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260707.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, July 7, 2026, Vol. 27, No. 134 Headlines A R G E N T I N A AGUA Y SANEAMIENTOS: Fitch Hikes IDR to B- & Then Withdraws Rating ARGENTINA: Economy Contracted in April as Uneven Growth Persists CLISA: Fitch Hikes Long-Term LongTerm IDRs to 'CCC+' B R A Z I L BRAZIL: Goias Gets OK for $90.4M Loan for Fiscal Sustainability D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Lowers Fuel Prices on July 4–10 E C U A D O R BOLIVARIANO DPR: Fitch Assigns 'BB-' Rating on Series 2026-1 Debt J A M A I C A JAMAICA: Net Remittances Decline in April [] JAMAICA: Task force Set Up to Help BPO Workers Adapt to AI P U E R T O R I C O BITCOIN DEPOT: Hires Shannon Lee Beatty LLP as Conflicts Counsel SPANISH BROADCASTING: Judge Intends to Approve Chapter 11 Plan - - - - - ================= A R G E N T I N A ================= AGUA Y SANEAMIENTOS: Fitch Hikes IDR to B- & Then Withdraws Rating ------------------------------------------------------------------ Fitch Ratings has upgraded Agua y Saneamientos Argentinos S.A.'s (AySA) Local Currency and Foreign Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+'. The Rating Outlook is Stable following the upgrade. Fitch has also raised the company's Standalone Credit Profile (SCP) to 'b-' from 'ccc'. The upgrade reflects the recent improvement of its business profile and cash flow generation along with the company's consistent tariff increases and debt reduction. AySA provides essential water and wastewater utility services for the most economically important region in Argentina. Fitch has withdrawn AySA's ratings due to commercial reasons. Key Rating Drivers Improved Business Profile: AySA's 'b-' SCP reflects its successful implementation of monthly tariff increases since 2024 and cost-efficiency measures. Monthly tariff adjustments have increased to 3%-4% from January to April 2026, from 1% through 2025. These actions are credit positive, as they have enhanced cash flow generation and reinforced the Argentine government's strategy to turn around AySA's loss-making operations. Increasing EBITDA and FCF: Fitch forecasts AySA's EBITDA at about ARS530 billion in 2026 with an EBITDA margin of around 25%. This is a significant improvement from the company's long record of operating losses. Fitch expects AySA's FCF to remain positive in 2026 at around ARS90 billion and average about ARS115 billion through 2028, supported by low interest payment requirements and maintenance capex only. Standalone Credit Profile: Fitch recently upgraded AySA's shareholder, the Republic of Argentina, to 'B-'/Stable from 'CCC+', which is the same as AySA's SCP. For this reason, there is no uplift from this relationship to AySA's IDRs. Fitch’s Key Rating-Case Assumptions - Tariff increase according to Fitch's inflation estimates for Argentina; - Maintenance capex of averaging around ARS550 billion per year during 2026-2028; - Average USD/ARS FX rate of 1,559 in 2026, 1,818 in 2027 and 2,096 in 2028 - Year-End USD/ARS FX rate of 1,668 in 2026, 1,968 in 2027 and 2,224 in 2028 - Interest rate of 21.63% for local debt - No infrastructure network growth given existing frozen policy for expansionary capex. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b-', Moderate), sector characteristics ('b-', Higher), market and competitive positioning ('bb', Moderate), diversification and asset quality ('bb', Lower), company operational characteristics ('b-', Moderate), profitability ('b+', Moderate), financial structure ('a+', Moderate), and financial flexibility ('b-', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. 'B+ to CC' considerations apply in its analysis and have no impact. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'b-' results in an adjustment of -1 notch. The SCP is 'b-'. To derive the Long-Term IDR: Application of Fitch's Government Related Entities Rating Criteria results in a standalone approach and FC and LC IDR of 'B-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Not applicable as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Not applicable as the ratings have been withdrawn. Liquidity and Debt Structure By the end of December 2025, total debt was ARS99 billion, largely comprised of the bonds that matured in 2026. On the same date, AySA's liquidity was ARS35 billion. The bond it was paid in full on May 1, 2026. Outstanding debt includes ARS 30 billion in trust-issued debt securities Issuer Profile AySA is the water/wastewater concessionaire of Buenos Aires and 26 municipalities of the metropolitan region, assisting around 15 million people through an extendable concession agreement that matures in 2036. The government of Argentina controls the company through its 90% ownership. 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 Agua y Saneamientos Argentinos S.A. ESG Considerations Following the withdrawal of the ratings for Agua y Saneamientos Argentinos S.A., Fitch will no longer provide the associated ESG scores. Agua y Saneamientos Argentinos S.A. has an ESG Relevance Score of '4' for Governance Structure due to its nature as a majority government-owned entity and the inherent governance risk that arises with a dominant state shareholder. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Agua y Saneamientos Argentinos S.A. LT IDR B- Upgrade CCC+ LT IDR WD Withdrawn LC LT IDR B- Upgrade CCC+ LC LT IDR WD Withdrawn ARGENTINA: Economy Contracted in April as Uneven Growth Persists ---------------------------------------------------------------- Manuela Tobias at Bloomberg News reports that Argentina's economy contracted in April after a short-lived rebound the previous month, underscoring a trend of uneven growth more than halfway through President Javier Milei's term. Economic activity fell 1.5 percent from March, below the one percent drop estimated by Bloomberg Economics, according to government data published. From a year ago, the gross domestic product proxy grew 1.6 percent, below the 3.3 percent median estimate of economists surveyed by Bloomberg. "The key problem remains a highly uneven composition. Most strength is concentrated in a handful of competitive tradable sectors, with no signs of a pickup in the broader economy," said Jimena Zúñiga, Argentina Economist for Bloomberg. Agriculture led growth on an annual basis, while manufacturing, retail and fishing fell, according to Bloomberg News. Earlier indicators had already previewed an uneven performance across the economy, with mining expanding while manufacturing and construction both contracted more than two percent from a year ago, Bloomberg News notes. Argentina's gross domestic product grew 0.7 percent in the first quarter, more than expected, compared with the previous quarter on consumer spending, Bloomberg News says. Argentine GDP is forecast to expand for the second straight year in 2026, driven by record exports from energy, agriculture and mining. Yet unemployment continues to rise as the formal labour force sheds nearly half a million jobs, Bloomberg News adds. Economists Argentina expect the country to grow 2.9 percent in 2026 and inflation to slow slightly to 30.5 percent, according to the Central Bank's monthly survey in May, Bloomberg News relays. 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. CLISA: Fitch Hikes Long-Term LongTerm IDRs to 'CCC+' ---------------------------------------------------- Fitch Ratings has upgraded CLISA-Compania Latinoamericana de Infraestructura y Servicios' (CLISA) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC+' from 'CCC'. Fitch has also upgraded CLISA's senior secured rating to 'CCC+' with a Recovery Rating (RR) of 'RR4' from 'CCC'/'RR4'. CLISA's ratings upgrade reflects better operating performance, driven mainly by a recovery in construction profitability and by Fitch's expectation that the operating environment will improve after Argentina's sovereign rating was upgraded to 'B-'/Stable. The ratings also reflect CLISA's strong local market position, its stable waste management operations and the diminished backlog of its construction business. Fitch's Country-Specific Treatment of Recovery Ratings Criteria caps the RR for corporate issuers in Argentina at 'RR4'. Key Rating Drivers Adequate Operating Performance: CLISA's operating performance has benefited from a recovery in the construction business, higher landfill volumes, and price adjustments to reflect cost increases. Fitch expects EBITDA margins to remain around 9%, in line with 2025 and increasing from about 7% in 2024. Fitch forecasts EBITDA leverage to remain around 3x and EBITDA interest coverage above 2.5x through 2027. This reflects its expectation that CLISA's operations will remain resilient despite still restrictive but gradually improving economic conditions in Argentina. Construction Business Recovery: CLISA's construction business has improved from weak operating levels in 2024, supported by the resumption of certain projects and a greater contribution from private-sector activity, including oil and gas-related works. Fitch expects this segment to continue recovering in 2026, reaching an EBITDA margin of around 7% (2025: 6.5%) and accounting for about 30% of total revenue. This view also incorporates a still-weak operating environment for the construction sector, marked by low private investment levels, aggressive competition and slow public contracting for infrastructure projects in Argentina. Diversification and Market Position: CLISA's business profile reflects its strong position as a large privately owned infrastructure operator in Argentina. The company benefits from exposure to multiple public infrastructure segments and from long-term concessions tied to essential services, such as Buenos Aires' landfill and subway system, while Cordoba's water utility matures in 2027. These concession-backed operations represent approximately 70% of total revenue. Liquidity Remains Limited: Fitch forecasts the cash-to-short-term debt ratio will remain well below 1x for the next 18 months because the company will continue renewing its revolving and working capital lines, as CLISA needs continued access to factoring and revolving facilities which represent around 57% of short-term debt. Elevated Counterparty Risk: CLISA faces high counterparty risk due to its strong ties to Argentina's public sector, which generates between 80% and 90% of its revenue. Regular public service contract negotiations pose renewal risks, while collection delays from the public sector and lagging price adjustments impact revenue and profitability. The construction business heavily depends on government projects at federal, provincial and municipal levels. 2034 Redeemable Notes: Fitch expects CLISA to evaluate redemption of its around USD78 million unsecured senior notes due 2034 in 2027, reflecting the incentives embedded in the instrument's 7% pay-in-kind (PIK) coupon structure and step-up redemption schedule. The notes were issued in May 2025 and are redeemable at 32.35% through June 10, 2027, and 42.35% through Dec. 19, 2027, among other dates. The company's ability to execute will depend on available liquidity and financing conditions. Peer Analysis Fitch views CLISA's credit profile as weaker than its Latin American peers in the construction, water utility and transportation sectors, such as Aenza S.A.A. (Aenza; BB/Stable). Both companies have medium-sized diversified business profiles, but Aenza benefits from a stronger financial profile and operating environments. Additionally, CLISA's credit profile is significantly weaker than its U.S. peers in the waste management sector, such as Waste Management, Inc. (A-/Stable) and Waste Connections, Inc. (A-/Stable). These companies have superior scale, margins, FCF generation, leverage and operating environments. Fitch’s Key Rating-Case Assumptions - A slight improvement in Argentina's macroeconomic conditions; - EBITDA margins around 9% by 2027; - CAPEX around 3% of revenue by 2027; - Construction levels and margins similar to 2025; - Short-term debt is rolled over and CLISA maintains at least USD50 million in cash; - No dividends paid. 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 ('bb-', Moderate), sector characteristics ('bb', Lower), market and competitive positioning ('b-', Moderate), diversification and asset quality ('b', Moderate), company operational characteristics ('b-', Moderate), profitability ('b-', Moderate), financial structure ('b', Moderate), and financial flexibility ('ccc+', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and results in an adjustment of -1 notch(es). The governance assessment of 'good' has no impact. The operating environment assessment of 'b-' has no impact. The SCP is 'ccc+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in Local and Foreign currency IDRs of 'CCC+'. Recovery Analysis CLISA's bonds have a RR of 'RR4'. The recovery analysis assumes that CLISA would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Assumptions - A 10% administrative claim; - The GC EBITDA is estimated at USD75 million and assumes a discounted scenario where CLISA's waste management business represents the vast majority of the company's EBITDA with little to no contribution from its other businesses; - Enterprise value multiple of 5x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior secured notes is in the 'RR1' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the RR for corporate issuers in Argentina is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A material weakening in liquidity; - A deterioration of Argentina's operating environment; - Significant deterioration in the company's credit metrics leading to an interest coverage ratio sustained below 2x or EBITDA leverage above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Long-term improvement in the company's liquidity; - An upgrade of Argentina's Sovereign Rating or Country Ceiling; - EBITDA leverage maintained below 3x and EBITDA fixed coverage sustained above 2x. Liquidity and Debt Structure CLISA held approximately ARS60 billion in cash and cash equivalents as of 1Q26. The company had ARS112 billion in short-term debt as of the same period. Although CLISA's liquidity has improved following its restructuring but remains weak. Fitch estimates CLISA's total debt to be around USD320 million, including the full principal amount of its secured notes and the redemption value of its redeemable bonds. The company has USD200 million in secured bonds due in 2031 with step-up coupons. The company also has an around USD78 million redeemable note due in 2034 with a 7% PIK coupon. This note is redeemable at 32.4% of face value through June 2027. The company also has a USD1.9 million secured bond issued by its Benito Roggio Construcciones y Concesiones S.A.C subsidiary in Peru that will be amortized in a single payment at its maturity on December 2028. The remainder of the debt is primarily in ARS. Issuer Profile CLISA is a leading Argentine infrastructure management and development company with more than 100 years in business. It operates through four segments: construction and road concessions, waste management, transportation and water services, mainly serving both public and private-sector infrastructure clients. 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 2026 revenue-weighted Climate.VS for CLISA for 2035 is 60 out of 100, above the average for the waste industry. Fitch includes the consideration of these risks and CLISA's ability to address them over the longer term. CLISA is actively managing its exposure to climate transition and is committed to waste valorization activities. Tecsan, a subsidiary of CLISA, specializes in developing and operating projects focused on resource recovery from waste using multiple technologies. The company developed and currently operates a plant for the mechanical and biological treatment of urban solid waste. Additionally, it built and currently operates Central Buen Ayre, an energy generation plant powered by biogas collected from the Norte III Landfill. For further information on how Fitch perceives climate-related risks in the Engineering and Construction sector, see its "Building Materials and Construction - Long-Term Climate Vulnerability Signals" report. ESG Considerations CLISA-Compania Latinoamericana de Infraestructura y Servicios has an ESG Relevance Score of '4' for Governance Structure due to concentration of ownership, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CLISA-Compania Latinoamericana de Infraestructura y Servicios LT IDR CCC+ Upgrade CCC LC LT IDR CCC+ Upgrade CCC senior secured LT CCC+ Upgrade RR4 CCC =========== B R A Z I L =========== BRAZIL: Goias Gets OK for $90.4M Loan for Fiscal Sustainability --------------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) approved a $90.4 million loan for the state of Goiás in Brazil to strengthen fiscal revenue and public expenditure management. This operation will finance measures to strengthen fiscal governance, upgrade technology, and operational processes, and build institutional capacity. The measures will modernize Goiás’s fiscal management, contributing to aligning systems and processes with the country’s consumption tax reform as well as enhance the state’s ability to deliver services and support sustainable economic and social development. Goiás will strengthen its public governance model, improve personnel management, modernize IT, and streamline procurement while boosting citizen engagement and accountability. The state will also overhaul tax, budget, and legal frameworks to improve revenue collection and expenditure and legal management of fiscal risks and liabilities. This new operation is part of the third phase of the PROFISCO Program, a national IDB-supported initiative to strengthen fiscal sustainability at the subnational level in Brazil. These efforts will facilitate tax compliance in Goiás and enable higher-quality public spending and support better public services for the population. The loan has a 24-year maturity, a six-year grace period, and an interest rate based on SOFR. Counterpart financing totals $10.1 million. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Lowers Fuel Prices on July 4–10 ----------------------------------------------------- Dominican Today reports that the Ministry of Industry, Commerce and MSMEs (MICM) announced lower prices for most fuels for the week of July 4–10, supported by a RD$424.53 million government subsidy aimed at easing costs for consumers. Regular gasoline and regular diesel will each decrease by RD$5.00 per gallon, while premium gasoline and premium diesel will drop RD$3.00 per gallon, according to Dominican Today. Fuel oil prices will also decline, while liquefied petroleum gas (LPG) and natural gas will remain unchanged, the report notes. The ministry said maintaining the price of LPG—widely used by Dominican households—continues to shield consumers from volatility in international energy markets, the report relays. However, aviation fuel and kerosene will increase due to higher global oil prices, the report discloses. MICM noted that international refining margins for gasoline and diesel have surged since February amid the Middle East conflict, affecting import costs, as the Dominican Republic imports most of the fuel it consumes, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= E C U A D O R ============= BOLIVARIANO DPR: Fitch Assigns 'BB-' Rating on Series 2026-1 Debt ----------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating to the series 2026-1 loan issued by Bolivariano DPR Limited (Bolivariano DPR). The Series 2026 loan totals $100 million. Additionally, Fitch has affirmed the outstanding series of notes issued by Bolivariano DPR at 'BB-'. The Rating Outlook on the loan and notes is Stable. Entity/Debt Rating Prior ----------- ------ ----- Bolivariano DPR Limited 2024-1 097955AA6 LT BB- Affirmed BB- 2026-1 LT BB- New Rating Transaction Summary The future flow program is backed by existing and future flow U.S. dollar-denominated diversified payment rights (DPRs) originated by Banco Bolivariano C.A. (Bolivariano). The majority of DPRs are processed by designated depository banks (DDBs), which have executed account agreements (AAs) that irrevocably obligates them to make payments to an account controlled by the program agent. Fitch's ratings address the timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS FF Rating Driven by Originator's Credit Quality: The rating of this future flow (FF) transaction is tied to the credit quality of the originator, Bolivariano. On March 6, 2026, Fitch upgraded Bolivariano's Viability Rating (VR) to 'b-' from 'ccc+' and its Long-Term (LT) Issuer Default Rating (IDR) to 'B-' from 'CCC+'. Fitch also assigned a Stable Rating Outlook following a similar action on Ecuador's IDR. Bolivariano's IDR is driven by its intrinsic credit profile, as reflected in its VR. The ratings continue to be capped by the operating environment (OE) score of 'b-' for Ecuadoran banks, which is aligned with the sovereign rating and is expected to continue influencing the local banks' performance. GCA to Support Notching Differential: Fitch uses a going concern assessment (GCA) score to gauge the likelihood that the originator of an FF transaction will stay in operation throughout the transaction's life. Fitch assigned a GCA score of 'GC2' to Bolivariano based on the bank's systemic importance within a highly concentrated market. The assigned score allows for a maximum uplift of four notches above the originator's IDR. Notching Uplift From IDR: The 'GC2' allows for a maximum four-notch rating uplift from the bank's LT IDR pursuant to Fitch's FF methodology. The notching uplift is supported by the transaction's strong projected coverage levels and by FF debt relative to the bank's funding ratios well below the thresholds outlined in Fitch's 'Future Flow Securitization Rating Criteria'. However, as Fitch reserves the maximum notching uplift for originators rated at the lowest end of the rating scale, the notching uplift for the transaction's rating is tempered to three notches. Moderate Future Flow Debt: Fitch estimates Bolivariano's FF debt represents approximately 3.6% of its total funding and 21.5% of non-deposit funding, based on the DPR program's current outstanding balance, including the series 2026 loans, and utilizing nonconsolidated financials as of March 2026. Fitch considers the ratio of FF debt to the bank's overall liabilities small enough to not constrain the notching uplift for the FF transaction rating. Coverage Levels Commensurate with Rating: Fitch views the transaction's debt service coverage ratio (DSCR) as more than sufficient for the assigned rating. The minimum projected DSCR is approximately 107.5x, based on the maximum periodic debt service over the life of the program, including Fitch's interest rate stress, and on DDB flows over the past five years, while excluding DPR flows that Fitch considers nonrecurring. Sovereign/Diversion Risks Reduced: The structure mitigates certain sovereign risks by collecting cash flows offshore until collection of periodic debt service amount. Fitch believes diversion risk is partially mitigated by the AAs that have been executed by the DDBs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The transaction rating is sensitive to changes in Bolivariano's credit quality, which in turn is sensitive to changes in its OE. A deterioration in Bolivariano's LT IDR by more than one notch would trigger a downgrade of the transaction rating; - The minimum expected quarterly DSCR, based on DDB flows during the past five years is approximately 107.5x. Therefore, it should be able to withstand a significant decline in cash flows absent other issues. However, significant declines in flows could lead to a negative rating action. A rating committee will analyze any change in these variables to assess the potential impact on the transaction rating; - The transaction rating is sensitive to the DPR business line's performance and its ability to continue operating, as reflected by the GCA score. Changes in Fitch's view of the bank's GCA score can lead to a change in the transaction's rating. - No company is immune to economic and political conditions of its home country. Political risks and the potential for sovereign interference may increase as a sovereign's rating is downgraded. However, the underlying structure and transaction enhancements mitigate these risks to a level consistent with the assigned rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The main constraint on the transaction rating is the originator's rating and Bolivariano's OE. If the bank's LT IDR is upgraded by one notch, Fitch would consider an upgrade to the transaction rating. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to or reviewed by Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The FF ratings are driven by the credit risk of Banco Bolivariano C.A. as measured by its Long-Term IDR. 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. ============= J A M A I C A ============= JAMAICA: Net Remittances Decline in April ----------------------------------------- RJR News reports that net remittance inflows to Jamaica declined in April, as money sent home by Jamaicans overseas was offset by an increase in funds flowing out of the country. The Bank of Jamaica says net remittances fell 0.8 per cent or US$2.3 million in April, according to RJR News. The decline contrasts with a 2.6 per cent increase recorded in April last year, representing a turnaround of 3.4 per cent over the 12-month period, the report notes. According to the central bank, the outturn reflected a 0.5 per cent or US$1.4 million decline in total remittance inflows combined with a 5.1 per cent or US$1 million increase in outflows, the report relates. The United States remained the largest source of remittances, accounting for approximately 69 per cent of inflows, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. [] JAMAICA: Task force Set Up to Help BPO Workers Adapt to AI ------------------------------------------------------------- RJR News reports that the government has established a task force to examine the operations of Jamaica's business process outsourcing (BPO) sector amid concerns about job losses and the growing impact of artificial intelligence. Labour and the Social Security Minister Pearnel Charles Jr. says the task force will engage stakeholders across the industry, which currently employs nearly 60,000 people, according to RJR News. Speaking on Radio Jamaica's Real Business, Minister Charles was responding to questions about the loss of 9,200 jobs in the sector between April 2025 and April this year, the report relays. He stressed that the purpose of the task force is not to criticise the industry but to work with operators to develop strategies that will help workers adapt to emerging technologies, the report notes. According to the minister, the focus will be on ensuring employees become more compatible with artificial intelligence, allowing the technology to enhance productivity rather than displace workers, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== BITCOIN DEPOT: Hires Shannon Lee Beatty LLP as Conflicts Counsel ---------------------------------------------------------------- Bitcoin Depot Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Shannon Lee Beatty LLP as local and conflicts counsel for the Investigation Subcommittee of the Restructuring Committee The firm will represent the Debtor in the Investigation Subcommittee of the Restructuring Committee of Bitcoin Depot Inc. effective as of June 1, 2026. The Investigation Subcommittee was vested with the authority to investigate, evaluate, and advise the Board regarding any potential claims, causes of action, or other estate assets that may exist for the benefit of the Debtors and their stakeholders, including, without limitation, potential claims or causes of action against, among others, current or former officers, directors, insiders, or third parties. The firm will be paid at these rates: Sean T. Wilson $900 per hour Other Partners $750 to $1,000 per hour Associate Attorneys $300 to $600 per hour Non-Lawyer Professionals $75 to $150 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Sean T. Wilson, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sean T. Wilson, Esq. Shannon Lee Beatty LLP 2100 Travis Street, STE 1408 Houston, TX 77002 Telephone: (713) 714-5770 Facsimile: (833) 714-5770 Email: swilson@shannonleellp.com About Bitcoin Depot Inc. Bitcoin Depot, Inc. is a Delaware corporation with its principal place of business in Georgia that operates the largest cryptocurrency kiosk network in North America, claiming to operate more than 8,400 Bitcoin ATMs across the United States, Canada, and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In the petition signed by W. Alexander Holmes, director, the Debtor disclosed up to $50 million in both assets and liabilities. Paul E. Heath, Esq., at Vinson & Elkins LLP, represent the Debtor as legal counsel. SPANISH BROADCASTING: Judge Intends to Approve Chapter 11 Plan -------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge announced Thursday that he intends to approve Spanish Broadcasting System's Chapter 11 reorganization plan after reviewing the final form of the plan documents. In doing so, the court largely overruled objections that challenged various aspects of the proposed restructuring. The judge concluded that the debtor had substantially met the Bankruptcy Code's confirmation requirements and that the remaining issues could be addressed through revisions to the final documentation. Once those changes are incorporated, the court is expected to enter an order confirming the plan, the report cites. The decision positions Spanish Broadcasting System to emerge from Chapter 11 with a court-approved restructuring strategy, enabling the broadcaster to continue its operations while implementing the financial terms negotiated with creditors, according to Law360. About Spanish Broadcasting System Spanish Broadcasting System Inc. operates Spanish-language radio stations and media properties serving Hispanic communities across the U.S. and Puerto Rico. The company's business includes radio broadcasting, digital advertising, music programming and live entertainment initiatives. Through its portfolio of stations and online brands, the company delivers music, news, talk and cultural programming tailored to Latino listeners. Spanish Broadcasting System and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10708) on May 11, 2026. In its petition, Spanish Broadcasting System disclosed estimated assets and liabilities between $100 million and $500 million each. The case is jointly administered in Case No. 26-10708. Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Robert J. Dehney, of Morris, Nichols, Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson LLP was retained as general bankruptcy counsel, while GLC Advisors & Company is serving as investment banker. Financial advisory and chief restructuring officer duties are being handled by Riveron Management Services LLC and Jesse York, and Kroll Restructuring Administration LLC is serving as claims agent and administrative advisor. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *