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250529.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 Thursday, May 29, 2025, Vol. 26, No. 107 Headlines B R A Z I L AZUL SA: Files for Chapter 11, Gets $1.6BB Financing Commitment AZUL SA: Reaches Agreements with AerCap, United & American Airlines BRASKEM SA: S&P Lowers ICR to 'BB' on Continued High Leverage D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Banreservas Secures Over RD$3.1BB in Financing J A M A I C A JAMAICA: BoJ Accepts 23 Bids for US$30 Million on May 16 JAMAICA: Trade Deficit Narrows As Imports Fall M E X I C O BANCO BANCREA: Fitch Affirms 'BB-/B' IDRs, Outlook Stable BANCO VE POR MAS: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable METROFINANCIERA: Fitch Affirms 'D' Rating on MTROCB08U Securities T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Inflation Rises to 1.5% in April, CSO Says V E N E Z U E L A CITGO PETROLEUM: List of Bidders in Auction Narrows - - - - - =========== B R A Z I L =========== AZUL SA: Files for Chapter 11, Gets $1.6BB Financing Commitment --------------------------------------------------------------- Gabriel Araujo of Reuters reports that Brazilian airline Azul S.A. on Wednesday, May 28, filed for Chapter 11 bankruptcy protection in the United States, it said in a securities filing, after months of trying to restructure mostly pandemic-era debt. The move, which may scupper a potential merger with peer Gol Linhas, makes the carrier the latest Latin American airline to file for bankruptcy in the aftermath of the severe industry fallout from the initial months of COVID-19, according to the report. Sao Paulo-traded shares of Azul fell as much as 12% after the filing, before paring losses to trade down around 3% in the afternoon, Reuters points out. The stock is now down 70% year-to-date. A restructuring deal includes a commitment of $1.6 billion in financing throughout the process, elimination of more than $2 billion of debt, and a commitment of up to $950 million in equity financing upon emergence, the carrier said, Reuters relays. "We had too much debt on the balance sheet that principally came from COVID. We now have an opportunity to clean it all up," Chief Executive John Rodgerson told Reuters in an interview. According to Reuters, Azul said it had entered into agreements with key financial stakeholders, including existing bondholders, aircraft lessor AerCap and strategic partners United Airlines and American Airlines to support the restructuring. "We believe we could be in and out prior to the end of the year," Reuters quotes Rodgerson as saying. "The exit is sometimes the most difficult part of this process. So we're already entering with the exit in mind, and exiting with the financing lined up." Azul's move follows in the footsteps of Aeromexico, Colombia-based Avianca and its two largest rivals, Gol and LATAM Airlines, all of which filed for bankruptcy. About Azul S.A. Headquartered in Barueri near the City of Sao Paulo, Brazil, Azul S.A. is a Brazilian airline founded by David Neeleman in 2008. The company is the largest airline in Brazil by number of cities covered and departures, serving more than 160 destinations with an operating fleet of 168 aircraft and operating more than 900 flights daily. In the twelve months ended in June 2024, Azul generated BRL18.7 billion (US$3.4 billion) in net revenue. Ratings agencies, in May 2025, downgraded the airlines' ratings amid concerns on cash burn. On May 20, 2025, S&P Global Ratings lowered its issuer credit rating on Azul to 'CCC-' from 'CCC+'. The downgrade reflects S&P's view that Azul's very tight liquidity increases default risk within the next few months. On May 6, 2025, Fitch Ratings downgraded Azul Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC-' from 'CCC'. The downgrades reflect Azul's limited financial flexibility to access liquidity outside its ongoing debt renegotiations with existing bondholders and inability to effectively improve liquidity. Moody's Ratings, on the other hand, on March 17, 2025, affirmed Azul's Caa2 corporate family rating. Azul SA and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025. In its petition, the Debtor reports $4.5 billion in assets and $9.6 billion in liabilities. The Debtors are represented by Timothy Graulich, Esq. at Davis Polk & Wardwell LLP. The Debtor's Financial Advisor/CRO is Samuel Aguirre at FTI Consulting Inc. and its Claims Agent is Stretto, Inc. AZUL SA: Reaches Agreements with AerCap, United & American Airlines ------------------------------------------------------------------- * Company initiates pre-arranged restructuring process in the United States to effectuate agreements including approximately US$1.6 billion in debtor-in-possession financing. * Agreements to secure exit financing structure, including up to US$950 million in equity investments, enabling an accelerated path to emergence, a significant step in positioning Azul as a long-term industry leader in the region. * Operations and sales continue as usual, honoring all tickets, loyalty points, and Customer benefits, safely connecting Brazil with Azul's industry-leading Customer service. SAO PAULO, Brazil -- AZUL S.A. ("Azul" or "Company"), the largest airline in Brazil by number of flight departures and destinations, announced it has entered into Restructuring Support Agreements (the "Agreements") with its key financial stakeholders, including its existing bondholders; largest lessor, AerCap, representing the majority of the Company's aircraft lease liability; and strategic partners, United Airlines and American Airlines, to effectuate a proactive reorganization process. The Agreements are designed to transform the Company's financial future and position the business for the long term with significant deleveraging and positive cash flow generation. To implement the Agreements, which include a commitment of approximately US$1.6 billion in financing throughout the process, elimination of over US$2.0 billion of debt and contemplate further equity financing of up to US$950 million upon emergence, Azul is using the Chapter 11 process in the United States. Customers, Crewmembers, and partners remain Azul's priority. Azul will continue flying and operating as normal while maintaining its commitments throughout this process. "Azul continues to fly - today, tomorrow, and into the future. These Agreements mark a significant step forward in the transformation of our business - one that enables us to emerge as an industry leader in the main aspects of our business," said John Rodgerson, Chief Executive Officer of Azul. "With a collaborative approach and the support of our stakeholders, we have made a strategic decision to pursue a voluntary financial restructuring as a proactive move to optimize our capital structure – which was burdened by the COVID-19 pandemic, macroeconomic headwinds, and aviation supply chain issues. Our strategy is not just about financial reorganization. By using this process, we believe that we are creating a robust, resilient, industry-leading airline – one that Customers will continue to love flying, at which Crewmembers will continue to love working, and that will create value for our stakeholders." Chapter 11 is a Court-supervised financial reorganization process in the United States through which companies can restructure their balance sheet while continuing operations in the ordinary course of business. Azul intends to use this proven, well-known legal framework to eliminate over US$2.0 billion in total funded debt, reduce lease obligations, and optimize its fleet, allowing the Company to emerge with greater flexibility and a more sustainable business and capital structure. "AerCap has signed a support agreement with its longstanding partner Azul. As the airline moves through its restructuring process, we are very confident Azul will emerge stronger than ever," said Aengus Kelly, Chief Executive Officer of AerCap. "Together with Azul, we are the largest owners of Embraer E2 commercial aircraft, supporting the Brazilian aviation industry like no other." Azul's process is unlike any other airline restructuring case in the region, given the fact that it enters the process with agreements with many of its main stakeholders already in place. Azul has secured a commitment for debtor-in-possession ("DIP") financing of approximately US$1.6 billion from certain key financial partners, which will repay part of the Company's existing debt and provide the Company with approximately US$670 million of new capital to bolster liquidity during the restructuring process. Upon emergence, the Agreements provide for the DIP financing to be repaid with the proceeds of an Equity Rights Offering of up to US$650 million, backstopped by some of these financial partners and further supported by a contemplated additional equity investment of up to US$300 million from United Airlines and American Airlines, subject to the satisfaction of certain conditions. This comprehensive financing package means that Azul's path to emergence is clear, which streamlines the process and accelerates the timeline. "United was proud to begin cooperating with Azul in 2014 and to invest in Azul in 2015. Since that time, we have connected hundreds of thousands of passengers and are excited about the opportunity to grow this business even more. Azul is more than just a commercial partner for United – their customer-first approach and unique route network connecting small and large communities have improved the passenger experience in Brazil. That's why we support Azul's restructuring process and have entered into an agreement to build an even stronger relationship in the future," said Andrew Nocella, Executive Vice President and Chief Commercial Officer of United Airlines. Stephen Johnson, Vice Chair and Chief Strategy Officer for American Airlines added, "We are confident that Azul's plan to strengthen its future will be extremely positive for the Brazilian aviation market and travelers to, from and across Brazil. American has served Latin America since 1942 and is proud to fly to 14 destinations in South America. Our service, including that of our partners GOL and JetSMART, combined with the strength and breadth of Azul's network, will provide our customers another unique option for traveling between the Americas and even more connectivity in Brazil and throughout South America. We are excited to support this process and to be part of Azul's future." Azul has filed customary motions with the Court to support ordinary-course operations including, but not limited to, continuing Crewmember compensation and benefits programs, honoring all Customer commitments including tickets for future travel and benefits under the Azul Fidelidade loyalty program, and fulfilling go-forward obligations to select vendors who are truly critical to the Company. These motions are typical in the Chapter 11 process. John Rodgerson concluded, "We are grateful for the support of our bondholders, particularly those who are providing Azul with new capital, and our key strategic partners, American Airlines, United Airlines, and AerCap. Their support will allow us to optimize our fleet, reinforce our financial position, and operate more efficiently. We are confident that we will emerge even stronger and better positioned to continue connecting Brazil like no other, while offering the best service and value to our Customers." Additional Information Stakeholders seeking specific information about Azul's Chapter 11 case can visit its dedicated website at www.azulmaisforte.com.br. For case and claims information, please visit https://cases.stretto.com/Azul or call (833) 888-8055 (toll-free) or (949) 556-3896 (international). The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. About Azul Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. BRASKEM SA: S&P Lowers ICR to 'BB' on Continued High Leverage ------------------------------------------------------------- S&P Global Ratings lowered its global scale issuer credit rating on Braskem S.A. to 'BB' from 'BB+'. S&P also lowered its issue-level ratings on the company's senior unsecured notes to 'BB' from 'BB+' and on its subordinated notes to 'B' from 'B+'. S&P affirmed the national scale issuer and issue-level ratings at 'brAAA'. The negative outlook reflects risks of challenging market conditions limiting the expected improvements in profitability and credit metrics that we forecast in our base case. Braskem's EBITDA and cash flow generation didn't improve over the past quarters, and prolonged weak market conditions will likely continue straining the company's credit metrics. S&P Global Ratings' adjusted leverage for Braskem in 2024 and first-quarter 2025 was above 9x, mainly due to a combination of weaker-than-expected volumes at low prices. Additionally, leverage measured in Brazilian reais had an impact from peak foreign exchange (FX) rate at the end of 2024, as about 90% of company's debt is in U.S. dollars. S&P said, "We believe industry conditions will remain challenging due to relevant capacity additions and limited demand growth amid global macroeconomic uncertainties. Even assuming that Braskem will be able to sell higher volumes thanks to the higher import tariffs for petrochemicals in Brazil for most of this year, we now forecast leverage around 6x by the end of 2025. And we forecast a decrease to close to 5x in 2026, assuming gradual improvements in petrochemical spreads, combined with company's continued efforts to optimize its cost structure." Liquidity remains sound, with an extended debt maturity profile, to face the still-challenging industry conditions over the next two to three years. The company maintains a solid cash position. This, combined with a revolving credit line and no relevant debt maturities until 2028, provides a significant liquidity cushion amid weaker operating cash flows than historically. Credit strengths include having most debt at fixed rates at an average cost slightly above 6%, as well as its large scale and sound market position in Brazil. The company could benefit from some positive developments for the Brazilian petrochemical industry in the short term, but the timing and impact on Braskem's cash flow generation are still uncertain. Braskem requested last year an investigation regarding dumping practices from U.S. and Canadian exports of polyethylene (PE) to Brazil, which might have a provisory vote over the next few months. If the outcome is for antidumping measures, it could boost Braskem's volumes and prices of PE. Also, there is a discussion currently in Brazil's Congress about the REIQ and PRESIQ, a special tax regime for the chemical industry, to foster sector competitiveness, which might increase the tax relief on raw material purchases from current 0.73%, as was the case some years ago. But we don't incorporate any of these in our forecast given the uncertainty about timing and final impact. Potential change of control in Braskem would likely be credit neutral. Braskem disclosed last Friday that Novonor received a nonbinding offer from Petroquímica Verde Fundo de Investimento em Participações, an investment vehicle owned by Nelson Tanure, to buy Novonor's controlling stake in Braskem. S&P said, "If the new fund would adhere to the existing shareholders' agreement and assume all the rights, benefits, liabilities, and obligations of Novonor's, we would likely keep our view of Braskem as insulated and delinked because neither Petrobras nor the new shareholder would be able to exercise control on its own." The negative outlook continues to reflect challenging industry conditions for petrochemical players and even more for naphtha-based operations, which are most of Braskem's. It indicates a one-in-three chance of a downgrade if S&P doesn't see an improvement in the company's profitability and cash flow generation in line with its base-case scenario. S&P could lower the ratings in the next 12-18 months if: -- Persistent low petrochemical spreads and pressures from imported products in Brazil lead to weaker sales volumes, utilization rates, and revenues. In this scenario, S&P would expect continued weak profitability, with EBITDA margin below 9% over the next years; -- Higher-than-expected cash burn reduces the company's currently sound liquidity cushion; or -- The company makes sizable additional provisions related to the geological event in Alagoas--but this isn't part of our base-case scenario. S&P could revise the outlook to stable in the next 12-18 months if it sees improvements in profitability and credit metrics aligned with our base-case scenario or faster, with leverage trending to close to 5x until 2026. This could occur as a result of one or more the following: -- Lower competition from PE imports in Brazil if antidumping measures are applied, increasing Braskem's volumes and prices of PE sold; -- An increase of the REIQ tax relief, reducing the company's costs; -- Higher petrochemical spreads than S&P currently forecasts, with industry capacity rationalization happening at a faster pace than it expects; and -- Higher efficiency gains with a higher cost/expenses reduction than S&P currently forecast. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Banreservas Secures Over RD$3.1BB in Financing ------------------------------------------------------------------ Dominican Today reports that the Banreservas Real Estate Fair, held in New York and Lawrence, Massachusetts, surpassed expectations by securing over RD$3.1 billion in financing for around 480 property purchases in the Dominican Republic. The event attracted more than 5,450 visitors, mainly Dominicans living in the U.S., demonstrating strong interest in investing back home, according to Dominican Today. Banreservas CEO Samuel Pereyra emphasized the fair's success as more than just a property sales event—it provided personalized financial advice, tailored investment options, and the reliability of top Dominican developers backed by Banreservas, the report notes. Attendees benefited from attractive financing terms, including a fixed 10% interest rate for seven years and up to 90% property financing, the report relays. The second U.S. edition of the fair, held at The Radio Hotel in New York and Parthum School Complex in Lawrence, outperformed the 2024 edition and reinforced the strong investment ties between the Dominican diaspora and their homeland, the report notes. Including the RD$1.35 billion in applications from the Madrid fair, total overseas financing facilitated by Banreservas now totals approximately RD$4.456 billion, 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. ============= J A M A I C A ============= JAMAICA: BoJ Accepts 23 Bids for US$30 Million on May 16 -------------------------------------------------------- RJR News reports that the Bank of Jamaica says 42 bids, valued at US$59.5 million, were submitted for the US$30 million it pumped into the foreign exchange market on May 16, 2025. The BOJ's move was aimed at stabilizing the dollar and keeping the inflation rate within its 4% to 6% target range, according to RJR News. The bank also says it accepted only 23 of the bids submitted at an average exchange rate of $158.53, the report notes. 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: Trade Deficit Narrows As Imports Fall ---------------------------------------------- Jamaica Observer reports that Jamaica's international merchandise trade deficit showed modest improvement in January 2025, driven by a sharp decline in imports even as export revenues faced significant challenges, according to data released by the Statistical Institute of Jamaica (Statin). The country's total imports fell 6 per cent year-over-year to US$647.6 million, while exports plummeted 15 per cent to US$134.2 million, according to Jamaica Observer. This resulted in a narrowing of the trade deficit to -US$513.4 million, compared to -US$531.2 million in January 2024, the report notes. The drop in imports was led by a 34 per cent collapse in spending on fuels and lubricants, including a 74 per cent plunge in the value of crude oil purchases as prices declined during the month, the report says. Reduced demand for capital goods and transport equipment further contributed to the import decline, the report relays. On the export front, a 50 per cent freefall in mineral fuels revenue - linked to global price volatility - dragged down overall performance, the report discloses. Re-exports, once a bright spot, collapsed from US$32.3 million in 2024 to just $4.8 million, the report says. Yet domestic exports provided a silver lining, rising 3 per cent year-over-year, the report relays. Growth was driven by mining & quarrying ueled by higher alumina and bauxite shipments, the report notes. Agricultural exports rose as well, going up by nearly 50 per cent, with yam exports surging almost 80 per cent and coffee sales jumping over 650 per cent to US$1.5 million, the report says. As for trade partnerships, the US continues to dominated, with that country sending just about 35 per cent of Jamaica's imports in January, the report relays. China and Nigeria followed. Together, the aforementioned countries collectively account for over 60 per cent of imports, the report discloses. Notably, purchases from Nigeria — a key oil supplier — rose sharply, offsetting reduced EU and Caricom trade, the report relays. In the export markets, the US also dominated, account for 54 per cent of the nation's total sales abroad, the report relays. Russia and Iceland also figured prominently, though they were a distant second and third to the US as an export market for Jamaica, the report discloses. Exports to the USMCA bloc (US, Mexico, Canada) grew 16 per cent, while EU and Caricom trade slumped by 60 per cent and 37 per cent, respectively, in the first month of this year, 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. =========== M E X I C O =========== BANCO BANCREA: Fitch Affirms 'BB-/B' IDRs, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed Bancrea, S.A., Institucion de Banca Multiple's (Bancrea) Long- and Short-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-' and 'B', respectively. Fitch has also affirmed Bancrea's Viability Rating (VR) at 'bb-' and Government Support Rating (GSR) at 'ns'. The Rating Outlook for the Long-Term IDRs is Stable. Fitch has additionally affirmed Bancrea's National Long- and Short-Term ratings at 'A(mex)'/Stable and 'F1(mex)', respectively. Key Rating Drivers Ratings Underpinned by Intrinsic Performance: Bancrea's IDRs and National Scale ratings are derived from the bank's inherent credit strength, captured in its 'bb-' VR. The VR reflects its growing franchise and higher risk appetite than its closest peers, due to its high concentrations per borrower and important balance sheet expansion, which could exert some pressure on the bank's solvency. A financial profile with good asset quality metrics, increasing profitability, adequate capital levels, and consistent funding structure are also incorporated into Bancrea's VR. Effective Execution Enhances Business Profile: The gradual consolidation of Bancrea's business profile has closed the gap with other mid-sized banks in the country with a longer operating history. This led to an upgrade in Fitch's assessment of the Business Profile factor score to 'bb-' from 'b+'. This reflects Fitch's opinion of management's consistent and effective strategy execution, leading to increased recurring total operating income (TOI). In 2024, the bank recorded TOI of USD121 million, lower than some regional peers but higher than its 2021-2023 average of USD75 million. Bancrea's well-defined business model partially offsets its modest market share around 0.5% in terms of loans and deposits. Fitch expects Bancrea to continue strengthening its business profile and maintain consistent financial performance, further aligning with other rated mid-sized Mexican banks. Consistent Loan Quality: As of 1Q25, Bancrea's Stage 3 loan-to-total loans ratio, although slightly increased, it compared favorably with the system average (2%). This stood at 1%, versus an average of 0.5% between 2021 and 2024, while reserve coverage for Stage 3 loans was a healthy 139.2%. Fitch estimates the Stage 3 loan ratio could gradually increase over the rating horizon, but will remain at levels commensurate with its current score. In asset quality factor assessment, the agency significantly weighs the high credit concentration inherent to Bancrea's business model focused on the corporate segment. In 2024, the top 20 borrowers represented 25.8% of the loan portfolio, or 2.6x of common equity Tier 1 (CET1). Improved Profitability: The bank's profitability continues to strengthen, supporting Fitch's assessment of 'bb-' with a positive trend. This performance is underpinned by steady loan growth and stable net interest margin benefiting from sustained reduction of higher-cost financial liabilities. In addition, low loan impairment charges and controlled operating expenses translated into higher operating efficiencies. Non-interest income has also contributed to profitability. As of 1Q25, the operating profit to risk-weighted assets (RWA) ratio improved to 3.3% from 2.7% in 2024 (2021-2023 average: 1.5%). Reasonable Total Capital Levels: As of 1Q25, the CET1 to RWA ratio was 10.2%, slightly lower than 10.5% in 2024, reflecting higher loan and RWA growth compared to the increase in equity, and a dividend payment. This metric compares unfavorably with its peers and the banking system. Fitch expects capitalization to improve over the rating horizon to levels close to 11%, driven by consistent profit generation and without considering contributions from shareholders. In this factor, the agency views positively the bank's reasonable loss absorption capacity, attributed to the use of hybrid capital instruments, contributing to an adequate total regulatory capitalization ratio of 14% as of 1Q25. Good Funding and Liquidity Profile: The bank's funding structure remains consistent with its operations, composed primarily of customer deposits, with term deposits representing the largest proportion, reflecting in concentrations by depositor. High deposit growth has supported an improved loan-to-deposit ratio, which was 111.5% in 1Q25 (2021-2024 average: 116.5%). Bancrea also complements its financing with lines from development banks. The agency anticipates that deposits will continue to be the primary funding source, fostering a gradual reduction in financing costs. Liquidity levels are considered adequate to withstand stress scenarios, with ratios above the regulatory minimum. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Bancrea's ratings could be downgraded if its financial profile is pressured by deteriorating asset quality and weakened capital position, specifically if the CET1 to RWA ratio consistently remains below 10%, the total regulatory capitalization ratio does not stay near 12%, or the operating profit to RWA ratio consistently falls below 1.25%. Also, if the TOI is significantly reduced. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained increase in TOI and a reduction in credit concentrations, while consistently maintaining CET1 to RWA ratios near 12% and a total regulatory capitalization ratio of 15%, as well as operating profit to RWA metrics above 2%. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS No Government Support Factored In: Bancrea's 'ns' GSR denotes Fitch's assessment that there is no reasonable assumption that government support will be available since the bank is not considered as a domestic systemically important bank (D-SIB). As of 1Q25, Bancrea customer deposits represented a low 0.4% of the Mexican banking system. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - There is no downside potential for the GSR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upside potential is limited for the GSR and can only occur over time with a material growth of the bank's market share. VR ADJUSTMENTS - The Business Profile score has been assigned above the implied score due to the following adjustment reason: Management, Governance and Strategy (positive). - The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations (negative). Summary of Financial Adjustments Fitch classified pre-paid expenses and other deferred assets as intangibles and deducted them from total equity due to their low loss absorption capacity. Sources of Information Financial figures are in accordance to the Comision Nacional Bancaria y de Valores criteria. Figures for 2022, 2023, 2024 and 2025 include recent accounting changes in the process to converge to International Financial Reporting Standards. Prior years did not include these changes, and Fitch believes they are not directly comparable. 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 Bancrea, S.A., Institucion de Banca Multiple LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Natl LT A(mex) Affirmed A(mex) Natl ST F1(mex) Affirmed F1(mex) Viability bb- Affirmed bb- Government Support ns Affirmed ns BANCO VE POR MAS: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has upgraded Banco Ve por Mas, S.A., Institucion de Banca Multiple, Grupo Financiero Ve por Mas's (BBX+) Viability Rating (VR) to 'bb' from 'bb-' and Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB' from 'BB-'. In addition, Fitch has affirmed the bank's Short-Term Foreign and Local Currency IDRs at 'B' and Government Support Rating (GSR) at 'ns'. Fitch has also upgraded the Long-Term National Scale ratings of BBX+, Casa de Bolsa Ve por Mas, S.A. de C.V., Grupo Financiero Ve por Mas (CBBX+) and Arrendadora Ve por Mas, S.A. de C.V. Sofom E.R., Grupo Financiero Ve por Mas (ABX+) to 'A+(mex)' from 'A(mex)' and affirmed their Short-Term National Scale ratings at 'F1(mex)'. The Rating Outlook on the Long-Term IDRs and National Ratings is Stable. The upgrades reflect improvement in the bank's financial performance with enhanced capitalization. Its common equity Tier 1 (CET1) to risk-weighted assets (RWA) ratio is around 15%, supported by consistent earnings reinvestment with moderate dividend payments. Additionally, BBX+'s profitability remains above 2%, primarily driven by interest income and disciplined operational expenses. The affirmation of BBX+'s national short-term rating reflects its strong liquidity profile, albeit lower than other Mexican issuers. Key Rating Drivers Consistent Business Profile: BBX+'s IDRs and National Ratings are driven by its intrinsic strength, reflected in its 'bb' VR, which aligns with the bank's implied VR. BBX+'s ratings reflect its consistent and relatively diversified banking business model, which in recent years has allowed it to enhance its financial profile and offset its moderate market position in the local banking system. At YE24, the bank's total operating income (TOI) was USD179.7 million, with growth of 4.3% compared to YE23 in local currency. The bank's business model primarily focuses on providing credit solutions to large companies, small and medium enterprises (SMEs), financial institutions, as well as mortgage loans, financed by a growing depositor base. To a lesser extent, BBX+ complements its product offerings with transactional services, trust services, and derivatives. Controlled Asset Quality Deterioration: Throughout 2024, BBX+'s asset quality fluctuated around 3%, levels that Fitch considers acceptable, although higher than some of the bank's closest mid-sized peers. At 1Q25, the stage 3 loans to total loans ratio was 3.0% (average 2021-2024: 2.9%), and Fitch expects this indicator to remain at similar levels during the ratings horizon, despite pressures from the mortgage portfolio, particularly reflected in the stage 2 loan portfolio. At 1Q25, the top 20 borrowers to the bank's CET1 metric improved to 1.9x from 2.1x at YE23. The loan loss allowances to Stage 3 loans ratio was 100.8% (average 2021-2024: 106.3%). Adequate Profitability: Fitch has revised BBX+'s earnings and profitability trend to positive from stable, based on notable improvements in the bank's profitability in recent years. At 1Q25, the operating profit to RWA ratio was 4.0% (average 2021-2024: 2.2%), though Fitch estimates this metric will stabilize around 3%. The profitability improvement is also explained by operational efficiencies implemented by the bank, which, in conjunction with a growing interest income base, have offset higher provision charges. At 1Q25, the non-interest expense to gross revenues ratio was 48.5%. Strengthened Capitalization: Fitch adjusted the capitalization and leverage score upwards to 'bb' with a stable trend from 'bb-' positive, as in recent years, the bank improved and stabilized its capitalization metrics close to 15%, with expectations to maintain similar levels in the ratings horizon. At 1Q25, the CET1 to RWA ratio was 15.2% (YE24: 15.0%, YE23: 14.7%) supported by consistent earnings reinvestment and moderate dividend payments. Although the bank's loan portfolio growth rate has been slower than its closest mid-sized peers in recent years, Fitch believes BBX+'s core metric has sufficient room to absorb credit portfolio growth for the foreseeable future. Stable Funding and Liquidity Profile: Fitch considers BBX+'s funding and liquidity profile stable and focused on customer deposits. At 1Q25, these represented 71.4% of its non-equity funding. Of the total deposit mix, demand deposits represented 66.2%, which is favorable compared to the bank's local mid-sized peers. Additionally, Fitch expects the bank's funding cost to continue moderating downward in line with the policy rate cycle. The loans-to-deposits ratio was 100.2% at 1Q25, which aligns with previous years (average 2021-2024: 105.9%). Fitch expects this indicator to remain unchanged for the foreseeable future. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained deterioration of BBX+'s financial performance marked by weakened asset quality metrics, resulting in the bank's operating profit to RWA ratio sustaining below 2% and its CET1 to RWA ratio sustaining below 14%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A significant strengthening in BBX+'s business profile over the medium term marked by a sustained increase in total operating income, reflecting improvements in its financial profile with operating profit to RWA metrics close to 4% and CET1 to RWA metrics consistently close to 17%. Government Support Rating: BBX+'s GSR of 'no support' reflects Fitch expectation that there is no reasonable assumption of sovereign support. This is because the bank is not considered as a domestic systemically important bank (D-SIB) and has low market share and interconnectedness within the country's financial system. At 1Q25, BBX+ customer deposits represented 0.7% of the Mexican banking system's total deposits. Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - There is no downside potential for the GSR. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upside potential is limited and can only occur over time with a material growth of the bank's market share. SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS Ratings at the Same Level as BBX+: The national ratings of ABX+ and CBBX+ are aligned with BBX+'s ratings. This incorporates Fitch's opinion that there is a high probability that both subsidiaries will receive extraordinary support, if required, from their holding company, Grupo Financiero Ve por Mas, S.A. de C.V. (GFBX+). Fitch assumes the holding company's creditworthiness is fully aligned with that of its main operating subsidiary, BBX+. This includes the legal obligation of GFBX+ to support its subsidiaries. In addition, Fitch incorporate in its analysis its perception of the important role that both subsidiaries play for the group's business strategy and operations. SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Any negative movement would be driven by a negative action on BBX+'s ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Any positive movement would be driven by a positive action on BBX+'s ratings. VR ADJUSTMENTS Fitch has assigned a Business Profile score of 'bb', which is above the 'b' category implied score, due to the following adjustment reason: Business Model (positive). Summary of Financial Adjustments CBBX+: Pre-paid expenses and other deferred assets were classified as intangibles and deducted from total equity due to the low-loss absorption capacity under stress of these assets. ABX+ and BBX+: Pre-paid expenses, other deferred assets and goodwill were classified as intangibles and deducted from total equity due to the low-loss absorption capacity under stress of these assets. Sources of Information Financial figures are in accordance with the Comision Nacional Bancaria y de Valores criteria. Figures for 2022, 2023, 2024 and 2025 include recent accounting changes in the process to converge to International Financial Reporting Standards. Prior years did not include these changes, and Fitch believes they are not directly comparable. Public Ratings with Credit Linkage to other ratings The ratings of ABX+ and CBBX+ are driven by the institutional support from BBX+ rated at 'BB'/Stable. 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 ----------- ------ ----- Casa de Bolsa Ve por Mas, S.A. de C.V., Grupo Financiero Ve por Mas Natl LT A+(mex)Upgrade A(mex) Natl ST F1(mex)Affirmed F1(mex) Arrendadora Ve por Mas, S.A. de C.V., Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Ve por Mas Natl LT A+(mex)Upgrade A(mex) Natl ST F1(mex)Affirmed F1(mex) Banco Ve por Mas, S.A., Institucion de Banca Multiple, Grupo Financiero Ve por Mas LT IDR BB Upgrade BB- ST IDR B Affirmed B LC LT IDR BB Upgrade BB- LC ST IDR B Affirmed B Natl LT A+(mex)Upgrade A(mex) Natl ST F1(mex)Affirmed F1(mex) Viability bb Upgrade bb- Government Support ns Affirmed ns METROFINANCIERA: Fitch Affirms 'D' Rating on MTROCB08U Securities ----------------------------------------------------------------- Fitch Ratings has affirmed Metrofinanciera, S.A.P.I. de C.V. SOFOM ER's (Metrofinanciera, CC(mex)/C(mex)) residential commercial-backed securities: - METROCB 06U affirmed at 'CC(mex)vra'; - MTROCB 07U affirmed at 'C(mex)vra' and 'Csf'; - MTROCB 08U affirmed at 'D(mex)vra' and 'Dsf'; - MTROFCB 08 affirmed at 'AAA(mex)vra'; Stable Outlook. Performance deterioration has slowed down. METROCB 06U has been able to meet its payment obligations and continue with monthly notes amortization. MTROCB 07U presents a concern about its ability to continue paying interest, while MTROCB 08U has accumulated significant unpaid interest since August 2024. Despite potential recoveries, the accrued interest is unlikely to be recoverable due to deteriorating asset performance. Conversely, MTROFCB 08 benefits from a partial credit guarantee (PCG) that is sufficient to cover all payment obligations, ensuring its stability. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Metrofinanciera METROCB06U (F#529) 2006 METROCB06U Natl LT CC(mex)vra Affirmed CC(mex)vra Metrofinanciera MTROCB08U (F#339) MTROCB 08U MTROCB 08U MX97MT010017 LT Dsf Affirmed Dsf MTROCB 08U MX97MT010017 Natl LT D(mex)vra Affirmed D(mex)vra Metrofinanciera MTROCB07U (F#297) MTROCB 07U Senior Notes MX97MT010009 LT Csf Affirmed Csf Senior Notes MX97MT010009 Natl LT C(mex)vra Affirmed C(mex)vra Metrofinanciera MTROFCB08 (F#381) 2008 MTROFCB 08 MX97MT020008 Natl LT AAA(mex)vra Affirmed AAA(mex)vra KEY RATING DRIVERS Contained Operational Risk: On May 5, 2025, Fitch downgraded Metrofinanciera's RMBS Primary Servicer rating to 'AAFC4(mex)'/Stable from 'AAFC3-(mex)'/Negative. The downgrade reflected a significant increase in the company's financial and operational risks. The weakening of its financial situation and an inability to originate new loans is restricting its normal business operations. Despite these recent setbacks, Metrofinanciera has adhered to its operational mandates and continued to fulfil its third-party reporting obligations without interruption. Additionally, the rated transactions are already at distressed levels except for MTROCB 08, which relies on the PCG and not on the underlying portfolio. Immaterial Counterparty Risk: Commingling risk remains immaterial for all transactions because collections flow directly into the transaction bank accounts (TAB) established for the issuing trusts. This structure isolates funds from counterparty insolvency. Similarly, payment interruption risk remains immaterial. METROCB 06U (Trust F/529) Portfolio Remains Polarized: As of March 2025, the portfolio was composed of 210 loans originated in Mexico and equivalent to 10.42 million UDIs. The portfolio has 4.6% of net defaults over initial balance (IB; +180 days past due) compared to 4.8% 12 months ago. Polarization of the portfolio has worsened, with 60.6% of loans now over 180 days past due, up from 55.4% at Fitch's last review. This delinquency means full debt repayment depends primarily on recoveries. Continued OC Deterioration: As of May 2025, the transaction has a remaining balance of 10.50 million UDIs, representing 7.8% of the initial note balance. In the last 12 months, the note balance amortized around 0.64% of the initial balance of MXV133.93 million. OC has continued decreasing to -157.0% as of May 2025 from -120.0% in May 2024. MTROCB 07U (Trust F/297) Portfolio Remains Polarized: As of March 2025, the portfolio was composed of 761 loans equivalent to 37.51 million UDIs. The portfolio has 8.8% of net defaults over IB (+180 days due) comparable to 9.0% 12 months ago. Polarization of the portfolio remains high, with 66.6% of loans now over 180 days past due. This delinquency means full debt repayment depends primarily on recoveries. Continued OC Deterioration: As of May 2025, the transaction has a remaining balance of 63.46million UDIs, representing 22.8% of the initial note balance. In the last 12 months, the note balance amortized around 0.15% of the initial balance of 278.31 million UDIs. However, OC has continued decreasing to -407.2% as of May 2025 from -318.81% as of May 2024. MTROCB 08U (Trust F/339) Consistent Interest Shortfalls: The transaction has experienced interest shortfalls since May 2024. As of May 2025, there is an outstanding amount of 1,475,253.95 UDIs in interest shortfalls from August 2024 onwards. OC has continued decreasing to -734.8% as of May 2025 from -547.7% as of May 2024. The portfolio of 759 loans (34.16 million UDIs) is composed of 66.4% of loans over 180 days due. MTROFCB 08 (Trust F/381) Portfolio Remains Polarized: As of March 2025, the current portfolio consisted of 433 loans, totaling MXN79.3 million. The portfolio has a net default rate of 7.3% on the initial balance (over 180 days due), consistent with 7.6% f12 months ago. Polarization of the portfolio has worsened, with 69.4% of loans now over 180 days past due, up from 59.1% at Fitch's last review. However, the PCG has been able to compensate for the deterioration. Stabilized OC, PCG Availability Favors Notes Repayment: As of May 2025, the notes have a remaining balance of MXN20.6 million, representing 2.7% of the initial balance. OC is currently 15.1%. In June 2024, a portion of the PCG was used to early amortize MXN1.5 million, enabling the transaction to recover its OC levels into positive values for the subsequent months. As a result, the available PCG amount currently exceeds MXN72 million, which is more than three times the total remaining note balance. This substantial coverage supports a 'AAA(mex)' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade METROCB 06U Fitch would downgrade the rating if OC continues to decrease with no material improvement in recoveries, leading to a scenario in which default appears imminent or inevitable. MTROCB 07U Fitch would downgrade the rating to 'D(mex)' if the transaction defaults on its interest payments, which Fitch views as possible given the increasing deterioration of OC levels. MTROCB 08U The transaction rating is rated 'D(mex)', so a further downgrade is not possible. MTROFCB 08 Fitch would downgrade the rating if the PCG available amount is not sufficient to cover transaction obligations. A downgrade could also occur if the counterparty rating of the PCG provider, Sociedad Hipotecaria Federal (AAA(mex)/Stable), is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade METROCB 06U An upgrade is unlikely because of the deteriorating asset quality and decreasing OC. However, an upgrade is possible if recovery on defaulted loans increases liquidity and improves credit enhancement. MTROCB 07U An upgrade is unlikely because Fitch views a default on the notes as imminent or inevitable. MTROCB 08U An upgrade is unlikely due to the transaction's impairment, characterized by significant interest shortfalls and projected low inflows. MTROFCB 08 The rating is already at the highest possible level, so an upgrade is not possible. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Inflation Rises to 1.5% in April, CSO Says ------------------------------------------------------------- Trinidad and Tobago Guardian relays that the Central Statistical Office (CSO) reported that there was an increase in the rate of inflation in Trinidad and Tobago in April 2025. In the CSO's Consumer Price Index (CPI) for the month of April 2025, it was noted that the inflation rate for the month, which measures the percentage change in the all items index for the month of April 2025 over April 2024, was 1.5 per cent, according to Trinidad and Tobago. The CSO said, "This represents an increase from 1.0 per cent for the previous period (March 2025/March 2024). The inflation rate for the comparative period (April 2024/April 2023) was 0.5%," the report notes. The release continued, "The all items index calculated from the prices collected for the month of April 2025 was 125.2, representing an increase of 0.2 point or 0.2 per cent above the all items index for March 2025," the report discloses Between April 2024 and April 2025, food and non-alcoholic beverages increased 4.7 per cent, while alcoholic beverage and tobacco were up by 3.3 per cent, the report notes. The release however stated the index for food and non-alcoholic beverages decreased from 153.4 in March 2025 to 152.9 in April 2025, reflecting a decrease of -0.3 per cent, the report relays. The release explained that this decrease was due to the general downward movement in the prices of fresh whole chickens, hot peppers, tomatoes, cabbage, cucumber, fresh king fish, plantains, full cream powdered milk, pimento and melongene, the report discloses. The CSO however stated, "The full impact of these price decreases was offset by the general increase in the prices of pumpkin, irish potatoes, garlic, fresh steak, table margarine, cheddar cheese, oranges, parboiled rice, ochroes and onions," the report relays. The report notes that the notice closed, "A further review of the data for April 2025 compared with March 2025 reflected increases in the sub-indices: * Alcohol and tobacco of 0.7 per cent; * Home ownership of 0.7 per cent; * Rent of 0.7 per cent; * Health of 0.3 per cent; * Transport of 0.4 per cent; * Recreation and culture of 0.1 per cent; * Hotels, cafes and restaurants of 0.6 per cent; and * Miscellaneous goods and services of 0.2 per cent. This period also showed a decrease in the sub-index for furnishings, household equipment and routine maintenance of the house of -0.4 per cent, the report discloses. All other sections remained unchanged, the report relays. The Consumer Price Index is a weighted average of the proportionate changes in the prices of a specified set or ‘basket' of consumer goods and services between two periods of time, the report says. The CPI monitors the prices of a fixed basket of goods and services in 15 areas (locale) in Trinidad and Tobago. Monthly price surveys are conducted in groceries, shops and local markets for food and petroleum items, the report relays. Price are collected quarterly for other items that are not as variable, the report adds. ================= V E N E Z U E L A ================= CITGO PETROLEUM: List of Bidders in Auction Narrows --------------------------------------------------- globalinsolvency.com, citing Reuters, reports that groups led by affiliates of Contrarian Funds, Gold Reserve and Vitol are working on improved offers for the parent of Venezuela-owned refiner Citgo Petroleum as the list of potential bidders narrows. The three consortia, which participated in an earlier competition for setting a starting bid, have been in talks with banks to secure the financing needed for their offers in the court-organized auction of shares, according to globalinsolvency.com. About Citgo Petroleum Citgo Petroleum Corporation is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Based in Houston, Texas, Citgo is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo.) Fitch Ratings, in early October 2024, affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and the IDR of CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB'/'RR1'. S&P Global Ratings, in June 2022, affirmed its 'B-' long-term issuer credit ratings on CITGO Holding Inc. and core subsidiary CITGO Petroleum Corp. ********* 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. 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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