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T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Wednesday, March 25, 2026, Vol. 27, No. 60
Headlines
A R G E N T I N A
ARGENTINA: Economy Grew Less Than Expected in Fourth Quarter
YPF SA: Argentina Wins Discovery Stay in $16 Billion Court Case
B O L I V I A
BOLIVIA: S&P Ups Sovereign Credit Rating to 'CCC+', Outlook Stable
B R A Z I L
COMPANHIA DE SANEAMENTO: S&P Affirms 'BB' ICR, Outlook Stable
C A Y M A N I S L A N D S
OMNIYAT SUKUK 1: Fitch Puts 'BB-' Long-Term IDR on Watch Negative
C O L O M B I A
UNE EPM: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
J A M A I C A
JAMAICA: BOJ Plans Sale of US$50 Million to Dealers
JAMAICA: JACRA Says $120MM Coffee Stabilisation Program Complete
JAMAICA: Oil Bill Expected to Climb Sharply as Global Prices Surge
P U E R T O R I C O
AMBASSADOR VETERANS: Seeks to Extend Plan Exclusivity to July 8
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A R G E N T I N A
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ARGENTINA: Economy Grew Less Than Expected in Fourth Quarter
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Buenos Aires Times reports that Argentina's economy expanded less
than analysts anticipated at the end of 2025, marking a slowdown
even as President Javier Milei tries to stimulate growth.
Gross domestic product rose 0.6 percent in the fourth quarter
compared to the previous period, below economists' estimates for
0.8 percent, according to Buenos Aires Times. From a year ago, the
economy expanded 2.1 percent in the quarter, and Argentina posted
cumulative growth of 4.4 percent for all of 2025, the report
notes.
Exports led growth on a quarterly basis, rising five percent in the
period compared with the previous quarter, while private
consumption also contributed, increasing 1.7 percent the report
relays. GDP gains came even as public spending fell one percent
and capital investment declined 2.8 percent in the three-month
period the report says.
Milei achieved a rare feat in Argentina of slowing annual inflation
while pulling the economy out of a slump the report discloses.
Still, the country's economic recovery on his watch is increasingly
uneven with sectors like energy, mining and financial services
thriving while construction, manufacturing and retail are showing
signs of recession the report says.
Despite business conditions improving overall, the country's
private sector workforce posted losses last year even as exports
increased and annual inflation cooled significantly, albeit still
at high levels the report notes. More recently, economic activity
has declined two of the past three months through December and
monthly inflation last decelerated in May the report relays. The
government's tax revenue has trailed inflation for seven months the
report says.
After his party won last October's midterm elections, Milei is
turning his focus to stimulating growth this year by lowering
prohibitive interest rates that have hit consumer spending and
suspended the vast majority of mortgage lending the report
discloses.
Economists anticipate Argentina's economy growing 3.4 percent this
year, according to the Central Bank's latest monthly survey, 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.
YPF SA: Argentina Wins Discovery Stay in $16 Billion Court Case
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Bloomberg News reports that Argentina won an order blocking holders
of a US$16.1-billion US judgment against it from seeking
information on seizable assets until a federal appeals court in New
York rules on the nation's challenge to the award.
The U.S. Court of Appeals for the Second Circuit paused efforts by
former YPF SA shareholders backed by litigation funder Burford
Capital to obtain the communications of current and former
Argentine officials or pursue evidence related to the location of
gold bars the country's central bank moved overseas, according to
the report.
As reported in the Troubled Company Reporter-Latin America in
December 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'CCC+'. Fitch
also affirmed YPF's outstanding senior unsecured notes at 'CCC+'
with a Recovery Rating of 'RR4'. The company's Standalone Credit
Profile (SCP) is 'b', and its ratings are aligned with Fitch's
"Government Related Entities (GRE) Criteria," reflecting its
government ownership and strategic importance.
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B O L I V I A
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BOLIVIA: S&P Ups Sovereign Credit Rating to 'CCC+', Outlook Stable
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On March 23, 2026, S&P Global Ratings raised its long-term foreign
and local currency sovereign credit ratings on Bolivia to 'CCC+'
from 'CCC-'. The outlook on the long-term ratings is stable. S&P
also affirmed its 'C' short-term foreign and local currency
sovereign credit ratings. At the same time, S&P revised its
transfer and convertibility assessment to 'CCC+' from 'CCC-'.
Outlook
The stable outlook balances the reduction in short-term debt
service payments with weak external, monetary, and fiscal profiles,
limiting the government's ability to service its debt. The new
administration has overcome the stalemate in congress and obtained
approval for external borrowing while moving forward on its reform
agenda.
Downside scenario
S&P could lower the ratings in the next 12 months if it sees
greater risk to debt service due to policy setbacks, negative
external shocks, or worsening access to financing.
Upside scenario
S&P could raise the ratings in the next 12 months if it sees policy
continuity that improves Bolivia's external liquidity and points to
a more sustainable fiscal profile, reducing macroeconomic
imbalances and increasing policy predictability that could
strengthen investor confidence and enhance the government's access
to funding
Rationale
The rating reflects Bolivia's dependence on favorable business,
financial, and economic conditions to meet its financial
commitments, given fragile fiscal, monetary, and external profiles.
S&P anticipates persistently high general government deficits
(above 6% of GDP) and a substantial net government debt burden
(over 80% of GDP).
Compounding these weaknesses are low foreign exchange reserves,
persistent current account deficits, and exchange rate rigidities
that limit monetary policy flexibility. Bolivia also suffers from
lower economic growth than sovereigns at the same level of GDP per
capita.
The government recently exchanged new local currency notes for two
foreign currency sovereign bonds that were held by the central bank
and paid the remainder of March's debt service. The government is
seeking to extend the exchange to its public pension fund
bondholders, which will reduce debt service payments on its
international bonds to US$11 million in the remainder of 2026 and
US$186 million in 2027, from US$381 million and US$420 million,
respectively. S&P views the exchange as an intragovernmental
liability management operation.
Institutional and economic profile: More constructive political
negotiations can support economic reforms
-- The new congress is more aligned with the new administration,
compared with the previous political leadership, which could
support gaining approval for external borrowing and for policies to
foster economic growth.
-- The economy will likely contract 1.3% in 2026 owing to lower
hydrocarbon production and weak domestic demand.
Bolivia has undergone a major political change following the
presidential elections in the second half of 2025, which led to a
shift from 20 years of rule by the Movement for Socialism party (or
MAS). The new president, Rodrigo Paz Pereira of the Christian
Democratic Party (or PDC), is a centrist who was elected with 55%
of votes in the second round against the conservative candidate.
The new government inherits weak political institutions, rule of
law, transparency, and business conditions.
Although the PDC lacks a majority in congress, it's likely to have
more success in passing laws than its predecessor. Under this term,
congress has already approved US$850 million in external financing,
and more requests for external funding are in the approval pipeline
owing to active relationships with multilateral lending
institutions. The government is expected to accelerate reforms
after the local elections, with the second round to occur on April
19.
Notwithstanding recent improvements, Bolivia faces immense
challenges to stabilize public finances and return to economic
growth.
Austerity measures, such as the recent large cut in fuel subsidies,
will have a social cost and may weaken public support for the
government. To mitigate the negative effects of the reforms, the
government is implementing support policies for the most vulnerable
population. It recently announced a 20% increase in minimum wages,
along with temporary individual income transfers. Thus far, there
has been limited social unrest against these measures by Bolivia's
historical standards.
The new government has an ambitious plan of reforms. Beyond
removing costly fuel subsidies through decree, it ended the
financing of the fiscal deficit from the central bank. The cut in
subsidies for both gasoline and diesel accounts for an expected
reduction in the fiscal deficit of around 4% of GDP. Fuel supply
was normalized after years of scarcity, through international
partnerships and by raising prices. The end of high deficit
financing by the central bank partially counterbalances the impact
on inflation from the cut in subsidies.
In addition, the government has announced a freeze on salaries and
hiring in the public sector, and it has increased the transparency
of data in central bank reports.
Bolivia's per capita GDP is likely to be US$3,900 in 2026. The
country has had a poor GDP growth rate in the past couple of years,
at 0.7% in 2024 and an estimated contraction of 2.5% in 2025, which
weighs on the rating. Following implementation of the reform
agenda, S&P projects growth of 1.1% of GDP, on average, for
2027-2029 as other key policies in the reform agenda are pending.
These policies include a transition to a more flexible exchange
rate regime, overhaul of the hydrocarbon and lithium regulations,
and more flexible interest rates. The 2026 budget is currently
under review, and the government aims to reduce spending by 30%
from the originally approved budget.
The reform agenda includes reducing economic distortions, such as
regional monopolies and the informal economy, to boost the private
and export sectors as replacements for driving growth, which
previously relied on the largely public natural gas sector. The
government plans to change its tax system, aiming to increase the
base by widening the formal economy while reducing the burden over
the private sector, along with possible simplification and
private-sector debt settlements. However, boosting international
and local private investment is likely to take time.
Flexibility and performance profile: Minor fiscal improvement
expected, but external accounts remain pressured amid high
inflation
-- S&P forecasts current account deficits to average 2.0% of GDP
in 2026-2029.
-- With very low international reserves, the gap between the
official and parallel exchange rates raises the likelihood of
currency depreciation, which would contribute to inflation.
-- S&P expects fiscal deficits to average 6.3% of GDP, leading to
rising debt.
Bolivia is vulnerable to external shocks and has limited access to
external financing. It had been a net exporter of hydrocarbons
several years ago but, due to falling production, has become a net
importer of hydrocarbons. Supporting the hydrocarbons balance, the
cut in fuel subsidies has reduced imports growth (and smuggling
that was occurring due to the international price differential).
Nonetheless, the steady decline in natural gas exports continues to
affect the current account receipts (CARs).
On the positive side, the country exports gold whose price is
expected to remain high over the next few years.
S&P said, "We expect current account deficits to reach 1.9% by
2029. We project that gross external financing needs will average
90% of CARs plus usable reserves in 2026-2029, and narrow net
external debt will reach 130% of CARs in 2029. Balance-of-payments
pressures have driven usable reserves to historically low levels,
reaching US$4.1 billion in February 2026 (US$425 million in hard
currency), compared with US$14.7 billion in 2014."
During 2025, the improvement in reserves year over year is
explained by the central bank's purchase and sale operations of
gold and the metal price increase, along with disbursements from
external borrowings.
Large fiscal deficits resulted in net general government debt
reaching 79% of GDP in 2025, and S&P anticipates further increases.
Higher debt has led to interest spending close to 10% of government
revenue.
The government plans to finance its fiscal and external deficits
through loans from multilateral banks and a potential IMF
agreement. The government expects to receive an additional US$450
million in disbursements in 2026 and has negotiated medium-term
loan programs with its two largest multilateral creditors, the IDB
(US$4.5 billion) and CAF (US$3 billion).
Bolivia is taking steps to improve its budget structure, but
further improvements are difficult given spending rigidities and
declining natural gas revenues. S&P said, "We project fiscal
deficits will remain high, reaching 6% of GDP by 2029, compared
with 11% in 2024. This projection incorporates the reduction in
fuel subsidies, which would lower general government expenditures
to 31.5% of GDP in 2026 from 35.6% in 2024. We expect general
government revenue to average 24.9% of GDP over 2026-2029."
The country's debt stock is likely to rise in the coming years
because of dependence on external financing, as potential currency
depreciation would boost the value of foreign currency debt. S&P
expects net general government debt to rise by 12% of GDP, on
average, in 2026-2029.
However, most payments are owed to official lenders at concessional
terms, which mitigates the higher debt burden. Debt issuances have
primarily been long term, and a significant portion of local
currency bonds is held by the public pension fund.
S&P views contingent liabilities from the financial sector as
moderate, although financial institutions remain liquid, with high
provisions and low nonperforming loans.
Bolivia has little monetary flexibility because of many years of a
rigid exchange rate and central bank financing of government
deficits, which undermines the effectiveness and credibility of the
bank. The gap between the official and parallel exchange rates has
eased to an average of 50% from a peak of 150% in May 2025. The
central bank started to publish a reference exchange rate in
addition to the official fixed rate. The reference rate has been
hovering between boliviano (BOB) 8.5/US$1 and BOB9.5/US$1, against
the official fixed exchange rate of BOB6.91/US$1.
Prior central bank funding for fiscal deficits, along with the
depreciation of the parallel exchange rate and fuel scarcity,
contributed to rising inflation to 19.5%, on average, at year-end
2025 from 5.1% at year-end 2024. Foreign currency shortages are
hampering imports, and subsidy reductions have further accelerated
price increases. With policy changes continuity, S&P expects
inflation to decelerate in the medium term.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
Upgraded; Outlook Action
To From
Bolivia (Plurinational State of)
Sovereign Credit Rating CCC+/Stable/C CCC-/Negative/C
Upgraded
To From
Bolivia (Plurinational State of)
Transfer & Convertibility Assessment
Local Currency CCC+ CCC-
Senior Unsecured CCC+ CCC-
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B R A Z I L
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COMPANHIA DE SANEAMENTO: S&P Affirms 'BB' ICR, Outlook Stable
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S&P Global Ratings affirmed its 'BB' issuer credit ratings on
Brazil-based water utility Companhia de Saneamento Basico do Estado
de Sao Paulo (Sabesp). In addition, S&P assigned a '3' recovery
rating to the company's senior unsecured notes, indicating our
expectation of meaningful recovery (rounded estimate: 65%) in a
simulated default scenario.
The stable outlook reflects S&P's expectation that debt to EBITDA
will increase to about 2.8x-3.0x in 2026, from 2.3x in 2025, and
funds from operations (FFO) to debt will reach around 17%-18%, from
28%, driven by additional debt to fund the R$16 billion annual
capital expenditure (capex) plan in 2026-2029.
Sabesp updated its 2024-2029 investment plan to approximately R$70
billion, with an additional R$8 billion related to inflation,
according to S&P's estimates, from roughly R$60 billion previously.
This will lead to a wider free operating cash flow (FOCF) deficit
than previously anticipated, funded primarily with additional
debt.
On the other hand, tariff mechanisms allow for the annual
incorporation of prior-year investments, supporting revenue
generation. As a result, S&P doesn't expect a significant impact on
credit metrics.
Sabesp revised its investment program, leading to an increase in
capex driven by inflationary pressures and continuous expansion,
which leads to higher funding requirements. The company indicated
it expects to invest at least R$78 billion in 2024-2029,
incorporating accumulated inflation between June 2023 and December
2025 of 11.3% and anticipating investments from the next regulatory
cycle (2030-2034) subject to regulatory approval. As a result, S&P
expects the FOCF deficit to increase by R$500 million-R$1 billion
annually in 2026 and 2027, to R$9.2 billion and R$7.6 billion,
respectively.
S&P said, "We continue to expect that internal cash generation will
be insufficient to fund the company's investment program, requiring
additional borrowings and leading to a gradual increase in
leverage. We project gross debt to rise to R$81 billion by 2029
from about R$40 billion in 2025. We believe there is a risk of
further pressure on credit metrics--and a potential weakening of
the stand-alone credit profile (SACP)--if capex increases beyond
current expectations and annual tariff adjustments are lower than
projected, or if the company accelerates its investment pace
without a corresponding improvement in cash flow generation."
The scale of Sabesp's investment program increases execution
complexity. Although these investments should support long-term
growth and efficiency gains, the difficulties associated with
executing such a high volume of capex weigh on our assessment of
the company's management and governance.
S&P said, "Reinforcing our view is the recent incident in
Mairipora, which involved the collapse of a supporting reservoir
under construction during testing. Although the financial and
operational impact of this accident is limited, in our view, and
the event may be isolated, it points to potential challenges in
project oversight and execution controls." Despite this, Sabesp has
been consistently strengthening its safety culture, which has been
established this year as a companywide target and is directly
linked to variable compensation. As Sabesp accelerates its
investment pace, the risk of similar incidents may increase if
governance standards, technical supervision, and risk monitoring
frameworks are not consistently enforced across a growing number of
projects.
The new concession contracts allow Sabesp to incorporate
investments into tariffs on an annual basis, with a typical lag of
about one year. This should support revenue growth even amid a more
intensive capex cycle. For instance, the regulator approved a
10.65% tariff increase effectively in 2026, of which roughly 5%
reflects the incorporation of prior-year capex, alongside
manageable opex adjustments. In addition, SABESP achieved 100%
compliance with its water and sewage targets in 2024–2025,
indicating adequate execution of its investment program in line
with its operational plan.
S&P said, "As a result, assuming tariff adjustments moderately
above inflation to incorporate at least part of prior-year
investments, we expect adjusted net debt to EBITDA to increase to
2.8x-3.0x in 2026 and 2027, from 2.3x in 2025. We expect a more
pronounced impact on FFO to debt, dropping to about 17%-18% in the
same period from 28.7% in 2025, especially considering higher
interest expenses from increased indebtedness, in the context of
still elevated basic interest rates in Brazil." And the indirect
effects of the Middle East war on global markets could delay the
expected interest rate cuts in Brazil.
Sabesp continues to pursue operating efficiencies, supporting a
significant improvement in profitability in 2025. The adjusted
EBITDA margin increased to 60.2% in 2025 from 47.2% in 2024. This
performance reflects measures such as workforce optimization,
migration to the free energy market, and a review of provisions for
doubtful accounts during the year.
S&P said, "Looking ahead, we expect more gradual margin expansion,
with adjusted EBITDA margins of 59%-64% through 2028, primarily
supported by tariff adjustments that incorporate prior-year
investments and volume growth from new connections. At the same
time, we expect provisions for doubtful accounts to normalize at
2%-3% of our adjusted net revenues, partially offsetting the
remaining benefits from cost reduction initiatives, as most gains
from personnel optimization appear to have already been captured in
2025.
"The stable outlook on Sabesp reflects our expectation that the
company's leverage will increase, considering the execution of its
sizable investment plan of R$16 billion annually, with debt to
EBITDA rising to 2.8x-3.0x in 2026 from the current 2.3x. At the
same time, we project FFO to debt to decline to 17%-18% from 28.7%,
primarily because we expect higher indebtedness to fund its
investments.
"Any negative rating action on the sovereign would likely trigger a
downgrade of Sabesp because we limit its credit quality to that of
Brazil. We could also take a negative rating action on Sabesp if it
adopts a more aggressive financial policy, leading to FFO to debt
falling below 13% and debt to EBITDA exceeding 4.5x consistently.
This could result from debt-funded acquisitions,
higher-than-expected dividend distributions, or a combination of
both. Downside pressure could also arise from adverse hydrological
conditions that materially affect operations or cash flow
generation.
"We could revise down the SACP to 'bb' if debt to EBITDA surpasses
3.5x or FFO to debt decreases below 15% consistently, combined with
an expectation of a wider FOCF deficit.
"An upgrade of Sabesp over the next 12 months would depend on an
upgrade of Brazil. Although unlikely, we could also revise up the
company's SACP if it demonstrates sustained improvement in credit
metrics, with debt to EBITDA maintained below 2.5x and FFO to debt
near 35%. This would likely result from a track record of
incorporating investments into the asset base, supporting
additional cash generation, alongside meaningful efficiency gains,
disciplined execution of the investment plan, a prudent approach to
growth (including limited reliance on debt-funded acquisitions),
and a conservative dividend policy."
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C A Y M A N I S L A N D S
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OMNIYAT SUKUK 1: Fitch Puts 'BB-' Long-Term IDR on Watch Negative
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Fitch Ratings has placed Omniyat Holdings Ltd.'s Long-Term Issuer
Default Rating (IDR) and its senior unsecured debt of 'BB-' on
Rating Watch Negative (RWN). The RWN also applies to Omniyat Sukuk
1 Limited's debt instruments.
The RWN reflects heightened geopolitical risk affecting Dubai and
the Gulf region, which could hamper housing and investor demand.
The regional conflict could increase unsold stock and raise
cancellation risk, which would increase working capital needs and
require cash preservation. Omniyat's trading performance remained
solid in 2025, supported by the UAE's economic expansion and
housing demand until the conflict started in early March 2026.
Fitch may affirm or downgrade Omniyat's ratings depending on the
conflict's duration and its impact on housing demand, Omniyat's
liquidity, pre-sales cover and its ability to cut capex and
preserve cash.
Key Rating Drivers
Geopolitical Risk Pressure: Geopolitical risk in the Middle East
could weaken demand for homes as both primary residences and
investment assets, leading to pressure on sales volumes and,
potentially, pricing. Developers' cash flow could come under strain
if reservations slow, completion schedules are extended or buyer
payment plans weaken, increasing working-capital needs. Higher
cancellation rates would add volatility to contracted cash inflows
and may raise inventory risk.
Supply chains could also be disrupted, pushing up raw material and
logistics costs and squeezing margins. These factors could prompt
developers to halt new projects and prioritise liquidity over
expansion.
Sector Demand Stress Risk: Developers that depend on near-term
borrowings, repeated refinancing of project loans or buyer receipts
to pay for build costs would face the greatest pressure,
particularly those with heavy land outlays, considerable unbilled
receivables or a narrow set of projects. A firmer US dollar in a
risk aversion backdrop could further erode affordability for
foreign buyers using currencies other than the UAE dirham, which is
pegged to the dollar, while higher interest rates would dampen
mortgage appetite. The impact would likely differ across the
sector; larger, well-funded developers, such as Omniyat, and -
those able to stagger delivery and retain cash - are better placed
than smaller or more highly geared rivals.
Niche Luxury Developer: Omniyat specialises in luxury residential
developments, focusing on building apartments in prime areas of
Dubai. The average price of its apartments is over USD5 million.
This focus may increase exposure to risks associated with market
fluctuations and demand shifts, although it is mitigated by a
pre-sales backlog amounting to AED19.6 billion at end-2025,
providing good short-to-medium term revenue visibility. In 2024,
Omniyat launched Beyond, a more accessible premium real estate
brand, with a focus on scale and wider buyer reach within the same
design-led space.
Withstanding Near-Term Pressures: Omniyat enters a period of higher
geopolitical risk in the Middle East with a solid balance sheet.
Its USD600 million (AED2.2 billion) sukuk issue in 1Q26 was
earmarked for land acquisition, although no land has been acquired
and the cash remains on Omniyat's balance sheet. Low leverage
provides a buffer against weaker housing demand, slower sales and
higher build costs. Consolidated gross debt leverage of 3.1x (net
1.5x) at end-2025 and ample EBITDA interest coverage of over 5x
support financial flexibility. Fitch expects Omniyat to suspend new
projects and new land purchases to focus on completing its
substantially sold projects.
Development Risk Partly Mitigated: Omniyat has reduced development
risk by using pre-sales and co-equity contributions as key funding
mechanisms. It procures about 80% of project funding before
commencing construction, including third-party equity
contributions. It also limits debt funding to no more than 25% of
project value and requires at least 30% pre-sales; about 80% of
projects due for completion during 2026 were already pre-sold at
end-2025.
Peer Analysis
Omniyat has a strong position in free-standing, project-focused
developments in the Dubai ultra-luxury segment. This model is
generally more asset-light than master-plan community building
because it avoids large infrastructure spend and allows faster
capital rotation, but leaves Omniyat more exposed to Dubai's more
volatile sales cycle and to global wealth effects and buyer
sentiment.
Among UAE peers, some developers benefit from government-linked
land access or support, which can lower land cost, improve project
economics and provide resilience through the cycle. By contrast,
developers with meaningful investment property portfolios (retail,
hospitality and other income-producing assets) tend to have
steadier, recurring cash flow that partly offsets cyclical
development earnings.
Arada Developments LLC (B+/Stable) is concentrated in Sharjah, a
smaller and less developed market than Dubai and Abu Dhabi but
typically less volatile. Arada benefits from a strong competitive
profile as a leading master-plan developer in Sharjah, supported by
local government backing and land access.
SEE Holding Ltd (B+/Stable) is similar to master builders, given
its master-planned development exposure (though still small).
Binghatti Holding Ltd. (BB-/RWN) is concentrated in free-standing
apartment towers, with segment focus shaping demand risk. Overall,
peers with more diversified revenue, stronger land access and
higher recurring income such as Majid Al Futtaim Holding LLC
(BBB/Stable) are more resilient, while those reliant on pre-sales
and completion-driven cash collection are more exposed to market
swings.
Fitch’s Key Rating-Case Assumptions
- Completion of the existing backlog for projects with high
pre-sold rates
- No sale of units that have not been pre-sold
- No new launches in 2026 and in the following years and no
associated capex or land investment
- Release of escrow cash (AED2.4 billion) in the next two years as
projects advance
- Full repayment of existing debt at maturity
- No dividend distributed over the next three years
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
(b+, Higher), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (b+, Moderate), Profitability (b+,
Moderate), Financial Structure (bb, Higher), and Financial
Flexibility (bb, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 50% weight for the historical year
2025 and 50% for the forecast year 2026.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'bbb+' results in no
adjustment.
- The SCP is 'bb-'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Further escalation of the regional conflict leading to a
prolonged period of subdued housing demand
- Lack of focus on cash preservation
- Fitch-adjusted net debt/EBITDA above 2x on a sustained basis
- Increasing speculative appetite for complex and high-risk
projects
- Negative free cash flow on a sustained basis
- Evidence of weakened financial policies
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increased revenue visibility with defined pre-sales targets
- Beneficial geographic diversification
- Strengthened corporate governance and diminishing key-person
risk
- Sustained positive free cash flow
- Fitch-adjusted net debt/EBITDA below 1x
Liquidity and Debt Structure
Omniyat's liquidity is healthy, with a cash balance of AED4.7
billion, including AED2.4 billion held in purchasers' escrow
accounts. It has actively diversified its funding sources over the
past one year. It issued its inaugural sukuk in April 2025 of
USD500 million (AED1.8 billion) with maturity in May 2028 and
tapped the debt capital markets in September by issuing USD400
million (AED1.5 billion) due in March 2029. In February 2026,
Omniyat issued a further USD600 million (AED2.2 billion) sukuk
maturing in 2031. Bank debt maturities are limited at about AED60
million in 2026 and AED150 million in 2027.
The use of the escrowed cash is restricted to funding certified
staged payments for relevant specific projects. Fitch does not
include such restricted cash in its core net leverage calculation.
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 Omniyat.
ESG Considerations
Omniyat has an ESG Relevance Score of '4' for Governance Structure
due to significant dependence on the decision-making of the
founder, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.
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
----------- ------ -------- -----
Omniyat Sukuk 1
Limited
senior
unsecured LT BB- Rating Watch On RR4 BB-
Omniyat
Holdings Ltd LT IDR BB- Rating Watch On BB-
senior
unsecured LT BB- Rating Watch On RR4 BB-
===============
C O L O M B I A
===============
UNE EPM: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed UNE EPM Telecomunicaciones S.A.'s (Tigo
UNE) Long-Term Foreign Currency and Local Currency Issuer Default
Ratings (IDRs) at 'BB+'. Fitch has upgraded the National Long-Term
Rating and COP-denominated unsecured notes to 'AAA(col)' from
'AA+(col)'. Fitch has also affirmed Tigo UNE's National Short-Term
Rating at 'F1+(col)' and the commercial paper rating under the
"Programa de Emisión y Colocación de Bonos Ordinarios y Papeles
Comerciales" at 'F1+(col)'. The Rating Outlook on the IDR and
National Long-Term rating is Stable.
The upgrade of national ratings reflects improved operating
performance, reduced leverage and stronger liquidity, with proven
access to external debt markets to refinance maturities. They also
reflect Tigo UNE's strong market position and Fitch's view that
industry consolidation in Colombia is supportive. The affirmation
of the IDRs is linked to parent Millicom International Cellular
S.A. (BB+/Stable) due to limited ring-fencing and open access and
control of the company.
Key Rating Drivers
Parent Linkage Caps IDR: The ratings are capped by parent Millicom
International Cellular S.A., despite Tigo UNE's 'bbb-' Standalone
Credit Profile (SCP) under Fitch's "Parent and Subsidiary Linkage
Rating Criteria." Ring-fencing, access and control are considered
open due to full ownership and capacity of the parent to dictate
the company's strategy and financial policy. Tigo UNE SCP reflects
the company's strong performance, positive FCF and low leverage.
Strong Operational Performance: Fitch expects EBITDA margin to
remain above 30% and leverage below 1.5x in the medium term,
supported by revenue growth and cost savings. In LTM September
2025, EBITDA margin rose to 31% from 29% in YE2024, supported by
cost reduction and 6.2% growth in mobile service revenue, despite a
31% decline in handset revenue. Net leverage fell to 1.2x in LTM
September 2025 from 1.6x in 2024.
Positive FCF Sustained: Fitch projects an FCF margin of about 5%-7%
over the next few years, supported by improving performance and
ongoing industry consolidation. Fitch assumes a conservative capex
plan and dividend distribution. Spectrum costs should fall under
the network-sharing agreement with Colombia Telecomunicaciones S.A.
ESP BIC (Coltel; BB+/Stable). Fitch expects annual capex intensity
to remain about 18%-19% of revenues in 2026-2028. Tigo UNE reached
positive FCF in 2025.
Solid Market Position, Broad Diversification: Tigo UNE demonstrates
relative strength in the fixed home segment, a solid spectrum
position aligned with its coverage strategy, and a mobile network
buildout with strong postpaid data user growth. Fitch believes this
supports its ability to defend its second and third positions in
fixed broadband and mobile subscribers (second-largest player in
mobile revenues), with market shares of 20% and 18%, respectively.
Home and mobile business contribute meaningfully, accounting for
about 50% each of 2025 consolidated revenue.
Merger With Coltel: Fitch expects UNE's IDR to remain unchanged
when the full merger with Coltel occurs Millicom buys La Nacion's
remaining 32% stake in Coltel over the coming months. Millicom's
acquisition of a 67% stake in Coltel and the combination of its
Colombian operations may strengthen the combined entities'
operating profile through higher scale, stronger ARPU, lower churn
and better monetization of bundled offers, contributing to steadier
cash flow. The transaction may also support better network
utilization through more efficient capex. The combined business
should have about 40% market share, making it the second-largest
player after Claro.
Combined Metrics: Fitch expects the combined business with Coltel
to post an EBITDA margin of about 26% and net leverage of about
2.5x in FY2026, reflecting Coltel's weaker operating performance
and higher leverage compared with Tigo UNE, before improving as
synergies develop while integration progresses. Fitch projects UNE
EPM standalone net leverage to remain conservative and trend toward
0.9x in FYE26 from 1.6x in FYE24.
Peer Analysis
Tigo UNE's business profile is comparable to other diversified
telecom operators in Latin America. Tigo UNE's overall business is
like that of Coltel, both of which are affiliates of Millicom. Both
companies have similar revenue shares of the overall Colombian
market, although Tigo UNE has a longer history of maintaining lower
leverage. Tigo UNE has a slightly higher market share in fixed
broadband and lower in mobile than Colombia Telecomunicaciones.
While Tigo UNE's network is based on hybrid fiber-coaxial, Colombia
Telecomunicaciones' network is mainly based on more advanced fiber
to the home. Both companies share a mobile integrated
infrastructure under Unired.
With greater scale and diversification, Tigo UNE's business profile
is somewhat stronger than Empresa de Telecomunicaciones de Bogotá,
S.A., E.S.P. (ETB; BB/Stable). In addition, Tigo UNE has a stronger
financial profile with lower leverage than ETB.
Tigo UNE is rated above Telefónica Móviles Chile S.A. (TMCH;
BB-/Negative), a leading integrated telecommunications service
provider in Chile recently acquired by NJJ and Millicom. Tigo UNE,
like TMCH, ranks second in Colombia's fixed broadband business
behind Claro. In terms of market share, Tigo UNE is the
third-largest mobile data player while TMCH is the fourth largest.
Both telcos operate in highly competitive markets. Despite TMCH
having higher leverage than Tigo UNE, it operates in a market with
lower country risk and a better operating environment.
Fitch’s Key Rating-Case Assumptions
- Revenue increasing in the mid-single digits;
- Revenue-generating units (RGUs) declining in the low single
digits due to secular declines in the fixed-line and pay TV
businesses, offset by low- to mid-single-digit growth in fixed
broadband;
- Fixed broadband ARPUs growing in the low single digits, and
secular reduction in fixed-line service and TV;
- B2B revenue growing in the mid-single digits, driven by rising
demand for digital services;
- Total mobile subscriptions growing in the mid-single digits due
to strong migration from prepaid, and blended mobile ARPUs growing
modestly in the low single digits;
- EBITDA margins improving to around 34% over the projected period,
from 31% in 2025;
- Annual capex intensity remaining around 18%-19% of revenues over
the rating horizon, down from approximately 29% in 2023, mainly due
to lower spectrum payment needs;
- Dividend distributions of around 50% of net income over the
rating horizon.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb,
Moderate), Financial Structure (a-, Lower), and Financial
Flexibility (bb+, Higher).
- 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 'bbb-'.
To derive the IDR:
- Application of Fitch's "Parent and Subsidiary Linkage Rating
Criteria" results in a consolidated approach with the parent
company Millicom International Cellular S.A. at 'BB+' for the
Foreign Currency IDR.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Downgrade of Millicom's rating;
- Significant deterioration in Tigo Une's SCP due to higher gross
and net leverage levels in conjunction with a change in the linkage
with the parent Millicom, as per Fitch's "Parent and Subsidiary
Linkage Rating Criteria."
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Upgrade of Millicom rating;
- Lower linkage with the parent Millicom as per Fitch's "Parent and
Subsidiary Linkage Rating Criteria" while maintaining the current
SCP.
Liquidity and Debt Structure
Tigo UNE's liquidity improved consistently in 2025, along with its
flexibility and access to the financial market, following EPM's
exit from its ownership. Fitch expects that the company will not
have difficulties meeting its 2026 obligations totaling COP351,386
million (2016 and 2023 national bonds).
Fitch expects improved liquidity over the medium term as FCF will
consolidate in positive territory driven by operational
improvement, lower interest payments, and conservative capex
intensity. This improvement should occur despite higher dividend
distributions. The company successfully refinanced its 2025 debt
maturities of COP407,370 million, accessing bank loans for
COP185,000 million and paying COP222,370 million from its cash.
Issuer Profile
Tigo UNE is an integrated telecommunications services provider in
Colombia. The company offers mobile, broadband internet, fixed
telephony, and pay TV. The company is controlled by Millicom
International Cellular S.A.
Summary of Financial Adjustments
Adjustment of lease adjustments on operating expenses.
Public Ratings with Credit Linkage to other ratings
The ratings are related to Millicom's ratings due to Fitch's
"Parent and Subsidiary Linkage Rating Criteria."
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 UNE EPM Telecomunicaciones S.A.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
UNE EPM
Telecomunicaciones
S.A. LT IDR BB+ Affirmed BB+
LC LT IDR BB+ Affirmed BB+
Natl LT AAA(col) Upgrade AA+(col)
Natl ST F1+(col) Affirmed F1+(col)
senior
unsecured Natl LT AAA(col) Upgrade AA+(col)
senior
unsecured Natl ST F1+(col) Affirmed F1+(col)
=============
J A M A I C A
=============
JAMAICA: BOJ Plans Sale of US$50 Million to Dealers
---------------------------------------------------
RJR News reports that the Bank of Jamaica says it will be selling
some US$50 million to primary dealers, or the banks and cambios
which are authorised to buy and sell foreign currency.
The central bank also said these banks and cambios must sell this
money to members of the productive sector at a price of no more
than J$0.20 above the buying price, according to RJR News.
The minimum amount which can be purchased is US$100,000 and the
value of the bid submitted by each bank and cambio must not exceed
20% of the amount being offered, or US$10 million, the report
adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2. The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
JAMAICA: JACRA Says $120MM Coffee Stabilisation Program Complete
----------------------------------------------------------------
RJR News reports that the Jamaica Commodities Regulatory Authority
(JACRA) says the $120 million stabilization program for the coffee
industry has now been completed.
Coffee exports were running at US$25 million before the industry
suffered severe infrastructural and crop damage following the
passage of Hurricane Melissa, according to RJR News.
Wayne Hunter, acting director general of JACRA, says the initiative
formed a part of the government's coordinated response to the
damage done to the industry in the wake of Hurricane Melissa, the
report notes.
This included the provision of fertilisers, insecticides and
planting materials to coffee farmers in the Blue Mountain range and
the High Mountain region, the report discloses.
Mr. Hunter said the $120 million investment was designed to ensure
that coffee farmers have the resources needed to restore their
farms and production as well as foreign exchange earnings, the
report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2. The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
JAMAICA: Oil Bill Expected to Climb Sharply as Global Prices Surge
------------------------------------------------------------------
RJR News reports that Jamaica could be facing increased economic
pressure as global oil prices surge amid rising tensions in the
Middle East.
The country's oil bill, which stood at approximately US$1.5 billion
at an average price of US$60 per barrel during the first ten months
of last year, is now expected to climb sharply, according to RJR
News.
This could result in a wider trade deficit, higher inflation,
increased interest rates, and even the risk of a recession, the
report notes.
On the global market, oil prices spiked after Israeli attacks on
Iran's South Pars oil field and retaliatory strikes by Iran on oil
facilities in Israel, Kuwait, Saudi Arabia, and the United Arab
Emirates, the report relays.
The British benchmark, North Sea Brent crude, jumped to $107.70 per
barrel, while the US benchmark, West Texas Intermediate, rose to
$95.40 at the close of trading in New York, the report says.
Meanwhile, investors rushed to safe-haven assets, pushing gold up
to US$4,651 per ounce, the report discloses.
Global stock markets also tumbled on fears of accelerating
inflation, rising interest rates, and the possibility of another
global recession, the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2. The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
=====================
P U E R T O R I C O
=====================
AMBASSADOR VETERANS: Seeks to Extend Plan Exclusivity to July 8
---------------------------------------------------------------
Ambassador Veterans Services of Puerto Rico LLC asked the U.S.
Bankruptcy Court for the District of Puerto Rico to extend its
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to July 8 and August 6, 2026, respectively.
The Debtor explains that applying First Circuit factors to the
present case clearly demonstrates cause for the requested
extension.
The first factor, case complexity, continues to be satisfied given
that this case involves the operation of a specialized veteran care
facility under a government contract, requiring coordination with
multiple governmental stakeholders, including the Department of
Justice and the OPV, while ensuring uninterrupted care for
vulnerable veteran residents. The case further involves two pending
state court actions that remain unresolved and which bear directly
on the Debtor's ability to formulate a confirmable plan.
The second factor, likelihood of a consensual plan, is compelling.
The Parties have jointly agreed to submit to Court-supervised
mediation, having determined after months of good faith
negotiations that a structured mediation forum offers the most
efficient path toward resolution. The Joint Motion for Entry of a
Mediation Order filed on March 9, 2026 reflects the Parties' shared
commitment to achieving a consensual resolution. A successful
mediation outcome will be essential for the preparation of a
confirmable plan of reorganization that serves the interests of the
veteran residents, the bankruptcy estate, and all creditors.
The third factor, ensuring the debtor is not holding creditors
hostage, is also satisfied. The Debtor's request for this extension
is not a delay tactic but a necessary and reasonable measure to
preserve the integrity of the mediation process. The Debtor has
demonstrated measurable progress throughout this proceeding through
full compliance with Court Orders, U.S. Trustee requirements, and
all disclosure obligations.
The Debtor asserts that the requested 120-day extension will not
prejudice creditors but will instead enhance value preservation by
allowing the mediation process to proceed to a conclusion and
enabling the Debtor to incorporate the results of that mediation
into a comprehensive plan of reorganization. The extension
requested herein will bring quantifiable benefits to the estate and
its creditors by facilitating a consensual plan that addresses all
stakeholder interests.
Ambassador Veterans Services of Puerto Rico LLC is represented by:
Javier Villarino, Esq.
Villarino & Associates LLC
P.O. Box 9022515
San Juan, PR 00902
Tel: (787) 565-9894
Email: jvillarino@vilarinolaw.com
About Ambassador Veterans Services
of Puerto Rico LLC
Ambassador Veterans Services of Puerto Rico LLC operates a nursing
and intermediate care facility for veterans in Juana Diaz, Puerto
Rico. The Company provides residential healthcare services to
eligible veterans at its location in Barrio Amuelas.
Ambassador Veterans Services of Puerto Rico LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
25-02690) on June 13, 2025. In its petition, the Debtor reports
total assets of $2,567,403 and total liabilities of $4,068,135.
The Debtors are represented by Javier Vilarino, Esq. at VILARINO
AND ASSOCIATES LLC.
*********
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
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contact Peter A. Chapman at 215-945-7000.
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