---

       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, December 2, 2024, Vol. 25, No. 241

                           Headlines



A R G E N T I N A

GAUCHO GROUP: Delays 10-Q Filing Due to Chapter 11 Process
VISTA ENERGY: Fitch Publishes 'BB-' LongTerm IDRs, Outlook Stable


B R A Z I L

ACU PETROLEO: Fitch Affirms BB+ Rating on $600MM Sr. Secured Notes
BRAZIL: Public Debt Surpasses BRL9 Trillion, Reaching 78.6% of GDP
BRAZIL: SOEs Hit Record BRL7.7BB Deficit in 2024


C O L O M B I A

BANCO DAVIVIENDA: Fitch Affirms 'BB+' IDR, Alters Outlook to Stable
BANCO DE BOGOTA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
BANCO DE OCCIDENTE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
BANCOCOLOMBIA SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
COLOMBIA: Eases Fiscal Curbs in Revised Regional Funding Bill

CORPORACION FINANCIERA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Dissolves FODEARTE to Enhance Efficiency


X X X X X X X X

[*] BOND PRICING: For the Week from Nov. 25 to 29, 2024

                           - - - - -


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

GAUCHO GROUP: Delays 10-Q Filing Due to Chapter 11 Process
----------------------------------------------------------
Gaucho Group Holdings, Inc., a company that includes a growing
collection of e-commerce platforms with a concentration on fine
wines, luxury real estate, and leather goods and accessories
provided an update to the timing of filing its Form 10-Q for the
quarter ended September 30, 2024 with the Securities and Exchange
Commission. The delay is primarily attributed to the additional
requirements and considerations stemming from the Company's recent
filing of a voluntary Chapter 11 petition in the U.S. Bankruptcy
Court for the Southern District of Florida.

The Company is actively working with its advisors to address all
necessary procedural and compliance matters associated with its
Chapter 11 case. Despite these challenges, Gaucho Holdings remains
focused on maintaining transparency with stakeholders throughout
the process. The Company anticipates filing its Form 10-Q with the
SEC within the next three weeks.

The Chapter 11 petition, filed in accordance with U.S. Bankruptcy
Code provisions, allows Gaucho Holdings to reorganize its
operations and assess its strategic path forward. This process
includes rigorous financial reviews, which have contributed to the
delay in completing the Company's quarterly reporting
requirements.

Gaucho Holdings appreciates the patience and understanding of its
stockholders and business partners as it navigates this period. The
Company will continue to provide updates as material developments
occur.

                   About Gaucho Group Holdings

Gaucho Group Holdings Inc operates as a holding company. The
Company, through its subsidiaries, provides luxury real estate and
consumer marketplace with collection of wine, hospitality, fashion
brands, and real estate holdings. Gaucho Group Holdings serves
customers in the United States and Argentina.

Gaucho Group Holdings Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fl. Case No. 24-bk-21852) on
November 12, 2024.


VISTA ENERGY: Fitch Publishes 'BB-' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has published Vista Energy Argentina S.A.U.'s (Vista
Argentina) 'BB-' Long-Term Foreign Currency (FC) and Local Currency
Issuer Default Ratings (IDRs). The Rating Outlook is Stable. Fitch
has assigned a 'BB-' rating to the proposed benchmark size
unsecured bonds. The net proceeds will be used for capex, working
capital, and general corporate purposes to grow its oil and gas
business in Argentina.

Vista Argentina's 'BB-' FC IDR is three notches above Argentina's
Country Ceiling (B-) due to cash held abroad and export revenue
covering the next three years of hard currency debt service by over
1.5x.

The ratings reflect Vista Argentina's strong business and financial
profile, with expected production of 90,000 barrels of oil
equivalent per day (boe/d), 1P reserves of 400 million barrels of
oil equivalent (mmboe) by FY2025, and leverage below 2.0x.

Key Rating Drivers

Rating Above the Country Ceiling: Vista Argentina's cash flow
generation is concentrated in Argentina (CCC). The Long-Term FC IDR
is not constrained by Argentina's Country Ceiling (B-) given the
company's ability to cover hard currency debt service with export
revenue and cash held abroad, while maintaining a foreign currency
debt service coverage ratio above the threshold of 1.5x for at
least three years. This enables an uplift of up to three notches
above the Country Ceiling, in accordance with Fitch's Corporate
Rating Criteria.

Growing Production and Reserve Base: Fitch expects Vista
Argentina's production to reach 90,000 boe/d by FY2025, while 1P
reserves should be close to 400 mmboe and a 1P reserve life index
(RLI) of 15 years, aligning the operating profile to the midpoint
of the 'BB' category. Vista Argentina's production grew at a 24%
CAGR between 2020 and 2023, while 1P reserves grew at a 35% CAGR.

Vista Argentina plans to deploy USD2.8 billion in capex over the
next three years, focusing on production growth. As of 3Q24, total
production reached 72,279 boe/d, of which 94% was shale
production.

Lowest Cost Producer: Fitch estimates operating cost (COGS) per boe
of $31/boe and EBITDA of USD1.0 billion ($41/boe) in FY2024. Vista
Argentina is the independent oil and gas producer with the lowest
production costs among Fitch's rated portfolio in Latin America,
with half-cycle and full-cycle costs estimated at $12.5/boe and
$18.9/boe, respectively, as of FY2023. These low costs are driven
by economies of scale and by the company's focus on shale oil and
gas, comparing favorably to other peers in Latin America.

Strong Financial Profile: Fitch projects EBITDA leverage will
remain below 2.0x over the rating horizon, with gross debt at or
below USD1.7 billion. On a boe basis, Fitch estimates debt to 1P to
be close to $4/boe in FY2024. Vista Argentina's strong financial
flexibility allows it to mitigate the risks associated with its
high-risk operating environment. Fitch forecasts positive free cash
flow (FCF) between 2026 and 2027, enabling Vista to finance its
growth plans without the need for additional debt.

Derivation Summary

Vista Argentina is the independent oil and gas producer with the
lowest production costs among those rated by Fitch in Latin
America, making it a key differentiator among its peers. Vista
Argentina's FY2023 half-cycle cost estimated at $13/boe is lower
compared to Matador Resources Company (BB-/Positive) at $16/boe, SM
Energy Company (BB/Stable) at $14/boe, 3R Petroleum Óleo e Gás
S.A. (BB-/Stable) at $44/boe, and Prio S.A. (BB/Positive) at
$20/boe.

In terms of operational scale and 1P reserves, Fitch projects that
Vista Argentina will reach a total production of approximately
90,000 boe/d and 1P reserves of at least 400 mmboe by FY2025,
placing Vista in the lower range of the 'BB' category. These
metrics are below those of its peers.

Vista Argentina's operations are concentrated in Argentina, which
is a limiting factor for its rating as the operating environment of
'b' poses higher risks compared to its peers. This is the same case
for Pan American Energy S.L. (BB-/Stable), whose rating is also
constrained by the Argentine operating environment. However, its
medium production size of 222kboed and strong 1P reserve life of
close to 19 years compare favorably to other 'BB' rated oil and gas
E&P producers.

Fitch expects Vista Argentina's EBITDA leverage to remain below
2.0x throughout the rating cycle. Compared to its peers, Fitch
expects the average leverage of these E&P companies to be below
2.0x over the next 3 years. On a boe basis, Vista's FY2023 total
debt to 1P was $2/boe, the lowest of its peers.

Key Assumptions

- Average Brent prices from 2024 to 2027 (USD/bbl): 80, 75, 70,
65;

- Average daily production from 2024 to 2027 (kboe/d): 68, 87, 105,
122;

- Oil sales consider discount to Brent of $10/bbl;

- Lifting cost in 2024 of $4.4/boe and $4.3/boe between 2025 and
2027;

- Royalties of $9.5/boe in 2024 and $7.0/boe between 2025 and
2027;

- Selling expenses of $3.7/boe between 2024 and 2027;

- G&A of $2.6/boe between 2024 and 2027;

- Capex of USD1.1 billion in 2024 and annual average of USD950
million between 2025 and 2027;

- EBITDA leverage at or below 2.0x over the rating horizon;

- 1P Reserve replacement ratio of 125% in 2024;

- No dividend payments.

RATING SENSITIVITIES

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

- Downgrade of the Country Ceiling of Argentina;

- Hard currency cash flows from operations outside Argentina not
covering hard currency gross interest expense in excess of 1.5x for
24 months;

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

- Debt/EBITDA and net debt/EBITDA ratios above 3.5x and 2.5x,
respectively, on a sustained basis;

- Major operational disruptions at key assets, resulting in a
significant reduction in production.

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

- Upgrade of Argentina's Country Ceiling;

- Sustained access to hard currency committed credit lines from
highly rated international banks;

- Increasing production to more than 125 kboe/d, while maintaining
1P reserve life of at least seven years.

Liquidity and Debt Structure

Vista Argentina had USD101 million in cash and equivalents and
USD305 million in short-term debt as of September 2024. Vista
Argentina, similar to other E&Ps in Argentina, has taken advantage
of local capital markets to access cheap financing to fund its
operations. As of September 2024, 30% of the company's debt was
denominated in hard currency.

Fitch believes Vista Argentina can comfortably service debt with
cash on hand and cash flows through the rating horizon in the event
the company faces a challenging financing environment due to
Argentina's capital controls. The rating case assumes Vista
Argentina's FCF will be positive between 2025 and 2027.

Issuer Profile

Vista Argentina is a midsize O&G producer with average production
of 72,279 boe/d as of 3Q24. Its main assets located in the Neuquina
basin (Vaca Muerta) in Argentina. Vista is the second-largest
unconventional oil producer in Argentina.

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

Vista Energy Argentina S.A.U. has an ESG Relevance Score of '4' for
GHG Emissions & Air Quality due to the growing importance of
policies designed to limit the greenhouse gas (GHG) emissions from
the production of oil and gas and potentially lessening demand,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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

   Entity/Debt                 Rating           
   -----------                 ------           
Vista Energy
Argentina S.A.U.      LT IDR    BB- Publish
                      LC LT IDR BB- Publish

   senior unsecured   LT        BB- New Rating



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

ACU PETROLEO: Fitch Affirms BB+ Rating on $600MM Sr. Secured Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the fixed-rate USD 600 million senior
secured notes issued by Acu Petroleo Luxembourg S.A.R.L. (Acu
Petroleo Luxembourg) at 'BB+'. The Rating Outlook is Stable.

RATING RATIONALE

Açu Petroleo Luxembourg's rating reflects the characteristics of
an operational oil transshipment port with revenue exposure to
contract renewals and volume ramp-up risks. The project expects
volumes to increase due to the development of pre-salt fields,
which depend on long-term oil prices. The rating also reflects a
regulatory model without minimum or maximum pricing restrictions.
Fitch's expects the premium tariff, related to the reliability of
the port's services, to remain stable in the coming years.

The issuance includes a full guarantee from Vast Infraestrutura
S.A. (Vast, previously Acu Petroleo S.A.), which owns and operates
the underlying assets. The structure contemplates a legal and
target amortization schedule that allows the debt to be fully
amortized in 10 years through a target amortization cash sweep
mechanism, partially mitigating future reductions in volumes.

Under the rating case, the project has a loan life coverage ratio
(LLCR) of 1.9x. Although this metric is commensurate with a higher
rating, the rating is constrained by Brazil's country ceiling, as
the transactions is exposed to transfer and convertibility risk
because revenues are collected in local currency and converted to
pay debt service in USD.

KEY RATING DRIVERS

Revenue Risk - Volume - Midrange

Single Cargo Terminal: Vast operates the largest private crude oil
transshipment port in Brazil, facing moderate entry barriers for
new participants. Its business plan includes increasing volumes
over the next few years, driven by the development of pre-salt
fields in the Santos Basin. Vast benefits from a long-term
take-or-pay (ToP) agreement with Shell Brasil, a subsidiary of
Royal Dutch Shell plc (AA-/Stable) and mid-term ToP agreements with
other major international oil companies in Brazil.

A significant portion of Vast's revenue depends on contract
renewals, as they mature before the debt tenure. Long-term oil
prices will influence the development of new fields and contracted
volumes. Additionally, port costs for end users are low relative to
the high value of the cargo.

Revenue Risk - Price - Midrange

Inflation Linked Contract: The regulatory model does not impose
minimum or maximum pricing restrictions. The ToP agreements set
forth annual tariffs readjustments that follows U.S. inflation,
measured by PPI for Industrial Commodities, and have been
readjusted in a timely manner since the port began operations. The
revenues and debt are U.S. dollar-denominated, but some operational
costs and expenses are denominated in Brazilian real (BRL),
exposing the transaction to the risk of BRL appreciation.

Infrastructure Dev. & Renewal - Stronger

Well-Maintained Infrastructure: Vast facilities are modern and well
maintained and likely to have long, useful lives. The capacity is
above Fitch's medium-term volume forecast, and planned investments
are predominantly comprised of channel dredging and widening, in
case volumes ramp-up according to base case projections. The
investments and maintenance capex should be funded with operational
cash generation.

Debt Structure - 1 - Stronger

Target Cash Sweep Mechanism: The rated USD-denominated senior debt
is fully amortizing with a fixed interest rate and guaranteed by
Vast Infraestrutura S.A., which owns and operate the assets. It has
a 10-year amortization schedule with a target amortization cash
sweep mechanism. The structure includes strong covenants: DSCR
above 1.30x for dividend distribution, change of control provision,
and six-month offshore debt service reserve account (DSRA) and a
six-month operations & maintenance reserve account (OMRA). New
senior indebtedness requires rating confirmation. Limited exposure
to foreign currency fluctuations exits as revenues are
USD-denominated but collected onshore, exposing the transaction to
transfer and convertibility risks.

Financial Profile

Fitch reviewed 2024 and 2025 volume projections due to the
Brazilian Environmental Agency (IBAMA) strike, delaying drilling
and extraction authorizations and impacting oil production in
Brazil. Under the updated rating case, Açu Petroleo meets target
amortization yearly. The minimum LLCR is 1.9x, and the average DSCR
from 2024 to 2027 is 2.5x, respectively, considering only mandatory
interest payments. Including principal payments, the average DSCR
is 1.4x. Despite these metrics supporting higher ratings, the
rating is constrained by Brazil's Country Ceiling due to transfer
and convertibility risk.

PEER GROUP

Prumo Participacoes e Investimentos S/A (Prumopar, senior secured
notes; BB+/Stable) and Mersin Uluslararası Liman İşletmeciliği
A.Ş. (Mersin, senior unsecured debt BB-/Stable) are Açu Petróleo
Luxembourg's closest peers.

Prumopar benefits from a long-term ToP contract through the entire
tenor of the debt, which offsets the renewal risk. However,
Prumopar has refinancing risk, mitigated by a cash sweep mechanism.
Açu Petróleo Luxembourg has renewal risk, no refinance risk, and
a cash sweep mechanism to accelerate the amortization of the debt
under the target curve. Under the rating case, Prumopar has a
minimum PLCR of 1.8x, close to Açu Petróleo Luxembourg's, and its
rating is also constrained by Brazil's Country Ceiling.

Mersin is Turkiye's largest export-import port and handles the
highest volume of containerized throughput in the country. Unlike
Açu Petróleo Luxembourg, Mersin's volume mix is diversified but
volatile and has a single-bullet debt structure. However, its
refinancing risk is largely mitigated by a moderate leverage ratio
of 2.0x, measured by net debt/EBITDA. Mersin's rating is also
capped by Turkiye's Country Ceiling of 'BB-' and is aligned with
the sovereign rating due to the port's linkages to the country's
economic and regulatory environment.

RATING SENSITIVITIES

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

- A negative rating action on Brazil's sovereign rating that leads
to a deterioration on the Country Ceiling;

- Fitch's expectations of oil prices to be below USD65 per barrel,
leading to a lower uplift on volume projections;

- Substantial changes in the business environment that negatively
impact medium- or long-term volume growth prospects.

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

- A strengthening of the credit profile of the Brazilian sovereign,
particularly the risk of imposing controls on the transfer of
foreign currency as long as the project presents metrics
commensurate with higher rating.

SECURITY

Acu Petroleo Luxembourg S.A.R.L. is a non-operational entity that
is fully owned by Acu Petroleo S.A. and is a special purpose
vehicle created for the notes' issuance. The notes are fully
guaranteed by Vast Infraestrutura S.A., which owns the largest
private crude oil transshipment port in Brazil. The notes are in
the amount of USD 600 million, senior secured, with an annual fixed
rate of 7.5%, issued in 144A/Reg S. The structure includes a legal
and target amortization schedule designed to allow for the debt to
be fully amortized in 10 years, through a target amortization cash
sweep mechanism.

ESG Considerations

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

   Entity/Debt                 Rating         Prior
   -----------                 ------         -----
Acu Petroleo
Luxembourg S.A.R.L.

   Acu Petroleo
   Luxembourg S.A.R.L.
   /Port Revenues –
   First Lien/1 LT         LT BB+  Affirmed   BB+

BRAZIL: Public Debt Surpasses BRL9 Trillion, Reaching 78.6% of GDP
------------------------------------------------------------------
Oliver Mason at Rio Times Online reports that Brazil's fiscal
landscape is evolving rapidly, with recent data revealing both
progress and persistent challenges.  The country's gross public
debt reached a historic milestone in October 2024, surpassing BRL9
($1.5) trillion for the first time, according to Rio Times Online.

This figure represents 78.6% of Brazil's GDP, up from 78.2% in
September, the report notes.  The increase in debt stems from
several factors, the report relays.  Nominal interest accrued added
0.7 percentage points, while currency devaluation contributed 0.3
percentage points, the report discloses.

These effects outweighed the slight positive impacts of net debt
redemption and nominal GDP variation, notes the report.  Despite
the rising debt, Brazil's public sector posted a primary surplus of
BRL36.883 billion ($6 billion) in October, the report relays.

This result, while positive, fell short of economists' expectations
of BRL40 billion ($7 billion), the report discloses.  The federal
government led with a surplus of BRL39.150 billion ($7 billion),
the report notes.

However, states and municipalities recorded a deficit of BRL1.907
billion, the report notes.  The 12-month accumulated primary
deficit stands at BRL223.521 billion ($39 billion), equivalent to
1.95% of GDP.

This marks an improvement from September's 2.15% deficit, the
report relays.  The nominal deficit, including interest payments,
reached BRL1.093 trillion ($188 billion) over 12 months, or 9.52%
of GDP, the report discloses.

         Brazil's Fiscal Challenges and Economic Outlook

According to Rio Times Online, Brazil's government faces a delicate
balancing act.  It aims to achieve a zero deficit for federal
accounts in 2024.  The fiscal target allows for a deficit of up to
BRL13.31 billion ($2 billion) for the consolidated public sector.

However, market skepticism persists regarding the feasibility of
proposed savings measures, the report says.  The trajectory of
Brazil's gross public debt varies across different administrations,
the report notes.

The current term under President Lula has seen an increase of
BRL1.807 trillion ($312 billion) so far, the report discloses.
This follows increases of BRL1.952 trillion ($337 billion) during
Bolsonaro's term and BRL2.020 trillion ($348 billion) in the
Dilma/Temer period, the report says.

Interest expenses on public debt amounted to BRL869.3 billion ($150
billion) over 12 months. The persistence of high interest rates,
with the Selic rate at 11.25% per annum, continues to impact debt
servicing costs, the report relays.

This underscores the need for careful fiscal management, the report
discloses.  Brazil's economic future hinges on the government's
ability to navigate these fiscal challenges, the report says.

Balancing economic growth, debt management, and social spending
will be crucial, the report says.  The country's path forward
requires prudent decision-making and a commitment to fiscal
responsibility, the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

Moody's credit rating for Brazil was last set at Ba2 with positive
outlook as of May 2024.  S&P Global Ratings raised on Dec. 19,
2023, its long-term global scale ratings on Brazil to 'BB' from
'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term

Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable

Outlook.  DBRS' credit rating for Brazil was last reported at BB
with stable outlook at July 2023.  

BRAZIL: SOEs Hit Record BRL7.7BB Deficit in 2024
------------------------------------------------
Richard Mann at Rio Times Online reports that the financial
landscape of Brazil's state-owned enterprises has taken a
significant turn.  Recent data from the Central Bank reveals a
staggering deficit of BRL7.7 billion ($1.4 billion) for these
companies in the first ten months of 2024, according to Rio Times
Online.

This figure marks the highest deficit recorded since the Central
Bank began tracking this data in 2002, the report notes.  The
deficit's magnitude becomes even more striking when compared to the
same period in 2023, which saw a deficit of BRL2.868 billion ($494
million), the report discloses.

This substantial increase raises questions about the fiscal
management of these state-owned entities and their impact on
Brazil's overall economic health, the report says.

It's crucial to note that these figures exclude major players like
Petrobras, Eletrobras, and public banks such as Banco do Brasil and
Caixa Economica Federal, the report notes.

Federal state-owned companies bear the brunt of this deficit,
accounting for BRL4.452 billion ($768 million) of the total, the
report relays.  This represents a dramatic increase from the BRL6
million ($49 million) deficit recorded in the same period last
year, the report notes.

               Brazil's Public Sector Deficits

Rio Times Online relates that the surge in deficit for federal
entities is particularly concerning, as it indicates a potential
misalignment between investment strategies and financial
sustainability.  State-level enterprises also contributed
significantly to the overall deficit, with a shortfall of BRL3.355
billion ($578 million), the report says.

This figure shows an increase from the BRL2.257 billion ($389
million) deficit recorded in the same period of 2023, the report
recalls.  The consistent growth in deficits across both federal and
state levels points to systemic issues in the management of these
public entities, the report says.

Interestingly, municipal state-owned companies bucked the trend,
reporting a surplus of BRL41.6 million ($7 million), the report
relays.  This stands in stark contrast to the BRL325 million ($56
million) deficit they faced in the same period of 2023, the report
discloses.

While this positive result at the municipal level is encouraging,
it's not enough to offset the larger deficits at the federal and
state levels. The month of October alone saw a deficit of BRL360
million ($62 million) across all state-owned enterprises, the
report notes.

This figure breaks down to deficits of BRL273 million ($47 million)
for federal companies and BRL92 million ($16 million) for state
companies, slightly offset by a BRL5 million ($1 million) surplus
from municipal entities, the report adds.

                            About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

Moody's credit rating for Brazil was last set at Ba2 with positive
outlook as of May 2024.  S&P Global Ratings raised on Dec. 19,
2023, its long-term global scale ratings on Brazil to 'BB' from
'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term

Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable

Outlook.  DBRS' credit rating for Brazil was last reported at BB
with stable outlook at July 2023.  



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

BANCO DAVIVIENDA: Fitch Affirms 'BB+' IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda S.A.'s (Davivienda)
Long-and Short-Term Local and Foreign Currency Issuer Default
Ratings (IDRs) at 'BB+' and 'B', respectively. Fitch has also
affirmed Davivienda's Viability Rating (VR) at 'bb+' and its
National Long-Term rating at 'AAA(col)' and 'F1+(col)'. Fitch has
additionally affirmed Grupo Bolivar S.A.'s (GB) National Long- and
Short-Term Ratings at 'AAA(col)' and 'F1+(col)', respectively. The
Rating Outlook has been revised to Stable from Negative.

The Outlook revision reflects Davivienda's significant efforts to
normalize its asset quality and the continued decreasing trend in
operational losses during 2024, as expected by Fitch. This is
partly due to a significant improvement in the consumer portfolio
asset quality and post-peak lower loan loss provision expenses.

Although the operating profit/risk-weighted assets ratio is still
below the 1.25% threshold for the 'bb' score, the financial
performance is aligned with its guidance and boosted by its recent
discipline in lending standards and pace of growth. Stable capital
ratios amid focused asset growth and profitability recovery should
absorb any downside risks in 2025. The Stable Outlook on Davivienda
and GB National Long-Term ratings mirrors the Outlook on
Davivienda's IDRs.

Key Rating Drivers

VR Drives IDRs: Davivienda IDRs are driven by its VR. The VR is one
notch above the 'bb' implied VR and reflects the bank's strong
business profile. This factor has a positive impact on the bank's
credit profile given its leading market position in Colombia as the
second largest bank and adequate franchise in Central America. The
assessment also considers its sound risk management and financial
performance recovery amid the recent challenging operating
environment (OE), as well as its good capital position and large,
stable deposit base.

Strong Business Profile: Davivienda's business profile is
underpinned by its stable total operating income (TOI), strong
market position in Colombia and leading franchise in Central
America. Davivienda has a diversified business model, serving more
than 24 million customers and offering a full suite of retail and
commercial banking, as well as wealth management and capital market
services.

The four-year average TOI, at USD2,563 million, is supported by
business and geographic diversification and has proven resilient to
its overall financial performance while controlling risk.
Continuous efforts to develop cutting-edge digital technologies
also strengthen its business model.

Improving Asset Quality: Davivienda's improvement in the asset
quality metrics of its consumer portfolio suggested a more rigorous
credit risk management approach, important collection efforts and a
shift towards better credit quality borrowers. Total PDL decrease
to 4.6% as of September 2024 including a 226 basis points
improvement in the consumer portfolio since the peak of December
2023. Fitch considers that meeting the 4.0%-4.5% target for PDL at
the end of 2024 is still challenging, but achievable if the bank
sticks to its recent discipline in lending standards and pace of
growth. However, credit costs should remain above 3% for the next
12 months given the need for further provision expenses.

Lower Provisions Likely to Drive Recovery: Davivienda has exhibited
a decreasing trend in operational losses, driven by asset quality
improvement, strategic focused growth toward less riskier segments
and and a deliberate shift in its loan and deposit mix. The bank's
quarterly operating profit/risk-weighted assets ratio was 0.6% in
September 2024 versus -1.8% at the end of 2023, aligning with
Fitch's 2024 forecast.

Despite lower reference interest rates resulting from gradual
inflation reduction, the decline has been slower than anticipated,
affecting net interest margins due to the re-composition of the
loan mix and gradual resumption of growth. Fitch expects core
profitability to return to above 1.25% over the next 12 months once
provisions show signs of stabilization and net interest margin
(NIM) pressures decrease.

Adequate Capital Metrics: Davivienda's capitalization remains
adequate amid asset contraction and weak profitability in 2023 and
2024, with a 10.4% common equity Tier 1 (CET1)-to-risk weighted
asset (RWA) ratio as of 3Q24 and a 14.7% total regulatory capital
ratio due to additional loss absorption provided by hybrid capital
securities. Fitch expects capitalization to remain at about 10.5%
-11.0% over the next two years with a capital score of 'bb-',
commensurate with the bank's planned growth and earnings recovery.
Sound risk management, high collateral requirements and resilient
asset quality also underpinned the bank's capitalization.

Diversified and Stable Funding: Davivienda's funding and liquidity
assessment is enhanced by its good market position in deposits,
supported by ample banking infrastructure and digital
transformation. Its loans to deposits ratio of about 108% as of
September 2024 was below its historical average of 121% but still
above the peer average, as the bank utilizes longer-tenor funding
that helps to better match its assets and liabilities. Customer
deposits demonstrated a shift from demand deposits to term deposits
to optimize costs and manage liquidity. Conservative liquidity
policies and a consolidated market position will allow the bank to
fulfill regulatory liquidity ratios above 100%.

Rating Sensitivities

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

VR, IDRs and National Ratings

- The ratings could be downgraded if asset quality deterioration is
not controlled below levels of 4% and profitability ratio
(operating profit to RWA) consistently deviate below from 1.25%
expected by Fitch for the next 12 months to 24 months, resulting in
an erosion of CET1 consistently below 10%;

- A weakening of Fitch's assessment of the business or risk
profiles could trigger a downgrade;

- Davivienda's national scale ratings will reflect any change in
local relativities.


Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
VR, IDRs and National Ratings

- Given the limitations of the OE, a ratings upgrade is unlikely in
the medium term;

- Over the longer term, the ratings could be upgraded by a
confluence of improvement within the OE and in the bank's financial
profile;

- Davivienda's national ratings have no upside potential because
they are at the highest level in the national rating scale.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Davivienda's AT1 notes are rated four notches below its VR. The
notching reflects the notes' higher loss severity in light of their
deep subordination, along with additional nonperformance risk
relative to the VR, given the high write-down trigger of CET1 at
5.125% and full discretion to cancel coupons. As such, the debt has
been affirmed due to the affirmation of Davivienda's VR.

Davivienda's local subordinated debt is rated two notches below its
National Long-Term Rating, encompassing two notches for loss
severity (-2) and zero notches for nonperformance risk (0), given
the issuance terms (plain vanilla subordinated debt).

Davivienda's local senior unsecured bonds are rated at the same
level as the bank's National Long-Term Rating, considering the
absence of credit enhancement or any subordination feature.

GOVERNMENT SUPPORT RATING

The bank's Government Support (GS) rating of 'bb' reflects
Davivienda's size, systemic importance and the country's historical
support policy. Fitch believes there is a high probability of
sovereign support. Colombia's ability to provide such support is
reflected in the sovereign's Long-Term IDR (BB+/Stable).

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

- Davivienda's junior subordinated debt ratings will mirror any
action on the bank's VR;

- Davivienda's local senior debt ratings would move in line with
its National Long-Term rating;

- Davivienda's local subordinated debt ratings would move in line
with its National Long-Term rating.


- Davivienda's GS are potentially sensitive to any change in
assumptions as to the propensity or ability of Colombia to provide
timely support to the bank.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Grupo Bolivar National Ratings and Senior Debt

Grupo Bolivar's (GB) National ratings reflect the creditworthiness
of its main subsidiary, Banco Davivienda. GB's ratings are aligned
with Davivienda's due to its low double leverage (June 2024: 101%),
supported by a high level of earnings retention and strong cash
flow metrics that sufficiently meet its debt service requirements.
Additionally, GB's prudent liquidity management, as well as the
flexibility of its investment and contingency plans, ensures a
projected cash flow that sufficiently covers the debt service for
the next several years.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

- GB's National ratings will mirror any action taken on
Davivienda's National ratings;

- Additionally, a substantial increase of GB's leverage (double
leverage above 120%) or a sustained decline in the dividend flows
from the operating companies that result in a deterioration of its
debt coverage ratios could pressure GB's ratings;

- GB's national scale ratings are at the highest level on the
national scale; therefore, they cannot be upgraded.

VR ADJUSTMENTS

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

The Business Profile score has been assigned above the implied
score due to the following adjustment reason: Business Model
(positive).

Public Ratings with Credit Linkage to other ratings

Grupo Bolivar's ratings are driven by the rating of its main
subsidiary, Banco Davivienda.

ESG Considerations

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

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
Grupo Bolivar S.A.   Natl LT       AAA(col) Affirmed   AAA(col)
                     Natl ST       F1+(col) Affirmed   F1+(col)

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

Banco
Davivienda S.A.      LT IDR             BB+ Affirmed   BB+
                     ST IDR             B   Affirmed   B
                     LC LT IDR          BB+ Affirmed   BB+
                     LC ST IDR          B   Affirmed   B
                     Natl LT       AAA(col) Affirmed   AAA(col)
                     Natl ST       F1+(col) Affirmed   F1+(col)
                     Viability          bb+ Affirmed   bb+
                     Government Support bb  Affirmed   bb

   junior
   subordinated      LT                 B   Affirmed   B

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

   subordinated      Natl LT        AA(col) Affirmed   AA(col)

BANCO DE BOGOTA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the international ratings of Banco de
Bogota S.A. (Bogota) and its holding company, Grupo Aval Acciones y
Valores S.A. (Grupo Aval). Additionally, Fitch has affirmed
Bogota's Viability Rating (VR) and Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'bb+' and 'BB+',
respectively. The Rating Outlook for the Long-Term IDRs is Stable.

Fitch does not anticipate any further deterioration in the bank's
financial profile after the general recent decline in asset quality
and profitability due to a challenging operating environment, which
is expected to improve.

Key Rating Drivers

Viability Rating Drives Bank Ratings: Bogota's VR is influenced by
its business profile, which is underpinned by its leading
franchise. The bank's ratings reflect its consistent, though
impacted, financial performance, reasonable credit and risk
policies, and an ample, diversified funding base. Its improving
capitalization is above that of local peers.

Leading Franchise: Bogota is Colombia's third-largest bank by
assets (12.7%) and deposits (12.6%) as of 2Q24. It ranks second by
net income (16.1%) and third by loans (12.7%). Bogota is a
systemically important financial institution in Colombia, and it
has integrated Multibank, a Panamanian subsidiary in 2020.
Multibank holds market shares of 3.8% in assets, 4.3% in loans and
3.7% in deposits as of June 2024. By 3Q24, 63.8% of gross loans
were corporate, with 83.7% of consolidated loans booked in Colombia
similar to the averages for YE23 and YE22.

Asset Quality Deterioration: Bogota's loan portfolio quality
deteriorated in 2024. By 3Q24, the 90-day nonperforming loan (NPL)
ratio reached 4.7%, with a consolidated loan loss reserve coverage
of 1.18x, below pre-pandemic levels and YE23. Fitch believes the
deterioration likely peaked in the first half of 2024. Asset
quality is expected to improve slowly in late 2024 and 2025 due to
a better OE, macroeconomic conditions, and lower interest rates,
which could boost credit demand.

Cost of Risk Affects Profitability: Bogota's performance remains
impacted by higher cost of risk due to loan deterioration and also
by the lower equity method income from Corficolombiana. As of 3Q24,
the operating profit to risk-weighted assets (RWA) ratio was 1.2%,
mainly due to a steady net interest margin and high impairment
charges. Fitch expects this ratio to stabilize near 2.0% to 2.5% in
the medium term, supported by a reliable OE, increased loan growth,
consistent margins, and lower loan impairment charges.

Improving Capital Ratios: Following the November 2023 shareholders'
agreement to transfer control of Corficolombiana from Grupo Aval to
Banco Popular, Bogota's capitalization ratios improved as expected.
The CET1 ratio was 12.8% at 3Q24. The bank's capital is supported
by sustained, improving profitability, moderate dividend policies,
and controlled growth. Fitch projects Bogota's capital ratios will
remain around 12.0%-12.5% in the mid-term, above local peers, due
to expected profitability improvements and increasing RWA from loan
growth.

Wide, Stable Funding: Bogota boasts an ample, well diversified and
low-cost depositor base that fully supports its lending activities.
Fitch believes Bogota's liquidity and liquidity management are
appropriate for the risks the bank faces. Liquidity remains high as
deposits grew 8.2% YTD at 3Q24, predominantly supported by saving
accounts and time deposits, with lower YTD growth of assets and
gross loans (6.9% and 5.5% respectively).

Rating Sensitivities

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

- Bogota's VR and IDRs are sensitive to material deterioration in
the local OE or a negative sovereign rating action.

- The ratings could be downgraded from an extended period of OE
deterioration that leads to significant weakening of asset quality
and/or profitability (operating profit to RWA consistently below
1.5%), in turn resulting in an erosion of capital cushions if the
CET1 falls consistently below 10%.

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

- Given the limitations of the OE, a ratings upgrade is unlikely in
the medium term.

- Over the longer term, an improving OE coupled with improvement in
asset quality and profitability could be positive for
creditworthiness.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior And Subordinated Debt

Bogota's senior unsecured obligations are rated at the same level
as the bank's IDR. Its subordinated debt is rated two notches below
the bank's VR.

Government Support Rating

Bogota's GSR of 'bb', reflects the agency's estimation of a
moderate probability of sovereign support, if required, given the
bank's systemic importance. The ability of the sovereign to provide
support is based on its 'BB+'/Stable rating.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Senior And Subordinated Debt

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

- Bogota's debt ratings would move in tandem with the bank's IDRs
and VR.

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

- Bogota's debt ratings would move in tandem with the bank's IDRs
and VR.

Government Support Rating

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

- Bogota's GSRs would be affected if Fitch changes its assessment
of the government's ability and/or willingness to support the
bank.

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

- Bogota's GSRs would be affected if Fitch changes its assessment
of the government's ability and/or willingness to support the
bank.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

Grupo Aval Acciones Y Valores S.A. (Grupo Aval)

Strong, Competitive Position: Grupo Aval's ratings are driven by
the business and financial profile of its main operating
subsidiary, Banco de Bogota (Bogota). Moderate double leverage,
good cash flow metrics and a sound competitive position in multiple
markets also support Grupo Aval's ratings.

Challenging Consolidated Performance: As expected by Fitch, on a
consolidated basis, Grupo Aval's financial profile deteriorated in
2024, but has remained aligned to Fitch's expectations amid a more
challenging OE. Asset quality deteriorated in line with the banking
system, with consolidated 90-days NPL at 4.3% as of September 2024
(September 2022: 3.8%). The agency expects the NPL ratio to
slightly improve in 2025 thanks to the change in the monetary
policy and higher expectations on loans growth.

The holding company's consolidated operating profit to estimated
RWA ratio was impacted by higher cost of credit in 2023 and 2024.
Fitch expects the consolidated profitability ratio to return to the
2.5%-3% range, due to higher loan growth in 2024 and lower
expectations on cost of risk and funding costs.

Moderate Double Leverage: On an unconsolidated basis, Grupo Aval's
double leverage is moderate (1.07x at September 2024 or 1.22x when
including subordinated loans to subsidiaries and the BAC AT1
investment). This ratio has remained stable during 2024. Solid
internal capital generation should underpin Grupo Aval's double
leverage and debt coverage ratios.

Senior And Subordinated Debt

Grupo Aval Limited

The ratings for Grupo Aval Limited's senior unsecured debt are
aligned with those of Grupo Aval, as this entity guarantees the
senior bonds issued by the former.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

Subsidiaries And Affiliates: Rating Sensitivities

GRUPO AVAL And GRUPO AVAL LIMITED

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

- Grupo Aval's IDR would remain at the same level as Bogota's and
would move in tandem with any rating actions on its main operating
subsidiary. However, the relativity between these two entities'
ratings could also be affected in the event of a material and
sustained increase in Grupo Aval's double leverage metrics
(consistently above 1.2x), but also considering the holding
company's liquidity position and its management. Additionally, a
change in the dividend flows from the operating companies or debt
levels at the holding company that affects its debt coverage ratios
could also be detrimental to its ratings.

- The ratings for Grupo Aval Limited's senior unsecured debt would
move in line with Grupo Aval's IDRs.

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

- Grupo Aval's IDR would remain at the same level as Bogota's and
would move in tandem with any rating actions on its main operating
subsidiary.

- The ratings for Grupo Aval Limited's senior unsecured debt would
move in tandem with Grupo Aval's IDRs.

VR ADJUSTMENTS

- The VR has been assigned above the implied viability Rating due
to the following adjustment reason: Business profile (positive);

- The Business Profile has been assigned above the implied score
due to the following adjustment reason: Market Position
(positive).

Public Ratings with Credit Linkage to other ratings

The ratings of Grupo Aval Acciones y Valores are support-driven
from its main subsidiary Banco de Bogota S.A.; The rating of Grupo
Aval Limited issuance is linked to the rating of Grupo Aval
Acciones y Valores S.A.

ESG Considerations

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Banco de Bogota, S.A.   LT IDR             BB+ Affirmed   BB+
                        ST IDR             B   Affirmed   B
                        LC LT IDR          BB+ Affirmed   BB+
                        LC ST IDR          B   Affirmed   B
                        Viability          bb+ Affirmed   bb+
                        Government Support bb  Affirmed   bb

   senior unsecured     LT                 BB+ Affirmed   BB+

   subordinated         LT                 BB- Affirmed   BB-

Grupo Aval Acciones
y Valores S.A.          LT IDR             BB+ Affirmed   BB+
                        ST IDR             B   Affirmed   B
                        LC LT IDR          BB+ Affirmed   BB+
                        LC ST IDR          B   Affirmed   B

Grupo Aval Limited

   senior unsecured     LT                 BB+ Affirmed   BB+

BANCO DE OCCIDENTE: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de Occidente S.A.'s (Occidente)
and its subsidiaries' international and national ratings. Fitch
affirmed Occidente's Foreign and Local Currency Long- and
Short-Term Issuer Default Ratings (IDRs) at 'BB+' and 'B',
respectively, and its Viability Rating (VR) at 'bb+'.

At the same time, Fitch affirmed Banco de Occidente (Panama),
S.A.'s (BOP) LT IDR at 'BB+'. Fitch has also affirmed Occidente's,
BOP's, and Ficudiaria de Occidente, S.A.'s (Fiduoccidente) National
Scale Long- and Short-Term Ratings at 'AAA(col)' and 'F1+(col)',
respectively, and Occidental Bank (Barbados) Ltd. (OBB) at
'AA+(col)' and 'F1+(col)', respectively.

The Rating Outlook on the Long-Term ratings is Stable.

Key Rating Drivers

IDRs Driven by VR: Occidente's IDRs are driven by its intrinsic
creditworthiness, which is reflected in its 'bb+' VR. The bank's VR
is one notch above its implied 'bb' VR due to the high influence of
Fitch Ratings' assessment of the bank's business profile. Fitch
believes Occidente's consistent business model allows the bank to
generate modest but consistent income over time. The VR also
considers Occidente's modest profitability metrics and relatively
tight capital ratios.

Controlled Asset Quality: While Occidente's NPL ratio (90+ days
past due loans) seems poised to gradually improve, Fitch believes
this recovery could be slow and that the metric will remain more in
line with a 'bb'/stable trend assessment for this factor.
Furthermore, while the recent slight improvements have been aided
by stricter risk controls, increased charge-offs have played an
important role.

As of September 2024, the bank's NPL ratio slightly improved to
3.3% from 3.5% in December 2023 and from a 2020-2023 average of
3.7%. Fitch projects that the ratio could further improve to around
3%, a level that compares with other 'bb' asset quality assessed
international peers. This score is further supported by reasonable
reserve coverage of around 140% and relatively moderate borrower
concentrations.

Profits Still Under Pressure: Occidente's profitability remains
tight due to high credit and funding costs. However, as of
September 2024, there are early signs of improvement driven by
increased efficiency and reduced interest expenses. The annualized
operating profit to risk-weighted assets (RWA) ratio improved
slightly to 1.2% from 1% in December 2023, and Fitch expects this
trend to continue slowly. The bank's loan impairment charges to
pre-impairment operating profit ratio decreased to 70% from 73% in
2023. Although still high, this ratio could further decline if
asset quality continues to improve, supporting the positive trend
in profitability.

Modest Capitalization: Occidente's capitalization remains modest,
constrained by consistently higher credit growth compared to the
industry average and its recurrent dividend payment policy. As of
September 2024, the bank's CET1 to RWA ratio stood at 10.6%,
similar to other local and international peers also assessed at
'bb-'/stable in capitalization. Fitch expects Occidente's capital
metrics to remain relatively tight, considering its modest internal
capital generation and ongoing dividend policy. However, potential
ordinary support from its parent, if required, is also factored
in.

Adequate Funding Structure: The bank's funding structure reflects
its wholesale business profile, with its main source of funding
being customer deposits, primarily from institutional clients.
While these deposits have been stable, their cost is higher
compared to banks with a broad retail base. As of September 2024,
Occidente's loan/deposit ratio is 98.4% (four-year average:
102.9%), which is comparable to other peers rated at the same
level. Occidente's liquidity metrics are adequate; as of September
2024, the local liquidity coverage ratio was a sufficient 104.3%.
Fitch does not foresee significant changes in the bank's funding
and liquidity profile.

Rating Sensitivities

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

- Occidente's VR and IDRs could be downgraded by a significant
deterioration of asset quality and profitability ratios that no
longer reflect the bank's good business profile; specifically, an
operating profit to RWAs ratio consistently below 1% and NPL ratio
above 5%.

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

- An upgrade is unlikely in the foreseeable future given the
constraints of the operating environment.

Occidente's SSR of 'bb+' reflects Fitch's view of a high
probability of support from GA, if needed, given its role and
contribution to the group. Occidente is GA's second largest bank.
In Fitch's opinion, Occidente is core to GA's strategy and
institutional support should be forthcoming if required. GA has a
consistent track record of support for its subsidiaries, and its
ability to support them is reflective of its 'BB+'/Stable rating.

- The SSRs would be affected if Fitch changes its assessment of
GA's willingness and/or ability to provide support.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

BANCO DE OCCIDENTE (PANAMA), S.A. (BOP)

BOP's IDRs are aligned to Occidente's as they reflect the potential
support it would receive from Occidente should it be required. The
parent's ability to support its Panamanian subsidiary is supported
by Occidente's IDR of 'BB+'/Stable. BOP's IDRs also reflect the
importance of the subsidiary in expanding Occidente's international
presence while maximizing synergies with the group. In addition,
Occidente's expected support to BOP is bolstered by the operational
synergies, alignment of risk controls and business practices.

OCCIDENTAL BANK (BARBADOS), LTD. (OBB)

OBB's national ratings reflect the potential support it would
receive from Occidente should it be required. Fitch believes that
Occidente's propensity to support is high given the role OBB plays
in the group's strategy by offering international services to
Colombian and other Latin American clients and the high operational
and managerial integration. As this subsidiary is domiciled in
Barbados, Fitch also weights the country risks associated with
Occidente's ability to support in case of need, which explains the
one notch difference in the national scale rating.

FIDUCIARIA DE OCCIDENTE S.A. (Fiduoccidente)

Fiduoccidente national ratings are support driven and therefore are
aligned to Banco de Occidente's ratings. In Fitch's view,
Fiduoccidente is a core subsidiary to Banco de Occidente's business
model and strategy, which constitutes a high propensity of either
direct or indirect support. A default from this entity would
constitute a high reputational risk to its parent.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

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

For BOP:

- IDRs would change if Fitch's assessment of its parent's ability
and/or willingness to support BOP changes.

For OBB:

- A negative rating action on Occidente's national ratings;

- If Fitch perceives a diminished propensity of support from
Occidente.

For Fiduoccidente:

- A downgrade could come from a variation in Occidente's ability or
propensity of support or if its national ratings were downgraded.

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

For BOP:

- IDRs would mirror a positive rating action on Occidente's IDRs.

For OBB:

- An improvement of Barbado's country risk reflected in a sovereign
rating upgrade.

For Fiduoccidente:

- The national ratings are already at the highest possible level.

VR ADJUSTMENTS

The VR of 'bb+' has been assigned above the 'bb' implied due to a
positive adjustment driven by the bank's business profile which is
assessed at 'bb+'.

The Earnings and Profitability Score of 'bb-' has been assigned
above the 'b' category implied score due to the following
adjustment reason: Historical and Future Metrics (positive).

Public Ratings with Credit Linkage to other ratings

BOP's, OBB's and Fiduoccidente's ratings are support driven by
Occidente's rating.

ESG Considerations

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Occidental Bank
(Barbados) Ltd.     Natl LT        AA+(col) Affirmed   AA+(col)
                    Natl ST        F1+(col) Affirmed   F1+(col)

Banco de Occidente
(Panama), S. A.     LT IDR              BB+ Affirmed   BB+
                    ST IDR              B   Affirmed   B
                    Natl LT        AAA(col) Affirmed   AAA(col)
                    Natl ST        F1+(col) Affirmed   F1+(col)
                    Shareholder Support bb+ Affirmed   bb+

Fiduciaria de
Occidente S.A.      Natl LT        AAA(col) Affirmed   AAA(col)
                    Natl ST        F1+(col) Affirmed   F1+(col)

Banco de
Occidente S.A.      LT IDR              BB+ Affirmed   BB+
                    ST IDR              B   Affirmed   B
                    LC LT IDR           BB+ Affirmed   BB+
                    LC ST IDR           B   Affirmed   B
                    Natl LT        AAA(col) Affirmed   AAA(col)
                    Natl ST        F1+(col) Affirmed   F1+(col)
                    Viability           bb+ Affirmed   bb+
                    Shareholder Support bb+ Affirmed   bb+

   Subordinated     LT                  BB- Affirmed   BB-

BANCOCOLOMBIA SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Bancolombia S.A.'s and related entities
international and national ratings. Additionally, Fitch has
affirmed Bancolombia's Long- and Short-Term Foreign and Local
Currency Issuer Default Rating (IDRs) at 'BB+' and 'B',
respectively, and Viability Rating (VR) at 'bb+'. Fitch has also
affirmed the bank's international and national ratings for certain
local and foreign subsidiaries, and related entities.

The Rating Outlook for the long-term ratings is Stable.

Key Rating Drivers

VR Drives IDRs: Bancolombia's IDRs are driven by its standalone
creditworthiness, which is reflected in its 'bb+' VR. The bank's VR
reflects Bancolombia's robust company profile, underpinned by its
leading market share in Colombia and regional presence in Central
America, enabling consistent and ample total operating income
generation. While new intended structural changes could reduce the
bank's regional footprint, Fitch believes the bank's business
profile, though impacted, would remain strong.

Stabilizing Asset Quality: As of Sept. 2024, Bancolombia's NPL
ratio (90+ days past due loans) further deteriorated to 3.44% from
3.28% in December 2023. However, Fitch believes it might have
reached its peak, with a gradual recovery ahead. Fitch expects this
recovery will be slow, and the metric will remain around 3%.
Furthermore, the bank's stage 3 loans are at 6.5%, which typically
is a better predictor of potential movements in the cost of credit,
and is higher than international peers. Asset quality is also
supported by adequate reserve coverage of 178% and moderate
borrower concentrations.

Resilient Profitability: Despite industry-wide profitability
declines in Colombia, Bancolombia has limited the impact,
maintaining a core metric near 3%, demonstrating resilience. As of
9M24, the bank's operating profit to RWA ratio was 3%, driven by
lower loan impairment charges and a slight increase in NIM, partly
from higher interest income from its investment portfolio. As asset
quality stabilizes, reduced credit costs pressures should further
support strong profit metrics.

Modest Capitalization: As of September 2024, Bancolombia's CET1 to
RWA ratio improved to 11.6% from 11.4% in December 2023, driven by
strong internal capital generation and moderate RWA growth. The
sustainability of this improvement is sensitive to its recurrent
dividend payment policy and loan growth prospects. Adequate loan
loss allowances for impaired loans, which compare favorably to
those of its local peers, support the bank's loss absorption
capacity.

Fitch anticipates a CET1 ratio contraction in 2025 if the
subsidiaries' deconsolidation occurs, but expects it to remain
above 10%, aligning with the 'bb-'/stable assessment. Regulatory
capitalization is ample at 14.4%, well above the 9% minimum
requirement, including subordinated bonds.

Sound Funding and Liquidity Profile: Bancolombia's funding
structure is supported by a large, diversified deposit base,
accounting for 90% of total funding, and its presence in local and
global capital markets. The bank's loan-to-deposit ratio is
adequate at 103.8%. Fitch expects liquidity to remain sound,
reflecting moderate loan growth and the largest deposit market
share in the country. The favorable funding structure, particularly
the large deposit share, is expected to continue supporting the
relatively low funding costs and profitability.

Rating Sensitivities

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

- VRs and IDRs are sensitive to a material deterioration in the
local OE or a negative sovereign rating action;

- The ratings could be downgraded due to a significant
deterioration in profitability and capital metrics, specifically if
the operating profit to RWA consistently falls below 1% and the
CET1 ratio drops below 10%, which would no longer align with its
strong business profile.

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

- Given the limitations of the OE, a ratings upgrade is unlikely in
the medium term for Bancolombia;

- Over the longer term, an improvement in the OE along with the
restoration of capital metrics could be positive for
creditworthiness.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Subordinated Debt and Other Hybrid Securities

The local Tier II capital subordinated notes are rated two notches
below Bancolombia's VR of 'bb+' and national rating of 'AAA' and
reflect loss severity exclusively. There is no notching due to
incremental non-performance risk. Notwithstanding, these securities
rank pari passu with other existing subordinated indebtedness and
the loss severity notching is wider on the proposed notes due to
the existence of a full write-down feature, which is not contained
in other outstanding subordinated debt.

Other Tier II capital subordinated notes are rated three notches
below Bancolombia's national rating of 'AAA' and reflect loss
severity exclusively. There is no notching due to incremental
non-performance risk. These notes consider transfer and
convertibility risks.

Government Support Rating (GSR)

The GSR of 'bb' reflects moderate probability of support being
forthcoming because of uncertainties about the ability or
propensity of the potential provider of support to do so. The
ability of the sovereign to provide support is based on its 'BB+'
Long-Term IDRs.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Subordinated Debt

- Subordinated debt ratings will mirror any action on the bank's VR
and national Long-Term rating.

- The subordinated debt ratings are sensitive to a change in
Bancolombia's VR or national Long-Term rating. The ratings are also
sensitive to a wider notching from the anchor rating if there is a
change in Fitch's view on the non-performance of these instruments
on a going concern basis, which is not the baseline scenario.

GSR

- Bancolombia's GSR would be affected by a positive/negative change
in Colombia's ability or willingness to support the bank.

SUBSIDIARIES AND AFFILIATES: KEY RATING DRIVERS

BP, BPR, TUYA, FIDUCOLOMBIA, AND VB

IDRs, NATIONAL RATINGS, and DEBT

The ratings of Bancolombia Panama SA (BP), Bancolombia Puerto Rico
Internacional Inc. (BPR), Compania de Financiamiento Tuya S.A.
(Tuya), Fiduciaria Bancolombia S.A. (Fiducolombia) and Valores
Bancolombia S.A. (VB) reflect the potential support they would
receive from Bancolombia should it be required. In Fitch's view,
these entities are an integral part of its parent's business model
and core to its strategy, therefore, their ratings mirror those of
Bancolombia. Fitch also incorporates in its support rationale the
negative reputational implications of a potential default of BP,
BPR, Fiducolombia and BV for the parent. In the case of Tuya, Fitch
also considers the support track record of the parent towards the
entity.

Subordinated Debt

Tuya's subordinated bond issuance is rated two notches below its
national rating and reflect loss severity exclusively.

Shareholder Support Ratings

The SSR of 'bb+' for BP and BPR reflects moderate probability of
support being forthcoming because of uncertainties about the
ability or propensity of the potential provider of support to do
so. Fitch believes that these entities are core to the parent's
business strategy and regional expansion. Bancolombia's ability to
support these entities is reflected in its 'BB+' IDR.

Subsidiaries And Affiliates: Rating Sensitivities

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

BP, BPR, Tuya, Fiducolombia, and VB

IDRs and Senior Debt

- The IDRs and deposit ratings of BP and BPR are support-driven and
aligned with its parent's ratings, therefore, these ratings would
mirror any changes in Bancolombia's IDRs.

SSR

- BP and BPR's SSR would be affected if Fitch changes its
assessment of its parents' willingness and/or ability to provide
support.

National Ratings

- A negative change in the capacity or propensity of Bancolombia to
provide support to Tuya, Fiducolombia or VB could pressure
creditworthiness.

Subordinated Debt

- Tuya's subordinated bond issuance rating could be downgraded if
the long-term national rating is downgraded. The rating is also
sensitive to a higher differentiation from the national long-term
rating, or if there is a change in Fitch's perception of default on
these instruments.

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

BP, BPR, Tuya, Fiducolombia, and VB

IDRs and Senior Debt

- The IDRs and senior debt of BP and BPR are support-driven and
aligned with its parent's ratings, therefore, these ratings would
mirror any changes in Bancolombia's IDRs.

Shareholder Support Rating (SSR)

- BP and BPR's SSR would be affected if Fitch changes its
assessment of its parents' willingness and/or ability to provide
support.

National Ratings

- The national scale ratings of Tuya, Fiducolombia, and VB are at
the highest level on the national scale; therefore, they cannot be
upgraded.

Subordinated Debt

- Subordinated debt ratings will mirror any action on the entity's
national long-term rating.

Public Ratings with Credit Linkage to other ratings

Bancolombia Panama, Bancolombia Puerto Rico, Compania de
Financiamiento Tuya, Fiduciaria Bancolombia y Valores Bancolombia's
ratings are driven by Bancolombia's ratings.

ESG Considerations

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

   Entity/Debt                       Rating          Prior
   -----------                       ------          -----
Bancolombia
(Panama) S.A.     LT IDR              BB+ Affirmed   BB+
                  ST IDR              B   Affirmed   B
                  Shareholder Support bb+ Affirmed   bb+

   long-term
   deposits       LT                  BB+ Affirmed   BB+

   short-term
   deposits       ST                  B   Affirmed   B

Valores
Bancolombia S.A.  Natl LT        AAA(col) Affirmed   AAA(col)
                  Natl ST        F1+(col) Affirmed   F1+(col)

Bancolombia S.A.  LT IDR              BB+ Affirmed   BB+
                  ST IDR              B   Affirmed   B
                  LC LT IDR           BB+ Affirmed   BB+
                  LC ST IDR           B   Affirmed   B
                  Natl LT        AAA(col) Affirmed   AAA(col)
                  Natl ST        F1+(col) Affirmed   F1+(col)
                  Viability           bb+ Affirmed   bb+
                  Government Support  bb  Affirmed   bb

   senior
   unsecured      LT                  BB+ Affirmed   BB+

   subordinated   LT                  BB- Affirmed   BB-

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

   subordinated   Natl LT        AA(col)  Affirmed   AA(col)

   subordinated   Natl LT       AA-(col)  Affirmed   AA-(col)

Compania de
Financiamiento
Tuya S.A.         Natl LT       AAA(col)  Affirmed   AAA(col)
                  Natl ST       F1+(col)  Affirmed   F1+(col)

   subordinated   Natl LT        AA(col)  Affirmed   AA(col)

Fiduciaria
Bancolombia S.A.  Natl LT       AAA(col)  Affirmed   AAA(col)
                  Natl ST       F1+(col)  Affirmed   F1+(col)

Bancolombia
Puerto Rico
Internacional
Inc.              LT IDR              BB+ Affirmed   BB+
                  ST IDR              B   Affirmed   B
                  Shareholder Support bb+ Affirmed   bb+

COLOMBIA: Eases Fiscal Curbs in Revised Regional Funding Bill
-------------------------------------------------------------
Bloomberg News reports that Colombian lawmakers have lifted some
restrictions on government spending in a controversial
decentralization bill that's already stoked concern among
investors.

The constitutional committee of Colombia's lower house removed a
requirement that the bill, which aims to transfer as much as 39.5%
of central government revenue to regional authorities by 2039, must
align with the government's mid-term fiscal framework, according to
globalinsolvency.com.

As reported in the Troubled Company Reporter on Nov. 26, 2024,
Fitch Ratings has affirmed Colombia's Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'BB+' with a Stable Rating Outlook.

CORPORACION FINANCIERA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Corporacion Financiera Colombiana S.A.
(Corficolombiana) international and national ratings. Fitch has
affirmed Corficolombiana's Viability Rating (VR) and Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'bb+'
and 'BB+', respectively. The Rating Outlook for the Long-Term IDRs
is Stable. Fitch has also affirmed Long-term and Short-term
National rating of Corficolombiana and Fiduciaria Corficolombiana
S.A at 'AAA(col)' and 'F1+(col)' respectively.

Key Rating Drivers

IDRs Driven by VR: Corporacion Financiera Colombiana S.A.'s
(Corficolombiana) IDRs are driven by its VR, which reflects its
strong business profile. The ratings also consider
Corficolombiana's stable financial profile. Fitch does not
anticipate a material impact on the company's financial profile
from any remaining pressures on the operating environment (OE).
Under Fitch's current assessment, Corficolombiana's IDRs will
likely remain at the level determined by its own VR or at the same
level as its main shareholder and controlling company, whichever is
higher.

Gradual Recovery on OE: Fitch expects the OE for Colombian
financial institutions to remain neutral in 2025, as credit growth
is expected to recover amid still challenging macroeconomic
conditions due to the political environment and the government
reforms. Lower inflation and less restrictive monetary policy is
expected to drive higher consumption and investment, and improving
conditions for interest rate-sensitive sectors as construction.

Funding and credit cost are decreasing even though the largest
banks' NIMs could be impacted due to the lower interest rates as
they tend to be asset-sensitive. Fitch expects that core financial
metrics will remain generally commensurate with their respective
credit risk profiles. These metrics should remain stable or
slightly improve after withstanding headwinds.

Strong Business Profile: Corficolombiana is an investment-holding
company that controls or holds significant interests in various
companies in Colombia and abroad. The entity's equity investment
policy is focused on low-risk, consistent dividend-generating
companies. Corficolombiana's profitability and capital metrics have
been sound, despite the current challenges in the OE.

Exposure from Capital Investments: Corficolombiana's main asset
exposure arises from its capital investments, since assets related
to concession contracts are the most important of the corporation,
representing 54% of total assets; this includes both financial and
intangible associated with concessions. These investments are
concentrated by industry but diversified by company and, as of
3Q24, have shown adequate performance, but lower compared to
previous years due to lower revenue on infrastructure projects.

Infrastructure Investments Impact Profitability: Corficolombiana's
profitability, driven by investment associates and infrastructure
project concessions, faced pressures in 2024 due to higher
operational costs and lower earnings from Coviandina's temporary
closure and inflation lag on toll road tariffs. By 3Q24, net income
over total equity fell to 5.7% from 10.2% at YE 2023, and operating
profit over risk weighted assets declined to 6.2% from 10.7%.
Despite these challenges, the company maintains adequate
profitability levels for its business model.

In addition to the aforementioned, profitability levels in 2024
were lower than in 2023, given that in 2023 Covipacifico received a
top-up payment from the national government to compensate for
revenue shortfalls. The next top-up payment is scheduled for 2028.
Fitch expects profitability levels to remain fairly stable in the
mid-term.

Stable Capitalization and Leverage: Corficolombiana has
historically maintained very moderate leverage at a consolidated
level. The consolidated equity to assets ratio has historically
been near 30% (3Q24: 26.9%), showing stability through economic
cycles. As for capitalization levels, Corficolombiana's common
equity Tier 1 (CET1) ratio of 44.1% as of 3Q24 remains high (YE
2023: 45.9%), which is considered adequate by Fitch, given the
bank's business model. Fitch expects Corficolombiana's
capitalization levels to remain robust, with a CET1 ratio to remain
near 50%.

Funding Structure Aligned with Business Model: Corficolombiana's
funding comes mainly from long-term financial obligations and by
senior unsecured debt issuances. Other relevant sources of funding
are customer deposits and short-term funding. Pension funds,
insurance companies, financial institutions and large corporations'
treasury departments are Corficolombiana's usual counterparties.

Rating Sensitivities

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

- Corficolombiana's VR is sensitive to any rating action on
Colombia's sovereign ratings or a material deterioration in the
local OE.

However, if the VR is downgraded, the entity's IDRs could become
support-driven and remain equalized to that of its main
shareholder, given Fitch's "higher of" approach and the assessment
of the subsidiary as being core for Grupo Aval. In the latter case,
the Rating Outlook or Watch would mirror that of the parent.

- Corficolombiana's Shareholder Support Rating (SSR) would be
affected if Fitch changes its assessment of the parent's
willingness and/or ability to provide support.

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

- There is limited upside potential for Corficolombiana's ratings,
given the sovereign's current ratings and Outlook.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Debt: Corficolombiana's senior unsecured obligations are
rated at the same level than the bank's long-term national-scale
rating.

SSR: The entity's SSR of 'bb+' reflects its importance to the
strategy and business of the ultimate controlling company Grupo
Aval Acciones y Valores S.A. and its main shareholder Banco de
Bogota S.A. In Fitch's opinion, support for Corficolombiana would
come from its main shareholder. Its ability to support
Corficolombiana is reflected in its 'BB+'/Stable rating.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

- Corficolombiana senior unsecured obligations will mirror any
changes on its long-term national scale rating.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

FIDUCIARIA CORFICOLOMBIANA

Fiduciaria Corficolombiana S.A.'s national ratings reflect the
potential support it would receive from its parent,
Corficolombiana, should it be required. In Fitch's view, Fiduciaria
Corficolombiana is an integral part of its parent's business model
and is core to its strategy. Fitch also incorporates in its support
view the negative reputational implications of a potential
subsidiary default for its parent.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

FIDUCIARIA CORFICOLOMBIANA

- There is limited upside potential for Fiduciaria
Corficolombiana's ratings given the sovereign's current rating and
Outlook;

- Fiduciaria Corficolombiana's ratings will mirror any changes on
its long-term national scale rating.

VR ADJUSTMENTS

The VR has been assigned below the implied VR due to the following
adjustment reason(s): Operating Environment/Sovereign Constraint
(negative);

The Business Profile score has been assigned above the implied
score due to the following adjustment reason(s): Business Model
(positive);

The Funding and Liquidity score has been assigned below implied
score due to the following adjustment reason: Deposit Structure
(negative).

Public Ratings with Credit Linkage to other ratings

Fiduciaria Corficolombiana' ratings are support driven from
Corficolombiana.

ESG Considerations

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

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
Fiduciaria
Corficolombiana
S.A.                Natl LT        AAA(col) Affirmed   AAA(col)
                    Natl ST        F1+(col) Affirmed   F1+(col)

Corporacion
Financiera
Colombiana S.A.
(Corficolombiana)   LT IDR              BB+ Affirmed   BB+
                    ST IDR              B   Affirmed   B
                    LC LT IDR           BB+ Affirmed   BB+
                    LC ST IDR           B   Affirmed   B
                    Natl LT        AAA(col) Affirmed   AAA(col)
                    Natl ST        F1+(col) Affirmed   F1+(col)
                    Viability           bb+ Affirmed   bb+
                    Shareholder Support bb+ Affirmed   bb+

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



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

DOMINICAN REPUBLIC: Dissolves FODEARTE to Enhance Efficiency
------------------------------------------------------------
Dominican Today reports that President Luis Abinader has ordered
the dissolution of the National Directorate for the Promotion and
Development of Crafts (FODEARTE), established in 2002, as part of
efforts to modernize and optimize the Public Administration under
the National Development Strategy 2030.  The decision, outlined in
Decree No. 646-24, transfers FODEARTE's functions to the Ministry
of Industry, Commerce, and MSMEs (MICM), according to Dominican
Today.

The move aims to eliminate redundancies, enhance resource
efficiency, and ensure transparency in public spending, the report
notes.  The MICM will now oversee the development of the national
artisanal industry.  Key aspects of the transition include
transferring FODEARTE's rights and obligations to the MICM,
redistributing assets through the General Directorate of National
Assets, and managing affected personnel with assistance from the
Ministry of Public Administration, the report says.

Additionally, the General Budget Directorate will reallocate
unexecuted funds to align with government priorities, the report
notes.  The centralization of artisanal development functions under
the MICM is intended to strengthen the sector's competitiveness and
economic impact, according to government statements, the report
adds.

                 About Dominican Republic

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

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

Default Rating (IDR) at 'BB-' and revised the outlook to positive.




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

[*] BOND PRICING: For the Week from Nov. 25 to 29, 2024
-------------------------------------------------------
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
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
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.
.


                  * * * End of Transmission * * *