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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

          Friday, April 26, 2024, Vol. 25, No. 85

                           Headlines



A R G E N T I N A

ARGENTINA: Caputo Looks for Funds in Washington
PAN AMERICAN: Fitch Assigns 'BB-' Rating to New Sr. Secured Notes


B R A Z I L

PETROLEO BRASILEIRO: Proposes 50% Dividend Payout Amid Tensions


C H I L E

LATAM AIRLINES: Looking to Grow After Emerging From Bankruptcy


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 6 More Businesses Shut Down due to Fraud


G U A T E M A L A

BANCO AGROMERCANTIL: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
BANCO DE DESARROLLO: Fitch Affirms BB LongTerm IDR, Outlook Stable
BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB' Long Term IDR
BANCO G&T: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
BANCO INDUSTRIAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable



J A M A I C A

JAMAICA: 'Not Yet Out of The Woods,' BOJ Says


M E X I C O

MOMENTO SEGUROS: A.M. Best Assigns B(Fair) Fin'l. Strength Rating


P U E R T O   R I C O

GRUPO HIMA: Seeks to Extend Plan Exclusivity to May 15
HIJOLE FOODS: Lender Seeks to Prohibit Cash Collateral Access

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Caputo Looks for Funds in Washington
-----------------------------------------------
Buenos Aires Times reports Economy Minister Luis Caputo is in
Washington defending his reforms, but the International Monetary
Fund does not plan to grant the US$15 billion that President Javier
Milei says he needs to eliminate currency controls.

"The faster we get it, the faster we lift the 'cepo'," Milei told
Radio Mitre a few days ago in an interview.  He was referring to
Argentina's byzantine system of capital controls that have been in
place since 2019 and limit access to dollars in a country where the
greenback serves as a safe haven for savings, according to Buenos
Aires Times.

Milei's idea is that the International Monetary Fund - with which
Argentina has an outstanding credit program worth US$44 billion -
will lend the nation more money, the report notes.

And so, this is Caputo's mission during his time in the US Capitol,
which is hosting the spring meetings of the IMF and the World Bank.
Talks with private investors are also planned, the report relays.

                    From Laggard to Reformist

Caputo is multiplying his meetings in the search for funds, the
report relays.  He held a meeting with the IMF's number two, Gita
Gopinath, the report notes.

President Milei's government said in a statement: "We discussed the
progress of the reforms being carried out in Argentina, the
macroeconomic situation and the policy path to be taken in the
short term," the report relays.

Not a word about fresh money. It does say, however, that "the
excellent prospects for the next review of the programme with the
Fund were highlighted."

At the beginning of April, the IMF's communications chief Julie
Kozack stated that "at this stage, it would be premature to discuss
the modalities of a possible future program," the report notes.

Even so, the multilateral lender is satisfied with Argentina's
evolution and supports its controversial president, who took office
in December with a promise to reach zero fiscal deficit by the end
of 2024 via the means of a fierce "chainsaw" plan to slash
government spending, the report discloses.

IMF Managing director Kristalina Georgieva reiterated that support
for Milei and Caputo's approach at a press conference. Inflation in
Argentina "is coming down a little faster than initially expected,"
she said, the report notes.

The Fund projects inflation, which is running at more than 250
percent annually, will remain high this year, before falling
considerably to around 50 percent in 2025, the report discloses.
Despite the astronomical figures, price hikes moderated for the
third consecutive month in March to 11 percent, according to data
from the INDEC national statistics bureau, the report relays.

"Look at Argentina, a country that has long been perceived as a
laggard from the point of view of reforms, now moving very quickly
in adjusting fiscal spending, gaining the capacity for private
investment," Georgieva said, the report relays.

                       'Impressive Progress'

Caputo also met with senior US government officials while in
Washington, including the US Treasury Department's Undersecretary
for International Affairs Jay Shambaugh, to discuss Argentina's
economic situation, the report notes.

It remains complicated. Gross Domestic Product (GDP) will contract
2.8 percent this year, according to the latest IMF forecast, and
demonstrations against Milei's economic measures are ramping up in
a country where almost half of the population lives in poverty, the
report relays.  In his bid to trim government spending, Milei has
embarked upon a large wave of public sector lay-offs, the report
discloses.

"Undersecretary Shambaugh discussed the impressive progress made in
reducing inflation and foreign exchange accumulation and encouraged
continued efforts to protect the most vulnerable during a difficult
stabilisation process," the US Treasury Department said in a
statement obtained by the news agency.

Caputo still has time to secure funding, but he will return to
Buenos Aires with at least US$40 million from US President Joe
Biden's government "support defence modernization," the US Embassy
in Argentina announced, the report notes.

The FMF subsidy is an assistance reserved for important partners,
permitting Argentina to buy defence items, training and services
from the United States via this free assistance funding, and thus
improving the interaction with US forces," read the statement, the
report relays.

"This subsidy will favour Argentina's efforts towards military
modernisation, contributing to the Argentine purchase of the F-16
supersonic combat jets," it continued, the report says.

It "is the first time since 2003 that Argentina has received FMF
funding from the United States," noted the Embassy, the report
discloses.

It's an amount that's not to be sniffed at, though Caputo still has
some way to go to reach that US$15-billion target, 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 March 15, 2024, raised its local currency
sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD' and
its national scale rating to 'raB+' from 'SD'. S&P also raised its
long-term foreign currency sovereign credit rating to 'CCC' from
'CCC-' and affirmed its 'C' short-term foreign currency rating. The
outlook on the long-term ratings is stable. In addition, S&P
revised its transfer and convertibility assessment to 'CCC' from
'CCC-'.

S&P said the stable outlook on the long-term ratings balances the
risks posed by pronounced economic imbalances and policy
uncertainties with the favorable change in near-term debt service
obligations. S&P also expect no further debt exchanges that it
would likely consider to be distressed.

Fitch Ratings 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.

PAN AMERICAN: Fitch Assigns 'BB-' Rating to New Sr. Secured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Pan American Energy,
S.L., Argentine Branch's proposed issuance of up to USD500 million
of amortizing senior secured notes due in 2032. The notes will be
guaranteed by Pan American Energy S.L. (PAE; BB-/Stable), and net
debt proceeds will be used to finance capex and working capital,
growth of its Oil & Gas business in Argentina and other general
corporate purposes.

PAE's 'BB-' ratings reflect its stable production track record,
large reserve base, and low leverage. The applicable Country
Ceiling is Bolivia's 'B-' rating.

The FC IDR is three-notches above the Country Ceiling given that
cash held abroad by the company, and cash flows from its Mexican
and Bolivian operations, adequately cover the next 24 months of
debt service by a ratio in excess of 1.5x. Fitch estimates EBITDA
from Mexico and Bolivia represent 13% and 2% of total EBITDA,
respectively.

KEY RATING DRIVERS

Geographic Diversification: PAE's operations in Mexico and Bolivia
are positive credit considerations. Still, the company's overall
credit quality remains highly tied to Argentina, as PAE's
operations in that country represents an estimated 80% of its
EBITDA by FY2023. An increase contribution to EBITDA from Mexico
over the rating horizon could result in the applicable Country
Ceiling changing from Bolivia (Country Ceiling B-) to Mexico
(Country Ceiling BBB+), per Fitch's Corporate Rating Criteria.

Integrated Business Mode: PAE's energy business model in Argentina
gives the company flexibility to optimize profitability. It
operates the country's largest privately owned oil and gas (O&G)
business, with 16% market share in oil production and 14% in gas
production, and it is the third largest refiner with a 15% market
share. PAE has a strong and stable production profile that is
consistent with a higher rating category. Fitch's base case assumes
production will average 222kboe/d over the rating horizon. PAE
reported 1,647MMboe in 1P reserves, consistent with the 'BBB'
rating category.

Solid Leverage Metrics: The company's capital structure remains
strong with gross leverage of 1.1x as of FY2023. Total debt to 1P
reserves was USD1.4/boe as of FY2023. Fitch estimates the company's
gross leverage will average 1.2x between 2024-2026, assuming debt
close to USD3.0billion and average EBITDA per year of USD2.1
billion over the next three years. The company has solid access to
capital and will likely refinance its debt at competitive rates,
especially with its Mexican asset in full operation.

Strong Ownership: PAE is rated on a standalone basis. Per Fitch's
parent-subsidiary criteria, it views the legal, strategic and
operational incentive from its shareholders as low. The company's
primary shareholders, which is a 50/50 strategic alliance between
BP plc (A+/Stable) and BC Energy Investments Corp. ([BC Energy]
formerly known as Bridas Corporation). BC Energy is also a 50/50
joint venture between Bridas Energy Holdings Ltd. and CNOOC
International Ltd, a subsidiary of CNOOC Limited (A+/Negative).
Despite this, PAE's ratings are not affected by those of its
shareholders. The company stands to benefit from their industry and
international expertise and relationships with global creditors.

DERIVATION SUMMARY

PAE's FC IDR continues to be constrained by the Argentine Operating
Environment (OE) of 'b'; however, its medium production size of
222kboed and strong 1P reserve life of close to 19 years compare
favorably to other 'BB' rated oil and gas E&P producers. These
peers include Murphy Oil Corporation (BB+/Positive) with 193kboed
and YPF SA (CCC-) with 514kboed. Further, PAE reported 1,647
million boe of 1P reserves at the end of 2023 equating to a reserve
life of 20.4 years, higher than Murphy Oil's at 10.3 years. Fitch
expects the company will be able to maintain its strong reserve
life.

Fitch estimates PAE's 2024 EBITDA gross leverage to be 1.2x, higher
than Murphy Oil of 0.6x. On debt to 1P reserve basis, Fitch PAE's
debt as of 2023 to 1P reserves at USD1.40boe lower than Murphy Oil
at USD1.84boe and YPF at USD6.50boe. PAE operates in a lower OE,
which is a constraining factor for its ratings, but receives a
three-notch uplift from the Country Ceiling due to its cash flows
from export revenues and cash flows from abroad.

KEY ASSUMPTIONS

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

- Fitch's price deck is applied at USD80bbl in 2024, USD70bbl in
2025, USD65bbl in 2026 and USD60bbl in 2027;

- A reserve replacement ratio of 102% per annum;

- Domestic gas price of USD3.7MMBTU in 2023 and USD3.50MMBTU over
the rated horizon;

- Average gross production of 222kboe/d between 2024-2026;

- Production cost of $11.0boe between 2024-2026;

- Royalties of $7.0boe between 2022-2026;

- SG&A of $6.0boe between 2023-2026;

- Annual consolidated capex averaging of USD1,700 million per year
from 2024-2026;

- No dividend payments.

RATING SENSITIVITIES

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

- Cash flows from operations in Mexico adequately covering hard
currency gross interest expense by at least 2.5x for 12 months,
while maintaining hard currency debt service coverage ratio above
1.5x.

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

- Downgrade of the Country Ceiling of Bolivia;

- PAE's ratings could be negatively affected if hard-currency
liquidity is weakened by capital controls;

- Inability to renew hard-currency committed credit lines from
highly rated international banks.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch believes PAE can comfortably service debt
with cash on hand and cash flows through the rating horizon in the
event the company faces a challenging financing environment due to
the Argentina's capital controls. PAE also has a strong track
record of tapping local and international markets and accessing
capital at competitive rate.

ISSUER PROFILE

PAE is a leading integrated energy company with upstream and
downstream operations in Argentina, as well as upstream operations
in Bolivia and Mexico. It is the second largest oil and gas
producer in Argentina and the largest exporter of oil.

DATE OF RELEVANT COMMITTEE

07 December 2023

ESG CONSIDERATIONS

Pan American Energy's has an ESG Relevance Score of '4' for GHG
Emissions & Air Quality due to the growing importance of policies
designed to limit the greenhouse gas (GHG) emissions from the
production of oil and gas and potentially lessening demand, 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           
   -----------             ------           
Pan American
Energy, S.L.,
Argentine Branch

   senior unsecured     LT BB-  New Rating



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B R A Z I L
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PETROLEO BRASILEIRO: Proposes 50% Dividend Payout Amid Tensions
---------------------------------------------------------------
Richard Mann at Rio Times Online reports that the Petroleo
Brasileiro S.A. or Petrobras Board of Directors proposed releasing
50% of their extraordinary dividends, which amounted to BRL43.9
billion ($8.74 billion).

This decision was up for review at the Extraordinary General
Meeting scheduled for April 25, alongside the Ordinary General
Meeting, according to Rio Times Online.

President Luiz Inacio Lula da Silva approved the proposal amid
rising tensions between Petrobras' management and the Ministry of
Mines and Energy, the report relays.

The board believes that releasing half the dividends is the optimal
strategy for the company, the report adds.

                       About Petrobras

Petroleo Brasileiro S.A. or Petrobras (in English, Brazilian
Petroleum Corporation - Petrobras) is a semi-public Brazilian
multinational corporation in the petroleum industry headquartered
in Rio de Janeiro, Brazil.  Petrobras control significant oil and
energy assets in 16 countries in Africa, the Americas, Europe and
Asia.  But, Brazil represents majority of its production.

The Brazilian government directly owns 54% of Petrobras' common
shares with voting rights, while the Brazilian Development Bank
and Brazil's Sovereign Wealth Fund (Fundo Soberano) each control
5%, bringing the State's direct and indirect ownership to 64%.

A corruption scandal was uncovered in 2014 that involved
Petrobras.

The scandal related to money laundering that involved Petrobras
executives.  The executives were alleged to get received kickbacks
from overpriced contracts, to the tune of about $3 billion in
total.  Over a thousand warrants were issued against politicians
and businessmen in relation to the scandal.  In 2016,  Marcelo
Odebrecht, CEO of Odebrecht, was sentenced to 19 years in prison
after being convicted of paying more than $30 million in bribes to
Petrobras executives.

In January 2018, Petrobras agreed to pay $2.95 billion to settle a
U.S. class action corruption lawsuit.  In September 2018,
Petrobras agreed to pay $853.2 million to settle with Brazilian and
U.S. authorities.

In July 2022, Fitch Ratings affirmed Petrobras' BB- Long-Term
Issuer Default Rating. In addition, Fitch has revised the Rating
Outlook to Stable from Negative following a similar revision to
Brazil's Sovereign Rating Outlook.  Also in July 2022, Egan-Jones
Ratings Company upgraded the foreign currency and local currency
senior unsecured ratings on debt issued by Petrobras to BB+ from
BB.

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




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C H I L E
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LATAM AIRLINES: Looking to Grow After Emerging From Bankruptcy
--------------------------------------------------------------
Bloomberg News reports that seventeen months after exiting
bankruptcy proceedings, Santiago-based Latam Airlines Group SA is
feeling confident enough with its finances to seek new transactions
and declare itself "open to opportunities."

"The pandemic and the Chapter 11 process was very hard for Latam
and for its shareholders that lost everything, but they allowed us
to resurface as a group that is financially much stronger than
before the pandemic," Chief Executive Officer Roberto Alvo told
Bloomberg News in Santiago, according to the report.

"And these days we have the financial capacity to jump on
opportunities, grow and invest," he added.

Bloomberg News relays that he also used one of his first interviews
since a Latam flight suffered a mid-air plunge over New Zealand
last month to voice confidence in embattled US planemaker Boeing
Co.

Two opportunities the company is actively studying are relisting
its shares on the New York Stock Exchange, as it announced April 3,
and refinancing dollar bonds due in 2027 and 2029 as soon as
October, when they become redeemable, the report notes.  Those
bonds were issued as part of the debt and ownership restructuring
of the carrier, the report relays.  The company still has to choose
the right time for the relisting, Alvo said, the report discloses.


"We see an interesting alternative to refinance that debt because
Latam's risk premium is lower, there is more clarity about what we
have achieved, about our track record, and yields are also a little
bit lower," he added, notes the report.

                       About LATAM Airlines

LATAM Airlines Group S.A (LATAM) is a Chile-based airline holding
company formed by the business combination of LAN Airlines S.A. of
Chile and TAM S.A. (TAM) of Brazil in June 2012. LATAM is the
largest airline group in South America, with a local presence for
domestic passenger services in five countries (Brazil, Chile, Peru,
Ecuador and Colombia). The company also provides intraregional and
international passenger services, has a cargo operation that is
carried out using belly space on passenger flights and a dedicated
freighter service and has LATAM Pass, the largest frequent flyer
program in the region and 7th largest in the world in terms of
members. In 2023, LATAM generated $11.6 billion in net revenue.
LATAM serves passengers in around 148 destinations in 26 different
countries; provides cargo services to 166 destinations in 33
countries; and as of December 2023, had a fleet of 333 aircraft and
a set of bilateral alliances.

As reported in the Troubled Company Reporter-Latin America on
April 17, 2024,  Moody's Ratings has upgraded to Ba3 from B1 LATAM
Airlines Group S.A (LATAM)'s corporate family rating, the rating of
the $1.1 billion senior secured term loan B due in 2027, and the
ratings of the $1.15 billion senior secured notes due in 2027 and
2029, co-issued by LATAM and Professional Airline Services, Inc., a
Florida corporation and a wholly owned subsidiary of LATAM. The
outlook remains stable.  On March 5, 2024, TCRLA reported that S&P
Global Ratings raised its issuer credit rating on Latam Airlines
Group S.A. by one notch to 'B+' from 'B'. At the
same time, S&P raised its issue-level rating on the company's
secured debt to 'BB' from 'BB-', stemming from higher issuer credit
rating. S&P kept the '1' recovery rating unchanged.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: 6 More Businesses Shut Down due to Fraud
------------------------------------------------------------
Dominican Today reports that the General Directorate of Internal
Taxes (DGII) and the General Directorate of Customs (DGA) reported
that they continued their operations for tax non-compliance with
the closing of four establishments in the National District and two
in Santiago.

A press release states that these six bring the number of
businesses closed to 11 for having incurred violations of several
articles of the Tax Code, according to Dominican Today.  Among the
offenses detected are the non-issuance of invoices with tax
receipts, the non-existence of tax solutions, and the concealment
of information in the sworn declarations of the companies that
tended to present income below that received, the report notes.

The DGII informed that once their situation is regularized, the
businesses can reopen. In fact, some of those sanctioned have
already paid their tax debts, the report relays.

The agency reiterated that the closures were second-degree
sanctions since previously, the businesses were fined up to four
times and did not proceed to regularize their situation, the report
discloses.

The intervened businesses presented bank drafts up to 90% higher
than the total ITBIS operations reported, in addition to a high
flow of cash sales, whose reports were also omitted, the report
relays.

In addition, a random sample determined that some of the intervened
companies carried out bank transactions for approximately 4 billion
pesos and concealed accurate information on the economic levels
from the tax administration to the State's detriment, 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.




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

BANCO AGROMERCANTIL: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco Agromercantil de Guatemala, S.A.'s
(BAM) Long-Term (LT) Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'BB+'. Fitch has also affirmed BAM's Short-Term
(ST) Foreign and Local currency IDRs at 'B', the Shareholder
Support Rating (SSR) at 'bb+' and the Viability Rating (VR) at 'bb-
'. Fitch has additionally affirmed the LT and ST National ratings
of BAM and its subsidiary Financiera Agromercantil, S.A. (Finam) at
'AAA(gtm)' and 'F1+(gtm)'. The Rating Outlook on the LT IDRs and
national ratings is Stable.

KEY RATING DRIVERS

Support-Driven Ratings: BAM's IDRs and National Ratings are
influenced by the 'bb+' SSR, which reflects the potential support
the entity would receive from its shareholders if necessary.
Fitch's evaluation of Bancolombia, S.A.'s (Bancolombia) capability
and willingness to provide support to BAM leads to the alignment of
their ratings. This alignment is mainly due to BAM's key role
within Bancolombia's regional operations.

Ability to Support: Bancolombia's support ability is closely linked
to its IDR of 'BB+', Stable Outlook, while any required support
would be manageable for Bancolombia, given BAM's moderate relative
size, accounting for around 6% of Bancolombia's consolidated assets
as of YE 2023.

BAM's Key Role in BancolombiaGroup: Fitch considers BAM to be a
core part of the Bancolombia group, given the latter's regional
scope and diversification strategy and due to BAM's potential for
growth and profitability in the Central American largest economy.

High Integration and Reputational Risk: In Fitch's opinion, BAM
benefits from commercial and operational synergies with Bancolombia
and affiliated companies, with a management structure with a good
degree of integration, while there is ample financing fungibility.
Fitch also considers that a default of BAM could significantly
affect Bancolombia's reputation and regional franchise, which
influences its propensity to provide support.

Challenged Asset Quality: In 2023, BAM experienced a decline in its
asset quality, with its NPL ratio rising to 2.1% from 1.4% the
previous year, mainly due to an increase in unsecured retail
lending and challenging market conditions. Also, charge-offs were
notably higher at 1.8% of gross loans. Meanwhile, reserve coverage
is set to increase following new regulatory requirements partially
offsetting the increase in delinquency.

Also, although loan concentration per borrower is high, Fitch
recognize that this is relatively mitigated by a high level of
portfolio collateralization. Despite the anticipated continuation
of NPL ratio deterioration into the first half of 2024, Fitch
expects an improvement in asset quality in the second half of 2024,
with asset quality remaining commensurate with its 'bb'/Stable
score.

Weakened Profitability: Fitch downgraded the bank's earnings and
profitability score to 'b+'/Stable from 'bb-'/Stable due to a
marked drop in profitability in 2023 and revenue's recovery
challenges. The decline in financial performance was attributed to
a surge in loan impairment charges beyond forecasts, and a rise in
funding costs. These developments led to the ratio of impairment to
pre-impairment operating profit reaching 85%, and a contraction of
the net interest margin by 40 basis points.

Consequently, the bank's ratio of operating profit to risk-weighted
assets (RWA) experienced a drop to 0.5% Although a modest
profitability rebound is expected in 2024, continued high
impairment charges, influenced by an increase in reserves, are
likely to constrain improvements, with the operating profit to RWA
ratio anticipated to remain below the 1.3% threshold in line with
the revised 'b+' rating.

Reasonable Capitalization: BAM's Fitch Core Capita (FCC) to RWA
ratio improved to 11.5% in December 2023, up from 11% the previous
year, largely due to a modest loan portfolio growth. Despite a
regulatory capital ratio of 14.8%, bolstered by USD70 million in
subordinated debt, Fitch views this debt as a liability,
recognizing its limited loss-absorbing capacity. Fitch anticipates
BAM's capital ratios to stabilize at 11.5%, in line with its
'bb-'/Stable rating. The Stable Outlook in capitalization is
supported by the bank's decision to retain dividends in the next
two years and the potential ordinary support from its parent
company, Bancolombia, if required.

Adequate Funding Profile: BAM's funding is underpinned by a growing
deposit base, particularly in retail and term deposits. While
deposit growth decelerated to 2.1% in 2023, the concentration per
depositor remained moderate; the top 20 depositors hold 15.7% of
total deposits. Despite challenges in the Guatemalan capital
market, BAM maintains a diverse set of funding options and boasts
ample bilateral funding, both locally and internationally, which
bolsters its liquidity.

The bank's loan-to-deposit ratio stands at 101.3%, slightly
trailing its 'bb' rated peers, due to a conservative investment
strategy focused on liquidity over profitability, mainly through
Guatemalan sovereign debt investments. Fitch considers BAM's
funding and liquidity metrics as adequate, with additional support
potentially available from Bancolombia if necessary.

RATING SENSITIVITIES

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

- A downgrade of Bancolombia's IDR or lower support propensity
could result in a downgrade of BAM's LT and ST IDRs, SSR and
national ratings;

- BAM's VR could be downgraded in the event of a prolonged and
significant decline in loan quality that persistently erodes
profitability and leads to a diminished assessment by Fitch of the
bank's business profile strength.

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

- BAM's FC IDR and SSR could be upgraded if the Guatemala's country
ceiling and Bancolombia's IDRs are also upgraded; the LC IDR could
be upgraded due to an upgrade in Bancolombia's IDR;

- VR could be upgraded if the bank improves its operating profit to
RWAs consistently above 2.5% or its FCC to RWAs above 13.0%,
maintaining a stable asset quality and funding and liquidity
profile;

- BAM's national ratings are at the highest level of the national
scale, therefore there is no room for improvement.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Financiera Agromercantil (FINAM)'s national ratings are underpinned
by the potential support it could receive from its parent company,
Bancolombia, if necessary. Fitch considers that this support is
largely based on the core subsidiary role that FINAM plays,
particularly as a trust manager within the Guatemalan market—a
strategic priority for Bancolombia's regional interests. This
function serves as a complement to the business model and suite of
services provided by BAM.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- A downgrade of Bancolombia's IDR or a lower support propensity.

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

- FINAM's national ratings are at the highest level of the national
scale, therefore there is no room for improvement.

VR ADJUSTMENTS

The operating environment score of 'bb-' has been assigned above
the 'b' category implied score due to the following adjustment
reason: Sovereign Rating (positive).

The business profile assessment of 'bb-' has been assigned above
the implicit assessment of category 'b' due to the following
adjustment reason: Market position (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

BAM: Prepaid expenses and other deferred assets were reclassified
as other intangible assets and were deducted from FCC since the
agency considers these to have low capacity to absorb losses.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BAM's and FINAM's ratings derive from the support of Bancolombia
(BB+/Stable).

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
   -----------                    ------               -----
Financiera
Agromercantil,
S.A.            Natl LT             AAA(gtm)Affirmed   AAA(gtm)
                Natl ST             F1+(gtm)Affirmed   F1+(gtm)

Banco
Agromercantil
de Guatemala
S.A.            LT IDR              BB+     Affirmed   BB+
                ST IDR              B       Affirmed   B
                LC LT IDR           BB+     Affirmed   BB+
                LC ST IDR           B       Affirmed   B
                Natl LT             AAA(gtm)Affirmed   AAA(gtm)
                Natl ST             F1+(gtm)Affirmed   F1+(gtm)
                Viability           bb-     Affirmed   bb-
                Shareholder Support bb+     Affirmed   bb+

BANCO DE DESARROLLO: Fitch Affirms BB LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desarrollo Rural, S.A.'s
(BanRural) Long-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) at 'BB', Short-Term Local and Foreign Currency IDRs
at 'B' and Viability Rating (VR) at 'bb'. The Rating Outlook on the
Long-Term IDR is Stable.

Fitch has also affirmed the Long-Term National Ratings of BanRural,
Financiera Rural S.A. (FinRural) at 'AA(gtm)' and Banco de
Desarrollo Rural Honduras, S.A. (BanRural Honduras) at 'AAA(hnd)'.
The Outlooks on the Long-Term National Ratings for BanRural and
FinRural are Positive while BanRural Honduras' Outlook is Stable.

KEY RATING DRIVERS

Strong Market Position: BanRural's ratings are based on its
business profile, with a strong market position in Guatemala and
leading market positions in SME lending and microcredits. The bank
also has a strong position in consumer loans and an ample deposit
base. BanRurual's four-year average total operating income was
USD867 million, the highest among Guatemalan banking industry
although relatively limited on a global basis. As of 2023, BanRural
continues to have clear pricing power and a significant role in
financial inclusion.

High Operating Profitability: Fitch expects BanRural's earnings and
profitability metrics will remain high for the foreseeable future.
As of 2023, its operating profit over risk-weighted assets (RWAs)
was 5.4%, higher than its peers, bringing its four-year average to
4.1% from 3.34% and above its recent track record as its net
interest margin benefits from pricing power, lower financial costs,
moderate loan impairment charges and a consistently sound operating
efficiency. These aspects led to an upgrade of BanRural's
profitability VR factor to 'bb+' from 'bb'.

Good Risk Profile: Fitch believes the bank's risk profile is
adequate to manage its risk exposure. This is especially important
due to the bank's focus on relatively higher risk customers and its
ability to control adequately loan portfolio quality deterioration.
Fitch believes the bank continues to strengthen its risk controls,
closing the gap in relation to its peers, mainly in non-financial
risk management.

Adequate Asset Quality Metrics: Fitch considers BanRural's asset
quality metrics will remain adequate given its business model. As
of 2023, the 90+ days overdue loan ratio over gross loans of 3.11%
was below its 2020-2023 average of 3.3%. Fitch considers the bank's
loan portfolio quality healthy despite being riskier than its
closest peers and the overall industry due to its prudent approach
to risk and well-defined business model. Its investment portfolio
will remain focused on available-for-sale (AFS) securities of good
credit quality as they are concentrated on sovereign debt issues.

Good Capitalization: Fitch believes that BanRural's capitalization
is appropriate and will remain at similar levels over the ratings
horizon. The Fitch Core Capital to RWA ratio of 18% provides it
with a good loss absorption capacity and is relatively less
vulnerable to asset quality deterioration given the highly
granulated loan portfolio compared to peers and prudent reserve
coverage.

Sound Funding Structure and Liquidity: Fitch expects that BanRural
will maintain its sound funding structure and liquidity ratios. As
of 2023, the loans-to-deposit ratio of 57.2 demonstrated the bank's
sound liquidity and was better than the banking system average of
77.1%. BanRural's customer base is ample, a reflection of its local
market position in retail clients, and benefits the bank's
profitability through a low-cost structure due to its high sight
deposit taking.

Moderate Probability of Support: The bank's GSR of 'bb-' reflects
Fitch's opinion that the probability of support is only moderate
because of uncertainties about the ability or propensity of the
Guatemalan sovereign to provide support.

RATING SENSITIVITIES

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

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

- BanRural's ratings are sensitive to a downgrade of the sovereign
rating and to downward revision of Fitch's assessment of the
operating environment (OE);

- BanRural's VR, IDRs and national ratings could negatively be
affected by the deterioration of its financial profile caused by a
significant decline of its operating profit to RWA ratio to
consistently below 2.0% and a decline in its FCC to RWA ratio close
to 13.0%;

- BanRural's GSR is sensitive to changes in the sovereign rating as
well as its capacity and/or propensity to provide support.

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

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

- BanRural's IDRs and VR have limited upside potential given that
they are at the sovereign level. These ratings could be upgraded in
the event of a sovereign upgrade;

- National ratings could be upgraded from a consolidation of the
ongoing improvement of risk controls and a consistent maintenance
of NPLs, while maintaining profitability and capitalization at
similar levels in a horizon of at least 12 months to 24 months;

- BanRural's GSR could be upgraded if Guatemala´s sovereign rating
is upgraded.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

FinRural

In Fitch's opinion, FinRural is a core entity for Grupo Financiero
BanRural. The financial company is fully integrated into BanRural's
administrative and operational structures and is part of its
long-term strategic objectives. Capital and funding are largely
fungible. Likewise, the reputational risk is high, since FinRural
is clearly identified with the bank, so a breach would have a
material impact.

BanRural Honduras

Banrural Honduras' national ratings reflect Fitch' assessment of
the capacity and propensity of support, if necessary, from its
parent, BanRural Guatemala. In Fitch's opinion, support for the
Honduran bank would be likely given that the linkage of the
BanRural brand is of high importance given the significant impact
that a default of its subsidiary could have on the franchise.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

FinRural

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

A reduction in FinRural's national ratings would replicate a
downgrade in BanRural's national ratings.

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

- An increase in FinRural's national ratings would replicate an
upward movement in BanRural's national ratings and would be
associated with an improvement in the parent company's ability to
provide support;

- The short-term national rating is at the top of the scale, and
there is no upgrade potential.

BanRural Honduras

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

- Banrural Honduras' national ratings would be affected by a
downgrade in BanRural's IDRs or deterioration in its support
propensity. Also, Banrural Honduras' senior debt rating would be
downgraded in tandem with a decrease of the bank's ratings.

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

- Banrural Honduras' national-scale ratings and senior debt
national ratings are at the top of the national scale, and
therefore no positive rating actions are possible.

VR ADJUSTMENTS

The OE score of 'bb-' has been assigned above the 'b' category
implied score due to the following adjustment reason: Sovereign
Rating (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

BanRural: Prepaid expenses and other deferred assets were
reclassified as intangible assets and were deducted from equity
since the agency considers these to have low capacity to absorb
potential losses. Equity interests in insurance companies are also
deducted from equity.

BanRural Honduras: Estimated prepaid expenses and other deferred
assets were reclassified as intangible assets and were deducted
from equity since Fitch believes they have low capacity to absorb
potential losses.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

- BanRural's GSR is linked to the sovereign Foreign Currency IDR of
Guatemala;

- FinRural's ratings are derived from the support provided by the
ratings of BanRural;

- BanRural Honduras' ratings are derived from the support provided
by the ratings of BanRural.

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
   -----------                     ------              -----
Financiera
Rural, S.A       Natl LT            AA(gtm) Affirmed   AA(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)

Banco de
Desarrollo
Rural, S.A.      LT IDR             BB      Affirmed   BB
                 ST IDR             B       Affirmed   B
                 LC LT IDR          BB      Affirmed   BB
                 LC ST IDR          B       Affirmed   B
                 Natl LT            AA(gtm) Affirmed   AA(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                 Viability          bb      Affirmed   bb
                 Government Support bb-     Affirmed   bb-

Banco de
Desarrollo
Rural Honduras,
S.A.             Natl LT            AAA(hnd)Affirmed   AAA(hnd)
                 Natl ST            F1+(hnd)Affirmed   F1+(hnd)

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

BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB' Long Term IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB'. Fitch also affirmed Bantrab's Short-Term Foreign and Local
Currency IDRs at 'B'. In addition, Fitch has affirmed Bantrab's
Viability Rating (VR) at 'bb' and the Government Support Rating
(GSR) at 'bb-', and Bantrab and Financiera de los Trabajadores,
S.A.'s (Fintrab) Long- and Short-Term National Rating at 'AA(gtm)'
and 'F1+(gtm)', respectively. The Rating Outlook for the Long-Term
Ratings is Stable.

KEY RATING DRIVERS

Robust and Consistent Business Profile: Bantrab's IDRs and National
Ratings are driven by its VR. Bantrab's 'bb' VR is in line with its
implied VR, and is influenced by its business profile. Bantrab's
profile is characterized by a leading franchise and dominant
position in the consumer segment, supported by a well-integrated
and a consolidated business model. This has been reflected in a
continuous strengthening of its total operating income generation
(four-year average: USD329 million).

Solid Capitalization: Bantrab's capitalization is a credit
strength, and complies with new regulatory requirements. The Fitch
Core Capital (FCC) to RWA core metric decreased to 21.6% as of YE23
(YE22: 23.1%), still the highest amongst its closest local peers.
Despite Bantrab's lower-than-peers flexibility for accessing
capital, it favorably maintains structurally low dividend
distribution in accordance with its nature, which provides room for
recently high credit growth. This also allows for strong loss
absorption capacity for unexpected losses.

Risk Profile: Fitch has lowered Bantrab's Risk Profile factor score
to 'bb-'/Stable Outlook, down from 'bb'/ Stable Outlook. This
adjustment aligns with the agency's revised assessment of the
bank's asset quality. Fitch's evaluation indicates that Bantrab's
risk management and control mechanisms reflect the increased risk
appetite appropriate for a 'bb-' operating environment. Bantrab's
business growth has been significant, with credit expansion
surpassing 20% over the past two fiscal years—outpacing the
system's average growth (around 15%).

For 2024, Fitch anticipates the growth rate to moderate; however,
it is still expected to maintain a double-digit figure. This
projected deceleration in growth is due to the implementation of
new reserve requirements and a forecasted slowdown in economic
activity, which are likely to impact the pace of loan origination.

Asset Quality Under Pressure: Fitch has lowered Bantrab's Asset
Quality factor to 'bb-'/Stable Outlook, down from 'bb'/Stable
Outlook. Fitch believes the recent past high domestic loan growth
has impacted and will affect Bantrab's credit quality, leading to
ratios more aligned with a 'bb-' operating environment.
Nevertheless, it remains manageable, as it is supported by the
payroll deduction mechanism. As a result, in YE23 Bantrab's 90+
days impaired loans ratio increased to 1.8% (YE22: 1.7%); while net
charge-offs to average gross loans increased to 2.3% (YE22: 1.8%),
consistently higher than its closest peers.

The loan loss allowances for such impairments decreased to 100.1%
(YE22: 111.2%); however, Fitch expects this will remain close to
100%, due to the additional build-up of regulatory reserves
beginning this year. Fitch believes that Bantrab will continue to
yield an asset quality commensurate with its new score in the
foreseeable future.

Decreasing Profitability: Bantrab's operating profitability
declining trend continued in FY23. However, it is still at levels
commensurate with Fitch's 'bb+' assessment. As of YE23, operating
profit over risk-weighted assets (RWA) was 3.4% (YE22: 4.2%). The
bank's decreasing profitability has been affected by increasing
relative loan impairment charges and a compressed net interest
margin. As mandated by new regulatory requirements, the
constitution of additional reserves will put Bantrab's
profitability under pressure over the rating horizon.

Non-diversified Funding Profile: Bantrab's funding structure
remains highly dependent on deposits, and still lags its close
local competitors in terms of diversification of sources. This
deposit base continues to show a high concentration in the 20
largest depositors (31% of total deposits as of December 2023),
which are mainly Guatemalan sovereign entities. The increasing
trend of the core loans-to-deposits metric continued, and was 80.3%
(YE21: 77.8%). Despite efforts to widen non-deposit funding
sources, high interest rates limit these efforts.

RATING SENSITIVITIES

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

- Bantrab's ratings are sensitive to a downgrade of the sovereign
rating and to a material deterioration in the local OE;

- Bantrab's VR and IDRs could be downgraded if a deterioration of
the entity's financial profile becomes significant, reflected in a
weakening of its funding and liquidity profile, or a decline of its
operating profit to RWA consistently below 2.5%, thus causing a
continued reduction in its FCC to RWA ratio below 15.0%.

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

- The bank's IDRs and VR have limited upside potential given that
they are at the sovereign level. These ratings could be upgraded in
the event of a sovereign upgrade;

- Bantrab's Long-Term National rating could be upgraded if its
business profile strengthens and improvements of its funding and
liquidity profile materialize. That is, a larger market franchise,
a decreasing concentration per depositors, and the expansion and
consolidation of alternative funding sources. Bantrab's Short-Term
National rating is at the highest level of the national scale;
therefore, it has no upside potential.

GSR: The GSR reflects Fitch's opinion of moderate probability of
support the bank would receive from the sovereign, if needed. This
is due to Bantrab's systemic importance. However, this is limited
compared with larger local peers, with market shares of 8.1% and
8.3% of system deposits and gross loans, respectively as of
December 2023. This assessment is also balanced against the lack of
recent history of government support of systematically important
banks.

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

- Bantrab's GSR is sensitive to a downgrade of the sovereign
rating, as well as its propensity to provide support.

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

- Bantrab's GSR could be upgraded if Guatemala´s sovereign rating
is upgraded.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Fintrab's National ratings are underpinned by the institutional
support it would likely receive from its shareholder, Bantrab, if
needed. Fitch believes any support is based on the significant
reputational risk that a default would pose to Bantrab. As a
result, Fintrab's National scale ratings are aligned with Bantrab's
ratings.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- Fintrab's National Ratings could be downgraded in the event of a
downgrade in Bantrab's National Ratings as well as if Fitch's
assessment of Bantrab's willingness to support is lowered.

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

- Fintrab's Long-Term National rating could be upgraded in the
event of an upgrade for Bantrab's Long-Term National rating.
Fintrab's Short-Term National rating is at the highest level of the
national scale; therefore, it has no upside potential.

VR ADJUSTMENTS

Fitch has assigned an Operating Environment score of 'bb-' that is
above the 'b' category implied score due to the following
adjustment reason: Sovereign Rating (positive).

Fitch has assigned a Capitalization & Leverage score of 'bb+' that
is below the 'bbb' category implied score due to the following
adjustment reason: Capital Flexibility and Ordinary Support
(negative).

SUMMARY OF FINANCIAL ADJUSTMENTS

Bantrab: Net asset value from an insurance subsidiary, pre-paid
expenses and other deferred assets were reclassified as intangible
and deducted from Total Equity in order to calculate Fitch Core
Capital.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Bantrab's GSR is linked to the sovereign Foreign Currency IDR of
Guatemala.

Fintrab's National Ratings are linked to Bantrab's National
Ratings.

ESG CONSIDERATIONS

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

   Entity/Debt                      Rating              Prior
   -----------                      ------              -----
Financiera de
los Trabajadores,
S.A.              Natl LT            AA(gtm) Affirmed   AA(gtm)
                  Natl ST            F1+(gtm)Affirmed   F1+(gtm)

Banco de
los Trabajadores  LT IDR             BB      Affirmed   BB
                  ST IDR             B       Affirmed   B
                  LC LT IDR          BB      Affirmed   BB
                  LC ST IDR          B       Affirmed   B
                  Natl LT            AA(gtm) Affirmed   AA(gtm)
                  Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                  Viability          bb      Affirmed   bb
                  Government Support bb-     Affirmed   bb-

BANCO G&T: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Banco G&T Continental S.A.'s (G&TC)
Foreign and Local Currency Long-Term (LT) Issuer Default Ratings
(IDR) at 'BB', Short-Term (ST) IDRs at 'B', Viability Rating (VR)
at 'bb' and Government Support Rating (GSR) at 'bb-'. Fitch has
also upgraded the LT National Ratings of G&TC and its subsidiaries,
Financiera G&T Continental, S.A. and G&T Conticredit, S.A. to
'AA+(gtm)' from 'AA(gtm)' and affirmed their ST National Ratings at
'F1+(gtm)'. The Rating Outlooks on G&TC's LT IDRs and National LT
ratings are Stable.

The upgrade of G&T's LT National Ratings is based on Fitch's
assessment of the bank's strong credit profile relative to its
local peers. This action reflects the bank's sustained improvement
in asset quality and consistent profitability that strengthens its
capitalization levels, as well as the stability of its funding and
liquidity profile. The upgrade of the long-term national ratings of
its subsidiaries is in line with that of G&TC, as the former are
based on the bank's support.

KEY RATING DRIVERS

Sound Standalone Profile: G&TC's IDRs and national ratings are
supported by its credit profile, as reflected in its VR of 'bb',
which is consistent with its implied VR and reflects the bank's
solid business profile and consistent risk management that have
supported improvements in its financial performance.

Operating Environment for Banks: The Guatemalan banking system's
operating environment (OE) score of 'bb-', with a Stable Outlook,
reflects the positive influence of the main drivers of the
sovereign rating (BB/Stable). Guatemala's track record of
macroeconomic stability has translated into favorable business
dynamics and conditions for the banking system, which Fitch
estimates will continue to contribute to the bank's resilient and
solid financial performance in a challenging global and domestic
environment.

Proven Business Model: G&TC is the third largest bank in Guatemala,
with market shares of 11.2% and 12.5% in loans and deposits as of
February 2024. Although its business model is moderately
diversified, it has supported stable earnings generation over time.
The bank's operations are focused on Guatemalan market where it is
a relevant competitor in the corporate segment and has moderate
pricing power over smaller peers, the bank has also shown a
moderate expansion in the midsize companies and retail segments.

Stabilized Asset Quality: Fitch revised G&TC's asset quality score
to 'bb+', from 'bb' in response to the sustained improvement in
G&TC's asset quality, the agency estimates that the four-year
90-day nonperforming loan ratio will stabilize below 1% in 2024
(end of 2023: 0.8%), which is below that of the best-performing
local peers. Also, reserve coverage remains healthy, above 300%
(peer average: 189%), although debtor concentration remains
relevant, as well as its exposure to sovereign in its investment
portfolio. However, G&TC's sound risk controls, as well as loan
portfolio growth in all segments favored by the OE outlook,
suggests stability in its asset performance for the foreseeable
future.

Steady Growth of Earnings: Fitch expects G&TC's profitability to
remain at levels close to those reflected at YE 2023, as its
operating profit should remain above 2.5% of risk-weighted assets
(RWA) by 2024 underpinned by the bank's strong loan book,
manageable net interest margin (NIM), stable loan impairment
charges and controlled efficiency levels, despite expectations of
higher interest rates which could pressure the NIM.

Good Loss Absorption Capacity: G&TC's Fitch Core Capital (FCC) of
14.2% at YE 2023, is commensurate with the bank's risk profile
underpinned by capital buffer over regulatory minimums, moderate
loan book concentrations and conservative appetite for growth,
despite high dividend payout and other comprehensive income (OCI)
losses. Fitch expects the FCC ratio to remain above 13% over the
medium term, supported by the bank's strong internal capital
generation and earnings retention, which is expected to outpace
loan growth in the near term.

Stable Funding and Liquidity Profile: The bank's funding and
liquidity position remains sound, reflecting G&TC's franchise to
fund its operations through a stable and granular deposit base,
good access to wholesale funding markets and good coverage of
short-term liabilities by liquid assets above 50%, comfortably
above regulatory minimum requirements. Fitch expects its gross
loans to customer deposit ratio of 67.7% as of 2023, to remain
commensurate with its current rating.

Moderate Probability of Support: Fitch believes that the
sovereign's propensity to support the banking system remains
moderate, as reflected in the GSR of 'bb-', given the small size of
the banking system relative to the Guatemalan economy. The GSR is
the floor for the bank's rating, so it cannot be further lowered.
The one-notch gap between the GSR and the sovereign rating reflects
G&TC's moderate systemic importance in the local market and its
deposit-based funding.

RATING SENSITIVITIES

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

- The bank's ratings are sensitive to a downgrade of the sovereign
rating and to a material deterioration in the local OE;

- G&TC's IDRs, VR and national ratings could be downgraded from a
sustained deterioration of the bank's financial performance
reflected in an increase of impairment levels, weakened
profitability (operating profit to RWA consistently below 1.5%) or
erosion of capital cushions with an FCC ratio consistently below
12.0%;

- G&TC's GSR is sensitive to a downgrade of the sovereign rating,
as well as its propensity to provide support.

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

- G&TC's IDRs and VR have limited upside potential, as they are at
the sovereign level. These ratings could be upgraded in the event
of a sovereign upgrade;

- G&TC's GSR could be upgraded if Guatemala's sovereign rating is
upgraded;

- G&TC's LT National Rating have limited upside potential due to
its high exposure to the Guatemalan sovereign. The ST National
Rating is at the high end of the national scale, therefore, there
is no possibility of an upgrade.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

CONTICREDIT and FIN G&TC - National Ratings

G&T Conticredit S.A. (Conticredit) and Financiera G&T Continental,
S.A.'s (Fin G&TC) national ratings in Guatemala are based on
Fitch's opinion of G&TC's ability and propensity to support its
subsidiaries, if needed. Fitch's view of the support is based on
the important role these subsidiaries play in their parent's
strategy and the significant reputational risk that the default of
any of them would pose to G&TC. As a result, their Guatemalan scale
ratings are at the same levels of G&TC's national ratings. The
Stable Outlooks of these subsidiaries' long-term ratings mirror the
Stable Outlook of G&TC's ratings.

CONTICREDIT'S DEBT ISSUANCES NATIONAL RATINGS

Conticredit's senior debt issuances' national ratings are aligned
to those of their respective issuer. This reflects that, in Fitch's
opinion, the probability of default of the obligations is the same
as that of Conticredit, as the debt does not have specific
guarantees.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- The national ratings of Conticredit and Fin G&T could be
downgraded if G&TC's ratings are downgraded or if Fitch's
assessment of its parent's willingness to support it is reduced;

- Conticredit's senior unsecured debt national ratings would be
downgraded in the event of a negative rating action on
Conticredit's national ratings.

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

- Positive rating actions on the LT National ratings of Conticredit
and Fin G&T could be driven by positive rating actions on G&TC's
ratings. The ST National rating is at the top of the national
scale, therefore, there is no possibility of upgrading.

VR ADJUSTMENTS

- G&TC's OE score of 'bb-' has been assigned above the 'b' category
implied score due to the following adjustment reason: Sovereign
rating (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

G&TC: Fitch reclassified prepaid expenses and other deferred assets
as intangible assets and deducted them from total equity since the
agency believes they have low capacity to absorb losses.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

G&TC's GSR is linked to the sovereign FC IDR of Guatemala.

Conticredit and Fin G&TC's national ratings are sensitive to
changes in G&TC ratings.

ESG CONSIDERATIONS

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

   Entity/Debt                      Rating              Prior
   -----------                      ------              -----
G&T Conticredit,
S.A.              Natl LT            AA+(gtm)Upgrade    AA(gtm)
                  Natl ST            F1+(gtm)Affirmed   F1+(gtm)

   senior
   unsecured      Natl LT            AA+(gtm)Upgrade    AA(gtm)

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

Financiera G&T
Continental, S.A. Natl LT            AA+(gtm)Upgrade    AA(gtm)
                  Natl ST            F1+(gtm)Affirmed   F1+(gtm)

Banco G&T
Continental S.A.  LT IDR             BB      Affirmed   BB
                  ST IDR             B       Affirmed   B
                  LC LT IDR          BB      Affirmed   BB
                  LC ST IDR          B       Affirmed   B
                  Natl LT            AA+(gtm)Upgrade    AA(gtm)
                  Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                  Viability          bb      Affirmed   bb
                  Government Support bb-     Affirmed   bb-

BANCO INDUSTRIAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Industrial, S.A.'s (Industrial)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB', Short-Term IDRs at 'B', Viability Rating (VR) at 'bb' and
Government Support Rating (GSR) at 'bb-'. The Rating Outlook for
the Long-Term IDRs is Stable. Fitch has also affirmed Industrial's
subordinated notes. Fitch has additionally affirmed Industrial's
Long-Term National Rating at 'AA+(gtm)' with a Stable Outlook, and
Short-Term National Rating at 'F1+(gtm)'.

Fitch has affirmed the Long- and Short-Term National Ratings for
the Guatemalan subsidiary, Financiera Industrial, S.A. (FISA) and
its sister company, Contecnica, S.A. (Contecnica), at 'AA+(gtm)',
with a Stable Outlook, and 'F1+(gtm)', respectively. Fitch has
affirmed Bi-Bank, S.A.'s (Bi-Bank) Long- and Short-Term National
Ratings in Panama at 'A+(pan)' with a Stable Outlook and
'F1+(pan)', as well as its Short-Term senior unsecured debt at
'F1+(pan)'. Fitch has also affirmed the Long- and Short-Term
National Ratings for the Salvadoran subsidiary, Banco Industrial El
Salvador, S.A. (BIES) at 'EAAA(slv)' with a Stable Outlook, and at
'F1+(slv)', respectively, as well as its Long- and Short- Term
senior secured and unsecured debt at 'AAA(slv)' and 'N-1(slv)',
respectively.

KEY RATING DRIVERS

Ratings Driven by Intrinsic Creditworthiness: Industrial's IDRs and
national ratings are based on its standalone strength captured in
its VR of 'bb', which is in line with its implied VR. This evidence
its robust business profile, with a relevant market position as the
leader bank in the Guatemalan banking system, as well as its sound
risk management, which has translated in consistent financial
profile.

Banks' Operating Environment: Fitch's assessment of Guatemalan
banking system's operating environment (OE) of 'bb-', with a stable
trend, denotes a positive influence of the main drivers of the
sovereign rating (BB/Stable) and Guatemala's track record of
macroeconomic stability. This has translated into favorable
business dynamics and conditions for the banks, which Fitch
estimates will continue to contribute to its resilient and solid
financial performance in a challenging global and domestic
environment.

Robust Business Profile: The bank's intrinsic performance
incorporates its leadership in Guatemala, with market shares of
29.2% and 27.5% in terms of loans and deposits as of March 2024.
This supports its significant competitive position, with a presence
in Central America, as well as its strong recognized franchise and
access to various funding sources. It also reflects its consistent
business model that has underpinned stable earnings, with a
four-year average total operating income of USD711 million as of
2023, and resilient financial performance amid adverse conditions.

Sound Loan Quality: The entity's strategy to continue growing in
retail segment led to the NPL ratio increasing to 1.2% in 2023 from
0.5% in 2022 (2019-2022: 0.8%), still comparing below the industry
(2023: 1.8%) and some peers, with loan loss reserves of 173.5% in
2023. It also mitigated the high concentration per debtor that its
business model entails. Fitch expects in the rating horizon, the
NPL metric will reflect a level similar to that recently recorded,
denoting its moderate risk appetite and consistent underwriting
standards. Asset quality also incorporates its exposure to
sovereign in its investment portfolio.

Consistent Profitability: Business dynamism, loan growth, and more
share in retail segments underpinned a sustained profitability. In
2023, the operating profit to risk-weighted assets (RWA) metric of
2.3% remained close to the last four-years average (2.4%), due to
better net interest margin, despite high interest rate environment,
and stable loan impairment charges. Fitch estimate the
profitability will maintain stable supported by its strategic
initiatives and while operational efficiencies continue to
materialize in the foreseeable future.

Decreased Capital Position: In 2023, higher RWA due to loan
expansion, compared to equity growth, and dividend distribution,
influenced capitalization metrics to continue their downward trend.
The Fitch Core Capital (FCC) to RWA ratio decreased to 10.4% in
2023 from 11% in 2022, while regulatory capital fell to 14.2% from
15.3%. Fitch deems this capital position, in conjunction to high
loan loss allowances provides the bank with reasonable loss
absorption capacity.

The agency expects metrics to stabilize at levels similar to 2023,
while the bank continues with its internal capital generation, and
could improve as credit growth slow in the foreseeable future.
Fitch's capitalization assessment weighs Industrial's sound capital
access given its track record to issue AT1 and T2 instruments in
global markets.

Sound Deposit Franchise: Industrial's financing profile with
diverse funding options and low-cost structure is supported by its
recognized leading franchise in the region, which contrasts
positively with its peers, and favored by the synergies generated
by belonging to a regional group. Its growing deposit base
represented 80% of total funding in 2023, with a loan-to-deposit
ratio of 81.9% (2019-2022: 76.4%). Its solid position provides it
with broad access to alternative resources from local and
international markets, benefiting its already ample liquidity,
although concentrated in local sovereign debt held to maturity, as
well as giving it room to navigate in a challenging environment.

Moderate Government Support: Industrial's GSR is based on Fitch's
assessment of the moderate likelihood of support the bank would
receive from the sovereign, if necessary. This highly weights the
relatively small size of the banking system relative to the
Guatemalan economy. The agency also considers Industrial's systemic
importance as the largest bank in Guatemala very influential in its
analysis.

RATING SENSITIVITIES

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

- The bank's ratings are sensitive to a downgrade of the sovereign
rating and to a material deterioration in the local OE;

- Industrial's IDRs and VR could be downgraded due to sustained
deterioration in its loan quality, as well as in its financial
performance drives a decline in the bank's operating profit to RWA
metric to a level continuously below 1.5% and its FCC to RWA ratio
to a level consistently below 10.0%;

- Industrial's national ratings could be downgraded if Fitch
perceives less stability in its financial metrics and a sustained
deterioration in its loan quality;

- Industrial's GSR is sensitive to a downgrade of the sovereign
rating, as well as its propensity to provide support.

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

- The bank's IDRs and VR have limited upside potential given that
they are at the sovereign level. These ratings could be upgraded in
the event of a sovereign upgrade;

- Industrial's Long-Term National Rating have limited upside
potential due to its high exposure to the Guatemalan sovereign. The
Short-Term National Rating is at the top of the national scale
rating, so it has no upside potential;

- Industrial's GSR could be upgraded if Guatemala's sovereign
rating is upgraded.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Industrial's debt instruments are subordinated notes (ISbN) and
subordinated Tier I capital (IST-I). The ISbN notes are two notches
below Industrial's VR, given their subordinated status, ranking
junior to all the bank present and future senior indebtedness, pari
passu with all other unsecured subordinated debt and senior to
Industrial's capital and Tier I hybrid securities. Meanwhile, the
IST-I notes are four notches below Industrial's VR, denoting their
deep subordination status and discretionary coupon omission
feature.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- The ratings of the ISbN and IST-I notes would be downgraded if
Industrial's VR is downgraded.

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

- The ratings of the ISbN and IST-I notes would be upgraded if
Industrial's VR is upgraded.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

The national ratings of FISA, an Industrial's subsidiary, and
Contecnica, a subsidiary of Industrial's holding company Bicapital
Corporation, are the same as Industrial's national ratings. These
ratings are underpinned by the bank's strong propensity and ability
to provide them support, if required. Fitch's support analysis
considers highly influential the important role and relevance of
them in Industrial's local business model and strategy.

Bi-Bank's national ratings in Panama are based on the solid
propensity and ability to provide support from its sister company,
Industrial, if required. Fitch's support assessment highly weighs
the huge reputational risk that a Bi-Bank default would mean for
the group, as well as the significant role it represents for the
conglomerate in its country diversification strategy. Its senior
unsecured debt is rated at the same level as Bi-Bank's national
short-term rating, as Fitch considers its probability of default is
equal to the bank.

BIES's national ratings are driven by the potential support it
would receive from its parent Industrial, if necessary. The
national ratings of the bank, and its issues, denotes the relative
credit strength of Industrial, compared to Salvadoran sovereign
rating. BIES's relevant role in the geographic and business
diversification strategy of its parent, together with the
significant reputational risk that BIES's default would constitute
for Industrial, are factors with high importance in Fitch's
perception of provide support. Also, the convertibility and
transfer risks that could limit the ability of Industrial to
provide support, and of BIES to use it, is considered.

BIES has a debt program, with secured and unsecured tranches.
Senior secured and unsecured debt is rated at the same level as
BIES's national ratings, since Fitch considers the likelihood of
default of these issuances is equal to the bank.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

- FISA's and Contecnica's national ratings could be downgraded if
Industrial's national ratings are downgraded, although this is not
Fitch's base case given the Stable Outlook on Industrial's
Long-Term rating, also, if Fitch's assessment of Industrial's
willingness to support them is reduced;

- Bi-Bank's national ratings could be downgraded in case of
negative changes in Industrial's ability to support it, reflected
by its Foreign Currency IDR, and in its propensity to provide
support. Also, a downgrade of the senior unsecured debt rating
would result from a negative action on Bi-Bank's Short-Term
rating.

- BIES's national ratings are sensitive to a weakening of its
shareholder's credit quality compared to other rated entities in El
Salvador. Its national ratings could downgrade in the event of a
multi-notch downgrade in Industrial's IDR; also, if Fitch's
assessment of Industrial's willingness to support it is
significantly reduced;

- Senior secured and unsecured debt national ratings could be
downgraded in the event of negative rating actions on BIES's
national ratings.

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

- The FISA and Contecnica Long-Term ratings could improve due to an
upgrade in Industrial's national rating, while its Short-Term
ratings are at the high level of the national scale, so they have
no upside potential;

- Bi-Bank's ratings could be upgraded in case of positive changes
in Industrial's ability to support it, as reflected by its Foreign
Currency IDR, and propensity to provide support. The Short-Term
National Rating and its senior debt rating are at the top of the
national scale, therefore, there is no room for improvement.

- BIES' national ratings, as well as senior secured and unsecured
debt ratings are at the highest level of the national rating scale
and therefore have no upside potential.

VR ADJUSTMENTS

- The OE score of 'bb-' has been assigned above the 'b' category
implied score due to the following adjustment reason: Sovereign
Rating (positive).

SUMMARY OF FINANCIAL ADJUSTMENTS

Industrial and BIES: Prepaid expenses and other deferred assets
were reclassified as intangible assets and deducted from total
equity as Fitch considers these to have low capacity to absorb
losses.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Industrial's GSR is linked to the sovereign Foreign Currency IDR of
Guatemala.

FISA, BIES, Contecnica and Bi-Bank's national ratings are driven by
support from Industrial.

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
   -----------                     ------              -----
Bi-Bank, S.A.    Natl LT            A+(pan) Affirmed   A+(pan)
                 Natl ST            F1+(pan)Affirmed   F1+(pan)

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

Banco
Industrial El
Salvador, S.A.   Natl LT           EAAA(slv)Affirmed   EAAA(slv)
                 Natl ST            F1+(slv)Affirmed   F1+(slv)

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

   senior
   secured       Natl LT            AAA(slv)Affirmed   AAA(slv)

   senior
   unsecured     Natl ST            N-1(slv)Affirmed   N-1(slv)

   senior
   secured       Natl ST            N-1(slv)Affirmed   N-1(slv)

Contecnica
S.A.             Natl LT            AA+(gtm)Affirmed   AA+(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)

Banco
Industrial,
S.A.             LT IDR             BB      Affirmed   BB
                 ST IDR             B       Affirmed   B
                 LC LT IDR          BB      Affirmed   BB
                 LC ST IDR          B       Affirmed   B
                 Natl LT            AA+(gtm)Affirmed   AA+(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)
                 Viability          bb      Affirmed   bb
                 Government Support bb-     Affirmed   bb-

   subordinated  LT                 B-      Affirmed   B-

   subordinated  LT                 B+      Affirmed   B+

Financiera
Industrial,
S.A.             Natl LT            AA+(gtm)Affirmed   AA+(gtm)
                 Natl ST            F1+(gtm)Affirmed   F1+(gtm)



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

JAMAICA: 'Not Yet Out of The Woods,' BOJ Says
---------------------------------------------
Dashan Hendricks at Jamaica Observer reports that the Bank of
Jamaica (BOJ) said the inflation out-turn for March was better than
it had expected, but warned that the fight to contain prices within
its mandated target range is not yet over.  The BOJ also sought to
temper expectations that it could start easing its tight monetary
policy stance on the out-turn, according to Jamaica Observer.

The comments from the central bank came a day after the Statistical
Institute of Jamaica (Statin) released data showing consumer prices
dipped for a third-straight month in March, the report notes.
Prices fell by 0.5 per cent in March after dipping by 0.6 per cent
in February and 0.1 per cent in January, the report relays.  The
more keenly watched 12-month inflation rate to the end of March was
5.6 per cent, the report relays.  That was within the target range
of 4 per cent to 5 per cent and down from 6.2 per cent in February,
the report discloses.

"The [BOJ's] monetary policy committee will continue to closely
watch the inflation numbers and other incoming data over the
ensuing months to assess the extent to which the current level of
inflation will be sustained, before making a determination on
whether to change the monetary policy stance," the central bank
said in a release, the report relays.

Wayne Robinson, senior deputy governor of the BOJ, later added that
though the out-turn was better than expected, "we are not yet out
of the woods," the report notes.

Meanwhile, economist Keenan Falconer, while welcoming the dip in
inflation, was measured in celebrating too much at this time, the
report relays.

"With the summer period on the horizon, when inflation tends to be
elevated owing to increased consumer spending, we should remain
cautious in the outlook for future projections, especially in light
of current geopolitical tensions, continued supply chain challenges
and the expected effects of the domestic drought season," Falconer
wrote in notes to the Jamaica Observer in general comments on the
out-turn, the report discloses.

He asserted that it would not be "until inflation can be safely
anchored in the target band for a sustained period of several
consecutive months," before we can say that we are past the worst
of the post-pandemic inflationary pressures, the report relays.

Falconer said he doesn't anticipate that inflation will remain in
the target range for a sustained period before next year and added
that while the decline in prices is good, it could be showing early
signs of a weakening economy, the report notes.

"Furthermore, the three consecutive months of decline in the CPI at
the beginning 2024, that could also be indicative of constrained or
suppressed consumer demand.  We should also guard against that
possibility especially in light of a similar deceleration in growth
estimates for the next few years," he continued in his notes to the
Business Observer, the report discloses.

For his part, Adrian Stokes, a financial economist and CEO of
Quantas Capital, an alternative asset management company, the
inflation figures mean the BOJ should start signaling an about-turn
in its monetary policy stance, the report relays.

"It's clear that the central bank needs to start indicating to the
market that a lower policy rate is imminent," Stokes told the
Business Observer. He reiterated his position that "Jamaica doesn't
have an inflation problem.  In other words, the inflation that we
experience is cyclical [temporary] or related to factors outside of
our control. In fact, most of the factors that led to heightened
inflation have now normalized.  And with that we have seen
Jamaica's inflation back within range," Stokes continued.  He,
however, adds that his words are not to be construed as saying that
"inflation won't oscillate or temporarily move outside of target
[range] due to cyclical factors like food and energy prices," the
report notes.

But he said, "The signs are clear that the restrictive monetary
policy has started to have real effects.  Loans and advances from
the banking sector to the private sector have slowed materially and
interest rates in the private credit market are significantly
elevated. This is happening at a time when the economy has adjusted
to its pre-COVID level of slow real economic growth," the report
relays.

And he warned that the real risk the central bank continues to run
is a "material fall-off in real economic growth occasioned by
monetary policy being too tight," the report adds.

                         About Jamaica

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

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

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

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



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

MOMENTO SEGUROS: A.M. Best Assigns B(Fair) Fin'l. Strength Rating
-----------------------------------------------------------------
AM Best has assigned a Financial Strength Rating of B (Fair) and a
Long-Term Issuer Credit Rating of "bb+" (Fair) and a Mexico
National Scale Rating (NSR) of "a+.MX" (Excellent) to Momento
Seguros, S.A de C.V. (Momento) (Mexico). The outlook assigned to
these Credit Ratings (ratings) is stable.

The ratings reflect Momento's balance sheet strength, which AM Best
assesses as strong, as well as its adequate operating performance,
limited business profile and marginal enterprise risk management
(ERM).

Momento is a Mexican insuretech established on the idea of starting
an insurance company with technological advantages in contrast to
other traditional companies, which started operations in July 2023.
The company's underwriting is concentrated in personal motor
businesses in Mexico City, causing its business profile to be
considered as limited. AM Best will monitor how products offered
and its geographical presence expand as Momento's business plan
evolves, but AM Best does not expect its business profile
assessment on the insurer to shift over the medium term.

Momento's balance sheet strength assessment of strong reflects its
capital size in contrast to its risk exposure, characterized by its
low business retention, conservative investment portfolio and a
superior security level in the participants of its reinsurance
program. Conversely, Momento's material premium growth prospects in
a very competitive market, such as the auto segment, could put
pressure on capital adequacy levels, as measured by Best's Capital
Adequacy Ratio (BCAR), in the medium term if there are important
deviations from its business plan or projected capital infusions.
However, mitigating this aspect, the company's partners have
demonstrated their commitment through capital injections to sustain
Momento's business operations.

Momento has defined policies and procedures for its investments and
underwriting practices that are attached to its risk tolerance.
However, AM Best considers that there is a high execution risk
attached to Momento's business plan, considering its short track
record, as well as the market dynamics of the auto segment.
Therefore, AM Best's ERM assessment is marginal.

Operating performance is considered adequate given the company's
recent foundation and its expectation to breakeven by 2026. AM Best
will monitor the company's operating results, and if there are
sizeable deviations from current projections, AM Best could revise
the impact of this building block in the short term.

The stable outlooks reflect AM Best's expectation that Momento will
adequately manage its capital base to consistently face its risks
as the strategy and experience of the company evolves.

Positive changes in the ratings could take place as a result of a
thorough implementation of the ERM framework in order to mitigate
Momento's implementation risk. Conversely, negative rating actions
could take place if there are shortfalls in the implementation of
the strategy deriving in a material weakening of the company's
balance sheet strength.

The methodology used in determining these ratings is Best's Credit
Rating Methodology (Version Jan. 18, 2024), which provides a
comprehensive explanation of AM Best's rating process and contains
the different rating criteria employed in the rating process.

Key insurance criteria reports utilized:

-- Rating New Company Formations (Version Sept. 7, 2023)

-- Evaluating Country Risk (Version May 4, 2023)

-- Understanding Global BCAR (Version Mar. 7, 2024)

-- Available Capital and Insurance Holding Company Analysis
(Version Jan. 18, 2024)

-- Best's National Scale Ratings (Version June 15, 2023)

-- Scoring and Assessing Innovation (Version Feb. 27, 2023)

View a general description of the policies and procedures used to
determine credit ratings. For information on the meaning of
ratings, structure, voting and the committee process for
determining the ratings and monitoring activities, relevant sources
of information and the frequency for updating ratings, please refer
to Guide to Best's Credit Ratings.

-- Previous Rating Date: Not rated.

-- Initial Rating Date: Not rated.

-- Date Range of Financial Data Used: July 1, 2023-Dec. 31, 2023






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

GRUPO HIMA: Seeks to Extend Plan Exclusivity to May 15
------------------------------------------------------
Grupo Hima San Pablo, Inc., and its affiliates asked the U.S.
Bankruptcy Court for the District of Puerto Rico to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to May 15 and July 15, 2024, respectively.

This is the Debtors' fourth request for extension of the Exclusive
Periods and comes almost eight months after the Petition Date. The
Debtors have made significant strides forward thus far. But, as
would be expected given the scope of what must be achieved in this
chapter 11 case, much work remains.

The Debtors anticipate that the requested of a 30-day extension of
the Exclusive Periods will allow the Debtors sufficient time to
conclude its negotiations with the UCC and secured lender, file a
Disclosure Statement and Plan, and chart an exit course for these
cases.

The Debtors explain that they are not seeking an extension of their
Exclusive Periods to pressure creditors. To this date the Debtors'
efforts have been aimed towards preserving Debtors' assets,
reconciling them with these ongoing proceedings and now, moving to
reconcile claims to then allocate the sources of proceeds which
will be available through the Plan of Reorganization.

The Debtors claim that they require additional time to negotiate a
Plan of Reorganization and prepare adequate information to allow a
creditor to determine whether to accept such Plan. As stated
before, upon the conclusion of ongoing day-to-day healthcare
operations of the estate, the Debtors are required to do some final
reconciliations of the available funds, with their intent to
finalize the plan to be proposed to their creditors.

Further, the alternatives or strategies to be implemented have
required discussion and are being discussed with the secured
creditors and the UCC.

Accordingly, the Debtors are currently concluding the final
negotiations with the secured creditor and the UCC, which
ultimately will aid and dictate the contents of a plan. Currently,
this has been an ongoing process and such work requires an
extension of the Debtors' Exclusive Periods.

Attorneys for the Debtor:

     Wigberto Lugo Mender, Esq.
     Alexis A. Betancourt Vincenty, Esq.
     Lugo Mender Group, LLC
     100 Carr. 165 Suite 501
     Guaynabo, PR 00968-8052
     Tel: (787) 707-0404
     Fax: (787) 707-0412
     Email: wlugo@lugomender.com

                   About Grupo Hima San Pablo

Grupo HIMA San Pablo, Inc. serves as a diversified healthcare
services holding company pursuant to a corporate reorganization of
several businesses related by common ownership. Through its
subsidiaries and affiliates, Grupo HIMA San Pablo primarily owns
and operates hospital facilities and other healthcare related
businesses. As of August 2023, the HIMA GROUP operates four
hospitals, with over 1,200 licensed beds, including an Oncological
Hospital, a multi-specialty physician practice management company,
Home Care Service (including infusion therapies and wound care), a
free-standing ambulatory center and a 16-ambulance service
company.

Grupo HIMA San Pablo and its affiliates filed Chapter 11 petitions
(Bankr. D. P.R. Lead Case No. 23-02510) on Aug. 15, 2023. In the
petition signed by its chief executive officer, Armando J.
Rodriguez-Benitez, Grupo HIMA San Pablo disclosed $500 million to
$1 billion in assets and $100 million to $500 million in
liabilities.

Judge Enrique S. Lamoutte Inclan oversees the cases.

Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC and
Pietrantoni Mendez & Alvarez, LLC serve as the Debtors' bankruptcy
counsel and special counsel, respectively.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 7, 2023. Porzio, Bromberg & Newman,
P.C. is the committee's legal counsel.

Edna Diaz De Jesus is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.


HIJOLE FOODS: Lender Seeks to Prohibit Cash Collateral Access
-------------------------------------------------------------
McKenzie Capital LLC asks the U.S. Bankruptcy Court for the
District of Puerto Rico to prohibit Hijole Foods Bistro Corp. from
using cash collateral.

On November 7, 2023, McKenzie and the Debtor entered into an
Agreement for the Purchase and Sale of Future Receipts,
Authorization Agreement for Automated Clearing House Transactions
and Appendix A -Fees.

Pursuant to the Merchant Agreement, the Debtor sold $248,300 of
Business the Debtor's future receivables to McKenzie, in exchange
for an up-front immediate payment of $191,000. The Merchant
Agreement describes those receivables as "future receipts,"
consisting of monetary payments due to Debtor in the ordinary
course of its business, whether in the form of cash, checks,
electronic transfers, credit or debit card charges, or otherwise.

On November 7, 2023, McKenzie tendered to the Debtor the sum of
$191,000, less origination fees in the amount of $7,495, which the
Debtor accepted, acknowledged and received for its use and
benefit.

McKenzie tendered the funds in good faith and with the reasonable
expectation that McKenzie would receive weekly payments
representing a small percentage of the Debtor's collected
receivables in accordance with the terms and conditions of the
Merchant Agreement.

Pursuant to the Merchant Agreement, the Debtor expressly authorized
and directed McKenzie to collect the purchased receivables by
withdrawing the agreed weekly percentage of its receipts via
Automatic Clearing House from the Debtor's authorized bank
account.

The Debtor agreed to exclusively use one designated bank account
approved by McKenzie into which the Debtor was required to deposit
all revenues of the business until McKenzie collected the purchased
receivables in full.

The amount of $17,623 were collected by McKenzie were applied to
the outstanding balance of the purchased receivables. However, on
November 27, 2023, the Debtor breached the Agreement by blocking
McKenzie's access to the designated bank account and diverting its
receivables therefrom, thus failing to fulfill its obligations
under the Merchant Agreement.

On December 27, 2023, McKenzie filed a complaint for breach of the
Merchant Agreement in the Circuit Court of the 11th Circuit in
Miami Dade County Florida.

The cash collateral is property in which McKenzie has a security
interest and the Debtor cannot provide sufficient adequate
protection to McKenzie for the use of said cash collateral.

McKenzie asks the court to prohibit any use of the cash
collateral by the Debtor and that, in addition to such prohibition,

the Court grant McKenzie adequate protection as required by
11 U.S.C. section 361 by:

a. granting a first priority replacement lien on all of the
Debtor's post-petition assets;

b. requiring an accounting of all cash collateral received by or
for the benefit of the Debtor since the Petition Date;

c. directing the Debtor to provide McKenzie full access to the
books and records of the Debtor, including all electronic records
on any computers used by or for the benefit of the Debtor, to make
electronic copies, photocopies, or abstracts of the business
records of the Debtor;

d. requiring that any cash collateral or property of McKenzie that
is in the possession, custody or control of the Debtor or any of
the insiders of the Debtor (as such term is defined in 11 U.S.C.
section 101) be turned over to McKenzie, whether now existing or
hereafter created, within the later of: (i) five days from date
hereof; or (ii) five days after receipt;

e. imposing a constructive trust on any cash collateral, or
proceeds of any Collateral of McKenzie, if any, that has been
diverted to any person or bank account as a result of any
diversion
of the Debtor's post-petition payments;

f. prohibiting the Debtor and any insiders of the Debtor from
using
any cash collateral of McKenzie unless otherwise ordered by the
Court;

g. granting such other relief that the Court finds necessary and
just;

h. providing that nothing will prejudice the opportunity for, and
nothing will obligate any party to make, further stipulations
concerning any matter.

A copy of the motion is available at
https://urlcurt.com/u?l=v46gHz
from PacerMonitor.com.

              About Hijole Foods Bistro, Corp.

Hijole Foods Bistro, Corp. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-0015)
on Jan. 19, 2024, listing $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.

Juan C. Bigas Valedon, Esq. at Juan C. Bigas Law Office represents
the Debtor as counsel.


                           *********


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

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Chapman, Editors.

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