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251014.mbx 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 Tuesday, October 14, 2025, Vol. 26, No. 205 Headlines A R G E N T I N A ARGENTINA: Rates Exceed 80% As Peso Crisis Sparks Cash Crunch B A R B A D O S BARBADOS: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive B R A Z I L BANCO INDUSTRIAL: Moody's Affirms 'Ba2' LongTerm Deposit Ratings BRAZIL: Tightening Pause Means Longer Hold on Rate Levels, Bank Say NEW FORTRESS: BlackRock FRA Marks $185,000 Loan at 46% Off OI SA: Denied Access to U.S. Chapter 11 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: To Get Nearly US$5BB in Investments This Year H O N D U R A S INVERSIONES ATLANTIDA: Fitch Rates Proposed Secured Notes 'B(EXP)' INVERSIONES ATLANTIDA: S&P Rates Up to USD400MM New Sec. Notes 'B' J A M A I C A JAMAICA: To Borrow J$15 Billion More From Local Market P A R A G U A Y RUTAS 2 AND 7: Fitch Affirms BB+ Rating on Series 2019-1 Notes - - - - - ================= A R G E N T I N A ================= ARGENTINA: Rates Exceed 80% As Peso Crisis Sparks Cash Crunch ------------------------------------------------------------- Nicolle Yapur at Bloomberg News reports that Argentine short-term interest rates soared as the government stepped up efforts to defend the peso, deepening a cash crunch that's throttling an already fragile economy. The yield on local government Lecap notes due November 28 jumped to 87 percent from 74 percent and from 51 percent at the end of last week, according to Bloomberg News. That surge came as the Treasury sold dollars for a seventh straight session, burning through at least US$320 million, according to two people with direct knowledge of the matter, the report notes. As the crisis has mounted in recent weeks, President Javier Milei's government has been intervening on several fronts to stave off a devaluation, reinstating some foreign-exchange controls and selling dollars in the futures market, Bloomberg News notes. But the more the government has to do to prop up the peso, the more apparent it becomes that the current exchange rate is unsustainable, Bloomberg News relays. Bloomberg News discloses that Milei wants to avoid a peso devaluation because it would fuel inflation just ahead of midterm elections on October 26, in which half of the seats in Congress are up for grabs. Milei needs to gain support in both chambers to advance his most challenging free-market economic reforms, the report relays. "The market seems to be pricing in an FX regime change the day after the elections, which means that the closer we get to the date, the more pressure builds up on the exchange rate," said Santiago Resico, an economist at brokerage firm one618. "The fact that the Treasury is selling large amounts of dollars every day clearly doesn't help," he added. Bloomberg News relays that the Central Bank, which burned through US$1.1 billion in reserves last month to prop up the currency, has been relying on Treasury cash to keep it stable lately. Those Treasury sales have totalled roughly US$1.8 billion over the past seven sessions, Bloomberg News notes. While the Central Bank can also step into the market, it can only do so if the peso breaches the trading band set as part of Argentina's deal with the International Monetary Fund, Bloomberg News says. Bloomberg News discloses that the outlook for Argentina deteriorated after Milei suffered a heavy setback in a local vote in Buenos Aires Province in early September amid growing economic woes and as corruption scandals tarnish some of his closest allies. A pledge of aid from the United States helped halt the sell-off, but not reverse the slump, Bloomberg News relays. IMF Managing Director Kristalina Georgieva told Reuters she expects a decision soon on fresh assistance, Bloomberg News relays. For now, the most popular base case scenario is for the government to get between 34 percent and 37 percent of votes in the upcoming election, Barclays economist Ivan Stambulsky said in a report to investors, Bloomberg News notes. Under those circumstances, Milei is still expected to be able to keep governing by veto and decree, Bloomberg News discloses. But lawmakers in the lower house Chamber of Deputies approved legislation that would limit the use of presidential decrees, Bloomberg News relays. The bill, which now returns to the Senate for final approval following some modifications, could further crimp Milei's ability to push through reforms in the second half of his term, Bloomberg News notes. Dollar sales and election jitters have fueled volatility in the bond market, said Paula Gandara, chief investment officer at Adcap Asset Management in Buenos Aires, Bloomberg News notes. After posting a strong rally, notes maturing in 2035 fell over a cent the following day as the government continued to inject greenbacks into currency markets, Bloomberg News relays. The bonds were down across the curve, but rose after Georgieva's remarks were published, Bloomberg News notes. "Markets want them to devalue the currency and allow it to be a free floating rate. No more bands, no more intervention," said David Austerweil, emerging-markets deputy portfolio manager at VanEck in New York. "It's going to happen one way or the other," he added. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =============== B A R B A D O S =============== BARBADOS: Fitch Alters Outlook on 'B+' LongTerm IDR to Positive --------------------------------------------------------------- Fitch Ratings has affirmed Barbados's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' and revised the Rating Outlook to Positive from Stable. Key Rating Drivers Positive Outlook; Ratings Affirmed: Barbados's Positive Outlook reflects the expectation that continued fiscal discipline, including large primary surpluses, will improve fiscal metrics, particularly the still-high debt-to-GDP ratio. Fitch expects that ongoing new investment projects will provide support to growth and aid in further public debt reduction. High GDP per capita, strong governance scores, and strengthening international reserves support the rating. However, the economy's small size and dependence on tourism expose it to shocks. Additionally, Barbados has minimal fiscal resources to respond to shocks and limited, though improving domestic financing flexibility. Government Finances Continue to Improve: Barbados continues to pursue fiscal consolidation, anchored around a strong commitment to maintain a high primary surplus, which will stabilize at 4.4% of GDP. The fiscal deficit improved for the third consecutive year to 0.9% of GDP in the fiscal year ended March 2025 (FY24/25), as strong revenue growth of 17% offset a temporary acceleration in expenditure growth to 13%. Fitch expects the deficit to improve yet again to 0.3% in FY25/26 before flipping to a small surplus of 0.1% in FY 26/27 - the first surplus since at least 1990, excluding 2019 when Barbados restructured its debt - driven by a smaller interest burden and strong revenue growth. Debt Falls but Still High: The improving fiscal position and economic recovery have contributed to a rapid decline in gross general government debt from a peak of 179% of GDP in March 2018 and a post-restructuring and post-pandemic peak of 118% in FY21/22 to a forecast 100.1% in FY25/26. While Fitch expects debt to fall to 90% of GDP by FY27/28, this still is very high compared to peers - the 'B'-median will hover around 50% of GDP in 2025-2027. Barbados's fiscal anchor of 60% of GDP by FY35/36 is achievable according to the IMF but ambitious and will require sustained high primary surpluses and the absence of shocks. Financing Flexibility Slowly Improving: Barbados's financing flexibility is weak but has improved with its successful re-entry into global capital markets with a benchmark deal of USD500 million in June 2025. Concurrently, domestic market conditions are improving, although still constrained. Barbados's LC debt as a share of total debt will fall to an estimated 58.3% in 2025, from a peak of 75% in 2019, but still above the 'B'-median of 41.2%. The government launched a third round of BOSS+ bonds (BBD200 million) in June 2025, after selling more than BBD100 million in BOSS+ between January 2024 and June 2025. Commercial bank participation, however, remains low, despite their more active participation in the treasury market and growing confidence in the economy and government, reflecting hesitancy to own longer-tenor securities. Successful Completion of IMF and Reform Programs: Barbados successfully completed its IMF and BERT 2.0 programs this year, which involved considerable structural reforms. These included the establishment of a fiscal council, a fiscal risk unit and a procedural fiscal rule. Barbados aims to continue deepening its institutional reforms through a pending BERT 3.0 aimed at boosting growth potential, among other objectives. A possible third IMF program could also serve as an emergency fiscal backstop and provide external support for ongoing reforms. Barbados's successful fiscal turnaround is largely due to these reforms, backed by strong political commitment and the continuation of the social partnership between government, labor and business. The institutionalization of reforms - establishing them to persist beyond the current administration and the IMF programs - is key for the long-term stability of the government's finances and debt reduction. Growth Slows but Still Strong: Real GDP grew by an estimated 2.5% yoy in 1H25, down from 4.0% in 2024 as the economy has largely returned to pre-pandemic levels. Growth is well-above Barbados's historical average of 0.5%, although weaker than the 'B'-median of 4.1%. Fitch expects growth to reach 2.7% in 2025 and taper to 2.0% in the medium-term, below the government's target of 3% or higher. The government seeks to raise growth potential, although this will be challenging given structural limitations and Barbados's exposure to external risks and potential shocks. Robust Investment Pipeline Could Face Constraints: Upside to the medium-term growth outlook hinges on execution of the projects in the investment pipeline and the absence of a large external shock. Currently, there are more than 20 major construction projects in the works totalling more than BBD3.2 billion (USD1.6 billion or 19.8% of GDP). However, limitations in infrastructure, planning constraints and potential bottlenecks and capacity issues in the real sector may limit upside potential. Risks of Shock Elevated; Resilience Improving: Like many small, open, commodities-importing tourism-based economies, Barbados is exposed to potential external shocks including from business cycles in economic partners, global commodity prices and interest rates, and natural disasters. The government has begun focusing on building resilience, but resources are still limited. Despite high structural current account deficits of around 5% of GDP, international reserves have reached an all-time high of USD1.9 billion in June 2025. Fitch expects these to moderate to around USD1.7 billion (6.0 months of current external payments compared to 4.3 months for the 'B' median) by the end of the year. ESG - Governance: Barbados has an ESG Relevance Score (RS) of '5[+]' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. Barbados has a high WBGI ranking at 77th percentile, reflecting its long track record of stable and peaceful political transitions, well established rights for participation in the political process, strong institutional capacity, effective rule of law and a low level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Public Finances: A deterioration in fiscal balances that lead to material slowdown in the pace of reduction in debt-to-GDP, for instance by fiscal slippage or a growth shock. - External Finances: An external shock that leads to a sharp reduction in external liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public Finances: Preservation of high primary surpluses that lead to a continued sharp reduction in the government debt/GDP ratio. - Public Finances: Continued demonstration of improving access to financing sources beyond multilaterals, for example, through a deepening of the domestic debt market. - Macro: Higher trend growth driven by progress on economic reforms or stronger investment. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Barbados a score equivalent to a rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to SRM data and output, as follows: - Public Finances: -1 notch, to reflect a very high government debt burden and still constrained but improving financing options due to limited appetite for domestic debt. The SRM is estimated on the basis of a linear approach to government debt/GDP and does not fully capture the risk at high debt levels. - External Finances: -1 notch, to reflect external vulnerability to shocks, stemming from natural disasters and the economy's high dependence on international tourism, which could be exacerbated by the fixed-exchange rate and the lack of sufficient resources available to offset the manifestation of such shocks. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Fitch has removed Barbados's debt instruments from UCO and affirmed them at 'B+'. Senior Unsecured Debt Equalized: The senior unsecured long-term debt ratings are equalized with the applicable long-term IDR, reflecting Fitch's expectation of average recovery prospects in a default scenario. A Recovery Rating of RR4 has been assigned to these debt instruments. See the Rating Actions table below for the full set of instrument ratings and Recovery Ratings. Country Ceiling The Country Ceiling for Barbados is 'B+' in line with the LT FC IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model (CCM) produced a starting point uplift of +1 notch above the IDR. Fitch's sovereign rating committee assess that the CCM output is likely to be a temporary improvement. Consequently, the committee decided to adopt a 0-notch uplift as the starting point for its analysis, unchanged from the prior committee. Fitch's sovereign rating committee did not apply a qualitative adjustment to the adopted CCM output. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Barbados. ESG Considerations Barbados has an ESG Relevance Score of '5'[+] for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Barbados has a percentile rank above 50 for the respective Governance Indicator, this has a positive impact on the credit profile. Barbados has an ESG Relevance Score of '5'[+] for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Barbados has a percentile rank above 50 for the respective Governance Indicators, this has a positive/negative impact on the credit profile. Barbados has an ESG Relevance Score of '4'[+] for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Barbados has a percentile rank above 50 for the respective Governance Indicator, this has a positive impact on the credit profile. Barbados has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Barbados, as for all sovereigns. As Barbados has a fairly recent restructuring of public debt in 2019, this has a negative impact on the credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Barbados LT IDR B+ Affirmed B+ ST IDR B Affirmed B Country Ceiling B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ =========== B R A Z I L =========== BANCO INDUSTRIAL: Moody's Affirms 'Ba2' LongTerm Deposit Ratings ---------------------------------------------------------------- Moody's Ratings affirmed the long-term ratings and assessments of Banco Industrial do Brasil S.A. (BIB), including the Ba2 local and foreign currency long-term bank deposit ratings, the Ba1 local and foreign currency long-term counterparty risk ratings, the Ba1(cr) long-term counterparty risk assessment (CRs), as well as the bank's ba2 baseline credit assessment (BCA) and adjusted BCA. BIB's short-term ratings and assessments were also affirmed, including the local and foreign currency short-term deposit and counterparty risk ratings at Not Prime, as well as the short-term counterparty risk assessment at Not Prime(cr). The outlook on the long-term bank deposit ratings of BIB remains stable. RATINGS RATIONALE BIB's ba2 BCA reflects the bank's resilient asset quality and profitability metrics, supported by a consistent business strategy and adequate credit risk management. These factors provided key credit protection in the face of a fraud during the second quarter of 2025, and will continue to shield the bank's credit metrics in the midst of high interest rates in Brazil that are taking a toll on small and mid-sized companies' (SMEs) repayment capacity and credit demand. BIB's ratings are limited by its reliance on wholesale, confidence-sensitive funding mix, as well as the challenges posed by intensifying competition in its core markets. During the second quarter of 2025, the bank incurred a BRL104 million fraud-related expense – equivalent to nearly 1.2x its full-year 2024 net income – due to a cybersecurity incident involving a technology service provider, resulting in the theft of part of its reserves at the Central Bank of Brazil. This was part of a broader breach of a regulated third-party connector for financial institutions to Brazil's instant payment system (PIX), with total losses across a number of institutions exceeding BRL1 billion. The breach was confined to the supplier's system, leaving the bank's own systems uncompromised. In affirming the rating, Moody's acknowledges BIB's adequate capital buffers to absorb such loss, and expect the bank to strengthen its governance and risk controls following the event. BIB's tangible common equity (TCE) to risk-weighted assets ratio, as adjusted by Moody's Ratings, fell to 10.9% in June 2025, from 12.4% in June 2024, impacted by the fraud expense but also because of loan loss provisioning expenses related to Brazil's accounting standard change. Nevertheless, the bank's capitalization remains above peers, and Moody's expects gradual replenishment supported by the bank's modest but steady core earnings generation. Additionally, the shareholders have a history of injecting fresh capital when necessary. For the six months ending June 2025, the adjusted net income to tangible assets ratio, excluding this non-recurring event, was below 1%, down from a 1.3% average from 2020 to 2024. The bank's funding profile, more interest-rate sensitive than its assets, has been pressured by higher 2025 interest rates and further strained by intense competition, which Moody's expects to persist over the next 12 to 18 months. BIB's problem loan ratios, defined as Stage 3 loans to gross loans, was 2.5% in June 2025, also comparing well with the 6.0% industry average. The bank's strong collateral management and loan loss reserves at 1.33x problem loans in June 2025 will serve as cushion against rising industry-wide SME defaults amid slowing economic activity and elevated borrowing costs. The stable outlook on BIB's Ba2 deposit ratings reflects Moody's expectations that the bank will restore fraud-impacted profitability and capital over the next 12–18 months while focusing on enhancing its risk governance framework. The stable outlook also incorporates Moody's views that the bank will maintain its stringent credit underwriting standards, which are critical amid rising risks in its target SME market. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on BIB's ratings could result from consistent, significant improvement in asset risk and profitability fundamentals while maintaining capital buffers. Conversely, BIB's BCA could be downgraded if the bank experiences a sustained reduction in earnings potential, driven by weakening franchise strength or adverse competitive factors. A significant deterioration in asset quality or capital position could also negatively impact its ratings The principal methodology used in these ratings was Banks published in November 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BRAZIL: Tightening Pause Means Longer Hold on Rate Levels, Bank Say ------------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Brazil's central bank monetary policy director Nilton David said that the decision by policymakers to interrupt the monetary tightening cycle requires keeping interest rates unchanged for longer than if they had continued raising them. "This decision was made by the committee and it is being applied now, which is why we are in the very prolonged period (of unchanged rates)," he said at an event hosted by the Spanish Chamber of Commerce in Sao Paulo, according to globalinsolvency.com. 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. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. 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. NEW FORTRESS: BlackRock FRA Marks $185,000 Loan at 46% Off ---------------------------------------------------------- BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) has marked its $185,000 loan extended to New Fortress Energy, Inc to market at $99,504 or 54% of the outstanding amount, as of June 30, 2025, according to a disclosure contained in BlackRock FRA's Form N-CSR for the Fiscal year ended June 30, 2025, filed with the Securities and Exchange Commission. BlackRock FRA is a participant in a 2025 Incremental Term Loan B to New Fortress Energy, Inc. The loan accrues interest at a rate of 9.81% (3-mo. CME Term SOFR at 0.75% floor+ 5.50%) per annum. The loan matures on October 10, 2028. BlackRock FRA under the Investment Company Act of 1940, as amended (the 1940 Act), as closed-end management investment companies and are referred to herein collectively as the Funds, or individually as a Fund:â€ƒ BlackRock FRA is led by John M. Perlowski, Chief Executive Officer (principal executive officer); and Trent Walker, Chief Financial Officer (principal financial officer). The Fund can be reach through: John M. Perlowski BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) 100 Bellevue Parkway Wilmington, DE 19809 Telephone No.: (800) 882 0052 New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. OI SA: Denied Access to U.S. Chapter 11 --------------------------------------- globalinsolvency.com, citing WSJ Pro Bankruptcy, reports that a bankruptcy judge in New York said Oi S.A. can't withdraw from the chapter 15 proceeding that recognized its Brazilian bankruptcy in the U.S., upending the Brazilian telecommunications company's plan to pursue a chapter 11 case instead. Judge Lisa Beckerman of the U.S. Bankruptcy Court in New York denied the company's requests to terminate her March 2023 order recognizing its Brazilian bankruptcy in the U.S. and to dismiss the chapter 15 petition that led to that recognition order, according to globalinsolvency.com. About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the 'Brazilian Bankruptcy Law'), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15 proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791). Ojas N. Shah, as foreign representative, signed the petitions. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 cases are assigned to Judge Sean H. Lane. In the Chapter 15 cases, the Debtors are represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. The company exited bankruptcy protection in December 2022. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: To Get Nearly US$5BB in Investments This Year ----------------------------------------------------------------- Dominican Today reports that President Luis Abinader disclosed that the Dominican Republic will receive nearly US$5 billion in general investments this year, with the tourism sector set to expand significantly through the opening of 4,000 to 5,000 new hotel rooms by year's end. He added that an additional 14,000 to 15,000 rooms are currently under construction, underscoring the country's continued growth as a leading destination in the Caribbean, according to Dominican Today. Speaking during his weekly press conference La Semanal con la Prensa, Abinader highlighted the broad economic impact of tourism, noting that each new visitor supports jobs and boosts local business activity, the report relays. He stated that the number of hotels in the Dominican Republic "could easily double" in the coming years due to sustained investment confidence, the report says. On the Santo Domingo monorail project, Minister of the Presidency José Ignacio Paliza explained that the government's choice of this transport system is supported by international studies, including those from the World Bank, the report discloses. Paliza said the project addresses the capital's growing traffic issues and is being developed with technical oversight from three experts, alongside collaboration from INTEC and PUCMM universities, the report says. He also announced a 45-day extension for bid submissions to give national and international firms more time to prepare their proposals, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. 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. =============== H O N D U R A S =============== INVERSIONES ATLANTIDA: Fitch Rates Proposed Secured Notes 'B(EXP)' ------------------------------------------------------------------ Fitch Ratings has assigned an expected Long-Term rating of 'B(EXP)' with a Recovery Rating of 'RR4' to Inversiones Atlantida, S.A.'s (Invatlan) proposed senior secured notes. The assignment of a final rating is contingent upon the receipt of final documents conforming to information already received by Fitch. The proposed senior notes would be for up to USD400 million with semi-annual interest payments. The maturity date is yet to be determined. The proceeds of this issuance will be used to redeem the USD300 million aggregate principal amount plus accrued interest of the outstanding senior secured notes on May 19 2026, repay fully a syndicated term loan and for general corporate purposes. Invatlan may redeem the notes at par in the fifth year following issuance. Key Rating Drivers The expected 'B(EXP)' rating reflects that these notes are senior obligations of Invatlan and rank pari passu with all the existing and future indebtedness of the issuer not subordinated to the notes. Therefore, this rating is aligned with the entity's 'B' Long-Term Foreign Currency Issuer Default Rating (IDR). The 'RR4' Recovery Rating assigned to Invatlan's senior debt issuance reflects the average expected recovery in case of entity liquidation. The notes are secured by a pledge by Invatlan of non-traded shares of common capital stock of an insurance company subsidiary in Honduras and a reserve for interest rate payments. Despite being senior secured, Fitch believes the collateral mechanism would not have a significant impact on recovery rates. Based on the agency's assessment of the default risk/recovery prospects, the issuance has average recovery prospects. For further information about the key rating drivers and rating sensitivities for Invatlan's ratings please see "Fitch Upgrades Banco Atlantida to 'B+' and Invatlan to 'B'; Outlook Stable," dated June 27, 2025 and available. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The global senior secured debt rating would mirror any change to Invatlan's LT IDRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The global senior secured debt rating would mirror any change to Invatlan's LT IDRs. Date of Relevant Committee 25-Jun-2025 Public Ratings with Credit Linkage to other ratings Invatlan's IDRs are linked to Banco Atlantida, S.A.'s IDRs. ESG Considerations Inversiones Atlantida S.A. has an ESG Relevance Score of '4' for Financial Transparency due to to lagging or missing information disclosure. This 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 Recovery ----------- ------ -------- Inversiones Atlantida S.A. senior secured LT B(EXP) Expected Rating RR4 INVERSIONES ATLANTIDA: S&P Rates Up to USD400MM New Sec. Notes 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue rating to the proposed senior secured notes for up to US$400 million by Inversiones Atlantida S.A. (Invatlan; B/Negative/--). The financial group will use part of the proceeds to refinance around US$300 million of existing senior notes due May 2026. The remainder will be used for general corporate purposes, including the working capital needs of various subsidiaries. The 'B' rating on the notes is at the same level as the long-term global scale issuer credit rating on Invatlan, reflecting S&P's view that the new notes will rank equally in right of payment with all the lender's existing debt. The proposed notes are secured, as the issuance has a collateral based on Invatlan's capital stock in Seguros Atlantida S.A. (not rated). Moreover, in the event of a default, Invatlan's main subsidiaries--including Banco Atlantida S.A. (BB-/Negative/B),-- must declare and pay a special or annual dividend from all available cash to make the defaulted notes' payments. The rating on Invatlan, a nonoperating holding company, is two notches below the group credit profile of 'bb-'. S&P said, "We deduct one notch of subordination to reflect Invatlan's dependence on dividends from its regulated operating subsidiaries, which are required to service debt and other financial obligations. "We deduct a second notch due to Invatlan's double-leverage ratio, which in recent years has remained consistently above 120%--our threshold for a potential additional notch of subordination. We believe this threshold reflects higher credit risk due to increased dependence on subsidiaries' liquidity and dividend inflows. Looking forward, and considering the proposed notes, we forecast Invatlan's double-leverage ratio to remain well above that threshold in the next 12 months. "Moreover, we don't expect Invatlan will face significant regulatory restrictions on its receipt of dividend payments from its regulated operating subsidiaries, including Banco Atlantida, because we consider Honduras to have a weak regulatory framework. This is already reflected in our Banking Industry Country Risk Assessment for Honduras and our anchor, or starting point for our ratings, for banks that operate mainly in the country. "Lastly, as of June 2025, the group (on a consolidated basis) shows sufficient liquid sources to meet its financial obligations over the next 12 months. As of the same date, broad liquid assets (unrestricted cash and securities) cover 1.9x its short-term wholesale funding needs (including the upcoming market debt maturity). Finally, we expect the group's stable and diversified deposit base on a consolidated basis will remain the primary source of funding and will continue to represent around 75% of the total funding structure. We'll closely follow the group's refinancing strategy, final issuance conditions and liquidity position over the following months." ============= J A M A I C A ============= JAMAICA: To Borrow J$15 Billion More From Local Market ------------------------------------------------------ RJR News reports that the Government of Jamaica is set to borrow an additional J$15 billion from the local market to help finance the 2025/2026 national budget, which requires a total of $158 billion in funding. The funds will be raised through the reopening of three benchmark investment notes on October 14, 2025, according to RJR News. These include a 7.5% per annum note due in 2035, expected to raise $4 billion, the report notes. There's also an 8.25% per annum fixed-rate note, from which the government aims to secure $6 billion; and an 11.875% per annum note, targeted to bring in $5 billion, the report relays. The minimum subscription for each investment note is $1,000, the report discloses. The move forms part of the government's ongoing strategy to finance its fiscal programme through domestic borrowing while maintaining stable market conditions, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =============== P A R A G U A Y =============== RUTAS 2 AND 7: Fitch Affirms BB+ Rating on Series 2019-1 Notes -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of the series 2019-1 notes issued by Rutas 2 and 7 Finance Limited (the issuer) at 'BB+sf' and revised the Rating Outlook to Positive from Stable. This rating action follows the affirmation of Paraguay's Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) at 'BB+' and the revision of its Outlook to Positive from Stable on Oct. 6, 2025. Entity/Debt Rating Prior ----------- ------ ----- Rutas 2 and 7 Finance Limited Series 2019-1 78319MAA1 LT BB+sf Affirmed BB+sf Transaction Summary The notes are fully backed by deferred investment payment obligations (PDIs) trust securities after the completion of all bond construction milestones. PDIs are deferred investment recognition payment rights vested upon completion of construction milestones (tramos) of Rutas 2 and 7 projects from the Republic of Paraguay (RoP). PDIs are public debt of the sovereign, and their budgeting process follows the same procedure as a sovereign bond's debt service. Fitch's ratings address the likelihood of timely payment of interest and principal on the notes. KEY RATING DRIVERS Rating Linked to Sovereign: Fitch has determined that the primary risk contributor for the transaction is the RoP, and therefore the transaction's rating is linked to the country's LT FC IDR of 'BB+'/Positive. The rating reflects Fitch's view of the credit quality of PDIs. Government Payment Obligation: After the availability period, Fitch assumes that payment on the notes will rely on the RoP's unconditional and irrevocable payment obligation regarding vested PDIs. Under Paraguayan law 1535, PDIs are considered external public debt of the RoP denominated in U.S. dollars. In addition, pursuant to the PPP Trust Agreement, PDI payment right holders will have direct recourse against the country for failure to make timely payments. No Construction/Performance Risk: PDIs are Paraguayan-law governed, freely transferable payment rights. Once issued, they are not related to the public-private partnership (PPP) contract and therefore do not depend on the status of the construction or operation of the project. This eliminates construction and operating risk. Vested PDIs survive the termination or nullity of the PPP contract for any reason. Construction Progress in 2025 — Completed: As of April 2025, the project has been completed and is currently in the operational stage of the concession agreement. All PDIs backing the 2019-1 notes were sold to the issuer in a timely manner and are 100% vested. Repayment of the PDIs relies solely on the payment obligation of the RoP. No Negative Carry Risk: All PDIs related to the 2019-1 notes have been sold to the issuer and are 100% vested. The transaction is no longer exposed to negative carry. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The ratings on the transactions are linked to the LT FC IDR of RoP; hence, a downgrade of the country's LT FC IDR would trigger a downgrade of the rated notes in the same proportion. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The ratings on the transactions are linked to the LT FC IDR of RoP; hence, an upgrade of the country's LT FC IDR would trigger an upgrade of the rated notes in the same proportion. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The ratings are linked to the credit risk of Paraguay as measured by its Long-Term Foreign Currency IDR. ESG Considerations Fitch does not provide ESG relevance scores for Rutas 2 and 7 Finance Limited. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ********* 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 2025. 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 * * *