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260303.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, March 3, 2026, Vol. 27, No. 44 Headlines A R G E N T I N A ARGENTINA: Congress OKs EU-Mercosur Trade Deal by Huge Majority ARGENTINA: Stocks Are Left Behind As Earnings Growth Eludes Milei B R A Z I L RAIZEN SA: Shell Ready for Bigger Backstop J A M A I C A JAMAICA: Trade Gap Widened From January to October 2025 P A R A G U A Y UENO BANK: S&P Rates Proposed Senior Unsecured Notes 'BB' P U E R T O R I C O PHOENIX FUND: Seeks Chapter 11 Bankruptcy in Puerto Rico PUERTO RICO: Court Narrows Claims in Barclays, et al., Case X X X X X X X X [] Fitch Affirms Ratings on 14 LatAm Electricity Generation Cos - - - - - ================= A R G E N T I N A ================= ARGENTINA: Congress OKs EU-Mercosur Trade Deal by Huge Majority --------------------------------------------------------------- Buenos Aires Times reports that Argentina has become the latest nation to formally ratify the sweeping trade deal between the Mercosur regional trade bloc and the European Union. A quarter of a century after talks began over a potential agreement, senators in Argentina’s upper house voted in favour of the accord by a huge majority: 69 votes in favour and just three against with President Javier Milei quick to sign the pact into law, giving it final promulgation, according to Buenos Aires Times. The main opposition Peronist caucus had already indicated it would back the deal, the report notes. The lower house Chamber of Deputies greenlit the deal earlier this month with cross-party backing, resulting in 203 votes in favour to 42 against, the report relays. Congressional sign-off of the deal – which would create a market of some 700 million consumers and represents around a quarter of global GDP – will strengthen Argentina’s international standing and open up new export markets, the report notes. President Javier Milei’s government hailed the milestone, though celebrations were tempered by the news that Uruguay beat Argentina to the punch – its lawmakers had approved the deal barely an hour earlier, the report says. The government had hoped Argentina would be the first Mercosur nation to ratify the treaty after 25 years of complex negotiations and multiple setbacks, the report discloses. At one point during the debate, Senator Maximiliano Abad (UCR) even tried to bring the vote forward so as not to "lose" to Montevideo, the report relays. The Deal The EU–Mercosur deal was formally inked on January 17 in Asuncion at a ceremony attended by President Milei and his counterparts from Paraguay, Santiago Pena, and Uruguay, Yamandu Orsi, the report says. Brazil’s President Luiz Inácio Lula da Silva did not attend, the report relates. According to its promoters, the agreement would remove tariffs on 92 percent of Mercosur exports, grant preferential access to a further 7.5 percent and reduce barriers to entry for industrial goods from Europe, the report notes. Tariffs on chemicals, pharmaceuticals, machinery, clothing and beverages would, among other measures, be eliminated, the report discloses. The European Union is Mercosur’s second-largest trading partner after China and ahead of the United States, the report relays. It is also one of the principal sources of foreign direct investment and the world’s second-largest importer of goods, the report says. Speaking for the ruling party, Senator Francisco Paoltroni of Formosa welcomed the signing of the agreement, arguing that it would strengthen the export profile of minerals, hydrocarbons and regional economies, the report notes. “The long-awaited day for our country has arrived. After 25 years under discussion, today this EU–Mercosur agreement will become law. It marks a path towards development for our republic and for the long-neglected heartland,” Paoltroni said during the debate, the report relays. “I believe that getting the energy, hydrocarbons and mining sectors moving will help Argentina’s hard-pressed agricultural sector generate the foreign currency our country has always lacked,” added the La Libertad Avanza senator, the report notes. Uruguay First to Approve Earlier in the day, Uruguay became the first country to ratify the mammoth trade deal, the report says. Lawmakers in the nation’s lower house approved the deal by 91 votes to two, following its approval by the Senate, the report discloses. The agreement has been fiercely opposed by farmers in some EU countries, the report notes. Brazil and Paraguay have already begun the process in their respective parliaments to ratify the agreement, the report notes. The deal the EU signed with the four members of the Mercosur bloc in January, after a quarter-century of negotiations, creates one of the world’s largest free-trade areas. It would allow the EU to export more vehicles, machinery, wine and spirits to Latin America, the report relays. In return, South American producers of meat, sugar, rice, honey and soybeans would gain easier access to one of the world’s largest economies, the report says. It still requires approval from lawmakers in the European Parliament, which has referred it to the EU’s top court. The European Union could decide to implement the deal provisionally while waiting for the court’s ruling, but it has not yet made a decision, the report relates. South American countries that pushed hard for the deal are pressing ahead with ratification regardless of the European legal challenge, the report says. Uruguayan Foreign Minister Mario Lubetkin hailed its ratification as a “historic” step and “a signal” to Europe, which South American leaders have accused of foot-dragging, the report notes. Some EU nations, such as Germany and Spain, are enthusiastic about the pact, which could boost exports at a time of global trade tensions, the report discloses. European Commission chief Ursula von der Leyen pushed hard for the deal, as did Brazilian President Luiz Inacio Lula da Silva, the report relays. France, however, unsuccessfully tried to block the agreement over concerns for its farmers, who fear being undercut by a flood of cheaper goods from Brazil and its neighbours, the report relays. Iglesias Gets the Nod In their first activity of the day, Argentina's senators also approved the nomination of former PRO deputy Fernando Iglesias as the nation’s ambassador to Belgium and the EU, the report notes. The upper house voted 38 in favour, 31 against, with one abstention, 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: Stocks Are Left Behind As Earnings Growth Eludes Milei ----------------------------------------------------------------- David Feliba at Bloomberg News reports that Argentine stocks are missing out on a surge in Latin American equities this year as past market euphoria over President Javier Milei's election victories fizzles out on concern over weak corporate earnings. After shares soared following Milei's midterm election success in October, the benchmark Merval index flattened out and then dipped eight percent this year, according to Bloomberg News. By contrast, the MSCI Latin America index has rallied more than 20 percent over the same period – its best start to a year since 1994, Bloomberg News recalls. Investors have lauded Milei for slashing fiscal spending and slowing Argentina's rampant inflation, but those successes are yet to translate into a durable surge in profits, Bloomberg News says. While the economy has rebounded from its 2024 recession, growth hasn't gathered enough momentum to fuel a robust earnings cycle – a challenge for equities already trading at rich multiples, analysts say, Bloomberg News notes. "Stocks need clear evidence of a second phase – sustained economic growth, earnings recovery and greater regulatory predictability," said Carolina Volman, head of equity and corporate research at brokerage One618. "Equities are still waiting for a growth cycle to emerge that can support a more durable expansion in multiples," he added. Bloomberg News relays that even billionaire Stanley Druckenmiller – who praised Milei on CNBC early in his term – has exited his Duquesne Family Office’s position in a leading Argentina exchange traded fund after it hit a record high, reallocating capital to Brazil instead. Mixed Results Corporate earnings were hit by financial volatility in Argentina last year, compounded by lower commodity prices, Bloomberg News says. Turbulence ahead of the October elections dragged publicly traded banks to their weakest results since the pandemic, with heavyweight lenders such as Grupo Financiero Galicia and Macro posting losses in the third quarter of the year, Bloomberg News discloses. At the same time, the nation’s loan delinquency rate climbed to the highest in at least 15 years amid a sharp pullback in lending, Bloomberg News relates. Even energy companies – the chief beneficiaries of Milei's new export-focused growth model – reported mixed results, Bloomberg News notes. State-controlled YPF posted a small loss during the third quarter as global oil prices declined, while Pampa Energia reported a roughly 50 percent drop in profits in the first nine months of 2025, Bloomberg News relays. Shares of Argentine-founded MercadoLibre Inc had their biggest intraday drop since 2024 after fourth-quarter net income missed analysts' estimates, Bloomberg News discloses. "The market rallied very aggressively after the midterms and valuations became a little too punchy toward the end of last year," said Ola El-Shawarby, an emerging-markets portfolio manager at VanEck, Bloomberg News notes. Companies in the Merval index trade at a forward price-to-earnings ratio of 19.8, higher than Brazil’s Ibovespa at 13.4, Chile’s IPSA at 15.6 and Mexico’s BMV at 15.9, according to data compiled by Bloomberg. Bloomberg News notes that Argentine companies are no longer "particularly cheap," said Ezequiel Fernández, head of corporate research at Balanz. "Validating these valuations requires confidence that earnings will grow strongly this year." That has left attention focused on fourth quarter earnings – which started to come out – and the outlook for economic growth, Bloomberg News says. On the latter of those two, things aren’t looking good, Bloomberg News notes. The economy is likely to expand two percent in 2026, down from a previous estimate of 3.2 percent, as Argentina enters the year with “slower momentum” according to Bloomberg Economics. That pessimism remained even after a rebound in growth in December, Bloomberg Newsre lates. To counteract sluggish growth, the government is proposing tax incentives aimed at attracting foreign investment and legislation designed to encourage Argentines to bring undeclared savings into the formal economy, Bloomberg News notes. It's also close to securing approval in Congress for Milei's signature labour reform bill that would ease the notoriously restrictive rules around hiring and firing, Bloomberg News says. Foreign Flows But there are also specifically market factors that are weighing on Argentine stocks, Bloomberg News discloses. Emerging markets have attracted more than US$50 billion in inflows year to date, the strongest such period in years, according to VanEck’s El-Shawarby, Bloomberg News says. Much of that capital has flowed into exchange-traded funds that mirror benchmark weightings, benefiting larger and more liquid markets such as Brazil and Mexico, Bloomberg News relays. Argentina’s equity market remains small relative to regional peers and relatively illiquid, limiting its ability to absorb large passive allocations, Bloomberg News notes. Its exclusion from major benchmarks compounds that constraint, Bloomberg News discloses. A potential catalyst would be reclassification by MSCI, which would likely require a long-term removal of capital controls and greater access for foreign investors, Bloomberg News relates. Net inflows into MSCI Argentina ETF reached about US$630 million in 2024, the largest annual haul in more than a decade, as Milei’s stabilisation drive fueled a front-loaded rally, Bloomberg News says. But the momentum proved difficult to sustain, Bloomberg News notes. Roughly US$200 million flowed out in 2025, and outflows did not immediately reverse even after Milei’s midterm win sparked gains, Bloomberg News discloses. The removal of capital controls – a key step toward potential re-entry into major emerging-market indexes – remains some distance away, according to analysts, Bloomberg News relays. “We remain positive on local equities,” Fernandez said, “but it may require a bit more patience than we had previously expected,” he added. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== RAIZEN SA: Shell Ready for Bigger Backstop ------------------------------------------ globalinsolvency.com, citing Reuters, reports that oil major Shell, the healthier joint-venture partner in Brazilian sugar and ethanol producer Raizen, ‌is ready to pour more resources into a recapitalization of the distressed company, three ‌people familiar with the matter said. Raizen, a top global sugar maker, is in tough financial straits after posting a third-quarter net loss of 15.6 billion reais (US$3 billion) in mid-February, when it warned of "significant uncertainty" about its ability to keep operating, according to globalinsolvency.com. As reported in the Troubled Company Reporter-Latin America, Fitch Ratings downgraded Raizen S.A.'s and Raizen Energia S.A.'s (jointly, Raizen) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B' from 'BBB-' and Raizen Fuels Finance S.A.'s senior unsecured notes due in 2027, 2032, 2034, 2035, 2037 and 2054 to 'B' from 'BBB-' and assigned a Recovery Rating of 'RR4' to all instruments. ============= J A M A I C A ============= JAMAICA: Trade Gap Widened From January to October 2025 ------------------------------------------------------- RJR News reports that Jamaica's trade performance for the first ten months of 2025 showed a widening gap between imports and exports, according to data released by the Statistical Institute of Jamaica (STATIN). From January to October 2025, Jamaica spent US$6.2 billion on imports, a 1.4 per cent increase over imports during the same period in 2024, according to RJR News. STATIN reported that this growth was primarily driven by higher spending on Raw Material-Intermediate Goods, which jumped 8.3 per cent, and Consumer Goods, which increased 5.7 per cent, the report notes. Earnings from exports totalled US$1.4 billion for the period, marking an 8.1 per cent decline when compared with 2024, the report relays. The fall-off was heavily influenced by a 12.1 per cent drop in export earnings from Mineral Fuels, one of the island's key export categories, the report says. Jamaica exported US$676.6 million in manufactured items during the first 10 months of the last year when mining exports amounted to US$576 million, the report notes. Agricultural exports totalled $56.2 million and other domestic exports $21.7 billion, the report adds. Exports to the CARICOM market jumped US$156.2 million from US$119.4 million during the 2024 year, the report discloses. Meanwhile, exports to the US, Mexico and Canada fell sharply to $652 million from $706 million during 2024, the report says. The country's overall exports fell by 8.1 per cent to US$1.4 billion during the period under review, 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. =============== P A R A G U A Y =============== UENO BANK: S&P Rates Proposed Senior Unsecured Notes 'BB' --------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to Ueno Bank S.A.'s (BB/Stable/--) proposed senior unsecured notes, to be issued in U.S. dollars and with an up to five-year tenor, subject to market conditions. The bank will use the proceeds for general corporate purposes, including financing growth opportunities and credit origination. S&P said, "Our rating on the notes is at the same level as our issuer credit rating on Ueno Bank because of the notes' seniority. We don't expect the issuance to change our view of the bank's funding profile, as we expect it to represent up to 15% of the bank's funding. Moreover, we expect Ueno's dollar-denominated assets to continue to follow closely the amounts of dollar-denominated liabilities. As of December 2025, about 28% of the bank's liabilities were denominated in foreign currencies." ===================== P U E R T O R I C O ===================== PHOENIX FUND: Seeks Chapter 11 Bankruptcy in Puerto Rico -------------------------------------------------------- James Nani and Angelica Serrano-Roman of Bloomberg Law report that the Phoenix Fund LLC has commenced Chapter 11 proceedings after a Puerto Rico financial regulator moved to liquidate the firm under a proposed receivership, intensifying regulatory scrutiny of its operations. The company disclosed in its bankruptcy filing that it holds nearly $566 million in assets against more than $400 million in liabilities. The petition was submitted Monday in the U.S. Bankruptcy Court for the District of Puerto Rico, marking a shift from regulatory oversight to court-supervised restructuring. The filing follows a string of legal actions alleging widespread contractual violations, securities fraud, and material misrepresentations to investors. The lawsuits contend that the firm failed to adequately disclose risks and financial conditions tied to its investment strategies, the report relays. The Phoenix Fund focuses on providing equity and debt capital to businesses in Puerto Rico and abroad. The fund's structure was marketed as advantageous for tax-conscious investors eligible to benefit from Puerto Rico's tax incentive framework, according to report. About Phoenix Fund LLC The Phoenix Fund LLC is a Puerto Rico-based private equity firm formed in 2018 and headquartered in Guaynabo, Puerto Rico. The company focuses on making strategic equity and debt investments in privately held businesses in Puerto Rico and international markets. Phoenix Fund LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23, 2026. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. The Debtor is represented by Alexis Fuentes Hernandez, Esq. of Fuentes Law Offices, LLC. PUERTO RICO: Court Narrows Claims in Barclays, et al., Case ----------------------------------------------------------- Judge Laura Taylor Swain of the U.S. Bankruptcy Court for the District of Puerto Rico granted in part and denied in part the joint motion filed by defendants to dismiss with prejudice the second amended complaint in the adversary proceeding captioned as DRIVETRAIN, LLC, in its capacity as the Trustee of the Commonwealth Avoidance Actions Trust, Plaintiff, v. BARCLAYS CAPITAL, INC.; BMO CAPITAL MARKETS GKST INC.; BofA SECURITIES, INC., a/k/a BANC OF AMERICA SECURITIES LLC, a/k/a BofA MERRILL LYNCH; CITIBANK N.A., NEW YORK; CITIGROUP GLOBAL MARKETS INC.; GOLDMAN SACHS & CO. LLC; GOLDMAN SACHS BANK USA, f/k/a GOLDMAN SACHS CAPITAL MARKETS, L.P.; GOLDMAN SACHS MITSUI MARINE DERIVATIVE PRODUCTS, L.P.; JEFFERIES LLC; J.P. MORGAN SECURITIES LLC; MERRILL LYNCH CAPITAL SERVICES, INC.; MORGAN STANLEY & CO. LLC; MORGAN STANLEY CAPITAL SERVICES LLC, f/k/a MORGAN STANLEY CAPITAL SERVICES, INC.; RBC CAPITAL MARKETS, LLC; ROYAL BANK OF CANADA; SAMUEL A. RAMIREZ & CO., INC.; SANTANDER SECURITIES LLC; UBS AG; UBS FINANCIAL SERVICES, INC. OF PUERTO RICO; and JOHN DOES 1-10, Defendants, Adv. Proc. No. 19-280-LTS (D.P.R.). By the early 2000s, Puerto Rico was experiencing severe economic difficulties. The SAC alleges that, instead of addressing and improving its financial condition, Puerto Rico worsened its financial state by issuing more debt in the form of bonds and blowing past legal guardrails in the process. Puerto Rico's bond issuances were authorized by the Government Development Bank, which served as Puerto Rico's fiscal agent. The SAC alleges that, while the GDB was tasked with overseeing Puerto Rico's financial decisions, it suffered from disorganization and mismanagement. Its shortcomings allegedly left the GDB particularly reliant on the advice of private corporations, including Defendants, that entered into financial transactions with Puerto Rico. The SAC alleges that Defendants' close relationship with the GDB enabled Defendants to push the Commonwealth and its agencies to enter into financial transactions that directly benefited Defendants, including the execution of certain swap agreements and bond issuances, despite Puerto Rico's deteriorating economic status. The SAC seeks to recover payments made to Defendants and John Does 1-10 in connection with certain swap agreements and bonds issued by either the Commonwealth of Puerto Rico or its instrumentalities, through claims asserted under the avoidance provisions of the Bankruptcy Code or under Commonwealth law. The Swap Agreements The SAC alleges that, from 2004 to 2008, the Commonwealth, the HTA, and the PBA (the "Swap Issuers") entered into certain swap agreements (the "Swap Agreements") with defendants Morgan Stanley Capital, Citibank, UBS AG, GS Bank, GS Mitsui, RBC, Merrill Lynch Capital, and John Does 1-10. The SAC alleges that, as interest rates plummeted in 2008 due to the Great Recession, the Swap Issuers began to accrue liabilities to the Swap Defendants under the Swap Agreements. The SAC further alleges that credit rating agencies downgraded the covered bonds as interest rates decreased, triggering termination events under the Swap Agreements. Unable to meet their payment obligations, the Swap Issuers began terminating the Swap Agreements and incurring large termination fees (the "Swap Termination Fees"), which they allegedly paid to the Swap Defendants from the proceeds of new bond issuances and from Puerto Rico's general fund. The Challenged Bonds The SAC identifies three groups of bond issuances made from 2008 to 2014 that it asserts were illegal under Puerto Rico law: (1) three series of bonds issued by the ERS in 2008 (the "ERS Bonds"); (2) four bond issuances from 2012 to 2014 by the Commonwealth and the PBA (the "Excessive Debt Bonds"); and (3) sixteen series of bonds, including the Excessive Debt Bonds, that were issued after 2008 by the Commonwealth and the PBA and were used to pay off prior debt obligations (the "Scoop and Toss Bonds"). The SAC alleges that defendants UBS PR, Santander, BofA Securities, Barclays, Ramirez, RBC Capital, BMO, Goldman, Morgan Stanley, JP Morgan, Citigroup, and Jefferies (the "Underwriter Defendants") served as underwriters for the Challenged Bonds and entered into contracts (the "Purchase Contracts") with the Commonwealth, the PBA, and the ERS. Under the Purchase Contracts, the Underwriter Defendants agreed to purchase the bonds at prices reflecting a purchase price discount that compensated the Underwriter Defendants for their underwriting services (the "Underwriting Fees"). The SAC alleges that, despite knowing that Puerto Rico was in financial turmoil, the Underwriter Defendants leveraged their relationship with the GDB to push for the issuance of the Challenged Bonds and, in exchange, collected the Underwriting Fees pursuant to the Purchase Contracts. Several Defendants also allegedly received principal refunds and interest payments (the "Principal and Interest Payments") on older bonds that they (or their affiliates) held from the proceeds of the Challenged Bonds, but the SAC asserts that specific information regarding which Defendants received Principal and Interest Payments, and on which bonds, is "unique knowledge of the Defendants." Additionally, the Swap Defendants, many of which are affiliates of the Underwriter Defendants, received Swap Termination Fees pursuant to the Swap Agreements from the proceeds of the Challenged Bonds and Commonwealth funds. The SAC asserts causes of action in five counts, which seek to recover the Underwriting Fees, Swap Termination Fees, and the Principal and Interest Payments from Defendants, as follows: * Count One seeks to recover, under a theory of unjust enrichment, the Swap Termination Fees made to the Swap Defendants pursuant to the Swap Agreements that allegedly were not registered with the Office of the Comptroller, as required by 2 L.P.R.A. Sec. 97 * Count Two seeks to declare the Challenged Bonds null and void under Commonwealth statutory and constitutional law and to recover Underwriting Fees, Swap Termination Fees, and Principal and Interest Payments made to Defendants and John Does 1-10 from the proceeds of the Challenged Bonds under 31 L.P.R.A. Sec. 3514, or in the alternative, under a theory of unjust enrichment. * Count Three seeks to avoid the Underwriting Fees, Swap Termination Fees, and Principal and Interest Payments made to Barclays, Morgan Stanley, Morgan Stanley Capital, and Citibank from the proceeds of the Commonwealth's 2014 GO Bonds issuance as intentional fraudulent transfers under section 548(a)(1)(A) of the Bankruptcy Code. * Count Four seeks to avoid the Underwriting Fees, Swap Termination Fees, and Principal and Interest Payments made to Barclays, Morgan Stanley, Morgan Stanley Capital, and Citibank from the proceeds of the Commonwealth's 2014 GO Bonds issuance as constructive fraudulent transfers under section 548(a)(1)(B) of the Bankruptcy Code. * Count Five seeks to avoid the Underwriting Fees, Swap Termination Fees, and Principal and Interest Payments made to Defendants and John Does 1-10 from the Challenged Bonds Proceeds as either intentional or constructive fraudulent transfers under New York Law or Puerto Rico law through section 544(b) of the Bankruptcy Code. The Motion seek to dismiss all of the claims asserted in the SAC, pursuant to Federal Rule of Civil Procedure 12(b)(6), for failure to state a claim upon which relief can be granted. The Court ruled as follows: 1. Counts One, Three, and Four are dismissed with prejudice. 2. Count Two is dismissed with prejudice to the extent it seeks to recover Swap Termination Fees and Underwriting Fees. Count Two survives insofar as it seeks to recover Principal and Interest Payments. 3. Count Five is dismissed with prejudice to the extent it seeks to avoid Swap Termination Fees and Underwriting Fees, and without prejudice to the extent it seeks to avoid the Principal and Interest Payments. A copy of the Court's Opinion and Order dated February 23, 2026, is available at https://urlcurt.com/u?l=iRzVbP from PacerMonitor.com. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. =============== X X X X X X X X =============== [] Fitch Affirms Ratings on 14 LatAm Electricity Generation Cos --------------------------------------------------------------- Fitch Ratings has affirmed 14 electricity generation companies' ratings in Latin America: 1. Empresa Generadora de Electricidad Haina, S.A. (EGE Haina) 2. Saavi Energia S.a r.l. (Saavi) 3. Trinidad Generation Unlimited (TGU) 4. Empresas Publicas de Medellin E.S.P. (EPM) 5. Fitch Downgrades EPM's IDR to 'BB'; Outlook Stable 6. Orazul Energy Peru S.A. (Orazul) 7. Fitch Affirms Orazul's Ratings at 'BB'; Outlook Stable 8. Isagen S.A. E.S.P. (Isagen) 9. Investment Energy Resources Limited (IERL) 10. Fitch Affirms Investment Energy Resources Limited at 'BB'; Outlook Stable 11. Niagara Energy S.A.C. (Niagara) 12. Fitch Affirms Niagara Energy's IDRs at 'BBB-'; Outlook Stable 13. Kallpa Generacion S.A. (Kallpa) 14. TermoCandelaria Power, S.A. (TPL) 15. TermoCandelaria Power, S.A. 16. Fenix Power Peru S.A. (Fenix) 17. Fitch Affirms Fenix Power Peru S.A.'s IDRs at 'BBB-'; Outlook Stable 18. AES Panama Generation Holdings, S.R.L. (AES Panama) 19. Enel Colombia S.A. E.S.P. (Enel Colombia) 20. Enel Colombia S.A. E.S.P. 21. AES Espana B.V. (AES Espana) These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on January 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Empresa Generadora de Electricidad Haina, S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (bb-, 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 'bb-'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB-'. Saavi Energia S.a r.l. 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 & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 20% for the forecast year 2026, 35% for the forecast year 2027 and 35% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact 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-'. Trinidad Generation Unlimited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), 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. - 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 'b+'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria considers TGU's credit quality as materially linked to that of Trinidad and Tobago, resulting in a two notch benefit, resulting in a Local and Foreign Currency IDR of 'BB'. Empresas Publicas de Medellin E.S.P. (EPM) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria and Parent Subsidiary Linkage Rating Criteria results in an equalized approach with the consolidated profile of its Parent the City of Medellín ('BB'/Stable) resulting in a Local and Foreign Currency IDR of 'BB'. Orazul Energy Peru 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 (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bb+, Moderate), Financial Structure (b+, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) standalone approach. Isagen S.A. E.S.P. 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 (bb+, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - 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+'. Investment Energy Resources 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+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb, 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 an adjustment of -1 notch(es). - The SCP is 'bb'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB'. Niagara Energy S.A.C. 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 a Local- and Foreign-Currency IDR of 'BBB-'; Outlook Stable. Kallpa Generacion 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, Moderate), Profitability (bbb, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb, Lower). - 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-CurrencyIDR of 'BBB-'; Outlook Stable. TermoCandelaria Power, S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb, 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'. Fenix Power Peru 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 (bb, Moderate), Diversification and Asset Quality (bb-, 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. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) bottom up +1 approach, resulting in a Foreign- and Local-Currency IDR of 'BBB-' AES Panama Generation Holdings, S.R.L. 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 (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), 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 '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+'. Enel Colombia S.A. E.S.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in an adjustment of -2 notch(es). - The other risk elements adjustment applies and results in an adjustment of -2 notch(es). Fitch caps Enel Colombia's standalone credit profile at Colombia's country ceiling at 'bb+', given the substantial cash flow it generates from the country. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) bottom up +1 approach, resulting in a Local and Foreign Currency IDR of 'BBB-'. AES Espana B.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 (bb-, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb-, 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 other risk elements adjustment applies since AES España's ratings reference the Dominican Republic sovereign due to significant subsidies to discos. Discos account for over 80% of AES España's power purchase agreement (PPA) generation revenues (17% with commercial and industrial clients) but have high losses and low collections, requiring government support. This results in an adjustment of -1 notch(es). - The SCP is 'bb-'. Fitch made no adjustments to the SCP, resulting in a Foreign Currency IDR of 'BB-'. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Investment Energy Resources Limited LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior secured LT BB Affirmed BB Trinidad Generation Unlimited LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Orazul Energy Peru S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Isagen S.A. E.S.P. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ TermoCandelaria Power, S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Enel Colombia S.A. E.S.P. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- Niagara Energy S.A.C. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Saavi Energia S.a r.l. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Fenix Power Peru S.A. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- Empresas Publicas de Medellin E.S.P. (EPM) LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB AES Espana B.V. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- AES Panama Generation Holdings, S.R.L. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior secured LT BB+ Affirmed BB+ Empresa Generadora de Electricidad Haina, S.A. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Kallpa Generacion S.A. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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. 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