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       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

          Monday, March 2, 2026, Vol. 27, No. 43

                           Headlines



A R G E N T I N A

ARGENTINA: Economic Activity Rose 4.4% in 2025 Year-on-Year
ARGENTINA: Economy Expanded More Than Expected After Election
[] Fitch Affirms Ratings on 9 LA Electricity Generation Companies


B R A Z I L

AZUL SA: Emerges from Chapter 11 with $850-Mil. New Equity
TUPY SA: Fitch Affirms 'BB-' IDR, Outlook Stable


C O L O M B I A

OPAIN: Fitch Affirms 'BB+' Rating on USD415MM Sr. Secured Notes


H O N D U R A S

INVERSIONES ATLANTIDA: Fitch Keeps 'CCC/C' IDRs on Watch Negative


J A M A I C A

JAMAICA: BOJ Remove Another $40BB From Circulation on Feb. 25
JAMAICA: Finc'l Sector Will Cut Interest Rate if it Cuts Asset Tax


M E X I C O

HERMS LUMBER: Claims to be Paid from Continued Operations
TV AZTECA: Seeks Reorganization in Mexico


P U E R T O   R I C O

PHOENIX FUND: Case Summary & 20 Largest Unsecured Creditors


X X X X X X X X

AUNA SA: Fitch Affirms 'B+' IDR, Outlook Stable
[] Fitch Affirms Ratings on Five LATAM Oil & Gas Production Cos.
[] Fitch Affirms Ratings on Seven LATAM Retail Companies

                           - - - - -


=================
A R G E N T I N A
=================

ARGENTINA: Economic Activity Rose 4.4% in 2025 Year-on-Year
-----------------------------------------------------------
Buenos Aires Times reports that economic activity in Argentina rose
4.4 percent in 2025 year-on-year, the INDEC national statistics
bureau revealed.

December capped off an improved economic year for President Javier
Milei's government with further growth, consolidating the rebound,
according to Buenos Aires Times.

INDEC's Monthly Economic Activity Estimator (EMAE) showed growth of
1.8 percent in the final month of last year compared to November,
the previous month, with a strong 3.5 percent rise from December
2024, the report notes.  The increase was the strongest since July
2024, when activity grew 2.6 percent, the report relays.

The EMAE serves as a preliminary indicator for the quarterly Gross
Domestic Product (GDP) report published by INDEC. The agency,
headed by Pedro Lines, will release third-quarter data and the
full-year 2025 GDP figures in March, the report notes.

Eleven of the sectors measured by the EMAE recorded growth in
December, the report recalls.  Agriculture, livestock, hunting and
forestry stood out with a staggering 32.2 percent monthly increase
from November, driven by what officials described as a "historic
wheat harvest" in both volume and average yields, the report says.

On the negative side, manufacturing fell 3.9 percent and wholesale
and retail trade, including repairs, declined 1.3 percent in
December, the report notes.  Together, they scrubbed 0.8 points
from the overall EMAE monthly figure, the report says.

Senior figures within the ruling coalition were quick to celebrate
the stronger-than-expected performance, which beat the forecasts of
several private consultancy firms, the report discloses.

President Javier Milei hailed the annual figure, declaring on
social media that "Argentina is moving forward," the report says.

"The prophets of chaos are not going to like this,” he said,
claiming that growth would have been seven percent if it were not
for the fear of the opposition returning to power, the report
relays.

Economic activity declined 1.8 percent year-on-year in 2024, the
report notes.

                        Inflation Tamed

Milei has made significant macroeconomic progress since taking
office in December 2023, the report recalls.

Inflation fell from 211.4 percent in 2023, when his government
severely devalued the peso, to 31.5 percent in 2025 – the lowest
level in eight years, the report says.

Milei's administration also posted fiscal surpluses for two
consecutive years, the first time since 2008, the report relates.

But those figures came alongside a sharp budget adjustment and deep
cuts to public spending, the report notes.

An opening of imports has hit manufacturing activity harshly, with
more than 21,000 companies closing over the past two years and
around 300,000 jobs lost, according to union sources, the report
relays.

"It's a mirage," economist Pablo Tigani, a regular critic of
Milei's administration, said of the EMAE growth data, the report
discloses.

"A controlled exchange rate, rising public debt, falling
consumption, the first drop in foreign direct investment in 23
years, inflation combined with recession and protest crackdowns,"
he added.  "The programme is not viable," he said.

In its latest World Economic Outlook update in January, the
International Monetary Fund (IMF) forecast four percent growth for
Argentina in 2026 and 2027, the report relays.

Milei's government projects five percent growth for this year, the
report notes.

Following the October midterm elections, the President has moved
ahead with the first of his proposed "structural reforms," a labour
modernisation bill that he hopes to secure final approval, the
report discloses.

On March 1, Milei will address Congress to deliver the annual
state-of-the-nation opening speech of ordinary legislative
sessions, setting out his next measures, 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.


ARGENTINA: Economy Expanded More Than Expected After Election
-------------------------------------------------------------
Manuela Tobias at Bloomberg News reports that Argentina's economy
grew more than expected in December due in part to a historic wheat
harvest that offset the fallout from a pivotal midterm election

Economic growth ticked up 1.8 percent in December compared to
November, the INDEC national statistics bureau reported, after
South America's second-biggest economy shrunk 0.3 percent in
November, according to Bloomberg News.  From a year earlier, the
economy grew 3.5 percent, far surpassing the estimate of zero
growth from economists surveyed by Bloomberg.

The farm and finance sectors contributed significantly to the
economy's growth in last year's final month, while manufacturing
and retail fell, Bloomberg News notes.  Argentina’s key
agriculture sector in particular was boosted by 32 percent
year-on-year growth, Bloomberg News relays.

"After two months in which the economy performed worse than
expected, December was very strong," said Maria Castiglioni,
director of C&T Asesores Economicos, a Buenos Aires-based
consultancy, Bloomberg News says.  "Clearly, agricultural activity
helped a great deal," he added.

After a bruising defeat in last September's Buenos Aires Province
vote, President Javier Milei's party rebounded with a sweeping
midterm win the following month, Bloomberg News discloses.
Argentine markets slid in the run-up to October's national election
as investors bet on another setback, Bloomberg News says.  Most
sectors sped up production in the third quarter to get ahead of a
feared post-election devaluation, slowing down economic activity in
October and November, Bloomberg News notes.

"The manufacturing industry is still taking a hit.  The upside is
that the agricultural cycle is independent of the election," said
Sebastian Menescaldi, director at local consultancy EcoGo,
Bloomberg News relays.

The data should provide some relief to President Javier Milei's
administration and bolster hopes for his macreoeconomic program,
Bloomberg News notes.  However, we think several factors expected
to underpin robust growth this year – such as credit momentum and
real exchange rate depreciation – now look likely to provide a
more modest impetus," said Jimena, Argentina economist for
Bloomberg.

Overall economic growth was slow last year as monthly activity
expanded only 0.02 percent in the first 11 months of the year,
according to a research note from Goldman Sachs Group Inc
published, Bloomberg News discloses. The jobs market also lagged,
with higher-paying formal jobs in decline mostly compensated by
informal sector jobs, Bloomberg News says.

In January, monthly inflation sped up for a fifth consecutive month
to hit 2.9 percent, led by prices for food, restaurants, hotels and
utilities, Bloomberg News relays.  Annual inflation is expected to
cool to 22% this year, while the economy is forecast to grow 3.2
percent, according to economists surveyed by the Central Bank last
month, 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.


[] Fitch Affirms Ratings on 9 LA Electricity Generation Companies
-----------------------------------------------------------------
Fitch Ratings has affirmed Nine Latin American Global Electricity
Generation companies' and their related subsidiaries' ratings:

   1. Enel Generacion Chile S.A.
   2. Enel Chile S.A.
   3. Engie Energia Chile S.A.
   4. Colbun S.A.
   5. AES Andes S.A.
   6. Empresa Electrica Cochrane SpA
   7. MSU Energy S.A.
   8. Generacion Mediterranea S.A.
   9. AES Argentina Generacion 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 Rating
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

Enel Generacion Chile 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 (a-,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (a-, Moderate), Company
Operational Characteristics (bbb, Higher), 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 Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb+' results in
no adjustment.

- The SCP is 'a-'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a consolidated approach.

Enel Chile 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 (a-,
Moderate), Market and Competitive Positioning (bbb+, Moderate),
Diversification and Asset Quality (a-, Moderate), Company
Operational Characteristics (bbb+, Higher), 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 '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 standalone approach.

Engie Energia Chile 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 (a-,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb-, Higher), 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 '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 bottom up +1 approach.

Colbun 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 (a-,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (a-, Moderate), Company
Operational Characteristics (bbb+, Higher), Profitability (bbb,
Moderate), Financial Structure (bbb, Higher), and Financial
Flexibility (a-, 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.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb+' results in no
adjustment.

- The SCP is 'bbb+'.

Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB+'; Outlook Stable.

AES Andes 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
(bbb-, Moderate), Market and Competitive Positioning (bbb,
Moderate), Diversification and Asset Quality (bbb, Moderate),
Company Operational Characteristics (bbb+, Higher), Profitability
(bbb-, 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 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-'.

Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB-'; Outlook Stable.

Empresa Electrica Cochrane SpA

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 (bb, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb+, Higher), 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 assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb+' results in no
adjustment.

- The SCP is 'bbb'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in an equalized approach.

MSU Energy 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+, Moderate), Market and Competitive Positioning (b-, Moderate),
Diversification and Asset Quality (bb+, Lower), Company Operational
Characteristics (ccc+, Higher), Profitability (bb, Moderate),
Financial Structure (bbb-, Moderate), and Financial Flexibility (b,
Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the historical year
2024, 40% for the forecast year 2025 and 20% for the forecast year
2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operang 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 'ccc+'.

Fitch made no adjustments to the SCP, resulting in an IDR of
'CCC+'.

Generacion Mediterranea 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 (b, Moderate), Sector Characteristics (b+,
Moderate), Market and Competitive Positioning (b, Moderate),
Diversification and Asset Quality (bb+, Lower), Company Operational
Characteristics (ccc+, Moderate), Profitability (b+, Moderate),
Financial Structure (ccc, Higher), and Financial Flexibility (ccc-,
Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the historical year
2024, 40% for the forecast year 2025 and 20% for the forecast year
2026.

- The Governance Impact assessment of 'Deficient' results in an
adjustment of -1 notch(es).

- The Operating Environment Impact assessment of 'ccc+' results in
no adjustment.

- The other risk elements adjustment applies and results in an
adjustment of -3 notch(es).

- The SCP is 'd or rd'.

Fitch made no adjustments to the SCP, resulting in an IDR of 'RD'

AES Argentina Generacion S.A.

Fitch scored the issuer as follows, using its Corporate Rang Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (b+,
Moderate), Market and Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (ccc+, Higher), Profitability (b+,
Moderate), Financial Structure (bbb+, Lower), and Financial
Flexibility (b, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the historical year
2024, 40% for the forecast year 2025 and 20% for the forecast year
2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operang 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 'ccc+'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a standalone approach.

RATING ACTIONS

   Entity/Debt                 Rating           Recovery   Prior
   -----------                 ------           --------   -----
Generacion
Mediterranea S.A.   

                      LT IDR    RD   Affirmed              RD
                      LC LT IDR RD   Affirmed              RD
   senior unsecured   LT        C    Affirmed              C
   senior secured     LT        C    Affirmed              C

Colbun S.A.  

                      LT IDR    BBB+ Affirmed              BBB+
                      LC LT IDR BBB+ Affirmed              BBB+
   senior unsecured   LT        BBB+ Affirmed              BBB+

Enel Generacion
Chile S.A.  

                      LT IDR    BBB+ Affirmed              BBB+
                      LC LT IDR BBB+ Affirmed              BBB+
   senior unsecured   LT        BBB+ Affirmed              BBB+

Central Termica
Roca S.A.

   senior unsecured   LT        C    Affirmed              C
   senior secured     LT        C    Affirmed              C

MSU Energy S.A.    

                      LT IDR    CCC+ Affirmed             CCC+  
                      LC LT IDR CCC+ Affirmed             CCC+
   senior secured     LT        B-   Affirmed    RR3      B-

Engie Energia
Chile S.A.      

                      LT IDR    BBB  Affirmed             BBB
                      LC LT IDR BBB  Affirmed             BBB
   senior unsecured   LT        BBB  Affirmed             BBB

Empresa Electrica
Cochrane SpA          

                      LT IDR    BBB- Affirmed             BBB-
                      LC LT IDR BBB- Affirmed             BBB-
   senior secured     LT        BBB- Affirmed             BBB-

AES Argentina
Generacion S.A.   

                      LT IDR    CCC+ Affirmed             CCC+
                      LC LT IDR CCC+ Affirmed             CCC+

Enel Chile S.A.  

                      LT IDR    BBB+ Affirmed             BBB+
                      LC LT IDR BBB+ Affirmed             BBB+
   senior unsecured   LT        BBB+ Affirmed             BBB+

AES Andes S.A.        

                      LT IDR    BBB- Affirmed             BBB-
                      LC LT IDR BBB- Affirmed             BBB-
   senior unsecured   LT        BBB- Affirmed             BBB-
junior subordinated  LT        BB   Affirmed             BB




===========
B R A Z I L
===========

AZUL SA: Emerges from Chapter 11 with $850-Mil. New Equity
----------------------------------------------------------
AZUL S.A. (B3: AZUL53; OTC: AZULQ), the largest airline in Brazil
in number of cities served and direct domestic routes, announced
the successful completion of its voluntary financial restructuring
process and emergence from Chapter 11. The Company's Plan of
Reorganization, previously confirmed by the U.S. Bankruptcy Court
on December 19, 2025, is now effective.

Through this process, Azul achieved a comprehensive balance sheet
and operational transformation and emerges from Chapter 11 having
achieved its key objectives for this process, including
strengthening its balance sheet, enhancing liquidity, reducing
lease expense and liabilities, and improving every aspect of its
operations to support long-term sustainability and sustainable
growth. The restructuring was supported by key financial
stakeholders, including its existing bondholders, its largest
lessor, AerCap, representing the majority of the Company's aircraft
lease liability, and other lessors, OEM and suppliers
counterparties, and its strategic partners, United Airlines and
American Airlines.

Key Achievements of Restructuring:

-- Significantly Strengthened Financial Position

-- Received $850 million of new equity investments at emergence,
including from existing bondholders and US$100 million from United
Airlines

-- Executed a commitment with American Airlines for an incremental
US$100 million equity investment, subject to antitrust approval

-- Raised US$1.375 billion of new exit notes

-- Reduced loans and financing debt and lease liabilities by US$2.5
billion, compared with pre-petition amounts

-- Reduced annual interest paid on loans and financing by over 50%


-- Reduced fleet debt by 36% and aircraft leasing costs by
approximately one-third, without reducing operating capacity

-- Achieved pro-forma net leverage of less than 2.5x at emergence

-- Swift and Efficient Court-Supervised Process

-- Successfully completed restructuring in less than nine months

-- Maintained 85.1% performance on time

-- Operated approximately 800 flights per day, without disruption

-- Strong Operational Performance

-- Achieved 2025 performance targets despite ongoing restructuring


-- Served 32 million customers in 2025 -- the largest in Azul's
history

-- Ranked the 4th most on-time airline in the world

-- Served over 130 cities across 250 routes

-- Operated a fleet of approximately 175 aircraft

"This is a defining milestone for Azul," said John Rodgerson, Chief
Executive Officer of Azul. "In just under nine months, we completed
a comprehensive restructuring that has materially strengthened our
balance sheet and positioned Azul for long-term stability. We are
emerging from Chapter 11 with the support of some of the most
respected financial and strategic partners in global aviation."

"I am especially proud of our Crewmembers, whose dedication and
resilience allowed us to continue operating at a high level
throughout this process. Their unwavering commitment to our
Customers ensured Azul never lost focus on what matters most:
connecting Brazil with excellence and reliability."

With a significantly improved capital structure, Azul's emergence
from Chapter 11 marks a pivotal moment in the Company's
transformational journey. With a strengthened financial position
and the continued support of its stakeholders, Azul is entering its
next phase from a position of strength, and remains focused on
connecting Brazil like no other airline while delivering
industry-leading service, reliability and value to Customers.

The Company's competitive advantages are greater than ever,
supported by:

-- The largest network in Brazil

-- A uniquely diversified business model, including its Azul Cargo
and Azul Viagens businesses and the Azul Fidelidade loyalty program


-- A modern, efficient fleet comprised of approximately 80%
next-generation aircraft

-- Strong brand recognition and strategic international
partnerships

Looking ahead, Azul remains focused on disciplined and sustainable
growth, continued operational excellence and delivering long-term
value to Customers, Crewmembers, and our partners worldwide.

Additional Information

Stakeholders seeking specific information about Azul's Chapter 11
case can visit its dedicated website at www.azulmaisforte.com.br.
For case and claims information, please visit
https://cases.stretto.com/Azul or call (833) 888-8055 (toll-free)
or (949) 556-3896 (international).

The Company is supported by Davis Polk & Wardwell LLP, White & Case
LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting
as financial advisor; Guggenheim Securities, LLC as investment
banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting
and MassMedia as strategic communications advisors.

        About Azul S.A.

Azul S.A. and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28,
2025, listing up to $10 billion in both assets and liabilities.

Judge Sean H. Lane oversees the case.

The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal &
Segal LLP as counsel.

On June 13, 2025, the United States Trustee for Region 2 appointed
the Committee under section 1102 of the Bankruptcy Code.

TUPY SA: Fitch Affirms 'BB-' IDR, Outlook Stable
------------------------------------------------
Fitch Ratings has affirmed two Latin American (LatAm) auto supplier
companies' and their related subsidiaries' ratings:

   1. Metalsa S.A.P.I. de C.V. (Metalsa)
   2. Tupy S.A. (Tupy)

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

For Metalsa

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 (bb, 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 assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a-' results in no
adjustment.

- The SCP is 'bbb-'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'BBB-'.

For Tupy

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 and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (bb-,
Moderate), Financial Structure (b, Higher), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb' results in no
adjustment.

- The SCP is 'bb-'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'BB-'.

RATING ACTIONS

   Entity/Debt                   Rating            Prior
   -----------                   ------            -----
Tupy Overseas S.A.

   senior unsecured     LT        BB-  Affirmed    BB-

Tupy S.A.          

                        LT IDR    BB-  Affirmed    BB-
                        LC LT IDR BB-  Affirmed    BB-

Metalsa S.A.P.I.
de C.V.            

                        LT IDR    BBB- Affirmed    BBB-
                        LC LT IDR BBB- Affirmed    BBB-
   senior unsecured     LT        BBB- Affirmed    BBB-




===============
C O L O M B I A
===============

OPAIN: Fitch Affirms 'BB+' Rating on USD415MM Sr. Secured Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Sociedad Concesionaria Operadora
Aeroportuaria Internacional, S.A.'s (OPAIN) USD415 million senior
secured notes at 'BB+'. The Rating Outlook is Stable. OPAIN is the
concessionaire of El Dorado International Airport in Bogota,
Colombia.

The rated notes coexist on a pari-passu basis with a Colombian
peso-denominated loan that has two tranches of COP150 billion and
COP315 billion that mature in December 2027 and December 2028,
respectively.

RATING RATIONALE

The rating reflects El Dorado's position as a strategic asset for
Colombia. It serves as the main gateway to the country and is one
of the largest airports in Latin America in terms of traffic
volume. The airport has a robust traffic base, primarily consisting
of origin and destination (O&D) passengers, and has a demonstrated
history of strong traffic performance with relatively low
volatility.

The rating also reflects its dual-till rate-setting framework, with
an adjustment mechanism for regulated revenues that tracks local
and U.S. consumer price indices (CPI). The debt is fixed-interest
rate and fully-amortizing, with a six-month offshore debt service
reserve account (DSRA), along with a standard covenant package and
structural features.

Under Fitch's rating case , the debt service coverage ratio (DSCR)
for 2026, the final year of the rated debt, is 1.5x, which is
strong for the assigned rating, according to applicable criteria.
Nonetheless, the rating is constrained by Colombia's Country
Ceiling of 'BB+' due to the rated debt's exposure to transfer and
convertibility risks, as all revenues are collected onshore.

KEY RATING DRIVERS

Revenue Risk - Volume - Stronger

Essential Infrastructure Asset in Colombia, Regional Hub

Located in Bogota's metropolitan area, El Dorado is a critical
facility that serves as the country's largest commercial airport
and international gateway, as well as a regional hub for Latin
America. The airport benefits from a large O&D base, with strong
positive traffic volume growth over the last few decades and no
significant competition from other airports or forms of
transportation. Avianca Holdings S.A. constitutes roughly 50% of
total traffic. However, counterparty risk is relatively mitigated
by the airport's strategic and competitive position within the
country and region.

Revenue Risk - Price - Midrange

Dual-Till Rate Setting

Regulated revenues, which comprise the majority of OPAIN's
revenues, are adjusted yearly to track 95% of either the Colombian
or the U.S. CPI, depending on the currency denomination of the
tariff. Extraordinary increases in tariffs may occur if either CPI
varies by more than 10% since the last tariff update. Commercial
revenues are not subject to a tariff adjustment mechanism and are
negotiated in private agreements with each tenant.

Infrastructure Dev. & Renewal - Midrange

Well-Maintained Airport, Growing Congestion

El Dorado is a modern airport in good condition, with well-defined
maintenance needs for the remaining concession life, which is set
to end between January 2027 and July 2030. The exact date will
depend on how quickly the airport can recoup the earnings it missed
out on during the pandemic.

Due to its traffic overperformance and short-term growth prospects,
the airport is expected to experience growing congestion in the
near term and through the concession expiration. According to the
independent engineer, capex related to refitting the airport
(replacement capex) is adequate to cope with the expected expenses
associated to the concession's expiration.

Debt Structure - 1 - Midrange

Midrange Structural Features

Debt structure comprises the U.S. dollar-denominated senior secured
notes issuance and two tranches of a non-rated Colombian
peso-denominated loan. The notes are fully amortizing and have a
fixed interest rate. The structure benefits from six-month DSRAs,
with one offshore account for the rated debt and one onshore
account for the non-rated facilities. The offshore account shall
increase over the debt term to 12 months of debt service if the
historical DSCR ended on or after June 2024 is less than 1.20x.

Other structural features include adequate debt incurrence and a
dividend distribution test at 1.20x, which provides adequate
mitigation for the absence of a cash waterfall. Exposure to foreign
exchange risk is limited as more than half of revenues are U.S.
dollar-denominated, providing a natural hedge against COP/USD
exchange rate variations.

Financial Profile

DSCR is viewed as the relevant metric for the transaction,
considering its short maturity and fully amortizing nature.
Projected DSCR for 2026 under Fitch's rating case is 1.5x, which is
robust for the assigned rating. However, the rating is ultimately
constrained by Colombia's Country Ceiling.

PEER GROUP

El Dorado's closest peer is Mexico City International Airport
(AICM), rated 'BBB-' with Positive Outlook. AICM and El Dorado are
international gateways for their countries with a sizable O&D
market. Both airports handle a similar number of passengers
annually and share the same assessments for volume, price and debt
structure. However, AICM has aged facilities and significant
capacity constraints, while El Dorado is a modern and
well-maintained airport with defined maintenance needs, although
some congestion is already perceived.

AICM's maximum estimated leverage at 8.1x in 2025 and average DSCR
of 3.8x are strong for the 'BBB-' rating, according to Fitch's
applicable criteria. Nonetheless, the rating is constrained by
concerns regarding the adequacy of the current capex plan to
address the physical condition of the airport's facilities. OPAIN's
2026 DSCR of 1.5x is also strong for the 'BB+' rating, which is
ultimately constrained by Colombia's Country Ceiling.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Deterioration of Colombia's Country Ceiling;

- A substantial deterioration in the project's operational and/or
financial performance that leads to a Fitch-projected DSCR for 2026
around 1.1x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A positive rating action is unlikely given the short remaining
life of the rated debt in combination with the current credit
quality of the sovereign.

SECURITY

Usual and customary security package for project financings of this
nature includes the rights under the concession agreement, a pledge
of OPAIN's shares, a first priority security interest in all of its
assets and contracts, a pledge of all onshore and offshore
accounts, and a pledge of the right to receive the termination
payment under the concession agreement.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Sociedad Concesionaria Operadora Aeroportuaria
Internacional S.A.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                      Rating           Prior
   -----------                      ------           -----
Sociedad Concesionaria
Operadora Aeroportuaria
Internacional S.A.

   Sociedad Concesionaria
   Operadora Aeroportuaria
   Internacional S.A./Airport
   Revenues - First Lien/1 LT    LT

   USD 415 mln 4.09% bond/note
   15-Dec-2026 P8711*AA4         LT BB+  Affirmed    BB+




===============
H O N D U R A S
===============

INVERSIONES ATLANTIDA: Fitch Keeps 'CCC/C' IDRs on Watch Negative
-----------------------------------------------------------------
Fitch Ratings has maintained Inversiones Atlantida, S.A.'s
(Invatlan) Long- and Short-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) of 'CCC' and 'C', and 'CCC' senior debt with
a Recovery Rating of 'RR4' on Rating Watch Negative (RWN).

The RWN reflects that, despite recent progress in liquidity
management and refinancing efforts to address the May 2026
maturity, the company continues to face significant execution risks
until it fully completes these initiatives and covers its near-term
USD102.2 million outstanding obligation. Fitch believes these
developments have partly reduced, but not eliminated, the risk of a
near-term downgrade.

Fitch will continue to monitor the execution of Invatlan's
strategy, including the completion of a credit facility with a
local bank and the progressive collection of USD, to finalize the
bond payment. A lack of progress in addressing liquidity and
execution risks could lead to additional rating downgrades.

Key Rating Drivers

Ongoing Execution of Liquidity Strategy: Fitch believes Invatlan
has made significant progress in executing its liquidity and
refinancing strategy, including active creditor negotiations that
resulted in a debt exchange representing about 16% of the total May
2026 maturity, as well as a capital injection and USD40 million
debt issuance. If this strategy proves successful, it would likely
result in potential rating upgrades. Fitch expects to review the
ratings again around end-March 2026.

Debt Exchange: Fitch classified the debt exchange transaction as a
non-distressed debt exchange because under Fitch's criteria it may
have met only one of the two necessary conditions: a material
reduction in terms, given the extension of maturities. Fitch
believes the exchange did not meet the second condition, which
requires that the exchange be necessary to avoid a payment default.
This assessment reflects the relatively limited size of the
exchange compared with the total USD300 million financing
requirement and Invatlan's demonstrated ability to raise
alternative funding sources that reduced materially the size of the
bond to USD102.2 million.

Main Subsidiary Linkage, but Holding-Company Risks Dominate:
Invatlan's ratings are anchored by the credit profile of its main
subsidiary, Banco Atlántida, S.A. (Atlántida). However, liquidity
and execution pressures at the holding-company level are the
primary drivers of the rating trajectory. The high double leverage
is also considered.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative

Rating Action/Downgrade

- Fitch expects to review the ratings and the RWN after assessing
the total materialization of Invatlan's strategy and their impact
on its credit profile. If liquidity and execution risks increase
significantly, it would result in further rating downgrades to
reflect the potentially increasing possibility of a default;

- A significant reduction in dividend transfers from Invatlan's
main subsidiaries that ultimately affects its liquidity to service
debt, or a sustained increase of double leverage to above 200%.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The RWN could be resolved and the ratings eventually upgraded if
Invatlan's near-term funding strategies are completed successfully
that materially reduces the current and future liquidity,
refinancing and execution risks. A certain degree of notching down
from Atlantida's ratings, however, is expected to remain.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Invatlan's Senior Secured Notes: The rating on the senior secured
notes is aligned with Invatlan's issuer ratings. Although the notes
are secured, Fitch believes the collateral mechanism does not
materially change default risk and/or enhance recovery prospects.
Under Fitch's criteria, recoveries are considered average,
consistent with a Recovery Rating of 'RR4'.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative

Rating Action/Downgrade

- The global senior secured debt rating would mirror any change to
Invatlan's IDRs.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- The global senior secured debt rating would mirror any change to
Invatlan's IDRs.

Public Ratings with Credit Linkage to other ratings

Invatlan's IDRs are linked to Atlantida's IDRs.

RATING ACTIONS

   Entity/Debt          Rating                    Recovery   Prior
   -----------          ------                    --------   -----
Inversiones
Atlantida S.A.

                 LT IDR     CCC  Rating Watch Maintained      CCC
                 ST IDR     C    Rating Watch Maintained      C
                 LC LT IDR  CCC  Rating Watch Maintained      CCC
                 LC ST IDR  C    Rating Watch Maintained      C
senior secured  LT         CCC  Rating Watch Maintained  RR4 CCC




=============
J A M A I C A
=============

JAMAICA: BOJ Remove Another $40BB From Circulation on Feb. 25
-------------------------------------------------------------
RJR News reports that the Bank of Jamaica was said to remove
another 40 billion dollars from circulation on February 25 as part
of efforts to keep inflation under control.

Inflation eased to 3.9% for the period January 2025 to January
2026, according to RJR News.

The central bank says it will use its fixed-rate certificate of
deposit instrument to absorb the funds, the report notes.

Under the programme, money changers and investors will now earn
5.75% per year on deposits placed with the bank, the report relays.


This follows the 25 basis-point cut in the policy rate, down from
the previous six per cent, the report discloses.

Of the total amount, 38 billion dollars will be offered on a
competitive basis to private insurance companies, commercial and
merchant banks, pension funds, credit unions and individuals, the
report notes.

Another two billion dollars will be offered on a non-competitive
basis to public sector entities, 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.   


JAMAICA: Finc'l Sector Will Cut Interest Rate if it Cuts Asset Tax
------------------------------------------------------------------
RJR News reports that Chief Executive Officer of Barita Investments
Ramon Small-Ferguson says members of the financial sector will
reduce their lending rates in order to drive economic recovery and
growth if the government reduces the asset tax.

Mr. Small-Ferguson, speaking in an interview on Real Business, on
Power 106, stressed that the financial sector will respond
positively to the latest rate-cut by the central bank if the
government cuts the asset tax which imposes a heavy burden on their
cost of operations, according to RJR News.

He also stressed that the private sector is willing to work with
the government to lead the recovery and growth, the report notes.

Mr. Small-Ferguson made it clear, however, that the private sector
must have access to cheaper capital in order to play this role and
as a result, the asset tax must go because it is a major stumbling
block, 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
===========

HERMS LUMBER: Claims to be Paid from Continued Operations
---------------------------------------------------------
Herms Lumber Sales, Inc., filed with the U.S. Bankruptcy Court for
the Central District of California a Disclosure Statement
describing Plan of Reorganization dated February 13, 2026.

The Debtor is an industrial lumber wholesaler that re-manufactures
lumber and sells lumber products, including plywood and millwork
directly to its customers. The Debtor sources lumber products from
sawmills and arranges for delivery directly to its customers.

The Debtor is a family business with four employees. The Debtor was
founded by Mark Herms and was incorporated in October 1995. Its
principal place of business is located at 2280 N. State College
Blvd, Fullerton, California. Mr. Herms has been in the lumber
industry since 1978 and is the Debtor's president and CEO.

The Debtor has been a good business with strong sales and minimal
long-term debt over the years and it enabled Mr. Herms to make a
good living and provide for his family. However, beginning about
three years ago, Mark Herms was approached by individuals in Mexico
in relation to what was represented to Mr. Herms to be a class
action lawsuit against time share operators and their real estate
companies in Mexico.

As a timeshare owner in Mexico at the time, Mr. Herms was led to
believe that the class action had a strong likelihood of success,
and he agreed to participate in the class action and began doing
so. As part of Mr. Herms involvement, he was required to send ever
increasing amounts of funds to lawyers, officials, and banks in
Mexico. To fund a portion of the payments that he made to such
individuals and entities in Mexico, Mr. Herms took out shareholder
loans from the Debtor, ultimately totaling $2,067,124.

Mr. Herms is embarrassed for falling victim to this fraud and now
believes that it is unlikely that he will ever recovery anything
from the lawsuit and funds he sent to Mexico in relation thereto.
Mr. Herms will not be sending any further funds to Mexico. As a
result of Mr. Herms shareholder loans, the Debtor sought additional
funding for its operations in the form of a high interest loan and
five merchant cash advance "MCA" loans. These sources of funding
proved disastrous for the Debtor.

The Plan is a plan of reorganization with the intent to pay all
allowed unsecured creditors 100.0% on account of any allowed
claims. Generally, the Debtor intends to do this through the
continued operation of the Debtor's business.  

Class 2(a) consists of All Allowed General Unsecured Claims except
the Class 2(b) and 2(c) General Unsecured Claims. Unless otherwise
agreed by individual claimholders, in full and complete
satisfaction of all Class 2(a) claims, claimants shall receive
payment of their Allowed General Unsecured Claims in full,
including interest at the federal judgment rate as of the Petition
Date (4.20%), from the Petition Date until paid in full. The
foregoing treatment shall be in full settlement and satisfaction of
all Class 2(a) claims.

Class 2(b) consists of All Insider General Unsecured Claims of Mark
Herms. The allowed unsecured claims total $871,107.39. Allowed
Class 2(b) General Unsecured Claims shall receive payment in full
of their Allowed General Unsecured Claim, without interest, until
paid in full. The foregoing treatment shall be in full settlement
and satisfaction of all Class 2(b) claims.

Class 2(c) consists of General Unsecured Claims Convenience Class.
All unsecured creditors whose claims are less than $5,000, or who
agree to reduce their claims to $5,000, shall be paid in full up to
$5,000 within three months of the Effective Date.

The holder of the Class 3 interests shall retain its interests.

Distributions to creditors under the Plan will be funded from the
following sources: (a) cash on hand on the Effective Date (less
reserves for operations and payroll); and (b) payments from
operations of the Reorganized Debtor. The Reorganized Debtor will
make quarterly payments to creditors under the Plan. Plan Payments
shall be made over a period of 5 years as set forth in the
projections.

A full-text copy of the Disclosure Statement dated February 13,
2026 is available at https://urlcurt.com/u?l=gdEy20 from
PacerMonitor.com at no charge.

Herms Lumber Sales, Inc. is represented by:

     Aaron E. De Leest, Esq.
     Laila Rais, Esq.
     Sarah R. Hasselberger, Esq.
     Marshack Hays Wood LLP
     870 Roosevelt
     Irvine, CA 92620
     Telephone: (949) 333-7777
     Facsimile: (949) 333-7778
     Email: adeleest@marshackhays.com
     
                    About Herms Lumber Sales Inc.

Herms Lumber Sales, Inc., specializes in the wholesale distribution
of lumber and related construction materials.  The Company offers a
variety of products, including dense mixed hardwoods, softwoods,
and plywood/OSB, catering to industries such as pallet
manufacturing and construction.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on Feb. 19,
2025. In the petition signed by Mark C. Herms, president, the
Debtor disclosed up to $10 million in both assets and liabilities.

Judge Theodor Albert oversees the case.

Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP, is the
Debtor's legal counsel.



TV AZTECA: Seeks Reorganization in Mexico
-----------------------------------------
Emily Lever at law360.com reports that Mexican television channel
TV Azteca had begun insolvency proceedings in Mexico, saying it is
facing economic headwinds as well as mounting liabilities and needs
to reorganize.




=====================
P U E R T O   R I C O
=====================

PHOENIX FUND: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: The Phoenix Fund LLC
        Villa Caparra
        243 Carr. #2
        Guaynabo, PR 00966

Business Description: The Phoenix Fund LLC, based in Guaynabo,
Puerto Rico, is a privately held investment fund company that makes
debt and equity investments in privately held businesses across
sectors including energy, pharmaceuticals, finance, technology, and
real estate.  The company manages pooled investment funds and aims
to generate income and capital appreciation through professional
investment management.

Chapter 11 Petition Date: February 23, 2026

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 26-00712

Judge: Hon. Enrique S Lamoutte Inclan

Debtor's Counsel: Alexis Fuentes-Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  P.O. Box 9022726
                  San Juan PR 00902-2726
                  Tel: (787) 722-5215
                  Email: fuenteslaw@icloud.com
             
Total Assets: $565,903,423

Total Liabilities: $400,867,404

The petition was signed by Francisco J. Rivera Fernandez as
president.

A full-text copy of the petition is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/KDTCECA/THE_PHOENIX_FUND_LLC__prbke-26-00712__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount

1. Fondo Del Seguro Del Estado         Loans And       $99,500,000
Oficina Regional SJ                   Guarantees
Po Box 42006
San Juan, PR 00940-2006

2. AG Supermaster Fund                 Lawsuit         $80,000,000
C/O Debevoise & Plimpton LLP
66 Hudson Boulevard E.
New York, NY 10001

3. Jose A. Rojas Rivera & Wife       Deposit Owed      $25,484,929
55 Calle Arzuaga
San Juan, PR 00918

4. Dorado Health Group LLC           Tax Credits       $20,878,822
1000 Ashford Ave. 4 Unit
San Juan, PR 00907

5. Acrecent Financial LLC             Corporate        $14,897,930
A/K/A Signus                          Guarantee
PO Box 363372
San Juan, PR 00936-3372

6. The Phoenix Fund                 Loans, Fees &      $10,356,523
Advisors LLC                       Reimbursements
Po Box 11852
San Juan, PR 00922

7. Axis Holdings LLC                   Lawsuit          $5,652,923
Po Box 191958
San Juan, PR 00919

8. Foley & Lardner LLP            Legal Services        $1,727,766
100 North Tampa St. Suite 2700
Tampa, Fl 33602

9. Tropigas Puerto Rico, Inc.        Judgment             $846,982
Po Box 70205                          
San Juan, PR 00936-8205

10. Novus Inc.                     Pending Tax            $774,558
655 Cubitas St.                      Credits
Guaynabo, PR 00969-2802

11. Jose A. Casal Seibezzi           Lawsuit              $644,170
Po Box 10378
San Juan, PR 00922-0378

12. Paul Hastings LLC             Legal Services          $208,801
71 S. Wacker Drive 45 Floor
Chicago, IL 60606

13. Biggs, LLC, Et Al.               Judgment             $100,000
2710 Pelham Parkway
Pelham, AL 35124

14. Cleary Gottlieb LLC           Legal Services           $69,996
One Liberty Plaza
New York, NY 10006

15. Efront Financial Solutions     Software Fees           $67,140
C/O Blackrock 50 Hudson Yards
415 10th Avenue
New York, NY 10001

16. Cypher Gates LLC              Legal Services           $25,000
Miramar Plaza, Suite 501
954 Ponce De Leon Ave.
San Juan, PR 00907

17. Pico Advisors LLC             Legal Services           $23,773
Po Box 270445
San Juan, PR 00928

18. Henley Cay Capital LLC        Legal Services          $20,000
708 Fifth Avenue South
Naples, FL 34102

19. DLA Piper LLC                 Legal Services          $16,495
B-7 Tabonuco St. Suite 1501
Guaynabo, PR 00968

20. Donati Buzanelli              Legal Services          $16,000
Advogados Associados
Jardim America
Rua Venezuela 36
Sao Paulo




===============
X X X X X X X X
===============

AUNA SA: Fitch Affirms 'B+' IDR, Outlook Stable
-----------------------------------------------
Fitch Ratings has affirmed the ratings of three Latin America
healthcare and pharma companies and their related subsidiaries:

   1. Ache Laboratorios Farmaceuticos S.A. (Ache)
   2. Auna S.A. (Auna)
   3. Rede D'Or Sao Luiz S.A. (Rede D'Or)

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

Ache Laboratorios Farmaceuticos S.A. (Ache)

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), Sector Characteristics
(bbb-, Moderate), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bb+,
Higher), Financial Structure (aa-, Lower), 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+'.

Fitch made no adjustments to the SCP, resulting in Local and
Foreign Currency IDRs of 'BB+'.

Auna S.A. (Auna)

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,
Moderate), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (bbb-,
Lower), Financial Structure (b, Higher), 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 'b+'.

Fitch made no adjustments to the SCP, resulting in Local and
Foreign Currency IDRs of 'B+'.

Rede D'Or Sao Luiz S.A. (Rede D'Or)

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, Moderate), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bb+, Lower), Profitability (bb+,
Moderate), Financial Structure (bb, Moderate), and Financial
Flexibility (bb+, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb' results in no
adjustment.

- The SCP is 'bbb-'.

To derive the IDR:

- Country ceiling considerations apply and result in an adjustment
of -1 notch, resulting in a Local Currency IDR of 'BBB-' and a
Foreign Currency IDR of 'BB+'.

RATING ACTIONS

   Entity/Debt                 Rating           Recovery   Prior
   -----------                 ------           --------   -----
Ache Laboratorios
Farmaceuticos S.A.  

                       LT IDR     BB+   Affirmed             BB+
                       LC LT IDR  BB+   Affirmed             BB+

Rede D'Or Finance
S.a. r.l.

   senior unsecured    LT         BB+   Affirmed             BB+

Oncosalud S.A.C.

   senior secured      LT         B+    Affirmed    RR4      B+

Auna S.A.    

                       LT IDR     B+    Affirmed             B+
                       LC LT IDR  B+    Affirmed             B+
   senior secured      LT         B+    Affirmed    RR4      B+

Rede D'Or Sao Luiz S.A.            

                       LT IDR     BB+   Affirmed             BB+
                       LC LT IDR  BBB-  Affirmed             BBB-


[] Fitch Affirms Ratings on Five LATAM Oil & Gas Production Cos.
----------------------------------------------------------------
Fitch Ratings has affirmed five Latin American (LatAm) oil and gas
production companies' and their related subsidiaries' ratings:

   1. Petroleo Brasileiro S.A. (Petrobras)
   2. Heritage Petroleum Company Limited
   3. Petroleos Mexicanos (PEMEX)
   4. Ecopetrol S.A.
   5. YPF S.A.

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

Petroleo Brasileiro S.A. (Petrobras)

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-, Higher), Sector Characteristics
(bbb, Moderate), Market and Competitive Positioning (aa, Moderate),
Diversification and Asset Quality (a, Moderate), Company
Operational Characteristics (aa, Moderate), Profitability (aa-,
Lower), 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 assessment of 'Some Deficiencies' results in an
adjustment of -1 notch(es).

- The Operating Environment assessment of 'bbb' results in no
adjustment.

- The SCP is 'bbb'.

To derive the IDR:

- Application of Fitch's Government Related Entities Rating
Criteria results in a(n) equalized approach, with Petrobras's IDRs
at 'BB/Stable', same as Brazil's sovereign rating ('BB/Stable).

Heritage Petroleum Company Limited

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, Moderate), Market and Competitive Positioning (b, Moderate),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (b, Higher), Profitability (b+,
Moderate), 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 no
adjustment.

- The Operating Environment assessment of 'bbb+' results in no
adjustment.

- The SCP is 'b+'.

To derive the IDR:

- Application of Fitch's Government Related Entities Rating
Criteria results in an adjustment of 2 notch(es) to 'BB/Stable'

Petroleos Mexicanos (PEMEX)

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+, Moderate), Sector Characteristics
(b+, Moderate), Market and Competitive Positioning (a, Lower),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (aa, Lower), Profitability (bbb+,
Moderate), Financial Structure (ccc-, Higher), 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 no
adjustment.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

- The Operating Environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'ccc'.

To derive the IDR:

- Application of Fitch's Government Related Entities Rating
Criteria results in a(n) top-down -1 approach, with PEMEX's at
IDR'BB+/Stable', just one level below Mexico 'BBB-/Stable'
sovereign rating.

Ecopetrol 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
(bbb, Moderate), Market and Competitive Positioning (bbb+,
Moderate), Diversification and Asset Quality (bbb-, Moderate),
Company Operational Characteristics (bbb, Higher), Profitability
(a, Moderate), 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 Impact assessment of 'Some Deficiencies' results
in an adjustment of -1 notch(es).

- The Operating Environment Impact assessment of 'bbb' results in
no adjustment.

- The SCP is 'bbb-'.

To derive the IDR:

- Application of Fitch's Government Related Entities Considerations
Rating Criteria results in a(n) equalized approach, with Ecopetrols
IDRs at 'BB/Stable', same as Colombia's sovereign rating
('BB/Stable).

YPF 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, Moderate), Sector Characteristics
(bb, Moderate), Market and Competitive Positioning (bbb, Lower),
Diversification and Asset Quality (bb+, Higher), Company
Operational Characteristics (bb, Moderate), Profitability (bb+,
Moderate), Financial Structure (bbb+, Moderate), and Financial
Flexibility (b-, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the 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 'b' results in an
adjustment of -1 notch(es).

- The SCP is 'b'.

To derive the IDR:

- Application of Fitch's Government Related Entities Considerations
Rating Criteria results in a(n) equalized approach, with YPF`s IDRs
at 'CCC+', same as Argentina`s sovereign rating ('CCC+/Stable)'.

RATING ACTIONS

   Entity/Debt                   Rating           Recovery   Prior
   -----------                   ------           --------   -----
Petroleos Mexicanos
(PEMEX)               

                        LT IDR    BB+  Affirmed              BB+
                        LC LT IDR BB+  Affirmed              BB+
    senior unsecured    LT        BB+  Affirmed              BB+

Ecopetrol S.A.        

                        LT IDR    BB   Affirmed              BB
                        LC LT IDR BB   Affirmed              BB
   senior unsecured     LT        BB   Affirmed              BB

Petroleo Brasileiro
S.A. (Petrobras)      

                        LT IDR    BB   Affirmed              BB
                        LC LT IDR BB   Affirmed              BB

Petrobras Global
Finance BV (PGF)

   senior unsecured     LT        BB   Affirmed              BB

Heritage Petroleum
Company Limited       

                        LT IDR    BB   Affirmed              BB
                        LC LT IDR BB   Affirmed              BB
   senior secured       LT        BB   Affirmed              BB

YPF S.A.              

                        LT IDR    CCC+ Affirmed              CCC+
                        LC LT IDR CCC+ Affirmed              CCC+
   senior unsecured     LT        CCC+ Affirmed    RR4       CCC+


[] Fitch Affirms Ratings on Seven LATAM Retail Companies
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of seven LATAM retail
companies and their related subsidiaries:

   1. Falabella S.A.
   2. Grupo AXO, S.A.P.I. de C.V.
   3. Grupo Unicomer Corp.
   4. Mercadolibre, Inc.
   5. Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA)
   6. InRetail Consumer (Pat. Fideicomiso D.S. 093-2002 - EF),
      InRetail Pharma S.A.; InRetail Real Estate Corp.;
      InRetail Shopping Malls
   7. Intercorp Peru Ltda.

These 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 companies' ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

Falabella 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 (bbb-,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bb+,
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 Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb' results in
no adjustment.

- The SCP is 'bbb-'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'BBB-'.

Grupo AXO, S.A.P.I. de C.V.

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-, Higher),
Company Operational Characteristics (bbb, Moderate), Profitability
(bb, Moderate), 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 Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb+' results in
no adjustment.

- The SCP is 'bb+'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'BB+'.

Grupo Unicomer Corp.

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-, Moderate), Market and Competitive Positioning (bbb-,
Higher), Diversification and Asset Quality (bbb-, Moderate),
Company Operational Characteristics (bbb-, Lower), Profitability
(bb-, Moderate), Financial Structure (b, Higher), and Financial
Flexibility (b+, 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 no
adjustment.

- The SCP is 'bb-'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'BB-'.

MercadoLibre, Inc.

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 (a+,
Moderate), Financial Structure (a-, Higher), 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 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb-' results in an
adjustment of -2 notch(es).

- The SCP is 'bbb-'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'BBB-'.

Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA)

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 (a, Higher),
Diversification and Asset Quality (a-, Moderate), Company
Operational Characteristics (a, Moderate), Profitability (a,
Moderate), Financial Structure (a+, 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.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'a'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'A'.

InRetail Consumer (Pat. Fideicomiso D.S. 093-2002 - EF), InRetail
Pharma S.A.; InRetail Real Estate Corp.; InRetail Shopping Malls

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 (bb+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb+,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb-, Moderate).

- Assessments of the quantitative financial subfactors include
bespoke calculations.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bbb-' results in no
adjustment.

- The SCP is 'bbb-'.

Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in a consolidated approach with the consolidated profile of
the parent InRetail Peru, S.A., resulting in a Local and Foreign
Currency IDR of 'BBB-'.

Intercorp Peru Ltda.

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-, Higher), Company
Operational Characteristics (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.

- 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-'.

Fitch made no adjustments to the SCP, resulting in a Local and
Foreign Currency IDR of 'BBB-'.

RATING ACTIONS

   Entity/Debt                    Rating             Prior
   -----------                    ------             -----
InRetail Shopping Malls

   senior unsecured      LT        BBB-  Affirmed     BBB-

Fomento Economico
Mexicano, S.A.B.
de C.V. (FEMSA)    

                         LT IDR     A     Affirmed     A
                         LC LT IDR  A     Affirmed     A
   senior unsecured      LT         A     Affirmed     A

InRetail Pharma S.A.    

                         LT IDR     BBB-  Affirmed     BBB-
                         LC LT IDR  BBB-  Affirmed     BBB-

Intercorp Peru Ltd.    

                         LT IDR     BBB-  Affirmed     BBB-
                         LC LT IDR  BBB-  Affirmed     BBB-
   senior unsecured      LT         BBB-  Affirmed     BBB-

Grupo AXO, S.A.P.I. de C.V.

                         LT IDR     BB+   Affirmed     BB+
                         LC LT IDR  BB+   Affirmed     BB+

Grupo Unicomer Corp.   

                         LT IDR     BB-   Affirmed     BB-
                         LC LT IDR  BB-   Affirmed     BB-

Falabella S.A.          

                         LT IDR     BBB-  Affirmed     BBB-
                         LC LT IDR  BBB-  Affirmed     BBB-
   senior unsecured      LT         BBB-  Affirmed     BBB-

MercadoLibre, Inc.      

                         LT IDR     BBB-  Affirmed    BBB-
                         LC LT IDR  BBB-  Affirmed    BBB-
   senior unsecured      LT         BBB-  Affirmed    BBB-

InRetail Consumer
(Pat. Fideicomiso
D.S. 093-2002 - EF)  

                         LT IDR     BBB-  Affirmed    BBB-
                         LC LT IDR  BBB-  Affirmed    BBB-
   senior secured        LT         BBB-  Affirmed    BBB-

InRetail Real
Estate Corp.       

                         LT IDR     BBB-  Affirmed    BBB-
                         LC LT IDR  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.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


                  * * * End of Transmission * * *