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260416.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 Thursday, April 16, 2026, Vol. 27, No. 76 Headlines A R G E N T I N A ARGENTINA: Argentines Plunge Into Debt for Bills, Cars, Parties ARGENTINA: Milei Asks for Patience as Growth Slows, Approval Falls B R A Z I L BRAZIL: IDB OKs First Guarantee for Health Care in Mato Grosso BRAZIL: Services Sector Hits Record in Feb but Misses Consensus D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Economists Warn of Risks from Hormuz Crisis H O N D U R A S INVERSIONES ATLANTIDA: Fitch Alters Rating Watch on CCC IDR to Pos. J A M A I C A JAMAICA: JTA Unhappy About Slow Pace of Compensation Talks P U E R T O R I C O PALMAS ATHLETIC: Court OKs Deal on Cash Collateral Access PALMAS ATHLETIC: Court Says $128,000 HOA Claim is Unsecured T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Challenges Process of CARICOM SG Reappointment - - - - - ================= A R G E N T I N A ================= ARGENTINA: Argentines Plunge Into Debt for Bills, Cars, Parties --------------------------------------------------------------- Manuela Tobias, writing for Bloomberg News, reports that President Javier Milei's early policies had opened up access to credit for millions of Argentines. Annual inflation that had peaked near 300 percent had slowed sharply, and the country's economy was growing anew. Bloomberg News says Argentines' improved access to credit was a notable shift in a nation where it has long been scarce, even if the amount available still lags far behind the rest of Latin America. But a new problem has emerged in the wake of a sharp rise in interest rates, slowing economic growth and rising unemployment at the end of last year: the growing number of borrowers struggling to repay debts. Delinquency rates on non-bank personal loans -- from digital wallets to retail cards -- climbed to 24 percent in January, according to Central Bank data analysed by Buenos Aires-based firm EcoGo, notes the report. At the same time, 10.6 percent of households are at least 90 days behind on bank loans, the highest since the Central Bank began keeping records in 2010 and even above levels in neighbouring Brazil, where credit is abundant. Personal debt now amounts to roughly one-and-a-half times Argentines' incomes, according to estimates from Sebastian Menescaldi, director at EcoGo, the report relates. The trend outlines a sharp contrast between dire personal finances for a growing number of Argentines against a big-picture backdrop marked by two years of economic growth, lower inflation and a hard-earned fiscal surplus, says the report. It also explains in part why Milei's approval rating fell to 36 percent last month, the lowest level of his Presidency. Credit access for consumers and businesses alike has ranked as another of Milei's accomplishments, notes Bloomberg News. Even while remaining relatively meagre compared to regional peers, it's doubled to 13.6 percent as a share of gross domestic product since he took office in late 2023, according to Central Bank data. But rising interest rates across all types of loans last year caught many consumers flat-footed, relates the report. For years, high inflation made interest-free payment installments a common strategy to maintain consumer buying power by letting price increases wipe out the value of debt. But that cushion has disappeared as inflation has slowed, the report says. Workers on private sector payrolls, meanwhile, still haven't seen salaries return to pre-Milei levels in inflation-adjusted terms, while public sector payrolls are 20 percentage points behind, according to Bloomberg. Even before interest rates shot up, fixed costs like utility bills had more than quintupled since Milei took office, eating up discretionary income, recounts the report. Cuts to subsidies and deregulation of rents, transport and utilities have pushed those expenses to about 22 percent of household budgets, up from 15 percent, according to consulting firm Empiria. And before spending on anything else, about a quarter of income is already going to debt payments. That's in part a result of the uneven growth that has taken place under Milei, the report relays. Agriculture, mining and financial services, which employ about eight percent of Argentina's workforce, boomed 17 percent in the final quarter of 2025. But the more labour-intensive manufacturing, tourism, trade and construction sectors that account for about half of all formal jobs shrank by three percent, according to Barclays research. Government figures show companies have cut 200,000 formal salaried jobs, or about three percent of the total, since Milei took office. Inflation hasn't slowed since last May, and the war in Iran is only driving up future estimates, adds the report. 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. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility assessment is unchanged. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Milei Asks for Patience as Growth Slows, Approval Falls ------------------------------------------------------------------ Manuela Tobias at Bloomberg News reports that President Javier Milei asked Argentines to be patient with the country's economic turnaround, employing a rare tone of humility amid declining poll numbers and a worsening outlook for blue-collar industries. In a lengthy X post, the libertarian lashed out at the media for exaggerating the economy's problems and his top political rivals, or "irresponsible psychopaths," for trying to destabilise markets ahead of last year’s midterm elections, according to Bloomberg News. But Milei also reiterated a request he made in his inauguration speech over two years ago, Bloomberg News notes. "We know that the last months were hard," Milei said, Bloomberg News relays. "That's why we're asking for patience. This is the right path. Changing it would be to blow up what’s been achieved." Bloomberg News discloses that Milei admitted that the market volatility before the October midterms had lasting effects of "higher interest rates, less economic activity and more inflation." His post came out an hour after the national statistics agency reported that industrial production had dropped 8.7 percent from a year ago in February and construction had also declined, albeit by less than one percent, Bloomberg News notes. Both sectors have posted significant job losses since Milei took office and make up a major portion of the private sector workforce, Bloomberg News discloses. To be sure, Milei has notched some victories in recent days, Bloomberg News says. Poverty fell to 28 percent in the second half of last year, the lowest level since 2018 and nearly half the level from the start of Milei's government, Bloomberg News relays. Yet as unemployment has risen, inflation came in higher than expected at 2.9 percent in February and Economy Minister Luis Caputo recently warned it would accelerate again in March on higher oil prices stemming from the war in Iran, Bloomberg News notes. Milei's approval rating fell to 36.4 percent in March, the lowest since he took office, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News. While the economy grew in 2025, growth has slowed, and workers on formal payrolls still haven’t seen salaries return to pre-Milei levels in inflation-adjusted terms, Bloomberg News relays. Overall, the libertarian insisted Argentina is better off today even if he knows everyone doesn't feel that way, Bloomberg News notes. "Argentina is a lot, A LOT, better than in 2023," Milei said, referring to when he took office, the report says. "Does this mean that everyone is better off? No. And it would be intellectually dishonest to affirm that. The processes of improvement don't move at the same speed for everyone: Statistics reflect averages, and we know that there’s people living the extremes of the distribution," Bloomberg News 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. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility assessment is unchanged. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. 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 =========== BRAZIL: IDB OKs First Guarantee for Health Care in Mato Grosso -------------------------------------------------------------- The Board of Executive Directors of the Inter‑American Development Bank (IDB) approved the first guarantee aimed at expanding health services in Brazil, in the state of Mato Grosso do Sul, for an $80 million project under a public-private partnership (PPP). This innovative financial instrument will support the PPP contract signed after a successful tender for the management of non-clinical support services at the Regional Hospital, the state’s main hospital. Care will remain 100% public and free of charge. Under the tender, the winning private operator committed to modernizing the hospital infrastructure through the construction of new blocks and a 60% expansion in capacity, offering 577 beds and reaching 42,000 consultations per year. In addition, the number of hospitalizations will increase by 97%, reaching 2,760 patients per month. Approximately 1.5 million people will benefit within the hospital’s area of influence. In this context, the guarantee offered by the IDB provides security for private investment, improves the project’s economic viability, and increases efficiency in the allocation of state resources. The operation seeks to address the growing pressure on Brazil’s health system generated by low fertility rates and increasing life expectancy, which have driven rapid population aging and a greater burden of non-communicable chronic diseases. The operation will also promote the incorporation of private-sector investment and specialized knowledge for the provision of public health services aimed at low-income populations. The $80 million guarantee has a 20-year term, a 25-year amortization period, and an interest rate based on SOFR. The operation will now be submitted to the procedures established under Brazilian law prior to its signing and implementation. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. BRAZIL: Services Sector Hits Record in Feb but Misses Consensus --------------------------------------------------------------- Iolanda Fonseca at Rio Times Online reports that Brazil's services sector grew 0.1% in February 2026 compared to January, according to the Monthly Survey of Services (PMS) released by the IBGE. According to The Rio Times, the result missed the Reuters consensus forecast of 0.5% by a wide margin and represents a sharp loss of momentum from January's 0.3% expansion. Despite the miss, the sector reached a new record high in the IBGE's historical series, matching the previous peak set in November 2025 and sitting roughly 20% above pre-pandemic levels, notes the report. The year-on-year comparison was equally disappointing, Rio Times says. Services volume rose just 0.5% against February 2025, far below the 1.7% consensus and a dramatic deceleration from January's 3.3% annual pace, the report notes. The 12-month trailing growth rate slowed to 2.7%, down from 3.0% in January, extending a gradual loss of dynamism that has been building since late 2025, the report relays. IT Carries the Brazil Services Sector While Tourism Slides Three of the five activity groups posted gains in February, the report discloses. Information and communication services led with a 1.1% expansion, accumulating a 5% gain over the past three months, driven primarily by IT services. IBGE analyst Luiz Carlos de Almeida Junior noted that the sector's dominance "has been consolidating since the post-pandemic period, influencing the pace of the services sector as a whole," the report relays. Transportation rose 0.6%, lifted by road freight, while services rendered to families advanced 1.4% -- the strongest reading since March 2025, the report discloses. On the negative side, professional, administrative, and complementary services fell 0.3% for the third consecutive month, and the "other services" category declined 0.4%, the report relays. Tourism was the clearest casualty, the report relates. The tourism activity index dropped 0.9% in February, its third straight contraction, and now operates 2.0% below its all-time high from December 2024, the report notes. The slide suggests that tightening financial conditions are beginning to compress discretionary spending even as headline employment remains positive, the report says. The Selic Bite and the Road Ahead Andre Valerio, senior economist at Banco Inter, said he expects fuel price increases to erode household real income in the months ahead, and that the cumulative weight of monetary tightening will continue to slow the sector, the report notes. He forecasts 2% services growth for full-year 2026 -- a meaningful deceleration from the 2.8% recorded in 2025, the report discloses. The Central Bank cut the Selic by 25 basis points to 14.75% on March 18, but signaled caution amid the ongoing uncertainty from the Iran energy shock and its impact on global oil prices, the report says. The next Copom meeting on April 28–29 will weigh data like this PMS print—which argues for faster easing—against rising inflation expectations that argue for patience, the report relays. Regional Divergence Adds to the Picture Thirteen of 27 states posted growth in February, the report discloses. Rio de Janeiro led the positive contributions with a 1.0% gain, supported by audiovisual, legal, and publishing services, the report says. Sao Paulo, however, was the largest drag, falling 0.4% on weakness in temporary staffing, air transport, and IT -- a notable reversal for a state that led the January expansion with a 1.6% jump, the report notes. The data confirms a pattern that has been forming across multiple indicators: Brazil’s economy is not contracting, but it is losing speed. The services sector -- which accounts for roughly 70% of GDP—is coasting on structural tailwinds from digitalization and logistics, even as interest-rate-sensitive segments like tourism, professional services, and discretionary consumer spending visibly soften, the report relates. For the Copom, the February PMS is another piece of evidence that monetary policy transmission is working, but not yet fast enough to justify a pause in the easing cycle, the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Economists Warn of Risks from Hormuz Crisis --------------------------------------------------------------- Dominican Today reports that growing geopolitical tensions in the Strait of Hormuz, one of the world's main energy corridors, could have significant impacts on the Dominican Republic's economy, due to rising oil prices, increased logistics costs, and inflationary pressures, according to an analysis prepared by the Economics and Business Area of the Technological Institute of Santo Domingo (INTEC). The report warns that this strait, through which nearly a quarter of the world's traded oil passes, has become a critical point for international economic stability, according to Dominican Today. Hence, any disruption, or even the perception of risk, has immediate effects on energy prices and market expectations, Dominican Today notes. Direct Impact on the Dominican Economy The document points out that, for the Dominican economy, which is highly dependent on energy imports, the impact of these external events is transmitted relatively quickly through multiple channels, Dominican Today relays. The increase in fuel prices directly puts pressure on inflation, while the rise in maritime transport costs increases the price of imported goods, Dominican Today notes. This is compounded by a possible tightening of international financial conditions and a slowdown in the global economy, with effects on key sectors such as tourism and remittances, Dominican Today relates. The document indicates that, in quantitative terms, a $10 increase in the international price of oil could generate inflation increases of between 0.4% and 0.7%, as well as a deterioration in the current account and a slowdown in economic growth of up to 0.3 percentage points, Dominican Today discloses. These effects reflect the simultaneous interaction between the increased energy bill, higher logistics costs, and the indirect impact on external financing conditions, Dominican Today says. The analysis also highlights that the Dominican State would face increased fiscal pressures due to higher electricity subsidies, in a context where tariff stability is crucial to mitigating the social impact of rising energy costs, Dominican Today notes. This situation could strain public finances and necessitate adjustments to economic policy, Dominican Today says. At the international level, the study identifies different scenarios for the evolution of the crisis, ranging from a gradual stabilization with transitory effects to a scenario of global energy fragmentation characterized by high price volatility and structural disruptions in trade, Dominican Today relays. This latter scenario would represent the greatest risk for small, open economies like the Dominican Republic, not only because of oil prices but also because of the persistence of their instability, Dominican Today notes. Opportunities for the Dominican Republic During Crisis However, the report also underscores that this context presents strategic opportunities for the country, especially in areas such as the development of renewable energy, strengthening its position as a regional logistics platform, and attracting investments linked to production relocation processes across the hemisphere, the report relays. The analysis document prepared by the Economics and Business Area of INTEC argues that energy volatility will consolidate as one of the main determinants of Dominican macroeconomic stability in the coming years, the report says. It therefore emphasizes the need to strengthen strategic planning, diversify the energy matrix, and improve the institutional capacity to anticipate and manage external shocks in an increasingly uncertain global environment, the report notes. With this analysis, INTEC makes an academic contribution in response to President Luis Abinader's call to seek consensus that leads to a great national agreement to face the current global crisis, the report discloses. In that regard, the Dean of the Economics and Business Area, Manuel Santana, as well as the coordinator of the Economics program, Vladimir Pimentel, indicated that INTEC's doors are open to be the stage for debate among the various national productive, political, and social sectors, culminating in an action plan to address the crisis with the least possible impact, 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. =============== H O N D U R A S =============== INVERSIONES ATLANTIDA: Fitch Alters Rating Watch on CCC IDR to Pos. ------------------------------------------------------------------- Fitch Ratings has revised the Rating Watch on Inversiones Atlantida, S.A.'s (Invatlan) 'CCC' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) and 'C' Short-Term Foreign and Local Currency IDRs to Positive (RWP) from Rating Watch Negative (RWN). The resolution of the RWN reflects lower immediate liquidity and execution risks after Invatlan repaid USD300 million ahead of its May 2026 due date. The company formalized the early redemption on Feb. 25, 2026, and completed it on March 30, 2026. The RWP reflects lower near-term refinancing risk and improvement in Invatlan's debt maturity profile. Recently implemented strategies supported this change, including capital injections, a debt exchange and additional bank credit lines. The agency considers these developments could have positive effects on the ratings amid the company continues with its Honduran and global growth strategy, while improves its liquidity management. The RWP may take more than six months to be resolved. Key Rating Drivers Near-Term Risks: Invatlan mitigated its most immediate liquidity risk by executing several strategies to cover the remaining USD102.2 million originally due in May 2026. It secured a credit facility with a Honduran bank and upstreamed dividends from its non-bank operating subsidiaries, protecting and assuring business performance of its bank subsidiaries, especially Banco Atlantida, S.A. (Atlantida) in Honduras, rated at 'B+/Outlook Stable'. However, the ratings remain constrained by limited liquidity buffers and evolving liquidity plans with high reliance on dividend flows, capital injections or new funding lines to meet its obligations. Ongoing Monitoring of Liquidity Plans: The recent refinancing strategy extended nearly 78% of Invatlan's debt maturities to 2030 and 2031, reducing immediate refinancing pressure. Fitch expects results and performance at its main operating subsidiaries, excluding its banking operations, to remain an important source of cash flow for Invatlan over the next years. Fitch will continue to closely assess Invatlan's liquidity management, especially in light of the company's high growth strategy in recent years. Fitch will also monitor potential funding mismatches, use of funds and the effect of higher funding costs after the recent refinancing transactions. Holding-Company Risks Drive Rating: Invatlan's ratings are anchored by the credit profile of its main subsidiary, Atlantida. Despite Atlantida's good performance, recent events at Invatlan and its limited liquidity management mainly drive the rating trajectory. Fitch's notching also reflects Invatlan's persistently high double leverage, above 120% Fitch's threshold, although recent capital injections have reduced it to around that level as of March 2026 from historical levels above 150%. Fitch will assess whether this improvement is sustained over a longer period. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Invatlan develops new liquidity gaps or is unable to service upcoming debt maturities. - Deterioration of Atlantida's credit profile or regulatory ratios. - Invatlan executes large-scale acquisitions that materially weaken its liquidity profile or increase leverage. - Governance standards deteriorate further or the company is unable to provide Fitch with timely financial information. - Dividend transfers from Invatlan's main subsidiaries decline significantly and weaken its liquidity profile and debt-servicing capacity, or double leverage rises above 200% on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Invatlan demonstrates the ability to service its obligations from sustainable, recurring sources and maintains a manageable maturity profile with less reliance on related-party funding. - Governance practices and information transparency improve meaningfully. - Fitch could upgrade the Long-Term IDRs by one notch if the company's double-leverage ratio decreases below 120% on a sustained basis. Public Ratings with Credit Linkage to other ratings Invatlan's IDRs are linked to Atlantida's IDRs. ESG Considerations Invatlan has an ESG Relevance Score of '4' for Management Strategy due to risks associated with the company's ability to execute its strategy to pay its senior debt. These execution risks have a negative impact on the credit profile and are relevant to the ratings in conjunction with other factors. Invatlan has an ESG Relevance Score of '4' for Financial Transparency due to lagging or missing information disclosure. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Inversiones Atlantida S.A. LT IDR CCC Rating Watch Revision CCC ST IDR C Rating Watch Revision C LC LT IDR CCC Rating Watch Revision CCC LC ST IDR C Rating Watch Revision C ============= J A M A I C A ============= JAMAICA: JTA Unhappy About Slow Pace of Compensation Talks ---------------------------------------------------------- RJR News reports that the Jamaica Teachers Association [JTA] is expressing frustration with the slow pace of wage negotiations with the Ministry of Finance. JTA President Mark Malabver confirmed that he remained unhappy that there there had not been any significant change to the offer made by the government, according to RJR News. He said teachers were becoming more agitated that there has been no positive response to the claims submitted to the government, "and there's going to come a point in time where they will no longer exercise restraint," noting that it is now approaching five months since the JTA submitted its claims to the Ministry of Finance, the report notes. Furthermore, he stressed, public school teachers have now gone more than a year without a contract, "bearing in mind that, in a three-year contract that is being proposed, by some time in the new academic year, we would start the process of putting together a new list of claims to submit to the government, and yet we are nowhere near wrapping up this one," the report relays. Mr. Malabver, speaking on the JTA'S Teachers Time program, aired on Radio Jamaica, declared that the government must prioritise wage negotiations with the teachers, the report discloses. Teaching Council JTA President also continues to have misgivings about the Jamaica Teaching Council bill, the report says. He said there are concerns about the composition of the Jamaica Teaching Council Board, the costs for licensing, the fines and the cost of those fines, among other things, including the grievance procedure as it is outlined in the JTC Bill, the report relays. The report adds that he said the JTA had had consultations with the Ministry of Education on these concerns "and we are formalising our response in writing." 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 ===================== PALMAS ATHLETIC: Court OKs Deal on Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico approved an agreement between Palmas Athletic Club Corp. and UBS Trust Company of Puerto Rico regarding the use of cash collateral. On August 18, 2025, the Debtor and UBS Trust jointly filed a motion and stipulation for the use of cash collateral and adequate protection, which the court approved on August 25, 2025. Subsequent extensions were approved: the first on October 29, 2025, extending through January 1, with monthly adequate protection payments of $80,000, and the second on December 22, 2025, extending through March 31, maintaining the same payment terms. Now, the Debtor and bond trustee received an additional extension of the stipulation until May 31, with the monthly adequate protection payments remaining at $80,000 and all other terms unchanged. Both parties continue to reserve all rights, claims, objections, or defenses under the Stipulation, and the bond trustee explicitly reserves remedies related to any defaults by the Debtor. A copy of the stipulation is available at https://urlcurt.com/u?l=haCEKw from PacerMonitor.com. About Palmas Athletic Club Corp. Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Palmas Athletic Club Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03489) on Aug. 4, 2025. In its petition, the Debtor reports total assets of$16,793,944 and total liabilities of $36,514,983. The Debtor tapped Charles A. Cuprill Hernandez, at Charles A. Cuprill, PSC, Law Offices, as counsel; and CPA Luis R. Carrasquillo & Co., PSC, as financial consultant. UBS Trust Company of Puerto Rico, as Bond Trustee, is represented by Marini Pietrantoni Muniz LLC. PALMAS ATHLETIC: Court Says $128,000 HOA Claim is Unsecured ----------------------------------------------------------- Judge Maria de los Angeles Gonzalez of the U.S. Bankruptcy Court for the District of Puerto Rico sustained Palmas Athletic Club Corp.'s objection to claim number 9 filed by Palmas del Mar Homeowners Association, Inc. The HOA's claim is allowed as a general unsecured claim. Debtor owns and operates golf course and resort facilities within the Palmas del Mar development, located in Humacao, Puerto Rico. On Aug. 21, 2025, UBS Trust Company of Puerto Rico filed a secured claim in the amount of $46,447,882.22. UBS's claim is secured by a first-priority mortgage lien recorded in the Puerto Rico Property Registry pursuant to Deed No. 35 of Deed of Constitution of Mortgage executed on Oct. 22, 2010. This mortgage is secured in the principal amount of $33,371,862.87 with three properties in Humacao: property 26,118 secures $28,448,145.40, property 26,391 secures $4,376,637.75, and property 26,472 secures $547,079.72. On Sept. 6, 2025, the HOA filed a secured claim in the amount of $152,230.00, which has since been reduced to $128,735.59, for annual homeowners' association assessments for the years 2024 and 2025. On Sept. 15, 2025, Debtor filed its objection to the HOA's claim number 9. Debtor argues that the HOA's claim is not secured because the covenants and bylaws do not grant it a secured status. Debtor also contends that it does not owe money to the HOA due to a Memorandum of Understanding between the parties, in which they agreed to provide each other services and considerations resulting in an offset of any homeowner's associations dues that could be owed by Debtor. Under Debtor's financial analysis of payments made under the MOU, the HOA owes Debtor $446,365.45. On Oct. 8, 2025, the HOA opposed Debtor's objection to its claim. The HOA asserts that the MOU was terminated in 2024 and, as a result, the Debtor remains liable for assessment fees for 2024 and 2025. The HOA further contends that under its financial analysis of the MOU, Debtor's liability ranges from $102,393.30, under the most favorable scenario to the Debtor, to $326,184.20. The HOA argues that it is an undisputed matter of public record that its annual assessments constitute a charge and continuing lien on Debtor's property, and thus are not "silent liens," but rather perfected encumbrances of a secured nature. Accordingly, the HOA maintains that the assessments for tax years 2024 and 2025 are secured claims. The HOA asserts that the deeds establishing the liens in its favor to secure the payment of annual assessments were duly recorded and made effective against third parties well before the liens granted in favor of UBS in 2010 and therefore enjoy priority over such subsequent encumbrances. UBS points out that the mere fact that the HOA's covenants are recorded does not transform an unrecorded assessment claim into a perfected lien. UBS contends that while the covenants may establish an obligation to pay assessments; they do not, by themselves, perfect a lien for any specific amount. The HOA asserts that its secured claim is not based on a silent lien, but a public lien created under the Deed of Restrictive Covenants, and not the Puerto Rico Horizontal Property Law. The HOA asserts that its claim for unpaid annual property assessments totaling $128,735.59 is secured and enjoys priority over any subsequent mortgage liens. According to the HOA, its lien arises from the 1972 Deed of Restrictive Covenants, as amended by the 1997 Deed of Restrictive Covenants, and further amended by the 2019 Deed of Restrictive Covenants, which was duly recorded in the Property Registry prior to the recordation of UBS's mortgage lien. Therefore, the HOA contends UBS's secured claim in the amount of at least $9,100,000 must be reduced by $128,735.59. Debtor and UBS challenge the HOA's claim. They argue that the HOA failed to perfect any lien through registration in the Property Registry as required by Puerto Rico law, rendering its claim unsecured. They contend that, even assuming the existence of a perfected lien, the same would be wholly unsecured under 11 U.S.C. Sec. 506(a) as the senior mortgage lien exceeds the property's appraised value of $9,100,000. Judge Gonzalez holds, "The mere recordation of the Deed of Restrictive Covenants here does not convert an unspecified, fluctuating obligation into a perfected lien. At most, the covenants create a personal obligation to pay assessments; they do not establish a secured claim enforceable against the property with priority over duly recorded liens. Accordingly, claim number 9 filed by the HOA is allowed as a general unsecured claim in the amount of $128,735.59." A copy of the Court's Opinion and Order dated April 1, 2026, is available at https://urlcurt.com/u?l=7hz2GR About Palmas Athletic Club Corp. Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Palmas Athletic Club Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03489) on Aug. 4, 2025. In its petition, the Debtor reports total assets of$16,793,944 and total liabilities of $36,514,983. The Debtor tapped Charles A. Cuprill Hernandez, at Charles A. Cuprill, PSC, Law Offices, as counsel; and CPA Luis R. Carrasquillo & Co., PSC, as financial consultant. UBS Trust Company of Puerto Rico, as Bond Trustee, is represented by Marini Pietrantoni Muniz LLC. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Challenges Process of CARICOM SG Reappointment ----------------------------------------------------------------- RJR News reports that Trinidad and Tobago is now pushing for a special meeting of CARICOM Heads of Government to challenge the reappointment of Dr. Carla Barnett as Secretary General. Trinidad and Tobago claims it was secretly excluded from the decision-making process, alleging that the reappointment occurred without being on the official agenda and without an invitation for T&T to participate in the deliberations, according to RJR News. Prime Minister Kamla Persad-Bissessar has declared that she will be "ruthlessly" pursuing the matter, the report notes. The twin island's Foreign and CARICOM Affairs Minister said the government has no issue with Dr. Carla Barnett personally, but rather with the procedure that was followed for her reappointment, the report says. T&T is expected to formally request a meeting of CARICOM's Community Council, the body comprising all Foreign Ministers across the region as a first step in the process, the report adds. ********* 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. 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