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260210.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, February 10, 2026, Vol. 27, No. 29 Headlines A R G E N T I N A ARGENTINA: Inflation Battle Jolts Confidence in Milei’s Overhaul ARGENTINA: Producers Slam Minister's Comments Condemning Prices J A M A I C A JAMAICA: BOJ Says Remittance Inflows of US$3.2B for Jan.-Nov. 2025 P U E R T O R I C O LINEAS DE PUERTO: Taps Nelson Robles-Diaz Law as Counsel RB MARKETPLACE: Taps Landrau Rivera & Assoc. as Bankruptcy Counsel X X X X X X X X LATAM: Governments Urged to Adopt Dev’t Models to Accelerate Growth [] Fitch Affirms 3 Latin American Agribusiness Companies' Ratings [] Fitch Affirms Ratings on 7 LatAm Real Estate & Gaming Issuers [] Fitch Affirms Ratings on Nine LatAm Packaged-Food Companies - - - - - ================= A R G E N T I N A ================= ARGENTINA: Inflation Battle Jolts Confidence in Milei’s Overhaul ------------------------------------------------------------------ globalinsolvency.com, citing the Wall Street Journal, reports that the resignation of Argentina's national-statistics chief over a new inflation index is testing investor confidence in President Javier Milei's economic overhaul, reviving memories of efforts by his Peronist predecessors to doctor consumer-price data. Marco Lavagna, head of Argentina's Indec statistics agency, stepped down after the government delayed plans to update the country's inflation index, which economists said understates current price increases, according to globalinsolvency.com. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Producers Slam Minister's Comments Condemning Prices --------------------------------------------------------------- Buenos Aires Times reports that statements from Economy Minister Luis Caputo about the price of clothing triggered strong reactions with critics accusing the official of failing to support domestic industry. Caputo, 60, was sharply criticised by political opponents, business leaders and designers from the textile industry after complaining about the high prices of clothing and footwear in Argentina, according to Buenos Aires Times. "I never bought clothes in Argentina in my life because it was daylight robbery so those of us who had the chance to travel purchased elsewhere," said Caputo in an interview, the report notes. "Forty-seven million Argentines have had to pay for their textiles and footwear twice, thrice, four or even 10 times as much as they are worth in the world," he continued, the report relays. The comments came amid a wider debate over imports, employment levels, the future of local industry and slumping consumption, the report notes. The report discloses that the minister's words were harshly questioned by Claudio Drescher, president of the Argentine Chamber of the Garment Industry (CIAI, in its Spanish acronym) and owner of the popular womenswear brand Jazmin Chebar, who took the criticism one step further. "Don't buy clothes and don't buy cars either because they cost double in Argentina and don't buy a Big Mac because [in Argentina] it is the second-most expensive in the world and don't go to the supermarket because food in Argentina costs more than in the European common market," he declared with a heavy dose of sarcasm, the report says. In radio interviews, Drescher went further and accused the officials of avoiding the sector's underlying problems, the report notes. "They have become part of the caste because they do not resolve the issues but evade them, always seeking short cuts in order not to resolve the fundamental questions," he declared, the report relates. The report says that the business leader then took direct aim at Caputo: "If he had been a businessman, he would already be broke since he could not run a company because he did not get any decisions right in his previous stints in government." Drescher described the minister's approach as "selective" and said the discussion over elevated prices exceeds the textile sector, the report discloses. The report relays that he questioned the comparisons with Asian countries, remarking: "He wants to compare Bangladesh with Argentina, forgetting that in two years they have not managed to dismantle a single tax." "We Argentine businessmen do not want to return to the past," he added, referring to the Peronist opposition. "That protectionism was no good. But this naive, outdated liberalism, I would say that it's suicide," he added. The criticism was echoed by designer Benito Fernández, who described the impact of the crisis on activity, the report notes. "I've had to close down and throw out all the people who have worked with me for so many years," he related, the report says. "Seven out of every 10 looms are at a standstill in Argentina today" in a context of high taxes, inflation of dollar costs and heavy falls in consumption, Fernández argued, the report discloses. The report relays that the controversy was deepened after statements by Cabinet Chief Manuel Adorni, who maintained in a television interview midweek that "importing jeans does not cost anybody a job." That affirmation was rejected by the economist Julia Strada, who responded on social networks: "Of course jobs are lost because bringing in products manufactured here generates crisis and the closure of Argentine companies," harshly criticising the government stance, 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. ============= J A M A I C A ============= JAMAICA: BOJ Says Remittance Inflows of US$3.2B for Jan.-Nov. 2025 ------------------------------------------------------------------ RJR News reports that The Bank of Jamaica has reported that remittance inflows totalled US$3.2 billion for the period January to November last year. That represents a three per cent increase over the same period the previous year. The central bank noted, however, that the growth rate lagged behind several regional peers, including El Salvador and Guatemala, which recorded increases of about 19 per cent, and Mexico at just over five per cent. The BOJ also notes that remittances declined as a share of the economy, falling from 18.4 percent of GDP in 2023 to 15.3 percent in 2024. The United States remained the main source of funds, accounting for 67 percent of total remittances, followed by the United Kingdom at 12.5 percent, Canada at 10 per cent, and the Cayman Islands at 6 percent. 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. ===================== P U E R T O R I C O ===================== LINEAS DE PUERTO: Taps Nelson Robles-Diaz Law as Counsel -------------------------------------------------------- Lineas de Puerto Rico Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Nelson Robles-Diaz Law Offices, P.S.C. to serve as legal counsel. Robles-Diaz will provide these services: (a) prosecuting the motions and applications filed; (b) advising/representing the Debtor with respect to its duties, rights and powers; (c) advising/representing the Debtor in negotiations with creditors; (d) advising/representing the Debtor in analyzing the claims; (e) advising/representing the Debtor with respect to its various investigations of claims, causes of action and other matters; (f) advising/representing the Debtor with respect to any negotiations and litigation that may be necessary, and at hearings and other proceedings; (g) advising/representing the Debtor with respect to pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and (h) advising/representing the Debtor with respect to such other matters as may be required and are deemed to be in the interests of the Debtor in accordance with applicable law. Robles-Diaz will receive these fees: -- $350 per hour for attorney Nelson Robles-Diaz; -- $60/80 per hour for paralegals and law clerks, respectively; -- a retainer of $10,000 paid upon execution of the engagement letter; -- a separate payment of $1,738 for the Chapter 11 filing fees. Robles-Diaz is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Nelson Robles-Diaz, Esq. NELSON ROBLES-DIAZ LAW OFFICES, P.S.C. PO Box 192302 San Juan, PR 00919-2302 Telephone: (787) 294-9518 Cellular: (787) 370-4172 E-mail: nroblesdiaz@gmail.com About Lineas de Puerto Rico Inc. Lineas de Puerto Rico, Inc. provides highway, street, and bridge construction services in Puerto Rico, operating as a construction contractor focused on public infrastructure projects. The Company undertakes roadway-related construction and related contracting activities and serves government and other clients across the island. Lineas de Puerto Rico Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-00298) on January 29, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. NELSON ROBLES-DIAZ LAW OFFICES, P.S.C. is the Debtor's legal counsel. RB MARKETPLACE: Taps Landrau Rivera & Assoc. as Bankruptcy Counsel ------------------------------------------------------------------ RB Marketplace Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Landrau Rivera & Assoc. as counsel. The firm's services include: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which it conducts its business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, aid it in the orderly liquidation of its assets; (c) advise the Debtor with respect to its negotiations with creditors for the prupose of proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; (g) employ other professional services as necessary to complete the Debtor's financial reorganization with Chapter 11 of the Bankruptcy Code. The firm will be paid at these hourly rates: Noemi Landrau Rivera, Attorney $250 Legal and Finncial Assistants $75 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 from the Debtor. Ms. Rivera 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: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Telephone: (787) 774-0224 Facsimile: (787) 919-7713 Email: nlandrau@landraulaw.com About RB Marketplace Inc. RB Marketplace Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-05025) on October 31, 2025. At the time of the filing, the Debtor disclosed up to $50,000 in both assets and liabilities. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. is Debtor's counsel. =============== X X X X X X X X =============== LATAM: Governments Urged to Adopt Dev’t Models to Accelerate Growth --------------------------------------------------------------------- RJR News reports that Columbia University professor Jeffrey Sachs is urging the Government of Jamaica and other Caribbean administrators to adopt development models similar to those used by China and Singapore, to accelerate economic growth. Speaking via Zoom to an audience at the University of the West Indies recently, Professor Sachs, author of The End of Poverty and the Price of Civilization, argued that governments in the region should combine market activity with strong central planning, rather than relying mainly on macroeconomic stability while leaving growth strategy to the private sector, according to RJR News. He said China used that blended approach to lift roughly 1.4 billion people out of absolute poverty while Singapore achieved average annual growth of about 7 per cent between 1961 and 2024 and 4.8 per cent last year, the report notes. [] Fitch Affirms 3 Latin American Agribusiness Companies' Ratings ----------------------------------------------------------------- Fitch Ratings has affirmed three Latin American agribusiness companies' and their related subsidiaries' ratings. 1. Ingenio Magdalena S.A. 2. Andre Maggi Participacoes S.A. 3. Camposol Holding PLC / Camposol S.A. These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Ingenio Magdalena S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (b+, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Lower), Financial Structure (bb-, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: BB- Andre Maggi Participacoes S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (b-, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb'. To derive the IDR: BB Camposol Holding PLC / Camposol S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (a-, Lower), Financial Structure (bb+, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: B+ RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Camposol Holding PLC LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ Amaggi Luxembourg International S.a r.l. senior unsecured LT BB Affirmed BB Camposol S.A. LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ Andre Maggi Participacoes S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Ingenio Magdalena S.A. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- [] Fitch Affirms Ratings on 7 LatAm Real Estate & Gaming Issuers ---------------------------------------------------------------- Fitch Ratings has affirmed seven Latin American (LatAm) real estate and gaming companies' and their related subsidiaries' ratings: 1. Caparra Hills, LLC 2. Enjoy S.A. 3. General Shopping e Outlets do Brasil S.A. (GSB) 4. IRSA Inversiones y Representaciones S.A. (IRSA) 5. Mobiliare Latam, S.A. 6. Parque Arauco S.A. (Parque Arauco) 7. Plaza S.A. (Mallplaza) These actions follow the update of Fitch's: Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Caparra Hills, LLC (Caparra) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Access to Capital (b+, Moderate), Liability Profile (bbb+, Lower), Property Portfolio (b+, Higher), Rental Income Risk Profile (bb-, Moderate), Profitability (bb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Enjoy S.A. (Enjoy) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Moderate), Sector Characteristics (bb, Lower), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (ccc, Moderate), Profitability (ccc-, Higher), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -2 notch(es). - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -2 notch(es). - The SCP is 'd' or 'rd'(restricted default). General Shopping e Outlets do Brasil S.A. (GSB) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (ccc-, Higher), Access to Capital (ccc-, Moderate), Liability Profile (ccc, Lower), Property Portfolio (ccc, Moderate), Rental Income Risk Profile (bb-, Lower), Profitability (b-, Moderate), Financial Structure (ccc-, Moderate), and Financial Flexibility (ccc-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Material Failures' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in no adjustment. - The SCP is 'cc'. IRSA Inversiones y Representaciones S.A. (IRSA) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Access to Capital (bb+, Moderate), Liability Profile (a, Lower), Property Portfolio (bb+, Moderate), Rental Income Risk Profile (bbb-, Moderate), Profitability (bb-, Higher), Financial Structure (a-, Moderate), and Financial Flexibility (bb, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance Impact assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment Impact assessment of 'ccc+' results in an adjustment of -1 notch(es). - The other risk elements adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'b'. To derive the IDR: - Country ceiling considerations apply and result in an adjustment of -1 notch(es). Mobiliare Latam, S.A. (Mobiliare) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Access to Capital (bbb-, Moderate), Liability Profile (bb+, Lower), Property Portfolio (bbb-, Moderate), Rental Income Risk Profile (bbb+, Higher), Profitability (a-, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (bbb-, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb-' results in an adjustment of -1 notch(es). - The SCP is 'bb+'. Parque Arauco S.A. (Parque Arauco) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'bbb'. Plaza S.A. (Mallplaza) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bbb, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb+, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) consolidated profile+1 approach from its main shareholder, Falabella S.A. (BBB-/Stable). RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- IRSA Inversiones y Representaciones S.A. LT IDR B- Affirmed B- LC LT IDR B Affirmed B senior unsecured LT B Affirmed RR3 B Caparra Hills, LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB Plaza S.A. (MallPlaza) LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB Mobiliare Latam, S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Enjoy S.A. LT IDR D Affirmed D senior secured LT C Affirmed RR4 C senior secured LT C Affirmed RR6 C Mobiliare Real Estate Solutions Peru S.A.C. senior unsecured LT BB+ Affirmed BB+ Parque Arauco S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB General Shopping Investment Limited subordinated LT C Affirmed RR6 C senior secured LT CC Affirmed RR4 CC Mobiliare Latam Mexico, S.A. de C.V. senior unsecured LT BB+ Affirmed BB+ General Shopping Finance Limited (GSF) senior unsecured LT C Affirmed RR6 C General Shopping e Outlets do Brasil S.A. LT IDR CC Affirmed CC LC LT IDR CC Affirmed CC [] Fitch Affirms Ratings on Nine LatAm Packaged-Food Companies -------------------------------------------------------------- Fitch Ratings has affirmed nine Latin American packaged-food companies and their related subsidiaries' ratings: 1. Alicorp SAA 2. Arcor S.A.I.C. 3. Bimbo Bakeries 4. BRF S.A. 5. Gruma, S.A.B. de C.V. 6. KUO S.A.B. de C.V. 7. Mastellone Hermanos Sociedad Anonima 8. Grupo Nutresa S.A. 9. Sigma Foods, S.A.B. de C.V. These rating actions follow Fitch's update of its "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The criteria changes do not affect the companies' ratings or Outlooks. Corporate Rating Tool Inputs and Scores For Alicorp Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (a, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in an adjustment of -1 notch. - The SCP is 'bbb'. The IDR is the same as the SCP. For Arcor Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'b-' results in an adjustment of -1 notch(es). - The other risk elements adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'b'. The IDR is the same as the SCP. For Bimbo Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb+'. The IDR is the same as the SCP. For BRF Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb, Lower), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Higher), Financial Structure (aa-, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment Impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb+'. The IDR is the same as the SCP. For Gruma Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Moderate), Financial Structure (aa, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bbb+'. The IDR is the same as the SCP. For KUO Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (b+, Higher), Financial Structure (bbb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. The IDR is the same as the SCP. For Mastellone Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb, Lower), Market & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b+, Moderate), Financial Structure (bbb-, Lower), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'b-' results in an adjustment of -1 notch(es). - The other risk elements adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'b-'. The IDR is the same as the SCP. For Nutresa Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Higher), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Some Deficiencies' results in an adjustment of -1 notch. - The Operating Environment Impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb+'. The IDR is the same as the SCP. For Sigma Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'bbb'. The IDR is the same as the SCP. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Alicorp S.A.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Sigma Alimentos, S.A. de C.V. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB Grupo Nutresa S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ KUO S.A.B. de C.V. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Sigma Finance Netherlands B.V. senior unsecured LT BBB Affirmed BBB Sigma Foods, S.A.B. de C.V. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB BRF S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ Gruma, S.A.B. de C.V. LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Mastellone Hermanos Sociedad Anonima LT IDR B- Affirmed B- LC LT IDR B- Affirmed B- senior secured LT B- Affirmed RR4 B- Arcor S.A.I.C. LT IDR B Affirmed B LC LT IDR B Affirmed B senior unsecured LT B+ Affirmed RR3 B+ BRF GmbH senior unsecured LT BB+ Affirmed BB+ Grupo Bimbo, S.A.B. de C.V. LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Bimbo Bakeries USA Inc senior unsecured LT BBB+ Affirmed BBB+ ********* 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. 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