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

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

          Monday, February 19, 2024, Vol. 25, No. 36

                           Headlines



A R G E N T I N A

ARGENTINA: Inflation Rate Slows in Javier Milei's First Full Month
ARGENTINA: Milei Blasts Inflation Data, Focused on Reforms


B R A Z I L

BRAZIL: UBS Forecasts 8% Selic Rate, Aided by El Nino
PRUMO PAR: Moody's Affirms 'Ba2' Rating on Sr. Secured Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cocoa Prices Reach All-Time Highs
[*] DOMINICAN REPUBLIC: New 100-Peso Banknote to Circulate


G U A T E M A L A

INGENIO MAGDALENA: Fitch Affirms BB- LongTerm IDRs, Outlook Stable


J A M A I C A

JAMAICA: DBJ Opens 4-Week Call for Concept Notes for Business Fund
JAMAICA: Self-Financing Public Bodies to Execute $96BB in Projects


P E R U

COMPANIA DE MINAS BUENAVENTURA: Fitch Affirms 'BB-' LongTerm IDRs
VOLCAN COMPANIA: Fitch Lowers LongTerm IDRs to 'CCC'


P U E R T O   R I C O

FHT RENTAL: Seeks to Hire Modesto Bigas Mendez as Legal Counsel


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week Feb. 12 to Feb.16, 2024

                           - - - - -


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

ARGENTINA: Inflation Rate Slows in Javier Milei's First Full Month
------------------------------------------------------------------
Buenos Aires Times reports that Argentina's consumer prices slowed
on a monthly basis during President Javier Milei's first full month
in office as he continued to implement parts of his shock therapy
economic plan.

Inflation cooled to 20.6 percent in January from a month earlier,
slightly below economists' expectations of 21 percent, according to
Buenos Aires Times.  From a year ago, prices accelerated 254.2
percent, the fastest pace since South America's second-biggest
economy exited hyperinflation in the early 1990s, the report
notes.

Since taking office December 10, Milei devalued the peso 54 percent
and removed price freezes on hundreds of household essentials, the
report relays.  Goods and services drove price hikes in January,
followed by transport, the report disclsoes.  Prices are expected
to keep climbing on an annual basis as Milei slashes energy and
transport subsidies and bumps up fuel taxes to comply with his goal
of closing a gaping budget deficit, even after his sweeping omnibus
bill fell flat in congress, the report relays.  Buenos Aires City
is set to raise subway fares sixfold by June, according to the city
government, the report says.

The unwinding of generous subsidies set by the previous government
and sharp contraction in economic activity are key tenets of
Milei's economic plan to rein in galloping inflation, which he
warned would be Argentina's "last bitter pill" in his inauguration
speech, the report discloses.  The loss in spending power will also
ratchet up the stress on a nation already beleaguered by poverty
levels above 40 percent, the report relays.  In December, salaries
posted a meagre 8.9 percent monthly increase, far below the 25.5
percent inflation for that month, the report notes.

Former Argentina president Cristina Fernandez de Kirchner, who sits
on the polar opposite end of the political spectrum from Milei,
posted a scathing 33-page letter on X criticising Milei's
government, the report relays.

The report relays that Fernandez de Kirchner maintains that
Argentina's inflation is the product of excessive foreign
borrowing, not the budget deficit or monetary financing diagnosed
by Milei.

The former vice-president warned Milei's plan would cause an
increase in unemployment and social desperation "in a sort of
planned chaos," the report notes.

Retail sales took a brutal 28.5 percent plunge in January compared
with the previous year, with the greatest cuts in consumption of
food and drink and pharmaceuticals, according to the Argentina
Confederation of Medium Companies, or CAME, the report discloses.

The International Monetary Fund projects a 2.8 percent contraction
in Argentina's economy in 2024, followed by five percent growth in
2025, the report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

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

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

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

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

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

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

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

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


ARGENTINA: Milei Blasts Inflation Data, Focused on Reforms
----------------------------------------------------------
Kevin Simauchi & Guillermo Molero at Bloomberg News report that
Buenos Aires Times reports that resident Javier Milei blasted
Argentina's monthly inflation figure of 20.6 percent in January as
"horrendous" even as it came in slightly below estimates, adding
that the result should be seen in context.

Milei's government had planned for a hyperinflation scenario given
annual inflation of more than 200 percent, he said in a television
interview with LN+, according to Bloomberg News.

Consumer prices rose 254 percent in January on an annual basis, the
report notes.

The president's comments, a little more than two months after he
took office, come as his plan to squelch soaring prices fell flat
in the opposition-controlled Congress, where the government failed
to garner the necessary legislative support for its cornerstone
reform bill, the report relays.

"The zero deficit is non-negotiable," Milei said in his first
interview after a trip abroad to Israel and Italy, the report
discloses.  "Cleaning up the Central Bank's balance sheet is
non-negotiable," the report says.

Milei said he withdrew his sweeping omnibus bill because he'd
prefer no reform at all over implementing bad reforms, the report
notes.

He said that the International Monetary Fund expects currency
controls to be eliminated by the second half of the year and that
he maintains dollarisation as his goal, the report relays.  The
government will cut the deficit by five percentage points, he said,
without giving a timeline for that objective, the report
discloses.

Argentines understand what the fiscal adjustment entails and accept
it, Milei said, the report adds.

                     About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

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

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

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

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

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

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

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

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




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

BRAZIL: UBS Forecasts 8% Selic Rate, Aided by El Nino
-----------------------------------------------------
Richard Mann at Rio Times Online reports that UBS predicts Brazil's
Selic rate will decrease to 8% by the end of 2024, below the
broader market's expectation of 9%.

Analysts attribute this to stagnant industrial inflation and
decreasing food prices, according to Rio Times Online.  These
factors, they argue, will more than offset the steady inflation in
services, the report notes.

As a result, they expect the IPCA to hit 3% by year's end, under
the 3.8% market forecast, the report relays.

The report suggests food prices may rise in the first quarter, the
report discloses.  However, it views this as a brief effect, 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).


PRUMO PAR: Moody's Affirms 'Ba2' Rating on Sr. Secured Notes
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 rating assigned to
Prumo Particip. e Invest. S.A. - (Prumo Par)'s Senior Secured
Notes. The outlook remains stable.

RATINGS RATIONALE

Prumo Par's Ba2 senior secured rating benefits from Ferroport
Logistica Comercial Exportadora S.A. (Ferroport)'s stable and
predictable revenue profile, arising from its 26.6 million metric
tons of iron-ore per annum take-or-pay (ToP) contract until 2039
with Anglo American Minerio de Ferro do Brasil S.A. (Anglo Brazil)
a subsidiary of Anglo American plc (Baa2 positive). The Ferroport
project stands on a strong business rationale, being a strategic
asset for both its shareholders as the only available route to ship
the iron ore produced in the Minas-Rio mine to overseas customers.

Constraining the rating is the asset concentration risk, since the
port operates a single  iron ore shipping terminal for the exports
of iron ore produced by Anglo Brazil. The rating also considers
project finance structural weaknesses, resulting from: (i) Prumo
Par's nature as a subholding company that depends on dividends from
Ferroport to service its debt, (ii) the lack of tangible assets in
the issuer's security package for creditors and (iii) the legal
amortization schedule encompassing a refinancing risk in the
absence of consistent cash sweeps. Potential impediments on Prumo
Par's voting ability in the shareholders' agreement also weigh on
the rating. Moody's also notes that Ferroport is exposed to foreign
exchange risk, given its revenues are denominated in dollars, while
its costs of services are mainly priced in Brazilian reais. An
appreciation of the Brazilian real against the dollar would result
in compressed margins, but the legal amortization curve allows for
significant buffers against currency fluctuations.

As of the last twelve months to September 2023, Anglo Brazil
transported 23.5 million metric tons using Ferroport's
infrastructure. According to the latest guidance published in
December 2023, the mining company expected annual volumes to remain
between 22-25 million metric tons per year until 2026, down from
the original 24-26 million because of operating difficulties to
expand production. Although lower than initially expected, Moody's
continues to assess this mine as a relevant and competitive asset
for the group, Anglo American, with a low probability that Anglo
Brazil will be seeking to renegotiate the conditions of the
contract with Ferroport to reduce take or pay volumes, given the
essentiality of the port assets to export its production.

The $350 million bond raised by Prumo Par has a maturity in
December 2031 with a bullet payment equivalent to 55% of the issued
amount. A cash sweep mechanism mostly offsets the refinancing risk;
and if followed, the target amortization schedule completely
removes the need for refinancing by the maturity date. Prumo Par
has a history of meeting the full target amortization schedule;
however in December 2023, the project company paid a cash sweep of
$9.9 million, below the scheduled amount of $21.1 million. Given
the lower than anticipated volumes, Moody's expects that Prumo Par
to make another partial target amortization payment in June 2024,
and  catch up with the target amortization balance only within the
next 24 months. In a scenario where volumes recover to the 26
million metric tons, which Moody's expect to happen in 2028, the
termination date of the take-or-pay in 2039 provides an ample
buffer to address any eventual refinancing need when the bonds
mature in 2031. As of December 2023, Prumo Par was $40.4 million in
advance of the legal amortization balance.

The Ba2 rating also incorporates the leveraged debt amortization
profile, that is composed of fixed target payments sculpted to
achieve a 1.25x minimum debt service coverage ratio (DSCR). As of
the last twelve months to June 2023, theorical legal DSCR as
calculated by Moody's reached 1.55x. This ratio considers actual
cash flows paid as dividends to Prumo Par from Ferroport and the
legal amortization without cash sweep as per the bond
documentation. Moody's base case considers an average legal DSCR of
1.35x for the next 12-18 months.

The stable outlook reflects Moody's view of stable cash flow given
the Project's strong fundamentals and the notes' structure. The
stable outlook also incorporates the assumption of continuing
degree of the current level of support and commitment from the
ultimate shareholders (Anglo and Prumo Logistica) to the Project.

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

An upgrade is limited by the downsized production of the Minas-Rio
iron ore project, and by Prumo Par's relatively weak structural
features. Quantitatively an upgrade would be considered if the
expected DSCR is consistently above 1.4x for the life of the
transaction, combined with shipped volumes close to that of the ToP
amount, and the bond outstanding amount aligned with the target
amortization balance. An upgrade would also take into consideration
Moody's views on the credit profile of Anglo Brazil, as the single
project offtaker.

Conversely, a downgrade would be considered if there is a
significant and sustained deterioration in the Project's
performance, such that credit metrics are consistently weaker than
anticipated such as the legal DSCR is constantly below 1.25x or if
the bond outstanding amount deviated significantly from the target
balance profile, hence increasing refinancing risks. Negative
rating pressure would arise if the ToP volume contract is
materially affected by force majeure events, or if Moody's believe
there is a deterioration in the offtaker's credit quality,
shareholder's commitment to support for the Project or the overall
governance structure for the transaction. Negative rating pressure
could also derive from a deterioration in Brazil´s sovereign
credit quality (Government of Brazil, Ba2 stable).

ISSUER PROFILE

The Ferroport Project is a joint venture between Prumo Logística
(50%) and Anglo American (50%). The port operates an iron ore
shipping terminal located at the Acu Port's Terminal 1 in Sao Joao
de Barra, Rio de Janeiro, the only route currently available to the
iron ore produced in the Minas-Rio mine. The Project initiated its
operations in October 2014. The shareholders have co-ownership of
main offshore assets: access bridge, breakwater, iron ore pier and
channel.

The Minas-Rio iron ore project is located in the states of Minas
Gerais and Rio de Janeiro. It is 100% owned by Anglo Brazil, which
has invested about $14 billion in the complex since 2007. The
project has integrated systems of open-pit mines, a beneficiation
plant, a 529-kilometer (km) slurry pipeline and an exclusive
terminal at the Acu Port (of which 50% is owned by Anglo), with 1.5
billion tons of certified mineral reserves, or 23 years of
remaining useful life for the mine exploration. The Minas-Rio
project accounted for over 35% of Anglo American's iron ore global
production in 2021. Also, given the characteristics of the mine,
the ore produced is of high quality, with strong competitive
advantage because of its low cash costs.

Prumo Logística was founded in 2007 and is controlled by EIG
Global Energy Partners LLC (93%) and Mubadala (7%). Prumo Par is a
special-purpose vehicle, fully owned and controlled by Prumo
Logistica, which was created to issue senior secured notes.

LIST OF AFFECTED RATINGS

Issuer: Prumo Particip. e Invest. S.A. - (Prumo Par)

Affirmations:

Senior Secured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Outlook, Remains Stable

The principal methodology used in this rating was Generic Project
Finance Methodology published in January 2022.




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

DOMINICAN REPUBLIC: Cocoa Prices Reach All-Time Highs
-----------------------------------------------------
Dominican Today reports that cocoa prices hit new all-time highs in
London and New York, driven by supply shortages in major producing
regions.

In New York, cocoa surpassed $6,000 per tonne for March delivery
and reached a high of $6,030, smashing its previous all-time high
of $5,379 per tonne, set in 1977, according to Dominican Today.

According to data compiled by Bloomberg since 1959, this is the
highest price ever recorded.

The price of cocoa for May delivery in New York, the most active
price at present, was also at an all-time high, the report relays.

In London, the price of cocoa, which had already reached its
highest level, also set a new record high of 4,786 pounds per
tonne, the report discloses.

"The current rally has been driven by a worse-than-expected deficit
for the 2023-24 crop year," explains Ole Hansen, analyst at
Saxobank.  This would be the third consecutive season with a supply
deficit, the report notes.

West African nations Ghana and Cote d'Ivoire are the world's
largest commodity producers, the report relays.

Heavy rains in these two countries caused a problematic year for
the crop. Producers are now facing new shocks due to the resurgence
of the El Nino weather phenomenon, which causes droughts in some
areas and floods in others, the report says.

Since the beginning of the year, the price of cocoa soared nearly
30% in London and New York, continuing an escalation that began in
2023, the report discloses.

"The consequences will be felt later this year and next, as cocoa
costs generally take 6 to 12 months to reach consumers" of
chocolate, Hansen said, the report adds.

                    About Dominican Republic

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

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

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

On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.


[*] DOMINICAN REPUBLIC: New 100-Peso Banknote to Circulate
----------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) announced that a new 100 pesos banknote, dated
2023, will be in circulation in the country starting February 9.

Through its X account, the institution mentioned that this banknote
was commissioned through an international public tender in May 2023
and possesses the same security features as the other bills of the
same denomination (100 pesos) currently in circulation, according
to Dominican Today.

It stated that the new banknotes will retain their legal tender
status for the payment of all public and private obligations, the
report notes.

                   About Dominican Republic

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

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

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

On December 4, 2023, the TCR-LA reported that Fitch Ratings has
affirmed Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the Outlook to Positive
from Stable. Fitch says the Positive Outlook reflects a trend
improvement in governance, and robust growth prospects that should
lead to continued gains in per capita income.  According to Fitch,
growth has decelerated in 2023, but it expects Dominican Republic
to recover to high levels during 2024-2025. External liquidity
metrics have improved in recent years, and foreign currency share
of government debt is on a downward path.

In August 2023, Moody's Investors Service changed the outlook on
the Government of Dominican Republic's ratings to positive from
stable and affirmed the local and foreign-currency long-term issuer
and senior unsecured ratings at Ba3.  Moody's said the key drivers
for the outlook change to positive  are: (i) sustained high growth
rates have enhanced the scale and wealth levels of the economy; and
(ii) a material decline in the government debt burden coupled with
improved fiscal policy effectiveness will support medium-term debt
sustainability.

The affirmation of the Ba3 ratings balances the Dominican
Republic's strong economic growth dynamics and relatively contained
susceptibility to event risks, with a comparatively weaker fiscal
position, reflecting long-standing credit challenges which include:
(i) a shallow revenue base compared to peers, (ii) weak debt
affordability metrics, and (iii) high exposure to foreign currency
borrowing.

S&P Global Ratings, in December 2022, raised its long-term foreign
and local currency sovereign credit ratings on the Dominican
Republic to 'BB' from 'BB-'. The outlook on the long-term ratings
is stable. S&P affirmed its 'B' short-term sovereign credit
ratings. S&P also revised its transfer and convertibility (T&C)
assessment to 'BBB-' from 'BB+'.  The stable outlook reflects S&P's
expectation of continued favorable GDP growth and policy continuity
over the next 12-18 months that will likely stabilize the
government's debt burden.

In February 2023, S&P said its BB ratings reflect the country's
fast-growing and resilient economy.  It also incorporates the
country's historical political and social challenges in passing
structural reforms to contain fiscal deficits, despite recent
improvements in the electricity sector. The ratings are constrained
by relatively high debt, a hefty interest burden, and limited
monetary policy flexibility.




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

INGENIO MAGDALENA: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Ingenio Magdalena, S.A.'s (IMSA)
Long-Term Foreign Currency Issuer Default Rating (IDR) and
Long-Term Local Currency IDR at 'BB-'. The Rating Outlook is
Stable.

The affirmations reflect Fitch's expectation that IMSA's credit
profile will continue to improve over the next 18 months as the
company repays existing bank debt. The ratings also reflect the
company's leading position in sugar and biomass power generation in
Guatemala in a generally stable operating environment. The ratings
are limited by the company's small scale, tight liquidity position,
and by the relative cyclicality and volatility of its commodities
offering.

KEY RATING DRIVERS

Solid Market Position: IMSA is Guatemala's leading domestic
producer and exporter of refined sugar with an approximate domestic
market share of 25% in sugarcane crushing. IMSA crushes on average
6.5 million tons of sugarcane per year, representing over 60% of
the consolidated revenues and over 70% of EBITDA. The remaining
sugarcane bagasse, combined with coal, is used to generate
approximately 6% of Guatemala's total electricity consumption.

Going forward, Fitch anticipates the sugar business will represent
around 64% of the company's consolidated EBITDA, while energy will
represent 25%. This is based on the increase of sugar cane
production and stable contracted position derived from energy PPA's
with a remaining average life of seven years.

Predictable EBITDA Generation from Domestic Sugar and Energy Sales:
Over 50% of IMSA's revenues come from its stable local sugar sales
quotas and power generation business. Sugar consumption in
Guatemala, where IMSA sells in excess of 200,000 tons, should
continue to perform in line with demographics and economic activity
in the country.

The Guatemalan sugar market is heavily regulated with pricing set
by the regulatory authority referencing regional Central American
markets. Prices have historically been fairly stable and higher
than international prices. The company fulfils a fixed quota
established by the local regulator based on operating efficiency,
which provides IMSA with a predictable EBITDA source. IMSA
currently serves approximately 23% of the local market demand.

Additionally, IMSA generates between 25% and 30% of its EBITDA from
its electricity business. The company has an installed capacity of
324MW of which 246 MW is available for contracting. IMSA has
purchase power agreements with cost pass-through provisions and an
average life of seven years. Revenues from capacity availability
represent on average a third of IMSAs electricity business and
provide predictable cash flow visibility.

Liquidity Profile Improving: IMSA has historically managed a fairly
tight liquidity profile. Given the current debt maturity profile,
Fitch expects IMSA should be able to improve its liquidity with
projected FCF of over USD60 million in 2024. Fitch believes the
volatile nature of sugar prices makes it imperative for the company
to maintain this positive trend into the future.

The export market is a material source of cash flow for IMSA,
representing between 50%-60% of its sugar revenues and around a
third of its EBITDA. The company manages price volatility through a
hedging program that typically aims to fix its export prices for
80% or more of its production. The company also purchases coal and
energy from the grid to generate power outside of sugar harvest
season, which can generate cost volatility in its energy business.
Fitch forecasts capex of around 25 million in 2024, 40% for
renovating plant and equipment while the rest will go maintaining
biological assets.

Leverage within Expectations: Fitch estimates IMSA's EBITDA
leverage will remain between 3.0x-3.5x over the rating horizon,
while keeping an EBITDA interest coverage on average around 4.0x.
IMSA refinanced its bank debt with an amortizing syndicated loan in
September 2023 and has total debt of USD533 million. Fitch
estimates EBITDA of USD147 million and net leverage of 3.4x as of
YE 2023. The company should be able to refinance short-term
maturities into the future and repay loans with cash flow
generation.

Production Site Concentration: The company derives essentially all
of its EBITDA from a single location where all sugar crushing and
refining, and power generation occurs. Any disruption to this site
could impair IMSA's ability to process, generate or distribute its
products, which could cause it to incur revenue losses and reduced
cash flow. The ratings do not contemplate a catastrophic event but
acknowledge the company's production concentration in a single
industrial complex.

DERIVATION SUMMARY

IMSA's ratings reflect its leading domestic position in sugar and
biomass generation, both of which have been stable cash flow
generators. The company's large export base should allow it to
boost its cash flow materially during periods of high international
sugar prices.

IMSA has more stable cash flow profile compared to corn-based
ethanol producer FS Industria de Biocombustiveis Ltda.'s
(BB-/Stable), which is more exposed to commodity price fluctuations
in both raw material and product price. IMSA's counts its
electricity business as cash generator, as well domestic sugar
sales, which have a lower price correlation with international
sugar prices. The stability of IMSA's highly contracted electricity
business and predictable domestic sugar sales allows it to carry
higher expected net leverage 3.1x in 2023, compared with FS' fiscal
year 2023 2.3x leverage.

KEY ASSUMPTIONS

- Productivity yields of 106 per ton/hectares in 2023 and 109
thereafter;

- Average total sugar production and purchase of 670,000 tons
through the rating horizon;

- Average energy sales of 1,300,000 Mwh through the rating horizon
(56% bagasse v. 34% coal);

- Domestic sugar prices rise to 28c/lbs in 2023 and 2024 and drop
to 27c/lbs for the rest of the forecast period;

- Export sugar prices in USD increase in 2023 increase to 24.6
c/lbs and averaging 22.1c/lbs throughout rating horizon;

- Coal prices projected to decline over 2023-2026;

- The company can renew electricity contracts at a rate of 90%
yearly;

- Dividends policy remains at 30% of net income 2023-2026;

- Capex of around USD25 million per year.

RATING SENSITIVITIES

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

- A significant increase in the scale;

- A combination of debt reduction or higher EBITDA generation
throughout sugar industry cycles with a record of positive FCF
generation leading to continued organic debt reduction and improved
liquidity would be viewed as positive to credit quality;

- Expectations of midcycle debt to EBITDA below 2.5x.

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

- Expectations of sustained weakness in local sugar prices or in
the contractual position of the company's electricity business;

- Expectations of midcycle debt to EBITDA above 3.5x;

- Weakening liquidity that could see cash declining below USD25
million.

LIQUIDITY AND DEBT STRUCTURE

IMSA's liquidity is tight, but improving thanks to solid cash flow
generation from operations, which Fitch expects to reach an average
USD75 million throughout the rating horizon. The company refinanced
its debt in September 2023 with a multi-tranche syndicated loan
that includes a revolving line of credit and amortizing debt. As of
3Q2023, the company's debt was USD528 million and cash on hand was
USD18 million. Leverage is trending down towards 3x over the
ratings horizon.

ISSUER PROFILE

Ingenio Magdalena, S.A. (IMSA) is a sugar mill company located in
Guatemala with a market leading position in the production of sugar
and byproducts for domestic consumption and export. The company is
also the largest biomass power generator from sugar cane bagasse in
the country.

ESG CONSIDERATIONS

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

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Ingenio Magdalena
S.A.                 LT IDR    BB-  Affirmed   BB-
                     LC LT IDR BB-  Affirmed   BB-




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

JAMAICA: DBJ Opens 4-Week Call for Concept Notes for Business Fund
------------------------------------------------------------------
RJR News reports that the Development Bank of Jamaica has opened a
four-week Call for Concept Notes for the Jamaica Business Fund
through its Boosting Innovation Growth and Entrepreneurship
Ecosystems program.

The grant fund product is aimed at supporting groups of businesses,
operating as clusters, according to RJR News.

The DBJ says the Call for Concept Notes is step one of a two-step
application process, the report notes.

Funding of up to US$300 thousand is available for successful
projects, 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.


JAMAICA: Self-Financing Public Bodies to Execute $96BB in Projects
------------------------------------------------------------------
RJR News reports that Finance Minister Dr. Nigel Clarke says
self-financing public bodies are set to execute more than $90
billion in capital projects in Jamaica for the next fiscal year.

Dr. Clarke said in addition to total capital expenditure, this
reflects a marked improvement compared with the 2023/2024 fiscal
year which ends in March, according to RJR News.

"The self-financing public bodies are programmed to undertake $96.4
billion in capital expenditure during the year, mainly through the
National Housing Trust at $50.7 billion, the National Water
Commission at $10.8 billion, the Port Authority at $7.9 billion,
Airports Authority at $4.7 billion, Petrojam at $3.6 billion, and
the Housing Agency of Jamaica at $3.2 billion," he outlined, the
report notes.

Between the central government and the self-financing public
bodies, capital expenditure for fiscal year 2024/25 is programmed
at $176.4 billion or 5.4 per cent of GDP, Dr. Clarke advised, the
report relays.

He made the remarks at the tabling of the proposed budget for the
2024/2025 fiscal year in Parliament, 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.




=======
P E R U
=======

COMPANIA DE MINAS BUENAVENTURA: Fitch Affirms 'BB-' LongTerm IDRs
-----------------------------------------------------------------
Fitch Ratings has affirmed Compania de Minas Buenaventura S.A.A.'s
Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs)
at 'BB-'. Fitch has also affirmed the rating on the company's
USD550 million senior unsecured notes due 2026 at 'BB-'. The Rating
Outlook is Stable.

Buenaventura's ratings and Outlook reflect the company's
stabilizing production, operational diversification, moderate
leverage and stake in high quality asset Cerro Verde. The ratings
are constrained by some remaining mine building execution risk, low
reserve life, and high cost profile. Fitch estimates the company's
gross and net debt to EBITDA to average 2.2x and 1.7x between 2023
and 2025. Fitch estimates that dividends received from Cerro Verde
will comfortably cover debt services through the rating horizon by
more than 1.0x on average.

KEY RATING DRIVERS

Operational Ramp-Up Focus: Buenaventura is ramping-up a large-scale
overhaul begun in 2021, heightening its execution risk. Fitch
expects the ramp up of a new Uchucchacua silver mine, integrated
with Yumpag, to end in 2024, adding almost 7 million oz of silver.
In addition, Fitch forecasts that the new gold San Gabriel mine
will fully ramp up to 130,000 oz in 2026. Fitch projects production
stabilization of about 600,000 gold equivalent ounces (GEO) in 2024
and 2025, after which it should reach 2019 levels of almost 800,000
oz in 2027.

Cost Pressures Remain: Despite abating inflationary pressures,
Fitch expects that Buenaventura's attributable gold All-In
Sustaining Cost (AISC) will remain elevated in 2024. The winding
down of Tambomayo and operational realignment in Orcopampa exert
pressure on costs. With direct operations gold AISC of USD1,731/oz
in 9M23, Buenaventura remains in the fourth quartile of the global
gold cost curve, according to CRU Group. Low cost San Gabriel may
be a turning point by 2026 when it will contribute 20% of GEO.

Cerro Verde Market Position: Cerro Verde is Peru's second largest
copper mine and the sixth largest by capacity worldwide. It is an
open pit mine with 30+ years of life that produces more than
430,000 MT of copper annually at the third quartile of AISC curve
with USD5,234/MT in 2023, according to CRU Group, with EBITDA
margins above 45%, debt free and low capex. Cerro Verde is a joint
venture among Freeport McMoRan (BBB-/Positive), Buenaventura and
Sumitomo.

Cerro Verde Stake Supports Debt Service: Buenaventura' s cash flow
profile is undergirded by its minority stake (19.58%) in high
quality copper asset Cerro Verde. Fitch estimates that dividends
received will average USD125 million per year, which will cover
consolidated debt service (interest expense and debt amortization)
by more than 2.0x over the rated horizon. Without Cerro Verde's
dividends, Buenaventura's gross and net leverage would be 3.5x and
2.8x, respectively, which is weaker than the 'BB' category.

Negative FCF: Fitch expects EBITDA after dividends received and
those paid to non-controlling interests to reach almost USD340
million. After peaking in 2023, Fitch expects total capex to fall
in 2024 to USD310 million, including USD200 million for San Gabriel
construction. The agency expects dividends to remain at USD20
million, and Negative FCF after capex and dividends to continue
till the new mines fully ramp-up in 2026, when the FCF margin is
forecast at more than 15%.

Moderating Leverage: Buenaventura's gross debt 2023-2025 average is
USD700 million and net debt, USD540 million. Buenaventura's average
2023-2025 forecast gross and net leverage is 2.2x and 1.7x,
respectively. Better than Fitch expected prices and margins
prevented Buenaventura from increasing debt to finance capex in
2023. Current negotiations to obtain revolving credit facilities of
up to USD200 million may increase financial flexibility during a
high capex period.

Change in Board Composition: Chilean copper miner, Antofagasta
Minerals, approximately 19% ownership share of Buenaventura has
prompted a proposal to increase its board to nine from seven
members. The Benavides family continues to control Buenaventura
through almost 22% of shares through diverse vehicles. No immediate
change in strategy is expected and Fitch sees Antofagasta's entry
as credit neutral, but Antofagasta's expertise in copper
development may ease Buenaventura's late decade push towards copper
mining.

DERIVATION SUMMARY

Buenaventura's 'BB-' rating reflects its position as one of Peru's
largest publicly traded precious and base metals miners, with a
diversified portfolio of operations and quality stakes in world
class assets. Buenaventura operates across a country of vast
mineral resources and favorable mining regulations.

Buenaventura's ratings are underpinned by its diversified
production of base and precious metals similar to that of
higher-rated Industrias Penoles (BBB/Stable), and is more
diversified than its peer Minsur S.A. (BBB-/Stable). Buenaventura's
single country exposure compares with that of Industrias Penoles in
Mexico.

Buenaventura's scale of operations from its direct mines is small
compared with larger gold miners such as Agnico Eagle Mines
(BBB+/Stable), Kinross Gold Corporation (BBB/Stable), or Penoles
and slightly lower (in direct EBITDA and gold output) than
lower-rated Eldorado Gold (B+/Stable). Buenaventura's gold output
is similar to that of Aris Mining (B+/Stable) and its copper output
is similar to that of Ero Copper (B/Stable), but is more
diversified into other metals and has minority stakes in
significant dividend producing assets almost doubling their EBITDA
generation.

The company is less dependent upon precious metals than Agnico,
Kinross, Eldorado or Aris. Similar to the leading silver producer
Penoles, or Chinese miner Zijin Mining Group (BB+/Stable),
Buenaventura has base metals diversification, which mitigates its
exposure to precious metals pricing volatility. Fitch estimates
that Buenaventura generated 44% of its revenue during 2023 from
precious metals, 52% from base metals and 4% from other sources,
such as energy or manganese sulphate.

Buenaventura exhibits a very low mine life of four years across its
portfolio of mines, which is considered a constraint on its 'BB-'
rating. Lower proven and probable ore reserves are common to
underground mines in Peru, as it is typically economically
inefficient to prove reserves for longer periods due to the high
cost involved.

Penoles, Kinross and AngloGold Ashanti (BBB-/Negative) are also
underground miners that have reserve levels of around 10 years.
This is mitigated by Buenaventura's 19.58% stake in copper miner
Cerro Verde, a JV with Freeport McMoRan (BBB-/Positive), which has
30+ years in reserves, and by Buenaventura's history of replacing
reserves.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer:-

- Gold price at USD1,800/oz, USD1,600/oz, and USD1,500/oz in 2024,
2025, and 2026;

- Silver price at USD22.5/oz, USD20/oz, and USD18.75/oz in 2024,
2025, and 2026;

- Copper price at USD8,300/tonne, USD8,000/tonne, and
USD7,500/tonne in 2024, 2025, and 2026;

- A 12% decrease in gold production to 131,000 oz, a 54% increase
in silver production to 14.6 million oz, and a 5% decrease in
copper production to 55,000 MT during 2024;

- A 20% fall in gold production to 105,000 oz, an 8% increase in
silver production to 15.8 million oz, and an unchanged copper
production at 55,000 MT during 2025;

- A 52% increase in gold production to 160,000 oz, a 5% increase in
silver production to 16.4 million oz, and an unchanged copper
production at 55,000 MT during 2026;

- Capex reaches USD310 million in 2024, USD220 million in 2025 and
USD105 million in 2026;

- Dividends paid of USD20 million in 2024, 2025 and 2026;

- Dividends received from Cerro Verde of USD113 million in 2024,
USD109 million in 2025 and USD102 million in 2026.

RATING SENSITIVITIES

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

- On time and on budget development of Yumpag and San Gabriel
bolstering volumes and tackling costs;

- Sustained gross debt/EBITDA levels of less than 2.5x;

- Increased output from mines while increasing the mine lives of
the company's key operations to more than 10 years;

- Decrease in the AISC of the company's gold mines to the high end
of second quartile of the cost curve;

- A positive resolution of the tax liability paid under protest and
currently under litigation, obtaining reparations of about USD530
million.

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

- Dividends received from Cerro Verde cover less than 1.0x of debt
service (interest paid and debt amortization);

- Sustained gross debt/EBITDA levels of more than 3.5x with an
unwillingness or inability to deleverage;

- Inability to replenish reserves and resources leading to a
significantly lower mine life at key operations;

- Continued elevated AISC;

- Consistently negative FCF, driving down the company's comfortable
liquidity position;

- An adverse change in the overall framework toward mining projects
in Peru.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Profile: Buenaventura ended 2023 with USD222
million in cash and marketable securities, a 13% decrease from YE
2022. It has also obtained a USD100 million line in revolving
credit facilities and continues to negotiate an additional USD100
million to de-risk the last part of its current high investment
phase. The company's USD704 million of debt comprises a USD550
million bond due in 2026, a USD79 million loan for El Brocal and a
USD82 million financing lease related to the Huanza hydro power
plant. Yearly amortizations of approximately USD35 million are not
material until the bond maturity in 2026, which Fitch anticipates
will be refinanced.

ISSUER PROFILE

Buenaventura is Peru's largest publicly traded precious metals
company and a major holder of mining rights in Peru with over 60
years of mining operations. In addition to the exploration, mining
and processing of gold and silver, it also mines other metals,
namely zinc, lead and copper.

Criteria Variation

Since Fitch Updated its Corporate Rating Criteria following the
implementation of IFRS 16, lease-related debt for mining companies
has been reclassified as "other liabilities" and has been excluded
from leverage calculations.

For Buenaventura, Fitch has treated the financing lease of Huanza,
Buenaventura's hydroelectric subsidiary, as financial debt in its
leverage calculations, as the company intends to refinance this
debt with either a private placement, bank loan or capital markets
bond.

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Compania de Minas
Buenaventura S.A.A.   LT IDR    BB-  Affirmed   BB-

                      LC LT IDR BB-  Affirmed   BB-

   senior unsecured   LT        BB-  Affirmed   BB-


VOLCAN COMPANIA: Fitch Lowers LongTerm IDRs to 'CCC'
----------------------------------------------------
Fitch Ratings has downgraded Volcan Compania Minera S.A.A.'s
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'CCC-' from 'B-', as well as its senior unsecured notes due in
2026 to 'CCC-'/'RR4' from 'B-'/'RR4' and removed them from Rating
Watch Negative (RWN).

The multiple notch downgrade to 'CCC-' reflects Fitch assessment
that a default like process is likely, because Volcan has failed to
reasonably address its refinancing needs and liquidity issues since
being placed on Rating Watch Negative (Oct. 4, 2023), ahead of its
first installment in late April 2024, despite having conducted a
number of processes. Asset sales or prepayments previously
considered did not come to fruition or did not scale according to
previous Fitch expectations. FCF generation is strained by low zinc
prices, amid efforts to tackle high costs and rationalize capex.

KEY RATING DRIVERS

Looming Liquidity Crisis: Volcan faces upcoming debt maturities in
2024, 2025 and 2026 with a weak cash position, pressured FCF
generation and dwindling financing or refinancing options.
Maturities start in 2Q24 with quarterly amortizations which total
USD105 million in 2024, increase to USD135 million in 2025 and
USD160 million in 2026 when the USD400 million bank syndicate loan
matures. The USD365 million of bonds mature in 2026. As of Sept.
30, 2023, Volcan had USD55 million of cash. The revolving credit
facility of USD50 million was not renewed.

Few Refinancing Options: Fitch believes Volcan has limited
refinancing options after it has failed to execute on its asset
sales plans within the expected timeframe. Fitch is not assuming
asset sales in its rating case, but Volcan continues to consider
divestitures from non-core assets and other sources of cash to
avoid having to restructure its debt or launch a distressed debt
exchange (DDE), under Fitch criteria. Assets considered to be sold
include its hydro power plants and its stake in a Chilean cement
producer. Volcan signed concentrates sale prepayment agreements for
up to USD25 million. Additional offtake agreements could be
negotiated. Yet, this process has failed to meet previous amounts
and timeframe expectations.

Governance Concerns: Fitch believes the shareholder dispute has
expedited its current situation and has resulted in its inability
to address its refinancing needs. It appears at the moment,
disputes amongst shareholders have subsided, but it can further
complicate and limit the company's options and decisions going
forward.

Volcan's majority shareholder, Glencore, controls 55% of voting
shares (22% economic stake) and its minorities are Peruvian Pension
Funds (51% of economic stake), and the De Romana and Letts families
(20% of voting shares).

Negative FCF: Fitch forecasts Volcan's EBITDA at USD260 million in
2024. Capex are expected to be USD215 million in 2024 below
previous expectations of USD250 million as investments in the
Romina expansion in Alpamarca are postponed into 2025. Volcan's FCF
after capex and no dividends is expected to remain negative by
USD25 million in 2024 and by USD200 million in 2025 as a result of
larger capex disbursements and continued zinc price weakness.

Operating Difficulties: Zinc prices remain depressed at about
USD2,500/MT due to expected market surpluses despite global mine
cutbacks. Volcan streamlines operations and postpones an expansion
project one year to tackle short mine lives of about five years.
Cost containment strategies are slowly delivering. Volcan's
weighted average all-in sustaining zinc cost of USD1,938/MT Zinc
improved to third quartile according to metals consultancy CRU. The
unit cost in 2023 is expected to be 12% higher than in 2019.

ESG - Governance Structure: Volcan Compania Minera S.A.A.'s
dynamics between its shareholders, Glencore and minority
shareholders, such as Picasso and Letts family, that impact their
ability to address the company's capitalization needs.

DERIVATION SUMMARY

Volcan's production of base and precious metals diversification is
higher than that of peers Ero Copper Corp. (B/Stable), Aris Mining
Corp. (B+/Stable), Nexa Resources S.A. (BBB-/Stable), and Minsur
S.A. (BBB-/Stable), similar to that of Compania de Minas
Buenaventura SAA (BB-/Stable), but lower than that of Industrias
Penoles SAB de CV (BBB/Stable). Volcan operates in one country
(Peru), like Buenaventura, or Penoles (Mexico), Ero (Brazil) and
Aris (Colombia) whereas Nexa and Minsur have diversified into Peru
and Brazil.

Volcan's scale of operations is higher than that of Ero and Aris,
similar to that of Buenaventura, but lower than that of Nexa
Resources and Minsur, and considerably smaller than that of
higher-rated miner Penoles.

Fitch projects that Volcan will have a weaker capital structure and
liquidity than these peers. Liquidity needs are much more pressing
than those of Buenaventura, Aris or Ero.

Volcan's cost position in the third quartile of the zinc all-in
sustaining costs is better than that of Buenaventura's fourth
quartile in the gold curve, similar to that of Aris Mining's third
in gold and worse than Ero Copper's second in copper.

Volcan's consolidated life of mine of five years of reserves is
also on the lower end, and is comparable with that of Buenaventura
(without Cerro Verde) or Aris Mining's seven or more years but
lower than Ero's 17 years.

KEY ASSUMPTIONS

- Average zinc price of USD2,500/tonne in 2024, USD2,300/tonne in
2025 and USD2,200/tonne in 2026;

- Average silver price of USD22.50/oz in 2024, USD20/oz in 2025,
and USD18.75/oz in 2026;

- Capex of USD215 million, USD290 million and USD190 million in
2024, 2025, and 2026;

- Zinc output of 260,000 MT, 244,000 MT and 232,000 MT in 2024,
2025 and 2026;

- Silver output of 12.0 million oz, 11.6 million oz, and 11.5
million oz in 2024, 2025, and 2026;

- Yauli's zinc and silver production rise 8% and 6%, respectively,
in 2024. Fitch expects Yauli to contribute 64% of revenues in
2024;

- Romina is expected to achieve full production in late 2026. Fitch
expects the resulting Alpamarca, with the Romina expansion, to
contribute 10% of revenues in 2027.

RECOVERY ANALYSIS

The recovery analysis assumes Volcan would be reorganized as a
going-concern in bankruptcy rather than liquidated. Fitch assumed a
10% administrative claim. Volcan's going-concern EBITDA assumption
is based on zinc at USD2,500/ton and USD2,300/ton in 2024 and 2025,
respectively. The going-concern EBITDA estimate reflects Fitch's
view of a sustainable, post-reorganization EBITDA level upon which
Fitch bases the enterprise valuation in a low zinc price
environment.

An enterprise valuation multiple of 5x EBITDA is applied to the
going-concern EBITDA to calculate a post-reorganization enterprise
value (EV). The choice of this multiple considered the following
factors: the historical bankruptcy case study exit multiples for
peer companies were 4.0x-6.0x.

Fitch applies a waterfall analysis to the post-default EV based on
the relative claims of the debt in the capital structure. The debt
waterfall assumptions consider the company's total debt. These
assumptions result in a recovery rate for the unsecured debt within
the 'RR1' range, but due to the soft cap of Brazil at 'RR4',
Volcan's senior unsecured is rated at 'CCC-'/'RR4'.

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 credit syndicate and 2026 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;

- Negative FCF over the rating horizon.

LIQUIDITY AND DEBT STRUCTURE

Pressured Liquidity: Volcan had USD55 million of readily available
cash and equivalents on Sept. 30, 2023 and about USD785 million in
total debt. Volcan's outstanding USD365 million of bonds mature in
2026. Its USD400 million syndicate loan matures in 2026 with
payments starting in 2024. Maturities consist of three USD35
million quarterly amortizations starting in 2Q24 totaling USD105
million of a bank syndicate.

Volcan's liquidity position is pressed to finance capex for Romina
and to refinance the approximately USD105 million and USD137
million 2024 and 2025 installments of its syndicate loan. Fitch
does not expect that the USD50 million RCF lost in November 2023
would be replaced in the near term.

ISSUER PROFILE

Volcan is a polymetallic mining company with a third quartile cost
position on the global zinc cost curve per CRU. It has a track
record over 75 years of operating in Peru. Volcan is diversified
into the base metals zinc and lead and the precious metal silver.

ESG CONSIDERATIONS

Volcan Compania Minera S.A.A. has an ESG Relevance Score of '5' for
Governance Structure due to the dynamics between its shareholders,
Glencore and minority shareholders, such as Picasso and Letts
family, that impact their ability to address the company's
capitalization needs.

Volcan Compania Minera S.A.A. has an ESG Relevance Score of '4' for
Management Strategy due to ongoing governance concerns, which have
impaired management's ability to execute on its strategy, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Volcan Compania Minera S.A.A. has an ESG Relevance Score of '4' for
Waste & Hazardous Materials Management; Ecological Impacts due to
its zinc concentrate leak. In June 2022, a truck careened off the
road spilling 30 tonnes of zinc concentrates in the Chillon river.
This has a negative impact on the credit profile, and is relevant
to the rating[s] 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
   -----------               ------           --------   -----
Volcan Compania
Minera S.A.A.       LT IDR    CCC-  Downgrade            B-

                    LC LT IDR CCC-  Downgrade            B-
   senior
   unsecured        LT        CCC-  Downgrade   RR4      B-



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

FHT RENTAL: Seeks to Hire Modesto Bigas Mendez as Legal Counsel
---------------------------------------------------------------
FHT Rental, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Modesto Bigas Mendez, Esq.,
an attorney practicing in Ponce, Puerto Rico, to handle its
Chapter
11 case.

Mr. Mendez will be billed at his hourly rate of $250, plus
reimbursement for expenses incurred.

The Debtor paid the attorney a retainer of $5,000.

Mr. Mendez disclosed in a court filing that he is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.

The attorney can be reached at:

     Modesto Bigas Mendez, Esq.
     Modesto Bigas Law Office
     P.O. Box 7462
     Ponce, PR 00732
     Telephone: (787) 844-1444
     Facsimile: (787) 842-4090
     Email: mbiasmendez@gmail.com

                         About FHT Rental

FHT Rental, Inc., a company in Ponce, P.R., filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case
No. 24-00296) on Jan. 30, 2023, with up to $50,000 in assets and up
to $10 million in liabilities. Felix A. Torres Garcia, president,
signed the petition.

Modesto Bigas Mendez, Esq., serves as the Debtor's counsel.




===============
X X X X X X X X
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[*] BOND PRICING COLUMN: For the Week Feb. 12 to Feb.16, 2024
-------------------------------------------------------------
Issuer Name          Cpn     Price     Maturity     Cntry   Curr
----------          ---     -----   ----------     -----   ----
2W Ecobank SA          10.6    27.9   11/24/2029     BR     BRL
ACEN Finance Ltd        4      64.2                  KY     USD
Tocumen Int'l Airport   5.1    71      8/11/2061     PA     USD
Tocumen Int'l Airport   4      72.3    8/11/2041     PA     USD
Tocumen Int'l Airport   5.1    71      8/11/2061     PA     USD
Tocumen Int'l Airport   4      72.6    8/11/2041     PA     USD
AES Tiete Energia SA    6.8     0.7    4/15/2024     BR     BRL
Agile Group Holdings    5.8    16.9     1/2/2025     KY     USD
Agile Group Holdings    6.1    13.5   10/13/2025     KY     USD
Agile Group Holdings    5.5    15.2    4/21/2025     KY     USD
Agile Group Holdings    7.9     3.3                  KY     USD
Agile Group Holdings    5.5    12.7    5/17/2026     KY     USD
Agile Group Holdings    7.8     3.3                  KY     USD
Alfa Desarrollo SpA     4.6    74.3    9/27/2051     CL     USD
Alfa Desarrollo SpA     4.6    74.3    9/27/2051     CL     USD
Alibaba Group Holding   2.7    67.9     2/9/2041     KY     USD
Alibaba Group Holding   3.3    61.9     2/9/2061     KY     USD
Alibaba Group Holding   3.2    64.9     2/9/2051     KY     USD
AMTD IDEA Group         1.5     7.5                  KY     USD
AMTD IDEA Group         4.5    55.5                  KY     SGD
Amwaj Ltd               4.5    48.6                  KY     USD
Amwaj Ltd               6.4    68.4                  KY     USD
Argentina Bonar Bonds   1      42.6     7/9/2029     AR     USD
Argentina Treasury Dual 3.3    45.8    4/30/2024     AR     USD
Argentine Bonos
del Tesoro            15.5    39.9   10/17/2026     AR     ARS
Argentine Gov't Int'l
Bond                   1      45       7/9/2029     AR     USD
Argentine Gov't Int'l
  Bond                  0.5    35.3     7/9/2029     AR     EUR
Argentine Gov't Int'l
Bond                   0.1    38.7     7/9/2030     AR     EUR
Ascent Finance Ltd      1.2    56.9    7/12/2047     KY     EUR
Ascent Finance Ltd      3.4    66       2/6/2043     KY     AUD
Ascent Finance Ltd      3.8    67.3    6/28/2047     KY     AUD
Astra Investments 2019  1.5    62      11/1/2029     KY     USD
At Home Cayman         11.5    69.3    5/12/2028     KY     USD
At Home Cayman         11.5    70.2    5/12/2028     KY     USD
AYC Finance Ltd         3.9    62.2                  KY     USD
Banco Davivienda SA     6.7    66.8                  CO     USD
Banco Davivienda SA     6.7    70.3                  CO     USD
Banco de Chile          3.5    74.3     9/5/2039     CL     AUD
Banco de Chile          4.5    22       4/1/2026     CL     CLP
Banco de Chile          2.7    73.9     3/9/2035     CL     AUD
Banco de Credito        4.5    43.3    12/1/2030     CL     CLP
Banco de Credito        6      30.7    10/1/2027     CL     CLP
Banco de Credito        6      30.7    10/1/2027     CL     CLP
Banco del Estado
de Chile               3.1     69.5   2/21/2040     CL     AUD
Banco del Estado
de Chile               2.8     66     3/13/2040     CL     AUD
Banco Santander Chile   3.1     69.6   2/28/2039     CL     AUD
Banco Santander Chile   1.3     73.3  11/29/2034     CL     EUR
Banda de Couro Energetica 8     54     1/15/2027     BR     BRL
Baraunas II Energetica.   8     12.3   1/15/2027     BR     BRL
Bishopsgate Asset Finance 4.8   69.1   8/14/2044     KY     GBP
Bolivian Gov't Int'l Bond 4.5   54.8   3/20/2028     BO     USD
Bolivian Gov't Int'l Bond 7.5   57      3/2/2030     BO     USD
Bolivian Gov't Int'l Bond 4.5   54.8   3/20/2028     BO     USD
Bolivian Gov't Int'l Bond 7.5   57.6    3/2/2030     BO     USD
Bonos Para La Reconstruccion 5  65    10/31/2027     AR     USD
Bonos Para La Reconstruccion 3  61.1   5/31/2026     AR     USD
Brazilian Gov't Int'l Bond 4.8  73.1   1/14/2050     BR     USD
BRF SA                   5.8    73.3   9/21/2050     BR     USD
BRF SA                   5.8    72.9   9/21/2050     BR     USD
Camposol SA              6      72.1    2/3/2027     PE     USD
Camposol SA              6      72.4    2/3/2027     PE     USD
CFLD Cayman Investment   2.5     3.4   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     2.8   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     2.8   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     3.9   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     3.1   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     2.4   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     8.7   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     3.1   1/31/2031     KY     USD
CFLD Cayman Investment   2.5     2.2   1/31/2031     KY     USD
Chile Gov't Int'l Bond   3.5    71.8   1/25/2050     CL     USD
Chile Gov't Int'l Bond   3.1    72.8   5/7/2041      CL     USD
Chile Gov't Int'l Bond   3.1    61.8   1/22/2061     CL     USD
Chile Gov't Int'l Bond   3.5    71.3   4/15/2053     CL     USD
Chile Gov't Int'l Bond   3.3    61.8   9/21/2071     CL     USD
Chile Gov't Int'l Bond   1.3    67     1/29/2040     CL     EUR
Chile Gov't Int'l Bond   1.3    53.5   1/22/2051     CL     EUR
Chile Gov't Int'l Bond   1.3    73.7   7/26/2036     CL     EUR
China Overseas Cayman
VIII Ltd                3.1    74.1    3/2/2035     KY     USD
China Yuhua Education
Corp Ltd                0.9    64.2  12/27/2024     KY     HKD
CK Hutchison Int'l 19 II 3.4    72.7    9/6/2049     KY     USD
CK Hutchison Int'l 19 II 3.4    72.9    9/6/2049     KY     USD
CK Hutchison Int'l 20 Ltd 3.4   72.3    5/8/2050     KY     USD
CK Hutchison Int'l 20 Ltd 3.4   72.3    5/8/2050     KY     USD
Colombia Gov't Int'l Bond 4.1   60.8   5/15/2051     CO     USD
Colombia Gov't Int'l Bond 3.9   56.8   2/15/2061     CO     USD
Colombia Gov't Int'l Bond 5.2   72     5/15/2049     CO     USD
Colombia Gov't Int'l Bond 4.1   66.1   2/22/2042     CO     USD
Colombia Gov't Int'l Bond 7.3   73.4  10/26/2050     CO     COP
Colombia Gov't Int'l Bond 6.3   74.4    7/9/2036     CO     COP
Colombia Gov't Int'l Bond 7.3   73.4  10/26/2050     CO     COP
Colombia Gov't Int'l Bond 5     71.3   6/15/2045     CO     USD
Colombia Gov't Int'l Bond 6.3   74.4    7/9/2036     CO     COP
Colombia Telecomunicaciones 5   67.4   7/17/2030     CO     USD
Colombia Telecomunicaciones 5   67.7   7/17/2030     CO     USD
Colombian TES           6.3     74.3    7/9/2036     CO     COP
Colombian TES           7.3     73.2  10/26/2050     CO     COP
CODELCO                 3.7     67     1/30/2050     CL     USD
CODELCO                 3.2     60.5   1/15/2051     CL     USD
CODELCO                 3.7     66.9   1/30/2050     CL     USD
CODELCO                 3.2     60.6   1/15/2051     CL     USD
CODELCO                 3.6     73     7/22/2039     CL     AUD
Dibens Leasing S/A     10.8     30.8    3/1/2035     BR     BRL
Dibens Leasing S/A     10.8     32.2    3/1/2035     BR     BRL
Dibens Leasing S/A     10.8     36.4    3/1/2035     BR     BRL
Earls Eight Ltd         0.1     64    12/20/2031     KY     AUD
Earls Eight Ltd         1.7     71.9   6/20/2032     KY     AUD
Ecopetrol SA            5.9     73     5/28/2045     CO     USD
Ecopetrol SA            5.9     69.7   11/2/2051     CO     USD
El Salvador Gov't Int'l 7.1     69.5   1/20/2050     SV     USD
El Salvador Gov't Int'l 7.6     74.1   9/21/2034     SV     USD
El Salvador Gov't Int'l 7.6     73.9    2/1/2041     SV     USD
El Salvador Gov't Int'l 7.6     74.3   9/21/2034     SV     USD
El Salvador Gov't Int'l 5.9     64.9   1/30/2025     SV     USD
El Salvador Gov't Int'l Bond 7.1 69.6  1/20/2050     SV     USD
El Salvador Gov't Int'l Bond 7.6 74.1   2/1/2041     SV     USD
Elektra Noreste SA      3.9     74.9   7/15/2036     PA     USD
Elektra Noreste SA      3.9     74.9   7/15/2036     PA     USD
Embotelladora Andina SA 6.5     23.3    6/1/2026     CL     CLP
EFE                     3.8     65.7   9/14/2061     CL     USD
EFE                     3.1     59.8   8/18/2050     CL     USD
EFE                     3.8     65.8   9/14/2061     CL     USD
EFE                     3.1     59.8   8/18/2050     CL     USD
EFE                     6.5     11.2    1/1/2026     CL     CLP
Empresa de Transmision
Electrica              5.1     71.1     5/2/2049    PA     USD
Empresa de Transmision
  Electrica             5.1     71.9     5/2/2049    PA     USD
Metro SA                3.7     64.9    9/13/2061    CL     USD
Metro SA                3.7     64.9    9/13/2061    CL     USD
Metro SA                5.5     50.3    7/15/2027    CL     CLP
Edesa                   5       61.2    5/11/2025    AR     USD
Empresa Nacional
del Petroleo           4.5     73.4    9/14/2047    CL     USD
Empresa Nacional
del Petroleo           4.5     73.5    9/14/2047    CL     USD
ENA Master Trust        4       70.3    5/19/2048    PA     USD
ENA Master Trust        4       70.8    5/19/2048    PA     USD
Enel Generacion Chile SA  6.2   29.4     10/15/2028  CL     CLP
Equatorial Goias
Distribuidora         11        1     10/15/2029    BR     BRL
Equatorial Goias
Distribuidora        10.8       1      5/15/2028    BR     BRL
Esval SA               3.5      13.2    2/15/2026    CL     CLP
Farfetch Ltd           3.8       3.9     5/1/2027    KY     USD
Fospar S/A             6.5       1.4    5/15/2026    BR     BRL
GDM Argentina SA       2.5        0      9/8/2024    AR     USD
GDS Holdings Ltd       4.5      67.7    1/31/2030    KY     USD
Generacion Mediterranea SA 4.6  0      11/12/2024    AR     ARS
General Shopping Finance 10     66.2                 KY     USD
General Shopping Finance 10     64.6                 KY     USD
Genneia SA                2     56      7/14/2028    AR     USD
Greenland Hong Kong
Holdings              10.2     14.2                 KY     USD
Guacolda Energia SA     4.6     70.1    4/30/2025    CL     USD
Guacolda Energia SA    10       70     12/30/2030    CL     USD
Guacolda Energia SA     4.6     70.3    4/30/2025    CL     USD
Guacolda Energia SA    10       70     12/30/2030    CL     USD
Hector A Bertone SA     1.9     0        4/7/2024    AR     USD
Hilong Holding Ltd      9.8     61.6   11/18/2024    KY     USD
Hilong Holding Ltd      9.8     61.9   11/18/2024    KY     USD
Hilong Holding Ltd      9.8     62.1   11/18/2024    KY     USD
ICBC DO Brasil Banco
Multiplo SA            3.3     59.5                 BR     USD
IMPSA                    1      74.7    12/30/2031   AR     USD
Itau Unibanco SA/Nassau 5.8     19.8     5/20/2027   BR     BRL
Jamaica Gov't Bond      6.3     67.8     7/11/2048   JM     JMD
Jamaica Gov't Bond      8.5     73      12/21/2061   JM     JMD
Lani Finance Ltd        1.7     63       3/14/2049   KY     EUR
Lani Finance Ltd        1.9     66.4    10/19/2048   KY     EUR
Lani Finance Ltd        1.9     65.3     9/20/2048   KY     EUR
Lani Finance Ltd        3.1     63.5     10/19/2048  KY     AUD
Link Finance Cayman 2009 Ltd  2.2 70     10/27/2038  KY     HKD
Logan Group Co Ltd      7       5.3                  KY     USD
Longfor Group Holdings  4      40.8     9/16/2029    KY     USD
Longfor Group Holdings  3.4    53.9     4/13/2027    KY     USD
Longfor Group Holdings  4.5    50.4     1/16/2028    KY     USD
Longfor Group Holdings  3.9    36.9     1/13/2032    KY     USD
Luminis III Ltd         2.4    53       9/22/2048    KY     AUD
Luminis III Ltd         2.3    41.3     9/22/2048    KY     USD
Luminis IV Ltd          3.2    68.5     1/22/2042    KY     AUD
Luminis Ltd             2.3    52.5     9/22/2048    KY     AUD
Lunar Funding I Ltd     1.7             8/11/2056    KY     GBP
MTR Corp CI Ltd         3      73.2     3/11/2051    KY     HKD
MTR Corp CI Ltd         2.8    73        9/6/2047    KY     HKD
MTR Corp CI Ltd         3      73.1     3/11/2051    KY     HKD
MTR Corp CI Ltd         3.2    73.8      2/5/2055    KY     HKD
Panama Gov't Int'l Bond 3.9    54.5     7/23/2060    PA     USD
Panama Gov't Int'l Bond 4.5    62.1      4/1/2056    PA     USD
Panama Gov't Int'l Bond 2.3    68.9     9/29/2032    PA     USD
Panama Gov't Int'l Bond 3.3    74.6     1/19/2033    PA     USD
Panama Gov't Int'l Bond 4.5    64       4/16/2050    PA     USD
Panama Gov't Int'l Bond 4.5    60.6     1/19/2063    PA     USD
Panama Gov't Int'l Bond 4.5    65.7     5/15/2047    PA     USD
Panama Gov't Int'l Bond 4.3    61.7     4/29/2053    PA     USD
Peruvian Gov't Int'l Bond 2.8  56.5     12/1/2060    PE     USD
Peruvian Gov't Int'l Bond 3.6  70.5     3/10/2051    PE     USD
Peruvian Gov't Int'l Bond 3.2  56.3     7/28/2121    PE     USD
Peruvian Gov't Int'l Bond 3.6  64.8     1/15/2072    PE     USD
Peruvian Gov't Int'l Bond 3.3  73.5     3/11/2041    PE     USD
Petroleos del Peru SA    5.6   66.1     6/19/2047    PE     USD
Petroleos del Peru SA    5.6   66.1     6/19/2047    PE     USD
Powerlong Real Estate    6.3   10.3     8/10/2024    KY     USD
Powerlong Real Estate    7.1    8.7     1/15/2026    KY     USD
Powerlong Real Estate    4      8.6     7/12/2024    KY     USD
Provincia de Cordoba     7.1   39.7     10/27/2026   AR     USD
Provincia de la Rioja    4.5   53.2     1/20/2027    AR     USD
Provincia de la Rioja    7.5   47.7     7/20/2032    AR     USD
Provincia del Chaco      4      0       12/4/2026    AR     USD
QNB Finance Ltd         13.5   66.2     10/6/2025    KY     TRY
QNB Finance Ltd         11.5   73.4     1/30/2025    KY     TRY
QNB Finance Ltd          2.9   72.9     9/16/2035    KY     AUD
QNB Finance Ltd          2.9   71.6     12/4/2035    KY     AUD
QNB Finance Ltd          3     74.1     2/14/2035    KY     AUD
QNB Finance Ltd          3.4   70.1    10/21/2039    KY     AUD
Radiance Holdings Group  7.8   59.6     3/20/2024    KY     USD
Rio Alto Energias        7     28.3     7/15/2027    BR     BRL
Salfacorp SA             2.4   73.3     4/15/2030    CL     CLP
Santander Consumer Chile 2.9   71.8    11/27/2034    CL     AUD
Scotiabank Azul SA       6     30.3     12/1/2027    CL     CLP
Seazen Group Ltd         6     53.5     8/12/2024    KY     USD
Seazen Group Ltd         4.5   26.9     7/13/2025    KY     USD
Shui On Development      5.5   68.6      3/3/2025    KY     USD
Shui On Development      5.5   56.7     6/29/2026    KY     USD
Silk Road Investments    2.9   65       1/23/2042    KY     AUD
Skylark Ltd              1.8   58.7      4/4/2039    KY     GBP
SMU SA                   3     50.2     3/15/2025    CL     CLP
Sociedad Concesionaria   5.3   37.3    12/15/2026    CL     CLP
Salud Siglo XXI SA       2     53.3     4/30/2030    CL     CLP
Vespucio Norte Express  5.3    50.4    12/15/2028    CL     CLP
Sociedad Quimica y
Minera de Chile        3.5    65.5     9/10/2051    CL     USD
Sociedad Quimica y
Minera de Chile        3.5    65.5     9/10/2051    CL     USD
Southern Water
Services Finance Ltd   3      70.1     5/28/2037    KY     GBP
SPE Saneamento RIO 1 SA 7.2    10.3     1/15/2042    BR     BRL
SPE Saneamento RIO 1 SA 6.9    10.3     1/15/2034    BR     BRL
SPE Saneamento Rio 4 SA 7.2    10.5     1/15/2042    BR     BRL
SPE Saneamento Rio 4 SA 6.9    10.4     1/15/2034    BR     BRL
Spica Ltd               2      73.9     3/24/2033    KY     AUD
Spirit Loyalty Cayman   8      74.7     9/20/2025    KY     USD
Spirit Loyalty Cayman   8      74.2     9/20/2025    KY     USD
Spirit Loyalty Cayman   8      73.8     9/20/2025    KY     USD
Sylph Ltd               2.7    67.8     3/25/2036    KY     USD
Sylph Ltd               2.4    63.6     9/25/2036    KY     USD
Sylph Ltd               3.1    74.1     9/25/2035    KY     USD
Sylph Ltd               2.9    73.2     6/24/2036    KY     AUD
SYN prop e tech SA      11.1   21.1     3/15/2024    BR     BRL
Telecom Argentina SA     1     73.5     3/9/2027     AR     USD
Telecom Argentina SA     1     65.5     2/10/2028    AR     USD
Telefonica Moviles Chile 3.5   73.9    11/18/2031    CL     USD
Telefonica Moviles Chile 3.5   74.1    11/18/2031    CL     USD
Tencent Holdings Ltd    3.8    74       4/22/2051    KY     USD
Tencent Holdings Ltd    3.2    66        6/3/2050    KY     USD
Tencent Holdings Ltd    3.3    62.2      6/3/2060    KY     USD
Tencent Holdings Ltd    3.9    71.8     4/22/2061    KY     USD
Tencent Holdings Ltd    3.8    73.8     4/22/2051    KY     USD
Tencent Holdings Ltd    3.2    66.1      6/3/2050    KY     USD
Tencent Holdings Ltd    3.3    62.5      6/3/2060    KY     USD
Tencent Holdings Ltd    3.9    72       4/22/2061    KY     USD
Three Gorges Finance    3.2    68.2    10/16/2049    KY     USD
Mercantis VII SA        9       1.6     1/20/2032    BR     BRL
Volcan Cia Minera SAA   4.4    56.9     2/11/2026    PE     USD
Volcan Cia Minera SAA   4.4    56.8     2/11/2026    PE     USD
VTR Comunicaciones SpA  5.1     63.6    1/15/2028    CL     USD
VTR Comunicaciones SpA  4.4     62.8    4/15/2029    CL     USD
VTR Comunicaciones SpA  5.1     63.6    1/15/2028    CL     USD
VTR Comunicaciones SpA  4.4     62.6    4/15/2029    CL     USD
YPF SA                  7     73.3     12/15/2047    AR     USD
YPF SA                  7     72.9     12/15/2047    AR     USD
YPF SA                  1      65.1     4/25/2027    AR     USD



                           *********


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

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

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