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260413.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, April 13, 2026, Vol. 27, No. 73 Headlines B A H A M A S FTX GROUP: SEC Suspends Auditor For 2 Years Over Audit Failures B R A Z I L AZUL SA: Appoints Ex-Embraer CFO Garcia in Finance Reshuffle BRADSEG PARTICIPACOES: Fitch Affirms 'BB+' IDR, Outlook Stable C H I L E DB TERRA CHILE: S&P Assigns 'BB- ICR, Outlook Stable DB TERRA: Fitch Assigns First-Time 'BB-' LT IDR, Outlook Stable C O L O M B I A ECOPETROL SA: S&P Downgrades ICR to 'BB-', Outlook Stable TERMOCANDELARIA POWER: Fitch Affirms 'BB' IDR, Outlook Stable J A M A I C A JAMAICA: Jamaicans Urged to Cut Spending, Consolidate Debts JAMAICA: Mixed Demand for Gov't. Treasury Bills M E X I C O BANCO AZTECA: Moody's Affirms Ba2 Deposit Ratings, Outlook Stable P U E R T O R I C O PHOENIX FUND: Receiver Taps Marini Pietrantoni Muniz as Counsel - - - - - ============= B A H A M A S ============= FTX GROUP: SEC Suspends Auditor For 2 Years Over Audit Failures --------------------------------------------------------------- The Securities and Exchange Commission on April 8, 2026, announced settled charges against Francis Decker, a CPA who acted as the lead engagement partner at Prager Metis CPAs, LLC on its audits of the now-defunct crypto asset trading platform FTX, relating to Decker's conduct during the FTX audits. The SEC had previously settled charges with Prager Metis in connection with its FTX audits. According to the SEC's order, beginning in February 2021, Decker led a Prager Metis team in conducting audits of the financial statements of FTX. The SEC's order finds that the audits were not conducted in accordance with Generally Accepted Accounting Standards (GAAS) and that Decker's negligent conduct during those audits resulted in a violation of those applicable professional standards. Specifically, the SEC's order finds that the foundational failure to meet GAAS stemmed from the fact that Decker did not have a sufficient understanding of FTX, or the crypto asset markets in which it operated and the engagement team that Decker assembled collectively lacked the competence, experience, and knowledge to appropriately conduct the audits. The order further finds that from this initial failure flowed a series of other auditing failures in the design and execution of the audits, which resulted in the issuance of audit reports that each contained an opinion that FTX's financial statements presented fairly, in all material respects, the financial position of FTX and its subsidiaries in accordance with accounting principles generally accepted in the United States of America. Notwithstanding this, the order finds that due to the auditing failures, Decker and the Prager Metis team lacked sufficient appropriate audit evidence to support those opinions. As a result, the SEC's order finds that Decker engaged in improper professional conduct pursuant to Section 4C(a)(2) of the Securities Exchange Act of 1934 and Rule 102(e)(1)(ii) of the Commission's Rules of Practice. Without admitting or denying the findings, Decker has agreed to a sanction denying him the privilege of appearing or practicing before the Commission as an accountant, with a right to request reinstatement after two years from the date of the SEC's order. The SEC's investigation was conducted by Amy Burkart, Devlin N. Su, Brian Huchro, and Pasha Salimi and supervised by Amy Flaherty Hartman, Michael Brennan, and Laura D'Allaird of the Cyber and Emerging Technologies Unit. About FTX Trading 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 =========== AZUL SA: Appoints Ex-Embraer CFO Garcia in Finance Reshuffle ------------------------------------------------------------ Reuters reports that Brazilian airline Azul SA said ‌that Chief Financial Officer Alex Malfitani, one of the airline's founders, will step down on April 20, with Embraer's ⁠Antonio Carlos Garcia set to assume the role. Garcia served as CFO at Embraer, which announced his resignation earlier, according to the report. Embraer ‌added ⁠that CEO Francisco Gomes Neto will assume the CFO position on an interim ⁠basis, the report notes. As reported in the Troubled Company Reporter-Latin America on March 17, 2026, Fitch Ratings has assigned Azul S.A. (Azul) a final 'B-' Foreign and Local Currency Issuer Default Ratings (IDRs) and National Long-Term Rating of 'BBB-(bra)'. The Rating Outlook is Stable. Fitch has also assigned Azul Secured Finance LLP's senior secured USD1.375 billion exit finance notes a final 'B-' rating with a Recovery Rating of 'RR4'. These actions follow the completion of Azul's Chapter 11 process. BRADSEG PARTICIPACOES: Fitch Affirms 'BB+' IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Bradseg Participacoes S.A.'s (Bradseg) Local Currency Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Rating Outlook. Fitch has also affirmed Bradseg's national long-term rating at 'AAA(bra)' with a Stable Outlook. The rating reflects the company's strategic importance to its parent Banco Bradesco (Bradesco), of which it is a core subsidiary. Key Rating Drivers Support-Driven Ratings: Bradseg's IDR is aligned its parent, Bradesco's rating of 'BB+'/Stable, which is one notch above Brazil's sovereign rating of 'BB'/Stable. Bradseg's Stable Outlook mirrors Bradesco's Outlook and reflects the parent's stronger credit quality indicators relative to local peers. The bank's well-executed strategy to enhance its product mix, moderate provisioning expenses through 2025, and improving margins support the rating. Robust Market Position: The rating also reflects Bradseg's leading position, consistent performance and diversified revenue base. As of 2025, the company held an overall market share of approximately 22.8%. The rating also considers the company's strong distribution capacity, which its parent's wide branch network supports, as well as good performance and comfortable capitalization ratios. Strong Capitalization: Bradseg's profit reinvestment policy and dividend distribution policy also provide for a mandatory minimum of 30% of net profit as dividend payment to shareholders. Bradesco Group seeks to maintain capital optimization, and, in recent periods, dividend distribution has been high. However, in the last cycle, the capitalization of results in the profit reserves reinforced Bradseg's capital. Equity increased 26% compared to 2024, while asset volume increased 13% in the same period. Bradseg's capitalization ratios are solid, and leverage ratios are supportive of the company's ratings. The company's 2025 Prism score is "Extremely Strong" reflecting Bradseg's reserve profile, roughly 90% of which consists of unit-linked reserves where asset risk is generally passed on to policyholders and mitigates the impact on Prism of the company's asset leverage and investments in sub-investment grade rated securities. Solid Performance Throughout Cycles: Bradesg's profitability remained solid in 2025, with a ROAE of 24%, similar to the average of the last three years. Bradesco's insurance business achieved a net profit of R$ 10.1 billion in 2025 (+11.2% vs. 2024). Revenues from premiums, pension contributions, and savings bonds reached R$ 118.5 billion, a 2.1% decrease from 2024. However, excluding Unit-Linked businesses, revenue growth was 8.3%. Technical results of insurance, pension, and capitalization operations showed an improvement of 10.2% (vs. 2024), and the financial result also contributed to this performance, with growth of 9.3% in the period. Technical provisions totaled R$ 446 billion (+10.5%) and financial assets R$ 471.4 billion (+12.4%). Exposure to Non-Investment Grade Securities Influence Investment Risk: Bradseg follows a conservative asset/liability management practice, which is the responsibility of the parent company, and the portfolio composition remains stable compared to previous years. Like other companies in the Brazilian insurance market, Bradseg's investment portfolio is concentrated in sovereign securities rated as non-investment grade (IDR 'BB'), which represented around 80% of total exposure in 2025. Core Subsidiary: Recently, Banco Bradesco, through a material fact statement, announced a corporate reorganization to consolidate the group's health businesses into a new company called 'Bradsaúde S.A.'. Despite that, Fitch's analytical considerations remain unchanged, and the agency still views Bradseg as a 'core subsidiary' of Bradesco Group. Therefore its ratings remain equalized with those of its parent. This assessment is based on the strategic importance of Bradseg's insurance operations, which complement the main retail banking activities, the common branding and Bradseg's high contribution to the group's profits. By the end of 2025, net income from insurance businesses represented approximately 41% of the Bradesco Group's profits. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Bradseg's ratings are linked to those of Bradesco. Therefore, any negative change in the bank's ratings would affect Bradseg's ratings, as would a change in its willingness to provide support, which Fitch considers highly unlikely; - Bradseg's National Ratings are sensitive to changes in creditworthiness relative to other Brazilian issuers. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Bradseg's IDR has limited upside potential, as it is equalized with that of Bradesco, whose ratings are constrained by its operating environment. Over the medium term, the ratings could benefit from the stabilization and eventual improvement of Fitch's assessment of the operating environment for Brazilian banks; - For the national scale rating, this sensitivity is not applicable, given that the National Long-Term Rating of Bradseg was affirmed at 'AAA(bra)', the highest level on the scale. Public Ratings with Credit Linkage to other ratings Bradseg's rating is directly linked to the IDR of Banco Bradesco, the company's ultimate parent. 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 ----------- ------ ----- Bradseg Participacoes S.A. LC LT IDR BB+ Affirmed BB+ Natl LT AAA(bra) Affirmed AAA(bra) ========= C H I L E ========= DB TERRA CHILE: S&P Assigns 'BB- ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issuer credit rating to DB Terra Chile Holdco SpA and its 'BB-' issue rating to its proposed sustainable senior unsecured notes. The stable outlook reflects our view that the company will continue to implement its growth strategy--increasing its market penetration--with leverage well below 4.0x and positive FOCF in 2026. DB Terra (dba Mundo Pacifico) has sustained healthy subscriber growth, and its average revenue per user (ARPU) has been stable--all despite intense competition in the Chilean telecommunications industry. Through subsidiary Pacifico Cable SpA, DB Terra Chile Holdco SpA operates as Mundo Pacifico. It's the second-largest fiber-to-the-home player in Chile, with more than 1 million customers and 4.5 million homes passed. DB Terra intends to issue US$430 million of senior unsecured notes with a five-year tenor. It'll use the proceeds to refinance its existing bank facilities. Additionally, it plans to secure a Chilean peso (CLP) 50 billion revolving credit facility. The company has continued to successfully carry out its organic growth strategy--resulting in market share gains across several regions in Chile--while also maintaining pricing discipline. As of December 2025, Mundo's market share in the fiber-to-the-home (FTTH) segment was 25%, up from 5.2% in 2018. This growth has positioned Mundo as the fastest-growing player in the fixed broadband market and consolidated its position as the second-largest FTTH player in Chile. Underpinning Mundo's competitive position is the ownership of its network infrastructure, which provides structural cost advantages and enables the company to offer high-quality connectivity services at competitive prices. In addition, Mundo's network has sufficient fiber and port capacity to connect 100% of homes passed, and it offers the potential to capitalize on wholesale network opportunities with minimal capital expenditure (capex). The broadband segment in Chile has become highly competitive, with operators facing pricing pressure and rising churn. However, Mundo has been able to maintain the growth in its subscriber base. It was up to around 1,041 thousand homes connected as of December 2025 (from 960,000 in 2024), primarily through its high-value offer (where it offers high-speed internet service through an extensive and modern fiber network). Since 2023, the company has been taking steps to cut costs, including renegotiating supplier contracts and reducing its workforce. These initiatives, coupled with sustained subscriber growth, have supported a gradual improvement in profitability. The EBITDA margin expanded to 43.2% as of December 2025 from 39% in 2024 and 38% in 2023. S&P expects margins to expand even more, to about 48% in 2026 and 49% in 2027, with the full effect of cost-cutting initiatives, a growing customer base, and no one-off restructuring expenses. The small scale of Mundo's operations, its geographic concentration, and its underdeveloped business diversification constrain the rating. The company has a well-established market position in the fixed broadband business, particularly in Chile's central-southern region. But with revenue of CLP230 billion for full-year 2025, Mundo remains small in scale relative to integrated telecom players both in Chile and globally. In addition, residential revenue still represents 90% of total revenue--an indicator of Mundo's underdeveloped product diversification. This is despite the fact that Mundo--largely an FTTH operator--complements this core offering by bundling pay-TV, internet and fixed telephony services. In addition it offers mobile services through a mobile virtual network operator agreement, enabling upselling opportunities across its customer base. Mundo has also been scaling the enterprise business by leveraging its ample network capacity, securing new enterprise contracts in 2025 and early 2026. But S&P expects that the contribution of this segment will remain below 10% of consolidated revenue over the next three years. Healthy EBITDA margins and declining capex should support cash flow generation. Over the past three years, Mundo has had an elevated level of capital investment to support the rollout of its fiber network. Now, the network is largely built, and network-related capex should gradually decline in the next three years. Historically, Mundo's capital intensity has been higher than that of its peers (with capex to revenue in the 40%-60% range), but S&P expects it to decline to around 33% in 2026 and stabilize at approximately 23% thereafter. Going forward, the company's strategy will focus on capital-efficient growth, including an increased focus on the enterprise segment and ongoing network optimization. Along with continued EBITDA growth, this should support marginally positive FOCF of about CLP9 billion in 2026 and stronger FOCF of about CLP42 billion in 2027. The proposed refinancing should enhance liquidity and financial flexibility through an extended maturity schedule. The company intends to issue US$430 million of senior unsecured notes, in order to refinance its CLP370 billion bank facility maturing March 2027, unwind related hedging instruments, and slightly increase its cash position to support capex and other corporate needs. Mundo intends to allocate an amount equal to the net proceeds to finance and refinance eligible social and green projects, as defined by Green and Social Bond Principles. Mundo also plans on securing a CLP50 billion credit facility, which should support liquidity and give it a buffer for potentially meeting increased capex requirements. S&P forecasts adjusted debt to EBITDA of 3.0x-3.5x in 2026-2027, supported by steadily growing EBITDA and a commitment to financial discipline. DigitalBridge (DB), as the controlling shareholder, plays a crucial role in the success of the growth strategy, and S&P anticipates that it'll continue to exercise financial prudence in policy decisions. Financial sponsor DB--a leading global asset manager that specializes in digital infrastructure companies and has experience in the fiber sector--has owned Mundo since 2022. Under DB's leadership, Mundo executed an ambitious capex plan to accelerate the deployment of its fiber network, where it expanded to 4.5 million homes passed in 2025 from 3.8 million in 2021 and nearly doubled sales over the same period. S&P said, "During this period, DB did not draw dividends, and we don't factor in additional returns to shareholders for the next three years, since we expect the company to prioritize expansion growth and cash flow generation over near-term returns. We expect Mundo to maintain a relatively conservative financial policy. "The stable outlook reflects our view that DB Terra will continue to expand its operations through organic growth while also expanding its margins through cost dilution and gains from economies of scale. We expect it to post EBITDA margins consistently above 40% and we expect it to gradually reduce leverage in coming years without materially increasing debt levels. "In this scenario, we should see gross adjusted debt to EBITDA below 4x in the next two years and marginally positive FOCF in 2026. "We could lower our rating on DB Terra in the next 12 months if it carries out a more aggressive debt-financed growth strategy or if management adopts a more aggressive financial policy than expected--without greater cash generation or higher margins. This would strain the liquidity position and increase leverage ratios. "In this scenario, we would see gross debt to EBITDA consistently above 4x, persistently negative FOCF, and weakening liquidity." S&P views an upgrade as highly unlikely given the company's relatively small scale and diversification as well as its financial-sponsor ownership. However, S&P could raise its rating if: -- Financial sponsors owned less than 80% of the entity's common equity, -- S&P believes the sponsor would relinquish control over the medium term, and -- S&P expects debt to EBITDA that's comfortably below 4x, with FOCF to debt consistently above 10%. DB TERRA: Fitch Assigns First-Time 'BB-' LT IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned first-time Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) of 'BB-' to DB Terra Chile Holdco SpA (Mundo). Fitch has also assigned 'BB-' rating to Mundo's USD430 million five-year senior unsecured notes. Proceeds will be used for debt repayment. The Rating Outlook on the IDRs is Stable. The ratings are reflecting Mundo's strong business model, solid brand recognition, and competitive value proposition for services, supported by its fiber network. These strengths drive strong profitability and the second-largest fiber-to-the-home (FTTH) subscriber base in Chile. The Outlook reflects Fitch's expectation that Mundo will continue to grow and deleverage, with net leverage declining to below 4.0x in the medium term. The ratings are constrained by high capex spending, which limits FCF generation, intense competition in the Chilean market, limited scale compared to international peers, and business concentration in the fixed residential segment. Key Rating Drivers Strong Fixed Broadband Business: Mundo benefits from a strong brand, service quality, and a modern, proprietary fiber network that supports a lean cost structure and higher profitability with increasing scale. Growth has outpaced the industry, with homes passed rising to 4.5 million from 0.9 million in 2019 and connected users reaching 1.04 million by December 2025 from 0.2 million in 2019. This positions Mundo third in fixed broadband in Chile (20.9% share), second in fiber connections (24.9%) and third in pay TV, according to Subsecretaria de Telecomunicaciones (Subtel). B2B Growth: Fitch expects the business-to-business (B2B) segment to increase its revenue contribution to around 10% in 2028 from 4% in 2023, supported by signed government contracts (JUNJI, Defensoría General de Pública, Fundación Integra, INDAP and Minsal) and a strong pipeline in Chile. The strategy targets growth through network capabilities, wholesale services, last-mile connectivity, and dark-fiber leasing. This should increase revenue stability through long-term contracts, reduce churn and support EBITDA margins. Deleverage Driven by Expansion: Fitch expects net leverage to decline in the medium term to about 3.5x by 2026, driven by growth in the residential customer base to 1.1 million in 2026 and higher revenue diversification from expanding B2B services. Fitch also expects EBITDA margin to improve gradually, supported by higher network utilization, lower unit costs from scale, cost efficiencies, and reduced churn. Fitch expects EBITDA margin to remain above 40% (39% in 2025). Negative FCF Expected: Fitch estimates FCF will remain negative until 2026 and turn positive in 2027, with (CFO minus capex)/debt also turning positive in 2027. Fitch does not expect any dividends to be paid to DigitalBridge. Mundo's growth has been supported by significant network investment, funded by equity contributions from DigitalBridge and debt, resulting in negative FCF in previous periods. Planned investment remains high, with capex in 2026-2027 at about 34% and 30% of revenue, respectively (about CLP85 billion), before easing to 24% from 2028 (CLP70 billion). Intense Competition: Chile's mature telecom market drives intense competition and pressure on EBITDA margins. Five fixed broadband operators hold 92% of market share. Onnet's consolidation as a fiber infrastructure operator and Millicom/NJJs acquisition of Telefónica Moviles Chile S.A (TMCH), may further intensify competition. FTTH penetration of around 57% still leaves room for further growth compared with levels at other OECD countries. Domestic fixed broadband and FTTH subscribers grew 2% and 18% in 2025, respectively, with Mundo capturing 78% and 13% of that growth, respectively. Consolidated Analysis: Fitch analyses DB Terra Chile Holdco and its operating subsidiary Pacifico Cable SpA (Pacifico) on a consolidated basis due to ownership, Pacifico's guarantee of the proposed financing, asset and debt concentration at the holding company, and shared management and operational links. In 2023, Pacifico transferred its fiber assets to DB Terra Chile Holdco to centralize network operations. The holding company provides connectivity services to Pacifico and offers these services to other operators. Peer Analysis Telefónica Móviles Chile S.A (TMCH, 'BB-'/ Negative) leads Chile's fixed broadband and fiber-optic market, with 27% and 33% market shares, respectively. While Mundo owns its fiber network, TMCH mostly rents network capacity. TMCH has broader service diversification and a larger fixed customer base, but Mundo's fixed subscriber growth has been stronger in recent years. Mundo's EBITDA margin is higher than TMCH's, and it has a better leverage profile. VTR Finance N.V /-Claro (VTR, 'B+'/Stable) is the second-largest fixed broadband player. VTR shifted from hybrid fiber-coaxial (HFC) to fiber via Onnet. América Móvil's capital contribution reduced leverage to about 3.5x at YE2025, but VTR still required financial support from América Móvil amid weak operational performance. Empresa Nacional de Telecomunicaciones S.A. (Entel, 'BBB-'/Stable) leads in mobile, while Mundo is stronger in fixed. Mundo's EBITDA margin is higher than Entel's but has higher leverage, smaller scale and limited geographic diversification. Mundo has a larger subscriber base than ETB (Empresa de Telecomunicaciones de Bogotá S.A E.S.P ; 'BB'/Stable), but lower B2B participation. ETB has a lower net leverage (around 2.5x) despite its lower EBITDA margin. Coltel (Colombia Telecomunicaciones S.A E.S.P BIC; 'BB+'/Stable) also focuses on fiber deployment and has broader service diversification, while Mundo has higher profitability and lower leverage. Coltel's rating is supported by its links with Millicom Group. Similar than Mundo, Total Play (Total Play Telecomunicaciones S.A.P.I de C.V;'B'/Stable) has a competitive FTTH network. Mundo has higher leverage, smaller scale and slightly lower profitability. Total Play' ratings are limited by Corporate Governance and limited financial flexibility. Fitch’s Key Rating-Case Assumptions - Revenue increase of around 6%-9% in the 2026-2029 period ; - Growth in residential revenues of around 6%-8% from subscriber base growth in the mid-single digits; - Strained average revenue per user (ARPU), with low-single digit growth; - Double-digit B2B revenue growth, due to the signing of relevant contracts; - Mobile business growth, with focus on complementing the offer to residential clients; - EBITDA margin growth to 44% from 39% in 2025, based on growth in residential subscribers and cost reduction due to higher scale; - Capex intensity decreasing to below 30% in the medium term; - No distribution of dividends in the forecast period. 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-, 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 (b+, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in a FC and LC IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Net leverage above 4.5x on a sustained basis, due to lower operational performance, or losses in competitive position; - Sustained negative FCF; - Sustained negative (CFO-capex)/debt; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Deleveraging below 2.7x net debt/EBITDA on a sustained basis; - (CFO-Capex) debt moving to positive territory; - Consistent growth in EBITDA and more diversification in the B2B segment; - Consistent positive FCF generation, supported by improved scale and performance. Liquidity and Debt Structure Fitch expects the liquidity profile to improve through the company's ongoing liability management initiatives. Mundo plans to refinance USD420 million to extend maturities and diversify funding, retaining a CLP50 billion RCF. As of December 2025, consolidated cash was CLP 26 billion and short-term bank debt was CLP24 billion, with CLP19 million of senior debt and CLP5 billion of revolving debt. At Pacífico Cable SpA, cash and total debt were CLP8 billion and CLP3 billion, respectively. Issuer Profile Mundo is the holding company of Pacífico Cable SpA, Chile's third-largest fixed broadband provider, second in FTTH, and third in Pay-TV. It also serves the B2B market and provides mobile services as a Mobile Virtual Network Operator (MVNO). Summary of Financial Adjustments - Lease adjustment in operating expenses. - Hedge derivatives adjustment on financial debt. 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 DB Terra Chile Holdco SpA. ESG Considerations DB Terra Chile Holdco SpA. has an ESG Relevance Score of '4' for Governance Structure due to ownership concentration, 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 ----------- ------ DB Terra Chile Holdco SpA. LT IDR BB- New Rating LC LT IDR BB- New Rating senior unsecured LT BB- New Rating =============== C O L O M B I A =============== ECOPETROL SA: S&P Downgrades ICR to 'BB-', Outlook Stable --------------------------------------------------------- S&P Global Ratings lowered its issuer credit and issue-level ratings on Ecopetrol S.A. to 'BB-' from 'BB'. The revised outlook to stable from negative on Ecopetrol reflects that on Colombia. Colombia's creditworthiness weakened due to fiscal risks and economic vulnerabilities. Our sovereign credit ratings on Colombia are constrained by its limited fiscal flexibility, high and rising debt burden, weak external position characterized by volatile terms of trade, and moderate GDP per capita, all exacerbated by increasingly unpredictable fiscal policy. Unpredictable government policies, including broken fiscal rules and budget shortfalls, are causing deficits and inflation. While Colombia has a stable political system, ongoing security issues and recent election results create uncertainty about future economic improvements. The new government faces pressure to spend more while struggling to raise revenue, and the country remains vulnerable to global economic changes and oil price fluctuations. S&P said, "Our ratings on Ecopetrol remain capped by the credit risk of the sovereign and continue to move in line with our ratings on Colombia. We assess the probability of timely and sufficient government support to Ecopetrol under stress as very high, based on the government's 88.49% ownership stake and Ecopetrol's critical role as Colombia's leading oil and gas producer." Ecopetrol remains a substantial revenue contributor to Colombia, as demonstrated by the approximately Colombian peso (COP)11.7 trillion dividend distribution in 2025. The company also continues to invest about 3.0% of expected investments for 2026 in Colombia's energy transition, supporting the development of cleaner energy sources and increased natural gas availability. Recent government actions could limit Ecopetrol's future financial performance should they become permanent. Specifically, the agreement effective April 1, 2026, for Ecopetrol (and its Cartagena refinery) to receive approximately COP1.6 trillion from the first-quarter 2025 account of Colombia's Fuel Price Stabilization Fund (FEPC)--funded by Treasury bonds (TES) issued by the Republic of Colombia--suggests weaker fiscal consolidation and revenue expectations for the current administration. This suggests less flexibility for Ecopetrol to reduce dividends if needed. Dividend payments to the government resulted in free cash flow to debt (DCF) ratios of -5.0%, significantly below our 2.5% expectation. This highlights the government's significant influence over Ecopetrol's cash flow, as dividends consistently represent 40%-60% of net income. The government's continued tendency to maximize dividend payouts, coupled with its ongoing fiscal challenges, raises the possibility of constraints on Ecopetrol's future financial flexibility. The stable outlook on Ecopetrol remains tied to that of Colombia, reflecting the company's continued importance to the Colombian economy and its strong relationship with the government. As a result, S&P expects its ratings on Ecopetrol to move in line with those on the sovereign. S&P could take a negative rating action on Ecopetrol in the next 12 months if it takes a similar action on Colombia. On the other hand, S&P could revise its stand-alone credit profile (SACP) down in the next 12 months if: -- The company's financial performance weakens such that S&P expects its adjusted net debt to EBITDA to consistently rise close to 3.0x. This could stem from lower prices, weaker production sales, or increased debt beyond our expectations; -- S&P perceives weaker business for Ecopetrol if it posts declines in production or replacement ratios below 100%; or -- Ecopetrol prioritizes cash outflows as dividends rather than for maintenance and growth capital expenditures (capex). S&P could take a positive rating action on Ecopetrol if it was to take a similar action on the long-term foreign currency sovereign credit rating on Colombia. Although unlikely within the next 12 months, S&P could revise up the SACP to 'bbb-' if the company's operating and financial performance is well above our expectations. This scenario could result if: -- Ecopetrol has higher-than-expected production stemming from investments in Colombia or international fields; -- The company has debt-to-EBITDA ratios below 2.0x while improving profitability margins despite price volatility; -- Ecopetrol improves cash flows after capex and dividends, leading to discretionary cash flow to debt at or above 15%; or -- There are more independent board members and the company improves board member turnover. TERMOCANDELARIA POWER: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed TermoCandelaria Power S.A.'s (TPL) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook is Stable. Fitch has also affirmed TPL's senior unsecured notes at 'BB'. The ratings reflect the strategic importance of TPL's assets for Colombia's Atlantic coast, providing reliable peaking capacity amid chronic transmission constraints. They also reflect the combined operations of its subsidiaries, Termobarranquilla (TEBSA), Termocandelaria (TECAN) and TPLGas, its competitive market position, its cash flow generation withing Colombia (BB/Stable), its limited contracted position, and low diversification of its asset base. TPL's rating is further supported by its solid capital structure, alongside moderate capital investment needs that should allow the company to maintain a total leverage metric near 3.0x over the medium term. Key Rating Drivers Credit Profile Linked to OpCos: TPL is a holding company that owns and operates the country's largest portfolio of thermal power plants through its subsidiaries, TEBSA and TECAN. The combined cycle natural gas generation of the two subsidiaries, located on Colombia's Atlantic coast, is 1,529MW. The plants accounted for 40% of Colombia's thermal generation during 2025. TPL fully owns and controls TECAN and has a 57.38% stake in TEBSA. As of September 2025, TEBSA accounted for around 54% of TPL's consolidated EBITDA. During 2025, TPL's gas-fired plants generated 4,290GWh, 81% of which was out of merit. Strategic Asset for Atlantic Region: TPL benefits from its proximity to Colombia's only LNG import terminal, Sociedad Portuaria El Cayao (SPEC), and a favorable gas storage and regassification access contract through 2031. The contract covers 72% of SPEC's capacity and lets TPL to adjust volumes to meet electricity capacity needs during peak demand and market volatility. TPL also generates incremental revenue by commercializing regasified natural gas. Fitch expects TPLGas to contribute around USD29 million of annual EBITDA in 2025, supported by monthly to quarterly take-or-pay contracts, with firm payments equivalent to 95% of contracted capacity. Essential Peaker Capacity: TPL provides critical energy during drought conditions and demand peaks, opportunistically selling energy through spot market sales in lieu of long-term power-purchase agreements (PPAs). TPL's faces more demand volatility than baseload providers with long-term PPAs. It also faces pressure from nonconventional renewable energy projects into Colombia's coastal region. However, TPL mitigates these risks through its cost competitiveness, lower leverage, and essential role in meeting demand during system stress. Regulatory cost pass-through mechanism applies in the market for out-of-merit generation. Strong Capital Structure: TPL's capital structure has strengthened following debt refinancing initiatives, two years of improved EBITDA generation, and debt reduction. Fitch expects the company to maintain a total debt/EBITDA leverage around 3.0x and a liquidity ratio (cash plus CFO to short-term debt) above 1.25x, as more moderate capex requirements should reduce financing needs and support positive FCF. New debt is expected to be used mainly to fund working capital needs. Limited Diversification: TPL's has limited operational diversification, a comparatively weak contractual position, and geographic and technology concentration across its asset base. The company is exposed to a higher degree of event risk than local and regional peers from unexpected outages or disaster disruptions. Fitch positively views the new TPLGas business, which optimizes the use of existing infrastructure and improves revenue diversification. Fitch also views TPL's acquisition of a 50 MWac solar photovoltaic project in the Caribbean, with expected commercial operation date in May 2027, as a modest step toward further revenue and asset diversification. Peer Analysis TPL's capital structure compares positively with Orazul Energy Peru S.A. (BB/Stable). Orazul's high medium-term leverage of 4.8x under Fitch's forecast places it at the high end of its rating level. TPL's financial policy is more conservative, with expected average gross leverage levels near 3.0x. TPL's debt is mainly comprised of its 2031 bonds, a syndicated loan at TEBSA, and the debt incurred to cover working capital needs. TPL's business risk is higher than multi-asset energy regional investment-grade peers such as AES Panama Generation Holdings, S.R.L. (BB+/Stable), Kallpa Generacion S.A. (BBB-/Stable) and AES Andes S.A. (BBB-/Stable). These companies benefit from a strong contractual position in their respective markets. Their PPAs support cash flow stability through U.S, dollar-linked payments and, in Kallpa's case, pass-through clauses related to potential increases in fuel costs. This contributes to higher EBITDA visibility in the long term compared to TPL, which remains exposed and exogenous supply/demand dynamics. Although TPL's key subsidiary TEBSA maintains relative cost efficiency that places it within the coastal base load, future additions to the local renewable energy matrix or expansion of the national transmission network could potentially displace the company from its strong competitive position in the coastal region in the long term. Fitch’s Key Rating-Case Assumptions - TPLGas EBITDA of around USD29 million in 2025; - Regulatory cost pass-through mechanism applies for out-of- merit energy generation; - Capex of USD53 million in 2025 and USD50 million in 2026, decreasing to near USD30 million thereafter; - Gross leverage metrics near 3.0x during 2025 -2027. - No common dividend payments beyond 2025, dividends to minorities near USD25 million in 2026, subject to cash balances. - TEBSA and TECAN's availability factors at 90%. 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, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in a FC and LC IDR of BB RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Consolidated leverage levels above 4.8x for a sustained period; - EBITDA/interest coverage of 2.0x or below for a sustained period or a debt service coverage ratio below 1.2x; - Adverse regulatory changes in Colombia that weaken the company's commercial policy; - A weakening of the company's out-of-merit generation profile that affects revenue visibility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Colombia's sovereign rating in conjunction with: -Reduced debt levels that result in sustained total debt/EBITDA of below 3.3x and a debt service coverage ratio above 1.8x; - An improved contractual position; - Increase in revenue diversification. Liquidity and Debt Structure TPL's cash balance was USD97.5 million as of Sept. 30, 2025, against USD57.4 million of short-term debt. The company's debt maturity profile is well distributed with no important debt maturities in the short term. The company refinanced its USD115 million syndicated loan due in 2027 with a new USD115 million syndicated loan due 2031. TPL has demonstrated solid access to both international and local capital markets, which further supports its financial flexibility. Issuer Profile TPL is a holding company that owns and operates 1,529MW of thermal power capacity in the Atlantic region of Colombia, through Termobarranquilla (TEBSA) and Termocandelaria (TCAN), making up roughly 40% and 5% of the country's thermal and total generation, respectively during 2025. Public Ratings with Credit Linkage to other ratings TPL's ratings are linked to Colombia's sovereign rating. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for TermoCandelaria Power, S.A. is 52 reflecting physical risk derived from the geographic concentration of its gas-fired generation assets and merchant position in Colombia. This risk is already incorporated in the final rating. Any potential future rating impact may change over time, reflecting developments in Fitch's assessment of these risks. ESG Considerations Fitch does not provide ESG relevance scores for TermoCandelaria Power, S.A. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating Prior ----------- ------ ----- TermoCandelaria Power, S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB ============= J A M A I C A ============= JAMAICA: Jamaicans Urged to Cut Spending, Consolidate Debts ----------------------------------------------------------- RJR News reports that Rose Miller, financial consultant at the JN Foundation, is urging Jamaicans to reduce their spending, borrow less and to consolidate their debts if they have more than one loan in order to reduce the amount of money they have to use to service these debts on a monthly basis. Speaking in an interview on Radio Jamaica's Real Business, Ms. Miller stressed that these are some of the strategies that will be needed in order to survive in the current global economic crisis caused by the war in the Middle East and the impact of Hurricane Melissa, according to RJR News. She said Jamaicans must ensure that they buy only the things they need and not the things that they want, while noting that they must also try to purchase goods and services at lower costs, the report notes. Ms. Miller also pointed to the need for carpooling as well as for the nation to become more self-reliant, 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: Mixed Demand for Gov't. Treasury Bills ----------------------------------------------- RJR News reports that the government said demand for its latest treasury bill offerings was mixed across the three tenors. Investors and cambios submitted bids totalling $940 million for the 91-day treasury bill, exceeding the $700 million on offer, according to RJR News. However, the government accepted only the targeted $700 million at an average interest rate of 5.4 per cent, the report notes. For the 182-day instrument, bids fell short of expectations, with investors purchasing $627.7 million against a target of $700 million, the report relays. The government took up $607.3 million at an average rate of 5.9 per cent, the report says. 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. =========== M E X I C O =========== BANCO AZTECA: Moody's Affirms Ba2 Deposit Ratings, Outlook Stable ----------------------------------------------------------------- Moody's Ratings has affirmed all ratings and assessments assigned to Banco Azteca, S.A. (Banco Azteca), including its Ba2 long-term local and foreign currency bank deposit ratings and Ba1 long-term local and foreign currency counterparty risk ratings. The baseline credit assessment (BCA) and adjusted BCA of ba3, the long and short-term counterparty risk assessments of Ba1(cr) and Not Prime(cr), respectively, as well as the short-term local and foreign currency bank deposit ratings and counterparty risk ratings of Not Prime were also affirmed. The outlook on the long-term deposit ratings is stable. RATINGS RATIONALE Banco Azteca's standalone ba3 BCA reflects its consumer-focused franchise in Mexico, supported by a granular and low cost deposit base, which provides the bank with strong margins and recurring earnings generation. These strengths are balanced by a long-track record of structurally high operating and credit costs, as well as a high risk appetite, reflected in double digit loan growth since 2024. Asset risk is the key negative driver to the ba3 BCA with rising assets risks in 2025, amid a softer economic environment in Mexico and a shift toward riskier lending. The nonperforming loan (NPL) ratio—measured as Stage 3 loans under IFRS accounting standards—reached a record high 6.3% of total loans, well above the 3.8% one year earlier. This deterioration was driven by an acceleration in unsecured consumer lending, which grew 14% year over year in 2025, as the bank expanded into new customer segments with inherently higher credit risk. These segments include younger borrowers, customers with limited or no credit history, and digitally acquired clients. In early 2026, however, Banco Azteca moderated growth in these segments and strengthened its collection practices. The bank also maintains a high level of loan loss reserve coverage—nearly two times problem loans in 2025—which remains a key mitigant against elevated credit losses. The corporate loan book represented around 21% of total loans at the end of 2025, also deteriorated, with the NPL ratio increasing to 2.6% of loans to companies in December, from 0.7% a year earlier. The deterioration reflected the high levels of borrower concentration in this portfolio, along with high related-party lending. Banco Azteca's historically high net interest margins—around 30% as of December 2025—help offset the elevated credit costs embedded in its business model. Despite asset quality challenges, profitability improved in 2025, with net income rising to 1.9% of tangible assets from 1.6% in 2024, largely supported by strong loan origination and low funding costs, which benefited from the easing monetary cycle. These factors more than compensated for higher loan loss provisions and operating expenses. In this context, Banco Azteca's capitalization strengthened, supported by retained earnings and a capital injection made in 2025 that more than offset dividend payments during the period. Tangible common equity to risk weighted assets (TCE/RWAs) increased to 15.9% as of December 2025, from 14.1% a year earlier, reinforcing the bank's loss absorption capacity. Banco Azteca's Ba2 long term deposit ratings benefit from one notch of uplift from its ba3 standalone BCA, reflecting Moody's assessment of a moderate probability of government support. This assessment considers the potential systemic and financial stability implications for the Mexican banking system in the event of an unsupported failure of the bank, given Banco Azteca's sizable franchise and customer base of more than 26 million clients as of December 2025. The stable outlook on Banco Azteca's Ba2 long term deposit ratings reflects Moody's expectations of an improvement in asset quality metrics from their current elevated levels, alongside broadly stable profitability and capitalization. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on Banco Azteca's BCA and deposit ratings could arise if tangible common equity and profitability metrics improve consistently and sustainably over the next 12 to 24 months, alongside an improvement in asset quality metrics and a reduction in related-party exposures. A downgrade of Banco Azteca's ba3 BCA would likely result in a downgrade of its Ba2 deposit ratings. Downward pressure on the bank's ratings could emerge if a continued deterioration in asset risks, indicating a higher risk profile in its loan portfolio, and adverse selection. A material increase in loan loss provisioning—leading to weaker profitability—or a decline in capitalization would also exert negative pressure on the bank's BCA. The principal methodology used in these ratings was Banks published in November 2025. Banco Azteca's "Assigned BCA" score of ba3 is set four notches below their "Financial Profile" initial score of baa2 to reflect the banks' strong asset risks related to its focus on subprime consumer lending, rapid loan growth as well as high single borrower concentration and related-party lending exposures. Moreover, the group's closely held and family-based ownership structure poses risks in terms of corporate governance, given the strong engagement in a number of intercompany activities, which entails a two notch qualitative adjustment related to strategy, risk appetite and governance. ===================== P U E R T O R I C O ===================== PHOENIX FUND: Receiver Taps Marini Pietrantoni Muniz as Counsel --------------------------------------------------------------- Driven, PSC, appointed receiver and authorized representative of The Phoenix Fund LLC, seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Marini Pietrantoni Muniz, LLC as counsel. The firm will render these services: (a) advise the receiver of the Debtor's rights, powers and duties as its authorized representative; (b) assist the receiver in matters pertaining to the schedules and statements of financial affairs, (c) assist the receiver to formulate either a liquidation plan and resolve its Chapter 11 case with the Estate's various creditor constituencies or on a conversion to a Chapter 7 liquidation; (d) assist the receiver in analyzing its executory contracts; (e) assist the receiver in litigation and/or proceedings pending or filed against the Fund as of the Petition Date; (f) prepare, file, and prosecute a plan of liquidation and disclosure statement or assist in a Chapter 7 liquidation; (g) prepare on behalf of the receiver legal all necessary and appropriate legal documents, and review all financial and other reports to be filed by the receiver in the bankruptcy case; (h) represent the receiver in proceedings and hearings in this Court; (i) represent the receiver in contested matters and/or adversary proceedings and litigation relating to the Debtor, creditors or parties in interest; (j) analyze and represent the receiver in potential avoidance actions and chapter 5 causes of action; (k) represent the receiver in analyzing the Debtor's assets and investments and in connection with efforts to sell the same; and (l) perform all other legal services for and on behalf of the receiver that may be necessary or appropriate in the administration of the estate. The firm will be paid at these hourly rates: Capital Members $425 Senior Members $400 Junior Members $375 Counsel $325 Senior Associates $275 Junior Associates $225 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. Luis Marini-Biaggi, Esq., an attorney at Marini Pietrantoni Muniz, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Luis C. Marini Biaggi, Esq. Marini Pietrantoni Muniz, LLC 250 Ave. Ponce de Leon, Suite 900 San Juan, PR 00918 Telephone: (787) 705-2173 Facsimile: (787) 936-7494 Email: lmarini@mpmlawpr.com About The Phoenix Fund LLC The Phoenix Fund LLC is a Puerto Rico based private equity firm formed in 2018 and headquartered in Guaynabo, Puerto Rico. The company focuses on making strategic equity and debt investments in privately held businesses in Puerto Rico and international markets. The Phoenix Fund LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor is represented by Alexis Fuentes Hernandez, Esq., at Fuentes Law Offices, 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *