260327.mbx

260327.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 Friday, March 27, 2026, Vol. 27, No. 62 Headlines A R G E N T I N A VISTA ENERGY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable B A H A M A S FTX GROUP: Bankman-Fried Must Reveal Any Legal Help in Pro Se Bid B R A Z I L BANCO DAYCOVAL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable BANCO INDUSTRIAL: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable BRAZIL: New FM to Delay Divisive Tax Plans Ahead of Election RUMO SA: Moody's Puts 'Ba2' CFR on Review for Downgrade C O L O M B I A COLOMBIA TELECOMUNICACIONES: Fitch Affirms BB+ IDR, Outlook Stable C O S T A R I C A BANCO BAC : Fitch Affirms BB+ Long-Term IDR, Alters Outlook to Pos. D O M I N I C A N R E P U B L I C DOMINICAN REP: Central Bank Launches 2026 Economic & Fin'l .Week DOMINICAN REPUBLIC: Abinader Addresses Iran War Impact DOMINICAN REPUBLIC: Confenagro Endorses Food Security Plan M E X I C O DEL MONTE: Completes $285M Foods Asset Sale to Fresh Del Monte P U E R T O R I C O ASOCIACION HOSPITAL: Bid Rules for Hospital Operation Sale OK'd - - - - - ================= A R G E N T I N A ================= VISTA ENERGY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Vista Energy Argentina S.A.U.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. The Rating Outlook is Stable. The ratings reflect Vista Argentina's strong business and financial fundamentals, including expected production of 150,000 barrels of oil equivalent per day (boe/d) following completion of the Equinor acquisition, 1P reserves of at least 700 million barrels of oil equivalent (mmboe) in fiscal 2026, and leverage below 2.5x. Concentration in Argentina remains the main constraint on the IDRs. Vista Argentina's 'BB-' Foreign Currency IDR is three notches above Argentina's Country Ceiling (B-) because offshore cash and expected export receipts are projected to support more than 1.5x coverage of hard-currency debt service over the next three years. The Stable Outlook reflects Fitch's view that Vista's business profile will benefit from higher oil production and exports, supporting its ability to maintain offshore cash flows. Key Rating Drivers Growing Production and Reserve Base: Fitch expects Vista Argentina's production to reach 150,000 boe/d by fiscal 2026 and for 1P reserves to approach 700 mmboe and the 1P reserve life index (RLI) about 13 years, aligning Vista's operating profile closer to the midpoint of the 'BB' category. These expectations assume the successful closing of the acquisition of the Bandurria Sur and Bajo del Toro unconventional assets from Equinor Argentina A.S. Vista's production increased 73% yoy, supported by the La Amarga Chica acquisition. The company plans to deploy about USD4.8 billion of capex over the next three years, primarily to support production growth. Additionally, the recent increase in international oil price can improve the company's hard-currency cash flows through exports. Adequate Leverage: Fitch projects EBITDA leverage will remain below 2.0x over the rating horizon. On a boe basis, Fitch estimates debt-to-1P at about USD5/boe in fiscal 2026. Management has demonstrated an acquisitive growth strategy and remains open to further acquisitions. Fitch expects any incremental growth will be executed while Vista maintains leverage within its rating sensitivities. Vista has some financial flexibility to mitigate the risks associated with its high-risk operating environment. However, addressing upcoming material debt maturities and associated refinancing risk remains an important credit focus. Operating Environment: Vista's operations are concentrated in Argentina, which continues to face challenging economic conditions and remains a crucial rating constraint. Fitch revised Vista's Operating Environment (OE) assessment to 'b+' from 'b', reflecting an increase in export revenue, which accounted for nearly 61% of total revenue as of fiscal 2025. The OE assessment results in a one-notch negative adjustment to the pre-OE standalone credit profile (SCP). Fitch expects Vista to maintain an adequate financial profile, supported by higher export-related cash flows, which are a key credit consideration and help mitigate OE volatility. Lowest Cost Producer: Fitch estimates operating cost (COGS) per boe of $30/boe and EBITDA of USD2.0 billion ($38/boe) in fiscal 2026. Vista is the independent oil and gas producer with the lowest production costs among Fitch's rated portfolio in Latin America, with half-cycle and full-cycle costs estimated at $17/boe and $27/boe, respectively, as of fiscal 2024. These low costs are driven by economies of scale and the company's focus on shale oil and gas, which compares favorably to other Latin American peers. Peer Analysis Vista Argentina is the independent oil and gas producer with the lowest production costs among those rated by Fitch in Latin America, making this a key differentiator among its peers. Vista's fiscal 2024 half-cycle cost estimated at $17/boe is lower compared to Brava Energia S.A. (BB-/Positive) at $38/boe and Prio S.A. (BB+/Stable) at $20/boe. In terms of operational scale and 1P reserves, Fitch projects that Vista will reach a total production of approximately 150,000 boe/d and 1P reserves of at least 700 mmboe by fiscal 2026, placing Vista in the midpoint of the 'BB' category. Vista Argentina's operations are concentrated in Argentina, which is a limiting rating factor. This is the same case for Pan American Energy S.L. (BB-/Stable), whose rating is also constrained by the Argentine operating environment. However, its medium production size of 222kboed and strong 1P reserve life of close to 19 years compare favorably to other 'BB' rated oil and gas E&P producers. Fitch expects Vista's EBITDA leverage to remain below 2.0x throughout the rating cycle. Compared to peers, Fitch expects the average leverage for these E&P companies to be below 2.0x over the next three years. On a boe basis, Vista's fiscal 2025 total debt to 1P was $6/boe. Fitch’s Key Rating-Case Assumptions - Average Brent prices from 2026 to 2029 (USD/bbl): 70, 63, 60, 60; - Average daily production in fiscal 2026 (kboe/d): 147; - Oil sales consider discount to Brent of $5/bbl; - Lifting cost of $4.5/boe between 2026 and 2029; - Royalties of $9/boe between 2026 and 2029; - Selling expenses of $4/boe between 2026 and 2029; - G&A of $2/boe between 2026 and 2029; - EBITDA leverage at or below 3.0x 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 Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bb+, Moderate), Financial Structure (a, Lower), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'b+' results in an adjustment of -1 notch. - The SCP is 'bb-'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in a Local Currency IDR of 'BB-'. - Country ceiling considerations apply and result in no adjustment in the FC IDR as per Corporate Criteria, Vista's FC IDR can be rated up to 3 notches of Argentina's country ceiling of B-. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material decline in export revenue; - Downgrade of Argentina's Country Ceiling; - Debt/EBITDA and net debt/EBITDA ratios above 3.5x and 3.0x, respectively, on a sustained basis; - Major operational disruptions at key assets, resulting in a significant reduction in production. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - For the IDRS: Upgrade of Argentina's Country Ceiling; - The SCP could be upgraded with a combination of the following: sustained access to hard currency committed credit lines from highly rated international banks, export revenue contribution above 70% on a sustained basis and increasing production to more than 175 kboe/d, while maintaining 1P reserve life of at least seven years. Liquidity and Debt Structure Vista has a track record of holding adequate cash position. Fitch expects it to proactively manage exposure to refinancing risks while funding growth. The company reported consolidated cash and equivalents of around USD377 million at fiscal 2025, which contrasts with short-term debt of USD361 million. Total debt was USD3.1 billion as of fiscal 2025 and was mainly composed by senior notes and bank loans. Vista Argentina's interest expense coverage should average 10.0x over the rating horizon. The company's debt and interest expense are predominately in U.S. dollars, and Fitch's rating case assumes it will continue to access the official exchange to service its debt. Issuer Profile Vista Argentina is a midsize O&G producer with average production of 115,000 boe/d as of fiscal 2025. Its main assets are located in the Neuquina basin (Vaca Muerta) in Argentina. Vista is the second-largest unconventional oil producer in Argentina. Summary of Financial Adjustments Debt balance incorporates M&A payables. 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 at 2035 for Vista Argentina is 55. While elevated, this score does not affect the current ratings, given the long-time horizon over which the transition is expected to occur. Any potential future rating impact may change over time, reflecting developments in Fitch's assessment of these risks. ESG Considerations Vista Energy Argentina S.A.U. has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the growing importance of policies designed to limit the greenhouse gas (GHG) emissions from the production of oil and gas and potentially lessening demand, which has a negative impact on the credit profile, and is relevant to the rating[s] 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 Prior ----------- ------ ----- Vista Energy Argentina S.A.U. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- ============= B A H A M A S ============= FTX GROUP: Bankman-Fried Must Reveal Any Legal Help in Pro Se Bid ----------------------------------------------------------------- Lauren Berg at law360.com reports that a federal judge in Manhattan ordered incarcerated FTX founder Sam Bankman-Fried to reveal how much, if any, attorney help he had in drafting his motion for a new trial, saying criminal defendants don't have the right to both represent themselves and be represented by counsel. About FTX FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== BANCO DAYCOVAL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Banco Daycoval S.A.'s (Daycoval) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook on the IDRs is Stable. Fitch has also affirmed the bank's National Long-Term Rating at 'AA+(bra)'/Stable. Key Rating Drivers IDRs Driven by VR: Daycoval's IDRs and National Ratings are underpinned by its intrinsic strength as evidenced by its 'bb' Viability Rating (VR), which aligns with the bank's implied VR. The ratings reflect Daycoval's well-established position as a second-tier bank in Brazil, its strong market presence in the corporate and small and medium-sized enterprise (SME) segments, and a moderate risk profile that supports consistent operating profitability and effectively managed asset quality throughout economic cycles. In addition, the ratings incorporate the bank's capitalization with adequate buffers, prudent liquidity management practices, and a stable funding profile. Operating Environment at 'bb': The operating environment score for Brazilians banks is 'bb', which aligns with the implied assessment based on Brazil's GDP per capita of USD10,000 and Fitch's Operational Rating Index (ORI) index of 47.9 (percentile ranking). Fitch expects growth to decelerate further in 2026 to 1.9% (2025: 2.3%) on the lagged effect of tight monetary policy and waning of past fiscal impulse, but supported by a resilient labor market, income tax changes and other credit-related policy stimulus before elections. Sustainable Business Performance: Daycoval's revenue profile is predominantly focused on net interest income, which has remained stable and consistent throughout economic cycles. The business profile assessment reflects Daycoval's total operating income (TOI) of USD1.0 billion for the 2021-2025 average (USD1.2 billion in 2025). Daycoval's TOI is underpinned by the bank's well-established and specialized banking franchise in the Corporate/SME segment, which provides robust origination capacity. This is complemented by a strong presence in secured payroll deduction loans along with complementary auto loans, home equity, FX businesses, and other services — all of which help sustain business volumes across economic cycles. Demand for credit from companies — both within and outside major urban centers — has increased, consequently creating new business opportunities. Daycoval has been well-positioned to capitalize on these opportunities through its agility and flexibility in operations, enabling the bank to respond swiftly to market dynamics and client needs. Moderate Risk Profile: Daycoval's risk profile considers the bank's more diversified loan book compared to midsized banks in the country; credit risk represents approximately 83% of risk-weighted assets (RWAs) as of 2025, and its securities portfolio is primarily invested in Brazilian government debt. Despite the concentration of Daycoval's loan book in Corporate/SME (71% of total expanded loans), Fitch recognizes the bank's extensive experience and proven risk pricing expertise in this segment, both of which have led to lower credit costs and write-offs relative to peers. In addition, the bank's strategic expansion into larger corporate clients with lower risk profiles combined with its exposure to payroll deductible loans (20% of total expanded loans), which have less cyclical delinquency rates, provide natural diversification and balance sheet protection. Improving Asset Quality Ratios: Fitch considers Daycoval's asset quality to be well-managed despite a challenging operating environment in recent years. The impaired loans ratio (Stage 3 loans/gross loans) stood at 4.1% in December 2025 (3.6% of total expanded loans), compared to 5.3% in 2024 (D-H loans), aligning with other sizable Brazilian banks. The four-year average was 4.6% from 2020-2024 (D-H loans). NPLs (loans over 90 days past due) decreased to 1.7% in December 2025 from 1.9% in 2024 and 2.8% in 2023, reflecting improved balance sheet diversification. Daycoval maintains strong coverage levels at 84% of Stage 3 loans. Fitch expects Daycoval to maintain its impaired loans ratio close to 4.0% in 2026 and 2027, driven by write-offs and a moderation in the inflow of impaired loans. Strong Profitability: Fitch has revised Daycoval's earnings and profitability 'bb' assessment outlook to stable from positive. The bank's operating profit/RWA ratio declined to 3.2% in 2025 from 3.7% in 2024, though it remains in line with its four-year average of 3.3%. This decrease reflects the broader trend of compressed margins amid a challenging economic environment characterized by elevated interest rates and intense competition from large banks and capital market products. In addition, the decline stems from the bank's strategic shift toward greater diversification and a more conservative approach, prioritizing a lower-risk balance sheet composition throughout 2025. Fitch expects Daycoval's profitability to remain sound through 2025-2026 as asset-quality risks are anticipated to gradually ease compared to the previous year. Adequate Capitalization: Fitch believes Daycoval capital is adequate relative to its risk profile. In December 2025, the CET1 ratio reached 9.6%, reflecting strategic portfolio growth positions in the last quarter of 2025, as well as higher dividend and interest on equity distributions. However, the CET1 ratio was subsequently restored and reached 10.4% in January 2026. The bank has established a management floor to maintain the CET1 ratio above 10% in upcoming years. Daycoval's capital buffers remained adequate throughout 2024 and 2025, reflecting strong earnings generation. The bank's total regulatory capital ratio stood at 13.3% in December 2025 and 14.4% in January 2026, partially supported by the issuance of Tier 1 hybrid instruments from shareholders. In Fitch's opinion, the bank's capital ratios will comfortably exceed the Central Bank's regulatory minimum total capital requirements for 2026 and 2027. Stable Funding and Liquidity: Fitch assigns a funding and liquidity score of 'bb', which is above the implied score of the 'b and below' category, reflecting Daycoval's ample liquidity, comfortable asset-liability management, and substantial proportion of long-term non deposits funding supported by good access to debt markets. Daycoval maintains a robust and well-diversified funding structure, with total funding reaching BRL 75.9 billion at the end of 2025. This funding mix consists of customer deposits (including LCI and LCA) at 46.2%, financial bills (Letras Financeiras) at 36.1%, and external funding at 16.7%. This composition explains the bank's core loans-to-deposits ratio of 225% in 2025 (four-year average of 238%) given the lower share of customer deposits relative to peers. The bank maintained a comfortable liquidity and cash position, with a liquidity coverage ratio of 167% in December 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's downward revision of the score of the operating environment in Brazil due to much slower economic growth than its forecasts, which could result in pressures on the bank's overall financial performance; - Asset-quality deterioration that puts downward pressure on the operating profits to the RWA ratio consistently below 1.25% of RWAs, and the CET1 ratio falls below 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action on Daycoval's IDRs and VR is limited at this point considering Brazil's sovereign ratings, operating environment, and the bank's moderate scale and less diversified business model than higher rated peers; - In the medium to long term, Daycoval's National Ratings are sensitive to the strengthening of its business profile by a material increase in its TOI level closer to USD3.0 billion, while maintaining its good financial performance. The Government Support Rating of 'No Support' (NS) reflects Daycoval's small franchise within the Brazilian financial system (less than 1% of customer deposits at 2025). In Fitch's view, there is no reasonable assumption of support being forthcoming. Daycoval's GSR of 'ns' is sensitive to changes in Fitch's assessment about the ability and/or propensity of the sovereign to provide timely support to the bank and would only be likely to occur with a significant increase in the bank's systemic importance. VR ADJUSTMENTS The VR was assigned in line with the implied VR. The Capitalization & Leverage score of 'bb-' is above the 'b and below' category implied score due to the following adjustment reasons: Historical and future metrics (positive). The Funding & Liquidity score of 'bb' is above the 'b and below' category implied score due to the following adjustment reason: Non-deposit funding (positive). 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 ----------- ------ ----- Banco Daycoval S.A. LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Natl LT AA+(bra) Affirmed AA+(bra) Natl ST F1+(bra) Affirmed F1+(bra) Viability bb Affirmed bb Government Support ns Affirmed ns BANCO INDUSTRIAL: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Banco Industrial do Brasil S.A.'s (BIB) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-', Short-Term Foreign- and Local-Currency IDRs at 'B', and a Viability Rating (VR) of 'bb-'. Fitch has also affirmed BIB's 'no support' (ns) Government Support Rating (GSR). The Rating Outlook for the Long-Term IDRs is Stable. At the same time, Fitch has affirmed the Long- and Short-Term National Ratings of BIB at 'AA(bra)' and 'F1+(bra)', respectively. The Rating Outlook for the Long-Term National Rating is Stable. Key Rating Drivers IDRs Driven by VR: BIB's IDRs reflect its Viability Rating (VR). The VR reflects a niche lending model that focuses on small and medium-sized enterprises (SMEs) with a conservative approach, ensuring stable performance. However, its small franchise and limited pricing power against larger market players offset these strengths. Its National Ratings highlight stable risk management and earnings resilience. Operating Environment at 'bb': The Operating Environment score for Brazilians Banks is 'bb', which aligns with the implied assessment based on Brazil's GDP per capita of USD10,000 and Fitch's Operational Rating Index (ORI) index of 47.9 (percentile ranking). Fitch expects growth to decelerate further in 2026 to 1.9% (2025: 2.3%) due to the lagged effect of tight monetary policy and waning of past fiscal impulse, but supported by a resilient labour market, income tax changes, and other credit-related policy stimulus before elections. Consistent Business Model: BIB's business profile reflects its position as a moderately sized institution, with consistent total operating income and business diversification limited to SME and payroll lending segments. The institution's enduring borrower relationships and experienced, stable management provide moderate competitive advantages that partially offset the constraints inherent in its limited franchise footprint. Historically, BIB has exhibited stability in its strategic positioning, maintaining consistency in its revenue model and core financial metrics across economic cycles. Medium-sized enterprises constitute approximately 84% of gross loans. This is complemented by payroll-discounted lending to active public sector employees, who represent the remaining 16%. Prudent Lending Practices: BIB's risk profile is particularly sensitive to its exposure to SME borrowers, who are more susceptible to economic cycles. However, Fitch scores BIB's risk profile higher than the business profile score, reflecting the company's prudent loan-to-value ratios and risk controls. These factors result in above-average credit stability and lower credit losses than its closest peers, even in challenging operating environments. The bank's market risk management is commensurate with its size. Stable Loan Performance: BIB's asset-quality metrics outperform those of its peers, with minimal losses across cycles. The impaired loans ratio (Stage 3 loans/gross loans) was 2.0% in December 2025, compared to 2.9% in 2024 (D-H loans), aligning with other sizable Brazilian banks. The four-year average was 2.4% from 2020-2024 (D-H loans). Nonperforming loans (NPLs), which are loans over 90 days past due, decreased to 2.0% in December 2025 from 2.2% in 2024. BIB maintains adequate coverage levels at 154% of Stage 3 loans, which is appropriate given the loan collateralization and loan mix. Loan collateralization exceeds loan values, covering approximately 118% of gross loans, while the bank's secured exposure in payroll lending provides additional risk diversification. Fitch expects the ratio to gradually return to historical levels of around 2.5% once these loans are written off, given the bank's relatively low proportion of moderate-risk borrowers. Recovery of Performance Despite Cyber Incident: BIB experienced a temporary setback in terms of profitability during 1H25. This was primarily attributable to a cyber incident that occurred on June 30, 2025, resulting in a loss of BRL104 million. Notwithstanding this event, the bank demonstrated robust performance in 2H25, closing 2025 with a net profit of BRL31 million. This recovery was underpinned by the bank's lean cost structure and stable asset quality, which serve as fundamental earnings drivers. The bank maintains an acceptable profitability profile. Despite operating profit/RWA of 0.5% in 2025, the four-year average from was 1.7% in 2022-2025. This performance has remained consistent over different interest rate cycles. While revenue streams are less diversified than larger domestic banks due to reliance on net interest income, the bank has historically exhibited less volatile profitability than peers. BIB should sustain its recovery in 2026 and 2027. Fitch expects credit losses and default rates to remain manageable, supported by the bank's disciplined risk management framework and stable asset-quality metrics. Appropriate Capital Buffers: The Common Equity Tier 1 (CET1) to RWA ratio was 12.3% in 2025, providing adequate buffers above regulatory requirements. It also compares well with similarly rated peers. The bank's capital ratio reflects adequate internal capital generation and lower balance sheet expansion. BIB issued Tier 2 subordinated debts in 2023 (BRL 120,4 million) and 2024 (BRL 80,1 million), which is included in BIB's total regulatory capital ratio of 16.9%. It also increases capital flexibility and supports its assessment of BIB's capitalization and leverage. Adequate Liquidity but Concentrated Funding Base: Fitch assessment of BIB's Funding & Liquidity factor reflects its conservative liquidity management and the moderate improvements in its funding structure. These enhancements have resulted in better market access. However, the bank's funding franchise remains less developed than larger Fitch-rated peers, and some single-name concentration risks persist. BIB's funding structure is concentrated, with the top 20 depositors representing 55% of total deposits in 2025 (around 45% excluding brokerage platforms). The bank maintains high-quality liquid assets at around 1.2x its equity and around 20% of deposits in 2025. This strong liquidity position benefits from effective asset-liability management and the short-term profile of SME lending receivables with an average duration of about 227 days. . Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The VR could be downgraded if BIB's financial profile materially weakens. This would require a durable contraction of its operating profit/RWAs and CET1 ratios to below 1.25% and 10%, respectively, combined with material deterioration of asset-quality metrics; - The National Ratings are sensitive to a weakening of the bank's or group's creditworthiness relative to other Brazilian issuers. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade could occur in the long term if the bank strengthens its the market position in its core businesses, leading to a substantial improvement in its TOI, and increases diversification in its funding base. - The National Ratings are sensitive to a change of the bank's creditworthiness relative to other Brazilian issuers. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Government Support Rating (GSR) - KEY RATING DRIVERS The GSR of 'No Support' (NS) reflects BIB's small franchise within the Brazilian financial system (less than 1% of customer deposits as of December 2025). In Fitch's view, there is no reasonable assumption of support being forthcoming. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES GSR - SENSITIVITIES BIB's GSR of 'ns' is sensitive to changes in Fitch's assessment of the sovereign's ability and propensity to provide timely support. Fitch would likely revise the GSR only if there is a significant increase in the bank's systemic importance. VR ADJUSTMENTS The VR was assigned in line with the implied VR. The funding & liquidity score of 'bb-' is above the 'b & below' category implied score due to the following adjustment reason(s): liquidity coverage (positive). 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 ----------- ------ ----- Banco Industrial do Brasil S.A. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Natl LT AA(bra) Affirmed AA(bra) Natl ST F1+(bra) Affirmed F1+(bra) Viability bb- Affirmed bb- Government Support ns Affirmed ns BRAZIL: New FM to Delay Divisive Tax Plans Ahead of Election ------------------------------------------------------------ Reuters, citing two sources familiar with the matter, reports that Brazil's new Finance Minister, Dario Durigan, plans to adjust the ministry's communication strategy and postpone tax measures, including rules on crypto taxation, as the ‌country heads into a presidential election this year. Durigan, who took office on Friday, March 20, after Fernando Haddad stepped down to run for Sao Paulo governor, intends to prioritize microeconomic legislation while delaying divisive fiscal ⁠plans to avoid losing political capital in Congress, the sources said, according to Reuters. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. RUMO SA: Moody's Puts 'Ba2' CFR on Review for Downgrade ------------------------------------------------------- Moody's Ratings has placed the ratings on review for downgrade, including Rumo S.A. (Rumo)'s Ba2 corporate family rating and the Ba2 rating of the $500 million backed senior unsecured sustainability-linked notes due in 2032 issued by Rumo Luxembourg S.a r.l. and unconditionally backed by Rumo. Previously, the outlook for both issuers was stable. The action follows the rating actions that downgraded and placed on review for downgrade the ratings of its controlling shareholder Cosan S.A. (Cosan, Ba3 rating under review for downgrade), holding company of the Cosan group. Rumo does not directly guarantee the debts of Cosan, but Moody's believes it to be an strategic asset for the holding company, one of its sources of dividends, and clearly perceived as part of the Cosan group sharing reputational risks. Moody's placed Cosan's ratings under review because of uncertainties regarding the capital restructuring which will be undertaken by Raizen S.A. (Ca stable), Cosan's key shared control subsidiary, and spillover risk perception towards the Cosan group. At the end of the review period of Cosan, a negative action on the holding company would put negative pressure on the ratings of Rumo. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS During Cosan's review for downgrade Moody's will observe further developments in Raizen's capital restructuring and adequacy, and possible indirect effects that may exacerbate the risk perception towards the Cosan group, including Rumo. A downgrade could result from Cosan's inability to continue reducing the debt at the holding level. For instance, if it was to increase direct support to Raizen delaying the deleveraging trend at the holding. A weakening in liquidity, including broad declines in equity valuations or tightening credit conditions such that asset sales or capital market access becomes unattractive or inaccessible could also build negative pressure to the rating. Weakening of credit quality or operating performance of any of Cosan's key subsidiaries, such that the upstream of dividends is affected, could also result in a downgrade. Moody's believes a negative rating action on Cosan and continued deterioration in market perception of the group would have a direct impact on Rumo's funding costs and access to capital. Despite adequate credit metrics and liquidity, Rumo has a large investment pipeline and elevated capex requirements, which constrain free cash flow generation. Any tightening of funding conditions or deterioration in access and pricing would negatively affect the company by reducing its financial flexibility. Governance was a driver for this rating action. Moody's observes a risk of negative spillover to Rumo stemming from governance and reputational concerns related to missteps by controlling shareholder Cosan as a portfolio manager. In particular, Moody's notes weaknesses in Cosan's timely and effective oversight, which failed to prevent and promptly address the aggressive, debt driven expansion and sustained negative free cash flow that led to the deterioration of the financial profile of Raizen S.A.. Moody's also notes Cosan's inability to provide financial support to Raizen in the context of the subsidiary's recently announced out of court debt restructuring negotiations, despite historic support pledge. Cosan controls Rumo's board and therefore has the ability to influence dividend distributions and strategic decisions that could result in higher than usual leverage and increased pressure on cash flows. This risk is partially mitigated by covenants that limit dividend upstreaming. Still, based on December 2025 figures, Moody's estimates that Rumo has headroom to raise up to BRL12.4 billion in additional debt without breaching these covenants (compared to BRL31.3 billion of Moody's Adjusted Gross Debt). Specifically, Rumo's local debentures include a Net Debt/EBITDA covenant set at 3.5x; observed at 1.9x as of December 2025. If the company is not in compliance with this covenant, it must obtain approval from 90% of debenture-holders to distribute dividends above the statutory minimum of 25% of net income. In December 2025 Rumo had BRL1.16 billion income reserve, after BRL1.5 billion paid as extraordinary dividends and supported by the addition BRL645.9 million in reserves during the year. Rumo's ratings could be downgraded if the controlling shareholder Cosan is downgraded. Additionally, ratings could be downgraded if Moody's-adjusted leverage remains above 4.5x after the conclusion of the investment cycle; Moody's-adjusted interest coverage ratio, measured as EBITDA/interest expense, remains persistently below 2.0x; and if the company's liquidity deteriorates significantly because of substantial capex plans, unfavorable rulings in judicial disputes or changes in the regulatory framework that hurt Rumo's business profile (such as the revocation of a concession without adequate compensation). Conversely, the ratings could be confirmed if Cosan' ratings are confirmed, or if the perception of risk contagion from Cosan to Rumo diminishes. COMPANY PROFILE Rumo S.A. is the largest independent rail-based logistics operator in Latin America. Operations comprise five long-term rail concessions, totaling around 15,000 kilometers (km) of rail tracks, about 1,500 locomotives and over 35,000 railcars, through which the company transports agricultural commodities and industrial products. Additionally, Rumo develops the intermodal logistics of containers and related storage services through Brado Logistica. In 2025, Rumo recorded net revenue of BRL13.8 billion ($2.5 billion) and Moody's-adjusted EBITDA of BRL9.5 billion. The principal methodology used in these ratings was Surface Transportation and Logistics published in December 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. =============== C O L O M B I A =============== COLOMBIA TELECOMUNICACIONES: Fitch Affirms BB+ IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Colombia Telecomunicaciones S.A. E.S.P.'s (ColTel) ratings, including the Long-Term Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) and the USD500 million notes due 2030 at 'BB+'. Fitch has also upgraded the Long-Term National Scale rating and the local issuances of Bonos Ordinarios to 'AAA(col)' from 'AA+(col)'. Fitch has affirmed the National Short-Term rating at 'F1+(col)'. The Rating Outlook is Stable. The ratings reflect ColTel's linkage with its new controller, Millicom International Cellular S.A. (Millicom; BB+/Stable), following the acquisition of a 67.5% controlling stake, with the remaining 32.5% purchase in process. Fitch considers operational and strategic incentives from the parent to support the company. The ratings also reflect ColTel's strong market position, anticipated margin enhancement from cost optimization, and expected synergies upon integration with UNE EPM Telecomunicaciones S.A. (Tigo UNE; BB+/Stable). The national ratings upgrade reflects ColTel's strengthening business profile following Millicom's takeover. Key Rating Drivers Parent and Subsidiary Linkage: Fitch applies its "Parent and Subsidiary Linkage Rating Criteria" using the strong parent/weak subsidiary approach. The assessment identifies high operational incentives for Millicom to support ColTel, driven by the subsidiary's significant contribution to consolidated results, strategic importance to Latin American operations, operational synergies that strengthen competitive positioning, and expected brand integration. Legal incentives are assessed as low due to the absence of guarantees or cross-default clauses between the companies. Fitch has equalized ColTel's IDR with Millicom's rating at 'BB+', as ColTel's Standalone Credit Profile (SCP) is only one notch below the parent. This reflects the corporate linkage and Millicom's expected support given ColTel's strategic importance to the group. The acquisition by Millicom has strengthened ColTel's business and credit profile, supporting the upgrade of the National Scale rating to 'AAA(col)' from 'AA+(col)'. Network Quality, Competitive Position: ColTel's competitive advantages stem from strategic infrastructure investments and key partnerships that enhance network quality and service differentiation. The consolidation of UniRed with Tigo UNE, along with the Onnet network-sharing agreement, has strengthened ColTel's infrastructure capabilities and improved service quality, supporting the company's fiber-to-the-home leadership position and recovery competitiveness in the mobile market. These improvements enable ColTel to remain Colombia's second-largest mobile operator (23% subscriber share) and third-largest broadband provider (16% share). Deleveraging Expected: Fitch projects ColTel's net leverage to reach approximately 4.4x in 2026 and below 4x in 2027, driven by EBITDA margin expansion from cost optimization, lower fees and operational efficiencies, as well as debt reduction from positive free cash flow generation. FCF Recovery Expected: Fitch expects ColTel's FCF to remain negative in 2026 due to heightened capex and spectrum renewal. Fitch anticipates FCF will turn positive in the following years as EBITDA recovers and capital intensity decreases. The mobile network-sharing agreement with Tigo UNE should reduce capex going forward through joint infrastructure management and shared spectrum usage, enabling more efficient operations and 5G deployment. Merger With Tigo UNE: Fitch does not anticipate changes to ColTel's IDR upon completion of the Tigo UNE merger. The merger is expected once Millicom acquires La Nacion's remaining 32% interest over the coming months. The consolidation should enhance operational fundamentals through increased scale, higher ARPU, lower churn and improved bundle monetization, supporting more predictable cash flow. The transaction may also support better network utilization through more efficient capex. The combined operation would command approximately 40% of Colombia's telecommunications market, establishing it as the second-largest operator behind Claro. Combined Metrics: Fitch expects the combined business with Tigo UNE 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. Metrics should improve as synergies develop and integration progresses. Peer Analysis ColTel's business profile is similar to its direct Colombian competitor, Tigo UNE, both of which are affiliates of Millicom and have comparable market revenue share and overlapping service offerings. While Tigo UNE maintains strength in postpaid mobile services, ColTel has developed differentiated capabilities through its fiber-based fixed network. From a credit profile, ColTel's leverage is expected to temporarily deteriorate to approximately 4.4x in 2026, whereas Tigo UNE has historically maintained lower leverage levels. Both companies share a mobile integrated infrastructure under UniRed. ColTel's greater scale and diversified revenue streams compare favorably with Colombian fixed-line provider Empresa de Telecomunicaciones de Bogota, S.A., E.S.P. (BB/Stable), but Fitch expects ColTel's leverage to be higher. ColTel 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. In terms of market share, ColTel is the second-largest mobile data player in the country while TMCH is the fourth largest. Both telcos operate in highly competitive markets. Fitch’s Key Rating-Case Assumptions - Net fixed subscriber additions of less than 100,000 in 2026; - Low single-digit revenue growth driven by stable fixed and mobile revenues; - ARPUs decline in 2026 but recover in the following years, especially in mobile and broadband segments; - EBITDA close to COP1.1 trillion in 2026; - Recovery in EBITDA margin due to operational efficiencies and lighter cost structure. 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 (bb-, Moderate), Financial Structure (b+, Lower), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 45% for the forecast year 2026 and 45% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in an equalization of the ratings with the parent company Millicom International Cellular S.A. at 'BB+' for the FC IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrade of Millicom's rating; - Significant deterioration in ColTel'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; - Significant improvement in ColTel's SCP in conjunction with a lower linkage with the parent Millicom, as per Fitch's "Parent and Subsidiary Linkage Rating Criteria." Liquidity and Debt Structure Fitch does not view liquidity as a concern for ColTel given the company's strong parent support from Millicom and solid banking relationships. While ColTel faces a high maturity concentration in 2026, the company expects to refinance approximately COP1.4 trillion of near-term bank debt at longer terms, supported by its demonstrated bank access. In addition, the company's USD500 million 2030 bond is fully hedged, eliminating FX risk. Issuer Profile ColTel is an integrated telecommunications provider offering mobile, fixed voice, pay TV and broadband services to consumers, businesses and government customers in Colombia. The company is 67.5% owned by Millicom International Cellular S.A. and 32.5% owned by the Colombian government. Summary of Financial Adjustments The adjustment of the lease on operating expenses is in line with criteria. Factoring is also adjusted in debt. 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 Colombia Telecomunicaciones S.A. E.S.P. BIC. 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 ----------- ------ ----- Colombia Telecomunicaciones S.A. E.S.P. BIC 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 LT BB+ Affirmed BB+ senior unsecured Natl LT AAA(col) Upgrade AA+(col) =================== C O S T A R I C A =================== BANCO BAC : Fitch Affirms BB+ Long-Term IDR, Alters Outlook to Pos. ------------------------------------------------------------------- Fitch Ratings has affirmed Banco BAC San Jose, S.A. 's (BAC San Jose) Long-Term Foreign Currency Issuer Default Rating (IDR) and Local Currency IDR at 'BB+' and revised the Rating Outlook to Positive from Stable. The action follows a similar rating action on its parent company, BAC International Bank, Inc's (BIB) Long-Term IDR. This reflects BIB's increased earning assets in Panama following its acquisition of Multi Financial Group, Inc, including Multibank, Inc. Fitch also affirmed the Short-Term (ST) Foreign and Local currency IDR's at 'B' and affirmed its Shareholder Support Rating (SSR) at 'bb+'. These actions reflect the strong linkage between BAC San Jose's ratings and BIB's, because shareholder support drives them. Fitch did not take a rating action on BAC San Jose's Viability Rating (VR) because Fitch does not expect the transaction to affect the bank's intrinsic credit profile. Key Rating Drivers Shareholder Support Drives IDRs: BAC San Jose' IDRs are driven by the bank's SSR, which reflects Fitch's view of parent BIB's (BB+/Positive) high propensity and adequate ability to extend support, if needed. BAC San Jose's IDRs are equalized with that of its shareholder. For more information, please refer to "Fitch Revises BAC International Bank's Outlook to Positive; Affirms IDR at 'BB+'," published on March 6, 2026. Core Subsidiary; High Integration: Fitch's assessment of the parent's ability to provide support considers BAC San Jose's key and integral role in BIB's regional diversification strategy. The Costa Rican subsidiary provides core products in a strategically important jurisdiction. Reputational Influence: BIB's subsidiaries in Central America operate under the same brand. Therefore, Fitch's support assessment reflects its view that an unexpected default of BAC San Jose or any of BIB's rated subsidiaries would constitute reputational risk for the parent and could significantly affect its franchise. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Any material reduction in BIB's propensity to provide support may trigger a downgrade of BAC San Jose's IDRs and SSR. Additionally, a downgrade of BIB's IDRs could lead to a similar action on BAC San Jose's ratings; - Negative changes in BAC San Jose's IDRs and SSR could result from a downgrade of more than one notch in Costa Rica's sovereign rating or country ceiling. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - BAC San Jose's IDRs and SSR could be upgraded by one notch following a similar action on BIB's IDR due to country ceiling restrictions; - If the LT IDRs are upgraded, the ST IDRs will be upgraded by one notch, in accordance with Fitch's current rating correspondence table. Public Ratings with Credit Linkage to other ratings BAC San Jose's IDRs and SSR are driven by support from BIB's ratings. 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 ----------- ------ ----- Banco BAC San Jose, S.A. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Shareholder Support bb+ Affirmed bb+ =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Central Bank Launches 2026 Economic & Fin'l .Week ---------------------------------------------------------------- Dominican Today reports that the governor of the Central Bank of the Dominican Republic, Hector Valdez Albizu, inaugurated the 2026 Economic and Financial Week (#sefBCRD), an initiative under the Aula Central program and part of the Global Money Week. He highlighted the event's role in promoting financial education among children and young people through workshops, talks, and interactive activities that encourage responsible money management and long-term financial habits, according to Dominican Today. Valdez Albizu stressed that the initiative supports financial inclusion and contributes to the United Nations Sustainable Development Goals, particularly in education and partnerships, the report notes. This year's edition expands its reach by adding new venues, including the Centro Cultural Eduardo Leon Jimenes and the Centro Cultural Perello, allowing greater participation from students across different regions, the report relays. The event has also reached a record 58 participating institutions from the financial sector, public entities, academia, and civil society, the report notes. As part of the program, the governor announced the release of the children's book Rojilandia, aimed at teaching values such as teamwork and responsible resource use, the report says. The 2026 edition, held under the theme "Smart Money Talks," features educational booths, guided tours, workshops, and conferences, as well as the "Economists of the Future" competition, which has impacted more than 1,300 students nationwide, the report relays. The initiative is part of a broader effort by the Central Bank to strengthen economic and financial literacy in the Dominican Republic, 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: Abinader Addresses Iran War Impact ------------------------------------------------------ Dominican Today reports that President Luis Abinader addressed the nation in a televised speech following 23 days of conflict in Iran, which has already triggered a 15 pesos increase in gasoline prices in the Dominican Republic. While assuring that the country is prepared to face the external shock, he warned that rising global oil prices could also impact electricity rates, transportation costs, and some food products. The president called for awareness, responsibility, and shared sacrifice, emphasizing that the government is taking measures to protect economic stability, according to Dominican Today. He outlined three key priorities: maintaining macroeconomic and fiscal balance, supporting vulnerable households, and sustaining public investment to keep economic growth on track, the report notes. As part of these efforts, the government has identified approximately 10 billion pesos within the national budget to strengthen social programs without increasing overall spending, the report relays. To prevent rising agricultural costs from affecting food prices, Abinader announced the reinstatement of a fertilizer subsidy with an initial allocation of one billion pesos, the report notes. He also confirmed that Liquefied Petroleum Gas (LPG) prices will remain unchanged due to its importance for low-income households, while fuel subsidies -- some exceeding 100 pesos per gallon -- will continue despite mounting fiscal pressure, the report discloses. However, the president acknowledged that the international crisis will require unavoidable adjustments, the report says. He warned that higher oil prices, rising from the US$65 per barrel projected in the 2026 budget to nearly US$100, are already straining public finances, the report relays. Recent fuel price increases between 5.2% and 6.7% are part of a gradual strategy to reduce subsidies, which are expected to decrease by at least 12 billion pesos for the remainder of the year, the report notes. Abinader stressed that the Dominican Republic remains in a strong financial position, with solid liquidity, access to international financing, and reserves exceeding US$16 billion, the report says. He noted that the government will absorb much of the impact but urged businesses and citizens to contribute by optimizing fuel consumption and adopting efficiency measures such as remote work, the report discloses. Looking ahead, the president highlighted the need to reduce dependence on fossil fuels and accelerate the transition to renewable energy, the report relays. He emphasized that the current global crisis underscores the importance of building a more resilient and diversified economy capable of withstanding external shocks, the report says. Despite the challenges, Abinader reaffirmed the government’s commitment to protecting purchasing power and maintaining economic stability, the report adds. "The greatest risk is not making responsible adjustments today, but postponing decisions and facing greater costs tomorrow," he stated, expressing confidence in the resilience of the Dominican people, the report relays. 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: Confenagro Endorses Food Security Plan ---------------------------------------------------------- Dominican Today reports that the National Confederation of Agricultural Producers (Confenagro) described President Luis Abinader's recent speech on global economic pressures as timely and positive, highlighting the need to strengthen domestic agricultural production. The organization, led by Wilfredo Cabrera, expressed its willingness to collaborate with the government to ensure food security, stressing that the sector is prepared to help guarantee that no Dominican family goes hungry, according to Dominican Today. It also welcomed the RD$1 billion fertilizer subsidy aimed at offsetting rising international costs and stabilizing local food prices, the report notes. Confenagro supported initiatives to promote organic fertilizers and reduce reliance on imports, noting that these measures should be part of a broader strategy to address rising production costs driven by fuel, transport, and agricultural inputs, the report relays. The group also urged authorities to consider expanding support to other key areas such as pesticides, herbicides, and machinery, while maintaining close monitoring of international prices and local costs to prevent disruptions in the food supply chain, the repor notes. Finally, the organization emphasized the importance of prioritizing public procurement from local producers and reaffirmed its commitment to work with the government to sustain production, strengthen food security, and mitigate the impact of global economic challenges on Dominican families, 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. =========== M E X I C O =========== DEL MONTE: Completes $285M Foods Asset Sale to Fresh Del Monte -------------------------------------------------------------- Fresh Del Monte Produce Inc. announced on March 19, 2026, that it has completed the acquisition of select assets of California-based Del Monte Foods Corporation II Inc. and its affiliates for approximately $285 million. The transaction was approved by the United States Bankruptcy Court for the District of New Jersey following a court-supervised sale under Section 363 of the U.S. Bankruptcy Code and will be funded through a combination of cash on hand and availability under Fresh Del Monte's revolving credit facility. The transaction marks a historic milestone for both companies and the broader food industry, bringing the Del Monte(R) brand under a single owner for the first time in nearly four decades. By aligning fresh and shelf-stable products under a coordinated global strategy, Fresh Del Monte is positioned to unlock the full potential of one of the world's most recognized food brands and lead the next chapter of the iconic brand. The Company expects the transaction to: -- Strengthen brand consistency and identity across categories -- Expand household penetration and consumer reach across more occasions and channels -- Enhance operational efficiency, flexibility, and cost structure -- Support sustainable long-term value creation -- Accelerate innovation across both fresh and packaged platforms -- Introduce new growth avenues through brand extensions and global licensing opportunities "Reuniting the Del Monte(R) brand under one global leader is a truly significant moment for our company. Del Monte has been one of the most recognized names in food for more than 140 years," said Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer. "While the brand has operated across separate platforms for the past four decades, its heritage has always been rooted in bringing quality food to consumers around the world. Bringing these businesses together allows us to move forward with a unified strategy that strengthens the brand across fresh and packaged categories while creating new opportunities for growth, innovation, and global reach. In many ways, this moment reflects the enduring trust and global recognition the Del Monte(R) brand has earned over generations and marks the beginning of an exciting new chapter for the brand." Under the transaction, Fresh Del Monte will assume certain liabilities and acquire global ownership of the Del Monte(R) brand, subject to existing licensing arrangements. The Company will also acquire key prepared and packaged foods businesses, including the following brands: Brands Included -- Del Monte(R) and S&W(R) packaged vegetable brands -- Del Monte(R) and Contadina(R) packaged tomato brands -- Del Monte(R) packaged refrigerated fruit brand Operational Footprint The acquisition includes a diversified manufacturing and operating footprint across North America and key international markets, including: -- Four select U.S. facilities in Texas, Illinois, Wisconsin, and Washington -- Two manufacturing facilities in Mexico -- One operation in Venezuela -- Material customer and supplier contracts, ensuring continuity of service -- Associated inventory, operating assets, and employees Assets Not Included in the Transaction -- Canned fruit and other ambient packaged fruit and fruit sauce products for the United States, Puerto Rico, and Mexico -- The College Inn(R) and Kitchen Basics(R) broth and stock brands -- Physical assets associated with those excluded businesses Following the close of the transaction, Fresh Del Monte will house the newly acquired brands and businesses within a dedicated business unit to ensure stability and continuity for customers, retailers, suppliers, growers, and employees. The Company does not expect any immediate changes to products, packaging, or distribution. In the near term, Fresh Del Monte's priority is maintaining seamless operations across the acquired businesses while taking a measured approach to integration and supporting the experienced teams who have built strong relationships with customers and partners. Additional detail on integration progress and financial expectations will be shared during the Company's first quarter 2026 earnings call. Rabobank served as exclusive financial advisor to Fresh Del Monte, with Greenberg Traurig and Dickinson Wright serving as legal advisors. About Fresh Del Monte Produce Inc. Fresh Del Monte Produce Inc. is a leading global producer, marketer, and distributor of high-quality fresh, fresh-cut, and prepared fruit and vegetables, with products sold in more than 90 countries worldwide. The company also operates a growing global platform across fresh, refrigerated, and shelf-stable food categories. Fresh Del Monte markets its products worldwide under the DEL MONTE(R) brand and other recognized brands, a symbol of quality, innovation, freshness, and reliability for more than 140 years. The company owns global rights to the Del Monte(R) brand, subject to certain existing licensing arrangements. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global marketer of fruits and vegetables to commit to the Science Based Targets initiative. The company has been recognized as one of America's Most Trusted Companies by Newsweek and named a Humankind 100 Company by Humankind Investments. Fresh Del Monte Produce Inc. is traded on the New York Stock Exchange under the symbol FDP. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: @ www.delmontefoods.com/ or @ www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C. and Herbert Smith Freehills Kramer (US), LLP as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. as investment banker. ===================== P U E R T O R I C O ===================== ASOCIACION HOSPITAL: Bid Rules for Hospital Operation Sale OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico granted approval to Asociacion Hospital Del Maestro Inc. to sell substantially all Assets, free and clear of liens, claims, interest, and encumbrances. The Debtor has offered good and sufficient reasons for, and the best interest of its estate will be served by, the court granting the Motion to the extent provided in the Order. The Court has authorized the Debtor to conduct the bidding procedures, incorporated by reference and shall govern all Bids relating to the Assets. The Debtor is authorized to take any and all actions necessary or appropriate to implement the Bidding Procedures. The Bidding Procedures are fair, reasonable, and appropriate under the circumstances, and are reasonably designed to maximize the value to be achieved for the Transfer. Authorizing Debtor to designate stalking horse bidder and related bid protections is in the best interests of the Debtor and the Debtor's estate and creditors as it allows the Debtor to secure a fair and adequate baseline price for the Assets at the Auction and, accordingly, will provide a clear benefit to the Debtor's estates, their creditors, and all other parties in interest. Objections to approval of the Transfer (with the exception of objections related solely to the conduct of the Auction, identity of the Successful Bidder, and ability of the Successful Bidder to provide adequate assurance of future performance, which must be received by the Auction Objection Deadline, must be in writing, state the basis of such objection with specificity, and be filed with this court and served on or before April 10, 2026 at 4:00 PM (Atlantic Standard Time) on the following parties. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. a financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. 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