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260123.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, January 23, 2026, Vol. 27, No. 17 Headlines A R G E N T I N A YPF SOCIEDAD: Moody's Rates New $1.1BB Senior Unsecured Notes 'B2' B A H A M A S FTX GROUP: Trust Hit With Sanctions After Donation Fight Loss B R A Z I L CBSF: Central Bank Liquidates Firm for 'Serious Rule Violations' J A M A I C A JAMAICA: BOJ Posts Higher Profits for 2025 as Asset Base Expands JAMAICA: Melissa Exposed Deficiencies in Critical Infrastructure M E X I C O DEL MONTE: B&G Foods to Acquire Broth & Stock Business for $110M S T . L U C I A ST. LUCIA: IMF Says Real GDP Expanded by 4.7% in 2024 V E N E Z U E L A VENEZUELA: Banks Will Get $300MM of Oil Money to Sell on Market - - - - - ================= A R G E N T I N A ================= YPF SOCIEDAD: Moody's Rates New $1.1BB Senior Unsecured Notes 'B2' ------------------------------------------------------------------ Moody's Ratings has assigned a B2 rating to YPF Sociedad Anónima's (YPF) $1.1 billion outstanding 8.250% Senior Unsecured Notes due 2034 and to its proposed add-on (benchmark size). All other ratings pertaining to YPF and stable outlook are unchanged. YPF is offering new add-on notes as part of a reopening of its existing 8.250% senior notes due 2034, with the add-on notes issuance to be consolidated and form a single series with the existing notes. Net proceeds will be used for liability management—including repayment of about $324 million owed to CAF—working capital, and investments in Argentina. The new notes will rank equally with other unsecured, unsubordinated debt. The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by us to date and that these agreements are legally valid, binding and enforceable. RATINGS RATIONALE YPF's credit profile is supported by its significant oil and gas production, sizable reserves, strong cash flow and credit metrics, and its leading position in Argentina's energy and fuel markets. The rating also incorporates YPF's links with the Government of Argentina (Caa1 stable), its controlling shareholder, and the company's moderate support from and high dependence on the domestic market for its operations. The rating is constrained by YPF's concentration of operations in Argentina, moderate-to-high foreign-currency risk (as most debt is in foreign currency), and exposure to energy commodity price volatility. YPF is well positioned to enhance its production capabilities through strategic investments in the Vaca Muerta formation, focusing on the development of substantial unconventional assets. Under Plan 4x4, it plans to invest around $4.5 billion in 2025, with $3.4 billion allocated during the first nine months of that year (9M 2025), and Moody's expects an amount around $5.5 billion in 2026. For 9M 2025, around 76.5% was spend on its Upstream operations—primarily Vaca Muerta—and around 19.7% in its Midstream and Downstream activities; the remainder supported LNG, new energy initiatives, and administrative expenses. YPF is also managing its portfolio by acquiring assets such as Vaca Muerta Inversiones S.A.U., the Sierra Chata block, and the remaining shares in Refinor S.A., among others. Meanwhile, it is selling assets—including 49% stake in Aguada del Chañar block for around $75 million in March 2025, 50% stake in Profertil S.A. for around $635 million in December 2025, and 100% of Manantiales Behr concession and the associated oil pipeline and materials for around $575 million in January 2026—and divesting mature fields—including YPF's Andes II project, which encompasses 16 conventional blocks—to concentrate resources on key projects. YPF maintains an adequate liquidity position, which will strengthen following the issuance of the proposed notes, but the company relies on external financing sources to support refinancing needs and overall negative free cash flow. YPF's main cash requirements have stemmed from capital expenditures and acquisitions in 2025. Negative free cash flow in September 2025 was mainly due to higher capital spending and working capital requirements, along with the impact of acquiring Total Austal's assets and divesting mature fields. These factors, combined with acquisitions, raised debt to $10.5 billion (excluding leases), up from $8.3 billion in December 2024. As a result, gross debt including Moody's lease adjustments to EBITDA ratio rose to 3.7x as of LTM September 2025 (3.3x net debt to EBITDA), from around 2.6x in 2024, but still comfortably within the company's rating category. YPF held approximately $1 billion in cash and marketable securities as of September 30, 2025, against $2.6 billion in debt maturing over the next 12 months. The stable outlook reflects Moody's views that YPF's main shareholder, the Argentine state, will exert no influence over the company's capital spending or dividends beyond its operating cash flow generation capacity. However, YPF's creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, and, thus, its ratings also incorporate the risks that it shares with the sovereign. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade include an improvement in the Government of Argentina's rating, as well as the expansion and diversification of YPF's operations outside Argentina. Additionally, YPF's ability to maintain strong credit metrics and robust liquidity for its rating category would support a positive rating action. Conversely, a downgrade could be triggered by a significant deterioration in liquidity, loss of access to debt markets or foreign currency that severely limits the company's capacity to meet its debt obligations, or a downgrade of the Government of Argentina's rating. The methodologies used in this rating were Integrated Oil and Gas published in September 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. YPF is an Argentina-based integrated energy company, with operations in the exploration, development and production of crude oil, natural gas and liquefied petroleum gas, as well as downstream operations and retail marketing, transportation and distribution of oil and petroleum products. YPF is controlled by the Argentine state, which holds 51% of the company's shares. ============= B A H A M A S ============= FTX GROUP: Trust Hit With Sanctions After Donation Fight Loss ------------------------------------------------------------- Vince Sullivan at law360.com reports that the FTX Recovery Trust is facing sanctions after losing its bid to claw back a $650,000 bonus given to an investor in the defunct cryptocurrency exchange that was earmarked for charitable purposes, with a Delaware bankruptcy judge saying the trust's efforts were harmful to all parties involved. About FTX FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== CBSF: Central Bank Liquidates Firm for 'Serious Rule Violations' ---------------------------------------------------------------- Marcela Ayres, Bernardo Caram and Gabriel Araujo at Reuters report that Brazil's central bank ordered the liquidation of brokerage REAG, currently known as CBSF, according to a document signed by Governor Gabriel Galipolo, in the latest fallout from the collapse of mid-sized lender Banco Master. The move "was prompted by serious violations of the rules governing the activities of institutions that are part of the national financial system", the central bank said in a statement, according to Reuters. Brazil's federal police added REAG founder Joao Carlos Mansur to its list of targets in an investigation into alleged fraud at Banco Master, which was placed into liquidation in November, the report notes. REAG was allegedly involved in fraudulent fund transfers identified by the central bank in connection with Master's collapse, the report relays. The company last year had also been targeted by search warrants in a separate police crackdown on multibillion-dollar money laundering and fraud schemes linked to organized crime in the fuel sector, the report notes. According to the central bank, REAG/CBSF represents less than 0.001% of the total adjusted assets of Brazil's financial system, the report adds. ============= J A M A I C A ============= JAMAICA: BOJ Posts Higher Profits for 2025 as Asset Base Expands ---------------------------------------------------------------- RJR News reports that the Bank of Jamaica is reporting higher profitability at the end of December 2025, with net profits rising to about $17 billion, roughly $5 billion more than the year before. The central bank said the improved results were supported by growth in its overall asset base, which expanded to just over $1.2 trillion, up from about $1.1 trillion at the end of December 2024, according to RJR News. Foreign assets accounted for the bulk of the increase, climbing sharply over the year, while at local assets declined slightly, the report notes. The foreign holdings were largely made up of deposits, bonds and other long-term securities, as well as Jamaica's reserve position with the International Monetary Fund, the report relays. The report notes that local assets continued to be dominated by Government of Jamaica securities, along with a small amounts held in advances to financial institutions and other assets. 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: Melissa Exposed Deficiencies in Critical Infrastructure ---------------------------------------------------------------- RJR News reports that William Craig, CEO of BCMG Insurance Brokers, has obsesrved that Hurricane Melissa exposed deficiencies in some of Jamaica's critical infrastructure. He pointed out that it also exposed the financial fragility of many households because their properties were either not insured or under-insured, according to RJR News. The insurance executive is predicting that these gaps will result in a long and stressful process of recovery and as result, being fully prepared is no longer an option-it is an imperative, the report notes. Mr. Craig has confirmed that homeowners are now actively considering matters such as the safety of their homes as well as emergency planning, while business owners are taking business continuity, data protection and employee welfare more seriously, the report discloses. He stressed that protection is no longer optional, it is fundamental to survival and stability, while adding that insurance has played a critical enabling role in this shift in thinking, 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: B&G Foods to Acquire Broth & Stock Business for $110M ---------------------------------------------------------------- B&G Foods, Inc. (NYSE: BGS) announced on January 15, 2026, that it has entered into an agreement to acquire the broth and stock business of Del Monte Foods Corporation II Inc. and its affiliates, including the College Inn and Kitchen Basics brands, for approximately $110 million in cash, subject to an inventory adjustment at closing, and assumption of certain liabilities. B&G Foods was the winning bidder for the broth and stock business following a competitive auction process that was conducted in connection with the Chapter 11 bankruptcy proceedings of Del Monte Foods Corporation II Inc. and certain of its affiliates. The closing of the acquisition is subject to Bankruptcy Court approval, the satisfaction of other customary closing conditions, and the simultaneous closing of two other bankruptcy sales unrelated to B&G Foods or the broth and stock business by Del Monte Foods Corporation II Inc. and its affiliates. If approved by the Bankruptcy Court, the acquisition is expected to close during the first quarter of 2026. "We are very excited to be the winning bidder for Del Monte's broth and stock business and to add the College Inn and Kitchen Basics brands to the B&G Foods portfolio," said Casey Keller, President and Chief Executive Officer of B&G Foods. "The College Inn and Kitchen Basics brands complement our existing portfolio of brands. College Inn and Kitchen Basics are pantry staples for consumers seeking to prepare high-quality, innovative and versatile meals at home. This acquisition is consistent with our longstanding acquisition strategy of targeting well-established brands with defensible market positions and strong cash flow at reasonable purchase price multiples." Upon closing, B&G Foods expects the acquisition to be immediately accretive to its earnings per share, adjusted EBITDA and free cash flow. B&G Foods projects that on an annualized basis, the College Inn and Kitchen Basics brands will generate net sales in the range of approximately $110 million to $120 million, adjusted EBITDA in the range of $18 million to $22 million and adjusted diluted earnings per share in the range of $0.08 to $0.12. Because the acquisition will be structured as an asset purchase, B&G Foods expects to realize approximately $15 million in tax benefits on a net present value basis. At the midpoint of B&G Foods' annualized projected adjusted EBITDA for the business, the acquisition represents a purchase price multiple of approximately 5.5 times adjusted EBITDA (or 4.8 times annualized projected adjusted EBITDA net of expected tax benefits). B&G Foods intends to fund the acquisition and related fees and expenses with cash on hand, including cash from divestitures, and revolving loans under its existing credit facility. About B&G Foods, Inc. Based in Parsippany, New Jersey, B&G Foods -- www.bgfoods.com. -- and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods' diverse portfolio of more than 50 brands you know and love, including B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Mama Mary's, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there's a little something for everyone. 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 hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. ================= S T . L U C I A ================= ST. LUCIA: IMF Says Real GDP Expanded by 4.7% in 2024 ----------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for St. Lucia. The authorities have consented to the publication of the Staff Report prepared for this consultation. The IMF Report notes that real GDP expanded by 4.7 percent in 2024, driven by robust tourism flows from the U.S. and construction activity. However, stayover tourist arrivals declined by 3.2 percent y/y during January-September 2025, underperforming regional peers, mainly driven by a decline in U.K. and Canadian tourists as temporary hotel closures and reduced airlift weighed in. In line with economic developments, the unemployment rate reached 10.8 percent in 2024, a historic low, but then inched up to 13.4 percent in Q22025. The headline CPI fell by 0.5 percent in 2024, primarily driven by easing international food and energy prices, and increased modestly by 0.5 percent in H12025. Growth is expected to decline to 1.7 percent in 2025 with weaker tourism but strong construction activities, domestic demand, and credit expansion, and then rebound to 2.3 percent in 2026 as tourism picks up. Over the medium term, growth will converge to its potential rate of 1.5 percent as tourism flows stabilize and planned infrastructure and construction projects complete. Twelve-month moving-average inflation is projected to increase by 1.3 percentage points to 0.8 percent in 2025 due to, amongst other factors, higher import costs from tariffs imposed elsewhere, and then gradually converge to 2 percent over the medium-term, consistent with the expected trend among major trading partners. The current account deficit will gradually narrow to 1.1 percent of GDP by 2030 as planned construction at hotels, airports and cruise facilities is completed. The overall fiscal deficit excluding natural disaster costs is expected to narrow to 2.3 percent of GDP by FY2030/31, with rising interest and wage bills partly offset by a decline in capital expenditure. Public debt, which also pencils in natural disaster costs, is projected to stabilize at around 77 percent of GDP in the medium term. Risks to the outlook remain tilted to the downside. External risks include geopolitical tensions, escalating trade measures and prolonged policy uncertainty, which could dampen global economic activity, potentially weaken tourism and FDI flows to St. Lucia and increase its import costs. On the domestic front, weaker-than-expected performance in the tourism and construction sectors may further constrain growth. St. Lucia is also vulnerable to the ever-present natural disasters and climate change risks. Upside risks to growth include stronger-than-expected growth in tourism, construction, and public investment. Executive Board Assessment The St. Lucian economy has staged a robust performance in recent years. After one of the largest declines in the region in 2020, economic growth rebounded sharply, buoyed by increased tourism services. Following a strong expansion in 2024, growth is expected to fall in 2025 from weaker tourism amid temporary hotel closures and reduced airlift but rebound in 2026 as tourism picks up. The external position in 2024 was assessed as broadly consistent with fundamentals and desirable policies. Fiscal performance has strengthened, supported by three consecutive years of primary surpluses. Nonetheless, long-standing challenges remain with income per capita diverging from the US in the past decades, weak productivity, high public debt stock, and the ever-present risk of natural disasters. The overarching fiscal policy priority is to reduce public debt and create room for capital spending through revenue-based measures. Under current policies, public debt will fall short of the regional target of 60 percent of GDP by 2035. Without further actions, development resources may shrink, and debt and borrowing costs could increase further during shocks. A growth-friendly and feasible fiscal adjustment would help to decisively reduce public debt to the regional target, lower borrowing costs, and enable resources for higher capital expenditure to address growth bottlenecks. It could include three pillars: (i) a comprehensive tax reform and enhanced tax administration - starting now and implemented gradually over the medium term; (ii) improved control and targeting of current expenditures; and (iii) adoption of a sound fiscal rule within a fiscal responsibility framework. Reforming the tax system would boost revenue, improve equity, and reduce distortions. St. Lucia's tax system has high tax expenditures which weaken collection. Tax measures could include rationalizing corporate income tax incentives, broadening the VAT base (including digital services)—accompanied with targeted support to vulnerable households, improving personal income tax progressivity, shortening property exemptions, reforming fuel taxes and increasing excises on alcohol and tobacco. Tax administration priorities include strengthening audit and inspection, accelerating digitalization of processes, enhancing compliance and improving transparency. Higher efficiency and spending rebalancing would create space for growth- and equity-enhancing expenditures. Social protection initiatives should be well-targeted and budgeted. Strengthening the public-private partnerships (PPPs) framework through transparent reviews and sound institutional structures can support infrastructure development without undermining fiscal discipline. The recent increase in pension benefits, amid a rapidly aging population, creates longer-term fiscal risks and requires forward-looking reforms. Introduction of a medium-term fiscal framework (MTFF) and formal fiscal rules, and continued strengthening of the Citizenship Investment Program (CIP) could further instill fiscal planning, prudence, and discipline. Further priorities, building upon past initiatives, include: (i) publication of an MTFF prior to the annual budget, with at least three years' projections, a fiscal risk statement, a debt sustainability analysis, and policy scenarios; (ii) examining the potential establishment of operational fiscal rules; and (iii) continuing to improve CIP governance and transparency. Efforts to strengthen the financial sector should be sustained. The banking sector is well-capitalized and highly liquid, but NPLs remain elevated despite recent improvements. Policy priorities include ensuring full compliance with the ECCB's 60 percent provisioning requirement for NPLs and avoiding excessive reliance on general reserves. The recent enactment of legislation aimed at strengthening debtor rights and streamlining movable asset financing marks a significant milestone. Introducing foreclosure legislation—that balances market efficiency with strong borrower protections—to effectively secure real estate mortgages could be the next step. Further strengthening the resilience of non-bank financial institutions is essential. Building on the new Co-operative Societies Act, additional steps are needed to strengthen credit union regulation and supervision, including developing and enforcing prudential standards, streamlining provisioning rules to align with ECCB practices, and progressively extending Asset Quality Reviews and stress testing to all credit unions. Rising reinsurance costs and low property retention ratios among local insurers constrain profitability and coverage, underscoring the need for a more integrated regional supervisory framework to strengthen oversight, narrow the protection gap, and support affordability. Efforts to mitigate ML/FT risks should continue. Addressing supply-side bottlenecks will increase long-run growth and reduce the cost of living. Structural bottlenecks—such as high financing costs, limited credit access, and regulatory burdens—need to be addressed to improve productivity and reduce living costs. The recent introduction of a minimum wage provides an important safeguard for low-income workers, but careful monitoring is required to make sure that it supports vulnerable groups without hampering their employment opportunities or competitiveness. Digitalization efforts must continue, with a focus on expanding internet access, improving digital literacy, and fostering innovation to create jobs and attract investment. Continued efforts on climate adaptation, energy transition, and climate insurance are essential. Expanding trade relationships, improving connectivity, and strengthening regional cooperation are key to enhancing resilience and affordability. St. Lucia's economy is highly open, driven by tourism services and imports of goods, which heightens vulnerability to external shocks. Import concentration increases living costs and external vulnerability. Policy efforts should streamline customs procedures, help reduce freight costs and shipping fees, and enhance market competition. However, the scope and the size of source-reorientation would depend on addressing diversification challenges related to the size of the economy. Tourism and export broadening over time should continue, including expanding into new source markets, and broadening the economic base beyond tourism (e.g., developing human capital-intensive service sectors such as digital and professional services). Proactive engagement in new and existing trade opportunities, in collaboration with OECS and CARICOM partners, can support sustainable trade reorientation. ================= V E N E Z U E L A ================= VENEZUELA: Banks Will Get $300MM of Oil Money to Sell on Market --------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that four Venezuelan banks were notified this week by the country's government that they will split $300 million of oil revenues deposited in an account in ‌Qatar, enabling them to sell dollars to Venezuelan companies that need foreign exchange to pay for materials, two financial sources and an analyst said. The injection of foreign capital comes after weeks of tightening supplies of dollars, as the U.S. seized Venezuelan oil tankers and hit the country's top revenue flow, according to globalinsolvency.com. 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. 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