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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
Friday, August 14, 2026, Vol. 27, No. 162
Headlines
A R G E N T I N A
ARGENTINA: IDB OKs $80M-Loan to Boost Rio Negro Agri. Productivity
RCI BANQUE: Moody's Ups LT Issuer Rating to Ba3, Outlook Stable
D O M I N I C A N R E P U B L I C
[] DOMINICAN REPUBLIC: Cement Industry Leads Region Exports
J A M A I C A
JAMAICA: FDI Inflows Declined During First Quarter This Year
RADIO JAMAICA: Further Delay in Release of 1Q Unaudited Financials
P U E R T O R I C O
FOCUS EQUITIES: Seeks Chapter 11 Bankruptcy in Puerto Rico
FUEL GROUP: Hires DeMarco Mitchell PLLC as Bankruptcy Counsel
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: PM to Make Major Statement on Energy Soon
U R U G U A Y
NAVIOS SOUTH: S&P Alters Outlook to Stable, Affirms 'B' ICR
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A R G E N T I N A
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ARGENTINA: IDB OKs $80M-Loan to Boost Rio Negro Agri. Productivity
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The Inter-American Development Bank (IDB) Board of Executive
Directors approved an $80 million operation to boost agricultural
productivity in the Province of Rio Negro, Argentina, through
investments in irrigation, rural electrification, and productive
infrastructure.
The operation will finance the Rural Productive Development Program
for the Province of Río Negro, which seeks to increase
agricultural productivity, improve the efficiency of rural
infrastructure, and strengthen production resilience. The
initiative will help advance water-use efficiency, expand access to
electricity, and strengthen the capacity of producers and
institutions to prevent and respond to extreme events such as
wildfires, droughts, and hailstorms.
"Río Negro has enormous potential to further strengthen its
agricultural production. Through this operation, the IDB is
supporting strategic investments that will improve access to water
and energy, strengthen risk management, and create better
conditions for producers. This initiative reflects our commitment
to more productive and resilient growth for Argentina’s regional
economies," said Viviana Alva Hart, IDB Group Representative in
Argentina.
"The approval of this loan reflects the confidence that
international organizations place in the way we manage the
province. That confidence is built through responsibility,
predictability, and keeping our commitments. This is the path we
have chosen and will continue to strengthen," said Alberto
Weretilneck, Governor of Río Negro Province.
This operation is the first under the Conditional Credit Line for
Investment Projects (CCLIP) titled "Strategic Provincial
Investments Program for Rural Productive Development," which
provides for up to $600 million to finance future investments in
Argentina’s provinces. Through this credit line, the IDB will
support projects aimed at strengthening rural infrastructure,
promoting innovation and the adoption of new technologies,
increasing agricultural productivity and developing more resilient
and competitive production systems.
The program is expected to directly benefit nearly 7,000
agricultural producers in Río Negro Province. In addition, 566
households in Guardia Mitre will gain access to higher-quality
electricity service. Indirectly, more than 275,000 people in the
areas of intervention will benefit from improvements in the
province’s water, energy, and productive infrastructure.
The loan has a 25-year repayment period, a 5.5-year grace period,
and an interest rate based on SOFR. The financing will be
complemented by $5 million in local counterpart funding, bringing
the total program cost to $85 million.
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.
Moody's Ratings, on July 21, 2026, upgraded the Government of
Argentina's long-term local and foreign-currency issuer ratings to
B3 from Caa1 and changed the outlook to positive from stable. The
upgrade reflects Moody's assessments that Argentina's default risk
has declined materially as macroeconomic stabilization has
advanced
beyond the initial adjustment phase into a more durable
improvement
in credit fundamentals, a sign of improving governance.
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.
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.
RCI BANQUE: Moody's Ups LT Issuer Rating to Ba3, Outlook Stable
---------------------------------------------------------------
Moody's Ratings upgraded RCI Banque Sucursal Argentina's local
currency long-term issuer rating to Ba3 from B1. The outlook
remains stable.
This action follows the upgrade of the Government of Argentina's
long-term foreign currency and local currency issuer ratings to B3
from Caa1 and the change of the outlook to positive from stable, on
July 21, 2026 as well as the raise of local and foreign currency
ceilings to Ba3 and B1, respectively.
RATINGS RATIONALE
RCI Banque Sucursal Argentina is a branch of RCI Banque (RCI,
A3/Baa1 stable, baa3) located in Argentina.
The local currency long-term issuer rating of RCI Banque Sucursal
Argentina is constrained by the Ba3 local currency bond ceiling of
the Government of Argentina.
The ratings of RCI Banque are unaffected by this rating action.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.
OUTLOOK
The outlook on RCI Banque Sucursal Argentina's local currency
long-term issuer rating remains stable as it is constrained by the
Ba3 local currency bond ceiling of the Government of Argentina.
Ceilings do not necessarily move in lockstep with sovereign
ratings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
RCI Banque Sucursal Argentina's local currency long-term issuer
rating could be upgraded if the country's local currency bond
ceiling is upgraded.
An upgrade of RCI's Baseline Credit Assessment (BCA), Adjusted BCA
or senior unsecured ratings would not result in an upgrade of RCI
Banque Sucursal Argentina's local currency long-term issuer rating.
This is because the branch's rating is constrained by Argentina's
local currency bond ceiling.
RCI Banque Sucursal Argentina's long-term issuer rating could be
downgraded if Argentina's local currency bond ceiling is lowered as
a result of a downgrade of the sovereign rating.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Banks published
in November 2025.
RCI Banque's assigned BCA score of baa3 is set three notches below
the "Financial Profile" initial score of a3 mainly due to the
bank's monoline business model focused on auto financing, its close
connection to a single car manufacturer, and its significant
dependence on confidence-sensitive funding.
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D O M I N I C A N R E P U B L I C
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[] DOMINICAN REPUBLIC: Cement Industry Leads Region Exports
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Dominican Today reports that cement is strengthening its role in
the Dominican Republic's export performance, with the country's
cement industry emerging as a leading exporter of cement, lime, and
gypsum in Latin America and the Caribbean.
According to data from the General Directorate of Customs (DGA)
cited by the Regional Center for Sustainable Economic Strategies
(Crees), Dominican exports totaled US$3.34 billion from January to
June 2026, a 35.1% increase compared with the same period in 2025,
the report discloses. The chemicals and minerals sector
contributed US$295 million, or 8.8% of total exports, with cement
and copper accounting for 4.8%, according to Dominican Today.
The Dominican Association of Portland Cement Producers (Adocem)
said the figures demonstrate the importance of maintaining a strong
domestic industrial base capable of meeting local demand while
competing in international markets, the report notes.
A Ministry of Industry, Commerce and MSMEs (MICM) report found that
Latin America and the Caribbean exported US$581.3 million in
cement, lime, and gypsum in 2025, the report says. The Dominican
Republic accounted for 25.4% of those exports, making it the
region’s leading exporter and placing it ahead of Mexico and
Guatemala, the report relates.
Crees has warned that Dominican exports remain concentrated in a
limited number of sectors and has called for greater
diversification and the promotion of higher-value products, the
report notes. Adocem argues that strengthening local manufacturing
can contribute to that goal by encouraging investment, innovation,
efficiency, and sustainable production, the report discloses.
The association also emphasized the importance of public policies
that promote productive investment, legal certainty,
competitiveness, and better access to international markets,
allowing domestic industries to expand production and create
greater economic value in the country, 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.
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J A M A I C A
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JAMAICA: FDI Inflows Declined During First Quarter This Year
------------------------------------------------------------
RJR News reports that Jamaica's foreign direct investment inflows
declined during the March quarter of this year.
The Bank of Jamaica says FDI inflows fell to US$80 million in the
quarter ended March, compared with US$101 million during the
corresponding quarter last year, according to RJR News.
However, the March quarter figure was higher than the US$37.6
million recorded in the December quarter of 2025, and US$70 million
in September last year, the report notes.
Foreign Direct Investment is an important source of capital for
Jamaica, supplementing domestic investment and helping to finance
economic activity and growth, 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.
RADIO JAMAICA: Further Delay in Release of 1Q Unaudited Financials
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RJR News reports that Radio Jamaica disclosed a further delay in
the release of its first-quarter unaudited financial statements,
following a recent cyber incident that disrupted access to critical
company data.
In a notice to shareholders, dated August 11, the company says the
incident impaired its systems and prevented the timely completion
and verification of its financial reports, according to RJR News.
Radio Jamaica says its systems have now been restored and the
integrity of its databases confirmed, allowing the company to
proceed with preparing the first-quarter financial statements, the
report notes.
The company says the unaudited results for the quarter will now be
published by September 15, 2026, the report adds.
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P U E R T O R I C O
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FOCUS EQUITIES: Seeks Chapter 11 Bankruptcy in Puerto Rico
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On July 22, 2026, Focus Equities, Inc. commenced a Chapter 11
Small Business bankruptcy case in the U.S. Bankruptcy Court for
the District of Puerto Rico. Court documents show the company has
estimated liabilities of $100,000 to $500,000, assets of up to
$50,000, and between 1 and 49 creditors.
A meeting of creditors under Section 341(a) will be held on August
26, 2026 at 10:00 AM via Telephonic Conference Information for
AUST/Trial Attys.
About Focus Equities, Inc.
Based in Caguas, Puerto Rico, Focus Equities, Inc. owns and leases
real estate properties. The company operates as a real estate
lessor, managing leased properties as part of its real estate
business.
Focus Equities, Inc. filed its petition under Chapter 11 Small
Business of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
26-03385) on July 22, 2026. The filing lists estimated assets of
$0 to $50,000 and estimated liabilities of $100,000 to $500,000.
The debtor is represented by Carlos A. Ruiz Rodriguez.
FUEL GROUP: Hires DeMarco Mitchell PLLC as Bankruptcy Counsel
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Fuel Group Trading LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire DeMarco Mitchell,
PLLC as counsel.
The firm will provide these services:
(a) take all necessary action to protect and preserve the
Estate, including the prosecution of actions on its behalf, the
defense of any actions commenced against it, negotiations
concerning all litigation in which it is involved, and objecting to
claims;
(b) prepare all necessary motions, applications, answers,
orders, reports, and papers in connection with the administration
of the estate;
(c) formulate, negotiate, and propose a plan of reorganization;
and
(d) perform all other necessary legal services in connection
with these proceedings.
The firm will be compensated on an hourly basis for actual and
necessary services rendered, together with reimbursement of actual
and necessary expenses. Current hourly rates are $500 for Robert T.
DeMarco, $300 for Michael S. Mitchell, and $125 for paralegal
Barbara Drake, plus reimbursement of actual and necessary
expenses.
The firm received a retainer in the amount of $20,000.
DeMarco Mitchell, PLLC is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.
The firm can be reached at:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
DEMARCO MITCHELL, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 346-6791
E-mail: robert@demarcomitchell.com
mike@demarcomitchell.com
About Fuel Group Trading LLC
Fuel Group Trading LLC is a petroleum and petroleum products
merchant wholesaler headquartered in Round Rock, Texas. The company
supplies motor gasoline, diesel fuel, and related petroleum
products, with operations in Plano, Texas, and San Juan, Puerto
Rico.
The company sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-11308) on July 8,
2026. Its bankruptcy petition lists estimated assets of $500,000 to
$1 million and estimated liabilities of $100,000 to $500,000.
The debtor is represented by Robert T. DeMarco III, Esq., of
DeMarco Mitchell PLLC.
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T R I N I D A D A N D T O B A G O
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TRINIDAD & TOBAGO: PM to Make Major Statement on Energy Soon
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Andrea Perez-Sobers at Trinidad and Tobago Guardian reports that
wholly state-owned National Gas Company (NGC) is signalling major
developments in Trinidad and Tobago's energy sector, with chairman
Gerald Ramdeen saying Prime Minister Kamla Persad-Bissessar is
expected to make significant announcements within days.
Ramdeen said the announcements will follow two months of work
involving NGC, the Ministry of Energy and international upstream
partners, with a focus on bringing new investment and natural gas
into the downstream sector, according to Trinidad and Tobago
Guardian. He was speaking to reporters after the Commissioner of
State Lands formally vested NGC with the title to the lands on
which the Beachfield gas processing facility in Guayaguayare
stands, during a ceremony at the Hyatt Regency, the report notes.
The transfer marks a key step in advancing the Manatee gas project
and securing future gas supply for the country, the report relays.
Ramdeen said the Government is also seeing increased interest from
international companies in the Point Lisas Industrial Estate, the
report says.
"There is significant work that has been done on the Point Lisas
Estate by the NGC with our international partners, including
Nutrien, including all of the downstreamers, including companies
that have not stepped foot in T&T before, that are now ready,
willing and able to make investments," he added.
He declined to provide details, saying the Prime Minister should
make the announcements.
Ramdeen also pointed to long-discussed upstream projects, including
Manatee, Loran-Manatee and Dragon, saying the focus is now on
turning gas resources into economic returns, the report notes.
"What you are going to experience, and what the people of this
country and the region are going to experience, is the actual
monetisation of molecules that will bring revenue to the people of
this country," he said.
He criticised the previous administration for its gas policies,
arguing that projects were sanctioned without sufficient provision
for gas to reach T&T's downstream industries, the report relays.
Ramdeen said NGC no longer has a gas monopoly and must compete with
upstream producers, including for gas priced at LNG-linked rates,
to supply downstream users, the report says.
He said the company is pursuing a broader role across the energy
value chain, including opportunities in upstream production and
downstream assets, the report discloses.
"Atlantic LNG has shareholders. The NGC is one of those
shareholders," he said, adding that discussions are taking place
around strengthening its position in the upstream and downstream
sectors, the report notes.
On the Brechin Castle solar project, from which T&TEC is no longer
taking electricity, Ramdeen said the three shareholders of the
renewable energy facility -- NGC, BP and Shell -- now have to find
a commercial solution that allows the asset to create value, the
report adds.
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U R U G U A Y
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NAVIOS SOUTH: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Navios South American
Logistics Inc. (NSAL) to stable from positive and affirmed its 'B'
issuer credit and issue-level ratings on the company.
S&P said, "The stable outlook reflects our expectation that the
company's leverage will be above 5.0x over the next few years,
balanced by our expectation of positive free operating cash flow
(FOCF) that should allow for an adequate liquidity cushion.
"We now forecast that Navios South American Logistics Inc. (NSAL)
will generate weaker-than-forecasted EBITDA in the next two years,
primarily because of lower soybean exports from Uruguay this year
and competitive pressures in the barge segment.
"We now expect NSAL's debt to EBITDA around 6.0x in 2026, compared
with our previous projection of below 5.0x, reflecting a more
challenging operational environment and higher gross debt."
Weaker operating performance and higher leverage led the outlook
revision to stable.
While the company's first-quarter results showed resilience of its
ports segment, the local agricultural conditions present
significant headwinds that S&P believes will weigh on NSAL's
top-line growth and EBITDA margins this year. Specifically, dry
weather conditions in Uruguay during the first quarter have
depressed soybean yields. As a result, the company's second- and
third-quarter results will likely be weaker due to Uruguayan
soybean exports below historical averages. Although Uruguayan wheat
and Paraguayan corn transport should result in a seasonal recovery
in the fourth quarter, the impact of lower soybean harvest will
likely dent the company's volumes this year.
In addition, the company's barge segment is facing competitive
pressures. LHG Mining has expanded its barge fleet through new
builds and acquisitions to prepare for its expected higher
production volumes. As a result, there is currently an imbalance of
supply and demand for barges in the region, reducing the time
charter equivalent (TCE) rates. While NSAL is making efforts to
increase revenue per day by avoiding empty return trips, the
increased supply of barges will likely keep average rates below
2025 levels. S&P said, "We expect agricultural volatility and a
more competitive barge market to lead to weaker profitability than
we previously forecasted. We now forecast EBITDA below $110 million
this year and around $120 million in the next two years, compared
with our previous expectations of $130 million - $140 million for
the same period."
Subordinated shareholder loans present a growing debt burden due to
payment-in-kind (PIK) interest. While these loans offer repayment
flexibility, they significantly inflate the company's total
leverage, as NSAL capitalizes a large portion of interest as PIK.
S&P said, "Given weaker EBITDA, debt to EBITDA reached 5.8x as of
March 2026, and we project it to edge up to around 6.0x by the end
of 2026. The increase in debt due to the PIK interest limits the
company's ability to deleverage even under our assumption of
gradually improving EBITDA over the next few years. Therefore, we
expect leverage to be still above 5.0x for the next three years. We
treat the subordinated loans as debt because the largest one has
mandatory cash interest payments and they have
debt-payment-acceleration clauses applicable after the maturity of
the senior notes. If we were to exclude these loans, which
represent around 30% of gross debt, from our calculations due to
their potential conversion into common shares, NSAL's leverage
would be more robust. In such a scenario, we would expect debt to
EBITDA in the 4.0x-4.5x range in 2026 and decline to approximately
or below 4.0x in 2027 and 2028."
Declining capital expenditure (capex) should support FOCF. S&P
said, "The mitigating factor to the elevated leverage is our
expectation of positive FOCF, largely due to the completion of a
significant capex cycle. Between 2023 and 2025, NSAL invested
approximately $100 million to expand terminal capacities, including
the iron ore in Nueva Palmira and acquisition of a grain terminal
in Murtinho (Brazil). This heavy investment phase should allow for
long-term growth, but it led to FOCF shortfalls in 2024 and 2025.
We now project that capex will decline from $57 million in 2025 to
around $36 million in 2026 (which includes installment payments for
vessel acquisitions) and subsequently drop to the maintenance level
of $15 million to $20 million in the following years. As a result
of lower cash outflows, we expect NSAL to generate FOCF. This will
be important for the company's ability to service and refinance its
debt and accumulate liquidity."
The 2030 senior notes' maturity represents a potential medium-term
refinancing risk. S&P said, "While we see no immediate refinancing
risks, the maturity of the 2030 senior secured notes could pressure
the ratings as the date nears. In March 2026, NSAL completed a $30
million add-on to its 2030 senior secured notes, which increased
the outstanding balance to $430 million while providing additional
liquidity as the company completes its capex plan. We believe
current liquidity is sufficient for near-term obligations; however,
long-term credit strength depends on executing growth strategies
and reducing leverage before 2030."
S&P said, "The stable outlook reflects our expectation that NSAL
will maintain leverage in the 5x-6x range for the next two years
but with comfortable liquidity cushion, since its main debt
maturity is only in 2030. The outlook also reflects our forecast
for higher FOCF over the next few years, given no planned
significant capex going forward.
"We could lower the ratings in the next 12-18 months if the company
were to underperform our current forecast, indicating that recent
investments are not delivering the expected results. Weaker
operating performance could result from lower transported volumes
due to crop failures, lower water levels, or fiercer competition
denting prices. In this scenario, we would see debt to EBITDA
consistently above 6x or a limited ability to generate FOCF for
refinancing the notes prior to their 2030 maturity.
"An upside is unlikely in the short to medium term. We could raise
the ratings if the company were to report stronger EBITDA on a
consistent basis due to more stable operations through increasing
transported volumes and higher prices. This would lead to debt to
EBITDA below 4.5x and the company would also maintain a comfortable
liquidity cushion, including headroom on its financial covenants."
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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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