251028.mbx

251028.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 28, 2025, Vol. 26, No. 215 Headlines B A R B A D O S BARBADOS: S&P Raises LongTerm Sovereign Credit Ratings to 'B+' B E R M U D A TRANSOCEAN LTD: Closes Notes Offering, Inks Indenture With Truist B R A Z I L BANCO DE BRASILIA: S&P Affirms 'B' Ratings, Off Watch Developing C A Y M A N I S L A N D S ARADA SUKUK 2: Fitch Affirms 'BB-' Rating on Senior Unsecured Notes G U A T E M A L A [] Fitch Takes Various Ratings on Five Guatemalan Banks J A M A I C A JAMAICA: Trade Deficit Climbed to US$2.88BB for January to June M E X I C O ASCEND PERFORMANCE: Includes Several Financing Agreement Claims T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Targets US$3 Billion in Foreign Investment X X X X X X X X [] LATAM: Caribbean Not Fully Benefitting From Cultural Industries - - - - - =============== B A R B A D O S =============== BARBADOS: S&P Raises LongTerm Sovereign Credit Ratings to 'B+' -------------------------------------------------------------- S&P Global Ratings raised, on Oct. 24, 2025, its long-term local and foreign currency sovereign credit ratings on Barbados to 'B+' from 'B' and affirmed its 'B' short-term ratings. The transfer and convertibility assessment is 'B+'. Outlook The stable outlook reflects S&P Global Ratings' expectation that Barbados will maintain policy continuity and ongoing reforms, supporting a reduction in fiscal deficits and its high debt burden. S&P said, "We also believe that Barbados will sustain good GDP growth over the next two years. Lastly, we expect Barbados will maintain a productive relationship with multilateral institutions, and receive support, if needed, in the event of an exogenous shock." Downside scenario S&P said, "We could revise the outlook to negative over the next 12-18 months if we see signs of diminished political commitment to strengthening public finances and reducing the government's still high debt burden. We could also revise the outlook to negative if the government encounters difficulties in getting funding to meet its fiscal or external financing needs." Upside scenario S&P could raise its ratings in the next 12-18 months if continued reform momentum and fiscal adjustment support sustained higher GDP growth above that of other sovereigns at a similar level of development. Rationale S&P said, "We believe Barbados' governance has improved and led to better growth and a declining debt burden, enhancing the country's resilience to external shocks. Good economic growth and fiscal reforms have boosted government revenues, while decreasing fiscal deficits have slowed the accumulation of debt. We expect a continued decline in fiscal deficits as well as continued reduction in the Barbados debt burden. Furthermore, we expect tourism will remain a key driver of Barbados' growth and current account receipts over our rating horizon. The local currency is pegged to the U.S. dollar, and we expect this arrangement will remain in place." Institutional and economic profile: The government will continue its work on sustainable public finances and supportive economic policies in the coming two years -- Economic policy governance has improved and led to greater resilience in both the local economy and public finances. -- S&P expects Barbados' economy will remain concentrated within the tourism sector, which is likely to drive growth of about 2% of GDP over the next two years. In 2025, Barbados completed its extended fund facility (EFF) and arrangement under the resilience and sustainability facility (RSF) with the International Monetary Fund (IMF). With the support of these programs, Barbados instituted a series of institutional, economic, and fiscal reforms, also guided by its Barbados Economic Recovery and Transformation (BERT) plan. Upon conclusion of these programs, Barbados has signaled its intention to build on these reform efforts and maintain high primary fiscal surpluses and a decreasing debt burden, with a target of 60% debt to GDP by fiscal 2035-2036. S&P thinks that Barbados could enter into a precautionary arrangement with the IMF that, along with an updated BERT program, would support continued reforms. Strengthened economic policy making and the resulting fiscal, economic, and debt improvements led us to improve our institutional assessment. S&P said, "We expect strong performance in Barbados' tourism sector will support economic growth in 2025 following good results in 2024. The country experienced growth of 2.5% in the first six months of the year; however, by year-end, we expect GDP growth will settle at 2.0%. We expect growth will hover around 2% in the next few years." Tourism will remain one of the largest sectors of the local economy, directly contributing just under 10% of GDP (and indirectly approximately 40%). Tourist arrivals for the first six months of 2025 continued to increase year over year, and were dominated by traditional source markets, with the highest share from the U.S., followed by the U.K. Several large investment projects support medium-term growth prospects, mostly tourism-related (reinforcing dependence on a volatile sector). Barbados is also working on developing renewable energy capacity, which should spur local economic activity and lower its dependence on imported fuel. It has an ambitious climate policy agenda, which has garnered support from multilateral lenders. S&P expects growth in tourism and related projects will propel GDP per capita to US$25,800 in 2025. S&P said, "Despite potential external shocks, we believe Barbados will continue to demonstrate its commitment to reform. In 2025, Barbados is expected to launch BERT 2025, which is a successor to two previously concluded programs. BERT 2025 aims to strengthen fiscal governance, deepen the financial sector, mainstream climate innovation, and build human capital. We expect these initiatives will support long-term growth. In 2025, Barbados also approved a disaster risk financing policy and lined up external sources of financing that would be available in the aftermath of a disaster." Barbados has a stable, predictable, and mature political system, which has traditionally benefited from consensus on economic and social issues. Government has alternated between the Democratic Labour Party and the Barbados Labour Party (BLP). The BLP has been in office since 2018, and during the January 2022 elections, won all 30 seats in the House of Assembly for the second consecutive time, and currently holds 29 seats. The BLP is led by Prime Minister Mia Mottley, who has governed since 2018 with a strong mandate to undertake fiscal and macroeconomic reform. Upon taking office, the government acted swiftly to restructure debt, agree with the IMF on an EFF, and implement its BERT program. Before these reforms, previous policymakers had been slow to respond to fiscal and economic problems. A continued proactive approach to economic challenges should improve the profile of public finances and strengthen the country's creditworthiness. The next general election is due by 2027. Flexibility and performance profile: Barbados plans to lower deficits and the debt burden in its new post-IMF program phase. -- S&P expects the government to continue posting decreasing deficits and a declining debt burden over the next two years. -- Tourism exports will continue to drive current account receipts. -- Barbados will retain its fixed exchange that supports exchange rate predictability but limits monetary policy flexibility. S&P said, "We expect Barbados will continue to lower its fiscal deficit. In fiscal 2025, the country posted a strong primary surplus and a decreasing overall deficit of 0.9% of GDP, compared with a deficit of 1.7% in the previous year. We expect the deficit will fall to 0.8% of GDP in fiscal 2026. Revenues in the current year are supported by higher corporate taxes, which are a meaningful contributor to revenues. However, dependence on tourism makes it vulnerable to economic conditions in source markets that could hurt GDP growth and government revenues. We estimate the annual increase in net general government debt to GDP will average about 1% in the next three years. In our forecasts, net general government debt remains high but drops to 95% in 2026 and continues decreasing. "Under the IMF program, Barbados had good access to multilateral funding. We expect it will maintain good relationships with multilateral institutions, which will unlock external funds; however, we expect it will begin to use more commercial lending both domestically and externally to meet its refinancing and deficit financing needs. Barbados has been issuing debt in local capital markets via its BOSS+ bonds, which launched in 2022, and we expect this will continue." In June 2025, Barbados issued a US$500 million bond, with proceeds going toward commercial and IMF debt repayment. By repaying IMF debt, Barbados restored some capacity for future IMF borrowing. Although Barbados has formally concluded the IMF EFF and RSF programs, owing to its success in these programs, S&P expects that the IMF would offer further support if needed in the event of an exogenous shock. Barbados' debt service profile improved after domestic and external debt restructurings in 2018 and 2019, respectively. S&P expects the government's external debt service will be just above US$300 million for fiscal 2027 and the total interest burden will average 11.7% of general government revenues over the forecast horizon. In its external debt exchange, the government exchanged approximately US$531 million in new 2029 bonds and US$32 million in past-due interest bonds with holders of about US$677 million in external debt. The first principal payment on the new external 2029 bonds began April 1, 2025, after which equal principal payments will be made biannually until the final maturity on Oct. 1, 2029. S&P forecasts the current account deficit will narrow to 6.0% of GDP in 2025 from a peak of 10.3% in 2021, supported by strength in tourism receipts. Barbados' gross external financing needs will remain high, averaging 160% of current account receipts plus usable reserves over the next three years. At the same time, international reserves are historically high and will continue to provide external liquidity even as current account deficits persist. As of June 2025, international reserves were about US$1.9 billion. Barbados' banking sector remains stable, as banks hold large cash balances with the central bank and their capital adequacy ratios have been increasing. Although nonperforming loans rose early in the pandemic, the availability of moratoriums and the slight recovery in the tourism sector have led to improvement in reported numbers. At the same time, S&P believes Barbados' monetary policy flexibility remains limited due to its fixed exchange rate and weak transmission mechanism after the completion of its debt restructuring program. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List Upgraded; Outlook Action To From Barbados Sovereign Credit Rating B+/Stable/B B/Positive/B Upgraded To From Barbados Transfer & Convertibility Assessment Local Currency B+ B Senior Unsecured B+ B ============= B E R M U D A ============= TRANSOCEAN LTD: Closes Notes Offering, Inks Indenture With Truist ----------------------------------------------------------------- Transocean Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 15, 2025, in connection with the closing of the previously announced offering by Transocean International Limited, a Bermuda exempted company limited by shares (the "Company") and a wholly owned subsidiary of Transocean Ltd., of $500 million in aggregate principal amount of 7.875% Senior Priority Guaranteed Notes due 2032, the Company entered into an indenture with Transocean Ltd., Transocean Holdings 1 Limited, Transocean Holdings 2 Limited, Transocean Holdings 3 Limited, Transocean Asset Holdings 1 Limited, Transocean Asset Holdings 2 Limited and Transocean Asset Holdings 3 Limited, as guarantors, and Truist Bank, as trustee. The Notes will be fully and unconditionally guaranteed, jointly and severally, by the Guarantors on a senior unsecured basis. The Notes will mature on October 15, 2032 and will bear interest at a rate of 7.875% per annum. Interest on the Notes will be paid on April 15 and October 15 of each year, beginning on April 15, 2026. The Notes have not been registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws, and were offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act. The terms of the Notes are governed by the Indenture, which contains covenants that, among other things, limit the Company's ability to allow its subsidiaries to incur certain additional indebtedness, incur certain liens on its drilling rigs or drillships without equally and ratably securing the Notes, engage in certain sale and lease-back transactions covering any of its drilling rigs or drillships and consolidate, merge or enter into a scheme of arrangement qualifying as an amalgamation. The Indenture also contains customary events of default. Indebtedness under the Notes may be accelerated in certain circumstances upon an event of default as set forth in the Indenture. A full-text copy of the Indenture is available at https://tinyurl.com/ykyp26wv About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In October 2025, S&P Global Ratings revised its outlook on offshore drilling contractor Transocean Ltd. to stable from negative and affirmed all its ratings on the company, including the 'CCC+' Company credit rating. =========== B R A Z I L =========== BANCO DE BRASILIA: S&P Affirms 'B' Ratings, Off Watch Developing ---------------------------------------------------------------- S&P Global Ratings removed its 'B' long-term issuer credit rating on BRB - Banco de Brasilia S.A. from CreditWatch developing, where S&P placed it on April 3, 2025. S&P subsequently affirmed the global scale 'B' long-term and 'B' short-term ratings. The outlook is stable. BRB's plan to acquire Banco Master is unlikely to happen, in S&P's view. On April 3, 2025, BRB announced its plan to acquire 49% of Banco Master's voting capital and all of its preferential shares. The Brazilian central bank denied the acquisition plan, and, therefore, it is highly unlikely to take place. S&P said, "We believe that BRB will continue to face the challenge of increasing its revenues in order to dilute its expense base and improve its profitability. As a result, we think BRB will continue seeking to expand its lending book, either organically or through acquisitions, as long as its capital metrics allow it to. Overall, we expect core bottom-line results to remain slightly positive, supporting our current rating." BRB's core profitability has been declining in recent years due to tighter margins. Margins have been falling due to lower spreads in payroll deductible loans and BRB's changing portfolio mix amid its expansion strategy. However, cost of risk has remained manageable and in line with the industry's average thanks to the high share of payroll deductible loans and house financing on BRB's balance sheet. S&P expects these challenges to continue, as it doesn't foresee significant changes in the bank's business strategy for the next two years. First-half 2025 profits improved, boosted by nonrecurring revenues. In the first half of 2025, BRB's net income rose to Brazilian real (R$) 510 million, which corresponded to an annualized return on average equity (ROE) of about 26%. However, extraordinary revenues from portfolio sales boosted profits. S&P estimates that absent those nonrecurring revenues, profitability in the first half of 2025 would have remained on par with 2024, when the bank had ROE of 6.2%. S&P said, "We think capital will remain constrained as BRB uses capital from recent injections to keep growing its lending book. BRB is working to improve its capital position so that it can resume its expansion strategy. Significant portfolio expansion and lower profitability recently have taken a toll on the bank's capitalization. Its regulatory Tier I capitalization ratio continued to be lower than peers: in June 2025: BRB's Tier I capital was 9.4%, down from 12%-15% between 2019 and 2021; versus an average of about 15% in the Brazilian financial system. The bank's risk-adjusted capital (RAC) ratio as of December 2024 was 4.3%, from 5%-6% in 2019-2022. We expect BRB's RAC ratio to remain between 3.5% and 4.5% in the next two years." The high share of payroll loans has supported sound asset quality metrics, but rapid expansion increases risks. Payroll loans represented roughly 55% of BRB's loan book as of June 2025. Several portfolio acquisitions took place in the first half of 2025, growing BRB's payroll loans book about 50% in that period. More recently, BRB has also been expanding its mortgage loan book, originating more personal loans, and growing its client base. S&P views rapid expansion to new segments and regions as a risk to asset quality metrics and profitability. S&P considers BRB's solid position in the federal district of Brazil (Distrito Federal; DF) and stable funding base as strengths. BRB has a stable and low-cost funding base arising from its wide branch network in the federal district of Brazil and its status as the payment agent of all of the DF's public employees. BRB has also been growing its share of judicial deposits in its funding base. S&P said, "The stable outlook reflects our expectation that in the next 12 months, the bank will continue expanding its loan book at moderate levels while posting manageable asset quality metrics and slightly positive bottom-line results. We also expect BRB to maintain capital levels above minimum regulatory requirements. "We could lower the ratings if BRB's capitalization weakens, with a RAC ratio consistently below 3%, or if it breaches minimum regulatory capital requirements. This could happen if profitability further weakens, absent new capital injections. We could also lower the ratings if asset quality metrics deteriorate. "We could raise the ratings if capitalization levels improve sharply and sustainably, with the RAC ratio remaining above 5%, and as long as its other credit fundamentals remain unchanged. Capital improvement could result from new capital injections and sustainable higher profitability, combined with low dividend payout and moderate credit growth." =========================== C A Y M A N I S L A N D S =========================== ARADA SUKUK 2: Fitch Affirms 'BB-' Rating on Senior Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has affirmed Arada Developments LLC's Long-Term Issuer Default Rating (IDR) at 'B+', with a Stable Outlook, and its senior unsecured debt at 'BB-', with a Recovery Rating of 'RR3'. The senior unsecured rating applies to Arada Sukuk Limited's and Arada Sukuk 2 Limited's sukuks (BB-/RR3). The affirmation reflects the UAE-based property developer's high leverage and its project and geographic concentration. The concentration risk is mitigated by a prudent approach to development. The company's trading performance is solid, based on regional economic growth and housing demand. Gross debt/EBITDA at end-2024 was 5.3x, and Fitch expects it to decline over the next two years as the major phases of projects are delivered. Its 'B+' IDR is derived from its Standalone Credit Profile (SCP) of 'b' and a one-notch uplift for Sharjah government support, as assessed under Fitch's Government Related Entity (GRE) criteria. Key Rating Drivers Sharjah Focused Master Developer: Arada is Sharjah's largest master-plan developer, with 51% share of off-plan home sales by volume in 2024. The company specialises in villas and low-rise residential buildings within its master developments and selectively develops high-rise towers in Dubai. Newly built communities typically include a mix of housing, schools, green space, retail and coordinated amenities on completion. Since 2017 to September 2025, Arada has launched over 19,300 units, sold 18,300 and delivered 10,100. High Leverage Expected to Reduce: Leverage remained high in 2024, with gross debt/EBITDA at 5.3x (2023: 5.9x). EBITDA margin recovered to 21.2% in 2024, from 16.7% in 2023, when margins were pressured by higher marketing and sales costs. Gross debt rose after Arada issued USD550 million (AED2 billion) sukuk notes to fund development. Fitch expects the EBITDA margin to exceed 25% consistently over the next 24 months and gross debt/EBITDA to decline to about 3.7x by end-2025, supported by deliveries of phases launched in Aljada and Masaar. Good Sales Visibility: Arada has good cashflow visibility supported by a long-term order backlog from the roll-out of phases under the Aljada and Masaar master communities. In 2025 to mid-September, the company achieved AED13.1 billion in sales. In 2025, the company is expected to deliver 1,149 units in Aljada and about 2,500 in 2026, mainly in Aljada, Masaar and Jouri Hills, which are 100% pre-sold at project launch phase or before construction. The Aljada master community remains Arada's largest project, covering 2.2 million square metres with a mixed-use project of 25,000 apartments, townhouses and villas in 14 blocks. In 2027 and 2028, sales visibility is high, with an estimated 3,000 units to be launched and delivered, mainly in Sharjah. Buoyant Housing Demand: Sharjah's housing market has positive momentum, with transaction values rising about 48% year on year, to roughly AED27 billion in 1H25, and a pickup across the main districts. Off-plan sales dominate, supported by affordability and flexible post-handover plans. Foreign buyers and UAE nationals are active, attracted by price points below Dubai and rental yields typically in the mid- to high-single digits. Policy measures, including expanded freehold access for expatriates and longer visas for property owners, continue to underpin demand. Construction Risk Mitigated: Arada acquired land in Sharjah with deferred payment, lowering upfront cash outlays. The company targets minimum pre-sales of 60%-65% before construction. Buyers pay a 10% deposit and instalments are tied to milestones, which fund most construction; the balance (usually 60% in Sharjah and 40% in Dubai) is due at handover. If a buyer defaults, Arada retains payments and resells the unit. Construction risk is mitigated through fixed-price, lump-sum contracts and 10% performance bonds from contractors. UK Acquisition Credit Neutral: In September 2025, Arada's shareholders acquired a 75% stake in Regal London. Fitch acknowledges that the London-based residential-led mixed-use developer will be rebranded as Arada London, leveraging on the reputation of the UAE-based developer. Fitch expects this transaction to be funded ultimately by Arada's shareholders, ring-fenced from Arada Developments and have no impact on the rated entity. Government Support Beneficial: Arada is an integral part of Sharjah's development plans for real estate. It benefits from local-government support in accessing premium land and deferred land payment, including for the Aljada site. A 16-year, government-backed AED1.6 billion facility funds part of the programme. Under its GRE criteria, government oversight and precedents of support are strong, supporting a one-notch uplift to Arada's SCP. Peer Analysis Arada operates primarily in the Emirate of Sharjah, which is smaller and less developed than Dubai and Abu Dhabi, but less volatile. The company is the primary master plan developer in Sharjah, which has had limited community development. Its strong competitive advantage stems from support from the Sharjah government, including access to land, which is critical in the UAE. Arada is developing projects in Dubai, which reduces its high geographic concentration, although without Sharjah government support. Here it competes with established UAE developers, such as Omniyat Holdings Ltd, Binghatti Holding Ltd. (both rated BB-/Stable) and Emaar Properties PJSC (BBB/Stable). The latter is a large master plan builder with material international operations. None of these developers have a material presence in Sharjah. In contrast to Arada, Emaar and Majid Al Futtaim Holding LLC (BBB/Stable) are conglomerates with large portfolios of investment properties generating stable, recurring revenue. Arada's community projects include supporting assets, such as retail businesses and schools, which are retained and generate recurring revenue. Along with several other businesses owned by Arada, these are rising and diversifying recurring cash flows but are expected to remain a small part of revenue. Consequently, the company will remain mainly exposed to volatile development cash flows. Key Assumptions Fitch's Key Assumptions within Its Rating Case for the Issuer - Big revenue growth, to over AED8 billion by 2026, supported by deliveries of new and existing projects (Aljada and Masaar) - Steady EBITDA margin above 26% - Large working capital outflow in 2027 and 2028, coinciding with project deliveries, including discretional land acquisitions - Gradual rise in dividend distribution across the forecast period, reaching AED275 million by end-2025 and AED650 million in 2026 - Continuous FCF outflow after 2026 as a result of increased dividend payments and working capital cash outflows Recovery Analysis Fitch uses a liquidation approach for homebuilders, as potential buyers' primary focus would be valuable assets, such as land and developments rather than keep the business as a going concern. Fitch's recovery analysis has assumed prior-ranking bilateral banking facilities of AED1.3 billion, including development and asset-level financing debt of AED350 million (by December 2025), which is typically secured against developments and land, and rank above the sukuk notes. The outstanding sukuk notes includes three issues totalling AED5.2 billion (USD1.4billion) maturing in 2027-2030. Arada's main assets are its inventories (end-2025E: AED3.7 billion), including sites, land, construction in progress and completed buildings, and accounts receivable (AED4.2 billion). Fitch used a 50% advance rate for inventory and accounts receivables, and applied a 50% advance rate to investment properties and equipment (AED2.4 billion). After deducting 10% for administrative claims, its waterfall analysis generates a Recovery Estimate of 65% for the generic unsecured class of debt. As Arada's IDR is 'B+', the resulting senior unsecured rating is 'BB-'/'RR3'. RATING SENSITIVITIES Arada's IDR Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Change in government support, weakening Arada's business and financial profiles - Gross debt/EBITDA above 4.5x - Liquidity score sustained below 1x - Negative FCF on a sustained basis - Overall softening of Sharjah's real estate market resulting in low pre-sales levels and delayed project launches Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive FCF generation on a sustained basis - Sustained improvement in financial metrics leading to gross debt/EBITDA below 3.5x - Improved corporate governance structure - Reduced execution risk - Improved liquidity position Sukuk Rating Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The rating could be downgraded if Arada's Long-Term IDR was downgraded - Adverse changes to the roles and obligations of the company under the sukuk's structure and documents Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The senior unsecured rating would not be upgraded if Arada's IDR was upgraded to 'BB-' Liquidity and Debt Structure Over the past two years, Arada has established a sukuk programme of up to USD1 billion, of which USD550 million (AED2.0 billion) was drawn in 2024. At end-2024, gross debt primarily comprised AED3.8 billion of senior unsecured sukuks, maturing between 2027 and 2029, and about AED575 million of secured bank facilities. In August 2025, the company tapped its sukuk programme and issued an additional USD450 million (AED1.7 billion) at a 7.15% profit rate. In light of these deals, liquidity is satisfactory, with AED2,887 million of unrestricted cash at 1H25 and no major corporate debt maturing in 2025-2026, except AED150 million due in December 2025 for Jouri Hills facilities. Issuer Profile Arada is a master-plan community developer focusing on the Emirate of Sharjah in the UAE. 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 Arada Developments LLC has an ESG Relevance Score of '4' for Governance Structure due to the weak structure of the board of directors compared with most EMEA peers. The board comprises five members, including the two shareholders, one independent director and the chief executive officer. The limited number of independent board members has a negative effect on the credit profile and is relevant to the rating in conjunction with other factors, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have a minimal credit impact, either due to their nature or the way in which they are being managed. Its ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Arada Sukuk Limited senior unsecured LT BB- Affirmed RR3 BB- Arada Developments LLC LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- Arada Sukuk 2 Limited senior unsecured LT BB- Affirmed RR3 BB- ================= G U A T E M A L A ================= [] Fitch Takes Various Ratings on Five Guatemalan Banks ------------------------------------------------------- Fitch Ratings conducted a portfolio review of five Guatemalan banks and a related Panamanian entity following the upgrade of Guatemala's Long-Term (LT) Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) to 'BB+'/Outlook Stable from 'BB'/Outlook Positive. As a result, Fitch revised its assessment of the Guatemalan banking system's operating environment (OE) score to 'bb' with a Stable trend from 'bb-' with a Positive trend. The Affected Entities are: -- Banco Industrial, S.A. -- Banco G&T Continental S.A. -- Bi-Bank, S.A. -- Banco Agromercantil de Guatemala S.A. -- Banco de los Trabajadores -- Banco de Desarrollo Rural, S.A. The OE score upgrade reflects Guatemala's solid and stable growth, macroeconomic stability, and longstanding policy prudence, which have supported sustained economic development and are expected to continue to benefit the banking system's business dynamics, as well as the bank's ability to generate business volumes with consistent financial performance and adequate risk levels. Fitch expects Fitch's core metrics for the OE assessment, the Operational Risk Index (ORI) and GDP per capita will remain stable. Guatemala's forecast GDP per capita is USD 6.49 thousand for 2025, while the ORI is 59.5% as of October 2025. Fitch also took rating actions on Panama-based Bi-Bank, S.A. (Bi-Bank) due to the upgrade of the IDRs of its supporting Guatemalan sister company, Banco Industrial, S.A. (Industrial). Key Rating Drivers Industrial and BanRural Fitch upgraded Industrial's and Banco de Desarrollo Rural, S.A.'s (BanRural) LT FC and LC IDRs to 'BB+'/Stable Outlook from 'BB'/Positive Outlook, and their Viability Rating (VR) to 'bb+' from 'bb'. At the same time, Fitch upgraded the Government Support Ratings (GSRs) for Industrial to 'bb' from 'bb-', and for BanRural to 'bb+' from 'bb'. Fitch also affirmed their FC and LC Short-Term (ST) IDRs at 'B'. The upgrade follows a similar action on Guatemala's OE score assessment and sovereign's IDRs. In Fitch's opinion, Industrial and BanRural have solid business profiles and consistent financial performance, supporting alignment with the sovereign rating, while an improved OE will continue to strengthen their credit profiles. Industrial's IDRs are driven by its intrinsic credit strength, reflected in its recently upgraded VR at 'bb+', which is above the implied 'bb' level, denoting a robust business profile, with its score upgraded to 'bb+' from 'bb'. The VR also reflects its strong competitive position and solid funding profile, also upgraded to 'bb+' from 'bb'. Industrial has delivered consistent financial performance, with good asset quality and relatively steady profitability and capital, which are expected to remain similar over the rating horizon. Fitch expects the bank's strategy to sustain stable financial metrics over the foreseeable future. Industrial's 'bb' GSR reflects the bank's high systemic importance, supported by a leading deposit franchise with 26.8% market share as of June 2025. Therefore, Fitch views the authorities' willingness to provide support as high to avoid contagion risk. BanRural's IDRs are driven by its intrinsic credit profile, reflected in its VR. The VR is aligned with its upgraded implied VR of 'bb+', as Fitch expects a higher OE score to continue to benefit the bank's creditworthiness, supported by BanRural's solid business and funding profiles, with both scores also upgraded to 'bb+' from 'bb'. BanRural's VR reflects its strong competitive position in productive loans and consumer lending, complemented by stronger-than-peers average profitability, good capitalization and adequate asset quality. BanRural's GSR upgrade is aligned with the sovereign rating. The action reflects Fitch's view that the government's ability to support BanRural has improved, given its high systemic importance as the second-largest bank by customer deposits market share, its extensive interconnectedness within the financial system, and the government's 30% ownership stake. G&TC and Bantrab Fitch affirmed Banco G&T Continental S.A. (G&TC) and Banco de los Trabajadores' (Bantrab) LT and ST FC and LC IDRs at 'BB' and 'B', respectively, their VRs at 'bb', and their GSRs at 'bb-'. The Rating Outlook for LT ratings is Stable. Fitch assesses that the Positive actions on Guatemala's IDRs, which decompress the rating scale, are neutral for these banks' ratings, as their current business and financial profiles are commensurate with their current VR of 'bb'. G&TC's IDRs are supported by its intrinsic credit profile, as reflected in its VR, which is aligned with its implied VR. The VR captures the bank's good business profile in Guatemala and prudent risk profile, allowing it to generate and defend business volumes and earnings. G&TC's business profile score was upgraded to 'bb' from 'bb-' to reflect the Positive action on the OE score. As the third-largest Guatemalan bank in assets, loans and deposits as of 3Q25, it has one of the more diversified business models and strongest franchises in the country. This translates into a stable and good financial profile. Bantrab's IDRs are underpinned by its VR, which is aligned with its implied VR. The VR is influenced by the bank's good and consistent business profile, which was upgraded to 'bb' from 'bb-' to reflect the Positive action on the OE score. Fitch assesses Bantrab's sector leadership as the second-largest bank in the Guatemalan banking system in the consumer segment. Fitch's assessment of Bantrab's credit profile also considers controlled asset quality metrics, adequate profitability supported mainly by consistently good net interest margins, strong capitalization historically above 21%, and a funding and liquidity profile supported by its stable deposit structure. G&TC's and Bantrab's 'bb-' GSRs reflect Fitch's view of their medium systemic importance compared with their two largest local peers, where the gap in deposit market share is significant. BAM Fitch affirmed Banco Agromercantil de Guatemala, S.A.'s (BAM) LT FC and LC IDRs at 'BB+'. The Outlook is Negative. BAM's ST FC and LC IDRs were also affirmed at 'B'. Fitch also affirmed the bank's Shareholder Support Rating (SSR) at 'bb+' and its VR at 'bb-'. BAM's IDRs are unaffected by Guatemala's sovereign rating action, as the ratings are driven by its 'bb+' SSR, reflecting Fitch's assessment of Grupo Cibest, S.A.'s (Grupo Cibest, 'BB+'/Negative) ability and propensity to support the Guatemalan bank. Given Grupo Cibest's Negative Rating Outlook, BAM's upside potential is limited. BAM's VR reflects its consistent business model and good market position within the Guatemalan banking system. Fitch revised the trend of its Business Profile assessment to Stable from Positive and affirmed the score at 'bb-', as Fitch considers that the current business and financial profiles, marked by lower total operating income than peers and consistent operating losses, are commensurate with its current VR of 'bb-'. Fitch downgraded the Earnings and Profitability score to 'b/Stable' from 'b+/Negative' due to the bank's still-challenged profitability, pressured by higher credit costs from asset quality deterioration and additional regulatory loan impairment charges. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Industrial, BanRural, G&TC, and Bantrab - The banks' IDRs and VRs would reflect any negative action on Guatemala's sovereign ratings or a downward revision of Fitch's assessment of the OE; - Industrial's IDRs and VR could be downgraded if its business profile weakens, and sustained deterioration in financial performance results in a material pressure in loan quality, a decline in the bank's operating profit to RWA metric consistently below 2%, and its FCC to RWA ratio falls consistently below 10%; - BanRural's IDRs and VR could be downgraded by a weakened business profile that materially deteriorates its financial profile; - G&TC's IDRs and VR could be downgraded if a sustained deterioration of the bank's financial performance is reflected in higher impairment levels, weaker profitability (operating profit to RWA consistently below 2%), erosion of capital buffers, with a FCC to RWA ratio consistently below 12%, and a weaker funding and liquidity profile with limited funding sources. - Bantrab's VR and IDRs could be downgraded if the entity's financial profile deteriorates significantly, as reflected in a weakening of its asset quality and profitability, with operating profit to RWA metrics consistently below 2%, causing a continued reduction in its FCC to RWA ratio below 15%; - Industrial's and BanRural's GSRs are sensitive to a downgrade of the sovereign rating, as well as its propensity to provide support. - G&TC's and Bantrab's GSRs are sensitive to a multi-notch downgrade of the sovereign rating, as well as its propensity to provide support. BAM - A downgrade of Grupo Cibest's IDR or lower propensity to support could result in a downgrade of BAM's LT and ST IDRs, and SSR; - BAM's VR could be downgraded if a prolonged and significant decline in loan quality persistently erodes its profitability and leads to a diminished assessment by Fitch of the bank's business profile strength. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Industrial and BanRural - Industrial's and BanRural's IDRs, VRs and GSRs would reflect any positive action in Guatemala's sovereign ratings, while maintaining consistent financial profiles. G&TC and Bantrab - G&TC and Bantrab's IDRs and VRs have limited upside potential. In the medium to long term, they could be upgraded if their business profiles improve materially, and they maintain good financial profiles. - G&TC's and Bantrab's GSRs could be upgraded if Guatemala's sovereign rating is upgraded. BAM - BAM's IDRs and SSR could be upgraded if Grupo Cibest 's IDRs are upgraded. However, this is not Fitch's base case, given the current Negative Outlook. - BAM's VR could be upgraded if the bank improves its operating profit to RWA consistently above 2.5% or its FCC to RWA is consistently above 13.0%, while maintaining stable asset quality, funding and liquidity profile. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Industrial Industrial's debt instruments are subordinated notes (ISbN) and subordinated Tier 1 capital (IST-1) notes, whose ratings were upgraded following the same action on Industrial's VR, which is its anchor rating. Fitch considers the 'BB-' ISbN notes to be T2 securities and rates them two notches below Industrial's VR due to loss severity, as Fitch expects weak recoveries in a liquidation scenario given their subordinated status. They are junior to all the bank's present and future senior indebtedness, pari passu with all other unsecured subordinated debt, and senior to Industrial's capital and Tier 1 hybrid securities. Fitch considers the 'B' IST-1 notes to be AT1 securities and rates them four notches below Industrial's VR, reflecting two notches for loss severity due to deep subordination and two notches for nonperformance risk, given the discretionary coupon-omission feature. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - The ISbN and IST-1 notes would be downgraded if Industrial's VR is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The ISbN and IST-1 notes would be upgraded if Industrial's VR is upgraded. SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS Fitch upgraded Panama-based Bi-Bank's LT IDR to 'BB+' from 'BB', its SSR to 'bb+' from 'bb', and the national LT rating to 'AA+(pan)' from 'AA-(pan)'. The Outlook for the LT Ratings is Stable. The ST IDR of 'B' and national ST rating of 'F1+(pan)' were also affirmed. In addition, the national LT ratings on the bank's senior unsecured debt and subordinated debt were upgraded to 'AA+(pan)' from 'AA-(pan)' and to 'AA-(pan)' from 'A-(pan)', respectively. The national ST rating on the senior unsecured debt was affirmed at 'F1+(pan)'. Bi-Bank's IDRs, SSR and national-scale ratings reflect Fitch's assessment of Industrial's ability and propensity to provide support, if needed. Given Bi-Bank's rising contribution to the group across assets, equity and net income, Fitch revised the Relative Size factor in the support assessment to 'one notch' from 'equalized'. This key rating driver (KRD) is considered of moderate importance, as support is expected to be manageable for the group: Bi-Bank represented about 9.3% of Industrial's total assets, 10.5% of total equity, and 8.9% of net income as of 1H25. Fitch assesses propensity to support as high, given Bi-Bank's core strategic role in the group's geographic diversification strategy and the substantial reputational risk that could stem from the affiliate's default. These KRDs are considered of high importance in Fitch's support assessment and underpin the equalization of Bi-Bank's ratings with those of Industrial. National-Scale Senior Unsecured Debt: Bi-Bank's national long- and short-term senior unsecured debt ratings are aligned with the bank's national long- and short-term ratings of 'AA+(pan)' and 'F1+(pan)', respectively. This reflects the instruments' senior unsecured status and an equal probability of default to the bank, with average expected recoveries. National-Scale Subordinated Debt: Bi-Bank's subordinated notes qualify as Tier 2 capital. The notes are rated 'AA-(pan)' on the national LT scale, two notches below the bank's 'AA+(pan)' national LT rating. The two-notch differential from the anchor rating reflects loss severity risk, given Fitch's expectation of poor recoveries for bank subordinated instruments in a liquidation scenario. The notes include interest payment suspension features; however, Fitch no longer deducts an additional notch for non-performance risk, as the potential for extraordinary shareholder support, reflected in the upgraded ratings of the support provider, offsets this risk in Fitch's view, since there could be incentives for the related Guatemalan entity to take preventive remedial actions, which largely neutralizes the risk of non-performance. The instruments' characteristics are consistent with secondary capital instruments under local regulation. SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: IDRs, SSR, national ratings and debt ratings - Negative rating actions on Industrial' IDRs would lead to similar actions in Bi-Bank's IDR's, SSR and national-scale ratings; - Bi-Bank's IDRs, SSR and national-scale ratings could also change if Fitch's assessment of Industrial's ability or willingness to support the bank's changes; - The ratings of the LT national senior unsecured debt and subordinated debt would be downgraded if Bi-Bank's national LT rating is downgraded; - The ratings on the ST national senior unsecured debt would be downgraded if Bi-Bank's national ST rating is downgraded. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDRs, SSR, national ratings and debt ratings - Positive rating actions on Industrial' IDRs could lead to similar actions in Bi-Bank's IDR's, SSR and long-term national rating; - As the national short-term rating is at the top of the national scale, there is no room for an upgrade; - The ratings of the LT national senior unsecured debt and subordinated debt would be upgraded if Bi-Bank's national LT rating is upgraded; - As the national short-term rating on the unsecured debt is at the top of the national scale, there is no room for an upgrade. VR ADJUSTMENTS Industrial, BanRural, G&TC, Bantrab, and BAM - The OE score of 'bb' has been assigned above the category-implied 'b' score due to the following adjustment reason: Sovereign Rating (positive). Industrial - The bank's 'bb+' VR has been assigned above the implied 'bb' VR due to the following adjustment: Business Profile (positive). BanRural - The Earnings and Profitability score of 'bb+' has been assigned below the category-implied 'bbb' score due to the following adjustment reason: Historical and Future Metric (negative). Bantrab - The Capitalization and Leverage score of 'bb+' has been assigned below the category-implied 'bbb' score due to the following adjustment reason: Size of Capital Base (negative). BAM - The Business Profile assessment of 'bb-' has been assigned above the category-implied 'b' score due to the following adjustment reason: Market position (positive). Summary of Financial Adjustments Industrial, BAM and G&TC: Fitch's core capital calculation excluded prepaid expenses and other deferred assets from shareholders' equity. BanRural: Fitch's core capital calculation excluded prepaid expenses, equity interest in insurance companies and other deferred assets from shareholders' equity. Bantrab: Fitch's core capital calculation excluded prepaid expenses, net asset value from an insurance subsidiary and other deferred assets from shareholders' equity. Public Ratings with Credit Linkage to other ratings Industrial, BanRural, G&TC and Bantrab's GSRs are linked to Guatemala's sovereign FC IDR. BAM's IDRs and SSR are based on support from Grupo Cibest. Bi-Bank's ratings are linked to those of its sister company, Industrial. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Bi-Bank, S.A. LT IDR BB+ Upgrade BB ST IDR B Affirmed B Natl LT AA+(pan) Upgrade AA-(pan) Natl ST F1+(pan) Affirmed F1+(pan) Shareholder Support bb+ Upgrade bb senior unsecured Natl LT AA+(pan) Upgrade AA-(pan) subordinated Natl LT AA-(pan) Upgrade A-(pan) senior unsecured Natl ST F1+(pan) Affirmed F1+(pan) Banco Agromercantil de Guatemala S.A. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability bb- Affirmed bb- Shareholder Support bb+ Affirmed bb+ Banco Industrial, S.A. LT IDR BB+ Upgrade BB ST IDR B Affirmed B LC LT IDR BB+ Upgrade BB LC ST IDR B Affirmed B Viability bb+ Upgrade bb Government Support bb Upgrade bb- Subordinated LT B Upgrade B- subordinated LT BB- Upgrade B+ Banco de Desarrollo Rural, S.A. LT IDR BB+ Upgrade BB ST IDR B Affirmed B LC LT IDR BB+ Upgrade BB LC ST IDR B Affirmed B Viability bb+ Upgrade bb Government Support bb+ Upgrade bb Banco de los Trabajadores LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Viability bb Affirmed bb Government Support bb- Affirmed bb- Banco G&T Continental S.A. LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Viability bb Affirmed bb Government Support bb- Affirmed bb- ============= J A M A I C A ============= JAMAICA: Trade Deficit Climbed to US$2.88BB for January to June --------------------------------------------------------------- RJR News reports that Jamaica's trade deficit - the difference between imports and exports - climbed to US$2.88 billion during the first six months of this year when compared with the same period last year. The Statistical Institute of Jamaica (STATIN) says this was due to a 6.8 per cent drop in exports to US$888.2 million compared with US$953.2 million during the same period last year, according to RJR News. Meanwhile, imports climbed by 2.3 per cent to $3.77 billion compared to US$3.69 billion during the first six months of last year, then report notes. 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. =========== M E X I C O =========== ASCEND PERFORMANCE: Includes Several Financing Agreement Claims --------------------------------------------------------------- Ascend Performance Materials Holdings Inc. and affiliates submitted a Disclosure Statement for the First Amended Joint Plan of Reorganization dated October 15, 2025. Since the Petition Date, the Debtors have engaged in extensive negotiations with vendors, customers, and Asset Financing Agreement Counterparties to ensure a smooth transition into chapter 11 and streamline the Debtors' operations. With respect to the Asset Financing Agreements, with the assistance of Hilco, Kirkland, and PJT, have been engaged in extensive negotiations with Asset Financing Agreement Counterparties to improve agreement terms and strengthen the Debtors' balance sheet and cost structure. The Plan contemplates treatment for each subclass of the Asset Financing Agreement Claims that the Debtors believe is both consistent with the Bankruptcy Code and will help right-size the Debtors' obligations under the Asset Financing Agreements going forward. With respect to the Committee, after good-faith, arm's-length negotiations among the Debtors, the Committee, and the Ad Hoc Group, the parties agreed to the terms of the Committee Settlement that provides for meaningful distributions to Holders of the general unsecured claims, resolves the Committee's Claims and causes of action against the Debtors and maximizes the value of the Debtors' estate. Specifically, the Committee Settlement provides for (a) the bifurcation of the general unsecured claims into (i) Go-Forward Vendor Claims, and (ii) General Unsecured Claims, (b) the establishment of a cash pool to fund a recovery for the Go-Forward Vendor Claims, (c) payment of fees accrued by Committee Advisors, and (d) payment of certain amounts budgeted for the Committee's go-forward advisor fees and an ombudsman to assist in the resolution of remaining general unsecured claims. The Committee Settlement not only secures meaningful recoveries for Holders of Go-Forward Vendor Claims but is also supported by the Committee and allows the Debtors to emerge from these Chapter 11 Cases in a value-maximizing and orderly fashion, without further delay. Class 4A consists of 36th Street Financing Agreement Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the 36th Street Financing Agreement Claims, each Holder of an Allowed 36th Street Financing Agreement Claim shall receive the 36th Street Financing Takeback Debt. Class 4B consists of Ansley Park Financing Agreement Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the Ansley Park Financing Agreement Claims, each Holder of an Allowed Ansley Park Financing Agreement Claim shall receive the Ansley Park Financing Takeback Debt. Class 4C consists of Citizens CoGen Financing Agreement Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the Citizens CoGen Financing Agreement Claims, each Holder of an Allowed Citizens CoGen Financing Agreement Claim shall receive the Citizens CoGen Financing Takeback Debt. Class 5A consists of Go-Forward Vendor Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the Trade Claims, each Holder of an Allowed Trade Claim shall receive its Pro Rata share of the Go-Forward Vendor Recovery Pool. Class 5B consists of General Unsecured Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the General Unsecured Claims, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the Litigation Trust Class D Interests, as set forth in the Litigation Trust Documents; provided that, in no event, shall any Excluded Party receive any distribution on account of any Litigation Trust Assets. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (1) Cash on hand, including Cash from operations, the DIP Facilities, and the proceeds of the Equity Rights Offering and the Debt Rights Offering; (2) the Equity Subscription Rights; (3) the Debt Subscription Rights; (4) the New Interests; (5) the Exit ABL Facility; (6) the Exit Holdco Loan Facility, as applicable; (7) the Asset Financing Takeback Debt; and (8) the Litigation Trust Interests. A full-text copy of the Disclosure Statement dated October 15, 2025 is available at https://urlcurt.com/u?l=BRxSfm from Epiq Corporate Restructuring, LLC, claims agent. Co-Counsel to the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel to the Debtors: Christopher Marcus, P.C. Derek I. Hunter, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: cmarcus@kirkland.com derek.hunter@kirkland.com About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Targets US$3 Billion in Foreign Investment ------------------------------------------------------------- Joel Julien at Trinidad Express reports that Trinidad & Tobago Finance Minister Davendranath Tancoo said the government is aiming to attract US$3 billion in investment over the next two years and US$9 billion over the next five. Among the foreign direct investments, the Government is aiming to secure is a new rum distillery, with an initial investment of US$50 million, according to Trinidad Express. Minister of Planning Kennedy Swaratsingh said Cabinet has already approved the project, the report notes. Tancoo and Swaratsingh made the comments separately while addressing the Trinidad and Tobago Stock Exchange's Capital Markets and Investor Conference at the Hyatt Regency in Port of Spain, the report relays. "Our national growth strategy is built on one central objective - to strengthen and expand our economy beyond the energy sector, Tancoo said, the report discloses. "We have set ambitious but realistic investment targets: US$3 billion over the next two years, and US$9 billion over the next five years. These investments are expected to stimulate enterprise and create more than 3,000 much-needed jobs for our citizens," he added. The rum distillery is expected to create 1,500 to 2,000 technical, skilled and semi-skilled jobs for nationals, the report relates. "There was a time that we envisaged an international financial centre; there was a time that we envisaged a lot more direct investment coming into Trinidad and Tobago. Now we are moving into that space at a rapid rate. You would have seen that Cabinet has already approved that there is an investment coming into a rum distillery," Swaratsingh said, the report notes. According to a note on the rum distillery proposal seen by the Express, production will be branded "Made in Trinidad and Tobago," the report relays. Swaratsingh said the World Bank is expected to visit the country, along with their legal officers, to finalize the agreement for the establishment of a permanent World Bank office in Trinidad and Tobago, the report says. Swaratsingh also highlighted the revenue potential of various State-owned assets that were not being fully realised, the report discloses. "I lament the fact that when you look at things like UTC (the Unit Trust Corporation), UTC is a $20 billion institution. Take Chaguaramas - Chaguaramas, a peninsula, is a significant real estate asset sitting there, no revenue. There are ways in which we have to start looking at these things and seeing them for the revenue potential that they can be," Swaratsingh said, the report points out. "So when we talk about diversification, we have always had a diversified economy. We have just never paid enough attention to many of the areas that we need to focus on, and that is what we are going to bring now: increased attention, increased focus, and a commitment to drive some of these things over the next five years, and trust me, we are going to drive it," he added. Tancoo said the goal is to develop 100 export-ready firms every year in this country, the report relates. "We are restoring the Exim Bank to its true purpose - to provide exporters with foreign currency facilities that help them compete and grow," he said, the report notes. "We are pursuing new trade partnerships across India, West Africa, and the Americas. And we are championing the 'Buy Local, Build Trinbago' initiative to ensure that wealth circulates within our borders, strengthening our domestic economy," he added. =============== X X X X X X X X =============== [] LATAM: Caribbean Not Fully Benefitting From Cultural Industries ------------------------------------------------------------------ RJR News reports that former Governor of the Central Bank of Barbados, Dr. DeLisle Worrell, says Caribbean cultural industries have great economic value, but stressed that countries in the region are only seeing marginal economic benefits from these industries. Dr. Worrell said, the cultural industries provide livelihoods for a stream of talented athletes, writers, designers, sports persons, commentators, promoters and communication technology specialists, according to RJR News. He however pointed out that Caribbean countries are too small to attract a constant stream of international events that would make cultural tourism a major contributor to GDP, the report notes. Dr. Worrell argued that, while West Indies Cricket may never have the financial muscle to develop and field a competitive international West Indies team, it must recognise and celebrate the employment opportunities which world markets have opened up for Caribbean cricketers, including the lucrative Indian Premier League, 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. 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 * * *