250718.mbx

250718.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, July 18, 2025, Vol. 26, No. 143 Headlines A R G E N T I N A YPF SA: Argentina Appeals US Judge's Order to Cede Stake B R A Z I L HIDROVIAS DO BRASIL: Fitch Hikes IDR to 'BB+', Outlook Stable C O L O M B I A GEOPARK LIMITED: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Business Sector Rejects Labor Code Reform DOMINICAN REPUBLIC: PLD Warns Basic Food Basket Now Triples E C U A D O R CUENCA DPR: Fitch Affirms B- Rating on Two Tranches, Outlook Stable J A M A I C A DIGICEL GROUP: Shuts Down Media Subsidiaries; Focuses on B2B DOLPHIN COVE: Net Profits Tumble JAMAICA: TAJ to Stop Accepting Some Cheques For Payment P U E R T O R I C O JAL OUTLET: Hires Charles A. Cuprill P.S.C. as Counsel PUERTO RICO: Oversight Board Rejects Proposed $20BB Fortress Deal U R U G U A Y NAVIOS SOUTH: Moody's Puts B1 CFR, Rates New USD400MM Sec. Notes B1 - - - - - ================= A R G E N T I N A ================= YPF SA: Argentina Appeals US Judge's Order to Cede Stake -------------------------------------------------------- Buenos Aires Times reports that Argentina filed notice that it is appealing a US judge's ruling requiring the South American nation to hand over its controlling stake in energy company YPF SA to help satisfy a US$16-billion judgment. The government of President Javier Milei is challenging a June 30 order by US District Judge Loretta Preska in New York, according to Buenos Aires Times. The judge, who ruled in 2023 that Argentina owed billions to shareholders affected by a 2012 nationalisation of YPF, found last month that the country's 51 percent stake wasn't shielded by foreign sovereign immunity, the report notes. The notice that Argentina was taking the case to the US Court of Appeals for the Second Circuit did not contain any arguments, the report relays. Those will be included in a brief to be filed later, the report notes. Preska ordered Argentina to turn over the shares within 14 days to a group led by Burford Capital, a litigation funding firm that acquired the interests of original YPF shareholders, the report discloses. The ruling came as a major blow to Milei, who inherited the case when he took office about 18 months ago promising to turn around Argentina's flailing economy, the report says. Argentina's sovereign bonds and YPF shares both dropped after the June 30 ruling, while the country's parallel exchange rate weakened, the report relates. Milei vowed to appeal Preska's YPF decision in a June 30 post on X in which he also blamed his predecessors for mishandling the case, the report notes. Argentina's federal government owns 26 percent of YPF and has custody over provincial governments' 25 percent stake, the report relays. The combined stake covered by Preska's order is worth about US$6 billion, the report notes. Preska ruled in 2023 that the nationalisation violated YPF bylaws that required the company to make a tender offer to all shareholders and ordered the government to pay US$16 billion in compensation and interest, the report discloses. But Burford, which would receive the largest share, has so far had no luck trying to collect the judgment, the report says. The judge noted that in her most recent judgement, in which she rejected Argentina's arguments that ordering it to turn over YPF shares would violate the principle of international comity -- respect for another country's laws and official acts, the report discloses. "While the Republic demands that this court extend comity, it simultaneously refuses to make any effort to honour the court's unstayed judgement," Preska said, the report relays. "Comity is not a one-way street." Her ruling went against the position of the US government as well as Argentina's, the report says. In November, the Biden administration urged Preska not to order Argentina to hand over the shares, saying such a ruling "would violate well-established laws of sovereign immunity." The US government also expressed concern that such a ruling could lead to "reciprocal adverse treatment of the United States" in foreign courts, the report notes. The case is Petersen Energia Inversora SAU v. Argentine Republic, 15-cv-02739, US District Court, Southern District of New York (Manhattan). About YPF SA YPF SA, an energy company, engages in the oil and gas upstream and downstream activities in Argentina. Its upstream operations include the exploration, exploitation, and production of crude oil, and natural gas. The company's downstream operations include petrochemical production and crude oil refining; transportation and distribution of refined and petrochemical products; commercialization of crude oil, petrochemical products, and specialties. As reported in the Troubled Company Reporter-Latin America in January 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CCC'. Additionally, Fitch has affirmed YPF's outstanding senior unsecured notes at 'CCC' with Recovery Rating of 'RR4'. The company's Standalone Credit Profile (SCP) remains 'b', and its ratings are aligned with Fitch's "Government Related Entities Criteria," reflecting government ownership and strategic importance. =========== B R A Z I L =========== HIDROVIAS DO BRASIL: Fitch Hikes IDR to 'BB+', Outlook Stable ------------------------------------------------------------- Fitch Ratings has upgraded Hidrovias do Brasil S.A.'s (Hidrovias) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB+' from 'BB-', its National Long-Term Rating and the debentures rating to 'AAA(bra)' from 'AA-(bra)', and Hidrovias International Finance S.a.r.l.'s unsecured notes to 'BB+' from 'BB-'. The issuance ratings have been removed from Rating Watch Positive (RWP) and a Stable Rating Outlook was assigned to the corporate ratings. The upgrade reflects Ultrapar Participações S.A.'s (Ultrapar) controlling ownership of Hidrovias and the legal and operational incentives for support from Ultrapar, following the issuance of BRL1.4 billion in debentures by Hidrovias, guaranteed by Ultrapar. This in line with Fitch's "Parent and Subsidiary Linkage Rating Criteria." The ratings also factor into Hidrovias' strong market position in Brazil's North and South Corridor waterway systems, supported by take-or-pay contracts, adequate liquidity and moderate leverage. However, they remain constrained by hydrological risks, crop volatility and client concentration. Key Rating Drivers Support of the Parent: Hidrovias' credit profile benefits from the increased stake of Ultrapar, which currently holds 50.15%. Legal incentive for support from Ultrapar increased following the parent's guarantee on the BRL1.4 billion debentures issuance, representing approximately 35% of Hidrovias' pro forma debt. Ultrapar's willingness to guarantee subsidiary debt is viewed as sustainable. Operational and strategic incentives range from low to moderate, reflecting Hidrovias' long-term growth prospects and the presence of common members on the boards. These factors are offset by Hidrovias' limited contribution to the group and low integration with other Ultrapar businesses. Ultrapar Group has a stronger credit profile as compared to the subsidiary. The group is a prominent Brazilian conglomerate with diverse operations primarily focused on the energy and infrastructure sectors. The group's business profile is supported by its significant market presence and operational expertise, particularly through its subsidiaries, which include Ipiranga, Ultragaz, Ultracargo and Hidrovias do Brasil. The group's financial profile is bolstered by its ability to leverage economies of scale and diversify its revenue streams across various sectors, maintaining conservative leverage and strong liquidity. Operating Performance Recovery: Hidrovias' operating performance should strengthen following improved water levels in the North and South Corridors, which permits the issuer to capture increasing volumes. Fitch anticipates that EBITDAR and CFFO will increase to BRL803 million and BRL253 million, respectively, in 2025. This growth is driven by a consolidated volume increase of 15.7% on a comparable basis (excluding the cabotage business), with 8% volume growth in the North Corridor and 29% in the South Corridor. In 2026, these metrics should further increase to BRL880 million for EBITDAR and BRL350 million for CFFO, assuming a 9% increase in total volumes. Negative FCF: Hidrovias should generate negative FCF of about BRL700 million from 2025 until 2028, driven by capex totaling BRL2.2 billion in the period, including expansion in the North Corridor. Fitch projects that Hidrovias will be able to finance its expansion initiatives without compromising its capital structure. This expansion is targeted at strengthening Hidrovias' presence in Brazil's North Corridor agricultural and fertilizer transportation markets. Fitch does not anticipate dividends distribution over the rating horizon. Net Leverage to Reduce: Hidrovias' capital structure should improve from 2025 onward supported by the BRL1.2 billion capital injection that occurred in 1Q25, the cash inflow coming from the potential sale of the cabotage business, expected to occur during 3Q25, and rising EBITDAR generation. The company's net debt/EBITDAR should reach close to 3.5x in 2025 and 2026, a significant reduction from 5.8x as of March 2025 LTM and 7.0x in 2024. Hydrological Risk: Fitch views the company's operating performance as structurally exposed to hydrological risk, which may periodically constrain revenue and cash flow generation. Hidrovias' businesses in both the South and North corridors are highly dependent on rainfall patterns, an external factor not managed by the company. In the South Corridor, the risk has been amplified by the low draft of the Paraná-Paraguay River which can restrict navigability during periods of drought, as occurred during 2024. This risk is partially mitigated by the company's take-or-pay contract structure and ongoing investments in waterway infrastructure. Challenge to Increase Client Diversification: Hidrovias faces portfolio concentration risk as its main clients are large commodity producers and trading companies operating in Brazil's North and South logistics corridors, particularly those engaged in exporting agricultural and mineral products. In 2024, EBITDAR was divided by corridor: North (69%), South (5%), Coastal Navigation (17%) and Santos (9%), while the holding and other segments reported negative EBITDAR. That year, 56% of net revenues were generated in Brazil, with the remaining 44% coming from Uruguay and Paraguay. Peer Analysis Hidrovias' ratings are the same as Brazilian transportation peers Rumo S.A. (Rumo; Local Currency IDR BB+/Stable) and VLI S.A. (VLI; AAA[bra]/Stable), while being below MRS Logistica S.A. (MRS Logistica; Local Currency IDR BBB-/Stable). Although Hidrovias' Standalone Credit Profile is lower than its railroad peers, constrained by a medium-sized business scale, hydrological risks and the weakest capital structure among them, the ratings benefit from the support of its parent, Ultrapar. Rumo, VLI and MRS Logistica should report net leverage below 2.5x in the next two years, while Hidrovias' ratings incorporate expectations of a higher net adjusted leverage, close to 3.5x. Key Assumptions - Consolidated volumes decline 12.3% in 2025, reflecting the release of the cabotage business, and increase 8.8% in 2026; - Average tariffs increase by 61.7% in 2025 and 3.5% in 2026; - Average annual capex of around BRL550 million in 2025-2028, reflecting average annual capex for the expansion project of BRL400 million in 2026-2028; - No dividend distribution. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening of legal and operational ties between Hidrovias and Ultrapar; - Deterioration in Ultrapar's credit profile; - Net adjusted debt to EBITDAR ratio consistently above 4.5x on a sustained basis; - Deterioration of its liquidity position, with increasing short- to medium-term refinancing risks; - Large debt-funded mergers and acquisitions transactions or entering a new business in the logistics sector that adversely affects its capital structure on a sustained basis or increases business risk exposure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Higher legal, strategic and operational ties between Hidrovias and Ultrapar may positively impact Hidrovias' IDR; - Positive actions on the National Scale Long-Term Rating are not possible, as the rating is at the top of the national scale. Liquidity and Debt Structure Hidrovias has consistently maintained strong cash balances. The conclusion of the BRL1.2 billion capital injection in May 2025 improves its financial flexibility and prepares the company to run its main investment plans in the North Corridor and potentially improve its operating cash flow generation. Pro forma to the transaction, Hidrovias' cash on hand is around BRL1.0 billion. As of March 31, 2025, Hidrovias' cash position was BRL397 million, with short-term debt at BRL392 million, after the amortization of BRL900 million of its notes in February. Total debt stood at BRL3.9 billion, mainly comprising international bonds (55%) maturing in 2031, local debentures (35%) and leasing obligations (7%). Issuer Profile Hidrovias is an integrated logistics provider focused on waterways logistics services. It has an end-to-end infrastructure, including transshipment, port terminals, and a fleet of barges, pusher tugs and cabotage vessels. Ultrapar is the main shareholder with a 50.15% stake. Summary of Financial Adjustments - Lease expenses were adjusted back to operating expenses, reducing EBITDA; - The leasing obligation reported on the balance sheet is considered as debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Hidrovias do Brasil S.A. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts, reflecting the significant impact that hydrological risks have on the company's operations, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Hidrovias International Finance S.a.r.l. senior unsecured LT BB+ Upgrade BB- Hidrovias do Brasil S.A. LT IDR BB+ Upgrade BB- LC LT IDR BB+ Upgrade BB- Natl LT AAA(bra) Upgrade AA-(bra) senior unsecured Natl LT AAA(bra) Upgrade AA-(bra) =============== C O L O M B I A =============== GEOPARK LIMITED: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed GeoPark Limited's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed GeoPark's USD500 million notes due 2027 and the USD550 million notes due in 2030 at 'B+' with a Recovery Rating of 'RR4'. GeoPark's ratings and Outlook reflect its strong financial profile and its low-cost structure but are constrained by its small production scale. Fitch's estimates GeoPark's production to average 26,000 barrels of oil equivalent per day (boed) in 2025, and 30,000 boed over the rating horizon, while keeping proven reserves (1P) reserve life at seven years. Fitch estimates GeoParks' EBITDA leverage to be slightly above 2.0x in 2025; and at or below 2.0x from 2026-2028. GeoPark's financial profile helps mitigate operational challenges, in Fitch's view. Fitch does not expect any accretive transactions to materially weaken GeoPark's credit profile. Key Rating Drivers Strong Financial Profile: GeoPark faces challenges with key operational drivers, as production and the 1P reserve life index are projected to be below negative sensitivity thresholds in 2025. However, Fitch believes GeoPark's strong financial profile helps mitigate these operational credit risks, underpinned by cash on hand of USD308 million and undrawn committed credit lines of USD100 million. Fitch expects that any accretive transactions will not materially weaken the company's credit profile. Fitch's base case assumes GeoPark will finance its budget with internal cash flows without incremental debt over the next four years, absent large acquisitions or dividend distributions. Cash flow from operations (CFO) is expected to cover capex by an average of 1.8x. Dividends are assumed to be paid each year but will not materially exceed FCF. The company also benefits from a favorable debt maturity profile, with 83% of its debt due in 2030. Small Scale: GeoPark's ratings remain constrained to the 'B' category given its relatively small scale of operations. Fitch forecasts GeoPark's daily production at around 26,000 boed in 2025. As of 1Q25, the company reported production of 29,076 boed, 8% lower than the 4Q24 level. Fitch's base case assumes Geopark's production will be at least 30,000 boed from 2026-2028. Fitch expects the reserve life indices (RLI) to remain around five years for proved developed producing (PDP) reserves and seven years for 1P reserves in the coming years. Low-Cost Producer: Fitch expects Geopark to maintain its cost-efficient production profile. The company's competitive advantages stem from its operations in Colombia's onshore oilfields, which result in lower exploration costs, partly from the low transportation costs from selling at the wellhead. In 2024, GeoPark's half-cycle cost was $20.8/boe and the full-cycle cost was $36.5/boe. Lifting costs, excluding transportation, were $11.9/boe. Adequate Leverage: Fitch projects GeoPark's EBITDA leverage will be slightly above 2.0x in 2025, remaining at or below 2.0x afterwards. Fitch also projects debt/1P will be at or below USD9/boe, assuming 1P replacement of 100%. Fitch's base case assumes that the 2025-2028 capex plan will be almost USD400 million and funded with internal cash flows. Annual FCF should average USD100 million per year from 2026-2028. Peer Analysis GeoPark's credit and business profile is comparable to other small independent oil producers in Latin America. The ratings of SierraCol Energy Limited (B+/Stable), Frontera Energy Corporation (B/Stable), and Gran Tierra Energy Inc. (B+/Stable) are all constrained to the 'B' category, given the inherent operational risks associated with the small scale and low diversification of their oil and gas production. Brava Energia S.A.'s (BB-/Stable) gas-focused business and robust reserves differentiate it from the independent producers in Colombia. Over the rating horizon, Fitch expects GeoPark's production to be around 30,000 boed in 2026, which is lower than SierraCol's expected production of 45,000 boed, Frontera's 42,000 boed, and Gran Tierra's 50,000 boed. GeoPark's 1P RLI is expected to be at least seven years over the rating horizon, in line with its Colombian peers. GeoPark's half-cycle cost of $20.8/boe and full-cycle cost of $36.5/boe in 2024 are at the lower end of the range for producers in the region. Brava's half-cycle cost was at the higher end of the spectrum at $37.7/boe, with a full-cycle cost of $43.6/boe in 2024. Fitch expects GeoPark, like its Colombian peers, to maintain leverage levels below 2.0x over the next four years. Key Assumptions - Average Brent prices from 2025 to 2028 (USD/bbl): 70, 65, 65, 60; - Average production of 25,500 boed in 2025; 30,000 boed between 2026-2028 - Average annual dividends of USD30 million - Annual average capex of USD100 million between 2025-2028 - Production cost per boe of USD12 in 2025-2028 - SG&A plus selling expenses per boe of USD5.0 in 2025; 4.5 between 2026-2027 - EBITDA leverage at or below 3.0x over the rating horizon; - Reserve replenishment ratio annual average of 1P of 100%. Recovery Analysis The recovery analysis assumes that GeoPark would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC approach: - A 10% administrative claim; - GC EBITDA estimated at USD297 million reflecting Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of GeoPark; - EV multiple of 5.0x. With these assumptions, Fitch's waterfall generated recovery computation for the senior unsecured notes is in the 'RR3' band. However, according to Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. The Recovery Rating for the senior secured notes is therefore 'RR4' with 50% recoveries in a hypothetical event of default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustainable production falls below 30,000 boed; - Reserve life declines to below 7.0 years on a sustained basis; - A significant deterioration of total debt/EBITDA to 3.0x or more. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net production rising consistently to 75,000 boed on a sustained basis while maintaining 1P reserves reserve life of at least 10 years, consistently; - Maintenance of a conservative financial profile, with gross leverage of 2.5x or below; - Diversification of operations and improvements in realized oil and gas differentials. Liquidity and Debt Structure Fitch views GeoPark's liquidity as adequate, with cash on hand of USD308 million and undrawn committed credit lines of USD100 million as of March 31, 2025. This compares favorably to short-term debt of USD19 million. In January 2025, the company issued a USD550 million senior unsecured bond due in 2030 to refinance existing debt and for other corporate purposes, extending the average debt maturity to 4.6 years. Issuer Profile GeoPark Ltd. is a small but growing oil and gas exploration and production company, with producing operations in Colombia and Ecuador. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations GeoPark Limited has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the growing importance of the continued development and execution of the company's energy-transition strategy, 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. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- GeoPark Limited LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Business Sector Rejects Labor Code Reform ------------------------------------------------------------- Dominican Today reports that the Dominican Republic's business sector has expressed strong opposition to a proposed reform of the Labor Code, approved in its first reading by the Senate. According to a joint statement signed by 85 business associations, the reform represents a setback rather than a step toward modernization. "Far from updating the legal framework, the approved text ignores key agreements reached over years of tripartite dialogue," the statement reads. Business leaders argue the changes undermine the balance and sustainability required for economic growth, according to Dominican Today. Among the main concerns raised: Increased labor costs: The reform would significantly raise labor expenses, with no consideration for micro, small, and medium-sized enterprises (MSMEs), which make up more than 98% of the Dominican productive sector. Job creation disincentives: In a country where informal labor already accounts for over 55% of the workforce, the new rules could discourage formal job creation and hurt ongoing efforts to formalize businesses. Judicial burden and legal uncertainty: The proposed changes would overload the judicial system, increase legal uncertainty, and weaken the investment climate needed to attract both domestic and foreign capital. "This reform sends a negative signal at a time when the country is facing global challenges that demand stability, trust, and long-term vision," said the statement, notes the report. "We insist that any labor reform must come from a broad, participatory process based on solid technical studies that assess the economic and social impacts." The report notes that leading signatories include: The Association of Industries of the Dominican Republic (AIRD) The Dominican Association of Free Zones (Adozona) The National Association of Hotels and Tourism (Asonahores) The Employers' Confederation of the Dominican Republic (Copardom) The Dominican Confederation of Micro, Small and Medium Enterprises (Codopyme) The National Organization of Commercial Enterprises (ONEC) The Association of Multiple Banks of the Dominican Republic (ABA) The National Council of Private Enterprise (Conep) The proposal will now proceed to further legislative review, but the business community has called for immediate dialogue and a reassessment of the bill's implications before it advances any further, Dominican Today says. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. DOMINICAN REPUBLIC: PLD Warns Basic Food Basket Now Triples ----------------------------------------------------------- Dominican Today reports that the Dominican Liberation Party (PLD), through its agricultural secretary Adriano Sanchez Roa, denounced that the monthly cost of the basic food basket in the Dominican Republic has reached RD$76,190.07 -- more than three times the average monthly income of salaried families, which stands at just RD$22,122.70. He warned that this gap reflects a serious decline in purchasing power and a deepening of poverty, especially among low-income and middle-class households. Sanchez Roa criticized the Central Bank's methodology for calculating living costs, arguing that it distorts reality by lowering the quantity and quality of the goods it considers, according to Dominican Today. He detailed sharp price increases between August 2020 and June 2025: rice more than doubled, beans and chicken nearly doubled, and cooking oil tripled. Other staple products, such as coffee, garlic, onions, sugar, and eggs, also saw substantial hikes, the report notes. Beyond food, he pointed to worsening conditions in public services and essential goods, including recurring blackouts, rising electricity and medicine costs, and a decline in public health coverage through SENASA, the report relates. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= E C U A D O R ============= CUENCA DPR: Fitch Affirms B- Rating on Two Tranches, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Cuenca DPR's outstanding series 2021-1 and 2023-1 loans at 'B-'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Cuenca DPR 2021-1 G2706*AA4 LT B- Affirmed B- 2023-1 G2706*AB2 LT B- Affirmed B- Transaction Summary Cuenca DPR entered into a loan agreement with various lenders to receive a disbursement of $87.5 million in 2021 and $35 million in 2023 as part of a future flow program backed by U.S. dollar-denominated existing and future diversified payment rights (DPRs) originated by Banco del Austro S.A. (Austro) of Ecuador. All DPR flows are processed in the U.S. by Citibank N.A. (Citibank), the sole designated depository bank (DDB) in this transaction, which executed an Account Agreement (AA) irrevocably obligating the bank to make payments to an account controlled by the transaction trustee. Fitch's rating addresses timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS Future Flow Rating Driven by Originator's Credit Quality: The rating of this future flow transaction is tied to the credit quality of the originator, Banco del Austro S.A. On Oct. 31, 2024, Fitch affirmed Austro's Long-Term (LT) Issuer Default Rating (IDR) at 'CCC+' and Viability Rating (VR) at 'ccc+'. Austro's IDR and VR are sensitive to its local operating environment, Ecuador (CCC+). On Aug. 13, 2024, Fitch affirmed Ecuador's IDR at CCC+. Notching Differential Limited by Going Concern Assessment (GCA) Score: Fitch uses a GCA score to gauge the likelihood that the originator of a future flow transaction will remain in operation through the transaction's life. Fitch's Financial Institutions (FI) group assigns a GCA score of 'GC3' to Austro, which reflects the bank's position as the seventh-largest bank in Ecuador by total assets, with a market share of around 4% as of June 2025. Although Austro's business model is adequately diversified, it does not have any relevant product leadership position within Ecuador, which is also reflected in the GCA score. Several Factors Limit Notching Uplift from IDR: The 'GC3' score allows for a maximum uplift of two notches from the bank's IDR, pursuant to Fitch's future flow methodology. However, the uplift is tempered to one notch from Austro's IDR due to various factors, including DDB concentration risk. Moderate Future Flow Debt Relative to Balance Sheet: Fitch estimates Austro's future flow debt represents approximately 2.3% of its total funding and 24.8% of non-deposit funding when considering the outstanding balances on the loans issued out of the DPR program as of June 2025 and utilizing financials as of March 2025. Fitch considers these ratios small enough to differentiate the credit quality of the financial future flow transaction from the originator's LT IDR. Coverage Levels Commensurate with Assigned Rating: When considering average rolling quarterly DDB flows over the past five years (July 2020-June 2025) and the maximum periodic debt service over the life of the program, including Fitch's interest rate stress, the projected quarterly debt service coverage ratio (DSCR) is 31.5x. Additionally, the transaction can withstand a decrease in flows of approximately 97% and still cover the maximum quarterly debt service obligation. Nevertheless, Fitch will continue to actively monitor the performance of the flows. Structure Reduces Potential Redirection/Diversion Risk: The structure mitigates certain sovereign risks by collecting cash flows offshore until collection of the periodic debt service amount. In Fitch's view, diversion risk is partially mitigated by the AA signed by the sole DDB (Citibank) in the transaction. However, as Citibank processes 100% of DPR flows, Fitch believes this exposes the transaction to a higher degree of diversion risk relative to other Fitch-rated DPR programs in the region, limiting the overall notching differential. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The transaction's ratings are sensitive to changes in the credit quality of Austro. A deterioration of the credit quality of Austro by one notch would pose a constraint to the rating of the transaction from its current level. - The transaction's ratings are also sensitive to the ability of the DPR business line to continue operating, as reflected by the GCA score, and a change in Fitch's view on the bank's GCA score could lead to a change in the transaction's rating. - Additionally, the transaction's rating is sensitive to the performance of the securitized business line. The expected quarterly DSCR is approximately 31.5x, which includes Fitch's interest rate stress, and should therefore be able to withstand a significant decline in cash flows in the absence of other issues. However, significant further declines in flows could lead to a negative rating action. Fitch will analyze any changes in these variables in a rating committee to assess the possible impact on the transaction ratings. - No company is immune to the economic and political conditions of its home country. Political risks and the potential for sovereign interference may increase as a sovereign's rating is downgraded. However, the underlying structure and transaction enhancements mitigate these risks to a level consistent with the assigned rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The main constraint to the program rating is the originator's rating and Austro's operating environment. If upgraded, Fitch will consider whether the same uplift could be maintained or if it should be further tempered in accordance with criteria. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow rating is driven by the credit risk of Austro as measured by its Long-Term IDR. 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. ============= J A M A I C A ============= DIGICEL GROUP: Shuts Down Media Subsidiaries; Focuses on B2B ------------------------------------------------------------ Jamaica Observer reports that Digicel Group is exiting consumer media to focus on enterprise services, shuttering its loss-making Loop News immediately and winding down its regional subscription TV broadcaster SportsMax by August 8, the company confirmed, without saying how many people will be affected. The strategic shift redirects resources toward high-growth business-to-business (B2B) segments like cybersecurity and cloud solutions, but leaves critical questions about Caribbean media access and sports broadcasting gaps unresolved, according to Jamaica Observer. Loop News, one of the Caribbean's most recognisable digital media platforms, announced its shutdown -- after 11 years -- in a statement on its website, marking the end of an era for regional digital journalism, the report notes. "They say all good things must come to an end and so it is," Loop stated, acknowledging its "passionate, engaged community" since its 2014 launch, the report relays. Digicel framed the closures as a pivot to "scalable, enterprise-grade services" -- essentially, high-capacity, digital infrastructure and security tools for businesses and governments, the report discloses. Liam Donnelly, group chief business officer, in the company's statement called the shuttering of the media businesses and the refocus of its business segment to focus solely on business customers, "a strategic repositioning to ensure Digicel is best-placed to deliver secure, scalable services for the future," the report notes. Donnelly acknowledged the "legacy" of the shuttered brands but stressed the focus is now on "where we can create the greatest value," he added. The move comes amid ongoing financial pressures highlighted in a June 2025 Fitch report which noted Digicel's US$2.8-billion debt load, including US$2.3 billion due for refinancing by mid-2026, the report relays. The company's performance has also been hit hard by instability in Haiti, a crucial market generating 17 per cent of its revenues, the report notes. This turmoil directly erodes earnings (EBITDA), making it harder to reduce debt, the report notes. Consequently, Digicel's leverage ratio -- measuring total debt against its annual earnings (EBITDA) -- remains stubbornly high at 4.1 times, the report says. This means its debt burden equals over four years' worth of current profits, the report relays. Crucially, this level sits above the 3.75 times threshold identified by Fitch Ratings. Falling below 3.75x is a key requirement for Fitch to consider upgrading Digicel's 'B' credit rating, which would signal stronger financial health and potentially lower borrowing costs, the report notes. The Haiti crisis is thus a direct obstacle to achieving this vital financial improvement, the report discloses. The exit amplifies Digicel's push beyond its core mobile business which, per Fitch, drives roughly 75 per cent of revenue from prepaid consumers, a segment Fitch explicitly noted is "more price-sensitive" and vulnerable to economic shocks, the report relays. This heavy business to consumer (B2C) reliance exposes it to volatility, notably in Haiti where civil unrest has eroded subscribers, the report notes. Digicel's B2B segment, which generates 25 per cent of revenue, is now the priority. The full acquisition of cybersecurity firm Symptai enables integrated "end-to-end" solutions. "The market landscape is calling out for solutions that service growing IT and data security needs," the company said, the report relays. The abrupt shutdown of award-winning Loop News and SportsMax, a 23-year sports broadcaster, leaves regional content voids, the report says. "While it wasn't an easy choice we believe it is the right one for this moment," Loop's statement acknowledged. Digicel stated only that sports content "will be available on other sports channels", offering no licensing specifics and declining to confirm if the units were marketed for sale. It, however, said there will be, "channel updates in the future, which we will advise on". Affected employees "have been informed" Digicel stated, committing to transition support per local labour laws. Trend Media, Digicel's ad-tech platform, will continue under Digicel Business, the report discloses. Despite recent credit outlook upgrades citing improved liquidity and margins, Digicel faces a critical, 10-month refinancing window. Its enterprise pivot now carries existential weight, requiring rapid B2B scaling while navigating Haiti's turmoil and the inherent risks of its price-sensitive mobile customer base, the report adds. About Digicel Group Digicel Group is a mobile phone network provider operating in 33 markets across the Caribbean, Central America, and Oceania regions. The company is owned by the Irish billionaire Denis O'Brien, is incorporated in Bermuda, and based in Jamaica. As reported in the Troubled Company Reporter-Latin America in April 2020, Moody's Investors Service downgraded Digicel Group Limited's probability of default rating to Caa3-PD from Caa2-PD. At the same time, Moody's downgraded the senior secured rating of Digicel International Finance Limited to Caa1 from B3. All other ratings within the group remain unchanged. The outlook is negative. Also in April 2020, the TCR-LA reported that Fitch Ratings has downgraded Digicel Limited to 'C' from 'CCC', and its outstanding debt instruments, including the 2021 and 2023 notes to 'C'/'RR4' from 'CCC'/'RR4'. Fitch has also downgraded Digicel International Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding debt instruments, including the 2024 notes and the 2025 credit facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the Negative Rating Outlook from DIFL. DOLPHIN COVE: Net Profits Tumble -------------------------------- RJR News reports that Dolphin Cove is reporting a 40% tumble in its net profits to US$1.83 million during the year ended December 31, 2024. This is on an 11% dip in its revenues to US$15.3 million, according to RJR News. The company is also reporting that its net profits plunged by another 38% to US$859,000 on a 17% drop in its revenues to US$4.1 million during the first quarter of this year, which ended March 31, the report notes. The company's CEO Stafford Burrowes says he still has confidence in the company despite the falling revenues and profits, the report adds. As reported in the Troubled Company Reporter-Latin America on July 7, 2025, RJR News said that all four Mexican directors were removed from the board of Dolphin Cove, leaving only the Jamaican directors. In a notice recently posted to the Jamaica Stock Exchange's website, the company said the four were removed from the company's board under Article 94(h) of its Articles of Incorporation, according to RJR News. On June 30, 2025, TCRLA said RJR News related that the real estate assets of Dolphin Cove are expected to be placed on the market soon as part of efforts to raise funds for its parent company, Dolphin Discovery Group, which recently filed for Chapter 11 bankruptcy in Delaware, United States. The development was revealed in a court filing by Leisure Investment Holdings LLC, the main holding company for the Dolphin Discovery Group, according to RJR News. Steven Robert Strom, the sole administrator for Leisure Investments and its subsidiaries, has sought court approval to hire Green Hill and Company LLC as investment bankers, the report noted. Keen-Summit Capital Partners has been retained as the real estate advisor and broker, the report adds. JAMAICA: TAJ to Stop Accepting Some Cheques For Payment ------------------------------------------------------- RJR News reports that Tax Administration Jamaica says starting September 1, it will no longer accept cheques for the payment of taxes except under specific conditions. Only checks issued by another government ministry or department or valid manager's cheques from commercial banks regulated by the Bank of Jamaica will be accepted, according to RJR News. The TAJ says the move is part of its ongoing efforts to modernize operations, strengthen risk management and improve the efficiency, security and reliability of its payment systems, 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. ===================== P U E R T O R I C O ===================== JAL OUTLET: Hires Charles A. Cuprill P.S.C. as Counsel ------------------------------------------------------ JAL Outlet, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Charles A. Cuprill, P.S.C., Law Offices as counsel to handle its Chapter 11 bankruptcy case. The firm will be paid at these rates: Charles A. Cuprill-Hernandez, Esq. $400 per hour Paralegal $85 per hour The firm received a retainer in the amount of $20,000. As disclosed in court filings, Charles A. Cuprill, P.S.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles A. Cuprill, Esq. Charles A. Cuprill, P.S.C., Law Offices 356 Fortaleza Street 2nd Floor San Juan, PR 00901 Tel: (787) 977-0515 Email: ccuprill@cuprill.com About JAL Outlet, Inc. JAL Outlet, Inc. is a wholesale distributor of motor vehicles and automotive parts operating out of Hormigueros, Puerto Rico. The Company supplies products such as vehicle components, accessories, and related equipment to retailers and service providers. JAL Outlet, Inc. in Hormigueros, PR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 25-02796) on June 23, 2025, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Jose A. Lugo Alverio as president, signed the petition. Judge Maria De Los Angeles Gonzalez oversees the case. CHARLES A. CUPRILL, PSC LAW OFFICES serve as the Debtor's legal counsel. PUERTO RICO: Oversight Board Rejects Proposed $20BB Fortress Deal ----------------------------------------------------------------- Jim Wyss and Ruth Liao of Bloomberg News report that Puerto Rico's financial oversight board is rejecting a proposed $20 billion natural gas supply agreement, warning that it would effectively grant New Fortress Energy Inc. a near-monopoly over the island's energy sector. In a letter to Puerto Rico's energy chief, Josue Colon, the Financial Oversight and Management Board expressed "profound concerns" about the 15-year contract between Genera PR -- a New Fortress subsidiary that operates the island's power plants -- and another company unit responsible for delivering liquefied natural gas. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies -- Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) -- commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. ============= U R U G U A Y ============= NAVIOS SOUTH: Moody's Puts B1 CFR, Rates New USD400MM Sec. Notes B1 ------------------------------------------------------------------- Moody's Ratings has assigned a B1 corporate family rating to Navios South American Logistics Inc. (NSAL). The outlook is stable. At the same time, Moody's Ratings assigned a B1 rating to the new $400 million senior secured notes due in 2030. The new notes will refinance existing indebtedness and a portion of the subordinated shareholder loan. RATINGS RATIONALE Navios South American Logistics Inc.'s rating incorporates the issuer's diverse revenue profile, supported by its stable port operations, with long-term contracts that enhance the predictability of its cash flow. NSAL operates the Nueva Palmira port under a long-term concession contract, which the company has the option to renew until 2066, located in an income-tax free zone. Additionally the company owns the land for the San Antonio and Porto Murtinho ports. Port operations are underpinned by a long-term take-or-pay contract with Vale S.A. (Baa2 stable) for an annual throughput of 4 million tons of iron ore, contributing to the stability and predictability of the business. However, the credit profile is constrained by high customer concentration, indirect exposure to regional agricultural harvests, and fluctuations in iron ore commodity prices. Furthermore, the company faces exposure to spot charter rates and market volatility in it`s barge and cabotage businesses. The company has partially mitigated these exposures by securing a series of contracts at fixed rates with mid-term maturities. River levels and navigability constitute significant risk factors for NSAL's operations. This was evident in the second half of 2024, when drought conditions contributed to a 4.0% decline in total revenues compared to 2023. Looking ahead, Moody's anticipates improved navigability following the completion of river dredging in the second half of 2025. The credit profile reflects positive developments resulting from recent investments in 2024 and 2025, including fleet modernization, the expansion of iron ore ship-to-ship cargo transfer capabilities, and the establishment of a new liquid terminal in Nueva Palmira. Additionally, the rating accounts for the anticipated revenue stream from Porto Murtinho, which is currently under development. NSAL's exposure to environmental risks is primarily influenced by sector-wide shipping and regulatory initiatives aimed at reducing emissions. Nevertheless, the company's substantial port operations face comparatively lower carbon transition risks. Additionally, as an inland operator, the company is susceptible to climate-related risks, such as decreased rainfall and low river water levels, which can lead to reduced volumes or increased costs. Furthermore, the management of waste and pollution to protect marine ecology contributes to the overall environmental risk profile. The company's credit profile has improved following its new capital structure, that encompasses subordinated shareholder loans which Moody's considers to be equity-like and adjust accordingly. Nonetheless, the credit profile remains limited by substantial indebtedness, evidenced by a debt to EBITDA of 4.2x in December 2024. During the same period, the company reported funds from operations (FFO) to debt of 10.3%, and cash interest coverage of 1.7x. Moody's base case projections anticipate improvements in these credit metrics, driven by a robust Paraguayan soybean harvest expected by producers in 2025 and the normalization of river levels, resulting in FFO to debt exceeding 13.5% and cash interest coverage around 2.5x over the next twelve to eighteen months. The stable outlook reflects Moody's views that NSAL will report steady and improving leverage metrics over the next 12-18 months. The B1 rating of the new $400 million guaranteed senior secured notes due 2030 to be issued by Navios South American Logistics Inc. is in line with NSAL's CFR because the bond will comprise most of the company's debt. The new notes will be amortized in a bullet payment on the maturity date and will carry a 8.875% coupon rate paid semi-annually starting in January 2026. The notes will be secured by first-priority pledge of all shares of the Uruguayan port assets and related earnings accounts. The proceeds from the notes will be used to refinance $318 million of existing indebtedness and $50 million of the subordinated shareholder loan. Moody's considers NSAL's current liquidity profile to be adequate, reflecting $47 million of short-term maturities counterbalanced by $52 million in cash as of March 2025. Refinancing risk has diminished significantly after the refinancing of the $500 million bonds in 2024 with an unsecured subordinated loan from the shareholder due 2031. Additionally, the $400 million bond issuance Moody's are rating will help extend the amortization schedule. Nevertheless, some refinancing risk will persist as the maturity date of the new notes approaches. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS NSAL could be upgraded if there is evidence of a sustained improvement in the company's leverage and cash generation, with cash interest coverage above 1.75x and FFO/Debt over 10% on a sustained basis. Alternatively, a downgrade could occur if the company's operating performance deteriorates, resulting in negative free cash flows for a prolonged period. Loss of any take-or-pay agreements or deterioration in the company's liquidity profile could also lead to a downgrade. Quantitatively, the ratings could be downgraded if cash interest coverage falls below 1.25x or FFO/Debt deteriorates below 5%. Navios South American Logistics Inc. (NSAL) is one of the principal ports and logistics companies operating in the Hidrovia region river system in South America. The company operates an iron ore port terminal and a grain port terminal in Uruguay, a liquid port terminal in Paraguay, as well as storage services, liquid and dry barge operations on the Paraguayan river and a cabotage business in Argentina. In 2024, NSAL generated revenue of $298 million and adjusted EBITDA of $102 million. Navios Maritime Holdings, Inc. owns 63.8% of NSAL, the remainder being held by the Argentinean Lopez family through Peers Business Inc. The principal methodology used in these ratings was Privately Managed Ports published in and available April 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ********* 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. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *