260121.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, January 21, 2026, Vol. 27, No. 15
Headlines
A R G E N T I N A
ARGENTINA: Posted Budget Surplus in 2025 for Second Year Running
B R A Z I L
COMPANHIA SIDERURGICA: Plans to Divest Key Assets to Cut Debt
COMPANHIA SIDERURGICA: S&P Lowers ICR to 'B+', Outlook Negative
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Mining Exports Reach Record US$2.59BB in 2025
J A M A I C A
JAMAICA: BOJ's Cert of Deposit to Withdraw $26BB Oversubscribed
JAMAICA: IMF OKs US$ 415MM Disbursement for Hurricane Melissa
JAMAICA: Unemployment Falls to 3.3% in Fourth Quarter of 2025
P E R U
INRETAIL SHOPPING: S&P Withdraws 'BB+' Rating on PEN428MM Notes
P U E R T O R I C O
ALLEGIANT TRAVEL: Sun Country Deal No Impact on Moody's Ba3 Rating
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Posted Budget Surplus in 2025 for Second Year Running
----------------------------------------------------------------
AFP News reports that Argentina recorded a budget surplus in 2025
for the second year in a row, the government said.
It credited the news to the "zero deficit" policy implemented by
President Javier Milei upon taking office in December 2023, AFP
News recalls.
Argentina's primary surplus – which excludes interest payments on
debt – stood at 1.4 percent of gross domestic product (GDP) last
year, while the overall fiscal surplus reached 0.2 percent of GDP,
Economy Minister Luis Caputo said in a post on the X social
network, according to AFP News.
Caputo said primary government spending in 2025 was 27 percent
lower in real terms compared to 2023, the report notes.
"This reduction was achieved while protecting spending on direct
social programs aimed at the most vulnerable sectors," the minister
wrote, the report says.
Social spending on state child support and food aid grew by 43
percent in real terms from December 2023 to December 2025, he
added, the report notes.
Prior to Milei's entry to office, the country had not managed to
string together two consecutive years of positive balances in its
public accounts since 2008, the report discloses.
Nevertheless, last year's result represents a slight setback
compared to 2024, when Argentina's primary surplus reached 1.8
percent and the fiscal surplus 0.3 percent, the report says.
"The fiscal anchor [zero deficit] is and will be a state policy,"
Milei said in a post on his X account, reacting to the news, the
report relays.
The outcome was underpinned by a sharp cut in public spending,
which included reductions in subsidies and frozen budgets in areas
such as education, health, scientific research and public works,
the report notes.
Caputo said the 2025 surplus was achieved even with cuts in taxes
and export duties, the report discloses.
"Sound public finances and economic growth will make it possible to
continue returning resources to the private sector in the form of
tax cuts, which since 2024 have already exceeded 2.5 percent of
GDP," he wrote, 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.
===========
B R A Z I L
===========
COMPANHIA SIDERURGICA: Plans to Divest Key Assets to Cut Debt
-------------------------------------------------------------
globalinsolvency.com, citing Bloomberg News, reports that Brazilian
steel-to-energy conglomerate Companhia Siderurgica Nacional SA
("CSN") plans to divest key assets to reduce its heavy debt burden
as high interest rates squeeze financing and weigh on investment.
The group, controlled by the billionaire Steinbruch family, has
hired advisers to sell a significant stake in CSN Infraestrutura
— which owns ports, railways and a logistics company — as well
as control of its cement unit, the report notes. The company aims
to sign deals in the second half of the year, according to
globalinsolvency.com.
As reported in Troubled Company Reporter-Latin America in November
2025, Moody's Ratings has placed Companhia Siderurgica Nacional
(CSN)'s Ba3 Corporate Family Rating, the Ba3 ratings of CSN
Resources S.A.'s Backed Senior Unsecured Notes and the Ba3 rating
of the Backed Senior Unsecured Notes of CSN Inova Ventures on
review for downgrade. Previously the outlook was stable.
COMPANHIA SIDERURGICA: S&P Lowers ICR to 'B+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its ratings on Companhia Siderurgica
Nacional (CSN) to 'B+' from 'BB-'.
The negative outlook reflects a one-in-three chance of another
downgrade in the next 12 months if the absence of asset sales and
the worsening operational performance keep leverage above 5.0x,
while mounting short-term debt and substantial cash outflows with
capital expenditure (capex) and interest pressure liquidity.
CSN announced on Jan. 14, 2026, a plan to reduce its leverage
through divestments. S&P currently forecasts adjusted leverage to
stay above 5.0x in 2026 absent the asset sales.
While S&P acknowledges the company's efforts to improve its capital
structure and reduce its interest burden, it believes there are
risks in executing these material transactions in a timely manner,
which may delay improvements in leverage.
CSN's plan aims to improve leverage, but uncertainties over its
execution, timing, and effect on cash flow currently outweigh the
upside. The company's plan is based on a series of divestments,
namely the sale of a stake in Newco CSN Infraestrutura and its
cement subsidiary, CSN Cimentos. CSN aims to raise R$16
billion-R$18 billion, to be used to reduce gross debt and related
debt burden. On Sept. 30, 2025, CSN's financial gross debt reached
R$52.1 billion (or R$73.5 billion considering our adjustments).
After the sale of an 11% stake in CSN Mineracao (CMIN) in 2024, the
company's strategy incorporates streamlining its heavy capital
structure by selling assets, a considerable shift in management's
approach after a cycle of significant mergers and acquisitions that
expanded the scope of operations but now demands sizable capex for
ongoing expansion and improvements amid persistently high interest
rates and a history of dividend payouts.
Based on the company's expectation in terms of sale amounts and
timing, once both sales are completed, CSN would be able to reduce
its debt by about one-third by 2027. Alongside improving leverage,
the interest burden could drop by about R$2.5 billion by 2027 from
our estimate of close to R$5.7 billion in 2025. However, the sale
of the cement division would also shrink EBITDA accordingly, which
would limit the improvement in metrics. S&P assumes the cement
business to generate EBITDA of R$1.8 billion in 2026 and close to
R$2.0 billion in 2027.
SP said, "Nevertheless, we believe the complexity of these
transactions, considering the potential approval from regulatory
bodies, introduces high uncertainties regarding their timing and
execution. Also, given its sizable debt and ongoing large cash
outflows, the company's initiatives could fail to reduce leverage
to the 'BB-' rating level, with adjusted debt to EBITDA at
4.0x-4.5x in 2026-2027, if the sale occurs in 2026 as announced.
This potential leverage improvement is incorporated in a positive
adjustment included in the rating construction."
S&P's metrics differ significantly from those reported by the
company because of the following adjustments:
-- S&P's debt metrics include the Transnordestina project's debt
guaranteed by CSN, pension adjustments, iron ore prepayments,
leasing obligations, asset retirement obligations, and tax
installments. These added R$21.3 billion to CSN's debt as of Sept.
30, 2025.
-- S&P's adjusted EBITDA does not include the contribution from
MRS Logistica S.A. and excludes some nonrecurrent factors, such as
gains or losses from asset sales and the recognition of the
PIS/COFINS tax credits.
-- S&P forecasts improving operating performance in all divisions,
but well-executed asset sales remain key to reduce leverage. In a
scenario of still heightened competition from imports in Brazil,
CSN has been able to work on improving its cost structure by
focusing on greater efficiency to support margins. This, coupled
with increasing volumes and some room to adjust prices given better
product mix and recent quota implementations, should enable the
company to raise its steel margins in 2026.
Iron ore prices have remained at higher levels than our price deck,
with spot prices of $104-$ 107 per ton in the first weeks of
January. Still, S&P believes persistent challenges in the global
steel markets and higher global iron ore supply will likely prevent
prices from remaining at current levels for an extended period. S&P
Global Ratings forecasts iron ore prices at US$90 per ton in 2026
and 2027. However, CSN's solid volumes, some hedged contracts, and
cost-efficient operations will continue to support the mining
division's solid performance.
This, coupled with fairly stable results in cement, infrastructure,
and energy units, will enable nominal EBITDA to rise to R$11.7
billion and EBITDA margin to 24.9% in 2026, compared with our
forecast of R$10.3 billion and 24.0% for the end of 2025. However,
absent other material cash inflows, adjusted leverage will be at
5.2x in 2026, compared with our forecast of 5.7x in 2025.
High investments will continue to consume CSN's cash generation in
the next two years. Together with its divestment strategy, the
company will continue to invest more than R$5 billion per year,
mainly in the P15 project. With its completion expected by the end
of 2027, the company aims to increase the mining capacity by about
16.5 million tons after the ramp-up, while increasing the exposure
to 65% quality iron ore. Management believes that the project could
add up to R$4 billion per year to the group's EBITDA, but only by
2029-2030.
S&P said, "We forecast annual capex to peak at R$6.2 billion for
the next two years for the P15 project. This, coupled with still
sizable interest burden at about R$5.1 billion in 2026 and R$4.5
billion in 2027, will continue to pressure free operating cash flow
(FOCF), which should result in a R$1.0 billion shortfall this year
and generate positive R$80 million in 2027, after consuming R$4.9
billion in 2025. Nevertheless, we recognize that the potential
sales, if and once completed, could benefit cash generation
stemming from lower interest expenses resulting from reduced debt
and potentially lower capex because of sold operations.
"We continue to assess the company's liquidity as adequate,
although with a tighter cushion. CSN's significant cash outflows
last year had taken a toll on its consolidated cash position, which
we forecast at about R$14 billion by the end of 2025, down from
R$23.4 billion in 2024. This, coupled with close to R$8 billion in
maturities in the short term, has reduced the liquidity cushion,
now slightly above 20%. Still, factors such as CSN's ability to
reduce capex if needed, no payment of dividends other than the
minority outflows from CMIN, and its access to credit markets for
refinancing continue to support our assessment.
"However, we note that the larger portion of the company's debt,
and consequently, interest burden is at the parent level, while
most of its cash position and cash generation are under its
subsidiary, CMIN. CSN controls the subsidiary through a 69% stake,
and we believe that it has access to CMIN's cash. However, for any
potential upstream in the form of dividends, CSN would have to
account for the minority stake in the subsidiary. Therefore, we
apply a 31% haircut to CMIN's cash available to support the
company's overall liquidity position."
The negative outlook reflects a one-in-three chance of another
downgrade in the next 12 months if worsening business conditions,
such as lower-than-expected prices in mining and persistently
pressured steel margins, and no asset sales further erode leverage
and liquidity.
S&P said, "We could lower our ratings on CSN in the next 12 months
if a delay in the planned asset sales, weaker-than-expected
operating performance, such as lower profitability and high cash
consumption, or a more aggressive approach to capex and growth
stall CSN's deleveraging, with debt to EBITDA persistently above
5.0x. We could also downgrade CSN if its liquidity weakens because
of lower-than-expected cash flow or mismanagement of working
capital, affecting its ability to refinance its short-term debt in
a way to maintain an adequate liquidity position, in particular at
the parent company level.
"A positive rating action would depend on CSN's ability to reduce
leverage, with debt to EBITDA trending to 4.5x or below in 2026 and
2027. We would also need to see a conservative approach toward
working capital management, capex, and dividends, while CSN reduces
its interest burden. Maintenance of an adequate liquidity cushion
would also be key."
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Mining Exports Reach Record US$2.59BB in 2025
-----------------------------------------------------------------
Dominican Today, citing the Central Bank, reports that the
Dominican Republic closed 2025 with its highest-ever mining export
value, surpassing US$2.59 billion. This figure represents a 52%
increase compared to 2024, when exports totaled US$1.71 billion,
and exceeds previous records such as 2021, when mining exports
reached US$2.16 billion, according to the report.
Minister of Energy and Mines Joel Santos attributed the strong
performance largely to the final quarter of the year, which
generated US$825.9 million - 67% more than the same period in 2024
- driven mainly by gold and silver exports, the report notes.
Santos emphasized that mining continues to play a strategic role in
the Dominican economy, accounting for more than 40% of total
national exports, with gold as the sector's leading product, the
report relays. He noted that exports in the last quarter of 2025
rose about 14% compared to July–September, reflecting sustained
momentum supported by increased investment and strengthened
institutional capacity, the report says. These results, he said,
translate into a direct boost for economic growth, employment, and
foreign exchange generation, the report notes.
Beyond exports, the mining sector also stood out as a major magnet
for foreign investment, the report relays. Between January and
September 2025, mining attracted over US$556.3 million in foreign
direct investment, equivalent to around 14% of total FDI received
by the country, while the broader energy and mining sector
accounted for roughly 40% of all FDI. Santos also highlighted
progress in sustainable growth and diversification, including
international recognition of larimar under the "Larimar Barahona"
designation of origin, advances in rare earth exploration in
Pedernales, ongoing reforms to the Mining Law, and a major
community resettlement agreement in Cotui involving investments
exceeding RD$20 billion, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
=============
J A M A I C A
=============
JAMAICA: BOJ's Cert of Deposit to Withdraw $26BB Oversubscribed
---------------------------------------------------------------
RJR News reports that private and public sector institutions, along
with individual investors, placed more funds with the Bank of
Jamaica than it sought to absorb during the January 13, 2026
liquidity operation.
The central bank aimed to withdraw $26 billion from circulation
through a fixed rate certificate of deposit, paying 6% per annum,
according to RJR News.
However, investors and money changers submitted 356 bids totalling
$51.3 billion, the report notes.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2. The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
JAMAICA: IMF OKs US$ 415MM Disbursement for Hurricane Melissa
-------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
approved a disbursement in the amount of SDR 306.32 million (about
US$415 million, 80 percent of quota) for Jamaica under the Rapid
Financing Instrument's (RFI) large natural disaster window. These
resources will help meet the urgent balance of payment needs
stemming from the devastation caused by Hurricane Melissa,
complementing the resources currently available under Jamaica’s
disaster risk financing framework.
Jamaica's established track record of economic reforms has created
buffers that are helping to address the economic fallout and
reconstruction needs after Hurricane Melissa. Nevertheless, the
widespread damage caused by the hurricane together with the
resulting fiscal pressures and sharp decline in tourism receipts
have generated a sizable balance-of-payments need in the short
term. The Government of Jamaica is committed to supporting the most
vulnerable segments of the population in hurricane-hit areas and
rebuilding of damaged infrastructure. While recognizing that the
hurricane shock justifies a temporary easing of the fiscal stance,
the authorities remain committed to fiscal responsibility and debt
reduction once the hurricane shock has receded. The authorities
also continue to prioritize achieving their inflation target and
ensuring financial stability.
Following the Executive Board’s discussion, Mr. Bo Li, Deputy
Managing Director and Chair, issued the following statement:
"Hurricane Melissa has caused unprecedented destruction across
Jamaica and is projected to have a significant negative impact on
growth and create an urgent balance of payments need. Despite
Jamaica's multi-layered disaster risk financing strategy and sound
macroeconomic policies over more than a decade, the financial
resources available for disaster recovery are insufficient.
Consequently, emergency assistance under the Rapid Financing
Facility would help to support relief efforts, particularly for the
most vulnerable, and accelerate the recovery. Strong collaboration
with international partners remains important.
"The authorities' policy response is helping to mitigate the
economic and social impact of Hurricane Melissa. Fiscal policy
appropriately aims to provide relief and recovery in the
hurricane-affected areas, with a focus on supporting the most
vulnerable and rebuilding infrastructure. In this context, the
temporary suspension of the fiscal rule is appropriate. The
authorities’ commitment to prudent fiscal management and public
debt reduction, once the hurricane shock has receded, is welcome.
Increased public investment necessitates adherence to procurement
best practices and strong coordination to support rebuilding
efforts.
"With severe damage to agriculture, the hurricane has caused a
significant negative supply shock, which is creating inflationary
pressures. The Bank of Jamaica's commitment to its inflation target
remains essential to anchor inflation expectations and contain
second-round effects. Limiting foreign exchange interventions to
the prevention of disorderly market conditions is appropriate.
Continuous supervisory vigilance to ensure financial stability is
warranted.
"Building on their demonstrated commitment to credible policy
frameworks and economic reforms, the authorities aim to continue
prioritizing measures to ensure medium-term macroeconomic
stability."
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: Unemployment Falls to 3.3% in Fourth Quarter of 2025
-------------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica (STATIN)
is reporting a further improvement in the country's labour market,
with unemployment falling to 3.3 per cent in the fourth quarter of
2025.
STATIN says the figure compares with an unemployment rate of 3.5
per cent in the corresponding period a year earlier, according to
RJR News.
The data are based on a labour force survey conducted between
October 5 and October 11, ahead of the passage of Hurricane Melissa
later in the month, the report discloses.
However, the agency notes that the hurricane caused significant
disruption to field operations in several western parishes,
including St. Elizabeth, Westmoreland, St. James, Hanover and
Trelawny, the report discloses.
As a result, STATIN says it used an abridged version of its
standard survey questionnaire to ensure the continued collection of
key labour market data, the report says.
Meanwhile, the number of persons outside the labour force increased
by 6,300, the report relays.
STATIN says these movements combined to produce the decline in the
unemployment rate to 3.3 per cent, 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.
=======
P E R U
=======
INRETAIL SHOPPING: S&P Withdraws 'BB+' Rating on PEN428MM Notes
---------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' local currency issue-level
rating on InRetail Shopping Malls' Peruvian nuevo sol (PEN) 428
million notes due 2032 at the company's request.
S&P's issuer credit rating on InRetail Shopping Malls and its
foreign currency issue-level rating on its $375 million notes due
2032 are unchanged.
=====================
P U E R T O R I C O
=====================
ALLEGIANT TRAVEL: Sun Country Deal No Impact on Moody's Ba3 Rating
------------------------------------------------------------------
Moody's Ratings says that the Allegiant Travel Company (Ba3 stable)
planned acquisition of Sun Country Airlines (unrated) for $1.5
billion (including $400 million of net debt at Sun Country) in
stock and cash is credit positive.
The acquisition is credit positive because it will increase
Allegiant's scale, diversify its revenue stream with cargo and
charter operations, give the company access to international
markets in Mexico, Canada and Central America and grow Allegiant's
loyalty program by about 2 million members. The ratings are not
impacted despite heightened short-term execution and integration
risks.
Allegiant Travel Company, headquartered in Las Vegas, Nevada,
operates a low-cost passenger airline marketed to leisure travelers
in small cities. Allegiant sells air travel, hotel rooms, rental
cars and other travel related services on a standalone or bundled
basis. Revenue was $2.5 billion for LTM September 30, 2025.
*********
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 * * *