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260713.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 Monday, July 13, 2026, Vol. 27, No. 138 Headlines B R A Z I L ANDRE MAGGI: Moody's Confirms Ba3 CFR & Alters Outlook to Negative COSAN SA: S&P Cuts ICR to 'B+' on Reduced Business Diversification NU FINANCEIRA: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable RUMO SA: S&P Lowers ICR to 'B+', Outlook Negative D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Producers Say Up to 70% of Coffee is Imported [] DOMINICAN REPUBLIC: Remittances Top US$6.2BB Through June G U A T E M A L A [] GUATEMALA: IDB Annual Meetings to Bring 4,000++ Participants J A M A I C A JAMAICA: Integrity Commission Cuts its Financial Deficit LATAM: Oil Prices Will Remain Higher Due to War, Says ECLAC - - - - - =========== B R A Z I L =========== ANDRE MAGGI: Moody's Confirms Ba3 CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings confirmed Andre Maggi Participacoes S.A. ("Amaggi")'s Ba3 Corporate Family Rating and the Ba3 rating of the senior unsecured notes due 2028 issued by Amaggi Luxembourg International S.a r.l., which are fully and unconditionally guaranteed by Amaggi. The outlook was changed to negative from rating under review. The rating action concludes the review for downgrade initiated on May 18, 2026, following Amaggi's announcement of the acquisition of a 40% equity stake in FS Industria de Biocombustiveis Ltda ("FS"), a leading corn-based ethanol producer in Brazil. The transaction was completed in early July. The review for downgrade focused on Amaggi's ability to preserve its credit profile while raising additional debt to fund the transaction and manage upcoming maturities. Moody's assessments considered the transaction's effect on the company's capital structure, as well as tighter financial conditions in light of the 2028 bond maturity. These challenges have been balanced by the expected contribution from FS through equity income and dividends over time, as well as the business diversification it brings. RATINGS RATIONALE The change in outlook to negative reflects increased pressure on the company's credit profile over the next 12-18 months following the acquisition of a 40% equity stake in FS Indústria de Biocombustíveis, which will be funded with incremental debt and pressure leverage to levels above the range expected for a Ba3 rating. Moody's anticipates that Amaggi's leverage will remain between 4.5x and 5.0x over the next 12 months, gradually declining thereafter toward levels commensurate with the Ba3 rating. While the investment represents a strategic move toward downstream integration, business diversification and increased exposure to Brazil's corn-based ethanol segment, these benefits do not immediately improve Amaggi's underlying business profile or offset elevated leverage. Expected operational synergies in grain origination, logistics and commercial coordination are modest and will not materially improve credit metrics in the short term. Over the longer term, the transaction could benefit Amaggi's credit metrics, subject to sustained performance at FS, ethanol margin dynamics and successful execution of its broader growth strategy. Amaggi's Ba3 rating continues to reflect its position as a leading commodity trader and agricultural producer in Brazil, supported by a diversified logistics footprint and additional energy revenue. Vertical integration mitigates the impact of low and volatile margins in trading, while operations in the state of Mato Grosso support growth given favorable agricultural conditions. The rating is constrained by the company's concentration in Brazil, which enhances inherent risk for trading and agriculture. Liquidity remains adequate, supported by cash ($1.2 billion), readily marketable inventories ($1.3 billion) and continued access to trade finance and working capital lines. The company issued approximately $700 million (BRL3.5 billion) in CPR-Fs in June 2026 to support refinancing, working capital and investment needs, and has also canceled about $95 million of its $750 million January 2028 bond. The company's structural reliance on short-term funding instruments, including ACCs and trade finance lines, reinforces the importance of maintaining funding flexibility because any deterioration in market conditions or investor sentiment could increase refinancing costs or reduce access to liquidity. RATING OUTLOOK The negative outlook reflects pressure on Amaggi's credit profile following the acquisition of a 40% stake in FS, with leverage expected to remain elevated over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Amaggi's ratings could be upgraded if the company maintains strong liquidity regardless of the underlying harvest cycle, supported by a manageable debt maturity profile and lower absolute debt levels. Further business diversification across regions and segments, reducing exposure to agricultural and commodity cycles, could also support a stronger credit profile. Quantitatively, positive rating pressure would require Moody's-adjusted debt/EBITDA to remain below 3.75x and RCF/net debt to remain above 20%. Amaggi's ratings could be downgraded if the company is unable to maintain adequate liquidity and a manageable debt maturity profile, especially given its working capital needs. An inability or delay in addressing the January 2028 bond maturity would put further pressure on the rating, as would any indication of weaker access to credit lines. Sustained high leverage or large investments that weaken leverage and liquidity would also pressure the ratings. Quantitatively, negative rating pressure could arise if adjusted debt/EBITDA remains above 4.5x or if RCF/net debt remains below 15%. COMPANY PROFILE Headquartered in Cuiabá, in the state of Mato Grosso, Andre Maggi Participacoes S.A. (Amaggi) is one of Brazil's largest trading companies and agricultural producers. Founded in 1977 as a soybean seed company, Amaggi is a large-scale producer of agricultural commodities, a grain originator, processor and trader, and one of Brazil's largest grain logistics operators. The company operates an integrated agribusiness chain spanning production, river and road transport, port operations, the origination, processing and commercialization of grains and inputs, and the generation and commercialization of electricity. For the last twelve months ended March 2026, Amaggi generated $8.8 billion in revenue and reported an EBITDA margin of 7.3%. FS Indústria de Biocombustíveis Ltda. is a Brazil-based corn-ethanol producer headquartered in Lucas do Rio Verde, Mato Grosso, controlled by Summit Agricultural Group and Amaggi. In the fiscal year ended March 2026, FS generated revenue of BRL13.0 billion ($2.4 billion), with an EBITDA margin of 29.2%. The principal methodology used in these ratings was Trading Companies published in November 2025. COSAN SA: S&P Cuts ICR to 'B+' on Reduced Business Diversification ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Cosan S.A. and its issue rating on the perpetual notes issued by Cosan Overseas Ltd. to 'B+' from 'BB-' and removed the ratings from CreditWatch with negative implications, where S&P placed them on March 6, 2026. The negative outlook reflects the uncertainties about Cosan's divestment strategy and the potential impact on its business, dividends inflows, and debt service coverage ratios amid the complex and leveraged structure at the holding company level. The downgrade reflects Cosan's weaker business and still heavy capital structure, which requires more asset sales to meet debt payments. S&P said, "In our view, the negative impact of Raizen S.A.'s debt restructuring on Cosan S.A. and its other subsidiaries has eased, and we don't expect any cash support from or significant liabilities to Cosan at this point. "Still, the out-of-court restructuring, as proposed, will result in a significant investment dilution, which weakens Cosan's business profile, in our view. And despite a good recent track record of asset sales and use of proceeds to reduce debt, we expect coverage metrics to remain weak in the next two years absent further asset sales." While the risks of a disruptive judicial process and spillover effects from Raizen's debt restructuring are increasingly contained, the expected debt-to-equity conversion will substantially dilute Cosan's economic interest and influence over the subsidiary. As of March 2026, Cosan has ceased recognizing Raizen's effects in its financial statements due to impairment charges that reduced the investment's carrying amount to zero. This loss of Raizen--historically a primary dividend contributor--had already fundamentally altered the group's cash flow profile and exacerbated the pressure on interest coverage ratios. But Cosan's current trajectory suggests that aggressive divestment to meet deleveraging targets may further erode the group's earnings. Historically, Cosan's credit strength was anchored in its diversified conglomerate structure, which provided a buffer against sector cyclicality. S&P said, "Furthermore, while continued divestments have improved the holding company's liquidity and eased cash flow pressures for the next two years, in our view, Cosan's capital structure remains complex and costly and requires asset sales to meet debt requirements beyond that period. Our current projections show interest coverage ratio (calculated by net dividends received plus interest income over financial cash expenses) will remain below 1.0x in the next two years absent further asset sales, as dividends from Rumo, Compass, Moove, and Radar are not sufficient to meet financial expenses. "We believe that the spillover effects from Raizen's debt restructuring to Cosan are more contained, but the related investment loss is significant for the group." In June 2026, Raizen announced that it secured support from more than 80% of creditors for its Brazilian real (R$) 65 billion debt restructuring plan. The main conditions include a R$3.5 billion capital injection from Shell PLC (A+/Stable/A-1), an additional R$500 million option from the Ometto family holding, and the conversion of 45% of the debt into equity. Cosan will not participate in the expected capital increase, so cash outflows are contained and potential fiscal or judicial liabilities should not be relevant. At the same time, reputational spillover effects on the group have eased, and subsidiaries are gradually accessing debt and capital markets. But funding and refinancing capabilities at the holding level are still highly uncertain, as the holding company hasn't tried accessing the market to issue any new debt. Further divestments could improve the holding company's capital structure, but the final impact on Cosan's business diversification and long-term strategy remains highly uncertain. Management has stated a goal of reaching zero net debt and has signaled a willingness to explore alternatives involving other key subsidiaries, such as Rumo. Because Cosan remains heavily dependent on dividend inflows to meet its financial obligations, any divestment that reduces the group's long-term dividend-generating capacity could aggravate the existent structural mismatch between cash inflows and debt service requirements. S&P expects interest coverage ratios will remain strained at the holding company level through 2026 and 2027, despite a significant reduction in gross debt. Since December 2025, Cosan has performed a sizable liability management, including the amortization of approximately R$9.0 billion in debt supported by the R$10 billion equity follow-on and the successful Compass IPO, which raised R$2.3 billion. However, this does not immediately translate into improved interest coverage, which S&P estimates will remain below 1.0x for the next two years absent new divestments. This pressure stems from its calculation of lower dividend inflows from remaining subsidiaries and elevated financial expenses at close to R$2.9 billion in 2026 and R$1.7 billion in 2027, including nonrecurrent effects of: -- Costs associated with bond prepayments (including premiums and accelerated interest), and -- The interest arising from the total return swap structure backed by Rumo shares, which S&P estimates to add around R$400 million in financial expenses. For S&P's interest coverage calculation, it estimates a cash upstream net of preferred shares of R$1.4 billion from subsidiaries in 2026, including R$586 million to be received from the sale at Radar level, and R$1.1 billion in 2027. Management remains committed to further divestments (e.g., Rumo) and debt amortizations. But the uncertainties around the holding company's ability to service interest in the medium term absent further asset sales weigh on S&P's assessment. Liquidity is solid and leverage is improving on a consolidated basis, though that's outweighed by the complexities mentioned above. S&P said, "We forecast Cosan's consolidated net leverage to stay at 2.5x-3.0x in 2026 and 2.0x-2.5x in 2027, compared with 3.4x in the 12 months ended March 31, 2026, and 4.1x in 2024. This incorporates the lower gross debt at the holding company level and our expectation of resilient performance at its subsidiaries. We estimate EBITDA of R$8.1 billion for Rumo in 2026, R$61 billion for Compass, R$1.9 billion for Moove, and above R$1.0 billion for Radar." The consolidated interest burden will improve but remain somewhat high in 2026, mostly given still high expenses at the holding level. S&P forecasts funds from operations (FFO) to debt at 21.1% and EBITDA interest coverage of 2.5x in 2025, improving to close to 28% and 3.3x, respectively, next year. Also, a more prudent approach to cash outflows, as capex and dividends, and better working capital dynamics among the subsidiaries should support stronger cash generation and the group's liquidity. The negative outlook reflects the uncertainties about Cosan's divestment strategy and the potential impact on its business, dividend inflows, and debt service coverage ratios amid a complex financial structure at the holding company level. S&P could downgrade Cosan if: -- Further divestments reduce the group's overall diversification, weakening dividend inflows and leading to reliance on fewer subsidiaries. -- Proceeds from potential divestments are not able to materially improve the holding company's capital structure and interest coverage ratios stay below 1.0x. -- The group increases leverage because of weaker-than-expected performance or an aggressive expansion/mergers and acquisitions strategy not accompanied by better cash generation. In particular, we would look for debt to EBITDA close to 4.0x and FFO to debt below 20% consistently. -- Liquidity weakens amid continuous cash consumption without further divestments. S&P said, "We could revise the outlook to stable if further potential divestments improve and simplify Cosan's capital structure, reducing the interest burden and improving coverage ratios even in a scenario of lower dividends, with a debt service coverage ratio consistently above 1.0x. We would also expect the group to maintain leverage in line with our base case and an adequate liquidity cushion." NU FINANCEIRA: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Nu Financeira S.A. – SCFI's (Nu) long- and short-term local and foreign currency deposit ratings at Ba1 and Not Prime, respectively. Moody's also affirmed Nu's long- and short-term local and foreign currency counterparty risk ratings at Baa3 and Prime-3, respectively, and long- and short-term counterparty risk assessments at Baa3(cr) and Prime-3(cr), respectively. Concurrently, Moody's affirmed Nu's baseline credit assessment (BCA) and adjusted BCA at ba1. The outlook on the long-term deposit ratings remains stable. In addition, Moody's also affirmed the long- and short-term foreign currency issuer ratings of Ba2 and Not Prime, respectively, of Nu Holdings Ltd, the group's holding company domiciled in the Cayman Islands. The outlook on the long-term issuer rating remains stable. RATINGS RATIONALE In affirming Nu's BCA at ba1, Moody's acknowledges the issuer's strong franchise as a fully-digital platform specialized in credit card lending, with a robust growth trajectory in Brazil and expanding operations in Mexico and Colombia, while also preparing to grow in the United States. The ba1 BCA also reflects Nu's consistent track record of high capitalization, intrinsically low cost to acquire clients and operate, and access to a client base of over 115 million in Brazil. Nu's capitalization and large position of low-cost core deposits have also been key drivers for the ba1 BCA. These strengths are moderated by a business model that has a large volume of earnings coming from credit card operations and personal loans, despite an ongoing strategy to originate new financial products and services, while also accelerating its business strategy beyond Brazil. The asset quality of Nu's consolidated operation, measured at the holding company, has improved gradually in the last four quarters up to March 2026, with problem loans – measured as Stage 3 loans – accounting for 8.03% of total loans, from 8.18% a year earlier. In last 12 months ended in March 2026, the loan book denominated in US dollars grew 54%, well above market-average in the period (9.8%), while the volume of problem loans increased 52%, which reflects the business' high correlation to a riskier scenario of elevated rates and inflationary risks that have pressured households' repayment capacity in Brazil. A high level of net charge-offs, equal to 10% of total loans, also makes it more difficult to assess credit risk because it reduces the volume of Nu's problem loans. The large share of credit cards and unsecured personal loans in Nu's loan book – 65% and 27%, respectively – underpins its inherently higher risk exposure compared with those of more diversified retail banks. In order to mitigate credit risk Nu had loan-loss reserves at 202.4% of Stage 3 loans and at 16.3% of total loans. As Nu remains on its strategy to diversify product offering, including low-risk secured payroll loans and small and medium-sized company loans, Moody's expects incremental improvement to its asset quality metrics will likely happen. In March 2026, Nu's capital position remained comfortable, with a ratio of total tangible common equity to risk-weighted assets (TCE/RWA) of 33.1% at the holding company level and a regulatory common equity tier 1 (CET1) ratio of 11.3% for the Brazilian operation. This strength helps to offset Nu's structurally high problem loan ratios, taking into account that the $3.7 billion in excess capital at the holding company and of $1.8 billion in its operating subsidiaries strengthens its ability to absorb unexpected shocks. Over the past three years, profitability has supported Nu's financial fundamentals. Nu's net income to tangible assets ratio went up to 4.57% in March 2026, from 4.18% in the previous year, backed by loan growth, the high interest rate environment and the entity's intrinsically low operating costs. Nu's lean digital business model remains a strong competitive advantage compared with large retail banks. Despite this, credit costs still weigh relevantly on Nu's profitability, with loan-loss provision at 64% of pre-provision income in March 2026. Nu's ample access to low-cost deposits with individuals is a key strength for its financial profile. In March 2026, retail deposits were at 67.8% of total funding instruments, including payables to credit card networks. Conversely, Nu's exposure to less-stable funding instruments, i.e. long-term wholesale-based funds, stood at an adequate 16.8% of total banking assets. As Nu continues to diversify its operations, securing institutional funding facilities remains important to efficiently match longer-tenor credit products. Nu's high-quality liquid assets were adequate at 32.5% of tangible banking assets in March 2026. The Ba2 issuer rating assigned to Nu Holdings Ltd is positioned one notch below Nu's Ba1 deposit rating, reflecting the structural subordination of the holding company's liabilities to those of Nu and its other subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Nu's BCA and deposit ratings are aligned with the Government of Brazil's Ba1 sovereign rating; therefore, a rating upgrade is unlikely at this time given the stable outlook on Brazil's rating. Conversely, downward pressure on Nu's BCA and ratings could arise from a sustained weakening in asset quality metrics, which could lead to profitability deterioration and a diminished capacity to absorb credit losses. Moreover, a scenario in which Nu reports net losses while continuing to pursue strong growth could undermine its capital position and negatively affect its ratings. Nu Holdings Ltd's long-term issuer rating is positioned one notch below Nu's adjusted BCA and would move in tandem with Nu's adjusted BCA. Nu's ratings are at the same level as Brazil's bond rating; therefore, the ratings assigned to Nu Holdings Ltd would face downward pressure if either Brazil's sovereign rating is downgraded or if Nu's adjusted BCA is downgraded. The principal methodology used in these ratings was Banks published in November 2025. Nu's "Assigned BCA" score of ba1 is set two notches below the "Financial Profile" initial score of baa2 to account for the issuer's high concentration in credit card operations, as well as the negative pressure on capital and liquidity resulting from its expansion in Brazil, Mexico, and Colombia. RUMO SA: S&P Lowers ICR to 'B+', Outlook Negative ------------------------------------------------- S&P Global Ratings lowered the long-term issuer and issue ratings on Rumo S.A. to 'B+' from 'BB-' and removed all ratings from CreditWatch negative. S&P also affirmed the 'B' short-term rating and the '4' recovery rating. The negative outlook reflects the outlook on Cosan, because S&P expects the ratings on Cosan to continue to limit those on Rumo. The downgrade mirrors the same action on Rumo's parent, Cosan. S&P caps the ratings on Rumo at the level of those on Cosan because Cosan controls Rumo with a majority of the board of directors' members and ultimately controls board's decisions for the past several years, while its economic stake on Rumo is now at 30.3%, considering the total return swaps attached to Rumo's shares. The downgrade of Cosan reflects its weaker business and still heavy capital structure, which requires more asset sales to meet debt payments. While the risks of a disruptive judicial process and spillover effects from Raizen's debt restructuring are increasingly contained, the expected debt-to-equity conversion will substantially dilute Cosan's economic interest and influence over the subsidiary. As of March 2026, Cosan has ceased recognizing Raizen's effects in its financial statements due to impairment charges that reduced the investment's carrying amount to zero. This loss of Raizen--historically a primary dividend contributor—had already fundamentally altered the group's cash flow profile and exacerbated the pressure on interest coverage ratios. But Cosan's current trajectory suggests that aggressive divestment to meet deleveraging targets may further erode the group's earnings. Historically, Cosan's credit strength was anchored in its diversified conglomerate structure, which provided a buffer against sector cyclicality. S&P said, "Furthermore, while continued divestments have improved the holding company's liquidity and eased cash flow pressures for the next two years, in our view, Cosan's capital structure remains complex and costly and requires asset sales to meet debt requirements beyond that period. Our current projections show interest coverage ratio will remain below 1.0x in the next two years absent further asset sales, as dividends from Rumo, Compass, Moove, and Radar are not sufficient to meet financial expenses. "We now view Rumo as a less strategic subsidiary of Cosan. Within its divestment strategy, Cosan is evaluating potential alternatives regarding its stake in Rumo. In our view, the potential sale of a stake or even the control in Rumo indicates a reduced importance of the subsidiary for the group's strategy." However, Cosan's management states that the process is preliminary and that no decision has yet been made regarding an actual transaction or the structure or terms of any potential deal. That said, Rumo remains a relevant subsidiary in terms of consolidated cash flow generation (it should represent 45%-50% of Cosan's 2026 consolidated EBITDA), and S&P continues to see Rumo's refinancing and funding abilities as somewhat linked to those of Cosan. For example, the market's perception of Rumo's risk heightened this year amid the debt restructuring of Raizen, another of Cosan's subsidiaries. S&P said, "Additionally, loans from BNDES (Banco Nacional de Desenvolvimento Economico e Social) include cross-default clauses based on the development bank's definition of economic group, which maintains the likelihood of group support, in our view. As of March 2026, Rumo had about Brazilian real (R$) 1.4 billion in BNDES loans, which we expect to increase to about R$2.6 billion over the next few months. "Rumo's stand-alone credit profile (SACP) of 'bb' reflects our expectation of consistent operating performance and controlled leverage. Rumo's SACP is higher than its final rating (limited at Cosan's level), reflecting our expectation for stronger results. Specifically, we forecast volume growth of 8%-9% in 2026 and 2027, underpinned by the expansion of the rail network and anticipated increases in agribusiness production and exports. Despite still high annual capital expenditure (capex) of about R$5.5 billion-R$6 billion, we forecast increasing EBITDA generation, with margins above 52% over the next two years. As a result, we expect the company to keep leverage around 2.5x-3.0x. "Rumo also maintains adequate liquidity, in our view, with approximately R$5.8 billion in cash as of March 2026. Along with expected solid operating cash flow, the cash on hand should provide cushion to cover Rumo's large capex, short-term debt, and expected dividends this year. "The negative outlook reflects that on the parent, Cosan S.A. (B+/Negative/--), which continues to limit the ratings on Rumo. We expect Rumo to maintain net debt to EBITDA around 2.5x-3.0x and negative free operating cash flow (FOCF) amid sizable capex. "We would lower the ratings on Rumo if we lowered ratings on Cosan. "We could revise downward Rumo's SACP to 'bb-' if operating performance weakened due to tougher competition and higher-than-projected capex. In this scenario, we would see debt to EBITDA approaching 3.5x, funds from operations to debt close to 20%, and consistently negative FOCF. "We would revise the outlook to stable if we take the same action on Cosan, or if we see a lower influence of Cosan over Rumo's strategic decisions. "We could raise Rumo's SACP to 'bb+' if the company achieves greater scale and broader business diversification. An improved SACP could also stem from leverage remaining consistently below our projections, with net debt to EBITDA under 2.0x, funds from operations to debt above 30%, and FOCF to debt exceeding 25%." =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Producers Say Up to 70% of Coffee is Imported ----------------------------------------------------------------- Dominican Today reports that the National Network of Coffee Producers and Entrepreneurs (Reproca) says 60% to 70% of the coffee consumed in the Dominican Republic is imported, despite improvements in the quality of locally grown coffee and record international prices. According to the organization, coffee imports totaled US$54.6 million in 2023, benefiting producers in countries such as Brazil, Vietnam, Honduras and El Salvador, according to Dominican Today. Reproca spokesperson Enrique Chalas said the Dominican Republic exports premium-quality coffee while relying on lower-quality imports to meet domestic demand, the report notes. Coffee producers noted that the price of a quintal of coffee has risen from RD$5,500 in 2021 to RD$23,000 in 2025, but argued that local growers have not benefited because national production has stagnated and market opportunities remain underutilized, the report relays. The sector also criticized the budget allocation for the Dominican Coffee Institute (Indocafé), claiming that much of its annual RD$350 million budget has been spent on payroll rather than technical assistance and infrastructure for coffee farmers, contributing to rural migration and labor shortages, the report says. To reverse the trend, producers urged the government to declare coffee production a "National Goal," arguing that with the right public policies the country could supply up to 90% of domestic coffee demand while boosting rural development and strengthening environmental conservation through agroforestry, 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. [] DOMINICAN REPUBLIC: Remittances Top US$6.2BB Through June ------------------------------------------------------------ Dominican Today reports that the Dominican Republic received more than US$6.219 billion in remittances during the first six months of 2026, a 6.7% increase compared with the same period last year, according to the Central Bank (BCRD). In June alone, remittances reached US$1.049 billion, up 13.6% year-over-year, marking a stronger pace than the 10.6% growth recorded in May, according to Dominican Today. The Central Bank said the increase came despite a challenging global environment marked by tensions in the Middle East, which have fueled higher oil prices, inflationary pressures, and reduced household purchasing power, the report notes. The United States remained the primary source of remittances, accounting for 81.4% of formal transfers received in June, or US$780.7 million, the report relays. Spain ranked second with US$61.8 million (6.4% of the total), followed by Italy (1.3%), while Haiti and Switzerland each contributed 1.2%. Additional remittance flows originated from countries including France, Canada, and Germany, 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. ================= G U A T E M A L A ================= [] GUATEMALA: IDB Annual Meetings to Bring 4,000++ Participants --------------------------------------------------------------- Guatemala will host the 2027 Annual Meetings of the Inter-American Development Bank (IDB) Group on March 10 to 14. The Meetings are the IDB Group's annual flagship event and one of the premier economic and development-focused gatherings in Latin America and the Caribbean. This year's Meetings in Paraguay brought together approximately 4,000 participants from 53 countries, about half from the private sector, including nearly 400 CEOs and 700 senior executives. "Guatemala is a longstanding partner of the IDB Group, and we are pleased to bring our Annual Meetings to the country in 2027. The Meetings will bring together leaders from the public and private sectors from around the world to strengthen partnerships, mobilize investment, showcase Guatemala, and create a lasting legacy for the country," said IDB Group President Ilan Goldfajn. "We are proud that Guatemala will welcome participants from Latin America and the Caribbean, as well as other regions, for this important gathering," said President Bernardo Arévalo. “The Annual Meeting will provide an opportunity to strengthen regional dialogue, promote the exchange of experiences, and consolidate avenues for cooperation that help address the common challenges facing our economies." "This event also provides an opportunity to recognize a partnership that, for more than six decades, has supported the country's development efforts and helped strengthen the State's capacity to respond to the needs of its people," said Minister of Public Finance and IDB Governor Jonathan Menkos. The event will mark the 67th Annual Meeting of the IDB Board of Governors and the 41st Annual Meeting of the IDB Invest Board of Governors. It will address key challenges and opportunities in Latin America and the Caribbean, including efficient and responsible artificial intelligence, resilience and disaster-risk management, and growth and productivity. Government leaders, central bank governors, CEOs and business leaders, investors, civil society organizations, and other international partners will convene at the Meetings, providing a unique opportunity to showcase Guatemala’s talent, potential, and opportunities to the world. A memorandum of understanding between the IDB Group and the government of Guatemala was signed today for the preparation of the Meetings. As reported in the Troubled Company Reporter-Latin America in May 2026, S&P Global Ratings affirmed its 'BB+' foreign currency and local currency sovereign credit ratings on Guatemala and its 'B' short-term ratings. The outlook remains stable. ============= J A M A I C A ============= JAMAICA: Integrity Commission Cuts its Financial Deficit -------------------------------------------------------- RJR News reports that the Integrity Commission significantly reduced its financial deficit during the 2025-2026 fiscal year. In its latest annual report, the Commission recorded a net deficit of $45.1 million for the year ended March 31, 2026. That's an improvement of almost 47 per cent, compared with the previous year, according to RJR News. The report shows the Commission received government subventions totaling $1.66 billion, representing a 7.8 per cent increase over the previous year, RJR News notes. The report also notes that the Commission was approved a budget of just over $2.04 billion for the financial year, RJR News relays. Staffing costs remained the Commission's largest expense, increasing by approximately 2.4 per cent to $995.1 million, RJR News 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. LATAM: Oil Prices Will Remain Higher Due to War, Says ECLAC ----------------------------------------------------------- RJR News reports that the Economic Commission for Latin America and the Caribbean (ECLAC) is warning that the conflict involving the United States and Iran is expected to keep oil prices higher this year than they were in 2025. The regional body said that regardless of how the conflict develops, the average price of oil in 2026 is projected to exceed last year's average, according to RJR News. It notes that the North Sea Brent crude benchmark is currently on track to finish the year above US$69 per barrel, recorded at the end of 2025, the report notes. The body said higher energy prices will increase costs for oil importing countries across Latin America and the Caribbean, including Jamaica, making their economies less competitive and widening trade deficits, the report relays. The commission says the situation highlights how quickly international conflicts can affect economies around the world through higher energy costs and disruptions in global trade, the report adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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