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

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

          Monday, October 28, 2024, Vol. 25, No. 216

                           Headlines



B A H A M A S

BAHA MAR: Developer Wins $1.6BB Verdict Over Delays
FTX GROUP: Can Go Forward With $240MM Acquisition Clawback
FTX GROUP: Deal With Feds In Bankruptcy Remains Undone


B E R M U D A

NABORS INDUSTRIES: Inks Agreement to Acquire Parker Wellbore


B R A Z I L

AZUL SA: Weighs Options to Raise Fresh Capital, Deal Seen Close
BTG PACTUAL: Gets OK to Buy AccorInvest Hotels in Brazil for $300MM


C A Y M A N   I S L A N D S

GFH SENIOR: Fitch Assigns 'B(EXP)' Rating on USD500MM Certs
SEAGATE HDD: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable
VENUS CONCEPT: SEDCO Capital, 4 Others Report Stakes


C O L O M B I A

ARIS MINING: Fitch Rates Proposed USD400MM Notes Due 2029 'B+'


P A R A G U A Y

PARAGUAY: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable


P U E R T O   R I C O

OPTIQUS VISION: Hires Luis R. Carrasquillo as Financial Consultant


S U R I N A M E

SURINAME: Moody's Ups Issuer Rating to Caa1 & Alters Outlook to Pos


X X X X X X X X

[*] BOND PRICING COLUMN: For the Week Oct. 21 to Oct. 25, 2024

                           - - - - -


=============
B A H A M A S
=============

BAHA MAR: Developer Wins $1.6BB Verdict Over Delays
---------------------------------------------------
Elliot Weld at law360.com reports that a New York state judge has
handed the developer of the Bahamian resort Baha Mar a $1.6 billion
verdict against a Chinese state-owned construction firm that was
accused of concealing its massive delays in building the project
and then sabotaging the development entirely when it realized
catching up was hopeless.

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases are assigned to Judge Kevin J. Carey.  The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones
LLP, in Wilmington, Delaware.  The Debtors' Bahamian counsel is
Glinton Sweeting O'Brien.  The Debtors' special litigation counsel
is Kobre & Kim LLP.  The Debtors' construction counsel is Glaser
Weil Fink Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk LLC.


FTX GROUP: Can Go Forward With $240MM Acquisition Clawback
----------------------------------------------------------
Rick Archer at law360.com reports that a Delaware bankruptcy judge
has ruled defunct cryptocurrency exchange FTX Trading can continue
to try and claw back $240 million it paid for a stock trading
platform just before its Chapter 11 filing, while saying a $55
million bonus payment to the platform's ex-CEO is off limits.

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.  SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.


FTX GROUP: Deal With Feds In Bankruptcy Remains Undone
------------------------------------------------------
Ben Zigterman at law360.com reports that when crypto giant FTX
finally won court approval for its hard-fought bankruptcy plan
earlier this month, it left one big piece of the puzzle unsolved: a
dispute with federal prosecutors over $1 billion seized as part of
the prosecution of founder Sam Bankman-Fried.

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.  SBF agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
billion in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.

White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.




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

NABORS INDUSTRIES: Inks Agreement to Acquire Parker Wellbore
------------------------------------------------------------
Nabors Industries Ltd. and Parker Wellbore announced a definitive
agreement under which Nabors will acquire all of Parker's issued
and outstanding common shares in exchange for 4.8 million shares of
Nabors common stock, subject to a share price collar.

Parker provides drilling services across global energy markets.
Through its Quail Tools subsidiary, Parker is the leading rental
provider of high-performance downhole tubulars in the U.S. market.
Internationally, Parker provides tubular rentals and repair
services, with state-of-the-art facilities located in key
geographies. Parker offers differentiated, casing and tubular
running services in the U.S., the Middle East, Latin America, and
Asia. Its portfolio also includes a fleet of 17 drilling rigs in
the U.S. and international markets, as well as Operations &
Maintenance services primarily in Canada and Alaska.

Anthony Petrello, Chairman, President and CEO of Nabors, commented,
"This transaction brings together two of the storied names in our
industry. The acquisition of Parker expands our high margin,
capex-light Nabors Drilling Solutions global business, while
solidifying the geographical footprint of our international
drilling rig business. With Parker's resilient free cash flow and
healthy capital structure, this acquisition also is expected to
deliver profitable growth together with improved leverage metrics.

"Over the past five years, Parker has achieved an impressive record
of increasing results and we expect this expansion to continue. We
are excited to welcome Parker's highly capable team to Nabors. With
Nabors' extensive global technology platform, we are confident we
will extend Parker's success even further."

Sandy Esslemont, President and CEO of Parker commented, "We believe
Nabors is the ideal partner to build on Parker's 90-year reputation
and performance. Parker's leading position across key product lines
and geographic markets aligns neatly with the Nabors' footprint.
Our portfolio and technology offerings combined with Nabors'
leading drilling solutions business and strong capital structure
are expected to provide significant benefits to both Nabors' and
Parker's customers, investors and the industry at large."

                          Robust Strategic
                      and Financial Rationale

     * Materially strengthens Nabors Drilling Solutions business

This acquisition adds a large-scale, high performance tubular
rental and repairs services operation to the Nabors portfolio.
Growth in wellbore lateral lengths is a key driver to increasing
demand for drill pipe, both in the U.S. and in other important
markets.

Parker's casing running business complements Nabors' own tubular
services and affords the opportunity to migrate to Nabors'
integrated casing running model. Nabors expects this combination
will establish the industry's third largest provider, with presence
in several key geographies.

     * Immediately additive to Free Cash Flow

The transaction is expected to result in immediate accretion to
Nabors' free cash flow. It is further expected to be increasingly
accretive to valuation metrics as expense and revenue synergies are
progressively realized.

     * Enhances scale and improves leverage metrics

On a combined company basis, adjusted EBITDA for the first six
months of 2024 totaled $527 million. For the full year 2024, Parker
expects to generate EBITDA of $180 million. With meaningful
incremental EBITDA and only $100 million in additional net debt,
the transaction is projected to improve Nabors' leverage metrics.

     * Significant synergy potential

Nabors expects to realize up to $35 million of annualized expense
synergies, with the majority achieved during the first 12 months
post-closing. The primary drivers of these savings include
reductions in both duplicate overhead and operational expenses, as
well as savings in procurement. In addition to these amounts,
Nabors expects to combine its existing drill pipe rental operations
in the U.S. with Quail Tools, resulting in additional efficiency
savings and revenue opportunities. Nabors also plans to leverage
its global operations footprint to expand Parker's international
business.

     * Transaction details

The transaction has been approved by the Nabors and Parker Boards
of Directors. Nabors will acquire Parker for 4.8 million shares and
the assumption of net debt totaling approximately $100 million. The
transaction is expected to close in early 2025, subject to
customary closing conditions, as well as shareholder and regulatory
approvals.

A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission with further information is
available at:

                  https://tinyurl.com/5n8a5f84

                           About Nabors

Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets. Nabors also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.

Nabors Industries reported a net loss of $11.8 million for the year
ended December 31, 2023, a net loss of $307.22 million in 2022, a
net loss of $543.69 million in 2021, a net loss of $762.85 million
in 2020, a net loss of $680.51 million in 2019, a net loss of
$612.73 million in 2018, and a net loss of $540.63 million in 2017.
As of March 31, 2024, the Company had $4.64 billion in total
assets, $3.37 billion in total liabilities, and $522.82 million in
total stockholders' equity.

                            *    *    *

In August 2024, Fitch Ratings has assigned a 'CCC'/'RR6' rating to
Nabors Industries, Inc.'s proposed senior guaranteed notes (PGN)
due 2031. Nabors plans to utilize the proceeds from these notes to
refinance the 7.25% PGN due 2026 held at Nabors Industries, Ltd.
(Bermuda) and for general corporate purposes. The proposed notes
will rank pari passu with Bermuda's existing PGN due 2026 and PGN
due 2028.

Nabors' existing 'B-' Long-Term Issuer Default Rating and Stable
Outlook reflect the softening U.S. drilling environment since the
beginning of 2023, alongside a steadily growing international
segment. Fitch's credit profile assessment is supported by the
expectation that free cash flow (FCF) will be directed toward gross
debt reduction, as well as the company's proactive management of
its maturity profile and its adequate liquidity.

However, these positive factors are partially offset by the
company's large note maturities starting in 2027, which Fitch
anticipates will likely require partial refinancing through capital
markets. Additionally, potential declines in rig activity and day
rates could negatively impact cash flow and restrict FCF and
near-term gross debt reduction. The company's complex capital
structure, combined with the current high-interest rate
environment, could also limit refinancing options and increase
interest expenses.

In March 2024, S&P Global Ratings revised its outlook to stable
from positive and affirmed its 'B-' issuer credit rating on Nabors
Industries Ltd. At the same time, S&P affirmed its 'B-' issue-level
rating on the company's senior priority guaranteed notes, with a
recovery rating of '3,' and a 'CCC' issue-level rating on the
company's priority guaranteed notes, with a recovery rating of '6.'
The stable outlook reflects S&P's expectation for the company's
operating performance, industry fundamentals, near-term debt
maturity profile, and credit metrics to remain appropriate for the
'B-' issuer credit rating. The outlook revision reflects S&P's
expectation of reduced free cash flow generation and lower than
anticipated debt reduction.

In July 2024, S&P Global Ratings assigned its 'CCC' issue-level
rating and '6' recovery rating to Nabors Industries Ltd.'s proposed
$550 million senior guaranteed notes due 2031. The company's
subsidiary, Nabors Industries Inc., will issue the notes. The '6'
recovery rating indicates S&P's expectation of negligible (0%-10%;
rounded estimate: 0%) recovery of principal by creditors in the
event of a payment default.




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B R A Z I L
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AZUL SA: Weighs Options to Raise Fresh Capital, Deal Seen Close
---------------------------------------------------------------
Gabriel Araujo and Luciana Magalhaes at Reuters reports that Azul
SA is in talks with multiple parties to raise about $400 million in
fresh capital via debt financing and an agreement may come soon,
three sources close to the discussions said.

Azul dominates Brazil's airline industry along with LATAM and Gol.
It managed to avoid Chapter 11 even as a number of Latin American
carriers filed for bankruptcy after the COVID-19 pandemic,
including its two main rivals, according to Reuters.

The fresh capital is a condition of Azul's recent deal with lessors
to scrap nearly $550 million in obligations in exchange for an
equity stake which it undertook in a bid to ease concerns about its
debt load and strengthen its cash position, the report notes.

According to the sources, who requested anonymity to discuss
confidential talks, the two options on the table for Azul are a
fresh financing accord with its existing ad hoc group of
bondholders or receiving capital that investment bank Jefferies has
tentatively arranged from additional investors, the report relays.

An agreement with bondholders could entail a future debt-for-equity
swap in addition to a chunk of fresh debt, two of the sources said,
while the Jefferies option would be based on the issue of a
traditional convertible bond, the report says.

Azul declined to comment. Jefferies did not immediately respond to
a request for comment.

The carrier told Reuters this month that it was looking to raise
capital, potentially using its Azul Cargo unit as collateral, and
that it had multiple options to go forward with the transaction.

It was unclear whether a final deal would still include the cargo
division as collateral, the report notes.

Azul has struggled this year with a weaker exchange rate and
disastrous flooding in the key market of Porto Alegre, the report
discloses.

The recent deal with lessors was contingent on amendments to
certain other obligations, including the raising of additional
financing, the report adds.

As recently reported in the Troubled Company Reporter-Latin
America, Moody's Ratings downgraded Azul S.A. (Azul)'s corporate
family rating to Caa2 from Caa1. At the same time, Moody's
downgraded to Caa1 from B3 the rating of the senior secured first
lien debt and to Caa2 from Caa1 rating of the senior secured debts
of Azul Secured Finance LLP (Delaware), and to Caa3 from Caa2 the
senior unsecured debt ratings of Azul Investments LLP. The outlook
for the issuers was changed to negative from positive.


BTG PACTUAL: Gets OK to Buy AccorInvest Hotels in Brazil for $300MM
-------------------------------------------------------------------
Luciana Novaes Magalhaes at Reuters reports that funds managed by
Brazilian investment bank BTG Pactual received preliminary approval
from the country's antitrust regulator to buy the hotel operations
of AccorInvest in Brazil for 1.7 billion reais (US$300 million),
regulatory documents showed.

Funds from BTG are acquiring all 18 hotels AccorInvest owns in
Brazil, totaling 2,600 rooms, three people familiar with the deal
said, according to Reuters.

The hotels will be distributed into three funds managed by BTG, the
same people said, adding that the 1.7 billion reais also comprises
investments in the properties, the report notes.  The hotels will
continue to be operated by Accor, they added.

The new portfolio includes the Fairmont Copacabana and the former
Caesar Park, renamed under the Sofitel brand, both in Rio de
Janeiro, the sources said, the report relays.

Once the preliminary approval is given, commissioners from the
regulator, known as Cade, and interested parties have up to 15 days
to challenge the deal, the report discloses.

With this deal, funds managed by BTG will own 54 hotels with
approximately 4,300 rooms in Brazil, mainly in the states of Sao
Paulo and Rio de Janeiro, the sources said, the report says.

AccorInvest and BTG declined to comment on the deal.

BTG, which has been in talks with Accor since the beginning of the
year, intends to finalize the acquisition by the end of 2024, one
of the people told Reuters.

The funds involved in the transaction will now concentrate on the
closing of the deal, but see future opportunities in the hotel
segment in Brazil, according to the same people, the report
discloses.

BTG funds have $5.5 billion in assets under management in the real
estate sector, most of it in Brazil, the people said, the report
adds.

                          About BTG Pactual

As reported in the Troubled Company Reporter-Latin America on Oct.
22, 2024,  Fitch Ratings has assigned a 'BB' final Long-Term rating
to Banco BTG Pactual S.A.'s (BTG Pactual) USD500 million senior
unsecured notes. The notes were issued through its Cayman Islands
Branch and are due 2030.  The final rating is in line with the
expected rating that Fitch assigned to the proposed debt on Oct.
16, 2024.




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

GFH SENIOR: Fitch Assigns 'B(EXP)' Rating on USD500MM Certs
-----------------------------------------------------------
Fitch Ratings has assigned GFH Financial Group BSC's (GFH) USD500
million certificates, to be issued through GFH Senior Sukuk Limited
(GFH SSL), an expected rating of 'B(EXP)'/'RR4'. The expected
rating is in line with GFH's Long-Term Issuer Default Rating (IDR)
of 'B'/Stable.

The assignment of final ratings is contingent upon receipt of final
documents conforming to information already received by Fitch.

GFH SSL, the issuer and trustee, is a special purpose vehicle
(SPV), incorporated in the Cayman Islands, as a trust for
charitable purposes with share capital being held by Walkers
Fiduciary Limited. GFH SSL was established solely to issue
certificates (sukuk). The trustee has been incorporated solely for
the purpose of participating in the transactions contemplated by
the transaction documents. The proceeds received by GFH will be
applied to settle existing financings and for general corporate
purposes.

Fitch affirmed GFH's Long-Term IDR at 'B' with a Stable Outlook on
4 June 2024.

Key Rating Drivers

The US dollar certificates' ratings are driven solely by GFH's 'B'
Long-Term IDR. This reflects Fitch's view that default of these
senior unsecured obligations would reflect a default of GFH in
accordance with Fitch's rating definitions. The Recovery Rating of
'RR4' reflects Fitch's expectation of average recoveries in the
event of a default.

The issue size is the same as the USD500 million of certificates
issued in 2020 by another SPV, GFH Sukuk Company Limited, of which
USD266 million remained in issue at end-2023. These are due to
mature in January 2025. The new issue will therefore increase both
GFH's financial liabilities and its liquidity, but will not
materially impact Fitch's overall view of its leverage or funding
profile.

Fitch has given no consideration to any underlying assets or any
collateral provided, as Fitch believes that GFH SSL's ability to
satisfy payments due on the certificates will ultimately depend on
GFH satisfying its unsecured payment obligations to the issuer
under the transaction documents described in the prospectus.

In addition to GFH's propensity to ensure repayment of the sukuk,
in Fitch's view, GFH would also be required to ensure full and
timely repayment of GFH SSL's obligations due to the GFH's various
roles and obligations under the sukuk structure and documentation,
especially, but not limited to, the features explained below.

- On each periodic distribution date, GFH as the servicing agent
will apply amounts standing to the credit of a collection account,
comprising a rental payment and an instalment payment of any profit
amount, in payment which is intended to be sufficient to fund the
periodic distribution amount. Fitch notes that GFH can take other
measures to ensure that there is no shortfall and that funding of
the principal and profit are paid in full and in a timely manner.

- On the scheduled dissolution date, the aggregate amounts of the
deferred sale price then outstanding, if any, will become
immediately due and payable by GFH; and the trustee and the
delegate will have the right under the purchase undertaking to
require GFH (in its capacity as obligor) to purchase all of its
rights, title, ownership interests, benefits and other
entitlements, in, to and under the relevant lease assets for an
amount equal to the exercise price. The exercise price, together
with the aggregate amounts of the deferred sale price then
outstanding, if any, are intended to fund the dissolution amount,
which is the sum of the outstanding face amount of the trust
certificates; and any due and unpaid periodic distribution
amounts.

- The payment obligations of GFH under the transaction documents
will be direct, unconditional, unsubordinated and (subject to the
negative pledge provisions) unsecured obligations of GFH and at all
times rank at least pari passu with all other present and future
unsecured and unsubordinated obligations of GFH, provided that GFH
has no obligation to effect equal or rateable payments at any time
with respect to any other obligations and, in particular, will have
no obligation to pay other obligations at the same time or as a
condition of paying sums due under the transaction documents to
which it is a party and vice versa.

The programme documents have a tangible asset ratio (defined as the
ratio of the value of the lease assets to the aggregate of the
value of the lease assets and, if applicable, the outstanding
deferred sale price) of more than 50%. If the ratio falls below 33%
(a tangibility event), the trust certificates will be delisted and
each holder will have the right to require the redemption of all or
any of its trust certificates.

Fitch expects GFH to maintain the tangible asset ratio above 50%
through the life of any trust certificates issued under the
programme. The obligor has a material base of unencumbered tangible
assets, including real estate in Bahrain, that will be initially
earmarked for the programme, but other assets may also be deemed
eligible later on, if necessary. GFH's asset base is sufficient to
support the trust certificate programme.

If a loss event has occurred (unless the lease assets have been
replaced) and there is a shortfall from insurance proceeds, GFH as
obligor will undertake to pay the loss shortfall amount. If the
servicing agent is not in compliance with the obligation to insure
the assets against a loss event, it will immediately deliver a
written notice to the trustee of such non-compliance, and this will
constitute a dissolution event.

The documentation includes a negative pledge provision that is
binding on GFH, as well as financial reporting obligations,
covenants, including sharia-specific covenants, and a cross
acceleration clause. The documentation does not contain a
change-of-control clause.

GFH, as the lessee, agrees to permit the lessor, GFH SSL, and any
person authorised by the lessor at all reasonable times to enter
upon the lease assets for the purpose of inspecting and examining
the condition of the lease asset, subject to the lessor having
given 15 days' notice in writing. The lessee also agrees to
maintain actual or constructive possession, custody or control of
all of the lease assets. If the lessee fails to comply, it would
constitute a dissolution event.

Additionally, if the lessee, GFH, fails to keep and maintain the
security or optimum condition of the lease assets (other than fair
wear and tear), the lessor GFH SSL will be entitled on giving 15
business days' notice to take possession of the lease assets for
the purpose of taking all necessary steps or measures at the cost
and expense of the lessee to ensure that the lease assets are in
suitable condition for their current or intended use.

Certain aspects of the transaction will be governed by English law
while others will be governed by Bahraini law. Fitch does not
express an opinion on whether the relevant transaction documents
are enforceable under any applicable law. However, Fitch's rating
on the certificates reflects the agency's belief that GFH would
stand behind its obligations.

When assigning ratings to the certificates to be issued, Fitch does
not express an opinion on certificates' compliance with sharia
principles.

RATING SENSITIVITIES

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

The rating is principally sensitive to changes in GFH's IDR. The
ratings may also be sensitive to changes to the roles and
obligations of GFH under the sukuk's structure and documents.

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

The rating is principally sensitive to changes in GFH's IDR. The
ratings may also be sensitive to changes to the roles and
obligations of GFH under the sukuk's structure and documents.

Public Ratings with Credit Linkage to other ratings

GFH SSL's issuance rating is principally sensitive to changes in
GFH's IDR.

   Entity/Debt             Rating                   Recovery   
   -----------             ------                   --------   
GFH Senior Sukuk
Limited

   senior unsecured     LT B(EXP)  Expected Rating    RR4


SEAGATE HDD: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings affirmed Seagate HDD Cayman's (Seagate) Ba2
corporate family rating, Ba2-PD probability of default rating, and
Ba3 backed senior unsecured ratings. The speculative grade
liquidity (SGL) rating was upgraded to SGL-2 from SGL-3. The
outlook was revised to stable from negative.

The revision of the outlook to stable from negative reflects the
improving end market demand, which is supporting revenue growth and
profitability improvement. Although financial leverage is currently
elevated at 7.8x debt to EBITDA (twelve months ended June 30, 2024,
Moody's adjusted), Moody's expect this to improve toward the mid to
upper 2x level over the next 12 to 18 month as revenues and
profitability increase. The upgrade to the SGL reflects the
improved liquidity, including the improving free cash flow (FCF)
and growing cash balance.

RATINGS RATIONALE

Seagate has good operating scale and a strong market position as
one of the two principal suppliers of high-capacity Hard Disk
Drives (HDDs). HDDs are the primary, cost-effective storage
solutions for the hyperscale cloud segment that has strong
long-term growth prospects, and other applications with large data
storage requirements.

Financial leverage is currently high for the rating, at 7.8x debt
to EBITDA (twelve months ended June 30, 2024, Moody's adjusted),
which limits financial flexibility. Nevertheless, Moody's expect
this to improve over the next 12 to 18 months toward the mid to
upper 2x level of debt to EBITDA (Moody's adjusted). Seagate has
high business risks from its revenue concentration in the HDD
product category, substitution risks from flash memory in legacy
end markets that still account for a meaningful share of its
revenues, and sustained pricing pressure that it needs to offset
through technology innovation and growth in capacity shipments.
Product cycles are short and execution risk in managing technology
transitions with increasingly complex storage technologies is high.
Growing revenue concentration in the hyperscale cloud end market
and customers within that market has increased revenue
variability.

The stable outlook reflects Moody's expectation that Seagate's
annual revenues will increase toward $9 billion over the next 12 to
18 months as end market demand continues to recover. With the
increasing revenues, profitability and free cash flow (FCF) should
likewise improve supporting a decline in financial leverage.
Moody's expect debt to EBITDA (Moody's adjusted) to decline toward
the mid to upper 2x level over the next 12 to 18 months and FCF to
debt (Moody's adjusted) to increase to the mid to upper single
digits percent level.

Seagate HDD Cayman's capital structure is comprised of about $5.7
billion of outstanding debt as of June 30, 2024, all of which
represented unsecured obligations. The borrower of senior notes and
credit facilities is Seagate HDD Cayman. The company's outstanding
debt obligations are guaranteed by the intermediate holding
company, Seagate Technology Unlimited Company (formerly known as
Seagate Technology plc), but not by material operating subsidiaries
of the borrower. As part of the amendment to credit agreement in
May 2023, Seagate is required to provide collateral to lenders in
the credit agreement if at least two of three rating agencies
downgrade the company's corporate issuer ratings to below certain
thresholds.

Moody's rate Seagate's unsecured notes at Ba3, one notch below the
CFR. The rating incorporates a one-notch downward override to
Moody's loss given default (LGD) model output to reflect the lower
expected recovery for senior unsecured debt in the event of
default. In a default scenario, in the rating thresholds requiring
the company to secure obligations under its credit agreement are
likely to be triggered. If the springing collateral provision under
the credit agreement were to be permanently eliminated, Moody's
would equalize the ratings for the senior unsecured debt with that
of its CFR as the capital structure would consist of a single class
of debt. Moody's do not rate Seagate's revolving credit facility
and term loans.

Seagate had good liquidity, as reflected in the liquidity rating of
SGL-2. Seagate had $1.4 billion of cash balances as of June 30,
2024. The company had full access to funds under its $1.5 billion
of revolving credit facility, effective the May 2023 amendment to
credit agreement. Over the next 12 to 18 months, Moody's expect
Seagate to remain in compliance on the two financial maintenance
covenants (maximum net leverage and minimum interest coverage, both
metrics as defined in the credit agreement). The company's
long-term model contemplates capital expenditures of 4% to 6% of
revenues, but capital expenditures in the near term are expected to
be well below the long-term range until demand improves.

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

The rating could be upgraded if:

-- Commits to and establishes a track record of conservative
financial policies, including funding share repurchases from FCF,
such that Moody's expect the company to sustain average total debt
to EBITDA (Moody's adjusted) below 3.5x through industry cycles

-- Generates sustained growth in profits with lower revenue
volatility, and,

-- Meaningfully strengthens its cash position considering its
investment requirements and industry cyclicality

The rating could be downgraded if:

-- Liquidity deteriorates

-- Debt to EBITDA (Moody's adjusted) will be sustained above 4.5x
or FCF to debt (Moody's adjusted) will be sustained below the high
single digit percentage.

-- Seagate's financial policies prioritize shareholder returns
rather than strengthening liquidity as profitability and FCF
rebounds

Seagate HDD Cayman (Seagate) is an indirect subsidiary of Seagate
Technology Holdings plc and is a leading provider of data storage
solutions, primarily hard disc drive (HDD) products.

The principal methodology used in these ratings was Diversified
Technology published in February 2022.


VENUS CONCEPT: SEDCO Capital, 4 Others Report Stakes
----------------------------------------------------
SEDCO Capital Cayman Limited, SC Venus US Limited, SC Venus
Opportunities Limited, SEDCO Capital Global Funds, SC Private
Equity Global Fund IV and Saudi Economic and Development
Securities
Company disclosed in a Joint Schedule 13G/A Report filed with the
U.S. Securities and Exchange Commission that as of September 19,
202, they beneficially owned shares of Venus Concept's common
stock:

-- SEDCO Capital Cayman Limited directly holds zero shares of
    common stock and warrants that may be exercised for 50,778
shares
    of common stock (0.7%)

-- SC Venus US Limited directly holds zero shares of common
    stock and warrants that may be exercised for 62,222 shares of
    common stock (0.9%)

-- SC Venus Opportunities Limited directly holds zero shares of
    common stock and warrants that may be exercised for 62,222
shares
    of common stock (0.9%)

-- SEDCO Capital Global Funds—SC Private Equity Global Fund
IV
    directly holds zero shares of common stock and warrants that
    may be exercised for 80,000 shares of common stock (1.1%)

-- Saudi Economic and Development Securities Company holds zero
    shares of common stock and warrants that may be exercised for
    255,223 shares of common stock (3.5%)

The ownership percentages reported are based on 7,255,277
outstanding shares of common stock as of August 7, 2024, as
reported in the Issuer's Quarterly Report on Form 10-Q filed on
August 13, 2024, and warrants held by the Reporting Persons that
may be exercised for an aggregate of 255,222 shares of common
stock.

A full-text copy of the Report is available at:

                  https://tinyurl.com/4b2adjnv

                           About Venus Concept

Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related services. The Company's
systems have been designed on cost-effective, proprietary and
flexible platforms that enable the Company to expand beyond the
aesthetic industry's traditional markets of dermatology and
plastic
surgery, and into non-traditional markets, including family
medicine and general practitioners and aesthetic medical spas.

Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April 1,
2024, citing that the Company has reported recurring net losses and
negative cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.

Venus Concept reported a net loss of $37.1 million for the year
ended December 31, 2023, compared to a net loss of $43.6 million
for the year ended December 31, 2022. As of June 30, 2024, Venus
Concept had $79.8 million in total assets, $75.4 million in total
liabilities, $662,000 in non-controlling interests, and $3.7
million in total stockholders' equity.




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

ARIS MINING: Fitch Rates Proposed USD400MM Notes Due 2029 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned to Aris Mining Corporation's (Aris
Mining; formerly GCM Mining) proposed USD400 million issuance due
in 2029 a rating of 'B+' with a Recovery Rating of 'RR4'. The
proceeds of the notes will be used to redeem the existing 2026
unsecured notes, for working capital and for general corporate
purposes. Fitch currently rates Aris Mining's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) 'B+'/Outlook Stable.

Aris Mining's ratings reflects its low leverage, strong
profitability, and increasing reserves, which supports its growth
and diversification strategy. Ratings are limited by the company's
relatively small operational scale, increasing costs due to a
higher reliance on artisanal miners, and significant dependence on
a single mine (Segovia) for cash flow. Fitch's current forecast
only includes Aris Mining's brownfield expansions at Segovia and
Marmato in Colombia. Over the rating period, gross leverage is
projected to be approximately 2.2x, with EBITDA interest coverage
around 7.4x.

Key Rating Drivers

Mitigating Execution Risk: Aris Mining is actively working to
diversify its operations, as the Segovia mine currently generates
about 90% of its EBITDA, with the remaining contribution from
Mamato Upper. The construction of Marmato Lower is in progress,
with production expected to commence in late 2025. Fitch projects a
base production increase to approximately 280,000 ounces of gold by
2025 and around 470,000 ounces by 2026. Fitch expects Aris Mining
to manage carefully its alternative capex plans while it evaluates
Soto Norte project in Colombia and the Toroparu project in Guyana.
This is not included in Fitch's base case.

Artisanal Miners Dependence: Gold production from local artisanal
contract mining represents around 44% in 2023 of Segovia's output
(average of 47% in 2021-2022). This production model increases
community support and operational continuity. Aris Mining aims to
formalize artisanal producers in the Marmato and Soto Norte
municipalities as well. However, this production model increases
cost pressures, as compensation for mill-feed purchases is based on
the material's grade and the prevailing gold price.

Increased Cost Structure: According to metals consultancy CRU
Group, Aris Mining is positioned in the third quartile of the gold
production cost curve. The company reported an all-in sustaining
cost (AISC) of USD1,352 per ounce of gold for Segovia in the last
twelve months ending June 30, 2024, remaining within its guidance
despite the appreciation of the Colombian peso and shortages of
explosives. A planned expansion of the Segovia processing plant and
increased by-product credits are expected to help mitigate cost
pressures once high prices subside.

Moderate Leverage: Aris Mining is anticipated to maintain a
manageable leverage profile during the construction of Marmato
Lower. The average gross and net leverage ratios are projected to
be 2.2x and 0.9x, respectively, between 2024 and 2026, compared to
2.4x and 1.1x in 2023, with average gross debt of approximately
USD530 million. Fitch treats the Wheaton financing for Marmato
Lower as debt and assumes the proposed USD400 million 2029 bond
will successfully refinance the USD300 million 2026 bond. Aris
Mining is targeting a maximum gross leverage ratio of 3.0x.

Expansion-Driven Negative FCF: Fitch projects that Aris Mining will
generate approximately USD150 million in EBITDA and over USD87
million in cash flow from operations (CFO) in 2024. Capital
expenditures are expected to rise to USD170 million in 2024, up
from USD114 million in 2023. This includes the development of the
Marmato Lower mine (total capex budget of USD280 million) and the
expansion of the Segovia processing plant.

Around USD122 million in remaining Wheaton financing is anticipated
in 2024 and 2025, contingent on construction milestones for the
Marmato Lower mine. Aris Mining's FCF profile is expected to remain
negative until the completion of its investment phase in 2025, at
which point EBITDA is projected to reach USD250 million.

Mine Life Increase: Exploration success has significantly enhanced
Aris Mining's life of mine in terms of reserves. The combined
company's reserves-to-production ratio increased to 31 years from
18 years by integrating 3.2 million ounces of gold from Marmato
with 1.3 million ounces from Segovia and 51% of Soto Norte, which
accounts for 2.5 million ounces of gold, following Aris Mining's
recent stake increase. Marmato's reserves grew by 57% according to
the updated pre-feasibility study of November 2022, while Segovia's
reserves saw a 3% increase in a July 2024 update, following a
substantial 75% increase in November 2023. Consequently, the life
of mine for Segovia extended to seven years from four years.

Studying Future Growth: Aris Mining has increased its ownership
stake in the prospective large Colombian gold project, Soto Norte,
from 20% to 51% by issuing 15.75 million shares to Mubadala, the
sovereign wealth fund of the United Arab Emirates. This transaction
has made Mubadala Aris Mining's largest shareholder with a 9.3%
interest, while Mubadala retains a 49% interest in Soto Norte.

An additional six million shares will be issued to Mubadala upon
the receipt of an environmental license. The total 21.75 million
shares were valued at USD90 million, replacing a previous USD300
million cash call option. Fitch is not factoring the development of
Soto Norte in Colombia or Toroparu in Guyana into its projections.

Derivation Summary

Aris Mining's production of 215,000 ounces from two mining
operations in Colombia is comparable to Ero Copper's (B/Stable)
gold equivalent production of approximately 240,000 ounces from two
mines in Brazil. However, it is lower than IAMGOLD's (B-/Positive)
500,000 ounces from two mines in Burkina Faso and Canada, Eldorado
Gold's (B+/Stable) 485,000 ounces from multiple mines in Canada,
Greece, and Turkey, and Compania de Minas Buenaventura's
(BB-/Stable) 600,000 gold equivalent ounces from various mines in
Peru.

Aris Mining boasts a mine life of 31 years in reserves (seven years
at its largest mine), which is longer than Ero Copper's 18 years,
Eldorado Gold's 15 years, and IAMGOLD's seven years. Buenaventura's
main gold mines have a mine life of four years, though Buenaventura
benefits from significant contributions from silver and base metals
and holds stakes in world-class, long-lived assets such as Cerro
Verde.

In terms of cost competitiveness, Aris Mining's third quartile
position on the cost curve is more favorable than Ero Copper's,
Buenaventura's, and IAMGOLD's fourth quartile positions but less
competitive than Eldorado Gold's second quartile standing.

Regarding leverage, Aris Mining's expected average gross and net
leverage ratios over three years are 2.2x and 0.9x, respectively.
These are higher in gross but lower in net leverage than IAMGOLD's
ratios of 1.5x and 1.1x and Ero Copper's 1.6x and 1.2x, similar to
Eldorado Gold's 2.2x and 1.1x, and lower than Buenaventura's 2.2x
and 1.7x.

Key Assumptions

- Gold prices of USD2,100/oz in 2024, USD2,000/oz in 2025 and
USD1,800/oz in 2026;

- Gold sales reach 215,000 oz in 2024; 280,000 oz in 2025; and
470,000 oz in 2026;

- Capex is USD170 million in 2024, about USD300 million in 2025 and
nearly USD110 million in 2026. Figures include expenses in Toroparu
and Soto Norte. The Marmato expansion counts with USD122 million of
streaming financing;

- Dividends and stock buybacks remain suspended;

- Equity increase from warrants of USD36 million and debt converted
into shares of USD11.7 million in 2024;

- Wheaton Precious metals financing for Marmato Lower of USD40
million in 2024 and USD82 million in 2025.

Recovery Analysis

The recovery analysis assumes that Aris Mining would be considered
a going concern in an event of bankruptcy and that the company
would be reorganized rather than liquidated. Fitch has assumed a
10% administrative claim. Aris Mining's going concern EBITDA
assumption is based on a fall of gold prices in 2024, followed by a
moderate recovery and slow cost reductions. The going concern
EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which it bases the enterprise
valuation.

An enterprise valuation multiple of 6.5x EBITDA is applied to the
going concern EBITDA to calculate a post-reorganization enterprise
value. The choice of this multiple considered the following
factors: the historical bankruptcy case study exit multiples for
peer companies were 4.0x-7.0x, improving financial subfactors,
mid-quality assets, and high growth prospects, despite challenging
dynamics in a volatile and commoditized industry.

Fitch applies a waterfall analysis to the post-default enterprise
valuation based on the relative claims of debt in the capital
structure. These assumptions result in a recovery rate for Aris
Mining's senior secured notes within the 'RR3' range, but due to
the soft cap of Colombia at 'RR4', Aris Mining's senior unsecured
notes are rated at 'B+'/'RR4'.

RATING SENSITIVITIES

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

- Increasing size and diversification over the medium term;

- A successful reduction of the company's dependence on Segovia;

- An increase in the reserve life of Segovia.

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

- Deterioration in liquidity position;

- Prolonged strikes or mine closures that would halt or
significantly lower gold production;

- Large debt-funded acquisitions;

- Negative FCF on a sustained basis;

- Gross leverage at 3x or higher on a sustained basis.

Liquidity and Debt Structure

Improved Refinancing Risks: Fitch considers Aris Mining's financial
flexibility to be improved by the current refinancing exercise of
its USD300 million unsecured bonds due in 2026 with the USD400
million unsecured bonds due in 2029. Aris Mining plans to fund its
ongoing capital expenditures and negative FCF through cash on hand,
ongoing cash flow generation from Segovia and proceeds from the
Marmato stream with Wheaton.

As of June 30 2024, Aris reported Fitch-adjusted cash and
equivalents of USD122 million and gross debt of USD351 million.
Debt is comprised of USD300 million of senior unsecured notes due
in 2026, and USD51.2 million gold linked notes with yearly payments
that end in 2027 (USD14 million in principal, premia, and interest
in 2024). Some CAD16.2 million of the CAD18 million convertible
debentures were exercised into shares with CAD1.8 million settled
in cash at maturity.

Future advance deposits of USD122 million from streaming contracts
with Wheaton upon construction completion milestones will help to
fund the total budget capex of USD280 million Marmato Lower mine
project, which Fitch considers part of debt. Soto Norte's recent
consolidation at 51% was obtained through an all shares transaction
but exploration, sizing and development need further studies. The
Toroparu project will be partially financed with future advance
deposits of USD138 million by streaming contracts with Wheaton.

Issuer Profile

Aris Mining is a Canadian-based precious metals miner. It is one of
the largest gold and silver producer in Colombia with two
underground operations. Aris Mining is building a brownfield
expansion and studying greenfield projects in Guyana and in
Colombia.

Date of Relevant Committee

24 July 2024

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

Aris Mining Corporation has an ESG Relevance Score of '4' for Labor
Relations & Practices due to the company's partial reliance on
third-party artisanal miners for its gold production, which has a
negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

Aris Mining Corporation has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to the
company's exposure to local unrest in the communities surrounding
its Marmato and Segovia mining operations, 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.

   Entity/Debt             Rating         Recovery   
   -----------             ------         --------   
Aris Mining
Corporation

   senior unsecured     LT B+  New Rating   RR4




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

PARAGUAY: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Paraguay's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.

Key Rating Drivers

Ratings Affirmed, Stable Outlook: Paraguay's ratings reflect its
history of generally prudent and consistent macroeconomic policies,
low government debt compared to similarly rated peers despite an
increase in recent years, and robust external liquidity. Its
ratings are constrained by weak governance indicators, a low
revenue base, a shallow local capital market that narrows fiscal
financing flexibility, and vulnerability to adverse climactic
shocks.

Resilient Growth: Fitch anticipates growth will remain robust,
reaching 4.5% in 2024, slightly down from 4.7% in 2023. While
growth in 2023 was driven by a post-drought rebound in agriculture
and electricity production, in 2024 it has been driven by the
manufacturing and services sectors. Fitch forecasts growth to
remain robust at 4.5% in 2025 and 2026. Growth prospects will
benefit significantly from the Paracel pulp mill project, the
country's largest private sector investment to date totaling USD 4
billion (8.7% of GDP), and the ATOME fertilizer project, valued at
approximately USD 2 billion (4.4% of GDP), assuming they move
forward over the coming years.

Vulnerability to Climate Shocks: Large investments support
Paraguay's economic diversification, which could help mitigate
climate vulnerability. The "maquila" manufacturing activity tied to
Brazil has grown significantly by an average of 10% over the past
five years. Manufactured industrial goods represent about 14% of
total exports, but Paraguay's economy remains vulnerable to
climatic shocks, such as the droughts in 2019 and 2022. The water
levels in the Paraguay River are at record low levels, increasing
logistics costs for exporters and posing risks of transport
bottlenecks. These risks are exacerbated by the potential increase
in frequency and severity of extreme weather events due to climate
change.

Improving Fiscal Position: Fitch forecasts the central government
deficit to narrow to 2.6% of GDP in 2024, aligning with the
authorities' relaxed target due to discovered arrears. The fiscal
balance will improve this year with rising revenue and settlement
of pandemic-related arrears (estimated at 1.1% of GDP). Tax
collections increased 21% in the nine months through September 2024
yoy due to administrative efficiency gains from a merger of tax
collection entities and a stronger Argentine peso that has prompted
a shift of consumption back into Paraguay. The authorities aim for
a 1.9% deficit in the 2025 budget and a return to the fiscal
responsibility law limit of 1.5% by 2026. Fiscal consolidation will
focus on spending efficiency and improved tax administration as the
new administration has eschewed tax increases.

Itaipu Renegotiation: In May, Paraguay and Brazil agreed to a 15.4%
increase in electricity tariffs at the Itaipu Dam that the two
countries share, raising tariffs to USD19.28/kW for three years and
generating an estimated USD650 million in additional annual
revenue. Fitch expects this measure to be neutral for fiscal
consolidation, as most revenue will remain with Itaipu or go to
state electricity utility ANDE for investments. However, it will
reduce the government's need for capital expenditure cuts in order
to comply with the fiscal rule, while addressing infrastructure
challenges. The additional revenue will be temporary for the
three-year deal, as a permanent agreement on the tariff under Annex
C of the Itaipu Treaty is expected by December 2024.

Stable Government Debt: Fitch forecasts government debt to increase
to 35.5% of GDP in 2024 from 33.6% in 2022. Achievement of fiscal
consolidation targets should stabilize debt/GDP at this level and
result in a slight decline beginning in 2026. Debt remains lower
than the 'BB' median of 52.8%, but has risen sharply since
Paraguay's upgrade in 2018 (17.8%). The domestic market remains
relatively shallow given a narrow investor base and restrictions on
public pension funds from holding government paper.

Paraguay successfully sold its first international offering of a
local currency bond in February, raising G3.64 trillion (USD500
million). This lowered the share of foreign-currency debt to 87.5%
as of August, although this remains one of the highest in the 'BB'
category.

Reform Agenda: The government has announced a reform agenda aimed
at enhancing institutional efficiency, ensuring transparency, and
combating corruption. A key priority this year is to approve a
civil service law designed to establish greater meritocracy within
public service. The government is also setting up a superintendency
for pensions, approved last year to address long-standing issues in
the pension system. By the end of the year, the government plans to
present a comprehensive reform of the regulatory framework
governing the land property registry.

Efforts to tackle corruption are also a priority, with policies set
to strengthen the general comptroller and legislative initiatives
to create an autonomous entity dedicated to combating corruption.
However, congress is also considering a controversial reform that
increases oversight of nongovernmental organizations, which may
weaken protections for freedom of association and expression.

ESG - Governance: Paraguay's scores for both Political Stability
and Rights and for the Rule of Law, Institutional and Regulatory
Quality and Control of Corruption reflect the high weight that the
World Bank Governance Indicators (WBGI) have in its proprietary
Sovereign Rating Model. Paraguay has a medium WBGI ranking at the
36th percentile, reflecting a recent track record of peaceful
political transitions, a moderate level of rights for participation
in the political process, weak institutional capacity, weak rule of
law, and a high level of corruption.

RATING SENSITIVITIES

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

Public Finances: Failure to implement a credible fiscal
consolidation plan sufficient to stabilize debt to GDP.

Macro: Materialization of a shock, such as an adverse weather
event, that negatively impacts growth, fiscal and external
metrics.

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

Public Finances: Expansion of the revenue base and debt/GDP
reduction that strengthen fiscal flexibility, and development of
the local capital market and/or buildup of fiscal saving buffers
that improve financing flexibility.

Macro: Higher economic growth (in the context of macro stability)
that increases prospects for GDP per capita convergence with higher
rated sovereigns, and/or evidence of economic diversification that
reduces exposure to extreme weather events.

Structural: Sustained improvement in governance via efforts to
combat corruption and strengthen public institutions.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Paraguay a score equivalent to a
rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output by +1 notch
from the SRM score to arrive at the final LT FC IDR of 'BB+' by
applying its QO, relative to SRM data and output, as follows:

Macro: +1 notch, to reflect Paraguay's track record of prudent and
consistent macroeconomic policies, including a floating FX regime
and inflation targeting, that have helped manage shocks from
recurring droughts and are not fully captured by the low governance
scores feeding into the SRM score. Fitch removed the additional +1
notch that had been added to offset the deterioration in the SRM
output from volatility in macroeconomic variables, as this effect
is subsiding.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Paraguay is 'BBB-', 1 notch above the LT FC
IDR. This reflects strong constraints and incentives, relative to
the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to nonresident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG Considerations

Paraguay has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Paraguay has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Paraguay has an ESG Relevance Score of '5' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Paraguay has a percentile rank
below 50 for the respective Governance Indicator, this has a
negative impact on the credit profile.

Paraguay has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Paraguay has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Paraguay has an ESG Relevance Score of '4'[+] for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Paraguay, as for all sovereigns. Given
that Paraguay has record of 20 years without a restructuring of
public debt, which is captured in its SRM variable, this has a
positive impact on the credit profile.

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
   -----------                  ------           -----
Paraguay         LT IDR          BB+  Affirmed   BB+
                 ST IDR          B    Affirmed   B
                 LC LT IDR       BB+  Affirmed   BB+
                 LC ST IDR       B    Affirmed   B
                 Country Ceiling BBB- Affirmed   BBB-

   senior
   unsecured     LT              BB+  Affirmed   BB+




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

OPTIQUS VISION: Hires Luis R. Carrasquillo as Financial Consultant
------------------------------------------------------------------
Optiqus Vision Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ CPA Luis R. Carrasquillo
& Co., PSC as its financial consultant.

The firm's services include strategic counseling and advice;
modeling preparation, financial/business assistance and preparation
of documentation during the Chapter 11 proceedings, as well as
recommendations and financial/business assessments.

The firm received a retainer in the amount of $7,500 from the
Debtor.

The hourly rates of the firm's professionals are as follows:

     Luis R. Carrasquillo $200
     Marcelo Gutierrez    $160
     Ramon Villafane      $160
     Zoraida Delgado Diaz $110
     Arnaldo Morales      $100
     Maria Vera            $75
     David Sanchez Diaz    $85
     Jean Aponte           $65
     Enid Olmeda           $75
     Luis R. Guzman        $40
     Kelsie M. Lopez, Esq. $50

Luis Carrasquillo, CPA, a principal at CPA Luis R. Carrasquillo &
Co., disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Luis R. Carrasquillo, CPA
     CPA Luis R. Carrasquillo & Co., PSC
     28th Street, #TI-26
     Turabo Gardens Ave.
     Caguas, PR 00725
     Telephone: (787) 746-4555
     Facsimile: (787) 746-4564
     Email: luis@cpacarrasquillo.com

       About Optiqus Vision Inc.

Optiqus Vision Inc., filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 24-02986) on July 18, 2024, listing $100,001 to
$500,000 on both assets and liabilities.

Judge Edward A Godoy presides over the case.

The Debtor hires Almeida & Davila, P.S.C. as counsel.




===============
S U R I N A M E
===============

SURINAME: Moody's Ups Issuer Rating to Caa1 & Alters Outlook to Pos
-------------------------------------------------------------------
Moody's Ratings has upgraded the Government of Suriname's long-term
local and foreign-currency issuer ratings to Caa1 from Caa3 and
changed the outlook to positive from stable.

The upgrade to Caa1 reflects the anticipated impact on Suriname's
credit profile of major economic and fiscal windfalls associated to
a major offshore oil project. TotalEnergies' investment decision
(FID) to develop the GranMorgu oil project will have a substantial
positive impact on the country's economic and fiscal trajectories.
Moody's expect the start of the oil production to lead to a period
of very high growth rates, and government revenue from the project
to be very large relative to its debt stock and gross financing
needs. Additionally, the upgrade reflects the significant reduction
in government debt, driven by fiscal and economic reforms
implemented over the past three years. These reforms have resulted
in a primary surplus, which Moody's expect will be maintained,
resulting in a further marked decline in the debt burden.

While the offshore oil project presents a transformative
opportunity for the country, the Caa1 rating incorporates risks
associated with potential mismanagement of the windfall, including
spending pressures before future oil revenues materialize, which
would increase the exposure of the fiscal accounts to delays in the
start of oil production and expose the sovereign liquidity and
rollover risks.

The positive outlook reflects the potential for additional
improvement in Suriname's economic and fiscal strength driven by
continued economic reforms and favorable investment prospects.
While future oil production will significantly bolster government
revenue, the extent to which this will enhance Suriname's credit
profile will hinge on the authorities' ability to maintain prudent
fiscal and macroeconomic policies.

Concurrently, Moody's raised Suriname's local-currency country
ceilings to B2 from Caa1, maintaining a two-notch difference with
the sovereign rating, which reflects large external imbalances, a
heavy reliance on a single commodity (gold), and weak institutions
and policy predictability. The foreign-currency country ceiling was
raised to B3 from Caa2, representing a one-notch gap to the local
currency ceiling, reflecting low policy effectiveness, high
external indebtedness, and relatively closed capital account that
generate a degree of transfer and convertibility risk,
notwithstanding a track record of limited intervention.

RATINGS RATIONALE

RATIONALE FOR UPGRADE TO Caa1 FROM Caa3

ECONOMIC AND FISCAL WINDFALL FROM FUTURE OFFSHORE OIL PRODUCTION TO
MATERIALLY REDUCE CREDIT RISKS

Suriname's economic and fiscal prospects improved significantly
following the positive FID by TotalEnergies in October 2024 to
develop the GranMorgu oil project in Suriname's offshore Block 58.
Future government revenues tied to this project have the potential
to transform Suriname's economy improving fiscal sustainability,
increase per-capita income, and reduce the sovereign's reliance on
external borrowing.

The GranMorgu development holds 750 million barrels of recoverable
reserves and aims to produce 200,000 to 220,000 barrels of oil per
day, with production targeted to begin in 2028. Suriname's economy
will experience very rapid real GDP growth when production begin,
driven by the oil-related activity, while there is also the
potential for a positive spillover to the onshore economy. This
rapid pace of economic growth will increase per capita incomes,
significantly boosting the country's debt-carrying capacity.

Staatsolie, the state-owned oil company, estimates government
revenue of more than $20 billion over the life of the project. The
government will receive significant fiscal revenue from the start
oil production. Initially, a significant amount of revenue will
come from the 6.25% royalty on oil production. Overall, Moody's
estimate the government could receive between $500 and $700 million
annually beginning in 2028, and for revenue to increase
significantly once the project reaches cost recovery point in 2032.
Revenue of this size is significant for a $4 billion economy with
total government revenue currently equal to 25% of GDP.

Sizeable anticipated future oil-related revenue has the potential
to transform Suriname's economy, but the precise amount and timing
of those revenues is sensitive to delays in production and the
future level of oil prices.

The Caa1 rating incorporates risks associated with potential
mismanagement of the oil windfall. With spending pressures likely
to rise years ahead of the start of oil production, increased
government borrowings, if not accompanied by improved fiscal and
debt management would heighten the financial exposure of the
government accounts to delays in the project or
lower-than-projected oil production levels.

SIGNIFICANT REDUCTION IN GOVERNMENT DEBT RATIOS WITH METRICS LIKELY
TO REMAIN ON A DOWNWARD TREND

To date, Suriname has already made considerable progress in
lowering its debt burden. Moody's expect government debt will come
to around 74% of GDP at the end of 2024, from a peak of 146% in
2020. This improvement is underpinned by significant fiscal
consolidation efforts. These reforms, supported by an IMF program,
have contributed to a shift to primary surpluses and a positive
fiscal trajectory.

Moody's expect the debt burden to continue to decline at a steady
pace, supported by primary surpluses equal to around 2.5% of GDP,
steady nominal GDP growth, and a stable exchange rate. In Moody's
central scenario, where the government maintains an average primary
surplus of 2.5% of GDP between 2024 and 2027, government debt will
decline to 62% of GDP at the end of 2027, before the government
begins to receive sizeable oil-related revenue.

Since entering an IMF program in 2021, the government has
implemented a set of fiscal reforms that have contributed to a 10
percentage point of GDP improvement in the primary balance between
2020 and 2023. These reforms include the elimination of fuel
subsidies, the beginning of a phased elimination in electricity
subsidies, and restraint over the wage bill with public-sector
wages declining in real terms. On the revenue front, the government
introduced a value-added tax (VAT), increased non-tax revenue, and
has begun to increase efforts at improving tax compliance and
collection. Combined, these measures have simultaneously supported
fiscal consolidation and created budget space for increases in
social spending and capital expenditures.

Despite progress made, policy effectiveness remains limited, a
characteristic that may affect the government's ability to maintain
primary surpluses. During the first six months of 2024, the primary
balance underperformed the full-year budget target and declined
relative to the same period in 2023. The primary balance was close
to balanced, compared to a 3% of GDP primary surplus target in the
2024 supplementary budget. Non-tax revenue collection
underperformed in the first half of the year, as the government
failed to increase fees on certain items.

Suriname's fiscal trajectory is subject to exchange rate and
commodity price shocks, key risks that introduce an element of
uncertainty to the government's debt trajectory. A 10% depreciation
of the local currency would lead to a 5 percentage point increase
in the debt-to-GDP ratio, everything else equal. Fiscal slippage is
also a risk ahead of elections in 2025, more so given with the
sovereign's greater access to commercial financing after the
positive FID.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects the potential for further sustained
improvements in Suriname's economic and fiscal strength backed by
economic reforms and improved investment prospects. Also, if
managed effectively, future oil revenue would significantly reduce
sovereign risk of default.

The government intends to amend existing legislation to improve
fiscal framework, particularly for managing future natural resource
revenue. This includes amendments to the SSFS and the Public
Financial Management (PFM) Act to enhance the medium-term fiscal
framework. The proposed new fiscal framework will include a fiscal
rule, which combined with the SSFS, is designed to prevent
premature budget increases ahead of oil revenue gains and promote
financial stability.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

Suriname's CIS-5 credit impact score indicates the rating is lower
than it would have been if ESG risk exposures did not exist. For
Suriname, this reflects very weak governance, along with exposure
to social and environmental risks.

Suriname's E-4 issuer profile score for environmental risks
reflects Suriname's vulnerability to physical climate risk, carbon
transition risk, and water risk. Suriname's exposure to physical
climate risk is driven by risks associated with a rising sea level
given the portion of the population and economic activity that
occur near the sea level. Water risks capture the impact of
droughts and heavy rain on Suriname's agriculture production.

Suriname as a S-4 issuer profile score for social risk and is
related to exposure to labor and income risks, given macroeconomic
instability that will weigh on job creation. A high debt burden
will put pressure on spending on areas related to healthcare and
education, which over time, will increase social risks.

Suriname has a G-5 issuer profile score for governance risk. This
captures Suriname's history of default, concerns over fiscal and
macroeconomic policy effectiveness, as well as weak rule of law and
control of corruption. The lack of policy predictability constrains
Moody's assessment of governance.

GDP per capita (PPP basis, US$): 18,226 (2023) (also known as Per
Capita Income)

Real GDP growth (% change): 2.1% (2023) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 32.6% (2023)

Gen. Gov. Financial Balance/GDP: -1.5% (2023) (also known as Fiscal
Balance)

Current Account Balance/GDP: 3.9% (2023) (also known as External
Balance)

External debt/GDP: 108.6% (2023)

Economic resiliency: b3

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

On October 17, 2024, a rating committee was called to discuss the
rating of the Suriname, 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 materially
increased. 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

The implementation of legislation that provides a framework to
effectively and transparently manage future oil-related revenue
would increase confidence over the government's ability to future
revenues, potentially leading to upward rating pressure.
Additionally, improvements in policy effectiveness, as demonstrated
through continued economic and structural reforms, would reduce the
sovereign's exposure to external shocks, and would also be positive
for the rating. A sustained decline in the government debt burden,
aided by continued fiscal reforms that broaden non-mining revenue,
could lead to an upgrade.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Conversely, a failure to maintain fiscal discipline, which leads to
a deterioration in the government's fiscal balance, could lead to a
downgrade. An increase in gross financing needs not commensurate
with projected oil-related revenue could lead to a downgrade of the
rating. Furthermore, delays in the start of offshore oil production
or lower-than-expected future revenue would place negative pressure
on the rating.

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




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

[*] BOND PRICING COLUMN: For the Week Oct. 21 to Oct. 25, 2024
--------------------------------------------------------------
Issuer Name         Cpn     Price   Maturity  Cntry   Curr
----------          ---     -----   --------  -----   ----
ACEN Finance   4      64                        KY   USD
Aeropuerto Tocumen     5.1   70.1   8/11/2061   PA   USD
Aeropuerto Tocumen     4     70.3   8/11/2041   PA   USD
Aeropuerto Tocumen     5.1   70.3   8/11/2061   PA   USD
Aeropuerto Tocumen     4     71.7   8/11/2041   PA   USD
AES Tiete Energia SA   6.8   0.7    4/15/2024   BR   BRL
Agile Group Holdings   5.8   16.4   1/2/2025    KY   USD
Agile Group Holdings   6.1   13.4   10/13/2025  KY   USD
Agile Group Holdings   5.5   12.6   5/17/2026   KY   USD
Agile Group Holdings   7.9   3.3                KY   USD
Agile Group Holdings   5.5   15.1   4/21/2025   KY   USD
Agile Group Holdings   7.8   3.3                KY   USD
Alfa Desarrollo SpA    4.6   74.7   9/27/2051   CL   USD
Alfa Desarrollo SpA    4.6   74.6   9/27/2051   CL   USD
Alibaba Group Holding  3.2   66      2/9/2051   KY   USD
Alibaba Group Holding  2.7   68.5    2/9/2041   KY   USD
Alibaba Group Holding  3.3   63.4    2/9/2061   KY   USD
AMTD IDEA Group        1.5    7.5               KY   USD
AMTD IDEA Group        4.5   55                 KY   SGD
Amwaj                  6.4   69.7               KY   USD
Amwaj                  4.5   49.6               KY   USD
Argentina Bonar Bonds   1    43.3   7/9/2029    AR   USD
Argentina Treasury Bond 3.3  45.8   4/30/2024   AR   USD
Argentine Bonos del Te 15.5  39.7  10/17/2026   AR   ARS
Argentine Gov't Int'l   1    46.4   7/9/2029    AR   USD
Argentine Gov't Int'l  0.5   41.4   7/9/2029    AR   EUR
Argentine Gov't Int'l  0.1   42     7/9/2030    AR   EUR
Ascent Finance         1.2   61.6  7/12/2047    KY   EUR
Ascent Finance         3.8   67    6/28/2047    KY   AUD
Ascent Finance         3.4   65.7   2/6/2043    KY   AUD
Astra Cumulative 2019  1.5   62    11/1/2029    KY   USD
At Home Cayman        11.5   69.3  5/12/2028    KY   USD
At Home Cayman        11.5   70    5/12/2028    KY   USD
AYC Finance           3.9   62.2                KY   USD
Banco Davivienda SA   6.7   64.1                CO   USD
Banco Davivienda SA   6.7   70.3                CO   USD
Banco de Chile        3.6   75.7  11/18/2039    CL   AUD
Banco de Chile        3.5   75.4    9/5/2039    CL   AUD
Banco de Chile        2.7   74.7    3/9/2035    CL   AUD
Banco del Estado de Ch 3.1  70.5   2/21/2040    CL   AUD
Banco del Estado de Ch 2.8  67     3/13/2040    CL   AUD
Banco Nacional de Pana 2.5  74.7   8/11/2030    PA   USD
Banco Santander Chile  3.1  70.6   2/28/2039    CL   AUD
Banco Santander Chile  1.3  73.5  11/29/2034    CL   EUR
Banda de Couro Energe   8   54.4   1/15/2027    BR   BRL
Baraunas II Energeti    8   12.4   1/15/2027    BR   BRL
Bishopsgate Asset Fi  4.8   66.9   8/14/2044    KY   GBP
Bolivian Gov't Int'l  4.5   55.6   3/20/2028    BO   USD
Bolivian Gov't Int'l  7.5   57.2    3/2/2030    BO   USD
Bolivian Gov't Int'l  4.5   55.8   3/20/2028    BO   USD
Bolivian Gov't Int'l 7.5    57.2    3/2/2030    BO   USD
BOPREAL                5    64.7  10/31/2027    AR   USD
BOPREAL                3    60.9   5/31/2026    AR   USD
Brazilian Gov't Int'l4.8   73.8    1/14/2050    BR   USD
BRF SA               5.8   73.5    9/21/2050    BR   USD
BRF SA               5.8   73.6    9/21/2050    BR   USD
Camposol SA            6   72.1     2/3/2027    PE   USD
Camposol SA            6   72.5     2/3/2027    PE   USD
CFLD Cayman Investment 2.5  3.4     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  3.6     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  3.1     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  3.8     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  2.4     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  3.4     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  8.7     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  3.4     1/31/2031   KY   USD
CFLD Cayman Investment 2.5  2.2     1/31/2031   KY   USD
Chile Gov't Int'l Bond 3.5  72.6    1/25/2050   CL   USD
Chile Gov't Int'l Bond 3.1  73.4     5/7/2041   CL   USD
Chile Gov't Int'l Bond 3.1  62.7    1/22/2061   CL   USD
Chile Gov't Int'l Bond 3.5  72.1    4/15/2053   CL   USD
Chile Gov't Int'l Bond 1.3  67.4    1/29/2040   CL   EUR
Chile Gov't Int'l Bond 1.3  54      1/22/2051   CL   EUR
Chile Gov't Int'l Bond 3.3  62.8    9/21/2071   CL   USD
Chile Gov't Int'l Bond 1.3  74.2    7/26/2036   CL   EUR
China Overseas  Cayman 3.1  75.1    3/2/2035    KY   USD
China Yuhua Education  0.9  65.8   12/27/2024   KY   HKD
CK Hutchison Int'l 19  3.4   74      9/6/2049   KY   USD
CK Hutchison Int'l 19  3.4   73.9    9/6/2049   KY   USD
CK Hutchison Int'l 20  3.4   73.7    5/8/2050   KY   USD
CK Hutchison Int'l 20  3.4   73.8    5/8/2050   KY   USD
Colombia Gov't Int'l   3.9          2/15/2061   CO   USD
Colombia Gov't Int'l   4.1   61.6   5/15/2051   CO   USD
Colombia Gov't Int'l   5.2   72.9   5/15/2049   CO   USD
Colombia Gov't Int'l   4.1   67     2/22/2042   CO   USD
Colombia Gov't Int'l   6.3   73.5    7/9/2036   CO   COP
Colombia Gov't Int'l   7.3   71.7  10/26/2050   CO   COP
Colombia Gov't Int'l   7.3   71.7  10/26/2050   CO   COP
Colombia Gov't Int'l   5     72     6/15/2045   CO   USD
Colombia Gov't Int'l   6.3   73.5    7/9/2036   CO   COP
Colombia Telecom       5     66.9   7/17/2030   CO   USD
Colombia Telecom       5     67     7/17/2030   CO   USD
Colombian TES          7.3   71.6   10/26/2050  CO   COP
Colombian TES          6.3   73.4     7/9/2036  CO   COP
Corp Nacional de Chile 3.7   67.5    1/30/2050  CL   USD
Corp Nacional de Chile 3.2   61.2    1/15/2051  CL   USD
Corp Nacional de Chile 3.7   67.5    1/30/2050  CL   USD
Corp Nacional de Chile 3.6   74      7/22/2039  CL   AUD
Corp Nacional de Chile 3.2   61.2    1/15/2051  CL   USD
Dibens Leasing S/A    10.9   30.6    3/1/2035   BR   BRL
Dibens Leasing S/A    10.9   34.6    3/1/2035   BR   BRL
Dibens Leasing S/A    10.9   29.2    3/1/2035   BR   BRL
Earls Eight            1.7   72     6/20/2032   KY   AUD
Earls Eight            0.1   64.2  12/20/2031   KY   AUD
Ecopetrol SA           5.9   74.2   5/28/2045   CO   USD
Ecopetrol SA           5.9   70.7   11/2/2051   CO   USD
El Salvador Gov't Int  7.1   68.7   1/20/2050   SV   USD
El Salvador Gov't Int  7.6   72.9   9/21/2034   SV   USD
El Salvador Gov't Int  7.6   73.3    2/1/2041   SV   USD
El Salvador Gov't Int  5.9   65.1   1/30/2025   SV   USD
El Salvador Gov't Int  7.6   73.5   9/21/2034   SV   USD
El Salvador Gov't Int  7.1   68.7   1/20/2050   SV   USD
El Salvador Gov't Int  7.6   73.5    2/1/2041   SV   USD
Embotelladora Andina   6.5   23.3    6/1/2026   CL   CLP
EFE                    3.8   65.8   9/14/2061   CL   USD
EFE                    3.1   60     8/18/2050   CL   USD
EFE                    3.1   59.9   8/18/2050   CL   USD
EFE                    3.8   65.8   9/14/2061   CL   USD
EFE                    6.5   11.2    1/1/2026   CL   CLP
ETESA                  5.1   71.8    5/2/2049   PA   USD
Empresa de Transmision 5.1   72.2    5/2/2049   PA   USD
Metro SA               3.7   65.2   9/13/2061   CL   USD
Metro SA               3.7   65.1   9/13/2061   CL   USD
Metro SA               5.5   50.2   7/15/2027   CL   CLP
Edsa SA                5     62.6   5/11/2025   AR   USD
ENAP                   4.5   73.3   9/14/2047   CL   USD
ENAP                   4.5   73.4   9/14/2047   CL   USD
ENA Master Trust       4     70.8   5/19/2048   PA   USD
ENA Master Trust       4     71.1   5/19/2048   PA   USD
Enel Generacion Chile  6.2   29.4  10/15/2028   CL   CLP
Equatorial Energia    11     1.1   10/15/2029   BR   BRL
Equatorial Energia    10.8    1     5/15/2028   BR   BRL
Esval SA               3.5   13.2   2/15/2026   CL   CLP
Farfetch               3.8   4.3     5/1/2027   KY   USD
Fospar S/A             6.5   1.4    5/15/2026   BR   BRL
GDM Argentina SA       2.5   0       9/8/2024   AR   USD
GDS Holdings           4.5   67.7   1/31/2030   KY   USD
Generacion Mediterrane 4.6   0     11/12/2024   AR   ARS
General Shopping Finan 10   66.2                KY   USD
General Shopping Finan 10   65.1                KY   USD
Genneia SA              2    56.4   7/14/2028   AR   USD
Greenland Hong Kong    10.2  12.9               KY   USD
Guacolda Energia SA    4.6   70.4   4/30/2025   CL   USD
Guacolda Energia SA    10    70   12/30/2030    CL   USD
Guacolda Energia SA    4.6   70.6   4/30/2025   CL   USD
Guacolda Energia SA    10    70    12/30/2030   CL   USD
Hector A Bertone SA    1.9   0       4/7/2024   AR   USD
Hilong Holding         9.8   65.7  11/18/2024   KY   USD
Hilong Holding         9.8   62.2  11/18/2024   KY   USD
Hilong Holding         9.8   65.6  11/18/2024   KY   USD
ICBC DO Brasil         3.3   59.5               BR   USD
IMPSA                  1     75    12/30/2031   AR   USD
Itau Unibanco SA/Nassau 5.8  20.1   5/20/2027   BR   BRL
Jamaica Gov't Bond     6.3   67.8   7/11/2048   JM   JMD
Jamaica Gov't Bond     8.5   73    12/21/2061   JM   JMD
Lani Finance           1.7   64.1   3/14/2049   KY   EUR
Lani Finance           1.9   66.5   9/20/2048   KY   EUR
Lani Finance           1.9   67.5  10/19/2048   KY   EUR
Lani Finance           3.1   64.7  10/19/2048   KY   AUD
Link Finance Cayman    2.2   69.8  10/27/2038   KY   HKD
LIPSA Srl              1      0     8/23/2024   AR   USD
Logan Group Co         7      5                 KY   USD
Longfor Group Holdings 4     45.2   9/16/2029   KY   USD
Longfor Group Holdings 3.4   58     4/13/2027   KY   USD
Longfor Group Holdings 3.9   40.2   1/13/2032   KY   USD
Longfor Group Holdings 4.5   55.2   1/16/2028   KY   USD
Luminis III            2.3   41.5   9/22/2048   KY   USD
Luminis III            2.4   54     9/22/2048   KY   AUD
Luminis IV             3.2   69.6   1/22/2042   KY   AUD
Luminis                2.3   53.5   9/22/2048   KY   AUD
Lunar Funding I        1.7   70.7   8/11/2056   KY   GBP
MTR Corp CI            3     72.6   3/11/2051   KY   HKD
MTR Corp CI            2.8   72.7    9/6/2047   KY   HKD
MTR Corp CI            3.2   73.1    2/5/2055   KY   HKD
MTR Corp CI            3     72.5   3/11/2051   KY   HKD
Panama Gov't Int'l Bon 4.5   64.1    4/1/2056   PA   USD
Panama Gov't Int'l Bon 2.3   70.3   9/29/2032   PA   USD
Panama Gov't Int'l Bon 3.9   56.6   7/23/2060   PA   USD
Panama Gov't Int'l Bon 3.3   75.7   1/19/2033   PA   USD
Panama Gov't Int'l Bon 4.5   65.7   4/16/2050   PA   USD
Panama Gov't Int'l Bon 4.5   63     1/19/2063   PA   USD
Panama Gov't Int'l Bon 4.5   67.3   5/15/2047   PA   USD
Panama Gov't Int'l Bon 4.3   63.8   4/29/2053   PA   USD
Peruvian Gov't Int'l   2.8   57.2   12/1/2060   PE   USD
Peruvian Gov't Int'l   3.2   57     7/28/2121   PE   USD
Peruvian Gov't Int'l   3.6   71.3   3/10/2051   PE   USD
Peruvian Gov't Int'l   3.6   65.4   1/15/2072   PE   USD
Peruvian Gov't Int'l   3.3   74     3/11/2041   PE   USD
Petroleos del Peru SA  5.6   66.3   6/19/2047   PE   USD
Petroleos del Peru SA  5.6   66.4   6/19/2047   PE   USD
Powerlong Real Estate  6.3   10.3   8/10/2024   KY   USD
Provincia de Cordoba   7.1   39.7  10/27/2026   AR   USD
Provincia de la Rioja  4.5   55.5   1/20/2027   AR   USD
Provincia de la Rioja  7.5   51.1   7/20/2032   AR   USD
Chaco Argentina       4      0     12/4/2026   AR   USD
QNB Finance           13.5   65.4   10/6/2025   KY   TRY
QNB Finance           11.5   73.2   1/30/2025   KY   TRY
QNB Finance            2.9   73.4   9/16/2035   KY   AUD
QNB Finance            2.9   72.1   12/4/2035   KY   AUD
QNB Finance            3     74.6   2/14/2035   KY   AUD
QNB Finance            3.4   70.7   10/21/2039  KY   AUD
Radiance Holdings Grou 7.8   69.6   3/20/2024   KY   USD
Rio Alto Energias Reno 7     28.7   7/15/2027   BR   BRL
Santander Consumer Ch 2.9    72.5   11/27/2034  CL   AUD
Seazen Group           6     70.3   8/12/2024   KY   USD
Seazen Group           4.5   30.6   7/13/2025   KY   USD
Shui On Dev't          5.5   73.2   3/3/2025    KY   USD
Shui On Dev't          5.5   61.7   6/29/2026   KY   USD
Silk Road Investments  2.9   66   1/23/2042     KY   AUD
Skylark                1.8   59.1   4/4/2039    KY   GBP
Autopista Central      5.3   37.3   12/15/2026  CL   CLP
Vespucio Norte         5.3   50.7   12/15/2028  CL   CLP
Minera de Chile SA     3.5   65.5   9/10/2051   CL   USD
Minera de Chile SA     3.5   65.4   9/10/2051   CL   USD
Southern Water Services 3    70.9   5/28/2037   KY   GBP
SPE Saneamento RIO 1   7.2   10.7   1/15/2042   BR   BRL
SPE Saneamento RIO 2   6.9   10.3   1/15/2034   BR   BRL
SPE Saneamento RIO 3   7.2   10.8   1/15/2042   BR   BRL
SPE Saneamento RIO 4   6.9   10.3   1/15/2034   BR   BRL
Spica                    2   74.6   3/24/2033   KY   AUD
Spirit Loyalty Cayman    8   72.1   9/20/2025   KY   USD
Spirit Loyalty Cayman    8   72.5   9/20/2025   KY   USD
Spirit Loyalty Cayman    8   72     9/20/2025   KY   USD
Spirit Loyalty Cayman    8   70.9   9/20/2025   KY   USD
Sylph                  2.7   68.3   3/25/2036   KY   USD
Sylph                  2.4   64.1   9/25/2036   KY   USD
Sylph                  3.1   74.6   9/25/2035   KY   USD
Sylph                  2.9   74.1   6/24/2036   KY   AUD
SYN prop e tech SA    11.1   21.1   3/15/2024   BR   BRL
Telecom Argentina SA   1     74.1   3/9/2027    AR   USD
Telecom Argentina SA   1     66.2   2/10/2028   AR   USD
Telefonica Moviles Chi 3.5   74.1   11/18/2031  CL   USD
Telefonica Moviles Chi 3.5   74.2   11/18/2031  CL   USD
Tencent Holdings       3.8   75.4   4/22/2051   KY   USD
Tencent Holdings       3.2   67.3   6/3/2050    KY   USD
Tencent Holdings       3.3   63.6   6/3/2060    KY   USD
Tencent Holdings       3.9   73.4   4/22/2061   KY   USD
Tencent Holdings       3.8   74.8   4/22/2051   KY   USD
Tencent Holdings       3.2   67.2   6/3/2050    KY   USD
Tencent Holdings       3.3   63.8   6/3/2060    KY   USD
Tencent Holdings       3.9   73.2   4/22/2061   KY   USD
Three Gorges Finance   3.2   70.5   10/16/2049  KY   USD
Grupo Travessia          9    1.6   1/20/2032   BR   BRL
Vina Santa Rita SA     4.4   63.8   9/15/2030   CL   CLP
Volcan Cia Minera SAA  4.4   61.7   2/11/2026   PE   USD
Volcan Cia Minera SAA  4.4   61.8   2/11/2026   PE   USD
VTR Comunicaciones SpA 5.1   62.5   1/15/2028   CL   USD
VTR Comunicaciones SpA 4.4   62.9   4/15/2029   CL   USD
VTR Comunicaciones SpA 5.1   63.1   1/15/2028   CL   USD
VTR Comunicaciones SpA 4.4   63.1   4/15/2029   CL   USD
YPF SA                  7    72.5   12/15/2047  AR   USD
YPF SA                  7    72.1   12/15/2047  AR   USD
YPF SA                  1    65.9   4/25/2027   AR   USD



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
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