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260211.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, February 11, 2026, Vol. 27, No. 30 Headlines A R G E N T I N A ARGENTINA: Signs US Trade Deal That Cuts Hundreds of Tariffs ARGENTINA: Snaps Up US$26BB Since Loosening of Currency Controls B A H A M A S BAHAMAS: Economy Has Strengthened in Recent Years, IMF Says J A M A I C A MAYBERRY JAMAICAN: Hit By Steep Unrealised Losses as Market Dips M E X I C O CONTRATO DE FIDEICOMISO: Moody's Withdraws 'Caa3' on Secured Notes P U E R T O R I C O ST. AGUSTIN: Seeks Approval to Hire Hector L. Colon Vega as Expert T R I N I D A D A N D T O B A G O POSWDL LIMITED: Fitch Affirms 'BB' LongTerm Foreign Currency IDR - - - - - ================= A R G E N T I N A ================= ARGENTINA: Signs US Trade Deal That Cuts Hundreds of Tariffs ------------------------------------------------------------ Patrick Gillespie & Catherine Luceya at Bloomberg News report that Argentina and the US agreed to scrap hundreds of tariffs on each other's goods in a trade and investment deal inked, a major step in President Javier Milei's push to open up the historically protectionist South American economy. The US agreed to eliminate over 1,600 reciprocal tariffs on Argentine goods while Milei's government will terminate more than 220 levies on US products, Argentina's Foreign Ministry said in a statement, according to Bloomberg News. Argentina's Foreign Minister Pablo Quirno and US Trade Representative Jamieson Greer signed the agreement in Washington, according to statements from both governments, Bloomberg News notes. Bloomberg News relays that the agreement is a victory for Milei, one of President Donald Trump's top Latin American allies, that will add to billions of dollars in US financial aid that helped stabilise Argentina's currency ahead of a crucial midterm vote last year. The La Libertad Avanza leader has sought to bolster ties with Washington while tearing down trade barriers as part of an overhaul of the nation’s beleaguered economy, Bloomberg News says. "The deepening partnership between President Trump and President Milei serves as a model of how countries in the Americas, from Alaska to Tierra del Fuego, can advance our shared ambitions and safeguard our economic and national security," Greer said in the statement obtained by the news agency. Bloomberg News says that Milei, meanwhile, touted the deal as proof that Argentina can rebuild its status as a global leader in political and economic affairs, saying in a statement that it has everything it needs to "recover its greatness of the past." He said he’ll send the agreement to Argentina's Congress for approval, Bloomberg News relays. Bloomberg News says that the two countries had previously agreed to a framework deal in November that called for Argentina to make several concessions, while the US pledged to remove some reciprocal tariffs on pharmaceutical products and "unavailable natural resources." Argentina will be able to export 100,000 tons of beef to the US with preferential access as part of the agreement, up from the current quota of 20,000 tons, according to the Foreign Ministry's statement, Bloomberg News notes. The quota increase amounts to an extra US$800 million, officials estimated, Bloomberg News says. That detail could revive tensions between Trump and some Republican lawmakers, who sought to protect US ranchers from more competition from Argentine beef last year, Bloomberg News notes. Argentina will also increase its imports of US beef, cars and agricultural products, Bloomberg News discloses. It's eliminating tariffs on US machinery, medical parts, chemical products and slashing levies to just two percent on certain auto parts, Bloomberg News relays. The framework from November also said that Argentina committed to accepting food certified by the US Food and Drug Administration, Bloomberg News notes. The agreement also touches on intellectual property rights and digital trade, among other topics, according to the Argentine government statement, Bloomberg News discloses. Trump has repeatedly sought to aid his Argentine ally, Bloomberg News says. Last September, with Milei limping toward the midterms, the US Treasury unveiled a US$20-billion lifeline that helped mitigate a currency selloff and shore up market confidence in his government, Bloomberg News relates. Milei's party won a landslide victory a month later, sparking a market rally, Bloomberg News notes. The South American nation often ranks among the worst worldwide on trade barriers, given its tariffs averaged 13 percent in recent years compared to 3.5 percent in the US, according to World Bank data, Bloomberg News says. Argentina's last attempt at opening up its economy in the 1990s crushed local manufacturing and made free trade synonymous with job losses for many voters, Bloomberg News 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. ARGENTINA: Snaps Up US$26BB Since Loosening of Currency Controls ---------------------------------------------------------------- Buenos Aires Times, citing Central Bank data, reports that Argentines have bought around US$26.39 billion on the official foreign-exchange market since the partial lifting of currency controls last April. Purchases accelerated in the months leading up to the midterm elections, reports show, according to Buenos Aires Times. Since April 2025, currency sales total US$3.68 billion, resulting in a net purchase of US$22.71 billion, the report notes. When the category of 'currency transfers without specific aims' by the non-financial private sector is included, the figure rises to US$32.87 billion since exchange controls were eased, the report relays. Buenos Aires Times discloses that the Central Bank's Evolucion del Mercado de Cambios y Balance Cambiario report shows that in April – the month the so-called 'cepo' was partially dismantled – around one million individuals bought US$2.08 billion at the official exchange rate. Demand remained firm in the following months, rising to US$2.28 billion in May, US$2.47 billion in June and US$3.47 billion in July, the report says. Purchases dipped in August to US$2.45 billion, before peaking in September at US$5.13 billion, a surge that coincided with pre-electoral uncertainty – a recurring feature of Argentina's foreign-exchange dynamics, the report notes. Demand remained elevated in October, the month of the midterm elections, at US$4.73 billion, the report discloses. The trend broke in November, when gross purchases fell to US$1.6 billion – the lowest monthly tally since the easing of controls, despite the participation of around 1.1 million people, the report relays. Buenos Aires Times says that interest in foreign currency picked up again in December, when almost 1.5 million Argentines bought US$2.19 billion. In aggregate terms, the non-financial private sector recorded a net purchase of US$978 million in December, largely driven by individual demand for banknotes, the report notes. This was partly offset by the grain sector, which contributed a net US$1.14 billion through merchandise trade, the report relays. The currency balance for December closed with a current-account deficit of US$1.57 billion, reflecting net outflows linked to primary income (US$1.24 billion) and services (US$771 million), partially compensated by a surplus in goods trade of US$426 million, the report says. On the trade front, exports channelled through the official market totalled US$6.12 billion, while imports reached US$5.69 billion, the report notes. The Central Bank also noted that the stock of commercial debt linked to advances and pre-financing fell to US$1.5 billion during the month, the report relays. The services deficit was mainly driven by spending on travel abroad, including credit-card purchases, which generated a net outflow of US$445 million, the report says. The Central Bank stressed, however, that around 70 percent of that consumption was paid directly with tourists’ own dollars, limiting the impact on the money markets, 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 A H A M A S ============= BAHAMAS: Economy Has Strengthened in Recent Years, IMF Says ----------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation with The Bahamas[1] and considered and endorsed the staff appraisal without a meeting, on a lapse-of-time basis. The authorities have consented to the publication of the Staff Report prepared for this consultation.[2] The IMF report says the Bahamian economy has strengthened in recent years, with real GDP expanding by 3.4 percent in 2024. Growth remained resilient in the first half of 2025, supported by construction and cruise tourism, and the unemployment rate stood at 9.3 percent in the second quarter of 2025. Inflation has decelerated (1.3 percent in July 2025), partly reflecting lower global energy prices. The fiscal position continued to improve in the last fiscal year. Driven by tax revenues and expenditure containment, the primary balance remained in surplus and the fiscal deficit narrowed to 0.5 percent of GDP in FY2024/25. Central government debt has declined but is still elevated, at around 74 percent of GDP. Growth is expected to be around 2.8 percent in 2025, and then it would gradually slow toward 1½ percent (the assessed potential growth rate of the economy). Headline inflation is projected to settle at around 2 percent, and the current account deficit would narrow to about 6 percent of GDP over the medium term. Risks to the outlook are balanced, with downside risks including a potential global slowdown with adverse impact on tourism, and natural disasters. Upside risks notably include greater-than-expected effects of public and private infrastructure projects linked to tourism and the energy sector reform. Executive Board Assessment In concluding the 2025 Article IV consultation with The Bahamas, Executive Directors endorsed staff’s appraisal, as follows: “The economy has strengthened in recent years. Robust post-pandemic tourism has been a key driver of economic growth and fiscal revenues. Actions have been taken to improve public finances and to enhance disaster risk management. Continued fiscal consolidation, the ongoing electricity sector reform, increased capacity for tourism, and investment in climate resilience will be critical to further reduce fiscal vulnerabilities and foster sustained growth. “Growth is expected to moderate gradually. Growth in 2025 has been supported by construction and cruise tourism, but the economic expansion is expected to slow somewhat in 2026, converging toward the estimated potential rate of 1½ percent over the medium term. Risks are broadly balanced, with downside risks including a potential global slowdown and natural disasters, and upside risks entailing greater-than-expected effects of public and private infrastructure projects linked to tourism and the electricity reform. Inflation remains low. “Additional policy measures are necessary to achieve the authorities’ medium-term target for central government debt. A primary surplus was reached again in FY2024/25, and the FY2025/26 budget targets an overall surplus. While declining, public debt remains elevated. Going forward, new revenue-enhancing and expenditure-optimizing measures should be prioritized to achieve the authorities’ 50 percent of GDP target for central government debt. These measures can include introducing corporate and personal income taxes, rationalizing tax expenditures, raising the standard VAT rate, and reducing transfers to SOEs. These efforts can give space to invest more in priority areas, such as education and resilient infrastructure. “More work is needed to strengthen fiscal institutions and reduce fiscal risks. An immediate priority should be to improve fiscal reporting and enhance the institutional framework for PPPs. It is also critical to accurately assess and mitigate fiscal risks arising from SOEs. The planned reform to civil service pensions should be supplemented with more holistic changes to address actuarial imbalances. Advancing plans to adopt an accrual-based accounting system for the budget would improve fiscal transparency. Efforts to reduce debt rollover risks should continue. “Financial sector policies should continue to aim at preserving financial stability. Systemic financial stability risks remain moderate. As bank credit to the private sector increases, safeguarding banks’ resilience is crucial, including by monitoring potential risks stemming from banks’ exposure to the sovereign. The oversight of nonbanks should be strengthened, and closing data gaps is a priority. Operationalizing real estate price indices is still needed. Planned legal reforms can help improve resolution frameworks and safety nets. Reducing the ceiling on central bank advances to the government would support the exchange rate peg, and it is essential to maintain efforts to implement the 2024 DARE Act. Actions to enhance risk-based AML/CFT supervision and promote financial inclusion should continue. "Fostering economic resilience and investing in human and physical capital should ease supply-side constraints to growth. Policies to raise productivity, together with fiscal consolidation, can help narrow external imbalances, given that the external position is moderately weaker than the level implied by medium-term fundamentals and desirable policies. Ongoing infrastructure projects in hotels and airports can alleviate capacity constraints in tourism. To reduce vulnerable employment and lessen informality, it is important to cut red tape for businesses, strengthen education, and continue expanding training and upskilling opportunities. Trade diversification could strengthen economic resilience and reduce import costs (with more benefits for consumers if coupled with greater product market competition). The energy sector reform is advancing and may significantly improve the cost and reliability of electricity. There is scope to continue enhancing disaster risk management and investing in climate resilience. To address housing affordability challenges, investing in social housing and refining rental market regulations could help ease supply constraints." ============= J A M A I C A ============= MAYBERRY JAMAICAN: Hit By Steep Unrealised Losses as Market Dips ---------------------------------------------------------------- RJR News reports that Mayberry Jamaican Equities says it recorded $899 million in unrealised losses on its investment in Jamaica Broilers Group after that company's stock price fell by 53% last year. Unrealised losses referred to paper losses caused by a decline in the market value of investments that are not recognised until the assets are sold, according to RJR News. Mayberry says total unrealised losses on its financial instruments reached $1.22 billion while losses on companies in which it holds equity investments amounted to $3.2 billion, the report notes. Together these contributed to the company posting an overall net loss of $4.93 billion for the year, the report relays. The report discloses that the sharp declining Jamaica Broilers' share price prompted Mayberry Chairman Christopher Berry to say he is shocked and disappointed by developments at the company's US subsidiary. Accounting irregularities at that subsidiary led to a $46-billion restatement of accounts and a net loss of $7.2 billion last year, the report adds. =========== M E X I C O =========== CONTRATO DE FIDEICOMISO: Moody's Withdraws 'Caa3' on Secured Notes ------------------------------------------------------------------ Moody's Ratings has withdrawn the rating on Contrato de Fideicomiso Irrevocable de Emisión, Administración y Pago No. CIB 4323: Senior Secured Notes, Withdrawn (sf); previously on Nov 5, 2025 Downgraded to Caa3 (sf) RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). ===================== P U E R T O R I C O ===================== ST. AGUSTIN: Seeks Approval to Hire Hector L. Colon Vega as Expert ------------------------------------------------------------------ St. Agustin Housing Associates, LP seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Hector L. Colon Vega, an industrial engineer and professional plumber practicing in Ponce, Puerto Rico, as expert. The expert will provide services on the use of water and sewer services provided by the Puerto Rico Aqueducts and Sewer Authority. Mr. Colon Vega will be billed at his hourly rate of $175. Ms. Colon Vega disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The expert can be reached at: Hector Colon Vega Nuevo Norte # 51 Edf. De La Cruz Suite. 203 Ponce, PR 00731 Telephone: (787) 709-8463 About St. Agustin Housing Associates LP St. Agustin Housing Associates, LP filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 25-02511) on June 2, 2025, listing under $1 million in both assets and liabilities. The case is assigned to Honorable Enrique S. Lamoutte Inclan. The Debtor is represented by Godreau & Gonzalez Law, LLC. ===================================== T R I N I D A D A N D T O B A G O ===================================== POSWDL LIMITED: Fitch Affirms 'BB' LongTerm Foreign Currency IDR ---------------------------------------------------------------- Fitch Ratings has affirmed Port of Spain Waterfront Development Limited's (POSWDL) Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB' with a Stable Rating Outlook. Fitch has also affirmed POSWDL's senior secured USD500 million 7.875% bond at 'BB', at the same level as POSWDL rating. The rating is based on the application of the Government-Related Entities (GRE) Rating Criteria. Fitch views POSWDL as a GRE of Trinidad and Tobago. POSWDL's IDR of 'BB' relies on a GRE score of 45 out of 60 points, which indicates a support category of 'virtually certain', leading to the equalization of its rating to the credit quality of Trinidad and Tobago. POSWDL operates as a proxy financing vehicle for the sovereign. It issues debt for projects that are specific and strategically important, and receives rents from the sovereign through a sublease agreement for its facilities in the Port of Spain International Waterfront Centre. Revenues from the sublease agreement are designed to match POSWDL debt service and deposited in a trust. Rent is not subject to abatement if the Government of the Republic of Trinidad and Tobago (GoRTT) is unable to use the property. Fitch assesses POSWDL's senior secured USD500 million 7.875% bonds due 2040 at the same level as the issuer IDR. KEY RATING DRIVERS Support Score Assessment 'Virtually certain' Fitch considers that an extraordinary support from the Government of the Republic of Trinidad and Tobago to Port of Spain Waterfront Development would be 'virtually certain' in case of need, reflecting a support score of 45 (out of a maximum 60) under Fitch GRE criteria. This reflects a combination of responsibility to support and incentive to support factors assessment as below. Responsibility to Support Decision Making and Oversight 'Very Strong' Decision making and oversight is assessed as 'Very Strong' considering that POSWDL is a subsidiary of the Urban Development Corporation of Trinidad and Tobago Limited (UDeCOTT,) which is fully owned and controlled by the GoRTT. The government tightly controls the GRE and imposes significant requirements on POSWDL for the execution of specific projects that are highly strategic. Specifically, POSWDL acts as a proxy financing vehicle for the sovereign, issuing debt to finance strategic projects through UDeCOTT. Precedents of Support 'Very Strong' Precedents of Support is assessed as 'Very Strong', reflecting robust evidence of consistent government support to maintain the GRE's financial profile, including funding aligned with its debt obligations. This assessment is underpinned by the sublease agreement between POSWDL and the sovereign for the use of the Port of Spain International Waterfront Centre facilities. The agreement provides that funds will be made available through budgetary allocations to cover 100% of debt service requirements. Sublease payments are effectively used to meet the debt service schedule of the senior secured USD500 million bond, with the first principal and interest instalment paid in August 2025. This structure mirrors the one used for the 2007 loan, which matured in early 2023. Bonds count with a debt service reserve account with six months of interest and principal to cover any delays in payments. The sublease agreement also requires GoRTT to restore the property, in the event of fire or other casualty, to at least its pre-casualty condition and value, regardless of whether insurance proceeds are sufficient. Rent is not subject to abatement if GoRTT is unable to use the property. Incentives to Support Preservation of Government Policy Role 'Not Strong Enough' Fitch views the incentive to support of GoRTT for preservation of government policy role as 'Not Strong Enough'. A POSWDL default should not have a direct material impact over the continued provision of a key public service. The complex is fully built and has been operational for over a decade. Moreover, a default by POSWDL should not lead to the loss of valuable assets considering the nature of its operation. Lastly, given the nature of POSWDL operations, Fitch does not foresee major political implications of a default, which would be unlikely to lead to significant public discontent. Contagion Risk 'Very Strong' Contagion Risk is assessed as 'Very Strong' because POSWDL is a reference issuer for the financing market relevant to the government, as evidenced by the 2025 issuance. The amount of debt issued is sizable relative to other GoRTT GRE debt and demonstrates POSWDL's access to the international bond market. POSWDL is also a core government-related entity, benefiting from support under the sublease agreement with the sovereign, with payments structured to match the bond's debt service schedule. The bond indenture includes cross-default provisions linked to the sovereign via the sublease agreement. The sovereign budget includes a dedicated funding source to meet sublease rents pledged as collateral for the bond. These rents are aligned with the debt service schedule and are deposited into a trust to service debt and pay bondholders. Under the deed of assignment, supplemental to the trust indenture and security agreement, POSWDL appoints UMB Bank, N.A. as trustee for the securities to ensure the payment and discharge of the secured liabilities. Financial Performance POSWDL is a proxy for a financing vehicle for the GoRTT. Its revenues originate from rent payments from the sublease agreement with the sovereign for the use of Port of Spain International Waterfront Centre facilities. Sublease payments are matched with the bond debt service schedule. Debt Ratings POSWDL's senior secured USD500 million 7.875% bond is affirmed at 'BB', the same level as POSWDL's IDR. The bonds have a 15-year tailored amortization that aligns with the biannual instalments of base rent (as per the sublease agreement) used to service the notes and deposited with the trustee, with fixed interest rate and semi-annual debt service payments. The bonds are senior secured, ranking pari passu with all existing and future senior secured indebtedness. Bonds count with a reserve fund equivalent to six months of interest and principal. The bond documents contain customary corporate bond covenants, including but not limited to limitations on indebtedness, liens, restricted payments, asset sales, transactions with affiliates and mergers (consolidations and dispositions). The bond indenture also refers to the head lease and sublease termination as a default event and further emphasizes that a default event under the sublease agreement also constitutes a default event on the bond. Peer Analysis The rating reflects Fitch's 'Virtually certain' expectation of extraordinary support to POSWDL by the sovereign, consistent with a support score of 45 points (out of 60) under the GRE criteria. Additionally, it reflects Fitch's view that POSWDL's credit quality cannot be effectively delinked from its supporting government, the GoRTT, and hence, no Standalone Credit Profile (SCP) is assigned. The combination of 'Virtually certain' expectation for extraordinary support and no SCP results in the equalization of POSWDL's rating to the credit quality of its supporting government under the GRE criteria. POSWDL is a subsidiary of UDeCOTT, itself a GRE of the GoRTT. While POSWDL ownership is clearly under UDeCOTT, Fitch looks through the parent GRE and assesses POSWDL as a GRE of the sovereign. This approach is based on POSWDL operating as a proxy financing vehicle for the sovereign. According to the GRE criteria, financing vehicles are typically exempt from SCP analysis. When an IDR is assigned, it is equalized with the credit quality of the relevant entity within the group, which is the GoRTT. POSWDL closest peers are Agencia Distrital del Distrito de Barranquilla (AA(col)/Positive), Changchun Urban Development & Investment Holdings (BBB/Stable), and Korean Land and Housing Corporation (AA-/Stable). The three entities have a support category of 'virtually certain', leading to the equalization of its ratings to their supporting government. Issuer Profile POSWDL is a subsidiary of UDeCOTT, a GRE of the GoRTT. POSWDL operates as a proxy financing vehicle for the sovereign. It was created to build a mixed complex of corporate towers in the capital of the country, which houses major government agencies and a hotel. The entity has a sublease agreement directly with the sovereign. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - POSWDL's ratings could be downgraded if the credit quality of Trinidad and Tobago deteriorates; - POSWDL's ratings could be downgraded if the linkage to its supporting government is viewed as having weakened, as assessed by the GRE support score. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - POSWDL's ratings could be upgraded if the credit quality of Trinidad and Tobago improves. Public Ratings with Credit Linkage to other ratings The ratings of POSWDL are linked to the credit quality of its supporting government. Entity/Debt Rating Prior ----------- ------ ----- Port of Spain Waterfront Development Limited LT IDR BB Affirmed BB senior secured LT BB Affirmed BB ********* 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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