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251002.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, October 2, 2025, Vol. 26, No. 197 Headlines B A H A M A S BAHAMAS: S&P Raises LongTerm Sovereign Credit Ratings to 'BB-' B R A Z I L AGEAGLE AERIAL: Rebrands as EagleNXT to Reflect Evolution BRASKEM SA: S&P Lowers ICR to 'CCC-' on Risk of Debt Restructuring BRAZIL: Central Bank Sees Inflation Missing Target in Early 2028 C H I L E VTR FINANCE: Fitch Hikes LongTerm IDRs to 'CCC+' J A M A I C A JAMAICA: Producer Prices Mixed for Mining & Manufacturing [] JAMAICA: Partners w/ Chicken & Tings to Boost Digital Currency M E X I C O CIS INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors P U E R T O R I C O UNIVERSITY OF PUERTO RICO: S&P Puts 'CC' Bond Rating on Watch Neg T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: To Cut Flights From Jamaica to Fort Lauderdale X X X X X X X X LATAM: IDB Lab Invests $2 Million in 500 LatAm Seed Fund IV - - - - - ============= B A H A M A S ============= BAHAMAS: S&P Raises LongTerm Sovereign Credit Ratings to 'BB-' -------------------------------------------------------------- S&P Global Ratings, on Sept. 26, 2025, raised its long-term sovereign credit ratings on the Commonwealth of the Bahamas to 'BB-' from 'B+'. The outlook is stable. S&P also revised up its transfer and convertibility (T&C) assessment to 'BB' from 'BB-'. Outlook S&P said, "The stable outlook reflects our expectation that GDP growth prospects will remain solid and that long-term growth will align with that of peers at the same level of development. We also assume the government will remain committed to prudent fiscal management and contain the debt burden." Downside scenario S&P said, "We could lower the ratings over the next 12-18 months if the Bahamas' growth trajectory faces unexpected and significant setbacks or if the government reverses the progress it has made on fiscal adjustment, leading to large fiscal deficits. "We could also lower the ratings if the sovereign's access to external liquidity were to deteriorate unexpectedly." Upside scenario S&P could raise the ratings in the next 12-18 months if the Bahamas continues to demonstrate solid growth and sustained near-balanced fiscal outcomes. This could result from stronger revenue supported by, among other things, the successful implementation of a new corporate income tax and policies and initiatives that accelerate state-owned enterprise (SOE) reform. Rationale Institutional and economic profile: Stable macroeconomic policy, strong private investment, and GDP growth aligned with peers -- S&P expects the economy to grow 2.1% in 2025, supported by booming cruise tourism and continued investments across the Family Islands. -- Growth will temper in 2026, although over time, the successful implementation of comprehensive energy reforms may address some bottlenecks for growth. -- S&P expects the government will continue to carefully manage its expenditure and focus on tax compliance measures to sustain revenue and maintain small fiscal deficits. The Bahamas' GDP grew at a stronger pace of 3.4% in 2024, following revised GDP data collection methods from the Bahamas National Statistical Institute, including wider geographic coverage across the Family Islands. Further, the Bahamas' tourism sector continued to perform very well, particularly within the cruise segment. Total arrivals in 2024 were 11.2 million, compared with 9.6 million the year before and up about 153% from 2019. The economy also had support from sustained investments across the Family Islands. S&P expects growth in 2025 will remain above potential at 2.1%, accounting for continued buoyancy in tourism despite challenges in key source markets; GDP per capita is estimated at US$39,590. The number of inbound arrivals reached 6.3 million in the first half of 2025, compared with 5.7 million during the same period in 2024. The Bahamas is advancing on its comprehensive energy reforms announced in June 2024, with key partnerships and contracts signed set to support improvements to the country's transmission and distribution infrastructure, as well as diversifying energy sources in favor of solar power and natural gas. These shifts could create important savings and ease the high costs of doing business in the Bahamas over the long term. However, the country remains highly dependent on tourism, and labor constraints weigh on long-term growth. The Bahamas also has a sizable financial sector, and while opportunities exist to foster local fintech and position the country for opportunities in digital assets, S&P views this as a longer-term goal. The Bahamas is a stable parliamentary democracy with orderly changes in government. Political leadership has alternated between the Free National Movement and the Progressive Liberal Party (PLP) over several decades. The current government, led by Prime Minister Philip Davis of the PLP, was elected in September 2021 and has a majority in parliament. S&P expects policy predictability across administrations with the upcoming 2026 electoral cycle. The sovereign recently faced two large shocks, Hurricane Dorian in 2019 and the COVID-19 pandemic in 2020, which significantly raised government debt and tested the government's resolve to sustain the nation's finances. While the government has been able to reduce the deficit on the back of the country's economic recovery, it has not introduced material new revenue or significant cost-cutting measures. The country is exposed to environmental risks and has limited fiscal buffers. While the government has demonstrated its commitment to fiscal consolidation since the pandemic and reduced the deficit, S&P expects that absent meaningful reforms to build buffers, it will remain vulnerable to external shocks like hurricanes. Flexibility and performance profile: Solid growth will reduce fiscal deficits and slow debt accumulation as external position remains vulnerable -- The growing economy, combined with better tax compliance, has supported fiscal outcomes. -- Risks of fiscal slippage remain, reflecting low tax rates and expenditure rigidities. -- While the country has significant financing and refinancing needs, S&P expects the government will refinance its debt mostly through the domestic banking sector as well as multilateral and international bank loans. The growing economy has supported reduced fiscal deficits to levels more consistent with those seen before the pandemic, with the reported fiscal deficit for the fiscal year ended June 30, 2024, at 1.3% of GDP. This outcome partly owed to improved tax collection (through a dedicated revenue enhancement unit, among other initiatives) and greater compliance with property taxes. S&P expects the government will be able to maintain low fiscal deficits, although in its view, it will be more challenging to achieve fiscal surpluses, as the government is forecasting, absent meaningful fiscal reform. The Bahamas does not have corporate and personal income taxes, and even with the introduction of the Domestic Minimum Top-Up Tax Act--which introduces a 15% corporate minimum tax rate in line with the recommendations of the Organization for Economic Cooperation and Development--we do not expect further changes to its fiscal and tax model. Added revenue from the Domestic Minimum Top-Up tax, expected to go into effect in fiscal year 2025-2026, may be offset by the announced reduction of the value-added tax (VAT) rate to 5% from 10% on select unprocessed and essential food items to address cost-of-living pressures. Controlling expenditure will be crucial to maintaining low deficits. The government has limited fiscal space, given a higher share of recurrent expenditure, including around 15% of total expenditure on subventions to public entities. Moreover, the government has had to make payments on the guaranteed debt of SOEs. SOE reform has been historically limited. In the long run, energy sector reforms could improve the finances of the Bahamas Power and Light Co. and other public entities. The government also raised contributions to the National Insurance Board by 1.5% in July 2024 and is drafting legislation for a contributory pension scheme for civil servants. S&P said, "We expect small fiscal deficits and a growing economy will lead to a slow decline in The Bahamas' financing needs as a share of GDP, with the increase in general government net debt averaging 1.3% of GDP during 2025-2028. "The Bahamas has significant short-term debt, with almost 43.6% of debt maturing in the next year. We expect this debt will be largely rolled over in the domestic market. Refinancing risks have abated, given the government's commitment to fiscal discipline, combined with limited private-sector lending opportunities. "Foreign-currency-denominated debt accounts for 47.2% of total debt. We expect the government will continue to use commercial and multilateral bank funding and may issue in external bond markets. "Net general government debt is likely to fall to 66.3% of GDP by the end of 2025, from 77.8% in 2020, while interest payments will remain above 15% of revenue for the next three or more years. We net some of the assets held by the country's social security system from our measure of net debt. "We forecast the external debt of the public and financial sectors, net of usable reserves and financial sector external assets, will be about 42.3% of current account receipts in 2025. These figures include the government's $2.64 billion in external bonds." Based on the large external liabilities of the country's banking sector, the gross external financing needs of the public and financial sectors will average 193.6% of current account receipts in 2025-2028, down from about 519% in 2020. The current account deficit may widen in the short term due to higher imports associated with investments undertaken because of the energy reform--offsetting some gains in tourism receipts--and as the financial sector's rollover needs remain high. Over the long term, the reforms could contribute to smaller current account deficits by reducing fuel imports. However, S&P considers the financial sector's external assets to be highly liquid, diminishing liquidity risk. Errors and omissions have historically been high and tend to fluctuate, contributing to the weak external profile. The Bahamas has limited monetary and exchange rate flexibility. The Bahamian dollar is fixed at par with the U.S. dollar. Lower demand for foreign exchange and the government's external borrowing have bolstered foreign exchange reserves, which remain slightly under $3 billion. S&P expects the central bank will continue to rely on interest rates, moral suasion, and macroprudential tools to influence domestic credit growth. S&P said, "We consider the banking sector's contingent liabilities to be limited. The financial sector is dominated by subsidiaries of Canadian banks. Overall, the commercial banking sector has strong capital and liquidity ratios. We estimate total bank assets to be about 117% of GDP." 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 Upgraded To From Bahamas Sovereign Credit Rating BB-/Stable/B B+/Stable/B Transfer & Convertibility Assessment Local Currency BB BB- Senior Unsecured BB- B+ =========== B R A Z I L =========== AGEAGLE AERIAL: Rebrands as EagleNXT to Reflect Evolution --------------------------------------------------------- AgEagle Aerial Systems Inc. (NYSE: UAVS) announced that it has completed a comprehensive rebrand and will begin operating under the name EagleNXT. The new brand reflects the Company's evolution, its sharpened strategic focus, and its mission to deliver the intelligence that safeguards and empowers the world. EagleNXT CEO Bill Irby commented, "For years, we have built a reputation as a trusted leader in aerial intelligence-designing products our partners rely on " whether commercial, agricultural, or for defense -- forging relationships across critical industries, and assembling a team dedicated to creating what comes next. As EagleNXT, we honor our legacy while embracing our future. Our solutions will continue to evolve, our innovations will advance, and our reach will expand into new, high-growth markets. At our core, we remain committed to delivering intelligence that strengthens security, improves productivity, and drives sustainable value for our customers and shareholders." The rebrand to EagleNXT underscores the Company's commitment to advancing best-in-class drones, sensors, and software that serve both government and commercial markets. With over one million global flights, record-setting contracts, and industry-first regulatory approvals, EagleNXT is well positioned to expand its leadership in rapidly growing markets including defense, public safety, agriculture, and environmental monitoring and research. The Company's mission statement- EagleNXT protects what matters most: lives, land, and the pursuit of peaceâ€" serves as the foundation of the rebrand and communicates EagleNXT's focus on innovation, resilience, and long-term value creation. About EagleNXT AgEagle Aerial Systems Inc. (dba, EagleNXT) (NYSE: UAVS) is a leading developer of high-performance drones, advanced sensors, and intelligent software solutions that deliver critical aerial intelligence to customers around the world. With more than one million flights conducted globally, EagleNXT's platforms are trusted across defense, public safety, agriculture, infrastructure, and environmental monitoring applications. The Company's drone systems have achieved multiple industry firsts, including FAA approvals for Operations Over People (OOP) and Beyond Visual Line of Sight (BVLOS), as well as EASA C2 certification in Europe and inclusion on the U.S. Department of Defense's Blue UAS list. EagleNXT's sensors are integrated on more than 150 different drone models and are used in over 100 research publications worldwide, reinforcing its leadership in precision agriculture, surveying, and environmental sustainability initiatives. About AgEagle AgEagle Aerial Systems Inc. is headquartered in Wichita, Kansas, and operates through its wholly-owned subsidiaries, focusing on designing and delivering top-tier drones, sensors, and software to address critical customer needs. Founded in 2010, AgEagle initially pioneered proprietary, professional-grade, fixed-wing drones and aerial imagery-based data collection and analytics solutions for the agriculture sector. Today, the company is recognized as a globally respected market leader, offering customer-centric, advanced, autonomous unmanned aerial systems (UAS) that generate revenue at the intersection of flight hardware, sensors, and software across industries, including agriculture, military/defense, public safety, surveying/mapping, and utilities/engineering. AgEagle has achieved numerous regulatory milestones, including government approvals for its commercial and tactical drones to fly Beyond Visual Line of Sight (BVLOS) and/or Operations Over People (OOP) in the United States, Canada, Brazil, and the European Union. It has also received Blue UAS certification from the Defense Innovation Unit of the U.S. Department of Defense. More information can be found at www.ageagle.com. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $20.6 million in total assets, $26.3 million in total liabilities, and a total stockholders' deficit of $5.7 million. BRASKEM SA: S&P Lowers ICR to 'CCC-' on Risk of Debt Restructuring ------------------------------------------------------------------ S&P Global Ratings lowered its global scale issuer credit rating on Braskem S.A. to 'CCC-' from 'B+'. S&P also lowered its issue-level ratings on the company's senior unsecured notes to 'CCC-' from 'B+', and on its subordinated notes to 'C' from 'CCC+'. The negative outlook reflects the potential for a downgrade within the next six months should the company announce a debt restructuring process that S&P considers to be equivalent to a default. The engagement of financial and legal advisors, in S&P's view, indicates an increased probability of a debt restructuring. Braskem S.A. has retained advisors to evaluate financial options to improve its capital structure. Considering the ongoing challenging industry conditions, the company's sustained high leverage, and a weakening liquidity position, S&P assesses there is a heightened likelihood that Braskem may initiate negotiations for a debt restructuring in the short term. Braskem's liquidity could rapidly decline depending on its cash burn rate and company's ability to renew its revolving credit line due in December 2026. As of June 2025, Braskem had a cash position of R$9.3 billion and the revolving credit facility equivalent to about R$5.5 billion available until December 2026. However, under current conditions, S&P thinks it may be difficult for the company to renew the revolving credit facility with similar terms. S&P said, "The negative outlook reflects the potential for a downgrade within the next six months if Braskem announces a debt restructuring process that we consider to be equivalent to a default. "We could lower the ratings on Braskem if it announces a debt restructuring that we consider as equivalent to a default or if the company misses any principal or interest payments." A positive rating action would depend on our assessment of whether the risk of a debt restructuring has considerably declined. This could occur if the company manages to improve its liquidity, extending its revolving credit line, and/or if the REIQ and PRESIQ tax relief for the Brazilian chemical industry is approved, supporting expectations of stronger cash flows. BRAZIL: Central Bank Sees Inflation Missing Target in Early 2028 ---------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Brazil's central bank projected that inflation will hover near the official goal in the first quarter of 2028, but still fail to meet it, according to the bank's latest quarterly monetary policy report. After projecting in early September annual inflation at 3.4% for the first quarter of 2027, the relevant horizon for policy decisions, policymakers unveiled a 3.1% forecast for the first quarter of 2028, the final period covered by the report, according to globalinsolvency.com. The bank targets inflation at 3%, with a tolerance band of 1.5 percentage points in either direction, the report notes. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. ========= C H I L E ========= VTR FINANCE: Fitch Hikes LongTerm IDRs to 'CCC+' ------------------------------------------------ Fitch Ratings has upgraded VTR Finance N.V.'s Long-Term Local Currency and Foreign Currency Issuer Default Ratings (IDRs) to 'CCC+' from 'CCC'. Fitch has also upgraded VTR Finance's USD483 million notes due 2028 to 'CCC-' with a Recovery Rating of 'RR6' from 'CC'/'RR6', and VTR Comunicaciones SpA's notes due 2028 and 2029 to 'CCC+'/'RR4' from 'CCC-'/'RR5'. The upgrade reflects stronger operational linkage between VTR and America Movil, S.A.B. de C.V. (AMX; A-/Stable) following a parent contribution to VTR Finance used to repay part of its debt in 2024 and the repurchase of CLP384 billion of bonds in 2025. These actions demonstrate increased financial support from AMX to Claro Chile SpA and VTR. AMX acquired the remaining 8% stake in Claro Chile and now fully controls its Chilean operations. While legal linkage remains low, medium operational and strategic incentives support a two-notch uplift from VTR's Standalone Credit Profile (SCP). Key Rating Drivers PSL Linkage with AMX: Fitch applies its "Parent and Subsidiary Linkage Rating Criteria" through the stronger parent path, viewing AMX as the ultimate parent with a stronger credit profile, higher diversification and a solid business model. Legal incentive is low, as AMX does not guarantee VTR's debt, while strategic and operational incentives are medium. This reflects strong financial support to Claro Chile and, indirectly, to VTR to sustain the business model and a capex plan focused on fiber subscriber expansion and 5G network development. Stronger Support from AMX: Fitch observes stronger financial and operational linkages and clearer evidence of common management among VTR Finance, Claro Chile and AMX. This is supported by the parent's contribution to VTR Finance, used to repay about CLP333 billion of debt in 2024, Claro Chile's repurchase of approximately CLP384 billion of VTR Finance and VTR Comunicaciones bonds in 1H25, the control of 100% of Claro Chile's shares, and the announced reorganization of the corporate structure, businesses and assets of its Chilean operations. High Leverage Despite Debt Reduction: Fitch expects VTR's leverage to remain elevated in 2025-2026 due to negative free cash flow (FCF), assuming AMX will maintain financial support to Claro Chile and VTR. Leverage fell to about 15x as of June 2025 from 19.6x in 2024 on debt repayment, but is projected to stay high in 2026 given expected negative FCF, despite gradual operating improvement. Capex is anticipated at about 40% of revenue in 2025, moderating to around 20% or lower thereafter, focused mainly on network upgrades. Gradual EBITDA Recovery: Fitch expects the EBITDA margin to recover gradually during the rating horizon. VTR's EBITDA margin improved to 12% for the LTM to June 2025 (16% in 1H25) from 9.5% in 2024, with EBITDA rising to CLP54 billion from CLP42 billion on consolidation synergies. As of June 2025, VTR has been unable to grow RGUs amid fierce price competition despite an incipient ARPU recovery. Broadband subscribers fell to fewer than 1.03 million from 1.3 million since the pandemic, pressuring earnings. ESG - Limited Transparency: VTR's disclosure of its financial policy, commercial strategy and future capital structure remains limited, despite the company's full acquisition by AMX through Claro Chile SpA. This lack of information on key credit considerations persists amid high leverage and pressure on metrics. Peer Analysis VTR's performance is affected by strong competition in the Chilean broadband market. VTR's financial profile is among the most levered in the region. VTR's fixed-line operating profile is similar to Telefonica Chile S.A. Claro Chile has scale and diversification comparable to Telefonica Moviles Chile S.A. (TMCH; BB-/Negative) on a consolidated basis, but TMCH has stronger financial metrics, with net leverage around 6.0x. Compared to Empresa Nacional de Telecomunicaciones S.A (Entel; BBB-/Stable), VTR has higher exposure to fixed services and lower exposure to mobile. Entel's geographic diversification is broader given operations in Chile and Peru, and its financial profile is stronger with net leverage consistently below 3.0x. Relative to Millicom International Cellular S.A.'s (BB+/Stable) subsidiaries Comcel (CT Trust; BB+/Stable) and Telefonica Celular del Paraguay (Telecel; BB+/Stable), VTR operates in a more competitive market but within a stronger operating environment. CT Trust and Telecel have more dominant market positions and lower net leverage. Their ratings reflect strong linkage to Millicom, which relies on dividends from these wholly owned subsidiaries to service its debt. Key Assumptions - Around 3% reduction in fixed business revenue in 2025 and flat in 2026, before showing a slight recovery of around 1.5% in the medium term. Low single-digit ARPU growth; - An EBITDA margin increase to 16%-17% in the medium term, considering the consolidation synergies and a conservative recovery of ARPU; - Additional resources required to finance the operations and investments will come from the AMX support, as Intercompany loans with Claro Chile; - Capex of 40% in 2025, before gradually declining to below 20% in the medium term; - No dividend distributions. Recovery Analysis Fitch's criteria apply a bespoke recovery analysis for issuers with IDRs of 'B-' and below. The analysis assumes VTR would be treated as a going concern in bankruptcy and reorganized rather than liquidated. The going concern EBITDA of CLP61 billion is based on sustainable, post-reorganization earnings that reflect intense competition in the Chilean market. The value to EBITDA multiple applied is 4.0x, reflecting deteriorated operating performance and a softer financial profile, despite a strong market position. Fitch applies a waterfall analysis to the post-default enterprise value based on relative claims in the capital structure. The debt waterfall uses the company's total consolidated debt as of June 30, 2025. These assumptions result in a Recovery Rating of 'RR4' for VTR Comunicaciones' secured bonds which, per criteria, are equalized with the IDR (CCC+). Due to structural subordination, the analysis for VTR's USD483 million senior secured debt results in an 'RR6' rating, two notches below the IDR, leading to a 'CCC-' rating. The improvement in recovery prospects mainly reflects the partial repayment of VTR Comunicaciones' senior secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening on operational or strategic incentives between VTR Finance and AMX; - Lack of clarity about a strategy for the combined operation to improve VTR's financial flexibility and capital structure; - Continued deterioration in operational performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Rapid turnaround in operating performance across subscriber base, ARPU and EBITDA margin, with significant EBITDA margin gains from consolidation synergies; - Clear evidence of further integration with AMX such as a unified brand, shared management, and guarantees on a significant share of VTR's debt; - Material improvements in leverage and liquidity position; - Consistent and improved depth of disclosure surrounding strategy and other credit considerations. Liquidity and Debt Structure VTR has weak financial flexibility given negative FFO expected in the medium term and a capex requirement that will limit FCF while the company continues to restructure and integrate fixed and mobile operations. Additional funding to cover at least capex over the medium term is expected to largely come from contributions from Claro Chile. In 2024, capital contributions enabled a payment of CLP338 billion toward current senior secured notes. As of June 2025, VTR Finance's cash balance was CLP37 billion, supported by improved operating performance and cash received from derivative instruments. The next relevant maturities are VTR Comunicaciones' 2028 bond of USD220 million due Jan. 15, 2028, and VTR Finance's 2028 senior notes of USD483 million due July 15, 2028. The future treatment of repurchased debt of VTR Finance and VTR Comunicaciones by Claro Chile SpA is not defined yet by the holding company. Issuer Profile VTR is part of Claro Chile SpA, a direct affiliate of AMX. Claro Chile SpA is the first provider of fixed broad band in Chile and the largest provider of pay TV services. Summary of Financial Adjustments VTR financial debt is adjusted by the hedged value of derivatives. Public Ratings with Credit Linkage to other ratings VTR ratings are linked to AMX through Fitch's "Parent and Subsidiary Linkage Rating Criteria." MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor 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 VTR has an ESG Relevance Score of '5' for Financial Transparency due to the limited disclosure surrounding the Claro Chile and VTR group structure, its business model and its financial strategy following the full acquisition of VTR by AMX. This has a negative impact on the credit profile and is highly relevant to the rating, resulting in an implicitly lower rating. VTR has an ESG Relevance Score of '4' for Management Strategy due to the lack of clarity regarding the business strategy after the full acquisition by AMX. This 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 ----------- ------ -------- ----- VTR Comunicaciones SpA senior secured LT CCC+ Upgrade RR4 CCC- VTR Finance N.V. LT IDR CCC+ Upgrade CCC LC LT IDR CCC+ Upgrade CCC senior secured LT CCC- Upgrade RR6 CC ============= J A M A I C A ============= JAMAICA: Producer Prices Mixed for Mining & Manufacturing --------------------------------------------------------- RJR News reports that the Statistical Institute of Jamaica (STATIN) says producer input costs in the mining sector rose by 0.2% in August compared with July, while the manufacturing sector dipped by 0.1%. STATIN says the increase in mining was due to higher costs in bauxite and aluminum processing, while manufacturing was pulled down by a decline in refined petroleum products, according to RJR News. Year-on-year the mining sector saw a 6.6?ll in input prices, while the manufacturing sector increased by 1.9% driven by food, beverages and tobacco, the report notes. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. [] JAMAICA: Partners w/ Chicken & Tings to Boost Digital Currency ----------------------------------------------------------------- RJR News reports that the Bank of Jamaica is partnering with Chicken & Tings at its Cross Roads, Duhaney Park and Shortwood locations to boost use of its digital currency, Jam-Dex. Deputy Governor of the BOJ Natalie Haynes says the initiative is aimed at lifting usage above the 30 per cent increase recorded since the start of this year, according to RJR News. Chicken & Tings CEO Emelio Madden says the promotion will be open to the first 50 customers spending up to two thousand dollars, including GCT, at each store, 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. =========== M E X I C O =========== CIS INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: CIS International Holdings (N.A.) Corporation d/b/a E Tropical Fish 1405 W. 178th Street Gardena, CA 90248 Business Description: CIS International Holdings (N.A.) Corp., doing business as DBA E Tropical Fish, imports, breeds, and distributes ornamental fish, aquatic plants, live rock, and aquarium accessories. The Company sources livestock and products from regions including Sri Lanka, Thailand, Maldives, Fiji, Australia, China, and the United Kingdom, and supplies customers across the United States as well as in Canada and Mexico. Founded in 1999, it is based in Gardena, California. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18374 Debtor's Counsel: Byron Z. Moldo, Esq. Chase A. Stone, Esq. ERVIN COHEN & JESSUP LLP 9401 Wilshire Boulevard Twelfth Floor Beverly Hills, CA 90212-2974 Tel: 310-273-6333 E-mail: cstone@ecjlaw.com / bmoldo@ecjlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Charitha Samarasinghe signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WVI3ALY/CIS_International_Holdings_NA__cacbke-25-18374__0001.0.pdf?mcid=tGE4TAMA ===================== P U E R T O R I C O ===================== UNIVERSITY OF PUERTO RICO: S&P Puts 'CC' Bond Rating on Watch Neg ----------------------------------------------------------------- S&P Global Ratings placed its 'CC' long-term rating and underlying rating (SPUR) on the University of Puerto Rico's (UPR) series P and Q bonds on CreditWatch with negative implications. S&P said, "We also placed our 'CC' SPUR on the series 2000A bonds issued by the Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority for the Plaza Universitaria project on CreditWatch with negative implications. "The CreditWatch placement reflects our view of the lack of timely and sufficient information to maintain the rating. "We view UPR's lack of transparency and reporting as a governance risk. Environmental and social factors are neutral considerations in our credit rating analysis." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Governance risks If UPR does not provide the necessary information within 30 days, S&P could withdraw the rating. If S&P can meet with UPR and obtain the necessary information within 30 days, it will conduct a full review and take a rating action within 90 days. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: To Cut Flights From Jamaica to Fort Lauderdale ------------------------------------------------------------------ RJR News reports that Caribbean Airlines (CAL) says it will discontinue its services from Kingston and Montego Bay in Jamaica to Fort Lauderdale, Florida, from November 2, 2025. CAL says due to the continued economic challenges affecting the Fort Lauderdale route from the airline's two Jamaica stations, the commercial decision was made to discontinue service on these routes, according to RJR News. It also said that the adjustment forms part of Caribbean Airline's ongoing network optimisation programme, which involves continuous evaluation of routes to ensure the sustainability and efficiency of operations across its network, the report relays. Caribbean Airlines Limited provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. Caribbean Airlines is among many airlines whose business has been greatly affected in 2020 by the slowdown of international travel caused by the COVID-19 pandemic. The government of Trinidad & Tobago guaranteed a US$65 million loan for the airline, and that funding has helped with the airlines' cash flow shortfall since May 2020. In September 2020, the airline related it will be taking cost-cutting measures to help keep it afloat. The measures, which was to affect some 1,700 employees, included salary deductions, no-pay leaves and lay-offs. =============== X X X X X X X X =============== LATAM: IDB Lab Invests $2 Million in 500 LatAm Seed Fund IV ----------------------------------------------------------- IDB Lab, the Inter-American Development Bank Group's innovation and venture capital arm, announced a $2 million strategic investment in the 500 LatAm Seed Fund IV, managed by 500 LatAm. The fund will invest in approximately 40 early-stage tech startups in Latin America and the Caribbean, including in emerging ecosystems such as Costa Rica, Dominican Republic, Ecuador, Guatemala, Peru, and Uruguay. This operation marks a new round of investment by IDB Lab in a 500 LatAm fund, following its participation in 2020 in the 500 Luchadores III fund, which supported over 100 startups that have already generated more than 10,000 direct and indirect jobs and reached more than 2.6 million users in the region. The 500 LatAm Seed Fund IV will provide pre-seed and seed capital to over 40 startups developing highly scalable technology solutions in the region. It will also provide strategic support in areas such as product development, talent recruitment, monetization, customer acquisition, international expansion, and raising additional capital. "This investment in 500 LatAm Seed IV reflects our commitment to strengthening regional integration and driving innovation in emerging ecosystems. The fund's strategy democratizes access to seed capital and gives entrepreneurs more opportunities to grow and scale their solutions," said Magdalena Coronel, acting chief of IDB Lab's Venture Capital Investments Division. Currently, 500 LatAm IV is accepting applications from interested startups. Selected companies will receive a $300,000 investment and access to a personalized mentoring program. This investment reaffirms IDB Lab's commitment to expanding access to early-stage funding in Latin America and the Caribbean and to supporting agents of innovation in emerging ecosystems, contributing to regional growth and integration. ********* 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 * * *