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251209.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 9, 2025, Vol. 26, No. 245 Headlines A R G E N T I N A ARGENTINA: Exports Extend Strong Late-Year Rebound ARGENTINA: Readies Return to Foreign Bond Market PAN AMERICAN: Fitch Affirms 'BB-' LT Rating on Sr. Sec./Unsec Notes B R A Z I L AZUL SA: Pursues $30MM AerCap Engine Financing NEW FORTRESS: Swings to $293 Million Net Loss in 2025 Q3 TRANSMISSORA ALIANCA: Fitch Affirms 'BB+' IDR, Outlook Stable C O S T A R I C A REVENTAZON FINANCE: Fitch Affirms 'BB+sf' Rating on $135MM Notes E L S A L V A D O R EL SALVADOR: Role as Regional Innovation Hub Gets IDB Group Support G U A T E M A L A ENERGUATE TRUST: Fitch Affirms Then Withdraws 'BB' LT IDRs J A M A I C A JAMAICA: Treasury Bills See Strong Demand - - - - - ================= A R G E N T I N A ================= ARGENTINA: Exports Extend Strong Late-Year Rebound -------------------------------------------------- Ezequiel Garcia Corado at Buenos Aires Times reports that Argentine exports are consolidating a strong uptick in the latter stages of the year, data from the INDEC national statistics bureau shows. According to official data, there has been a cumulative 7.5-percent increase in exports during the first nine months of the year, the report notes. After a moderate year-on-year 7.5-percent hike in July, foreign sales jumped by 16.4 percent in August and reached 16.9 percent in September, strengthening a positive trend, according to Buenos Aires Times. Geographic diversification was one of the keys to the upsurge. Destinations including India and several African countries have consolidated themselves into concrete opportunities for Argentine firms, the report notes. China and India stood out with their surges from last year, rising 29.3 percent and 57.8 percent respectively, the report notes. The Indian market became the revelation of 2025, driven by a higher demand for flour, oils and food, the report says. The United States also boosted an increase of more than 23 percent, despite the trade barriers imposed by US Prsident Donald Trump, backed by a demand for energy and agro-industrial products, the report discloses. Conversely, Brazil experienced a 4.9-percent decline, triggering a warning, the report relays. Weakened demand mainly harms the auto, metal and engineering sectors in Argentina, the report notes. Sectors with the greatest traction in terms of shipments abroad were energy and agriculture, the report relays. A recent report by the Rosario Stock Exchange (BCR in Spanish) broke down that agro-industry turned over a total of US$34.5 billion between January and October. Adding the estimates for November and December, 2025 would close at US$37.15 billion, the report discloses. Agricultural dollar earnings over the first 10 months of the year only trail the exceptional figures of 2021 and 2022, when international prices reached historical peaks because of the war between Russia and Ukraine, the report relays. For this dynamic to be sustained, an exporting agenda coordinated between the public and private sectors will be required, the report notes. So far, this year's figures are promising, the report says. It remains to be seen whether this hike is a turning-point or only seasonal, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Readies Return to Foreign Bond Market ------------------------------------------------ Vinicius Andrade, Cristiane Lucchesi & Nicolle Yapur at Bloomberg News report that officials in Argentina are starting to prepare the country's return to international bond markets. Their hope is that markets keep moving in their favour so they can sell the bonds by the start of next year, according to people familiar with the matter who asked not to be identified because the discussions are private, notes Bloomberg News. Whether they ultimately do or not, that they're even considering the possibility underscores the magnitude of the country's turnaround over the past two months, Bloomberg News notes. In September, panic swept through Argentine markets as investors feared that President Javier Milei's fiscal-austerity program would be undone by an increasingly emboldened opposition in Congress, Bloomberg News says. The peso plummeted and the country's dollar bond yields skyrocketed over 17 percent, prompting US President Donald Trump administration to rush emergency aid to Milei to curb the sell-off, Bloomberg News relays. That gambit worked. Markets first stabilised, then rallied sharply when Milei's party won more congressional seats in a late October vote than pundits expected, Bloomberg News relays. Yields are now down to close to 10 percent, or about six percentage points above benchmark US Treasuries, Bloomberg News discloses. That puts them near the levels that Economy Minister Luis Caputo has signalled to investors he'd be willing to sell bonds at, according to people familiar with the matter, Bloomberg News notes. Argentina has been locked out of the market since it defaulted for the third time this century during the pandemic, Bloomberg News notes. Milei, a libertarian economist, has made regaining access to debt investors by early 2026 a key goal since he took office in 2023, Bloomberg News relays. It would also give the country an infusion of dollars it could use to pay back foreign debts – it has about US$4.5 billion due in January, and a similar amount for July – and rebuild its depleted hard-currency reserves, Bloomberg News discloses. "We're probably not too far off" from Argentina returning to global markets, said Gorky Urquieta, co-head of emerging-market debt at Neuberger Berman, Bloomberg News notes. "A yield below 10 percent is the magic number." A new bond would likely be just one step in a series of debt operations, according to people with knowledge of the discussions, Bloomberg News relays. There's talks with several banks around options that could help push spreads lower and allow Argentina to tap markets, Bloomberg News discloses. Ideas include a repo operation that would be used to give investors a cash sweetener as part of a debt swap, the people said, Bloomberg News notes. A liability management transaction with a repo to get up to US$5 billion to cover January amortisations using importer bonds as collateral and a debt-for-education swap, similar to Ecuador's nature swap, are also among the options, Bloomberg News relays. "Since the election, we are the closest we've ever been to having access to markets," Caputo said at an event in Buenos Aires, adding that the government is "very confident" country risk will drop in coming weeks, Bloomberg News notes. Caputo - who last month told investors Argentina planned to buy back bonds due in 2029 and 2030 - said Argentina has also received offers from banks worth between US$6 billion and US$7 billion and is evaluating how much to borrow to make sure its reserves don't drop due to the January debt payments, notes Bloomberg News. Argentina could go to markets now – especially given the never-ending demand for emerging-market high-yielding assets, Bloomberg News discloses. But the government is waiting for a compression of about 100 to 150 basis points in the yield curve, people familiar with the plans said, for costs to fall closer to the seven to eight percent the nation's biggest companies are paying, Bloomberg News says. The approval of labour and tax reforms by the new Congress, which begins on December 10 with Milei's libertarian party as the biggest bloc in the lower house, could be the trigger, the people added. Bloomberg News relays that Argentina "will come to market," said Pramol Dhawan, head of emerging markets portfolio management at Pacific Investment Management Co. It's "likely going to be a next-year issue." The appetite for Argentine debt has been evident in the past few weeks, Bloomberg News notes. Companies and provinces have sold more than US$4 billion in dollar bonds since the October 26 election, compared to just US$130 million in the three months leading up to the vote, data compiled by Bloomberg shows. And there's more on the way, Bloomberg News says. Oil and gas company Vista Energy is looking to tap markets and virtually every province is said to be considering issuing soon, Bloomberg News notes. Santa Fe province is holding investor meetings ahead of a planned debt sale, and Chubut is also said to be working on a deal, Bloomberg News says. If Argentina successfully clears its 2029 and 2030 bonds, even riskier names like Chaco could come to market, the person added. Caputo's plans to sell new debt, telegraphed early last year, were always met with some scepticism. At the time, some Argentine securities were yielding around 20 percent when measuring yield-to-worst, Bloomberg News relays. And even amid the renewed optimism, doubts persist. Argentina, some analysts say, still has to boost dollar reserves - for which it needs to change the foreign-exchange regime Caputo and Milei have vowed to keep, Bloomberg News notes. Barclays' economist Ivan Stambulsky and strategist Jason Keene said in a report that even if the country manages a repo to cover January payments, does a tender for bonds due in 2029 and 2030 and regains market access, it still needs "sizeable" dollar purchases, Bloomberg News relays. "A meaningful liquidity improvement requires aggressive dollar purchases, which we think are unlikely under this FX regime," they wrote. The last time Argentina made a comeback to global credit markets, it did so with a bang, Bloomberg News notes. The country sold US$16.5 billion in bonds, setting a single-day record for a developing country, Bloomberg News discloses. Investors put in bids for US$68.6 billion of debt and yields came in at less than similarly-rated securities paid, Bloomberg News says. A dozen other offerings would follow, including a 100-year bond, before it would default again – for the ninth time since its independence in 1816, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. PAN AMERICAN: Fitch Affirms 'BB-' LT Rating on Sr. Sec./Unsec Notes ------------------------------------------------------------------- Fitch Ratings has affirmed Pan American Energy S.L.'s (PAE) Long-Term Foreign Currency Issuer Default Rating (IDR) and Long-Term Local Currency IDR at 'BB-'. The Rating Outlook is Stable. Fitch has also affirmed the ratings for the senior secured and unsecured notes issued by Pan American Energy, S.L., Argentine Branch, which are guaranteed by Pan American Energy S.L., at 'BB-'. PAE's 'BB-' ratings reflect its stable, strong business profile, production track record, large reserve base, and moderate leverage. The ratings are constrained by the three-notch uplift over the Country Ceiling of Argentina of 'B-', in line with Fitch's Corporate Rating criteria (rating above country ceiling). The company has cash in foreign currency and cash flows from its Mexican and Bolivian operations which adequately covers the next 24 months of debt service by a ratio in excess of 1.5x. Fitch estimates EBITDA from Mexico and Bolivia represent 8% and 3% of total EBITDA, respectively. Key Rating Drivers Rating Above the Country Ceiling: PAE's cash flow generation is concentrated in Argentina (CCC+), 89% of the EBITDA. The Long-Term Foreign Currency IDR is capped at the three-notch uplift over Argentina's Country Ceiling (B-), as the company is able to cover hard currency debt service with export revenue and cash in foreign currency, while maintaining a foreign currency debt service coverage ratio above the threshold of 1.5x for at least three years. Integrated Business Model: PAE's energy business model in Argentina gives the company flexibility to optimize profitability. It operates the country's largest privately owned oil and gas (O&G) business, with 15% market share in oil production and 14% in gas production, and is the third-largest refiner, with 14% market share. PAE has a strong and stable production profile consistent with a higher rating category. Fitch's base case assumes average production of 240kboe/d between 2026-2027. PAE reported 1,574MMboe in 1P reserves as of FY 2024, consistent with the 'BBB' rating category. Adequate Financial Profile: Fitch projects EBITDA leverage will hover around 3.0x over the rating horizon as the company deploys its capex plan, estimated to average USD1.5 billion per year between 2026-2028. On a boe basis, Fitch estimates debt to 1P of close to $2.6/boe between 2026-2028. PAE's strong financial flexibility allows it to mitigate the risks associated with its high-risk operating environment. Fitch free cash flow (FCF) will be negative over the rating horizon, as the company deploys an aggregate capex plan close to USD4.0 billion. Strong Ownership: PAE is rated on a standalone basis. Per Fitch's parent-subsidiary criteria, it views the legal, strategic and operational incentive from its shareholders as low. The company's primary shareholders are a 50/50 strategic alliance between BP plc (A+/Stable) and BC Energy Investments Corp. (BC Energy). BC Energy is also a 50/50 joint venture between Bridas Energy Holdings Ltd. and CNOOC International Ltd, a subsidiary of CNOOC Limited (A/Stable). However, PAE's ratings are not affected by its shareholders ratings. The company benefits from its industry and international expertise and relationships with global creditors. Peer Analysis PAE's FC IDR continues to be constrained by the Argentine Operating Environment (OE) of 'b'; however, its medium production sales size of 222kboed and strong 1P reserve life of close to 19 years compare favorably to other 'BB' rated oil and gas E&P producers. These peers include Murphy Oil Corporation (BB+/Stable) with 184kboed and YPF SA (CCC+) with 523kboed. Further, PAE reported 1,574 million boe of 1P reserves at the end of 2024, equating to a reserve life of 19.8 years. Fitch expects the company will be able to maintain its strong reserve life. Fitch estimates PAE's 2025 EBITDA gross leverage to be close to 3.0x, higher than Murphy Oil of 1.0x. On debt to 1P reserve basis, Fitch PAE's debt as of 2024 to 1P reserves at USD2.25boe lower than YPF at USD8.2boe. PAE operates in a lower OE, which is a constraining factor for its ratings, but receives a three-notch uplift from the Country Ceiling due to its cash flows from export revenue and abroad. Fitch’s Key Rating-Case Assumptions - Average Brent prices from 2024 to 2027 (USD/bbl): 65, 65, 65, 60; - A reserve replacement ratio of 100% per annum; - Domestic gas price of 3.50MMBTU over the rated horizon; - Average gross production sales of 222kboe/d in 2025; - Production cost of $13.0boe between 2025-2028; - Royalties of $7.0boe in 2025; - SG&A of $7.0boe between 2025-2028; - Annual consolidated capex averaging of USD1,400 million per year from 2025-2028. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained gross leverage above 4.0x; - Sizeable debt-financed M&A transactions; - Downgrade of the Country Ceiling of Argentina; - PAE's ratings could be negatively affected if hard-currency liquidity is weakened by capital controls; - Inability to renew hard-currency-committed credit lines from highly rated international banks. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Cash flows from operations in Mexico adequately covering hard currency gross interest expense by at least 2.5x for 12 months, while maintaining hard currency debt service coverage ratio above 1.5x. Liquidity and Debt Structure Fitch believes PAE can comfortably service debt with cash on hand and cash flows through the rating horizon. As of 3Q25, the company had close to USD540 million in cash and equivalents and USD750 million in undrawn committed credit lines, while having short-term debt of USD737 million. PAE also has a strong track record of tapping local and international markets and accessing capital at competitive rate. Issuer Profile PAE is a leading integrated energy company with upstream and downstream operations in Argentina, as well as upstream operations in Bolivia and Mexico. It is the second-largest oil and gas producer in Argentina and the third- largest exporter of oil. 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 Pan American Energy, S.L. has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the growing importance of policies designed to limit the greenhouse gas (GHG) emissions from the production of oil and gas and potentially softening demand, which has a negative impact on the credit profile, and is relevant to the rating 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 ----------- ------ ----- Pan American Energy, S.L. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- Pan American Energy, S.L., Argentine Branch senior unsecured LT BB- Affirmed BB- senior secured LT BB- Affirmed BB- =========== B R A Z I L =========== AZUL SA: Pursues $30MM AerCap Engine Financing ---------------------------------------------- James Nani of Bloomberg Law reports that Brazilian airline Azul SA has asked the bankruptcy court for permission to secure $30 million in financing from AerCap Ireland Ltd. to support much-needed aircraft engine overhauls. Under the proposed arrangement, AerCap -- Azul's largest aircraft lessor -- would receive an unsecured priority claim within the Chapter 11 case, according to a stipulation filed November 29, 2025 in the US Bankruptcy Court for the Southern District of New York. This financing request falls under a broader settlement reached in August between Azul and AerCap Holdings' subsidiary, aimed at restructuring Azul's aircraft fleet and lease obligations as the company works toward exiting Chapter 11, the report states. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. NEW FORTRESS: Swings to $293 Million Net Loss in 2025 Q3 -------------------------------------------------------- New Fortress Energy Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $293.4 million for the three months ended September 30, 2025, compared to a net income of $11.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1 billion, compared to a net loss of $18.9 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $327.4 million and $567.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $1.1 billion and $1.7 billion, respectively. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and $1.1 billion in total stockholders' billion. New Fortress says it has evaluated whether conditions exist that give rise to substantial doubt as to the ability of the Company to continue as a going concern, considering the following: -- The Company recognized operating losses and negative operating cash flows during each of the first three quarters of 2025, with this decline in earnings accelerating in the second quarter of 2025. Its forecasted cash flows are expected to be impacted by, among other things, reduced earnings following the sale of the Jamaica Business and increased interest expense. -- In November 2025, the Company entered into amendments to the Revolving Credit Agreement, the Letter of Credit Agreement and the Term Loan A Credit Agreement to, among other things: (a) in the case of the Letter of Credit Facility, extend the maturity date of the facility to March 31, 2026, (b) provide for a covenant holiday with respect to (x) the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 (or in the case of the Letter of Credit Facility, also provide for a covenant holiday for the fiscal quarter ending December 31, 2025) and (y) the minimum liquidity requirement contained therein for the fiscal quarter ended December 31, 2025 (or in the case of the Letter of Credit Facility, remove the fiscal quarter minimum liquidity test altogether), (c) remove certain flexibility the Company had to pay dividends and other distributions, and (d) restrict the Company's ability to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment on the New 2029 Notes. -- The Company also does not expect to be in compliance with the consolidated first lien debt ratio and fixed charge coverage ratio covenants for the fiscal quarter ending December 31, 2025 under the Revolving Credit Agreement and the Term Loan A Credit Agreement. "If we do not enter into an agreement with the lenders under the Revolving Facility and the Term Loan A Credit Agreement to provide for a covenant holiday or other covenant relief for the fiscal quarter ending December 31, 2025, by the time we furnish to the administrative agents for the Revolving Facility and Term Loan A Credit Agreement audited financial statements for such fiscal year, the lenders would have the right to accelerate the repayment of the outstanding principal under the Revolving Facility and Term Loan A Credit Agreement. If the lenders choose to exercise such rights under those facilities, substantially all of our outstanding indebtedness could be accelerated, and we would not have sufficient liquidity or capital resources to satisfy its outstanding principal obligations." -- NFE Financing LLC, a subsidiary of the Company, did not make the interest payment of $163.8 million due to holders of the New 2029 Notes on November 17, 2025. An event of default under the indenture governing the New 2029 Notes will arise on November 20, 2025, when the contractual grace period for interest payments on such notes expires. On November 18, 2025, the Company and certain of its subsidiaries, including the New 2029 Notes Issuer, entered into a forbearance agreement with the beneficial holders of greater than 70% of the New 2029 Notes, pursuant to which such beneficial holders agreed to forbear from accelerating or exercising remedies in respect of such event of default. Unless earlier terminated, the New 2029 Notes Forbearance Agreement will terminate on December 15, 2025. Upon the termination of the New 2029 Notes Forbearance Agreement, if a further forbearance or debt restructuring is not agreed to, the holders of the New 2029 Notes could accelerate the outstanding principal balance of the New 2029 Notes, in which case substantially all of our other outstanding debt would become payable on demand. The New 2029 Notes Forbearance Agreement contains conditions, covenants, termination rights and other provisions customary for forbearance agreements of that type. -- The Company was required to provide a $79.1 million bank guarantee to holders of the PortoCem Debentures on or before August 17, 2025; this guarantee was not provided by the deadline, and as a result, a majority of debenture holders had the right to call for a meeting of holders and declare an event of early maturity. On October 11, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to the failure to provide the bank guarantee. The remaining $79.1 million bank guarantee is now due on or before May 10, 2026, and if this guarantee or an equivalent amount of equity contribution to the project company is not made by this date, an automatic event of default will exist under the amended debenture agreement. "We are discussing providing this bank guarantee with our creditors under new credit arrangements, and should additional financing or credit capacity be provided under new credit agreements, we intend to comply with the requirements of the waiver. However, based on our current liquidity, we determined that it is not currently probable that the bank guarantee can be provided, absent an agreement with our existing creditors or new lenders. If such automatic early maturity event were to occur, substantially all of our outstanding indebtedness would be payable on demand." -- Additionally, the Company have $510.9 million aggregate principal amount outstanding as of September 30, 2025 under its 2026 Notes, which mature on September 30, 2026. If more than $100 million of the 2026 Notes remain outstanding 91 days prior to this maturity date, the outstanding principal of $2.7 billion under the New 2029 Notes becomes due. If any of the 2026 Notes remains outstanding on the Springing Maturity Date, the outstanding balance under the Revolving Facility becomes due. As of September 30, 2025, the Revolving Facility was fully drawn with $660.4 million in revolving loans and $69.5 million in letters of credit. Additionally, if any of the 2026 Notes remain outstanding on July 31, 2026, the outstanding principal under the Term Loan B becomes due. Also, if any of the 2026 Notes remain outstanding 60 days prior to the maturity date of the 2026 Notes, the outstanding principal under the Term Loan A Credit Agreement becomes due. As of September 30, 2025, there was $295.0 million outstanding under the Term Loan A Credit Agreement and $1.27 billion outstanding under the Term Loan B. As such, management has concluded that the Company's current liquidity and forecasted cash flows from operations are not probable to be sufficient to support, in full, its obligations as they become due, and there is substantial doubt as to the Company's ability to continue as a going concern. "Should we not be in compliance with covenants in the Revolving Credit Agreement and Term Loan A Credit Agreement in the future, we will engage in negotiations with these lenders to obtain a waiver to avoid acceleration of outstanding balances," the Company explained. "Additionally, should the Company not provide the additional bank guarantee to holders of the PortoCem Debentures by the required date, we will engage with these holders to avoid an event of early maturity. We have also initiated a process to evaluate strategic alternatives and have retained a financial advisor to assist in this evaluation." "We, along with our advisors, are considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, or, other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. We are activity managing our liquidity as we continue this evaluation with our advisors, and as part of this process, we are negotiating payment plans with significant vendors, most significantly the owners under our vessel charters. "If unsuccessful in these strategic alternatives, we may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, in the U.K. or the U.S., which could have a material and adverse impact on stockholders. "There are inherent uncertainties as the outcome of these negotiations and potential transactions described above are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. "In addition, there can be no assurances that these transactions will sufficiently improve our liquidity or that we will otherwise realize the anticipated benefits." The Company is also evaluating strategies to obtain the required additional funding for its future operations, including the following transactions that are excluded from our forecast, among other things: (1) settlement of the Company's claims resulting from the termination of the emergency power services contract in Puerto Rico in the first quarter of 2024, (2) realization of up to $110.0 million in proceeds from the modification of Genera's Operation and Maintenance Agreement; (3) receipt of proceeds from the sale of the Jamaica Business that are currently in escrow; (4) expected cash flows from new business in Puerto Rico and Brazil. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3r3h669r About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue-level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. TRANSMISSORA ALIANCA: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Transmissora Alianca de Energia Eletrica S.A.'s (Taesa) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+', Long-Term National Scale Rating and senior unsecured debentures at 'AAA(bra)'. The Rating Outlook for the corporate ratings is Stable. Taesa's ratings reflect the low business risk of its diversified portfolio of Brazilian power transmission assets, with predictable revenues and high operating margins. The ratings reflect the company's extended debt maturity profile, adequate liquidity position and proved access to financing sources. Taesa has a significant investment plan and high dividend payments, which should keep its FCF negative and net adjusted leverage at moderate levels between 3.0x to 4.0x until 2027, consistent with its current ratings. Key Rating Drivers Robust Asset Portfolio: Taesa's robust, diversified asset portfolio reflects its position as one of Brazil's largest power transmission companies, with 12,140 km of operational lines and 640 km under construction nationwide, based on its project stakes. The company's 44 concessions dilutes operational and regulatory risks. The consolidated Permitted Annual Revenue (PAR) for the 2025-2026 cycle is BRL2.8 billion and should rise with investments in new projects and reinforcements to current operational lines, adding BRL527 million by 2027. Taesa has no exposure to concession expirations until the end of 2030, but will face challenges managing the impact from major concession expirations in the following two years. Thirteen concessions, including seven that represent 54% of the current consolidated RAP, expire from 2031-2032. The company needs to adjust its capital structure in advance to address expected lower cash generation and avoid pressure on its ratings. Favorable Business Profile: Taesa's credit profile reflects the low business risk in Brazil's power transmission segment, as revenue is tied to asset availability rather than transported volume. PARs are are adjusted annually by inflation indexes, which tend to offset potential cost pressures. Companies in this segment have a diversified customer base and guaranteed payment structures, which significantly reduce counterparty risks. Taesa's EBITDA margins are high, about 82.5% expected for 2025 to 2028, based on regulatory accounting. Negative FCF Until 2026: Robust operating cash generation will help limit the impact of the aggressive investment plan and significant dividend distribution, which pressure Taesa's FCF. Fitch projects EBITDA, based on regulatory accounting, of around BRL2.1 billion in 2025 and BRL2.3 billion in 2026. FCF is expected to be negative by BRL523 million in 2025 and BRL290 million in 2026, turning positive in 2027 at BRL384 million. Capex will be BRL1.7 billion in 2025, declining to BRL908 million in 2026 and BRL327 million in 2027 after pre-operational projects conclude. Moderate Leverage: Taesa's adjusted net leverage should remain at moderate levels, ranging from around 3.0x to 4.0x until 2027. The base case scenario considers a net adjusted debt/adjusted EBITDA ratio of 3.3x in 2025 and 3.9x in 2026, decreasing to 3.5x in 2027, after the end of the current investment cycle. Fitch includes off-balance sheet debt related to provided guarantees and dividends from unconsolidated companies in these ratios. As of September 2025, Taesa's off-balance-sheet debt was BRL185 million, from Empresa Diamantina de Transmissao de Energia S.A. (EDTE). Standalone Approach: Taesa's ratings are not influenced by the credit quality of its main shareholders, Companhia Energetica de Minas Gerais (Cemig; IDRs BB/Stable) and Interconexion Electrica S.A. E.S.P. (ISA; IDRs BBB/Negative), as they share control and their access to Taesa's cash is limited to dividends. The analysis does not incorporate an expected change in its shareholder structure. Despite Cemig's plan to sell its stake in Taesa, the timing and outcome are uncertain. Peer Analysis Taesa's financial profile compares favorably with Latin American peers Interconexion Electrica S.A. E.S.P. (ISA; BBB/Negative) and Consorcio Transmantaro S.A. (CTM; (BBB/Stable) in Colombia (BB+/Negative), and Transelec S.A. (BBB/Negative) in Chile (A-/Stable). All these peers have low business risk profiles and predictable cash flow generation, typical of electricity transmission companies in a regulated industry. The main differences in ratings for these companies include the country where they generate their main revenues and the location of assets. While Taesa's peers are in higher-rated countries, its ratings are negatively affected by Brazil's weaker operating environment. Compared to Alupar Investimento S.A.'s (Alupar; Local and Foreign Currency IDRs BBB-/Stable and BB+/Stable, respectively), also in Brazil, both companies benefit from a diversified transmission portfolio. However, Fitch expects higher leverage metrics for Taesa in the coming years due to strong investment plans, explaining the difference in the Local Currency IDR. Fitch’s Key Rating-Case Assumptions - PAR adjustments based on inflation indexes; Operational expenses adjusted by inflation; - Capex of BRL2.9 billion during 2025-2027; - Current portfolio under construction fully operational by 2027; - Dividend distributions of 95% of net income calculated through regulatory accounting rules. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating action for the Local Currency IDR would be associated with net adjusted leverage above 4.0x on a sustainable basis. - A downgrade of Brazil's sovereign rating would result in a similar rating action on Taesa's Foreign Currency IDR. - A downgrade of Taesa's Local Currency IDR would lead to a downgrade of the National Scale Rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade (negative antes) - Positive rating action for the FC IDR would be associated to an upgrade of the Local Currency IDR and an upgrade of Brazil's sovereign rating. - Positive rating action for the Local Currency IDR would be associated to net adjusted leverage limited to 3.5x on a sustainable basis. - Upgrade not applicable to the National Scale Rating as it is at the highest level. Liquidity and Debt Structure Taesa is expected to maintain moderate liquidity relative to short-term debt, around 1.0x, and to continue to benefit from broad access to bank credit lines and the local capital market to finance expected negative FCFs and roll over debt in the coming years. As of Sept. 30, 2025, consolidated cash and equivalents were BRL1.1 billion, per Fitch's calculations, versus a similar amount of short-term debt (BRL1.1 billion), and should improve by YE 2025 with expected new debt raised in 4Q25. Taesa's consolidated debt is characterized by a manageable maturity schedule and no foreign currency risk. As of Sept. 30, 2025, the group's total adjusted debt was BRL10.8 billion, considering its proportional stake guarantee in debt of non-consolidated subsidiaries of BRL185 million. Its BRL10.7 billion consolidated on-balance-sheet debt mainly consisted of BRL10.3 billion in debentures. Issuer Profile Taesa is the third largest transmission power company in Brazil with 12,782 km of lines, including 642 km under development. The company is controlled by the Brazilian group Cemig and ISA, which own 36.97% and 26.03% of the voting shares, respectively. Summary of Financial Adjustments Net revenues and EBITDA based on Brazilian regulatory accounting rules. 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 ----------- ------ ----- Transmissora Alianca de Energia Eletrica S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natl LT AAA(bra) Affirmed AAA(bra) senior unsecured Natl LT AAA(bra) Affirmed AAA(bra) =================== C O S T A R I C A =================== REVENTAZON FINANCE: Fitch Affirms 'BB+sf' Rating on $135MM Notes ---------------------------------------------------------------- Fitch Ratings has affirmed Reventazon Finance Trust's USD135 million fixed-rate notes at 'BB+sf'. The Rating Outlook is Positive. Fitch's rating addresses timely payment of interest and ultimate principal at legal maturity. Entity/Debt Rating Prior ----------- ------ ----- Reventazon Finance Trust Notes 76138QAA5 LT BB+sf Affirmed BB+sf Notes REGS USG75463AA02 LT BB+sf Affirmed BB+sf KEY RATING DRIVERS Notes Repayment Depends on ICE Lease Payments: The notes are backed by a 100% participation interest in the Inter-American Development Bank's (IDB) B-loan, acquired through a participation agreement. The agreement grants the right to receive payments under IDB's B-loan. ICE's lease payments from a non-cancellable financial lease agreement for the operation and maintenance of the hydropower plant will cover all loan payments. Transaction Rating Linked to ICE's IDR: Given the unconditional and irrevocable nature of the lease payments, Fitch views the credit risk of these payments as linked to ICE's credit quality. On Oct. 24, 2025, Fitch affirmed ICE's Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB' with a Positive Rating Outlook. Grupo ICE's ratings are supported by its linkage to Costa Rica's sovereign rating (BB/Positive), which stems from the company's government ownership and the implicit and explicit expectation of government support. Lease Payment Obligation Supported by IDB as Lender of Record: To determine the strength of the lease payment obligation, Fitch considered the role of IDB as the lender of record of the obligation being covered by ICE's payments, tied to ICE's ownership structure. The IDB will continue to be the lender of record and administer IDB's B-loan, and Fitch believes the holders of the rated notes will benefit from the B-loan preferential, de facto, status provided by IDB. This positions the credit quality of the payment obligation in line with other obligations of Costa Rica with the IDB. Therefore, Fitch rated the notes up one notch from ICE's IDR. Noteholders Benefit from IDB's Preferred Creditor Status: Historically, sovereigns have prioritized certain obligations, such as obligations from multilateral development banks, when the government cannot service all of the country's external debt. While the B-loan is not a direct obligation of the sovereign, Fitch believes treatment of the IDB as a preferred creditor extends to ICE as the debtor, since ICE is a strategic government-owned entity that receives underlying sovereign support. Although Costa Rica defaulted in 1981, neither the sovereign nor ICE have ever defaulted on debt issued by a preferred creditor. IDB's share of Costa Rica's external debt is approximately 11%, in line with historical figures, which makes it an essential preferred creditor for the country. Adequate Liquidity Present: The notes benefit from a debt service reserve account equivalent to the next principal and interest payment due amount. This liquidity provides certainty in case the transaction is exposed to temporary liquidity shock RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The notes' ratings are linked to ICE's Long-Term Foreign Currency IDR; hence, a downgrade of ICE's IDR would trigger a downgrade of the notes in the same proportion; - Changes in Fitch's view of the treatment of the IDB as a preferred creditor may trigger a rating action on the notes. - Although the IDB (AAA/Stable) has an operational role in the transaction by collecting payments due on the A/B-loans and then transferring the B-loan portion of the proceeds to the transaction account bank, Fitch currently deems this exposure immaterial. However, should the IDB's credit quality deteriorate below the 'AA' category, Fitch will reassess the exposure that the IDB poses to the transaction. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The notes' ratings are linked to ICE's Long-Term Foreign Currency IDR; hence, an upgrade of ICEs IDR would trigger an upgrade of the notes in the same proportion. CRITERIA VARIATION Fitch's "Single- and Multi-Name Credit Linked Notes Rating Criteria," dated Dec. 18, 2023, establishes that the credit quality of the risk presenting entity (RPE) in a credit-linked notes transaction is typically determined by an IDR assigned by Fitch. However, in some situations, a committee would consider using the actual bond rating (e.g. senior unsecured rating, subordinate rating) of an asset in place of the IDR. For this transaction, Fitch has determined that the RPE's credit quality is not commensurate with the IDR or any particular bond rating of the obligor, as sovereign ratings do not directly address all forms of obligations. To determine the credit quality of the sovereign obligation and its notching from the sovereign IDR, Fitch incorporated perspectives from its sovereign group. During the analysis, it was determined that the appropriate notching uplift from the primary risk contributor would be one notch. 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. ===================== E L S A L V A D O R ===================== EL SALVADOR: Role as Regional Innovation Hub Gets IDB Group Support ------------------------------------------------------------------- GET Forum, the flagship innovation event of the Inter-American Development Bank Group (IDB Group), held for the first time in Central America - in El Salvador - showcased the progress of regional entrepreneurs and highlighted the host country's positioning as an emerging hub for startups. Co-organized by the IDB Group, the government of El Salvador, and Agrisal Group, the Forum emphasized the momentum of El Salvador's innovation ecosystem, supported by economic advances, improved competitiveness, and growing entrepreneurial dynamism. Among the most notable indicators, San Salvador climbed more than 400 positions in the Global Startup Ecosystem Index 2025, reaching 300th place - a 520% increase and the largest growth recorded among more than 1,000 cities worldwide. IDB Group President Ilan Goldfajn announced via video during the event's closing that Graham Macmillan will assume the role of general manager of IDB Lab starting January 2026. Macmillan brings over 25 years of global leadership experience across the private, public, and philanthropic sectors, with a strong track record in impact investing. The event kicked off on November 30, with the GET Forum Innovation Village in Cuscatlan Park, attracting more than 3,000 attendees. The day brought innovation closer to the community and showcased technology's transformative potential. The opening featured participation from El Salvador's ministers of finance, economy, and tourism, as well as a representative from the San Salvador City Hall. Over the following two days, the Forum hosted a high-level conference inaugurated by Anabel Gonzalez, IDB vice president for countries and regional integration; Jerson Posada, El Salvador's minister of finance; and Ricardo Augspurg, director of Agrisal Group. "Central America is no longer observing technological transformation from the sidelines; it is building it. GET Forum drives this change by bringing together talent, investment, and policies that accelerate innovation and growth. And from the IDB Group, through our regional program, America en el Centro, we will continue to support the region in turning these opportunities into real development," Gonzalez emphasized. Finance Minister Jerson Posada stated: "The choice of our country as the venue for GET Forum demonstrates that we continue to position ourselves positively. A key factor in this decision is the transformation in security conditions we now enjoy, along with renewed economic momentum, as President Nayib Bukele announced for his second term." More than 160 speakers and over 700 participants from more than 30 countries across the Americas, Asia, and Europe — including investors, startup CEOs, government officials, and corporate leaders - discussed key questions to guide the future of innovation and impact investing to drive inclusive and sustainable growth in the region. During the event, the approval of 10,000 scholarships was announced to develop high-demand digital skills in El Salvador, as part of the IDB Group's America en el Centro program, in collaboration with Google Cloud. Also at GET Forum, a new investment of up to $3 million was signed to support early-stage startups, in addition to the regional project GovTech Connect, which will be implemented by the Civil Association Red de Innovación Local (RIL) with $2 million. It will strengthen and connect actors in Latin America's govtech ecosystem, promoting the adoption of innovative digital solutions for local governments. Additionally, the event showcased digital talent initiatives, including the announcement of winners of the WorkerTech LAC Challenge, developed with CivicHouse, and female entrepreneurship in STEM (science, technology, engineering, and mathematics) through the WeXchange Demo Day 2025. The forum also launched new publications offering practical resources for entrepreneurs, investors, and governments. These include the first mapping of the venture capital ecosystem in the Caribbean and the fAIr Tech Radar, a study on AI adoption in the region. ================= G U A T E M A L A ================= ENERGUATE TRUST: Fitch Affirms Then Withdraws 'BB' LT IDRs ---------------------------------------------------------- Fitch Ratings has affirmed Energuate Trust's Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) at 'BB' with a Positive Outlook. Fitch has simultaneously withdrawn the ratings for commercial reasons. Fitch will no longer have sufficient information to maintain Energuate Trust's ratings, nor does the company retain any debt outstanding to date. The rating is being withdrawn for commercial reasons. Key Rating Drivers The Key Rating Drivers are no longer applicable as the ratings have been withdrawn. RATING SENSITIVITIES The Ratings Sensitivities are no longer applicable as the ratings have been withdrawn. Issuer Profile Energuate Trust is the former trust and issuer of debt on behalf of Guatemala's two largest rural electricity distribution companies, DEORSA (northeast) and DEOCSA (west), collectively and commercially known as Energuate. Energuate Trust 2.0 (BB+/Stable) now issues bonds on behalf of Energuate. 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 ----------- ------ ----- Energuate Trust LT IDR BB Affirmed BB LT IDR WD Withdrawn LC LT IDR BB Affirmed BB LC LT IDR WD Withdrawn ============= J A M A I C A ============= JAMAICA: Treasury Bills See Strong Demand ----------------------------------------- RJR News reports that investors poured significantly more money than expected into the government of Jamaica's short-term treasury bills, as the state seeks to finance it's revised $1.55 trillion budget. Demand was especially strong for both the 90 and 183-day instruments, with investors offering more than double the amounts the government set out to raise on each, according to RJR News. Treasury bills are short-term borrowing tools used by the government to manage cash flow, and the nominal value of treasury bills currently outstanding now stands at just over $10 billion, the 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. ********* 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 * * *