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250516.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 Friday, May 16, 2025, Vol. 26, No. 98 Headlines B R A Z I L STATE OF MARANHAO: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable C O L O M B I A BANCO GNB: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable J A M A I C A ASCEND PERFORMANCE: Seeks to Tap Epiq as Claims and Noticing Agent JAMAICA: BOJ Accepts 225 Bids for $31BB Certificate of Deposit JAMAICA: JSE Pushing for Diaspora to Get Involved in Local Market [] JAMAICA: Gets IMF Praises for Economic Management & Resilience P U E R T O R I C O RODFER LLC: Unsecured Creditors Will Get 3% of Claims in Plan T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Energy Ministers Met with State Enterprises TRINIDAD & TOBAGO: Republic Creates $1B Fund for Manufacturers - - - - - =========== B R A Z I L =========== STATE OF MARANHAO: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded the State of Maranhao's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB' from 'B'. The Rating Outlook is Stable. Fitch has also affirmed Maranhao's Short-Term Foreign and Local Currency IDRs at 'B'. Maranhao's Long-Term National Scale Rating was upgraded to 'AAA(bra)' from 'BB+(bra)' with a Stable Outlook. Fitch also upgradedits Short-term National Scale Rating to 'F1+(bra)' from 'B(bra)'. Fitch has raised Maranhao's Standalone Credit Profile (SCP) to 'ccc+' from 'ccc'. Fitch has upgraded the State of Maranhão's rating to match the sovereign level, taking into account that the state receives sovereign support to manage its debt in the event of nonpayment. As of December 2023, Maranhão's debt consists of 18.3% intergovernmental debt and 81.7% federal-guaranteed commercial debt. Maranhao's ability to take new loans with federal guarantee was restored and Fitch expects that guaranteed loans will continue to make up for a large share of the state's debt going forward. The raise of Maranhao's SCP reflects the strengthening of the state's financial profile. The nonpayment events towards a loan with Bank of America in July 2023 and July 2020 continue to weight on Maranhao's SCP, as reflected by a seven-notch asymmetric risk to governance and management due to the state's low willingness to pay its debt service despite adequate operating balance. KEY RATING DRIVERS Risk Profile: 'Weaker' The 'Weaker' assessment reflects Fitch's view that there is a high risk of the issuer's ability to cover debt service with the operating balance weakening unexpectedly over the scenario horizon of 2025-2029 due to lower revenue, higher expenditure, or an unexpected rise in liabilities or debt-service requirements. Maranhao operates in a 'bb' operating environment. Revenue Robustness: 'Weaker' Fitch evaluates this factor as 'Weaker' due to the state's dependence on transfers from a 'BB' rated counterpart (the sovereign). The Brazilian tax collection framework transfers to states and municipalities a large share of the responsibility to collect taxes. Constitutional transfers exist as a mechanism to compensate poorer entities. For that reason, Fitch views a high dependency towards transfers as a weak feature for Brazilian local and regional governments (LRGs). The primary metric for Revenue Robustness is the transfers ratio (transfers/operating revenues). Fitch classifies LRGs that report a transfer ratio above or equal to 40% as weaker and those with a ratio below 40% as 'Midrange'. Maranhao reports low fiscal autonomy, driving this factor to 'Weaker'. As of 2024, transfers represented 48.8% of operating revenues, aligned with the 45.4% average for 2019-2023. Historically, Maranhao's revenue growth has performed above national GDP growth. From 2019-2024, CAGR was 7% in real terms for operating revenues, compared to average annual GDP growth of 1.9%. Revenue Adjustability: 'Weaker' Fitch evaluates this factor as 'Weaker' due to Brazilian states' reliance on a small number of taxpayers and the history of federal intervention in state tax policy. Maranhao made substantial efforts to recover tax collection in the past year by increasing the ICMS basic tariff to 22% from 18%. The measure was an attempt to recover part of the tax losses incurred following the National Congress movement of June 2022, which limited the ICMS tariff over fuels and electricity. Tax collection in 2024 was 23.3% higher than in 2023 in nominal terms, compared to an inflation rate of 4.8%. Despite the state's efforts, revenue adjustability is very limited for Brazilian states and municipalities. Overall, affordability of additional taxation is low given that tax tariffs are close to the constitutional national ceiling. A small number of taxpayers also represent a large share of tax collection, driving this factor to 'Weaker'. The track record of federal intervention creates further challenges for revenue adjustability. Expenditure Sustainability: 'Midrange' Fitch evaluates this factor as 'Midrange' due to adequate operating margins during the last few years. Responsibilities for states are moderately countercyclical because they handle healthcare, education and law enforcement. Expenditures grow with revenues due to earmarked revenues. States and municipalities must allocate a share of revenues to health and education, causing procyclical behavior in good times; high revenue growth leads to increased spending. However, the significant weight of personal expenditures and salary rigidity means downturns do not cause similar drops in expenditures despite lower revenues. Maranhao reports moderate control over expenditure growth, with sound margins. Operating margins averaged 13.4% from 2020-2024 and 17.8% by the end of 2024. Operating expenditure CAGR was 5.1% in real terms between 2019-2024, below operating revenues CAGR of 7.0%. Expenditure Adjustability: 'Weaker' Brazilian local governments have a rigid cost structure, driving this factor to 'Weaker'. As per the Brazilian Constitution, there is low affordability of expenditure reduction, especially for the payroll bill and pensions. As a result, whenever there is an unpredictable reduction in revenues, operating expenditure do not automatically decrease in parallel. Maranhao's personal expenditures were 43.3% of total expenditures in 2024. This item has very limited flexibility for adjustments given salary rigidity and limited ability to manage human resources or pensions. Other operating expenditures were close to 46.6% of total expenditures in 2024 and have some flexibility for adjustments but are still limited by constitutional mandates on health and education. Capex was 9.4% of total expenditures in 2024 and averaged 8.6% between 2020 and 2024. Brazilian LRGs often rely on investment cuts in challenging economic scenarios. Liabilities & Liquidity Robustness: 'Weaker' Maranhao's failure to provide proof of payment for the last installment of its loan with BofA in July 2023 triggered the activation of the sovereign guarantee. The state had a debt contract with the BofA that should have been fully amortized in 2023. The last amortization of the BofA loan was expected for July 24, 2023. Maranhao failed to provide proof of payment for the last installment of its loan with BofA in the amount of BRL 266.42 million for principal plus interest, converted from USD 56.2 million. The failure to provide proof was followed by the activation of the sovereign guarantee and a subsequent sovereign payment on July 27, 2023, within the grace period. The state had another episode of failure to pay principal and interest on the BofA loan in July 2020, so this was the second time in three years that the state has resorted to external support to perform its debt service. There is a moderate national framework for debt and liquidity management since there are prudential borrowing limits and restrictions on loan types. Under the Fiscal Responsibility Law (LRF) of 2000, Brazilian LRGs have to comply with indebtedness limits. Consolidated net debt for states cannot exceed 2x or 200% of net current revenue. Maranhao reported a debt ratio of 3% as of December 2024. The LRF also sets limits for guarantees at 22% of net current revenue. Maranhao reported a guarantee ratio of 3.15% as of December 2024. There is moderate off-balance sheet risk stemming from the pension system, which is a burden for most Brazilian LRGs, especially for states given their mandate over education and public security. Another significant contingent liability refers to the payment of judicial claims, the so-called "precatorios". The national congress has determined that subnational governments must fully amortize such liabilities until 2029. Access to new loans is restricted as Brazilian LRGs are not allowed to access the market through bond issuances. Lenders consist mainly of public commercial and development banks and multilateral organizations. Often, loans are guaranteed by the federal government, especially for foreign currency loans. For that reason, the federal government has strict control over new lending to LRGs. Liabilities & Liquidity Flexibility: 'Weaker' Fitch evaluates these factors as 'Weaker' due to the state's short cash position in the past three years, despite recent improvements. A framework exists for the federal government to provide emergency liquidity support by extending the maturity date for the state's federal debt. Fitch assesses the entity's available liquidity, excluding sovereign support, to decide between 'Weaker' and 'Midrange' assessments for liabilities and liquidity flexibility. Fitch's liquidity rate for Brazilian LRGs is defined as the ratio of short-term financial obligations to net cash, as established by the previous version of the CAPAG system by the Brazilian National Treasury. The CAPAG, or Capacidade de Pagamento, assesses which entities qualify for federal government guarantees. Fitch has set a threshold of 100% for the average of the last three years (2022-2024 year-end) and for the last year-end results available (December 2024), which would result in a 'Midrange' assessment for this factor. Maranhao reported a three-year average liquidity ratio of 173.6%. As of December 2024, the metric improved to 23.5. Still, the historical performance still weights on the 'Weaker' assessment and an improvement would require liquidity metrics to remain at current levels for a longer period. Financial Profile: 'aaa category' Maranhao's Financial Profile is assessed at 'aaa'. Fitch's rating case forward-looking scenario indicates that the payback ratio (net adjusted debt to operating balance), the primary metric for the financial profile assessment, will reach an average of 1.9x for the 2027-2029 period, which is aligned with a 'aaa' assessment. The actual debt service coverage ratio (ADSCR), the secondary metric, is projected at an average of 3.1x for 2027-2029, aligned with a 'aa' assessment. Fitch does not apply an override to the overall financial profile considering that the secondary metric is only one category below the primary metric. Fiscal debt burden is projected at 12.9% for the same period. ESG Governance - Creditor Rights: Maranhao's use of sovereign support to cover its external debt service reflects the breach of legal documentation stating full debt-service payments and the state's very low willingness to pay. Derivation Summary Maranhao's SCP of 'ccc+' is positioned through ratings definitions and reflects substantial credit risk, considering the state's low willingness to pay for its debt service without resorting to external support despite adequate operating balance. Fitch assesses the state's Risk Profile as 'Weaker' and its financial profile 'aaa' under its rating case. Fitch also applies a seven-notch asymmetric risk to Management and Governance to reflect the two failures of payment as an issuer-specific key rating driver, as per Fitch's LRG master criteria. Maranhao's IDR is uplifted by 5-notches from its SCP because all of the state's debt counts with intergovernmental finance support, such as attested by the activation of the sovereign guarantee in July 2023. Key Assumptions Risk Profile: 'Weaker' Revenue Robustness: 'Weaker' Revenue Adjustability: 'Weaker' Expenditure Sustainability: 'Midrange' Expenditure Adjustability: 'Weaker' Liabilities and Liquidity Robustness: 'Weaker' Liabilities and Liquidity Flexibility: 'Weaker' Financial Profile: 'aaa' Asymmetric Risk: '-7' Support (Budget Loans): '5' Support (Ad Hoc): 'N/A' Rating Cap (LT IDR): 'N/A' Rating Cap (LT LC IDR) 'N/A' Rating Floor: 'N/A' Quantitative assumptions - Issuer Specific Fitch's rating case is a "through-the-cycle" scenario, which incorporates a combination of revenue, cost and financial risk stresses. It is based on 2020-2024 figures and 2025-2029 projected ratios. The key assumptions for the scenario include: - Yoy 4.2% increase in operating revenue on average in 2025-2029; - Yoy 4.9% increase in tax revenue on average in 2025-2029; - Yoy 7.0% increase in operating expenditure on average in 2025-2029; - Net capital balance of - BRL 3,444 million on average in 2025-2029; - Cost of debt: 7.5% on average in 2025-2029. Quantitative assumptions - Sovereign Related Figures as per Fitch's sovereign actual for [2024] and forecast for [2025-2026], respectively (no weights and changes since the last review are included as none of these assumptions was material to the rating action). Liquidity and Debt Structure At end-2024, direct debt totaled BRL3.8 billion. Maranhao reported a high BRL2.4 billion unrestricted cash in 2024, what leads to a substantial drop in net adjusted debt to BRL1.4 billion in 2024 from BRL4 billion in 2023. Issuer Profile Maranhao in north-eastern Brazil has a population of 7.2 million or roughly 3% of Brazil's total. Its revenue sources are strongly influenced by transfers from the national government. Its main spending responsibilities cover education, healthcare and law enforcement. Maranhao's per capita GDP is equivalent to 42% of the national average. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A negative rating action on Brazil's IDR would lead to a corresponding rating action for Maranhao, given that the state's IDRs are equalized with the sovereign through intergovernmental finance support; - Maranhao's IDRs could be downgraded if Fitch believes federal support to service guaranteed debt has weakened, or if the share of the state's debt that benefits from sovereign guarantee drops significantly. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A positive rating action on Brazil's IDR would lead to a corresponding rating action for Maranhao, given that the state´s IDRs are equalized with the sovereign through intergovernmental finance support. ESG Considerations Maranhao, State of has an ESG Relevance Score of '5' for Creditor Rights due to the use of sovereign support to cover its external debt service, which reflects the breach of legal documentation stating full debt service payments and the very low willingness to pay, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in an implicitly lower rating. Maranhao, State of has an ESG Relevance Score of '4' for Population Demographics due to the negative weight the state's poverty rate has on its revenue raising ability and the pressing demand for expenditures in health, education and other social services, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Maranhao, State of has an ESG Relevance Score of '4' for Rule of Law, Institutional & Regulatory Quality, Control of Corruption because the government's effectiveness and institutional and regulatory quality were not sufficient to prevent the state from resorting to external financial support, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Maranhao, State of has an ESG Relevance Score of '4' for Human Development, Health and Education due to its Human Development Index (calculated as a geometric average of health, education and income), which is close to the bottom of the ranking among Brazilian states, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Public Ratings with Credit Linkage to other ratings The State of Maranhao ratings are equalized to the sovereign through intergovernmental finance support. Entity/Debt Rating Prior ----------- ------ ----- Maranhao, State of LT IDR BB Upgrade B ST IDR B Affirmed B LC LT IDR BB Upgrade B LC ST IDR B Affirmed B Natl LT AAA(bra) Upgrade BB+(bra) Natl ST F1+(bra) Upgrade B(bra) =============== C O L O M B I A =============== BANCO GNB: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Banco GNB Sudameris S.A. (GNB) Long-Term Foreign Currency and Local Currency Issuer Default Ratings (IDRs) at 'BB', its Viability Rating (VR) at 'bb' and its Government Support Rating (GSR) at 'b+'. The Rating Outlook for GNB is Stable. Key Rating Drivers Diversified Business Model: GNB's IDRs are driven by the bank's VR, which is aligned with its implied VR. The bank maintains a diverse business profile, with a dual focus in the wholesale and lower-risk retail segments in Colombia, Paraguay and Peru. Fitch also considers the bank's strong market positions in payroll-backed lending products known locally as 'Libranza' and its diversified revenue based on fees and treasury gains, which help offset volatile market conditions. The bank has significantly advanced its digital banking capabilities and expanded its digital customer base, which is expected to reduce operational costs and consolidate its position in Paraguay. Conservative Risk Profile: The bank's business and risk profile assessment of 'bb+' considers its consolidated retail segment exposure, which is composed mostly of lower-risk, payroll-backed loans. As of YE 2024, GNB's payroll lending portfolio represented approximately 27% of gross loans and where it has a market share of 8%. Fitch also weights the conservative underwriting policies for its consolidated commercial segment, which targets medium to large-sized companies with high levels of collateral. Solid Asset Quality Metrics: GNB's asset quality metrics remain strong and compare very well with domestic and regional peers. As of YE 2024, the bank's 90-day nonperforming loan (NPL) ratio was 1.6%, down from 1.8% as of YE2023, and driven by improvements in underwriting standards and conservative loan placement policies. In terms of geography, the bank in Colombia still has the lowest 90-day NPLs ratio within the Colombian banking system (2024: 0.9%), and the other subsidiaries in Paraguay and Peru evidenced relatively steady impairment levels, with 90-day NPLs ratios of 2.2% and 2.7%, respectively. Fitch anticipates that the bank's asset quality will remain stable over the foreseeable future, driven by GNB's moderate growth prospects, conservative policies, relatively robust underwriting standards, adequate risk controls, and its robust and conservative risk management practices. Lower Profitability Metrics: As of YE 2024, GNB's operating profit to risk-weighted assets (RWAs) decreased to 1.02% from 1.48% in 2023 due to higher impairment charges. This was despite an improvement in the net interest margin (NIM), which was driven by lower funding costs amid a reduced interest rate environment in Colombia and Peru. Historically, profitability levels have been bolstered by income from other non-credit venues, such as its securities portfolio. The bank's revenue diversification across multiple business lines has been effective in maintaining adequate performance with positive operating profits amid economic cycles. Although these streams slightly decreased in 2024, they remain significant, with total non-interest operating income representing 84.2% of total operating income (TOI) as of YE 2024. Fitch expects GNB's profitability levels to continue to strengthen, benefiting from expected lower funding costs in 2025 at a systemic level and further improvements in efficiency metrics. Additionally, controlled impairment charges are anticipated to further support and lead to improvements in profitability metrics. Low but Stable Capital Ratios: GNB's capitalization metrics remain low, being this its weakest rating factor. As of YE 2024, the Common Equity Tier 1 (CET) ratio was 8.5%, down from 9.8% at YE 2023, and still below its regional peers in the 'bb' category. During 2024, capitalization metrics were pressured by a 24.8% increase in RWAs, mainly driven by the expansion of gross loans. Fitch views the bank's current capitalization metrics as commensurate with the bank's business model, risk profile, and current ratings. Strong asset quality metrics and low risk appetite mitigates GNB's relatively low CET1 ratio. Sound Liquidity Levels: GNB's funding structure and liquidity position remains sound, with adequate ability to meet its short-term obligations and sustain its operations. This is reflected by a solid loans-to-deposit ratio of 71.4% at YE 2024 (four-year average: 70.9%), which compares favorable among its local and regional peers. Customer deposits have reliably constituted a significant portion of GNB's funding, accounting for 78.8% of total funding at YE 2024, with savings accounts representing 50.3% of total deposits and term deposits 38.6%. Liquidity remains commensurate with the bank's current ratings, and Fitch does not anticipate any changes to the bank's funding liquidity structure. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative VR and IDR pressures would arise as a result of a deterioration in asset quality metrics, coupled with a reduction in the CET1 and operating profit to RWA ratios. - The ratings are sensitive to operating environment deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The ratings could be positively affected if the bank sustains or rebuilds its profitability.; - Upside potential depends heavily upon material improvement in GNB's capitalization and profitability. An upgrade to the VR and IDRs could occur if the bank can reach and sustain a CET1 capital ratio greater than 14% while avoiding material deterioration of its other financial and qualitative credit fundamentals, with consistently better results, in the form of operating profit over RWAs greater than 2.5%. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS GNB's subordinated debt and Tier 2 subordinated debt are rated two notches below its VR to reflect their subordinated status and expected high loss severity. The rating on the Tier 2 notes does not incorporate incremental non-performance risk, given the relatively low write-off trigger (Regulatory CET1 ratio at or below 4.5%) and considering the fact that coupons are not deferrable or cancellable before the principal write-off trigger is activated. GOVERNMENT SUPPORT: Possible Government Support: The bank's GSR of 'b+' is driven by its moderate systemic importance as a market maker and its payroll lending share of the Colombian market of 7.9%. GNB is also working to grow its share of retail deposits, though this metric is still a modest 3.5% when compared with local systemically important banks. Fitch believes there is a limited probability that the bank would receive sovereign support if needed, which underpins its GSR. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES - The subordinated debt rating of GNB's issuances is two notches below GNB's VR anchor. As such, the rating will move in tandem with the anchor rating; - The rating is also sensitive to a wider notching from the VR if there is a change in Fitch's view on the non-performance risk of these instruments on a going-concern basis, which is not the baseline scenario. - GNB's GSR would be affected by a positive change in the bank's systemic importance that would affect Fitch's perception of the government's willingness and ability to support the bank; - GNB's GSR would be affected by a negative change in Fitch's perception of the government's willingness and ability to support the bank. VR ADJUSTMENTS The earnings and profitability score has been assigned above the implied score due to the following adjustment reason: Historical and Future Metrics (positive). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Banco GNB Sudameris S.A. LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Viability bb Affirmed bb Government Support b+ Affirmed b+ Subordinated LT B+ Affirmed B+ ============= J A M A I C A ============= ASCEND PERFORMANCE: Seeks to Tap Epiq as Claims and Noticing Agent ------------------------------------------------------------------ Ascend Performance Materials Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Epiq Corporate Restructuring LLC as claims, noticing, and solicitation agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will be paid at these hourly rates: Executive Vice President, Solicitation $195 Solicitation Consultant $195 Consultants/ Directors/Vice Presidents $185 - $195 Case Managers $85 - $180 IT/Programming $60 - $85 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from the Debtors. Brad Tuttle, a member at Epiq Corporate Restructuring, 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 through: Brad Tuttle Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2532 About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. JAMAICA: BOJ Accepts 225 Bids for $31BB Certificate of Deposit -------------------------------------------------------------- RJR News reports that the Bank of Jamaica said it received 296 bids, valued at $49.4 billion from investors for the $31 billion it wanted to take out of circulation in order to stabilise the dollar and contain inflation. The bank, however, said it accepted only 225 of these bids, amounting to $31 billion, according to RJR News. The average interest rate paid by the bank for these deposits was 5.9% per year, the report notes. The highest bid rate was 8% per year for $500 million, while the lowest bid rate was 5.5% for $158.5 million, 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: JSE Pushing for Diaspora to Get Involved in Local Market ----------------------------------------------------------------- RJR News reports that Chairman of the Jamaica Stock Exchange, Steven Whittingham, highlighted strategies to involve the Jamaican diaspora in the country's capital market during a town hall meeting in Philadelphia. The session, part of a JSE panel titled The Stock Exchange Conversation, Doing Business in Jamaica through the Jamaica Stock Exchange, also featured Dr. Marlene Street Forrest and was moderated by Andre Gooden, according to RJR News. This event was a highlight of the JSE's USA Roadshow and Housing Forum from May 5-9, themed Investing in Jamaica, with meetings held in Philadelphia and New York supported by local Jamaica Consulates and US partner companies, 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: Gets IMF Praises for Economic Management & Resilience ----------------------------------------------------------------- RJR News reports that Jamaica has earned high praise from the International Monetary Fund for its economic management and resilience. In its latest article, the IMF noted strong progress in reducing debt, stabilising inflation and strengthening foreign reserves, according to RJR News. Despite hurricane-related setbacks, the economy is projected to recover with public debt expected to fall to its lowest in 25 years, 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 ===================== RODFER LLC: Unsecured Creditors Will Get 3% of Claims in Plan ------------------------------------------------------------- Rodfer, LLC filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement describing Plan of Reorganization dated March 31, 2025. The Debtor is a privately owned corporation incorporated under the Laws of the Commonwealth of Puerto Rico on October 21, 2016. It is located at 100 Avenida Hernan Cortes, Trujillo Alto, Puerto Rico. The Debtor is dedicated to the management of Pharmacy which also has a convenience store. Debtor's shareholders are Mrs. Chavelly Vellon and Mr. Wilfredo Rodriguez. It currently has eleven employees. It operates in a leased facility and has scheduled assets with an estimated value of $152,000, as of the filing date. Prior to Bankruptcy, Debtor's principal medicines supplier, Drogueria Betances, filed a case for collection of money in case styled TJ2024CV00210, which attempted against Debtor's operation. Thus, in an effort to protect its businesses, protect its assets, and obtain a breathing spell and the benefits of 11 U.S.C. 362 (a), which stays all collection actions and judicial proceedings, on July 3, 2024, Debtor filed its Chapter 11 petition. Class 4 consists of General Unsecured Claims. The Holders of Allowed General Unsecured Claims, including Betances's deficiency claim, will be paid in full satisfaction of their claims 3% thereof on the Effective Date of the Plan. The allowed unsecured claims total $142,776.11. On or before October 31, 2025, Debtor will receive $250,000 from a Post-petition DIP Financing, specifically from an entity with various exclusive Advantage Contracts and medical offices, among other related business, in exchange for 60% of the common stock of the Debtor. By the alliance between Debtor and new referrals it will obtain, it is expected that Debtor's sales (meds) exceed $110,000 per month. Also, the capital contribution set forth above, will provide the necessary funds to make part of the payments set forth in the Plan. The aforementioned contribution is totally conditioned to the confirmation of Debtor's Plan. Class 5 consists of Interest in Debtor. Members of Class 5 will not receive any distribution under the Plan but will retain its shares in Debtor unaltered until the sale of 60% of the common stock shares. Except as otherwise provided in the Plan, Debtor will effect payment of Administrative Expense Claims, Priority Tax Claims, Allowed Secured and General Unsecured Claims in accordance with the payment plans set forth in the Cash Flows Projections. As part of its reorganization strategy, Debtor is negotiating a substantial Post-petition DIP Financing arrangement scheduled to close shortly after a proper motion and authorization from this Honorable Court. This financing will provide $250,000 in capital from a strategic healthcare partner that operates exclusive Advantage Contracts and medical offices. In exchange, this entity will receive 60% of Debtor's common stock, creating a beneficial alliance for both parties. This strategic partnership is expected to generate significant new business through patient referrals, with projections indicating monthly medication sales will exceed $110,000. The capital infusion will provide essential funding for plan payments while the increased revenue stream will support Debtor's ongoing operations and obligations under the Plan. A full-text copy of the Disclosure Statement dated March 31, 2025 is available at https://urlcurt.com/u?l=sSkebd from PacerMonitor.com at no charge. Counsel to the Debtor: Javier Villarino, Esq. Villarino & Associates LLC P.O. Box 9022515 San Juan, PR 00902 Telephone: (787)565-9894 Email: jvillarino@vilarinolaw.com About Rodfer LLC Rodfer, LLC, is a privately owned corporation incorporated under the Laws of the Commonwealth of Puerto Rico on October 21, 2016. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-02811) on July 3, 2024. Chavely Vellon, president, signed the petition. Judge Mildred Caban Flores oversees the case. The Debtor tapped Javier Villarino, Esq., at Villarino & Associates LLC as counsel and CPA Luis R. Carrasquillo & Co., PSC, as financial advisor. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Energy Ministers Met with State Enterprises -------------------------------------------------------------- Trinidad and Tobago Newsday reports that Energy Minister Dr. Roodal Moonilal and Minister in the Energy Ministry Ernesto Kesar met with heads of all energy state enterprises at the ministry's head office in Port of Spain on May 7. In a release, the ministry said the purpose of the meeting was to apprise the newly appointed ministers on the current state of operations of the companies, according to Trinidad and Tobago Newsday. The meeting also aimed to chart the way forward for continued discussions to focus on priority areas, the report notes. Speaking to the executives, Moonilal acknowledged the critical role of the energy sector for Trinidad and Tobago's economy, the report relays. The meeting was one of the first steps taken by the new ministers to actively engage with key energy stakeholders to prioritise the government’s energy agenda, the report notes. Kesar highlighted the importance of applying a people-centric approach to TT’s energy sector, the report discloses. Both ministers reiterated the government’s commitment to ensuring that each citizen reaps the benefits of the nation’s resources, the release said, the report says. The state enterprises represented at the meeting were Heritage Petroleum Company Ltd, Paria Fuel Trading Company Ltd, Phoenix Park Gas Processors Ltd, Power Generation Company of TT Ltd, the National Gas Company, the National Energy Corporation of TT, the NGC Green Company Ltd, Trinidad Nitrogen Company Ltd, Trinidad Generation Unlimited and TT National Petroleum Marketing Company Ltd, the report relays. The ministers were also accompanied by permanent secretaries Penelope Bradshaw-Niles and Karinsa Tulsie, along with Marc Rudder, deputy permanent secretary, the report adds. TRINIDAD & TOBAGO: Republic Creates $1B Fund for Manufacturers -------------------------------------------------------------- Trinidad and Tobago Guardian reports that the Trinidad and Tobago manufacturing sector can now benefit from Republic Bank's Financial Support Program, totalling $1 billion. In a news release, the bank said that under this programme, loans of up to $35 million in funding per eligible borrower will be made available to the sector via facilities, according to Trinidad and Tobago Guardian. In this initiative, the Bank aims to further enhance competitiveness and increase export potential, while also providing a means for local manufacturers to earn much-needed foreign exchange, the report notes. The report relays that effective today, eligible clients will be able to take advantage of: * Up to 100 per cent funding for capital expenditure and equipment acquisition; * Competitive interest rates; * US dollar loans; * Specialised asset accepted as security; * Moratoriums aligned to asset commissioning, plus up to an additional six months and flexible repayment terms. Speaking about the initiative, Republic Bank's vice president, Vic Salickram, reiterated a view earlier expressed at the Bank's recent corporate workshops for enhanced intra-regional trade. "We do not see ourselves as merely your bankers, but your partners in achieving your business goals" In this, Salickram highlighted the necessity of creating opportunities to drive business growth and economic development, noting that Trinidad & Tobago's manufacturing sector holds the key to regional trade and improved local foreign exchange earnings, the report relays. He also added that the bank will partner with key associations and business chambers in the manufacturing sector to allow for a more holistic support for its customers, the report discloses. In June 2024, Republic Bank disclosed that it issued a $1 billion note, which it said would strengthen its capital base and allow the bank to achieve its growth strategy, the report notes. The $1 billion note is due to mature in June 2034; it is an unsecured, subordinated, fixed-rate note and will pay investors 5.50 per cent, over its ten-year term, with $1 billion being returned to investors by way of a bullet payment at maturity, the report says. For the six months ended March 31, 2025, Republic Bank reported after-tax profit of $1.15 billion, an improvement of 2.29 per cent compared to the same period in the previous year, the report relays. The financial group's assets grew by 7.8 per cent to $126.68 billion at the end of March 2025, the report discloses. In comments accompanying the financials, RFHL's chairman, Vincent Pereira, said, "In a period marked by global uncertainty and market volatility, we continue to prioritize financial stability and longterm value creation, while also reinforcing our role as a responsible financial institution. "Our strategic transformation journey is progressing well, and we remain focused on enhancing our digital banking capabilities, deepening customer relationships, and innovating across all touchpoints," 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 2025. All rights reserved. ISSN 1529-2746. 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