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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Friday, August 22, 2025, Vol. 26, No. 168

                           Headlines



A R G E N T I N A

ARGENTINA: Consumer Prices Rose 1.9% in July, INDEC Says
ARGENTINA: Inflation Posts Mild Acceleration After Policy Stumble
YPF SA: Appeals Court Grants Request to Put Share Turnover on Hold


B R A Z I L

BRASKEM SA: Moody's Lowers CFR to B2, Alters Outlook to Negative
ELDORADO BRASIL: Moody's Puts 'Ba2' CFR on Review for Downgrade


E C U A D O R

ECUADOR: S&P Affirms 'B-/B' SCRs, Alters Outlook to Stable


E L   S A L V A D O R

EL SALVADOR: S&P Affirms 'B-/B' Sovereign Credit Ratings


J A M A I C A

JAMAICA: Total Factor Productivity Still Below Counterparts
PROVEN GROUP: Reports 2nd Quarter Net Loss of US$2.6 Million


M E X I C O

DEL MONTE: Hires Cole Schotz as Bankruptcy Co-Counsel
DEL MONTE: Hires Herbert Smith Freehills as Legal Counsel
PETROLEOS MEXICANOS: Moody's Puts 'B3' CFR on Review for Upgrade
TOTAL PLAY: Moody's Affirms 'B3' CFR, Alters Outlook to Positive


P U E R T O   R I C O

HOGAR LUZ: Seeks Court Approval to Tap Tamarez CPA as Accountant
HOGAR LUZ: Seeks to Hire Vilarino & Associates as Legal Counsel


X X X X X X X X

LATAM: Prolonged Period of Slow Growth Projected for Region

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Consumer Prices Rose 1.9% in July, INDEC Says
--------------------------------------------------------
Buenos Aires Times reports that consumer prices rose 1.9 percent in
July, Argentina's INDEC national statistics bureau reported –
higher than June's figure but still under the two percent mark.

In the first seven months of 2025, inflation reached 17.3 percent,
well below the 87 percent recorded over the same period last year.
The annualized rate (the last 12 months) now stands at 36.6
percent, according to INDEC, the report notes.

The sharpest monthly increases came in the recreation and culture
category (up 4.8 percent) and transport (up 2.8 percent), the
latter driven mainly by public transport fare hikes, according to
Buenos Aires Times.  Clothing and footwear posted the biggest drop,
down 0.9 percent, the report relays.

By category, seasonal prices rose 4.1 percent, regulated prices 2.3
percent, and core inflation 1.5 percent, the report discloses.

"The three-month moving average of overall inflation was below 1.7
percent, the lowest since November 2017," the Economy Ministry
noted in a statement obtained by the news agency.

Most analysts had forecast a July figure under two percent, citing
progress made by President Javier Milei's administration in
stabilising inflation, the report relays.

The report says Milei celebrated the result, noting it was the
third consecutive month under the two-percent threshold and
praising top official Luis Caputo as "by far the best Minister of
Economy in history" in a post on social media.

The Central Bank's market expectations survey (REM) had projected
1.8 percent inflation for the month. Private estimates suggest
July's currency turbulence had only a limited impact on prices, the
report discloses.

June's 1.6 percent rate was just above May's 1.5 percent -- the
lowest in five years, the report says.  Nevertheless, inflation has
accelerated for two months in a row, even if only slightly, the
report relays.

Since taking office in December 2023, Milei has pursued a severe
fiscal adjustment plan involving large spending cuts, mass
public-sector lay-offs, the suspension of public works projects,
and a drastic cut in the number of government ministries, notes
Buenos Aires Times.  Last year, his administration celebrated
Argentina's first fiscal surplus since 2010 and an annual inflation
rate of 118 percent – down from 211 percent in 2023, recounts the
report.

The gains, however, have come at a cost: a steep fall in purchasing
power and consumption, alongside rising unemployment. Social unrest
has materialized on the streets, with protests being met by an
aggressive security apparatus, the report notes.

                       About Argentina

Argentina is a country located mostly in the southern half of
South America. Its capital is Buenos Aires. Javier Milei is the
current president of Argentina after winning the November 19,
2023 general election. He succeeded Alberto Angel Fernandez
in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank.  Historically, however,
its economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion.  The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.

Moody's Ratings on July 17, 2025, upgraded Argentina's
long-term foreign currency and local currency issuer ratings to
Caa1 from Caa3 and changed the outlook to stable from positive.
The upgrade reflects Moody's views that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event. In January 2025, Moody's raised Argentina's local
currency ceiling  to B3 from Caa1 and the foreign currency ceiling

to Caa1 from Caa3.  

Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered
its local currency sovereign credit ratings on Argentina to
'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from
'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local

Currency Issuer Ratings to B (low) from CCC in November 2024.

ARGENTINA: Inflation Posts Mild Acceleration After Policy Stumble
-----------------------------------------------------------------
Buenos Aires Times reports that monthly inflation in Argentina
picked up some momentum last month as regulated price hikes
collided with a peso overhang that sparked the currency's worst
month since 2023.

Consumer prices rose 1.9 percent in July, up from June's 1.6
percent pace and in line with the median estimate of economists
surveyed by Bloomberg. From a year ago, annual inflation cooled to
a near five-year low of 36.6 percent, according to government data,
notes Buenos Aires Times.

Recreation, transport and restaurants led price increases in July,
when the peso lost more than 12 percent against the dollar, its
worst performance since President Javier Milei devalued the
currency at the start of his government, the report notes.

Milei's Central Bank attempted to unwind 15 trillion (US$11.3
billion) of short-term peso notes last month, encouraging investors
to roll over into Argentine Treasury bonds in a bid to clean up its
balance sheet, the report discloses.  But the market didn't absorb
all the maturing notes, causing Argentina's monetary base to spike
and policymakers to subsequently jack up private banks' reserve
requirements in an effort to mop up the excess liquidity, the
report says.

The episode provoked critiques from Washington, the report notes.
Even after the International Monetary Fund granted a US$2-billion
disbursement to Milei's administration as part of the US$20-billion
program, Managing Director Kristalina Georgieva called for "clear
communication of policies" and "greater clarity regarding the
medium-term monetary regime," the report relays.

Still, the peso's double-digit losses didn't fully bleed over into
prices -- nor dent Milei's high approval ratings -- compared to
past periods of devaluation, and annual inflation is still heading
down overall, the report notes.  That's in part due to Milei's
tight control of the monetary base, one of the key ingredients to
controlling inflation as the Central Bank no longer controls its
benchmark rate, the report discloses.

Economists surveyed by the monetary authority project annual
inflation finishing this year at 27 percent, well down from
triple-digit territory in 2024, the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of
South America. Its capital is Buenos Aires. Javier Milei is the
current president of Argentina after winning the November 19,
2023 general election. He succeeded Alberto Angel Fernandez
in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank.  Historically, however,
its economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion.  The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.

Moody's Ratings on July 17, 2025, upgraded Argentina's
long-term foreign currency and local currency issuer ratings to
Caa1 from Caa3 and changed the outlook to stable from positive.
The upgrade reflects Moody's views that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event. In January 2025, Moody's raised Argentina's local
currency ceiling  to B3 from Caa1 and the foreign currency ceiling

to Caa1 from Caa3.  

Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered
its local currency sovereign credit ratings on Argentina to
'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from
'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local

Currency Issuer Ratings to B (low) from CCC in November 2024.

YPF SA: Appeals Court Grants Request to Put Share Turnover on Hold
------------------------------------------------------------------
Enerdata reports that a U.S. appeals court has granted a temporary
hold on Argentina's turnover of its 51% stake in the state-owned
oil and gas company YPF to the Burford Capital hedge fund.

The decision of the 2nd U.S. Circuit Court of Appeals in Manhattan
means that the Argentina is allowed to keep its stake on YPF until
its appeal against Burford Capital's lawsuit is resolved, notes the
report. The announcement comes after the Argentinean government
warned that the country could face irreparable harm and economic
instability if the stay was not granted, even if the appeal were
successful.

In July 2025, a U.S. district judge ordered Argentina to transfer
its controlling stake in YPF to former shareholders within 14 days
to a global custody account at the U.S. bank BNY Mellon, which was
then to be transferred to the plaintiffs within one business day,
as payment of a US$16 billion judgment related to its 2012
nationalization of the group, recalls the report.

                         About YPF SA

YPF SA, an energy company, engages in the oil and gas upstream and
downstream activities in Argentina. Its upstream operations
include the exploration, exploitation, and production of crude oil,
and natural gas. The company's downstream operations include
petrochemical production and crude oil refining; transportation
and distribution of refined and petrochemical products;
commercialization of crude oil, petrochemical products, and
specialties.

As reported in the Troubled Company Reporter-Latin America in
January 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'CCC'.
Additionally, Fitch has affirmed YPF's outstanding senior
unsecured notes at 'CCC' with Recovery Rating of 'RR4'.  The
company's Standalone Credit Profile (SCP) remains 'b', and its
ratings are aligned with Fitch's "Government Related Entities
Criteria," reflecting government ownership and strategy.



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B R A Z I L
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BRASKEM SA: Moody's Lowers CFR to B2, Alters Outlook to Negative
----------------------------------------------------------------
Moody's Ratings has downgraded to B2 from Ba3 Braskem S.A.
("Braskem")'s Corporate Family Rating and the rating on Braskem
America Finance Company's Backed Senior Unsecured Global Bonds,
fully guaranteed by Braskem S.A. The outlook for both companies was
changed to negative from stable.

RATINGS RATIONALE

The downgrade of Braskem's rating to B2 reflects the continued
weaknesses in the company's credit metrics and cash generation due
to the petrochemical downcycle and still subdued operations in
Mexico. In the twelve months ended in June 2025, Braskem's Moody's
adjusted leverage (including Mexico) peaked at 15.3x, while free
cash flow was negative at BRL8.8 billion reflecting the weak level
of operations and the disbursements related to the provisions in
Alagoas. Absent of any protectionism measures that improves the
company's EBITDA, Moody's expects Braskem's adjusted leverage
(including Mexico) to remain at around 11x-13.5x in the next 12-18
months as the company's EBITDA continues to be strained by
petrochemical spreads, despite the company's ongoing initiatives to
improve profitability.

Braskem's free cash flow generation will also remain pressured with
the weak level of operations, remaining disbursements related to
Alagoas and the company's investments in its transformation program
to increase competitiveness in the long term. The 11.0-13.5x
leverage Moody's expects for the next 12-18 months is still high
for the rating category and risks remain on the current macro
environment, and further deceleration in global economic growth
would weigh on demand, extending the downcycle in the industry and
limiting the potential recovery of Braskem's credit metrics.

Braskem's robust cash position provides a good cushion against the
financial impact of the downcycle, but Braskem needs to improve
operations and reduce cash outflows to achieve free cash flow
neutrality and avoid refinancing risks related to significant debt
maturities in 2028 during the current market weakness. At the end
of June 2025, Braskem had total cash of BRL10.3 billion, plus a $1
billion (BRL5.7 billion) committed credit facility due in December
2026, and only BRL1.9 billion in debt coming due until the end of
2026, including Mexico's debt. Braskem's credit quality remains
mainly supported by its large cash position and lack of financial
covenants that could threaten the company's short-term liquidity
amid a rising leverage. Moreover, the company announced measures to
reduce costs and cash outflows during the downcycle -- namely
optimization of commercial management, working capital and fixed
and variable costs; investments in competitiveness; and sale of
assets. Still, with the uncertainties related to the macroeconomic
environment, provisions in Alagoas and continued subdued operations
in Mexico, Braskem's free cash flow will remain negative in 2025
and its cushion to withstand the industry's weakness in the next
few years diminished.

Braskem's B2 rating continues to be supported by its size as the
largest petrochemical company in Brazil and in the Americas in
terms of production capacity of resins, with historically
above-industry-average operating margins because of high capacity
utilization rates, long-term client relationships and product
customization. The rating also reflects the company's dominant
market position in Brazil and its geographic diversification, with
operations in the US, Mexico and Europe. Finally, the company's
sizable cash position support its liquidity and is an additional
positive credit consideration.

The rating is constrained by the sharp deterioration in credit
metrics since late 2022, significant cash burn, weak industry
conditions globally stemming from global overcapacity as well as
the company's high exposure to the volatility of petrochemical
spreads. The rating also considers the dependence on Petroleo
Brasileiro S.A. - PETROBRAS (PETROBRAS, Ba1 stable) and Petroleos
Mexicanos (PEMEX, B3 negative) for the supply of naphtha and ethane
in Brazil and Mexico, respectively, although both have been
declining over the past years. Additional credit concerns include
the potential additional liabilities related to Alagoas, still
subdued operations in Mexico and Braskem's shareholders intention
to divest the business.

RATING OUTLOOK

The negative outlook reflects Moody's expectations that Braskem's
credit metrics will remain strained in the next 12-18 months while
the company pursues initiatives to offset the weak market
conditions, but that the company will continue to prudently manage
liquidity to preserve its credit profile through the downcycle.

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

The rating could be downgraded if Braskem's liquidity profile
deteriorates because of additional material liabilities from
litigations and class actions, weaker than anticipated sales
volumes or petrochemical spreads that results in higher leverage or
cash burn, the inability to renew its RCF due in December 2026 or
more aggressive financial policies, including dividend payout
consistently above the minimum level established by the law.
Furthermore, negative rating pressure could result from weaker
operating results on a sustained basis or persistently high
leverage through the cycle, with total adjusted debt/EBITDA
(including Mexico) of 6.5x or above and interest coverage (measured
by EBITDA/interest expense) below 1.0x (0.6x in Last twelve months
ended June 2025) on a sustained basis.

The rating could be upgraded if the company resolves the current
overhangs related to the geological event in Alagoas, while
improving its liquidity, financial flexibility and credit metrics.
An upgrade could also occur if Braskem shows a continued track
record of a conservative financial policy, maintaining sound
liquidity and positive free cash flow generation. Quantitatively,
an upgrade would also require leverage (as measured by total
adjusted debt/EBITDA including Mexico) sustained below 5.5x through
commodity cycles.

COMPANY PROFILE

Braskem is the largest producer of thermoplastic resins
(polyethylene, polypropylene and polyvinyl chloride) in the
Americas, with an annual production capacity of 9.3 million tons.
Braskem also has a production capacity of 10.8 million tons of
basic petrochemicals such as ethylene, propylene and gasoline,
among others; and about 1.4 million tons of caustic soda, EDC and
chlorine. In the twelve months ended June 2025, the company
reported consolidated net revenue of BRL77.7 billion ($13.6
billion), with EBITDA margin of 5.4%.

The principal methodology used in these ratings was Chemicals
published in October 2023.

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

ELDORADO BRASIL: Moody's Puts 'Ba2' CFR on Review for Downgrade
---------------------------------------------------------------
Moody's Ratings has placed the Ba2 Corporate Family Rating of
Eldorado Brasil Celulose S.A. (Eldorado) on review for downgrade.
Previously, the outlook was stable.

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

The review for downgrade reflects a significant increase in
Eldorado's gross debt and leverage following recent ownership
consolidation. These changes have resulted in an unbalanced capital
structure and increased refinancing risk, given the short-term
profile of the newly issued debt. The review also considers a
fundamental shift in Eldorado's risk profile, driven by a sharp
rise in debt without a corresponding improvement in operating
performance that could enhance cash flow generation. Additionally,
liquidity has deteriorated following the sale of forestry assets,
which reduced alternative funding sources previously available to
support debt obligations.

The review will focus on Eldorado's ability to strengthen its
capital structure by reducing leverage below the downgrade trigger
of 4.0x and executing its liability management plan to improve
liquidity and mitigate refinancing risk. Moody's expects management
to implement a comprehensive liability management strategy by
year-end 2025 to reduce gross debt and extend maturities. This
includes using proceeds from forestry asset monetization to prepay
debt and accessing both local and international capital markets to
refinance short-term obligations.

Governance risks remain a key factor in the rating assessment,
particularly due to Eldorado's concentrated ownership and increased
risk appetite. This is reflected in the substantial debt issuance
and the disconnect between projected net leverage (excluding
leases) through 2026 and the company's stated financial policy
targets of 2.5x to 3.5x. The change in risk profile also limits the
company's ability to pursue near-term growth initiatives, including
the previously planned expansion to a second production line.

The resolution of the shareholder dispute eliminates all
outstanding litigation and significantly improves Eldorado's access
to bank financing and capital markets. This enables a more
strategic and long-term approach to capital allocation and
operational planning. Recent trade finance issuances, completed on
an unsecured and covenant-free basis, reflect this improved credit
access. However, while Moody's base case assumes continued strong
operating performance despite expected pressure on pulp prices,
successful deleveraging will depend on executing asset sales and
maintaining disciplined use of free cash flow to reduce debt.
Volatility in pulp prices could weaken cash generation, delay
deleveraging, and keep leverage above the downgrade threshold for
an extended period.

Headquartered in Sao Paulo, Brazil, with operations in Tres Lagoas,
Mato Grosso do Sul, Eldorado is a significant operator in the
global pulp market. The company produces about 1.8 million tons of
hardwood pulp per year. Production costs are highly competitive and
supported by an extensive planted forest base of about 300 thousand
hectares. Eldorado began operations in December 2012 and reported
revenue of BRL6.4 billion ($1.2 billion) in the 12 months ended
June 2025. Eldorado is wholly owned by J&F Investimentos S.A
(J&F).

J&F, which is owned by the Batista family, is a Brazilian holding
company with a diverse portfolio including protein producer JBS
S.A. (Baa3 stable). J&F is active across various industries,
including agribusiness, finance, energy and manufacturing

The principal methodology used in this rating was Paper and Forest
Products published in August 2024.

Eldorado's scorecard-indicated rating for the twelve months ending
March 2025 is Baa2, three notches above the assigned rating of Ba2.
However, the forward-looking scorecard outcome aligns with the
assigned rating at Ba2, reflecting a deterioration in credit
metrics following the issuance of BRL15 billion ($2.6 billion) in
new debt and expectations of weaker cash generation due to
persistently low market pulp prices.



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E C U A D O R
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ECUADOR: S&P Affirms 'B-/B' SCRs, Alters Outlook to Stable
----------------------------------------------------------
On Aug. 20, 2025, S&P Global Ratings revised its outlook on the
ratings on Ecuador to stable from negative. S&P also affirmed its
'B-/B' long- and short-term foreign and local currency sovereign
credit ratings. The 'AAA' transfer and convertibility assessment is
unchanged.

Outlook

The stable outlook balances higher availability of financing from
official lenders with deep-seated challenges for economic growth.
It also incorporates the government's commitment to fiscal
consolidation and its improved capacity to pass reforms given its
strong mandate in Ecuador's National Assembly, despite the
country's history of rapid political changes and confrontation
between the executive and the legislative branches.

Downside scenario

S&P said, "We could lower the ratings over the next six to 12
months if the government fails to achieve fiscal consolidation,
raising doubts about its ability to service growing external debt
from January 2026 onward. We could also downgrade Ecuador in the
event of liability management operations that we consider as a
distressed debt exchange."

Upside scenario

S&P could raise the ratings over the next six to 12 months if the
government were to successfully deliver on fiscal consolidation,
substantially reducing its financing needs over the coming years.
Such an outcome could lead to an improved view of the country's
historically weak payment culture. Furthermore, creditworthiness
could improve if the government addresses some long-standing
constraints on economic growth, such as poor public security and
problems in the electricity sector, thereby encouraging
private-sector investment in strategic sectors of the economy.

Rationale

The 'B-' ratings on Ecuador reflect the country's weak
institutional framework, lack of monetary flexibility, poor
long-term economic performance, and high dependence on the oil
sector. Persistently high fiscal deficits and lack of funding
contributed to sovereign defaults and debt restructurings in past
years, weighing negatively on the rating. Poor public security and
energy shortages have exacerbated governing challenges. The
country's dollarization and its lack of monetary policy reduce its
ability to manage external shocks.

Institutional and economic profile: Strong mandate following the
election lowered political uncertainty and should allow good
progress within the IMF program

-- S&P expects less political uncertainty following a recent
change in Ecuador's political landscape, despite a history of
confrontation between the executive and the legislature.

-- The government's commitment to fiscal consolidation,
incorporated into an agreement with the IMF, is providing access to
official financing.

-- S&P thinks structural reforms will be needed to address several
deep-seated obstacles to better economic growth.

President Daniel Noboa won the presidential election in April 2025
and was able to quickly garner a strong mandate in the National
Assembly. His party (ADN; its Spanish acronym) did well in the
legislative election this year, and following defections from
opposition parties was able to muster 77 out of the 152 seats,
providing it with a strong mandate to advance reforms. A political
party supporting former President Rafael Correa is the
second-largest force in the Assembly, with 62 seats. The presence
of two well-represented political parties in the Assembly is a
significant change in Ecuador's political landscape, which had been
historically characterized by fragmented Assemblies that
continually blocked new laws, leading to confrontation between the
executive and the legislature.

Thanks to greater political certainty, S&P now expects the
government to advance on its reform agenda. President Noboa has
been in office since November 2023, following snap elections that
followed the former president's impeachment and the dissolution of
the Assembly. The country's rapid changes in policies and
historical episodes of political uncertainty underscore its
relatively weak institutions. However, despite a severe spike in
crime and an electricity crisis from extreme weather events during
2024, the government was able to progress on key economic policies.
For example, it was able to partially contain fiscal slippage by
raising the VAT tax rate to 15% (from 12%), reducing energy
subsidies, and securing a program with the IMF.

Reform momentum slowed during the last electoral campaign and is
now picking up, with revisions to the remaining energy subsidies
and a more pronounced fiscal consolidation plan. Strong progress
with the second review of the IMF program has led the IMF to
increase the size of the program to $5 billion (from $4 billion
initially), with the immediate disbursement of about $600 million.
In return, the government has made a very ambitious commitment to
improve fiscal accounts by 6.6% of GDP between 2024 and 2028,
mostly through revenue measures.

Despite these improvements, we think Ecuador has a weak payment
culture, following a history of defaults and debt restructurings.
S&P said, "We would look at any future potential debt exchanges or
liability management operations on a case-by-case basis. We would
consider the prevailing macroeconomic and financial context, the
timing of an operation, if there's proper compensation to
investors, and if there's a material likelihood of default without
the operation. Those that we perceive as distressed would be
tantamount to default."

S&P said, "We expect somewhat higher economic growth over the next
three years. We forecast the economy to grow 2.8% in 2025,
following a contraction of 2% in 2024 as a result of tight
liquidity and a security and energy crisis. However, Ecuador's per
capita GDP, estimated at around $7,100 in 2025, has been virtually
flat over the past decade (it was around $6,400 in 2014). We think
a sizable increase in both public and private investment will be
needed to substantially boost its medium-term growth prospects."

Ecuador's economy remains highly exposed to movements in oil
prices, given that oil represents around 8% of its GDP, 28% of
exports, and a third of the revenues of the nonfinancial public
sector. Oil production has been declining over the last 10 years
due to low investment. A public referendum in 2023 and a court
decision led to the phased-in closure of an oil field called block
43 due to environmental concerns. The closure will have a
significant negative impact on the sector because the field
accounts for around 13% of Ecuador's current crude oil production.
The government is trying to compensate for the loss by promoting
oil production in the Sacha oil field.

Ecuador has ample production of clean energy thanks to abundant
hydrological resources. However, since 80% of electricity is
generated through hydroelectric dams, the country remains
vulnerable to climate shocks, as seen during last year's
extraordinarily dry season. Furthermore, the deterioration of the
Coca Codo Sinclair hydro dam, which currently generates around 30%
of the country's energy production, led to energy shortages and
blackouts last year. The government is trying to open the space for
private investment in strategic economic sectors, such as
electricity and oil production. However, sizable investments are
needed for electricity supply to be able to match increasing
demand.

Ecuador has important untapped investment potential from mining,
especially gold and copper. There are two large mining projects
underway and another seven in the pipeline, with the potential to
bring an estimated $11 billion in private investment over the next
six years.

Flexibility and performance profile: Available financing reduces
liquidity risks, although fiscal challenges remain

-- Fiscal consolidation will likely reduce the fiscal deficit,
mostly via an increase in revenues.

-- S&P projects government debt to stabilize at 53% of GDP, with
official lending largely covering financing needs in the next 12
months.

-- Ecuador's external position is strengthening, supported by
moderate current account surpluses, increasing international
reserves, and limited government external borrowings.

S&P expects the government to resume its fiscal consolidation
efforts following slippage in the first half of the year. The
government is committed to an ambitious fiscal consolidation
program, which includes:

-- Maintaining some revenue measures, such as VAT rate at 15%,

-- Gradually reducing the remaining energy subsidies by sector,

-- Reviewing tax exemptions,

-- Improving tax compliance, and

-- Improving public sector efficiency.

S&P expects that fiscal consolidation will be sizable but more
gradual than the IMF program assumes. S&P projects the change in
net general government debt to average around 2.3% of GDP over the
next three years.

Despite several revenue measures taken in recent years, Ecuador
continues to have a structural fiscal deficit, reflecting public
opposition to tax increases and the rigid nature of government
expenditures. About 97% of the government's expenditures are
inflexible, taking into account interest payments, social security,
public wages, and subsidies. As a result, a sustainable fiscal
consolidation depends upon boosting long-term economic growth to
gain more revenue.

S&P projects net general government debt to be about 53% of GDP and
interest payments around 9% of government revenue over the next
four years. Ecuador's debt service payments over the next few years
are particularly hefty due to external debt amortizations from the
2030 bond starting in January 2026. Net IMF disbursements will turn
negative next year (the planned disbursements will not fully
compensate for repayments to the IMF).

In past years, Ecuador had limited market access, relying on
domestic financing mostly with the country's social security fund
and with private placements to local banks. As a result, S&P
estimates nonresident holdings (including pension debt) have fallen
to around 50% of total commercial debt. Development of the local
market could allow for more participation and domestic financing.

Ecuador's external profile has improved markedly over the past
years as a result of higher non-oil trade surplus (related to
higher commodity prices and import compression due to weaker
economic activity) and higher remittances. S&P expects current
account surpluses to narrow to around 3% of GDP as economic
activity and imports reactivate this year.

S&P said, "We expect foreign direct investment inflows to remain
low, depending upon the country's capacity to attract investment in
energy, oil, and mining. Still, as a result of these inflows, we
expect Ecuador will continue accumulating reserves, building an
important buffer against external shocks. We project Ecuador's
narrow net external debt to decrease to around 85% of current
account receipts over the next three years, coming down from a peak
of about 160% in 2018. Furthermore, we estimate gross external
financing needs to decrease to around 112% of current account
receipts and usable reserves. International reserves have increased
to about $8.6 billion in August 2025 from $4.2 billion in January
2024.

"As a dollarized economy, Ecuador lacks a currency of its own and
has no monetary policy. We expect average inflation to decrease to
0.9% this year and then stabilize around 1.5%, in line with
inflation in the U.S. Revisions to fuel and energy tariffs in
Ecuador could lead to some temporary increases in prices. That
said, we view dollarization in Ecuador, which started in 2000, as
widely accepted by the general population and currently established
enough to be above decisions made by certain political parties.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable." At the onset of the committee, the chair confirmed
that the information provided to the Rating Committee by the
primary analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings list

  Ratings Affirmed; Outlook Action  
                            
                               To          From
  Ecuador  

  Sovereign Credit Rating  B-/Stable/B  B-/Negative/B

  Ratings Affirmed  

  Ecuador  

  Transfer & Convertibility Assessment  

  Local Currency             AAA
  Senior Unsecured           B-




=====================
E L   S A L V A D O R
=====================

EL SALVADOR: S&P Affirms 'B-/B' Sovereign Credit Ratings
--------------------------------------------------------
On Aug. 18, 2025, S&P Global Ratings affirmed its 'B-' long-term
and 'B' short-term foreign and local currency sovereign credit
ratings on El Salvador. The outlook on the long-term ratings
remains stable. S&P's transfer and convertibility (T&C) assessment
remains 'AAA'.

Outlook

The stable outlook on El Salvador balances the still challenging
fiscal situation, including high projected debt service, with the
drastic improvement in public security (which should bolster
economic growth) and significantly wider access to funding from
MLIs, which should continue to contain sovereign default risks for
the next 12-18 months.

Downside scenario

S&P said, "We could lower the ratings in the next six to 12 months
if El Salvador fails to advance in implementing policies under its
agreement with the IMF, which could hinder access to MLI financing.
We could also downgrade El Salvador if its fiscal deficits remain
high, which would increase the probability of a sovereign default
as it approaches the end of a grace period for debt owed to
domestic private pension funds."

Upside scenario

S&P could raise the ratings in the next 12-18 months if El Salvador
bolsters its fiscal performance, which would provide greater policy
freedom to meet is debt commitments over the long term.
Faster-than-expected growth due to a marked improvement in public
security and a consistent strengthening in El Salvador's external
liquidity position could also lead to an upgrade.

Rationale

El Salvador's creditworthiness is constrained by a weak
institutional framework and poor economic management that have led
to two defaults with private pension funds in the past 10 years. It
is also constrained by only moderate economic growth that has kept
the country poorer than many rating peers and has contributed to
fiscal weakness and high government debt. While the usage of the
U.S. dollar has helped to anchor inflation, it also restrains El
Salvador's capacity to implement monetary policy.

Aiming to address shortfalls of its economic and fiscal profile, El
Salvador is committed to passing meaningful reforms to achieve
fiscal consolidation, strengthen the domestic financial system, and
reduce the risk arising from cryptocurrencies. The commitments are
part of an agreement with the IMF that, complemented by other MLIs,
secures financing for almost 10% of GDP to be disbursed in
2025-2027.

Institutional and economic profile: Successful economic adjustment
and policy reforms would enhance institutional predictability and
economic resilience

-- Delivering on the sovereign's commitments under the agreement
with the IMF could improve its long-term capacity to meet debt
obligations.

-- Given remittance inflows and improved public security, S&P
expects GDP to grow annually by 2.5% in 2025-2028.

-- Unlocking faster growth would likely depend on the government's
capacity to expand infrastructure and strengthen its human
capital.

El Salvador's institutional framework and debt payment culture are
weak, in our view. Before the election of President Bukele in 2019,
policy making suffered from political polarization and a very high
crime rate, leading to slow economic growth and to a worsening
fiscal situation that contributed to two sovereign defaults with
the pension system-related debt held by the private sector in 2017
and 2023.

The capacity to implement policy has improved during the two
presidential terms of President Bukele. El Salvador moved from one
of the most dangerous countries not at war to among the safest. The
marked achievement has supported the president's popularity,
enabling his party to win a sweeping victory in Congress. Both
conditions could support the approval of meaningful reforms to
strengthen the fiscal, financial, and economic resilience of the
country.

On the other hand, decision-making in El Salvador has grown more
concentrated over the past few years, which might constrain future
policy predictability.

El Salvador agreed with the IMF in early 2025 on an Extended Fund
Facility for $1.4 billion. The agreement is complemented by funding
from other MLIs totaling $3.5 billion to be disbursed in 2025-2027.
MLI financing is intended for budgetary support and to strengthen
the central bank's international currency reserves. In exchange, El
Salvador has committed to change its fiscal policy to achieve a
3.5% GDP improvement on its fiscal primary surplus by 2027;
administrative and pension reforms; strengthen the financial
sector's resilience by adopting Basel III regulation and meet the
AML/CFT frameworks; and reduce the government's and the economy's
exposure to cryptocurrency risks. The agreement also safeguards
minimum social and capital spending.

The government has approved an increase in domestic banks' reserve
requirements, a reform to the Fiscal Sustainability Law, a new
procurement law, and the reversal of bitcoin (a cryptocurrency) as
a legal tender. The IMF and El Salvador are finalizing a pension
system actuarial study, and a pension reform proposal should be
presented in the next few months.

S&P expects GDP per capita at $6,000 for 2025 and economic growth
to average 2.5% during 2025-2028. Despite substantially greater
public security and policy commitments that should increase
economic resilience, GDP growth will be limited by volatile global
conditions and El Salvador's insufficient, but improving,
infrastructure and limited skilled labor.

The sharp rise in remittances in 2025 is most likely temporary and
results from uncertainty in the Salvadoran community in the U.S.
about the U.S. government's new tax on cash remittances and a
tougher immigration policy. Still, remittance inflows are likely to
account for 25% of GDP in 2025-2028 and are driving consumption and
GDP growth.

Flexibility and performance profile: Challenging fiscal position
despite the agreement with the IMF

-- S&P expects fiscal deficits to average 5% of GDP in 2025-2028
and net general government debt to rise toward 90% of GDP by 2028.

-- Higher reliance on external debt will prevent net external debt
from narrowing over the foreseeable future.

-- S&P expects inflation to remain low for the next three years.

Fiscal policy has remained expansionary since 2023, with
record-high capital spending. In 2024, general government deficit
worsened to 5.7% of GDP. S&P's definition includes the nonfinancial
public sector and the public pension fund deficit. The central
government's cash deficit and its debt trajectory until June 2025
haven't shown signs of improvement, as the government continues to
reduce its stock of arrears, although the public-sector payroll has
contracted.

On the other hand, the public pension system's deficit has
narrowed, due to a more conservative investment strategy. S&P said,
"As a result, we expect the general government deficit for 2025 to
be similar to that for 2024. We expect stricter spending controls,
starting in the second half of 2025, to benefit the general
government primary results starting in 2026. However, the end of a
debt service grace period in 2027 on debt owed to the private
pension funds will increase the interest burden and will offset any
expected primary surplus gains, in our view. We expect general
government deficits and the change in net general government debt
at 4.7% of GDP in 2026-2028."

S&P said, "We expect the non-financial public sector to rely on MLI
financing and domestic market funding. Public pension system will
continue to rely on defined contribution pension managers (known by
the Spanish acronym of AFP) to finance its deficits.

"Our base-case scenario assumes that interest payments will peak
above 20% of general government revenue at the end of the grace
period on public pension system debt held by the AFPs. We expect
net general government debt to rise to 91% of GDP by 2028 from 84%
in 2024." A significant part of the deficit and increase in debt
projections is related to pension obligations. El Salvador has a
loss-making defined pension system that is closed to new
contributors. To finance the pension deficit, the law obliges the
AFPs to buy "pension certificates" that amounted to 30% of GDP by
2024, which S&P includes in its debt indicators. Defined
contribution pension assets under management accounted for 46% of
GDP in 2024, 80% of which were lent to the government.

In 2023, due to the lack of financing alternatives, the government
reprofiled the debt owed to the AFPs for long-term certificates,
which included a four-year grace period on interest and capital.
S&P said, "Moreover, we expect the solidarity fund for the defined
contribution pension scheme to run out of reserves during our
forecast horizon. We expect the government to pass a pension reform
in 2026, but there is no clarity on how it will address the pension
system debt owed by the AFPs."

The government has been active on debt management operations in the
recent past. S&P said, "We would look at any potential debt
exchanges or liability management operations on a case-by-case
basis. We would consider the prevailing macroeconomic and financial
context, the timing of an operation, if there's proper compensation
to investors, and if there's a material likelihood of default
without the operation. Those that we perceive as distressed would
be tantamount to default."

S&P said, "We assess the sovereign's contingent liabilities as
limited. Our assessment of El Salvador's financial system, with
total assets estimated at 82% of GDP as of 2024, is based on our
classification of the system in our Banking Industry Country Risk
Assessment (BICRA) group 9. (Our BICRA groups are on a scale from 1
to 10, with 1 denoting the lowest risk and 10 the highest risk.)

"Historically, a large trade deficit has been financed by
significant inflow of remittances. More recently, a surge of
tourism inflows has bolstered service account surplus, which we
expect to continue, given improved security in the country. As a
result, we expect current account deficits (CADs) to stabilize at
around 2% of GDP in 2025-2028, mostly financed by net foreign
direct investment. We forecast narrow net external debt to remain
below 80% of current account receipts (CARs). Persistent CADs will
cause gross external financing needs to remain above 100% of CARs
plus usable reserves in 2025-2028."

The absence of monetary policy flexibility constrains the ratings
on El Salvador. Inflation has remained low since 2024, reflecting
improving weather conditions. To reach its agreement with the IMF,
the country reversed the legislation that adopted bitcoin as a
legal tender. S&P said, "El Salvador moved to full dollarization in
2001, and we don't expect significant changes in the exchange rate
regime, given the substantial exit costs. This, coupled with the
reliance on remittance inflows from Salvadorans living abroad,
supports our 'AAA' T&C assessment."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings list

  Ratings Affirmed

  El Salvador

  Sovereign Credit Rating     B-/Stable/B

  Transfer & Convertibility Assessment

  Local Currency              AAA
  Senior Unsecured            B-



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

JAMAICA: Total Factor Productivity Still Below Counterparts
-----------------------------------------------------------
RJR News reports that Mikhail Urquhart, Senior Director of Research
at the Jamaica Productivity Centre,  has observed that Jamaica's
total factor productivity remains below that of its regional and
international counterparts.

She says boosting productivity will require lowering energy costs,
improving labour force training, and developing a proper public
transportation system, including upgrades to the rural road
network, according to RJR News.

Ms. Urquhart also stressed the need for greater application of
science, technology, and research in the agriculture sector, which
she noted has the lowest productivity levels in the country despite
employing the largest share of the workforce, the report notes.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  




PROVEN GROUP: Reports 2nd Quarter Net Loss of US$2.6 Million
------------------------------------------------------------
RJR News reports that Proven Group Limited is reporting a net loss
of US$2.6 million on net revenues of US$12.7 million during the
quarter ended June 30.

The Group is also reporting total assets of US$1.1 billion and
equity of US$109.6 million, according to RJR News.

Proven says its net losses for the period can be attributed to a
24% dip in its net interest income, the report notes.

This was due to higher finance charges on the country's debt, which
offset improved spreads on its wealth management, the report
relays.

The group adds that it expects a gradual reduction in its funding
costs during the short to medium term, the report discloses.

Fees and commissions income dipped by 13 per cent when compared to
the corresponding period last year, the report says.

Fund management income however, rose by nine per cent, the report
adds.

Proven Group operates in the the domestic financial services sector
in Jamaica.
    



===========
M E X I C O
===========

DEL MONTE: Hires Cole Schotz as Bankruptcy Co-Counsel
-----------------------------------------------------
Del Monte Foods Corporation II Inc. and its affiliated debtors seek
approval from the U.S. Bankruptcy Court for the District of New
Jersey to employ Cole Schotz P.C. as bankruptcy co-counsel.

Cole Schotz will perform these services:

    (a) oversee investigations as directed by the Debtors' Special
Investigation Committee;

    (b) provide legal advice regarding the Debtors' rights, powers,

and duties as debtors in possession;

    (c) offer guidance regarding local rules, practices,
procedures, and Third Circuit law;

    (d) assist with administration tasks, including preparation of
agendas, hearing notices, and binders;

    (e) advise on reporting obligations to the Court and U.S.
Trustee;

    (f) prepare motions and applications related to bankruptcy
administrative matters;

    (g) review and comment on drafts of pleadings;

    (h) appear in court and at meetings with the U.S. Trustee and
creditors;

    (i) advise on matters where co-counsel HSF Kramer may have a
conflict or based on specialization;

    (j) perform other necessary legal services to support the
Debtors' duties as debtors in possession; and

    (k) respond to creditor and party-in-interest inquiries
directed to Cole Schotz.

Cole Schotz's attorneys and paralegals will be compensated at
these
hourly rates:

    -- $615 to $1,575 for members
    -- $625 to $840 for special counsel
    -- $380 to $675 for associates, and
    -- $315 to $460 for paralegals.

The Debtors paid Cole Schotz $327,814.18 during the 90 days before
the petition date. As of the Petition Date, the firm held a
retainer of $1,003,469.82.

According to court filings, Cole Schotz is a "disinterested person"

as defined under Section 101(14) of the Bankruptcy Code.

The following disclosures were made in accordance with the U.S.
Trustee Guidelines:

Question: Did you agree to any variations from, or alternatives to,

your standard or customary billing arrangements for this
engagement?

Answer: No.

Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?

Answer: No.

Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

Answer: Cole Schotz has historically provided general corporate
services to the Debtors and, beginning approximately one month
prior to the Petition Date, began rendering restructuring services
to the Debtors. During that time, Cole Schotz did not raise its
billing rates. The material financial terms remain the same.

Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

Answer: Yes. Pursuant to the Interim DIP Order, the Debtors must
furnish regular budget and variance reports, which include detail
regarding the fees and expenses incurred by the proposed
professionals of the Debtors in these Chapter 11 Cases.

Cole Schotz can be reached at:

   Michael D. Sirota, Esq.
   David M. Bass, Esq.
   Felice R. Yudkin, Esq.
   COLE SCHOTZ P.C.
   Court Plaza North, 25 Main Street
   Hackensack, NJ 07601
   Telephone: (201) 489-3000
   Email: msirota@coleschotz.com
        dbass@coleschotz.com
        fyudkin@coleschotz.com


                       About Del Monte Foods Corporation II Inc.

Del Monte Foods, Inc. produces, distributes, and markets branded
plant-based packaged food products in the United States and
Mexico.

Del Monte Foods Corporation II Inc. and its affiliates filed their
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025,
listing $1,000,000,001 to $10 billion in both assets and
liabilities.

Judge Michael B Kaplan presides over the case.

Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor
as counsel.

DEL MONTE: Hires Herbert Smith Freehills as Legal Counsel
---------------------------------------------------------
Del Monte Foods Corporation II Inc. seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to hire Herbert
Smith Freehills Kramer (US) LLP to serve as legal counsel in its
Chapter 11 case.

HSF Kramer will provide these services:

    (a) represent the Debtors as their attorneys in connection
with the Chapter 11 cases;

    (b) provide legal advice to the Debtors with respect to their
powers and duties in these Chapter 11 proceedings;

    (c) prepare and file on behalf of the Debtors all necessary
motions, applications, answers, orders, reports, and other legal
papers; and

    (d) perform all other legal services for the Debtors that may
be necessary and proper in these Chapter 11 cases.

HSF Kramer's billing rates are:

    -- Partners         $1,550 to $2,200
    -- Counsel          $1,370 to $2,100
    -- Special Counsel  $1,325 to $1,545
    -- Associates       $835 to $1,545
    -- Paralegals       $385 to $715

HSF Kramer is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.

Adam C. Rogoff, Esq. also made the following disclosures in
response to the request for additional information set forth in
Paragraph D.1 of the U.S. Trustee Guidelines:

    Question: Did you agree to any variations from, or
alternatives
to, your standard or customary billing arrangements for this
engagement?

    Answer: The firm has not agreed to any variations from, or
alternatives to, its standard billing arrangements for this
engagement. As discussed herein, the firm’s standard
billing
arrangements include a voluntary volume-based discount, which will
continue to be provided during the Chapter 11 cases.

    Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

    Answer: No.

    Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

    Answer: HSF Kramer adjusts its billing rates annually,
effective each January 1. The last adjustment was on January 1,
2025.

    Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

    Answer: Yes. Pursuant to the Interim DIP Order, the Debtors
must furnish regular budget and variance reports, which include
details regarding the fees and expenses incurred by the proposed
professionals in these Chapter 11 cases.

The firm can be reached at:

    Adam C. Rogoff, Esq.
    Rachael L. Ringer, Esq.
    Megan M. Wasson, Esq.
    Ashland J. Bernard, Esq.
    HERBERT SMITH FREEHILLS KRAMER (US) LLP
    1177 Avenue of the Americas
    New York, NY 10036
    Telephone: (212) 715-9100

                     About Del Monte Foods Corporation II Inc.

Del Monte Foods, Inc. produces, distributes, and markets branded
plant-based packaged food products in the United States and
Mexico.

Del Monte Foods Corporation II Inc. and its affiliates filed their
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025,
listing $1,000,000,001 to $10 billion in both assets and
liabilities.

Judge Michael B Kaplan presides over the case.

Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor
as counsel.


PETROLEOS MEXICANOS: Moody's Puts 'B3' CFR on Review for Upgrade
----------------------------------------------------------------
Moody's Ratings has placed Petroleos Mexicanos' (PEMEX) ratings
under review for upgrade, including the B3 corporate family rating,
ca baseline credit assessment (BCA) and the B3 backed senior
unsecured ratings on the company's existing notes. Moody's also
have placed under review for upgrade the B3 backed senior unsecured
ratings of Pemex Project Funding Master Trust and the (P)B3 backed
senior unsecured MTN program of PEMEX and Pemex Project Funding
Master Trust.  Previously, the outlook for PEMEX and for Pemex
Project Funding Master Trust was negative.

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

The review is in response to "PEMEX's Strategic Plan 2025-2035"
announced earlier this month by PEMEX and the Government of Mexico
(Baa2 negative) and further information released regarding the
financial strategic plan for PEMEX to reduce financial debt levels
and catch up with the payment of accounts payable. PEMEX, in
coordination with Mexico's Ministry of Finance and Mexico's
Ministry of Energy, is executing a financing strategy under which
Mexico will commit future equity-like contributions to PEMEX
through the $12 billion P-CAP structure and will partially fund
investments in the upstream business through the Investment Fund
for PEMEX. The closing of the transactions is expected to occur in
Q3-2025, upon which Moody's will conclude Moody's rating review.
Additional details are expected to be released during the quarter,
including the specifications of the investment fund for PEMEX,
which will be key to assessing its attractiveness to the private
sector. The review for upgrade also reflects Moody's expectations
that the Government and PEMEX will announce, within the next two
months, a plan to address the amortizations due at least in 2026
and 2027.

"The ratings under review for upgrade reflect a stronger commitment
from the current administration of the Government of Mexico to
support PEMEX than previously anticipated. The Government committed
future equity-like contributions through a risk transfer structure
for PEMEX, resulting in an improvement of the company's debt
amortization schedule and liquidity profile. It also proposed an
Investment Fund, which is expected to help finance part of PEMEX's
investment needs with the aim of reversing the decline in
production within the next 2–3 years." said Roxana Muñoz, Vice
President – Senior Credit Officer at Moody's Ratings.

The review for upgrade reflects the Government's strong commitment
to support the company and Moody's expectations that, upon
completion of the transactions, PEMEX's debt amortization schedule
and liquidity profile will improve. As a result, Moody's
anticipates that PEMEX's ratings could be upgraded by up to two
notches. While this strategy is a first step towards improving the
company's liquidity conditions, PEMEX still faces operational
challenges, further payment to suppliers, and debt payments that
will result in a cash need of at least $7 billion in 2026. Moody's
believes that unless structural measures are implemented to
effectively reduce cash needs, the ratings will remain constrained.
Given the strong linkages with the Government of Mexico, governance
risk is a consideration in the rating action.

PEMEX's Strategic Plan comprises two key components. The first,
known as the P-Cap Transaction, seeks to address up to USD 12
billion in outstanding accounts payable and short-term debt, while
normalizing working capital levels by the third quarter of 2025
through the issuance of a P-Cap instrument. The second component,
an Investment Fund for PEMEX, is intended to strengthen private
sector confidence by enabling the company to meet supplier
obligations incurred in 2025 and to finance primarily exploration
and production-related investments. This initiative is expected to
support the development of strategic projects aimed at reversing
the declining production trend over the next two to three years.

The ratings review will focus on the successful execution of the
proposed transactions, including the extent to which both the
Government and PEMEX achieve improvements in the company's capital
structure and liquidity position. As part of this assessment,
Moody's will also evaluate whether the Investment Fund is
structured in a way that effectively attracts private sector
participation and supports the level of investment PEMEX requires.
The review further incorporates Moody's expectations that the
federal government and PEMEX will provide additional details on
their debt reduction strategy. In particular, Moody's anticipates
that the government will address upcoming maturities through at
least 2027. Additionally, the review will consider PEMEX's
post-transaction business profile, including (1) the final capital
structure and (2) projected cash flow requirements.

The ratings could be upgraded if PEMEX and the Government of Mexico
successfully close the liability management transactions as
expected, leading to a more sustainable capital structure
demonstrating a higher support than expected.

Given that PEMEX's ratings are highly dependent on support from the
Government of Mexico, a deterioration of the government's credit
quality that weakened its ability or willingness to support PEMEX
could lead to a downgrade of PEMEX's ratings.

Profile

Founded in 1938, PEMEX is Mexico's national oil company, with fully
integrated operations in oil and gas exploration and production,
refining, distribution and retail marketing, as well as
petrochemicals. PEMEX is also a leading crude oil exporter, around
30% of its crude is exported to various countries, mainly to the US
and Asia. In the twelve months ended December 31, 2024 the company
produced an average of 2,337 thousand barrels per day of oil
equivalent.

The methodologies used in these ratings were Integrated Oil and Gas
published in September 2022.

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

TOTAL PLAY: Moody's Affirms 'B3' CFR, Alters Outlook to Positive
----------------------------------------------------------------
Moody's Ratings affirms Total Play Telecomunicaciones, S.A.P.I. de
C.V. and Subsidiaries' (Total Play) B3 Corporate Family Rating and
the B3 ratings of its Backed Senior Secured Global Notes due 2028
and 2032. Moody's also affirmed the company's Caa1 ratings of its
Backed Senior Unsecured Global Notes due 2025 and 2028. The outlook
was changed to positive from stable.

RATINGS RATIONALE

The rating action reflects the company's adequate liquidity
position following the bond exchange and liability management
transactions executed in 2025. It also reflects Moody's views that,
following expansion period, the company should maintain an adequate
liquidity generating neutral free cash flow (FCF) and using any
excess cash to reduce debt.

The positive outlook reflects Moody's views that Total Play will
sustain its adequate liquidity, generating neutral FCF and
extending its maturities at least twelve months in advance. It also
reflects Moody's views that the company will maintain its
competitive position and strong operating indicators, improving its
credit metrics.

Total Play has adequate liquidity sources to meet its funding needs
through mid-2027. These sources include cash of MXN4,509 million
and restricted cash of MXN2,912 million as of June 2025, as well as
the generation of MXN14,100 million on average in the 2025-2027
period in cash from operations (funds from operations and working
capital, as adjusted by us). These sources will be enough to cover
the company's cash needs including capex at around 25% of revenues
and debt maturities. The company expects to use excess cash flow
above MXN5,000 million, including cash and restricted cash, to
reduce leverage towards 2x from its current 3.1x, as adjusted by
us, for the last twelve months as of June 2025.

Moody's believes that FCF will be neutral driven by the company's
intention to reduce its accounts payables; high interest payments
and the build up of the reserve account in connection with the
secured notes. The payment of the company's secured debt is
reserved in the company's restricted cash line at least 3 months in
advance increasing every year. This build up is accounted in the
working capital line.

Secured debt represents the bulk of Total Play's debt and is
secured by about 70% of the company's total revenue, with a trust
formally assigned to manage the debt service with different
regulated and non-regulated financial institutions. Unsecured debt
will be comprised only by $56 million Backed Senior Unsecured
Global Notes due 2025. Unsecured debt will benefit only from the
residual cash flow in the waterfall after the repayment of the
secured debt. Therefore, the Caa1 rating on the company's senior
unsecured notes, one notch below the secured debt, reflects the
effective subordination to Total Play's secured debt.

Total Play's B3 CFR incorporates the company's relatively small
size compared with that of its rated global peers, with market
shares of 19.24% in broadband and 13.05% in pay-TV in Government of
Mexico (Baa2 negative) as of March 2025. The rating also
incorporates the company's geographic concentration in only one
market and Moody's expectations of neutral FCF (factoring in
Moody's adjustments for lease payments and capital spending)
through 2026.

Total Play's B3 CFR reflects the company's high-quality network,
which is the only 100% fiber-to-the-home (FTTH) infrastructure in
Mexico; history of successful organic growth; and low churn of 1.7%
as of June 2025. The B3 rating also factors in the company's track
record of growth, experienced management team and adequate credit
metrics for the rating category, including Moody's-adjusted
leverage of 3.1x and EBITDA margin of 44.3% for the 12 months that
ended June 2025.

The Caa1 rating on the senior unsecured notes incorporates the
instruments' effective subordination to Total Play's senior secured
notes.

The rating action reflects governance considerations as key drivers
including improved liquidity management and adequate credit
metrics, which is reflected in the company's Financial Strategy and
Risk Management assessment at 4, and the overall exposure to
governance risks (Issuer Profile Score or "IPS") at G-4. The ESG
Credit Impact Score is CIS-4, since ESG considerations are a
constraint for the rating.

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

The ratings could be upgraded if Total Play continues building a
track record of sustained adequate liquidity; including positive
FCF generation, a more comfortable debt schedule with long-dated
maturities, reducing the reliance on external funding to refinance
debt and fund capex.

Quantitatively, an upgrade would also require the company's
maintenance of leverage below 4x, RCF (retained cash flow, defined
as funds from operations minus dividends as adjusted by us) / Net
Debt above 20% and a sustained increase in (EBITDA - CAPEX) /
Interest Expense above 1.5x.

Total Play's ratings could be downgraded if there's lower than
expected profitability or organic growth. Leverage above 5x or any
liquidity deterioration due to negative FCF, or if the company is
unable to rollover its short term debt, leading to increasing
refinancing risk would also lead to a downgrade.

The ratings could be downgraded if the company's RCF / Net Debt
declines below 17% and the interest coverage measured as (EBITDA -
CAPEX) / Interest Expense remains below 1x.

Headquartered in Mexico, Total Play Telecomunicaciones, S.A.P.I. de
C.V. and Subsidiaries (Total Play) offers fixed-telephone, pay-TV
and broadband internet services to residential customers, and
managed IT services for business customers and government entities.
As of June 30, 2025, the company offered these services through its
fully owned fiber optic network, which covers 17.6 million homes
passed with 30.4% penetration and 5.4 million subscribers
generating revenue of MXN44,686 million (around $2.3 billion).

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

Total Play's B3 rating is three notches below the Ba3
scorecard-indicated outcome. This is reflective of the company's
liquidity erosion due to persistent negative FCF during its
expansion phase and the company's reliance on external funding.



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

HOGAR LUZ: Seeks Court Approval to Tap Tamarez CPA as Accountant
----------------------------------------------------------------
Hogar Luz Divina Mia Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Tamarez CPA, LLC as
accountant.

The firm will render these services:

     (a) reconcile financial information to assist the Debtor in
the preparation of monthly operating reports;

     (b) assist in the reconciliation and clarification of proof of
claims filed and amount due to creditors;

     (c) provide advice in general accounting and tax services;
and

     (d) assist the Debtor and its counsel in the preparation of
the supporting documents for the Chapter 11 reorganization plan.

The firm will be paid at these hourly rates:

     Albert Tamarez-Vasquez, CPA, CIRA      $165
     CPA Supervisor                         $110
     Senior Accountant                       $90
     Staff Accountant                        $70

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a post-petition retainer in the amount of $3,000
from the Debtor.

Mr. Tamarez-Vasquez 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:

     Albert Tamarez-Vasquez, CPA, CIRA   
     Tamarez CPA, LLC
     1519 Ave. Ponce De Leon, Suite 412
     San Juan, PR 00909
     Telephone: (787) 795-2855
     Facsimile: (787) 200-7912   

                   About Hogar Luz Divina Mia Inc.

Hogar Luz Divina Mia Inc. is a residential care facility likely
providing services for individuals with intellectual/developmental
disabilities, mental health issues, or substance abuse problems
based on its NAICS classification (6232).

Hogar Luz Divina Mia Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
25-03287) on July 23, 2025. In its petition, the Debtor reports
estimated assets up to $50,000 and estimated liabilities between
$50,000 and $100,000.

The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates
LLC as counsel and Tamarez CPA, LLC as accountant.

HOGAR LUZ: Seeks to Hire Vilarino & Associates as Legal Counsel
---------------------------------------------------------------
Hogar Luz Divina Mia Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Vilarino &
Associates, LLC as counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its duties, powers, and
responsibilities in this case under the laws of the United States
and Puerto Rico in which it conducts its operations, does
business,
or is involved in litigation;

     (b) advise the Debtor in connection with a determination
whether reorganization is feasible and, if not, helping it in the
orderly liquidation of its assets;

     (c) assist the Debtor with respect to negotiations with
creditors for the purpose of proposing and confirming a viable plan
of reorganization;

     (d) prepare, on behalf of the Debtor, the necessary legal
paper or documents;

     (e) appear before the Bankruptcy Court, or any court in which
the Debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;

     (f) perform such other legal services for the Debtor as may be
required in these proceedings or in connection with the operation
of/and involvement with its business; and

     (g) employ other professional services, if necessary.

The firm will be paid at these hourly rates:

     Javier Vilarino, Senior Attorney       $350
     Associates                             $250
     Paralegals                             $150

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a $10,000 retainer from the Debtor.

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

The firm can be reached through:
   
     Javier Vilarino, Esq.
     Vilarino & Associates, LLC
     P.O. Box 9022515
     San Juan, PR 00902
     Telephone: (787)565-9894
  
                   About Hogar Luz Divina Mia Inc.

Hogar Luz Divina Mia Inc. is a residential care facility likely
providing services for individuals with intellectual/developmental
disabilities, mental health issues, or substance abuse problems
based on its NAICS classification (6232).

Hogar Luz Divina Mia Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No.
25-03287) on July 23, 2025. In its petition, the Debtor reports
estimated assets up to $50,000 and estimated liabilities between
$50,000 and $100,000.

The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates
LLC as counsel and Tamarez CPA, LLC as accountant.




===============
X X X X X X X X
===============

LATAM: Prolonged Period of Slow Growth Projected for Region
-----------------------------------------------------------
RJR News reports that the United Nations Economic Commission for
Latin America and the Caribbean is projecting a prolonged period of
slow growth for the region.

It expects growth of 2.5 per cent this year and 2.3 per cent in
2026, similar to rates in 2023 and 2024, according to RJR News.

In its latest report, Economic Survey of Latin America and the
Caribbean 2025, ECLAC noted that the current forecast is slightly
higher than the two per cent projected in April, the report adds.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

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