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251205.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 Friday, December 5, 2025, Vol. 26, No. 243 Headlines A R G E N T I N A SANTA FE PROVINCE: Fitch Rates USD500MM Sr. Unsec. Notes 'B-(EXP)' SANTA FE PROVINCE: Moody's Rates New USD500MM Sr. Unsec. Notes 'B3' B E R M U D A FTX GROUP: Three Arrows Defends $1.5B Claim B R A Z I L AMBIPAR PARTICIPACOES: S&P Discontinues 'D' ICR on Sept. Default GOL LINHAS: Ch. 11 Plan Releases Overturned On Appeal RENTAL COINS: Seeks Chapter 15 Relief After Fraud C A Y M A N I S L A N D S SIGNUM VERDE: S&P Cuts 2008-01 Repack Notes Rating to 'BB (sf)' SILICON VALLEY: FDIC Secures Dismissal of SVB Cayman Deposit Suit C O L O M B I A COLOMBIA: IDB OKs $530MM 2nd Operation to Finance Metro of Bogota E C U A D O R ECUADOR: IDB OKs $1BB Loan to Improve Electricity Supply J A M A I C A TRANSJAMAICAN HIGHWAY: Fitch Affirms BB Rating, Outlook Now Stable P U E R T O R I C O RB MARKETPLACE: Taps Juan C. Bigas Valedon Law Office as Attorney - - - - - ================= A R G E N T I N A ================= SANTA FE PROVINCE: Fitch Rates USD500MM Sr. Unsec. Notes 'B-(EXP)' ------------------------------------------------------------------ Fitch Ratings has assigned an expected long-term rating of 'B-(EXP)' to the Province of Santa Fe's proposed senior unsecured notes of USD500 million. This amount could be increased up to USD1 billion, according to an Approval Decree. The issuance ranks equally with Santa Fe's currently outstanding senior unsecured notes and are therefore rated equivalently. These notes are denominated in U.S. dollars and, according to the preliminary documents, will accrue a fixed interest rate to be determined at issuance. The notes will amortize one-fourth of the total principal in the last four years of the bond. Interest will be payable semiannually, and the maturity will be up to nine years, with an average life of 7.5 years. The notes will be a direct, unconditional, unsecured, and unsubordinated general obligation of the province and will rank pari passu in right of payment compared with its other unsecured obligations. The notes will be governed by and construed in accordance with the laws of the state of New York. The final rating is contingent upon Fitch's receipt of all final documents conforming to information already received, as well as the final pricing and financial close on the proposed notes. The province has authorized the creation and issue of the notes pursuant to Law No. 14,409, Decree No. 1,433/2025 dated July 4, 2025. This decree allows borrowing up to USD1 billion. The province intends to use the net proceeds to finance public works projects pursuant to provincial Law No. 14,409, such as gas pipelines, midstream electricity, roads, and social and security infrastructure. A tender offer is not considered. Key Rating Drivers Fitch's expected rating of the notes is at the same level as Santa Fe's Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) of 'B-', since it reflects the timely payment of the entity's financial obligations in FC. On Sept. 11, 2025, Fitch affirmed Province of Santa Fe's ratings. For details, please see "Fitch Affirms Province of Santa Fe's Ratings at 'B-'; Rating Outlook Stable,". During 2020-2024, debt service coverage improved significantly on stable operating margins and stronger liquidity, resulting in negative net adjusted debt in 2024. Santa Fe continues to meet Fitch's criteria for 'B-' rating, which is above Argentina's sovereign, supported by a strong budget, no external refinancing needs, and ample available liquidity. Santa Fe has very low leverage and high liquidity reflected in negative payback ratio and fiscal debt burden in 2024. At YE 2024, about 86.8% of Santa Fe's direct debt is denominated in foreign currency, unhedged and mainly in U.S. dollars. FX risk is mitigated from the low debt stock and the fact that half of it consists of obligations to multilateral organizations at low rates with long maturities. Most of its debt has fixed interest rates. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of the Country Ceiling would negatively affect the ratings, as well as any regulatory restrictions to access FX by Local and Regional Governments (LRG)s; - The IDR could be downgraded if the actual debt service coverage ratio (ADSCR) drops below 1.0x in tandem with a liquidity coverage ratio below 1.0x, underpinned by lower operating margins and unrestricted cash, regardless of whether the payback ratio stays below 5x. As a result, Santa Fe would not meet the conditions to be rated above the sovereign. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of the Country Ceiling in tandem with its ADSCR that remains above 2x, from Fitch's forward-looking scenario of 3.4x in 2025 and 2.7x in 2026, could positively affect the ratings, provided the payback ratio remains below 5x. Date of Relevant Committee 10-Sep-2025 Public Ratings with Credit Linkage to other ratings Santa Fe's ratings are capped by Argentina's Country Ceiling and are above the sovereign's ratings. ESG Considerations Fitch does not provide ESG relevance scores for the Province of Santa Fe. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating ----------- ------ Santa Fe, Province of senior unsecured LT B-(EXP) Expected Rating SANTA FE PROVINCE: Moody's Rates New USD500MM Sr. Unsec. Notes 'B3' ------------------------------------------------------------------- Moody's Ratings has assigned a B3 rating to the proposed USD500 million Senior Unsecured Notes to be issued by the Province of Santa Fe with final maturity in 2034. The rating is in line with the Province's long-term foreign currency issuer rating. The outlook is stable. RATINGS RATIONALE The B3 rating on the notes are positioned one notch above the Government of Argentina (Caa1 stable) and in line with the Province of Santa Fe's Issuer rating of B3 and its Baseline Credit Assessment (BCA) of b3, as Moody's view the province's idiosyncratic risk profile being relatively stronger than that of the sovereign. Supporting the issuer's credit quality are the diversified regional economy, coupled with its strategic importance for the country, and a track record of prudent fiscal management. Notably, the province has consistently delivered solid operating results and avoided debt restructuring during past economic stress, unlike many of its peers. The rating also reflects Santa Fe's moderate debt burden on a pro-forma basis for the transaction and its strong liquidity, which allows them to meet foreign-currency obligations comfortably under Moody's baseline forecast. Nonetheless, the province remains exposed to foreign currency debt and heavily linked with the sovereign macroeconomic and financial risks, constraining the rating. Similar to other Argentine regional and local governance, Santa Fe's credit profile incorporates Moody's expectation of an improving yet elevated systemic risks, marked by historical macroeconomic imbalances and the central government's limited foreign currency reserves. The province intends to use the net proceeds of the issuance to finance public works projects pursuant to provincial Law No. 14,409. After the issuance of the notes, Moody's anticipate that the ratio of total outstanding debt relative to operating revenues will grow to approximately 14.9% by year-end 2025 -from the 8.2% calculated at the end of 2024 fiscal year- which is still consistent with the assigned B3 rating. The new notes will constitute unsubordinated and unsecured obligations of Santa Fe, and will rank pari-passu with all other present and future unsecured and unsubordinated obligations of the province. Those will be denominated and payable in U.S. dollars, carry a fixed interest rate payable semiannually, and amortize in three equal annual installments during years 6, 7, 8 and 9. The issuance will be governed by New York law. The assigned rating is based on preliminary documentation received by us as of the rating assignment date and confirmation of issuance amounts. Moody's do not expect changes to the debt amount or documentation reviewed over this period, nor Moody's anticipate changes in the main conditions that the notes will carry. Should issuance conditions and/or final documentation of the notes deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. RATING OUTLOOK The stable outlook for the Province of Santa Fe is aligned with the stable outlook for the sovereign rating and captures Moody's expectation that economic and financial pressure faced by the province will not change materially over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING For the Province of Santa Fe an upward rating movement would be subject to the ratings' relative position to the Government of Argentina's rating. An upgrade would also require Santa Fe to continue to demonstrate stronger resilience to the underlying macroeconomic conditions than that of its peers. A downgrade in the Government of Argentina ratings or further systemic deterioration, or both, would exert downward pressure on the ratings. Increased idiosyncratic risks would also translate into a downgrade. ISSUER PROFILE The Province of Santa Fe is one of Argentina's most economically significant regions, located in the center-east with major ports along the Parana River that underpin its strong agricultural base and industrial activity. Home to about 3.6 million people, it accounts for roughly 10% of national GDP and 20% of exports, driven by agriculture, manufacturing, and logistics. The province oversees key public services, including healthcare, education, and infrastructure, funded through provincial taxes, federal transfers, and service fees. The principal methodology used in this rating was Regional and Local Governments published in May 2024. ============= B E R M U D A ============= FTX GROUP: Three Arrows Defends $1.5B Claim ------------------------------------------- Alex Wittenberg at law360.com reports that the liquidators of defunct crypto hedge fund Three Arrows Capital defended their $1.53 billion claim against FTX months after the failed exchange called it "baseless," telling a Delaware bankruptcy judge that its assets at FTX were sold just weeks before its collapse in what amounts to "classic preference." About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== AMBIPAR PARTICIPACOES: S&P Discontinues 'D' ICR on Sept. Default ---------------------------------------------------------------- S&P Global Ratings discontinued all of its ratings on Ambipar Participacoes e Empreendimentos S.A. (D/--). This follows its downgrade of the company after its precautionary injunction filing in September 2025 and the October bankruptcy protection filing in Brazil and the U.S. GOL LINHAS: Ch. 11 Plan Releases Overturned On Appeal ----------------------------------------------------- Rick Archer at law360.com reports that a New York federal judge has reversed the confirmation of Brazilian airline Gol Linhas Aereas Inteligentes' Chapter 11 plan, ruling that the bankruptcy court improperly found creditor silence on the proposal's third-party claims releases could be assumed as consent. About Gol Linhas GOL Linhas Aereas Inteligentes S.A. provides scheduled and non-scheduled air transportation services for passengers and cargo; and maintenance services for aircraft and components in Brazil and internationally. The company offers Smiles, a frequent flyer program to approximately 20.5 million members, allowing clients to accumulate and redeem miles. It operates a fleet of 146 Boeing 737 aircraft with 674 daily flights. The company was founded in 2000 and is headquartered in Sao Paulo, Brazil. GOL Linhas Aereas Inteligentes S.A. and its affiliates and its subsidiaries voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024. GOL Linhas estimated $1 billion to $10 billion in assets as of the bankruptcy filing. The Debtors tapped Milbank LLP as counsel, Seabury Securities LLC as restructuring advisor, financial advisor and investment banker, Alixpartners, LLP, as financial advisor, and Hughes Hubbard & Reed LLP as aviation related counsel. Kroll Restructuring Administration LLC is the Debtors' claims agent. GOL Linhas exited Chapter 11 in June 2025 after securing $1.9 billion in new financing and getting court approval for its restructuring plan. In August 2025, Moody's Ratings assigned a B3 corporate family rating to Gol Linhas Aereas Inteligentes S.A. (Gol) in connection with its post-bankruptcy exit financing. At the same time, Moody's assigned a B3 rating to the $2.1 billion backed senior secured first lien notes issued by Gol Finance (LuxCo) on June 6, 2025 and due in 2030. The outlook for both entities is stable. RENTAL COINS: Seeks Chapter 15 Relief After Fraud ------------------------------------------------- James Nani of Bloomberg Law reports that a defunct Brazilian crypto firm, whose former manager is imprisoned for orchestrating a pyramid scheme, is seeking US bankruptcy recognition to help locate and reclaim assets tied to the fraud. Rental Coins Tecnologia da Informacao LTDA filed for Chapter 15 protection November 18, 2025, in the Southern District of Florida on behalf of a Brazilian court-appointed judicial administrator. According to the filing, the estate plans to pursue discovery in the US to track cryptocurrency movements and recover assets connected to the scheme, which funneled nearly 4 billion Brazilian reais through fraudulent investment operations, the report states. About Rental Coins Rental Coins Tecnologia da Informacao LTDA was a Brazil-based cryptocurrency and digital asset platform that operated investment and trading services for retail and institutional users. The company offered products tied to crypto investment plans and technology-driven financial services. Following its collapse, Rental Coins became the subject of regulatory and criminal investigations in Brazil related to allegations of operating a large-scale pyramid scheme. Its operations are currently overseen by a Brazilian court-appointed judicial administrator as the estate pursues asset recovery through domestic and international proceedings. Rental Coins Tecnologia da Informacao LTDA sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23659) on November 18, 2025. The Debtor is represented by Daniel M. Coyle, Esq. of Sequor Law PA. =========================== C A Y M A N I S L A N D S =========================== SIGNUM VERDE: S&P Cuts 2008-01 Repack Notes Rating to 'BB (sf)' --------------------------------------------------------------- S&P Global Ratings lowered its rating on Signum Verde Ltd.'s series 2008-01 repack notes to 'BB (sf)' from 'BB+ (sf)'. The downgrade follows S&P's Nov. 28, 2025, downgrade of CAP S.A. Under S&P's "Global Methodology For Rating Repackaged Securities," Oct. 16, 2012, criteria, it weak-link its rating on the series 2008-01 repack notes to the lowest of: -- S&P's ICR on CAP S.A. as the reference entity; -- S&P's rating on The Goldman Sachs Group Inc.'s subordinated notes; and -- S&P's ICRs on Goldman Sachs International as the swap counterparty, and on The Goldman Sachs Group Inc. as the swap guarantor. Considering the negative outlook on the ICR on CAP S.A., and given that is a dependent counterparty for the transaction, any changes in the ICR on CAP S.A. will most likely cause changes to the rating on the notes. SILICON VALLEY: FDIC Secures Dismissal of SVB Cayman Deposit Suit ----------------------------------------------------------------- Katryna Perera at law360.com reports that a California federal judge has permanently tossed a suit against the Federal Deposit Insurance Corp. brought by liquidators of the Cayman Islands branch of collapsed Silicon Valley Bank, finding they lack standing to sue the agency and are barred from relitigating issues already decided in bankruptcy court. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. =============== C O L O M B I A =============== COLOMBIA: IDB OKs $530MM 2nd Operation to Finance Metro of Bogota ----------------------------------------------------------------- The Inter-American Development Bank (IDB) Board of Executive Directors has approved a second individual operation for $530 million under a Conditional Credit Line for Investment Projects (CCLIP) aimed at supporting the development and implementation of the First Line of the Metro of Bogota (PLMB) in Colombia. The program will benefit the 2.9 million inhabitants within the PLMB’s area of influence, 96% of whom belong to low- and middle-income households. Thanks to this initiative, residents in Bogotá’s southwestern corridor will improve their access to employment, health, and education opportunities located in the city’s center and north, while also helping reduce environmental pollution. Over the past 15 years, Bogota’s administrations have prioritized the development of metro lines integrated with the public transportation system, considering them a structural axis of urban mobility. The new operation for $530 million includes a 23-year amortization period, a 5.5-year grace period, and an interest rate based on SOFR. As reported in the Troubled Company Reporter on Aug. 7, 2024, Fitch Ratings has affirmed Colombia's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Rating Outlook. ============= E C U A D O R ============= ECUADOR: IDB OKs $1BB Loan to Improve Electricity Supply -------------------------------------------------------- The Inter-American Development Bank (IDB) Board of Executive Directors has approved a Conditional Credit Line for Investment Projects (CCLIP) of $1 billion aimed at improving electricity supply in Ecuador. Within this new credit line, the Board also approved an initial individual operation for $270 million, along with a $30 million loan from the Clean Technology Fund. This financing seeks to support improvements in the reliability and capacity of Ecuador’s electricity transmission system. The program backed by the new CCLIP will contribute, among other benefits, to reducing 1.3 million tons of CO₂ emissions by displacing fossil fuels traditionally used to maintain electricity service quality. It will also enable more than 5,600 new households in the Ecuadorian Amazon region to connect to the grid by 2031. The program will fund the modernization and digitalization of control centers and connection points for strategic power generation plants, increase transmission system capacity to interconnect new generation — especially renewable — and upgrade more than 700 km of transmission lines with advanced conductors. Additionally, in the electricity distribution sector, substations will be reinforced, control centers modernized to better integrate distributed generation (such as in San Cristóbal in the Galápagos Islands), and projects financed to extend the grid and improve access in rural and underserved areas of the Ecuadorian Amazon. This program is part of Amazonia Forever, an IDB Group initiative for sustainable development in the region, which aims to work together on forest and climate conservation and improve people’s quality of life by offering economic alternatives. The first operation for $270 million has a repayment term of 22.5 years, an 8-year grace period, an interest rate based on SOFR, and a local counterpart of $78.3 million. The $30 million loan from the Clean Technology Fund has a repayment term of 20 years, an 8-year grace period, and an annual interest rate of 1.19%. ============= J A M A I C A ============= TRANSJAMAICAN HIGHWAY: Fitch Affirms BB Rating, Outlook Now Stable ------------------------------------------------------------------ Fitch Ratings has affirmed TransJamaican Highway Limited (TJH)'s senior secured notes at 'BB'. The Rating Outlook has been revised to Stable from Positive. The rating action follows the Outlook revision of Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Positive. TJH's Outlook aligns with Jamaica's Outlook and reflects potential changes in the risk of controls on the convertibility and transfer of foreign currency for USD-denominated debt. Jamaica's Outlook revision reflects severe damage from Hurricane Melissa, which Fitch expects to cause an economic contraction and significant reconstruction costs. The government estimates economic damage at about 30% of GDP (USD6 billion-USD7 billion), though estimates are preliminary and could be larger. Fitch expects a contraction in 2025, with uncertainties around the recovery pace, given lingering adverse effects on tourism, agriculture and mining. Economic contraction and fiscal deficits will interrupt the prior strong downward trend in government debt/GDP, which remains above the 'BB' median and is vulnerable to changes in exchange and interest rates. For additional details see "Fitch Revises Jamaica's Outlook to Stable; Affirms IDR at BB-", dated Nov. 20, 2025,. According to the issuer, Hurricane Melissa has not significantly impacted TJH's infrastructure or affected traffic volumes, as the project is distant from most affected areas. RATING RATIONALE The rating reflects the stability and resiliency of a commuting asset strategically located in the outskirts of Kingston, Jamaica's capital city. The rating is also supported by a satisfactory rate-setting mechanism, which allows tariffs to be adjusted annually by U.S. inflation and the variations in foreign exchange (FX) rate between the Jamaican dollar (JMD) and the U.S. dollar (USD). Debt is USD-denominated, senior secured, and has typical project finance features that include limitations on additional indebtedness. The rating case minimum and average debt service coverage ratio (DSCR) are at 2.0x in 2035 and 2.4x, respectively, which are viewed as strong for the rating category, according to applicable criteria. The transaction presents robust break-even values for its most important variables and no dependency on traffic growth to repay the rated debt. Furthermore, even though the credit profile withstands domestic economic shocks beyond those observed between 2008 and 2014 when the Jamaican economy deeply deteriorated, the transaction is ultimately capped at Jamaica's 'BB' Country Ceiling because of transfer and convertibility risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening of the credit profile of the Jamaican sovereign, particularly the risk of imposing capital controls affecting the ability to convert currency; - Nil or negative traffic growth rate for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strengthening of the credit profile of the Jamaican sovereign, particularly the risk of imposing capital controls affecting the ability to convert currency, as long as credit fundamentals continue to support a higher rating. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Jamaica sovereign rating, which is historically linked to the country ceiling that constrains the notes rating ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- TransJamaican Highway Limited TransJamaican Highway Limited/Toll Revenues - First Lien/1 LT LT BB Affirmed BB ===================== P U E R T O R I C O ===================== RB MARKETPLACE: Taps Juan C. Bigas Valedon Law Office as Attorney ----------------------------------------------------------------- RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C. Bigas Valedon of Juan C. Bigas Valedon Law Office to serve as counsel in its Chapter 11 case. Mr. Bigas Valedon will provide these services: (a) represent the Debtor in this bankruptcy proceedings; (b) represent Debtor in the instant case, under the terms and conditions specified; and (c) perform legal work billed against the retainer and continuing on an hourly basis as required in the case. Mr. Bigas Valedon will bill at an hourly rate of $350, plus expenses, against a retainer of $10,000 from a total agreed amount of $30,000. According to court filings, Juan C. Bigas Valedon and his law firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Juan C. Bigas Valedon, Esq. Juan C. Bigas Valedon Law Office P.O. Box 7011 Ponce, PR 00732-7011 Telephone: (787) 259-1000 Facsimile: (787) 842-4090 About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-05025) on October 31, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $0 to $50,000. Juan C. Bigas Valedon Law Office is Debtor's legal counsel. ********* 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. 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