---

       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

          Tuesday, August 12, 2025, Vol. 26, No. 160

                           Headlines



A R G E N T I N A

BANCO BBVA: Fitch Ratings Affirms 'B-' LT IDR, Outlook Stable
BANCO MACRO: Fitch Affirms 'CCC+' LT IDRs
BANCO SANTANDER: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable
BANCO SUPERVIELLE: Fitch Affirms 'CCC+' LT IDRs


B E R M U D A

UST HOLDINGS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable


B R A Z I L

BANCO BMG: Fitch Affirms 'BB-' Long-Term IDR, Stable Outlook
COMPANHIA DE GAS: Fitch Affirms Then Withdraws 'BB+' LT IDR
HIDROVIAS DO BRASIL: Moody's Ups CFR, Sr. Unsec. Debt Rating to Ba3


C A Y M A N   I S L A N D S

EDO SUKUK: Fitch Affirms 'BB+' Rating on Senior Unsecured Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Foreign Investment in Tourism Nears US$6BB
DOMINICAN REPUBLIC: US$40M Financing Targets Women Entrepreneurs


E C U A D O R

ECUADOR: Fitch Affirms 'CCC+' Long-Term Foreign-Currency IDR


J A M A I C A

DIGICEL MIDCO: Fitch Affirms Then Withdraws 'B' IDR, Outlook Stable
NCB FINANCIAL: Raises US$225MM on International Capital Market


P U E R T O   R I C O

INCAR GROUP: Seeks to Hire Carlos Alberto Ruiz as Legal Counsel

                           - - - - -


=================
A R G E N T I N A
=================

BANCO BBVA: Fitch Ratings Affirms 'B-' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Banco BBVA Argentina S.A.'s (BBVA
Argentina) Long-Term Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'B-' and Viability Rating (VR) at 'ccc+'. Fitch
has also affirmed BBVA Argentina's Short-Term Foreign and Local
Currency IDRs at 'B' and Shareholder Support Rating (SSR) at 'b-'.
The Rating Outlook is Stable.

Key Rating Drivers

IDRs Driven by Support: BBVA Argentina IDRs reflect expected
support it would receive from its parent, Banco Bilbao Vizcaya
Argentaria, S.A. (IDR: 'BBB+'/Rating Watch Positive), if needed.
Fitch believes the parent's propensity to support BBVA Argentina is
high given its strategic role in the group's regional strategy,
which underpins the assigned Shareholder Support Rating (SSR) of
'b-'. The SSR is capped by the country ceiling of 'B-'.

Operating Environment's High Influence: Fitch's Operating
Environment (OE) score for Argentina is 'ccc+'/Stable. The implied
OE score is below its implied score of 'bbb'. Fitch adjusted the
score based on negative deviation factors: sovereign rating and
macroeconomic stability. Fitch expects some pressure on the
financial profile of banks after a rapid cycle of credit growth,
relatively higher funding costs, and rising delinquencies. However,
the system's performance would remain stable, despite the ongoing
global macroeconomic volatility. The bank's sound
earnings-generation capacity and good capitalization, even with
sizable direct exposure to government and central bank securities,
should absorb risks within the rating horizon.

Good Market Position: BBVA Argentina is a universal commercial bank
that provides retail and corporate banking services to individuals,
and small, medium-sized, and large companies. The bank benefits
from its strong market share by loans and deposits to the private
sector, with market shares of approximately 11.3% and 9.2%,
respectively, as of 1Q25. The bank's four-year average total
operating income reached USD3,170 million and it has maintained a
strong market share. However, Fitch has assigned a business profile
score of 'ccc+', which is below the 'bb' implied score, due to the
concentration of its operations in a still high-risk OE.

Good Risk Management: Fitch upgraded BBVA Argentina's risk profile
score by one notch to 'b-' as the bank operates in a profitable,
low-risk transactional business and is well prepared to face the
ongoing OE challenges. The bank has strategically directed its
investments toward low risk and secured credit lending to private
sector in a context of macroeconomic stabilization. As of 1Q25,
year-to-date loan growth was 20.7% in nominal terms. The bank
maintains other securities and earning assets to manage liquidity,
while its total exposure to public sector assets was 17.3% total
assets as of YE 2024.

Good Asset Quality: BBVA Argentina's asset quality was upgraded by
one notch to 'b-' as the entity has maintained good asset quality
indicators despite the challenging OE. Its nonperforming loans
(NPLs) ratio was 1.8% as of 1Q25 (YE 2024: 1.5%; four-year average:
of 1.9%). Fitch expects the NPL ratio to slightly deteriorate
toward the year-end, in line with system trends and the growth of
the loan portfolio. The bank maintains an internal policy of
exceeding regulatory loan loss reserve requirements and continues
to have comfortable coverage levels, with a loan loss
allowances-to-impaired loans ratio of 130%.

Profitability Affected by Lower NIM and High Cost of Risk: BBVA
Argentina's earnings and profitability score was upgraded by one
notch to 'b-' from 'ccc+' as the bank continues to have adequate
profitability, despite the downward trend observed since 2024. As
of 1Q25, its operating profit-to-risk-weighted assets (RWAs) ratio
was 4.6%, which is lower than the 2021-2024 average of 10.5%. Fitch
expects profitability to decrease due to financial margin
compression and an increase in cost of risk due to higher NPLs and
organic loan portfolio growth.

Comfortable Capitalization: BBVA Argentina's capitalization
remained at high levels, supported by strong earnings generation,
low RWA growth, and restrictions on dividend distributions. This
trend shifted in fiscal 2024 following the relaxation of dividend
payment restrictions and the organic growth of RWAs from the
expansion of the loan portfolio. As of 1Q25, the CET1 ratio was
21.2%, matching the implied score. Fitch expects the CET1 ratio to
fall by the YE 2025, driven by loan growth and dividend payments to
the parent, but it should remain adequate for the current rating.

Good Liquidity and Funding Metrics: Customer deposits are BBVA
Argentina's main source of funding, and the bank has a long track
record of attracting and maintaining a stable customers base. As of
1Q25, customer deposits accounted for slightly over 80% of the
bank's total liabilities. The loan-to-deposit ratio at the same
date was 85.0%, higher than the 2021-2024 average of 61.4% due to
organic growth while recent customer demand for loans has outpaced
deposit growth and some pressure on local currency funding given a
restrictive monetary policy to controls monetary aggregates and
generates pressure on real interest rates. Liquidity is sound, with
a liquidity coverage ratio of 133% and a net stable funding ratio
of 109% as of 1Q25. Short-term liquidity is mostly allocated in
central bank instruments.

Shareholder Support Rating (SSR): BBVA Argentina's SSR is 'b-' and
it is capped by the sovereign country ceiling of 'B-'. Fitch
believes the likelihood of ordinary shareholder support will be
forthcoming, if needed, once most FX controls have been removed.
Support will be likely manageable for its parent considering its
relative size (1.8% of total assets/4.1% of total equity), while
its contributions has been adequate in recent past (2.4% of total
net income as of 1Q25).

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDRs and SSR

- The IDRs and SSR would be downgraded if Fitch perceives a
material weakening of the parent's ability or willingness to
support these banks;

- The IDRs are sensitive to changes in the country ceiling, as
banks' Foreign Currency IDRs are almost always capped at the
Country Ceiling.

VR

- The VR is sensitive to changes in the sovereign rating or further
deterioration in the OE beyond current expectations that leads to a
significant deterioration in its financial profile;

- Any policy announcements that would be detrimental to the bank's
ability to service its obligations would be negative for
creditworthiness.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

IDRs and SSR

- Rating actions on the bank's IDRs and SSR are sensitive of those
of the sovereign and Country Ceiling.

VR

- The VRs would benefit from an upgrade of Argentina's sovereign
rating or change in Fitch's assessment of the industry OE.

VR ADJUSTMENTS

Viability Adjustments

- The VR of 'ccc+' has been assigned below the 'b-' implied VR due
to the following adjustment(s) reason: OE / Sovereign Rating
Constraint (negative).

- The OE score of 'ccc+' has been assigned below the 'bbb' implied
score due to the following adjustment(s) reason: Sovereign Rating
(negative), and Macroeconomic Stability (negative).

- The Business Profile score of 'b' has been assigned below the
'bb' implied score due to the following adjustment(s) reason:
Business Model (negative).

- The Earnings and Profitability score of 'b-' has been assigned
below the 'bb' implied score due to the following adjustment(s)
reason: Historical and Future Metrics (negative).

Public Ratings with Credit Linkage to other ratings

BBVA Argentina's IDRs and SSR are linked to the ratings of its
parent company, Banco Bilbao Vizcaya Argentaria, S.A.

ESG Considerations

Banco BBVA Argentina S.A. has an ESG Relevance Score of '4' for
Management Strategy due to the high level of government
intervention in the Argentine banking sector. The enforcement of
interest rate caps can lead to inadequate loan pricing applies
significant pressure on banks' net interest margins. In addition,
restrictions on fee levels can negatively affect performance
ratios. This challenges the bank's ability to define and execute
its own 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            Prior
   -----------                     ------            -----
Banco BBVA
Argentina S.A.    LT IDR              B- Affirmed    B-
                  ST IDR              B  Affirmed    B
                  LC LT IDR           B- Affirmed    B-
                  LC ST IDR           B  Affirmed    B
                  Viability         ccc+ Affirmed    ccc+
                  Shareholder Support b- Affirmed    b-

BANCO MACRO: Fitch Affirms 'CCC+' LT IDRs
-----------------------------------------
Fitch Ratings has affirmed Banco Macro S.A.'s (Macro) Foreign and
Local Currency Long-Term Issuer Default Ratings (IDRs) at 'CCC+'
and its Viability Rating (VR) at 'ccc+'. Fitch has also affirmed
Macro's Short-Term Foreign and Local Currency IDRs at 'C' and
Government Support Rating (GSR) at 'no support' (ns).

Key Rating Drivers

IDRs Driven by VR: Macro's IDRs are driven by its Viability Rating
(VR) of 'ccc+' Macro's VR is highly influenced by the operating
environment (OE) score of 'ccc+', despite the bank's overall
adequate financial profile and good market position.

Operating Environment's High Influence: Fitch's OE score for
Argentina is 'ccc+'/Stable, below its implied OE score of 'bbb'.
Fitch adjusted the score based on negative deviation factors:
sovereign rating and macroeconomic stability. While Fitch expects
some pressure on the financial profile of banks after a rapid cycle
of real credit growth, followed by somewhat higher funding costs
and delinquencies, the system's performance is expected to remain
stable, despite ongoing global macroeconomic volatility. The bank's
sound earnings-generation capacity and good capitalization, despite
its sizable direct exposure to government and central bank
securities, should absorb any risks within the rating horizon.

Good Market Position: Macro is a universal bank focused on low- and
middle-income individuals, and small and medium-sized companies.
The bank ranks as the fourth-largest private bank by deposits,
loans, and assets, and is considered one of the five locally
systemically important banks according to the local regulator.
Macro is a universal bank focused on individuals with low and
medium incomes, as well as small and medium-sized enterprises
(SMEs). It also has a strong presence in the corporate segment.

Adequate Asset Quality: The non-consolidated past-due loans ratio
over 90 days remained adequate at 1.20% at 1Q25 (compared to 1.1%
at YE 2024), reflecting the fact that Macro has conservatively
adjusted its underwriting standards, mainly for the more profitable
but riskier SME and consumer segments. Reserve coverage for
impaired loans is also conservative at 192.1% at 1Q25. Fitch
expects asset quality to slightly deteriorate for the rest of 2025,
considering the deterioration of borrowers' payment capacity in a
still high-interest rate environment that is not commensurate with
customers' income increases.

Lower Profitability but Resilient Margins: As of 1Q25, the bank's
operating profit-to-risk-weighted assets (RWAs) ratio declined to
2.7% from 3.2% at YE 2024 (four-year average: 8.9%), which is below
its largest private peers. Macro's profitability decreased due to
the higher cost of credit from the deterioration of retail loans, a
trend observed across the banking system. However, profitability
has been supported by resilient margins despite the significant
decline in interest rates, as Macro has been able to appropriately
reprice its liabilities thanks to its strong franchise. Fitch
expects profitability to remain stable or slightly improve as the
loan portfolio grows and asset quality stabilizes, supporting its
'b-' score for this factor.

Strong Capitalization: Macro's capitalization continues to be a
strength relative to local peers and it is supported by consistent
internal capital generation and conservative risk appetite. As of
1Q25, the bank's Common Equity Tier 1 to RWA ratio strengthened to
33.6% from 31.6% at YE 2024, reflecting earnings retention and low
RWA growth. The ratio compares very well to the bank's local and
international peers and far exceeds the regulatory capital
minimums.

Adequate Liquidity and Funding Metrics: Macro benefits from a
low-cost deposit base, which is its main source of funding. The
loan-to-deposit ratio deteriorated to 88.1% at 1Q25 from 75.5% at
YE 2024, as, like its local peers, recent loan growth has outpaced
deposit growth. Deposits grew by 13% at 1Q25, continuing to cover
more than two-thirds of funding needs. The Basel III metrics for
liquidity are sound, with an adequate liquidity coverage ratio of
185% at YE 2024. The bank recently diversified its funding sources
by tapping international markets with the issuance of senior bonds.
Fitch expects the core liquidity metric to deteriorate, reflecting
the lower participation of deposits in the total funding. However,
liquidity is expected to remain sound and sufficient to finance
growth.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- The IDRs and VRs would be pressured by a downgrade of Argentina's
sovereign rating or a deterioration in the local OE beyond current
expectations that leads to a significant deterioration in its
financial profile;

- Any policy announcements that would be detrimental to the bank's
ability to service its obligations would be negative for
creditworthiness.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Macro's IDRs and VR would benefit from an upgrade of Argentina's
sovereign rating or change in Fitch's assessment of the industry
OE.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Senior Debt

Macro's senior unsecured notes are rated at the same level as
Macro's Long-Term Issuer Default Rating (IDR) of 'CCC+' with a
Recovery Rating of 'RR4', as the likelihood of default of the notes
is the same as that of the bank. In accordance with Fitch's rating
criteria, recovery prospects for the notes are average and
reflected in their Recovery Rating of 'RR4'.

Subordinated Debt

Macro's subordinated debt is rated at 'CCC-' with a Recovery Rating
of 'RR6' and is two notches below the bank's viability rating of
'ccc+', reflecting Fitch's base case notching for loss severity.
These securities are plain vanilla subordinated liabilities,
without any deferral feature on coupons or principal. The 'RR6' for
subordinated debt reflects poor recovery prospects due to
nonperformance hybrids securities relative to Macro's senior
unsecured debt.

Government Support Rating: Macro's GSR of 'no support' (ns)
reflects Fitch's view that despite the bank's systemic importance,
government support cannot be relied upon given constraints on the
government's ability to provide support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

- Macro's senior unsecured debt ratings are directly linked to the
bank's Long-Term IDR. Any negative or positive rating action on the
IDR will result in a similar rating action on the senior debt
ratings.

- Any change, whether positive or negative, to Macro's VR could
result in a similar change to the subordinated debt rating.


- Changes in the GSR of Macro are unlikely in the medium term given
the low sovereign rating of Argentina.

VR ADJUSTMENTS

Viability Adjustments

The Operating environment score of 'ccc+' is below the 'bbb'
category implied score due to the following adjustment
reason(s):Macroeconomic stability (Negative), and Sovereign rating
(Negative).

The Business profile score of 'b' is below the 'bb' category
implied score due to the following adjustment reason(s):Business
model (Negative).

The Asset quality score of 'b-' is below the 'bb' category implied
score due to the following adjustment reason(s):Historical and
future metrics (Negative).

The Earnings & profitability score of 'b-' is below the 'bb'
category implied score due to the following adjustment
reason(s):Historical and future metrics (Negative).

The Capitalisation & leverage score of 'b' is below the 'bb'
category implied score due to the following adjustment
reason(s):Leverage and risk-weight calculation (Negative).

The Viability Rating of 'ccc+' is below the 'b-' implied Viability
Rating due to the following adjustment reason(s):Operating
environment / sovereign rating constraint (Negative).

ESG Considerations

ESG Relevance Score of '4' for Management Strategy due to the high
level of government intervention in the Argentine banking sector.
The enforcement of interest rate caps can lead to inadequate loan
pricing applies significant pressure on banks' net interest
margins. In addition, restrictions on fee levels can negatively
affect performance ratios. This challenges the bank's ability to
define and execute its own strategy, which has a negative impact on
the credit profile, and is relevant to the rating 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
   -----------                     ------         --------   -----
Banco Macro S.A.   LT IDR           CCC+ Affirmed            CCC+
                   ST IDR             C  Affirmed            C
                   LC LT IDR        CCC+ Affirmed            CCC+
                   LC ST IDR          C  Affirmed            C
                   Viability        ccc+ Affirmed            ccc+
                   Government Support ns Affirmed            ns

    Subordinated   LT               CCC- Affirmed    RR6     CCC-

    senior
    unsecured      LT               CCC+ Affirmed    RR4     CCC+

BANCO SANTANDER: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Banco Santander Argentina S.A.'s
(Santander Argentina) Long and Short-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'B-' and 'B',
respectively. Fitch has also affirmed Santander Argentina's
Viability Rating (VR) at 'ccc+'. Fitch has additionally affirmed
Santander Argentina's Shareholder Support Rating (SSR) at 'b-'. The
Rating Outlook for the Long-Term IDRs is Stable.

Key Rating Drivers

IDRs are Driven by SSR: Santander Argentina's IDRs are driven by
the expected support of its ultimate parent, Spain Banco Santander
S.A. (Foreign Currency Long-Term IDR: A/Stable), as reflected in
its Shareholder Support Rating (SSR) of 'b-'. In Fitch's opinion,
support for this bank from its parent company is possible due to
the major flexibilization in foreign exchange (FX) controls in
Argentina.

Operating Environment's High Influence: Fitch's operating
environment (OE) score for Argentina is 'ccc+'/stable, below its
implied score of 'bbb'. Fitch adjusted the score based on the
following negative deviation factors: sovereign rating and
macroeconomic stability. While Fitch expects some pressure on the
financial profile of banks after a rapid cycle of real credit
growth, followed by somehow higher funding costs and delinquencies,
the system's performance would remain stable, despite broad
macroeconomic effects of the ongoing global volatility. The banks'
sound earnings-generation capacity and good capitalization, albeit
still relatively sized direct exposure to government and central
bank securities, should absorb any downside risks within the rating
horizon.

Strong Market Position: Santander Argentina is a universal
commercial bank and is the second largest private bank by total
loans and deposits in Argentina, with market share of 11.3% and
11.7%, respectively, as of May 2025. However, despite the bank's
diversified business model and overall strong and growing
franchise, its business profile score of 'b' has been assigned
below the 'bb' implied score due to the concentration of its
operations in a high-risk OE.

Good Risk Management: Fitch upgraded Santander Argentina's risk
profile by one notch to 'b-'/stable, reflecting the bank low risk
appetite and strong underwriting standards, supported by its
profitable and low-risk transactional business. The bank has
strategically directed its investments toward secured credit
lending to private sector in a context of macroeconomic
stabilization; as of May 2025, 12-month loan growth (YoY) was about
65%, adjusted for inflation. The bank maintains other securities
and earning assets to manage liquidity while its total exposure to
public sector assets was reduced to about 24% of earnings assets
(49% in March 2024), among the smallest in the industry.

Good Asset Quality: Santander Argentina's asset quality score was
upgraded by one notch to 'b-'/stable, reflecting the bank's
effective credit risk management, diversification by business
sectors and moderate concentrations. Credit metrics are viewed as
consistent when measured against the ongoing recovery of
Argentina's macroeconomic. As of 1Q25, its nonperforming loans
(NPLs) stood at 2.2%, slightly higher relative to recent years
(2022-2024 average: 1.8%), especially in retail banking, and under
the new scenario of decelerating inflation and its impact on
customers' financial burden. Loan loss reserve coverage remained
ample, at 182% of NPLs and Fitch expects this will be preserved
albeit recent pressure on cost of risk.

Profitability Affected by Tight Margins: Santander Argentina's
earnings and profitability score is 'b-'/stable, reflecting the
bank's achievement of satisfactory profits notwithstanding
decreased trend since later 2024. As of 1Q25, the bank's operating
profit-to-risk-weighted assets (RWAs) ratio stood at 7.4%
(four-year average: 13.7%), by far the largest among its private
banks' peers given its diversified and stable revenue business mix
and improved cost efficiency.

Operating profits fell due to financial margin compression and
increase in cost of risk, which were not offset by credit growth.
However, Fitch continues to expect improvements starting in the
second half of the year as the system transitions to the new
monetary and exchange rate regimen.

Good Capitalization: Santander Argentina's capitalization score was
affirmed at 'b-'/stable, is consistent with in recent years
supported by strong internal capital generation, low RWA growth
until early 2024 and restrictions to dividend payouts. However,
with the relaxing of the dividend payouts rule and recent moderate
organic growth in RWAs, the bank's common equity Tier 1 (CET1)
ratio stood at 21.9% as of 1Q25, in line with its implied score.
The bank's Basel leverage ratio was a solid 13.3% as of the same
date. Fitch believes the entity's internal capital generation will
allow it to preserve CET1-to-RWA ratios at historical levels within
the rating horizon.

Reliance on Customer Deposits: Santander Argentina's funding and
liquidity score is 'b-'/stable, in line with the implied score and
supported by the bank's overall business franchise, coupled with
prudent assets and liabilities management and high foreign exchange
liquidity. Its loans-to-deposits ratio stood at 68% as of 1Q25
(four years average: 53%).

Like its local peers, this ratio has recently increased due in part
to organic growth while recent customer demand for loans has
outpaced deposit growth and some pressure on local currency funding
given a restrictive monetary policy to controls monetary aggregates
that generates pressure on real interest rates. Its Basel III
metric for liquidity is stable, with a liquidity coverage ratio at
a comfortable 159% and a net stable funding ratio of 175% as of
1Q25.

Shareholder Support Rating (SSR): Santander Argentina's SRR,
affirmed at 'b-', and it is capped by the sovereign Country Ceiling
of 'B-'. Fitch believes the likelihood of ordinary shareholder
support will be forthcoming, if needed, once most FX controls have
been removed. The ultimate parent is highly rated, and the size of
the subsidiary is low relative to the provider of support (2.2% of
capital) while the role in the group has a moderate importance
factor for the assessment of the SSR.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDRs and SSR

- The IDRs and SSR would be downgraded if Fitch perceives a
material weakening of the parent's ability or willingness to
support the bank;

- The IDRs are sensitive to changes in the Country Ceiling, as
banks' IDRs are almost always capped at the Country Ceiling.

VR

- The VR is sensitive to changes in the sovereign rating or any
deterioration in the OE beyond current expectations that leads to a
significant deterioration in its financial profile;

- Any policy announcements that would be detrimental to the bank's
ability to service its obligations would be negative for
creditworthiness.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

IDRs and SSR

- Rating actions on the bank's IDRs and SSR are sensitive of those
of the sovereign and Country Ceiling.

VR

- The VR would benefit from an upgrade of Argentina's sovereign
rating or change in Fitch's assestment of the industry OE.

VR ADJUSTMENTS

Viability Adjustments

- The Operating environment score of 'ccc+' is below the 'bbb'
category implied score due to the following adjustment reason(s):
Macroeconomic stability (Negative), and Sovereign rating
(Negative).

- The Business profile score of 'b' is below the 'bb' category
implied score due to the following adjustment reason(s): Business
model (Negative).

- The Earnings & profitability score of 'b-' is below the 'bb'
category implied score due to the following adjustment reason(s):
Historical and future metrics (Negative).

- The VR of 'ccc+' is below the 'b-' implied VR due to the
following adjustment reason(s): Operating environment / sovereign
rating constraint (Negative).

Public Ratings with Credit Linkage to other ratings

The IDRs and SSR of Santander Argentina are linked to the ratings
of its ultimate parent company, Banco Santander, S.A.

ESG Considerations

Banco Santander Argentina S.A. has an ESG Relevance Score of '4'
for Management Strategy due to the high level of government
intervention in the Argentine banking sector. The enforcement of
interest rate caps can lead to inadequate loan pricing applies
significant pressure on the banks' net interest margins. In
addition, restrictions on fee levels can negatively affect
performance ratios. This challenges the banks' ability to define
and execute their own strategies, which has a negative impact on
the credit profile and is relevant to the rating 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
   -----------                       ------           -----
Banco Santander
Argentina S.A.    LT IDR              B-  Affirmed    B-
                  ST IDR              B   Affirmed    B
                  LC LT IDR           B-  Affirmed    B-
                  LC ST IDR           B   Affirmed    B
                  Viability         ccc+  Affirmed    ccc+
                  Shareholder Support b-  Affirmed    b-

BANCO SUPERVIELLE: Fitch Affirms 'CCC+' LT IDRs
-----------------------------------------------
Fitch Ratings has affirmed Banco Supervielle S.A.'s (Supervielle)
Foreign and Local Currency Long-Term Issuer Default Ratings (IDRs)
at 'CCC+' and Viability Rating (VR) at 'ccc+'. Fitch has also
affirmed Supervielle's Government Support Rating (GSR) of 'no
support' (ns) and the bank's Short-Term IDRs at 'C'.

Key Rating Drivers

Operating Environment's High Influence: Fitch's operating
environment (OE) score for Argentina is 'ccc+'/stable, below its
implied score of 'bbb'. Fitch adjusted the score based on negative
deviation factors: sovereign rating and macroeconomic stability.
While Fitch expects some pressure on the financial profile of banks
after a rapid cycle of real credit growth, followed by somehow
higher funding costs and delinquencies, the system's performance
would remain stable, despite broad macroeconomic effects of the
ongoing global volatility.

Asset Quality Cyclical Deterioration: Supervielle's NPL ratio has
partially deteriorated at 1Q25 to 2.4% (from 1.3% at YE 2024). The
four-year average stood at 2.9%, reflecting both the broader shift
in the banking system towards greater private credit exposure
instead of investment portfolios, and the bank's increased exposure
to the retail segment (51.7% of total), which is more vulnerable to
economic cycles. Loan loss reserve coverage reduced from last
years' but remained adequate at 128% of NPLs. Fitch expects asset
quality ratios to deteriorate in 2025 under a challenging OE while
NPL ratios would be determined by the private sector loan
exposure.

Profitability Affected by Tight Margins: Supervielle posted partial
losses as of 1Q25 followed extraordinary profits in 2024, a similar
trend to the whole banking system. As of 1Q25, the bank's ratio of
operating profit (inflation- adjusted) to RWAs reached -0.85% (3.5%
at YE 2024; 5.9% at YE 2023 on comparable figures). The bank's net
interest margins (NIM) declined, reflecting a transitional period
toward stronger private credit growth as opposed to higher yields
from the investment portfolio in the recent past, supported by
inflation peaks. Fitch expects profitability to remain pressured by
the structural reduction of operating revenues and increase in cost
of risk resulting from organic loan portfolio growth.

Capital Ratios Pressured: The bank's capitalization remains
pressured due to higher loan growth, aligned with the Argentine
financial system, resulting in higher RWAs. As of 1Q25, the bank's
common equity Tier 1 (CET1) to risk-weighted assets (RWAs) ratio
decreased to 15.3% (from 16.1% in 2024). Basel leverage ratio
decreased accordingly to 12.8% at the same date. Fitch expects
Supervielle's CET1 further decline additional 200bps-300bps at YE
2025 due to higher RWAs and lower profitability, however still
commensurate with the rating level.

Concentrated Funding, Adequate Liquidity: Supervielle is primarily
funded through deposits, which remain highly concentrated in
wholesale sources (61%), with a smaller portion coming from
individuals and companies (39%) as of 1Q25. At the same period, the
loans-to-deposits ratio reached 68.9% (4 years average: 53%).
Similar to its local peers, this ratio has recently deteriorated,
partly due to organic growth and customer demand for loans has
outpaced deposit growth in an upward pressure on real interest rate
in local currency. The Basel III metric for liquidity stands
stable, with a liquidity coverage ratio at a comfortable 115% and a
net stable funding ratio of 127% at 1Q25.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Supervielle's IDRs and VR would be pressured by a downgrade of
Argentina's sovereign rating or a deterioration in the local
operating environment beyond current expectations that leads to a
significant deterioration in its financial profile;

- Any policy announcements that would be detrimental to the banks'
ability to service their obligations, including a tightening of
capital controls to the extent that they restrict debt payments,
would be negative for creditworthiness.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Supervielle's IDRs and VRs would benefit from an upgrade of
Argentina's sovereign rating or change in Fitch's assessment of the
industry OE.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Government Support Rating: Supervielle's government support rating
(GSR) of 'no support' reflects Fitch's view that despite the bank's
moderate franchise, government support cannot be relied upon due to
constraints on the government's ability to provide support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to
Positive/Negative Rating Action/Upgrade:

- Changes in the GSR of Supervielle are unlikely in the medium term
given the low sovereign rating of Argentina.

VR ADJUSTMENTS

The Operating environment score of 'ccc+' is below the 'bbb'
category implied score due to the following adjustment reason(s):
Macroeconomic stability (Negative), and Sovereign rating
(Negative).

ESG Considerations

Banco Supervielle S.A. has an ESG Relevance Score of '4' for
Management Strategy, which has a moderately negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors. The '4' score reflects the high level of government
intervention in the Argentine banking sector. The imposition of
interest rate caps can lead to inadequate loan pricing and, puts
significant pressure on banks' net interest margins. Also,
restrictions on fee levels can negatively affect performance
ratios. This challenges the ability of these financial institutions
to define and execute their own strategies

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 Supervielle S.A.   LT IDR           CCC+  Affirmed    CCC+
                         ST IDR              C  Affirmed    C
                         LC LT IDR        CCC+  Affirmed    CCC+
                         LC ST IDR           C  Affirmed    C
                         Viability        ccc+  Affirmed    ccc+
                         Government Support ns  Affirmed    ns



=============
B E R M U D A
=============

UST HOLDINGS: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings affirmed ratings for UST Holdings LTD (UST),
including its Ba3 Corporate Family Rating and Ba3-PD Probability of
Default Rating following the proposed sale of its Healthproof
business. Additionally, the Ba3 rating for the first-lien credit
facilities (revolver and term loan) rated under UST Global, Inc.
was also affirmed. The outlook remains stable.

Proceeds from the asset sale will be used to fund a distribution to
its owners. UST is privately held and majority owned by Tricase
Investment Holdings, Temasek, along with various employees.

The Healthproof sale is viewed as credit negative because it
adversely impacts the company's scale, product diversification,
profitability as well as credit metrics. The Healthproof business
is estimated to be roughly 25% of UST's FY24 revenue and a larger
proportion of EBITDA given its higher margin profile. Nevertheless,
Moody's affirmed the Ba3 CFR because Moody's expects the company's
credit metrics as well as liquidity profile will remain within
Moody's expectations for the Ba3 rating category. The only funded
debt is its $400 million term loan due November 2028 ($384 million
outstanding). Pro forma for the sale, revenue is roughly $1.5
billion. Pro forma Moody's adjusted debt/EBITDA will increase from
2x to roughly 3x for the LTM period ended March 31, 2025, which is
still within the range Moody's expects for its Ba3 CFR.
Additionally, Moody's expects UST to maintain very good liquidity
over the next year with pro forma cash of $180 million and access
to its $300 million undrawn revolver expiring in November 2026.
Moody's also expects pro forma annual free cash flow to remain at
above 10% free cash flow/debt. Moody's expectations that the
company will employ conservative financial policies that will
maintain debt/EBITDA well below 4x was a key governance
consideration and driver of the affirmation, despite the diminished
scale, diversification and profitability resulting from the sale of
Healthproof.

RATINGS RATIONALE

The Ba3 CFR reflects UST's moderate scale and scope compared to
larger IT services providers. The IT services industry is exposed
to the general macroeconomic conditions and cyclical IT budget
fluctuations, but long-term growth prospects are favorable due to
trends in cloud migrations, automation, AI, and data analytics. UST
has relatively high customer concentration with a significant
portion of revenue coming from its top clients. However, long-term
relationships and diversification by industry verticals help to
mitigate this risk. Governance issues related to concentrated
ownership weigh on the credit profile, but Moody's expects the
company will continue to maintain its moderate leverage profile.

Moody's expects UST to maintain its very good liquidity profile,
supported by a $180 million cash, an undrawn $300 million revolver
expiring November 2026 and Moody's expectations for annual FCF/debt
well above 10%. Moody's anticipates UST will be able to fund its
internal cash needs with existing cash balances and cash from
operations. Moody's do not expect the company will need to rely on
revolver borrowings. Additionally, Moody's expects the company will
proactively address the upcoming expiration of its revolver well in
advance of the maturity date. The revolver has a 5x springing
first-lien leverage covenant, tested only when at least 35% of the
facility has been drawn. Moody's expects the company will maintain
an ample cushion against the covenant test. The term loan due 2028
does not have any financial covenants. The term loan amortizes 1%
($4 million) per annum with the balance due at maturity.

The Ba3 ratings assigned to the senior secured first-lien term loan
and the senior secured first-lien revolving credit facility are in
line with the Ba3 CFR because there is no other meaningful debt in
the capital structure.

The stable outlook reflects Moody's expectations that leverage will
decline to below 3x over the next 12 to 18 months with modest
earnings growth. Additionally, the stable outlook reflects Moody's
expectations that UST will maintain balanced financial policies
with no incremental borrowings or asset sales in the near term, as
well as very good liquidity profile with continued healthy free
cash flow generation with FCF/debt above 10%. The stable outlook
also reflects Moody's expectations that the company will
proactively address its revolver maturity well in advance of its
expiration date in November 2026.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded with significant increase in scale
and product diversification, while reducing customer concentration.
An upgrade would also require meaningful improvement in
profitability along with Moody's expectations for balanced
financial policies and very good liquidity. Lastly, improved
governance including diminished ownership concentration would also
be required for a ratings upgrade.

The ratings could be downgraded if operational performance
deteriorates or scale declines meaningfully via another asset sale.
Diminishing profitability, with Moody's adjusted EBITDA margins not
approaching 10%, could also result in a ratings downgrade, along
with more aggressive financial policies such that Moody's expects
debt/EBITDA will be sustained around 4x or higher. A material
deterioration in the company's liquidity position could also result
in a ratings downgrade.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

The net effect of any adjustments applied to rating factor scores
or projected scorecard outputs under the primary methodology(ies),
if any, was not material to the ratings addressed in this
announcement.

UST Holdings Ltd., incorporated in Bermuda, is a global
business-to-business information technology services and solutions
provider. The company serves clients across various industry
verticals including healthcare, retail, manufacturing, technology,
media, telecom, and financial services. UST's client base is mostly
located in the Americas with the remaining revenue generated from
Europe and APAC. Pro forma for the sale of its Healthproof
business, revenue is roughly $1.5 billion for the LTM period ended
March 31, 2025.



===========
B R A Z I L
===========

BANCO BMG: Fitch Affirms 'BB-' Long-Term IDR, Stable Outlook
------------------------------------------------------------
Fitch Ratings has affirmed Banco BMG S.A.'s (BMG) Long-Term Foreign
Currency and Local Currency Issuer Default Ratings (IDRs) at 'BB-'
with a Stable Outlook. Fitch has also affirmed the bank's National
Long-Term Rating at 'A(bra)' and revised its Outlook to Positive
from Stable.

The revision of the Outlook on the National Rating reflects the
strengthening trajectory of BMG's financial profile. Profitability
has improved meaningfully in recent quarters, supported by a more
stable product mix and cost control. In parallel, the bank has
articulated a credible plan for capital recomposition. If these
trends persist, they could support an upgrade of the National
Rating over the next 12 to 24 months.

Key Rating Drivers

Franchise and Origination Underpin the Ratings: The rating reflects
BMG's role as a significant mid-sized player in Brazil's payroll
lending market, with a franchise anchored in secured credit and
strong origination capabilities. These attributes support credit
quality and provide balance sheet flexibility through recurring
credit assignments. Liquidity is also a credit strength, supported
by a large buffer of highly liquid assets. These factors partially
offset the structural constraints posed by modest capitalization
and a large volume of deferred tax assets.

National Rating Reflects Strengthening Relative Profile: The
National Long-Term Rating reflects BMG's credit quality relative to
other Brazilian issuers. Fitch considers the strengthening of the
bank's profitability and gradual progress on capital recovery as
increasingly positive factors. Sustained improvements in these
areas could close the gap to higher-rated peers on the national
scale.

Profitability Showing Structural Gains: BMG's return on equity
reached 12.1% in 1Q25 and its operating profit to risk-weighted
assets improved to 1.5%, up from a 0.5% average between 2021 and
2024. These improvements reflect the outcome of a multi-year
strategic repositioning, which has included the disposal or run-off
of lower-yielding businesses and greater emphasis on efficiency and
cross-sell initiatives. Looking ahead, Fitch expects earnings to
benefit from further scale gains, increased penetration fee
products, divestment of weaker return assets (notably the U.S.
payroll operation) and disciplined funding cost management. On the
other hand, profitability remains burdened by civil litigation
costs tied to payroll clients. The bank is enhancing origination
formalization to reduce future flows, but these costs continue to
weigh on results.

Capitalization Stabilizing but Still Constrained: BMG's CET1 ratio
was 8.7% and its Basel III ratio was 12.7% as of end-1Q25, levels
that are modest and continue to constrain internal growth capacity.
Fitch expects additional impacts from the phased implementation of
Resolution 4,966 (IFRS 9), which will affect regulatory capital
over the next three years (around 100bps yearly). In parallel, a
sizable portion of the capital base (approximately BRL 500 million)
consists of deferred tax assets tied to past losses, which are
subject to prudential deductions but could be gradually realized
through sustained profitability. Fitch views management's
recapitalization plan as credible. The plan includes shareholder
capital injections, renewed credit assignments, and accelerated tax
asset monetization.

Credit Assignments Remain Structurally Significant: BMG continues
to rely meaningfully on credit portfolio sales, including payroll,
FGTS anticipation and legacy U.S. loans, to support profitability
and capital preservation. While this model enhances balance sheet
flexibility and buffers regulatory capital during periods of
stress, it limits the retention of recurring earnings and exposes
the bank to secondary market volatility. Fitch views this mechanism
as structurally embedded in BMG's business model, though a gradual
shift toward higher retention could improve capital formation and
risk resilience over time.

Moderate Risk Profile: BMG's credit risk cost remains low,
reflecting the high share of secured payroll loans, which
represented 64% of the loan book at end-1Q25. However, the bank
operates in a competitive and regulated segment, where interest
rate caps and long average durations introduce market and repricing
risk. While the bank actively manages this exposure through
hedging, the entire payroll sector experienced headwinds in early
2025 from regulatory developments such as biometric verification
requirements and heightened fraud scrutiny at INSS. BMG still
defended its market share, with origination volumes declining by
only 50% in April-May versus a 65% average drop in the market.

Stable Asset Quality: BMG's asset quality metrics remained stable
in the past few quarters, despite the new regulatory framework, CMN
Resolution 4,966. Fitch's core metric of Stage 3 loans/Total loans
reached 6.0% as of March 2025, aligned with the average level of
5.9% in the 2024-2021 period, under the Resolution CMN 2,682. Fitch
expects BMG's focus in the payroll business and tight underwriting
standards to contain impaired loan formation, which should maintain
its core metric at current levels going forward.

Funding Base Increasingly Diversified: Fitch upgraded BMG's Funding
and Liquidity score to 'bb' from 'bb-' in recognition of the bank's
progress in diversification and expanding access to institutional
and capital markets. Recent issuances, including senior debt and
payroll-backed debentures, were priced at tighter spreads,
supporting the bank's funding cost management.

Robust Liquidity Position: BMG ended 1Q25 with BRL 2.7 billion in
cash and will maintain a robust cash position going forward, driven
by credit assignments and proactive liability management. The
Liquidity Coverage Ratio reached 274.5%, well above regulatory
minimums and underpins Fitch's view of the bank's credit supportive
liquidity position.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDRs and Viability Rating (VR)

BMG's ratings could be negatively affected if the CET1 to RWA ratio
consistently drops below 8%, combined with sustained deterioration
in the operating profit to RWA ratio to below 1%. Fitch believes
this could result from sharp asset quality deterioration.

National Ratings

A downgrade of the National Ratings is unlikely given the Positive
Outlook. Fitch could revise the Outlook to Stable if there is an
unexpected deterioration in profitability, asset quality, or
liquidity metrics, or delays in the execution of the bank's capital
strengthening strategy. Increased risk appetite or weakening of the
secured lending focus would also be negative from a credit
perspective.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

IDRs and VR

In the long term, positive actions on BMG'S IDRs and VR would most
likely result from a significant improvement in its business
profile by consistent increases in its TOI levels, while improving
its operating profit to RWAs ratio sustainably above 3% and CET1
ratios consistently above 12%.

National Ratings

An upgrade of the National Long-Term Rating could result from
continued strengthening in earnings generation and internal capital
formation, particularly if profitability is sustained and leads to
an operating profit to RWA ratio close to 2% on a sustained basis.
A sustained improvement in capitalization and execution on the
recapitalization plan with a CET1 ratio to close to 10% would also
support a higher rating.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

BMG's GSR could be upgraded if its systemic importance materially
improves.

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

BMG's GSR downgrade cannot be downgraded because it is at the
lowest level of the scale.

VR ADJUSTMENTS

The Asset quality score of 'bb-' is above the 'b & below' category
implied score due to the following adjustment reason(s): Collateral
and reserves (Positive).

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                     Rating          Prior
   -----------                     ------          -----
Banco BMG S.A.   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(bra) Affirmed   A(bra)
                 Natl ST        F1(bra) Affirmed   F1(bra)
                 Viability          bb- Affirmed   bb-
                 Government Support ns  Affirmed   ns

COMPANHIA DE GAS: Fitch Affirms Then Withdraws 'BB+' LT IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Companhia de Gas de Sao Paulo (COMGAS)'s
Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+' and
Local Currency IDR at 'BBB-'. Fitch has also affirmed the company's
National Long-Term Rating and senior unsecured debentures at
'AAA(bra)'. The Ratings Outlook is Stable. Fitch subsequently
withdrew the COMGAS's IDRs.

The ratings reflect COMGAS's strong cash generation and solid
financial profile in the Brazilian natural gas distribution sector.
COMGAS benefits from the pass-through of natural gas costs onto
tariffs and from a diverse and profitable customer base, with
adjusted EBITDA margin above Brazilian peers'. Its proven access to
the debt market supports the expected negative FCF.

Fitch considers limited risks coming from gas supply and the
industry's regulatory framework. Fitch analyzes the company on a
standalone basis, despite it being a part of Cosan group. COMGAS's
Foreign Currency IDR is capped by Brazil's 'BB+' Country Ceiling.

Fitch has withdrawn COMGAS' IDRs for commercial reasons.

Key Rating Drivers

Strong Business Profile: COMGAS is the largest natural gas
distributor in Brazil and benefits from its monopolistic operations
in part of the State of São Paulo, the country's most economically
important state, with its concession expiring in 2049. The company
has a more diversified customer base compared to its peers, given
the greater share of residential and commercial customers that are
more profitable and less volatile during economic downturns.
Residential consumers account for about 15% of revenues and 45% of
operating results, while commercial customers represent around 5%
and 15%, respectively.

Robust EBITDA: Fitch expects COMGAS to maintain strong EBITDA and
an adjusted EBITDA margin, above the average of its Brazilian
peers. The base case scenario incorporates marginal EBITDA growth
to BRL3.6 billion in 2025 and BRL3.7 billion in 2026, based on
appropriate tariff increases, operational efficiencies, customer
base expansion, and marginal distributed volume increase. Fitch
believes the adjusted EBITDA margin, excluding gas acquisition
costs from net revenue, to be around 85%. This assumption considers
a contribution margin of BRL0.98/cubic meter (m³) and a total
distributed volume of 4.3 billion m3 in 2025, excluding
thermoelectric generation segment customers.

Strong FCF Before Dividends: Fitch projects COMGAS's strong annual
cash flow from operations (CFFO) at BRL2.1 billion-BRL2.3 billion
during 2025-2027, which is sufficient to sustain the high average
annual investments of BRL1.5 billion. FCF should average negative
BRL1.0 billion per year during the period due to aggressive
dividend payments. Fitch assesses the company through its
Standalone Credit Profile (SCP), considering legal ring-fencing as
isolated, with permeable access and control, due to the parent
company, Cosan S.A. (Cosan; IDRs BB and National Long-Term Rating
AAA(bra), all with Stable Outlooks), only has access to COMGAS
through its dividends.

Conservative Leverage: Fitch estimates COMGAS's net leverage to
peak at 2.5x during 2026-2028, from 2.0x in March 31, 2025, which
remains conservative considering its low to moderate business risk.
The company is subject to natural gas consumption volatility within
the industrial segment, which makes up a significant share of its
EBITDA. This segment's performance is linked to GDP and gas price
competitiveness, which can result in cash flow variations for the
distributor. COMGAS's efficient expense structure and efforts to
expand its residential and commercial customer base should continue
to mitigate the impact of industrial segment volatility.

Manageable Supply Risk: Fitch assumes no gas supply disruption for
COMGAS in the coming years. Currently, Petróleo Brasileiro S.A.
(Petrobras; IDRs BB and National Long-Term Rating AAA(bra), all
with Stable Outlooks) is the main supplier, with a contract until
December 2034. COMGAS also has long-term contracts with related
party Edge Comercializacao S.A. and other suppliers. Natural gas
purchasing is the main cost for natural gas distributors, which can
be passed on to tariffs, with no expectation that take-or-pay and
ship-or-pay clauses will significantly pressure its cash flow.

Regulatory Environment is Neutral: The Brazilian natural gas
distribution sector's regulation is neutral to COMGAS's credit
profile. The current regulatory environment encourages competition
in natural gas supply, which should support lower molecule purchase
prices and stimulate demand. Fitch assumed some large consumers to
migrate from COMGAS's customer base to other suppliers, with COMGAS
continuing to receive the distribution service fee. Fitch estimates
that this migration will not materially impact the company's cash
generation capacity despite the 10% lower contribution margin for
free market clients given tariff rebalancing as per concession
contract.

Peer Analysis

COMGAS's credit profile compares favorably with Companhia de
Saneamento Basico do Estado de Sao Paulo (SABESP; Foreign and Local
Currency IDRs BB+/Stable), a water/wastewater utility operating in
the State of Sao Paulo. COMGAS faces more manageable capex cycle
and leverage levels. Both companies have proven debt and capital
market access.

Promigas S.A. E.S.P. (Promigas; Foreign and Local Currency IDRs
BBB-/Stable) has a strong business position in Colombia
(BB+/Negative) and predictable cash flow generation, but gross
leverage of around 4.0x, higher than COMGAS at around 3.0x.
Promigas' business profile benefits from diversification within
natural gas transportation and distribution activities, while
COMGAS only distributes gas and can face demand volatility.

COMGAS's business profile is weaker to that of National Fuel Gas
Company (NFG; IDR BBB/Stable), a diversified and integrated natural
gas company that develops, transports and distributes natural gas
to energy markets in the Northeastern U.S., with assets centered in
New York and Pennsylvania. NFG benefits from a better operating
environment and a diversified and integrated business model
anchored by regulated operations. NFG also presents low-cost
position and conservative financial profile, which support the
one-notch difference with COMGAS.

Key Assumptions

- Volume billed growth is 1.0% for residential and commercial
clients in 2025 and thereafter;

- Stable volume distributed to the industrial segment;

- Gradual migration of industrial clients to the free market,
reaching 80% of volume distributed by 2029;

- Dividend payout ratio is 100% of distributable net profit;

- Annual average capex of BRL1.5 billion from 2025 to 2027;

- Annual contribution margin increase in line with Fitch's
inflation estimates, adjusted by an efficiency factor of 0.57%.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Fitch's expectation of a sustained increase in the net
debt/EBITDA ratio to above 3.0x;

- Fitch's perception of increased regulatory or gas supply risk;

- A sharp decline in distributed volumes;

- Deterioration of the liquidity profile.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade on the National Long-Term Rating does not apply as it
is at the top of the national scale.

Liquidity and Debt Structure

COMGAS's credit profile incorporates a strong liquidity position
and proven access to credit to support the expected negative FCFs.
On March 31, 2025, cash and equivalents amounted to BRL1.8 billion,
with manageable short-term debt of BRL376 million and total debt of
BRL8.7 billion. Debt mainly consists of debentures (BRL4.9 billion)
and loans with Banco Nacional de Desenvolvimento Economico e Social
(BNDES; BRL2.7 billion).

The company has a lengthened debt maturity profile, benefiting from
its ongoing liability management strategy and issued BRL1.5 billion
debentures during 2Q25 for debt refinancing and to strengthen
liquidity. Fitch considers COMGAS to have limited room to reduce
dividend payments and investment plans, if necessary, which
moderates its financial flexibility.

Issuer Profile

COMGAS is the largest natural gas distributor in Brazil in volume
distributed with operations in 96 cities in the Sao Paulo state.
The company assists around 2.7 million customers and is indirectly
controlled by Cosan.

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

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
   -----------              ------                -----

Companhia de Gas
de Sao Paulo –
COMGAS             LT IDR    BB+      Affirmed    BB+
                   LT IDR    WD       Withdrawn
                   LC LT IDR BBB-     Affirmed    BBB-
                   LC LT IDR WD       Withdrawn
                   Natl LT   AAA(bra) Affirmed    AAA(bra)

    senior
    unsecured      Natl LT   AAA(bra) Affirmed    AAA(bra)

HIDROVIAS DO BRASIL: Moody's Ups CFR, Sr. Unsec. Debt Rating to Ba3
-------------------------------------------------------------------
Moody's Ratings has upgraded to Ba3 from B1 Hidrovias do Brasil
S.A. (Hidrovias) corporate family rating and the backed senior
unsecured ratings of the notes issued by Hidrovias International
Finance S.a.r.l. due 2031 and fully and unconditionally guaranteed
by Hidrovias and its fully-owned subsidiaries, except for the
bauxite operations subsidiaries (guarantor group). The outlook was
revised to stable from ratings under review.

RATINGS RATIONALE

This rating action concludes the Review for Upgrade that was
initiated on May 20, 2025. The rating incorporates limited support
from Ultrapar Participações S.A. (Ultrapar, Ba1 positive) to
Hidrovias. Pro forma to the recent liability management executed by
Hidrovias, Moody's expects around 40% of the company's capital
structure to be guaranteed by Ultrapar. The rating may be upgraded
by one or more notches to approach Ultrapar's ratings if formal
guarantees come to comprise a larger portion of Hidrovias' capital
structure.

The review for upgrade was prompted by Ultrapar's acquisition of
control of Hidrovias, in conjunction with the announcement of a
proposed issuance of debentures by Hidrovias to be guaranteed by
Ultrapar. At the conclusion of the tender, Hidrovias had received
valid offers totaling $178.6 million, representing 64.2% of the
outstanding notes, and issued BRL1.38 billion in debentures.
Moody's expects around 40% of Hidrovias' capital structure to be
guaranteed by Ultrapar.

The rating assumes Moody's-adjusted gross leverage will reach 4.7x
by December 2025 and 4.1x by December 2026, compared to 13.2x for
the last twelve months ended March 2025 (or 6.3x excluding non-cash
hedge effects). Moody's expects the company's EBITDA to increase to
BRL839 million in 2025 from BRL202 million in 2024. This reflects a
gradual return to normalized operations following severe
navigability restrictions in the South and North corridors, which
led to a sharp EBITDA decline in 2024 due to a 55% reduction in
iron ore volumes in the South Corridor and a 13% drop in grain
volumes in the North Corridor.

Hidrovias' Ba3 ratings incorporate Ultrapar's position as
controlling shareholder and its evident commitment to the company.
The rating also reflects Hidrovias' solid business model, with
approximately 80% of revenue derived from long-term take-or-pay
agreements with strong off-takers. However, low river levels may
still expose the company to revenue volatility when navigability is
reduced. The positive outlook for agricultural production and
waterborne transportation in Brazil (Ba1 stable) and Paraguay (Baa3
stable), along with the strategic location of Hidrovias'
operations, also support the rating.

The ratings are constrained by the company's high gross leverage,
limited business diversification, and small size compared to rated
peers. Hidrovias is mainly inland operator with a high degree of
product and geographic concentration which exposes the company to
adverse weather conditions that periodically affect agricultural
production and river navigability. Extremely low river drafts have
shown to reduce transported volumes and increase costs. The company
also has a high degree of client concentration, although the good
credit quality and strong contract compliance history of its
clients help mitigate related risks.

LIQUIDITY

Hidrovias has an adequate liquidity profile. As of March, the cash
balance was BRL421 million, but pro forma to the recent capital
increase and liability management, Moody's expects a higher cash
balance of BRL700 million–800 million. Debt maturing between 2025
and 2027 totals approximately BRL600 million.

Liquidity risk has decreased substantially following the BRL 1.2
billion capital increase on May 8th. The proceeds were used to
eliminate the Advance for Future Capital Increase provided by
Ultrapar Logística, help to amortize BRL400 million in debentures
raised in January 2025, and reinforce the company's cash position.
Additionally, Hidrovias sold its Coastal Navigation business for
BRL715 million, including BRL195 million in equity value and BRL
521 million in debt, which will be carved out along with the asset
sale.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Ultrapar will
continue to strengthen its influence over and support for
Hidrovias. Moody's expects credit metrics to remain adequate, with
operations aligned with the terms of existing take-or-pay
agreements, and that the company will prudently manage dividend
distributions and future investments to preserve its liquidity
profile.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade would require a larger portion of Hidrovias' capital
structure to be guaranteed by Ultrapar. Ratings could also be
upgraded if the company increases diversification, reducing
reliance on highly volatile businesses, and sustainably reduces
leverage while maintaining a portfolio of long-term take-or-pay
contracts that support stable cash flow generation. Quantitatively,
an upgrade would require adjusted leverage (Debt/EBITDA) to remain
sustainably below 4.0x and interest coverage (adjusted FFO +
interest / interest) above 3.5x. A strong liquidity profile would
also be necessary.

A downgrade could occur if the perceived support from Ultrapar
weakens, or if Hidrovias' operating performance remains weak,
resulting in persistently high leverage and deteriorating
liquidity. A downgrade could also result from the loss of
take-or-pay agreements without compensation, or from further
debt-financed expansion into the spot market. Quantitatively, a
downgrade could occur if leverage remains above 5.0x and interest
coverage falls below 2.0x. A deterioration in liquidity due to
large shareholder distributions or more aggressive financial
policies would also pressure the rating.

COMPANY PROFILE

Headquartered in Sao Paulo, Hidrovias do Brasil S.A. is South
America's largest independent provider of integrated logistics
focused on waterway transportation. Its operations include
shipping, transshipment, storage, and port services for dry bulk
cargo—such as grains, iron ore, bauxite, fertilizers, and
pulp—across the Paraná-Paraguay waterway and Amazon river
systems, and port operations in Santos. As of March 2025, the
company generated BRL1.4 billion (approximately USD 226 million) in
revenue, with a Moody's-adjusted EBITDA margin of 14.9%, primarily
from shipping and logistics services.

The principal methodology used in these ratings was Shipping
published in June 2021.

Hidrovias' Ba3 rating is two notches above the scorecard-indicated
outcome by Moody's Shipping rating methodology of B2, as of the 12
months that ended March 2025. Hidrovias' rating benefits from the
control by Ultrapar, with its explicit guarantee and implicit
support. Additionally, in 2024 metrics have been depressed because
of weak operating performance caused by severe navigability
restrictions and lower transported volumes, which is reflected in
last 12-month metrics.



===========================
C A Y M A N   I S L A N D S
===========================

EDO SUKUK: Fitch Affirms 'BB+' Rating on Senior Unsecured Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Energy Development Oman SAOC's (EDO)
Long-Term Issue Default Rating (IDR) at 'BB+', with a Positive
Outlook.

EDO's rating is constrained by that of the government of Oman
(BB+/Positive), its sole shareholder, due to their close links, in
line with Fitch's Government-Related Entities (GRE) Rating Criteria
and Parent and Subsidiary Linkage (PSL) Rating Criteria. The
Positive Outlook reflects that on Oman's sovereign rating.

The company's 'bbb+' Standalone Credit Profile (SCP) is supported
by its large-scale oil and gas operations, strong and resilient
cash flow generation, due to contracted sale prices for gas and a
flexible royalty framework and dividend policy, and low leverage.

The SCP is constrained by operations concentrated in a single
country, a solely upstream-focused business model and a mature
reserve base with low proved reserve life compared with peers'.

Key Rating Drivers

Sovereign Constrains Rating: EDO's rating is constrained by that of
Oman due to strong linkages. Under its GRE Rating Criteria, Fitch
assesses the precedents of support as 'Strong' and decision-making
and oversight, preservation of government policy role, and
contagion risk as 'Very Strong'. This assessment results in an
overall GRE score of 55 points out of a maximum of 60.

'Very Strong' Decision-Making and Oversight: Its assessment
reflects full ownership by the state with no privatisation plans.
The company's strategy and activities are defined by a board of
directors nominated by the government. Its gas business is subject
to regulated pricing, and its Block 6 oil and gas concessions are
critical to the domestic economy.

'Strong' Precedents of Support: The government, in 2022, provided a
shareholder bridge facility by permitting EDO to defer dividend
payouts and allowing the company to allocate its excess cash
towards near-term investments. The government also established a
flexible royalty regime, whereby royalties are based on average oil
prices during the relevant period, to allow EDO to preserve cash
flow when hydrocarbon prices are low. Fitch expects the government
to continue providing support, due to EDO's pivotal role within
Oman's infrastructure and economy.

'Very Strong' Government-Policy Role Preservation: The oil and gas
sector is a major part of the Omani economy, with EDO's Block 6
concessions accounting for a large portion of the nation's oil and
gas reserves. The company sells gas mainly on the domestic market.
Further, EDO is one of the largest corporate employers in Oman.

'Very Strong' Contagion Risk: EDO has an expanding presence in
capital markets and is a benchmark issuer for its government in the
financial markets. Its default would seriously impair the financial
standing of the sovereign and the ability of either the government
or other GREs within the country to raise financing. This
underlines its 'Very Strong' assessment of contagion risk.

Scale Offsets Limited Diversification: EDO is the largest oil and
gas producer in Oman through its interest in Petroleum Development
Oman (PDO). PDO operates the onshore Block 6 oil and gas
concessions, which comprise over 24% of Oman's land acreage and
have more than 50 years of production history. This mitigates EDO's
focus on a single country of operations. Fitch expects an average
output of over 700,000 barrels of oil equivalent per day (boed)
until 2028.

Flexible Payouts Under Fiscal Framework: The company has been
subject to a unique fiscal framework since 2021. The terms include
weekly royalties paid to the government based on revenue from the
sale of oil and condensate and taxes paid on income derived from
oil and gas operations. Royalties and taxes paid are considerable
under its price deck, but they are structured in a way to ease the
burden on cash flow when market conditions are weak. The fiscal
framework has also been amended to allow for the tax-deductibility
of interest payments, allowing for material cash savings for EDO
starting from 2H25.

Strong Financial Profile: Fitch expects EDO will maintain a strong
financial profile until 2029 under its base-case oil and gas price
deck, despite rising capex, and high royalties and tax payments to
the government. Dividends are paid from excess cash flow after all
debt service obligations and working capital requirements are met,
while considering minimum cash levels, which allows cash flow
flexibility. Fitch expects the company's EBITDA net leverage to
average below 1x in 2024-2029. It plans to maintain company-defined
net debt below 2.2x funds from operations (FFO). This is a target
set by the board, although it is no longer covenanted in debt
documentation.

Favourable Unit Economics: In 2024, the company's production costs
before royalties were about USD4/boe of direct production costs and
about USD12/boe of capex, which place the company at the lower end
of the global cost curve. Adding generous royalties, which Fitch
estimates to average around USD15/boe through 2028 under its
assumptions, sharply increases these costs. This is partly
mitigated by EDO's strong financial profile, the broad alignment of
the company's and government's interests, and progressive taxation
on oil prices.

Expanding ESG Footprint: EDO continues to reduce greenhouse gas
emissions from operations and flaring, alongside improving energy
efficiency. PDO aims to expand its renewable power generation
capacity up to 30% of capacity in the medium term. EDO's and PDO's
environmental targets are in line with Middle Eastern peers' but
they lag behind those of large European peers, such as
TotalEnergies SE (AA-/Stable), BP plc (A+/Stable) or Eni SpA
(A-/Stable).

Peer Analysis

EDO's closest peers in EMEA oil and gas are Saudi Arabian Oil
Company (Saudi Aramco; A+/Stable), QatarEnergy (AA/Stable) and OQ
S.A.O.C. (BB+/Positive)

EDO has a stronger SCP than its Omani peer OQ, as the latter has
modestly higher gross leverage metrics, lower through-the-cycle
EBITDA and cash flow, and smaller scale, which are partially offset
by greater diversification and a much lower dividend burden.

Fitch assesses all three companies under its GRE Rating Criteria
and PSL Rating Criteria. Their IDRs are constrained by their
respective sovereign ratings.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Brent crude oil prices in 2025-2028 in line with Fitch's
base-case price deck

- Gas production sold at contracted fixed prices

- Upstream production volumes averaging around 820,000boed in
2025-2028

- Capex averaging USD4.4 billion a year in 2025-2028

- Dividends in line with the company's financial policy

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- The Positive Rating Outlook makes negative rating action
unlikely; however, the revision of the sovereign Outlook to Stable
or a negative rating action on Oman would be replicated for EDO.

- Weakening linkages between Oman and EDO (which is unlikely),
alongside considerable deterioration of the latter's SCP would lead
to a negative rating action.

- FFO gross leverage or EBITDA net leverage rising above 1.5x on a
sustained basis due to, for example, sustained negative free cash
flow (FCF) driven by high capex or large acquisitions, which may be
negative for the SCP but not necessarily for the IDR.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- A positive rating action on Oman would be mirrored in EDO's
rating.

- The SCP is capped by limitations of the company's business
profile.

For Oman's rating sensitivities, see "Fitch Revises Oman's Outlook
to Positive; Affirms at 'BB+'" published on 18 December 2024.

Liquidity and Debt Structure

At end-2024, EDO had readily available cash and cash equivalents of
USD429 million and undrawn revolving credit facilities of USD390
million. In mid-2025, the company refinanced and extended its
OMR375 million term loan to 2028 with a further two years of
extension options at the company's discretion, and the size of the
RCF was increased to USD520 million and the maturity extended to
2028. EDO has no material maturities until 2028.

Fitch expects EDO to maintain a robust liquidity profile due to
strong pre-dividend FCF, proven access to international debt
markets and strong linkage with the sovereign. Fitch expects EDO's
flexible dividend policy will allow for liquidity preservation
during periods of restricted capital market access or lower oil
prices.

EDO has a stated minimum cash target of about USD220 million plus
additional cash reserves for next quarter's debt service
obligations, which Fitch takes into account for determining cash
flow available for dividends.

Issuer Profile

EDO is Oman's national energy company and owns participating
interests in two concessions, accounting for about 65% of the
country's oil and gas production.

Public Ratings with Credit Linkage to other ratings

EDO's rating is constrained by Oman's sovereign rating.

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

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
   -----------                ------          --------   -----
Energy Development
Oman SAOC               LT IDR BB+  Affirmed             BB+

    senior unsecured    LT     BB+  Affirmed    RR4      BB+

EDO Sukuk Limited

    senior unsecured    LT     BB+  Affirmed    RR4      BB+



===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Foreign Investment in Tourism Nears US$6BB
--------------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) reported that foreign direct investment (FDI)
reached US$2.89 billion in the first half of 2025, marking a 15.3%
increase compared to the same period in 2024.  This growth
reinforces the country's position as the leading destination for
foreign investment in the region for the third consecutive year,
according to UNCTAD, notes Dominican Today.

The bank attributes this performance to strong investor confidence
and projects that total FDI for the year will surpass US$4.7
billion. Nearly half of the inflows were concentrated in the
tourism and energy sectors, the report notes.

Tourism also saw positive results, generating approximately US$5.8
billion in revenue from January to June -- up 1.8% from the same
period in 2024 -- driven by the arrival of 6.1 million visitors by
air and sea, the report relays.

Combined foreign exchange inflows from FDI, remittances, tourism,
exports, and services totaled around US$23.9 billion during the
first half of 2025, helping maintain exchange rate stability, the
report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.

TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.

DOMINICAN REPUBLIC: US$40M Financing Targets Women Entrepreneurs
----------------------------------------------------------------
Dominican Today reports that Banesco Banco Multiple and Dutch
development bank FMO have inked a five-year, US$40 million
financing agreement to boost credit access for micro, small and
medium-sized enterprises in the Dominican Republic, with special
focus on women entrepreneurs, youth-led startups and green
projects.

Under the deal, at least 40 percent of funds will back businesses
owned by women and young entrepreneurs, while 30 percent will
support environmentally sustainable initiatives and ventures that
spur local economic growth, according to Dominican Today.  The
remainder will target other high-impact sectors that drive
inclusive development, the report notes.

"This partnership widens financial inclusion in the Dominican
Republic," said Juan Jose Dada, director of Financial Institutions
at FMO, the report relays.  "By channeling resources to women- and
youth-led enterprises, microfinance institutions and green
projects, we promote job creation, reduce inequalities and
strengthen climate resilience."

Juan Carlos Carneiro, Banesco's executive president, called the
agreement a "decisive step" in the bank's mission to support the
sectors that energize the national economy, the report notes.  He
noted that Banesco has already teamed up with institutions like BID
Invest, the OPEC Fund and the Eco.Business Fund to deploy credit
lines with clear social, environmental and gender-equality
outcomes, the report discloses.

With over US$4 billion in assets and a nationwide branch network,
Banesco Banco Múltiple combines global expertise with a local
focus, the report says.  The new FMO financing is poised to unlock
growth for hundreds of small businesses, create quality jobs in
urban and rural areas, and advance the country's sustainable
development goals, 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.




=============
E C U A D O R
=============

ECUADOR: Fitch Affirms 'CCC+' Long-Term Foreign-Currency IDR
------------------------------------------------------------
Fitch Ratings has affirmed Ecuador's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'CCC+'. Fitch typically does not
assign Rating Outlooks to sovereigns with a rating of 'CCC+' or
below.

Key Rating Drivers

Ratings Affirmed: Ecuador's ratings are supported by its fairly
high per-capita income, current account surpluses and multilateral
financing that support its external liquidity and mitigate
near-term macro-stability risks. This is counterbalanced by a poor
debt-repayment record, continued political and policy
uncertainties, as well as government financing constraints.

Although near-term financing risks have eased following the IMF
program's augmentation and additional pledged multilateral support,
medium-term external financing pressures persist, particularly due
to the uncertain prospects for fiscal reforms and the government's
ability to regain international market access.

Renewed Political Mandate with Persistent Risks: Political
uncertainty has diminished following President Daniel Noboa's
re-election in May 2025, which secures a four-year mandate. While
the National Democratic Action (ADN) alliance did not obtain a
working majority in the National Assembly, it increased its
representation and emerged strengthened from the elections.

The administration's renewed mandate has improved market sentiment,
as reflected in a marked narrowing of sovereign bond spreads.
However, persistent security concerns, social unrest risks, and
questions regarding the durability of political consensus continue
to pose economic risks and challenges to policymaking. The passage
and effective implementation of pending fiscal and structural
reforms remain pivotal for Ecuador's economic growth prospects and
improved fiscal financing flexibility.

IMF Program Advances Fiscal Consolidation: The government has met
all quantitative performance criteria under the IMF's Extended Fund
Facility (EFF) through April 2025, outperforming fiscal targets and
clearing some arrears. Fiscal consolidation advanced, supported by
measures including a permanent three-percentage-point increase in
the VAT rate and reduction in fuel subsidies with the alignment of
domestic gasoline prices with international benchmarks. The fiscal
outturn was 0.9% of GDP stronger than IMF projections in 2024,
enabling the authorities to clear USD350 million in private sector
arrears, exceeding the USD200 million target set in the 2024 fiscal
plan. A revised, more ambitious, EFF program includes additional
fiscal measures equivalent to 1.1% of GDP by 2028, targeting a
non-oil primary balance adjustment of 6.6% of GDP during 2024-2028
(vs. 5.5% in the original program).

Elevated Financing Needs, Market Access Uncertain: Fitch estimates
Ecuador's total financing needs at USD11.3 billion (8.7% of GDP) in
2025, with external financing from multilaterals covering a
significant share (USD1.75 billion from the IMF and USD3.1 billion
from other multilaterals). While 2025 financing risks are
contained, the outlook beyond 2026 is contingent on the successful
restoration of international market access and continued
multilateral support, especially considering the external bond
amortization of about USD800 million during the second half of
2026. Failure to regain access as projected would require an
additional fiscal adjustment, alternative sources of financing
and/or a renewed build-up in arrears.

Fiscal Deficit to Widen in 2025: Fitch forecasts the central
government fiscal deficit to widen to 3.3% of GDP in 2025 from 2.7%
in 2024, primarily reflecting lower oil revenues due to production
disruptions. Despite weaker oil revenues, economic recovery and
fiscal measures implemented in 2025, such as maintaining the VAT
rate at 15%, have supported a 6.4% year-on-year increase in tax
revenues as of May. Additional measures included the introduction
of new fees in the e-commerce and mining sectors implemented in
June 2025, with further measures expected to be gradually
introduced between July and September, which will support growth in
non-oil revenues.

Medium Term Fiscal Consolidation: Fiscal consolidation remains
supported by non-oil revenue mobilization and expenditure
restraint, with further deficit reduction expected next year. The
May electoral results boost the likelihood of tax reforms in
Fitch's view. Further deficit reduction from 2027 onwards, and the
ability to close the financing gap, will depend on the approval and
implementation of tax measures as well as expenditure cuts.
Currently, Fitch forecasts the central government deficit to
decline to 2.4% and 2.3% in 2026 and 2027, respectively.

Broadly Stable Public Debt Ratio: Fitch projects general government
debt (GGD) to remain steady at 51% of GDP in 2025 from 50.9% in
2024, due to a wider fiscal deficit. Fitch expects a modest decline
in the debt-to-GDP ratio from 2026 onwards, reflecting fiscal
adjustment and higher nominal GDP. However, the debt burden will
remain sensitive to external shocks, with rising interest payments
constraining faster improvement.

Economic Recovery Projected: Following a 2.0% contraction in 2024,
real GDP expanded by 3.4% year-on-year in the first quarter of the
year, supported by household consumption and private investment. On
the supply side, agriculture, commerce, and manufacturing were the
main contributors to GDP growth in the first quarter. Fitch
projects GDP growth to rebound to 3.1% in 2025. Downside risks
include potential further disruptions to oil production, a more
adverse trade environment, renewed pressures to the electricity
sector and/or a further deterioration in the security environment.
Fitch projects growth to moderate to 2.1% in 2026.

Persistent Current Account Surpluses: A record current account
surplus of 5.7% of GDP was achieved in 2024, supported by robust
non-oil exports and remittances. As of May, total exports
registered a 10.4% year-on-year increase, reflecting a 23.7% rise
in non-oil export (primarily shrimp, cocoa, and bananas) despite a
19% contraction in oil exports. Net exports are expected to face
further pressure from pipeline disruptions in July, while imports
of capital, consumer goods, and merchandise are projected to
increase in line with the economic recovery. Consequently, Fitch
expects the surplus to narrow to 4.1% in 2025 and 3.6% in 2026.
Fitch forecasts international reserve coverage of current external
payments of 3.2 months at end-2026, compared to 2.1 in 2024 and the
peer group median of 2.6.

Financial System Stability: Stronger liquidity conditions in the
financial system have facilitated an initial uptick in credit and a
reduction in borrowing costs. Deposit growth rebounded sharply,
reaching 18.1% year-on-year in May 2025, supported by external
inflows and the clearance of select government arrears. Credit
growth accelerated to 6.9% year-on-year in May 2025, led by private
bank lending to the commercial sector. Public bank credit growth
turned positive for the first time since the pandemic, while the
proportion of restructured and refinanced loans declined
significantly.

ESG - Governance: Ecuador has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model.
Ecuador has a medium WBGI ranking at 36.6 reflecting high political
uncertainty, moderate voice and accountability, weak rule of law,
and weak control of corruption.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Public Finances: Greater financing strains that could jeopardize
repayment capacity, or signs of weaker willingness to service
commercial debt.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Structural: A reduction in political risk and uncertainty,
consistent with improved governability, and continued
implementation of economic and fiscal reforms.

Public Finances: Fiscal consolidation that supports a sustained
reduction in government financing needs with an improvement in
financing access and a stable/downward trajectory for the
debt-to-GDP ratio.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary sovereign rating model (SRM) assigns Ecuador a
score equivalent to a rating of 'B+' on the Long-Term
Foreign-Currency IDR scale. However, in accordance with its rating
criteria, Fitch's sovereign rating committee has not utilized the
SRM and qualitative overlay (QO) to explain the ratings in this
instance. Ratings of 'CCC+' and below are instead guided directly
by the rating definitions.

-

-

-

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centered
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.

Country Ceiling

The Country Ceiling for Ecuador is 'B', 2 notches above the
Long-Term Foreign-Currency IDR. This reflects strong constraints
and incentives, relative to the IDR, against capital or exchange
controls being imposed that would prevent or significantly impede
the private sector from converting local currency into foreign
currency and transferring the proceeds to non-resident creditors to
service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee applied a further
+1 notch qualitative adjustment to this, under the Long-Term
Institutional Characteristics pillar reflecting Ecuador's fully
dollarized economy.

ESG Considerations

Ecuador has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Ecuador has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

Ecuador has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Ecuador has a percentile rank below 50 for the
respective Governance Indicators, this has a negative impact on the
credit profile.

Ecuador has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Ecuador has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Ecuador has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Ecuador, as for all sovereigns. As Ecuador
has a fairly recent restructuring of public debt in 2020, this has
a negative impact on the credit profile.

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
   -----------                  ------            -----
Ecuador          LT IDR          CCC+ Affirmed    CCC+
                 ST IDR          C    Affirmed    C
                 Country Ceiling B    Affirmed    B

    senior
    unsecured    LT              CCC+ Affirmed    CCC+



=============
J A M A I C A
=============

DIGICEL MIDCO: Fitch Affirms Then Withdraws 'B' IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Digicel Midco Limited (DML) and Digicel
International Finance Limited's (Digicel) Long-Term Issuer Default
Rating (IDR) at 'B'. Fitch has also affirmed Digicel senior secured
notes and term loan issuances (co-issued by DIFL US LLC) at 'B'
with a Recovery Rating of 'RR4'. Subsequently, Fitch has withdrawn
the ratings for DML and its unsecured issuances (co-issued by DIFL
US II LLC), and the debt ratings under Digicel Intermediate
Holdings Limited (Holdings) as this entity is just a guarantor of
the new issuance. The Rating Outlook is Stable.

The rating reflects Digicel's position as the leading Caribbean
telecom operator, with credit metrics aligned with the 'B' rating
category. However, weak operating environments in markets such as
Haiti and currency depreciation risks partly offset these
strengths. The recent refinancing extended Digicel's debt
maturities and improved its financial flexibility and liquidity
profile.

Fitch is withdrawing DML's ratings as the bonds were repaid and the
proposed USD415 million DML issuance (co-issued by DIFL US II LLC)
was cancelled, and the entity is no longer issuing debt. As Digicel
Intermediate Holdings Limited is the guarantor, but not a co-issuer
of the refinancing secured bonds and Term Loan B due 2032, Fitch is
withdrawing the secured debt instrument ratings that were assigned
under this entity.

Key Rating Drivers

Improved Financial Flexibility: Digicel's financial flexibility and
liquidity profile have significantly improved after raising
approximately USD2.7 billion in new secured financing in July 2025.
The refinancing extended the existing debt maturities to 2032 and
strengthened the company's liquidity, as it also established a new
USD200 million secured RCF.

Strong Competitive Position: The ratings reflect Digicel's strong
market and diversification across 25 Caribbean markets, where
duopoly conditions often reduce the risk of new entrants and
sustain consistent EBITDA margins (before leases) of about 40%. In
the mobile segment, most of Digicel's subscribers are pre-paid
consumers, making them more price sensitive. While Digicel is
expanding into higher-growth business-to-business (B2B) solutions
and home entertainment (business-to-consumer [B2C] broadband and
TV), these segments contribute about 25% of revenues.

Positive FCF: Fitch expects Digicel to generate positive FCF based
on its moderate capex and lack of dividends. Fitch projects
adjusted EBITDA (post leases) of approximately USD720
million-USD730 million for fiscal 2026 from approximately USD680
million reported in fiscal 2025. This is driven by single-digit
growth in the B2B and fixed operations, steady revenues from its
mobile operations, and lower costs due to operating efficiency
measures. Fitch projects capex-to-sales to remain close to 12% in
fiscal 2026.

Improved Net Leverage: Fitch expects adjusted gross leverage to
reach about 4.0x in fiscal 2026 (4.1x in fiscal 2025) based on
improved EBITDA, positive FCF, and interest expenses of about
USD240 million. Fitch expects net leverage to trend toward 3.5x by
fiscal 2026 (3.7x in fiscal 2025).

Haiti Exposure: The ratings also reflect Digicel's exposure to a
low-rated and volatile economic environment, including
weather-related events. Fitch estimates Haiti represents about 17%
of the company's revenues, with the company reporting high losses
of prepaid subscribers due to civil unrest.

Peer Analysis

Digicel's business profile, characterized by leading mobile market
shares in well-diversified operational geographies supported by
network competitiveness, is stronger than Oi S.A. (C), which has
also restructured its debt, and is expected to continue burning
cash through 2025 and 2026, primarily driven by negative EBITDA
from its legacy fixed-line business

Digicel's business profile is weaker than its regional diversified
telecom peers in the speculative-grade rating categories, including
Millicom International Cellular S.A. (BB+/Stable) and Cable &
Wireless Communications Limited (BB-/Stable). Digicel's business
profile is relatively smaller and less diversified on a service
basis due to its reliance on mobile and exposure to
non-investment-grade countries with significant exchange rate
volatility.

Liberty Communications of Puerto Rico LLC (B/Stable) has weaker
credit metrics than Digicel. This is partially offset by the fact
that Liberty Puerto Rico operates in an environment free from
currency risks and its revenue mix features a more balanced
distribution between fixed and mobile services. In contrast, most
of Digicel's mobile customers use prepaid plans and tend to be more
cost sensitive.

Key Assumptions

- Steady revenue in fiscal 2026 followed by revenue growth of about
2%-3% driven by Digicel business and Digicel+;

- EBITDA margins (post leases) of about 35%-40%;

- Average capex of close to 12% of revenues;

- No dividend payments to controlling shareholders.

- Fitch assesses the group's credit profile using Digicel Holding
(Bermuda) Limited's financials, which are closely aligned with
Digicel's metrics.

Recovery Analysis

The recovery analysis assumes the company would be reorganized as a
going concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

The going concern operating EBITDA reflects Fitch's estimates of
mid-cycle EBITDA that is achievable in the medium term, given the
company's performance post-debt restructuring, its position
primarily in duopoly markets and its exposure to weak operating
environment and currency risks. This going concern EBITDA of USD580
million. Fitch uses an enterprise value/EBITDA multiple of 5.0x,
reflecting the company's long-term prospects and good market shares
in mostly duopoly markets amid a scenario of financial distress.

Fitch forecasts recovery rates commensurate with 'RR2' for the
DIFL's senior secured notes and term loan. All these secured debt
instrument recovery ratings are capped at 'RR4' resulting in
ratings equal to the IDRs, in accordance with Fitch's Country
Specific Treatment of Recovery Ratings Criteria that constrains the
upward notching of instruments.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Deterioration of liquidity or performance;

- Negative FCF on a sustained basis;

- Debt/EBITDA above 5x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- CFO-capex/debt above 2.5% on a sustained basis;

- Debt/ EBITDA below 3.75x on a sustained basis;

- EBITDA net leverage below 3.25x on a sustained basis.

Liquidity and Debt Structure

Digicel's liquidity is mainly supported by its cash balance and the
expectation that the company will generate positive FCF over the
next three years.

The extension of Digicel's debt maturity schedule to 2032 and the
addition of the new USD200 million RCF have improved its financial
flexibility. On a pro forma basis, after the refinancing, the
consolidated USD2.8 billion debt will be at the DIFL level, with no
more debt in DML. DIFL's new debt is mainly comprised of USD1.99
billion secured notes and USD750 million of secured term loans.

Issuer Profile

Digicel is a diversified telecom operator that provides mobile and
fixed-line services to consumers and businesses in the Caribbean.

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

Digicel International Finance Limited has an ESG RS of '4' for
Exposure to Environmental Impacts due to its presence in a
hurricane prone region, 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         Recovery   Prior
   -----------                ------         --------   -----
DIFL US LLC

   senior secured       LT     B   Affirmed    RR4      B

DIFL US II LLC

   senior unsecured     LT     WD  Withdrawn            B-

Digicel International
Finance Limited         LT IDR B   Affirmed             B

   senior secured       LT     B   Affirmed    RR4      B

Digicel Midco Limited   LT IDR B   Affirmed             B
                        LT IDR WD  Withdrawn

   senior unsecured     LT     WD  Withdrawn            B-

Digicel Intermediate
Holdings Limited

   senior secured       LT     WD  Withdrawn            B

NCB FINANCIAL: Raises US$225MM on International Capital Market
--------------------------------------------------------------
RJR News reports that NCB Financial Group has made history by
raising US$225 million through a senior secured bond offer on the
international capital markets, becoming the first Jamaican
financial institution to do so in the prestigious 144A/Reg S
market.

The deal, which closed on July 31, marks the second largest
financial bond issue in Caribbean history and the first
international market transaction by a Jamaican company in five
years, according to RJR News.

The bonds, which mature in 2030, carry an 11% coupon and were rated
B- by S&P and B+ by Fitch, both with stable outlooks, the report
notes.

The offer, led by Citibank, saw strong demand from global
institutional investors across the Caribbean, US, UK, Europe and
Canada, the report adds.

                   About NCB Financial

The NCB Financial Group Limited is a financial services
conglomerate operating in the Caribbean region and headquartered
in Kingston, Jamaica. NCB Financial Group Limited is the parent
company of the National Commercial Bank of Jamaica, the largest
and most profitable financial institution in Jamaica. It is also
the majority shareholder of Guardian Holdings Limited, one of the
largest insurance providers in the Caribbean, and of Clarien Group
Limited, a banking and investment management services provider
based in Bermuda. The company is listed on the Jamaica Stock
Exchange and Trinidad & Tobago Stock Exchange.

As reported in the Troubled Company Reporter-Latin America on
March 14, 2025, Fitch Ratings has affirmed National Commercial
Bank Jamaica Limited's (NCBJ) Long-Term and Short-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'BB-' and 'B',
respectively. Fitch has also affirmed NCBJ's Viability Rating (VR)
at 'bb-'Fitch has additionally affirmed NCB Financial Group
Limited's (NCBFG) Long-Term Foreign and Local Currency IDRs and
Short-Term Foreign and Local Currency IDRs at 'B+' and 'B',
respectively. The Rating Outlook for both NCBJ and NCBFG's
Long-Term IDRs is Positive.

The Positive Outlook on the Long-Term IDRs is aligned with the
Positive Outlook on Jamaica's sovereign rating and reflects Fitch's
expectations of continued improvement in the Operating Environment
(OE).



=====================
P U E R T O   R I C O
=====================

INCAR GROUP: Seeks to Hire Carlos Alberto Ruiz as Legal Counsel
---------------------------------------------------------------
INCAR Group LLC seeks approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ LCDO. Carlos Alberto Ruiz LLC
as counsel.

The firm will provide these services:

     (a) advise the Debtor on its rights, obligations, and duties
under the bankruptcy code;

     (b) prepare and file all necessary petitions, pleadings,
schedules, and motions;

     (c) represent the Debtor in proceedings before the Bankruptcy
Court;

     (d) negotiate with creditors and interested parties toward a
plan of reorganization;

     (e) assist in formulating, proposing, and confirming a plan;
and

     (f) provide such other legal services as may be required for
the proper administration of this estate.

Carlos Ruiz Rodriguez, Esq., the primary attorney in this
representation, will be billed at his hourly rate of $250 plus
out-of-pocket expenses.

The firm received a retainer in the amount of $9,000 from the
Debtor.

Mr. Rodriguez disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Carlos A. Ruiz Rodriguiez
     LCDO. Carlos Alberto Ruiz, LLC
     P.O. Box 1298
     Caguas, PR 00726
     Telephone: (787) 286-9775
     Facsimile: (787) 747-2174
     Email: carlosalbertoruizquiebras@gmail.com

                     About INCAR Group LLC

INCAR Group LLC is a construction contractor based in Cidra,
Puerto
Rico.

INCAR Group LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 25-03067) on July 1, 2025.
In its petition, the Debtor reports estimated assets up to $50,000
and estimated liabilities between $500,000 and $1 million.

The Debtor is represented by Carlos A. Ruiz Rodriguez, Esq.



                           *********


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 * * *