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260323.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 Monday, March 23, 2026, Vol. 27, No. 58 Headlines A R G E N T I N A ARGENTINA: Interest Rates Collapse With Milei Stockpiling Dollars ARGENTINA: Posts Highest 4th Qtr Unemployment Since Pandemic SSC POWER: Fitch Affirms 'CC' Rating on Senior Secured Notes B R A Z I L ALLIANCA SAUDE: Seeks Court Protection Amid Debt Pressures ELDORADO BRASIL: Fitch Affirms 'BB' Long-Term IDR NEW FORTRESS: Signs RSA for Landmark UK Restructuring Plan C O L O M B I A GRUPO SURA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable E C U A D O R CUENCA DPR: Fitch Hikes Rating on Three Tranches to 'B' ECUADOR DPR: Fitch Hikes Rating on Three Tranches to 'BB+' GUAYAQUIL MERCHANT: Fitch Hikes Rating on 2026-1 Notes to 'BB(EXP)' J A M A I C A LIMNERS AND BARDS: Incurs $13.7 Million Net Loss on Weaker Revenues P U E R T O R I C O NBG MACHINE: Case Summary & Nine Unsecured Creditors V E N E Z U E L A CITGO PETROLEUM: U.S. Extends Protection From Creditors - - - - - ================= A R G E N T I N A ================= ARGENTINA: Interest Rates Collapse With Milei Stockpiling Dollars ----------------------------------------------------------------- Ignacio Olivera Doll at Bloomberg News reports that there are few countries in the world right now where interest rates are moving lower. In Argentina, they're plunging, Bloomberg News relays. Benchmark short-term rates have dropped to 20 percent this month from 50 percent at the end of the year and more than 100 percent in October, according to Bloomberg News. The declines - which put rates below inflation - are the result of a push by policymakers to take advantage of a sudden surge in dollar inflows and replenish the country's depleted hard-currency reserves, Bloomberg News notes. As the Central Bank purchases millions of dollars day after day, it pumps pesos into the financial system, swelling the money supply and, in turn, driving down rates, Bloomberg News says. President Javier Milei's willingness to let rates sink - rather than hatch some plan to offset those transactions - has caught the attention of investors and analysts in Buenos Aires, Bloomberg News discloses. To them, it's a clear sign that, two years into his administration, Milei and his aides are starting to worry about the sluggish pace of economic growth and are keen to get consumers and companies to spend, borrow and spend more, Bloomberg News notes. Economic activity "is now at the top of people's concerns," said Maria Minatta, director of local private consultancy Map Latam, Bloomberg News relates. For the government, that means "normalising monetary policy, setting a reasonable interest rate and lowering reserve requirements in pesos so the economy can recover," he added. The moves run counter to other emerging market central banks, which are more inclined to raise rather than cut borrowing costs - especially as an oil price surge driven by the Iran war threatens to reignite inflation, Bloomberg News notes. Hefty dollar inflows from exports and a still-strong peso have allowed Argentina's Central Bank to start accumulating reserves, Bloomberg News discloses. While they've fallen slightly this month, they are up nine percent this year to US$44.7 billion, Bloomberg News relays. But the decision to let rates plunge creates a whole new set of risks for Milei, Bloomberg News notes. Tumbling rates undercut the rationale for holding pesos, potentially eroding government efforts to keep the currency stable, Bloomberg News says. A weaker currency, in turn, could set the stage for an inflationary rebound: While down from its highs of nearly 300 percent in 2024, inflation is still far from tamed, clocking in at an annual rate of 31 percent last month, Bloomberg News discloses. Bloomberg News discloses that those risks may be acceptable for Argentina's policymakers, who have walked a tightrope as they fight to spark growth while keeping inflation in check. Although both issues have vexed the country for years, signs of an economic slowdown have appeared in 2026, with unemployment growing and key metrics such as industrial output and construction showing cracks, Bloomberg News says. Worries over growth and the job market have come to the forefront as a result: a recent survey from Isonomia Consultores showed unemployment leapfrogging inflation on the list of Argentine’s concerns, Bloomberg News notes. Ultimately, the trajectories of the dollar and Argentine peso are likely to determine whether the government's plan is sustainable. The peso has appreciated by nearly seven percent since the national elections in October, helped by a reopening of external debt markets for the nation's companies and robust inflows from exporters, Bloomberg News relays. With more leeway to accumulate dollars, the Central Bank has purchased some US$2.8 billion since January, Bloomberg News discloses. "We are going to buy reserves while people demand pesos," Central Bank Governor Santiago Bausili said during a conference at Argentina Week in New York, Bloomberg News relays. However, a continued rebound in the dollar - which has been buoyed by haven-seeking investors during the Middle East conflict - would undercut the peso's gains, putting additional pressure on local currency holders already squeezed by falling rates, Bloomberg News notes. At the same time, the interest rate decline is denting the appeal of the peso as a vehicle for carry trades, where investors borrow in a low-yielding currency to invest in one with higher yields, Bloomberg News discloses. Bloomberg News relays that Gabriel Caamano, an economist at local consultancy Outlier, wrote that while expectations of exchange-rate stability continue to support carry, "the risks are rising as the dollar strengthens globally and peso rates fall rapidly." 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: Posts Highest 4th Qtr Unemployment Since Pandemic ------------------------------------------------------------ Patrick Gillespie at Bloomberg News reports that Argentina's unemployment rate rose to 7.5 percent at the end of last year, the highest fourth-quarter reading since the Covid-19 pandemic, as job losses worsened before Javier Milei's administration passed a historic labor reform last month. The jobless rate in Argentina's formal sector jumped for the first time in three quarters as informal employment held steady at about 43 percent of the employed population, according to data published by the INDEC national statistics bureau, reports Bloomberg News. Argentina's formal private sector has lost over 200,000 salaried jobs, or about three percent of its total, since Milei took office, the report notes. His administration has also cut several thousand government jobs but the unemployment rate hasn't jumped consistently during his tenure partly due to an increase in freelance and informal workers, according to a separate set of official data, the report relays. Milei notched his biggest legislative victory in February when Congress passed a watered-down version of his labour reform that eases the rules and costs around hiring, firing and severance, among a series of other technical changes, the report relays. While markets applauded the reform, economists warn it's unlikely to quickly translate into job gains as economic activity sputters, consumer spending remains down and labour-intensive industries are struggling to compete as Milei opens up the economy, 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. SSC POWER: Fitch Affirms 'CC' Rating on Senior Secured Notes ------------------------------------------------------------ This is a correction of a press release published on March 10, 2026. It includes the Operation Risk Key Rating Driver, which was omitted from the original release. Fitch Ratings has affirmed SCC Power Plc's (SCC) $17.861 million first lien senior secured notes due in 2028, $310 million second lien senior secured notes due in 2028, and $200 million senior secured notes due in 2032 at 'CC'. Rating Rationale SCC's ratings reflect the project's operational stage, dependence on Argentina's off-taker and electricity market coordinator, Compania Administradora del Mercado Mayorista Electrico (CAMMESA), and Fitch's view of this exposure as systemic but strongly reliant on federal government subsidies. The rating considers the company's weaker debt structure, reliance on refinancing, and a weak covenant package that allows for some additional indebtedness, which could be preferred in the waterfall ranking. Ultimately, the ratings reflect SCC's weaker financial profile and higher refinancing risk assessment. After the expiry of the regulated power purchase agreements (PPAs) in December 2027, the issuer will be fully exposed to merchant revenues, including spot capacity payments. Based on the essentiality of the assets to meet growing power demand, there are incentives for the government and CAMMESA to create conditions that would allow the issuer to source additional revenues, which may support refinancing in 2028 and 2032, such as Decree 450/2025, which introduced a framework for the transition of the Argentine wholesale market to a marginal-cost based system. KEY RATING DRIVERS Operation Risk - Midrange Internally Operated Assets with Parts Supply at Fixed Prices (Operation Risk: Midrange) SCC's plants are operated in-house by a trained team and overseen by experts from ultimate sponsor, MSU Group., which owns three other gas thermal power plants that together comprise 750 MW. Fitch views the sponsor's experience in operating similar plants as a positive for the project. Ultimately, the overhauls are fixed price through long-term agreements with full subsidiaries of Siemens S.A. Supply Risk - Midrange Fuel Supply Fully Mitigated by the Revenue Framework (Supply Risk: Midrange) Both diesel oil and gas are fully supplied by CAMMESA, the project's sole off-taker. Under the PPA and spot framework, the project is not required to dispatch in the event of a supply failure, yet it still receives its fixed capacity payment. This feature helps isolate fuel supply risk to the project. After the PPAs expire, the power plants can procure their own supply. Revenue Risk - Midrange Weak Counterparty and Relevant Exposure to Merchant Revenues (Revenue Risk: Weaker) The thermal plants' sole off-taker is CAMMESA, a private company that serves as the wholesale power market administrator and operator in Argentina. Fitch views CAMMESA's payment risk as systemic. However, it is strongly dependent on transfers from the national government. Due to Argentina's power sector characteristics, Fitch views the credit quality of the systemic risk as one notch below Argentina's Local Currency Issuer Default Rating (IDR). Until 2027, the projects' revenues will come from U.S. dollar-denominated fixed capacity payments that cover fixed costs and debt service. From 2028 to 2032, after most of the PPA's expire, the project will rely on spot capacity revenues, which will also be U.S. dollar denominated, according to the recent 400/2025 Resolution. Debt Structure - 1 - Weaker; Debt Structure - 2 - Weaker Non-Amortizing Debt with Cash Sweep Mechanism (Debt Structure: Weaker) The debt structure of each of the three notes is non-amortizing, with a bullet payment at the maturity dates. Nonetheless, the notes benefit from a cash sweep mechanism that is triggered quarterly whenever unrestricted cash amounts are higher than USD15 million. Additional debt can be issued for the expansion of some of the already existing power plants and remediation efforts for one plant, as well as refinancing of current notes without a new rating confirmation. The debt also relies on a six-month debt service reserve account (DSRA). There is no waterfall structure for the onshore accounts and the intercompany loans among subsidiaries are allowed. Peer Analysis SCC's closest peer is MSU Energy S.A. (MSU Energy; CCC+), an Argentine electric power company that controls thermal power plants. Despite having the same ultimate parent as SCC, both are evaluated separately given their different corporate and debt structures. MSU Energy's ratings reflect its exposure to CAMMESA as well as its adequate liquidity and gradual deleverage. MSU's leverage is expected to decrease to 3.2x by 2026, which justifies its higher rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A substantial worsening of near-term operating performance relative to Fitch's expectations; - Significant payment delays from CAMMESA or impairment of the project's liquidity levels; - Inability to upstream cash from the operating companies to the issuer due to regulatory developments or inability to present a sound strategy to refinance the notes by 2027. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Ability to improve cashflows to increase the likelihood of refinancing. - Further regulatory developments leading to a market less reliant on support from the Argentine government or a sovereign upgrade that could positively affect the company's collections/cash flow. Financial Profile Financial Profile Under Fitch's base case, the first lien notes are expected to be paid before maturity through the cash sweep mechanism. The refinancing depends on management's ability to reduce costs and maintain the plants' availability levels, as well as secure positive cash flows after the current PPAs mature. The expected financial profile at the notes' maturity is weak, as revenues are expected to be much lower. The ratings reflect the possibility of refinancing the notes based on the sponsor's sound access to the local market, demonstrated experience with thermal plant operation, and the importance of the assets for the overall system. The asset permits' tenors are perpetual, which supports new revenue streams. SECURITY - Secured first lien notes: US$17,861,000; interest rate: 6% ; maturity: 2028; - Secured second lien notes: US$310,000,000; interest rate: 8%; maturity: 2028; - Secured third lien notes: US$200,000,000; interest rate: 4% ; maturity: 2032. All notes have bullet amortization at the maturity date, and the debt structure is secured by a first-priority lien on substantially all assets of the issuer and its subsidiaries, including receivables and equipment. It also includes a cash sweep mechanism. Criteria Variation A variation was proposed to the treatment of systemic risk defined in the Infrastructure and Project Finance Rating Criteria, which would in principle detach payment risk from any individual counterparty's credit quality. CAMMESA's payment risk is viewed as systemic due to the role it plays in the country's power system. However, it is strongly dependent on transfers from the national government, which have been significantly delayed over the years. Therefore, systemic risk in the Argentinian power sector is viewed to have a credit quality one notch below Argentina's LC IDR. CRITERIA VARIATION A variation was proposed to the treatment of systemic risk defined in the Infrastructure and Project Finance Rating Criteria, which would in principle detach payment risk from any individual counterparty's credit quality. CAMMESA's payment risk is viewed as systemic due to the role it plays in the country's power system. However, it is strongly dependent on transfers from the national government, which have been significantly delayed over the years. Therefore, systemic risk in the Argentinian power sector is viewed to have a credit quality below Argentina's Local Currency IDR. Climate Vulnerability Signals The results of its Climate VS Screener did not indicate an elevated risk for SCC Power Plc. 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 ----------- ------ SCC Power Plc SCC Power Plc/Energy Revenues - First Lien/1 LT LT SCC Power Plc/Energy Revenues - Third Lien/3 LT LT SCC Power Plc/Energy Revenues - Second Lien/2 LT LT =========== B R A Z I L =========== ALLIANCA SAUDE: Seeks Court Protection Amid Debt Pressures ---------------------------------------------------------- BitGet.com reports that Allianca Saude has turned to the courts for temporary protection as it faces mounting debt obligations. The company is proactively requesting judicial assistance to manage approximately BRL155 million in principal and interest payments scheduled for April and October, according to the report. BitGet.com relays that this move follows a clear signal from credit markets: Fitch Ratings recently lowered Alliança's rating to CCC+, citing insufficient liquidity as of September 2025 to meet these payments. Rather than a last-minute reaction, this is a calculated step to pause and reassess, prompted by the downgrade, the report adds. Allianca Saude e Participacoes SA is a Brazil-based company which engages in the healthcare services & equipment business sector. ELDORADO BRASIL: Fitch Affirms 'BB' Long-Term IDR ------------------------------------------------- Fitch Ratings has affirmed six Latin American pulp, paper and forestry companies' and their related subsidiaries' ratings. 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. Key Rating Drivers For the full key rating drivers for each issuer, see the RACs listed below: Suzano S.A. (Suzano) Klabin S.A. (Klabin) Eldorado Brasil Celulose S.A. (Eldorado) LD Celulose S.A.(LDC) Celulosa Arauco y Constitucion S.A.'s (Arauco) Empresas Copec S.A. (Empresas Copec) Peer Analysis Refer to the RAC for each issuer. Fitch’s Key Rating-Case Assumptions Refer to the RAC for each issuer. Corporate Rating Tool Inputs and Scores Suzano 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 (a-, 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 Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BBB-'. Klabin 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 (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BB+'. Eldorado Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bb-, Higher), 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 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: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BB'. LDC 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 (b, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Lower), Financial Structure (bbb-, 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 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: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BB-'. Arauco Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), 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 (b, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the las historica 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-'. To derive the IDR: Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a bottom up +2 approach, with a Foreign and Local Currency IDR 'BBB'. Empresas Copec Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (b, Lower), Financial Structure (bb, 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 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: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BBB'. Recovery Analysis Refer to the RAC for each issuer. RATING SENSITIVITIES Refer to the RAC for each issuer. Liquidity and Debt Structure Refer to the RAC for each issuer. Issuer Profile Refer to the RAC for each issuer. Summary of Financial Adjustments Refer to the RAC for each issuer. Sources of Information Refer to the RAC for each issuer. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Suzano, Klabin, Eldorado, LDC, Arauco or Empresas Copec. ESG Considerations Refer to the RAC for each issuer. Entity/Debt Rating Prior ----------- ------ ----- Eldorado Intl. Finance GmbH senior unsecured LT BB Affirmed BB Suzano Austria GmbH senior unsecured LT BBB- Affirmed BBB- Suzano Netherlands B.V. Senior unsecured LT BBB- Affirmed BBB- LD Celulose International GmbH senior secured LT BB- Affirmed BB- LD Celulose S.A. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- Suzano S.A. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- Empresas Copec S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB Eldorado Brasil Celulose S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Celulosa Arauco y Constitucion S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Klabin S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Klabin Austria Gmbh senior unsecured LT BB+ Affirmed BB+ NEW FORTRESS: Signs RSA for Landmark UK Restructuring Plan ---------------------------------------------------------- New Fortress Energy Inc. announced on Mar 17, 2026, that it has entered into a Restructuring Support Agreement with its creditors as part of a consensual UK Restructuring Plan, in what is expected to be one of the largest consensual UK RP restructuring transactions ever completed. Through the UK RP process, creditors will exchange NFE debt for a combination of debt, common and preferred equity. The transaction is expected to close by the third quarter of 2026, subject to court availability, customary conditions and regulatory approvals. There are several steps to the transaction. Under the terms of the RSA, the first step is to separate NFE into two independent entities: "BrazilCo", a privately held standalone company to be owned by creditors and is comprised of NFE's terminals, power plants, and operations in Brazil; and "New NFE", a publicly traded, integrated LNG-to-power company comprising all other remaining assets and operations of NFE. The creditor groups will exchange their debt instruments for a basket of "New NFE" debt, preferred equity, and common shares. In aggregate, the following will occur through the transaction: * Reduction of "New NFE" corporate debt from $5.7 billion to 527.5 million * Issuance of up to $2.5 billion of "New NFE" preferred equity * Issuance of 65% of "New NFE" common equity The $2.5 billion of "New NFE" preferred equity issued has a three-year term with a PIK coupon of 3% in year one, 5% in year two, and 7% in year three, and is prepayable at any time without prepayment penalties. If any amount of preferred equity is outstanding at the end of year three, there is a mandatory conversion into its pro rata share of 87% of common equity of "New NFE." Existing NFE shareholders will have their ownership diluted to 35% of "New NFE" common equity and are subject to further dilution if some or all the preferred equity is converted at the end of year three. "This consensual restructuring represents a landmark milestone for the company," said Wes Edens, Chairman and CEO of New Fortress Energy. "'New NFE' emerges from this transaction as a fundamentally transformed company. 'New NFE' will be a capital-light, low-leverage business that generates significant free cash flow, supported by long-term supply matched with long-term downstream demand. This simple business model positions 'New NFE' for robust growth and stability ahead with very little additional capital required. We are grateful to our creditors, advisors, customers, and shareholders for their confidence throughout this process, and we look forward to the bright future ahead for New Fortress Energy." The Company will launch the UK RP process in April, with the necessary court hearings to review and sanction the plan to follow. The transaction is expected to be completed by the third quarter of 2026, subject to court availability, customary conditions and regulatory approvals. About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. =============== C O L O M B I A =============== GRUPO SURA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Grupo de Inversiones Suramericana S.A.'s (Grupo Sura) Long-Term Foreign and Local Issuer Default Ratings (IDRs) at 'BB+', and senior unsecured notes at 'BB+'. The Rating Outlook for the IDRs is Stable. Fitch also affirmed Grupo Sura's National Long-Term Rating at 'AAA(col)' with a Stable Outlook, National Short-Term Rating at 'F1+(col)' and national scale senior unsecured notes at 'AAA(col) and 'F1+(col)'. Key Rating Drivers Multijurisdictional SROE: Grupo Sura's 'bb+' sector risk operating environment (SROE) score with 'High Importance' reflects the weighted average of the implied operating environments (OEs) of the jurisdictions where it operates. Grupo Sura is an international group based in Colombia with direct financial operations in 10 Latin American countries. However, significant reliance on dividend streams from Bancolombia (BB+/Stable), Colombia's largest bank, constrains the SROE. Fitch's assessment also considers the entity's assets in additional jurisdictions with stronger OEs, which preserves the issuer's capacity to service its obligations in the relevant currency in the event of sovereign default. Diversified Business Profile: Grupo Sura's IDRs are based upon its standalone credit profile (SCP) and reflect its diversified business profile with dominant local franchises and revenue diversification in strongly regulated financial industries, including pension funds, banking and insurance services, in several Latin American countries. The SCP is below the implied SCP as it is aligned with, and limited by, the 'bb+' SROE score and Colombia's sovereign rating (BB/Stable). Recognized Franchise; Stable Business Model: Grupo Sura's strong business profile reflects its competitive position within the region and business model. The banking business is the most relevant in terms for dividend through its noncontrolling stake in Grupo Cibest and its main subsidiary Bancolombia, while Sura AM is the leading mandatory pension fund manager (MPFM) in Latin America with USD217 billion in AUM as of December 2025. Suramericana's insurance operations provide a steady source of income for the group. The company has consistent strategy and execution, producing stable results and recurring upstream dividends from its subsidiaries and affiliates. Good Quality of Investments: For investment companies that invest in a finite number (less than 30) of portfolio companies or exhibit material portfolio concentration (individuals holding greater than 15%), Fitch considers the underlying investments' credit quality and seniority to assess overall asset performance and quality. Accordingly, Grupo Sura's 'bb+' stable trend on asset performance factor score corresponds to the weighted average credit quality of its main subsidiaries. Bancolombia's Viability Rating (VR; bb+) is in line with its implied VR and reflects the robust company profile, underpinned by its leading market share in Colombia , which results in consistent and ample total operating income generation and strong financial profile and representing the main source of dividends for Grupo Sura. Sound Profitability: Grupo Sura's profitability reflects solid earnings generation, supported by a more diversified business mix across financial business lines. As of YE 2025, net income to average equity was 8.7%, above the four-year average of 6.1% (excluding one-time effects in 2024). Profitability was supported by strong performance at Cibest and Sura AM. This trend is expected to continue in 2026, with ROE around 13%, despite market volatility and tax reforms, mainly in Colombia. Decrease in Leverage: Grupo Sura's leverage has decreased and is commensurate with its rating. Gross debt to tangible equity was 0.87x at December 2025 and 0.48x in an unconsolidated basis. In early 2025, the group made a tender offer to buy back its 2026 senior notes, which closed at USD230 million, that will alleviate some liquidity pressure in 2026. Grupo Sura recently signed a bank loan with BBVA and JPMorgan to replace the five-bank Club Deal (Citi, BBVA, Itaú, Bladex, and Banco General). Additionally, to cover the bond maturity in April 2026, the entity has a committed facility with BBVA. The group plans to continue with deleveraging, which Fitch sees as consistent with the group's financial performance. Sound Operational Expense Coverage: Grupo Sura's unconsolidated operational expense coverage was 1.9x as of Sept. 30, 2025 (average between 2021 and 2024: 1.5x). Its unconsolidated interest coverage (one-year upstream dividend and interest income over interest expenses) was a sound 5.3x as of the same date (average between 2021 and 2024: 2.8x). Both metrics are commensurate with a 'bb+' level factor score for investment companies. Grupo Sura's subsidiaries and investments provide a strong upstream of dividends relative to the holding company's operating expenses. Fitch believes that the upstream dividends and interest income from subsidiaries adequately cover fixed expenses and debt service at the holding company level. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weaker assessment of Grupo Sura's multijurisdictional SROE due to a sovereign downgrade in Colombia, Chile or Mexico; - A material reduction in dividends flows from key subsidiaries due to regulatory restrictions on the banking business or deterioration in financial profiles—that negatively impacts debt service, mainly at Bancolombia; - Assumption of new debts to significant levels which results in a substantial weakening of financial leverage, its interest coverage level, and liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Grupo Sura's IDRs could be upgraded with a combination of (i) improved multijurisdictional SROE, (ii) an upgrade of the Colombian sovereign rating, and (iii) strengthened credit quality at key subsidiaries. - Grupo Sura National Ratings have no upside potential because they are at the highest level on the national scale. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Grupo Sura's global senior unsecured long-term debt is rated at the same level as its Long-Term IDR, as the likelihood of default on the notes is the same. Likewise, the national scale senior unsecured long- and short-term debt are rated at the same level as the issuer's national long-term and short-term ratings. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings on Grupo Sura's senior unsecured debt would move in line with its global IDRs and national ratings, respectively. ADJUSTMENTS The Standalone Credit Profile has been assigned below the implied Standalone Credit Profile due to the following adjustment reason(s): Sector Risk Operating Environment / Sovereign Rating Constraint (negative). The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). 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 ----------- ------ ----- Grupo de Inversiones Suramericana S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natl LT AAA(col) Affirmed AAA(col) Natl ST F1+(col) Affirmed F1+(col) senior unsecured LT BB+ Affirmed BB+ senior unsecured Natl LT AAA(col) Affirmed AAA(col) senior unsecured Natl ST F1+(col) Affirmed F1+(col) ============= E C U A D O R ============= CUENCA DPR: Fitch Hikes Rating on Three Tranches to 'B' ------------------------------------------------------- Fitch Ratings has upgraded the outstanding series of loans issued by Cuenca DPR to 'B' from 'B-'. The Rating Outlook is Stable. The upgrade on the notes follows a similar rating action on Banco del Austro S.A.'s (Austro) rating. On March 6, 2026, Fitch upgraded Austro's LT IDR to 'B-' from 'CCC+' and assigned it a Stable Outlook. The rating action on Austro, in turn, followed Fitch's recent upgrade of Ecuador's sovereign rating to 'B-' from 'CCC+'. For more details, please see "Fitch Upgrades Six Ecuadorian Banks' VRs and IDRs Following Sovereign Upgrade," dated March 6, 2026, and "Fitch Upgrades Ecuador to 'B-'; Outlook Stable," dated Feb. 25, 2026. Entity/Debt Rating Prior ----------- ------ ----- Cuenca DPR 2021-1 G2706*AA4 LT B Upgrade B- 2023-1 G2706*AB2 LT B Upgrade B- 2025-1 LT B Upgrade B- Transaction Summary The future flow program is backed by U.S. dollar-denominated existing and future diversified payment rights (DPRs) originated by Banco del Austro. Citibank N.A. processes 100% of DPR flows in the U.S. as the sole designated depository bank (DDB) in this transaction. Citibank executed an account agreement (AA) irrevocably obligating the bank to make payments to an account controlled by the transaction trustee. Fitch's rating addresses timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS Future Flow Rating Driven by Originator's Credit Quality: The rating of this future flow transaction is tied to the credit quality of the originator, Banco del Austro S.A. On March 6, 2026, Fitch upgraded Austro's LT IDR to 'B-' from 'CCC+' and its Viability Rating (VR) to 'b-' from 'ccc+', and assigned a Stable Outlook. The rating action followed Fitch's upgrade of Ecuador's IDR, which raised the bank's OE score to 'b-', which aligns with the sovereign rating and reflects the bank's exclusive focus on the domestic market. Austro's ratings also reflect its moderate franchise and midsize bank business model, stable asset quality but exposure to OE risks due to credit concentration in Cuenca, stable margins that support profitability growth, lower capitalization, and strong liquidity that supports funding stability. Notching Differential Limited by Going Concern Assessment (GCA) Score: Fitch uses a GCA score to gauge the likelihood that the originator of a future flow transaction will remain in operation through the transaction's life. Fitch's Financial Institutions (FI) group assigns a GCA score of 'GC3' to Austro, which reflects its position as the seventh-largest bank in Ecuador by total assets, with a market share slightly above 4% as of January 2026. Although Austro's business model is adequately diversified, it does not hold a relevant product leadership position within Ecuador, which is also reflected in the GCA score. Several Factors Limit Notching Uplift from IDR: The 'GC3' score allows for a maximum uplift of two notches from the bank's IDR, pursuant to Fitch's future flow methodology. However, the uplift is limited to one notch above Austro's IDR due to various factors, including high future flow debt to non-deposit funding and DDB concentration risk. High Future Flow Debt Relative to Balance Sheet: Fitch estimates that Austro's future flow debt accounts for about 3.5% of its total funding and 35.5% of non-deposit funding, based on outstanding DPR program loan balances as of January 2026 and utilizing September 2025 financials. Fitch does not allow the maximum uplift for originators with future flow debt exceeding 30% of total non-deposit funding. However, due to the structural benefits, high flow quality, and continued deleveraging of series 2021 and 2023, Fitch allows a one-notch uplift from Austro's LT IDR. Coverage Levels Commensurate with Assigned Rating: Based on average rolling quarterly DDB flows from February 2021 to January 2026 and the maximum periodic debt service over the life of the program, including Fitch's interest rate stress — the projected quarterly debt service coverage ratio (DSCR) is 31.2x. The transaction could also withstand about a 97% decrease in flows and still meet the maximum quarterly debt service. Fitch will continue to monitor flow performance. Structure Reduces Potential Redirection/Diversion Risk: The structure mitigates certain sovereign risks by collecting cash flows offshore until the periodic debt service amount is reached. Fitch considers diversion risk partially mitigated by the AA signed by the sole DDB, Citibank. However, because Citibank processes all DPR flows, the transaction faces greater diversion risk than other Fitch-rated DPR programs in the region. This limits the overall notching differential. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The transaction's rating is sensitive to Austro's credit quality. A one-notch downgrade of Austro would constrain the transaction's rating. - The transaction's rating also depends on the continued operation of the DPR business line, reflected in the GCA score; a change in Fitch's view of the GCA score could affect the rating. - In addition, the transaction's rating is sensitive to the performance of the securitized business line. The projected quarterly DSCR is approximately 31.2x, including Fitch's interest rate stress, allowing for a significant decline in cash flows without affecting the rating. However, substantial additional declines in flows could result in a negative rating action. Fitch will review any changes in these variables in a rating committee to assess the impact on the transaction's ratings. - The transaction remains exposed to the economic and political environment of the home country. Political risks and sovereign interference may rise with a sovereign downgrade, but the transaction structure and enhancements mitigate these risks to a level consistent with the assigned rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The originator's rating and Austro's operating environment are the main constraints on the program rating. If upgraded, Fitch will assess whether to maintain the current uplift or adjust it based on criteria. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow ratings are driven by the credit risk of Austro as measured by its Long-Term IDR. 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. ECUADOR DPR: Fitch Hikes Rating on Three Tranches to 'BB+' ---------------------------------------------------------- Fitch Ratings has upgraded Ecuador DPR Funding Limited's series 2020-1 loan, 2022-1 notes, and 2023-1 loan to 'BB+' from 'BB-'. The Rating Outlook is Stable. The rating actions follow Fitch's recent upgrade of Banco Pichincha C.A. y Subsidiarias' (BP) Long-Term (LT) Issuer Default Rating (IDR) to 'B' from 'CCC+'. The rating action on BP, in turn, followed Fitch's recent upgrade of Ecuador's sovereign rating to 'B-' from 'CCC+'. Fitch has assigned Ecuador's IDR and, in turn, BP's IDR a Stable Outlook. The 'BB+' ratings on the outstanding series translate into a four-notch uplift from the LT IDR of the originator. The upgrades are supported by the continued strength of the bank's DPR business. The quality and resiliency of its cash flows have translated into strong coverage levels. Additionally, future flow debt relative to balance sheet ratios has decreased. For more details, please see "Fitch Upgrades Six Ecuadorian Banks' VRs and IDRs Following Sovereign Upgrade," dated March 6, 2026, and "Fitch Upgrades Ecuador to 'B-'; Outlook Stable," dated Feb. 25, 2026. Entity/Debt Rating Prior ----------- ------ ----- Ecuador DPR Funding 2020-1 LT BB+ Upgrade BB- 2022-1 27928YAA5 LT BB+ Upgrade BB- 2023-1 LT BB+ Upgrade BB- Transaction Summary The future flow (FF) program is backed by existing and future U.S. dollar-denominated diversified payment rights (DPRs) originated by Banco Pichincha C.A. y Subsidiarias (BP) in Ecuador. The majority of DPRs are processed by designated depository banks (DDBs) that have signed acknowledgement agreements (AAs), irrevocably obligating them to make payments to an account controlled by the transaction trustee. Fitch's ratings address timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS Future Flow Rating Driven by Originator's Credit Quality: The rating of this FF transaction is driven by the Long-Term IDR of the originator, BP. On March 6, 2026, Fitch upgraded BP's Long-Term IDR to 'B' from 'CCC+' and Viability Rating (VR) to 'b' from 'ccc+' and assigned it a Stable Outlook. This action followed Fitch's upgrade of Ecuador's IDR, which resulted in an improved operating environment (OE) score for the bank. BP's ratings are driven by its standalone creditworthiness, as captured in its VR. Its international diversification translates into an OE score of 'b', above those of local peers and the sovereign rating. The bank's LT IDR is now one notch above the sovereign rating, reflecting the improvements in the OE and a lower risk perception. These factors should help the bank maintain its strong franchise and business model as the largest bank in Ecuador's financial system. Fitch expects Pichincha's profile to be further supported by the OE improvement. The ratings also reflect an adequate financial profile that has remained resilient throughout the economic cycle. Together, this positioning, leadership and stable performance strengthens Pichincha's ability to absorb potential macroeconomic risks relative to lower rated peers. Going Concern Assessment (GCA) Score Supports Notching Differential: Fitch uses a GCA score to gauge the likelihood that the originator of a future flow transaction will stay in operation through the transaction's life. Fitch assigns a GCA score of 'GC1' to BP based on it being the largest and most systemically important bank within the highly concentrated Ecuadorian market. The score allows for a maximum of six notches above the Long-Term IDR of the originator; however, additional factors limit the maximum uplift. Factors Limit Notching Differential: The 'GC1' score allows for a maximum six-notch rating uplift from the bank's IDR, pursuant to Fitch's future flow methodology. However, uplift is tempered to four notches from BP's Long-Term IDR as Fitch reserves the maximum notching uplift for originators rated at the lowest end of the rating scale. Moderate Future Flow Debt Relative to Balance Sheet: Future flow debt represents approximately 1.5% of BP's total funding and 18.4% of non-deposit funding when considering the current outstanding balance of the program ($272.5 million) as of Jan. 30, 2026, and utilizing September 2025 non-consolidated financials. Fitch considers these ratios small enough to differentiate the credit quality of the financial future flow transaction from BP's Long-Term IDR. However, an increase in future flow debt size could constrain the transaction ratings. Coverage Levels Commensurate with Assigned Rating: Considering average rolling quarterly DDB flows over the past five years (February 2021 - January 2026) and the maximum periodic debt service over the life of the program, including Fitch's 'BB+' interest rate stress for the series 2023-1 floating-rate loan, Fitch's minimum projected quarterly debt service coverage ratio (DSCR) is 77.9x. The program can withstand a reduction in flows of approximately 99% and still cover the maximum quarterly debt service obligation. Nevertheless, Fitch will continue to actively monitor the performance of the flows. Reduced Redirection/Diversion Risk: The structure mitigates certain sovereign risks by collecting cash flows offshore until collection of the periodic debt service amount, allowing the transaction to be rated over the sovereign country ceiling. Fitch believes payment diversion risk is partially mitigated by the AA signed by the six correspondent banks processing the vast majority of U.S. dollar DPR flows originating in the U.S. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The transaction's ratings are sensitive to changes in BP's credit quality, which in turn is sensitive to changes in Ecuador's credit quality and local operating environment. A deterioration of BP's credit quality could lead to a negative action on the transaction's rating; - The transaction's ratings are sensitive to increases in the FF debt relative to the bank's funding ratios. If either of the ratios increase beyond the thresholds outlined in Fitch's Future Flow Securitization Rating Criteria and are expected to remain consistently above that threshold, it could result in a downgrade of the transaction's ratings; - The transaction's ratings are sensitive to the DPR business line's performance and its ability to continue operating, as reflected by the GCA score. A change in Fitch's view of the bank's GCA score could lead to a change in the transaction's ratings. The minimum expected quarterly DSCR is approximately 77.9x and should be able to withstand a significant decline in cash flows in the absence of other issues. However, significant declines in flows could lead to a negative rating action. Any changes in these variables will be analyzed in a rating committee to assess the possible affect on the transaction's ratings; - No company is immune to the economic and political conditions of its home country. Political risks and the potential for sovereign interference may increase as a sovereign's rating is downgraded. However, the underlying structure and transaction enhancements mitigate these risks to a level consistent with the assigned rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The main constraint to the transaction's ratings is the originator's rating and BP's local operating environment. If upgraded, Fitch will consider whether the same uplift could be maintained or if it should be further tempered in accordance with criteria. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow ratings are driven by the credit risk of BP as measured by its Long-Term IDR. 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. GUAYAQUIL MERCHANT: Fitch Hikes Rating on 2026-1 Notes to 'BB(EXP)' ------------------------------------------------------------------- Fitch Ratings has upgraded the issue-specific ratings assigned to all outstanding series of notes issued by Guayaquil Merchant Voucher Receivables Limited and Guayaquil DPR Limited to 'BB' from 'BB-'. Fitch has also upgraded the expected rating assigned to the $150 million series 2026-1 notes in the process of being originated by Guayaquil Merchant Voucher Receivables Limited to 'BB(EXP)' from 'BB-(EXP)'. The Rating Outlook on the notes is Stable. These rating actions follow Fitch's recent upgrade of Banco Guayaquil, S.A.'s (BG) Long-Term (LT) Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating action on BG, in turn, followed Fitch's recent upgrade of Ecuador's sovereign rating to 'B-' from 'CCC+'. Fitch has assigned Ecuador's IDR and, in turn, BG's IDR a Stable Outlook. The 'BB' rating on the outstanding series issued out of the two future flow programs and 'BB(EXP)' rating on the series 2026-1 to be issued out of Guayaquil Merchant Voucher Receivables Limited translates into a four-notch uplift from the LT IDR of the originator. The upgrades on the notes are supported by strength of the bank's DPR and credit card businesses, as reflected in the quality of the respective cash flows for each future flow program which have consistently supported debt service coverage ratio (DSCR) levels supportive of the transactions' ratings. For more details, please see "Fitch Upgrades Six Ecuadorian Banks' VRs and IDRs Following Sovereign Upgrade," dated March 6, 2026, and "Fitch Upgrades Ecuador to 'B-'; Outlook Stable," dated Feb. 25, 2026. Entity/Debt Rating Prior ----------- ------ ----- Guayaquil Merchant Voucher Receivables Limited 2019-1 401539AA9 LT BB Upgrade BB- 2026-1 LT BB(EXP)Upgrade BB-(EXP) Guayaquil DPR Limited 2023-1 401536AA5 LT BB Upgrade BB- 2023-2 401536AC1 LT BB Upgrade BB- 2024-1 401536AE7 LT BB Upgrade BB- 2024-2 LT BB Upgrade BB- Transaction Summary Guayaquil DPR Limited is backed by existing and future USD diversified payment rights (DPRs) originated by Banco Guayaquil, S.A. in Ecuador. The majority of DPRs are processed by designated depository banks (DDBs) that have executed account agreements (AAs), irrevocably obligating them to make payments to an account controlled by the program agent. Guayaquil Merchant Voucher Receivables Limited is backed by future flows due from American Express (Amex), Visa International Service Association (Visa), and MasterCard International Incorporated (MasterCard) related to international merchant vouchers (MVs) acquired by Banco Guayaquil, S.A. in Ecuador. Fitch's ratings address timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS Future Flow (FF) Ratings Driven by Originator's Credit Quality: The ratings of these FF transactions are driven by the LT IDR of the originator, BG. On March 6, 2026, Fitch upgraded Guayaquil's LT IDR to 'B-' from 'CCC+' and its viability rating (VR) to 'b-' from 'ccc+', and assigned a Stable Outlook, following a similar action on Ecuador's IDR. The upgrade of Ecuador's rating translated into an improved operating environment (OE) score for the bank at 'b-', which is aligned with the sovereign rating reflecting its operations are fully concentrated in the domestic market. BG's IDR is driven by its VR, or standalone creditworthiness. The bank's LT IDR remains equalized with the sovereign rating. Strong Going-Concern Assessment (GCA): Fitch uses a GCA score to gauge the likelihood that the originator of a future flow transaction will remain in operation throughout the transaction's life. Fitch assigned a GCA score to BG of 'GC1', reflecting its systemic importance as Ecuador's second-largest private bank, with relevant market shares in the banking system's loans, deposits and assets. Its diversified loan portfolio, strong franchise and solid reputation also support its critical role in the national payment system. Notching Uplift from IDR: The 'GC1' score allows for a maximum six-notch rating uplift from the bank's IDR, pursuant to Fitch's future flow methodology. However, uplift is tempered to four notches from BG's LT IDR, given the high level of future flow debt relative to BG's non-deposit funding and Fitch reserving the maximum notching uplift for originators rated at the lowest end of the rating scale. High Future Flow Debt: Fitch estimates that future flow debt will represent approximately 6% of BG's total funding and 35% of its non-deposit funding. These figures are based on nonconsolidated financials as of September 2025 and include both the proposed $150 million merchant voucher (MV) issuance and the outstanding balances on notes issued from BG's MV and DPR programs as of January 2026. Fitch tempers the notching differential for originators that have future flow debt greater than 30% of the overall non-deposit funding and are expected to remain above this threshold over the medium term. Fitch expects future flow debt to remain one of the primary sources of funding for the bank, but if the programs' leverage increases beyond current levels the future flow ratings could be further constrained. Coverage Levels — DPR Program: Fitch views the transaction's DSCR as more than sufficient for the assigned rating. The minimum projected DSCR is 51.8x when considering the maximum periodic debt service over the life of the program and DDB flows over the past five years, while excluding what could be considered nonrecurring DPR flows. Coverage Levels — MV Program: Coverage levels have remained more than sufficient to cover quarterly debt service payments and are commensurate with the rating on the outstanding notes. When considering average rolling quarterly flows over the past five years and the maximum periodic debt service over the life of the program, including the outstanding series 2019-1 notes and the proposed $150 million issuance, Fitch's projected minimum quarterly DSCR is 5.0x throughout the life of the program. De-dollarization Risk: While the dollarization regime anchors macroeconomic stability, the risk of de-dollarization exists. It would only occur in an extreme scenario but would be a major shock to the Ecuadorean system. Sovereign/Diversion Risks Reduced: The structure mitigates certain sovereign risks by collecting cash flows offshore until investors are paid. Fitch believes diversion risk is partially mitigated by notice, consent and agreements signed by AmEx, Visa, and MasterCard (in the case of the MV program) and AAs signed by the DDBs (in the case of the DPR program). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The transactions' ratings are sensitive to changes in BG's credit quality which, in turn, is sensitive to changes in the credit quality of Ecuador and its OE. A one-notch deterioration in BG's credit quality could lead to a downgrade of the transaction's ratings if the future flow debt relative to the bank's non-deposit funding ratio is expected to remain consistently above the 30% threshold outlined in Fitch's "Future Flow Securitization Rating Criteria"; - The transactions' ratings are sensitive to the credit card acquiring business DPR business lines' performances and ability to continue operating, as reflected by the bank's GCA score. Changes in Fitch's view of the bank's GCA score could lead to a change in the transactions' ratings. In addition, the merchant voucher program could be sensitive to significant changes in the credit quality of American Express, Visa, or MasterCard to a lesser extent. Any changes in these variables will be analyzed in a rating committee to assess the possible impact on the transaction ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The main constraint to the transactions' ratings is the originator's rating and BG's OE. If upgraded, Fitch will consider whether the same uplift could be maintained. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow ratings are driven by the credit risk of Banco Guayaquil, S.A. as measured by its Long-Term IDR. 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. ============= J A M A I C A ============= LIMNERS AND BARDS: Incurs $13.7 Million Net Loss on Weaker Revenues ------------------------------------------------------------------- RJR News reports that the directors of The Limners and Bards (The LAB) are reporting a net loss after tax of $13.7 million for the quarter ended January 31 this year. The loss was recorded on revenues of $171 million, according to RJR News. This represents a significant downturn compared to the same period last year, when the company posted a net profit of $22 million on revenues of $286.1 million, the report notes. Despite the weaker performance, the directors say the company remains focused on executing its strategy with emphasis on revenue diversification, cost control and expanded use of technology amid ongoing challenges, the report adds. Based in Kingston, Jamaica, The Limners and Bards is a an advertising agency operating as a full-service firm focusing on three main segments: Production, Media, and Agency services, including brand strategy, content creation, and media planning. ===================== P U E R T O R I C O ===================== NBG MACHINE: Case Summary & Nine Unsecured Creditors ---------------------------------------------------- Debtor: NBG Machine Builder & Precision Tooling Carr 117 KM 11.4 Bo Rayo Plata Sabana Grande, PR 00637 Business Description: NBG Machine Builders & Precision Tooling Inc., based in Sabana Grande, Puerto Rico, delivers precision machining and custom tooling solutions for industrial clients. Its operations include manufacturing precision parts for the pharmaceutical sector and general manufacturing, repairing and maintaining critical production components, and providing technical support for automated systems and industrial equipment. Founded in 2006 and led by President Welderman Matos Alemany, the company employs a few staff. Chapter 11 Petition Date: March 13, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-01087 Debtor's Counsel: Juan C Bigas, Esq. JUAN B. BIGAS LAW PO Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000 Fax: (787) 842-4090 E-mail: cortequiebra@yahoo.com Total Assets: $1,060,708 Total Liabilities: $862,799 The petition was signed by Welderman Matos Alemany as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W2LZDQQ/NBG_MACHINE_BUILDER__PRESICION__prbke-26-01087__0001.0.pdf?mcid=tGE4TAMA ================= V E N E Z U E L A ================= CITGO PETROLEUM: U.S. Extends Protection From Creditors ------------------------------------------------------- Citing a posting on the Treasury Department's website, Reuters reports that the United States has extended a license that protects Venezuela-owned refiner Citgo Petroleum from creditors through May 5. The extension comes a day after Washington issued a general license broadly authorizing U.S. companies to do business with Citgo's ultimate parent, Caracas-headquartered Venezuelan state-run oil company PDVSA, according to the report. The general license is seen as a key step to encourage investment and further ⁠oil output in Venezuela, the report notes. Citgo Petroleum Corporation is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Based in Houston, Texas, Citgo is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo.) As reported in the Troubled Company Reporter-Latin America in September 2025, Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB' with a Recovery Rating of 'RR1'. ********* 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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