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251202.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, December 2, 2025, Vol. 26, No. 240 Headlines B R A Z I L BANCO DE BRASILIA: Fitch Cuts IDR to 'CCC', Keeps on Watch Neg. GLOBO COMUNICACAO: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable NEW FORTRESS: Moody's Appends 'LD' Designation to 'Ca-PD' PDR D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Promotes Free Trade Zones to Spanish Investors J A M A I C A JAMAICA: Urged to Float Bond to Help Fund Hurricane Recovery M E X I C O BRASKEM IDESA: Fitch Cuts Long-Term IDR to 'RD' LEISURE INVESTMENTS: Lenders Claim Senior Liens in Ch. 11 Dispute METROFINANCIERA SAPI: Fitch Hikes Senior Notes Rating to 'Csf' P A R A G U A Y FRIGORIFICO CONCEPCION: Fitch Affirms 'B' IDR, Outlook Stable U R U G U A Y URUGUAY: IDB OKs $675MM Credit Line to Strengthen Road Network V E N E Z U E L A VENEZUELA: Airspace is Closed in its Entirety, Trump Tells Airlines - - - - - =========== B R A Z I L =========== BANCO DE BRASILIA: Fitch Cuts IDR to 'CCC', Keeps on Watch Neg. --------------------------------------------------------------- Fitch Ratings has downgraded BRB - Banco de Brasilia S.A.'s (BRB) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC' from 'B-', Viability Ratings (VR) to 'ccc' from 'b-', and Long-Term National Rating to 'CCC(bra)' from 'BBB+(bra)'. Fitch maintains the ratings on Rating Watch Negative (RWN). Fitch has also withdrawn BRB's 'b-' Shareholder Support Rating (SSR) and assigned a Government Support Rating (GSR) of 'ns' (No Support). The downgrade reflects weakened governance and internal risk controls at BRB after a Brazilian judicial decision suspended two executive directors. These setbacks, along with ongoing investigations into allegedly fraudulent credit portfolios acquired from Banco Master S.A. (Master), which was placed into Extrajudicial liquidation on Nov. 18, 2025, have materially heightened failure risk. They have also revealed severe deficiencies in oversight and risk management practices. The investigations could materially affect BRB's balance sheet, capitalization and franchise. The RWN on all ratings reflects uncertainties about the ultimate size and financial impact of the alleged fraud. BRB's board has approved the hiring of a specialized external audit firm to investigate the matters raised by the authorities and to help ascertain the scope of the issues. Fitch has withdrawn BRB's SSR. The size and uncertain loss potential associated with the exposures under investigation, together with ongoing supervisory and legal proceedings that also involve the controlling shareholder, increase the complexity, cost and political sensitivity of any prospective support action. These factors create uncertainty around the timing, scope and coordination of potential extraordinary support, and therefore Fitch no longer considers BRB's SSR relevant to the agency's coverage. Key Rating Drivers VR, IDRs, National Ratings VR Driven: Following the withdrawal of the bank's SSR, BRB's Long-Term IDRs and National Ratings are now derived from the bank's Viability Rating (VR), rather than external support. The downgrade of BRB's VR to 'ccc' reflects Fitch's view that failure risk has increased materially, although the bank remains operational and is currently meeting its obligations. Investigations initiated by the Brazilian Central Bank (BCB), the Federal Police (PF) and the securities regulator (CVM) are ongoing and relate to sizeable credit portfolios acquired by BRB from Master. ESG - Exposure to Governance Impacts: Information disclosed so far by the authorities indicates that elements of these portfolios may lack economic substance or may not be fully supported by verifiable underlying cash flows. BRB has publicly acknowledged having identified issues in part of these exposures and has reported that certain assets were substituted, although the terms and process of such substitutions are still being examined by investigators. In response, the CEO and CFO were suspended by court order and later removed by the board, and the bank has hired an external audit firm to conduct an independent review of the exposures. Fitch considers these developments consistent with significant shortcomings in governance, internal controls and risk oversight. Financial Profile Uncertainties: The ultimate asset-quality and capital impact of the exposures under investigation remains uncertain. However, given BRB's modest capital buffers and prior structural capitalization challenges, Fitch believes material losses are possible. This uncertainty, combined with governance weaknesses and elevated reputation risk, significantly weakens BRB's standalone credit profile and is consistent with a 'ccc' VR. Franchise Under Pressure: Market behavior following the public disclosures suggests heightened risk aversion toward BRB. Secondary trading has shown wider spreads on selected instruments and increased selling flows, especially through investment platforms. Although operations continue normally and customer service remains uninterrupted, Fitch views the bank as more exposed to confidence sensitivity, potential funding-cost pressures and tenor shortening. These dynamics are consistent with a 'ccc' standalone profile. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further material deterioration in BRB's capital ratios, without a credible capital plan; - Evidence of significant and sustained funding and liquidity stress, including strong deposit outflows or restricted access to wholesale markets. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Given the 'CCC' category ratings, positive rating action would require a combination of: - A clear and independently validated assessment of the potential losses related to the publicly mentioned acquisition of fictitious / illegitimate assets from the market, indicating that the potential losses are easily absorbable by BRB's most recent financial situation. - A credible and timely recapitalization plan, with details on the amount, tenors, instruments and approvals. - Evidence that BRB's funding profile has stabilized, with funding costs and spreads normalizing. - Tangible improvements in governance, risk management and transparency as investigations conclude and remediation measures are implemented. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS GSR The GSR of "No Support" (ns) indicates that there is no reasonable expectation of support being provided. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES GSR BRB's GSR of 'ns' is sensitive to changes in Fitch's assessment about the ability and/or propensity of the sovereign to provide timely support to the bank and would only be likely to occur with a significant increase in the bank's systemic importance. VR ADJUSTMENTS The Viability Rating has been assigned below the implied Viability Rating due to the following adjustment reason: Weakest Link - Capitalization & Leverage (negative). The Business Profile score has been assigned below the implied score due to the following adjustment reason: Management and Governance (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Underwriting Standards and Growth (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Historical and Future Metrics (negative). ESG Considerations Fitch has revised BRB's ESG Relevance score for Governance Structure to '5' from '3' due to weakened board effectiveness, risk-control escalation, and oversight practices, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in a downgrade of the VR. BRB's ESG Relevance Score for Financial Transparency of '4' reflects problems in the presentation of financial statements in the past that raise concerns about their governance, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- BRB - Banco de Brasilia S.A. LT IDR CCC Downgrade B- ST IDR C Downgrade B LC LT IDR CCC Downgrade B- LC ST IDR C Downgrade B Natl LT CCC(bra) Downgrade BBB+(bra) Natl ST C(bra) Downgrade F2(bra) Viability ccc Downgrade b- Shareholder Support WD Withdrawn b- Government Support ns New Rating GLOBO COMUNICACAO: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Globo Comunicacao e Participacoes S.A.'s (Globo) Long-Term Foreign Currency Issuer Default Rating (IDR) and USD unsecured notes at 'BB+'. In addition, Fitch has affirmed Globo's Long-Term Local Currency IDR at 'BB+' and National Scale rating at 'AAA(bra)'. The Rating Outlook is Stable. Globo's ratings reflect its conservative financial policy, as shown by its net cash balance, and its highly competitive position within the Brazilian media sector. Globo has strong local content, including live events and shows, a market characterized by free-to-air TV as the dominant advertising platform, and a multiplatform and direct-to-consumer strategy. However, it has lower profitability compared with its global investment-grade peers in the sector and is exposed to the challenging industry trend toward audience fragmentation across digital and linear distribution platforms, along with a declining pay-TV subscription base in Brazil. Key Rating Drivers Net Cash Position: Globo's rating benefits from its strong net cash position, which fully covers its total debt, providing significant financial flexibility. The company has one of the region's strongest financial structures, with Fitch's cash and equivalents of about BRL12 billion, substantially higher than its total debt of BRL5.5 billion as of 2Q25. Fitch expects Globo to maintain a solid cash position over the rating horizon without incurring significant debt. Robust Domestic Business Position: Globo's strong business position as Brazil's leading media company is a key factor in its ratings. The company broadcast network comprises five television stations and more than 100 independent affiliates that distribute Globo's content, with TV broadcasting audience share of approximately 33%. Globoplay is expanding its subscriber base through investments in content, new production, partnerships and bundled offerings, all of which are expected to remain strategically important for Globo. Challenging Sector Environment: Globo faces intense competition from other platforms for viewers and advertisers. The media landscape has been affected by increasing viewership fragmentation due to shifting consumer preferences for on-demand and over-the-top viewing, as well as the growing number of offerings from new media players. The Brazilian pay-TV market has contracted, falling to 7.9 million subscribers in 2Q25 from 19.5 million in 2014. To address these market changes and the decline of its traditional TV broadcasting business, Globo is investing in live events, local production, its digital strategy, and the Globoplay subscription video-on-demand service. Increased Diversification: Fitch considers the acquisition of Eletromidia, Brazil's largest out-of-home (OOH) media company, as credit positive for Globo, as it increases business diversification away from secular declining segments. Other traditional media are facing pressure from the shift toward digital media, but OOH is benefiting from these secular shifts as conversion of static OOH advertising to digital boards provide incremental revenue opportunities. This segment contributed to more than 20% of Globo's EBITDA in 1H25, and this positive diversification of cash generation will allow the company to partially offset the advertising industry declining trend. Resilient Profitability: Globo's EBITDA margin has improved since 2022, and Fitch expects it to remain in the high single digits over the next two years amid sector headwinds and streaming scale-up costs. Continued OOH growth offers structural upside to consolidated margins, as this segment has higher profitability along with higher capital intensity. Fitch projects EBITDA of about BRL 1.7 billion in 2025 and BRL1.8 billion in 2026 and expects Globo's pre-dividend FCF margins to remain strong, supported by the adequate operating performance and manageable capex. Peer Analysis Globo is well-positioned relative to its peers in terms of its financial profile. Compared with U.S.-based investment-grade media and entertainment companies like Comcast Corporation (A-/Stable) and The News Corporation (BBB/Stable), Globo has lower profitability, lacks geographic diversification, and relies heavily on cyclical advertising revenue, especially with the declining pay-TV penetration. However, this lack of cash flow diversification is offset by Globo's significantly stronger capital structure and strong domestic market position. Key Assumptions - Revenue in the BRL18 billion to BRL19 billion range in 2025-2026; - High single-digit EBITDA margins in 2025-2026; - Average annual capex of around BRL400 million to BRL450 million; - No material incremental debt added to the capital structure. - Dividend of about BRL1.8 billion in 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Brazil's Foreign-Currency IDR would likely result in a negative rating action for Globo's Foreign Currency IDR and U.S. dollar-denominated notes; - A downgrade could occur with significant deterioration in the company's strong liquidity, resulting in positive net debt amount; - Persistent negative operating EBITDA margins. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Significant improvement in EBITDA margins in line with global investment-grade companies; - Sustained positive FCF excluding net interest expense; - Improvement in the industry fundamentals resulting in a stabilization of its pay-TV subscribers base. Liquidity and Debt Structure Globo has a net cash position, with total debt of BRL5.5 billion and Fitch's adjusted cash and equivalents of BRL11.9 billion as of June 2025. Most of the company's debt consists of three U.S. dollar-denominated senior unsecured notes due in 2027, 2030 and 2032, while minor part is Eletromidia's two BRL-denominated debentures due 2029 and 2030. Globo hedges its operational and financial exposure to foreign currency considering a 24-month period ahead and has entered a swap to the Brazilian interbank deposit interest rate for its notes due 2030 and 2032 notes to maturity. Issuer Profile Globo is the largest media group in Brazil, operating through the leading broadcast television, pay-TV and out-of-home networks. The company also owns a streaming platform (Globoplay). Globo is owned by the Marinho family. 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 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 ----------- ------ ----- Globo Comunicacao e Participacoes S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natl LT AAA(bra) Affirmed AAA(bra) senior unsecured LT BB+ Affirmed BB+ NEW FORTRESS: Moody's Appends 'LD' Designation to 'Ca-PD' PDR ------------------------------------------------------------- Moody's Ratings has appended a limited default (/LD) designation to New Fortress Energy Inc.'s (NFE) Probability of Default Rating, revising it to Ca-PD/LD from Ca-PD. This action follows the company's entrance into a forbearance agreement with its creditors that extends through December 15, 2025, allowing NFE to extend its scheduled November 17, 2025 interest payment on its senior secured noted due 2029. The /LD will be removed upon resolution of the forbearance. NFE's other ratings, including its Ca corporate family rating, Ca senior secured term loan rating, C legacy 2026 and 2029 senior secured notes rating, and the Ca rating on the senior secured notes issued by NFE Financing LLC, are unchanged. The outlook remains negative. NFE is reviewing its strategic alternatives to improve its capital structure and in ongoing discussions in an effort to improve its liquidity and get relief from acceleration of repayment under its debt agreements. The forbearance will give the company additional time to try to reach agreement with its creditors while also preserving near term liquidity. Moody's views the likelihood that NFE will need to restructure its debt in the near term, whether out of court or via in-court relief, to be high. New Fortress Energy Inc. is a US-listed energy infrastructure company operating natural gas liquefaction, re-gasification and distribution assets in Puerto Rico, Mexico, Nicaragua and Brazil. The company operates one floating LNG production facility (FLNG) and is constructing the second onshore facility in Mexico, expected to come to production in 2026. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Promotes Free Trade Zones to Spanish Investors ------------------------------------------------------------------ Dominican Today reports that the Minister of Industry, Commerce, and MSMEs, Víctor Bisono, highlighted the Dominican Republic's free trade zone model as one of the strongest and most dynamic in the region, with exports reaching US$8.6 billion and creating more than 198,000 direct and 450,000 indirect jobs by the end of 2024. He noted that the sector contributed 3.1% to the national GDP last year and has already surpassed US$5.7 billion in exports in the first eight months of 2025, according to Dominican Today. During his presentation, "Advanced Manufacturing Ecosystem in the Dominican Republic," held at the Mapfre Foundation as part of Dominican Week in Spain, Bisono emphasized the country's evolution into a regional hub for innovation, logistics, and skilled talent, the report notes. He reported that 49 new companies were approved this year, expanding the network of 97 industrial parks across sectors such as electronics, pharmaceuticals, premium tobacco, textiles, jewelry, and especially medical devices, where the country hosts world-class firms like Baxter, Jabil, B. Braun, and Cardinal Health, the report relays. Bisono also highlighted the National Semiconductor Strategy (Decree 324-24), which aims to integrate the Dominican Republic into global microelectronics value chains, the report discloses. Citing the Information Technology and Innovation Foundation (ITIF), he affirmed that the country has the potential to produce printed circuit boards and test components, strengthening its position as a trusted partner for the United States in advanced manufacturing, the report says. Inviting Spanish investors to collaborate, Bisonó described the Dominican Republic as a nation that "produces, innovates with purpose, and exports with identity," supported by legal stability, strong logistics, and highly qualified talent, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: Urged to Float Bond to Help Fund Hurricane Recovery ------------------------------------------------------------ RJR News reports that PwC Jamaica tax partner Kimblian Baston is recommending that the Government float a long-term 'Rise-Up Jamaica Bond' internationally, as well as to the members of the diaspora at concessional rates. This would help fund the recovery process following the devastation caused by Hurricane Melissa, which wiped out 41% of nominal GDP, according to RJR News. Nominal GDP is defined as the total market value of all final goods and services produced during a particular period of time, the report notes. Batson is also recommending the use of grants and low-interest loans to rebuild the country's infrastructure and to rehabilitate the vital agricultural sector, which accounts for 8% of GDP and 250,000 jobs, as well as the micro and MSME sectors, the report relays. She recommends that these low-interest loans and grants be extended to homeowners who have no insurance, 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. =========== M E X I C O =========== BRASKEM IDESA: Fitch Cuts Long-Term IDR to 'RD' ----------------------------------------------- Fitch Ratings downgraded Braskem Idesa SAPI's Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) to 'RD' from 'C'. Fitch also affirmed Braskem Idesa's senior secured bonds at 'C' with a Recovery Rating of 'RR4'. The rating action follows the company's failure to cure the missed interest payment due Nov. 18, 2025 on its senior secured notes during the company's ongoing negotiations with creditors. The 'RD' rating applies to an issuer that has an uncured payment default but has not filed for bankruptcy or ceased operations. Key Rating Drivers Uncured Missed Interest Payment: Braskem Idesa skipped an interest payment due on Nov. 18, 2025 on its USD900 million senior secured notes. Fitch assesses the failure to cure the missed interest payment within the original five-day grace period as a Restricted Default under its rating definitions. Possible Debt Restructuring: Braskem Idesa announced on Sept. 8, 2025 that it had hired a financial advisor to evaluate financial alternatives for its strained liquidity and capital structure. The company may enter a debt restructuring process in the near to medium term. Peer Analysis Braskem Idesa's ratings reflect the non-payment of bond interest after the original five-day grace period. Recovery Analysis The recovery analysis for Braskem Idesa assumes a liquidation approach to valuation. Liquidation Approach Inputs: - MXN1,700 million of inventory valued at 50%; - MXN29,400 million of PP&E valued at 50%; - Total liquidation value USD31,240 million; - A 10% administrative claim. With these assumptions, Fitch's Waterfall-Generated recovery Computation (WGRC) for the senior secured notes indicates an 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings criteria, the Recovery Rating for corporate issuers in Mexico is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Filing for bankruptcy protection would result in a downgrade to 'D'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fitch will reassess the IDRs after the completion of the debt restructuring; updated IDRs will reflect the issuer's new capital structure and credit profile. Issuer Profile Braskem Idesa, S.A.P.I. is a polyethylene producer with operations in the city of Coatzacoalcos, Mexico. Its annual production is 1.05 million tons of high- and low-density polyethylene. It began operations in early 2016. 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 Braskem Idesa SAPI has an ESG Relevance Score of '4' for Governance Structure due to shareholder concentration, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Braskem Idesa SAPI has an ESG Relevance Score of '4' for Financial Transparency due to lack of footnotes and adequate disclosures in its reporting, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Braskem Idesa SAPI LT IDR RD Downgrade C LC LT IDR RD Downgrade C senior secured LT C Affirmed RR4 C LEISURE INVESTMENTS: Lenders Claim Senior Liens in Ch. 11 Dispute ----------------------------------------------------------------- Vince Sullivan of Law360 reports that the secured lenders owed $100 million by Leisure Investment Holdings LLC, the owner of Dolphin Park, told a Delaware bankruptcy court on November 25, 2025 that their liens on the company's property should be considered senior to a judgment creditor. The lenders are pushing for an early resolution in their favor to protect their position in the Chapter 11 case. The filings argue that recognizing the lenders' seniority is critical, as their claims were secured prior to the judgment creditor's interest. The court is now reviewing the competing claims to determine the hierarchy of liens and the order in which creditors may be paid, the report states. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. METROFINANCIERA SAPI: Fitch Hikes Senior Notes Rating to 'Csf' -------------------------------------------------------------- Fitch Ratings has upgraded Metrofinanciera S.A.P.I. de C.V. SOFOM ER's (Metrofinanciera; D(mex)/D(mex)) residential mortgage-backed security MTROCB 07U to 'Csf' and 'C(mex)vra' from 'Dsf' and 'D(mex)vra'. The upgrade reflects the resolution of the prior coupon interest shortfall and the timely payment of the Nov. 3, 2025 coupon, indicating improved short-term liquidity and capacity to meet interest payments in the most recent period. Entity/Debt Rating Prior ----------- ------ ----- Metrofinanciera MTROCB07U (F#297) MTROCB 07U Senior Notes MX97MT010009 LT Csf Upgrade Dsf Senior Notes MX97MT010009 Natl LT C(mex)vra Upgrade D(mex)vra KEY RATING DRIVERS The upgrade incorporates the payment of accrued interest that was past due for October 2025 and settled in November 2025, as well as the full payment of accrued interest for November 2025. The ratings remain constrained by liquidity risk given the absence of cash reserves, the considerable portfolio deterioration, and the reliance on the sale of foreclosed properties to achieve full debt repayment at their final legal maturity. As of Nov. 3, 2025, accrued interest payable totaled 248,741.71 inflation-indexed units (UDIs) which were paid in full, as well as the past-due remainder of 23,996.86 UDIs from the prior coupon. In addition, 7,483.18 UDIs of principal were paid. Following these payments, the outstanding balance of the transaction stands at 62,951,818.05 UDIs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating could be lowered if a reduction in collections results in a missed timely interest payment on the monthly payment date or principal at maturity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The agency considers an upgrade unlikely given the level of portfolio deterioration, the absence of cash reserves — which heightens liquidity risk — and the reliance on the sale of foreclosed properties to fully repay the debt. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. =============== P A R A G U A Y =============== FRIGORIFICO CONCEPCION: Fitch Affirms 'B' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings affirmed Frigorifico Concepcion S.A.'s (FriCon) Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) at 'B', and the senior secured bond rating at 'B' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. FriCon's ratings incorporate the risks of a midscale Latin American beef producer with limited financial flexibility compared to the largest players in the sector. The Stable Outlook reflects Fitch's base-case projections that the company's business and financial profiles will remain resilient in 2026, while the company faces above-average refinancing risk, which it has managed to roll over with relationship banks in Paraguay and Bolivia. Key Rating Drivers Free Cash Flow Positive in 2026: Fitch forecasts EBITDA of about USD 230 million in 2025 and negative free cash flow of around USD70 million, reflecting cash consumption by interest paid, taxes, working capital needs and capex. Fitch projects that the company will generate positive FCF in 2026, driven by lower capex to maintenance levels (about USD15 million per year) and reduced working-capital needs from slower revenue growth and gradual improvement in the operating cycle. Refinancing Risk is High: Fitch assesses that FriCon faces above-average refinancing risk. The company's secured bond matures in July 2028, but short-term debt must be rolled over with local banks in Bolivia, Paraguay and Brazil. The company achieved this in 2024 and through September 2025 with relationship banks. However, this capital structure reduces FriCon's financial flexibility. Diversification Strategy: FriCon has operations in Paraguay, Brazil and Bolivia, representing around 30%, 55% and 15% of its revenue respectively. Its operations in the beef and in pork segments represent around 92% and 8% of its revenue respectively. Geographic and protein diversification are important drivers for reducing long-term risk in the cyclical protein industry. Export Business Model: FriCon has developed an export platform that benefits from high international protein demand and low production costs. Currently, 50% of its revenue comes from exports, mainly to Asia, and the other 50% from domestic sales, mainly in Brazil. Increasing export authorizations for their plants to additional markets is a key strategy for protein producers. Beef Sector Inherent Risks: Like other issuers operating in its sector and region, FriCon is exposed to sanitary, environmental, deforestation and import or export restriction risks and quotas. The Latin American beef sector, particularly in Brazil, remains under scrutiny by investors and regulators due to concerns over Amazon deforestation, cattle traceability and carbon emissions. Diversifying operations across different countries and several plants reduces but does not eliminate these risks. Net Leverage Around 3.5x in 2025 and 2026: Fitch expects net debt/EBITDA to be around 3.5x in 2025, mainly due to increased working capital needs to support the company's expansion strategy. Lower capex will strengthen net leverage after 2025 and generate positive FCF. Peer Analysis FriCon's 'B'/Stable rating compares unfavorably with peers across the region. The company's scale is smaller, and it maintains less geographic and protein diversification, more leveraged capital structure, and tighter liquidity than its peers. Although FriCon's and Minerva S.A.'s operations are both primarily concentrated in beef and South American assets, FriCon's rating is three notches lower than Minerva's BB/Stable due to its much smaller scale. Minerva's positive FCF trend and stronger liquidity were also considered in the ratings. Fitch’s Key Rating-Case Assumptions - Volume of beef/burger is 293 thd tons in 2025; - Volume of other products is 268 thd tons in 2025; - Average price of beef is around USD5,45 per kg for 2025; - Capex of USD63 million in 2025, and USD10 million-15 million of maintenance capex in 2026 going forward; - No dividend payments. Recovery Analysis The recovery analysis assumes FriCon would be reorganized as a going-concern (GC) in bankruptcy rather than be liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA assumption is about USD190 million. An enterprise value (EV) multiple of 5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. Fitch uses a multiple of 5x that reflects the sector dynamics and the company's business profile as midsize company with strong growth prospects and a strong operating margin. The above assumptions support a recovery rating within the 'RR1' range for the new senior secured notes. Due to the 'RR4' country cap for Brazilian and Paraguayan corporates, Fitch caps the recovery rating on the senior secured notes at 'RR4', despite higher projected recoveries. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Additional pressures on liquidity profile increase refinancing risk; - Minimum cash balance of at least USD 50 million; - Negative FCF and weak liquidity; - Debt/ EBITDA above 4.5x and net debt/ EBITDA above 3.5x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Net debt/EBITDA sustained below 3.0x; - Sustained positive FCF; - Improved debt maturity profile, materially extending short-term debt. Liquidity and Debt Structure FriCon's liquidity is weak, reflecting low levels of cash and cash equivalents relative to short-term debt since 2022, when the company implemented its growth strategy and increased its working-capital needs. The company's financial flexibility depends on local bank credit lines to refinance short-term debt, which must be rolled over every year. As of September 2025, cash on hand was USD60 million, and short-term debt totaled USD245 million. Total debt was USD841 million, comprised of USD284 million secured notes due in 2028, local notes and bank debt. Issuer Profile Frigorifico Concepcion S.A. was founded in 1997 and is based in Concepcion, Paraguay. The company operates as a meat packer in Paraguay, Bolivia and Brazil. 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 Frigorifico Concepcion S.A. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts resulting from land use and supply chain management, as the company is exposed to cattle sourcing and must monitor direct and indirect suppliers in South America, and it is also exposed to export bans on the beef sector, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Frigorifico Concepcion S.A. has an ESG Relevance Score of '4' for Governance Structure due to ownership concentration. The shareholder's strong influence on management could result in decision making that is detrimental to the company's creditors, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Frigorifico Concepcion S.A. LT IDR B Affirmed B LC LT IDR B Affirmed B senior secured LT B Affirmed RR4 B ============= U R U G U A Y ============= URUGUAY: IDB OKs $675MM Credit Line to Strengthen Road Network -------------------------------------------------------------- The Inter-American Development Bank (IDB) Board of Executive Directors has approved a Conditional Credit Line for Investment Projects (CCLIP) of $675 million to support a pioneering program aimed at optimizing public spending, improving road asset management, and preserving Uruguay's National Road Network (RVN). As part of this credit line, the Board approved an initial individual operation of $150 million to finance rehabilitation and maintenance works based on results. The works will initially focus on the National Route 8 corridor and later expand to other priority corridors in the country. This first individual operation will benefit 167,000 people, with an initial impact on 59,000 residents in the area of influence of Route 8, which crosses the departments of Cerro Largo, Treinta y Tres, and Lavalleja. The operation will also promote regional integration, as the corridor connects with Brazil. The program also stands out for its innovative governance and sustainability component, which includes adopting best practices in public investment management, updating sectoral plans, improving road asset management systems, and developing a plan to enhance the financial sustainability of the road sector. These improvements will enable Uruguay to manage its infrastructure more efficiently, thereby driving sustainable economic growth. The first individual operation of $150 million has a repayment term of 22.5 years, an 8-year grace period, and an interest rate based on SOFR. ================= V E N E Z U E L A ================= VENEZUELA: Airspace is Closed in its Entirety, Trump Tells Airlines ------------------------------------------------------------------- Freddie Clayton at NBC News reports that President Donald Trump said that Venezuela's airspace should be considered "closed" as he weighs military action against the South American nation. "To all Airlines, Pilots, Drug Dealers, and Human Traffickers, please consider THE AIRSPACE ABOVE AND SURROUNDING VENEZUELA TO BE CLOSED IN ITS ENTIRETY," Trump said in a post on Truth Social, according to NBC News. Venezuela's government said it "forcefully rejects" Trump's claim about closing the airspace and that it was a "colonial threat" intended to undermine the country's "territorial integrity, aeronautical security and full sovereignty," the report notes. The Foreign Ministry said "such declarations constitute a hostile, unilateral and arbitrary act," the report relays. Flight-tracking data appeared to show a handful of planes still above the country, the report discloses. A number of airlines began rerouting flights away from Venezuela's airspace earlier this month, and the U.S. Federal Aviation Administration has issued a warning of "heightened military activity" in the area, the report says. NBC News discloses that Venezuela's civil aviation authority stripped takeoff and landing rights from six commercial carriers it accused of "joining the actions of state terrorism promoted by the United States government and unilaterally suspending air commercial operations." Trump said the U.S. could "very soon" begin targeting alleged Venezuelan drug traffickers on land, expanding operations that have so far focused on vessels in the Caribbean Sea, the report relays. In Thanksgiving remarks to U.S. troops around the world, Trump thanked the Air Force's 7th Bomb Wing for its work to "deter Venezuelan drug traffickers" and said "it's about 85% stopped by sea . . . . and we'll be starting to stop them by land," the report says. "Also, the land is easier, but that's going to start very soon," the president added, speaking from his Mar-a-Lago estate, the report relays. For months, the president has intensified the United States' military presence in the region, ramping up pressure on Venezuela with strikes on alleged drug boats since early September, the report discloses. The military has carried out nearly two dozen known strikes on vessels that officials said were carrying drugs, killing at least 82 people, the report says. The USS Gerald R. Ford, a major aircraft carrier, arrived in the Caribbean, rounding out a buildup of U.S. military forces in the region that has not been seen for decades, the report relays. The U.S. also designated the Cartel de los Soles, a group Washington alleges is run by Venezuelan President Nicolas Maduro, as a foreign terrorist organization, the report notes. Maduro has denied having any ties to the drug trade and has accused the U.S. of "fabricating" a war against him, the report adds. About Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean sea. The capital is the city of Caracas. Hugo Chavez was president to Venezuela from 1999 to 2013. The Chavez presidency was plagued with challenges, which included a 2002 coup d'etat, a 2002 national strike and a 2004 recall referendum. Nicolas Maduro was elected president in 2013 after the death of Chavez. Maduro won a second term at the May 2018 Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president. The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. Moody's has withdrawn its 'C' local currency and foreign currency ceilings for Venezuela in September 2022. Standard & Poors has also withdrawn its 'SD/D' foreign currency sovereign credit ratings and 'CCC-/C' local currency ratings on Venezuela in September 2021 due to lack of sufficient information. Fitch withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the imposition of U.S. sanctions on the country's government. ********* 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. 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