.

-- Aspen weakens its financial strength by further increasing its
financial leverage, fixed-charge coverage does not improve as S&P
expected to 3x-4x, or it observes a material reduction of its
liquidity level.

-- Unexpected turnover in senior management weakens current levels
of expertise, owner Apollo changes its involvement unexpectedly, or
Aspen experiences further controls deficiencies, any of which could
weaken S&P's view of governance.

S&P could raise the rating over the next two years if:

-- S&P considers Aspen likely to improve its underwriting
profitability materially and consistently, through successful
re-underwriting and declining operating expense.

-- The group improves its financial position by consistently
maintaining risk-based capital above the 99.99% confidence level,
reducing its financial leverage, and improving its fixed-charge
coverage.

Bermuda-based Aspen Bermuda Ltd. (ABL) is the main operating entity
within the group and provides most of the dividends to its
Bermuda-based NOHC, Aspen Insurance Holding Ltd AIHL. S&P has
reviewed the potential regulatory restriction to payments from ABL
to AIHL and determined them as low. This considers its view, at the
jurisdictional level, of the enforcement of regulatory rules in
Bermuda that could potentially limit or restrict cash flow
movements from the Bermuda based operating entities to their NOHC.
Furthermore, AIHL is the top holding company of the group that is
covered by group supervision and by extension, in group solvency
reviews undertaken by the regulator Bermuda Monetary Authority
(BMA). As a result, the rating on the NOHC remains two notches
below the rating on the core operating entities of the group.

In addition, the ratings on Highlands Holdings Bond Issuer Ltd. and
Highlands Holdings Bond Co-Issuer Inc. remain four notches below
the rating on the core operating entities. This reflects the high
structural subordination to the Highlands issuers' repayment
capacity, which ultimately depends on the upstreaming of dividends
from AIHL. Furthermore, the notching takes into account the risk of
possible restrictions to dividend payments imposed by the
supervisor or management to maintain capital within the regulated
group.

Aspen's focus on its most profitable lines of business is
progressing well. This is reflected in its nine-month 2023
underwriting performance with a net combined ratio of 91.8%
(including corporate expenses and nonoperating expenses). S&P
expects Aspen's profitable underwriting momentum will continue over
the next two years with a net combined ratio of 92%-94%, including
a catastrophe load of 8 percentage points. S&P expects Aspen's net
premiums to grow by roughly 5% in 2024-2025.

S&P said, "With its ongoing operational efficiency program, we
expect Aspen to continue controlling its expense base. The growing
fee income from third-party capital helps offset its acquisition
expense. The group earned fee income of $92.0 million from Aspen
Capital Markets (ACM) in the first nine months of 2023, while
assets under management grew to $1.5 billion. We expect fee income
will continue to grow in 2023-2025 and exceed $100 million. We also
recognize ACM's strategic importance for the group in managing and
retroceding its exposure to natural catastrophes and long-tail
liabilities.

"Aspen's ability to manage capital above the extreme stress
requirement (99.9%) over the next two years, as per our risk-based
capital model, is a key rating factor. The group's shareholders'
equity strengthened to $2.5 billion at the end of September 2023
from $2.3 billion at year-end 2022. This is due to the increase in
net investment income from the fixed income portfolio, following
the rapid rise in interest rates and positive underwriting income.

"Following the $500 million payment-in-kind notes issued by
Highlands in 2020, we expect the wider group's financial leverage
to remain above 45% and fixed-charge coverage at 4x-5x in the next
two years. This is a relatively weaker position than peers' and
weighs on our view of Aspen's financial risk profile. Although it
is too early to assess the implications of Aspen's planned IPO in
2024, we believe the use of the proceeds could affect our
assessment of the group's financial leverage and fixed-charge
coverage.

"We expect leadership will remain focused on improving underwriting
performance, preserving capital under strict risk tolerances."




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

3R LUX: Fitch Rates Up to $500MM Proposed Notes Due 2031 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned a 'B+'/'RR4' rating to 3R Lux S.a.r.l's
(3R Lux) proposed notes of up to USD500 million due 2031. The notes
will be senior secured and guaranteed by 3R Petroleum Oleo e Gas
S.A. (3R) and some of its subsidiaries. The net proceeds will
mainly be used to fully repay 3R's term loan facility of USD500
million. Fitch has also published 3R's 'B+' Long-Term Foreign
Currency (FC) and Local Currency (LC) Issuer Default Ratings
(IDRs), both with a Stable Rating Outlook. 3R's Long-term National
Scale Rating is 'A(bra)' with a Stable Outlook.

3R's IDRs are limited by its modest scale in the volatile oil and
gas (O&G) market. Its production and proven reserves (1P) are less
than 75 thousand barrels of oil equivalent per day (kboe/d) and 400
million boe, respectively, although distributed across a balanced
asset base. Fitch expects strong production growth in the coming
years, as the company tackles infrastructure bottlenecks and
advances on recovery projects. Operational efficiency should also
increase, reflecting scale gains, better commercialization terms
and operational synergies. Production volatility should reduce as
of 2025, after significant maintenance investments in recently
acquired assets. Fitch expects 3R to maintain a conservative
financial profile, with EBITDA net leverage around 2.0x in 2024 and
below that as of 2025.

KEY RATING DRIVERS

Limited Scale: 3R's production should approach 50kboe/d in 2024, on
average, from 34kboe/d in 2023 (or 43 kboe/d, pro forma for the
Potiguar acquisition), growing towards 75kboe/d up to 2026. This
strong growth is supported by intense revitalization activity and
the elimination of limitations on facilities, especially in
offshore Papa Terra. The Potiguar and Papa Terra clusters should
represent around 55% and 25% of 3R's production through 2026,
respectively. Natural gas will likely represent around 16% of
production and 10% of net revenues from upstream in 2023-2026,
adding to revenue diversification and predictability. Any delays in
production associated with environmental licensing would be
compensated by capex postponement.

Improving Cost Profile: Production ramp-up and operational
synergies, especially from the recently acquired Potiguar cluster,
should contribute to diluting high fixed costs and reducing lifting
cost to around USD22/boe in 2024 and USD18/boe in 2025, compared to
USD24/boe estimated for the fiscal year ended in 2023. The
reduction of heavy maintenance activities and insourcing of key
supplies also support efficiency gains. Half-cycle costs (operating
costs plus interest payments) are expected to reach around
USD40/boe in 2023-2024 on average, falling to USD30/boe in
2025-2026. Full cycle costs (which include royalties, leases and
investments) are estimated at USD50/boe in 2023-2024. Onshore
production represents around 80% of expected production over the
rating horizon, leading to high capex flexibility.

Robust Reserves: 3R's credit profile benefits from low exploration
risk, considering its proven reserves of over 360 million boe,
although they fall slightly short of the 'BB' category (400 million
boe). 3R should maintain a comfortable useful life of 1P reserves,
of around 13 years through 2027, already considering the production
ramp-up over this horizon and assuming no replacement of reserves
(or 15 years, with full replacement). This long useful life brings
high flexibility to cut investments during downward market cycles.
Around 70% of proved reserves are already developed, which benefits
capex predictability. Fitch estimates costs to develop 1P reserves
at around USD6/boe.

Better Prices to Benefit Cash Flows: 3R has been successful in
renegotiating contracts and accessing new markets, which has
improved its oil and gas prices. The ability to export 90% of its
oil production, after the acquisition of Potiguar and the expansion
of the offloading capacity in Papa Terra further contribute in this
regard. For oil sales, Fitch estimates an average discount on Brent
of USD7/boe in 2023 and USD5/boe in 2024, compared to USD11/boe in
2022. Fitch estimates EBITDA at BRL1.9 billion in 2023 and BRL3.6
billion in 2024 and expects cash flow (FCF) to turn slightly
positive for the first time in 2024.

The refining business should contribute less than 10% of the
company's EBITDA, with gasoline and diesel production being highly
dependent on imports of fuels. Projections consider average crack
spreads around USD11/bbl. For bunker fuel, the refinery's main
product, spread is estimated at USD1.0/bbl.

Declining Leverage: Fitch believes that 3R will maintain a
conservative financial profile, with debt/1P reserves ratio close
to USD5/boe until 2025. EBITDA leverage is estimated at 3.0x for
the fiscal year ended in 2023 and 2.3x for 2024, from 2.7x at the
end of September 2023, on a pro forma basis for the acquisition of
the Potiguar cluster (deal closed in June 2023).

Debt projections include M&A obligations due to Petrobras (BRL1.9
billion in September 2023). Fitch estimates net leverage at 2.2x
for 2023 and 2.0x for 2024, from 2.3x in September 2023. For the
purpose of calculating leverage ratios, Fitch deducts from debt
derivatives held by 3R Lux, valued at BRL2.5 billion at the end of
the third quarter 2023. 3R's above-average interest cost is
partially offset by high tax efficiency associated with regional
tax benefits.

DERIVATION SUMMARY

3R's rating is equivalent to Origem Energia S.A.'s (Origem,
A(bra)/Stable). Origem's cash flows are more predictable, as gas
production, usually sold via long-term take-or-pay contracts, with
partial exposure to Brent, represents three quarters of its
production. 3R partially mitigates exposure to Brent by contracting
short to medium term hedging for around a third of its production.
3R benefits from larger scale and asset diversification than
Origem, whose proven reserves of 164 million boe and current
production of 11 kboe/d are highly concentrated in a single asset
(Alagoas cluster). EBITDA margins are close, as is cash generation
per boe produced (before and after investments), although
projections of EBITDA net leverage are lower for Origem (1.6x in
2023-2026, on average) than for 3R (2.4x).

3R's robust reserves is a key differentiation factor in comparison
with Sierracol Energy Limited (SierraCol, B+/Stable) and Geopark
Limited (Geopark, B+/Negative). 3R's 1P reserve life of 13 years
through 2026, on average, is above estimates for these peers (four
to seven years). On the other hand, SierraCol and GeoPark operate
more efficiently, with mid-cycle costs close to USD14/boe and
USD22/boe, respectively, benefiting from lower debt costs. Fitch's
projections for SierraCol's lifting costs are similar to 3R's, but
SierraCol pays more royalties (around USD20/boe). GeoPark operates
with lower lifting costs, although its oil pricing is less
favorable. SierraCol and GeoPark's average production is estimated
at 33kboe/d and 42kboe/d in 2023-2026, respectively, below the
estimate for 3R (55kboe/d).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
Rating Include

- Average Brent prices from 2024 to 2026 (USD/bbl): 80; 70; 65;

- Average daily production from 2023 to 2026 (kboe/d): 34; 50; 64;
75;

- Oil sales consider discount to Brent of USD7/bbl in 2023 and
USD5/bbl as of 2024, and existing hedging contracts;

- Lifting cost from 2023 to 2026 (USD/boe): 24, 22, 18, 16;

- Annual capex averaging BRL2.2 billion in 2023-2026, with no
significant investments in midstream & downstream;

- Effective tax rate around 27%;

- No dividends until 2026, with payout ratio of 25% onwards;

- Recovery assumptions include a going concern EBITDA of BRL1.6
billion and 5.0x EV multiple.

RECOVERY ANALYSIS

Going Concern Approach: The recovery analysis assumes 3R would be
reorganized on a going concern basis, rather than liquidated. 3R's
going concern EBITDA is BRL1.6 billion, assuming Brent flat at
USD45/bbl throughout the projection horizon. The going concern
EBITDA estimate reflects Fitch's view of a sustainable level of
post-reorganization EBITDA, on which the company's valuation is
based. The applied enterprise value (EV)/EBITDA multiple is 5.0x
and administrative claims are estimated at 10%.

Fitch applies an analysis to the post-default EV cascade, based on
debt claims in the capital structure. These targets resulted in a
recovery rate for secured notes in the 'RR3' range, which would be
commensurate with 'BB-' rating. However, due to Brazil's soft cap
of 'RR4', 3R's secured notes are rated 'B+'/'RR4'.

RATING SENSITIVITIES

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

- Achieving and maintaining 1P reserves of at least 400 million
boe;

- Increasing production to more than 75kboe/d, while maintaining 1P
reserve life of at least 10 years, consistently;

- Reducing lifting cost to USD13/boe or full cycle costs to
USD30/boe.

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

- Significant increase in debt/EBITDA and net debt/EBITDA ratios to
more than 3.0x or 2.0x, respectively;

- Weakening of the liquidity profile;

- Major operational disruptions at key assets, resulting in a
significant reduction in production.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: The USD500 million proposed noted due 2031
will lengthen 3R`s debt maturity schedule and enhance its liquidity
profile. The company also has a firm placement guarantee for
issuing at least BRL900 million debentures in 2024, with a
five-year term and a two-year grace period, whose proceeds are to
be used for liability management. Fitch expects that additional
debt issuance in 2024, if occurs, will have this same purpose, and
that 3R will maintain cash balance above short-term debt.

The company ended the third quarter of 2023 with BRL796 million in
cash, disregarding reserve account balances of BRL221 million.
Short term debt was BRL1.4 billion, including BRL809 million in
obligations related to acquisitions. In November 2023, 3R issued
BRL1.0 billion in debentures for funding capex, with 10-years
maturity and 5-years grace period for principal payment.

ISSUER PROFILE

3R is an independent oil and gas producer focused on revitalizing
mature onshore and offshore fields in Brazil. It acquired assets
from Petrobras in recent years and plans to significantly expand
its production to about 75kboe/d by 2026 (based on proved
reserves).

SUMMARY OF FINANCIAL ADJUSTMENTS

Obligations related to acquisitions were incorporated into debt;
restricted cash was incorporated into cash; derivatives pledged as
guarantee for debt payment were excluded from debt.

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          Recovery   
   -----------                  ------          --------   
3R Lux S.a.r.l.

   senior secured      LT        B+  New Rating   RR4

3R Petroleum Oleo e
Gas S.A.               LT IDR    B+  Publish

                       LC LT IDR B+  Publish


AMBIPAR LUX: Fitch Rates New Sr. Green Notes Due 2031 'BB-'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Ambipar Lux S.A.R.L
(Ambipar Lux)'s proposed senior unsecured green notes due 2031 of
up to benchmark size that are unconditionally and irrevocably
guaranteed by Ambipar Participações e Empreendimentos S.A.
(Ambipar), Environmental ESG Participações S.A. (Environmental)
and Ambipar Emergency Response (Emergency).

The use of proceeds is to debt repayment and general corporate
purposes. Fitch currently rates Ambipar's Foreign Currency and
Local Currency Issuer Default Ratings (IDRs) 'BB-'/Stable, as well
as Ambipar and its subsidiaries (Emergency and Environmental)'s
Long-Term National Scale Rating at 'AA-(bra)', all with a Stable
Rating Outlook.

Ambipar's credit profile reflects its outstanding position in the
environmental services industry, with strong growth potential, and
the diversification of its revenues in countries that are more
economically stable than Brazil. The company also benefits from its
favorable track record of contract renewal and the reasonable
protection of its adequate margins, due to contractual pass-through
mechanisms of costs, which are mostly variable. Ambipar and its
subsidiaries' ratings are limited by its consolidated high gross
leverage, with important cash flow consumption by interests, as
well as the lack of a longer performance track record of the
company.

The Stable Outlook reflects Ambipar's ability to sustain robust
liquidity and gradual indebtedness reduction in the medium term,
under lower investments and absence of significant acquisitions,
which should bring gross and net leverage to more moderate levels.

KEY RATING DRIVERS

Favorable Business Model: Ambipar's business model includes a set
of service provisions in its two main operating segments:
environment (mainly waste management and recovery) and response
(mitigation of environmental damage from accidents). The
environment segment (where the subsidiary Environmental operates)
represents around 50% of the revenue and benefits from agreements
with an average duration of five years and low contractual exposure
to volume risk.

The response segment (where the subsidiary Emergency operates)
corresponds to around 50% of the revenue and is supported by
contracts lasting around three years, which are renewable.
Approximately 25% of this revenue is recurrent, and the remainder
is related to the number of occurrences. The company's current
strategy, focused on organic growth, reduces its exposure to
acquisition execution risks.

Geographic Diversification: Ambipar's international activities are
mainly concentrated in low-risk countries in Latin America, in
addition to North America and Europe, which represent,
respectively, around 15%, 25% and 5% of its revenues. The record of
contract renewals, above 95%, reflects the absence of competition
with similar geographic coverage and service provision, which gives
the company a competitive advantage. The strategy is to work mainly
with private clients and expand its operations based on
complementary services, operating in an evolving industry, with low
penetration and high competitiveness.

Moderate Profitability: The services provided by Ambipar have an
EBITDA margin of 25% to 30% in Brazil and abroad. Approximately 70%
of the cost and expense structure is variable and mostly accounts
for personnel, which allows greater flexibility to adjust and
protect margins in scenarios of weak business demand. Service
provision contracts incorporate the pass through of payroll and
other non-manageable costs variations.

High Interest Payments: Debt interests should continue to represent
high cash commitments in the coming years. The base scenario
considers increase in EBITDA to BRL1.5 billion in 2024 and BRL1.8
billion in 2025, supported by business expansion, with cash flow
from operations (CFFO) reaching around BRL370 million and BRL606
million in the respective years, after interest payments. Estimated
investments range from BRL450 million to BRL500 million in the
two-year period, resulting in negative FCF close to BRL100 million
in 2024 and BRL50 million positive in the following year.

High Gross Leverage: Fitch expects Ambipar to move its gross
debt/EBITDA ratio to more conservative levels. The expectation is
that gross leverage will be 5.4x at the end of 2024, with a
reduction to less than 4.5x in 2025, as the company expands its
EBITDA generation and uses part of its cash to repay debt. Net
financial leverage has been moderate, with Fitch's base case
scenario considering a reduction to less than 3.0x in 2024, that
benefits from the equity injection of BRL717 million concluded by
the end of 2023 to strengthen its capital structure. The high
volume of debt should result on interest coverage by EBITDA to
remain low, at round 1.5x, in 2024, and around 2.0x in 2025.

Consolidated Approach: The assessment of Ambipar and its two
subsidiaries are on consolidated basis due to the high legal ties
among them, such as relevant guarantees and cross-default clauses
in the group's financial obligations, in accordance with Fitch's
'Parent and Subsidiary Linkage Rating Criteria'. Fitch also
considers the strategic and operational incentives to be high for
the holding company to support the two subsidiaries, if necessary.
Both are relevant for the group's revenue and EBITDA, with broad
growth potential and capturing synergies. Emergency and
Environmental are managed in an integrated manner.

DERIVATION SUMMARY

Ambipar's credit profile is weaker than that of Aegea Saneamento e
Participações S.A. (Aegea; BB/Stable). Both operate under
long-term contracts, with relatively stable demand, although
Aegea's business is more resilient. Aegea's EBITDA margins in the
range of 50%-60% are higher than those of Ambipar (around 25%),
although the geographic diversification of Ambipar's operations is
superior and strengthens its business model.

Ambipar's rating incorporates the expectation of a gradual increase
in its operating cash generation, while Aegea's considers the
important challenge of relevant investments and efficiency
improvements in important recently incorporated assets. Aegea's
financial profile presents high leverage due to the expectation of
the company's strong investment cycle and should remain close to
Ambipar throughout the rating horizon. Aegea's demonstrated access
to the debt market benefits its financial flexibility.

Ambipar's credit profile evenly compares to FS Indústria de
Biocombustíveis Ltda's (FS; BB-/Stable), which operates in the
volatile Brazilian ethanol industry. FS and Ambipar's leverage
profiles are similar and Fitch incorporates both companies to
deleverage in the medium term. FS EBITDA margins at around 30% is
above Ambipar's and its low cash cost business model partially
mitigates its operations within riskier industry as compared to
environmental services.

KEY ASSUMPTIONS

- Average EBITDA margins close to 30% from 2024 to 2026;

- Average annual capex of around BRL520 million from 2024 to 2026;

- Dividends of 25% of net income;

- Absent of acquisitions.

RATING SENSITIVITIES

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

- Longer track record of Ambipar's growth of operations;

- Net Debt/EBITDA below 3.0x and Gross Debt/EBITDA below 4.0x,
sustainably.

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

- Net Debt/EBITDA above 4.0x and Gross Debt/EBITDA above 5.0x,
sustainably;

- EBITDA interest coverage ratio below 1.5x, sustainably;

- Weakening of liquidity profile with refinancing risks increase;

- Deterioration of profitability with EBITDA margins below 22%.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch expects Ambipar to maintain robust
liquidity in the coming years also supported by the recently
concluded equity injection. By the end of September 2023, the group
registered strong balance of cash and equivalents, of BRL2.6
billion, as compared to short-term debt of BRL1.1 billion, a
coverage of 2.3x, and the expectation of negative FCF in 2024. The
group presents extended debt repayment schedule and has
demonstrated access to financing sources.

Ambipar's total consolidated debt, adjusted for acquisition
obligations, was BRL7.4 billion by the end of September 2023,
mainly comprised of debentures (around 65%) and working capital
(around 20%). The parent company's debt was BRL3.1 billion (mainly
of debentures), guaranteed by its subsidiaries.

ISSUER PROFILE

Ambipar provides environmental services in Brazil (around 60% of
the consolidated EBITDA), and the rest of Latin America, the United
States, Canada and the United Kingdom, in two large segments:
response (by mitigating and preventing environmental damage from
accidents) and environment (by managing and recovering industrial
waste from private clients.

   Entity/Debt             Rating           
   -----------             ------           
Ambipar Lux S.a.r.l.

   senior unsecured    LT BB-  New Rating


BRAZIL: Considerable Decline in Corruption Perception
-----------------------------------------------------
Lachlan Williams at Rio Times Online reports that Brazil has
dropped significantly in the global corruption perception index, as
reported by Transparency International.

Brazil ranks 104th globally with 36 points, dropping two from 2022,
below global and Americas' averages, according to Rio Times
Online.

The country now stands alongside Ukraine, Algeria, and Serbia, and
ranks lower than Ethiopia, Belarus, and others, the report notes.

This ranking, ranging from 0 to 100, reflects the perceived level
of public sector corruption based on expert and business opinions,
the report relays.

Denmark continues to lead with 90 points, showcasing its consistent
anti-corruption efforts, 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).


PETROBRAS: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Petroleo Brasileiro S.A.'s (Petrobras)
Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs)
and outstanding debt ratings at 'BB'. The Rating Outlook is Stable.
In addition, Fitch has affirmed Petrobras' Long-Term National Scale
rating at 'AAA(bra)'. The Rating Outlook for the National Scale
Rating is Stable.

Petrobras' ratings and Outlook are linked to Brazil's sovereign
ratings (BB/Stable) due to the company's strategic importance to
the country and the government's strong ownership and control.
Petrobras' dominant market share in the supply of liquid fuels in
Brazil, coupled with its large hydrocarbon production footprint in
the country, expose the company to government intervention through
pricing policies and investment strategies.

KEY RATING DRIVERS

Sovereign Linkage: Petrobras' ratings are linked to Brazil's
sovereign ratings as a result of the influence the government may
have over the company's strategies and investments. This is despite
material improvements in the company's capital structure and
efforts to isolate itself from government intervention. By law, the
federal government must hold at least a majority of Petrobras'
voting stock, and currently owns 50.3% of Petrobras' voting rights,
directly and indirectly. The government has a 36.8% overall
economic stake.

Strong SCP: Petrobras' Standalone Credit Profile (SCP) of 'bbb'
reflects the company's operational scale, proved reserves, and
leverage profile, all of which are comparable with investment-grade
international oil companies. Fitch forecasts Petrobras' production
will reach 2.8 mmboed by 2026 compared with 2.7mmboed in 2023, and
will maintain its 1P reserve life of nearly 11 years. Gross
leverage, as measured by gross financial debt to EBITDA, is
estimated to be 0.6x in 2023, assuming USD30.0 billion in debt,
compared with 0.5x in 2022. Fitch expects the company's leverage to
average 0.7x through 2026 when applying Fitch's price deck.

Strong Cash Flow Generation: Fitch expects Petrobras to continue
reporting positive FCF over the rating horizon while investing
enough to replenish reserves, which will further support its SCP.
Petrobras is the lowest cost producer in the region. In 2022, Fitch
estimated its half-cycle cost was USD15.12/bbl and its Full-Cycle
cost of production was USD30.51/bbl. Its low cost of production,
led to strong cash flow generation in 2023, where Fitch estimates
the company will generate USD51.5 billion in EBITDA and USD38.2
billion in FFO. The company's cash flow comfortably covers its
capex, as laid out in its current strategic plan.

Vulnerability to Political Interference: Fitch expects political
interference at Petrobras to be significant during President Lula's
administration. Material increases from the announced USD102
billion in five-year strategic capex plan, will be difficult to
fund absent a concurrent issuance of new debt or a material
decrease in its dividends policy, which is assumed to average 50%
of cash flow from operations (CFFO)-capex for each year. Petrobras
announced that 90% of 2024 and 2025 capex is already contracted.
Changes at the executive and board level had a mild impact on the
company's strategic plan and pricing policy in 2023, with limited
financial implications to the company thus far.

DERIVATION SUMMARY

Petrobras' linkage to the sovereign is similar in nature to its
peers, namely Petroleos Mexicanos (PEMEX; B+/Stable), Ecopetrol
S.A. (BB+/Stable) and YPF S.A. (CCC-). It also compares with
Empresa Nacional del Peru (ENAP; A-/Stable), and Petroleos del Peru
- Petroperu (BB+/Negative). All these companies have strong
linkages to their respective sovereigns, given their strategic
importance and the potentially significant social-political and
financial implications a default could have for their countries.

Petrobras' SCP is commensurate with a 'bbb' rating, which is
materially higher than PEMEX's 'ccc-', as a result of Petrobras'
positive deleverage trajectory compared with PEMEX's increasing
leverage. Furthermore, Petrobras has reported and is expected to
continue to report positive FCF and production growth, which Fitch
expects to reach approximately 2.8 million boe/d in the next four
years. In contrast, PEMEX's production has declined in recent years
and requires material capex to sustain the production stabilization
trend reported since 2019.

These production trajectories further support the notching
differential between the two companies' SCPs. Petrobras' SCP is in
line with that of Ecopetrol at 'bbb' given both companies' strong
credit metrics and deleveraging trajectories.

KEY ASSUMPTIONS

- Gross production to increase to approximately 2.8 million boe/d
over the next four years;

- Eight production units come online during the next four years;

- Lifting cost average of $6.25bbl over the next four years;

- Brent Crude trends toward USD65/bbl by 2026;

- Average FX rate trends toward BRL5.25/USD;

- Dividends payout are 50% of CFFO-capex;

- No further proceeds of asset sales considered over the rated
horizon.

RATING SENSITIVITIES

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

- A positive rating action on the Brazilian sovereign could lead to
a positive rating action on Petrobras.

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

- A negative rating action on Petrobras could result from a
downgrade of the sovereign and/or the perception of a lower linkage
between Petrobras and the government coupled with a material
deterioration of Petrobras' SCP;

- An increase of gross leverage to 3.5x or above may result in a
downgrade of the SCP.

LIQUIDITY AND DEBT STRUCTURE

Strong Financial Flexibility: Petrobras' liquidity is robust and
provides an added comfort during periods of volatility in
hydrocarbon prices. The company's liquidity is supported by
approximately USD12.1 billion of cash and marketable securities as
of Sept. 30, 2023, compared with current financial debt maturities
of approximately USD3.9 billion. The company also had USD 7.9
billion of revolving facilities available at the end of 3Q23. The
majority of Petrobras' available liquidity is composed of readily
available liquidity held abroad.

Petrobras continues to demonstrate a strong ability to access
domestic and international capital markets. Petrobras has a
manageable debt maturity profile, with 44% of its debt due after
2027.

ISSUER PROFILE

Petrobras is a government-related entity and one of the world's
largest integrated oil and gas companies, operating primarily in
Brazil where it is the dominant participant and the largest liquid
fuels supplier.

ESG CONSIDERATIONS

Petrobras has an ESG Relevance Score for GHG Emissions & Air
Quality of '4' due to the growing importance of the continued
development and execution of the company's energy-transition
strategy. This has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

Petrobras has an Environmental, Social and Governance (ESG)
Relevance Score of '4' for Human Rights, Community Relations,
Access and Affordability due to the potential impact of social
pressures on pricing policy in the future, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Petrobras has an ESG Relevance Score for Governance Structure is
'4', due to its nature as a majority government-owned entity and
the inherent governance risk that arises with a dominant state
shareholder, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors. 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
   -----------                 ------               -----
Petroleo Brasileiro
S.A. (Petrobras)      LT IDR    BB       Affirmed   BB

                      LC LT IDR BB       Affirmed   BB

                      Natl LT   AAA(bra) Affirmed   AAA(bra)

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

Petrobras Global
Finance BV (PGF)

   senior unsecured   LT        BB       Affirmed   BB


PETROBRAS: Increased Oil & Gas Production by 3.7% in 2023
---------------------------------------------------------
Richard Mann at Rio Times Online reports that Petroleo Brasileiro
S.A. - Petrobras, a top energy company, increased oil and gas
production by 3.7% in 2023, averaging a daily output of 2.78
million barrels.

The increase stems mainly from advancements in pre-salt areas.
However, this figure fell slightly short of the year's goal,
according to Rio Times Online.

The firm's commercial output reached 2.44 million barrels daily,
the report notes.  Out of this, oil alone contributed 2.24 million
barrels, the report relays.

Petrobras had aimed for a production target of around 2.8 million
barrels, the report says.  This goal allowed for a minor
fluctuation of 2%, the report discloses.

As reported in Troubled Company Reporter-Latin America on Jan. 16,
2024, S&P Global Ratings has assigned a new management & governance
(M&G) assessment of moderately negative to Brazil-based Petroleo
Brasileiro S.A. - Petrobras. At the same time, S&P has affirmed its
issuer credit ratings on Petrobras at 'BB' on the global scale and
'brAAA' on the Brazilian national scale. S&P has also affirmed its
issue-level ratings on the company, and removed all its ratings
from under criteria observation (UCO).




=========
C H I L E
=========

ENJOY SA: S&P Lowers ICR to 'D' on Judicial Reorganization Filing
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating and its senior
secured notes rating on Chilean casino operator Enjoy S.A. to 'D'
(default) from 'CCC-'.

These weaker metrics resulted in higher-than-expected cash burn,
leading to cash flow deficits and an inability to pay debt
obligations. As of Sept. 30, 2023, the company had about Chilean
peso (CLP) 280 billion in total adjusted debt.

Since the easing of restrictions related to the COVID-19 pandemic,
the company has gradually recovered visitor traffic at the casinos;
however, difficult macroeconomic conditions in Chile, with rising
inflation and higher taxes under new municipal licenses, have kept
margins substantially below pre-pandemic levels.




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

GRAN TIERRA: S&P Affirms 'B' ICR & Alters Outlook to Stable
-----------------------------------------------------------
S&P Global Ratings, on Jan. 30, 2024, revised its outlook on
Colombia-based oil and gas producer Gran Tierra Energy Inc. (GTE)
to stable from positive. S&P also affirmed its 'B' issuer credit
rating on GTE and its issue-level rating on its 9.5% senior secured
amortizing notes due 2029. At the same time, S&P affirmed its 'B-'
issue-level rating on its senior unsecured notes due 2025 and
2027.

The stable outlook reflects S&P's view that the company will
maintain debt to EBITDA slightly below 2.0x while seeking to grow
production to 35,000 barrels of oil equivalent per day for the next
12 months.

S&P now expects GTE to have adjusted debt to EBITDA of 2.5x in 2023
(versus 1.4x expected previously and 2.3x reported as of Sept. 30,
2023). The company reported weaker metrics in 2023 based on:

-- Lower-than-expected prices;

-- Higher operating costs due to El Niño;

-- Slightly lower production; and

S&P Said, "Higher adjusted debt from increased letters of credit
for work commitment guarantees in Colombia and Ecuador contained in
exploration contracts, which we believe will tend to decline in the
next two years. The reduction will occurs as capital expenditure
(capex) is spent.

"As a result, we don't believe the company's financial risk will
improve as previously anticipated while it seeks to expand
production.

"We believe that the company will continue to face
higher-than-expected operating costs during 2024, because Colombia
generates a large amount of energy from hydropower, while the
drought effect from El Niño will likely pressure energy
generation, pushing up prices. We expect that as Colombia expands
the use of cleaner energy sources, prices will be less volatile in
the long term."

The company announced growth opportunities in line with its 2024
guidance, which includes using 55%-60% of its capital program for
development activities in its core assets (Acordionero, Costayaco,
and Suroriente) in Colombia, and using the rest for exploration
activities, including drilling six to nine exploration wells in
Colombia and Ecuador.

S&P said, "Our previous forecasts for GTE included debt to EBITDA
below 2.0x and production near 35,000 barrels of oil equivalent per
day (boepd). Our updated projections consider production of about
33,000 boepd in 2024, up from 30,746 boepd in 2022, but we expect
the leverage metric to remain slightly below 2.0x. If the company
were to reach production volumes above 35,000 boepd while improving
its financial risk to well below 2.0x, we would view it as
comparable with GeoPark Ltd. (B+/Stable/--) and Frontera Energy
Corp. (B+/Stable/--), which we rate one notch above GTE. We
acknowledge that the company has replaced 1P reserves for the past
five consecutive years, which will also support a positive
comparison with higher rated peers."


GRUPO SURA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Grupo de Inversiones Suramericana S.A.'s
(Grupo Sura) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB+'. Fitch has also affirmed Grupo Sura's
National Long-Term Rating at 'AAA(col)' and National Short-Term
Rating at 'F1+(col)'. Fitch has additionally affirmed Grupo Sura's
senior unsecured notes, senior unsecured local notes and senior
unsecured local CP program at 'BB+', 'AAA(col)' and 'F1+(col)',
respectively. The Rating Outlook is Stable.

Grupo Sura's ratings consider the credit quality of its dividend
streams, diversification in the sources of dividends and a track
record of dividend stability. Fitch projects that up to 90% of
Grupo Sura's 2024-2026 dividend stream will come from Sura Asset
Management (BBB/Stable), Bancolombia (BB+/Stable) and Suramericana.
The balance will come from its stake in Grupo Argos
(AAA[col]/Stable while Grupo Nutresa will stop contributing
dividends in 2024 as a result of its divestment. The Stable Outlook
reflects Fitch's view that the company's leverage metrics will be
at or below 4.5x through 2026 and that it will maintain healthy
liquidity.

KEY RATING DRIVERS

Nutresa Transaction: In June of 2023, the shareholders of Grupo
Sura announced an agreement whereby Grupo Sura and Grupo Argos S.A.
would swap their ownership of subsidiary Grupo Nutresa S.A. with
the shares JGDB S.A.S, Nugil S.A.S, and IHC Capital Holding L.L.C.
(JGDB+) hold of Grupo Sura and Grupo Argos. This transaction is to
include an initial exchange of ownership among the shareholders
parties to the agreement and a public tender offer for the
remaining portion of the shares.

The tender offer may require Grupo Sura to use available cash and
debt financing for its portion of the tender offer, depending on
whether participating shareholders choose to exchange or be paid
cash for their shares. Upon completion of the transaction, Grupo
Sura will no longer have an ownership stake in Nutresa and JGDB+
will no longer have an ownership stake in Grupo Sura. At the end of
this transaction, Grupo Argos will become the largest shareholder
of Grupo Sura.

Sura Asset Management Transaction: In November 2023, Grupo Sura
announced that it will purchase from Grupo Bolivar its 9.7%
ownership stake in Sura Asset Management (Sura AM) for COP1,582
billion. This transaction will be paid in three installments, one
in 4Q23 and the remaining in May and November of 2024. The
transaction will be paid with financing and an extraordinary
dividend from Sura AM.

Solid Investment Portfolio: Sura Asset Management, Bancolombia and
Suramericana are the largest sources of cash flow to Grupo Sura,
making up 80%-85% of dividends received. Fitch expects this share
to increase to 90% post transactions. The weighted average credit
quality of the issuers distributing dividends to Grupo Sura during
the next few years is anticipated to remain at 'BB+'. This measure
reflects Fitch's projection that Bancolombia will provide over 50%
of dividends during the rating horizon. A decline in the weighted
rating to below 'BB+' would be credit negative for Grupo Sura.

Dividends Increasing: Fitch projects that Sura's dividends received
will exceed USD450 million in 2024, which would be an increase from
a projected USD410 million in 2023. These figures reflect a
substantial increase from pre-pandemic levels of around USD300
million in 2019. Dividends should remain at or above USD400 million
through the ratings horizon. Growth will be driven by higher
dividends from Bancolombia and Sura Asset Management.

Leverage Increases Post Transaction: Fitch expects Grupo Sura debt
to increase to around USD1.7 billion over the ratings horizon. This
increase is mostly a result of the Nutresa and Sura AM
transactions. Sura had approximately USD1 billion of holding
company debt as of Sept. 30, 2023. Fitch expects net dividend
leverage to peak at around 4.5x by 2025, which is still
commensurate with the current rating.

Fitch projects this metric to decrease after that. Following the
completion of the Nutresa and Sura AM transactions, Grupo Sura will
be increasingly focused in financial services. As such, Fitch will
be reassessing the group's credit profile which may include the
consideration of other credit metrics including, but not limited
to, double leverage. This metric is calculated by dividing the sum
of the equity investment in operating subsidiaries and intangibles
by its standalone common equity.

Adequate Financial Flexibility: Grupo Sura has proven access to
international and local bond and equity markets. Its liquidity is
further enhanced by uncommitted credit lines and stakes in
nonstrategic entities that it could divest. The company's ability
to maintain strong loan-to-value (LTV) metrics is incorporated as a
key rating factor. Fitch estimates LTV to remain below 30% through
2026. Fitch expects the increased leverage resulting from the
above-mentioned transactions will temporarily lower dividend
interest coverage to around 2.5x. This metric should improve over
time as debt and cost of funding decrease.

DERIVATION SUMMARY

Grupo Sura's ratings reflect the credit quality of its dividend
income streams, diversification in the sources of dividends and
track record of dividend stability, in addition to the company's
level of cash interest coverage and adequate liquidity. Grupo
Sura's ratings also incorporate the structural subordination of the
holding company's debt to the debt at its operating companies. In
terms of peers, Fitch views Grupo Sura's average credit quality of
its dividend income streams as weaker than Intercorp Peru Ltd.
(BBB-/Negative), Alfa S.A.B. de C.V. (BBB-/Stable) and Votorantim,
S.A. (BBB-/Positive).

Grupo Sura's business profile compares well with Intercorp and
Alfa, as their main subsidiaries and associates have solid business
positions in key markets. Grupo Sura's cash flow generation coming
from its businesses in the bank, asset management, insurance,
packaged food and infrastructure, is better diversified than
Votorantim which is more dependent of its cement business and
exposed to more volatility in its pulp and metal and mining
businesses.

In terms of financial profile, Grupo Sura has a weaker capital
structure than Intercorp, Alfa and Votorantim. Grupo Sura net
leverage is expected to be under 4.5x through 2025. This compares
with net leverage (net debt/dividends) ranging from 2.2x to 2.5x
for Intercorp and Alfa. Votorantim has a stronger financial profile
with Net debt/EBITDA forecast at 1.0x for the next three years.

KEY ASSUMPTIONS

- Total annual dividends received in the COP1,800 billion-COP1,900
billion range during 2023-2026;

- Assumes Grupo Sura finances two thirds of the Nutresa tender
offer with cash and debt;

- Net leverage, measured as net debt/received dividends, of
approximately 3.5x in 2024, peaking at 4.4x in 2025 and then
trending downwards;

- Interest coverage, measured as dividends received/ interest
expense, on average at 2.5x through 2026.

RATING SENSITIVITIES

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

- A positive rating action on Sura Asset Management and/or
Bancolombia;

- Improvement in Suramericana's credit profile.

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

- A negative rating action on Sura Asset Management and/or
Bancolombia;Deterioration in Suramericana's credit profile;

- Weakening liquidity and consistent deterioration in net leverage,
reaching levels consistently above 5.0x and LTV consistently above
30%;

- A change of control of Grupo Sura's key subsidiaries that affect
the stability of the dividend stream.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The company historically maintained low cash
relative to its short-term debt. This is mitigated by Grupo Sura's
dividend income and ability to access alternative sources of
liquidity. The company had short-term debt of COP 833 billion as of
3Q2023. Its cash plus marketable securities position was
approximately COP485 billion for the same period.

Fitch views Grupo Sura's refinancing risk as low. The company has
proven access to international and local bonds and equity markets,
uncommitted credit lines and high nonstrategic stakes. Fitch
expects the company's interest coverage ratio, measured as total
received dividends/net interest expense, to average 2.5x through
the ratings horizon.

ISSUER PROFILE

Grupo Sura is a holding company with positions in leading Colombian
companies with presence in the Americas. Its investment portfolio
consists of five companies, three of them in the financial sector:
Sura Asset Management (pension funds), Bancolombia (banking) and
Suramericana (insurance).

SUMMARY OF FINANCIAL ADJUSTMENTS

- Total debt is adjusted by the net position of derivatives
instrument used to hedge the foreign-currency debt;

- The company's total revenues amount is adjusted to exclude
non-operational and nonrecurring revenues.

ESG CONSIDERATIONS

Grupo Sura has ESG Relevance Score of '4' for Governance Structure,
due to the ongoing disputes of shareholders at the Board of
Directors' level, which created uncertainty surrounding the
company's holding of Grupo Nutresa and the potential use of those
proceeds if it was sold. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors. Fitch will reassess this score upon the completion of the
Nutresa transaction.

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 de Inversiones
Suramericana S.A.     LT IDR    BB+     Affirmed   BB+

                      LC LT IDR BB+     Affirmed   BB+

                      Natl LT   AAA(col)Affirmed   AAA(col)

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

   senior unsecured   LT        BB+     Affirmed   BB+

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

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




=====================
E L   S A L V A D O R
=====================

FONDO DE CONSERVACION: Moody's Withdraws Caa3 Secured Notes Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa3 senior secured
notes rating for Fondo de Conservacion Vial de El Salvador
(FOVIAL). The outlook prior to the withdrawal was stable.

RATINGS RATIONALE

Moody's has withdrawn FOVIAL's Caa3 rating to the proposed $500
million senior secured notes following the issuer's decision not to
proceed with the debt issuance at this time. There is no other debt
instrument rated by Moody's outstanding.

PROFILE

Fondo de Conservacion Vial de El Salvador (FOVIAL) is an
independent government agency responsible for maintenance,
enhancement, and development of Government of El Salvador's (Caa3
stable) national road network. It covers roughly 7,200 km of roads
and the primary services provided by FOVIAL are routine and
periodic road maintenance, bridge and roadway maintenance,
signaling and road safety.




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

DIGICEL GROUP: Completes Massive Restructuring
----------------------------------------------
Digicel Group confirmed that it has completed a massive
restructuring that saw a group of bondholders take control of the
company under a US$1.7 billion debt-for-equity swap that saw
founder Denis O'Brien's stake slashed to 10 per cent.

A reconstitution of the board has seen Mr. O'Brien step down as
executive chairman, but remain a non-executive director, according
to Digicel Group.

As previously announced, he has been succeeded by Rajeev Suri, a
UK-based executive who has worked in the sector for 35 years,
including periods at the helm of Nokia and UK satellite group
Inmarsat, the report notes.

A consortium of bondholders led by PGIM, Contrarian Capital
Management, and GoldenTree Asset Management has taken control of
the group under the third Digicel debt restructuring in five years,
the report relays.

The latest scheme reduces the company's debt to an estimated 3.1
billion in comparison to a peak of over 7 billion in 2019, the
report discloses.

Mr O'Brien may ultimately end up with as much as 20 per cent of the
company, should warrants attached as an incentive to the
restructuring end up being triggered, the report notes.

The Jamaica-based group's annual cash interest expense reduced by
about 120 million as a result of the latest debt overhaul, the
report adds.

                     About Digicel Group

Digicel Group is a mobile phone network provider operating in 33
markets across the Caribbean, Central America, and Oceania
regions.

The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.

As reported in the Troubled Company Reporter-Latin America in April
2020, Moody's Investors Service downgraded Digicel Group Limited's
probability of default rating to Caa3-PD from Caa2-PD. At the same
time, Moody's downgraded the senior secured rating of Digicel
International Finance Limited to Caa1 from B3. All other ratings
within the group remain unchanged. The outlook is negative.

Also in April 2020, the TCR-LA reported that Fitch Ratings has
downgraded Digicel Limited to 'C' from 'CCC', and its outstanding
debt instruments, including the 2021 and 2023 notes to 'C'/'RR4'
from 'CCC'/'RR4'. Fitch has also downgraded Digicel International
Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding
debt instruments, including the 2024 notes and the 2025 credit
facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the
Negative Rating Outlook from DIFL.


JAMAICA: Almost a Qtr of Businesses Expect Economy to Get Worse
---------------------------------------------------------------
RJR News reports that almost a quarter of Jamaican businesses,
polled late last year, were of the view that the economy would get
worse over the next year.

Head of Market Research Limited Don Anderson, reveals that, of the
100 businesses polled in the last quarter of 2023, 22 per cent felt
economic conditions would decline in the next 12 months, according
to RJR News.

Unemployment and inflation were flagged as key factors, the report
notes.

Among those polled, 44.2 per cent said things would get better,
while 33.7 were of the view the situation would remain the same
over the next year, the report adds.

                       About Jamaica

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

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

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

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




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

TOTAL PLAY: Fitch Lowers LongTerm IDRs to 'B-', On Watch Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded Total Play Telecomunicaciones S.A.P.I
de C.V.'s (Total Play) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) to 'B-' from 'B+'. Fitch has also downgraded
Total Play's senior unsecured debt due 2025 and 2028 to 'B-'/'RR4'
from 'B+/RR4'. The ratings remain on Rating Watch Negative (RWN).

The multiple notch downgrade reflects Total Play's elevated credit
risk due to the company's inaction to materially address its
refinancing needs since being placed on RWN (July 18, 2023). Fitch
believes the company now has limited access to capital to address
its 2025 bond maturities, and it has been slow to adjust capital
spending to prioritize debt repayment by strengthening liquidity,
despite having a strong fundamental business and capacity to
accumulate cash. These factors coupled with the shareholders track
record in dealing with creditors, evidenced by the default of TV
Azteca, S.A.B. de C.V. (TV Azteca), increases the speculative
nature of the credit.

The RWN reflects Fitch's view that the company has time to address
its refinancing needs with its first material maturity due in
November 2025, along with the company having alternative options to
address its capital and liquidity needs to help it avoid having to
restructure its debt or launch a distressed debt exchange (DDE),
under Fitch criteria.

KEY RATING DRIVERS

Limited Refinancing Options: The downgrade and RWN reflect Total
Play's inaction to materially address its refinancing needs since
being placed on RWN. Further, the company has not taken reasonable
action to cut back spending to improve its cash flow and liquidity
profile, which per Fitch's estimates could be sufficient to
accumulate enough cash to repay debt and not materially impact
liquidity.

As of September 2023, the company had a readily available cash and
equivalents of MXN1.7 billion as of September 2023 and restricted
cash of MXN3.8 billion compared to short-term debt of MXN9.4
billion (including factoring and leasing of approximately MXN5.0
billion).

Negative FCF: Fitch expects FCF to be negative in 2023, explained
by its capex plans of MXN15.4 billion in 2023. Fitch expects FCF to
be neutral to positive from 2024-2026 considering an annual average
capex of MXN13 billion. In Fitch's view, the company has the
ability to cut non-essential capex temporarily by nearly half from
a current 2024 capex budget of MXN12 billion to MXN6 billion.

Profitability Continuously Improving: Operational performance is in
line with Fitch's expectations and enabled the company to generate
positive CFO. Total Play's services are performing well with solid
revenue and EBITDA expansion in recent years, backed by extensive
network deployment that increased homes passed, business scale and
profitability.

Increased network penetration, while maintaining a low-cost
structure and working capital requirements, is key to growing
revenues and expanding margins. Network penetration is expected to
increase to 28.0%, as of YE 2023, compared with 12% in 2018, while
EBITDA margins are expected to be around 42.0% at YE 2023. Fitch
expects EBITDA should continue to improve in 2023 maintaining
leverage ratios at around 3.5x.

Market Share and Diversification: Total Play is an important player
in the industry in terms of network coverage, homes passed and
revenue generating units. The company has managed to maintain
strong growth despite operating in a competitive industry. Total
Play reached 17.5 million homes passed and 4.6 million subscribers
in 3Q23, a faster growth rate of 35% vs. an industry average of 6%.
Total Play has a balanced revenue mix and customer and service
diversification.

DERIVATION SUMMARY

Total Play's ratings reflect its tight liquidity position and
refinancing risk. Compared with consolidated Grupo Televisa, S.A.B.
(BBB+/Stable), which has a more diversified business, Total Play
has higher leverage, a smaller market share and lower network
penetration.

Cable & Wireless Communications Limited (C&W; BB-/Stable) has
similar leverage to Total Play and a solid liquidity position with
a long-dated debt amortization profile and better service and
geographic diversification. C&W benefits from operations in a
series of mainly duopoly markets (excluding Panama mobile). Revenue
mix per service is well balanced, with mobile accounting for around
26% of total sales, fixed-line at 26% and business to business with
48% of revenues in 2022. C&W's strengths are tempered by Limited
Latin America Ltd.'s financial management, which limits any
material deleveraging.

VTR Finance N.V. (VTR; CCC-) has higher leverage levels than Total
Play and also faces limited financial flexibility. Its rating also
reflects the expectation of a weak operational performance in 2024
due to the continuation of a highly competitive environment in
Chile and a sustained negative FCF.

KEY ASSUMPTIONS

- Revenue growth of 13% in 2023 and 2024 due to the company's
strategy of increasing in-network penetration;

- EBITDA margins of 42% in 2023 improving to 43% in 2024;

- Capex to sales ratio at around 37.5% in 2023 and 25.8% in 2024,
capex should be more aligned to customer increases;

- Negative FCF generation in 2023 turning neutral in 2024;

- No dividend payments.

RECOVERY ANALYSIS

Fitch criteria consider bespoke recovery analysis for issuers with
IDRs of 'B+' and below. The bespoke recovery analysis assumes that
Total Play would be considered a going concern in bankruptcy and
that the company would be reorganized rather than liquidated.

Total Play's going concern EBITDA of MXN10.0 billion is based on
Fitch's expectation of a sustainable, post-reorganization EBITDA
level. This compares with an LTM EBITDA of MXN16.8 billion and
reflects the increased competition in the Mexican market. The
enterprise value/EBITDA multiple applied is 5.0x. This figure
reflects Total Play's market position.

Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of debt in the capital
structure. Fitch's debt waterfall assumptions consider total debt
as of Sept. 30, 2023. The waterfall results in a 'RR4' Recovery
Rating for senior unsecured debt. The waterfall results in a 'RR4'
Recovery Rating for senior unsecured debt.

RATING SENSITIVITIES

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

- An upgrade is unlikely until the company addresses the
refinancing of its 2025 bond.

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

- Failure to address its refinancing needs and/or launching of a
coercive debt exchange or announcing a debt restructuring;

- An unwillingness to materially reduce capex;

- Weaker operating performance and loss of market share;

- Unfavorable regulatory changes.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Total Play has a weak liquidity profile and faces
refinancing risks. Total Play had a readily available cash and
equivalents of MXN1.7 billion as of September 2023 and restricted
cash of MXN3.8 billion compared to short-term debt of MXN9.4
billion (including factoring and leasing of MXN5.0 billion). The
company managed to roll over around MXN1 billion of its short-term
debt during December 2023 and expects to refinance a MXN1.0 billion
that matures in April 2024.

Fitch expects that Total Play will continue increasing its
percentage of secured debt and cash interest expense as the company
refinances its debt amid limited alternative options. The use of
secured short-term debt further limits Total Play's financial
flexibility. Total Play's liquidity position is tempered by still
elevated capex in 2023 (37.5% capex/revenue) that continues
pressuring its FCF generation and a difficult market environment as
the company aims to execute on refinancing short-term debt.

Fitch includes factoring of accounts payable of approximately
MXN2.6 billion in its debt calculations. The factoring adjustment
allows Fitch to compare issuers that may use different sources of
funding, as immediate replacement funding is required if the
payables financing shuts down.

ISSUER PROFILE

Total Play Telecomunicaciones S.A.P.I. de C.V. is a Mexican
provider of fixed telecommunications services to residential and
enterprise customers including government entities. The company
offers pay-television, fixed-broadband and fixed-voice services
through its competitive fiber-to-the-home via a gigabit
passive-optical network.

ESG CONSIDERATIONS

Total Play Telecomunicaciones, S.A.P.I. de C.V. has an ESG
Relevance Score of '5' for Governance Structure due to the
ownership concentration and the company's related-party aggressive
treatment toward different stakeholders, which has a negative
impact on the credit profile, and is highly relevant to the rating
in conjunction with other factors.

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          Recovery   Prior
   -----------                 ------          --------   -----
Total Play
Telecomunicaciones,
S.A.P.I. de C.V.      LT IDR    B-  Downgrade             B+

                      LC LT IDR B-  Downgrade             B+

   senior unsecured   LT        B-  Downgrade    RR4      B+




===============
P A R A G U A Y
===============

PARAGUAY: S&P Raises LongTerm Sovereign Credit Rating to 'BB+
-------------------------------------------------------------
S&P Global Ratings, on Feb. 1, 2024, raised the long-term foreign
and local currency ratings on Paraguay to 'BB+' from 'BB'. The
outlook is stable. In addition, S&P affirmed its 'B' short-term
foreign and local currency ratings. We revised upward the T&C
assessment to 'BBB-' from 'BB+'.

Outlook

The stable outlook reflects S&P's view that continued strengthening
of the Paraguayan economy, supported by private-sector investments,
could mitigate potential climate risks and contribute to the
government's capacity to absorb recent increases in debt.

Downside scenario

S&P could lower the ratings in the next 12-18 months if
slower-than-expected growth, due to higher frequency of external
and weather shocks, reduces the growth potential and weakens the
government's commitment to fiscal consolidation. This could weaken
the economy and increase the debt burden.

Upside scenario

S&P could raise the ratings in the next 24 months if effective
political and economic management leads to a sustainable fiscal
consolidation amid continued strengthening of Paraguay's political
and economic institutions, reducing the government's
vulnerabilities to the level of those of investment-grade
sovereigns.

Rationale

The upgrade reflects Paraguay's track record of evolving but
prudent macroeconomic policies, moderate fiscal deficits and
general government (GG) debt, as well as a strong external
position. All these characteristics have bolstered the Paraguayan
economy's resiliency against external shocks, and caused GDP per
capita to rise consistently.

The ratings continue to be constrained by evolving institutions and
weaker than peers' monetary transmission mechanism. Effective
political and economic management that continues to strengthen
Paraguay's checks and balances, pass reforms to sustain medium-term
growth, and deepen the domestic capital market could reduce the
country's vulnerabilities to the level of those of investment-grade
sovereigns.

Institutional and economic profile: Sustained growth of income
despite vulnerability to weather-related risks

-- Paraguay's economic activity has been resilient against
external and weather shocks, translating into consistent real per
capita GDP growth;

-- Investment projects should sustain economic growth at about 3%
during 2024-2027; and

-- The new administration will maintain the focus on prudent
fiscal policies, while continuing efforts to promote private-sector
investments and economic diversification.

S&P expects the new administration to continue to build on
Paraguay's track record of prudent macroeconomic policies, focusing
on reaching a structural deficit target over the medium term, as
part of the Fiscal Responsibility Law (FRL), as well as widening
the economic diversification. The government's agenda is guided by
the commitment to the IMF's policy coordination instrument (PCI),
which includes reforms to improve public-sector efficiency and
implement climate resiliency policies. The recent approval of a
pension fund oversight law illustrates some progress; while other
reforms included in the PCI to modify the civil servants' careers
and the pension system parameters, could encounter political
resistance, despite the Partido Colorado's legislative majority.

Moreover, high levels of perceived corruption and public-sector
inefficiencies constitute long-standing constraints to policy
design. Low human capital productivity, a large informal economy,
and infrastructure gaps are longstanding barriers, and the progress
in removing them will likely be limited given the political
consensus about curtailing the public sector's expansion.

Regardless, a track record of macroeconomic stability, low
taxation, and excess supply of renewable energy should continue to
attract investments. These factors are also helping to sustain the
economic diversification trend. The country's largest investment
project in the pipeline is a cellulose plant, which is expected to
start production by 2027.

Sustained growth will raise GDP per capita to $6,140 in 2024 and
$7,100 by 2027. That said, the most recent census showed a drop in
population, which is likely to result in GDP per capita closer to
$7,400 this year. While declining fertility and a
lower-than-expected population, due to emigration, will act as a
drag on long-term growth and fiscal performance, it's also evident
that the Paraguayan economy was moderately stronger than previously
assessed.

Flexibility and performance profile: GG deficit has increased and
fiscal correction will be gradual, but the debt burden will
stabilize

-- The Paraguayan government aims to reduce its fiscal deficit
following larger expenditure due to the pandemic support and
political transition.

-- S&P expects net GG debt to remain stable at about 30% of GDP,
but the interest burden to increase amid higher global interest
rates.

-- The current account is swinging back toward surplus, thanks to
strong soy exports. The external profile remains a key rating
strength.

A gradual fiscal consolidation strategy would reduce GG deficit to
2.6% of GDP in 2024. Deficit increased to 4.1% in 2023 because of
one-off expenses to settle suppliers' debt accumulated in
2021-2022. Even before recognizing off-balance spending, fiscal
numbers were already pointing to deficit above the 2023 target due
to budgetary constraints. GG revenue will remain below that of
Latin American peers, at 13% of GDP, and tax revenue at 10% of GDP.
Higher revenue is unlikely due to a broad consensus about a low
taxation economic model.

As a result, and given moderate debt levels and decent growth
prospects, the authorities have extended the timeframe to meet the
1.5% fiscal deficit target to 2026 from 2024, which is consistent
with the FRL. The bulk of fiscal consolidation will stem from cuts
to infrastructure spending—currently at 2.5% of GDP—and
improvements in revenue administration.

S&P said, "Our base-case scenario assumes any additional revenue
from the ongoing Itaipu dam negotiation would likely be marginal as
Brazil, the counterparty to the treaty, continues to resist higher
electricity tariffs. We expect net GG debt to stabilize at 30% of
GDP in the forecasted period, after surging from 11% as of 2019.
Higher debt and interest rates are pushing GG debt interest close
to 10% of revenue from less than 5% in 2019, and above that of
sovereigns with a similar debt burden."

Debt projections are subject to volatility resulting from sharp
movements in the exchange rate, as about 90% of the government's
debt is denominated in foreign currency. The authorities expect to
reduce the currency exposure, but this process is likely to be very
gradual due to a shallow domestic debt market. The large exposure
to non-resident holdings of GG debt is somewhat offset by the
long-term amortization profile of the external debt, partially
because of the large share of debt contracted from multilateral
lending institutions. The average maturity of the government's
external debt is about 11 years, and there are no bond
amortizations until 2026.

S&P said, "Paraguay's external position is a rating strength. The
smooth external maturity debt profile, coupled with our expectation
of balanced current account results, should keep gross external
financing needs estimated at 79% of current account receipts (CAR)
and usable reserves. We expect narrow net external debt to drop to
27% of CAR by 2027."

CAR have recovered strongly following a surge in agricultural
exports in 2023. Current account deficit ballooned to 7% of GDP
because of the drought in 2022 and swung to a slight surplus in
2023. Exports value increased 25%, boosted by over 100% soy export
jump. S&P expects supportive climate conditions to increase
agricultural production in 2024 and offset the fall in commodity
prices. The forecast for current account in 2025-2027 remains
vulnerable to future weather events.

Paraguay's flexible exchange is an important external shock
absorber. The central bank occasionally intervenes in the foreign
exchange market to dampen volatility without targeting the exchange
rate. Since the adoption of the inflation-targeting regime in 2011,
Paraguay has kept inflation largely in line with the central bank's
target, and has slowly strengthened its supervision of the
financial system.

Restrictive monetary policy stance and lower pressure from food and
energy prices contributed to a fast correction in inflation. It has
remained close to 4% (the central bank's target) since July 2023,
down sharply from the 11.8% peak in April 2022. Consequently, the
central bank has cut interest rates by a total of 200 basis points
since August 2022 to 6.5%. S&P's monetary score assessment balances
the central bank's proactive response and growing track record of
price stability, with a less developed resident financial system
and debt markets and high levels of dollarization in the financial
system. The reduction of the latter, higher dependence on domestic
currency debt to finance fiscal deficits, and a substantial
deepening of capital markets would contribute to a more powerful
and predictable monetary transmission.




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

FHT RENTAL: Case Summary & Four Unsecured Creditors
---------------------------------------------------
Debtor: FHT Rental, Inc.
        URB. El Monte
        4TA Extension
        F119 Calle Milcia
        Ponce, PR 00730

Chapter 11 Petition Date: January 30, 2024

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 24-00296

Debtor's Counsel: Modesto Bigas-Mendez, Esq.
                  MODESTO BIGAS LAW OFFICE
                  PO Box 7462
                  Ponce, PR 00732
                  Tel: (787) 844-1444
                  Fax: (787) 842-4090
                  Email: modestobigas@yahoo.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Felix A. Torres Garcia as president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for
free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/VLPX63I/FHT_RENTAL_INC__prbke-24-00296__0001.0.pdf?mcid=tGE4TAMA


PUERTO RICO: Dechert LLP Updates List of PREPA Bondholders
----------------------------------------------------------
The law firm of Dechert LLP filed a third verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of Puerto Rico Electric
Power Authority ("PREPA"), the firm represents PREPA Ad Hoc Group.

Dechert notes that it does not represent the PREPA Ad Hoc Group as
a committee (as such term is used in the Bankruptcy Code and
Bankruptcy Rules) and does not undertake to, and does not,
represent the interest of, and is not a fiduciary for, any
creditor, party in interests, or entity other than the PREPA Ad Hoc
Group and Invesco.

Dechert has been advised by the Members of the PREPA Ad Hoc Group
that its Members either hold, or manage funds and/or accounts that
hold, collectively, approximately $2.3 billion in aggregate
principal amount of uninsured Bonds, in addition to approximately
$474 million in aggregate principal amount of insured Bonds.

The members of the PREPA Ad Hoc Group and their bond holdings in
PREPA are:

   Member                          Uninsured Bonds  Insured Bonds
   -------                         ---------------  -------------
AllianceBernstein L.P.                $173,735,000    $58,225,000
1345 Avenue of
the Americas,
New York, NY 10105

Aristeia Capital, L.L.C.               $74,090,000             $0
One Greenwich
Plaza, Suite 300,
Greenwich, CT
06830

BNY Mellon Funds Trust                 $14,500,000             $0
201 Washington
Street, 8th Floor,
Boston, MA 02108

Capital Research and Management Co.    $68,845,000    $50,445,000
333 South Hope Street, 54th Floor
Los Angeles, CA 90404

Columbia Management Investment
   Advisers, LLC                       $65,675,000             $0
290 Congress Street,
Boston, MA 02210

Delaware Management Company
  a series of Macquarie
  Investment Management
  Business Trust                      $161,190,000             $0


610 Market Street,
Philadelphia PA
19106

Ellington Management Group, L.L.C.     $33,595,000             $0
711 Third Avenue,
New York, NY 10017

Goldman Sachs Asset Management LP     $248,816,000   $137,417,000
200 West Street,
New York, NY 10282

Invesco Advisers, Inc.                $436,926,000   $142,325,000
225 Liberty Street
New York, NY 10281

MacKay Shields LLC                    $558,550,000    $28,595,000
1345 Avenue of the Americas
New York, NY 10105

Massachusetts Financial
  Services Company                    $207,140,000    $52,420,000
111 Huntington
Avenue, Boston, MA 02199

RUSSELL INVESTMENT COMPANY             $21,665,000     $3,965,000
1301 Second Avenue, 18th Floor
Seattle, WA 98101

SIG Structured Products, LLC           $71,525,000             $0
401 E. City Avenue, Suite 220
Bala Cynwyd, PA 19004

T. Rowe Price                         $150,120,000       $885,000
100 E. Pratt Street, BA 0754
Baltimore, MD 21202

Tower Bay Asset Management LP          $18,035,000             $0
700 Canal Street, Ste 12E
Stamford, CT 06902

PREPA Ad Hoc Group is represented by:

     MONSERRATE SIMONET & GIERBOLINI, LLC
     Dora L. Monserrate-Peñagarícano, Esq.
     Fernando J. Gierbolini-González, Esq.
     Richard J. Schell, Esq.
     101 San Patricio Ave., Suite 1120
     Guaynabo, PR 00968
     Phone: (787) 620-5300
     Facsimile: (787) 620-5305
     Email: dmonserrate@msglawpr.com
            fgierbolini@msglawpr.com
            rschell@msglawpr.com

           - and -

     DECHERT LLP
     G. Eric Brunstad Jr., Esq.
     Stephen D. Zide, Esq.
     David A. Herman, Esq.
     1095 Avenue of the Americas
     New York, NY 10036
     Phone: (212) 698-3500
     Facsimile: (212) 698-3599
     Email: eric.brunstad@dechert.com
            stephen.zide@dechert.com
            david.herman@dechert.com

                      About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at http://bankrupt.com/misc/17   
01578-00001.pdf

On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599).  Joint administration has been sought for the Title
III cases.

On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.

U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


UNLIMITED DEVELOPMENT: Seeks to Hire Luna Law Offices as Counsel
----------------------------------------------------------------
Unlimited Development Corp. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to hire Wanda Luna-Martinez,
Esq., and her firm, Luna Law Offices, to handle its Chapter 11
case.

Ms. Luna-Martinez will be paid at her hourly rate of $250, plus
reimbursement for expenses incurred.

Ms. Luna-Martinez disclosed in a court filing that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The attorney can be reached at:

     Wanda Luna-Martinez, Esq.
     LUNA LAW OFFICES
     454 Teniente Cesar Gonzales Ave.
     San Juan, PR
     PMB 389 P.O. Box 194000
     San Juan, PR 00919-4000
     Phone: (787) 998-2356
     Email: quiebra@gmail.com

                 About Unlimited Development Corp.

Unlimited Development Corp. owns a residential apartment located at
Capitolio Plaza, San Juan, P.R., valued at $500,000.

Unlimited Development filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-00168)
on Jan 22, 2024, with $500,200 in assets and $1,201,609 in
liabilities. Ismael Crespo,  president of Unlimited Development,
signed the petition.

Wanda Luna-Martinez, Esq., at Luna Law Offices represents the
Debtor as counsel.




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

CONSOLIDATED ENERGY: S&P Affirms BB- ICR & Alters Outlook to Stable
-------------------------------------------------------------------
S&P Global Ratings, on Jan. 30, 2024, revised its outlook on
Consolidated Energy Ltd. (CEL) to stable from positive. S&P also
affirmed its 'BB-' global scale issuer credit and issue-level
ratings on CEL. At the same time, S&P assigned an issue-level
rating of 'BB-' to the company's proposed secured Term Loan B of up
to $745 million and senior unsecured notes of up to $580 million.

The stable outlook indicates that S&P expects the company's
operating and financial performance to improve through higher
revenues and EBITDA in the next 12-18 months which should support
its balance sheet deleverage and healthy credit metrics.

CEL plant outages, in 2023, along with lower average prices in the
AUM (ammonia, UAN -urea ammonium nitrate-, and melamine) division
for fertilizers, and new debt, raised CEL's leverage above S&P's
expectations, with a net debt to EBITDA above 3.0x.

While methanol prices remained relatively solid during 2023 vs the
previous year, with U.S. methanol contract prices of around $500
per metric ton (MT), lower volume sales during the year mainly due
to outages at some of CEL's plants, weighed on CEL's results and
leverage levels. In our previous upside scenario expectation, S&P
considered the likelihood that CEL's credit metrics could continue
to improve such that its weighted net debt to EBITDA could remain
in the 3.0x area (or well below) on a consistent basis.

This would have likely occurred due to a continued rise in revenue
and EBITDA, thanks to a steady demand for the company's products
and mainly solid methanol prices, coupled with broadly stable debt
levels. However, lower global ammonia prices because of lower
fertilizers industry demand, lower methanol and AUM volume
production given the operational outages, and mainly the new $600
million in debt raised to fund CEL's stake increase in OMC and
other corporate uses, deviated the company's key credit metrics,
specifically its expected net leverage target of below 3.0x.

Despite the company not reflecting a consistent net leverage metric
below 3.0x, S&P thinks that the still favorable methanol price
levels coupled with the expectation of uninterrupted and stable
production across all CEL's facilities should support the company's
financial results in the next 12-18 months. Methanol is used in
various industries and applications, like automotive, antifreeze
liquid production, industrial (fuel) and basic consumption products
(mainly pharmaceuticals), and UAN for fertilizers (mainly).

S&P said, "Although we anticipate a gradual recovery for the
chemical industry in 2024; we expect that a better supply-demand
dynamics and higher consumption in CEL's main end industries
(mainly basic consumption products, fertilizers, and industrial
fuel), should support healthier credit metrics.

"Although the volatility inherent to the chemical industry can
favorably or unfavorably affect the company's profitability
margins, we expect the prices of CEL's main raw materials
(especially natural gas) to remain stable, reflecting stability in
the company's margins. In 2023, inflation took a toll on different
raw materials affecting profitability margins.

"Although CEL already maintained a 26% stake in OMC, we expect that
the recent investment made to increase its shareholding to 60% will
be "accretive" from a business and financial strategy perspective.
We think this investment moderately increases CEL's geographic
diversification by having a footprint in the Middle East and
ability to meet the potential demand, while significantly reducing
its logistics and transportation costs to meet the potential
methanol needs in Asia.

"We expect that the incremental revenues and EBITDA of about $300
million and $100 million, respectively, and non-material debt
stemming from OMC, will strengthen CEL's consolidated revenues and
EBITDA base. This should help leverage to reduce in the next 12-18
months (assuming no incremental debt over the forecasted horizon),
and sit comfortably in the 3.0x area, in line with the company's
financial policy."

Although CEL recently disbursed a bridge loan of $600 million to
fund the increase of its shareholding in OMC and other corporate
uses; the company plans to refinance the bridge loan and other bank
debt on its balance sheet through issuing two new long-term debt
instruments. CEL will attempt to access the debt markets again to
issue a potential long term of about $580 million unsecured bond
coupled with an $745 million secured term loan. Although CEL has no
significant debt maturities in 2024 (except the current $600
million bridge loan); the company will be refinancing the bridge
loan and about $650 million of other debt well ahead of its final
maturity (due 2025) with some cash and the proceeds of the intended
issuance.

This refinancing should enhance the company's debt maturity profile
to an average tenor of around 5.1 years. S&P expects to maintain an
adequate liquidity with an estimated free operating cash flow of
about $200 million for the next 12-month period, coupled with its
committed revolving credit facility.




=============
U R U G U A Y
=============

MERCADOLIBRE INC: Moody's Affirms Ba1 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed MercadoLibre, Inc.'s Ba1
Corporate Family Rating and its Ba1 senior unsecured notes'
ratings. The outlook remains stable.          

RATINGS RATIONALE

The Ba1 ratings of MercadoLibre reflect its position as the largest
online marketplace in Latin America, along with its recognized
brand and experienced and well-seasoned management team. The
ratings also incorporate its broad presence across the region and
broad range of services provided to both vendors and consumers,
supported by the e-commerce and fintech segments that contribute to
user engagement and favor user base retention and growth. Also
embedded in the rating is MercadoLibre's robust liquidity and
adequate corporate governance standards, with a diversified
ownership structure. The company has been listed on Nasdaq since
2007.

MercadoLibre's ratings are mainly constrained by its exposure to
event risks that could disrupt its logistics operations or restrict
its access to the securitization market which is crucial to
continue financing the company's fintech business growth. The
ratings also reflect some company's foreign currency risk exposure
because the company's revenues are earned in local currencies in
Latin America while outstanding bonds (around $1.1 billion) are
denominated in US dollars; but the company's US dollar denominated
cash holding provide a natural hedge.

Finally, the company's concentration of operations in Brazil is
also factored into the ratings. As of Q3 2023, Brazil is the
largest contributor to both revenue (52%) and direct contribution
(46%). MercadoLibre's Ba1 ratings are one notch above the
Government of Brazil's bond rating of Ba2, which is granted only on
an exceptional basis. In this regard, a one notch uplift is
provided given the company solid liquidity and broad presence and
competitive position across the region, which allows additional
financial flexibility to sustain economic downturns.

MercadoLibre's profitability has improved significantly over the
past few years aided by revenue growth and cost dilution. Revenues
at MercadoLibre increased 25% to $13.2 billion as of the last
twelve months ended in September 2023 (LTM Sep-23), from $10.5
billion in 2022 and $2.3 billion back in 2019. Moody's expects
projected top line growth at around 30% in 2024-2025 to be driven
by the expanding e-commerce and fintech services in Latin America.

This is primarily because online sales in the region are still in
the early stages of penetration, providing ample room for growth.
MercadoLibre, with its extensive footprint in the region, is
well-positioned to capitalize on this opportunity. Moreover,
MercadoLibre's fintech services accommodate a large customer base,
further bolstering its growth prospects on the back of an expanding
digital economy in Latin America. This situation is reflected on
MercadoLibre's fast growing Gross Merchandise Volume (GMV) and
Total Payment Volume (TPV) on and off the marketplace, which in
turn is supported by a growing user base and logistics network. As
of LTM September 2023, GMV of $42 billion had doubled relative to
$21 billion in 2020. TPV almost tripled in the same period,
reaching $162 billion as of LTM Sep-23 from $50 billion in 2020,
mainly driven by 36% growth in the company's off-platform TPV
(73.4% of total TPV).

As of the LTM Sep-23, the company's EBITA margin was 20.4%, up from
13.0% in 2022, and Moody's expects MercadoLibre's can comfortably
maintain an EBITA margin at around 14%-15% in 2024-2025, supporting
Moody's adjusted EBITDA of around $3.0 billion in 2024 and $3.8
billion in 2025, up from around $2.5 billion Moody's projected in
2023.

MercadoLibre's fintech arm, Mercado Pago, has been growing rapidly
and gaining relevance in size and profitability within the company
since 2020. The company has been successful in growing its finance
and payment businesses, as well as in attracting funds to scale it
up. Due to MercadoLibre's broad target market, it reaches market
segments with low credit track record; this, combined with a
product concentration in consumer credit and credit cards and
working capital to small and midsize enterprises (SMEs), results in
intrinsic higher asset risk. However, this risk is somewhat offset
by the company's strong liquidity position, sufficient capital
reserves, and robust profitability.

Furthermore, in the last few years MercadoLibre's main cash
requirement has been working capital to fund the Mercado Pago and
Mercado Credito operations. Moody's expects the growth in
MercadoPago loan activity to be dependent on funding
availability—mainly cash generated by the business, anticipation
of credit card receivables and funding from special purpose entity
(SPEs). Furthermore, because MercadoLibre's e-commerce operations
can be funded through the segment's own cash generation, the
fintech business growth will remain the main driver for new debt
requirements in 2024-2025. Moody's expects lease-adjusted debt at
around $6.5-$7.5 billion in 2024-2025, up from $5.2 billion in
September 2023. But rising EBITDA will keep Moody's-adjusted gross
debt to EBITDA ratio at around 2.0x-2.5x in the 2024-2025 (around
0.5x on a net debt basis), from 1.6x as of the 12 months that ended
in September 2023 (0.6x on a net debt basis).

The company has strong liquidity and a track record of prudent
liquidity management. As of September 30, 2023, MercadoLibre's
available cash and marketable securities amounted to $3.8
billion—excludes $3 billion in restricted cash because of
regulatory requirements to hold liquid resources to accommodate
cash withdrawals of vendors and customers that have holdings in
MercadoPago. The company's available cash and short-term investment
compare favorably with its short-term debt obligations of $2.4
billion, mainly comprised of $901 million in deposit certificates
from its banking institution in Brazil, $664 million in
collateralized debt to fund the fintech business, and $489 million
in bank loans. Moody's expects MercadoLibre to maintain a cash
balance greater than its short-term debt maturities and to continue
generating positive free cash flow as the company manages its
profitability and limits dividend payments.

The stable outlook incorporates Moody's expectation that
MercadoLibre will be able to maintain liquidity and profitability
at healthy levels, which in turn will support the company's robust
credit metrics.

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

Given MercadoLibre's strong dependence on the Brazilian market, an
upward rating movement would be subject to the ratings' relative
position to the Government of Brazil 's (Ba2 stable) ratings. An
upgrade would require MercadoLibre to perform in a more resilient
manner regardless of the underlying macroeconomic environment in
key markets, particularly in Brazil.

From a quantitative perspective, and considering the commerce
business as its main contributor to revenue and profitability, a
positive rating action would require a net cash position or
retained cash flow (RCF) to net debt ratio above 25% on a sustained
basis. Additionally, the ratio of EBITA to interest expense ratio
would need to approach 6.0x and the lease-adjusted debt to EBITDA
would need to remain below 3.5x, although exceptions may be made if
this level is exceeded as the company expands its fintech business
funding. In this regard, in addition to these numerical factors,
increased transparency into the financials of the fintech business
on a consolidated and country level basis could also contribute to
a positive rating action. This would provide a clearer picture of
the business's performance and potential.

MercadoLibre's ratings could be downgraded if it fails to maintain
strong liquidity or its profit margins deteriorate to an extent
such that it leads to a weakening of credit metrics, or both.
Quantitatively, a downgrade would require (all Moody's-adjusted
metrics) EBITA/interest expense below 1.5x on a sustained basis and
debt/EBITDA to remain above 5.0x, although exceptions may be made
if this level is exceeded as the company expands its fintech
business funding.

Negative pressure on the rating could also emerge if logistic
operations or access to the securitization market, which is
necessary to fund the company's fintech business, is considerably
restricted in any way. A downgrade of the Government of Brazil's
(Ba2 stable) rating would also likely lead to a downgrade of
MercadoLibre's ratings.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Founded in 1999 and headquartered in Uruguay, MercadoLibre is the
largest online commerce and payment ecosystem in Latin America,
with operations in 18 countries and a total of 167 million unique
active users in the region as of as of the nine months ended in
September 2023. The company offers users six integrated e-commerce
services: the Mercado Libre Marketplace, the Mercado Envios
logistics service, the Mercado Libre Ads solution, the Mercado Pago
fintech solution, the Mercado Libre Classifieds service and the
Mercado Shops online storefronts solution.




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

[*] BOND PRICING COLUMN: For the Week Jan. 29 to Feb. 2, 2024
-------------------------------------------------------------
Issuer                        Cpn      Price    Maturity      
Country    Curr
------                       ---      -----    --------      
-------    ----
AySA                7.9 74.3 5/1/2026   AR   USD
Colombia Telecomunicaciones   5.0 65.1 7/17/2030   CO   USD
Peru Gov't Int'l Bond       3.2 58.2 7/28/2121   PE   USD
ETESA                5.1 71.8 5/2/2049   PA   USD
Agile Group Holdings Ltd      7.9 3.3            KY   USD
Powerlong Real Estate       7.1 9.4 1/15/2026   KY   USD
ENA Master Trust       4.0 70.1 5/19/2048   PA   USD
Panma Gov't Int'l Bond       4.5 65.9 4/16/2050   PA   USD
Panma Gov't Int'l Bond       4.5 62.1 1/19/2063   PA   USD
ACEN Finance Ltd       4.0 64.2            KY   USD
Chile Gov't Int'l Bond       3.1 63.3 1/22/2061   CL   USD
CODELCO                3.7 68.8 1/30/2050   CL   USD
Guacolda Energia SA       4.6 64.4 4/30/2025   CL   USD
Powerlong Real Estate       4.0 9.3 7/12/2024   KY   USD
Peru Gov't Int'l Bond       2.8 58.7 12/1/2060   PE   USD
Panma Gov't Int'l Bond       4.5 63.7 4/1/2056   PA   USD
Peru Gov't Int'l Bond       3.6 72.3 3/10/2051   PE   USD
Chile Gov't Int'l Bond       3.1 73.4 5/7/2041   CL   USD
Spirit Loyalty/ Spirit IP     8.0 72.8 9/20/2025   KY   USD
El Slavador Gov't Int'l Bond  7.1 68.5 1/20/2050   SV   USD
Peru Gov't Int'l Bond       3.6 67.0 1/15/2072   PE   USD
Panma Gov't Int'l Bond       4.5 67.4 5/15/2047   PA   USD
Agile Group Holdings Ltd      7.8 4.4            KY   USD
General Shopping Finance Ltd  10.0 69.3            KY   USD
Chile Gov't Int'l Bond  3.3 63.2 9/21/2071   CL   USD
Empresa de los                3.1 60.3 8/18/2050   CL   USD
Empresa de los Ferrocarriles 6.5 11.1 1/1/2026   CL   CLP
Empresa de los Ferrocarriles 3.8 67.6 9/14/2061   CL   USD
AES Tiete Energia SA  6.8 0.7 4/15/2024   BR   BRL
Inversiones CMPC SA  1.5 57.2 7/3/2025   CL   CLP
Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050   CO   COP
Elektra Noreste SA  3.9 74.2 7/15/2036   PA   USD
Amwaj Ltd          6.4 72.8            KY   USD
Colombia Gov't Int'l Bond 5.0 73.7 6/15/2045   CO   USD
Silk Road Investments Ltd 2.9 66.3 1/23/2042   KY   AUD
Banco del Estado de Chile 2.8 67.2 3/13/2040   CL   AUD
Vert Cia Securitizadora SA 11.5 56.5 2/15/2024   BR   BRL
Guacolda Energia SA  10.0 70.0 12/30/2030   CL   USD
Colombia Gov't Int'l Bond 6.3 72.5 7/9/2036   CO   COP
AMTD IDEA Group          4.5 61.3            KY   SGD
Nuevosur SA/Chile  4.0 40.6 3/21/2028   CL   CLP
SYN prop e tech SA  11.3 20.8 3/15/2024   BR   BRL
Esval SA          3.5 16.7 2/15/2026   CL   CLP
Esval SA          3.4 23.6 3/15/2028   CL   CLP
Colombian TES          6.3 72.2 7/9/2036   CO   COP
Colombia Gov't Int'l Bond       6.3 72.5 7/9/2036   CO   COP
Banco Santander Chile  1.3 72.5 11/29/2034   CL   EUR
2W Ecobank SA          10.3 26.3 11/24/2029   BR   BRL
Sociedad Concesionaria          5.3 36.6 12/15/2026   CL   CLP
Fospar S/A          6.5 1.4 5/15/2026   BR   BRL
Luminis IV Ltd          3.2 69.9 1/22/2042   KY   AUD
Ascent Finance Ltd  3.8 66.2 6/28/2047   KY   AUD
Banda de Couro Energetica       8.0 64.6 1/15/2027   BR   BRL
Baraunas II Energetica          8.0 24.0 1/15/2027   BR   BRL
Astra Cumulative Return  1.5 61.7 11/1/2029   KY   USD
Genneia SA          2.0 56.2 7/14/2028   AR   USD
Empresas Gasco SA  7.3 20.4 12/1/2025   CL   CLP
Falabella SA        3.4 73.5 1/15/2032   CL   USD
Ecopetrol SA        5.9 72.5 11/2/2051   CO   USD
CFLD Cayman        2.5 7.7 1/31/2031   KY   USD
Tencent Holdings Ltd       3.8 72.8 4/22/2051   KY   USD
Argentina Bonar Bonds       1.0 35.9 7/9/2029   AR   USD
Bolivian Gov't Int'l Bond     4.5 49.3 3/20/2028   BO   USD
Shui On Development       5.5 66.2 3/3/2025   KY   USD
BRF SA                5.8 71.7 9/21/2050   BR   USD
Longfor Group Holdings Ltd    4.5 53.7 1/16/2028   KY   USD
Agile Group Holdings Ltd      5.8 16.5 1/2/2025   KY   USD
Argentina Gov't Int'l Bon     0.5 32.7 7/9/2029   AR   EUR
Shui On Development       5.5 56.3 6/29/2026   KY   USD
Petroleos del Peru SA       4.8 70.5 6/19/2032   PE   USD
Tencent Holdings Ltd       3.2 65.0 6/3/2050   KY   USD
Colombian TES          7.3 71.1 10/26/2050   CO   COP
QNB Finance Ltd          3.4 71.3 10/21/2039   KY   AUD
Banco del Estado de Chile 3.1 70.7 2/21/2040   CL   AUD
Sylph Ltd          2.7 68.1 3/25/2036   KY   USD
Banco Santander Chile  3.1 70.7 2/28/2039   CL   AUD
Luminis III Ltd          2.3 39.4 9/22/2048   KY   USD
Ascent Finance Ltd  1.2 61.6 7/12/2047   KY   EUR
Spica Ltd          2.0 74.2 3/24/2033   KY   AUD
Lani Finance Ltd  1.7 63.8 3/14/2049   KY   EUR
Luminis Ltd          2.3 54.5 9/22/2048   KY   AUD
Luminis III Ltd          2.4 54.9 9/22/2048   KY   AUD
Skylark Ltd          1.8 59.2 4/4/2039   KY   GBP
Amwaj Ltd          4.5 51.8            KY   USD
Earls Eight Ltd          1.7 71.0 6/20/2032   KY   AUD
Santander Consumer Chile SA 2.9 72.1 11/27/2034   CL   AUD
Earls Eight Ltd          0.1 63.1 12/20/2031   KY   AUD
Farfetch Ltd        3.8 1.5 5/1/2027   KY   USD
Colombia Telecomunicaciones   5.0 65.0 7/17/2030   CO   USD
Volcan Cia Minera SAA       4.4 63.2 2/11/2026   PE   USD
Spirit Loyalty Cayman Ltd     8.0 72.0 9/20/2025   KY   USD
Longfor Group Holdings Ltd    3.4 57.7 4/13/2027   KY   USD
YPF SA                7.0 73.6 12/15/2047   AR   USD
Brazil Gov't Int'l Bond       4.8 74.2 1/14/2050   BR   USD
Seazen Group Ltd       6.0 53.5 8/12/2024         KY   USD
Telefonica Moviles Chile SA   3.5 73.2 11/18/2031   CL   USD
Camposol SA        6.0 69.4 2/3/2027   PE   USD
Longfor Group Holdings Ltd    4.0 46.4 9/16/2029   KY   USD
Petroleos del Peru SA       5.6 60.2 6/19/2047   PE   USD
Agile Group Holdings Ltd      5.5 12.1 5/17/2026   KY   USD
Banco Davivienda SA       6.7 72.1            CO   USD
Longfor Group Holdings Ltd    3.9 41.5 1/13/2032   KY   USD
VTR Comunicaciones SpA       5.1 58.5 1/15/2028   CL   USD
Seazen Group Ltd       4.5 30.0 7/13/2025   KY   USD
Gol Finance Inc        8.8 25.3            KY   USD
Panma Gov't Int'l Bond       3.9 56.3 7/23/2060   PA   USD
Powerlong Real Estate       7.0 9.5 12/6/2025   KY   USD
Argentina Gov't Int'l Bond    0.1 34.7 7/9/2030   AR   EUR
Banco Nacional de Panama      2.5 74.2 8/11/2030   PA   USD
Powerlong Real Estate       6.3 9.3 8/10/2024   KY   USD
Credivalores-Crediservicios   8.9 23.5 2/7/2025   CO   USD
CFLD Cayman Investment       2.5 2.6 1/31/2031   KY   USD
Argentine Bonos del Tesoro    15.5 32.3 10/17/2026   AR   ARS
VTR Comunicaciones SpA       4.4 58.4 4/15/2029   CL   USD
Tencent Holdings Ltd       3.9 70.8 4/22/2061   KY   USD
Alibaba Group Holding Ltd     3.3 60.5 2/9/2061   KY   USD
Spirit Loyalty/ Spirit IP     8.0 72.8 9/20/2025   KY   USD
Alibaba Group Holding Ltd     2.7 66.0 2/9/2041   KY   USD
Alibaba Group Holding Ltd     3.2 63.3 2/9/2051   KY   USD
Sociedad Quimica       3.5 67.2 9/10/2051   CL   USD
Agile Group Holdings Ltd      6.1 13.0 10/13/2025   KY   USD
Aeropuerto Internacional      5.1 74.2 8/11/2061   PA   USD
eHi Car Services Ltd       7.0 66.6 9/21/2026   KY   USD
Colombia Gov't Int'l Bond     3.9 58.6 2/15/2061   CO   USD
Colombia Gov't Int'l Bond     5.2 74.5 5/15/2049   CO   USD
ENAP                4.5 74.4 9/14/2047   CL   USD
Chile Gov't Int'l Bond       3.5 72.3 4/15/2053   CL   USD
Agile Group Holdings Ltd      5.5 14.0 4/21/2025   KY   USD
Bolivian Gov't Int'l Bond     7.5 54.7 3/2/2030   BO   USD
Hilong Holding Ltd       9.8 50.8 11/18/2024   KY   USD
AYC Finance Ltd        3.9 62.2            KY   USD

Argentina Treasury Dual Bond 3.3 45.8 4/30/2024   AR   USD
Panma Gov't Int'l Bond  4.3 63.5 4/29/2053   PA   USD
China Yuhua Education         0.9 65.3 12/27/2024   KY   HKD
Spirit Loyalty/Spirit IP      8.0 71.8 9/20/2025   KY   USD
CK Hutchison Int'l 20 Ltd 3.4 73.8 5/8/2050   KY   USD
Bonos Para La Reconstruccion 5.0 50.2 10/31/2027   AR   USD
Colombia Gov't Int'l Bond 4.1 68.0 2/22/2042   CO   USD
Empresa de los Ferrocarriles    3.8 67.7 9/14/2061   CL   USD
CODELCO                  3.2 61.8 1/15/2051   CL   USD
Bishopsgate Asset Finance       4.8 69.3 8/14/2044   KY   GBP
Tencent Holdings Ltd  3.3 61.3 6/3/2060   KY   USD
Telefonica Moviles Chile SA 3.5 73.3 11/18/2031   CL   USD
Falabella SA          3.4 73.6 1/15/2032   CL   USD
Greenland Hong Kong             10.2 13.2            KY   USD
Provincia de Cordoba  7.1 39.9 10/27/2026   AR   USD
CFLD Cayman          2.5 3.0 1/31/2031   KY   USD
Chile Gov't Int'l Bond  1.3 54.8 1/22/2051   CL   EUR
At Home Cayman          11.5 66.6 5/12/2028   KY   USD
Peru Gov't Int'l Bond  2.0 74.5 11/17/2036   PE   EUR
China Overseas Finance  3.1 73.7 3/2/2035   KY   USD
Lunar Funding I Ltd  1.7 73.2 8/11/2056   KY   GBP
VTR Comunicaciones SpA  5.1 58.7 1/15/2028   CL   USD
El Slavador Gov't Int'l Bond 7.6 71.8 9/21/2034   SV   USD
Banco Nacional de Panama 2.5 74.4 8/11/2030   PA   USD
Chile Gov't Int'l Bond  1.3 68.7 1/29/2040   CL   EUR
El Slavador Gov't Int'l Bond 7.6 72.5 2/1/2041   SV   USD
Sociedad Quimica  3.5 67.1 9/10/2051   CL   USD
Tencent Holdings Ltd  3.8 72.9 4/22/2051   KY   USD
Volcan Cia Minera SAA  4.4 63.0 2/11/2026   PE   USD
Colombia Gov't Int'l Bond 7.3 71.4 10/26/2050   CO   COP
Empresa de Transporte  3.7 65.8 9/13/2061   CL   USD
Guacolda Energia SA  10.0 67.9 12/30/2030   CL   USD
Petroleos del Peru SA  5.6 60.2 6/19/2047   PE   USD
CFLD Cayman          2.5 8.6 1/31/2031   KY   USD
ETESA                  5.1 72.0 5/2/2049   PA   USD
Camposol SA          6.0 70.0 2/3/2027   PE   USD
Chile Gov't Int'l Bond  1.3 74.6 7/26/2036   CL   EUR
Southern Water Services  3.0 69.4 5/28/2037   KY   GBP
VTR Comunicaciones SpA  4.4 58.4 4/15/2029   CL   USD
Three Gorges Finance I  3.2 71.1 10/16/2049   KY   USD
AES Argentina Generacion SA 8.0 94.4 7/15/2025   AR   USD
QNB Finance Ltd          13.5 67.6 10/6/2025   KY   TRY
AMTD IDEA Group          1.5 7.5            KY   USD
CODELCO                  3.7 68.7 1/30/2050   CL   USD
Bolivian Gov't Int'l Bond 4.5 48.6 3/20/2028   BO   USD
Gol Finance Inc          8.8 29.1            KY   USD
QNB Finance Ltd          11.5 73.1 1/30/2025   KY   TRY
Petroleos del Peru SA  4.8 70.6 6/19/2032   PE   USD
Aeropuerto Internacional 5.1 74.1 8/11/2061   PA   USD
CFLD Cayman          2.5 2.3 1/31/2031   KY   USD
Bolivian Gov't Int'l Bond 7.5 54.2 3/2/2030   BO   USD
Tencent Holdings Ltd  3.9 70.7 4/22/2061   KY   USD
Empresa de Transporte  3.7 66.1 9/13/2061   CL   USD
Aruba Gov't Int'l Bonds  6.5 62.8 5/6/2028   AW   USD
YPF SA                  1.0 65.3 4/25/2027   AR   USD
BRF SA                  5.8 71.6 9/21/2050   BR   USD
Banco Davivienda SA  6.7 71.0            CO   USD
Telecom Argentina SA  1.0 73.2 3/9/2027   AR   USD
SPE Saneamento RIO 1 SA  7.2 10.6 1/15/2042   BR   BRL
SPE Saneamento RIO 1 SA  6.9 10.4 1/15/2034   BR   BRL
CODELCO                  3.2 61.7 1/15/2051   CL   USD
ENAP                  4.5 74.4 9/14/2047   CL   USD
Logan Group Co Ltd  7.0 3.9            KY   USD
Bonos Para La Reconstruccion 3.0 59.9 5/31/2026   AR   USD
Telecom Argentina SA  1.0 65.5 2/10/2028   AR   USD
Empresa de los Ferrocarriles 3.1 60.1 8/18/2050   CL   USD
Tencent Holdings Ltd  3.2 64.9 6/3/2050   KY   USD
Hilong Holding Ltd  9.8 51.9 11/18/2024   KY   USD
Credivalores-Crediservicios 8.9 23.9 2/7/2025   CO   USD
Guacolda Energia SA  4.6 63.9 4/30/2025   CL   USD
ENA Master Trust  4.0 69.3 5/19/2048   PA   USD
Tencent Holdings Ltd  3.3 61.4 6/3/2060   KY   USD
Jamaica Government Bond  8.5 73.0 12/21/2061   JM   JMD
SPE Saneamento Rio 4 SA  7.2 10.1 1/15/2042   BR   BRL
El Slavador Gov't Int'l Bond 5.9 59.0 1/30/2025   SV   USD
CFLD Cayman          2.5 3.0 1/31/2031   KY   USD
CFLD Cayman          2.5 3.0 1/31/2031   KY   USD
CODELCO                  3.6 74.2 7/22/2039   CL   AUD
At Home Cayman          11.5 66.6 5/12/2028   KY   USD
El Slavador Gov't Int'l         7.1 68.6 1/20/2050   SV   USD
General Shopping Finance        10.0 69.3            KY   USD
Hilong Holding Ltd  9.8 51.3 11/18/2024   KY   USD
CK Hutchison International      3.4 74.0 5/8/2050   KY   USD
CFLD Cayman          2.5 2.0 1/31/2031   KY   USD
Equatorial Para                 11.0 1.0 5/15/2028   BR   BRL
El Slavador Gov't Int'l         7.6 72.1 9/21/2034   SV   USD
Industrias Metalurgicas  1.0 72.6 12/30/2031   AR   USD
YPF SA                  7.0 73.4 12/15/2047   AR   USD
CFLD Cayman          2.5 8.5 1/31/2031   KY   USD
Generacion Mediterranea SA 12.5 0.0 2/16/2024   AR   USD
Provincia de la Rioja  7.5 57.1 7/20/2032   AR   USD
Enel Generacion Chile SA 6.2 29.0 10/15/2028   CL   CLP
SPE Saneamento Rio 4 SA  6.9 10.4 1/15/2034   BR   BRL
Sociedad Quimica  4.9 55.7 1/5/2030   CL   CLP
Provincia de la Rioja  4.5 58.7 1/20/2027   AR   USD
Link Finance Cayman 2009        2.2 72.7 10/27/2038   KY    HKD
ICBC DO Brasil Banco            3.3 59.6            BR   USD
Provincia del Chaco             4.0 0.0 12/4/2026   AR   USD
El Slavador Gov't Int'l Bond 7.6 72.6 2/1/2041   SV   USD
Jamaica Government Bond  6.3 67.7 7/11/2048   JM   JMD
Elektra Noreste SA  3.9 74.2 7/15/2036   PA   USD
GDM Argentina SA  2.5 0.0 9/8/2024   AR   USD
QNB Finance Ltd          2.9 73.4 9/16/2035   KY   AUD
Colombia Gov't Int'l Bond       4.1 62.9 5/15/2051   CO   USD
Panma Gov't Int'l Bond  2.3 70.5 9/29/2032   PA   USD
Argentina Gov't Int'l Bond 1.0 38.5 7/9/2029   AR   USD
Chile Gov't Int'l Bond  3.5 72.9 1/25/2050   CL   USD
Rio Alto Energias Renovaveis    7.0 28.4 7/15/2027   BR   BRL
Travessia Securitizadora 9.0 1.6 1/20/2032   BR   BRL
Hector A Bertone SA  1.9 0.0 4/7/2024   AR   USD
Sociedad Concesionaria          5.3 49.3 12/15/2028   CL   CLP
Empresa de Transporte           5.5 57.8 7/15/2027   CL   CLP
Embotelladora Andina SA  6.5 23.0 6/1/2026   CL   CLP
Sylph Ltd          3.1 74.3 9/25/2035   KY   USD
Sylph Ltd          2.4 64.0 9/25/2036   KY   USD
Lani Finance Ltd  1.9 66.1 9/20/2048   KY   EUR
Lani Finance Ltd  1.9 67.2 10/19/2048   KY   EUR
Banco de Chile          2.7 74.4 3/9/2035   CL   AUD
Lani Finance Ltd  3.1 65.7 10/19/2048   KY   AUD
Dibens Leasing S/A  10.6 30.9 3/1/2035   BR   BRL
QNB Finance Ltd          2.9 72.1 12/4/2035   KY   AUD
Ascent Finance Ltd  3.4 66.6 2/6/2043   KY   AUD
Dibens Leasing S/A  10.6 32.4 3/1/2035   BR   BRL
Itau Unibanco SA/Nassau  5.8 20.5 5/20/2027   BR   BRL
Sylph Ltd          2.9 73.9 6/24/2036   KY   AUD
Dibens Leasing S/A  10.6 36.6 3/1/2035   BR   BRL



                           *********


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

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

Copyright 2024.  All rights reserved.  ISSN 1529-2746.

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.
.


                  * * * End of Transmission * * *