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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Wednesday, May 27, 2026, Vol. 27, No. 105

                           Headlines



A R G E N T I N A

ARGENTINA: Economic Activity Rebounds, March Data Shows 3.5% Jump
ARGENTINA: KKR Warns White House of 'Bias' in US$10BB Auction
ARGENTINA: Surge in Foreign Reserves Risks Reigniting Inflation


B R A Z I L

BANCO BTG: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable
BANCO SICREDI: Moody's Affirms 'Ba1' Issuer Ratings, Outlook Stable
BRAZIL: More Than Half of Households Near Insolvency


C O L O M B I A

BARRANQUILLA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable


J A M A I C A

JAMAICA: BOJ Holds Policy Interest Rate at 5.5%
MONTEGO BAY AIRPORT: Fitch Keeps 'BB+' on 2035 Notes on Watch Neg


P A N A M A

AES PANAMA GENERATION: Fitch Affirms 'BB+' LongTerm IDRs


P U E R T O   R I C O

AMBIPAR EMERGENCY: White & Case Advises Ad Hoc Lenders Group
WEST MARINE: Case Summary & 30 Largest Unsecured Creditors

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Economic Activity Rebounds, March Data Shows 3.5% Jump
-----------------------------------------------------------------
Buenos Aires Times reports that Argentina's economy rebounded much
more than expected in March after slumping in February - a timely
victory for President Javier Milei.

Economic activity rebounded, improving 3.5 percent in March from
the previous month and 5.5 percent year-on-year, according to data
from the INDEC national statistics bureau, Buenos Aires Times
relays.

Both figures clearly outpaced the expectations of analysts. Experts
consulted by the financial outlet Bloomberg had forecast a
0.8-percent bump from the previous month and a 2.1-percent
improvement year-on-year, Buenos Aires Times notes.

The report discloses that President Milei cheered the news, writing
on social media that "activity is flying!"

Fourteen of the 15 sectors of the economy expanded from the same
month last year, according to INDEC, the report relates.

Agriculture and mining once again drove the overall index, the
report says.  Together with the manufacturing sector, the sectors
contributed 2.7 percentage points to the overall figure, the report
notes.

However, the best-performing sector year-on-year was fishing, which
saw activity jump 30.9 percent. It was followed by agriculture,
livestock farming, hunting and forestry (up 17.9 percent in the
annual comparison), mining and quarrying (up 16.3 percent) and
manufacturing (4.6 percent year-on-year), the report discloses.

Only public administration and defence, including compulsory social
security schemes, recorded a negative reading year-on-year, falling
1.2 percent, the report says.

Activity in February had posted a 2.7 percent monthly contraction,
the biggest slump since 2023 as retail and manufacturing continued
to struggle, the report relays.

Monthly inflation, on the other hand, slowed in April for the first
time in 11 months to 2.6 percent, led by higher fuel costs,
followed by education, the report notes.

Economy Minister Luis Caputo said in a radio interview that the
economy should start to accelerate in May and June, the report
discloses.

Economists surveyed by the Central Bank in April forecast a 2026
year-end inflation rate of 30.5 percent, revised up from 29.1
percent a month earlier, and growth of 2.8 percent, revised down
from 3.3 percent the previous month, the report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America. The
country’s economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) — with an approved immediate
disbursement of an equivalent of US$9.65 billion. Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June 2025 with an
associated disbursement of about US$2 billion. The program is
expected to help catalyze additional official multilateral and
bilateral support, and a timely re-access to international capital
markets.

Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term
Foreign Currency and Local Currency Issuer Default Rating (IDR) to
'B-' from 'CCC+'. The rating Outlook is Stable.

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'. Its 'B-' transfer and convertibility assessment
is unchanged.

Moody's Ratings, on July 17, 2025 upgraded the Government of
Argentina's long-term foreign currency and local currency issuer
ratings to Caa1 from Caa3 and changed the outlook to stable from
positive. The upgrade reflects its view that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024, and
confirmed such ratings in November 2025.


ARGENTINA: KKR Warns White House of 'Bias' in US$10BB Auction
-------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that a consortium of
dredging companies backed by KKR & Co complained to the White House
of unfair conditions in bidding for a pivotal contract in
Argentina, calling on the United States for "timely engagement."

The companies sent a letter that coincided with a visit by Santiago
Caputo, a top adviser to Argentina's President Javier Milei, to
Washington to discuss the auction with US officials, according to
Bloomberg News.  Bidding for the contract, which the government
expects to draw US$10 billion in investment, is also nearing its
definitive phase with a winner to be potentially declared by May or
June, Bloomberg News notes.  

The group alleges that Argentina's port authority has rushed the
process in favour of its lone competitor, and that Milei is unaware
of what the companies see as an uneven playing field, according to
a copy of the May 11 letter seen by Bloomberg.

"Timely engagement now could be important before the tender
advances toward a final outcome," according to the letter signed by
KKR and the other three members of the consortium.  Referring to
Milei, "our assumption is that he is not aware of the clear bias
against US-backed investment that now appears to be emerging," the
letter added.

Bloomberg News notes that the letter is addressed to Michael
Jensen, a special assistant to US President Donald Trump and senior
director for Western Hemisphere affairs on the National Security
Council, who met with Caputo.  Jensen and Caputo discussed the
auction in their meeting but Jensen raised no issues with the
process, according to a person familiar with the meeting.

Besides KKR, the consortium is led by Belgian dredging firm Deme
Group NV and includes US-based Great Lakes Dredge & Dock Corp, as
well as investment firm Clear Street Group Inc, Bloomberg News
says.

Formally, only Deme is listed on the bid for the waterway
concession, which is being overseen by Argentina's Director
Ejecutivo de la Agencia Nacional de Puertos y Navegacion (National
Agency of Ports and Waterways), Bloomberg News discloses.  Inaki
Arreseygor, director of the agency, said Deme could have added its
partners months ago before submitting its bid but didn't do so,
Bloomberg News says.  Argentine law, as well as the rules of the
tender all sides agreed on, don't permit any more changes to offers
at this point, Arreseygor said via text message, Bloomberg News
relates.

KKR and Deme declined to comment. A press official for Milei
referred requests for comment to the waterways agency.

A US official said the nation's ambassador to Argentina, Peter
Lamelas, is closely watching the tender and confident that the
bidding process will be fair and transparent, Bloomberg News says.
The consortium including KKR was accepted into the US Commerce
Department's Advocacy Center, a programme that provides official
lobbying for companies seeking to procure contracts abroad,
according to other people familiar with the matter, Bloomberg News
discloses.

Beyond KKR's backing, the group also secured letters from the
Development Finance Corp and International Finance Corp that
expressed a willingness to provide financing if the consortium wins
the tender, Bloomberg News notes.

Caputo, Milei's adviser, also met in Washington with Brian Mast, a
Florida congressman and chair of the House Committee on Foreign
Affairs, Bloomberg News relays.  Representatives for Mast and his
committee didn't respond to requests for comment.

                         Crucial Contract

At the centre of the geopolitical dispute is a crucial dredging
contract for the Parana River, Argentina's economic lifeline, where
most of its grains are exported to the world, Bloomberg News notes.
Years of drought and botched auctions have let the river become
too shallow, causing ships to run aground, carry less cargo and
waste time, Bloomberg News discloses.  Dredging it deeper would
boost business and economic growth for Milei, Bloomberg News says.


Deepening the Parana shipping channel is a priority for Argentina's
crop-exports industry, Bloomberg News relates.  While a global
heavyweight, the sector has in recent years seen itself fall far
behind booming Brazil, South America's top food provider, Bloomberg
News notes.

The river contract is part of a portfolio of concessions and
privatisations Milei wants to unleash to cut government spending
and rake in dollars from sales, Bloomberg News relays.  Yet many of
these projects have faced setbacks: Milei's first attempt to tender
the dredging contract was aborted a year ago after only one bid was
submitted by Deme, Bloomberg News notes.  The company said at the
time that that iteration of the auction was skewed to another
Belgian dredging giant, Jan De Nul SV, Bloomberg News says.

On the Parana concession, Milei set a condition seen as a nod to
the Trump administration: no state-run firms may bid, which
effectively excludes Chinese companies that had previously dredged
in Argentina, Bloomberg News relates.  Yet the US consortium says
other rules, such as a price floor on bids, don't line up with
industry standards, Bloomberg News notes.

Deme is again competing against Jan De Nul, which had the previous
25-year contract on the Parana, Bloomberg News discloses. Jan De
Nul's consortium includes Argentine firm Servimagnus SA, Bloomberg
News says.  Both Belgian firms have worked with Chinese companies
in other regions, and Servimagnus partnered with China's state-run
CCCC Shanghai Dredging Co. on projects in Argentina before,
Bloomberg News says. Servimagnus says it has no current links or
contracts to state-owned entities, Bloomberg News notes.

For its part, Jan De Nul has pointed to more competitive bidding in
Argentina, where it recently won a smaller dredging contract for
the Port of Buenos Aires, noting its roughly US$5-million bid was
far better than Deme's US$6.7-million offer, Bloomberg News relays.
  

Bloomberg News discloses that on the Parana bid, "the public tender
process is transparent, with mechanisms in place to challenge the
process.  To date, and to our knowledge, no participant has filed
any of such objections," Jan De Nul said in a statement obtained by
Bloomberg News.

While Deme has objected to aspects of the process, its grievances
weren't formally considered because it refused to pay a
US$10-million "impugnation" bond, a requirement established by
Argentine authorities, Bloomberg News relays.  If officials reject
any company's challenge, they still keep the bond, Bloomberg News
notes.

In the letter to the White House, KKR and its partners said that
the National Agency of Ports and Waterways disqualified eight of
the nine projects Deme submitted to demonstrate its dredging
experience, despite the company's global track record, Bloomberg
News says.  Its partner, Great Lakes, also dredges parts of the
Mississippi River, Bloomberg News discloses.

Arreseygor, the agency head, says Deme didn't submit fully
completed documentation and acknowledged as much.  

Argentine authorities also took two weeks to review over 5,000
pages of documentation as part of Deme's bid, which "raises serious
concerns that the technical evaluation was outcome-driven rather
than conducted on a genuine level playing field," according to the
letter, Bloomberg News relays.

"This concession represents a concrete opportunity to advance US
business interests in Argentina," the companies said, Bloomberg
News notes.  "Regrettably, if the current trajectory continues, the
concession will send the opposite message that the old way of doing
business in Argentina still prevails – and could deter US
investment," it 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.

Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term
Foreign Currency and Local Currency Issuer Default Rating (IDR) to
'B-' from 'CCC+'. The rating Outlook is Stable.

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'. Its 'B-' transfer and convertibility assessment
is unchanged.

Moody’s Ratings, on July 17, 2025 upgraded the Government of
Argentina’s long-term foreign currency and local currency issuer
ratings to Caa1 from Caa3 and changed the outlook to stable from
positive. The upgrade reflects its view that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024, and
confirmed such ratings in November 2025.


ARGENTINA: Surge in Foreign Reserves Risks Reigniting Inflation
---------------------------------------------------------------
Ignacio Olivera Doll & David Feliba at Bloomberg News report that
there are, by all appearances, more than enough dollars flowing
into Argentina for the country to fulfill its pledge to replenish
its depleted foreign reserves.  Each week, they pour in, the result
of factors such as a boom in commodity exports and corporate bond
sales, according to Bloomberg News.

The problem, analysts say, is that accumulating reserves swells the
supply of pesos in the economy and could, in turn, exacerbate a
recent pick-up in inflation, Bloomberg News relates.  This makes
top aides in President Javier Milei’s administration nervous,
Bloomberg News says.  Their biggest policy achievement has been the
taming of hyperinflation, and the last thing they want to see is
for prices to start soaring again, Bloomberg News notes.

That creates a quandary for the Central Bank: ideally, officials
would prefer to amass reserves at a slower pace, Bloomberg News
discloses.  The bank has already added some US$3 billion in gross
reserves this year, putting it on track to hit objectives agreed on
with the International Monetary Fund, Bloomberg News relays.  The
bank’s officials are confident that dollar inflows will remain
robust enough to allow them to ratchet purchases back up later in
the year, according to a person familiar with the matter who asked
not to be identified, Bloomberg News says.

For now, however, policymakers are constrained by the lack of
genuine demand for pesos in an economy dogged by uneven growth,
Bloomberg News notes.  Wage growth, when adjusted for inflation,
remains weak, loan delinquency rates are rising and banks are
becoming more selective about who they lend to, Bloomberg News
discloses.  Although Milei has been flagging signs of recovery
since the beginning of the year, Economy Minister Luis Caputo said
in a local radio interview that the economy should start to
accelerate in May and June, Bloomberg News relates.

Policymakers, as a result, risk exacerbating the inflation spike if
they print more pesos – through their dollar purchases – than
the economy needs, Bloomberg News notes.  While the Central Bank's
daily dollar purchases are down this month to an average of US$124
million from US$138 million in April, they have picked up over the
last few days, according to data published on its website,
Bloomberg News relays.

Some acknowledgment of that tension came earlier, when Central Bank
Governor Santiago Bausili said that money demand is not recovering
as quickly as officials had projected in a public presentation last
December, Bloomberg News discloses.

Recovering money demand was "was an assumption, not a promise," 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.

Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term
Foreign Currency and Local Currency Issuer Default Rating (IDR) to
'B-' from 'CCC+'. The rating Outlook is Stable.

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'. Its 'B-' transfer and convertibility assessment
is unchanged.

Moody's Ratings, on July 17, 2025 upgraded the Government of
Argentina's long-term foreign currency and local currency issuer
ratings to Caa1 from Caa3 and changed the outlook to stable from
positive. The upgrade reflects its view that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024, and
confirmed such ratings in November 2025.




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B R A Z I L
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BANCO BTG: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable
----------------------------------------------------------------
Moody's Ratings has affirmed all ratings and assessments assigned
to Banco BTG Pactual S.A. (BTG), including the bank's long and
short-term local and foreign currency deposit ratings of Ba1 and
Not Prime, the foreign currency senior unsecured MTN program rating
of (P)Ba1 and (P)Not Prime for long and short term debts,
respectively, as well as the long and short-term local and foreign
currency counterparty risk ratings of Baa3 and P-3. The bank's
Baseline Credit Assessment (BCA) and Adjusted BCA of ba1 were also
affirmed as well as its long and short-term counterparty risk
assessments of Baa3(cr) and P-3(cr). The outlook on BTG's long-term
deposit ratings was maintained stable.

At the same time, Moody's affirmed all ratings for Banco BTG
Pactual S.A., Cayman Branch and Banco BTG Pactual S.A., Luxembourg
Branch, including their (P)Ba1 foreign currency senior unsecured
MTN program ratings. Moody's also affirmed both branches' long and
short-term local and foreign currency counterparty risk ratings at
Baa3 and P-3, and their counterparty risk assessments at Baa3(cr)
and P-3(cr). The outlook for Banco BTG Pactual S.A., Cayman
Branch's outstanding senior unsecured debt ratings is stable.

RATINGS RATIONALE

The affirmation of BTG's ba1 BCA acknowledges the bank's strong
investment banking and financial advisory operations, along with
its expanding commercial and digital retail banking activities that
have provided earnings diversification and stability in the past
five years. The sustained growth of BTG's asset and wealth
management units has ensured steady revenue, supported by a
disciplined risk strategy. BTG's move into retail banking and its
significant presence in Brazil's investment sector, supported by
the active acquisition strategy of complementary businesses over
the past 4 years, have helped build a reliable deposit base,
lessening the bank's dependence on market-driven funding relative
to its peers, while it reinforces its operations domestically and
abroad.

BTG has been posting strong profitability in recent years, with net
income to tangible assets reaching 2.0% in December 2025, above the
past 5 year average of 1.8%. The bank's strong investment banking
and capital market presence in Brazil leads to relatively higher
exposure to volatile business lines when compared to peers. As of
December 2025, sales and trading made up 21.7% of revenues, with
investment banking at 7.6%. Notwithstanding, BTG has consistently
expanded into more stable lines with corporate lending reaching
25.5% (from 18.7% four year back in 2021), while asset and wealth
management accounted for 24.2% (from 19.5% in 2021). In addition,
intrinsic to its business model, BTG is subject to greater market
risk compared to other major banks in the region, which is
accounted for in its ba1 BCA.

Problem loans stood at 6.0% - measured by stage 3 to gross loans-
at the end of 2025, including the full consolidation of Banco Pan
S.A. that operates mostly on vehicle financing and payroll lending.
This level is in line with the industry level, and BTG has been
maintaining 100% of its problem loans covered by loan loss
provisions. The bank continues to expand lending above the market
levels (18.3% in the 12 months ending in December 2025), increasing
its footprint into servicing medium size companies (SME) with
relatively higher spreads, beyond its core operations with large
corporates. This expansion strategy into SME is mitigated by
conservative collateralization structures.

BTG's capitalization, measured by tangible common equity as a
proportion of risk weighted assets (TCE/RWA), was 10.5% in2025, in
line with the previous year. The bank`s strong replenishment
capacity and ample access to local and foreign capital markets will
continue supporting its lending growth strategy and the expansion
of its retail banking platform.

The bank continues to present adequate levels of liquidity as
measured by Moody's core banking liquidity to tangible assets of
10.9%, and high liquidity coverage ratio of 176.8% in 2025. BTG's
funding mix is diversified with the bank accessing both local and
global capital markets and increasing deposit base from a growing
high-income customer platform. In 2025, Moody's less stable funds
to tangible assets increased to 42.6% from 27% from the prior year
mostly due to an increase in low risk repurchase agreement
operations with government securities. Moody's expects BTG less
stable fund metric to converge to historical levels as the bank
continues to integrate its recent acquisitions and improve its
funding mix..

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

BTG's BCA and deposit ratings are unlikely to face upward pressure,
because they are in the same level of the Government of Brazil's
Ba1 sovereign bond rating, which carries a stable outlook.

Conversely, the rating could be downgraded if the Government of
Brazil's sovereign rating is downgraded, or if its loan growth
strategy leads to a greater than expected increase in asset risk or
if the bank's capitalization ratio drops sharply. Downward rating
pressure could also be triggered by weakening liquidity, which
could increase the bank's intrinsic vulnerability to its
institutional-based funding structure.

LIST OF AFFECTED RATINGS

Issuer: Banco BTG Pactual S.A.

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed ba1

Baseline Credit Assessment, Affirmed ba1

ST Counterparty Risk Assessment, Affirmed P-3(cr)

LT Counterparty Risk Assessment, Affirmed Baa3(cr)

ST Counterparty Risk Rating (Foreign Currency), Affirmed P-3

ST Counterparty Risk Rating (Local Currency), Affirmed P-3

LT Counterparty Risk Rating (Foreign Currency), Affirmed Baa3

LT Counterparty Risk Rating (Local Currency), Affirmed Baa3

ST Bank Deposits (Foreign Currency), Affirmed NP

ST Bank Deposits (Local Currency), Affirmed NP

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba1

Other Short Term (Foreign Currency), Affirmed (P)NP

LT Bank Deposits (Foreign Currency), Affirmed Ba1 STA

LT Bank Deposits (Local Currency), Affirmed Ba1 STA

Outlook Actions:

Outlook, Remains Stable

Issuer: Banco BTG Pactual S.A., Cayman Branch

Affirmations:

ST Counterparty Risk Assessment, Affirmed P-3(cr)

LT Counterparty Risk Assessment, Affirmed Baa3(cr)

ST Counterparty Risk Rating (Foreign Currency), Affirmed P-3

ST Counterparty Risk Rating (Local Currency), Affirmed P-3

LT Counterparty Risk Rating (Foreign Currency), Affirmed Baa3

LT Counterparty Risk Rating (Local Currency), Affirmed Baa3

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba1

Other Short Term (Foreign Currency), Affirmed (P)NP

Senior Unsecured (Foreign Currency), Affirmed Ba1 STA

Outlook Actions:

Outlook, Remains Stable

Issuer: Banco BTG Pactual S.A., Luxembourg Branch

Affirmations:

ST Counterparty Risk Assessment, Affirmed P-3(cr)

LT Counterparty Risk Assessment, Affirmed Baa3(cr)

ST Counterparty Risk Rating (Foreign Currency), Affirmed P-3

ST Counterparty Risk Rating (Local Currency), Affirmed P-3

LT Counterparty Risk Rating (Foreign Currency), Affirmed Baa3

LT Counterparty Risk Rating (Local Currency), Affirmed Baa3

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Affirmed (P)Ba1

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks 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.


BANCO SICREDI: Moody's Affirms 'Ba1' Issuer Ratings, Outlook Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed Banco Cooperativo Sicredi S.A.'s
(Banco Sicredi or Sicredi) long- and short-term local currency
issuer ratings at Ba1 and Not Prime, respectively. Moody's also
affirmed the bank's long- and short-term local and foreign currency
counterparty risk ratings at Baa3 and P-3 and long- and short-term
counterparty risk assessments at Baa3(cr) and P-3(cr),
respectively. Sicredi's ba1 baseline credit assessment (BCA), and
adjusted BCA were also affirmed, alongside with the long-term
corporate family rating of Ba1. The outlook on the long-term issuer
rating and corporate family rating remains stable.

RATINGS RATIONALE

By affirming Banco Sicredi's Ba1 long-term issuer rating, Moody's
acknowledges the cooperative's long track record of disciplined
risk management, high capitalization, and robust earnings
generation. As a cooperative, Sicredi enjoys of a granular and
low-cost deposit base that shields it from market fluctuations and
enables recurring loan growth through the cycles. The Ba1 rating
also considers the complexities of operating a large federated
cooperative system, with 100 credit unions and more than ten
million members across Brazil.

Following a strong loan growth between 2020 and 2024, which saw a
compound annual growth rate (CAGR) of 18.5%, credit origination
slowed down in 2025 and the portfolio expanded only 5.1% in 12
months ended in December, amid a more challenging environment for
the agricultural sector. Asset quality metrics have deteriorated
with problem loan ratio increasing to 6.8% at the end of 2025 —
measured by stage 3 loans —, from 1.9% one year prior — mesured
by past due loans over 90 days. Sicredi maintained a loan loss
coverage ratio of 176% of 90-day non-performing loans that
mitigated against future credit impairments. However, the
challenging conditions currently straining on the agriculture
sector, which remains highly leveraged, will continue to pressure
Sicredi's asset quality profile in the next quarters.

Capitalization remained robust with tangible common equity ratio
(Moody's preferred measure) staying at 15.8% as of December 2025 in
line with 2024 and above the 13.0% average between 2020 and 2023.
The combination of strong replenishment capacity, new members'
contribution and a slowdown in loan origination support capital
metrics, which remain above the average of large commercial banks
in Brazil (10.0% in 2025).

Although Sicredi faced greater provisioning costs in 2025, net
income to tangible assets remained relatively flat at 1.7% in
December 2025, while loan loss provisions rose 28.1% year over yer,
reaching 4.5% of gross loans.

Funding and liquidity factors are the credit strength for Sicredi
with the group relying on a diversified structure of resources
backed by a stable deposit franchise. Liquidity is centrally
managed, with credit unions backed by a cross guarantee for capital
or liquidity needs. Depositors are protected by the Fundo
Guarantidor do Cooperativismo de Credito, the national deposit
guarantee fund for cooperatives.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Sicredi's ba1 BCA is in line with the Government of Brazil's
(Brazil, Ba1 stable) sovereign rating and as a result it would only
face upward pressure in the event of an upgrade in the Government
of Brazil's bond rating. As the outlook on Brazil's sovereign debt
rating is stable, there is limited possibility for an upgrade in
the ratings.

Conversely, negative pressure on Sicredi's BCA would derive from
significant weakening of its strong financial fundamentals,
including a strong and sustainable deterioration in the quality of
its loan portfolio, which would strain on Sicredi's profitability
and capital generation capacity. A downgrade in Brazil's sovereign
debt rating would lead to a downgrade in the Sicredi's BCA and
ratings.

The principal methodology used in these ratings was Banks 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.


BRAZIL: More Than Half of Households Near Insolvency
----------------------------------------------------
globalinsolvency.com, citing ValorInternational.com, reports that
nearly 75% of Brazilian households are uncomfortable with their
financial situation, and just over half, or 54%, are close to
becoming insolvent while still trying to pay all their bills.

Within this group of families worried about their own financial
condition, one-fifth of households are already in debt or behind on
bills, according to globalinsolvency.com.  Of those, nearly 25%
live in cities in the Northeast, the report notes.  At the other
end of the spectrum, one-quarter of households say they are
financially comfortable, the report adds.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook.  DBRS' credit rating for Brazil was last reported
at BB with stable outlook at July 2023.




===============
C O L O M B I A
===============

BARRANQUILLA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Distrito Especial Industrial y Portuario
de Barranquilla's (Barranquilla) Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook
is Stable.

In addition, Fitch has upgraded Barranquilla's National Long-Term
Rating to 'AAA(col)' from 'AA(col)'. The Outlook is Stable after
the upgrade. Fitch has also affirmed Barranquilla's Short-Term
National rating at 'F1+(col)'.

The affirmation of the IDRs reflects the sovereign cap of 'BB',
despite Fitch's reassessment of the Standalone Credit Profile (SCP)
to 'bbb-' from 'bb'. The reassessment and the upgrade of the
National Long-Term Rating reflect a stronger financial profile of
'aa' from 'a', driven by higher collection from gross receipts tax
(ICA; impuesto de industria y comercio) and solid real estate
property tax (IPU; impuesto predial unificado) performance. This
reduced dependence on national transfers and improved the average
payback ratio to 3.4x from 5.1x at the previous review.

KEY RATING DRIVERS

Standalone Credit Profile
The SCP is assessed at 'bbb-', reflecting a 'Low Midrange' risk
profile and a financial profile assessed in the 'aa' category.

Risk Profile: 'Low Midrange'

Risk Profile - 'Low Midrange': Fitch assesses the district's risk
profile at 'Low Midrange', reflecting a mix of key risk factors.
Four now have 'Midrange' attributes, and two are assessed as
'Weaker'.

Revenue Robustness: 'Weaker'

This factor continues to be assessed as 'Weaker' despite lower
transfer dependence. Fitch considers the institutional framework
for transfer allocation and its evolution stable and predictable.
However, the sustainability of transfer growth is uncertain because
of fiscal pressures on the central government and the adverse
economic environment. Transfers from the sovereign (BB/Stable)
represented an average of 49.5% of Barranquilla's operating revenue
between 2021 and 2025. Over the last three years, this share has
declined due to improved tax collection. This is positive, but the
ratio remains just below 50% and Fitch will continue to monitor
it.

Local economic conditions remain favorable, and the district is
implementing fiscal measures to increase collection. Positive
revenue trends from 2021 to 2025 reflect management actions and tax
policies adopted by the local administration. Barranquilla's
operating revenue increased by nearly 26.7% in 2024 and 13.4% in
2025. The district has worked to strengthen its fiscal framework,
particularly by increasing ICA tax rates and improving IPU
collection.

Revenue Adjustability: 'Midrange'

Barranquilla has the discretion to adjust its tax rates within
limits established by the national government. However, the
capacity of taxpayers to absorb tax increases is moderate, which
could counteract these adjustments. The analysis incorporates
Barranquilla's strong socioeconomic profile, per capita value added
and fiscal autonomy. However, the assessment is constrained by the
sovereign rating under the relevant criteria and by Fitch's view
that taxpayers' ability to afford potential rate hikes is somewhat
limited compared with international peers.

The district's tax collection has increased at a CAGR of 21.9% from
2021 to 2025. Tax collection has been partially supported by the
progressive increase of the ICA rate.

For this review, the information needed to perform a detailed
calculation of the legal leeway was not available. However, for
municipalities and districts in Colombia, it is generally quite
high (with the reasonably expected decline exceeding 200%). The
assessment is based primarily on affordability, which for
Barranquilla is considered Midrange given its socioeconomic
profile.

Expenditure Sustainability: 'Midrange'

The Colombian institutional framework establishes that subnational
entities are primarily responsible for providing social services
such as education, healthcare, and potable water. These
responsibilities are mainly funded by national transfers (Sistema
General de Participaciones). Fitch views these transfers as
moderately correlated with the economic cycle and expects stable
growth over the medium term. From 2021 to 2025, operating
expenditure increased at a slower CAGR of 15.0% when compared with
a 17.2% increase in operating revenue. As a result, operating
margins remained higher, averaging around 20.6% over the same
period, sustaining a robust metric versus others at the same
category level.

Expenditure Adjustability: 'Midrange'

The assessment considers the district's balanced budget rules.
Expenditure control rules are defined under Law 617 and the
district has a strong track record of enforcement and
effectiveness. The Colombian regulatory framework limits the ratio
of local and regional governments' (LRGs) operating expenses to
their own revenues. In 2024, Barranquilla's ratio was 23.8% with a
limit of 50%, according to data from the Office of the Comptroller
General of the Republic. The 2025 result is about 22.8%, as
calculated by the district and not yet certified by the Comptroller
General's Office.

Fitch's key rating factor considers the district's ratio of capex
to total expenditure (totex) and its capacity to finance capex.
Barranquilla's level of capex represents around 26.4% of totex on
average from 2021 to 2025 based on its development plan, which has
a completion rate of around 90% for a four-year term according to
the district's calculation and the execution of current
administrative development plan that began in 2024. Fitch estimates
that capex in the medium term could remain high considering
additional long-term debt disposals to finance the district's
investment plan, which continues to focus on strengthening medium
and higher education, healthcare and tourism infrastructure.

Fitch believes that the district's flexibility to adjust
expenditures is moderate, as capex funded with the current balance
has been above 11% of totex, according to its calculations. The
level is above 10%, which supports a 'Midrange' assessment.

Liabilities and Liquidity Robustness: 'Midrange'

Fitch views the Colombian regulatory framework as mandating LRGs to
generate positive operating results and maintain prudential limits
for indebtedness, although the framework is less clear about the
treatment of off-balance sheet obligations and unrestricted
liquidity management.

The district has refinanced around 40% of its long-term debt. In
line with the latest rating review, Barranquilla will raise COP3.0
trillion in debt to finance the current administration's
development plan, which will end in 2027. It will have partial
disbursements and debt repayment that will increase debt to COP4.4
trillion. This new debt will be mainly raised in international
markets and denominated in U.S. dollars. Fitch will monitor the
availability of hedging alternatives and their final terms and
conditions.

At YE 2025, Barranquilla had approximately COP3.7 trillion of
direct long-term debt, comprising several loans with commercial and
development banks, and issues in the local market. The debt has
variable interest rates and moderate exposure to exchange-rate risk
(47% of its long-term direct debt is in euros and U.S. dollars),
although it has hedges to protect against exchange-rate
variations.

Liabilities and Liquidity Flexibility: 'Weaker'

The Colombian regulatory framework does not provide emergency
liquidity support from the central government to LRGs, which can
access short- and long-term credit lines with local banks that are
rated below investment grade.

Barranquilla has experienced unrestricted cash deficits, which in
2025 totaled COP69.5 billion, equivalent to about 2.7% of tax
revenues. Fitch considers the tendency to generate a deficit a
source of credit risk because it reflects limitations on the
district's ability to maintain available liquidity.

Financial Profile: 'aa category'

Fitch's forward-looking rating case indicates that the payback
ratio, measured as net adjusted debt to operating balance, will
average 3.4x in 2029-2030. This is in line with a 'aaa' assessment
and is the primary financial profile metric. The adjusted debt
service coverage ratio (ADSCR), the secondary metric, is projected
to average 1.3x in 2029-2030, in line with a 'bbb' assessment.
Barranquilla's Financial Profile assessment incorporates a
one-category override from the level indicated by the primary
metric because the secondary metric is three categories lower.

Other Rating Factors

Asymmetric Risk: Fitch does not identify any asymmetric risks that
affect Barranquilla's suggested analytical outcome (SCP).

Short-Term Ratings

For the national scale, the correspondence table indicates an
'F1+(col)' Short-Term rating.

National Ratings

Barranquilla's 'AAA(col)' National Long-Term Rating corresponds to
an IDR of 'BB' and reflects that its SCP of 'bbb-' is two notches
above the sovereign rating. The SCP is capped by the sovereign
IDR.

Debt Ratings

The local bond notes, up to COP650,000 billion, are rated at the
same level as Barranquilla's National Long-Term Rating at
'AAA(col)'.

Peer Analysis

Barranquilla's 'bbb-' SCP also reflects its position relative to
relevant rated peers. Barranquilla has a 'Low Midrange' Risk
Profile, the same as other capital cities in Colombia, such as
Medellin and Bogota D.C., and other municipalities with diverse
economic bases, strong revenue collection records and similar debt
metrics.

Barranquilla's strong budget performance, as shown by a
double-digit operating margin, supports an ambitious development
plan funded through a variety of sources, including
foreign-currency debt.

Issuer Profile

Barranquilla is the capital of the department of Atlantico and
Colombia's fourth largest city, with around 1.3 million
inhabitants. Its value added per capita is slightly above the
national average.

According to Fitch's "International LRG Rating Criteria,"
Barranquilla is classified as a Type B LRG as it is required to
cover its debt service from cash flow on an annual basis.
Therefore, the primary metric to assess its financial profile is
the payback ratio.

Key Assumptions

Risk Profile: 'Low Midrange'

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Midrange'

Expenditure Sustainability: 'Midrange'

Expenditure Adjustability: 'Midrange'

Liabilities and Liquidity Robustness: 'Midrange'

Liabilities and Liquidity Flexibility: 'Weaker'

Financial Profile: 'aa'

Asymmetric Risk: 'N/A'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Rating Cap (LT IDR): 'BB'

Rating Cap (LT LC IDR) 'BB'

Rating Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a through-the-cycle scenario which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2021-2025 figures and 2026-2030 projected
ratios. The key assumptions for the scenario include:

- Payback ratio: 3.4x from 5.1x (enhanced);

- Coverage ratio: 1.3x from 1.4x;

- Fiscal debt burden: 62.2% from 74.9% (enhanced);

- Tax growth rate close to a 5.8% annual average;

- Transfers grow according to the four-year moving average of the
nation's current revenue growth;

- An annual increase in opex aligned with operating revenues, with
a floor equal to the inflation rate of the previous year plus a
spread, considering a conservative growth rate for salary expenses.
This results in an average annual growth rate of approximately
8.4%;

- Average net capital expenditure of around COP973.6 billion per
year;

- Average cost of debt of 13.2%, in line with Fitch's estimates for
interest rates and credit spreads;

- Debt levels consider the highest value between the district's
borrowing plan and potential borrowing according to a factor close
to regulatory limits.

Liquidity and Debt Structure

At YE 2025, Barranquilla had approximately COP3.7 trillion of
direct long-term debt, comprising loans with commercial and
development banks and local-market bond issues. The debt carries
variable interest rates and has moderate exchange-rate exposure.
About 47% of long-term direct debt is in euros and U.S. dollars.
The city also hedges against exchange-rate movements.

The new administration's 2025-2029 indebtedness plan includes
COP2.9 trillion in new debt. Fitch's rating case assumes debt
disbursements of COP800 billion in 2025, COP680 billion in 2026,
COP880 billion in 2027, and COP540.4 billion in 2028. In 2025,
Barranquilla disbursed COP800 billion.

The rating case scenario considers the disbursements mentioned
above, as well as specific loans that are backed by district
revenues and registered by decentralized entities such as Empresa
de Desarrollo Urbano de Barranquilla y Región Caribe S.A. and
Agencia Distrital de Infraestructura, which totaled approximately
COP880 billion at YE 2025. Fitch considers these to be other
Fitch-classified debt.

Fitch observed limitations in maintaining available liquidity, as
Barranquilla had registered unrestricted cash financing deficits
during 2021-2025. At YE 2025, the unrestricted cash deficit was
equivalent to around 2.7% of tax revenue.

Summary of Financial Adjustments

- Cash surplus of previous years is subtracted from capital
revenues;

- Previous years' deficits are subtracted from expenditure;

- Some pension fund withdrawals are reclassified as pass-through
transfers from capital revenue;

- General adjustments when inconsistencies between financial
statements provided by the issuer and those published are
identified;

- Total debt repayment includes both short-term and long-term debt
repayments;

- Barranquilla's operating expenditure is based on a Fitch estimate
and includes items reported under investment expenditure that Fitch
considers recurring. These include staff and other operating costs
in the education sector, subsidies and grants for utilities, health
insurance and transportation, among others.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Barranquilla's IDR would be downgraded if the sovereign rating is
downgraded;

- The ratings could be downgraded if the SCP falls below 'bb' from
the current 'bbb-', driven by deteriorating financial performance
and materially weaker debt metrics such as a payback ratio above
6.3x and an ADSCR below 2x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Barranquilla's ratings are capped by Colombia's sovereign rating.
Any rating action on the sovereign's IDR would lead to a
corresponding rating action on the city's ratings, provided the SCP
remains above 'bb'. This would require the payback ratio to remain
below 6.3x.

Climate Vulnerability Signals

The Climate.VS for 2035 for Distrito Especial Industrial y
Portuario de Barranquilla is 60. Although this assessment is high,
Barranquilla has invested in stormwater drainage in recent years,
controls risk areas and is not affected in a way that weakens its
credit profile.

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.

Public Ratings with Credit Linkage to other ratings

The COP650 billion issue's rating is linked to Barranquilla's
rating. Barranquilla's rating is also capped by the sovereign
rating.

   Entity/Debt                      Rating              Prior
   -----------                      ------              -----
Distrito Especial Industrial
y Portuario de Barranquilla   

                        LT IDR       BB       Affirmed   BB
                        LC LT IDR    BB       Affirmed   BB
                        Natl LT      AAA(col) Upgrade    AA(col)
                        Natl ST      F1+(col) Affirmed   F1+(col)
   senior unsecured     Natl LT      AAA(col) Upgrade    AA(col)




=============
J A M A I C A
=============

JAMAICA: BOJ Holds Policy Interest Rate at 5.5%
-----------------------------------------------
RJR News reports that the Bank of Jamaica has kept its policy
interest rate unchanged at 5.50% per annum.

The central bank said the inflation outlook remains highly
uncertain, pointing to continued sharp increases in international
commodity prices, particularly crude oil, according to RJR News.

It cited disruptions linked to tensions involving the Strait of
Hormuz, where shipping routes have been affected amid military
activity involving US and Iranian forces, the report notes.

The bank also warned that rising global inflation could spill over
into Jamaica's domestic prices and economic activity, the report
relays.

Against that backdrop, there are calls for the Bank of Jamaica to
maintain its benchmark rate for at least the next two quarters,
despite mounting inflationary pressures, 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.  


MONTEGO BAY AIRPORT: Fitch Keeps 'BB+' on 2035 Notes on Watch Neg
-----------------------------------------------------------------
Fitch Ratings has maintained Montego Bay Airport Revenue Finance
Ltd.'s (MoAir) 'BB+' USD385 million notes due 2035 on Rating Watch
Negative (RWN).

The Rating Watch continues to reflect uncertainty about Hurricane
Melissa's effect on the airport's passenger traffic and on the
issuer's ability to meet debt service payments without straining
liquidity. Although essential utility services have been mostly
restored and tourism assets are reopening, visibility remains
limited on the duration and timing of traffic recovery because the
airport relies on tourism demand.

Fitch expects to resolve the RWN within the next six months as
additional information becomes available on repair progress,
received concession fees, traffic trends, debt service payments and
liquidity levels. Greater clarity on the near- to medium-term
trajectory of tourism demand and airport restoration progress will
inform the Rating Watch resolution.

Rating Rationale

The rating reflects the revenue risk related to Sangster
International Airport (SIA, or Montego Bay Airport [MoAir]) in
Jamaica, the main airport and gateway for tourism in the country.
It serves one of the most important leisure destinations in the
Caribbean. The airport is a strategic asset for the country, given
the importance of the tourism industry to the country's economy.

Despite competition from other Caribbean destinations, traffic at
MoAir is resilient with low volatility. Almost all traffic is from
international passengers, mainly from North America, but is
adequately diversified in terms of carriers and origins. A
hybrid-till regulatory regime governs maximum aeronautical tariffs,
subject to reviews every five years, incorporating inflation
indexation among other factors.

The issuer is a special-purpose vehicle (SPV) entitled to receive
concession fees directly from the concessionaire into offshore
accounts. Therefore, the transaction structure isolates the
airport's cost and operating risks.

The debt is senior, U.S. dollar-denominated, with a fixed interest
rate and a bullet maturity in 2035. The debt benefits from a
six-month offshore debt service reserve account (DSRA) and an
adequate covenant package that includes limitations on additional
debt and restricted payments. It also benefits from a top-up
payment mechanism from the Government of Jamaica (GoJ; Long-Term
Foreign- and Local-Currency Issuer Default Ratings [IDRs]:
BB-/Positive).

The refinancing risk is considered manageable and mitigated by the
asset's perpetual ownership and its strategic and essential nature
for the country. Besides, Fitch considers the sponsor's adequate
market access positive, as notes refinancing will rely on
international capital markets due to the limited size of Jamaica's
domestic credit market.

Under Fitch's rating case, maximum leverage, measured as net debt
to cash flow available for debt service (CFADS), is projected to be
8.1x in 2026, with expected deleveraging to around 5.9x at
refinancing in 2035. These metrics are considered adequate for the
rating, according to Fitch's applicable criteria.

Although MoAir's revenues are U.S. dollar-denominated and collected
offshore, payments are made by the concessionaire. This exposes the
transaction to transfer and convertibility (T&C) risk. However,
this risk is mitigated as most of the concessionaire's revenue is
collected offshore. Fitch expects MoAir to have sufficient access
to U.S. dollar liquidity to preserve debt service if short-lived
capital controls are imposed.

The top-up payment provision from the GoJ, as well as the
possibility for excess cash from MoAir to be distributed to the
government, create incentives to prevent capital controls from
affecting debt repayment. The aforementioned factors, including
supportive financial metrics, justifies a one-notch uplift from
Jamaica's Country Ceiling of 'BB'.

KEY RATING DRIVERS

Revenue Risk - Volume - Midrange

Leisure-Dedicated Airport: Montego Bay Airport is the main
international gateway to Jamaica, characterized by stable demand
and low volatility, as air travel is the most relevant means of
transportation to visit the country, followed by cruise ships. As a
result, almost all traffic is from international passengers. The
airport serves about 78% of visitors to Northwest region of the
island, which reflects the relevance of the asset for a
tourism-reliant country. It faces low competition from domestic
airports but competes with other leisure destinations in the
Caribbean.

However, it is the fifth-largest airport in the Caribbean in terms
of seats offered and has historically maintained a stable market
share. Around 90% of traffic comes from the U.S. and Canada.
Additionally, it has more than 45 routes from the main cities in
North America and Europe, surpassing Nassau, Bahamas but lagging
Punta Cana, Dominican Republic. The airport serves mainly
international airlines and is adequately diversified, with no
single carrier representing over 20% of seat capacity.

Revenue Risk - Price - Midrange

Hybrid-Till Rate-Setting: Airport's tariffs are regulated by the
authority using a price cap mechanism based on a Regulated Asset
Base (RAB) model. The model, in addition to tracking inflation,
considers variables such as expected capex, opex, and a target
return, as well as a portion of commercial revenues. Regulated
aeronautical charges are reviewed every five years.

Infrastructure Dev. & Renewal - Midrange

Adequately Maintained Airport: The airport is adequately maintained
and is currently undergoing expansion to better serve its users.
Short-term and long-term maintenance needs are well defined in the
Airport Master Plan, which is updated every five years and
considers traffic projections and the required expansions,
refurbishments, and improvements. The operator is responsible for
the maintenance of the airport. Concession fees are senior to
concessionaire's opex and capex, and the operator has a track
record of properly funding the required works.

Manageable Refinancing Risk and Adequate Covenants: The debt is
U.S. dollar-denominated, senior secured, and has a fixed rate. The
debt has a bullet maturity, but refinancing risk is mitigated by
the perpetual ownership of the airport by the GoJ, the strategic
and essential nature of the asset for the country, and the
demonstrated government support for airport profitability.

The structure benefits from a six-month offshore debt service
reserve account (DSRA) and a covenant package that includes
provisions such as limitation on additional debt and distribution
triggers. The security package is typical of project finance
structures and includes a Top-Up agreement. Under the agreement,
the GoJ has agreed to cover any shortfall if the issuer receives
less than the full payment from the operator during a payment
period. The Top-Up agreement can also be used to provide
compensation related to an alternative airport, if applicable.

Peer Analysis

MoAir's closest regional peer is Aeropuertos Dominicanos Siglo XXI,
S.A. (Aerodom, notes rated 'BB+' with Stable Outlook). Both issuers
are related to the main airports in their respective countries as
they are the main gateways for international visitors. They also
have a concentration in leisure travelers and show low volatility
of demand. As a result, Fitch assesses Volume Risk as Midrange. In
addition, they share similar assessments for price risk,
infrastructure, and debt structure.

Under the rating case, Fitch expects Aerodom's maximum leverage,
measured as net debt to EBITDA, to be 4.3x and decrease to around
3x in 2029. These metrics are strong for the rating. Like MoAir,
Aerodom's notes are subject to T&C risk. This risk is mitigated by
the fact that Aerodom's collects directly approximately 75% of its
revenues in offshore accounts, which, together with robust
financial metrics, a strong ultimate parent, and a concession
clause protecting the concession from existing or future exchange
controls or funds transfers measures, supports a two-notch uplift
from the Dominican Republic's Country Ceiling of 'BB-'.

MoAir also presents mitigants to T&C risk. However, its metrics are
in line with the assigned rating, justifying a one-notch uplift
from the Jamaica's country ceiling.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Traffic growth or overall financial performance consistently
below Fitch's rating case assumptions, that could lead to a
sustained leverage above 7x;

- Deterioration in Jamaica's sovereign credit profile, particularly
the risk of imposing capital controls.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Traffic growth or overall financial performance consistently
above Fitch's base case assumptions, which could lead to a
sustained leverage around 6x, while continuing to deleverage;

- Strengthening of the credit profile of Jamaica, particularly the
risk of imposition of capital controls, as long as MoAir presents
metrics commensurate with a higher rating.

Financial Profile

Under Fitch's rating case, maximum leverage, measured as net debt
to CFADS, is projected to reach 7.8x in 2026, and is expected to
decrease to around 5.6x at debt maturity. These metrics are
considered in line with the assigned rating considering the Volume
and Price Risk assessments as per Fitch's applicable criteria.

SECURITY

The security package for the notes includes:

- Pledge/charge over all shares of the issuer;

- Pledge/charge over all assets of the Issuer, including rights
over the issuer's revenues;

- Security assignment/charge over the concession fees or the 28% of
the airport's gross revenues prior to its "true sale" to the
issuer;

- Lien over offshore accounts, including a Revenue Account, Debt
Service Reserve Account (DSRA) and Accrual Account.

Climate Vulnerability Signals

The Climate.VS for Montego Bay Airport Revenue Finance Ltd. is 53.

Exposure to climate events, such as Hurricane Melissa, that can
disrupt airport operations and affect the issuer's long term credit
profile.

Any potential future impact on the rating may differ from the
illustrative rating impact in the Climate.VS framework, reflecting
the evolution of Fitch's assessment.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                 Rating                        Prior

   -----------                 ------                        -----

Montego Bay Airport
Revenue Finance Ltd.

   Montego Bay Airport
   Revenue Finance
   Ltd./Airport Revenues
   - Senior Secured
   Debt/1 LT                LT

   USD 400 mln 6.6%
   bond/note
   15-Jun-2035 61238BAA9    LT BB+ Rating Watch Maintained   BB+




===========
P A N A M A
===========

AES PANAMA GENERATION: Fitch Affirms 'BB+' LongTerm IDRs
--------------------------------------------------------
Fitch Ratings has affirmed AES Panama Generation Holdings, S.R.L.'s
(AESPGH) Long-Term Foreign Currency and Local Currency Issuer
Default Ratings (IDRs) at 'BB+'. The Rating Outlook on the IDRs is
Stable. Fitch has also affirmed the company's Long-Term National
Scale Rating at 'AA+(pan)' with a Stable Outlook, and its USD1.38
billion senior secured notes at 'BB+' on the international scale
and 'AA+(pan)' on the national scale.

The ratings reflect AESPGH's leading position in Panama's power
generation market, diversified asset base and strong contractual
position. They also reflect its linkage to Panama's sovereign
credit quality due to direct exposure to the government , domestic
cash flow generation, its essential role in the power sector and
indirect exposure to government subsidies through regulated
distribution companies. AESPGH's gradual deleveraging is supported
by lower capex, stable EBITDA generation and the start of Gatun's
combined-cycle operations.

Key Rating Drivers

Strong Market Position: AESPGH's strong business profile reflects
its leading position in Panama's power sector, supported by scale,
asset diversification and operating flexibility. Its generation
fleet accounts for about 30% of national generation through AES
Panama, S.R.L., AES Changuinola, S.R.L. and AES Colón, which
supports cash flow resilience. This position is strengthened by its
gradual expansion into solar generation and by AES Panama's 49%
stake in the 670MW Generadora Gatún natural gas plant, which began
combined-cycle operations in June 2025.

AESPGH also benefits from business diversification through its LNG
operations, as Panama's sole LNG supplier and owner of key import
and regasification infrastructure. LNG storage, transportation and
sales contribute about 9% of revenue on average and broaden the
company's revenue base across domestic power clients, marine demand
linked to the Panama Canal, and exports. Available tank capacity
provides room for incremental earnings growth without significant
additional investment.

Cash Flow Visibility: Approximately 80% of electricity sales are
contracted, with an average remaining tenor of six years with
private clients, supporting good revenue visibility. More than 93%
of contracted capacity is sold to regulated distribution companies,
with the balance sold to commercial and industrial clients. Spot
market exposure varies, but this risk is mitigated through its
efficient thermal fleet and strong market position. Around 9% of
revenue comes from LNG and terminal-use sales. Fitch expects cash
flow from operations to average about USD200 million a year through
2029, covering limited annual capex, debt maturities, and dividends
equal to 100% of excess cash flow.

Sovereign Linkage: AESPGH's ratings reflect linkage to Panama's
sovereign credit quality, given its domestic cash flow generation,
regulated market exposure and important role in the country's power
matrix. The linkage is also influenced by the government's 51%
ownership of operating subsidiary AES Panama, S.R.L., which
introduces partial state influence over the group. Governance risks
are moderated by unanimous board approval requirements and limited
government representation. Exposure also stems from sales to
regulated distribution companies, representing about 68% of AES
Panama's sales and 100% of AES Colón's sales in 2025.

Leverage to Improve: Fitch expects AESPGH's leverage to improve
from 2026, driven primarily by EBITDA growth and, to a lesser
extent, debt repayment. Fitch expects gross leverage, defined as
total debt/EBITDA, to decline below 4.0x in 2026 and remain below
this level thereafter. Debt repayment will total about USD160
million through 2029. Fitch assumes AESPGH will refinance its
USD1.3 billion outstanding notes due in 2030. EBITDA will also
benefit from higher AES Colón LNG sales, growth in terminal
storage fees and dividends from Gatun. Fitch expects low capex to
support positive FCF, while EBITDA interest coverage will remain
solid at about 5.7x in 2026.

Diversified Generation Base: AESPGH's generation portfolio consists
of 1,886MW of installed capacity (including Gatun where AES Panama
has a 49%stake) that is diversified across hydrology, natural gas,
wind and solar assets. The mix helps mitigate periodic drought risk
through efficient thermal generation and supports low-cost output
in periods of strong hydrology. Fitch expects the start-up of the
Gatun plant to help reduce spot prices from historical levels above
USD100/MWh. Fitch's base case assumes the company will remain a net
power purchaser in the intermediate term as the Colón plant lowers
generation, alongside lower spot market costs.

Standalone Rating Basis: Fitch rates AESPGH on a standalone basis,
one notch below its 100% controlling parent, The AES Corporation.
Fitch assumes linkage based on the parent's full ownership and
material overlap in brand strategy. Under its Parent and Subsidiary
Linkage Criteria, Fitch views the parent's legal and financial
incentive to support AESPGH as low. Fitch also views strategic
support incentive as low, given the subsidiary's limited growth
potential, financial contribution and competitive advantage for the
larger multinational parent. Operational support incentive is also
low, as AESPGH represents less than 4% of the parent's total
installed capacity.

Peer Analysis

AESPGH's Standalone Credit Profile is in line with those of
diversified and highly contracted power generators in the region,
including Kallpa Generación S.A. (Kallpa; 'BBB-'/Stable) in Peru,
AES Andes S.A. ('BBB-'/Stable) in Chile, and Isagen S.A. E.S.P.
(Isagen; 'BB+'/Stable) in Colombia.

Fitch expects AESPGH's leverage to be below 4.0x from 2026,
supported by EBITDA growth and amortizing debt. This is in line
with peers, whose leverage ranges from 3.3x to 4.0x. Like its
peers, AESPGH has a diversified asset base across natural gas,
hydroelectric and renewable generation, which helps limit exposure
to climate variability through thermal backup capacity. AESPGH's
scale is smaller at 1.9GW, compared with AES Andes at 5.9GW, Kallpa
at 2.5GW and Isagen at 3.3GW. Isagen's IDR is constrained by
Colombia's 'BB+' Country Ceiling because it operates fully in
Colombia and lacks meaningful offshore cash flow or EBITDA from
higher-rated jurisdictions.

Fitch’s Key Rating-Case Assumptions

- Average Monomic contract prices 2026-2029 for each company are
expected to be USD96/MWh for AES Panama SRL; USD110/MWh for AES
Changuinola; and USD100/MWh for AES Colon;

- Long-term hydro and renewable PPA prices have fixed prices where
some adjust with inflation and prices for capacity are fixed with
no change over the life of the contract;

- Expiring large user hydro PPAs will be renewed with similar
terms;

- Thermal PPA prices adjust based on the cost of fuel and capacity
prices are fixed;

- Capex limited to maintenance work and amounts to USD70 million
through 2029;

- Gatun commences cash contributions to AES Panama SRL in 2026;

- No significant asset sales occur during the rating horizon
without corresponding debt rebalancing;

- Dividends average USD200 million through 2029.

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-', Lower), sector characteristics
('bb+', Moderate), market and competitive positioning ('bbb',
Moderate), diversification and asset quality ('bbb-', Moderate),
company operational characteristics ('bb+', Higher), profitability
('bbb', Moderate), financial structure ('bbb-', Moderate), and
financial flexibility ('bbb-', Moderate).

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'bb+' has no impact.

The other risk elements adjustment applies and results in an
adjustment of -1 notch(es).

The SCP is 'bb+'.

To derive the Long-Term IDR:

Fitch made no adjustments to the SCP, resulting in a Foreign and
Local Currency IDR of 'BB+'

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Adverse government intervention in the sector that weakens the
regulatory framework;

- Sustained gross leverage above 4.0x and net leverage above 3.5x
over the medium term;

- A downgrade of Panama's sovereign rating and weakening of its
operating environment;

- Deterioration in the company's ability to mitigate spot-market
risk;

- Payment of dividends coupled with high leverage levels.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Upgrade of Panama's sovereign rating and/or greater
disassociation from the government.

- Sustained gross leverage below 3.0x over the medium term;

- A conservative contracting strategy that promotes cash flow
stability and the ability to withstand hydrological shocks to the
system;

- Continued evidence of sustainable spot price stabilization as a
result of asset diversification in the Panamanian electricity
matrix.

Liquidity and Debt Structure

AESPGH maintains a solid liquidity position, supported by stable
cash flow generation from its strong contractual position and low
capex. At YE 2025, the company reported available cash of USD75
million, compared with short-term debt of USD65 million, which
covers near-term obligations. Most of AESPGH's debt is long term,
with just over USD1.3 billion due in 2030. As a result, Fitch does
not expect material refinancing risk through 2030.

Issuer Profile

AESPGH is indirectly owned by AES to finance operations in Panama
and is the issuer of USD1.38 billion amortizing notes. AESPGH owns
and operates the largest portfolio of electricity generation and
LNG assets in Panama.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for AES Panama Generation Holdings, S.R.L.

ESG Considerations

AES Panama Generation Holdings, S.R.L. has an ESG Relevance Score
of '4' for Governance Structure due to its partial government-owned
corporate structure, and the inherent governance risk that arises
with a material or dominant state shareholder, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating              Prior
   -----------                   ------              -----
AES Panama Generation
Holdings, S.R.L.     

                     LT IDR      BB+       Affirmed   BB+
                     LC LT IDR   BB+       Affirmed   BB+
                     Natl LT     AA+(pan)  Affirmed   AA+(pan)
   senior secured    LT          BB+       Affirmed   BB+
   senior secured    Natl LT     AA+(pan)  Affirmed   AA+(pan)




=====================
P U E R T O   R I C O
=====================

AMBIPAR EMERGENCY: White & Case Advises Ad Hoc Lenders Group
------------------------------------------------------------
In the Chapter 11 bankruptcy cases of Ambipar Emergency Response
and its debtor-affiliates, White & Case LLP filed with the United
States Bankruptcy Court for the Southern District of Texas, Houston
Division, an amended Verified Statement pursuant to Bankruptcy Rule
2019 to inform the Court that the firm represents an ad hoc group
of lenders and financing providers under debentures, working
capital loans, and other financial instruments with
debtor-affiliates that are also joint debtors (the RJ Debtors) in
the jointly administered plenary judicial reorganization proceeding
under Brazilian Federal Law No. 11.101/2005 pending before the 3rd
Business Court of Rio de Janeiro. The RJ Debtors have been
substantively consolidated, pursuant to their request submitted
before the filing of this chapter 11 case, by order of the RJ
Court, and are jointly liable for all claims against any RJ Debtor
under Brazilian law.

Each member of the Ad Hoc Group of Financial Creditors has
indicated to Counsel that it holds disclosable economic interests,
or acts as investment manager, advisor, or affiliate to funds
and/or accounts that hold disclosable economic interests, in
relation to the Debtor.

Nothing contained in this Statement is intended or shall be
construed to constitute:

  (i) a waiver or release of any claims against or equity
      interests in the Debtor by any of the members of the
      Ad Hoc Group of Financial Creditors or any of their
      respective affiliates,

(ii) an admission with respect to any fact or legal theory, or

(iii) a limitation or waiver of any rights of any members of the
      Ad Hoc Group of Financial Creditors or any of their
respective
      affiliates to assert, file, and/or amend any claim or proof
of
      claim in accordance with applicable law and any orders
entered in
      this Chapter 11 Case.

The information contained in this Statement is provided only for
the purposes of complying with Bankruptcy Rule 2019 and is not
intended for any other use or purpose. Counsel reserves the right
to amend or supplement this Statement as may be necessary in
accordance with the requirements outlined in Bankruptcy Rule 2019.

The names, addresses, nature, and amount of all disclosable
economic interests of each present member of the Ad Hoc Group of
Financial Creditors in relation to the Debtor, are:

     1. Banco ABC Brasil S.A.
        Sao Paulo, SP,
        Avenida Cidade Jardim,
        No. 803, 2nd floor, 01453-000

        Name and Amount of Claims
        Loan Agreement No. LA-35.0007/25:
        US$ 651,857.94

        Cash Flow SWAP Agreement No. 16616425:
        US$$ 93,650.86

        Loan Agreement No. LA-35.0029/25:
        US$ 365,635.77

        Cash Flow SWAP Agreement No. 16801625:
        US$32,191.10

        Loan Agreement No. LA-35.0163/24:
        US$1,345,846.83

        Cash Flow Swap Agreement No. 16166024:
        US$85,534.82

        Loan Agreement No. LA-35.0164/24:
        US$1,656,426.88

        Cash Flow Swap Agreement No. 16166124:
        US$ 105,273.63

        Loan Agreement No. LA-35.0174/24:
        US$ 593,017.85

        Cash Flow Swap Agreement No. 16246524:
        US$ 58,855.98

        Loan Agreement No. LA-35.0177/24:
        US$ 8,084,073.36
   
        Cash Flow Swap Agreement No. 16266324:
        US$ 889,047.31

     2. Banco Bradesco S/A
        Osasco, SP, Cidade de Deus, s/n,
        Vila Yara, 06029-900

        Name and Amount of Claims
        Bradesco Debentures:
        US$ 40,774,678.98

        CCB 16716957:
        US$ 1,816,794.23

        Stock Bookkeeping Service:
        US$ 6,417.52

        Stock Bookkeeping Service:
        US$ 327.82

        CCB 15963687:
        US$ 40,726.69

        CCB 16158213:
        US$ 11,341.70

        CCB 16158212:
        US$ 9,419.08

        CCB 16205190:
        US$ 623,791.75

        Visa Credit Card Statement:
        US$ 36,242.84

        Elo Credit Card Statement:
        US$10,145.74

     3. Banco Sumitomo
        Mitsui Brasileiro S/A
        Sao Paulo, SP, Avenida Paulista,
        No. 37, 11th and 12th Floors,
        01311-902

        Name and Amount of Claims
        EESG13 Debentures:
        US$ 95,911,619.33

     4. Banco do Brasil S.A.
        Brasilia, Setor de Autarquias Norte,
        Quadra 5, Bloco B, Asa Norte,
        Brasilia-DF, 70.040-912

        Name and Amount of Claims
        BB Digital Working Capital
        Credit Facility 340604200:
        US$ 1,063,334.68

        BB Corporate Financing Loan 251329767:
        US$ 21,804.73

        BB Digital Working Capital
        Bank Credit Note 251331046:
        US$ 171,129.21

        BB Digital Working Capital
        Bank Credit Note 251331567:
        US$ 149,867.16

        BB FCO Commercial
        Development Credit 328312210:
        US$ 6,842.59

        BB Auto Consortium 3585603:
        US$ 926.66

        BB Export Credit 250010396:
        US$ 2,904,095.64

        Ourocard Business Visa 172302492:
        US$ 7,250.29

        CETIP-Registered Debentures 2385:
        US$ 65,743,513.81

        BB Working Capital
        Credit Facility 191101476:
        US$ 65,702,692.30

        BB Digital Working Capital
        Credit Facility 191101489:
        US$ 153,139.20

        Import Financing Buyer's
        Credit 250017247:
        US$ 1,182,016.00

        BB Digital Working Capital
        Bank Credit Note 808404607:
        US$ 158,787.65

        Business Card Charges:
        US$ 1,598.25

        BB Corporate Financing 2122278:
        US$ 20,173.86

        BB Auto Consortium 2780595:
        US$ 2,981.22

        BB Auto Consortium 2780634:
        US$ 2,981.22

        BB Digital Working Capital
        Bank Credit Note 002.122.758:
        US$ 249,406.35

        BB FCO Commercial Development
        (Banker's Acceptance):
        US$ 8,784.62

        BB FCO Commercial Development
        Credit Facility 336003971:
        US$ 54,216.68

        Checking Account Fee 316887:
        US$ 47.48

        BB Guaranteed Account Bank
        Credit Note 808.405.196:
        US$ 194,739.06

        BB Digital Working Capital
        Credit Facility 808405424:
        US$ 154,423.33

        BB Digital Working Capital
        Credit Facility 808406261:
        US$ 544,901.36

        BB Corporate Financing 2122089:
        US$ 37,270.76

        Conventional Corporate Leasing
        (Aircraft Financing) 239751:
        US$ 33,969,652.58

Counsel to the Ad Hoc Group of Financial Creditors:

   Charles R. Koster, Esq.
   WHITE & CASE LLP
   609 Main Street, Suite 2900
   Houston, TX 77002
   Tel: (713) 496-9700
   Email: charles.koster@whitecase.com

     - and -

   Richard S. Kebrdle, Esq.
   WHITE & CASE LLP
   200 South Biscayne Boulevard, Suite 4900
   Miami, FLA 33131
   Tel: (305) 371-2700
   Email: rkebrdle@whitecase.com

     - and -

   John K. Cunningham, Esq.
   Ricardo Pasianotto, Esq.
   WHITE & CASE LLP
   1221 Avenue of the Americas
   New York, NY 10022
   Tel: (212) 819-8200
   Email: jcunningham@whitecase.com
          ricardo.pasianotto@whitecase.com

              About Ambipar Emergency Response

Ambipar Emergency Response (OTCMKTS: AMBWQ) is a global
environmental and emergency response firm.  Ambipar Emergency
Response is a holding company incorporated under the laws of the
Cayman Islands. Ambipar Emergency Response became a public company
through a de-SPAC transaction, which closed on March 3, 2023.

Ambipar Emergency Response sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on
October 20, 2025. In its petition, the Debtor reports more than $1
billion in assets and $328.2 million in liabilities.

The Honorable Bankruptcy Judge Alfredo R. Perez oversees the
Chapter 11 case.

The Debtor is represented by Simpson Thacher & Bartlett LLP and
Gray Reed & McGraw LLP.  Quinn Emanuel Urquhart & Sullivan, LLP
serves as counsel to the Independent Special Committee of the Board
of Directors of the Debtor.  Kurtzman Carson Consultants, LLC DBA
Verita Global serves as the Debtors' noticing agent.

White & Case LLP represents an ad hoc group of lenders and
financing providers.


WEST MARINE: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: West Marine, Inc.
             1 East Broward Blvd., Suite 200
             Fort Lauderdale, FL 33301

Business Description: West Marine is a Sunnyvale,
California-founded marine aftermarket retailer and distributor
established in
1968.  The Company sells boating, fishing, sailing, watersports,
paddlesports, apparel, electronics, and related marine products
through retail stores, wholesale operations, and eCommerce
websites. West Marine also provides fulfillment options including
delivery, buy online pick up in store, ship from store, and ship to
store. It serves consumers, professional boaters, industry
professionals, and government agencies across more than 34 states
and Puerto Rico.

Chapter 11 Petition Date: May 17, 2026

Court:            United States Bankruptcy Court
                  District of Delaware

Eight affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

   Debtor                                       Case No.
   ------                                       --------
   West Marine, Inc. (Lead Case)                26-10794
   Marine One Holdco, LLC                       26-10795
   Marine One Parent, Inc.                      26-10796
   Rising Tide Holdings Inc.                    26-10797
   Rising Tide Parent Inc.                      26-10798
   Seascapes, Inc.                              26-10799
   W Marine Management Company, Inc.            26-10800
   West Marine Products, Inc.                   26-10801

Debtors'
Co-Bankruptcy
Counsel:          Michael R. Nestor, Esq.
                  Kara Hammond Coyle, Esq.
                  Shella Borovinskaya, Esq.
                  Kristin L. Cardoza, Esq.
                  YOUNG CONAWAY STARGATT TAYLOR, LLP
                  Rodney Square
                  1000 North King Street
                  Wilmington, Delaware 19801
                  Tel: (302) 571-6600
                  Fax: (302) 571-1253
                  Email: mnestor@ycst.com
                         kcoyle@ycst.com
                         sborovinskaya@ycst.com
                         kcardoza@ycst.com

Debtors'
Restructuring
Counsel:            Joshua A. Sussberg, P.C.
                    Matthew C. Fagen, P.C.
                    KIRKLAND & ELLIS LLP
                    KIRKLAND & ELLIS INTERNATIONAL LLP
                    601 Lexington Avenue
                    New York, New York 10022
                    Tel: (212) 446-4800
                    Fax: (212) 446-4900
                    Email: matthew.fagen@kirkland.com

                       -- and --

                    Brian J. Nakhaimousa, Esq.
                    KIRKLAND & ELLIS LLP
                    KIRKLAND & ELLIS INTERNATIONAL LLP
                    830 Brickell Plaza
                    Miami, Florida 33131
                    Tel: (305) 432-5600
                    Email: brian.nakhaimousa@kirkland.com

Debtors'
Investment
Banker:             TRIPLE P SECURITIES, LLC

Debtors'
Restructuring
Advisor:            FTI CONSULTING, INC.

Debtors'
Claims &
Noticing
Agent:              KURTZMAN CARSON CONSULTANTS, LLC
                    d/b/a VERITA GLOBAL

Debtors'
Real Estate
Advisor &
Liquidator:         HILCO MECHANT RESOURCE, LLC
                    AND HILCO REAL ESTATE, LLC

Estimated Assets
(on a consolidated basis): $500 million to $1 billion

Estimated Liabilities
(on a consolidated basis): $500 million to $1 billion

The petitions were signed by Paulee Day as chief executive
officer.

A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:

https://www.pacermonitor.com/view/QOFKCOQ/West_Marine_Inc__debke-26-10794__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount

1. Garmin International, Inc.        Trade Vendor      $8,565,896
Jessica Owens
1100 E 151st Street
Building 5
Olathe, KS 66062
Phone: 913-440-6412
Email: jessica.owens@garmin.com

2. Virtual Supply, Inc.              Trade Vendor      $5,784,282
Carin Schroeder
5825 SW Arctic Drive
Beaverton, OR 97005
Phone: 503-213-1685
Email: cschroeder@virtualsupply.com

3. Sierra International, Inc.        Trade Vendor      $4,653,016
Doug Spitzer
2672 Collection Center Drive
Chicago, IL 60693
Phone: 217-441-8367
Email: doug.spitzer@dometic.com

4. East Penn Manufacturing Co.,      Trade Vendor      $4,429,055
Inc.
Chris Pedersen
P.O. Box 147
Deka Road
Lyon Station, PA 19536-0147
Phone: 336-771-7006 Ext 217
Email: cpedersen@dekabatteries.com

5. Modern Recreational               Trade Vendor      $4,234,384
Technologies, Inc.
Jack Brown
2220 US Highway 70 SE
Suite 100
Hickory, NC 28602
Phone: 828-319-2693
Email: jbrown@rpmspg.com

6. Facility Solutions Group, Inc.      Contract        $4,126,714
Chris Wemmert                        Counterparty
4401 Westgate Blvd
Suite 310
Austin, TX 78745
Phone: 512-440-7985x12098
Email: chris.wemmert@fsgi.com

7. Lippert Components                Trade Vendor       $3,578,940
Manufacturing, Inc.
Sara Nidiffer
408 S Byrkit Ave
Mishawaka, IN 46544
Phone: 574-312-6279
Email: snidiffer@lci1.com

8. Lumitec, LLC                      Trade Vendor       $2,175,430
Tamara Miller
1405 Poinsettia Drive
Suite 10
Delray Beach, FL 33444
Phone: 561.272.9840 Ext 115
Email: tmiller@lumiteclighting.com

9. Pure Fishing, Inc.                Trade Vendor       $2,111,885
Marcus Raven
1489 Paysphere Circle
Chicago, IL 60674
Phone: 803-451-347
Email: marcus.raven@purefishing.com

10. 3M Company                       Trade Vendor       $2,020,518
Eylin Lobo
6023 S.Garfield Ave
P.O. Box 54019
Los Angeles, CA 90040
Phone: 844-265-9323 Opt 2
Email: 3m.cbgcustomercollections.us@mmm.com

11. Akzo Nobel Inc.                  Trade Vendor       $1,907,209
Ligia Miyoshi
6001 Antoine Drive
Houston, TX 77091
Phone: 484-331-3003
Email: ligia.miyoshi@akzonobel.com

12. ACR Electronics, Inc.            Trade Vendor       $1,900,401
Linnea Green
5757 Ravenswood Road
Fort Lauderdale, FL 33312-5247
Phone: 954-862-2134
Email: linnea.green@acrartex.com

13. Raymarine, Inc.                  Trade Vendor       $1,897,763
Karen Root
110 Lowell Road
Hudson, NH 03051
Phone: 603-324-7934
Email: karen.root@teledyne.com

14. New Nautical Coatings, Inc.      Trade Vendor       $1,695,899
Adam Alloway
14805 49th Street North
Clearwater, Fl 33762
Phone: 727-523-8053
Email: adam.alloway@akzonobel.com

15. Gross Mechanical                 Trade Vendor       $1,554,847
Laboratories, Inc.
Beth Chavez
450 Marion Quimby Drive
Stevensville, MD 21666
Phone: 410.604.3800
Email: bchavez@groco.net

16. Pan Jack Industrial Co., Ltd.    Trade Vendor       $1,358,907
Cody Adams
Bvdg.C,9f-3,No.202,Sec.3 Da-Tong Rd
Hsi-Chih Cheng
Taipei Hsien, R.O.C.
Taiwan
Phone: 22-647-1778
Email: cody@panjack.com

17. Xylem Inc.                       Trade Vendor       $1,349,926
John Morin
100 Cummings Center
Suite 535N
Beverly, MA 01915
Phone: 831-801-3545
Email: jmorin@derema.com

18. Seaflo Marine & RV               Trade Vendor       $1,273,151
North America Llc
Marc Swiatek
3602 West Sample Street
South Bend, IN 46619
Phone: 844-473-2356
Email: sales@seaflousa.com

19. Kent Water Sports, LLC           Trade Vendor       $1,167,841
Brian Zaletel
330 Hwy 10 South
Suite 4
St. Cloud, MN 56304
Phone: 320-252-2056
Email: ar@kentoutdoors.com

20. Rocky Brands US, LLC             Trade Vendor       $1,078,156
Cassidy Washington
39 East Canal Street
Nelsonville, OH 45764
Phone: 800-848-9452 Ext 2101
Email: cassidy.washington@rockybrands.com

21. CMP Group Ltd.                   Trade Vendor        $969,671
Thea Page
7733 Progress Way
Delta, BC V4G1A3
Canada
Thea Page
Phone: 604-952-2656
Email: tpage@cmpgroup.net

22. Navico, Inc.                     Trade Vendor       $931,847
Brad Crossman
4500 S 129th East Avenue
Suite 200
Tulsa, OK 74134
Phone: 920-929-5120
Email: brad.crossman@mercmarine.com

23. Luxottica Of America Inc.        Trade Vendor       $910,174
Ofelia Roth
12 Harbor Park Drive
Port Washington, NY 11050
Phone: 516-918-3133
Email: oroth@us.luxottica.com

24. Magma Products, LLC              Trade Vendor       $836,259
Ashunti Powell
3940 Pixie Ave
Lakewood, CA 90712
Phone: 972-448-3528
Email: apowell@axiombanking.com

25. Yaesu USA, Inc.                  Trade Vendor       $834,124
Lucy Vunileva
6125 Phyllis Drive
Cypress, CA 90630
Phone: 714-827-7600 Ext 2794
Email: l.vunileva@yaesu-us.com

26. Star Brite, Inc.                 Trade Vendor       $788,402
Meghan Douglass
2780 Gunter Park Drive East
Montgomery, AL 36109
Phone: 954-587-6280 Ext 134
Email: mdouglass@starbrite.com

27. Pentair Flow Technologies, LLC   Trade Vendor       $761,137
Aubrey Asmund
5900 Katella Avenue
Ste A, B, Or C
Cypress, CA 90630
Phone: 800-854-3218
Email: aubrey.asmund@pentair.com

28. Enersys Energy Products Inc.     Trade Vendor       $745,253
Tom Distefano
617 North Ridgeview Drive
Warrensburg, MO 64093
Phone: 1660-429-2165
Email: tom.distefano@enersys.com

29. Pelagic Inc.                     Trade Vendor       $741,465
Beth Kawaja
1660 Placentia Avenue
Costa Mesa, CA 92627
Phone: 949-642-0646
Email: beth@pelagicgear.com

30. Teufelberger Fiber               Trade Vendor       $697,081
Rope Corporation
Peter Phelan
848 Airport Road
Fall River, MA 02720
Phone: 800-333-6679
Email: peter.phelan@teufelberger.com
f


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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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