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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, March 11, 2024, Vol. 25, No. 51

                           Headlines



A R G E N T I N A

ARGENTINA: Milei Seeks Pact With Leaders in Bid to Save Reforms
ARGENTINA: Will be Only G20 Economy to Shrink in '04, Moody's Says
GAUCHO GROUP: Sues 3i LP, Two Others Over Securities Violation
PROVINCE OF LA RIOJA: Fitch Lowers LongTerm IDRs to 'C'
TELAM: Offices Fenced Off, Website Disabled And Workers Suspended

YPF SA: Brazil Backs Argentina in Fight Over US$16BB Judgment


B R A Z I L

BRAZIL: 2023 Farmer Bankruptcy Filings Up 535%, Raising Alarms
BRAZIL: Lula Faces Lowest Approval Since Term Start


C A Y M A N   I S L A N D S

ARABIAN CENTRES III: Fitch Assigns BB+(EXP) on Trust Certifcates


C O L O M B I A

ITAU COLOMBIA: Fitch Affirms & Withdraws 'BB' LongTerm IDR
PATRIMONIO AUTONOMO: Fitch Affirms 'BB+' Rating on First Lien Debt


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week March 4 to March 8, 2024

                           - - - - -


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

ARGENTINA: Milei Seeks Pact With Leaders in Bid to Save Reforms
---------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei proposed a
pact with Argentina's powerful province governors and other top
political leaders as he seeks to protect his austerity measures and
liberalising reforms from an increasingly hostile Congress.

In his first annual address to lawmakers, Milei invited leaders
from all parties to sign a 10-principle agreement that includes a
"non-negotiable fiscal balance" and public spending cuts, as well
as labour reform and free trade, according to Buenos Aires Times.
He proposed the pact be signed in the province of Cordoba on May
25, and said he intends to meet all provincial governors before
that date, the report notes.

Buenos Aires Times relays that Milei's reforms are at risk in
Congress as a growing number of senators threaten to vote down a
decree he introduced in December with several measures to
deregulate the economy, including steps to privatise companies,
facilitate exports and end price controls.  Last month, he pulled
back a separate package of proposals from Congress after realising
he had insufficient votes to approve them, the report notes.

During his hourlong speech, the libertarian leader warned
legislators trying to resist his legislative overhaul that he will
fight back and is willing to pay whatever political costs
necessary, the report discloses.  

"If you're looking for conflict, you'll all have conflict," he said
to the applause and cheers from supporters in the rafters of
Congress.  "We're not negotiating the change, and we're going to
make good on our promise to society - with or without the support
of the political class," the report notes.

Shifting between threatening language and olive-branch proposals,
Milei said his top deputies would reach out to governors to seek an
agreement on his 'omnibus bill' reform package in exchange for
fiscal relief, without providing details, the report says.

Milei addressed the legislature after weeks of escalating tensions,
the report relates.  He had been shaming legislators since January
after they started voting against his omnibus bill, the centrepiece
of his reforms, the report notes.  He also called Argentina's
Congress "a rat's nest" at a recent event and started taunting a
governor from an allied political party over funding disputes
between the federal government and provinces, the report discloses.


He told the Financial Times earlier he won't resubmit his massive
omnibus bill until December 2025, emphasising he can rely on
decrees to implement enough of his economic agenda until midterm
elections, the report discloses.

With annual inflation of 250 percent, Milei outlined a haunting
social portrait of Argentina during his congressional address, the
report notes.  He cited private estimates that nearly 60 percent of
the country is living in poverty, while 70 percent of children
can't complete basic mathematics, the report discloses.  He
insisted that Argentina has no options other than his drastic
policy mix, the report adds.

"Today we find ourselves before an inflection point," Milei told
lawmakers. "When we find ourselves with an obstacle, we're not
going to turn back, we're going to keep accelerating," he added.

                      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: Will be Only G20 Economy to Shrink in '04, Moody's Says
------------------------------------------------------------------
Buenos Aires Times reports that Argentina will be the only G20
country whose economy will contract in 2024 - this is the
assessment of the Moody's ratings agency, which predicts a
contraction in economic activity of five percent this year.

The new forecast is a doubling of the pessimistic issued by the
credit rating, research, and risk analysis firm in November last
year, when it saw a 2.5-percent decline during the first year of
Javier Milei's term, according to Buenos Aires Times.

The analysis comes from Moody's Global Macro Outlook, a report
prepared by the agency seeking to project the development of the
economies of all G20 member states (consisting of 19 nations and
the European Union), the report notes.

After a sharp decline this year, Moody's sees the economy bouncing
back in 2025 with three percent growth, the report notes.

Justifying their analysis and worsened outlook for the calendar
year, the agency's experts highlighted recent measures taken from
President Javier Milei's government, which Moody's said would
"reduce growth and increase inflation in 2024," the report relays.

In this respect, they forecast a cumulative inflation rate of 280.7
percent for this year, more than twice as much as the 133.5 percent
recorded in 2023. In 2025, the consumer price index (CPI) will
remain high at around 222.5 percent, forecast the agency, the
report discloses.

"Macroeconomic conditions will further deteriorate this year, as
the new government implements an austerity agenda designed to
correct long-standing fiscal and foreign imbalances in the
country," Moody's' economists said in its report, Buenos Aires
Times discloses.

Other measures - including the devaluation, removal of price
controls and the regularisation of the energy and transport
sectors, as well as "the introduction of a presidential decree
requiring wide-ranging economic, administrative and criminal
measures, and regulatory changes" - will also keep inflation high,
the report notes.

According to the ratings agency, the measures taken by President
Milei "will help ease the pressure on the exchange rate and the
country's public finances, at the expense of greater short-term
inflation," the report relays.

The report discloses that economists also forecast a reduction of
the fiscal deficit by approximately three percent of the GDP for
2024, which is higher than the goal agreed on with the
International Monetary Fund as part of the seventh review of
Argentina's US$44.5-billion credit program.

They estimate "contraction of internal demand (fall of consumption)
amid the fiscal and economic adjustment" - a fact already seen in
recent figures from the CAME Argentine Medium-Size Enterprises
Confederation, which recorded a 27-percent dip in retail sales,
with food and medication the main affected sectors, the report
notes.

"Economic performance will largely depend on the Milei
administration's capacity to approve, implement and adhere to a
programme of policies which reduces the country's huge and
long-standing fiscal and foreign imbalances", they assessed, the
report relays.

They also warned that you cannot rule out a potential devaluation
which is "more decisive than the two-percent monthly depreciation
of the peso the Government has conducted since December," the
report says.

On this point, the IMF also recently suggested accelerating the
so-called crawling peg to a monthly eight percent, 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.


GAUCHO GROUP: Sues 3i LP, Two Others Over Securities Violation
--------------------------------------------------------------
Gaucho Group Holdings, Inc. disclosed in a Form 8-K Report filed
with the U.S Securities and Exchange Commission that the Company
filed a complaint in the United States District Court for the
District of Delaware alleging 3i, LP, 3i Management LLC, and Maier
Joshua Tarlow engaged in an unlawful securities transaction with
the Company as an unregistered dealer under U.S. securities laws.

A copy of the complaint is available at
https://tinyurl.com/37sxjje2

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc.'s
mission has been to source and develop opportunities in Argentina's
undervalued luxury real estate and consumer marketplace.  The
Company has positioned itself to take advantage of the continued
and fast growth of global e-commerce across multiple market
sectors, with the goal of becoming a leader in diversified luxury
goods and experiences in sought after lifestyle industries and
retail landscapes.  With a concentration on fine wines
(algodonfinewines.com & algodonwines.com.ar), hospitality
(algodonhotels.com), and luxury real estate
(algodonwineestates.com) associated with its proprietary Algodon
brand, as well as the leather goods, ready-to-wear and accessories
of the fashion brand Gaucho - Buenos Aires (gaucho.com), these are
the luxury brands in which Argentina finds its contemporary
expression.

Gaucho reported a net loss of $21.83 million for the year ended
Dec. 31, 2022, compared to a net loss of $2.39 million for the year
ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $18.91
million in total assets, $11.02 million in total liabilities, and
$7.89 million in total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

The Company's operating needs include the planned costs to operate
its business, including amounts required to fund working capital
and capital expenditures.  Based upon projected revenues and
expenses, the Company believes that it may not have sufficient
funds to operate for the next twelve months from the date these
financial statements are made available.  Since inception, the
Company's operations have primarily been funded through proceeds
received from equity and debt financings.  The Company believes it
has access to capital resources and continues to evaluate
additional financing opportunities.  There is no assurance that the
Company will be able to obtain funds on commercially acceptable
terms, if at all.  There is also no assurance that the amount of
funds the Company might raise will enable the Company to complete
its development initiatives or attain profitable operations.  The
aforementioned factors raise substantial doubt about the Company's
ability to continue as a going concern for a period of one year
from the issuance of these financial statements, according to the
Company's Quarterly Report for the period ended Sept. 30, 2023.


PROVINCE OF LA RIOJA: Fitch Lowers LongTerm IDRs to 'C'
-------------------------------------------------------
Fitch Ratings has downgraded the Argentinian Province of La Rioja's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'C' from 'CC'. Fitch has also downgraded La Rioja's USD318.4
million senior unsecured step-up notes due 2028 to 'C' from 'CC'.
The notes are rated at the same level as the province's IDRs. Fitch
has also lowered La Rioja's Standalone Credit Profile (SCP) to 'c'
from 'cc'. Fitch relied on its rating definitions to position the
province's ratings and SCP.

The downgrade of La Rioja's ratings follows the province's
non-payment of its senior unsecured notes due in 2028, specifically
a capital and semi-annual interest payment due Feb.24, 2024 in the
amount of USD26.3 million. The province has entered the three-days
cure period, which expires by Feb 29, 2024. La Rioja declared its
intention to initiate a debt restructuring process, driven by the
distressed macroeconomic context and related losses of
discretionary transfers from the central government, which make up
for 18% of operating revenues. This will be the second time the
province restructures its senior unsecured notes.

KEY RATING DRIVERS

La Rioja's 'C' ratings reflect the province's current near-default
situation, the entrance of its cure period and the formal
announcement of an intended restructure of the international bond
(Law 10.700 of Jan. 5, 2024). La Rioja's SCP was lowered to 'c'
reflecting the province's current near-default situation. Fitch has
relied on its rating definitions to position the province's
ratings.

As stipulated on the notes' legal documents, currently the province
is in its three-day cure period to fully comply with its financial
obligations. The three-day cure period will expire on Feb. 29,
2024, and failure to pay capital is considered an event of default
in the legal documents. During 2020, the U.S.-dollar-denominated
senior unsecured notes were previously restructured in a lengthy
process, during which the province remained in a default event for
around one year before the process concluded in September of 2021

Over the next four years (2024-2028), principal payment will rise
from USD53.7 million in 2024 to USD75.6 million each year from 2025
to 2027, and USD37.8 million in 2028. In this context, the province
did not fulfill the semiannual payment of its USD26.3 million bond
debt service (USD10.4 million in interests, and USD15.9 million in
capital payments) on Feb. 24 (payment date is Feb. 26).

The province's budgetary performance has deteriorated since last
year as the province is highly exposed to discretionary transfers
from the national government (18% of the operating income).
Although there were national budget allocations, in 2023 La Rioja
did not receive all the resources allocated. Additionally, these
discretionary transfer resources are not being transferred in 2024,
nor would be updated for inflation, since there is no national
budget for 2024, which has exposed the province's revenues and
financial results to greater national discretion. The nation's 2023
debt for these transfers with La Rioja is up to ARS9,300 million,
which the province is claiming in the Supreme Court of Justice.

Additionally, although as per law, federal co-participation
transfers have never been interrupted to provinces. During the last
quarter of 2023, the government imposed relevant modifications
(exemptions) that are negatively affecting the co-participating
resources. Recent changes (increase in the non-taxable minimum of
income tax and exemption from VAT on the basic food basket) are
leading to a strong slowdown in provincial co-participation
transfers since the last months of the year with real-term
estimated decreases of 13.5% in November 2023, a further -18.5% in
December and -11.1% as of January 2024.

The latter factors have stressed the province's finances and
already weak liquidity. During 2023, La Rioja had to use its
liquidity position, increase in payables, and prepayments from
Arauco National Park's debt to the province, to meet its budgetary
commitments and financial services. In this context of weak
liquidity, in 2024 La Rioja intends to issue up to the equivalent
of ARS22.500 million bearer bonds (cuasimoneda, BOCADE, law 10.699
y 10.703) to pay salaries and local suppliers.

ESG - Creditor Rights: The entrance in a cure period for the
principal of its USD318.4 million senior unsecured step-up notes
underpins the elevated score on creditor rights on the back of a
significant depreciation of the real exchange rate and lower
operating margins amid a negative economic environment. This credit
event is highly relevant to the current rating downgrade and is a
key rating driver on an individual basis.

DERIVATION SUMMARY

La Rioja's 'C' ratings reflect the province's current near-default
situation, the entrance of its cure period and the formal
announcement of an intended restructure of the international notes
(Law 10.700 of Jan. 5, 2024). La Rioja's Standalone Credit Profile
(SCP) is 'c'. Fitch has relied on its rating definitions to
position the province's ratings.

Fitch does not apply any asymmetric risk or ad-hoc support from the
central government and assesses intergovernmental financing as
neutral to the LRG's ratings.

RATING SENSITIVITIES

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

- Curing of the missed capital and interest payment, which is
unlikely to happen due to the statement released by the Province.

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

- La Rioja's ratings are subject to the capital debt service
payments fully fulfilled before the stipulated cure period, which
expires on Feb. 29, 2024. In the event La Rioja does not cure the
missed payments, it will be considered a default by Fitch.

ESG CONSIDERATIONS

La Rioja has an ESG Relevance Score of '5' for Creditor Rights due
to the province's entering a cure period for the principal payment
of its USD318.4 million senior unsecured step-up notes. This credit
event drives the elevated score on creditor rights. This credit
event is highly relevant to the current rating downgrade and is a
key rating driver on an individual basis.

The province has an ESG relevance score of '4' for Rule of Law,
Institutional & Regulatory Quality, Control of Corruption as it
presents weak management practices and regulations toward its
financial obligations, 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
   -----------            ------           -----
La Rioja,
Province of      LT IDR    C  Downgrade    CC

                 LC LT IDR C  Downgrade    CC

   senior
   unsecured     LT        C  Downgrade    CC


TELAM: Offices Fenced Off, Website Disabled And Workers Suspended
-----------------------------------------------------------------
Buenos Aires Times reports that President Javier Milei had the
142th state of the nation in Congress on March 1 and confirmed that
he would be closing the INADI and public news agency Telam.  Even
though there is no law or decree ordering it in force, the website
was disabled and the employees reported on social networks that the
Government had ordered the newsroom to be fenced in, according to
Buenos Aires Times.

A demonstration has been called against the closing of the agency,
which has already been widely condemned on social networks, the
report notes.   "The Government is carrying out one of the worst
attacks to freedom of speech in the last 40 years of democracy",
they denounced from Somos Telam, which brings together employees
from the state news agency, on its X account, the report relays.

"This is how we found the Telam Agency.  We're barred from going in
and they've also blocked the website and systems.  Seven days of
'time off work'. Public media are always a necessary voice.
#TelamNoSeCierra #TelamSeDefiende (Telam is not closing, Telam has
to be defended)", wrote journalist Andrea Vulcano, in a message
including a video of the fences, the report relays.

The Telam workers' assembly had called for an "embrace" of the
agency. However, they updated the situation and claimed that the
newsroom had been fenced in, attaching images of the operation, the
report relays.

"From the Buenos Aires Press Union we report that the police is
fencing Telam in.  We, representatives, delegates, the internal
union commission, are here defending this medium and its over 78
years of history", they stated in the video shared on X.  "We
believe it to be trespassing on democracy and freedom of speech,
which is why we'll defend it.  We have to defend Telam", they added
from the hall of the building, the report discloses.

"We're inside Telam, warned by the comrades who were doing their
job, who called us because they were starting to fence in the
buildings.  We will defend Telam, the public heritage and jobs.
It's the worst atta ck on freedom of speech in democracy" added
another journalist. The workers believe the fencing in of both
buildings of the state-run company, Agencia Nacional de Noticias y
Publicidades, is an attempt to repress the "mass embrace and
prevent workers from accessing" and they posited that it is an
attack on the right to communication and society's right to
information, the report discloses.

La Libertad Avanza activists, in turn, also shared images of the
police operation, celebrating the closing of the agency, the report
says.  "We eliminated the INADI, which as well as playing the role
of thought police had an annual budget of 2.8 billion to support
rented militants. In this vein, we're closing the agency Telam,
which has been used over the last decades as a Kirchnerite
propaganda agency", the President had argued, the report adds.


YPF SA: Brazil Backs Argentina in Fight Over US$16BB Judgment
-------------------------------------------------------------
Bob Van Voris & Jonathan Gilbert at Bloomberg News report that
Argentina's appeal of a US$16.1-billion US court judgment over its
2012 nationalization of oil company YPF SA won the support of four
neighboring South American countries, including regional giant
Brazil, who say the "deeply flawed" ruling threatens them all.

Brazil and Uruguay filed a so-called "friend of the court" brief in
the federal appeals court in New York where Argentina is
challenging the September judgement by US District Judge Loretta
Presk, according to Bloomberg News.  Chile and Ecuador filed a
separate brief in the case.

According to Argentina, the suit brought on behalf of YPF
shareholders shouldn't have been decided by a court in New York,
the report relays.  In their filing, Brazil and Uruguay agreed,
saying Preska had usurped Argentina's rights as a sovereign nation,
including the ability to nationalize domestic companies, the report
discloses.

The people of Argentina and nearby countries "should not be forced
to endure the economic consequences of a judgement that flagrantly
misapplies the governing law," by a court that lacked authority to
decide the case, Brazil and Uruguay said, the report relays.  Chile
and Ecuador said the judgement "threatens to disrupt long-standing
commercial relations" between the countries and the United States,
the report says.

The YPF suit was financed by Burford Capital, which stands to
collect US$6.2 billion if the judgement is upheld and enforced, the
report notes.  The country previously fought Paul Singer's Elliott
Management for 15 years in litigation over its 2001 sovereign debt
default before reaching a US$4.7-billion settlement, the report
relays.

Brazil supported Argentina in that fight as well, though the
politics of the countries have changed in recent years, the report
discloses.  Brazil, the most populous country and largest economy
in South America, currently has a leftist government led by
President Luiz Inacio Lula da Silva, who has promoted an
interventionist approach to the economy, the report relays.  A
left-wing president, Gabriel Boric, also took office in Chile in
2022.

In contrast, Argentina's President Javier Milei, who took office in
December on a libertarian platform, is strongly opposed to
heavy-handed government intervention and has in the past criticized
Lula, the report relays.  The nationalization at issue in the case
took place under the left-wing Argentine government of Cristina
Fernandez de Kirchner, the report notes.

A lawyer for Burford didn't respond to a request for comment.

Preska last month authorised Burford, which acquired the YPF
shareholder claims for US$16.6 million in 2015, to begin collecting
the judgement after Argentina failed to pledge assets while it
pursues its appeal, the report notes.

The case is Argentine Republic v. Petersen Energia Inversora SAU,
23-7370, 2nd US Circuit Court of Appeals (Manhattan).

                          About YPF SA

YPF S.A. is a vertically integrated, majority state-owned Argentine
energy company, engaged in oil and gas exploration and production,
and the transportation, refining, and marketing of gas and
petroleum products.

Founded in 1922, YPF was an oil company established as a state
enterprise.  YPF was later privatized under president Carlos Menem
and was bought by the Spanish firm Repsol in 1999, and the
resulting merged company was call Repsol YPF.  

In 2012, about 51% of the firm was renationalized and this was
initiated by President Cristina Fernandez se Kirchner.  The
government of Argentina agreed to pay $5 billion compensation to
Repsol.

In April 2023, S&P Global Ratings lowered its local and foreign
currency ratings on YPF SA to 'CCC-' from 'CCC+'.  The outlook on
these ratings is now negative.  The downgrade follows a similar
action on S&P's long-term foreign currency ratings and T&C on
Argentina, following announced plans that, if implemented, would
oblige some nonfinancial public-sector entities to exchange or sell
their holdings of global- and local-law dollar-denominated bonds
issued during the 2020 restructuring for other locally issued peso
debt, likely dollar- and/or inflation-linked bonds. In S&P's view,
the lack of clarity and the apparent motivation for the potential
transaction underscore heightened credit vulnerabilities, in
particular given the increasing pressures from the severe drought
that Argentina is facing, which further constrains the already
disrupted FX market. This expected greater pressure on the FX
markets also explains S&P's downward revision of the T&C assessment
to 'CCC-'.




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

BRAZIL: 2023 Farmer Bankruptcy Filings Up 535%, Raising Alarms
--------------------------------------------------------------
globalinsolvency.com, citing the New Straits Times, reports that
Brazilian farmer bankruptcy requests shot through the roof in 2023,
according to a new survey from data services company Serasa
Experian, reflecting higher business risks for global grain traders
in one of the world's biggest food producers.

According to Serasa's data released, there were 127 farmer
bankruptcy filings last year, up 53 per cent from the year before,
the report notes.

Most of the creditor protection requests came from soybean growers,
Serasa said, though cattle property owners and coffee farmers also
sought to stay creditors and reorganize their businesses, Serasa
said citing satellite sensing data, the report relays.

"Put into perspective, the number of bankruptcy filings compared
with the millions of people engaged in farming activities seems
small," said Marcelo Pimenta, head of agribusiness at Serasa. "But
the speed at which these requests are growing quarter by quarter is
worrying," the report discloses.

Brazilian grain merchants have become increasingly vocal about the
issue because the rise in farmer bankruptcy cases may affect
delivery of committed produce and hamper traders' ability to
complete export programs, the report notes.

                              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.

S&P Global Ratings raised on Dec. 19, 2023, its long-term global
scale ratings on Brazil to 'BB' from 'BB-'. The outlook on the
long-term ratings is stable. S&P affirmed Brazil's global scale
short-term ratings at 'B' and its national scale long-term rating
at 'brAAA'. S&P also raised the transfer and convertibility
assessment on the country to 'BBB-' from 'BB+'. S&P said, "The
stable outlook reflects our expectation that Brazil will maintain a
strong external position, thanks to strong commodity output and
limited external financing needs. We also believe Brazil's
institutional framework can sustain stable and pragmatic
policymaking based on extensive checks and balances across the
executive, legislative, and judicial branches of government. We
expect a very gradual fiscal correction but anticipate fiscal
deficits will remain large."

Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook. Fitch said Brazil's ratings are supported by its large and
diverse economy, high per-capita income, and deep domestic markets
and a large cash cushion that support the sovereign's financing
flexibility and its high local-currency debt share. Strong external
finances support resilience to shocks, underpinned by a flexible
exchange rate, robust international reserves and a sovereign net
external creditor position. The ratings are constrained by weak
economic growth potential, relatively low governance scores, high
and rising government debt/GDP, and budgetary rigidities. A new
fiscal framework introduced this year aims to anchor a gradual
consolidation process and address these fiscal weaknesses, but its
effectiveness is increasingly unclear.

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

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


BRAZIL: Lula Faces Lowest Approval Since Term Start
---------------------------------------------------
Arkady Petrov at Rio Times Online reports that the IPEC survey
released reveals a significant dip in approval for President Luiz
Inacio Lula da Silva.

His favorable ratings have dropped by 5 percentage points since
December, reaching a record low, according to Rio Times Online.

Now, only 33% of the 2,000 surveyed individuals rate his government
positively, down from 38%, the report notes.

Meanwhile, disapproval slightly rose to 32% from 30%, within a 2
percentage point margin of error, the report discloses.

This downturn marks the highest level of dissatisfaction with
Lula's leadership since his third term's onset, the report says.

The share of respondents rating the government as average increased
to 33% from 30%, 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).




===========================
C A Y M A N   I S L A N D S
===========================

ARABIAN CENTRES III: Fitch Assigns BB+(EXP) on Trust Certifcates
----------------------------------------------------------------
Fitch Ratings has assigned Arabian Centres Company's (ACC, trading
as Cenomi Centres) senior unsecured sukuk (trust certificates), to
be issued through Arabian Centres Sukuk III Limited (ACSL3), an
expected rating of 'BB+(EXP)'. The expected rating is in line with
ACC's Long-Term Issuer Default Rating (IDR) and senior unsecured
rating of 'BB+'. The Recovery Rating is 'RR4'.

ACSL3, also the trustee, is an exempted company with limited
liability incorporated in the Cayman Islands and has been
established for the sole purpose of issuing the certificates. Its
shares are held by MaplesFS Limited as share trustee.

ACC will primarily use proceeds from the issue to refinance its
USD500 million sukuk that matures in November 2024.

The assignment of the sukuk's final rating is contingent on receipt
of final issuance documents materially conforming to information
already reviewed. If the sukuk is not issued, or is issued under
materially different terms than Fitch has assumed, Fitch would
review the rating.

KEY RATING DRIVERS

The sukuk's expected rating is derived from ACC's Long-Term IDR
(for ACC's Key Ratings Drivers see 'Fitch Affirms Arabian Centres
at 'BB+'/'A-(sau)'' dated 31 July 2023 at www.fitchratings.com).
This reflects Fitch's view that a default of the senior unsecured
obligations would reflect a default of ACC, in accordance with
Fitch's rating definitions.

Fitch has given no consideration to any underlying assets or
collateral provided, as the agency believes that the trustee's
ability to satisfy payments due on the trust certificates will
ultimately depend on ACC satisfying its unsecured payment
obligations to the trustee under the transaction documents.

In addition to ACC's propensity to ensure repayment of the sukuk,
in Fitch's view, ACC is required to ensure full and timely
repayment of repayment of ACSL3's obligations due to its role and
obligations under the sukuk structure and documentation,
especially, but not limited to the features below:

ACC, as a servicing agent, will ensure the timely receipt and
recording of all revenues of the wakala portfolio and murabaha
profit instalment payments and also paying such amounts into the
transaction account, which is intended to be sufficient to fund the
periodic distribution amount payable under the certificates.

On the business day prior to the relevant scheduled dissolution
date, the trustee will have the right to require the obligor (ACC)
to purchase all of the trustee's interests, rights, title, benefits
and entitlements in, to and under the wakala assets; and the
aggregate amounts of the deferred sale price then outstanding, if
any, shall become immediately due and payable.

The exercise price payable by ACC to the trustee and the aggregate
amounts of the deferred sale price then outstanding, are intended
to fund the dissolution distribution amount payable by the trustee
under the certificates, which should equal the sum of (a) the
outstanding face amount of the certificate; and (b) any accrued,
but unpaid, periodic distribution amounts; and (c) any other
amounts payable following a total loss event.

In addition, the sukuk documentation has tangibility events. The
certificates may be delisted and redeemed prior to the scheduled
dissolution date of the certificates following the occurrence of a
tangibility event. The documentation includes an obligation on ACC
to ensure that at all times the tangibility ratio (defined as the
aggregate value of the wakala assets/aggregate value of the wakala
assets and the aggregate amounts of the deferred sale price
outstanding) remains more than 50%. If the tangibility ratio falls
below 50%, but above 33%, the servicing agent will take steps (in
consultation with the sharia advisor) required to restore it to
more than 50%. If the ratio falls below 33%, the certificates will
be delisted and certificate holders will have the option to require
the redemption of all of any of its certificates.

Fitch expects ACC to maintain the tangible asset ratio above 50%.
This ratio has substantial headroom (end-December 2023: ACC had
more than 5x additional headroom). The underlying eligible assets
comprise shopping centres in Saudi Arabia. If the company disposes
assets or if there is a partial, or total loss of an asset, ACC has
a large pool of unsecured assets which, subject to sharia
compliance, could substitute for any disposed assets and make good
any shortfalls. The company's unencumbered asset ratio currently
exceeds 2.5x.

In a total loss event, if there is a shortfall from the insurance
proceeds, ACC has undertaken to pay the total loss shortfall amount
directly to the transaction account.

The payment obligations of ACC (acting in any capacity) under the
transaction documents will be direct, unconditional, unsubordinated
and unsecured obligations of the obligor which at all times rank
equally with all other unsecured and unsubordinated obligations of
ACC, present and future.

The sukuk issue includes negative pledge provisions, financial
reporting obligations, ACC events, change- of-control clauses,
restrictive covenants, asset disposal events, permitted security
enforcement events, and cross-default terminology.

Certain aspects of the transaction will be governed by English law,
while other aspects will be governed by the laws of the Kingdom of
Saudi Arabia and the Cayman Islands. Fitch does not express an
opinion on whether the relevant transaction documents are
enforceable under any applicable law. However, Fitch's rating on
the trust certificates reflects the agency's belief that ACC would
stand behind its obligations. Fitch does not express an opinion on
the trust certificates' compliance with sharia principles when
assigning ratings to the certificates to be issued.

DERIVATION SUMMARY

The sukuk's rating is derived from ACC's Long-Term IDR and is in
line with its senior unsecured rating.

RATING SENSITIVITIES

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

ACSL3's Rating:

- An upgrade of ACC's senior unsecured rating

ACC's IDR:

- Occupancy rate consistently above 95%

- EBITDAR net leverage consistently below 4.5x

- Improvement of the operating environment on a sustained basis

- A material reduction in asset concentration

- A smoother lease maturity profile

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade:

ACSL3's Rating:

- A downgrade of ACC's senior unsecured rating

Adverse changes to the roles and obligations of ACC and ACSL3 under
the sukuk's structure and documents

ACC's IDR:

- Deterioration in the operating environment

- EBITDAR net leverage above 7.0x on a sustained basis

- EBITDAR fixed coverage charge under 1.75x

- Occupancy rate below 90%

LIQUIDITY AND DEBT STRUCTURE

For ACC's Liquidity, see 'Fitch Affirms Arabian Centres at
'BB+'/'A-(sau)'' dated 31 July 2023 at www.fitchratings.com.

ISSUER PROFILE

ACC is the largest real-estate company in Saudi Arabia and owns
and/or operates a portfolio of 21 malls. The assets are located in
the country's 10 largest cities with a gross leasable area of about
1.3 million sqm and a market share of around 14%.

ESG CONSIDERATIONS

ACC has an ESG Relevance Score of '4' for Group Structure,
reflecting a high number of related-party transactions that
generate more than 25% of group rental income. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt               Rating                  Recovery   
   -----------               ------                  --------   
Arabian Centres
Sukuk III Limited

   senior
   unsecured             LT BB+(EXP) Expected Rating   RR4




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

ITAU COLOMBIA: Fitch Affirms & Withdraws 'BB' LongTerm IDR
----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Itau Colombia S.A.'s
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB' and the Viability Rating (VR) at 'bb'. Fitch has also
affirmed and withdrawn all other ratings including the Shareholder
Support Rating (SSR) at 'bb'.

Fitch has chosen to withdraw the ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage for the
issuer.

KEY RATING DRIVERS

VR-Driven Ratings: Itau Colombia S.A.'s 'bb' VR reflects the bank's
intrinsic creditworthiness, which in turn, drives the bank's IDRs.
The VR is one notch above its implicit 'bb-' VR, reflecting a
positive adjustment due to the bank's prudent risk profile. The
IDRs do not consider any extraordinary support from its parent,
Itau Unibanco Holding (Itau; BB+/Stable). Nevertheless, the bank's
IDRs are currently at the same level, as it would be if including
an institutional support approach, and given that Itau Colombia is
considered a strategically important subsidiary for its parent.

Shareholder Support Rating: The bank's 'bb' Shareholder Support
Rating (SSR) is one notch below its ultimate parent's (Itau
Unibanco Holding) 'BB+' IDR, reflecting Fitch's assessment of the
parent's ability and propensity for support. Fitch considers Itau
Colombia's strategic importance for its Brazilian parent in the
context of its regional expansion initiatives - a core aspect for
Itau Colombia's SSR. Consequently, Fitch expects that the parent
company will extend support to Itau Colombia if required.

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

Itau's Group Regional Expansion: The bank continues to extensively
implement Itau's expansion strategy and business model. Itau
Colombia has a consistent business model, with a focus on corporate
business and medium to high income retail clients. The bank had a
market share of 3.0% of the Colombian banking system's assets at
end-September 2023. The bank has 10 position by assets and is the
third largest international franchise in Colombia.

Itau's Risk Policies: Itau Colombia S.A.'s VR benefits from a
positive adjustment, reflecting a cautious risk profile that
enhances the bank's financial profile. The bank's risk management
is fully integrated with its parent company, incorporating the
entirety of Itau's global risk management guidelines. Itau Colombia
also adheres to a comprehensive risk appetite framework that
encompasses a global policy statement, core and specific risk
metrics and capital consumption. Asset quality is supported on
adjustments in its business profile and continues tuning on its
risk models and risk controls.

Resilient Asset Quality: Similar to the Colombian system, high
interest rates, weighing on borrowers' ability to repay, coupled
with still-high inflation, has negatively affected asset quality,
particularly for unsecured retail portfolio. As of 3Q23, the
consolidated Stage 3 increased to 3.5% of gross loans from 2.8% at
YE 2022, while reserve coverage decreased to 140% from 163% one
year earlier. The bank's loan performance has proven resilient to
date, due to continued adjustment of its internal models and
ongoing monitoring of the loan portfolio and warning signals, as
well as a strengthened collection process.

Pressures on NIM and Provisions Explain Profitability: Itau
Colombia's profitability is low relative to peers due to the bank's
corporate focus and limited scale. However, operating profitability
in 2023 reflected pressure on net interest income (NIM) due to
limited asset growth, higher inflation and higher funding cost
resulting from the implementation of the NSFR adoption in Colombia.
In addition, provisions expenses driven by asset deterioration
reduced net income, which was partially offset by cost controls and
treasury gains. The bank's operating profit to RWA ratio was -0.2%
at September 2023 (YE 2022: 0.2%) but above negative 0.43% on
average from 2018-2021.

Improved Capitalization: Itau Colombia's CET1 improved to 10.1% at
3Q23 from 9.9% at YE 2022, reflecting lower RWA due to asset
contraction. However, this ratio compares unfavorable with that of
regional peers. In addition, loan loss allowances for impaired
loans are sound which further supports the bank's loss absorption
capacity. Fitch believes that capital ordinary support from its
parent would be forthcoming if needed.

Reasonable Funding and Liquidity: The bank maintains good liquidity
levels that somewhat offset its concentrated liability structure.
Nevertheless, Itau Colombia's moderate franchise constrains its
pricing power and competitive advantage, influencing its funding
costs. The bank has made a significant effort toward growing
low-cost and stable funding. Its loans to deposits ratio was 115%
at September 2023 due to the use of mid- to long-term time
deposits, bond issuances and credit lines.

The deposit structure is increasingly composed of stable resources,
in line with more conservative liquidity policies and liquidity
coverage ratios. The deposit base has also been stable in recent
years but concentrated, with a gradual increase of term deposits
aligned with its business strategy.

RATING SENSITIVITIES

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

- Negative rating sensitivities are not applicable as the ratings
have been withdrawn.

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

- Positive rating sensitivities are not applicable as the ratings
have been withdrawn.

VR ADJUSTMENTS

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Itau Colombia SSR is linked to Itau Unibanco's rating.

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.

Following the withdrawal of ratings for Itau Colombia Fitch will no
longer be providing the associated ESG Relevance Scores.

   Entity/Debt                          Rating           Prior
   -----------                          ------           -----
Itau Colombia S.A.   LT IDR              BB  Affirmed    BB
                     LT IDR              WD  Withdrawn   BB
                     ST IDR              B   Affirmed    B
                     ST IDR              WD  Withdrawn   B
                     LC LT IDR           BB  Affirmed    BB
                     LC LT IDR           WD  Withdrawn   BB
                     LC ST IDR           B   Affirmed    B
                     LC ST IDR           WD  Withdrawn   B
                     Viability           bb  Affirmed    bb
                     Viability           WD  Withdrawn   bb
                     Shareholder Support bb  Affirmed    bb
                     Shareholder Support WD  Withdrawn   bb


PATRIMONIO AUTONOMO: Fitch Affirms 'BB+' Rating on First Lien Debt
------------------------------------------------------------------
Fitch Ratings has affirmed the following ratings for Patrimonio
Autonomo Union del Sur, in connection with the Rumichaca - Pasto
toll road project in Colombia:

- USD Loan A: USD125 million at SOFR + 2.375% due in May 2030
'BB+'; Outlook Stable;

- USD Loan B: USD152 million at SOFR + 2.75%, years one to seven
and 3%, years eight until maturity, due in May 2037 'BB+'; Outlook
Stable;

- COP Loan: COP1,019.5 billion at IPC+ 5.25% due in April 2030
'BB+'; Outlook Stable;

- UVR Notes: COP1,027.5 billion at 6.6% due in February 2041 'BB+';
Outlook Stable;

Fitch has also upgraded the National Long-Term Ratings for all of
the debt to 'AAA(col)' from 'AA+(col)'. The Rating Outlook is
Stable.

RATING RATIONALE

The rating upgrade on the national ratings reflects the successful
completion of the construction phase now that all Functional Units
(UFs) have been accepted by the grantor and the project's
operational phase has started, coupled with the adequate financial
performance observed and expected. Previously, the national ratings
were constrained by the project's remaining completion risk.

The ratings reflect the project's robust concession agreement
structure, which limits exposure to revenue risk via traffic
top-ups and grantor payments. The ratings are further supported by
an adequate tariff adjustment mechanism that increases toll rates
by inflation. The ratings consider a strong debt structure,
characterized by robust reserve accounts, cash sweep mechanisms
that largely protect the transaction from traffic performance being
materially above or below expected, and a satisfactory distribution
test.

A 12-month debt service reserve comes from a letter of credit (LOC)
provided by investment-grade (IG) entities for the USD tranches and
from a liquidity facility provided by the
infrastructure-specialized investment manager, Union Para La
Infraestructura (UPLI), for the COP tranches. Fitch's rating case
minimum loan life coverage ratio (LLCR) of 1.4x is robust for the
rating according to applicable criteria and revenue profile,
reflecting the entity's strong dependence on the grantor payments
as toll revenues roughly represent 30% of the project's total
revenues.

KEY RATING DRIVERS

Limited Volume Risk (Volume Risk: Midrange): Traffic at the
currently operating toll station, El Placer, has a certain degree
of volatility. Tariffs at El Placer are expected to be somewhat
high, but the project's substantial time savings is seen as a
mitigant to the elasticity risk. Nonetheless, about 70% of the
project's revenues consist of ANI's contributions (mostly streaming
from top-up payments), future budget allocations (FBA), and 90% of
the estimated toll revenues at the shadow toll booth of Ipiales.
Fitch believes the ANI payment obligations under the concession
agreement are consistent with the project's credit quality.

Sources of revenue are subject to infrastructure availability,
service levels, and quality standards based on the fulfilment of
indicators provided in the concession agreement. There are clearly
defined penalty deduction mechanisms in the concession agreement
with robust cure periods and deductions legally capped at 10%.
Additionally, fines imposed on the concessionaire and penalty
clauses in case of early termination of the agreement are limited
by the contract. The midrange assessment reflects the road's
traffic characteristics solely as per applicable criteria; however,
exposure to traffic risk is limited due to the concession
framework.

Inflation-adjusted tolls (Price Risk: Midrange): Tariffs are
adjusted annually by the Colombian inflation rate at the beginning
of the year, and toll rates are somewhat elevated compared to
Colombian peers. Although inflationary increases in 2023 and 2024
have not been full nor timely due to decisions made by the
Colombian government as part of the government's anti-inflationary
policies, Fitch's expectation is that they will catch up in the
short term. However, the contractual mechanism establishes the
collection of the differences in the collection of tariffs, and
additionally, if the net present value of toll collections received
by the eighth, 13th, 18th, and last year of the concession is below
guaranteed values, the ANI must cover any shortfalls after
deductions.

Adequate Maintenance Plan (Infrastructure Development and Renewal:
Midrange): The project depends on a moderately developed capital
and maintenance plan to be implemented directly by the
concessionaire. The program will be funded mainly from project cash
flows, and the concession agreement does not contemplate hand-back
requirements. However, the concessionaire must continuously operate
and maintain the road in compliance with pre-established
contractual requirements.

The independent engineer (IE) confirmed the concessionaire has the
experience and ability to operate the project successfully. Per the
IE, the O&M plan is reasonable, and the budget allowances are at
the upper end of the range compared to similar 4G Colombian
projects, anticipating reduced cost overruns. The structure
benefits from a robust 12-month forward-looking O&M reserve account
(OMRA), and a dynamic major maintenance accrual account funded to
the extent resources are available equivalent to 100% of the
forward-looking maintenance costs forecasted for the first year,
66% of expenses to be incurred during the second year, and 33% for
the following third year.

Robust Debt Structure (Debt Structure: Stronger): The project's
debt is fully amortizing, senior secured, comprising USD-, UVR- and
COP-denominated financings. USD-denominated debts are matched with
USD-linked revenues settled in COP, as 57% of future budget
allocations are USD-linked but are partially exposed to a variable
interest rate. UVR-denominated debts are indexed to inflation;
similarly, the COP debt interest rate is exposed to inflation
fluctuations.

Structural features include 12-month debt service reserve accounts
(DSRA) in the form of a LOC provided by IG entities and a liquidity
facility from UPLI, and cash sweep mechanisms for traffic over and
underperformance, according to pre-established debt service
coverage ratio (DSCR) levels. While the UVR tranche legal maturity
dates extend beyond the minimum concession termination date, deemed
as a negative feature, Fitch believes it is highly unlikely the
toll collection present value will be reached by the concession's
25th anniversary.

Fitch does not currently rate UPLI. However, Fitch is aware of the
creditworthiness of some entities that have committed investments
in UPLI or its holding companies. This is the case with Atlantic
Security Bank, whose parent company is an investment-grade
counterparty. The same applies to the regulated obligatory pension
funds managed by Skandia Pensiones y Cesantias S.A., AFP
Proteccion, and Porvenir S.A. Fitch rates the funds' underlying
assets' AAAf(col)' and views their management quality as
excellent.

Together with the characteristics of the liquidity facility, the
nature of the investment commitments, and the quality of the
underlying asset, this has resulted in Fitch giving credit to the
investment commitments associated with the investors and,
ultimately, giving partial credit to UPLI's commitment to the
project.

Financial Profile

The most relevant financial metric for the project is LLCR, given
the transaction's debt structure. While in some years DSCRs are
projected to be close to1.0x under Fitch's rating case due to the
assumed delays to ANI's payment obligations, the existence of cash
sweep mechanisms and reserve accounts support liquidity in case
top-up payments or future budget allocations are not timely
received.

The debt's legal amortization profile offers additional flexibility
for the structure as it considers ANI's maximum payment delays
before triggering an early concession termination. Fitch's base and
rating case minimum LLCR is 1.4x in 2032 and 2031, respectively,
which is considered adequate for the rating category according to
applicable criteria and when compared against other similarly rated
transactions, particularly in light of the project's low exposure
to volume risk.

PEER GROUP

Rumichaca is comparable to Fideicomiso P.A. Pacifico Tres
(Pacifico; BB+/Stable and AA+[col]/Positive). Both projects are
part of Colombia's 4G toll road program and share the same
assessments for all risk attributes. They also have a similar
contribution of toll revenues to total revenues (around 30%) and
are equally exposed to volume risk. Although Pacifico and Rumichaca
have similar LLCRs at 1.4x, Pacifico is still mildly exposed to
completion risk. Still, the credit quality of ANI's grantor
obligations constrains Pacifico and Rumichaca ratings.

RATING SENSITIVITIES

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

- Deterioration in Fitch's view regarding the credit quality of
ANI's grantor obligations;

- Substantial increases in operating expenses or decline in traffic
that leads to a minimum projected LLCR below 1.3x under Fitch
rating case assumptions;

- Failure to complete the acquisition processes of the pending
rights of way in a timely manner without additional LEEs granted to
extend the deadline to complete it.

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

- For the international ratings, an improvement on Fitch's view
regarding the credit quality of ANI's grantor obligations, provided
metrics are commensurate with a higher rating;

- A positive rating action on the national rating is not possible
given the ratings are at the top of the scale.

CREDIT UPDATE

In August 2023, the concessionaire achieved project completion and
formally entered into its operational stage. As of that month,
there were still some punch list items pending on FU1, but the
supervisor gave closure to these observations as they were some
minor issues that do not interfere with operations and are expected
to be finalized during the O&M phase.

Regarding land acquisition, the project was subject to deductions
from January to August 2023 totaling COP1,757 million (around
USD447 thousand), as there were still some plots pending
acquisition offers. However, after active land acquisition
management by the concessionaire, progress is currently at 96%, and
there have been no deductions since September 2023.

As of November 2023, average annual daily traffic (AADT) in El
Placer toll booth reached 7,694 vehicles, 5% below Fitch's rating
case expectations of 7,920. The concessionaire installed traffic
counting equipment in a control stand (shadow toll booth) in
Ipiales, which registered an AADT of 9,441 from February to
November 2023, which is 13% below Fitch's rating case expectation.
According to the concessionaire, traffic was affected by a
landslide on a highway north to the project that occurred in
January 2023 and led to several closures throughout the year.

In January 2024, the government announced tariffs would be
increased by the 2022 inflation of 13.1%. Tariffs in the toll road
were already updated accordingly. At the date of this commentary,
there is no official announcement regarding when the 2023
inflationary tariff adjustment of around 9% will be made. During
2023, the concessionaire received almost COP19 billion from ANI as
compensation for the revenues that were lost as a consequence of
the 2023 tariff freeze.

In 2023, total revenues reached COP749 billion, significantly above
Fitch's base case expectations of COP464 billion, as the project
received Future Budget Allocations (FBAs, 'Vigencias Futuras' in
Spanish) from 2022 and 63% of those from 2023. The pending 37% of
the 2023 FBAs is expected to be received by the end of February
2024. In addition, the project received COP73 million in the form
of financial revenues and returns from ANI, which were not
anticipated in Fitch's cases.

Operational expenditures (OpEx) reached COP90 billion,
significantly above Fitch's projections of COP60 billion. The
deviation was mainly due to non-recurring expenses related to
additional works the concessionaire committed to perform in order
to reach the operational phase as soon as possible. The
concessionaire expects OpEx will substantially decrease in 2024 to
less than COP50 billion after completing these works. Taxes in 2023
reached COP25 billion, higher than Fitch's rating case expectation
of COP6 billion due to tax retentions for the debt service interest
payments.

Overall, in 2023 cash flow for debt service (CFADS) was COP614
billion, above Fitch's expectations under its base case of COP394
billion, driven by higher than expected revenues, and the issuer
properly complied with debt service payments and did not withdraw
funds from the OMRA and DSRA.

FINANCIAL ANALYSIS

Fitch's base case assumes Colombia's inflation at 6.0% for 2024,
3.8% for 2025, and 3.5% from 2026 onward. For the U.S.'s CPI, the
assumption is 2.8% in 2024, 2.5% in 2025, and 2.0% throughout the
life of the debt. Fitch base case considered 2023 actual traffic
performance as of November and assumed traffic growth at a CAGR of
1.9% between 2023-2040.

Fitch assumed FBA payment would present a three-month delay, while
the top-up payment delay would be 18 months (except for the first
top-up payment, of which 98% was received in January 2024 and the
rest is expected in May). The assumptions represent the maximum
days of delay allowed per the concession contract before a
termination event is triggered. Fitch also assumed revenue
deductions of 0.2%, in line with the IE's expectations. The assumed
cost profile aligns with the sponsor's updated 2024 budget since
the IE confirmed operating expenses are sufficient to support
operations. It included growth at a CAGR of 0.7% and a SOFR rate of
6.0%. Under Fitch's base case, the minimum LLCR is 1.4x in 2032.

Fitch's rating case assumes a CAGR of 1.3% from 2023 to 2040 and
higher revenue deductions at 1.8% following the IE's lenders'
downside case. It also assumes a 7.5% increase for OpEx and capital
expenses. Inflation and ANI payment delays assumptions remained as
described for the base case. Fitch's rating case resulted in a
minimum LLCR of 1.4x in 2031.

SECURITY

The security package constitutes substantially all of the assets of
the issuer, Patrimonio Autonomo Union del Sur, and Concesionaria
Vial Union del Sur S.A.S., the co-obligor. The collateral also
includes certain reserve accounts, pledges of rights and stock,
including stand-by letters of credit or other acceptable support
instruments such as UPLI's liquidity facility, assignments of
revenues, the concession and the transaction trust.

On Sept. 11, 2015, Concesionaria Vial Union del Sur S.A.S. was
granted a 25-year concession for the construction and operation of
the existing 83-kilometer Rumichaca-Pasto corridor, located in the
Narino department. The conversion of the toll road into a dual
carriageway aims to provide connectivity between local and
international markets (Ecuador) with indigenous and farmers'
communities in the region's municipalities. The concession period
began on Oct. 27, 2015, and can be extended up to a maximum of 29
years if the tolls collection net present value (VPIP) is not
reached by the 25th concession anniversary.

The project's revenues consist of collected toll revenues at El
Placer and ANI's contributions, including future budget allocations
(vigencias futuras), top-up traffic payments (diferencias de
recaudo), and the 90% of Ipiales shadow toll revenues. ANI's
payments enhance revenue stability and predictability and are
denominated in COP and USD, although they are always paid in COP.
ANI's contributions are assigned upon completion or, under certain
circumstances, under partial completion of each FU.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Rating linked to rating of ANI's obligations.

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
   -----------                     ------               -----
Patrimonio Autonomo
Union del Sur

   Patrimonio Autonomo
   Union del Sur/Project
   Revenues - First
   Lien/1 LT                LT      BB+      Affirmed   BB+

   Patrimonio Autonomo
   Union del Sur/Project
   Revenues - First
   Lien/1 Natl LT           Natl LT AAA(col) Upgrade    AA+(col)




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

[*] BOND PRICING COLUMN: For the Week March 4 to March 8, 2024
--------------------------------------------------------------
Issuer Name                   Cpn      Price   Maturity       
Cntry    Curr
----------                   ---      -----   --------       
-----    ----

2W Ecobank SA                 10.6 28.6 11/24/2029 BR    BRL
ACEN Finance                  4.0 64.0          KY    USD
Tocumen Int'l Airport Panama 5.1 69.9 8/11/2061 PA    USD
Tocumen Int'l Airport Panama 4.0 71.3 8/11/2041 PA    USD
Tocumen Int'l Airport Panama 5.1 70.0 8/11/2061 PA    USD
Tocumen Int'l Airport Panama 4.0 70.3 8/11/2041 PA    USD
AES Tiete Energia SA         6.8 0.7 4/15/2024 BR    BRL
Agile Group Holdings          5.8 15.9 1/2/2025 KY    USD
Agile Group Holdings          6.1 13.5 10/13/2025 KY    USD
Agile Group Holdings          5.5 13.7 5/17/2026 KY    USD
Agile Group Holdings          5.5 15.0 4/21/2025 KY    USD
Agile Group Holdings          7.9 3.3          KY    USD
Agile Group Holdings          7.8 3.3          KY    USD
Alfa Desarrollo SpA         4.6 75.3 9/27/2051 CL    USD
Alfa Desarrollo SpA         4.6 74.9 9/27/2051 CL    USD
Alibaba Group Holding          2.7 69.0 2/9/2041 KY    USD
Alibaba Group Holding          3.2 66.0 2/9/2051 KY    USD
Alibaba Group Holding          3.3 63.1 2/9/2061 KY    USD
AMTD IDEA Group                 1.5 7.5          KY    USD
AMTD IDEA Group                 4.5 55.5          KY    SGD
Amwaj                          2.6 69.8 3/31/2036 KY    USD
Amwaj                          6.4 67.1          KY    USD
Amwaj                          4.5 47.7          KY    USD
Amwaj                          4.6 69.2 10/4/2047 KY    USD
Argentina Bonar Bonds         1.0 45.1 7/9/2029 AR    USD
Argentina Treasury Bond         3.3 45.8 4/30/2024 AR    USD
Argentine Bonos del Tesoro 15.5 41.4 10/17/2026 AR    ARS
Argentine Gov' Int'l Bond 1.0 47.2 7/9/2029 AR    USD
Argentine Gov' Int'l Bond 0.5 42.9 7/9/2029 AR    EUR
Argentine Gov' Int'l Bond 0.1 43.2 7/9/2030 AR    EUR
Ascent Finance                  3.4 67.5 2/6/2043 KY    AUD
Ascent Finance                  1.2 62.2 7/12/2047 KY    EUR
Ascent Finance                  3.8 68.9 6/28/2047 KY    AUD
Astra Investments 2019         1.5 62.1 11/1/2029 KY    USD
At Home Cayman                 11.5 69.3 5/12/2028 KY    USD
At Home Cayman                 11.5 71.2 5/12/2028 KY    USD
AYC Finance                  3.9 62.9          KY    USD
Banco Davivienda SA         6.7 71.1          CO    USD
Banco Davivienda SA         6.7 70.3          CO    USD
Banco del Estado de Chile 2.8 68.5 3/13/2040 CL    AUD
Banco del Estado de Chile 3.1 72.0 2/21/2040 CL    AUD
Banco Santander Chile         1.3 72.8 11/29/2034 CL    EUR
Banco Santander Chile         3.1 72.0 2/28/2039 CL    AUD
Banda de Couro Energetica 8.0 55.3 1/15/2027 BR    BRL
Baraunas II Energetica         8.0 12.6 1/15/2027 BR    BRL
Bishopsgate Asset Finance 4.8 67.2 8/14/2044 KY    GBP
Bolivian Gov't Int'l Bond 4.5 59.1 3/20/2028 BO    USD
Bolivian Gov't Int'l Bond 7.5 59.8 3/2/2030 BO    USD
Bolivian Gov't Int'l Bond 4.5 59.1 3/20/2028 BO    USD
Bolivian Gov't Int'l Bond 7.5 59.4 3/2/2030 BO    USD
BOPREAL                         5.0 64.3 10/31/2027 AR    USD
BOPREAL                         5.0 64.6 10/31/2027 AR    USD
BOPREAL                         5.0 71.8 10/31/2027 AR    USD
BOPREAL                         3.0 62.7 5/31/2026 AR    USD
Brazilian Gov't Int'l Bond 4.8 74.7 1/14/2050 BR    USD
Camposol SA                 6.0 72.4 2/3/2027 PE    USD
Camposol SA                 6.0 72.7 2/3/2027 PE    USD
Celulosa - ARAUCO         4.3 56.1 10/30/2029 CL    CLP
CFLD Cayman Investment   2.5 3.4 1/31/2031 KY    USD
CFLD Cayman Investment          2.5 2.9 1/31/2031 KY    USD
CFLD Cayman Investment   2.5 3.4 1/31/2031 KY    USD
CFLD Cayman Investment   2.5 3.8 1/31/2031 KY    USD
CFLD Cayman Investment          2.5 2.2 1/31/2031 KY    USD
CFLD Cayman Investment          2.5 3.5 1/31/2031 KY    USD
CFLD Cayman Investment   2.5 2.9 1/31/2031 KY    USD
CFLD Cayman Investment          2.5 3.5 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 73.5 1/25/2050 CL    USD
Chile Gov't Int'l Bond         3.1 63.5 1/22/2061 CL    USD
Chile Gov't Int'l Bond         3.1 74.3 5/7/2041 CL    USD
Chile Gov't Int'l Bond         3.5 73.2 4/15/2053 CL    USD
Chile Gov't Int'l Bond         1.3 68.5 1/29/2040 CL    EUR
Chile Gov't Int'l Bond         3.3 63.6 9/21/2071 CL    USD
Chile Gov't Int'l Bond         1.3 55.1 1/22/2051 CL    EUR
Chile Gov't Int'l Bond         1.3 75.3 7/26/2036 CL    EUR
China Yuhua Education Corp  0.9 64.6 12/27/2024 KY    HKD
CK HutchisonInt'l  20          3.4 74.8 5/8/2050 KY    USD
CK HutchisonInt'l  20          3.4 74.7 5/8/2050 KY    USD
Colombia Gov't Int'l  Bond 4.1 62.0 5/15/2051 CO    USD
Colombia Gov't Int'l  Bond 5.2 73.3 5/15/2049 CO    USD
Colombia Gov't Int'l  Bond 3.9 57.7 2/15/2061 CO    USD
Colombia Gov't Int'l  Bond 4.1 67.4 2/22/2042 CO    USD
Colombia Gov't Int'l  Bond 6.3 73.1 7/9/2036 CO    COP
Colombia Gov't Int'l  Bond 7.3 71.3 10/26/2050 CO    COP
Colombia Gov't Int'l  Bond 7.3 71.3 10/26/2050 CO    COP
Colombia Gov't Int'l  Bond 6.3 73.1 7/9/2036 CO    COP
Colombia Gov't Int'l  Bond 5.0 72.1 6/15/2045 CO    USD
Colombia Telecomunicacion 5.0 68.8 7/17/2030 CO    USD
Colombia Telecomunicacion 5.0 69.0 7/17/2030 CO    USD
Colombian TES                 7.3 71.3 10/26/2050 CO    COP
Colombian TES                 6.3 73.1 7/9/2036 CO    COP
Codelco                         3.7 68.2 1/30/2050 CL    USD
Codelco                         3.2 61.8 1/15/2051 CL    USD
Codelco                         3.7 68.2 1/30/2050 CL    USD
Codelco                         3.2 61.8 1/15/2051 CL    USD
Earls Eight                  0.1 65.2 12/20/2031 KY    AUD
Earls Eight                  1.7 73.1 6/20/2032 KY    AUD
Ecopetrol SA                 5.9 73.8 5/28/2045 CO    USD
Ecopetrol SA                 5.9 70.4 11/2/2051 CO    USD
El Salvador Gov't Int'l  Bond 7.1 66.2 1/20/2050 SV    USD
El Salvador Gov't Int'l  Bond 7.6 71.5 9/21/2034 SV    USD
El Salvador Gov't Int'l  Bond 7.6 71.1 2/1/2041 SV    USD
El Salvador Gov't Int'l  Bond 5.9 64.7 1/30/2025 SV    USD
El Salvador Gov't Int'l  Bond 7.1 66.4 1/20/2050 SV    USD
El Salvador Gov't Int'l  Bond 7.6 71.3 2/1/2041 SV    USD
El Salvador Gov't Int'l  Bond 7.6 71.5 9/21/2034 SV    USD
Embotelladora Andina SA         4.0 74.9 1/21/2050 CL    USD
Embotelladora Andina SA         4.0 74.3 1/21/2050 CL    USD
Embotelladora Andina SA         6.5 23.3 6/1/2026 CL    CLP
EFE                         3.8 65.8 9/14/2061 CL    USD
EFE                         3.1 59.9 8/18/2050 CL    USD
EFE                         3.1 59.8 8/18/2050 CL    USD
EFE                         3.8 65.8 9/14/2061 CL    USD
EFE                         6.5 11.2 1/1/2026 CL    CLP
ETESA                         5.1 71.0 5/2/2049 PA    USD
ETESA                         5.1 71.6 5/2/2049 PA    USD
Metro SA                 3.7 65.5 9/13/2061 CL    USD
Metro SA                 3.7 65.3 9/13/2061 CL    USD
Metro SA                 5.5 50.3 7/15/2027 CL    CLP
Edesa SA                 5.0 64.6 5/11/2025 AR    USD
Enap                         4.5 73.5 9/14/2047 CL    USD
Enap                         4.5 73.4 9/14/2047 CL    USD
ENA Master Trust         4.0 70.0 5/19/2048 PA    USD
ENA Master Trust         4.0 70.7 5/19/2048 PA    USD
Enel Generacion Chile SA 6.2 29.2 10/15/2028 CL    CLP
Equatorial Energia         10.9 1.1 10/15/2029 BR    BRL
Equatorial Energia         10.7 1.0 5/15/2028 BR    BRL
Esval SA                 3.5 13.2 2/15/2026 CL    CLP
Farfetch                  3.8 4.3 5/1/2027 KY    USD
Fospar S/A                 6.5 1.4 5/15/2026 BR    BRL
GDM Argentina SA         2.5 0.0 9/8/2024 AR    USD
GDS Holdings                  4.5 67.7 1/31/2030 KY    USD
Generacion Mediterranea         4.6 0.0 11/12/2024 AR    ARS
General Shopping Finance  10.0 66.2          KY    USD
General Shopping Finance  10.0 65.0          KY    USD
Genneia SA                 2.0 56.4 7/14/2028 AR    USD
Greenland Hong Kong        10.2 13.5          KY    USD
Guacolda Energia SA       4.6 70.5 4/30/2025 CL    USD
Guacolda Energia SA       10.0 70.3 12/30/2030 CL    USD
Guacolda Energia SA       4.6 70.9 4/30/2025 CL    USD
Guacolda Energia SA       10.0 70.3 12/30/2030 CL    USD
Hector A Bertone SA       1.9 0.0 4/7/2024 AR    USD
Hilong Holding                9.8 69.6 11/18/2024 KY    USD
Hilong Holding                9.8 69.7 11/18/2024 KY    USD
Hilong Holding                9.8 70.0 11/18/2024 KY    USD
ICBC DO Multiplo SA       3.3 59.8          BR    USD
Inversiones CMPC SA       1.5 58.4 7/3/2025 CL    CLP
Itau Unibanco SA/Nassau       5.8 20.5 5/20/2027 BR    BRL
Jamaica Gov't  Bond       6.3 67.8 7/11/2048 JM    JMD
Jamaica Gov't  Bond       8.5 70.6 12/21/2061 JM    JMD
Lani Finance                1.7 65.1 3/14/2049 KY    EUR
Lani Finance                1.9 68.5 10/19/2048 KY    EUR
Lani Finance                3.1 66.9 10/19/2048 KY    AUD
Lani Finance                1.9 67.4 9/20/2048 KY    EUR
Link Finance Cayman 2009      2.2 71.9 10/27/2038 KY    HKD
LIPSA Srl               1.0 0.0 8/23/2024 AR    USD
Logan Group Co                7.0 5.3          KY    USD
Longfor Group Holdings        4.0 39.4 9/16/2029 KY    USD
Longfor Group Holdings        3.4 50.0 4/13/2027 KY    USD
Longfor Group Holdings        3.9 35.9 1/13/2032 KY    USD
Longfor Group Holdings        4.5 47.9 1/16/2028 KY    USD
Luminis III                2.3 41.6 9/22/2048 KY    USD
Luminis III                2.4 56.0 9/22/2048 KY    AUD
Luminis IV                3.2 71.2 1/22/2042 KY    AUD
Luminis                2.3 55.4 9/22/2048 KY    AUD
Lunar Funding I        1.7 74.6 8/11/2056 KY    GBP
MTR Corp CI                2.8 75.0 9/6/2047 KY    HKD
MTR Corp CI                3.2 75.5 2/5/2055 KY    HKD
MTR Corp CI                3.0 74.8 3/11/2051 KY    HKD
MTR Corp CI                3.0 74.8 3/11/2051 KY    HKD
Panama Gov't Int'l  Bond      3.9 56.9 7/23/2060 PA    USD
Panama Gov't Int'l  Bond      2.3 71.0 9/29/2032 PA    USD
Panama Gov't Int'l  Bond      4.5 64.1 4/1/2056 PA    USD
Panama Gov't Int'l  Bond      4.5 66.1 4/16/2050 PA    USD
Panama Gov't Int'l  Bond      4.5 62.9 1/19/2063 PA    USD
Panama Gov't Int'l  Bond      4.5 67.7 5/15/2047 PA    USD
Panama Gov't Int'l  Bond      4.3 63.7 4/29/2053 PA    USD
Peruvian Gov't Int'l  Bond    3.6 72.6 3/10/2051 PE    USD
Peruvian Gov't Int'l  Bond    2.8 58.0 12/1/2060 PE    USD
Peruvian Gov't Int'l  Bond    3.2 57.9 7/28/2121 PE    USD
Peruvian Gov't Int'l  Bond    3.3 74.9 3/11/2041 PE    USD
Peruvian Gov't Int'l  Bond    3.6 66.6 1/15/2072 PE    USD
Petroleos del Peru SA       5.6 68.4 6/19/2047 PE    USD
Petroleos del Peru SA       5.6 68.4 6/19/2047 PE    USD
Powerlong Real Estate       6.3 10.3 8/10/2024 KY    USD
Provincia de Cordoba       7.1 39.6 10/27/2026 AR    USD
Provincia de la Rioja       7.5 45.7 7/20/2032 AR    USD
Provincia de la Rioja       4.5 51.5 1/20/2027 AR    USD
Provincia del Chaco       4.0 0.0 12/4/2026 AR    USD
QNB Finance                13.5 60.5 10/6/2025 KY    TRY
QNB Finance                11.5 70.2 1/30/2025 KY    TRY
QNB Finance                3.4 73.4 10/21/2039 KY    AUD
QNB Finance                2.9 74.1 12/4/2035 KY    AUD
Radiance Holdings Group Co    7.8 55.2 3/20/2024 KY    USD
Rio Alto Energias Renovaveis  7.0 29.2 7/15/2027 BR    BRL
Salfacorp SA               3.0 49.3 4/5/2025 CL    CLP
Santander Consumer Chile      2.9 73.7 11/27/2034 CL    AUD
Seazen Group                6.0 72.1 8/12/2024 KY    USD
Seazen Group                4.5 33.3 7/13/2025 KY    USD
Shui On Dev't Holding        5.5 70.0 3/3/2025 KY    USD
Shui On Dev't Holding        5.5 58.2 6/29/2026 KY    USD
Silk Road Investments        2.9 67.4 1/23/2042 KY    AUD
Skylark                1.8 60.5 4/4/2039 KY    GBP
Autopista Central SA       5.3 37.3 12/15/2026 CL    CLP
Vespucio Norte               5.3 50.8 12/15/2028 CL    CLP
Vespucio Norte               3.5 66.0 9/10/2051 CL    USD
Vespucio Norte               3.5 66.1 9/10/2051 CL    USD
Southern Water Service       3.0 72.0 5/28/2037 KY    GBP
SPE Saneamento RIO 1 SA       7.2 10.6 1/15/2042 BR    BRL
SPE Saneamento RIO 1 SA       6.9 10.7 1/15/2034 BR    BRL
SPE Saneamento Rio 4 SA       7.2 10.3 1/15/2042 BR    BRL
SPE Saneamento Rio 4 SA       6.9 10.3 1/15/2034 BR    BRL
Spirit Loyalty Cayman       8.0 74.5 9/20/2025 KY    USD
Spirit Loyalty Cayman       8.0 74.9 9/20/2025 KY    USD
Spirit Loyalty Cayman       8.0 72.2 9/20/2025 KY    USD
Spirit Loyalty Cayman       8.0 74.4 9/20/2025 KY    USD
Sylph                        2.4 64.9 9/25/2036 KY    USD
Sylph                        2.7 69.1 3/25/2036 KY    USD
SYN prop e tech SA       11.0 21.3 3/15/2024 BR    BRL
Telecom Argentina SA       1.0 75.4 3/9/2027 AR    USD
Telecom Argentina SA       1.0 68.0 2/10/2028 AR    USD
Telefonica Moviles Chile      3.5 74.7 11/18/2031 CL    USD
Telefonica Moviles Chile      3.5 74.7 11/18/2031 CL    USD
Tencent Holdings        3.2 67.3 6/3/2050 KY    USD
Tencent Holdings        3.9 73.8 4/22/2061 KY    USD
Tencent Holdings              3.3 63.9 6/3/2060 KY    USD
Tencent Holdings        3.2 67.5 6/3/2050 KY    USD
Tencent Holdings        3.3 63.9 6/3/2060 KY    USD
Tencent Holdings        3.9 73.6 4/22/2061 KY    USD
Three Gorges Finance I        3.2 73.0 10/16/2049 KY    USD
Creditos Mercantis VII SA     9.0 1.6 1/20/2032 BR    BRL
Volcan Cia Minera SAA       4.4 63.1 2/11/2026 PE    USD
Volcan Cia Minera SAA       4.4 63.0 2/11/2026 PE    USD
VTR Comunicaciones SpA       5.1 60.9 1/15/2028 CL    USD
VTR Comunicaciones SpA       4.4 60.5 4/15/2029 CL    USD
VTR Comunicaciones SpA       5.1 60.8 1/15/2028 CL    USD
VTR Comunicaciones SpA       4.4 60.5 4/15/2029 CL    USD
YPF SA                       7.0 75.8 12/15/2047 AR    USD
YPF SA                       1.0 65.9 4/25/2027 AR    USD
YPF SA                       7.0 75.2 12/15/2047 AR    USD



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

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

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

This material is copyrighted and any commercial use, resale or
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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