260505.mbx

260505.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 Tuesday, May 5, 2026, Vol. 27, No. 89 Headlines A R G E N T I N A ARGENTINA: Bond Investors Increasingly Fear Day After Milei ARGENTINA: Milei's Glacier Law Reform Push Hits First Legal Hurdle B R A Z I L NEW FORTRESS: Secures $5MM Senior Secured Brazil Bridge Facility OCEANICA LUX: Fitch Assigns 'B-' Rating to Sr. Secured Notes RELIZ TECHNOLOGY: Cash Collateral Hearing Set for April 29 C O L O M B I A SIERRACOL ENERGY: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable J A M A I C A CARIBBEAN CEMENT: Reports Drop in Production for 2025 JAMAICA: Bank of Jamaica Begins Search for New Governor JAMAICA: BOJ Offer of $35BB in Certs of Deposit Gets Full Uptake JAMAICA: JBDC Says Firms Struggle to Differentiate Products JAMAICA: JMEA Says More Price Increases Likely if War Persists X X X X X X X X LATAM: ECLAC Trims Region's Growth Outlook on Middle East Conflict - - - - - ================= A R G E N T I N A ================= ARGENTINA: Bond Investors Increasingly Fear Day After Milei ----------------------------------------------------------- Ignacio Olivera Doll at Bloomberg News report that concern is mounting once again in the bond market that Argentines are tiring of President Javier Milei and his radical economic reform agenda. Just six months after Milei's party won a surprising victory in midterm elections, worries over his future have been reignited by polls showing his approval rating at its lowest since he took office almost two-and-a-half years ago, according to Bloomberg News. Approval of the libertarian president fell to 35.5 percent in April, while disapproval climbed to 63 percent, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News. Those figures stood at 44 percent and 51.6 percent respectively at the start of the year, Bloomberg News relays. Sovereign local-law dollar notes due in October 2028 -- 12 months after Argentina’s next presidential election -- now yield 8.3 percent, a whopping 360 basis points more than similar bonds due in October 2027, Bloomberg News notes. The cost of insuring against default in Argentina shows a similar pattern, jumping the further beyond the next election they go, Bloomberg News says. For investors, the risk is a shift back to policies seen as less supportive of fiscal discipline, market access and private investment, Bloomberg News relates. "Electoral risk is evident across the curve, and the 2028 bond in particular is being dragged by that," said Alejo Costa, head of economics and strategy at Buenos Aires-based brokerage Max Capital, Bloomberg News notes. That risk has a name in local markets -- 'Kuka,' a mix of Kirchner, the surname of two former presidents, and the Spanish word for cockroach, 'cucaracha,' Bloomberg News notes. It refers to the interventionist and populist policies that shaped much of the past two decades, including tighter currency and capital controls, regulated prices, higher public spending and a more unpredictable policy framework, Bloomberg News discloses. "I believe the Kuka risk is zero," Economy Minister Luis Caputo told investors. "There is no danger of returning to the past," he added. But the market begs to differ, Bloomberg News says. The higher premium investors are demanding to remain exposed beyond Milei's current term is also visible in inflation-linked peso bonds, Bloomberg News relays. In that segment, the curve has steepened sharply this month, with inflation-linked bonds maturing in June 2028 climbing over the past 30 days from 5.5 percent to 7.9 percent, while the bonds maturing in June 2027, yield a negative real rate of 1.2 percent, Bloomberg News notes. "Polls that were somewhat worse for Milei started to come out on average, and the consensus began to shift in the direction that Milei's approval is deteriorating," Costa said, Bloomberg News discloses. The political and electoral factor isn't the only driver behind this risk, given that sovereign debt payments pile up between 2027 and 2033 and electoral uncertainty mounts in the US, which is part of the current support for Argentina's government and its bonds, Bloomberg News notes. Public support for Milei has been weakening in the first months of the year as large sectors of the economy, such as manufacturing, retail and construction, fail to track the rebound in exports from the recession in 2023 and 2024, Bloomberg News says. "People have started to focus on the election because they are worried that the economy is not growing," said Miguel Kiguel, director of local consulting firm Econviews and a former finance secretary, Bloomberg News relates. "Things may improve, but the key question is whether the pace of that improvement will be enough to change the public mood," he added. Argentina's month-on-month economic activity dropped 2.6 percent in February -- the last period for which figures are available -- its biggest decline in almost five years, Bloomberg News discloses. Inflation also remains stubbornly high, with consumer prices rising 32.6 percent in March from the year-earlier period, Bloomberg News notes. An index of voter confidence in the government compiled by Torcuato Di Tella University, meanwhile, fell for the fifth consecutive month in April, reaching 2.02 points on a scale of five, Bloomberg News says. "We know that the last months were hard," Milei said in a post on X at the beginning of April. "That's why we're asking for patience. This is the right path. Changing it would mean blowing up what’s been achieved." Credit default swaps indicate a five-percent risk of default over the next year, but that jumps to 22 percent for three years and to almost 60 percent for the next decade, according to figures calculated by Max Capital and Portfolio Personal Inversiones, Bloomberg News relays. "All of this is being driven to a large extent by the secondary effects of the economic transition," said Pedro Siaba Serrate, head of research and strategy at PPI, Bloomberg News says. "We are seeing a very uneven economy, with a strong story in primary-product exports, which has a positive impact at the federal level, and at the same time very little activity in sectors concentrated in Greater Buenos Aires, which are more labour-intensive," he added. 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's Glacier Law Reform Push Hits First Legal Hurdle ------------------------------------------------------------------ AFP News reports that a federal court in Argentina has suspended the application of President Javier Milei's controversial changes to the glacier protection law in Santa Cruz Province, dealing the reform push its first legal blow. The ruling halts Milei's new law, which allows provincial governments to redefine protected zones and open periglacial areas to potential mining and energy activity, pending further judicial review, according to AFP News. The injunction follows a collective lawsuit filed by Concejo Deliberante of El Calafate, a town located around 80 kilometres from the Perito Moreno glacier, a vast ice formation stretching 30 kilometres in length and rising some 70 metres high in Patagonia, the report notes. According to the ruling, reported by local media, the plaintiffs sought to declare the reform "unconstitutional, contrary to international agreements and null and void in absolute terms," the report discloses. The reform to the so-called "glacier law," approved by Congress on April 9 despite strong opposition from environmental activists, was promulgated by the Executive, the report notes. Environmental organisations warn that the measure will deepen the climate crisis, arguing that mining or oil exploration in periglacial areas could put water sources at risk, the report says. The court granted the precautionary measure, immediately suspending the effects of the law within its jurisdiction while the case is examined, citing the "risk" posed by its potential implementation, the report relays. "The possible enforcement of a regulatory framework that lowers environmental protection standards could enable activities impacting highly fragile ecosystems, such as glaciers and the periglacial environment, whose effects, if realised, could prove very difficult or impossible to reverse," the judge argued, the report discloses. Although the ruling applies only to Santa Cruz Province, it points to a wave of legal challenges likely to spread across the country, the report says. La Pampa's provincial government filed its own injunction in federal court as soon as the reform was passed on April 9. Legal and environmental groups have also brought a case before the Supreme Court, while Greenpeace is backing a class action, with further filings expected in at least six other provinces, the report notes. The legislation, formally enacted through Decree 271/2026 as Law No. 27,804, marks a significant shift in Argentina's environmental policy, the report relays. After a tense and closely fought debate in Congress, the government secured its passage in the Lower House by 137 votes to 111, relying on support from allied blocs to reach quorum and push the reform through, the report notes. At the heart of the overhaul is a profound change in the legal framework governing glacier protection, the report relays. The reform dismantles the centralised system in place since 2010, transferring authority to provincial governments to define the technical criteria determining which ice bodies and periglacial areas should be preserved, the report notes. This "provincialisation" of environmental oversight replaces a uniform national standard with locally defined thresholds, meaning areas that fail to meet new provincial criteria could lose their protected status and become open to economic activity, the report says. For environmental groups, the shift represents a historic setback, the report discloses. Critics argue that fragmenting technical standards opens the door to the revival of mining and extractive projects in zones previously safeguarded under the National Glacier Inventory, the report says. The dispute is now rapidly moving from Congress to the courts. Civil society organisations and grassroots assemblies are mobilising to join collective legal actions seeking to strike down the law, the report relays. Their central argument is that glaciers, as strategic freshwater reserves feeding river basins that span multiple provinces, cannot be managed in isolation by individual jurisdictions, the report notes. 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 =========== NEW FORTRESS: Secures $5MM Senior Secured Brazil Bridge Facility ---------------------------------------------------------------- New Fortress Energy Inc. disclosed in a regulatory filing that NFE Brazil Holdings Limited, an exempted company limited by shares incorporated under the laws of Bermuda and an indirect subsidiary of the Company, entered into a credit agreement with Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent, and the lenders party thereto. The Brazil Bridge Credit Agreement provides for a senior secured, multiple draw term loan facility of $50,000,000. The Brazil Bridge Term Loan Facility matures on the earliest to occur of: (a) the closing date of any refinancing of NFE Brazil Financing Limited's 15% senior secured notes due 2029, (b) the date on which the RSA is terminated with respect to the members of the PW/PWP AHG (as defined in the RSA), (c) the Restructuring Effective Date (as defined in the RSA), or (d) September 15, 2026 (the "Stated Maturity Date", unless the Long-Stop Date (as defined in the RSA) is extended to either December 14, 2026 or December 31, 2026, in each case pursuant to the terms of the RSA, in which case the Stated Maturity Date shall be December 14, 2026 or December 31, 2026, as applicable. The initial and subsequent funding of the Brazil Bridge Term Loan Facility is subject to certain customary conditions. The obligations under the Brazil Bridge Credit Agreement are secured by substantially all assets of NFE Brazil (including a pledge of the equity interests held by NFE Brazil in Hygo Energy Transition Ltd.). The Brazil Bridge Term Loan Facility bears interest at a rate of 10% paid-in-kind per annum, capitalized on the last business day of March, June, September and December of each year, commencing on the first such date to occur after the closing date of the Brazil Bridge Term Loan Facility. NFE Brazil may prepay the Brazil Bridge Term Loan Facility at its option without premium or penalty at any time subject to customary conditions. In addition, NFE Brazil will be required to prepay the Brazil Bridge Term Loan Facility upon the occurrence of certain events (subject to certain premiums as applicable and set forth in the Brazil Bridge Credit Agreement), including any change of control and the incurrence or issuance of indebtedness by NFE Brazil or any of its subsidiaries, subject to certain exceptions. The Brazil Bridge Credit Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants, in each case, subject to applicable materiality qualifiers, thresholds and exceptions as set forth in the Brazil Bridge Credit Agreement. The affirmative covenants include, among other things: * the delivery of financial statements and notices; * payment of taxes and other obligations; * preservation of existence; * compliance with applicable laws and regulations; * maintenance of properties and insurance; * maintenance of books and records; use of proceeds; * compliance with anti-corruption laws; * and further assurances for collateral. The negative covenants include, among other things: * limitations on restricted payments, dividends, and other payment restrictions affecting subsidiaries; * incurrence of indebtedness; * asset sales; * transactions with affiliates; * liens; * mergers, consolidations, or sales of all or substantially all assets; * amendments to organizational documents of NFE Brazil, in each case, adverse to the lenders; * accounting changes; * burdensome agreements that limit the ability of NFE Brazil to create or incur liens on its property to secure the obligations under the Brazil Bridge Term Loan Facility; * prepayments of other indebtedness for borrowed money of NFE Brazil (other than regularly scheduled principal and interest); and * amendments to any indebtedness for borrowed money of NFE Brazil or its subsidiaries in any manner materially adverse to the interests of the lenders. In addition, NFE Brazil is subject to further undertaking to conduct its business and operations separate and apart from that of any other person (except as specified in the Brazil Bridge Credit Agreement). The Brazil Bridge Credit Agreement includes usual and customary events of default, subject to grace periods, where applicable. These include, among other things: * non-payment of principal, interest, fees, or other amounts; * material breach of a representation or warranty; * covenant defaults; * cross-default with respect to other material debt; * material judgments; * bankruptcy or insolvency; * ERISA-related defaults; and * impairment of security. Amendment to Restructuring Support Agreement On April 14, 2026, the Company and certain of its subsidiaries entered into the Amendment to and Consent Under Restructuring Support Agreement, by and among the Company, certain of its subsidiaries, and certain of its lenders and noteholders, which amends the RSA. The RSA Amendment, among other things, obtains the Supporting Creditors' (as defined in the RSA) consent to NFE Brazil's: (i) entry into the Brazil Bridge Credit Agreement and the other documents entered into in connection therewith by NFE Brazil or any other member of the Group (as defined in the RSA), (ii) incurrence of indebtedness under the Brazil Bridge Credit Agreement, (iii) granting, creation or incurrence of liens on the Collateral (as defined in the Brazil Bridge Credit Agreement) to secure the obligations under the Brazil Bridge Credit Agreement, and (iv) use of proceeds of the Brazil Bridge Term Loan Facility for general corporate purposes and operational expenditures as further described in the Brazil Bridge Credit Agreement, including, but not limited to, the use of certain of the proceeds from the initial draw of the Brazil Bridge Term Loan Facility to repay part of the outstanding liquefied natural gas payables at CoreCo (as defined in the RSA). Amendment to Letter of Credit Facility Forbearance Agreement On April 14, 2026, the Company and certain of its subsidiaries entered into the Amendment to and Consent Under Forbearance Agreement, by and among the Company, certain of its subsidiaries as guarantors party thereto, the lenders party thereto, and Natixis, which amends the LCF Forbearance Agreement. The LCF Forbearance Amendment, among other things, obtains the Forbearing Lenders' (as defined in the LCF Forbearance Agreement) consent to NFE Brazil's: (i) entry into the Brazil Bridge Credit Agreement and the other documents entered into in connection therewith by NFE Brazil, (ii) incurrence of indebtedness under the Brazil Bridge Credit Agreement, (iii) granting, creation or incurrence of liens on any property or assets of NFE Brazil to secure the obligations under the Brazil Bridge Credit Agreement, and (iv) use of proceeds of the Brazil Bridge Term Loan Facility for general corporate purposes and operational expenditures as further described in the Brazil Bridge Credit Agreement, including, but not limited to, the use of certain of the proceeds from the initial draw of the Brazil Bridge Term Loan Facility to repay part of the outstanding liquefied natural gas payables at CoreCo (as defined in the RSA). About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. Philadelphia, Pennsylvania-based Ernst & Young LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 13, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered losses from operations, has experienced events of default under its debt agreements, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $10.6 billion in total assets, $10.2 billion in total liabilities, and $309.6 million in total stockholders' equity. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. OCEANICA LUX: Fitch Assigns 'B-' Rating to Sr. Secured Notes ------------------------------------------------------------ Fitch Ratings has assigned Oceanica Lux's proposed benchmark-size senior secured bonds, guaranteed by Oceanica Engenharia e Consultoria S.A. (Oceanica), a 'B-' rating with a Recovery Rating of 'RR4'. Proceeds will fund the tender of the existing 2029 senior secured notes. Fitch rates Oceanica's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) 'B-' with a Stable Outlook. The ratings reflect Oceanica's limited scale in a competitive sector, high client concentration, elevated total and net leverage averaging 3.9x and 3.3x through the rating horizon, and weak interest coverage averaging 1.8x. The ratings are supported by a sizable BRL8.6 billion backlog, providing revenue visibility over the next four years, and by a long-standing relationship with Petrobras. Oceanica would need to improve its operating cash flow generation on a sustainable basis to allow for deleveraging, improvement of interest coverage ratios, and maintenance of adequate liquidity. Key Rating Drivers Limited Global Scale: Oceanica operates at a smaller scale within the capital-intensive offshore infrastructure services sector, which features moderate barriers to entry. Despite a sizable BRL8.6 billion backlog that provides about four years of revenue visibility (Fitch assumes BRL2.0 billion executed per year), the company remains exposed to re-contracting risk. While Oceanica holds a strong position in Brazil, its fleet size and service breadth are at the lower end relative to larger, more diversified international peers. Client Concentration Mitigated: Oceanica mitigates Petrobras' 100% revenue concentration by structuring longer contract terms that average between 1,000-1,500 days, compared to a global average of 300-400 days. The longer terms result in the company's day rates lagging global price changes, but they are more resilient during downcycles. The company's revenue is highly concentrated in the volatile oil and gas (O&G) sector, with Petrobras accounting for over 90% of sales. Most current contracts were signed at high day rates, so a key risk for Oceanica is a potential oil bear market during the 2027-2028 re-contracting season. Recovering FCF: Fitch expects Oceanica to generate positive FCF through the rating horizon, supported by stronger EBITDA generation of BRL828 million in 2026 and BRL887 million in 2027, a substantial improvement from BRL504 million in 2025 and BRL189 million in 2024. EBITDA rose in 2025 as the company began operating several contracts at higher day rates after completing a longer-than-expected mobilization phase that pressured 2024 and the earlier months of 2025. Fitch estimates annual FCF will be negative BRL 71 million in 2026 and BRL 140 million in 2027, following annual capex of BRL350 million in 2026, mostly to upgrade vessels and start the remaining contracts. Gradual Deleveraging: Leverage decline is expected to continue, as a result of improved operating cash flow generation and stabilization in capex levels due to the completion of ship building activities. Fitch forecasts total and net leverage at approximately 4.4x and 3.8x in 2026, improving to about 3.9x and 3.4x in 2027, from 6.7x and 5.9x in 2024, as EBITDA growth outpaces incremental debt. The CFO minus capex to total debt ratio should remain modest at around 3.7% through the rating horizon, an improvement from -20% in 2025, as capex tapers toward maintenance levels. Brazilian Oil Market Improves: Fitch views Brazil's market for oil field services as comparatively stronger than many global markets. Multiple floating production, storage and offloading vessels are slated to come online in the next five years, and higher decommissioning activity will support demand for offshore services, and limited newbuilds of support vessels sustain day rates. Developments in the Equatorial Margin could add demand in 2027. Most of Oceanica's contracts are linked to Petrobras' opex rather than capex, reducing vulnerability to oil-price fluctuations. Peer Analysis Oceanica's ratings are commensurate with technology and engineering service provider Expleo Group (B-/Outlook Negative). Expleo is larger in scale and less leveraged than Oceanica but operates with substantially lower margins and is facing deteriorating credit metrics. Oceanica is several notches below Australian service provider Downer EDI Limited (BBB/Outlook Stable). Downer is even larger in scale, with stronger operating environment and conservative leverage that more than offsets its lower EBITDA margins. Fitch’s Key Rating-Case Assumptions - Number vessels: 18 in 2025 and 2026; - Average occupancy rate of 90% on average through the rating horizon; - Day rates as per contracts; - Investments of BRL350 million in 2026 and BRL250 million in 2027; - Dividends as of 2027 of near 25% of net profits. 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 (b, Moderate), Sector Characteristics (bb, Lower), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Lower), Financial Structure (b-, Moderate), and Financial Flexibility (b-, 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 'b-'. Recovery Analysis Recovery Analysis The recovery analysis assumes Oceanica would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. GC Approach Oceanica's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise value. The GC EBITDA assumption of BRL300 million represents the run-rate of midcycle day rates because of a stressed oil market at the moment of contract renewals. The approach considers all outstanding debt as senior secured. The choice of the 5.0x enterprise value (EV) multiple considered the historical bankruptcy case study exit multiples for peer in the diversified service companies have a wide range with a median of 6.0x, adapted to the Brazilian weaker operating environment. Liquidation Value Approach Fitch excluded this method because Brazilian bankruptcy law tends to favor the maintenance of a business to preserve direct and indirect jobs. In extreme cases where liquidation has been necessary, asset recovery has been very difficult for creditors. The allocation of value in the liability waterfall results in a recovery corresponding to 'RR3' for the senior secured notes of USD525 million. However, given that the assets are concentrated in Brazil (Group D, as per Fitch's criteria), the Recovery Rating is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Net leverage greater than 4.5x on a recurring basis; - EBITDA margins below 25% on a recurring basis; - EBITDA interest coverage ratio below 1.5x; - Weakening liquidity profile; - Perception of failure in renewing contracts and/or material reduction in day rates. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Significant increase in business scale; - Net leverage at 2.5x on a recurring basis; - EBITDA Interest coverage ratio above 2.5x; - Maintenance of adequate liquidity; - Positive FCF. Liquidity and Debt Structure Fitch expects Oceanica's liquidity to remain at adequate levels over the next three years. During 2025, the company materially improved its cash over short-term ratio from the weak 0.4x registered in 2Q25 to 1.4x at YE 2025, with the conclusion of the USD150 million bond re-tap at the end of September 2025. Oceanica ended 2025 with total debt of BRL3.4 billion, excluding net hedge adjustments, with the vast majority composed of the 2029 senior secured notes, and cash position of BRL 429 million. Successful issuance of the proposed senior secured notes will enhance 2026 and 2027 liquidity as the lack of amortization should increase cash available as does the increased flexibility added by the reduction of pledged receivables and the debt service coverage account. Compared to the existing 2029 notes, the current new issuance is expected to have added flexibility to leverage covenants (up to 3.5x from 2.5x), reduce amount of pledged account receivable (from 200% of facility to 100%), and to eliminate the DSRA. Narrow EBITDA generation in 2025 led to interest coverage ratio below 1x. Fitch projects this ratio will increase to 1.6x in 2026 as new signed contracts and the resolution of operational issues in 2024 and 2025 should generate stronger EBITDA going forward. Issuer Profile Oceanica is a leading provider of prevention, contingency and engineering services for offshore and subsea structures for Brazil's oil and gas industry. It operates 18 vessels, 55 ROVs, of which 13 are work class, with a BRL8.6 billion backlog. Date of Relevant Committee 26-Feb-2026 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 Oceanica is 60 out of 100. This reflects a VSp of 10 and a VSt of 60. Key transition risks include potential demand reductions driven by policies aimed at decreasing oil use in the global economy and, in the nearer term, regulations intended to limit greenhouse gas (GHG) emissions from oil and gas production. These transition risks are not considered to have a material impact on the rating, given the long time horizon over which they may unfold and the uncertainty around the scale and nature of changes, as well as how markets and companies may respond. 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 Recovery ----------- ------ -------- Oceanica Lux senior secured LT B- New Rating RR4 RELIZ TECHNOLOGY: Cash Collateral Hearing Set for April 29 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware is set to hold a hearing on April 29 to consider granting another extension to Reliz Technology Group Holdings, Inc. and its affiliates to use cash collateral. The Debtors' authority to use cash collateral under the court's April 17 third interim order expires on April 29, unless extended by a further 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 third interim order authorized the Debtors to use up to $9.5 million in cash collateral to support ongoing business operations and granted Celsius replacement liens on the Debtors' assets, including pre-petition collateral and its proceeds, subject only to prior senior liens on the pre-petition collateral. Celsius is also entitled to a superpriority administrative claim. The third interim order is available at https://shorturl.at/Vk4xW 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 =============== SIERRACOL ENERGY: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed SierraCol Energy Limited's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlook is Stable. Fitch also affirmed SierraCol Energy Andina, LLC's 2028 long-term senior unsecured ratings at 'B+' with a Recovery Rating of 'RR4'. The 2030 senior unsecured ratings co-issued by SierraCol Energy Andina, LLC, SierraCol Energy Arauca, LLC and Colombia Energy Development Co. have also been affirmed at 'B+'/'RR4'. SierraCol's ratings reflect its modest but stable low-cost production profile of about 42,000 barrels of oil equivalent per day (boed) in 2025, balanced across its two main assets in the Caño Limón area and La Cira-Infantas. With an established operating history in Colombia, Fitch expects SierraCol to maintain flat production of 44,000 boed over the rating horizon and a 1P reserve life averaging 7.0 years. The company's leverage profile is expected to remain at or below 2.5x. Key Rating Drivers Small Production Scale: SierraCol's ratings are constrained by its production scale, which is projected to average 44,000 boed over the next four years, below the 75,000 boed threshold for the 'BB' category. The company's production is concentrated, with 83% coming from its main assets in the Caño Limón area and La Cira-Infantas, where Ecopetrol S.A. (BB/Stable) is a partner in both. SierraCol produces high-quality crude, with 94% having an API gravity between 25 and 35, allowing for preferential local sales to Ecopetrol under contracts that secure pricing above the Vasconia discount. Cost Efficient: SierraCol's costs are in line with those of producers operating conventional assets in Latin America. Fitch estimates SierraCol's half-cycle costs at USD26/boe and full-cycle costs at USD42/boe for 2025. Fitch's full-cycle cost calculation includes half-cycle costs, a three-year average FD&A for 1P reserves of USD14/boe, and a 15% return on capital investment of USD2/boe. The company realized an oil price of USD64/bbl in 2025, higher than that of its peers due to the superior quality of its crude. In addition, it benefited from low transportation costs of USD1/boe. Leverage Profile: Fitch expects leverage to remain below 2.5x over the rating horizon. The company's debt-to-proved, developed, and producing (PDP) reserves is projected at USD16/boe, with total debt to 1P reserves at USD12/boe in 2026, decreasing to USD13/boe and USD10/boe, respectively, by 2028. These projections assume an average reserve replacement ratio of 101% for both PDP and 1P, with an average reserve life of five and seven years, respectively, supported by estimated average capex of USD165 million annually. Financial Flexibility: Fitch expects SierraCol to finance all capex projects with internal cash flows. Based on Fitch's price deck and production forecasts, cash flow from operations (CFO) should cover capex by more than 1.9x over the next four years. As of fiscal 2025, the company had adequate liquidity, with USD161 million in cash and cash equivalents, plus USD150 million in undrawn committed credit lines. Its primary debt obligation is a USD300 million bond maturing in June 2028 and a USD650 million bond due in November 2030. Peer Analysis SierraCol's credit and business profiles compare with those of other independent oil producers in Colombia. GeoPark Limited (B+/Stable) and Gran Tierra Energy Inc. (B+/Stable) are constrained to the 'B' category, given the inherent operational risk associated with their small scale and low diversification in oil and gas production. SierraCol's production profile compares favorably with other 'B'-rated oil exploration and production companies operating in Colombia. SierraCol's gross production averaged 42,500 boed in 2025, higher than GeoPark's 28,233 boed but lower than Gran Tierra's 45,709 boed. Fitch expects SierraCol's strong capital structure to support gross leverage below 2.5x over the rating horizon, with debt/PDP of USD13/boe and total debt to 1P reserves of USD10/boe. This is lower than that of most peers in Latin America. Fitch’s Key Rating-Case Assumptions - Fitch's price deck for Brent of USD70 for 2026, USD63 for 2027 and USD60 for 2028-2029; - Average daily gross production of 44,000 boed over the rating horizon; - Reserve replacement ratio of 101% per annum over the rated horizon; - Lifting and transportation cost average of USD20boe over the rated horizon; - SG&A cost average of USD4boe over the rated horizon; - Consolidated capex to average USD165 million annually between 2026-2029; - Minimum cash balance assumed at USD100 million over the rated horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (b+, Moderate), Financial Structure (bbb, Lower), 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'b+'. Fitch made no adjustments to the SCP, resulting in Foreign and Local Currency IDRs of 'B+'. Recovery Analysis The recovery analysis assumes that SierraCol would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: - A 10% administrative claim. - The GC EBITDA is estimated at USD409 million. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of SierraCol. - Enterprise valuation multiple of 5.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for RCF is in the 'RR1' band and the senior unsecured notes and unsecured loan are in the 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. The Recovery Rating for the senior secured notes and unsecured loan are therefore 'RR4' with 50% recoveries in a hypothetical event of default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Extraordinary dividend payments that exceed FCF and weaken liquidity; - Sustainable net production falls below 30,000 boed; - Reserve life declines to below 6.0 years on a sustained basis; - A significant deterioration of total debt/EBITDA to 3.0x or more. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net production rising consistently to 75,000 boed on a sustained basis while maintaining a total debt to 1P reserves of USD5.00 barrel or below; - Reserve life is unaffected as a result of production increases, at approximately seven to eight years. Liquidity and Debt Structure SierraCol's cash and cash equivalents balance as of fiscal 2025 was USD161 million, plus USD150 million in undrawn committed credit lines. Fitch projects that capex will be funded with internal cash flows. SierraCol has a favorable debt maturity profile, with its next major maturity in June 2028, corresponding to the USD300 million senior notes. Fitch anticipates that SierraCol will generate neutral to modestly positive FCF over the rating horizon. EBITDA interest coverage ratios are projected to decline significantly over the period, resulting in an interest coverage ratio at or below 5.0x by 2028. Issuer Profile SierraCol Energy Limited is an independent oil producer created after Carlyle acquired Occidental Petroleum Corporation's operations in Colombia in December 2020. SierraCol is the third largest oil producer in Colombia with assets in the Llanos, Middle Magdalena, and Putumayo basins. 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 SierraCol Energy Limited is 51. While elevated, this score does not affect the current ratings, given the long-time horizon over which the transition is expected to occur. Any potential future rating impact may change over time, reflecting developments in Fitch's assessment of these risks. ESG Considerations SierraCol Energy Limited has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to growing importance of the continued development and execution of the company's energy-transition strategy, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- SierraCol Energy Arauca, LLC senior unsecured LT B+ Affirmed RR4 B+ Colombia Energy Development Co. senior unsecured LT B+ Affirmed RR4 B+ SierraCol Energy Limited LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ SierraCol Energy Andina, LLC senior unsecured LT B+ Affirmed RR4 B+ ============= J A M A I C A ============= CARIBBEAN CEMENT: Reports Drop in Production for 2025 ----------------------------------------------------- RJR News reports that Caribbean Cement Company said it produced 863,744 tonnes of cement last year, a decline of approximately 10.3 per cent compared with the previous year. The decline comes despite increased demand driven by rebuilding efforts following Hurricane Melissa and continued growth in housing and residential construction, according to RJR News. The company said the shortfall is a major factor behind the current shortage of cement on the market, the report notes. It adds that persistent rainfall has also hampered operations, making it difficult to access raw materials and safely run equipment, the report relays. Management, however, is assuring that the supply challenges should be resolved within three weeks, the report notes. Meanwhile, Opposition Spokesman on Industry, Investment, Commerce and Global Logistics, Anthony Hylton, has called for the issue to be taken to Parliament's Economy and Production Committee, citing its importance to the construction sector and the wider economy, the report discloses. The construction industry employs more than 100,000 people and accounts for about 10 per cent of Jamaica's gross domestic product, the report adds. About Caribbean Cement Caribbean Cement Company Limited, together with its subsidiaries, manufactures and sells cement and clinker in Jamaica and other Caribbean countries. The company was incorporated in 1947 and is based in Kingston, Jamaica. As reported in the Troubled Company Reporter-Latin America on Aug 10, 2023, Jamaica Observer said that high cost attributed to a scheduled annual maintenance exercise done during the first quarter sent operational earnings and six months profit falling for cement manufacturer Carib Cement at the end of June. For the reporting period, net profit, which amounted to $2.4 billion, was approximately 20 per cent below the $3 billion earned for the half-year mark in 2022, according to Jamaica Observer. Operating earnings for the period also fell by about 24 per cent to total $3.6 billion when compared to the $4.8 billion seen for last year's period, the report noted. JAMAICA: Bank of Jamaica Begins Search for New Governor ------------------------------------------------------- RJR News reports that the central bank has commenced the search for a new governor of the Bank of Jamaica. The new governor will succeed Richard Byles, who is set to end his tenure on August 18, according to RJR News. Finance Minister Fayval Williams said the recruitment process will be guided by principles of transparency and good governance, with a focus on identifying the best candidate to lead the central bank, the report notes. She noted that the incoming governor will be expected to maintain economic stability, advance the modernisation of the financial system, and expand the use of digital payments, particularly among underserved groups, the report relays. The minister added that this role will also involve ensuring that the benefits of sound monetary policy translate into increased jobs and investment across the economy, the report says. A search committee has been established to assist in the process, the report discloses. It will be chaired by Calvin McDonald, a former senior official at the International Monetary Fund, the report notes. Other members include Ambassador Kathryn Phipps, Professor Delroy Hunter of the University of South Florida, and financial services professional Mina Israel, the report relays. The committee will identify a shortlist of candidates from which a recommendation will be submitted to Cabinet and ultimately to the Governor General for appointment, in keeping with the Bank of Jamaica Act, 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: BOJ Offer of $35BB in Certs of Deposit Gets Full Uptake ---------------------------------------------------------------- RJR News reports that the Bank of Jamaica said strong demand from investors saw $44 billion flowing into its latest liquidity operation, even though it was targeting just $35 billion. The central bank received 244 bids on private financial institutions, individuals and public sector entities, but allocated only $35 billion it intended, according to RJR News. The funds were absorbed through certificates of deposit at an average interest rate of 5.79% per annum, the report notes. The bank says the move is aimed at containing inflation, which it projects will reach about 7.5% this year, driven largely by higher global oil prices, the report relays. The bank also notes that a total value of certificates of deposits now stands at $103 billion or roughly 2.7% of the country's gross domestic product, 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: JBDC Says Firms Struggle to Differentiate Products ----------------------------------------------------------- RJR News reports that Manager of the Marketing Services Unit at the Jamaica Business Development Corporation (JBDC), Janine Fletcher-Taylor, says many businesses are entering the market with products that are too similar to those already available. She warns that this makes it harder for companies to stand out and grow, especially in saturated markets where competitive advantage is key to survival, according to RJR News. Fletcher-Taylor says differentiation does not always require a new product, but rather a strong value proposition that competitors cannot easily copy, the report notes. She adds that the greater the distinction between a company's offering and that of its rivals, the stronger its competitive advantage will be, 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: JMEA Says More Price Increases Likely if War Persists -------------------------------------------------------------- RJR News reports that President of the Jamaica Manufacturers & Exporters Association Kathryn Silvera has disclosed that most businesses have been slow to increase the price of their products, but if the war in the Middle East drags on, this will change. Ms. Silvera noted that already, three manufacturers and distributors have indicated that consumers will see increased costs for their products, due to the government's new revenue measures and or the rise in oil prices due to the war, according to RJR News. The report relays that she said the immediate reaction is usually to not adjust prices upward, "because . . . when you increase price, it is not easy to bring it back down." The report notes that despite that traditional hesitancy, however, she said the feared effects on costs have begun to take effect; "we see a lot more manufacturers and business speaking out that price increases are coming or they are implementing increases soon." "The longer this conflict lasts is the more uncertain I think it is," she concluded, the report relays. The report discloses that Ms. Silvera did acknowledge that businesses are appreciative of the grants and access to other financing that have been provided by the government, coming mostly "in small doses." This has been particularly important for small and medium seize businesses, she added. 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. =============== X X X X X X X X =============== LATAM: ECLAC Trims Region's Growth Outlook on Middle East Conflict ------------------------------------------------------------------ Buenos Aires Times reports that Latin America's economy is set to grow by 2.2 percent this year, slightly below the 2.3 percent forecast in December due to a more complex global outlook, the Economic Commission for Latin America and the Caribbean (ECLAC, CEPAL in Spanish) said. Argentina's economy is projected to expand by 3.3 percent, according to the Santiago-based UN body, according to Buenos Aires Times. Geopolitical tensions, not least the ongoing conflict in the Middle East, have hit Latin American economies through tighter financial conditions and a renewed build-up of inflationary pressures, ECLAC said in a statement, the report notes. In the first four months of the year, the escalation of the conflict has driven up global uncertainty and increased volatility across financial and commodity markets, said the body in a report, Buenos Aires Times relays. A key influence has been the surge in oil prices, which in the first three weeks of April stood 74 percent above the average level recorded in December 2025, the report discloses. The spike has pushed up production and transport costs across the region, the report says. Against this backdrop of higher inflation and weaker growth, major central banks have adopted a more cautious stance, maintaining less favorable financial conditions than had been expected at the end of last year, the UN commission said, the report discloses. The slowdown will affect most regional economies. Mexico is a notable exception, with growth projected at 1.5 percent, up from 0.8 percent in 2025, alongside the Dominican Republic, which is expected to expand by four percent, compared with 2.1 percent last year, the report says. Mexico is set to benefit from a recovery in consumption and investment, both of which fell sharply in 2025, as well as stronger exports linked to the likely ratification of the United States-Mexico-Canada Agreement (USMCA), said ECLAC executive secretary Jose Manuel Salazar-Xirinachs, the report notes. The country is also expected to see a boost from tourism as one of the hosts of the 2026 World Cup, the report discloses. Elsewhere, the Brazilian economy is forecast to grow by two percent in 2026, down from 2.3 percent the previous year, the report relays. Colombia’s GDP is projected to expand 2.5 percent, Chile by two percent, Peru by 3.2 percent and Uruguay by 1.6 percent, the report says. If the 2026 projection holds, Latin America will have recorded four consecutive years of growth at around 2.3 percent, underscoring a pattern of limited expansion capacity, the UN technical body warned, 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. 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 * * *