260324.mbx

260324.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 24, 2026, Vol. 27, No. 59 Headlines A R G E N T I N A ARGENTINA: 4 in 10 Workers Informally Employed, UBA Report Says B E R M U D A INVESTMENT ENERGY: Moody's Outlook on 'Ba3' Notes Rating Now Stable B O L I V I A BOLIVIA: Moody's Ups Issuer Rating to Caa3, Alters Outlook to Pos. B R A Z I L RAIZEN FUELS: Fitch Lowers Rating on Sr. Unsecured Notes to 'C' RAIZEN SA: Moody's Downgrades CFR to Ca, Alters Outlook to Stable TRIDENT ENERGY: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable TUPY S.A.: S&P Cuts ICR to 'BB' Weaker Profitability; Outlook Neg. D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Assesses Impact of Middle East Conflicts DOMINICAN REPUBLIC: Raises Gasoline and Diesel Prices by RD$10 P U E R T O R I C O RB MARKETPLACE: Case Summary & 20 Largest Unsecured Creditors SN TRANSPORT: Case Summary & 20 Largest Unsecured Creditors - - - - - ================= A R G E N T I N A ================= ARGENTINA: 4 in 10 Workers Informally Employed, UBA Report Says --------------------------------------------------------------- Buenos Aires Times reports that in the fourth quarter of last year, Argentina's labour informality rate stood at 43 percent -- meaning that more than four in ten workers are in jobs not covered by relevant labor, tax and social security legislation. The INDEC national statistics bureau reported that unemployment rose to 7.5 percent in the final quarter of 2025, according to Buenos Aires Times. Year-on-year, according to the agency, the unemployment rate increased by around one percentage point, the report notes. The findings come from a report coordinated by Roxana Maurizio and Luis Beccaria, produced by the Employment, Distribution and Labour Institutions Area (EDIL) of the Interdisciplinary Institute of Political Economy (IIEP) at the University of Buenos Aires (UBA) Faculty of Economics, the report relays. According to the study, 32 percent of informal workers live in poor households, while a further 27 percent are considered vulnerable to falling into poverty, the report discloses. The indicators show that seven in ten workers aged between 16 and 24 are in informal employment, reflecting the difficulties this group faces in entering the labour market, the report notes. Young people experience a significantly higher informality rate than other age groups, the report says. In the third quarter of 2025, the rate for this group stood at 67.4 percent, nearly 24 percentage points higher than the overall rate, the report notes. By contrast, workers aged between 45 and 64 (60 in the case of women) have the lowest informality rate, at 34.2 percent, followed by those aged 25 to 44 (42.2 percent) and those aged 65 and over (57.8 percent), the report says. In other words, the highest incidence of informality occurs both at the beginning and the end of working life, the report relays. Most informal workers are concentrated in Greater Buenos Aires, the report discloses. Argentina's informality rate -- matching levels recorded in the second quarter of 2008 -- has remained persistently high for 17 years, the report notes. Compared with nine Latin American countries, a region characterised by labour informality and precarious employment, Argentina ranks fourth, behind Chile, Brazil and Costa Rica, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B E R M U D A ============= INVESTMENT ENERGY: Moody's Outlook on 'Ba3' Notes Rating Now Stable ------------------------------------------------------------------- Moody's Ratings affirmed the Ba3 rating assigned to Investment Energy Resources Limited (IERL) senior secured notes, and changed its outlook to stable from negative. RATINGS RATIONALE IERL's rating outlook change to stable from negative reflects the strengthening of its financial performance in 2025. The improvement is supported by the resolution of technical issues at the Renace hydroelectric assets during late 2024 and 2025, as well as more favorable hydrology and weather conditions that increased generation by almost 19% compared with 2024. Portfolio availability rose to 92.1% in 2025 from 86.6% in 2024. Higher availability and generation in 2025 boosted interest coverage, measured as (FFO + interest expense) / interest expense, to 4.0x in September 2025 from 2.4x in December 2024, while leverage, measured as FFO / net debt, improved to 22.7% from 10.4%. The company's Ba3 rating reflects the diversification of its renewable portfolio across Central America and its largely contracted capacity, with an average remaining term of 10 years on its power purchase agreements, supporting cash flow predictability. Constraining IERL's rating is the relatively weaker credit quality of its PPA off takers, that are primarily based in Guatemala and Honduras. Moody's also notes its $700 million maturity due in 2029 along with a flexible cash retention policy, which adds refinancing risk. The rating action acknowledges the continued uncertainty deriving from the ongoing arbitration process initiated in 2023 by a minority shareholder of Renace. This arbitration constitutes a contingent liability of IERL with limited visibility on resolution timing and potential outcomes. Nonetheless, Moody's views the issuer's stronger cash flow generation and liquidity providing some financial flexibility to mitigate this contingent risk. The stable outlook reflects Moody's views that IERL will maintain stable and visible cash flow that will support projected financial metrics. Specifically, Moody's projects FFO/net debt and the interest coverage ratio to remain above 12% and 3.0x, respectively, for the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade IERL's ratings if the company reduces its debt balances or increases its cash flow generation such that it consistently records FFO/Net debt of more than 20% and a cash interest coverage ratio of more than 3.0x. A rating upgrade would also depend on Moody's assessments of IERL's off-takers' credit quality being consistent with a higher rating. An upgrade would also consider the track record of balanced dividend distributions, allowing the company to gradually expand its financial flexibility ahead of debt maturities, and a favorable resolution of its arbitration process. A materially unfavorable resolution of the arbitration process or weak financial performance of IERL would trigger a downgrade. Moody's could downgrade IERL's ratings if the company's FFO/net debt is less than 12%, or the interest coverage ratio is less than 2.5x, all on a sustained basis. Moody's assessments of a weaker credit profile of IERL's off-takers could also trigger a rating downgrade. Also, failure to adequately address the $700 million refinancing due in 2029 well in advance, resulting in heightened refinancing risk, would also lead to downward rating pressure. PROFILE Investment Energy Resources Limited (IERL) is the entity through which Corporacion Multi Inversiones (CMI), a conglomerate with operations in Central America and the Caribbean, owns the operating assets of its energy business unit (CMI Energia). IERL and its subsidiaries control a total of 760 megawatts (MW) of installed capacity through five hydropower plants, eight wind plants and four solar plants. These assets are located in Government of Guatemala (Ba1 stable), Government of Honduras (B1 stable), Government of Costa Rica (Ba2 stable), Government of Nicaragua (B2 stable) and the Government of Dominican Republic (Ba2 stable). LIST OF AFFECTED RATINGS Issuer: Investment Energy Resources Limited (IERL) Affirmations: LT Corporate Family Rating, Affirmed Ba3 Senior Secured, Affirmed Ba3 Outlook Actions: Outlook, Changed To Stable From Negative The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ============= B O L I V I A ============= BOLIVIA: Moody's Ups Issuer Rating to Caa3, Alters Outlook to Pos. ------------------------------------------------------------------ Moody's Ratings has upgraded the Government of Bolivia's issuer and senior unsecured ratings to Caa3 from Ca, and changed the outlook to positive from stable. The upgrade to Caa3 reflects a reduction in near-term default risks following the political transition in late 2025, which has allowed foreign-exchange reserves to rise to levels that Moody's views as sufficient to cover upcoming external bond payments. This improvement is supported by explicit government statements confirming the authorities' intention to meet near-term external debt service owed to private sector participants using available dollar reserves. The transition has also increased the likelihood of policy adjustments and improved the sovereign's ability to secure official sector financing. Notwithstanding these positive developments, the low rating indicates that a default over the next few years is still a possibility, given large macroeconomic imbalances, thin external buffers and reserves heavily skewed toward gold, with debt service peaking in 2028. The positive outlook reflects Moody's views that risks have shifted in favor of macroeconomic stabilization which would further reduce default risk and point to a higher rating. The pipeline of multilateral loan disbursements, if they materialize as Moody's expects, would not only ease near-term liquidity pressures but it would also give the authorities greater policy space to sustain early stabilization gains and pursue a structural adjustment path, particularly through fiscal consolidation and exchange rate normalization. The positive outlook further incorporates upside potential from a possible IMF arrangement that would provide sizable balance of payments support and act as a confidence catalyst that improves the availability and predictability of external financing, strengthens reserve dynamics, reduces external vulnerability and credit event risk. Concurrent to the action, Moody's have also raised Bolivia's local and foreign currency country ceilings to Caa1 and Caa2, from Caa2 and Caa3, respectively. The two-notch gap between the local-currency ceiling and the issuer rating captures the risk that the policymaking environment could be disrupted particularly if political events or social tensions intensify. Bolivia's weak institutional framework and significant government footprint in the economy heighten uncertainty around the continuity and predictability of policy. The one-notch gap between the FC and LC ceiling reflects persistent balance of payment pressures and very low policy effectiveness. RATINGS RATIONALE RATIONALE FOR THE UPGRADE TO Caa3 IMPROVEMENT IN NEAR TERM DEFAULT RISKS FOLLOWING THE POLITICAL TRANSITION IN LATE 2025 Near term default risks have declined following Bolivia's political leadership shift in late 2025, which marked a decisive change in policy priorities and direction. The election of President Rodrigo Paz represents a material change away from the previous governing policy model and has increased the likelihood of policy adjustments, strengthening engagement with multilateral institutions, supporting improved prospects for official sector financing, a rebuilding of foreign exchange reserves, and explicit commitments to meet near term private external debt service, all of which have materially improved the sovereign's liquidity position and reduced credit event risk for private sector debt holders. Early measures by the new administration include the removal of fuel subsidies, a key macroeconomic distortion. While the reform has resulted in significant increases in domestic fuel prices, it addresses a fiscal burden that the IMF estimated at nearly 4% of GDP (mostly gasoline and diesel) in direct costs in 2024, with broader economic costs exceeding 5% of GDP. The measure supports fiscal consolidation and signals greater willingness to address long standing economic imbalances. International reserves increased to around $4.4 billion in January 2026 from $2.7 billion in July 2025. While higher gold prices and continued gold accumulation have largely supported this rise, foreign exchange reserves have climbed to nearly $500 million from just $67 million over the same period, a meaningful improvement in liquidity given their usability for balance of payments support relative to gold, bolstering external shock absorption capacity. The authorities have also announced a liability management operation involving only the exchange of bonds held by domestic public sector entities, while continuing to service private sector held debt on time and in full. If executed as announced, the operation would extend maturities for public sector bond holders participating in the exchange and reduce external amortization pressures for the sovereign, while preserving US-dollar liquidity. A similar offer including the private sector may have constituted a distressed exchange under Moody's definitions, assuming a repayment below par and given that the exchange significantly alleviates external liquidity pressures in light of the still low level of foreign exchange reserves. The government intends to exchange, through privately negotiated transactions, approximately 67% of the aggregate principal amount of its 2028 and 2030 bonds with two domestic public-sector entities, the Banco Central de Bolivia and the public pension fund administrator, La Gestora. The replacement instruments are expected to be medium term, governed by Bolivian law, and denominated in bolivianos and/or local currency indexed to the US dollar (MVDOL), thereby shifting both jurisdiction and currency denomination. For private holders, representing the remaining 33% of the outstanding stock, Moody's expects that, in line with their statements, the authorities will continue to service the debt without changes to existing terms, including the upcoming March 20 payment of about $130 million. The March 02 interest payment of around $32 million on the 2030 bonds was made on time and in full. MULTILATERAL RE-ENGAGEMENT PROVIDES FINANCING PIPELINE THAT SUPPORTS STABILIZATION EFFORTS Multilateral financing prospects have improved materially after the political transition, both in scale and breadth of intended use. Development banks have cumulatively pledged over $8 billion in funding over the next 5 years. Corporacion Andina de Fomento (CAF, Aa3 positive) has expanded a near term liquidity facility into a multi-year strategic framework. A 2025–2030 Country Strategy sets a financing floor of $3.1 billion through 2030, with about 30% described as already in execution. Inter-American Development Bank (IADB, Aaa stable) and Inter-American Investment Corporation (IDB Invest, Aa1 stable) pledged a $4.5 billion financing framework for 2026–2028 that is described as six times the previous allocation to Bolivia, with around $2 billion expected to be deployed in the first year. The financing strategy also emphasizes that a meaningful portion of lending under discussion across multilaterals is intended to catalyze not only public but also private sector investments in transport, energy and infrastructure.If executed effectively and paired with continued improvements in the operating environment, this comprehensive approach would lift the country's investment and support economic growth. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook reflects Moody's views that risks have shifted in favor of macroeconomic stabilization, supported by a pipeline of multilateral disbursements. The outlook also incorporates upside potential from a possible IMF arrangement, as Bolivia is reportedly in discussions with the Fund regarding a multiyear program that could include front-loaded disbursements and provide sizable balance-of-payments support. Such a program would act as a confidence catalyst by improving the availability and predictability of external financing, strengthening reserve dynamics, reducing external vulnerability and credit-event risk, and underpinning a more durable stabilization framework. Moody's expects an IMF program to facilitate the Bolivian authorities' execution of structural adjustment measures aimed at addressing key macroeconomic imbalances and distortions, including those related to parallel exchange-rate regimes, inflationary pressures, reliance on central bank financing, and the recurrent use of gold monetization as a source of foreign-exchange liquidity. However, terms have not been finalized, and the political sensitivity of likely policy actions—particularly around exchange-rate policy and continued subsidy reform—creates meaningful execution risk, especially given the possibility of protests and blockades to disrupt policy implementation. ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS Bolivia's CIS-5 score indicates that the sovereign rating is lower than it would have been if ESG risk exposures did not exist and that the negative impact is more pronounced than for issuers scored CIS-4. For Bolivia, this reflects its very weak governance profile which significantly weighs on the rating. Bolivia's E-4 score reflects exposure to environmental risks that are driven by risks related to carbon transition and natural resources management. The government and overall economy's high reliance on hydrocarbon sector revenues and exports exposes the sovereign to significant carbon transition risks. Natural resources mining, water management, increased deforestation and forest fires in the Bolivian Amazon rainforest also contribute to material environmental risks. Bolivia's S-4 score reflects exposure to social risks that stem from a long-history of relatively high levels of poverty, economic inequality, and social exclusion. Despite material improvements in recent years, Bolivia is characterized by relatively high levels of poverty, limited educational outcomes, and lack of sufficient access to basic services and housing. Like many other emerging economies, Bolivia benefits from a benign demographic structure. Bolivia's G-5 score reflects the influence of very weak policy effectiveness, weak institutional arrangements, a high incidence of corruption and a generally weak rule of law on overall governance. GDP per capita (PPP basis, US$): 11,245 (2024) (also known as Per Capita Income) Real GDP growth (% change): 0.7% (2024) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 10% (2024) Gen. Gov. Financial Balance/GDP: -11.2% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: -2.8% (2024) (also known as External Balance) External debt/GDP: 38.1% (2024) Economic resiliency: b2 Default history: At least one default event (on bonds and/or loans) has been recorded since 1983. On March 17, 2026, a rating committee was called to discuss the rating of the Bolivia, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer has become less susceptible to event risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Bolivia's ratings if policy measures foster a sustained increase in liquid foreign-exchange reserves and prove effective in durably reducing external and fiscal imbalances, including by reinforcing near-term external payment capacity as debt service rises. In this scenario, the probability of default would decline further. Over time, structural reforms that improve the productivity of the hydrocarbon sector, support diversification, and strengthen medium-term growth prospects would provide additional support to Bolivia's credit profile. The outlook could return to stable if the recent improvement in external liquidity and the availability of official financing does not translate into a more durable stabilization path which would keep default a meaningful possibility over the medium term. This could occur if expected multilateral disbursements are delayed or fall short, or if policy implementation weakens such that external and fiscal imbalances are not materially reduced, increasing the risk of renewed policy reversal and a loss of confidence. Downward pressure on the rating would arise if the liability management operation is not executed as intended and involves the private sector investors, or if authorities fail to prevent renewed significant declines in foreign-exchange reserves and a worsening of external and government liquidity pressures, materially increasing the likelihood of default or debt restructuring resulting in losses exceeding 65%. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. =========== B R A Z I L =========== RAIZEN FUELS: Fitch Lowers Rating on Sr. Unsecured Notes to 'C' --------------------------------------------------------------- Fitch Ratings has downgraded Raizen S.A.'s and Raizen Energia S.A.'s (jointly, Raizen) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'C' from 'CCC. Fitch has also downgraded Raizen Fuels Finance S.A.'s senior unsecured notes due in 2027, 2032, 2034, 2035, 2037 and 2054 to 'C' from 'CCC' with a Recovery Rating of 'RR4' to all instruments. Additionally, Fitch has downgraded Raizen's National Long-Term Ratings and its second, third and fourth debentures issued by Raizen S.A. and fourth and fifth debentures issued by Raizen Energia S.A to 'C(bra)' from 'CCC(bra)'. On March 11, 2026 Raizen announced that it had entered into an agreement with some of its creditors for an out-of-court debt restructuring plan. The plan may include a partial conversion of debt into equity, a debt exchange into new instruments and capital injections, among other corporate reorganization initiatives. Raizen has 90 days to conclude the restructuring plan by securing approval from creditors holding more than 50% of senior unsecured debt. Once approved, the plan will bind all senior unsecured creditors to the same conditions. During this period, the company has a standstill agreement. Fitch considers Raizen to be in a default-like process. If Raizen formally announces the conclusion of the out-of-court restructuring plan, Fitch will downgrade the ratings to 'RD' to reflect a restricted default and will assign ratings incorporating the new capital structure and business plan. Key Rating Drivers Out-of-Court Restructuring Plan: Raizen's petition for an out-of-court restructuring plan has the support of a portion of its senior unsecured creditors. The supporters represent about 47% of the company's total senior unsecured creditors with about BRL 30.7 billion in debt. The plan provides Raizen a 90-day standstill for all senior unsecured lenders, during which it will have to secure the participation of more unsecured creditors to reach a simple majority of the creditors in this class and bind all unsecured creditors, ~BRL 65.1 billion, to the same terms and conditions. Fitch considers this as a default-like process. The restructuring plan does not affect Raízen Group's obligations toward customers, suppliers, distributors, or other commercial partners that are essential to its operations. Senior secured lenders with fiduciary liens and ACC (Advance on Foreign Exchange Contracts) creditors are not subject to the plan as well. Corporate Rating Tool Inputs and Scores 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-, Lower), Profitability (ccc, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -3 notch(es). - The SCP is 'c'. - No adjustments made to SCP resulting in a Local and Foreign currency IDRs of 'C'. To derive the IDR: C Recovery Analysis The recovery analysis assumes Raizen would be reorganized as a going-concern (GC) in bankruptcy rather than be liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA assumption is about BRL10 billion. An enterprise value (EV) multiple of 5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. Fitch uses a multiple of 5x that reflects the sector dynamics and the company's business profile. Due to the 'RR4' country cap for Brazilian corporates, Fitch caps the recovery rating on the senior unsecured notes at 'RR4', despite potential higher projected recoveries. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The formal announcement of the approval of the Out-of-Court Restructuring Plan; - Missed payment of any financial obligations after the expiration of cure periods. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch will reassess the IDRs upon the completion of a debt restructuring; the IDRs would reflect the new capital structure and credit profile. Liquidity and Debt Structure Raizen has just applied for an out-of-court restructuring plan. Fitch will monitor liquidity and debt structure under the plan. Issuer Profile Raizen is the leading S&E producer and the second-largest fuel distributor in Brazil with a presence in Argentina. The company is a joint venture controlled by Shell Plc and Cosan S.A. 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 Raizen S.A.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Raizen Fuels Finance S.A. senior unsecured LT C Downgrade RR4 CCC Raizen S.A. LT IDR C Downgrade CCC LC LT IDR C Downgrade CCC Natl LT C(bra)Downgrade CCC(bra) senior unsecured Natl LT C(bra)Downgrade CCC(bra) Raizen Energia S.A. LT IDR C Downgrade CCC LC LT IDR C Downgrade CCC Natl LT C(bra)Downgrade CCC(bra) senior unsecured Natl LT C(bra)Downgrade CCC(bra) RAIZEN SA: Moody's Downgrades CFR to Ca, Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded to Ca from Caa3 the Long Term Corporate Family Rating of Raizen S.A. (Raizen). Concurrently, Moody's downgraded to Ca from Caa3 the $187 million backed senior unsecured notes rating due 2027 issued by Raizen Fuels Finance S.A. and guaranteed by Raizen S.A. and Raizen Energia S.A. The outlook changed to stable from negative. The downgrade follows the 180 days standstill granted by a São Paulo Bankruptcy and Judicial Reorganization Court to Raizen under a proposed out-of-court restructuring plan with the initial approval of 47% of the creditors included in the agreement. Moody's considers the beginning of the standstill as distressed exchange and Moody's expects Raizen to refrain from paying interest and amortizations on the debts included in the agreement during the negotiation period. Debts in the agreement include cross-border bonds, local debentures, agricultural receivables certificates, rural producer financial notes, export credit notes, pre-payment of exports and other financial debt. Outside the scope of this group of creditors Raizen plans to maintain the normality in transactions with other creditors and stakeholders including employees, clients, suppliers, distributors, and partners. RATINGS RATIONALE The Ca rating incorporates the standstill on certain debts of Raizen which Moody's considers as a distressed exchange. The ratings also incorporate a deterioration of Raizen's credit metrics, high leverage and sustained negative cash flow generation, given the high interest burden and still weaker than usual results on the sugar-ethanol core segment – below potential crushing level and lower cost dilution in 2025-26. The current debt level continues to impose significant constraints on the business, challenging Raizen's ability to sustain positive cash generation. Moody's do not foresee a significant recovery in the near term and expect leverage to close the harvest at over 5.9x with sustained negative free cash flow. In Moody's views, improved credit metrics along with a solid liquidity are necessary to mitigate the inherent volatility of the commodity markets to which the company is exposed in sugar-ethanol business. The sugar-ethanol business in particular requires relatively large capex to support the quality of plantations and agricultural productivity, while being exposed to considerable event risk including weather conditions. Governance is a key factor in the rating assessment and the present situation is a direct outcome of the strategies pursued during the pre-turnaround cycle, which focused on an aggressive, debt-driven growth strategy that pushed leverage up. Raizen's fundamental profile still incorporates its solid position in the sugar cane and fuel distribution businesses in Brazil. Raizen is a joint venture between Cosan S.A. and Shell Plc. At the present moment Moody's do not incorporate any direct support by shareholders, but recognize that Raizen benefits from its ownership by Shell Brazil Holdings BV, a 100% subsidiary of Shell, derived from Shell's brand and managerial expertise, and Cosan, given its local expertise and execution track record. The ratings consider the existence of cross guarantees between Raizen Energia and Raizen in most debt instruments. The stable outlook reflects Moody's expectations that Raizen will maintain its operations during the standstill period and that negotiation with creditors will help the company to improve its capital structure while limiting losses to creditors. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade Raizen's rating if the recovery prospects for the company's creditors deteriorate. An upgrade could occur if Raizen is able to improve its capital structure substantially reducing its debt balance, sustaining an adequate liquidity and a consistent operational performance. The principal methodology used in these ratings was Protein and Agriculture published in October 2025. Raizen's Ca rating is seven notches below the Ba3 scorecard-indicated outcome by Moody's Protein and Agriculture methodology in the twelve months ended in September 2025. Current ratings incorporate the uncertainty regarding an equity injection and measures to improve Raizen capital structure which could be considered a distressed exchange. TRIDENT ENERGY: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Trident Energy, L.P.'s Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also affirmed the 'B+' senior unsecured rating on the notes issued by Trident Energy Finance PLC and guaranteed by Trident Energy, L.P. The recovery rating on the notes is 'RR4'. The affirmation reflects its expectation of gradually improving production in Brazil (BB/Stable) and Equatorial Guinea and stable production in the Republic of Congo leading to total volumes and EBITDA generation in-line with the 'B+' rating through the cycle. Trident's rating also reflects its geographic concentration, strong reserve life, low financial leverage, strong cash flow generation and some execution risk to its ability to increase production volumes. Key Rating Drivers Production Underperformance: Trident's assets in Brazil and Equatorial Guinea continue to face operational issues related to their top-side infrastructure, which has affected uptime and has led the assets to produce at lower rates than otherwise possible. Fitch therefore assumes production from these assets to remain at 30,000-35,000 barrels of oil equivalent per day (kboe/d) through 2026. Fitch expects Trident's planned infrastructure upgrades to allow production to increase to about 40kboe/d in 2027 and about 50kboe/d in 2028 and thereafter, although this is subject to significant execution risk. Fitch expects production volumes to remain volatile and be the key constraint to the rating; therefore, Fitch put more weight on near-term forecast performance to better reflect this uncertainty. Congo Performing as Expected: The Congo assets have so far been performing in-line with its initial expectations. The assets have stable production levels, and Fitch expects they will contribute 28-30kboe/d to the company's production volumes. Fitch does not consider the planned Floating Liquefied Natural Gas (FLNG) project in its forecast as this has yet to receive the final investment decision and is booked as a contingent resource. Successful development of this project would be an upside to its projections. Geographic Concentration: Trident's production is somewhat concentrated in Africa, namely the Republic of Congo (around 49% of 2025E volumes) and Equitorial Guinea (around 14%). Fitch views the operating environments in both Congo and Equitorial Guinea as less favourable than that of its other main geographic segment, Brazil, and Fitch factors the increased exposure to them into Trident's 'B+' rating. However, Fitch continues to apply Brazil's Country Ceiling to the rating, as Fitch expects EBITDA from Brazil's assets will sufficiently cover Trident's gross interest costs. Fiscal Optimisation Continues: During 2024 Trident successfully negotiated the removal of the ICMS state tax recharge on Brazil-produced volumes; this eliminated an about 13% discount from realised pricing on these volumes as of the start of 2024. The company is also negotiating another offtake agreement in Brazil and has commissioned a floating storage and offloading vessel to be able to freely market its production globally. Contingent ICMS Liability: As part of the removal of the ICMS tax recharge, Trident indemnified Petrobras against a potential adverse ruling by the state's tax authority until April 2025. Trident has therefore recorded a contingent liability of USD173 million as of 3Q25 (including interest). Fitch views positively the lack of any negative developments in 2025, and the company's robust liquidity and cash flow generation, which should be more than sufficient to absorb any outflows related to this contingent liability. Fitch does not expect any related cash outflows over its rating case. Adequate Reserves: At end-2025, Trident's 2P reserves were 307 million boe (mmboe), implying a reserve life of 15 years. This is likely to decline once production ramps up on a more sustained basis, but Fitch does not expect reserve life to become a constraint to the current rating. Strong Cash Flow Generation: Trident's assets are higher cost, with Fitch-defined unit opex of over USD25/b. However, this will decline to about USD20/b once production improves in Brazil and Equatorial Guinea, and capex needs are low, reflecting the lack of greenfield projects and exploration spending. The payback period for development and optimisation projects is also relatively short, supporting positive free cash flow generation after dividends for 2025-2029. Low Leverage: Fitch expects Trident to maintain low leverage through the cycle, with average EBITDA gross leverage of about 1.4x and average EBITDA net leverage of about 1.1x between 2025 and 2029. Fitch expects that Trident will continue to fund all capex from internal sources. Fitch further assumes that dividends will start in 2027 and will be sized to maintain leverage generally in line with the company-defined 1.0x net debt/EBITDAX target set by management in years without significant M&A or operational disruptions. Peer Analysis Fitch rates Trident one notch below Energean plc (BB-/Stable) and Ithaca Energy plc (BB-/Stable), and in line with SierraCol Energy Limited (B+/Stable). Trident's through-the-cycle production of 60-70kboe/d is much higher than that of SierraCol (45kboe/d). Energean has materially higher production of 154kboe/d as of 2025, as does Ithaca at 119kboe/d. Trident's end-2025 2P reserves base of 307mmboe is lower than Ithaca's (over 350mmboe at end-2025), and materially smaller than Energean's 2P reserves (about 1.1 billion boe at end-2024). However, it is still larger than SierraCol's 128mmboe. Trident's production and reserves are better diversified geographically than those of its peers, which typically have most of their producing assets in a single country. Fitch expects Trident to maintain very low leverage, with EBITDA net leverage averaging about 1.1x until 2029 and EBITDA gross leverage averaging 1.5x. This is substantially lower than the through-the-cycle leverage of its main peers. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Brent crude oil price to 2028 in line with its base case price deck - Production increase from 63kboe/d in 2026 to 76kboe/d in 2029 - Capex averaging about USD340 million a year to 2029 - Earn-out payments averaging about USD55 million a year to 2028 - Dividend payments starting in 2027 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb, Lower), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Moderate), Profitability (b, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (bb, Lower). - The quantitative financial subfactors are based on custom Corporate Rating Tool financial period parameters: 10% weight for the historical year 2024, 20% for the forecast year 2025, 30% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'b+'. Recovery Analysis Fitch's Key Assumptions for Recovery Analysis Its recovery analysis assumes that Trident would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Trident's GC EBITDA of USD400 million reflects its view on EBITDA generation from the group's assets in Brazil, Equatorial Guinea and Congo, assuming a sustained period of low Brent prices. Fitch has applied an enterprise value (EV)/EBITDA multiple of 3.5x to calculate a GC EV, reflecting the risks associated with the small size and assets located in less favourable jurisdictions. The USD600 million senior unsecured notes are subordinated to the USD700 million combined reserve-based loan (RBL) and about USD84 million of liabilities related to deferred consideration still payable. The notes are guaranteed on a senior basis by Trident, and on a senior subordinated basis by several restricted subsidiaries owning the assets in Brazil and Equatorial Guinea, and the Congo assets. Its analysis, after deducting 10% for administrative claims and taking into account its Country-Specific Treatment of Recovery Ratings Criteria, generated a waterfall-generated recovery computation (WGRC) in the 'RR4' band, indicating a 'B+' instrument rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage above 2x or EBITDA net leverage above 1.5x on a sustained basis; - Failure to maintain production above 50kboe/d on a sustained basis; - Aggressive shareholder distributions or deteriorating liquidity; - EBITDA from Brazil failing to cover gross interest expense. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Establishing a record of production well over 75kboe/d on a sustained basis; - EBITDA gross leverage below 1x or EBITDA net leverage below 0.5x on a sustained basis. Liquidity and Debt Structure As of 30 September 2025, Trident had unrestricted cash and cash equivalents of USD125 million and an undrawn RBL of USD175 million. During 4Q25, the company refinanced its RBL and the USD360 million Congo acquisition facility, combining them into one corporate RBL with a total facility size of USD700 million. As of end-2025, about USD300 million was available under the facility with estimated total liquidity of about USD470 million. Fitch expects these amounts, positive free cash flow generation and minimal near-term debt maturities to provide adequate liquidity runway for Trident. The new RBL facility has a final maturity date of 2031, although this is subject to the company's 2029 senior unsecured bonds being refinanced at least six months before their maturity (November 2029). Should this refinancing not take place, the RBL's final maturity will automatically reset to three months before the bond's maturity (August 2029). The facility will begin to amortise in 1Q27 with subsequent reductions in commitments each March and September by USD70 million on each reduction date. Issuer Profile Trident is a small oil and gas producer with three assets in Brazil, Equatorial Guinea and the Republic of Congo. 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 Climate.VS for 2035 for Trident Energy, L.P. is 51, which is average for oil and gas producers. Key transition risks arise from potential demand reductions due to policies aimed at decreasing oil and gas use in the global economy, and, in the shorter term, from policies designed to limit greenhouse gas emissions from oil and gas production. At the moment, these risks do not have a material influence on the rating, given the very long-term timescale over which the transition may take place, uncertainty regarding the extent and nature of changes, and how markets and companies will react to them. 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 Recovery Prior ----------- ------ -------- ----- Trident Energy, L.P. LT IDR B+ Affirmed B+ Trident Energy Finance PLC senior unsecured LT B+ Affirmed RR4 B+ TUPY S.A.: S&P Cuts ICR to 'BB' Weaker Profitability; Outlook Neg. ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit and issue level ratings on Tupy S.A. to 'BB' from 'BB+'. The '3' recovery rating is unchanged. The negative outlook reflects S&P's view of uncertainties over the demand rebound this year, which could limit the expected improvements in the company's profitability and credit metrics. Weaker-than-expected profitability in the last quarter of 2025 prompted us to revise down again our forecast for 2026. Tupy's weaker-than-expected profitability in the last quarter of 2025 led S&P to revise down again our 2026 forecast for the company. Its EBITDA plummeted by more than half in 2025 compared with 2024, with EBITDA margin of 5.8% last year. S&P said, "We now forecast EBITDA margin still below 10% in 2026 and debt to EBITDA close to 2.5x. But we see higher uncertainties over the speed of the rebound for the auto industry and the company's profitability this year. "The company's EBITDA plunged by more than half in 2025 from the 2024 level because of a reduction in global demand for commercial vehicles and in production amid geopolitical and global trade uncertainties as well as high interest rates. Specifically, the company's 2025 EBITDA shrank to R$563 million (5.8% margin) from R$1.3 billion in 2024 (12% margin). We continue to forecast a substantial rebound in the company's margins in 2026 due to the expected increase in demand mainly related to fleet renewals, new contracts already signed, and Tupy's cost-reduction measures. We now project EBITDA margin to improve to approximately 9.5% in 2026, reflecting operational efficiencies and higher volumes. However, this remains below historical levels, as the starting point is weaker than we previously anticipated. And we currently see greater uncertainty surrounding the speed of the industry and company's profitability recovery. The potential effects from the Middle East War could depress demand in the transportation sector through logistics bottlenecks, fuel costs, inflation, and interest rates. "Weak profitability in the first half of 2026 will continue pressuring leverage metrics. While we expect the global auto industry to rebound in the second half of the year, we forecast Tupy's debt to EBITDA to be about 2.5x in 2026, which, while an improvement from 4.1x in 2025, will remain higher than the Tupy's historical levels and what we would typically expect for a company with a 'BB+' rating with similar scale and operations as Tupy. We project relatively stable net debt at approximately R$2.3 billion in 2026, with limited scope for significant reduction given the projected cash flow. We also expect the company's EBIT interest coverage to remain relatively low at 2.5x-3.0x in 2026, highlighting the sensitivity of earnings to interest expense in a scenario of a slowdown of the monetary easing. As a result, we believe that Tupy's ability to absorb further adverse shocks is limited, and its credit profile remains vulnerable to potential downside risks. We anticipate that the company will need to improve its profitability and cash flow consistently to achieve a more comfortable leverage level." Tupy managed to release working capital in the fourth quarter of 2025, maintaining an elevated cash position, but this could reverse during 2026 to support higher volumes. As of the end of 2025, the company held almost R$1.9 billion in cash and limited short-term debt, providing a cushion against potential financial headwinds. However, Tupy could face some working capital consumption during 2026 as it ramps up production amid the anticipated volume recovery. S&P said, "We also forecast higher capital expenditure (capex) of about R$550 million this year (versus R$439 million in 2025) to support production under new contracts and maintenance, but operating cash flow will likely be sufficient to cover capex. However, we will closely monitor the company's working capital management practices to ensure that liquidity remains at acceptable levels." While not a primary driver of the rating action, disputes among shareholders could pose some risks for the board's effective oversight of the company's strategy and direction. Tupy's largest shareholders are BNDESPar and Previ, with stakes of 30.7% and 27.0%, respectively. The largest minority shareholder, Charles River (with a 5.4% stake), has been questioning the majority shareholders over the appointments of Tupy's board of directors and the current CEO. It proposed a change to Tupy's bylaws to include 'minimum eligibility requirements' for board members and directors, which was rejected by the majority shareholders. These internal disagreements could hinder the timely and decisive implementation of key initiatives, impairing the company's ability to navigate a challenging operating environment. A cohesive and effective board is crucial for ensuring sound financial management, strategic planning, and risk mitigation. Any prolonged or escalated shareholder conflicts could undermine investor confidence and potentially lead to suboptimal decision-making. S&P will continue to monitor these disputes and assess their potential impact on Tupy's creditworthiness. S&P said, "The negative outlook reflects our view of uncertainties over the rebound in demand for heavy-duty vehicles this year, which could limit the expected improvements in the company's profitability and leverage metrics. "We could lower the ratings in the next 12 months if Tupy takes longer than expected to achieve its cost-reduction targets or if demand doesn't recover, eroding credit metrics. Under these circumstances, we would expect the company's EBITDA margin to be consistently below 10% and debt to EBITDA above 3x. "We could revise the outlook to stable in the next 12 months if Tupy's volumes and margins recover as a result of its operational efficiency initiatives and a more favorable momentum for the heavy-duty auto sector. In this scenario, we would see leverage stabilized at 2x-3x with EBITDA margin about or above 10%." =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Assesses Impact of Middle East Conflicts ------------------------------------------------------------ Dominican Today reports that the Dominican government reviewed its preparedness to address the economic impact of Middle East conflicts during a Council of Ministers meeting, emphasizing rising volatility in global energy markets. Authorities highlighted that the country is equipped with strong macroeconomic fundamentals to withstand external shocks, according to Dominican Today. Finance Minister Magin Diaz stated that the Dominican Republic maintains solid public finances, access to financing, and prudent economic management, enabling it to protect stability, the report notes. The national budget includes approximately RD$12 billion for fuel subsidies, with more than RD$10 billion available for reallocation if necessary, the report relays. Officials also pointed to key financial strengths, including nearly US$16 billion in international reserves, high liquidity levels, and public sector deposits exceeding RD$300 billion, the report notes. Additionally, tax revenues are about RD$4 billion above projections, reinforcing the government’s capacity to respond to global uncertainties, the report discloses. As part of its strategy, the government aims to protect vulnerable households by strengthening social programs and closely monitoring international prices of food, agricultural inputs, and fertilizers to mitigate local impacts, the report says. Private sector representatives participating in the session also praised the collaborative framework of Meta RD 2036 as an effective platform to boost productivity and economic resilience, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. DOMINICAN REPUBLIC: Raises Gasoline and Diesel Prices by RD$10 -------------------------------------------------------------- Dominican Today reports that the Dominican government's decision to raise gasoline and diesel prices by RD$10 underscores the growing impact of global instability on the local economy. While authorities point to the escalating conflict in the Middle East as the driving force behind the adjustment, the move once again places the burden of international shocks squarely on consumers, according to Dominican Today. According to the Ministry of Industry, Commerce and MSMEs, the surge in oil prices -- fueled by what it describes as the most significant supply disruption in history -- has pushed WTI crude up by 70% so far in 2026, the report notes. In that context, officials argue that the increase is a matter of fiscal responsibility rather than choice, the report relays. Yet the numbers tell a more complex story, the report notes. The government has allocated RD$1.702 billion in subsidies alone in an effort to cushion the blow of volatile global markets, the report discloses. At the same time, it has opted to freeze the price of liquefied petroleum gas (LPG), a measure that offers some relief to households but highlights the difficult balancing act between protecting consumers and preserving public finances, the report says. For the week of March 21–27, 2026, fuel prices will be as follows: -- Premium gasoline: RD$305.10 per gallon (increase) -- Regular gasoline: RD$287.50 per gallon (increase) -- Regular diesel: RD$239.80 per gallon (increase) -- Premium diesel: RD$257.10 per gallon (increase) -- Avtur: RD$323.49 per gallon (increase) -- Kerosene: RD$366.60 per gallon (increase) -- Fuel oil #6: RD$201.38 per gallon (increase) -- Fuel oil 1%S: RD$215.86 per gallon (increase) -- Liquefied petroleum gas (LPG): RD$137.20 per gallon (unchanged) -- Natural gas: RD$43.97 per cubic meter (unchanged) About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ===================== P U E R T O R I C O ===================== RB MARKETPLACE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: RB Marketplace Inc. Ave Chardon Esq Oliver Local 1 Plaza Chardon San Juan, PR 00918 Business Description: RB Marketplace Inc. operates a convenience store and marketplace offering grocery, deli, beverage, and household products in San Juan, Puerto Rico. The company also owns the commercial property that houses the store along with multiple other commercial spaces leased to tenants, including food, gaming, and advertising businesses. RB Marketplace Inc. operates in the retail convenience store and commercial real estate leasing sectors. Chapter 11 Petition Date: March 6, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-00982 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. PO Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 Fax: (787) 793-1004 Email: nlandrau@landraulaw.com Total Assets: $10,602,987 Total Liabilities: $5,482,265 The petition was signed by Claribel Baez De Jesus as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KENFZ3A/RB_MARKETPLACE_INC__prbke-26-00982__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. B2B Factoring $142,934 Investments, LLC Miramar Plaza 954 Ponce de Leon Ave, Ste 601 San Juan, PR 00907 2. BMW Financial $34,149 Services NA, LLC AIS Portfolio Services, LLC 4515 N Santa Fe Dept APS Oklahoma City, OK 73118 3. BMW Financial $7,958 Services NA, LLC AIS Portfolio Services, LLC 4515 N Santa Fe Dept APS Oklahoma City, OK 73118 4. Concesionarios PR Supplier $17,674 Urb Santiago Iglesias Ave Paz Granela #1308-B San Juan, PR 00921 5. Corp. Fondo del Workmen $41,925 Seguro del Estado Compensation PO Box 365028 Insurance San Juan, PR 00936 6. Criollos de Caguas Events $81,678 Basketball LLC Coordinator 1608 Ave Ponce de Leon Suite 400 San Juan, PR 00909 7. Departamento del Trabajo Work Disability $100,000 PO Box 191020 & Unemployment San Juan, PR Contribution 00919-1020 8. Department of Treasury Income $250,000 PO Box 9024140 Withholding San Juan, PR 00902-4140 9. Department of Treasury Ivu Taxes $250,000 PO Box 9024140 San Juan, PR 00902-4140 10. Internal Revenue Service Taxes Owed $79,580 PO Box 7346 Philadelphia, PA 19101-7346 11. Liberty Business Utility Service $16,909 PO Box 192296 San Juan, PR 00936-2296 12. Luma Energy Utility Service $122,143 PO Box 363508 San Juan, PR 00936-3508 13. Luma Energy Utility Service $96,148 PO Box 363508 San Juan, PR 00936-3508 14. Luma Energy Utility Service $65,268 PO Box 363508 San Juan, PR 00936-3508 15. Mendez & Co., Inc. Supplier $61,151 PO Box 363348 San Juan, PR 00936-3348 16. Municipio de San Juan Municipal $70,436 PO Box 70179 Ivu Tax San Juan, PR 00936-8179 17. One Chardon Plaza Inc Lawsuit $30,000 Condominio Park Lane 65 Calle Santiago Iglesias Apt 403 San Juan, PR 00907 18. Puerto Rico Supplies Supplier $28,050 PO Box 11908 San Juan, PR 00922 19. US Small Business Adm. COVID Loan $30,000 PO Box 3918 Portland, OR 97208-3918 20. V Suarez Supplier $16,715 PO Box 364588 San Juan, PR 00936-4588 SN TRANSPORT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: SN Transport Inc. Lote 4, Km 0.4 Bo. Las Delicias Miradero Ward Cabo Rojo PR 00623 Business Description: SN Transport, Inc., a privately held company founded in June 2014 and based in Cabo Rojo, Puerto Rico, provides commercial transportation and goods delivery services across the island. Incorporated under the laws of the Commonwealth of Puerto Rico, the firm qualifies as a small business debtor under the U.S. Bankruptcy Code. Chapter 11 Petition Date: March 15, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-01095 Debtor's Counsel: Jose Francisco Gierbolini, Esq. 420 Ponce de Leon Suite 607 San Juan PR 00918 Tel: 787-225-5367 E-mail: juriszone@capr.org Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Whesley Eliezer Sepulveda Rodriguez as owner. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K6SV57A/SN_TRANSPORT_INC__prbke-26-01095__0010.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XRDJNHQ/SN_TRANSPORT_INC__prbke-26-01095__0001.0.pdf?mcid=tGE4TAMA ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *