260415.mbx

260415.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 Wednesday, April 15, 2026, Vol. 27, No. 75 Headlines A R G E N T I N A ARGENTINA: World Bank Sees Economy Growing 3.6% This Year B R A Z I L ENGIE BRASIL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable JBS SA: Net Income Grows by 13% in 2025 RELIZ TECHNOLOGY: Gets Extension to Use Cash Collateral C O L O M B I A COLOMBIA: Ecuador Raises Tariffs to 100% as Tensions Escalate D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Revenue Rises in March Despite Global Tensions J A M A I C A JAMAICA: CDB OKs Additional US$12MM to Support SPAD Project JAMAICA: Locals Told to Conserve Resources Amid Shortages P U E R T O R I C O AMBASSADOR VETERANS: Plan Exclusivity Period Extended to July 8 - - - - - ================= A R G E N T I N A ================= ARGENTINA: World Bank Sees Economy Growing 3.6% This Year --------------------------------------------------------- Buenos Aires Times reports that Argentina is on track to record three consecutive years of economic growth for the first time since 2008, according to a new report by the World Bank, and is a bright spot for the wider region. In the latest edition of its regular report assessing the economic outlook for nations in Latin America and the Caribbean, World Bank technicians forecast that Argentina's economy will grow by 3.6 percent this year and by 3.7 percent in 2026, according to Buenos Aires Times. Argentina's GDP improved by 4.4 percent last year, according to data from the INDEC national statistics bureau, the report notes. Noting that the region's prospects as a whole "remain limited," the World Bank said that Argentina "stands out" for its relatively high forecast, the report relays. The projection for Argentina contrasts sharply with the 1.6 percent forecast for Brazil and 1.3 percent for Mexico over the same period, the report notes. "Argentina has emerged as the main upward exception, as stabilisation and reforms have improved expectations and financial conditions," said the World Bank, which noted that fiscal consolidation "has helped anchor inflation expectations and reduce sovereign risk." Buenos Aires Times discloses that the report's authors praised President Javier Milei's government and his "pro-growth agenda that includes tax reform," highlighting the implementation of the RIGI major investment incentive scheme, the "strategic framework" signed with the United States "to strengthen critical minerals supply chains" and movement on the trade deal between the Mercosur regional bloc and the European Union. Buenos Aires Times relays that there was also praise for Milei's tax reform bill and "ongoing efforts to improve the business climate and regulatory environment." Nevertheless, World Bank economists warn that "significant downside risks" to the economy still remain, mostly linked to the external sector, debt, and dollar inflows, the report discloses. "Downside risks are substantial, particularly given Argentina's considerable external financing needs in a context of negative net international reserves and limited access to international debt markets," the report states. The World Bank report also warned about the costs and distortions of Tierra del Fuego industrial promotion regime, describing it as a case of "failed" policy with a significant fiscal impact, the report relays. The scheme -- created in 1972 with the aim of encouraging population growth and employment on the island through tax exemptions and trade benefits -- "is widely regarded as a case of failed industrial policy, marred by political interference and fundamental design flaws that have persisted for decades," analysed the report, Buenos Aires Times notes. The regional incentive structure was "poorly designed" and has resulted in an estimated fiscal cost of around US$1.07 billion per year, without significant improvements in productivity or technology, technicians concluded, Buenos Aires Times notes. "The Tierra del Fuego regime represents a case of persistent policy failure, sustained less by economic rationale than by political considerations. The activity it supports is not self-sustaining," the organisation concluded, the report discloses. The World Bank predicted regional growth of 2.1 percent in 2026 – below the 2.4 percent recorded last year and making Latin America and the Caribbean one of the worst-performing regions in the world, the report discloses. "The overall performance of Latin America and the Caribbean has been disappointing under both interventionist and non-interventionist models," the report warns, Buenos Aires Times adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== ENGIE BRASIL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Engie Brasil Energia S.A.'s (Engie Brasil) Foreign Currency (FC) and Local Currency (LC) Long-Term Issuer Default Ratings (IDRs) at 'BB+' and 'BBB-', respectively. Fitch has also affirmed Engie Brasil's Long-Term National Scale Rating and its senior unsecured debenture issuances at 'AAA(bra)'. The Rating Outlook for the corporate ratings is Stable. Engie Brasil's ratings reflect its track record of robust operating cash flow generation, solid financial profile, adequate leverage and strong financial flexibility. The company is Brazil's second-largest power generator, with a large, diversified asset base and high operating efficiency. Fitch expects Engie Brasil to manage its high capex plan despite high interest rates and weaker hydrology and curtailment in its energy generation business. The FC IDR is limited by Brazil's Country Ceiling of 'BB+'. Key Rating Drivers Robust Business Profile: Engie Brasil's ratings benefit from its strong position in Brazil's power generation sector. It is the country's second-largest generator, with 11.3GW of installed capacity. Capacity should rise to 11.5GW by 2030 following a project recently awarded in the reserve capacity auction. The company has a strong track record in its commercial strategy and monthly allocation of assured capacity, and its diversified asset base also dilutes operational risk. The transmission business adds diversification and improves cash flow predictability. Engie Brasil has 3,205km of transmission lines in operation and 1,541km under development, due for completion by 2029. Permitted annual revenue of BRL919 million in transmission should account for about 10% of consolidated EBITDA in 2026. Dividend Flexibility Supports Cash Flow: Lower dividend payout distributions in 2026 and 2027 will partially offset the effect of high investment in FCF. Fitch assumes a 55% dividend payout in both years, in line with 2025. This should help support cash generation during a period of high capex, with investments of about BRL6.7 billion planned for 2026 to 2028. Fitch estimates EBITDA of BRL6.9 billion and cash flow from operations of BRL4.3 billion in 2026, rising to BRL7.4 billion and BRL5.1 billion, respectively, in 2027. FCF should remain positive at BRL1.2 billion in 2026 and BRL500 million in 2027. The base case assumes average sales of 5.8aGW in 2026 and 5.7aGW in 2027, at average prices of BRL196/MWh and BRL207/MWh, respectively. Leverage Peaks in 2026: Engie Brasil's gross and net leverage should rise to 4.2x and 3.8x, respectively, in 2026 from 3.9x and 3.4x, respectively, in 2025. About BRL2.3 billion of disbursements linked to advance concession bonus payments for some hydro plants will temporarily affect leverage this year. From 2027, the company should manage gross and net leverage at up to 4.0x and 3.5x, respectively, consistent with the current ratings. Its record of adjusting dividend payouts during high investment periods supports this view. Manageable Hydrology and Curtailment Risks: Fitch estimates that uncontracted energy volumes of 13% in 2026 and 16% in 2027 should be enough to support a generating scaling factor of 0.84 and 0.87, respectively. If needed, Engie Brasil can buy energy at prices compatible with those in its sales contracts to cover lower own generation and limit pressure on cash flow. Protection against hydrological risk in regulated-market contracts, which represent about 40% of energy sold, limits exposure of assured energy to the Generating Scale Factor (GSF) to 31%. A diversified asset base also helps contain curtailment risk. Medium-Term Repricing and Concession Risk: Engie Brasil's uncontracted position above 35% from 2029 creates medium-term pricing risk. Fitch's base case assumes average prices of BRL211/MWh for new contracts from 2028, below BRL232/MWh for current contracts. In addition, concessions totaling 3.9GW, or 40% of current installed capacity, expire in 2030-2032. Fitch believes the company has time to manage these exposures and address any effect on cash flow, capital structure or liquidity in advance. Weak Parent-Subsidiary Linkage: Engie Brasil's ratings are based on its Standalone Credit Profile (SCP) as legal, operational and strategic incentives for parent company Engie S.A. (Engie; BBB+/Stable) to support the Brazilian subsidiary, if needed, are weak. Engie controls 68.71% of Engie Brasil, but there are no guarantees or cross-default clauses. Strategic incentives of support are low as Engie Brasil represents less than 10% of the group's EBITDA despite being the largest market outside Europe and having some growth potential. Fitch views operational incentives as low to medium, with some reputational risks related to the use of a common name. Peer Analysis Engie Brasil's FC IDR (BB+/Stable) is one to two notches below Latin American peers such as Engie Energia Chile S.A. (Engie Chile; BBB/Stable), the fourth-largest generator in Chile, Enel Colombia S.A. E.S.P. (Enel Colombia; BBB-/Stable), the second-largest generation company in Colombia, and AES Andes S.A. (AES Andes; BBB-/Stable), the second-largest generator in Chile and one of the leaders in Colombia. This is primarily a result of Brazil's 'BB+' Country Ceiling. Engie Chile, Enel Colombia and AES Andes benefit from better economic environments in Chile and Colombia, which are rated higher than Brazil. Engie Brasil's FC IDR is capped by Brazil's Country Ceiling. Engie Brasil's 'BBB-'/Stable LC IDR is more comparable with these 'BBB' category rated peers. All the companies have predictable and robust cash flow generation. However, Engie Brasil has a stronger financial profile. Compared to Brazilian peers, the parental support justifies Auren Energia S.A. (Auren) rating having the same LC IDR as Engie Brasil. Auren's SCP of 'bb-' is three notches lower than Engie Brasil's. Like Engie Brasil, Auren has a well-diversified, highly contracted electricity generation asset base in Brazil, with installed capacity of 8.7GW. Engie Brasil's cash flows are more resilient to rising curtailment because hydropower account for about 70% of its portfolio, compared to 60% for Auren, and the presence of transmission and gas midstream assets, which contribute around 15% of consolidated EBITDA. Engie Brasil has higher EBITDA margins because Auren places greater emphasis on its trading business. Fitch’s Key Rating-Case Assumptions - Average energy sales of 5.8aGW in 2026 and 5.7aGW in 2026, not including quota capacity; - Average sales price of BRL196/MWh in 2026 and BRL207/MWh in 2027; - Average energy purchase of 0.9GW in 2026 and 0.7GW in 2027; - Selling, general and administrative expenses adjusted to inflation; - Average GSF of 0.84 in 2026 and 0.87 in 2027; - Capex of BRL6.7 billion from 2026 to 2028; - Acquisition of the Jirau Hydropower Plant not incorporated. 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+, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the historical year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Country ceiling considerations apply and result in an adjustment of -1 notch. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating action for the LC IDR would be associated with a deterioration in Engie Brasil's consolidated financial profile, with gross and net adjusted leverage above 4.0x and 3.5x, respectively, and/or funds from operations net leverage of more than 4.0x, both on a sustained basis; - A downgrade of Brazil's sovereign rating would result in a similar rating action for Engie Brasil's FC IDR; - A weaker operating environment in Brazil could result in a downgrade of the LC IDR; - A two-notch downgrade of Engie Brasil's LC IDR may lead to a downgrade of the National Scale Rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action for the company's FC IDR would be associated with an upgrade of Brazil's sovereign rating; - Positive rating action for the company's LC IDR would be associated with improvements in Brazil's operating environment; - Upgrades are not applicable to the National Scale Rating as it is at the highest level. Liquidity and Debt Structure Engie Brasil has ample access to funding sources and strong liquidity, with a robust cash position and no concentration of short-term debt maturities. At the end of 2025, cash and cash equivalents totaled BRL3.4 billion — not including restricted cash of BRL457 million — sufficient to cover short-term debt of BRL3.0 billion. The high cash balance will be reinforced by the proceeds from the proposed 16th debenture issuance (BRL2.0 billion, concluded during 1Q26) and the expected positive FCF in 2026. As of Dec. 31, 2025, Engie Brasil's debt of BRL30.4 billion consisted mainly of debentures (BRL13.5 billion) and loans from the Brazilian Development Bank (BRL12.4 billion). Issuer Profile Engie Brasil is the second-largest energy generator in Brazil, with a total operational installed capacity of 11.3GW. The company also has 3.205km of transmission lines in operation and 1,541km in the pre-operational phase. Summary of Financial Adjustments - Net revenues and EBITDA net of construction revenues and cost. 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 Engie Brasil Energia S.A. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Engie Brasil Energia S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BBB- Affirmed BBB- Natl LT AAA(bra) Affirmed AAA(bra) senior unsecured Natl LT AAA(bra) Affirmed AAA(bra) JBS SA: Net Income Grows by 13% in 2025 --------------------------------------- Ryan McCarthy at supermarketperimeter.com reports that JBS SA reported net income for the fiscal year 2025 ended Dec. 31, 2025, totaling $2.02 billion up from $1.76 billion the previous year and growing by 13%. For the fiscal fourth quarter of 2025, JBS had net income of $415 million, showing growth of 1% from 2024, according to supermarketperimeter.com. Consolidated net revenue for the fourth quarter went up 15% to $23.06 billion from $19.97 billion in the fourth quarter of 2024, the report notes. For the 2025 fiscal year of net revenue, JBS reported $86.18 billion, up 12% from $77.18 billion in 2024, the report relays. "Closing 2025 with 15% revenue growth -- the highest in our history — demonstrates the strength and resilience of our diversified platform across proteins and geographies," said Gilberto Tomazoni, global chief executive officer of JBS, the report discloses. "At the same time, the 15% increase in net income reinforces the consistency of our execution, supporting robust margins and our ability to continue generating growth and value for our shareholders," the report adds. Looking at segments of the business, JBS Beef North America reported net revenue of $28.1 billion in 2025, up 15.9% from 2024, the report says. For the fourth quarter, JBS Beef North America showed $7.6 billion in revenue, which was up 19% from the same quarter in 2024, the report relays. JBS also reported a $568 million loss in adjusted operating income compared to a $16 million profit in 2025 for its North American beef business, the report notes. In its earnings comments, the company discussed how the beef business was supported by strong US demand and high cattle prices, but acknowledged that these were historically high due to the smallest US cattle herd in 75 years, the report discloses. The company also discussed the import of live cattle from Mexico being restricted since May 2025 over concerns of the New World screwworm outbreak, which further tightened the supply of beef, the report notes. JBS USA Pork reported 2025 net revenue of $8.4 billion, up 3.9% from 2024, the report relates. JBS USA Pork reported $2.15 billion in revenue in the fourth quarter, up by 7.5% from the same quarter in the previous year, the report relays. The company pointed to strong domestic demand and growth in branded and value-added products, the report notes. Last year, JBS also announced an expansion of its pre-cooked and breakfast sausage lines, including groundbreaking for its new production facility in Perry, Iowa, the report says. "Our performance this year reflects our focus on commercial execution, operational excellence and the strength of our brands," Tomazoni said of JBS USA Pork, the report relays. Pilgrim's Pride Corp. reported a 2025 revenue of $18.4 billion, up 3.5% from 2024, the report discloses. The subsidiary reported $4.5 billion in revenue in the fourth quarter, up 3.4% from the previous year, the report notes. "Pilgrims' fresh portfolio benefited from robust US demand, while diversification through branded products reached a milestone as Just Bare surpassed $ 1 billion in sales," the company said, the report notes. "In Europe and Mexico, results improved due to plant optimization, management integration, and a stronger product mix," the report relays. In June 2025, JBS SA began trading on the New York Stock Exchange (NYSE) while also staying on Brazil's B3 stock exchange in Sao Paulo, the report says. The JBS Brazil/Friboi business unit increased revenue by 21.5% to $15.29 billion compared to $12.59 billion in 2024, the report discloses. "Friboi reached the highest processing volume in its history, supported by strong demand, expanded export markets, brand strength, improved service levels, and continued growth of value-added products through Friboi+ in the domestic market," the company added. JBS' Seara business recorded a net revenue of $9.17 billion, up 4.5% from last year, the report notes. The business unit saw the highest export volume in its history even with temporary restrictions in the key markets of China and Europe, the report relays. JBS Australia revenue for the fiscal year was $8.07 billion, an increase of 21.5% year-over-year, the report adds. About JBS S.A. JBS S.A. is a Brazilian company that is a large meat processing enterprise, producing factory processed beef, chicken, salmon, pork, and also selling by-products from the processing of these meats. It is headquartered in Sao Paulo. It was founded in 1953 in Anapolis, Goias. As reported in the Troubled Company Reporter-Latin America in August 2021, S&P Global Ratings revised the global scale outlook on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS USA) to positive from stable and affirmed its 'BB+' issuer credit rating. The recovery expectations remain unchanged, and S&P affirmed the 'BB+' ratings on the senior unsecured notes and the 'BBB' ratings on the secured term loans. RELIZ TECHNOLOGY: Gets Extension to Use Cash Collateral ------------------------------------------------------- Reliz Technology Group Holdings, Inc. and affiliates received second interim approval from the U.S. Bankruptcy Court for the District of Delaware for authority to use cash collateral. Under the second interim order, the Debtors are authorized to use up to $5 million in cash collateral to support ongoing business operations, including vendor payments and administrative expenses. The Debtors' right to use cash collateral terminates at 11:59 p.m. (New York time) on April 16, unless extended by order or consent of Celsius Network Ltd., the Debtors' pre-bankruptcy secured lender; or upon entry of a court order terminating use due to noncompliance. The Debtors were initially authorized to access cash collateral under the court's March 18 interim order. That authorization expired on March 31. As protection for any diminution in the value of its collateral, Celsius will receive valid, perfected replacement liens on the Debtors' assets, including pre-petition collateral and its proceeds, subject only to prior senior liens on the pre-petition collateral. The replacement liens do not apply to any Chapter 5 claims or causes of action. Celsius is also entitled to a superpriority administrative claim. The court scheduled a final hearing for April 16. The order is available at https://shorturl.at/CoAKt from PacerMonitor.com. About Reliz Technology Group Holdings Inc. Reliz Technology Group Holdings Inc. together with affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operates the BlockFills digital-asset trading and liquidity platform, offering institutional clients spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017, the group aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. Headquartered in Chicago, Illinois, it also maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. In the petition signed by Joseph Perry, interim chief executive officer, Reliz disclosed assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. Judge Thomas M Horan oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel; Berkeley Research Group, LLC as financial advisor; and Verita Global, LLC as claims agent. =============== C O L O M B I A =============== COLOMBIA: Ecuador Raises Tariffs to 100% as Tensions Escalate ------------------------------------------------------------- Reuters reports that Ecuador's government said it was raising tariffs on imports from its larger neighbor Colombia to 100% from a prior level of 50%, citing Colombia's alleged failure to implement border security measures. "After confirming Colombia's failure to implement concrete and effective border security ‌measures, Ecuador is compelled to take sovereign action," the government said in a statement, the report relays. Ecuador said the tariffs would take effect from May 1. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Revenue Rises in March Despite Global Tensions ------------------------------------------------------------------ Dominican Today reports that the General Directorate of Customs reported an increase of RD$1,328.30 million in revenue for March 2026 compared to the same month last year, reaching a total of RD$23,235.32 million. The figure exceeded the March 2025 collection and surpassed the monthly target by 101.35%, generating a surplus of RD$310.63 million despite global trade challenges linked to geopolitical tensions, according to Dominican Today. Record First Quarter From January to March 2026, customs revenues totaled RD$62,870.54 million, marking the highest first-quarter collection in the institution’s history and an increase of RD$1,323.84 million year-on-year, the report relays. Daily collections remained above RD$1,065 million, reflecting consistent performance and fiscal stability, the report discloses. Trade activity also showed growth, with 29,785 imported containers recorded in March, up 15.06% compared to the previous year, the report relays. For the first quarter, imports reached 74,661 containers, a 2.04% increase, highlighting sustained commercial activity and domestic demand, the report notes. Authorities credited the results to measures implemented under director Nelson Arroyo, focused on strengthening fiscal balance, the report discloses. The performance comes amid the impact of international conflicts on global trade, underscoring the resilience of the Dominican economy, 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. ============= J A M A I C A ============= JAMAICA: CDB OKs Additional US$12MM to Support SPAD Project ----------------------------------------------------------- RJR News reports that the Caribbean Development Bank (CDB) has approved an additional U$12 million in financing to help Jamaica complete a major agricultural project aimed at boosting food security and climate resilience. The funding will support the government's Southern Plains Agricultural Development Project, known as SPAD, which is designed to transform vulnerable farmland into modern, productive agricultural hubs, according to RJR News. The concessional loan comes from the Bank's Special Development Fund and will cover cost overruns caused by global supply chain disruptions following the COVID-19 pandemic and the war in Ukraine, as well as damage from extreme weather events, the report notes. Director of Projects at the CDB, L. O'Reilly Lewis, says the additional financing is critical to protecting the progress already made under the project, the report discloses. He notes that completing SPAD will strengthen Jamaica's food security, support rural livelihoods, and ensure long-term benefits from climate-resilient infrastructure, the report says. The US$12 million will fund the final phase of irrigation works at Amity Hall, along with the construction of produce handling and packhouse facilities in St. Catherine and Clarendon, the report notes. It will also support farmer training, climate-smart irrigation systems, and long-term maintenance of the project, the report relays. The project is now expected to be completed by 2028, the report discloses. 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: Locals Told to Conserve Resources Amid Shortages --------------------------------------------------------- RJR News reports that Communications Specialist at the Consumer Affairs Commission, Dorothy Campbell, is urging Jamaicans to conserve essential resources amid expected shortages linked to the ongoing conflict involving the United States, Israel and Iran. Speaking in an interview on Radio Jamaica's Real Business, Ms. Campbell advised consumers to cut back on the use of energy, food, water and medication as global supply disruptions begin to take effect, according to RJR News. She also encouraged strategies such as carpooling, bulk buying and shopping at farmers' markets to help stretch shrinking disposable incomes, already under pressure from the crisis and the impact of Hurricane Melissa, the report notes. In addition, Ms. Campbell urged individuals with personal, mortgage and business loans to engage their financial institutions in seeking lower interest rates, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== AMBASSADOR VETERANS: Plan Exclusivity Period Extended to July 8 --------------------------------------------------------------- Judge Maria De Los Angeles Gonzalez of the U.S. Bankruptcy Court for the District of Puerto Rico extended Ambassador Veterans Services of Puerto Rico LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 8 and August 6, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that applying First Circuit factors to the present case clearly demonstrates cause for the requested extension. The first factor, case complexity, continues to be satisfied given that this case involves the operation of a specialized veteran care facility under a government contract, requiring coordination with multiple governmental stakeholders, including the Department of Justice and the OPV, while ensuring uninterrupted care for vulnerable veteran residents. The case further involves two pending state court actions that remain unresolved and which bear directly on the Debtor's ability to formulate a confirmable plan. The second factor, likelihood of a consensual plan, is compelling. The Parties have jointly agreed to submit to Court-supervised mediation, having determined after months of good faith negotiations that a structured mediation forum offers the most efficient path toward resolution. The Joint Motion for Entry of a Mediation Order filed on March 9, 2026 reflects the Parties' shared commitment to achieving a consensual resolution. A successful mediation outcome will be essential for the preparation of a confirmable plan of reorganization that serves the interests of the veteran residents, the bankruptcy estate, and all creditors. The third factor, ensuring the debtor is not holding creditors hostage, is also satisfied. The Debtor's request for this extension is not a delay tactic but a necessary and reasonable measure to preserve the integrity of the mediation process. The Debtor has demonstrated measurable progress throughout this proceeding through full compliance with Court Orders, U.S. Trustee requirements, and all disclosure obligations. Ambassador Veterans Services of Puerto Rico LLC is represented by: Javier Villarino, Esq. Villarino & Associates LLC P.O. Box 9022515 San Juan, PR 00902 Tel: (787) 565-9894 Email: jvillarino@vilarinolaw.com About Ambassador Veterans Services of Puerto Rico LLC Ambassador Veterans Services of Puerto Rico LLC operates a nursing and intermediate care facility for veterans in Juana Diaz, Puerto Rico. The Company provides residential healthcare services to eligible veterans at its location in Barrio Amuelas. Ambassador Veterans Services of Puerto Rico LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-02690) on June 13, 2025. In its petition, the Debtor reports total assets of $2,567,403 and total liabilities of $4,068,135. The Debtors are represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES LLC. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or 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 * * *