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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, October 18, 2024, Vol. 25, No. 210

                           Headlines



A R G E N T I N A

ARGENTINA: Monthly Inflation Slows to Lowest Level Since Nov. 2021
EDENOR: S&P Affirms 'CCC' ICR on Proposed Exchange Offer
GENERACION MEDITERRANEA: Fitch Rates USD500MM Secured Notes 'CCC'


B E L I Z E

BELIZE: Moody's Ups Issuer Ratings to Caa1, Outlook Remains Stable


B R A Z I L

MINAS GERAIS: S&P Affirms 'CCC+' LongTerm ICRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Restaurant Owners Foresee Cost Increases
DOMINICAN REPUBLIC: Tax Reform Ends Exemptions for Online Sale


G U Y A N A

GUYANA: Urged to be Financially Prudent With Oil Gains


J A M A I C A

JAMAICA: 672,700 Outside Labor Force, STATIN Says
JAMAICA: World Bank Downgrades Economic Growth Outlook


M E X I C O

UNIFIN 2019: Fitch Affirms 'CCCsf' LT Rating on 18247-6 Credit Line


P A N A M A

GLOBAL BANK: Moody's Affirms Ba1 Deposit Ratings, Outlook Negative
UEP PENONOME II: S&P Lowers ICR to 'BB-', Outlook Stable


U R U G U A Y

MERCADOLIBRE INC: Egan-Jones Hikes Senior Unsecured Ratings to BB

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Monthly Inflation Slows to Lowest Level Since Nov. 2021
------------------------------------------------------------------
James Grainger at Buenos Aires Times reports that inflation in
Argentina slowed to 3.5 percent in September - the lowest monthly
rate since November 2021.

The news is a boost for President Javier Milei's government, which
has put slowing consumer price hikes and achieving fiscal balance
at the heart of its program, according to Buenos Aires Times.

The La Libertad Avanza leader took office last December with
inflation running at a monthly 25.5 percent and has slowly managed
to tame runaway price hikes, the report notes.

According to data from the INDEC national statistics bureau,
consumer prices have accelerated by 209 percent over the last 12
months and by 101.6 percent since the turn of the year, the report
relays.

In August, inflation reached 4.2 percent - 0.7 points higher than
last month, the report relays.

Prior to the release of the data, private consultancy firms and
Milei's economic team had anticipated a rate of below four percent,
the report discloses.

In the most recent Central Bank survey of market expectations
(REM), experts had forecast 3.5 percent, with a rate of 3.4 percent
to follow in October, the report says.

Some consultancy firms, such as the Fundacion Libertad & Progreso,
had even put the figure as low as 3.2 percent, the report notes.

"The slowdown in general and core inflation reflects how the
markets have reacted positively to the decisions taken, especially
with the lowering of the PAIS tax," said Libertad & Progreso
economist Clara Alesina, the report discloses.

"Favourable fiscal results, together with a reasonably constant
monetary base, provide incentives to assume that the decelerations
will continue, which will eventually lead us to converge towards an
inflation rate of two-percent per month," she added.

Economy Minister Luis Caputo highlighted that inflation "reached
single digits in April; in August wholesale inflation was 2.1
percent; and the dollar is lower than when we arrived," the report
relays

"The important thing is that the inflationary trend is clearly
downwards, and it is natural that it should be so," said the
official, the report notes.

                   Utilities Lead Way

September's inflation rate was propelled by hikes in rent, water
electricity, gas and other utilities, which overall rose 7.3
percent for the month, the report relays.

This was followed by clothing and footwear, up six percent, mostly
due to seasonal changes, the report notes.

The two divisions with the smallest changes were alcoholic
beverages and tobacco at 2.2 percent, and recreation and culture,
up 2.1 percent, the report says.

September's 3.5 percent rate is the lowest of the calendar year to
date and the fifth consecutive month of inflation under five
percent, the report notes.

However, critics say that tampering runaway price hikes has come at
the cost of falling consumption and soaring poverty, the report
discloses.

Data published by INDEC last month showed that poverty affected
52.9 percent in the first half of 2024, the report relays.

                 946,000 for Family of Four

According to INDEC, the price of the Total Basic Food Basket (CBT)
increased by 2.6 percent during September, the report relays.  This
means that a family group made up of a couple with two children
needed 964,619 pesos to buy essential food, clothing and transport
and not fall into poverty, the report notes.

The agency also reported that the cost of the Basic Food Basket
(CBA), which defines extreme poverty, increased 1.7 percent last
month, the report discloses.  The same family therefore needed
428,719 pesos, the report says.

                          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.

In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authories an immediate disbursement of an equivalent of
US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

S&P, in March 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 S&P ratings have
been affirmed as of August 2024.  S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.

In June 2023, Fitch ratings also upgraded 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-'.
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 2023.  The new 'CC' rating signals a
default event of some sort appears probable in the coming years.
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.


EDENOR: S&P Affirms 'CCC' ICR on Proposed Exchange Offer
--------------------------------------------------------
S&P Global Ratings, on Oct. 14, 2024, affirmed its 'CCC' issuer
credit rating on Argentina-based utility Empresa Distribuidora y
Comercializadora Norte S.A. (Edenor) and assigned a 'CCC' issue
rating to the proposed senior unsecured notes due 2030.

The outlook remains stable, reflecting S&P's expectation that
Edenor can cover its operating expenses, capex, and other
obligations in the next 12-18 months with internally generated
funds and cash, without jeopardizing its debt repayment.

S&P believes that company proactively seeks to extend its debt
profile and improve its short-term liquidity position, seven months
ahead of the notes' legal maturity, which it views as positive from
a credit perspective.

Edenor proposed to holders of its 2025 senior unsecured notes to
exchange each par amount of existing notes tendered for $1.0375 of
new notes. The notes will bear semiannual interest and will
amortize in six consecutive semiannual installments starting in
2028. The company plans to allocate most of the proceeds for
refinancing its existing short-term debt, capex, and general
corporate purposes.

This reflects S&P's belief that the company has no material
financial obligations that would rank ahead of its unsecured debt
by way of structural or contractual subordination in a default
scenario.

S&P said, "We affirmed Edenor's 'ccc+' stand-alone credit profile
(SACP), but its issuer credit rating remains capped by our T&C
assessment of Argentina. This reflects our perception of the risk
of the sovereign interfering with the ability of domestic companies
to access, convert, and transfer money abroad, which is essential
for companies to service their financial obligations, particularly
U.S. dollars."


GENERACION MEDITERRANEA: Fitch Rates USD500MM Secured Notes 'CCC'
-----------------------------------------------------------------
Fitch Ratings has affirmed Generacion Mediterranea S.A.'s (GEMSA)
Long-Term Foreign Currency and Local Currency Issuer Default
Ratings (IDRs) at 'CCC-'. Fitch has also affirmed the senior
unsecured notes co-issued by Central Termica Roca S.A. (CTR) and
GEMSA, which are guaranteed by Albanesi Energia S.A. (AESA), at
'CCC'/'RR3'. Both issuers are jointly and severally liable for any
payment obligations under the notes.

Fitch has also assigned 'CCC'/'RR3' to GEMSA's proposed secured
notes up to USD500 million. Net proceeds from the planned issuance
will repay outstanding debt and be used for general corporate
purposes. Proposed notes will be secured by assets and PPAs at the
Ezeiza, Timbues, Maranzana and Frias plants co-issued by CTR,
guaranteed by AESA.

The company's ratings also reflect exposure to Compañía
Administradora del Mercado Mayorista Eléctrico (CAMMESA). CAMMESA
is responsible for managing wholesale electricity market
transactions in Argentina. It relies on government subsidies to
cover the cost of the electricity generated, which creates
additional risk for GEMSA's operations since a significant portion
of its revenue depends on receiving payments from CAMMESA.

Key Rating Drivers

Heightened Counterparty Exposure: GEMSA relies on payments from
CAMMESA, which represents electricity generators, transmission,
distribution and large consumers or wholesale market participants
known as Mercado Mayorista Electrico. CAMMESA pays invoices in
about 46 days, close to the 42-day contracted payment period. Fitch
expects timely payments to continue as tariffs for final consumers
were adjusted in 2024 and distribution companies settle pending
accounts with CAMMESA. Prolonged payment delays would be
financially challenging for the company.

Ongoing Refinance Process: In 2024, GEMSA restructured its local
debt, reducing the average annual maturity to USD26.5 million from
USD107 million. Most local debt is now due in 2027, increasing
financial flexibility. An 83% acceptance rate was achieved for a
voluntary exchange of USD403 million debt for GEMSA and AESA. As of
June 2024, total project debt is USD450 million. GEMSA plans to
issue up to USD500 million in secured notes, including a tender
offer to exchange outstanding 9.625% notes due 2027 approximately
reaching USD240 million, the 13.25% and 12.5% secured notes due
2026 and 2027, respectively, both with an approximately USD60
million outstanding balance. The new notes will be secured by
assets from the Ezeiza and Timbues complex, three Ezeiza PPAs, one
Timbues PPA, one Independencia PPA and one Frias & Maranzana
turbine. The collateral package includes the U.S. dollar linked
steam sale agreement between Timbues and Renova S.A., and the AESA
stock pledge agreement until the company is absorbed by GEMSA. The
notes will be co-issued by CTR.

EBITDA Margins Improving: Fitch expects GEMSA's EBITDA to increase
to approximately USD270 million in 2025 from USD130 million in
2024. CAMMESA awarded GEMSA power purchase agreements for its
Ezeiza, Maranzana and Arroyo Seco projects, which are
combined-cycle and cogeneration projects under Resolution 287/2017.
The imminent completion of the Talara cogeneration project in Peru
is estimated to generate about USD15 million in incremental
EBITDA.

The Ezeiza plant expansion that was completed in April 2024 is
estimated to generate about USD38 million; completion of the
Maranzana plant expansion in mid-2024 is anticipated to generate an
additional USD28 million of annual EBITDA thereafter. The final
(second stage) completion of the Arroyo Seco cogeneration project
in January 2025 is expected to generate total incremental EBITDA of
around USD24 million. GEMSA will have no further contract
expirations until December 2025, when 56MW under Resolution 220 are
scheduled to expire.

High Leverage, Tight Debt Service Coverage: GEMSA's cash flow is
relatively stable and predictable, provided CAMMESA continues to
pay within its current time frame of around 46 days, down from a
peak of over 141 days in December 2023. As of 2Q24, 98% of the
company's revenue was denominated in U.S. dollars, and
approximately 90% of EBITDA was derived from long-term take-or-pay
contracts under Resolutions 220/2007, 21/2016 and 287/2017 which
will cover the new closed cycle expansions at Ezeiza/Maranzana and
cogeneration at Arroyo Seco.

On Jan. 1, 2025, GEMSA will merge with AESA, currently an affiliate
of GEMSA, to benefit from operational and tax synergies. AESA has
one cogeneration plant, Timbues, which Fitch estimates will provide
an additional EBITDA of approximately USD40M and 170M in debt. On a
consolidated basis, Fitch estimates GEMSA's leverage will decline
starting at 8.9x in 2024 to 4.4x in 2026 as the company pays off
maturing obligations and the Ezeiza, Maranzana, Talara and Arroyo
Seco projects are completed. EBITDA interest coverage is projected
to be tight at around 1.3x in 2024, before improving to 2.4x in
2025.

New Corporate Structure: With the absorption of AESA, a 170MW
combined cycle unit, GEMSA's corporate structure will consolidate
all operating units, including 75% of Central Termica Roca, a 190MW
unit and 95% of Generacion Litoral. Going forward, GEMSA's total
installed capacity will reach approximately 1,858 MW with no
operating units outside the company's structure. In addition, the
structure considers will still consider the noncontrolling 42% of
Solalban Eneregia S.A., a 120MW unit. Fitch does not expect GEMSA
to receive dividends from this subsidiary.

Derivation Summary

GEMSA's rated Argentine utility peers are Pampa Energia S.A.
(B-/Stable), Genneia S.A. (CCC-), AES Argentina Generacion S.A.
(CCC-) and MSU Energy S.A. (CCC-). GEMSA's ratings and those of its
pure-play generation peers reflect Argentina's sovereign rating
because they receive payments from the market coordinator, CAMMESA,
which depends on the government. Fitch estimates median gross
leverage for GEMSA's Argentine utility peers at 6.1x in 2023.

GEMSA's expected 2024 gross leverage, measured as total
debt/EBITDA, is 8.9x, weaker than Pampa Energia's 1.9x, AES
Argentina's 0.9x, Genneia's 3.1x and MSU Energy's 4.4x. GEMSA
recently completed a combined-cycle expansion at its Ezeiza plant
and is expecting completion at its Maranzana plants by the end of
2024.

This is similar to ones MSU Energy completed in 2020, for which
GEMSA incurred an additional USD130 million in debt in 2021.
Genneia recently completed renewable energy expansions under the
RenovAr renewable energy program and is in a deleveraging phase.
GEMSA's working capital is vulnerable to delays in payments from
CAMMESA as it increases leverage to begin its combined-cycle
expansion.

Key Assumptions

- Refinancing and financing assumptions based on maintenance of
roughly USD50 million in readily available cash annually from 2024
through the rating horizon and refinancing of upcoming maturities
at current market rates;

- Starting Jan. 1st, 2025 GEMSA will merge with AESA and be
included in projections;

- Commercial operation date of projects as expected: Maranzana at
mid-2024 and Talara, Ezeiza and Arroyo at YE 2024;

- Capex average of USD35M through the rating horizon;

- Tax deferment through the rating horizon;

- Aggregated contracted capacity payments of USD180.6 million
annually over the rating horizon.

Recovery Analysis

Key recovery rating assumptions include the following:

- EBITDA declines 30% in bankruptcy;

- A 5.0x EBITDA multiple;

- Administrative claims of 0%;

- Liquidation Value approach is used.

Argentina is assigned to Group D, where the assigned Recovery
Ratings (RR) are capped at 'RR4'. Fitch believes the recovery
prospects for Edenor is higher than the expected recovery of
31%-50% for the 'RR4' band. This is based on Fitch's bespoke
recovery analysis for each individual issuer as well as precedents
of debt exchange offerings driven by capital control restriction
put into place by the Argentine Central Bank. In all cases, the
calculated recovery was higher than the expected recovery of
51%-70% for the 'RR3' band, but Fitch capped the RRs at 'RR3' to
reflect a less predictable range of outcomes.

A RR of 'RR3' supports a one-notch uplift for the instrument rating
from the issuer's Foreign Currency IDR.

RATING SENSITIVITIES

- An upgrade of the Argentine sovereign rating;

- Given the issuer's high dependence on CAMMESA subsidies from the
national treasury, any further regulatory developments leading to a
market less reliant on support from the Argentine government or a
sovereign upgrade could positively affect the company's collections
and cash flow;

- Cumulative cash flow from Peru covering hard-currency debt
service by 1.0x on a consistent basis;

- A downgrade of GEMSA below 'CCC-' could occur if Fitch believes a
default of some kind is probable or a default-like process has
begun. This would be represented by a 'CC' or 'C' rating, given
that GEMSA's ratings are linked to those of the Argentine sovereign
at 'CC' due to the high reliance on government subsidies to the
electricity sector.

Liquidity and Debt Structure

Pressured but Improved Liquidity: Fitch expects the company to
exhibit tight EBITDA interest coverage of 1.3x in 2024, increasing
to 2.4x in 2025. As of June 30, 2023, the company had a cash
balance of USD78 million, roughly 40% of which was held in U.S.
dollars.

Issuer Profile

Generacion Mediterranea S.A. (GEMSA) is a holding company for most
of Grupo Albanesi's electricity generation assets. Albanesi has
been operating in the sector since 2004, and currently owns or
participates in five generation companies: Generacion Mediterranea
S.A., Central Termica Roca S.A., GM Operaciones S.A., Generacion
Litoral S.A., and Solalban Energia S.A.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt                 Rating          Recovery   Prior
   -----------                 ------          --------   -----
Generacion
Mediterranea S.A.     LT IDR    CCC- Affirmed             CCC-

                      LC LT IDR CCC- Affirmed             CCC-

   senior unsecured   LT        CCC  Affirmed     RR3     CCC

   senior secured     LT        CCC  New Rating   RR3

Central Termica
Roca S.A.

   senior unsecured   LT        CCC  Affirmed     RR3     CCC

   senior secured     LT        CCC  New Rating   RR3




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B E L I Z E
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BELIZE: Moody's Ups Issuer Ratings to Caa1, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has upgraded Government of Belize's foreign- and
local currency issuer ratings to Caa1 from Caa2. The outlook
remains stable.

The upgrade to Caa1 is driven by the significant reduction in the
post-restructuring debt burden, aided by a stronger-than-expected
post-pandemic recovery and an improvement in Belize's primary
balance. The shift to primary surpluses from deficits will ensure
debt remains on a downward trend even as growth slows toward
potential. The upgrade also takes into account the build-up in
external foreign exchange buffers, supported by a structural
improvement in the current account balance. The Caa1 rating factors
in Belize's history of serial defaults and its weak liquidity
management track record.

The stable outlook balances upside and downside risks. Upside risks
relate to a stronger-than-projected decline in the debt-to-GDP
ratio which could be supported by structural fiscal reforms,
including pension and tax reform. Downside risks relate to the
gradual step-up in interest payments on the commercial blue loan,
which will weaken debt affordability. Such step-ups have in past
instances led to government liquidity constraints for Belize,
especially when they coincided with external shocks, including in
the event of severe weather-related shocks.

Concurrently, Moody's raised Belize's local currency (LC) ceiling
to B2 from B3, two notches above the issuer rating, reflecting
moderate predictability and reliability of institutions and
government actions and the economy's reliance on tourism as a
single source of common revenue. Similarly, Moody's raised the
foreign currency (FC) ceiling to B3 from Caa1, one notch below the
local currency rating, reflecting Belize's moderate external
indebtedness and potential capital account restrictions to
safeguard the currency peg to the US dollar in times of stress.

RATINGS RATIONALE

RATIONALE FOR THE UPGRADE TO Caa1

SIGNIFICANT REDUCTION IN THE POST-RESTRUCTURING DEBT BURDEN,
REFLECTING AN IMPROVED GOVERNANCE TRACK RECORD

The significant reduction in Belize's debt-to-GDP ratio and
improvement in debt affordability following its external commercial
debt restructuring will be sustained by the shift to consistent
primary surpluses, reflecting the government's improved governance
track record over the past two years.

The reduction in the central government debt-to-GDP ratio to 70.6%
at the end of 2023 from 103.1% at the end of fiscal 2020 is the
result of several strategic debt management initiatives, including
the "superbond" commercial debt buyback at 55 cents on the dollar
performed on November 5, 2021 via the blue loan/blue bond debt for
nature transaction, which has reduced the debt-to-GDP ratio by
about 10pp; the discount on the debt owed to Venezuela under the
Petrocaribe debt restructuring agreement in 2022 (about 5pp), in
addition to a strong fiscal consolidation narrowing the fiscal
deficit by about 7.5pp between 2020 and 2023. The end of 2023 debt
ratio also takes into account the acquisition and nationalization
of the Port of Belize for US$98 million (3.2% of GDP), ending the
receivership in place since 2012.

Moody's expect the government to maintain primary surpluses of
between 1% and 1.5% of GDP over the next three years, aiding a
further reduction in debt. Primary surpluses will be maintained
through continued control over current spending as well as efforts
to broaden the tax base and increasing revenue collection
efficiency. The fiscal space created by continued primary surpluses
and a lower debt ratio will mitigate the impact of the scheduled
increase in annual interest payments until 2026 under the blue loan
structure.

The government's resolution of the long-standing debt overhang via
the blue loan debt restructuring and the resolution of the Port of
Belize receivership support the government's ocean conservancy
credentials.

STRONG POST-PANDEMIC ECONOMIC RECOVERY AND STRUCTURAL IMPROVEMENT
IN SERVICES BALANCE BUILDS UP EXTERNAL BUFFERS

Belize's real GDP has recovered very strongly following the 13.7%
contraction in 2020 driven by tourism and transport services as
well as construction and retail and wholesale trade. Tourist
arrivals have converged to pre-pandemic levels, with tourism
earnings higher than prior to the pandemic. Moody's expect real GDP
growth to gradually ease to its long-term potential growth rate of
2.5% starting 2025 after a projected 3.4% in 2024. Meanwhile, the
unemployment rate declined to a record 3.4% in 2023, supported by
new employment created in the services industry. The tightening
labor market is exerting wage pressures as reflected in a 50%
increase in the minimum wage for workers.

Meanwhile, the strong recovery in tourist arrivals toward
pre-pandemic levels has resulted in a stronger services surplus
than recorded before the pandemic, indicating a structural
improvement in the current account surplus. Moody's expect the
current account deficit to average between 2.5% and 4.5% of GDP,
significantly lower than the 6% to 8% of GDP recorded prior to the
pandemic. The resulting improvement in the balance of payments has
helped replenish FX reserves to US$440 million at the end of July -
close to the highest level in a decade -, sufficient to cover 3.3
months of imports.

The Caa1 rating factors in Belize's history of serial defaults that
constrains Moody's institutions and governance strength assessment,
and its weak liquidity management track record.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook balances upside and downside risks. Upside risks
relate to a stronger-than-projected improvement in Belize's debt
burden in case of structural fiscal reforms, such as pension or tax
reforms. The government has started negotiations on reforms to the
Pension Plan for Public Officials (PPPO) for new hires and for
existing employees during fiscal 2024. In line with IMF
recommendations, the government is also reviewing the number of
zero-rated items under the goods and services tax as one option to
raise revenue.

Downside risks relate to the gradual step-up in interest payments
between 2022 and 2026 in the commercial blue loan. Although no
principal payments are due on the blue loan until 2032, a step-up
in interest payments on previously restructured debt have in the
past contributed to renewed government liquidity constraints for
Belize, particularly when coinciding with external or
climate-related shocks. Examples include the second and third
restructurings in 2012 and 2016 out of four debt restructurings
between 2006 and 2020/21. A further strengthening in the
government's domestic and external liquidity profiles beyond
Moody's baseline expectations would mitigate Belize's high event
risk assessment, thereby mitigating downside risks.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Belize's CIS-4 credit impact score shows that significant exposures
to environmental and social risks constrain the rating, compounded
by a weak governance profile and fiscal constraints to sustainably
mitigate these exposures.

Belize's E-4 exposure to environmental risks is driven by physical
climate risk. The country's infrastructure gap, low lying areas
near the coast, and its geographic location make it vulnerable to
climate events like hurricanes and tropical storms that have had
negative economic and fiscal implications for Belize's credit
profile. Droughts can also lead to production shocks in the primary
and electricity sectors that negatively impact economic
performance.

Exposure to social risks (S-4 issuer profile score) is driven by
the weak health and safety performance as a result of Belize's very
high homicide rate at over 31 per 100,000 population in 2021 which
is the fourth highest globally. Relatively low-income levels and
the country's infrastructure gap result in limited access to basic
public services and education within the sparsely populated
territory.

Belize's G-4 issuer profile score balances a stable political
environment, underpinned by a general consensus around key policy
issues, with governance challenges stemming from low population
density, large infrastructure gaps, the large size of the informal
economy and the government's small size that limits policy
implementation. A track-record of defaults, reflecting low debt
tolerance also weighs on Moody's assessment.

GDP per capita (PPP basis, US$): 10,908 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 4.7% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.7% (2023)

Gen. Gov. Financial Balance/GDP: -0.9% (2023) (also known as Fiscal
Balance)

Current Account Balance/GDP: -2.9% (2023) (also known as External
Balance)

External debt/GDP: 49.1% (2023)

Economic resiliency: b2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On October 10, 2024, a rating committee was called to discuss the
rating of the Belize, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have materially increased. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has materially increased. The issuer's susceptibility to
event risks has not materially changed.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Upward rating pressure could develop over time as a result of a
continued reduction in the debt-to-GDP ratio, faster than Moody's
currently expect, and increased confidence that the government will
be able to meet future step ups in debt service payments. The
implementation of structural reforms, such as pension and tax
reform, would support the government's repayment capacity when debt
service payments step-up. A sustained increase in Belize's
foreign-exchange reserves commensurate with a pegged exchange-rate
regime would be key to reduce foreign-currency liquidity risks.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating could be downgraded if Moody's conclude that a renewed
tightening of external or domestic liquidity conditions will
undermine the government's debt service capacity. The renewed
accumulation of government debt in a post-restructuring environment
would exacerbate solvency concerns, as well as a renewed drawdown
of foreign-exchange reserves, which reduces the import cover below
the three-month mark.

The principal methodology used in these ratings was Sovereigns
published in November 2022.




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

MINAS GERAIS: S&P Affirms 'CCC+' LongTerm ICRs, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its long-term 'CCC+' foreign and local
currency issuer credit ratings on the state of Minas Gerais.  S&P
also affirmed its 'brBB' national scale rating.  The outlook on
both scales remains stable.

S&P said, "The stable outlook on Minas Gerais reflects our
expectation that it will continue to receive substantial debt
relief from the federal government. Formal inclusion in the FRR
program remains pending since last year given local political
dynamics, though the state appears close to finalizing the
requirements to join the program. In our view, doing so would
strengthen the legal continuity of debt relief as well as
underscore Minas Gerais' commitment to gradually improve its fiscal
profile.

"We could lower our ratings on the state of Minas Gerais in the
next 12 months if it stops receiving debt relief from the central
government, which would likely happen if it fails to formally join
the FRR and implement the necessary measures to balance its
finances.

"We could upgrade the state of Minas Gerais in the next 12 months
if following the official entry into the FRR, the state benefits
from debt relief and begins to establish a track record of fiscal
consolidation in line with the program. Such measures would bolster
prospects for improving its fiscal profile and capacity to repay
creditors.

"Our 'CCC+' rating reflects vulnerabilities in Minas Gerais' fiscal
profile, given its dependence upon favorable external conditions
including access to debt relief in order to service its debt in a
timely manner. The ratings incorporate timely repayments of debt
for the next 12 months despite the state's fragile fiscal profile,
including still weak cash flow and liquidity, as well as high debt.
Debt payments will rise in the coming years, despite the relief
provided by the federal government, and will require fiscal
correction measures to strengthen the state's debt repayment
capacity."

After delays in implementing requirements to formally join the FRR,
the state of Minas Gerais and the central government agreed in
August 2024 to extend the deadline to do so for another six months.
Official inclusion in the FRR would formalize continuity of
substantial debt relief from the central government. The main
obstacle is the passage of a spending cap by the state legislature
or through a decree, implementation of which should contribute to
strengthening Minas Gerais' fiscal accounts. The approval of the
fiscal plan by the state legislature is also a requirement, though
it can also be done so by the Federal Supreme Court decision.

The potential need on the Supreme Court's decision stems from the
political difficulties in garnering needed votes to approve the
fiscal plan in the state legislature. Despite the governor's
efforts to broaden the political coalition, attempts to advance the
fiscal plan have stalled. However, Minas Gerais agreed with the
central government to implement the spending ceiling through a
decree, yet to be enforced. In addition, discussions over potential
state asset sales were put on hold. This reflects ongoing efforts
by Congress to pass a new fiscal program for all the states aimed
at reducing their debt through asset transfers to the central
government.

If Minas Gerais ratifies the FRR, the federal government will
continue to pay the state's guaranteed debt in full in a timely
manner. In addition, it will reschedule all of the state's
intergovernmental obligations. The federal government will also be
precluded from activating counter-guarantees to recoup guaranteed
or rescheduled debt service, which would occur under normal
circumstances when the federal government steps to service states'
guaranteed debt.

Under the terms of the August 2024 agreement, monthly debt payments
under the FRR terms resumed in October. Only servicing of debt owed
to the central government will be performed for the remainder of
2024, totaling R$875 million, while the total debt service under
the FRR will gradually increase starting in 2025. S&P believes this
will weigh on Minas Gerais' short-term financial performance, but
the August agreement signals commitment from the state and a
gradual normalization in payments.

S&P estimates an average operating surplus of 4.7% of operating
revenues and deficit after capital expenditures of 1% of total
revenues in 2024-2026, compared with the average 7.7% and 2.3%
surpluses, respectively, in 2020-2023. The rise in debt service to
R$5 billion in 2025 and to R$7 billion in 2026 is likely to strain
the state's fiscal performance. However, combined with effects of
fiscal measures expected to kick in, its cash flow slippage should
gradually narrow starting in 2026.

That said, Mina Gerais' 2024 fiscal results are projected to be
balanced because of a delay in resumption of debt service (savings
estimated at 8.2% of total revenues), better-than-expected revenue,
and containment in spending.

Nonetheless, S&P views Minas Gerais' unfunded pension system as one
of its key budgetary constraints. Pension fund deficits are still
high despite the approval of the 2020 pension reform. S&P expects
annual pension fund deficits to remain large and in line with 20%
of operating revenue, as in 2023.

A potential spending ceiling would help restrain spending growth,
but the mandatory nature of Minas Gerais' expenditures (estimated
at 90% of total spending), which is also indexed or linked to
revenue collection, will represent structural challenges.

S&P said, "We think liquidity will remain structurally weak. The
state generates insufficient free cash, leading to a very low
expected debt service coverage ratio. Moreover, the access to new
borrowings is limited to policies that would support fiscal
consolidation, and we expect accounts payable and unfulfilled
budgetary commitments to widen as a source for financing the
projected fiscal deficits.

"Despite restrictions on new borrowings, low debt service will
result in high debt levels for the forecast period. We incorporate
the share of debt service rescheduled through the FRR into Minas
Gerais' debt stock, account for the Brazilian real's depreciation,
and the monetary update coefficient for the largest share of the
state's debt, which it owes to the federal government. Therefore,
we forecast Minas Gerais' debt at about 190% of operating revenues
in 2024-2026. Interest payments will be about 3% of operating
revenues during the same period, as the state benefits from the
central government's extraordinary support.

"We estimate that the state's GDP per capita is $9,100 for 2024,
compared with Brazil's $10,400. Minas Gerais contributes about 10%
to the national GDP. Most of the state's economy is based on the
services sector, but mining activities have important indirect
effects. We expect Minas Gerais' economy to perform generally in
line with the sovereign's in 2024-2026. We expect the state's real
GDP growth of about 3.0% in 2024, but to average 2.0% in
2025-2026.

"We assess Brazilian local and regional governments' institutional
framework as volatile and unbalanced. In our opinion, the
rigidities of Brazil's intergovernmental system continue to prevent
local and regional governments from structurally balancing their
finances. Nonetheless, we believe the system have a certain degree
of predictability and transparency, with enhanced oversight over
local and regional governments' finances and their adherence to
fiscal discipline."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Minas Gerais (State of)

  Issuer Credit Rating      CCC+/Stable/--
  Brazil National Scale     brBB/Stable/--




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

DOMINICAN REPUBLIC: Restaurant Owners Foresee Cost Increases
------------------------------------------------------------
Dominican Today reports that the Dominican Restaurant Association
(Aderes) highlighted that the tax reform bill presented by the
Dominican Republic Government would increase input costs, which
will directly impact the cost structure of its operations.  

In addition, Dominicans will see their purchasing power limited,
according to Dominican Today.  

ADERES criticized the reform for bringing changes that will affect
the middle class, which is already overburdened and whose
purchasing capacity affects their daily lives, the report relays.

The president of Aderes, Rafael Omar Cepeda, explained that this,
along with other measures such as the increase in the cost of
electricity, salary increase, and increase of the Real Estate
Patrimony Tax (IPI) proposed in the reform, will affect rents and
suppliers, causing them to increase the price of the products they
supply, the report relays.

In addition, Cepeda warned that the elimination of the tourism
incentive law, as proposed, will negatively impact the entire
complementary offer, of which restaurants are a part, the report
notes.  This hinders the important effort being made by the sector
to develop Gastronomic Tourism, which is already registering its
first successes and is in full growth, the report says.

Cepeda expressed that the sector and the National Association of
Hotels and Tourism (Asonahores) have been doing a great job
positioning the Dominican Republic as a gastronomic destination,
the report discloses.  However, the "work to be done" is still
going in that direction, the report relays.

Cepeda explained that Dominican restaurants promote the processing
and use of Dominican products to encourage national agriculture,
the report notes.

"The way the reform is proposed, the consumer is going to feel it,
the report says.  If you now have to pay more for fruit, you have
to pay more for electricity, you have to pay more for IPI, you have
to pay more for everything, then you are going to limit your
purchases because you will not have the capacity perhaps to
frequent restaurants as you currently do," he added.

                  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.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.


DOMINICAN REPUBLIC: Tax Reform Ends Exemptions for Online Sale
--------------------------------------------------------------
Dominican Today reports that the new Tax Modernization Bill
proposed by the Dominican Government introduces significant changes
to the tax treatment of online purchases.  Previously, items valued
at less than $200 bought through foreign platforms were exempt from
taxes.  Under the new bill, this exemption is removed, subjecting
all online purchases to Value Added Tax (VAT) and other customs
duties, regardless of the purchase amount, according to Dominican
Today.

The reform, detailed in Article 22 of the amended Tax Code, means
that consumers will now pay taxes on items ordered from platforms
like Amazon and eBay, ending a longstanding tax advantage for minor
online purchases, the report notes.  The law also mandates that
these taxes apply to all digital platforms serving Dominican
consumers, even if the service provider lacks a physical presence
in the country, the report relays.

This policy change aligns with the global trend of taxing
e-commerce transactions based on their destination, aiming to
create a level playing field for local and international businesses
while increasing government revenue from digital commerce, the
report says.

                 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.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.




===========
G U Y A N A
===========

GUYANA: Urged to be Financially Prudent With Oil Gains
------------------------------------------------------
Javaughn Keyes at RJR News reports that Guyana is being urged to
make prudent decisions, as its economy reposition with oil and gas
as major economic drivers.

The remarks were made by Chairman of the Jamaica Stock Exchange
Steven Whittingham, at day one of the JSE's 2nd Regional
Investments and Capital Markets Conference in Guyana, according to
RJR News.

Guyana is now positioned as an important player in the global oil
and gas market, with more than 11 billion barrels of oil reserves,
and production of more than 600,000 barrels per day, the report
notes.

This "Black Gold" has already started to revolutionise the
country's economy, as it continues to lead economic growth in the
Caribbean region, the report relays.

It's also one of the fastest growing economies in the world, the
report notes.

But as the country repositions, it's being urged to not make the
same mistakes as Jamaica, the report discloses.

"In the heyday of bauxite and alumina in Jamaica, Jamaica boldly
and controversially introduced a bauxite levy regime, which led to
the accumulation of a considerable amount of capital, which was
isolated from the Consolidated Fund and placed in a special fiscal
vessel called a Capital Development Fund.  This Capital Development
Fund was intended to be the spinal column of our economy, and it
was supposed to constitute healthy reserves that could weather any
storm," Mr. Whittingham recounted, the report says.

But the approach was not successful, the report notes.

"Rather than carry out far-reaching prudential reforms, the Capital
Development Fund in Jamaica became absorbed in her current
expenditure.  As recently shared with me by Jamaica's outgoing
Minister of Finance, Dr. Nigel Clarke, US$2.5 billion later, the
funds from our bauxite levy are gone. So the decisions that we made
in the past in Jamaica rocked the foundation of our economic
independence, and it has taken us 30 years to recover our balance,"
he reasoned, the report relays.   

He warned that Guyana must "be careful not to fall into the similar
self-created trap", and instead be financially prudent to ensure
the gains from oil will trickle down for years to come, the report
adds.




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

JAMAICA: 672,700 Outside Labor Force, STATIN Says
-------------------------------------------------
Javaughn Keyes at RJR News reports that there were 672,700 people
outside of the local labor force in Jamaica.

In the latest survey on Jamaica's working age population, the
Statistical Institute of Jamaica found there were more women than
men outside the labor force, according to RJR News.

Some 402,500 women compared with 270,200 men were considered
outside the labor force, the report notes.

STATIN says among the people outside the labor force, 23,600 or 3.5
per cent were classified as part of the potential labor force, the
report relays.

This group includes people seeking employment but not available to
work or available for work but not currently searching for a job,
the report says.

Among the youth aged 15 to 24 years outside the labor force, there
were 139,600 males and 153,000 females, 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.  In September 2023, S&P
Global Ratings raised 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', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  In March 2022, Fitch Ratings affirmed Jamaica's
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'.
The Rating Outlook is Stable.


JAMAICA: World Bank Downgrades Economic Growth Outlook
------------------------------------------------------
Javaughn Keyes at RJR News reports that the World Bank has
downgraded its outlook for economic growth in Jamaica.

The multilateral agency has released its regional and global growth
outlook, according to RJR News.

Jamaica is now expected to see economic growth of 0.8 per cent in
2024, the report notes.

The latest outlook reflects a consensus that sectors are returning
to their pre-pandemic output, made worse by lower productivity in
some sectors linked to Hurricane Beryl in July, the report relays.

The estimate in October 2024, reflects a downward revision from the
2 per cent growth forecast in April, the report says.

The World Bank has, however, upgraded its growth outlook for 2025,
with gross domestic product (GDP) expected to increase by 2.2 per
cent, the report notes.

In April, the 2025 forecast was for 1.6 per cent growth, the report
discloses.

From a regional perspective, GDP for Latin America and the
Caribbean (LAC) is estimated to grow by 1.9 per cent, moving up to
2.6 per cent in 2025, the report relays.

The World Bank says the estimates are the lowest rates among all
global regions, highlighting persistent structural bottlenecks, the
report notes.

The bank says for the region to accelerate growth, it must seize
the current momentum coming from the US Federal Reserve's decision
to lower interest rates, which it expects to provide some relief,
the report says.

It also says inflation control is another positive development, due
to the region's macroeconomic management, 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.  In September 2023, S&P
Global Ratings raised 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', with a stable outlook.  In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive.  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
===========

UNIFIN 2019: Fitch Affirms 'CCCsf' LT Rating on 18247-6 Credit Line
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term and National Long-Term
ratings for the Trust 18247-6 credit line at 'CCCsf' and
'CCC(mex)vra', respectively.  Banco Santander Mexico, S.A.
(Santander Mexico) has provided the credit line to Banco Nacional
de Mexico, S.A., Institucion de Banca Multiple (Citibanamex),
acting as trustee of Fideicomiso Irrevocable de Administracion y
Fuente de Pago con Derechos de Reversion Numero 18247-6 (Unifin
2019).

The rating reflects ongoing collections in the servicer's accounts,
high default metrics and obligor concentration levels, which could
impact cash flow dynamics and portfolio credit risk. Fitch believes
transaction default remains a real possibility.

The transaction involves securitizing a pool of equipment lease
contracts originated and serviced by UNIFIN Financiera S.A.B. de
C.V. (Unifin). The structure is a credit facility provided to a
special purpose vehicle (SPV) in the form of a trust. Unifin, as
the settlor, has collateralized the pool with equipment lease
contracts, cash and convertible short-term securities investments.

   Entity/Debt            Rating                   Prior
   -----------            ------                   -----
UNIFIN 2019

   UFN F18247-6
   (2019)          LT      CCCsf        Affirmed   CCCsf

   UFN F18247-6
   (2019)          Natl LT CCC(mex)vra  Affirmed   CCC(mex)vra

KEY RATING DRIVERS

Commingling Risk Persists: The transaction receives around 55% of
overall collections through Master Collection trust (MCT) accounts.
This proportion has remained consistent since Fitch's last review,
with no significant changes expected. The payment process has been
established by the obligors of the static portfolio, and there are
no incentives to alter it in the future.

Although the collections from the lease pool are identified and
recognized among Unifin's creditors after its commercial
bankruptcy, commingling risk persists. This risk arises because
some collections are deposited in Unifin's accounts, and the
transaction depends on the timing of transfers from Unifin to
transaction accounts.

No Servicing Disruptions: After the commercial bankruptcy process,
Unifin remains as the transaction's primary servicer. The shadow
servicer is still providing report and collection surveillance
support. However, information flow and asset pool servicing still
relies in the primary Servicer.

High but Stable Delinquency Metrics: As of August 2024, defaulted
assets represent 23% of the portfolio observed at the begging of
the amortization period, while the last 12 month average was 25%.
This stability in defaulted assets and the excess spread benefited
the OC, which has reached 26.3% (up from 1.27% in the last review).
Overconcentration remains high, with the top 10 economic groups
identified by the agency representing 45% of remaining portfolio.

Since full turbo amortization was triggered in August 2022, the
transaction has paid interest on time and continues to amortize
with remaining cashflows. The outstanding balance of the credit
line is now 6.4% of the initial credit line (down from 34% during
the last review). The transaction is no longer hedged against
interest rate exposure after the maturity of the previous swap
agreement.

RATING SENSITIVITIES

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

- Major delinquency levels, OC reduction or lack of liquidity with
further pressure towards transaction default, could lead to a
downgrade.

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

- Fitch will monitor the transaction through monthly reports and
surveillance with the Master Servicer and lender. An upgrade could
be possible if the obligors make payments in SPV accounts, default
metrics and obligor concentrations decrease, and credit protection
metrics continue to improve.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Servicer monthly reports since original placement to August 2024,
aggregate and loan level data were used to review default and OC
performance provided by Tecnologia en Cuentas por Cobrar, S.A.P.I.
de C.V. and Banco Santander Mexico, S.A., Institución de Banca
Multiple.

ESG Considerations

UNIFIN 2019 has an ESG Relevance Score of '4' for Transaction &
Collateral Structure due to Asset Isolation and Collateral
Structure due to obligor risk concentration, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

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




===========
P A N A M A
===========

GLOBAL BANK: Moody's Affirms Ba1 Deposit Ratings, Outlook Negative
------------------------------------------------------------------
Moody's Ratings has affirmed all ratings and assessments assigned
to Global Bank Corporation's, including its Ba1/NP long- and
short-term foreign currency deposit ratings, the Baa3/P-3 long- and
short-term foreign currency Counterparty Risk Ratings, as well as
its Baseline Credit Assessment (BCA) and Adjusted BCA of ba1.  In
addition, Moody's also affirmed Global Bank's long and short-term
Counterparty Risk Assessments (CRA) of Baa3(cr)/P-3(cr).  The
outlook on the bank's long-term deposit rating remains negative.

RATINGS RATIONALE

By affirming all ratings and assessments assigned to Global Bank,
Moody's incorporate Moody's expectation of a continued recovery in
the bank's financial performance, which will be slower than
previously anticipated, as Moody's continue to monitor the bank's
gradual increases in capital levels over the next 9 to 12 months,
driven by modest bank's earnings generation and a normalization in
asset quality metrics.

As such, Global Bank's financial profile remains constrained by its
relatively weak capital position that reported only a slight
improvement since June 2023, with its adjusted tangible common
equity to risk-weighted assets (TCE ratio) increasing by 44 basis
points (bps) to 11.3% by June 2024. The mild increase was supported
by the bank's limited credit growth in 2024, but still well below
its 12.6% capitalization in 2022.

In terms of profitability, Global Bank reported a stable, though
fairly low, net income to tangible asset ratio at 0.6% in June
2024, supported by the decrease of loan-loss provisioning expenses,
which was partly offset by the reduction in its net interest margin
(NIMs), driven by limit credit growth and high funding costs.
Moody's anticipate that earnings will continue to be modest due to
low loan production as the bank prioritizes shifting from costly
market funding sources to more affordable core deposits, aiming to
gradually reduce its funding expenses.

Global Bank reported a slight recovery in its asset quality metrics
over the past fiscal year, which compares favorably below the
averages of its similarly rated peer banks in the country. The bank
has been able to reduce its problem loan ratio - measured as loans
classified as Stage 3 under IFRS9 - to 4.0% of gross loans in the
12 months to June 2024, by around 45 bps. The bank has also
maintained sound reserve coverage for loan losses, and well above
midsized banks in Panama, at a sound 88% of stage 3 loans in June
2024, an important risk-mitigant complemented by strong collateral
structures which has historically reduced charge-offs.

Moody's decision to maintain the negative outlook on Global Bank's
Ba1 long-term deposit rating incorporates Moody's view that the
bank's capital position remains low and below to those of peer
midsize banks in Panama, and Moody's incorporate Moody's view of
the challenges the bank faces in rebuilding its loss-absorption
capacity amidst squeezed net interest margins, which in turn have
impacted overall profitability. While Global Bank has reported a
mild improvement in its capital and asset risk in 2024, Moody's
will need to see a material strengthening in the bank's asset
quality as well as its earnings generation capacity, which would
support the bank's capitalization metrics at a level commensurate
with its rating level and comparable to peers, before reverting the
outlook to stable.

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

Upward pressures on Global Bank's BCA and deposit ratings are
limited at this point as the outlook is negative. However, a
stabilization of its rating outlook would depend on a consistent
and sustained improvement in its capital ratios to levels more
aligned to those of its peers and historical averages. A sustained
recovery in asset quality metrics and less reliance on market
funding sources would also be an upward rating and BCA trigger as
the bank is able to restore credit and business growth.

The BCA could be downgraded if its capitalization ratio does not
recover during the outlook horizon and if the bank were to
experience sudden deterioration in asset risks, funding conditions
or profitability levels.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.


UEP PENONOME II: S&P Lowers ICR to 'BB-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on the Panamanian
renewable power generator UEP Penonome II's (UEP II or the project)
to 'BB-' from 'BB'.

The stable outlook reflects S&P's expectation that UEP II will post
a DSCR close to 1.1x in the next 12 months, given its highly
contracted energy generation, and our expectation of P-95 wind and
P-90 solar resource scenarios.

In the first half of 2024, UEP II's operating expenditures (opex)
increased almost 25%, significantly above inflation during the
period. The increase is mainly because of unexpectedly higher
transmission costs, resulting from the addition of:

-- A postage stamp rate that was previously not charged to
unconventional renewable generators, which is paid monthly based on
installed capacity and adjusted annually by Panama's inflation;
and

-- A rate devoted to fund the Institute of Meteorology and
Hydrology of Panama (IMHPA), which is paid monthly by generators
based on their installed capacity and adjusted annually by the
distribution companies' total revenues.

S&P said, "We expect the additional transmission costs to represent
about 5% of total revenue during the project's life. Therefore, our
base-case scenario now assumes an opex-to-revenue ratio of about
35%, compared with our previous assumption of close to 30%. This
leads to minimum DSCRs of 1.08x (Oct. 2029) in Phase I and 1.52x
(Oct. 2034) in Phase II, below our estimates of 1.17x and 1.6x
previously.

"Moreover, under our revised downside-case scenario, the project
would be unable to repay all the debt with its CFADS. This is
because we forecast its debt shortfall would be larger than in our
previous stress scenario, with $22 million in Phase I and $18.8
million in Phase II, versus $12.3 million and $16 million,
respectively. This shortens the project's resiliency in both phases
to four years from five years, considering the use of its liquidity
reserves (the $15.5 million six-month debt service reserve account
[DSRA] during Phase I and the $19.9 million 12-month DSRA during
Phase II). As a result of all these factors we mentioned above, we
lowered our debt rating on UEP II to 'BB-' from 'BB'.

"The profitability of the Panamanian distribution companies has
been more volatile than anticipated because of decreasing
contracting levels, cost pass-through delays, and penalties for
deficiencies in their service. Accordingly, we revised downward UEP
II's weighted average revenue counterparty assessment to 'bb-' from
'bb'. Still, this assessment is the same as the project's
operations phase SACP before counterparty adjustments. As such, the
debt rating on the project is not constrained by the credit profile
of its offtakers."




=============
U R U G U A Y
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MERCADOLIBRE INC: Egan-Jones Hikes Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2024, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by MercadoLibre, Inc. to BB from BB-. EJR also withdrew
the rating on commercial paper issued by the Company.

Headquartered in Montevideo, Uruguay, MercadoLibre, Inc. operates
an online trading site for the Latin American markets.



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