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251224.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 Wednesday, December 24, 2025, Vol. 26, No. 256 Headlines A R G E N T I N A ADECOAGRO SA: S&P Downgrades ICR to 'BB-', Outlook Negative B R A Z I L BANCO MASTER: Chapter 15 Case Summary C O L O M B I A BANCO DAVIVIENDA: S&P Affirms 'BB' Long-Term ICR, Outlook Neg. D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Chicken Supply Guaranteed, ADA Says DOMINICAN REPUBLIC: Producers Warn Chicken Could Rise to RD$150/lb E C U A D O R ECUADOR: IDB OKs $203M Loan to Help Boost SMEs Investment Program J A M A I C A JAMAICA: BOJ to Withdraw $18BB From Circulation via Fixed Rate CD JAMAICA: S&P Affirms 'BB' Long-Term SCR, Alters Outlook to Stable JAMAICA: Sorrel Production Takes Further Hit From Melissa M E X I C O DEL MONTE: Plan Exclusivity Period Extended to February 26, 2026 - - - - - ================= A R G E N T I N A ================= ADECOAGRO SA: S&P Downgrades ICR to 'BB-', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered its ratings on Adecoagro S.A. to 'BB-' from 'BB'. S&P also lowered its issue-level ratings on the senior unsecured notes issued by the company to 'BB-' from 'BB' and took all ratings off CreditWatch with negative implications, where S&P had placed them in September 2025. The negative outlook reflects a one-in-three chance of another downgrade in the next 12 to 18 months. Potential risks include weaker operational performance that further depresses cash generation, execution risks in integrating Profertil's operations, liquidity pressures, and increasing exposure to Argentina and its transfer and convertibility (T&C) policies. Adecoagro acquired a 90% stake in Profertil S.A. (not rated), an Argentine urea producer, on Dec. 15, 2025, for US$1.1 billion, financed with a combination of cash on hand, new debt, and equity. As a result of the acquisition, and accounting for Adecoagro's weaker operational performance, S&P forecasts pro forma leverage to reach a peak of 3.0x by the end of 2025. While the acquisition signals a more aggressive growth strategy and higher tolerance for leverage from Adecoagro's current controller, Tether Investments (not rated), persistent weaker prices in sugar and crops should keep the company's debt to EBITDA elevated at around 3.0x in 2026 and 2027. Higher debt to support Profertil's acquisition and weaker operational performance will weigh on Adecoagro's leverage. S&P forecasts leverage to reach a peak of 4.7x (or 3.0x on a pro forma basis) by the end of 2025, compared with 1.6x in 2024. The company acquired the stakes in Profertil of Nutrien (BBB/Stable/A-2) and YPF (B-/Stable/--) in December 2025. It paid US$580 million in addition to the US$100 million paid to Nutrien when the first deal was announced in September 2025. The company will pay the remaining US$400 million to YPF in 2026. To support those cash outflows, Adecoagro used: -- Cash on hand as of September 2025, already incorporating the proceeds from the 2032 senior notes issued in July 2025 New debt, including US$200 million from a new long-term credit facility -- US$300 million raised through an equity follow-on, of which Tether provided US$220 million S&P said, "Our leverage forecast also considers the weaker performance in Adecoagro's operations. We forecast a nominal EBITDA of US$400 million for Adecoagro in 2025, compared with US$569 million in 2024, mainly attributed to lower prices in crops, weaker productivity in sugar and ethanol, and higher U.S. dollar-denominated costs, plus a pro forma EBITDA from Profertil of US$259 million in the year. "We forecast leverage will remain higher than historical levels after the acquisition, but the acquisition adds diversification. "We forecast consolidated nominal EBITDA will reach US$629 million in 2026, with an EBITDA margin of 31.7%, allowing net leverage to decline to 3.0x in the year--but still much higher than historical levels of below 2.0x. "Profertil is the largest urea player in South America, with a production capacity of 1.3 million tons. We expect the company will continue to benefit from resilient demand for fertilizers in Argentina, which historically has been a net importer of urea. Additionally, Profertil's operating plants have strategic locations, with good and close access to its main input, natural gas. Those factors, combined with still adequate prices for urea, should contribute to an average nominal EBITDA of US$300 million for Profertil in 2026 and 2027, which we expect will represent 45%-47% of Adecoagro's adjusted EBITDA. "However, we believe there's still execution risks in integrating such a relevant asset, specifically related to working capital management and investment strategy. Also, we continue to see challenging operating prospects for Adecoagro's other segments. We see little upside for the sugar and ethanol segment, considering a depressed sugar future curve price and downward pressure on domestic ethanol prices from our view of a reduction in the Brent oil price next year. We also don't expect the prices of relevant commodities, such as soybeans and corn, to recover in 2026, because we expect solid volumes for the next harvests." S&P believes the recent deal signals a more aggressive approach from Tether. The acquisition of Profertil is the first deal made by Adecoagro after the change in ownership in April 2025, and the first major transaction in its recent history. Adding debt when metrics were already stressed (due to subdued operating performance) signals a potential higher tolerance for leverage and preference for more aggressive growth. Mitigating factors are the fact that Tether supported part of the acquisition by participating in the follow-on and management's stated aim to return leverage to a baseline closer to Adecoagro's track record, which its shareholders backed. Still, this led us to reassess Adecoagro's management and governance score to moderately negative from neutral and also weakened our assessment of the financial risk profile. S&P said, "Nevertheless, we will continue to monitor how financial policies develop under the new ownership. A persistently more aggressive approach to leverage or shareholders' remuneration could potentially limit our view of the company's financial policy assessment and its liquidity, putting additional pressure on the ratings. "We expect consistent cash flow from Brazil and Uruguay to mitigate Adecoagro's higher exposure to Argentina. The consolidation of Profertil will significantly increase Adecoagro's exposure to Argentina. In 2026, our base case assumes the country will represent close to 45% of the company's adjusted EBITDA, compared with 15%-20% historically. However, we expect the sugar and ethanol operations in Brazil and the more profitable farming operations in Uruguay to continue to represent the bulk of the company's EBITDA, even if sugar and crop prices fall." The above, coupled with a solid dollar-dominated cash position and an extended debt maturity profile, allows us to rate Adecoagro three notches above Argentina's T&C assessment of 'B-'. However, if the weaker outlooks for sugar and ethanol persist and the company can't sustain a comfortable liquidity cushion outside the country, the consequent higher exposure to Argentina could limit the ratings on Adecoagro. The negative outlook reflects a one-in-three chance of another downgrade in the next 12 to 18 months. Potential risks include weaker operational performance that further depresses cash generation, execution risks in integrating Profertil's operations, liquidity pressures, and increasing exposure to Argentina and its T&C policies. S&P could lower its ratings on Adecoagro if: -- Adjusted leverage to EBITDA remains close to 4.0x. This could be a result of weaker operational performance or issues in integrating Profertil that hinder cash generation, or of a more aggressive approach toward mergers and acquisitions, shareholders' remuneration, and investments--including toward the newly acquired operations. -- The company's current controller continues to show a higher tolerance for leverage, which could materialize in a more aggressive debt-financed growth strategy or higher shareholders' remuneration. This scenario could lead us to reassess our view of the company's financial policy. -- Liquidity continues to weaken, given weaker than expected cash generation, working capital mismanagement, or higher cash outflows. -- Exposure to Argentina and its T&C policies continues to increase, with the company becoming more susceptible to the country's cash generation to comply with its obligations even outside that jurisdiction. S&P said, "We could revise the outlook to stable if Adecoagro reduces leverage in coming quarters, as we expect, while showing a consistent conservative approach toward working capital management, growth, and shareholders' remuneration. In this scenario, we would expect debt to EBITDA to be around 3.0x or below by the end of 2026 and in 2027. For a stable outlook, we would also need to see the company successfully managing its exposure to Argentina, after the consolidation of Profertil, while maintaining an adequate liquidity cushion above 20%." =========== B R A Z I L =========== BANCO MASTER: Chapter 15 Case Summary ------------------------------------- Chapter 15 Debtors: Banco Master, S.A. Centro Empresarial Rio - Praia de Botafogo, 228 - 1702 CEP: 22250-040 Rio de Janeiro-RJ, Brazil Banco Letsbank, S.A., Rua Elvira Ferraz, 440, 3 ao 13 andar, CEP: 04551-010 Sao Paulo, SP, Brazil Banco Master de Investimentos, S.A. Avenida Brigadeiro Faria Lima, 3477 Torre A 11 andar CEP: 04538-133, Sao Paulo, SP, Brazil Master S/A Corretora De Cambio, Titulos e Valores Mobiliarios Centro Empresarial Rio - Praia de Botafogo, 228 - 1702 CEP: 22250-040 Rio de Janeiro, RJ, Brazil Business Description: Banco Master, S.A., formerly known as Banco Maxima, is a financial institution that provides corporate credit, foreign exchange, and treasury services, and later expanded into real estate credit as well as fund and wealth management activities. The bank began operations in 1974 and broadened its business lines in the mid-1990s as part of its growth strategy within the financial services sector. Chapter 15 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-24568 Judge: Hon. Scott M Grossman Foreign Representative: EFB Regimes Especiais de Empresas, Ltda. 23 Largo da Misericordia Sao Paulo CEP.01012-020 Brazil Foreign Proceeding: Central Bank of Brazil Presidential Act Numbers 1.369, 1.371, 1.372, and 1.373 Foreign Representative's Counsel: Fernando J. Menendez, Esq. SEQUOR LAW, P.A. 1111 Brickell Ave, Suite 1250 Miami FL 33131 Tel: (305) 372-8282 Email: fmenendez@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WMVTUQY/Banco_Master_SA_Banco_Letsbank__flsbke-25-24568__0001.0.pdf?mcid=tGE4TAMA =============== C O L O M B I A =============== BANCO DAVIVIENDA: S&P Affirms 'BB' Long-Term ICR, Outlook Neg. -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB/B' long- and short-term issuer credit ratings on Banco Davivienda. The outlook on the long-term rating remains negative. Banco Davivienda received the regulatory authorization to transfer the Bank of Nova Scotia's (BNS: A+/Stable/A-1) operations of its subsidiaries in Colombia, Costa Rica, and Panama to Davivienda. As a result, Davivienda Group (Davivienda) will be the new nonoperating holding company and ultimate parent for all the operating financial entities across Colombia –including Banco Davivienda-- Costa Rica, Panama, Honduras, El Salvador, and U.S. BNS is transferring its operations in three Latin American countries to Davivienda in exchange for an approximate 20.3% ownership stake in the new combined operations and participation on the board of directors. S&P said, "In our view, even though this transaction represents operational and integration challenges, we think a positive execution would enable Davivienda to further expand its presence in Central America and Colombia, strengthening its geographic diversification, business stability and resilience to withstand potential headwinds amid adverse operating conditions in the region. "Our group credit profile (GCP) for Davivienda and subsidiaries on a consolidated basis is 'bb'. We think Davivienda's overall financial profile and performance will rely heavily on its main subsidiary, Banco Davivienda, which will be the main group's subsidiary, accounting for more than 70% of its assets, loan portfolio, and total capital the next few years." In this sense, S&P considers Banco Davivienda as a core subsidiary for Davivienda, therefore, it mirrors the bank's issuer credit rating (''BB') to that of its ultimate parent's GCP: -- S&P said, "The anchor, or starting point for our rating, on Davivienda is 'bb+', which reflects our view of the weighted average economic risk in the countries where the group's loan portfolio will be allocated. We expect Davivienda's largest loan exposures to be mainly in Colombia (71%), followed by Costa Rica (12%), Panama (7%), El Salvador (6%) and Honduras (4%). The anchor also reflects the industry risk for the Colombian banking system, where Davivienda is domiciled." S&P said, "We think this transaction enables Davivienda to strengthen its franchise and geographic diversification to expand its market share and business stability over the next few years. We expect Davivienda to have a sound market share in the countries in which it operates, mainly through Banco Davivienda, which benefits from its status as the second-largest Colombian bank with15.0% of total loans and 14% of total deposits as of September 2025. We estimate Davivienda will increase its market share in Colombia to roughly 19% in terms of gross loans and to 17% in deposits. The group's market share by loans will also rise in Costa Rica and Panama to 13% and 4%, respectively, nearly doubling its presence in those countries. In our opinion, Davivienda's business diversity and competitive advantages should enable the group to recover its growth dynamism and continue increasing its operating revenues in the two next years. "We expect Davivienda's risk-adjusted capital (RAC) ratio to have a low impact and will remain stable at about 5.9% for the next 12-24 months. Given the approval of the transaction, we base our view of Davivienda's capital and earnings on our consolidated RAC incorporating our expectation of the upcoming integration of the BNS' operations. We estimate that Davivienda's total assets could jump about 35%, with S&P Global risk-weighted assets likely increasing proportionally, as new assets are in countries with very similar economic risks to countries Davivienda currently operates. Additionally, Davivienda's total adjusted capital (TAC) could rise similarly, due to the new capital coming from BNS, coupled with a modest dividend payout ratio. Therefore, we estimate Davivienda's RAC ratio will be between 5.8% and 6.0% the next two years. We consider this range higher than those of Colombian peers but lower than other large banks in the region. "We believe Davivienda will continue to gradually increase its profitability with a return on average adjusted assets (ROAA) at about 0.6% during 2025-2026. Even though we see this trend as positive--especially after the bank's losses of the last two years--we anticipate these metrics would still remain below those of other large groups in Latam. In addition, we don't anticipate significant improvements after the integration, since BNS' profitability in Colombia is subpar and its Central American operations will represent a modest proportion of Davivienda's consolidated results. We expect higher operating revenue and some improved efficiencies could raise Davivienda's profitability from 2027 onwards. "We think Davivienda's asset quality will gradually align closer to the average of the Colombian banking system, although we expect them to remain weaker in the next 12 months compared with its main domestic peers. Given that Davivienda's Colombian operations will still account for more than 70% of the bank's total loans, we expect the group's asset quality will remain relatively pressured during 2025-2026. In this regard, we foresee Banco Davivienda, Davivienda's main subsidiary, will continue facing diverse challenges to consistently reverse its asset quality deterioration the next two years. This is despite Davivienda's stricter origination standards, which has enabled it to improve the asset quality of some of its businesses, particularly the consumer segment. Some of these factors include the persistent adverse macroeconomic conditions in Colombia, the lack of investor's confidence, and the uncertainty over the government's economic policies that could impair clients' payment capacity and weaken credit demand. "Conversely, we believe BNS' asset quality metrics are slightly better to Banco Davivienda's and could partially help to improve Davivienda's overall asset quality. We forecast Davivienda's nonperforming assets will be at about 4.3%-4.5% during 2025-2026. This is expected to be below the 5.0% Banco Davivienda reported as of September 2025, but above our expectation for the Colombian banking system's average of 3.4%-3.6% during the same period. Additionally, we estimate the group's reserves coverage will remain close to 100%, lower than Banco Davivienda's historical level of 110% (excluding collaterals) and those of its domestic peers. "Davivienda will maintain a stable wholesale funding mix composed mainly by deposits, which provides the group healthy liquidity. We do not anticipate a significant change in Davivienda's funding structure after the integration, as both banks primarily fund their operations through wholesale deposits. In our view, Davivienda's customer deposits will continue accounting for more than 80% of the funding base, while the rest will consist of market debt, credit lines, and repurchase agreements. In this sense, we expect the bank to maintain its stable funding ratio slightly above 100%. "We expect Davivienda's liquidity to remain healthy, mainly consisting of cash and equivalents, and an investment portfolio primarily allocated in government securities. In addition, we consider its refinancing risk manageable, given Davivienda's comfortable maturity profile coupled with very low financing needs in the short-term. Therefore, we expect the bank's broad liquid assets to comfortably cover its short-term funding needs in the next 12 months. "We view environmental, social, and governance (ESG) credit factors for Davivienda as neutral to its credit quality. In our opinion, Davivienda has had an experienced management team, as well as clear governance practices and standards that will comply with the regulatory frameworks of the different jurisdictions Davivienda will operate. We believe after the recent corporate transaction approval, BNS' operations will follow Davivienda's ESG plan and the group will maintain its long-term strategy of green and social financing. "In this regard, we believe Davivienda will keep its interim 2030 targets related to environmental issues, including climate change aligned with the Paris Agreement, as well as a Net Zero vision by 2050. Although we view Davivienda as an important financial group that will continue making progress in terms of ESG developments in Latin America, we incorporate these factors in our view of its strong business position. "The negative outlook on Banco Davivienda mirrors that on Colombia. In a sovereign stress scenario, we believe regulatory and supervisory powers may restrict the banks' financial flexibility. In our view, banks face many of the same economic factors that cause sovereign stress. "If we downgrade Colombia in the next 12 months, we could take the same action on Banco Davivienda. "If we revise the outlook on Colombia to stable in the next 12-24 months, we would take the same action on Banco Davivienda." =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Chicken Supply Guaranteed, ADA Says ------------------------------------------------------- Dominican Today reports that the Dominican Poultry Association (ADA) reported that the national production of broilers for this month reaches 24.7 million units, a volume that allows for covering the expected demand and the market supply during the season of the year with the most significant consumption: Christmas and New Year. According to the entity, in response to increased demand due to Christmas Eve, the national supply will rise to an average of 850 thousand chickens per day in the live chicken market over the next two weeks, representing an approximate 22% increase in availability, the report notes. Supply is guaranteed, says the ADA, the report relays. Regarding farm gate prices, the ADA explained that affiliated producers, who represent more than 80% of national production, maintain an average price of RD$48 per pound, the report discloses. At more than 150 popular points of sale nationwide, hot-processed chicken is marketed at around RD$72 per pound, the report says. The ADA recalled that the live chicken distribution system in the Dominican Republic operates as a broad chain of trust, with up to five actors intervening from the farm to the final consumer, the report relays. In this process, he pointed out, distortions of a speculative nature may occur that are not directly attributable to either producers or sector authorities but can affect the final price to the consumer, the report notes. The Dominican Poultry Association reiterated its commitment to production stability, market transparency, and food security in the country, while calling on all actors in the marketing chain to act responsibly, especially at a time of high consumption among Dominican families, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. DOMINICAN REPUBLIC: Producers Warn Chicken Could Rise to RD$150/lb ------------------------------------------------------------------ Dominican Today reports that the president of the Association of Small Poultry Producers of Moca-Licey (Approamoli), Ambiorix Cabrera, warned that the selling price of chicken could increase significantly. According to Cabrera, the price is expected to rise to 150 pesos per pound, noting that in the southern part of the country it is already being marketed at that price, the report notes. Cabrera states that this price increase is due to the current chicken shortage in the national territory, according to Dominican Today. He explained that the association has repeatedly tried to meet with President Luis Abinader to address the poultry issue and plan the sector, but this has proved impossible, the report relays. "This is a very stubborn government and everything is done under the table, the secretary of agriculture gave the sector to eight companies," Cabrera stressed, indicating that only a small group is benefiting from poultry production, the report discloses. He also assured that the big companies sell chickens at 50 and 60 pesos at the farm, the report says. First Christmas Without Chicken Cabrera also expressed concern about what could be "the first Christmas without chicken" in the country, due to low cash flow and the price increase, which will make chicken less affordable than in previous years, the report discloses. "The chicken was sold because it was an affordable product for the people, however, there is no money either," he clarified about the situation, the report relays. The Most Affected Small and medium producers have always been the most affected due to speculation in chicken prices, which, according to Cabrera, "have been designed so that a small group can keep everything," the report relays. Shortages Recently, the Confederation of Commerce of Provisions and SMEs of the Dominican Republic expressed concern about what they consider a shortage in the commercialization of chicken and the tendency for its price to rise, the report says. This union criticized the management of the authorities of the Ministry of Agriculture and the Government regarding the situation in the poultry sector and the high prices of the products in the basic basket, the report discloses. "This happens because it is a government without planning, and the Ministry of Agriculture seems to be an inheritance left to the incumbent, who has done nothing but destroy the agricultural sector by its mismanagement, which everyone knows, except by the authorities of the National Palace," Luna said in a note, the report relates. Rise is felt in the provinces, the report notes. In Barahona, a pound of chicken is currently being sold at RD$95.00, five pesos more, when it was marketed at RD$90.00, representing an increase of approximately 5.56%, the report relays. However, prices vary by locality, the report discloses. In the municipality of Jaquimeyes, for example, the pound reaches RD$110.00, according to Listin Diario, based on consultations with sellers and consumers, the report says. In Pedernales, the pound is sold around RD$100.00, although it can increase in more remote communities, reported journalist Alberto Odalis Baez, the report notes. This increase, a few days before Christmas Eve, affects the budgets of families, especially those with lower incomes, for whom chicken is the most accessible protein, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= E C U A D O R ============= ECUADOR: IDB OKs $203M Loan to Help Boost SMEs Investment Program ----------------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) approved $203.2 million in financing for the Productive Investment Financing Program for SMEs in Ecuador, aimed at increasing investments and strengthening the competitiveness of small and medium-sized enterprises (SMEs) through the second-tier operations of the Corporación Financiera Nacional B.P. (CFN). The program includes an IDB loan of $190 million and three different types of financing from the Green Climate Fund (GCF) and the Amazon Bioeconomy Fund managed by the IDB: a $10 million loan; a non-reimbursable investment grant of $1.7 million; and a non-reimbursable technical cooperation grant of $1.5 million. The program seeks to expand long-term productive credit for SMEs with a territorial segmentation approach covering metropolitan, intermediate, and eastern provinces. For the latter—those in the Ecuadorian Amazon—the goal is to build capacity in financing offerings for SMEs engaged in bioeconomy businesses. More than 3,200 SMEs nationwide, including 200 in the Amazon region, will directly benefit from the program's actions. CFN will use its second-tier credit lines to transfer program resources to eligible commercial banks at market rates, which will then provide long-term sub-loans to SMEs focused on financing productive investment projects. The entity will also implement a pilot financing scheme for SMEs in the Amazon, channeling resources to intermediary financial institutions, offering incentives to commercial banks, and providing technical assistance to strengthen investment management capacity in bioeconomy projects. 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 $190 million loan will be financed with IDB ordinary capital and has a repayment term of 25 years, a grace period of 5.5 years, and an interest rate based on SOFR. The $10 million loan from the GCF has a repayment term of 20 years, a grace period of 5.5 years, and an annual interest rate of 0.75%, plus service and commitment fees. ============= J A M A I C A ============= JAMAICA: BOJ to Withdraw $18BB From Circulation via Fixed Rate CD ----------------------------------------------------------------- RJR News reports that the Bank of Jamaica (BOJ) says it will be removing another $18 billion from circulation with its 6% per annum fixed rate certificate of deposit (CD), in order to help contain inflation and to stabilise the dollar two days before Christmas. Some $17.1 billion will be offered to private institutional investors and individuals on a competitive basis, while $900 million will be offered to public sector institutions on a non-competitive basis, according to RJR News. The instrument will be made directly available to primary dealers and commercial banks, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: S&P Affirms 'BB' Long-Term SCR, Alters Outlook to Stable ----------------------------------------------------------------- On Dec. 18, 2025, S&P Global Ratings revised its outlook on Jamaica to stable from positive. At the same time, S&P affirmed its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. S&P's transfer and convertibility assessment remains 'BB+'. Outlook S&P said, "The outlook revision to stable reflects our view that the likelihood that Jamaica's creditworthiness could further strengthen within the next year has become more remote. Hurricane Melissa, which was a Category 5 hurricane and the strongest reported hurricane to directly hit Jamaica in its history, has caused an estimated US$8.8 billion in damage, or around 40% of the country's 2024 GDP. Approximately one-third of this damage is likely to the country's infrastructure. "While we expect the economy to recover as it rebuilds, this will take time, and we expect the government's fiscal position will temporarily weaken as its spending needs increase. The debt burden will rise before continuing its long-term trajectory of decline." Downside scenario S&P said, "We could lower our ratings on Jamaica during the next 12 months if we believed changing fiscal policy and a weaker commitment to fiscal sustainability over the long term would lead to materially larger, sustained deficits over the forecast horizon that we did not expect to improve, and if we expected debt to continue to rise. We could also lower the ratings if the economy fails to recover over the long term as expected, weakening the country's external position." Upside scenario S&P said, "We could raise the ratings over the same time horizon if Jamaica's debt burden improves with a sustained and material decrease in its interest-to-revenues ratio and a quicker recovery in the government's fiscal performance. We could also raise the ratings if the economic recovery is materially faster and stronger than we expect, leading to higher longer-term economic growth expectations that converge with that of peers at a similar level of economic development." Rationale Institutional and economic profile: Economic growth will sharply contract in the near term and then rebound The economic contraction caused by the severe impact of Hurricane Melissa is likely to reach the double digits in the fourth quarter of 2025 and continue to have a strong impact in the early part of 2026. However, the economy will start to recover and in fact grow by the end of next year. The impact of major infrastructure damage in parts of the country (especially the southern and western part of the island), together with the destruction of important assets in the main sectors of the economy (particularly agriculture and tourism) will contribute to the severe downturn at the end of this year. Thereafter, S&P expects major rebuilding work and recovery in these sectors to support growth. The tourism industry has managed to have 70% of the country's hotel operators back in operations--as well as all major cruise ports and airports--with close to 80% expected to be back by the end of January 2026. While S&P believes the Jamaican economy is relatively well diversified, tourism, including its indirect contribution to the economy, represents as much as 30% of the country's GDP. S&P said, "With solid growth in that industry and throughout the economy estimated in the first three quarters of 2025, prior to the hurricane, we expect the overall GDP contraction in 2025 to be less severe than it otherwise would have been. We expect a contraction of 2% for full-year 2025. In 2026, the contraction we expect in the beginning of the year will be somewhat offset by growth in the fourth quarter. We expect a contraction of 1.8% for the full year, and thereafter we expect growth averaging 3% in 2027 and 2028 as the economy rebounds. "In our view, the government's ongoing work to strengthen its resilience to weather-related shocks will facilitate the country's recovery from Hurricane Melissa and demonstrates its strengthened institutions." In the aftermath of Melissa this year, as well as Hurricane Beryl last year, the government has been able to quickly access resources to support the country and population. Preparation has improved the government's readiness for such events. This preparation included a multilayered disaster risk framework that includes internal contingency funds, risk insurance facilities, a catastrophe bond, and a contingent credit facility, among other resources. It has also facilitated the offer of a major financial support package from various multilateral lending institutions of over US$3.6 billion, which the government could access over the coming three years. In addition to this preparation, the government has also strengthened other elements of its institutions over the past several years, including by solidifying the Bank of Jamaica, giving it legal independence and an official inflation-targeting mandate, and lowering violent crime. S&P said, "We believe there will continue to be consensus across political parties and throughout key economic sectors for fiscal policy that focuses on debt reduction following the interruption caused by Hurricane Melissa. While the government has suspended its fiscal rules embedded in its Fiscal Responsibility Framework to address the recovery needs of the country, it has followed the prescribed legislative path that allows for deviations. We believe there is strong commitment from all parts of government to resume this path following an initial recovery stage." This commitment reflects broad policy consensus that has become embedded in Jamaica's political culture and its governing institutions over the past decade. The government has a track record of adherence to large government primary fiscal surpluses and reducing government debt. Jamaica is the only one of the 141 sovereigns we rate that has achieved an annual primary fiscal surplus above 3% of GDP for the past 10 years, notwithstanding significant external shocks like the pandemic and past major hurricanes. S&P said, "We believe that the country's main political parties--the ruling Jamaica Labor Party and the opposition People's National Party--share similar outlooks on economic policy and commitment to fiscal consolidation. Jamaica has a history of a stable democracy with smooth transitions of government. We believe there is bipartisan consensus on macroeconomic policies." Despite an expected rebound by the later part of next year, the expected economic contraction caused by Hurricane Melissa is the latest of a series of external shocks that has affected the Jamaican economy over time. These have led the economy to suffer from anemic growth, on average, over the past several decades. S&P believes that these negative events will hamper long-term growth. The impact of the contraction at the end of this year will lead to GDP per capita of about US$8,100 in 2025, which is about US$400 lower than previously expected. While tourism is an important element of the Jamaican economy, especially when considering the indirect impacts, S&P believes that the economy is relatively well diversified overall, with agriculture, mining, and manufacturing representing important sectors in the economy in addition to tourism. However, the economy will remain vulnerable to hurricanes, flooding, and droughts. Over the past decade, the government has made numerous reforms that support diversification and economic growth. Nevertheless, growth remains constrained by high security costs; perceived corruption; low productivity; low business competitiveness; and vulnerability to external shocks, including weather-related ones. S&P expects the country's 10-year weighted-average growth rate will be 0.7%, which remains below that of sovereigns in the same GDP category. Flexibility and performance profile: Government deficits will temporarily rise, bumping up net general debt The combination of higher spending associated with rebuilding efforts, together with a contracting economy , will boost the government's fiscal deficit this year and next. As the economy recovers, S&P expects the government will resume its prudent fiscal management, leading to deficits that fall below 1% of GDP and primary surpluses that reach over 4% of GDP by the end of its forecast horizon. This temporary deterioration will lead to an increase in net general government debt to 55% of GDP by next year, from 49% last year. S&P said, "We believe net government debt will continue to fall, reaching 50% of GDP by 2028. At the same time, we expect government interest to revenues will be higher than we previously anticipated given higher borrowing and debt, averaging about 17% of revenues from 2025-2028." Jamaica's debt has significant exposure to exchange rate movements, as approximately 59% of general government debt is denominated in foreign currency. This exposure and the depreciation of the Jamaican currency are significant factors in our assessment of the change in net general government debt because currency depreciation can offset debt reduction. S&P said, "We assess Jamaica's contingent liabilities from the financial sector and nonfinancial public enterprises as limited, based on our Banking Industry Country Risk Assessment score of 8 (with 1 being the lowest-risk category and 10 the highest) and the ratio of banking sector assets to GDP of less than 100%. "We now expect the annual increase in net general government debt as a share of GDP will average 3% from 2025-2028. This metric will increase this year and next and then shrink in 2027 and 2028 as the effects of Hurricane Melissa lessen and the recovery becomes fully embedded in the economy. These metrics also incorporate the negative effect of a likely depreciating Jamaican dollar on the valuation of the country's large foreign-currency-denominated external debt. We expect primary fiscal surpluses to remain below their average of the past decade in 2025 and 2026, close to 3% of GDP, on average, from 2025-2028." Following two consecutive years of current account surpluses averaging 2.9% of GDP, fueled by strong tourism receipts and high remittances, Jamaica's current account is likely to fall this year and next on lower exports and higher imports related to rebuilding activity. Remittances continued to bolster external balances, although they decreased slightly year over year to just less than US$3.36 billion (about 15% of GDP) in 2024. S&P expects remittances will serve as a stable source of inflows this year and over the coming three years, offsetting some of the decline in other inflows. Over the next four years, the current account may average a surplus of 0.8% of GDP. Current account surpluses have supported central bank reserves. This, together with stronger financial-sector external assets and steady external debt prior to the hurricane, contributed to declining net external debt. While S&P expects gross external debt in the public sector to rise over the forecast horizon, external debt of the public, private, and financial sectors, net of usable reserves and financial-sector external assets, will hover around 44% of current account receipts over the next three years. The country's gross external financing needs will likely remain around 90% of current account receipts and usable reserves this year and next after falling gradually over the past several years. Nevertheless, Jamaica's net external liability position is substantially larger than its net external debt position, which could expose the country to elevated risk of disruptions to external funding. The government's disaster risk policy framework has built resiliency and improved its ability to respond in the aftermath of a disaster. The multilayered approach has included parametric insurance coverage, for which it has received a $92 million payout; a catastrophe bond, which involves a $150 million payout; contingency funds, which will provide $37 million; a contingent credit facility from the Inter-American Development Bank; and funds available from the World Bank. This is in addition to the $3.6 billion financial package offered by five different multilateral lending institutions, which S&P does not expect the government to fully draw down over the next several years. These resources provide critical support to the country in the aftermath of a hurricane. Despite substantial progress in mitigating the fiscal risks, Jamaica's economy and infrastructure remain vulnerable to physical risks. S&P said, "Although inflation fell sharply below the Bank of Jamaica's target of 4%-6% in the months prior to the hurricane, largely due to falling energy and agricultural prices, we expect that it will rise significantly over the coming months and into next year. We expect inflation will average 6% in 2026, at the top of the Bank of Jamaica's target, before falling to the middle of the range toward the end of the forecast horizon. In 2024, the Bank of Jamaica began reducing its policy rate, and it has maintained the rate at 5.75% as of its latest decision in late November. We believe the bank will maintain cautious monetary policy. "Although the central bank has a short track record under its enhanced autonomy, we believe it will continue facilitating orderly movements in the floating exchange rate. Dollarization is still high in the financial system, but it has decreased over the past several years. In mid-2025, about 36% of resident deposits in the financial system were denominated in foreign currencies. "In accordance with our relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable." At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List Ratings Affirmed; Outlook Action To From Jamaica Sovereign Credit Rating BB/Stable/B BB/Positive/B Ratings Affirmed Jamaica Transfer & Convertibility Assessment Local Currency BB+ Jamaica Air Jamaica Ltd. Senior Unsecured BB JAMAICA: Sorrel Production Takes Further Hit From Melissa --------------------------------------------------------- RJR News reports that Jamaica produced 837,000 tonnes of sorrel last year. This was a decline of 27% compared with a 1.2 million tonnes produced in 2023, according to RJR News. It was also below the annual average production rate of a million tonnes, the report notes. Hurricane Melissa, however, wiped out 90% of this year's crop, and as a result, the price of the precious commodity skyrocketed from $250 to $300 per pound, to now $800 per pound, the report relays. The Peter McConnell-led Trade Winds has, however, stockpiled the precious commodity in anticipation of the increased demand and in order to make sure that it has adequate supplies to a meated spike in demand, the report notes. Mr. McConnell says the company has been buying and stockpiling sorrel since the beginning of this year, because it is a best-seller during the month of December, the report says. Meanwhile, John Mahfood, Managing Director of Jamaican Teas, says his company has been forced to import sorrel because of the low production and damage done by Hurricane Melissa, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== DEL MONTE: Plan Exclusivity Period Extended to February 26, 2026 ---------------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended Del Monte Foods Corporation II Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 26, 2026 and April 28, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that there are 18 Debtor entities which collectively, as of the Petition Date, have over 2,700 employees, including employees who are members of collective bargaining units, and approximately $1.23 billion in long-term, secured funded debt obligations. At the outset of these Chapter 11 Cases, the Debtors commenced the comprehensive Sale Process for substantially all of their assets as a going-concern business, and closing for any sale transaction is expected to occur in early 2026. In short, these Chapter 11 Cases are complex, strongly weighing in favor of an extension of the Debtors' Exclusive Periods. The Debtors claim that as with most chapter 11 cases, the initial 120-day period was dominated by their transition into bankruptcy, including the Debtors' efforts to minimize disruptions to their business operations, and in working to respond to extensive information demands of key stakeholders. For the foregoing reasons, the Debtors believe that they will be able to propose a viable plan in these Chapter 11 Cases, and the Debtors have made significant progress toward that goal in the first few months of these Chapter 11 Cases, all of which fully supports an extension of the Exclusive Periods. Importantly, the Debtors are not seeking the extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders, but rather to continue the orderly, efficient and cost-effective restructuring process, the lynchpin of which is the Sale Process, for the ultimate benefit of their stakeholder group as a whole. Being required to defend against one or more competing plans while pursuing all of these critical workstreams would give rise to uncertainty and unnecessary expense that would reduce, and not preserve, estate value to the detriment of all stakeholders. The Debtors assert that they continue to pay timely their undisputed postpetition obligations in the ordinary course of business or as otherwise provided by Court order, and intend to continue to do so. Additionally, the Debtors maintain ongoing communications with their major creditors, the U.S. Trustee, and other stakeholders regarding their business operations and postpetition obligations. Accordingly, this factor weighs in favor of extending the Debtors' Exclusivity Periods. Co-Counsel to the Debtors: Michael D. Sirota, Esq. David M. Bass, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com dbass@coleschotz.com fyudkin@coleschotz.com -and- Adam C. Rogoff, Esq. Rachael L. Ringer, Esq. Megan M. Wasson, Esq. Ashland J. Bernard, Esq. HERBERT SMITH FREEHILLS KRAMER (US) LLP 1177 Avenue of the Americas New York, New York 10036 Tel: (212) 715-9100 E-mail: Adam.Rogoff@HSFKramer.com Rachael.Ringer@HSFKramer.com Megan.Wasson@HSFKramer.com Ashland.Bernard@HSFKramer.com About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The Committee retained Morrison & Foerster LLP as counsel, and Kelley Drye & Warren LLP as co-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. 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 * * *