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260115.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 Thursday, January 15, 2026, Vol. 27, No. 11 Headlines B O L I V I A BOLIVIA: IDB Approves $4.5 Billion Support Package Thru 2028 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: State Closes 2025 with RD$268-Bil. Fiscal Gap J A M A I C A JAMAICA: Tax Revenues $9BB Below Budget for April to November M E X I C O MEXICO: Markets Steady After US Inflation Print, With Peso Strength NUEVA ELEKTRA: Moody's Cuts Rating on $350MM 2024-1 A Notes to B1 P U E R T O R I C O CENTRO DE ENVEJECIENTES: Hires Batista Law as Bankruptcy Counsel V E N E Z U E L A VENEZUELA: Crypto-Backed Oil Deals Put Tether at Spotlight - - - - - ============= B O L I V I A ============= BOLIVIA: IDB Approves $4.5 Billion Support Package Thru 2028 ------------------------------------------------------------ The Inter-American Development Bank Group (IDB Group) and Bolivian authorities agreed on a $4.5 billion package for 2026-2028 to support the new government's ambitious reform agenda to stabilize the economy, restore growth, and expand job creation. It includes targeted financing for social protection, private investment, infrastructure, budget support, and capital mobilization. The package represents nearly six times the Bank’s previous allocation to Bolivia. President Ilan Goldfajn reaffirmed the IDB Group's support for Bolivia's economic stabilization and pro-growth reforms during a historic visit — the first by a Bank president in 15 years. It marks a new phase of collaboration, focused on helping the country address current challenges while laying the groundwork for sustainable growth. "We are here to support Bolivia to drive growth that benefits the entire population," said Goldfajn. "Stabilization is essential, but not sufficient. Lasting growth depends on a shared effort, including by the private sector." "We welcome the support and visit of the Inter-American Development Bank to our country. We fully agree that economic stabilization is only the first step; the real challenge lies in building a sustainable and equitable growth model that reaches every Bolivian household and translates into public works, infrastructure, health, education, and jobs," said Bolivian President Rodrigo Paz. In the first year, the IDB Group expects to deploy about $2 billion to support a stabilization program that protects the most vulnerable segment of the population and helps restore macroeconomic stability. Immediate actions include direct financing for cash transfers to low-income households. This is part of a coordinated multilateral effort to support fiscal consolidation while helping the most vulnerable. The IDB Group is also supporting the Bolivia Crece agenda to accelerate economic recovery and attract investment. The program focuses on removing bottlenecks, increasing productivity, and advancing reforms at limited fiscal cost. This includes support for execution capacity, regulatory reform, and key investments in mining, energy, agribusiness, and tourism — together with efforts to strengthen trade and logistics in the Southern Bioceanic Corridor, supported by the IDB Group’s flagship South Connection program. Beyond financing, the IDB Group brings technical capacity, more than 65 years of experience, and practical solutions drawn from across Latin America and the Caribbean to support Bolivia’s agenda. As part of this effort, the IDB is providing non- reimbursable resources of up to $4.5 million in technical assistance to strengthen project preparation and pre-investment for priority initiatives, including under Bolivia’s national development plan (PDES), improving access to public and private financing and accelerating execution. With limited fiscal space, the strategy depends on efforts by all, including the private sector. IDB Invest, the IDB Group’s private-sector arm, will expand its portfolio in Bolivia twentyfold, investing up to $450 million over the next three years in agribusiness, infrastructure, industry, and financial inclusion. Enabling reforms include 24-hour customs operations in Santa Cruz, streamlining procedures to support investments, expanding IDB Pay for digital payments and formalization, and simplifying business registration. To support this, the IDB Group and the International Finance Corporation (IFC) will mobilize private investment at scale, supporting competitive local companies and advancing projects in mining, agribusiness, tourism, energy, sustainable infrastructure, financial inclusion, and value-added manufacturing. In parallel, the IDB Group is discussing ways to advance efforts with the U.S. International Development Finance Cooperation (DFC) to mobilize private capital and support high-impact projects across sectors. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: State Closes 2025 with RD$268-Bil. Fiscal Gap ----------------------------------------------------------------- Dominican Today, citing Ministry of Finance and Economy, reports that as of December 26, 2025, the Dominican State reported revenues of RD$1.22 trillion, while public spending reached RD$1.49 trillion. This resulted in a fiscal gap of RD$268.36 billion, as government expenditures exceeded income, according to Dominican Today. To finance this shortfall, the State relied on RD$364.54 billion in financial sources, while financial applications - mainly for debt servicing and amortization - totaled RD$82.61 billion, the report notes. Meanwhile, the National Congress approved the 2026 General State Budget in December 2025, amounting to RD$1.84 trillion, the report says. The budget projects total expenditures of RD$1.62 trillion and a fiscal deficit of approximately RD$280.6 billion, equivalent to 3.2% of GDP, the report relays. The plan includes significant budget increases for the Ministry of Energy and Mines (75.4%), Sports (45.6%), and Tourism (18%), as well as funding for the creation of the new Ministry of Justice, the report discloses. However, it also contemplates cuts for institutions such as the Attorney General's Office (27%), due to the restructuring linked to the new ministry, and the Superior Electoral Court (15.5%), 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. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: Tax Revenues $9BB Below Budget for April to November ------------------------------------------------------------- RJR News reports that the Jamaican Ministry of Finance and the Public Service is reporting that tax revenues were running at $9 billion below budget during the period April to November of this fiscal year. During that period of time, it collected only $565 billion when the projections were for $574 billion, according to RJR News. The ministry's central government operations report also revealed that as result of this revenue shortfall it spent $2 billion less than it planned during the same period, the report notes. RJR News discloses that the fiscal deficit, which measures the difference between what it spends and what it collects, was running at minus $38.7 billion when it should have been minus $42 billion. The ministry is also reporting that it borrowed $111.3 billion, $9.1 billion more than it planned to because of this revenue shortfall, the report relay. The government also repaid $124.6 billion - $549 million less than it was planning to repay during the period under review, the report says. Meanwhile, the primary balance, or the amount of money that was set aside to repay the debt, was $74 billion, the report notes. This was $2 billion more than budgeted for, 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. In December 2025, Moody's Ratings upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to Ba3 from B1, and the senior unsecured shelf rating to (P)Ba3 from (P)B1. The outlook has been changed to stable from positive. Also in December 2025, S&P 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+'. Fitch Ratings in November 2025, affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised its Outlook to Stable from Positive. =========== M E X I C O =========== MEXICO: Markets Steady After US Inflation Print, With Peso Strength ------------------------------------------------------------------- Rio Times Online reports that the Mexican peso traded near 17.8181 per dollar early Jan. 14, extending a firm tone that has defined recent sessions, while the S&P/BMV IPC hovered around 66,294, according to Rio Times Online. The backdrop was a calmer dollar after Jan. 13's U.S. inflation report and a market that is still willing to pay for yield, but no longer willing to chase risk without limits, according to Rio Times Online. The report notes that U.S. consumer prices rose 0.3% month over month in December, leaving headline inflation at 2.7% year over year and core at 2.6%, the report relays. The numbers were close enough to expectations to cool the idea that the Fed must tighten further, helping the dollar stabilize with the dollar index near 99.1, the report notes. That matters for Mexico: when U.S. yields stop climbing, the peso's rate advantage becomes harder to ignore, the report says. Still, traders are not treating the session as a one-way bet, the report discloses. One local desk described the dollar as moving "without a clear direction" after CPI, while another warned that a sustained break could open the door toward 17.80, though it called that outcome unlikely in the near term, the report notes. Banxico's own message supports that caution: after cutting rates to 7.00%, minutes emphasized inflation risks tied to new taxes and trade frictions, a stance that can slow further easing and preserve carry, the report relays. Technicals reinforce the "strong peso, but stretched" setup. On the 4-hour chart, USD/MXN looks oversold, with momentum consistent with a potential snapback on headlines, the report notes. On the daily chart, the downtrend remains intact unless the pair reclaims 18.00–18.06; near-term support sits around 17.80–17.78, with bigger resistance above 18.17–18.28 and 18.39, the report discloses. For equities, the IPC's uptrend is still constructive, but the market is consolidating near resistance around 66.3k–66.9k, with support clustered in 65.9k–65.3k and deeper levels near 64.7k and 63.8k, the report says. The U.S.-listed Mexico ETF EWW traded near $71.97 on roughly 1.23 million shares, echoing resilient international demand even as near-term flows wobble, the report relays. As reported in the Troubled Company Reporter-Latin America, Egan-Jones Ratings Company on January 15, 2025, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by United Mexican States or Mexico. EJR also withdrew the rating on commercial paper issued by the Company. NUEVA ELEKTRA: Moody's Cuts Rating on $350MM 2024-1 A Notes to B1 ----------------------------------------------------------------- Moody's Ratings has downgraded the rating and maintained the review for downgrade on the following notes issued by Nueva Elektra del Milenio -Mexico Remittances Funding Fiduciary Estate Series - Public Credit Rating: US$350 million Series 2024-1 Fixed Rate Notes, Class A Notes, Downgraded to B1 and Remains On Review for Downgrade; previously on Oct 31, 2025 Ba3 Placed On Review for Downgrade The Notes are backed by remittance reimbursement receivables that are Mexican peso-denominated reimbursement rights that arise from money transfer agreements and all other reimbursement-based contracts Nueva Elektra del Milenio, SA de CV. ("NEM") has entered in with the remitters whether now in existence or entered into in the future. The issuer is a Luxemburg SPV fiduciary estate that is managed by Mexico Remittances Funding Fiduciary Estate Management (the "Fiduciary"), a private limited liability company incorporated under Luxemburg law. The Fiduciary is entirely owned and operated by a foundation ("Stichting"), incorporated under the laws of the Netherlands. The remittances backing the securitization include all rights, titles and interests (but none of the obligations) of NEM in all amounts owed or to be owed by a remitter to NEM in connection with the settlement of Peso-denominated Payment Orders paid out by NEM under any Reimbursement Remittance Transaction, excluding any commissions. The rating is mainly based on the financial and operational capacities of NEM, its fundamental importance in the Mexico remittance market, its crucial role as the premier provider of money transfers from the US in Mexico and the Guarantee provided by Grupo Elektra, S.A.B. de C.V. to unconditionally and irrevocably guarantee the full and prompt payment of any default payment due under the Notes. RATINGS RATIONALE The rating action taken is the result of a rating action on NEM' rating, which was downgraded to B1 and maintained under review for downgrade on December 30, 2025. The rating also considers the increased governance risks posed by NEM given its significant role as originator and servicer. As a result, Moody's have revised the transaction's Governance IPS to G-5 from G-4. Concurrently, Moody's have revised the transaction's Credit Impact Score (CIS) to CIS-5 from CIS-4. Methodology Underlying the Rating Action: The principal methodology used in this rating was "Future Receivables Securitizations" published in April 2024. Factors that would lead to an upgrade or downgrade of the rating: Factors that could lead to an upgrade of the ratings include a strengthening in the credit quality of the sponsor and/or guarantor. Factors that could lead to a downgrade of the ratings are (1) a weakening in credit quality of the sponsor and/or guarantor, (2) remittance and DSCR levels weaker than expected, and (3) the emergence of technologies that could materially change remittance trends and adversely affect future remittance collections. ===================== P U E R T O R I C O ===================== CENTRO DE ENVEJECIENTES: Hires Batista Law as Bankruptcy Counsel ---------------------------------------------------------------- Centro de Envejecientes Jardin Dorado, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Batista Law Group, P.S.C. to handle its Chapter 11 case. The firm's hourly rates are: Jesus E. Batista Sanchez, Esq. $350 Associates $275 Paralegals $110 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $6,000. Mr. Batista Sanchez, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jesus E. Batista Sanchez, Esq. The Batista Law Group, PSC Capital Center I 239 Ave Arterial de Hostos Suite 206 San Juan PR 00918 Tel No: (787) 620-2856 Fax No: (787) 777-1589 Email: jeb@batistasanchez.com About Centro de Envejecientes Jardin Dorado, Inc. Centro de Envejecientes Jardin Dorado, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-05865) on December 29, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Jesus E. Batista Sanchez, Esq. at The Batista Law Group, PSC serves as the Debtor's counsel. ================= V E N E Z U E L A ================= VENEZUELA: Crypto-Backed Oil Deals Put Tether at Spotlight ---------------------------------------------------------- globalinsolvency.com, citing the Wall Street Journal, reports that Nicolas Maduro helped make tether the world's dominant stablecoin. The Wall Street Journal reported that with the former Venezuelan leader now sitting in a Brooklyn jail, the cryptocurrency's central role in Venezuela's economy is back in the spotlight. Tether emerged as a vital tool for the state-run oil company to sidestep sanctions, serving as the currency for settling oil transactions, the report relays. It also has offered a financial lifeline to everyday Venezuelans racked by the tumbling value of their home currency, the bolivar, the report adds. About Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean sea. The capital is the city of Caracas. Hugo Chavez was president to Venezuela from 1999 to 2013. The Chavez presidency was plagued with challenges, which included a 2002 coup d'etat, a 2002 national strike and a 2004 recall referendum. Nicolas Maduro was elected president in 2013 after the death of Chavez. Maduro won a second term at the May 2018 Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president. The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. Moody's has withdrawn its 'C' local currency and foreign currency ceilings for Venezuela in September 2022. Standard & Poors has also withdrawn its 'SD/D' foreign currency sovereign credit ratings and 'CCC-/C' local currency ratings on Venezuela in September 2021 due to lack of sufficient information. Fitch withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the imposition of U.S. sanctions on the country's government. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. 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 * * *