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251021.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 21, 2025, Vol. 26, No. 210 Headlines A R G E N T I N A ARGENTINA: Inflation Uptick Continues, Prices Up 2.2% in September ARGENTINA: Sends Mixed FX Policy Signals Ahead of Trump Meet YPF SA: Chief Projects US$300BB in Exports From LNG Deal B R A Z I L BANCO FIBRA: S&P Upgrades LongTerm ICR to 'B', Outlook Stable BRAZIL: Retail Sales Rebound in August After 4 Straight Declines C A Y M A N I S L A N D S COUNTRY GARDEN: Chapter 15 Case Summary J A M A I C A JAMAICA: BOJ Offering $49 Billion Certificate of Deposit P E R U VOLCAN COMPANIA: Fitch Assigns B(EXP) Rating on 2032 Secured Notes VOLCAN COMPANIA: Moody's Ups CFR to B2 & Alters Outlook to Positive P U E R T O R I C O PUERTO RICO: BlackRock, Franklin Reduce Stakes in PREPA Bonds T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Latest Audit Shows Massive Losses - - - - - ================= A R G E N T I N A ================= ARGENTINA: Inflation Uptick Continues, Prices Up 2.2% in September ------------------------------------------------------------------ Buenos Aires Times reports that inflation in Argentina continued to rise last month with consumer prices up 2.1 percent in September. Prices have increased 22 percent in the first nine months of the year, according to the INDEC national statistics bureau, and by 31.8 percent over the last 12 months – a dramatic fall from the 211 percent recorded when President Javier Milei took office in December 2023, according to Buenos Aires Times. According to INDEC's report, the category recording the highest monthly increases in September was housing, water, electricity, gas and other fuels, which rose 3.1 percent, driven mainly by increases in utility rates. At the other end of the spectrum, restaurants and hotels showed the smallest variation, with an increase of just 1.1 percent, a figure that hints at a decline in consumption for the sector. Recreation and culture rose 1.3 percent. The item with the greatest impact on regional monthly variations was food and non-alcoholic beverages, except in Patagonia, where transport saw the biggest hikes. Regulated prices rose 2.6 percent, followed by seasonal prices (2.2 percent) and core inflation (1.9 percent). Slowing inflation has been one of Milei's biggest policy successes to date. While a gentle acceleration is not yet a sign for concern, prices have now accelerated since May. Inflation slowed sharply in that month to a monthly 1.5 percent, but rose slightly in June (1.6 percent), July and August (both 1.9 percent). Prices rose 2.2 percent last month in Buenos Aires City, up from 1.6 percent in August. Most private analysts had anticipated a national figure above two percent for September, with similar monthly projections for the rest of the year. Clothing and footwear, transport and restaurants were highlighted as having risen the most. The Central Bank's monthly market expectations survey projected a 2.1 percent rise last month with a 2025 annual rate of around 30 percent. This is the last official inflation update before this month's midterm elections on October 26. Milei has drastically reduced inflation since taking office, but the advance has come at the cost of a devaluation of the peso, massive cuts in government spending and the removal of subsidies that have made access to housing, healthcare and education more expensive. Economist Hernán Letcher, of the Centro de Economia Politica Argentina think tank, noted that INDEC's measurement does not incorporate fully the weight of items like public services. Letcher said the economic situation "is not very promising in terms of what people perceive on the street," since the sectors that are growing, such as mining and financial intermediation, are not the main drivers of employment. Earlier, the International Monetary Fund cut its 2025 growth projection for Argentina from 5.5 percent to 4.5 percent. 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. ARGENTINA: Sends Mixed FX Policy Signals Ahead of Trump Meet ------------------------------------------------------------ Nicolle Yapur & Jorgelina do Rosario at Bloomberg News report that Argentina will have a floating exchange rate "pretty soon" as its current trading band widens, according to President Javier Milei's deregulation czar. "The bands are opening up as we move along, actually pretty quickly. So Argentina is doing a transition to a floating exchange rate," Federico Sturzenegger told the Bloomberg Global Regulatory Forum. "We're going to have a floating exchange rate pretty soon," he added. Since April, Argentina has let the peso float within a range as part of its agreement with the International Monetary Fund, Bloomberg News notes. However, authorities have intervened multiple times within the range, which expands in either direction each day, Bloomberg News relays. Investors argue Argentina will eventually have to ditch the FX bands that have held the peso at artificially high levels, Bloomberg News discloses. They're looking for a change in foreign-exchange policy after a midterm vote on October 26, in which half of the seats in Congress are up for grabs, Bloomberg News says. Milei needs to gain broader legislative support in order to push ahead with his most controversial reforms, Bloomberg News notes. Economy Minister Luis Caputo, however, told a local TV channel that the nation would maintain its current band system, with the US government willing to keep buying pesos to support it, Bloomberg News relays. An aide to Caputo swiftly shot back at Sturzenegger, who headed Argentina's Central Bank under former President Mauricio Macri, Bloomberg News discloses. The bands "are not going to be modified, neither before or after the election," Felipe Nunez said in a post on X shortly after Sturzenegger spoke, Bloomberg News says. Milei is scheduled to visit US President Donald Trump at the White House, a meeting that's expected to provide more details on a US plan to backstop Argentina's finances, Bloomberg News discloses. The country's dollar bonds were up across the curve, with notes maturing in 2035 gaining almost a cent, according to indicative pricing data compiled by Bloomberg. "It's puzzling to see the minister of deregulation speaking on FX and trade, given that the economy ministry has recently taken the opposite stance," said Joaquin Bagues, managing director at local broker Grit Capital Group, Bloomberg News relays. "Sturzenegger's remarks reinforce market expectations that Argentina is transitioning toward a more flexible FX regime," 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. YPF SA: Chief Projects US$300BB in Exports From LNG Deal -------------------------------------------------------- Buenos Aires Times reports that YPF president and CEO Horacio Marin says a recent agreement between Argentina's state oil firm and Italian giant Eni could lead to total exports of some US$300 billion over the decades, as well as the creation of 50,000 jobs. In an interview with Radio Rivadavia, Marin highlighted signing of the agreement with the Italian energy company over the development of an LNG export project for the Vaca Muerta shale formation, according to Buenos Aires Times. The official said it was "the final investment decision, which means the deal is closed," the report notes. The report relays that President Javier Milei celebrated the agreement as "the biggest investment in Argentine history," declaring it would "permit the annual export of US$12billion to US$20 billion worth of liquefied natural gas." Speaking at an event in San Nicolas, Buenos Aires Province, Milei said it would lead to "an investment of US$30 billion into Argentina over the next five years," the report notes. The report relays that Marin said that average gas production at Vaca Muerta this year "will be doubled" thanks to the agreement. "We'll export 75 million cubic metres daily," he said. The report discloses that projected over the long term, the deal "could represent for Argentina US$300 billion in exports between 2031 and 2050," said the YPF chief. According to Marin, total investment will reach US$85 billion, the report notes. Infrastructure requires US$25 billion, he said, indicating that "for that, the idea is to apply via the RIGI [incentive scheme for major investments] and seek financing," he added. With respect to oil wells, he indicated that "up to 2031 we have to invest a further US$20 billion and from that year until 2050 the sum will ascend to US$40 billion," the report relays. To convey the magnitude of the project, the YPF chief said that before December 2023, "153 wells were drilled, in these last two years around 210 have been drilled and now we must drill 800 wells in four years . . . YPF's current activity must be doubled," the report says. Addressing employment, Marin estimates "50,000 direct and indirect jobs in these four years." At the same time, he assured that "calculating rapidly, the project will pay out around S$120 billion in tax revenue," the report notes. As for the earnings calculated for the years to come, prior to the initial impact of the new project, the YPF chief shared the forecast of US$10 billion for this year's export earnings, US$13 billion or more for next year, reaching US$20 billion by 2027, the report discloses. After 2030, "over US$40 billion," he said, noting that such calculations are "always and when current prices are maintained," the report says. With respect to the role of the energy sector in this context, he maintained that "in the entire energy industry we are going to be an extraordinary primer for the economy," anticipating that next year the industry would be contributing numbers similar to the farming sector, the report adds. About YPF SA YPF SA, an energy company, engages in the oil and gas upstream and downstream activities in Argentina. Its upstream operations include the exploration, exploitation, and production of crude oil, and natural gas. The company's downstream operations include petrochemical production and crude oil refining; transportation and distribution of refined and petrochemical products; commercialization of crude oil, petrochemical products, and specialties. As reported in the Troubled Company Reporter-Latin America in January 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CCC'. Additionally, Fitch has affirmed YPF's outstanding senior unsecured notes at 'CCC' with Recovery Rating of 'RR4'. The company's Standalone Credit Profile (SCP) remains 'b', and its ratings are aligned with Fitch's "Government Related Entities Criteria," reflecting government ownership and strategy. =========== B R A Z I L =========== BANCO FIBRA: S&P Upgrades LongTerm ICR to 'B', Outlook Stable ------------------------------------------------------------- S&P Global Ratings raised its global scale long-term issuer credit rating on Banco Fibra S.A. to 'B' from 'B-'. The outlook is stable. The stable outlook reflects S&P's view that Fibra will maintain its credit fundamentals amid economic challenges over the next 12 months. Banco Fibra S.A. completed a strategic restructuring process by focusing on lending to companies that have better credit quality, primarily related to the Vicunha and CSN groups maintaining low levels of nonperforming loans. This strategy raised the bank's profitability above the historical average, while asset quality has strengthened thanks to stronger underwriting standards. The upgrade reflects that Banco Fibra's narrow business and volatile profitability are gradually improving after years of strategic repositioning. After substantial credit losses in retail and commercial loans, Fibra has turned around its operations, shifting toward less risky business segments and strengthening earnings. The bank has focused towards operating with stakeholders within the Vicunha and CSN groups, which have better credit quality than the nonrecurring assets (e.g. BNDU credit acquisitions [bens de não uso próprio; or nonoperating assets]) that had previously supported quarterly results but strained capital metrics. With this, the bank became more dependent on stable operating revenue. Fibra's loan portfolio grew 40% in the 12 months through June 2025, with a net profit of Brazilian real (R$) 42 million as of June 2025. Despite margins have remained sluggish at around 1%, the company's improvements in operating efficiency coupled with controlled cost of risk had helped the bank to recover profitability. It reported a return on average equity (ROAE) of 6.8% in June 2025. S&P forecasts ROAE to be 6.0%-8.0% during the next two years, considering credit growth of around 10% for the same period. Nevertheless, S&P still believes the bank's customer base and business activities remain narrower than the industry average. In addition, due to its small scale and limited capital availability, competitive pressures may continue to threaten Fibra's capacity to generate stable revenue in the short to medium term. Fibra's historical low levels of credit losses compensates for its concentrated portfolio. Nonperforming loans (NPL) plummeted to around 1% during the last years, from an average of 2.8% between 2018 and 2023, thanks to stronger underwriting standards and a significant change in the client mix. Moreover, the bank's loan loss reserve remains solid, covering more than 200% of Fibra's gross nonperforming assets in June 2025. S&P forecasts NPLs to be 0.5%-1.0% for the next 12 months. Despite the bank's efforts to rely less on riskier credit operations, the concentrated loan portfolio and challenging conditions in the corporate sector could pressure asset quality indicators in the next 12 months. In the first half of 2025, Fibra's 10 largest clients represented around 40% of total loans, levels that compared negatively with other regional peers. The bank's weaker-than-peer capitalization remains a rating constraint. S&P said, "Fibra's large amount of deferred tax assets from losses, which we deduct from capital in our calculations, constrains its capitalization and weakens its capital adequacy. As of the end of 2024, the bank's Basel III ratio was 12.31%. Although it's weaker than the industry average, we expect Fibra's risk-adjusted capital (RAC) ratio to remain stable at 3.0%-3.5% in the next two years, thanks to modest portfolio growth and improving profitability." Liquidity is solid, although stable funding sources remain concentrated. S&P said, "In our view, Fibra's prudent approach to liquidity is evident in its ratio of broad liquid assets to short-term wholesale funding, at 1.33x as of June 2025, while its broad liquidity assets to total assets remained at around 40% in the same period. In addition, given that the majority of Fibra's funding comes from deposits, the bank's stable funding ratio remained solid at 110% as of June 2025--in line with other local peers. We expect the bank will keep healthy liquidity for the next 12 months because we don't expect significant changes in the bank's funding structure and liquid assets." S&P said, "Nevertheless, we think Fibra's funding is less diversified than the industry average, given that the bank relies on third-party brokers, which we view as a more volatile source than a diversified retail base. Still, Fibra has been working to diminish its dependence on single brokers by increasing the share of deposits across multiple digital platforms. "The stable rating outlook is based on S&P Global Ratings' expectation that Fibra's credit fundamentals will remain unchanged over the next 12 months. We expect Fibra to sustain its financial improvement while maintaining low levels of asset quality and solid liquidity metrics despite the challenging economic scenario. "We could lower the rating if Fibra's revenue becomes less stable or if its rapid growth pressures asset quality. We could also lower the rating if Fibra's liquidity erodes or if its capacity to meet its financial commitments decreases. Finally, we could downgrade the bank if its RAC ratio is consistently below 3%. "We could raise our rating on Fibra if the bank maintains its RAC ratio consistently above 5.0%, although we see this scenario as unlikely in the next 12 months." BRAZIL: Retail Sales Rebound in August After 4 Straight Declines ---------------------------------------------------------------- Reuters reports that retail sales volumes in Brazil rose 0.2% in August from July, data from government statistics agency IBGE showed. The result was in line with analysts' expectations and broke a streak of four consecutive monthly declines, despite the backdrop of tight monetary policy, according to Reuters. Five out of eight sectors had positive readings in August, with office equipment and supplies, IT, and communications marking the biggest variation influenced by the strengthening of the Brazilian real against the U.S. dollar, IBGE said, the report notes. Pantheon Macroeconomics' chief Latin America economist Andres Abadia said the August figures reflected a mild recovery under pressure from high borrowing costs, the report relays. "Broad retail has shown occasional resilience, but overall activity has lost traction after modest earlier gains. We expect conditions to improve modestly in Q4 and early 2026," he said, the report discloses. Policymakers at Latin America's largest economy kept the benchmark interest rate unchanged at 15% —its highest level in nearly two decades—during their latest meeting in September, signaling it would remain elevated for an extended period to bring inflation back to target, the report says. On a year-over-year basis, sales grew 0.4% in August, marking the fifth straight annual increase and slightly beating the 0.3% gain expected by analysts in a Reuters poll. 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. =========================== C A Y M A N I S L A N D S =========================== COUNTRY GARDEN: Chapter 15 Case Summary --------------------------------------- Chapter 15 Debtor: Country Garden Holdings Company Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-111 Cayman Islands Case No.: 25-12175 Business Description: Country Garden Holdings Co. Ltd. is a holding company that has issued, borrowed, or guaranteed secured and unsecured debt as part of a restructuring scheme. It serves as the ultimate parent of the Country Garden Group, a major property developer in Hong Kong and mainland China engaged in property development, construction, interior decoration, and property investment. The group also develops, operates, and manages hotels across its markets. Chapter 15 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Philip Bentley Foreign Proceeding: Proceeding in Hong Kong entitled In the Matter of Country Garden Holdings Company Limited (Case Number HCMP 1366/2025) Foreign Representative: Fong Ching Lam 11 Duddell Street, Suite 1702 Hong Kong Central Hong Kong Foreign Representative's Counsel: Christopher J. Hunker, Esq. LINKLATERS LLP 1290 Avenue of the Americas New York NY 10104 Tel: (212) 903-9267 Email: christopher.hunker@linklaters.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor at: https://www.pacermonitor.com/view/AUOQ2NQ/Country_Garden_Holdings_Company__nysbke-25-12175__0001.0.pdf?mcid=tGE4TAMA ============= J A M A I C A ============= JAMAICA: BOJ Offering $49 Billion Certificate of Deposit -------------------------------------------------------- RJR News reports that the Bank of Jamaica said it will be taking $49 billion more out of circulation last Oct. 15 with another 6% per annum fixed rate certificate of deposit in order to help stabilise the dollar. The Jamaican dollar fell to $161.85 to US$1, according to RJR News. The private sector will be asked to submit competitive bids for $46.55 billion of this amount, while the public sector will be allocated $2.45 billion of this amount on a non-competitive basis, the report notes. The instrumental mature on November 14, and the interest paid on it will be taxed at a rate of 25%, 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 E R U ======= VOLCAN COMPANIA: Fitch Assigns B(EXP) Rating on 2032 Secured Notes ------------------------------------------------------------------ Fitch Ratings has assigned Volcan Compania Minera S.A.A.'s (Volcan) an expected rating of 'B(EXP)' with a Recovery Rating of 'RR4' to the new senior secured notes due 2032 between USD600 million and USD750 million. The company expects to use the proceeds from the issuance to refinance existing debt and other general corporate purpose. The expected 'B' rating on the proposed issuance reflects a significant reduction in Volcan's refinancing risk, with no material maturities due until 2030, and the improvement in financial flexibility due to less-restrictive financial covenants. Execution risk on its crucial investment plan to expand its Romina operations remain as a rating constraint. If the proposed transaction is successfully completed, Volcan's Issuer Default Rating (IDR) will be upgraded to 'B' from 'B-' and the remaining outstanding amount of the secured issuance will be upgraded to 'B'/'RR4' from 'B-'/'RR4'. Key Rating Drivers Lower Refinancing Risks: Proceeds from the proposed notes are expected to be used to refinance existing debt, including a USD330 million syndicated loan and outstanding USD68 million of secured bonds due 2026, and support a tender offer of its 2030 secured notes. As a result, Volcan is expected to have no major debt maturities before 2030 and will gain financial flexibility due the removal of restrictive financial covenants. The new senior secured notes include a collateral release condition linked to the full repurchase of the 2030 notes. If this condition is satisfied, the new notes will rank pari passu with the 2030 notes, thereafter, becoming senior unsecured, with covenants similar to the 2026 notes. Rising Production, Lowering Costs: Fitch expects Volcan's operational recovery to continue. The company aims for total zinc production of for more than 240,000 metric tons (MT) in 2025 and nearly 340,000 MT in 2027 after past regulatory stoppages, and from new mining zones and continued streamlining. Metals consultancy CRU Group expects Yauli mine's zinc all-in sustaining cost (AISC) of nearly USD1,560/MT, improving its third quartile position toward the peer average. Romina Remains Key: The polymetallic Romina mine is the main near-term growth project of Volcan and is expected to start commercial production in 2H26. It will replace the aging Alpamarca mine and will use its operating plant. Fitch expects Romina to contribute 10% of revenue in 2026 and 20% in 2027. The resulting cost reductions and mine life improvement are key to Volcan's business sustainability and help strengthen its credit profile. Capex to Pressure FCF Generation: Fitch expects EBITDA to reach about USD450 million in 2026, driven by recovering operations and supportive prices. Total capex is expected to increase to USD287 million in 2025 and fall to USD294 million in 2026 during the final stage of Romina's construction. Despite no expected dividend payments, FCF should turn marginally negative in 2026-2027 after a slight increase in 2025, as zinc prices weaken towards Fitch's mid-cycle view. Low Leverage: Fitch expects Volcan to maintain low leverage metrics with an improved maturity profile. EBITDA leverage and net leverage are expected to reach 1.9x and 1.6x in 2025, respectively, but decrease towards 1.6x and 1.4x by 2026 as higher zinc and silver from Yauli, Chungar, and the early ramp-up of Romina may offset falling prices, according to Fitch's price deck. Peer Analysis Volcan's metals diversification exceeds that of Ero Copper Corp (B/Stable) and Aris Mining Corp (B+/Stable), matches that of Compania de Minas Buenaventura S.A.A. (BB/Stable) and Minsur S.A. (BBB-/Stable), but trails that of Industrias Penoles S.A.B. de C.V. (BBB/Stable). Volcan operates only in Peru, like Buenaventura and Minsur, while Penoles operates in Mexico, Ero in Brazil, and Aris in Colombia. Nexa Resources S.A. (BBB-/Stable) operates in both Peru and Brazil. Its scale is larger than Ero and Aris, similar to Buenaventura, smaller than Nexa and Minsur, and much smaller than Penoles. Fitch expects Volcan's capital structure and liquidity to be similar to that of all the named peers, with leverage at the middle of the group, including versus similarly rated Aris and Ero. Volcan's AISC cost is in the third quartile of the zinc AISC curve, which is better than Buenaventura and Ero (both fourth in their metals) and similar to Nexa and Aris (third). Consolidated reserves imply about five years of mine life, which is low for underground peers. This level is similar to Buenaventura, excluding Cerro Verde, but is less than Aris (18 years) and Ero (17 years). Key Assumptions - Average zinc price of USD2,700/tonne in 2025, USD2,650/tonne in 2026, and USD2,550/tonne in 2027; - Average silver price of USD38/oz in 2025, USD34/oz in 2026, and USD25/oz in 2027; - Zinc output of 240,000 MT, 290,000 MT, and 340,000 MT in 2025, 2026, and 2027; - Silver output of 13 million oz, 15 million oz, and 16 million oz in 2025, 2026, and 2027; - Yauli's zinc and silver production grows 4% and falls 10%, respectively, in 2025, grows 5% and 20% in 2026, and remain stable in 2027. Fitch expects Yauli to contribute more than 50% of revenues in 2025; - Romina is expected to start operations in mid-2026 and achieve full production in 2027. Fitch expects Romina expansion, to contribute 10% of revenues in 2026 and 20% in 2027; - Capex of USD287 million, USD294 million, and USD244 million in 2025, 2026, and 2027; - No dividends; - No additional asset sales. Recovery Analysis Going-Concern Approach The recovery analysis assumes that Volcan would be considered a going concern in an event of bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation in a low zinc price environment. An enterprise valuation multiple of 4.5x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: the historical bankruptcy case study exit multiples for peer companies were 4.0x-6.0x, improving financial subfactors, mid-quality assets, and high-quality counterparties despite challenging dynamics in a volatile and commoditized industry. Fitch applies a waterfall analysis to the post-default enterprise valuation based on the relative claims of debt in the capital structure. The debt waterfall assumptions consider the company's pro forma debt following refinancing and debt exchange as well as the debt-funded capex for Romina. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the secured bonds and syndicated facility debt and to 'RR2' to the senior unsecured notes. However, per Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," Peru, where EBITDA is generated, is considered Group D. Therefore, Fitch caps the instruments' Recovery Ratings at 'RR4', resulting in no rating uplift from the IDR 'B-' for both first-lien bonds and syndicated facility, and for the unsecured ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to obtain financing within the next three quarters; - Further delays in the construction and ramp-up of Romina; - Negative FCF over the rating horizon impacting liquidity; - EBITDA to interest expense coverage ratio consistently below 2.5x; - A sustained EBITDA leverage ratio of more than 4.5x with an unwillingness or inability to deleverage; - A sustained EBITDA net leverage ratio of more than 4.0x with an unwillingness or inability to deleverage. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - IDRs and outstanding secured notes would be upgraded to 'B' on the successful completion of this new note allowing the refinancing of its short-term debt and syndicated loan, with improvements in financial flexibility as a result of less-restrictive financial covenants; Further rating improvements would reflect: - Completion of Romina in a timely manner, resulting in improvements in the cost profile, production and reserve life; - Positive to neutral FCF over the rating horizon; - EBITDA to interest expense coverage ratio consistently above 5.0x; - A sustained EBITDA leverage ratio of less than 3.5x in a sustained basis; - A sustained EBITDA net leverage ratio of less than 3.0x in a sustained basis. Liquidity and Debt Structure The current issuance is expected to result in a significant reduction in refinancing risks. As of June 30, 2025, Volcan's total debt is USD717 million and comprises USD68 million of unsecured notes due 2026, USD330 million of a secured syndicated loan maturing in 2029, USD300 million of secured notes due 2030, and USD25 million of commercial prepayments on concentrates. With the proposed secured notes, the company would extend the debt amortization schedule by refinancing the syndicated loan and 2026 notes, and by funding a tender offer for the 2030 notes (minimum of 60%). If the proposed transaction is completed successfully, the next material maturity would be the remaining amount of the 2030 notes after the tender offer and the USD600 million from the proposed notes in 2032. This refinancing strategy will provide extra financial flexibility to Volcan. Issuer Profile Volcan is a polymetallic mining company with a third quartile cost position on the global zinc cost curve per CRU. It has operated in Peru for over 75 years. Volcan is diversified into the base metals zinc and lead, and silver. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor 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 Volcan Compania Minera S.A.A. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to its zinc concentrate leak. In June 2022, a truck careened off the road spilling 30 tonnes of zinc concentrates in the Chillon river, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Volcan Compania Minera S.A.A. senior secured LT B(EXP) Expected Rating RR4 VOLCAN COMPANIA: Moody's Ups CFR to B2 & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Ratings has upgraded Volcan Compania Minera S.A.A. y Subsidiarias ("Volcan")'s Corporate Family Rating and its Senior Secured notes due 2030 to B2 from B3. Moody's have also upgraded Volcan's Senior Unsecured notes due 2026 to B3 from Caa1. The outlook was changed to positive from stable. At the same time, Moody's assigned a B2 rating to the company's proposed senior secured notes due 2032. The amount of the new notes could be $600 million to $750 million, subject to the refinancing amount required to fund the tender offer of the Senior Secured Notes due 2030. Proceeds from the new notes will be used for refinancing purposes, with around $50 million of incremental debt that will be used to fund growth capex. Proforma for the issuance of the notes, Moody's expects Moody's-adjusted leverage to increase to 1.84x from 1.72x for the last twelve months ended June 2025. Volcan will use proceeds of the issuance to repay its $68 million 4.375% Senior Unsecured notes due in February 2026, repay the outstanding $330 million of its syndicated loan and fund the company's tender offer for $300 million 8.75% Senior Secured notes due in 2030. The proposed tender offer also includes a consent solicitation to amend the 2030 senior secured notes indenture to remove part of the existing covenants and a collateral release condition that will be subject to the full repurchase of the senior secured notes due 2030. The rating of the notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by us to date and that these agreements are legally valid, binding and enforceable. RATINGS RATIONALE Upon the conclusion of this transaction as anticipated by the company, Volcan's liquidity profile will materially improve with no major amortizations before 2030 and no additional debt, which supports the upgrade to B2 rating. This additional financial flexibility will benefit the company's capex growth plans related to the completion of its Romina project. Volcan's B2 rating reflects the balanced portfolio of zinc and silver in six operating mines and the company's leading position as one of the top ten zinc producers globally, and the fourth largest silver producer in Peru. The B2 rating also incorporates the company's adequate credit metrics for the rating category and adequate liquidity including no major maturities through 2030 while generating positive FCF. Volcan's B2 rating is constrained by its geographic concentration in Peru and Volcan's modest scale compared with that of its global peers. The B2 rating also considers its relatively high cost structure coupled with debt levels which increase the volatility through commodities cycles. During the last twelve months ended June 2025, Volcan generated $93 million in free cash flow (FCF) as adjusted by us, taking cash balance to $147 million, enough to cover all the company's short term needs. Since 2024, cash strengthened given: 1) stable cost and production, 2) hedging strategy and 3) strong silver prices, which supported the generation of $327 million in funds from operations. Considering $100 million in growth capex related to the expansion of its Romina project and $200 million on average in sustained capex, Moody's expects positive FCF. The ramp up of the Romina project, expected in the second half of 2026 should improve the company's overall cost position, production and cash flow generation, which should be positive through the rating horizon. Romina's production cost is estimated at $33/MT (metric ton), compared with Volcan's consolidated cost for the first half of 2025 of $51.7/MT. Romina is a polymetallic project in the Alpamarca unit with a LOM of 13 years and average estimated production per year of 72,000 MT of zinc and 1.8 million ounces of silver. The company is on budget and on schedule with $100 million in capex to be disbursed in 2026. As of June 2025, the company reported a 56% increase in its reserves due to the inclusion of Romina in the reserve inventory. The new senior secured notes due 2032 will benefit from a collateral package that will share with the senior secured notes due 2030. This package includes a trust over receivables, shares of subsidiaries and mortgages over most of the company's assets. The notes also benefit from a special account that consolidates proceeds directed to fund the expansion of Romina. As of June 2025, the capital structure also included $68 million in senior unsecured notes due February 2026. The B3 rating of the senior unsecured notes, one notch below the CFR, reflects its senior unsecured nature and subordination in the payment waterfall. The positive rating outlook assumes that Volcan will be able to improve its cost structure by 2026 supported by the ramp up of its Romina project and cost saving projects and that the company will generate positive FCF. The positive outlook also reflects Moody's views that Volcan will be able to fund the remaining balance of Romina, or any other project, using its own cash flow and that the company will use any excess cash flow to reduce debt. The upgrade also reflects governance considerations as key drivers of the rating action including improved credit metrics and liquidity. Nevertheless, the company's governance Issuer Profile Score ("IPS") remains G-4 and Volcan's Credit Impact Score of CIS-4 indicates that ESG considerations are a constraint for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A positive rating action will be subject to the company's ability to execute its strategic and operating plan improving its cost position and maintaining a comfortable debt maturity schedule and adequate liquidity profile including positive FCF. An upgrade will be subject to the maintenance of Moody's adjusted EBIT margin of 13%, leverage below 4.0x and retained cash flow/debt above 20%, all at different price points. Persistent negative FCF generation due to soft commodity prices, decline in production or higher costs that result in additional investments or the need to increase debt, could lead to a downgrade. Additionally, downgrade pressure could emerge if debt/EBITDA is maintained above 5.0x. Volcan Compania Minera S.A.A. y Subsidiarias (Volcan) is a Peruvian mining company that primarily produces zinc and lead concentrate and some copper concentrate, all with high silver content. The company operates through four operating units including six mines (four underground mines and two open pits), five concentrator plants and one leaching plant. All of Volcan's operations are located in Peru, and the company reported revenue of $1,134 million for the 12 months that ended June 2025. Volcan is a company listed on the stock exchanges of Lima, Santiago and Madrid. Since May 2024 Transition Metals AG, subsidiary of Integra Capital, holds a controlling stake of 63% in Volcan's Class A voting shares, which is equivalent to a 23.3% economic interest in Volcan. The principal methodology used in these ratings was Mining published in April 2025. Volcan's B2 CFR is two notches below the Ba3 scorecard-indicated outcome for the last twelve months ended June 2025. This is reflective of the company's track record of tolerance to refinancing risk, high debt levels and the company's reliance on external funding. ===================== P U E R T O R I C O ===================== PUERTO RICO: BlackRock, Franklin Reduce Stakes in PREPA Bonds ------------------------------------------------------------- Michelle Kaske of Bloomberg News reports that BlackRock Financial Management and Franklin Advisers have significantly reduced their exposure to Puerto Rico Electric Power Authority (Prepa) bonds as the utility's bankruptcy remains stalled. The Chapter 11 case has been paused by U.S. District Court Judge Laura Taylor Swain pending resolution of a dispute over the composition of the island's financial oversight board. According to court filings October 9, 2025, BlackRock trimmed its Prepa bond holdings by one-third to $438 million as of October 6, 2025, while Franklin cut its stake by half. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Latest Audit Shows Massive Losses ----------------------------------------------------- Joel Julien at Trinidad and Tobago Express reports that Caribbean Airlines Limited has finally submitted its audited financial statements for the year ended December 31, 2016, nearly nine years after the financial period closed. The independent audit by KPMG Chartered Accountants, completed in April 2025, resulted in a qualified opinion after the auditors were unable to fully verify the accuracy of several key financial items reported by the airline for that year, in part due to the prolonged duration of the audit, according to Trinidad and Tobago Express. The auditors stated that, with both opening and closing balances unverifiable, they could not determine what adjustments might be needed to accurately reflect the airline's financial position for that period, the report notes. For the year ended December 31, 2016, Caribbean Airlines reported an accumulated deficit of $2.175 billion, following a total comprehensive loss of $695.4 million for the period, the report relates. That loss represented a 543% increase from the total comprehensive loss of $108.1 million recorded for the year ended December 31, 2015, the report says. The State-owned carrier still has eight sets of audited financial statements outstanding, covering the years 2017 to 2024, the report notes. Finance Minister Davendranath Tancoo laid Caribbean Airlines' Consolidated Audited Financial Statements for the financial year ended December 31, 2016 during the sitting of the House of Representatives, before delivering the national budget, the report discloses. Reasons for Qualified Opinion According to the audit by KPMG, Caribbean Airlines listed $137 million in inventory, but the auditors said they could not confirm whether this figure was accurate due to missing documentation and incomplete records, the report relays. "Due to the length of time the audit has been ongoing, sufficient and appropriate audit evidence to support the accuracy of the carrying amounts is not available. We were also not provided with a subledger that has been valued appropriately as at December 31, 2016," it stated, the report discloses. "As a result, we were unable to satisfy ourselves by alternative means the carrying amount of the inventory recorded at December 31, 2016. In addition to these reasons, we were not provided with an inventory subledger that was complete, and we were unable to satisfy ourselves by alternative means the carrying amount of the inventory presented at December 31, 2015, and January 1, 2015," KPMG stated, the report notes. KPMG said its audit opinion on the consolidated financial statements for the period ended December 31, 2015, dated February 3, 2020, was modified accordingly, the report says. "Since opening and closing inventories impact the determination of the financial performance and cash flows, we were unable to determine whether any adjustments might have been necessary to the amounts shown in the Consolidated Statement of Financial Position and Consolidated Statement of Comprehensive Income as at and for the year ended December 31, 2016," it stated, the report notes. KPMG also reported that the airline recorded $24 million in vacation leave owed to employees, but said they were unable to obtain sufficient evidence to confirm the validity of that liability, the report discloses. "Consequently, we are unable to determine whether any adjustments to the vacation accrual is necessary. Management did not record an accrual for vacation leave for the year ended December 31, 2015. Our audit opinion on the consolidated financial statements for the period ended December 31, 2015, dated February 3, 2020, was modified accordingly," KPMG stated, the report relays. "Since opening and closing accruals for vacation leave impacted the determination of the financial performance and cash flows, we were unable to determine whether any adjustments might have been necessary to the amounts shown in the Consolidated Statement of Financial Position and Consolidated Statement of Comprehensive Income as at and for the year ended December 31, 2016," it stated, the report notes. KPMG also noted that lease arrangements for land and ground facilities may not have been fully disclosed, citing gaps in the airline's compliance with international accounting disclosure standards, the report says. "We were unable to obtain sufficient and appropriate audit evidence to determine the completeness and accuracy of required IAS 17 Leases disclosures relating to ground facilities, including land. We conducted our audit in accordance with International Standards on Auditing (ISAs)," it stated, the report relates. "Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants' including International Independence Standards (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Trinidad and Tobago, and we have fulfilled our other ethical responsibilities in accordance with these requirements and with the IESBA Code," KPMG stated, the report adds. KPMG stated it believes that the audit evidence it obtained was "sufficient and appropriate" to provide a basis for its qualified opinion, the report says. Tancoo Defends Board Since being elected, Prime Minister Kamla Persad-Bissessar has taken CAL to task for their financials, the report notes. Persad-Bissessar described Caribbean Airlines as "a corrupt mess" with no profitable routes and years of unaudited financial statements, the report discloses. She said Caribbean Airlines' financial department comprised 86 people, yet the company has spent over $60 million hiring Ernst & Young and PricewaterhouseCoopers to conduct audits, the report says. "I am giving the management of CAL two years to sort it out; otherwise, everyone there will be looking for a new job," she said, stressing that taxpayers would no longer bankroll underperforming State enterprises, the report relates. Caribbean Airlines' management documents for the audit were signed by Garvin Medera as chief executive officer and Varuna Kuarsngh as chief financial officer on April 3, the report discloses. Both Medera and Kuarsingh have in recent weeks resigned from the Caribbean Airlines' management team, along with chief commercial officer Martin Aeberli, and corporate secretary Nalini Lalla, the report says. Since the United National Congress' (UNC) general election victory on April 28, there have been major shifts in both Caribbean Airlines' board and leadership team, the report notes. Reyna Kowlessar was appointed chairman of a restructured board on June 24, replacing Shameer "Ronnie" Mohammed, who resigned after the general election, the report relates. Mohammed had been on the board since November 2016, the report recalls. The other members of the Caribbean Airlines board are vice-chairman Videsh Praim, Sharlene Maharaj, Prof Selwyn Cudjoe, Amit Krishan Mahabir, Larren Peart, Alicia Edwards and Adam Moss, according to the airline's website. Tancoo defended the board during the national budget presentation, saying it has been making "hard decisions" to fix the national airline, which had become a "national liability" after years of mismanagement, the report notes. Tancoo said former finance minister Colm Imbert not only ignored the fiscal mismanagement at the airline, but actively fuelled it, the report says. "Shockingly, even in the absence of these audited accounts, the former Minister of Finance repeatedly approved financing for CAL in 2017, 2018, 2019 and as recently as March 2025 to cover operational shortfalls," Tancoo said. "The former Minister of Finance closed his eyes as CAL descended into inefficiency, non-compliance and fiscal indiscipline, leaving behind not a national airline but a national liability. Worse yet, he actively fueled this reckless behaviour by repeatedly approving billions in financing without demanding accountability," Tancoo said, the report relays. He said Imbert facilitated mismanagement, normalised waste and corruption, and abandoned his responsibility of fiduciary oversight, the report notes. "This is nothing short of criminal negligence. But we are now fixing it. We have now installed a strong board of directors who are making the hard decisions required to fix our national airline," he added. Audit of Departments Ongoing Caribbean Airlines stated that chief operating officer Nirmala Ramai has been appointed acting CEO, following Medera's resignation, the report relays. Caribbean Airlines said it would be doing "full and thorough audits" of all of its departments and processes to strengthen "governance, safety, and accountability," the report says. It said that under the guidance of its board, Ramai would work closely with the senior leadership team to support the airline through the transition, the report notes. The airline stated that it would continue to operate its full schedule, with no disruption to customers or partners, the report discloses. As part of this transition, it said its board and senior leadership team would focus on the following five key initiatives: -- supporting employees and stakeholders with open communication and care -- reviewing operations to increase efficiency and modernisation -- enhancing the customer experience with improved services -- developing a long-term, financially responsible and sustainable growth plan -- doing full, thorough audits of all departments and processes, to strengthen governance, safety, and accountability. Caribbean Airlines also reaffirmed its commitment to developing and promoting talent from within the organisation before seeking external candidates, to provide employees with opportunities for career advancement, the report says. "Caribbean Airlines will continue to serve the region with pride, reliability and a steadfast commitment to safety. The board of directors remains committed to open and timely communication with employees, customers and stakeholders as this leadership transition and strategic plan are implemented," it stated, the report adds. ********* 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. 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