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260526.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 26, 2026, Vol. 27, No. 104 Headlines A R G E N T I N A BUENOS AIRES: Empty Shopfronts on Rise in as Retail Crisis Deepens B O L I V I A BOLIVIA: Embattled Leader Promises 'to Listen' to Protesters BOLIVIA: Latin American Nations Amp Up Their Concerns Over Unrest B R A Z I L ANDRE MAGGI: Moody's Puts 'Ba3' CFR Under Review for Downgrade COMPANHIA SIDERURGICA: Moody's Cuts CFR to Caa1, Outlook Negative D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Employment Reaches 5.2MM Workers in Early 2026 G U A T E M A L A INGENIO MAGDALENA: Moody's Alters Outlook on 'B1' CFR to Negative J A M A I C A JAMAICA: Trade Deficit Could Widen on Lower Export Earnings P U E R T O R I C O GOLDEN TRIANGLE: Taps Juan Valedon and Modesto Mendez as Counsels REDONDO CONSTRUCTION: Order Dismissing CLI Adversary Case Vacated - - - - - ================= A R G E N T I N A ================= BUENOS AIRES: Empty Shopfronts on Rise in as Retail Crisis Deepens ------------------------------------------------------------------ Buenos Aires Times reports that Argentina's Camara Argentina de Comercio y Servicios (CAC) has confirmed a sharp annual rise in the number of commercial properties available for rent in Buenos Aires City, highlighting the retail crisis facing the nation’s shopkeepers. A survey by CAC, the national chamber for commerce and services, indicates that the number of empty commercial premises in the main shopping areas of the capital rose by 30.7 percent between March and April 2026 when compared to the same period of 2025, according to Buenos Aires Times. During the March-April two-month period in 2026, a total of 277 premises listed for sale, rent or closed were identified in the surveyed areas, the report notes. Compared to the previous survey for the January-February period, the figure actually represented a 2.5-percent decline on the 284 vacant premises recorded in the earlier period, the report relates. CAC’s rental market analysis showed a 102.2-percent increase compared to the second two-month period of 2025 and a 5.7-percent rise against January-February 2026, the report discloses. As for premises listed for sale, the survey recorded a 40.9-percent drop compared to the same two-month period last year and a 27.8-percent decline compared to the previous two-month period, the report says. The data analysed by the CAC stemmed from a survey conducted by the Federación de Mayoristas y Proveedores del Estado de la Provincia de Buenos Aires (Federation of Wholesalers and Suppliers of Buenos Aires Province, or FEMAPE), the report notes. The study found that during March to April 2026, compared to the same survey period in 2025, the number of inactive premises – including properties for sale, for rent, shuttered or simply closed – rose by 100 percent in the main commercial areas of La Plata, the report relates. Compared to the previous two-month period of January to February of this year, the figure rose by 28.6 percent, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 13, 2025, S&P Global Ratings raised its foreign and local currency issuer credit ratings to 'B-' from 'CCC' on the City of Buenos Aires. S&P also raised its foreign and local currency issuer credit ratings to 'CCC+' from 'CCC' on Province of Buenos Aires (PBA). The outlook on the issuer credit ratings are stable. S&P also raised its issue-level ratings on the LRG to the current issuer credit rating level from 'CCC'. ============= B O L I V I A ============= BOLIVIA: Embattled Leader Promises 'to Listen' to Protesters ------------------------------------------------------------ Gonzalo Torrico at AFP News reports that Bolivian President Rodrigo Paz disclosed plans to reshuffle his cabinet to make it more inclusive following weeks of anti-government protests. Bolivians began demonstrating and erecting roadblocks three weeks ago to demand salary increases, stable fuel supplies and measures to mitigate the worst economic crisis in 40 years, according to AFP News. APF News notes that the protests have since snowballed into a revolt, marked by calls for Paz's resignation, just six months after he took office. The government has accused the protesters of trying to stage a "coup" but in his first remarks to the press in nearly a week Paz sounded a conciliatory note, APF News relays. "We need to reorganise a cabinet that must be able to listen," he said, without giving details, APF News says. He added that he would also set up an "economic and social council" to allow the indigenous groups, farmers, miners and other workers who have been in the street to have a say in government policy, APF News discloses. But he was adamant he would not "negotiate with vandals" – a reference to the looting and arson that marred mass protests in La Paz on Monday – while assuring his "door is always open to those who respect democracy," APF News relays. A march by hundreds of indigenous farmers and transport workers in La Paz passed off peacefully, in marked contrast to violent clashes between protesters and police, APF News notes. Romer Cahuaza, a striking transport worker demanding improved fuel supplies, warned however of "bloodshed" if Paz's government did not step aside, APF News discloses. APF News relays that the foreign Minister Fernando Aramayo accused the demonstrators of trying to "disrupt the democratic order." The election of the US-backed Paz – part of a right-wing tide sweeping Latin America – brought an end to two decades of socialist rule launched by indigenous coca farmer Evo Morales, APF News notes. Paz's government accuses Morales, who is wanted on charges of trafficking a minor, of fomenting the recent unrest, APF News says. "The United States stands squarely in support of Bolivia's legitimate constitutional government," US Secretary of State Marco Rubio wrote on X, APF News discloses, Alluding to the role of Morales' heartland in Bolivia's cocaine trade, Rubio added that Washington would "not allow criminals and drug-traffickers to overthrow democratically elected leaders in our hemisphere," APF News says. Food, Fuel Shortages APF News discloses that Paz attempted to rescue the economy from the brink of collapse by scrapping fuel subsidies that ate into the country's dollar reserves. But the measures have yet to bear fruit. The roadblocks erected by demonstrators on roads to La Paz have triggered shortages of fuel, food and medicine in the city, APF News says. "We have almost nothing left, it's impossible to even find an egg," Sheyla Caya, 43, told AFP as she queued to buy a chicken. The government has been forced to fly in meat and vegetables to La Paz from the central city of Cochabamba and Santa Cruz in the east. It has also announced plans to deploy police to take down the roadblocks, APF News says. The situation is being closely watched across the region for signs of who will prevail – Paz or the protesters, APF News relays. APF News discloses that Bolivia said it was expelling Colombia's ambassador following "interference" by left-wing President Gustavo Petro in its affairs. The outspoken Petro, who crossed swords with US President Donald Trump in the past, labelled Bolivia's protests a "popular insurrection" against "geopolitical arrogance," APF News relates. He slammed the expulsion of his ambassador, saying it showed a drift to "extremism" under Paz, APF News adds. As reported in the Troubled Company Reporter – Latin America on March 25, 2026, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Bolivia to 'CCC+' from 'CCC-'. The outlook on the long-term ratings is stable. S&P also affirmed its 'C' short-term foreign and local currency sovereign credit ratings. At the same time, S&P revised its transfer and convertibility assessment to 'CCC+' from 'CCC-'. BOLIVIA: Latin American Nations Amp Up Their Concerns Over Unrest ----------------------------------------------------------------- Matthew Malinowski & Sergio Mendoza at Bloomberg News report that Latin American nations are expressing growing concerns over shortages of crucial goods in Bolivia as unrest grips the country and poses a challenge to President Rodrigo Paz. Rodrigo Gamarra, who heads the Parliament of the South American trade bloc Mercosur, released a statement underscoring his "profound" worry about Bolivia, "where protests and blockades have caused shortages of food, fuel and essential supplies, affecting thousands of citizens," according to Bloomberg News. Those comments came less than a day after the governments of Argentina, Chile, Costa Rica, Ecuador, Honduras, Panama, Paraguay and Peru said in a joint declaration that they reject "all action focused on destabilising the democratic order" under the Paz administration, Bloomberg News notes. "In this sense, we reiterate our solidarity with the government and the Bolivian people, and we admonish all social and political actors to channel their differences, prioritising dialogue, respect for institutions and the preservation of social peace," according to the joint statement obtained by Bloomberg News. Bolivia's government deployed police and military officers against road blocks that have been in place for two weeks, leading to clashes and dozens of arrests, Bloomberg News relates. Demonstrators have called for salary hikes and measures to strengthen the economy, while the national labour union, known as COB, is seeking Paz’s ouster, Bloomberg News discloses. The unrest has led to at least three deaths, Bloomberg News notes. Bloomberg News says that the protests have been carried out in part by members of the Confederacion Sindical Unica de Trabajadores Campesinos, which is comprised of highland farmers, the national labour union, coca growers from Chapare province and followers of former president Evo Morales. Bolivian government spokesman Jose Luis Galvez said in night press conference that the protests are being financed by drug-trafficking groups and Morales, Bloomberg News notes. Morales denied those accusations on a local radio program. Meanwhile, his supporters started a march from the department of Oruro toward capital La Paz, where they are expected to arrive, Bloomberg News relays. In recent days, Bolivia's government has reached agreements with miners and rural teachers, who agreed to end their demonstrations, Bloomberg News adds. As reported in the Troubled Company Reporter – Latin America on March 25, 2026, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Bolivia to 'CCC+' from 'CCC-'. The outlook on the long-term ratings is stable. S&P also affirmed its 'C' short-term foreign and local currency sovereign credit ratings. At the same time, S&P revised its transfer and convertibility assessment to 'CCC+' from 'CCC-'. =========== B R A Z I L =========== ANDRE MAGGI: Moody's Puts 'Ba3' CFR Under Review for Downgrade -------------------------------------------------------------- Moody's Ratings placed the ratings of Andre Maggi Participacoes S.A. (Amaggi) under review for downgrade, including the Ba3 Corporate Family Rating and the Ba3 backed senior unsecured notes issued by Amaggi Luxembourg International S.a r.l. due 2028, which are fully and unconditionally guaranteed by Amaggi. The outlook was previously stable. These actions follow Amaggi's May 13, 2026 announcement that it will acquire a 40% equity stake in FS Industria de Biocombustiveis Ltda (Ba3 negative), a leading corn-based ethanol producer in Brazil. Moody's expects the transaction to be at least partly debt funded, increasing Amaggi's leverage. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on approval of the transaction by Brazil's antitrust authority (CADE) and Amaggi's ability to maintain its credit profile while taking on additional debt to fund the acquisition and refinance near-term maturities. At year-end 2025, Amaggi's leverage, measured by total debt/EBITDA, was 4.6x, while net leverage, measured by net debt/EBITDA, was 3.3x. The review will also assess potential synergies in grain origination, marketing, and logistics, as well as the timeline for realizing them. Although the acquisition adds scale and business diversification, Amaggi remains exposed to risks broadly similar to those in its existing farming and commodity trading operations, including agricultural production volatility, commodity price cycles, and margin sensitivity across the agribusiness value chain. Amaggi has adequate liquidity, supported by internal liquidity sources, $870 million of cash, and $645 million of marketable inventories at year-end 2025. Including Moody's adjustments, debt totaled $3 billion as of December 2025, with $886 million maturing in 2026, $452 million in 2027, and the $750 million bond due in January 2028. Of total maturities in 2026 and 2027, $447 million relates to ACCs (advances on exchange contracts). Management retains liquidity flexibility through inventory liquidation, asset sale, capex deferrals, or dividend adjustments, although these measures are discretionary and subject to execution risk. Governance considerations are a key factor in the rating assessment because the transaction signals a more aggressive financial policy than Amaggi has historically maintained. The decision to pursue a sizeable minority acquisition, funded at least in part with debt, reflects a greater tolerance for leverage and a greater willingness to assume liquidity and refinancing risk in support of strategic growth and diversification. COMPANY PROFILE Headquartered in Cuiabá, in the state of Mato Grosso, Andre Maggi Participacoes S.A. (Amaggi) is one of Brazil's largest trading companies and agricultural producers. Founded in 1977 as a soybean seed company, Amaggi is a large-scale producer of agricultural commodities, a grain originator, processor and trader, and one of Brazil's largest grain logistics operators. The company operates an integrated agribusiness chain spanning production, river and road transport, port operations, the origination, processing and commercialization of grains and inputs, and the generation and commercialization of electricity. For the year ended December 2025, Amaggi generated $8.4 billion in revenue and reported an EBITDA margin of 7.6%. FS Industria de Biocombustiveis Ltda is a Brazil-based corn-ethanol producer headquartered in Lucas do Rio Verde (Mato Grosso), controlled by Summit Agricultural Group. In the twelve months ended December 2025, FS generated net revenue of BRL12.9 billion ($2.3 billion), with an EBITDA margin of 29.1%. The principal methodology used in these ratings was Trading Companies published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANHIA SIDERURGICA: Moody's Cuts CFR to Caa1, Outlook Negative ----------------------------------------------------------------- Moody's Ratings has downgraded Companhia Siderurgica Nacional (CSN)'s Corporate Family Rating to Caa1 from B2. At the same time, Moody's downgraded to Caa1 from B2 the ratings of CSN Resources S.A.'s Backed Senior Unsecured Notes and the rating of the Backed Senior Unsecured Notes of CSN Inova Ventures. The outlook for all ratings remains negative. RATINGS RATIONALE The downgrade of CSN's ratings to Caa1 reflects Moody's expectations that credit metrics will remain weak and liquidity and distressed exchanges risks are elevated. Despite the raising of a $1.2 billion bridge loan in April 2026, Moody's still look at the company's ongoing cash burn, the uncertain timing of asset sales and the company's high refinancing risks. The company has a highly leveraged capital structure and needs to pursue deleveraging initiatives to reduce debt levels, interest burden and increase free cash flow generation to be able to refinance upcoming debt and bond maturities. However, given the current high yields of its bonds, market access at lower yields may be limited while the company may need to pursue refinancing initiatives that Moody's could interpret as distressed exchanges to avoid refinancing risks until the completion of asset sales. On January 15, 2026, CSN announced plans to sell a minority stake in its infrastructure assets and a majority stake in its cement assets and raise BRL15-18 billion. The company intends to use the proceeds to reduce total debt at the holding level, which will improve leverage, reduce the interest burden, ease liquidity risks related to upcoming debt maturities and improve capital allocation within the group, balancing debt at the holding and subsidiaries levels. In April 2026, the company raised $1.2 billion in proceeds from a bridge loan to increase its liquidity position until the asset sale is concluded. However, until CSN is able to execute on the plan, credit metrics will remain weak and liquidity risks elevated, particularly during periods of market volatility and increased risk aversion. CSN's adjusted EBITDA slightly decreased to around BRL8.8 billion in the 12 months that ended in March 2026 from BRL8.9 billion in 2025, while the company's Moody's adjusted leverage decreased to 5.8x from 6.1x during the same period. Moody's expects CSN's adjusted leverage ratio to remain within 5.5x-6.5x over the next 12-18 months based on lower steel and iron ore prices, but to strengthen to 4.0x-5.0x over time based on the price scenario of $80-$100 per ton for iron ore (61% Fe) and normalized profitability on steel operations. However, unless CSN is able to accelerate deleveraging through asset sales, capex reduction or proactive debt reduction, the company's credit metrics and free cash flow generation will be more commensurate with a lower rating category. The company's liquidity risk has increased with continued cash burn and upcoming refinancing needs. CSN had BRL13.4 billion in consolidated cash at the end of March 2026, of which BRL8.8 billion is at the mining subsidiary. In April 2026, the company raised $1.2 billion (BRL6.2 billion) in proceeds from a bridge loan, which increases available liquidity to BRL18.6 billion. However, the company has BRL28.6 billion in debt maturing until 2028, and Moody's expects free cash flow to remain negative based on the company's current expansion plans and dividends distributions, which creates liquidity risks. Capital allocation within the group is also a concern. Most of CSN's debt sits at the holding level, while most of cash generation comes from mining subsidiary. CSN needs to address this situation to balance the risk among the group. RATING OUTLOOK The negative outlook reflects Moody's expectations that CSN's credit metrics will remain weak and liquidity risks high until the company is able to pursue deleveraging initiatives. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on CSN's rating could emerge if the company is able to improve credit metrics, with leverage below 6x, interest coverage above 1x and adequate liquidity. The rating could be further downgraded if the company enter transactions that entails losses to creditors higher than those associated with the Caa1 rating category. COMPANY PROFILE With an annual capacity of 5.6 million tons of crude steel, Companhia Siderurgica Nacional (CSN) is a vertically integrated, low-cost producer of flat-rolled steel, including slabs, hot and cold rolled steel, and a wide range of value-added steel products, such as galvanized sheets and tin plates. In addition, the company has downstream operations to produce customized products, pre-painted steel and steel packaging. CSN sells its products to a broad array of sectors and industries, including automotive, capital goods, packaging, construction and home appliances. CSN owns and operates cold rolling and galvanizing facilities in Portugal, along with long steel assets in Germany, through its subsidiary Stahlwerk Thüringen GmbH. The company also has a long steel line (500,000 tons capacity) at the Volta Redonda plant. CSN is a major producer of iron ore (the second-largest exporter in Brazil), with a sales volume of 45.8 million tons in the 12 months that ended March 2026. The company has operations in other segments, such as cement, logistics, port terminals and power generation. CSN reported revenue of BRL44.5 billion (or around $8.6 billion) in the 12 months that ended March 2026, with an adjusted EBITDA margin of 19.8%. The principal methodology used in these ratings was Steel published in September 2025. CSN's scorecard-indicated outcome under Moody's Steel rating methodology maps to B1, three notches above the assigned rating, reflecting the company's credit metrics under the current difficult industry environment while the assigned rating captures Moody's expectations that credit metrics will remain weak and liquidity and distressed exchanges risks are elevated. CSN has a poor track record of prudent capital allocation, which increases financial strategy risks. Moody's 12-18-month forward-looking view maps to B1, reflecting the company's still-strained credit metrics. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Employment Reaches 5.2MM Workers in Early 2026 ------------------------------------------------------------------ Dominican Today reports that the Dominican Republic's labor market continued to show steady growth during the first quarter of 2026, with total employment reaching 5,236,178 workers, according to data from the National Continuous Labor Force Survey (ENCFT). Of that figure, 2,403,395 jobs corresponded to the formal sector, consistent with records from the Social Security Treasury. Compared to the same period in 2025, the economy added 118,631 net new jobs, representing year-on-year employment growth of 2.3%, according to Dominican Today. The employment rate reached 63.0%, while the labor force participation rate stood at 66.3%, both remaining near historic highs and reflecting strong labor market participation within the regional context, Dominican Today notes. The report showed that informal employment continued to account for most job creation over the past year. Of the new positions generated, 98,127 jobs came from the informal sector, representing 82.7% of total new employment, while formal employment contributed 20,504 additional jobs, Dominican Today relates. As a result, the national informality rate stood at 54.1%, remaining below the historical average recorded since 2014, Dominican Today says. Women played a significant role in labor market growth during the period, Dominican Today notes. Of the total employed population, 43.9% were women, and female employment increased by 157,078 workers over the last 12 months, accounting for much of the new job creation nationwide, Dominican Today discloses. Meanwhile, unemployment indicators remained relatively stable. The open unemployment rate stood at 5.0% during January-March 2026, while the broader labor underutilization rate declined to 8.8%, down from 9.3% during the same period last year, Dominican Today relays. The inactive population — people of working age who are neither employed nor actively seeking work — reached 2.8 million individuals, representing 33.7% of the population, slightly lower than in 2025, Dominican Today recalls. Despite global economic uncertainty linked to geopolitical tensions in the Middle East, rising transportation costs, and fluctuating commodity prices, the Dominican labor market maintained low unemployment levels and continued employment expansion during the first quarter of 2026, Dominican Today 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. ================= G U A T E M A L A ================= INGENIO MAGDALENA: Moody's Alters Outlook on 'B1' CFR to Negative ----------------------------------------------------------------- Moody's Ratings has affirmed Ingenio Magdalena S.A. (Magdalena)'s B1 Corporate Family Rating. The outlook was changed to negative from stable. The rating action reflects the company's higher than expected Moody's-adjusted leverage at 5.5x in 2025 and Moody's views that the leverage reduction process will take longer than expected. The leverage increase was driven by additional debt to fund the company's expansion plan at a time of lower international sugar prices. The negative outlook reflects Moody's views that Magdalena will continue to operate with Moody's-adjusted leverage above 4x through 2027, when the EBITDA from new projects will materialize. Weaker credit metrics will limit the company's financial flexibility to mitigate any execution risk or absorb external shocks amid a challenging economic environment. RATINGS RATIONALE Magdalena's B1 rating is supported by its competitive position as the largest sugarcane producer in Guatemala (Government of Guatemala, Ba1 stable), which is the fifth-largest exporter of sugar globally; the large scale of Magdalena's mills with an annual crushing capacity of 9.9 million tons (pro forma for the new additions); a stable production and price environment in Guatemala, with annual production quotas for the local market and stable local wholesale prices; its high percentage of energy sales with long-term contracts; its export focus on the refined white sugar; and efficiency of its operations with high agricultural yields and efficient logistics assets. The rating is constrained by Magdalena's small size on a global scale, although the company is a local leader in sugarcane crushing with 24% market share in Guatemala. The rating is constrained by the concentration in a single production site and in one geographical region, which leaves the company highly exposed to event risks, be it weather, disease or even political risk, logistical and trade asymmetries. Exposure to the inherent volatility of the sugar business and negative free cash flow (FCF) in 2026 associated with the company's expansion cycle. Since 2025, Magdalena has been investing in expansion projects, which will increase revenue and EBITDA by around 30% in 2027 onwards, improving geographic diversification, but will temporarily increase leverage and lead to negative FCF. The expansion projects include a new mill in Guatemala and the acquisition of an existing mill in Peru. These projects will add 3.0 million tons of crushing capacity, or 43%, to 9.9 million tons in total by 2027. Moody's originally expected the company's leverage to peak at 4.7x; nonetheless, leverage materially increased to 5.5x in December 2025 and Moody's expects it to remain at that level in the first half of 2026, as the company continues drawing debt to fund the mill construction in Guatemala. Going forward, leverage reduction will be challenged by the inherent volatility of the sugar international prices which averaged 14 cents per pound year to date in 2026 down from 17 cents per pound in 2025, with limited upside potential given soft demand in certain regions and rising stocks in China and India. The projects will support diversification of the company's energy portfolio, increasing geographic diversification, production capacity and distribution alternatives in the Retalhuleu region of Guatemala. However, the full benefits of these investments will materialize only in 2027. Magdalena is investing in industrial assets in the Southwest region of the country, closer to the Mexico border, which requires the investment in new hectares of sugarcane. In addition, the company announced an agreement with Grupo Romero to acquire 80% of Agricola del Chira (Caña Brava) with operating assets in the sugarcane industry in Peru. Magdalena added $225 million in debt in 2025 to fund these ventures. Magdalena also invested in solar energy, thus further reducing the carbon footprint of energy generation assets; however, the permits are still pending and it is unclear when the plant will start operations. As of December 2025, Magdalena held $48mm in cash and equivalents, $146mm in RMI (readily-marketable inventories) which compares to $106mm in short term debt. The company has a fully draw $80 million committed facility due in August 2027, but that once drawn needs to be repaid in one year. Moody's assumes that liquidity, measured as cash plus committed facility plus RMI will be sufficient to repay the company's cash needs in the next 12 to 18 months. Moreover, the company has a credit line of $120 million associated with the construction of Casa Elvira, out of which, $45 million are expected to be disbursed by June 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the negative outlook, a rating upgrade is unlikely in the short term. However, a rating upgrade would require Magdalena to maintain a robust liquidity profile, represented by a cash position consistently above short-term debt levels, and stable margins through the harvest and through commodity price cycles, with an adequate debt maturity profile and a reduction in gross leverage. Quantitatively, an upgrade would require its total Moody's adjusted Debt/EBITDA to remain consistently below 3.5x, EBITDA/Interest Expense above 4.0x and Retained Cash Flow/Net Debt consistently above 15%. A rating downgrade could result from Magdalena's inability to maintain an adequate debt maturity schedule and liquidity profile, rolling over short term debt. Maintenance of leverage above 4.5x, or deterioration of credit metrics could pose negative pressure on the rating. Quantitatively, a downgrade would happen if EBITDA/Interest expense remains below 3.0x and Retained Cash Flow/Net Debt is expected to remain below 10%. COMPANY PROFILE Ingenio Magdalena S.A. (Magdalena) is the largest sugar producer and exporter in Guatemala, has a 24% market share in the country and the company also has operations in Peru. Its main activity is the production and sale of sugar in local and international markets, exporting mainly white sugar, and the sale of electricity, alcohol and other products derived from its production process. Magdalena is fully owned by the Leal family. In 2025, Magdalena posted $699 million in net sales and $160 million in Moody's-adjusted EBITDA, including Moody's standard adjustments, with an EBITDA margin of 22.8%. The principal methodology used in this rating was Protein and Agriculture published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ============= J A M A I C A ============= JAMAICA: Trade Deficit Could Widen on Lower Export Earnings ----------------------------------------------------------- RJR News reports that Director General of the Planning Institute of Jamaica (PIOJ) Dr. Wayne Henry, said Jamaica's trade deficit, which jumped to US$5.87 billion last year, could get even wider. Speaking at the PIOJ's quarterly economic briefing, Dr. Henry stressed that investor uncertainty, particularly in the USA, could lead to lower export earnings, while the value of imports will continue to spike because of the higher commodity and other import prices, according to RJR News. Jamaica's total merchandise export earnings fell 13.4% to US$1.65 billion, while imports climbed by 3.2% to US$7.52 billion last year, the report notes. The USA is Jamaica's lead trading partner, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== GOLDEN TRIANGLE: Taps Juan Valedon and Modesto Mendez as Counsels ----------------------------------------------------------------- Golden Triangle Realty, S.E. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan C. Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. to serve as legal counsels in its Chapter 11 proceedings. Mr. Bigas Valedon and Mr. Bigas Mendez will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its rights, powers, and duties in these proceedings; (b) represent the Debtor in the Chapter 11 case and related bankruptcy matters; (c) assist in the preparation and filing of necessary pleadings, motions, reports, and other legal documents; and (d) perform all other legal services necessary to administer the bankruptcy estate and support case requirements. The professionals will be compensated at an hourly rate of $350, plus expenses. A retainer in the amount of $10,000 from a total $100,000 engagement amount has been advanced by the Debtor, with additional compensation subject to Court approval. The application states that Juan C. Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, as they do not represent creditors, equity security holders, or insiders of the Debtor, have no materially adverse interests, and have no prior connections with the Debtor or other parties in interest. The professionals can be reached at: Juan C. Bigas Valedon, Esq. Modesto Bigas Mendez, Esq. Urb. Santa Maria, 515 Calle Ferrocarril Ponce, PR 00730â€“00732 Telephone: (787) 259-1000 (787) 844-1444 Facsimile: (787) 842-4090 E-mail: cortequiebra@yahoo.com bigaslawoffices@gmail.com About Golden Triangle Realty Golden Triangle Realty S.E. is engaged in activities related to real estate. Golden Triangle Realty, S.E. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04514) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $19,811,659 in assets and $47,255,382 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. REDONDO CONSTRUCTION: Order Dismissing CLI Adversary Case Vacated ----------------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico vacated the Opinion and Order dismissing the instant adversary proceeding captioned as CONTINENTAL LORD INC., Plaintiff vs. REDONDO CONSTRUCTION CORPORATION; MIGUEL REDONDO BORGES; CARMEN RAFULS HERNANDEZ; CONJUGAL PARTNERSHIP COMPRISED BY MIGUEL REDONDO AND CARMEN RAFULS; JORGE REDONDO BORGES; JANE DOE; CONJUGAL PARTTNERSHIP COMPRISED BY JORGE REDONDO AND JANE DOE; CORPORATION ABC; CORPORATION XYZ; ASSURANCE COMPANY A; ASSURANCE COMPANY B Defendants, ADVERSARY NO. 22-00051-ESL (Bankr. D.P.R.) for lack of subject-matter jurisdiction. On August 1, 2022, Continental Lord Inc. ("CLI") filed the instant Adversary Proceeding against Redondo Construction Corporation, Miguel Redondo Borges, Jorge Redondo Borges and others for collection of monies, violation of fiduciary duties, and damages, and seeking declaratory judgment. The Complaint is premised on the Debtor's and the plan administrators' failure to satisfy an interest payment to CLI related to its pass-through claim. After various procedural events, on June 16, 2023, this court dismissed the Adversary Proceeding for lack of post-confirmation jurisdiction over the causes of action included in the Complaint and entered Judgment on June 20, 2023. CLI appealed the dismissal, Judgment, and denial of reconsideration to the District Court on September 21, 2023. The District Court affirmed the dismissal on September 16, 2024 finding that there was no error in this court's determination that it lacked subject-matter jurisdiction over the adversary proceeding as the claims presented herein do not directly impact the implementation of the confirmed plan or require enforcement of prior orders, and entered Judgment dismissing CLI's Appeal on September 17, 2024. CLI appealed to the Court of Appeals on October 16, 2024. On April 14, 2026, the Court of Appeals entered an Order vacating the decision of the District Court and remanding the case to the District Court with instructions to vacate the decision of the Bankruptcy Court and to remand for further proceedings consistent with its order. In sum, the Court of Appeals found that this court's conclusion that it lacked subject-matter jurisdiction was insufficiently explained and appeared inconsistent with its prior rulings recognizing a binding plan-based obligation owed to CLI. Thereafter, the District Court entered an Order on May 6, 2026, vacating the decision of the Bankruptcy Court and remanding the case for further proceedings consistent with the Order entered by the Court of Appeals. A status conference is scheduled for August 11, 2026. A copy of the Court's Order dated May 12, 2026, is available at http://urlcurt.com/u?l=IZDXOgfrom PacerMonitor.com Redondo Construction Corporation has been in the construction business for 30 years, and worked on many public and government projects. Redondo filed for chapter 11 protection (Bankr. D.P.R. Case No. 02-02887) on March 19, 2002, and the Bankruptcy Court confirmed the Debtor's chapter 11 plan on Oct. 6, 2005. ********* 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. 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