251106.mbx

251106.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, November 6, 2025, Vol. 26, No. 222 Headlines B E R M U D A BERMUDA: Inflation Eases Slightly to 1.7% in June BORR DRILLING: Fitch Alters Outlook on 'B' IDR to Negative FTX GROUP: Trust Fights to Claw Back $650,000 Charity Donation NABORS INDUSTRIES: Reports $302 Million Net Income in Fiscal Q3 C O L O M B I A ECOPETROL SA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Negative E C U A D O R CORPORACION QUIPORT: Fitch Rates Secured Notes & Bank Loan BB(EXP) CORPORACION QUIPORT: S&P Gives Prelim. 'B' Rating to New Sr. Debt J A M A I C A CARIBBEAN CEMENT: Continues to be a Standout Market for Cemex JAMAICA: IDB Expands Credit Line to Support Hurricane Response P E R U PERU: IDB OKs $106MM Loan for Digital Inclusion in Rural Areas P U E R T O R I C O ASOCIACION HOSPITAL: Cash Collateral Access Extended thru Nov. 28 ASOCIACION HOSPITAL: Hires IEC Consulting as Investment Consultant X X X X X X X X LATAM: IDB Drives Digital Integration in Region - - - - - ============= B E R M U D A ============= BERMUDA: Inflation Eases Slightly to 1.7% in June ------------------------------------------------- The Royal Gazette reports that Bermuda's inflation rate edged down in June, as consumers paid 1.7 per cent more for goods and services than they did a year earlier, according to the latest Consumer Price Index released by the Department of Statistics. The annual rate represents a slight decrease of 0.1 percentage points from May's 1.8 per cent, continuing a gradual cooling trend in price growth across most spending categories, according to The Royal Gazette. Among the major contributors to annual inflation were fuel and power, up 5.7 per cent, health and personal care, up 3.8 per cent, rent, up 2.4 per cent, and food, up 1.4 per cent, the report notes. The education, recreation, entertainment and reading division also advanced 0.7 per cent year-over-year, the report relays. Month-to-month, the average cost of goods and services in June was unchanged from May, the report discloses. Within that period, food prices rose 1.1 per cent, driven by higher prices for select grocery items, while health and personal care increased 0.1 per cent, the report notes. Rent was up 0.1 per cent, and fuel and power costs held steady, the report says. The Consumer Price Index measures the average change over time in the prices paid by consumers for a fixed basket of goods and services, reflecting changes in the cost of living, the report adds. BORR DRILLING: Fitch Alters Outlook on 'B' IDR to Negative ---------------------------------------------------------- Fitch Ratings has revised Borr Drilling Limited's Outlook to Negative from Stable, while affirming its Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has also affirmed its senior secured notes - issued by Borr IHC Limited and Borr Finance LLC, and guaranteed by Borr - at 'B', with a Recovery Rating of 'RR4'. The revision of the Outlook reflects a decrease in the company's backlog, leading to lower earnings visibility. This, alongside its assumption of lower through-the-cycle day rates, results in higher-than-expected EBITDA gross leverage through the cycle. Fitch expects EBITDA gross leverage will fall under its negative sensitivity of 3.5x by end-2027, but Borr has no headroom to absorb any additional materially negative operational developments or further deterioration in a volatile jack-up rig market. Key Rating Drivers Weak Jack-Up Market Dynamics: The jack-up rig market is weak as heightened volatility in oil and gas prices has weighed on upstream producers' development plans throughout 2025 and contract suspensions by Saudi Arabian Oil Company (Saudi Aramco, A+/Stable) has led to an oversupply of available rigs in certain regions. Fitch expects Borr's rig utilisation will remain adequate given its high-spec rig fleet, and its assumption of stabilising utilization of rigs in Mexico following recent positive developments around PEMEX. However, Fitch expects considerable declines in average midcycle realised day rates from its previous forecast of USD140,000-150,000/day, based on its assumption for new contract fixtures averaging around USD125,000/day through 2028. Financial Policy Response Positive: The company's response to deteriorated market conditions has generally been positive, including the rearrangement of its super senior revolving credit facility (RCF) to allow for USD200 million of cash drawdowns, the signing of a new one-year USD34 million super senior RCF with unilateral options to extend the maturity to 2027, and a USD102.5 million equity issue. Borr's leverage and coverage covenants have been temporarily relaxed. The company has also eliminated dividend payouts, which Fitch does not expect to be reinstated. These measures, alongside minimal near-term capex requirements, provide the company with sufficient liquidity headroom to cover debt service until 2028, when its USD239 million convertible bonds and USD926 million of senior secured notes mature. Opportunistic Financial Policy: Borr has shored up liquidity in 2025 and Fitch understands from management that this excess liquidity will be kept on balance sheet as a liquidity buffer against further adverse market developments. Nevertheless, the company has indicated a willingness to pursue asset acquisitions should a sufficiently attractive opportunity arise. Further, while gross debt per rig will continue to contractually amortise towards USD60 million through 2028, the use of existing and future cash balances for voluntary debt reduction will be contingent on improving jack-up market conditions. Higher Expected Leverage: Fitch now expects EBITDA gross leverage will remain above 3.5x in 2026 and straddle its negative rating sensitivity of 3.5x in the next two years, based on its revised expectation for day rates and higher debt following the delivery of the Var and Vali rigs. This indicates no further rating headroom to absorb further deterioration in market conditions or unforeseen operational issues. The company's large cash build-up, absent dividends and M&A, may enable additional gross debt reduction at the company's discretion, although this is not included in its rating case. Some Revenue Visibility: Borr's backlog was USD1.2 billion as of August 2025. As of 2Q25, 85% of fleet availability was covered by firm contracts at an average day rate of USD145,000 per day for 2025, while for 2026 49% was covered at USD139,000 per day. This does not include additional contract fixtures or two contract cancellations in October. This partly reduces the risk to its rating case forecast, even though the backlog and, therefore, revenue visibility, have declined from last year's USD1.8 billion. High-Specification Jack-Up Fleet: Borr's jack-up fleet is among the newest on the market, with an average age of about eight years. Fitch expects the fleet of high-specification rigs to have fairly low run-rate capex requirements of about USD50 million a year, with assets able to service complex projects in a variety of geographies. Fitch expects the company's assets to be sought by customers looking to develop higher complexity, shallow-water projects where the efficiency and technical specifications of rigs are vital. This should partly insulate it against competition from standard-spec rigs and allow for more resilient day rates. No Near-Term Liquidity Constraints: Fitch expects Fitch-defined free cash flow will remain positive from 2025, due to low maintenance capex and no further shareholder distributions, which will comfortably cover debt amortisation. Any excess cash will further strengthen liquidity over time. This leads to a manageable liquidity profile until 2028, when the company's senior unsecured convertible bond and its 2028 senior secured notes mature. Mixed Customer Base: Borr has healthy customer and geographic diversification, but retains substantial exposure to PEMEX, which has a weak financial profile and has suspended rigs and delayed payments to Borr in the past, as well as some privately-owned independent upstream producers. This is partly offset by strong relationships with other, higher quality customers, such as Saudi Aramco, QatarEnergy (AA/Stable), PTT Exploration and Production Public Company Limited (BBB+/Negative), and European oil majors. Peer Analysis Fitch rates Borr in line with Viridien S.A. (B/Stable) due to similar order book volatility, but Fitch expects the latter to generate stronger free cash flow and maintain lower leverage and generally greater rating headroom. This is offset by Borr's higher EBITDA and access to more varied funding sources. Fitch rates Borr one notch below Valaris Limited (B+/Stable) due to the latter's higher midcycle EBITDA, stronger liquidity, and lower midcycle leverage, alongside a more diversified asset base. This is partly offset by Borr's higher EBITDA margins. Key Assumptions Key Assumptions within Its Rating Case for the Issuer - Utilisation rate averaging 88% between 2025 and 2028 - Day rates averaging about USD130,000 a day for 2025-2028 - EBITDA margins averaging about 49% for 2025-2028 - Capex averaging USD50 million a year between 2025 and 2028 - Dividends of USD5 million in 2025 and none thereafter - Contractual amortisation of new debt Recovery Analysis The recovery analysis assumes that Borr would be liquidated in a bankruptcy rather than reorganised as a going concern. This is driven by Borr's new assets, with several decades of useful life left and no large investment needs. Other oilfield services companies in its rating universe, such as Shelf Drilling and Valaris, have assets that are older, have less useful remaining life or require more substantial investments leading to lower asset valuations, although EBITDA generation within its forecast horizon may be similar to or even higher than that of Borr. Fitch assumes the USD200 million and USD34 million super senior RCFs are fully drawn. The RCFs are senior to the senior secured bonds. The senior unsecured convertible bonds are subordinated to the senior secured bonds. After a deduction of 10% for administrative claims, its waterfall analysis generated a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' instrument rating. Borr's revenue base is strongly concentrated in countries under Country Group D, which caps Recovery Ratings at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage above 3.5x on a sustained basis - Major deterioration in the tenor, quality, or size of contract backlog or failure to maintain adequate fleet utilization - Weakening liquidity and increasing refinancing risk - Adopting an aggressive financial policy, including debt-funded M&A or aggressive shareholder distributions Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The Negative Outlook makes a positive rating action unlikely. Fitch would consider revising the Outlook to Stable, if EBITDA gross leverage declined below 3.5x on a sustained basis. An upgrade may be considered if the following conditions are met: - EBITDA gross leverage below 2.5x on a sustained basis - Maintaining an adequate liquidity position with no near-term refinancing risk - EBITDA interest coverage sustainably over 3x Liquidity and Debt Structure Borr's liquidity is adequate, with cash and equivalents of USD92 million as of 2Q25, proceeds of USD102.5 million from an equity issue in 3Q25, USD234 million of availability under its super senior RCFs, and sufficient positive free cash flow to cover the contractual amortisation of its senior secured notes. The company has no major maturities until 2028, apart from the contractual amortisation of USD135 million a year. Issuer Profile Borr is a contract driller operating a fleet of 24 high-spec jack-up rigs. 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 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 ----------- ------ -------- ----- Borr Drilling Limited LT IDR B Affirmed B Borr Finance LLC senior secured LT B Affirmed RR4 B Borr IHC Limited senior secured LT B Affirmed RR4 B FTX GROUP: Trust Fights to Claw Back $650,000 Charity Donation -------------------------------------------------------------- Katryna Perera at law360.com reports that FTX Recovery Trust has urged a Delaware bankruptcy judge to reject an FTX angel investor's bid to block the trust from clawing back a $650,000 charitable donation, saying a related sanctions motion by the investor is a litigation tactic to deter the trust from pursuing its claims over the donation. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committeeâ€™s Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. NABORS INDUSTRIES: Reports $302 Million Net Income in Fiscal Q3 --------------------------------------------------------------- Nabors Industries Ltd. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $302.46 million and a net loss $33.09 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net income of $357.44 million and a net loss of $55.12 million, respectively. Total revenues and other income for the three months ended September 30, 2025 and 2024, were $825.51 million and $743.31 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues and other income of $2.41 billion and $2.23 billion, respectively. As of September 30, 2025, the Company had $4.83 billion in total assets, $3.26 billion in total liabilities, and $938.91 million in total equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2v4ty6ns About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. As of June 30, 2025, the Company had $5.04 billion in total assets, $3.59 billion in total liabilities, and $640.33 million in total stockholders' equity. * * * Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. =============== C O L O M B I A =============== ECOPETROL SA: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Negative ----------------------------------------------------------------- Fitch Ratings has affirmed Ecopetrol S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlooks for the IDRs are Negative. Fitch has also affirmed the company's National Long- and Short-Term ratings at 'AAA(col)'/'F1+(col)'. The Outlook for the National Long-Term rating is Stable. Ecopetrol's ratings reflect its close linkage with the Republic of Colombia (Foreign and Local Currency IDRs, BB+/Stable), which owns 88.5% of the company. Ecopetrol's ratings also reflect the company's strategic importance for the country, as well as its ability to maintain a robust financial profile. Key Rating Drivers Linkage to Sovereign: Ecopetrol's ratings reflect the strong linkage with the credit profile of the Republic of Colombia. The ratings also reflect the significant incentive of the Colombian government to support Ecopetrol in the event of financial distress, given the company's strategic importance to the country as a supplier of liquid fuel demand in Colombia and owner of 100% of the country's refining capacity. Ecopetrol's cash has historically been affected by delays in payments from the Colombian government's Fuel Price Stabilization Fund (Fondo de Estabilizacion de Precios de los Combustibles, FEPC). The funds offset the gap created when Ecopetrol sells gasoline and diesel in the local market at prices below export levels. Fitch expects the FEPC balance to keep declining as the government rolls out price adjustments, falling below USD 1 billion by YE 2025, and become less impactful on Ecopetrol's liquidity profile. Strong Financial Profile: Ecopetrol's 'bbb-' Standalone Credit Profile (SCP) reflects the company's strong financial profile. Fitch-calculated EBITDA leverage is expected to average 2.5x through the rating horizon, as pressure on Brent prices is expected to continue. Fitch expects Ecopetrol's interest coverage to exceed 6.5x consistently through the rating horizon. Fitch expects Ecopetrol's FCF to be positive going forward, subject to revisions to investment and dividends plans. Stable Operating Metrics: Fitch assumes total hydrocarbons production to be 744,000 barrels of oil equivalent per day (boed) in 2025, almost flat from 2025 as lower gas production offsets positive trends in crude. The company's proved reserve (1P) of 1,893 million boe gave the company a reserve life of 8.2 years as of YE 2024, and is expected to be 8.4 years by the end of 2025. Fitch assumes a 100% reserve replacement rate through the rating horizon. Fitch's calculated after-tax full cycle cost for Ecopetrol has increased over the last three years at approximately USD51.75/boe on average. ESG - Governance Structure: Developments around strategic acquisitions and board composition in 2024 brought focus to Ecopetrol's governance assessment. Despite still recognizing the robustness of governance and bylaws set in place to ensure independence from the majority shareholder, changes to strategy question the degree of independence of the board of directors. This could result in impacted operational performance in the future in terms of addition of reserves and production, and the ability to effectively and efficiently tap the bond market Peer Analysis Ecopetrol's rating linkage to the Colombian sovereign rating is in line with the linkage for most national oil and gas companies (NOCs) in the region, including Petroleos Mexicanos (PEMEX; BB+/Stable), Petroleo Brasileiro S.A. (Petrobras; BB/Stable), YPF S.A. (CCC+) and Empresa Nacional del Petroleo (ENAP; A-/Stable). In most cases in the region NOCs are of significant strategic importance for energy supply to their countries, including in Mexico, Colombia and Brazil. NOCs can also serve as a proxy for federal government funding as is the case in Mexico, and have strong legal ties to governments through their majority ownership, strong control and governmental budgetary approvals. Ecopetrol's SCP is commensurate with a 'bbb-' rating, which is close to that of Petrobras at 'bbb' given Petrobras' recent significant debt reduction. Excluding IFRS16 leases, Ecopetrol's leverage at YE 2023 was 2.1x. Ecopetrol's credit profile is materially higher than that of Pemex's 'ccc' SCP as a result of Ecopetrol's robust capital structure versus PEMEX's increasing leverage trajectory. Ecopetrol will continue to report stable production, which Fitch expects to stabilize around 770,000 boed. This production trajectory further supports the notching differential between the two companies' SCP. Key Assumptions - Ecopetrol remains majority owned by Colombia; - Brent average USD70/bbl in 2025 and USD65/bbl in 2026 before trending toward USD60/bbl in the long term; - 5,9% discount to Brent on average through rating horizon; - Stable production growth of 1.5% per annum through 2028; - 100% reserve replacement ratio per year; - Aggregate capex of approximately USD5.5 billion per year for the next three years; - Dividends of 45% of previous year's net income; - Progressive tax rate based on 2022 fiscal reform instating windfall taxes of 15%, 10%, 5%, 0% based on current crude prices. RATING SENSITIVITIES Factors that Could, Individually or Collectively ,Lead to Negative Rating Action/Downgrade - A downgrade of Colombia's sovereign ratings; - A significant weakening of the company's linkage with the government and a lower government incentive to support coupled with a deterioration of its SCP; - Material delays in development and construction milestones across the business segments can trigger a downgrade in the company's 'bbb-' SCP; - Sustained leverage exceeding 2.5x can trigger a downgrade in the SCP of the company from 'bbb-' - A decrease of 1P reserves below 1.5 billion boe could trigger a downgrade to the SCP of the company from 'bbb-'. Factors that Could, Individually or Collectively ,Lead to Positive Rating Action/Upgrade - Although not expected in the short to medium term, an upgrade of Colombia's sovereign ratings. Liquidity and Debt Structure Ecopetrol's strong liquidity profile is supported by cash on hand, which amounted to USD2.5 billion at June 30, 2025, strong access to the capital markets and an adequate debt maturity profile. Based on market appetite, Fitch does not expect Ecopetrol will have difficulty refinancing, partially or in full, its 2025 and 2026 maturities. Fitch expects that the majority of Ecopetrol's consolidated EBITDA will continue to be generated from its oil and gas business. Fitch estimates that ISA's EBITDA of USD 1.0 billion in 2024, adjusted to Ecopetrol's ownership, is expected to represent 15% of Fitch's projected Ecopetrol EBITDA for 2025. Gross leverage excluding ISA, defined as total debt to EBITDA, is expected to be 1.8x in 2025. Fitch forecasts gross leverage of 2.5x on average through 2028. Issuer Profile Ecopetrol is a leading integrated energy and infrastructure company in the Latin and Central American region and the largest in Colombia regarding its Upstream, Midstream and Downstream business segments. Interconexión Eléctrica S.A. is 51% owned by Ecopetrol and is the largest energy transmission company in the region. 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 Ecopetrol S.A. has an ESG Relevance Score of '4' for Management Strategy due to reduced visibility on execution of growth strategy which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Ecopetrol S.A. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to multiple attacks to its pipelines, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Ecopetrol S.A. has an ESG Relevance Score of '5' for Governance Structure due to uncertainty regarding the degree of independence of the Board of Directors in operational decisions that could be material for the maintenance of cash generation, production levels, and addition of reserves, which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in a one-notch downgrade of the SCP. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Ecopetrol S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natl LT AAA(col) Affirmed AAA(col) Natl ST F1+(col) Affirmed F1+(col) senior unsecured LT BB+ Affirmed BB+ senior unsecured Natl LT AAA(col) Affirmed AAA(col) senior unsecured Natl ST F1+(col) Affirmed F1+(col) ============= E C U A D O R ============= CORPORACION QUIPORT: Fitch Rates Secured Notes & Bank Loan BB(EXP) ------------------------------------------------------------------ Fitch Ratings has assigned Corporación Quiport S.A. (Quiport), USD300 million senior secured notes due in 2037 and USD200 million senior secured bank loan due in 2034 a 'B'(EXP) expected rating. Quiport is the concessionaire of Quito's Mariscal Sucre International Airport. The Rating Outlook is Stable. RATING RATIONALE The rating reflects Quiport's strategic but modest traffic base. The base includes mostly origin-and-destination and leisure-oriented passenger traffic. Quiport has a history of moderate volatility and faces competition from Guayaquil's Jose Joaquin de Olmedo International Airport, the country's second-largest airport. The rating also reflects a tariff-setting mechanism that indexes increases to U.S. and Ecuadorian consumer prices. The rated debt will consist of 60% fixed-rate international notes and 40% unhedged floating-rate local loans. This structure partially exposes the transaction to interest-rate volatility. The debt structure includes offshore debt service reserve accounts (DSRA) and standby letters of credit. These cover 12 months of debt service for the bonds and six months for the bank loan. The structure includes other features typical of project finance transactions. Under Fitch's rating case, minimum and average debt service coverage ratios (DSCRs) are 1.5x (in 2029) and 1.8x for 2025-2037, respectively. Fitch believes Quiport's essential role as the main gateway for the country will underpin its economic viability even if the sovereign encounters a period of financial distress. This factor, coupled with its ability to service debt under severe traffic shocks, supports a rating two notches above Ecuador's 'CCC+' Long-Term Foreign Currency Issuer Default Rating (IDR). Metrics are strong for the assigned rating according to Fitch's applicable criteria, but the rating is limited to two notches above the sovereign. KEY RATING DRIVERS Revenue Risk - Volume - Midrange O&D, Leisure-Oriented Airport: The airport is in Quito's metropolitan region, which accounts for 16% of the country's population (2.7 million people). Quiport had a smaller enplanement base of 2.7 million departing passengers in 2024. The airport's traffic base is mostly O&D, approximately 95% of total, with leisure-oriented traffic exceeding business traffic. Traffic volatility is moderate with the largest historic peak-to-trough decline of 13% occurring between 2014 and 2016. Carrier concentration in terms of revenue is low. There is some competition from Ecuador's second-largest airport, Guayaquil's Jose Joaquin de Olmedo International Airport. Revenue Risk - Price - Midrange Dual Till Regulation: Regulated revenue tariffs are indexed according to inflation in Ecuador and the U.S. Commercial revenues have no tariff-setting restrictions. Infrastructure Dev. & Renewal - Stronger Modern Infrastructure: The airport is well-maintained with an 18,000 sqm expansion of the main terminal to be completed in November 2025. It has detailed short- and long-term expansion plans. Future expansions will be funded through internal cash generation. Associated expenditures are smoothed through a rolling offshore capex reserve account or SBLC covering staggered percentages of the next 12 months of capex needs. Any changes to the airport's master capex plan (MCP) must be approved by the grantor. The MCP defines the milestones to be reached, but not specific investment amounts, which the airport must estimate. Debt Structure - 1 - Midrange Fully Amortizing Debt Structure with Strong Liquidity: The senior secured debt is composed of two tranches, a fixed-rate U.S. dollar-denominated bons and a floating-rate U.S. dollar-denominate bank loan. Both tranches have fully amortizing repayment profiles. Structural features include an offshore 12-month DSRA for the bond, which limits transfer and convertibility risk, an offshore six-month DSRA for the bank loan and a capex reserve account. The structure has robust debt incurrence and dividend distribution tests, including ratings affirmation. Financial Profile Under Fitch's rating case, minimum and average DSCR is 1.5x in 2029 and 1.8x, respectively. DSCRs are commensurate with a higher rating according to Fitch's applicable criteria but limited to two notches above Ecuador's sovereign rating. PEER GROUP Quiport's closest peer is ACI Airport SudAmerica, S.A. (ACI; BB+/Stable). It is the indirect sponsor of Puerta del Sur S.A., which holds the concession for Montevideo's Carrasco International Airport in Uruguay. Despite their small size, both airports are the main international gateways to their respective countries. Under Fitch's rating case, minimum and average DSCRs of ACI are 0.96x (in 2026) and 1.6x, respectively. Although ACI's average DSCR is commensurate with higher ratings, the DSCRs up to 2026 are below 1.0x which, combined with the sufficient but limited liquidity, currently constrains the rating. Quiport's metrics (minimum DSCR 1.5x and average 1.8x under Fitch's rating case) are also consistent with a higher rating but limited to two notches above Ecuador's sovereign rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Annual traffic growth consistently below 2%; - Further deterioration of the credit profile of Ecuador's sovereign IDR; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action on the sovereign, as long as project fundamentals and metrics continue to support a higher rating; - Stable operating environment supporting annual traffic growth above 3% and stable operating cost. TRANSACTION SUMMARY Quiport is seeking to raise USD500 million in two debt tranches: - USD300 million in fixed rate notes due in December 2037 - USD200 million unhedged floating rate bank loan due in December in 2035. Debt proceeds will be mainly used to (i) repay the existing 144A/RegS notes issued in 2019, (ii) fund reserve accounts, (iii) pay for fees and expenses of the transaction and (iv) general corporate purposes. The debt will have a 12-month DSRA for the notes and six-month DSRA for the loan, funded in offshore accounts. Restricted payments are subject to DSCR above 1.2x, no default or event of default, and fully funded reserve accounts. Permitted indebtedness subject to DSCR above 1.5x, ratings reaffirmations and no default or events of default. Financing documents and Security documents governed by the New York Law and Ecuadorian Law. FINANCIAL ANALYSIS DSCR is the main metric for the transaction due to the amortizing profile of Quiport's debt. Base Case Fitch base case assumes actual performance as of September 2025, which results in a traffic decrease of 1.5% in the year. From 2026 onwards, Fitch takes into consideration the traffic advisor's expected annual growth rates until 2037. This results in compounded annual growth rate (CAGR) of 2.9% between 2026 and 2037. The budget of operating expenses and capex was stressed by 5.0%. U.S. inflation was assumed at 4.4% in 2025, 3.6% in 2026 and 3% onwards, while Ecuador inflation was forecasted at 3.4% in 2025, 1.5% in 2026 onwards. Under this scenario, minimum and average DSCR (2025-2037) are 1.6x in 2029 and 1.9x, respectively. Rating Case Fitch's rating case also assumes traffic performance as of September 2025, which results in a traffic decrease of 1.6% in the year. From 2026 onwards, Fitch takes into consideration the traffic advisor's expected annual growth rates until 2037. This results in CAGR of 2.5% between 2026 and 2037. The budget of operating expenses was stressed by 5%. U.S. and Ecuador inflation are assumed the same as in the base case. Under this scenario, minimum and average DSCR (2025-2037) are 1.5x in 2029 and 1.8x, respectively. SECURITY Customary project finance package, including but not limited to (i) a share pledge over (Issuer) Quiport's shares, (ii) pledge over the respective debt service payment and debt service reserve account, (iii) security interest over any subordinated debt, offshore collections accounts and any other account (other than the distribution account) not otherwise covered by the trust. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Corporacion Quiport S.A. Corporacion Quiport S.A./Airport Revenues - Senior Secured Debt/1 LT B(EXP) Expected Rating CORPORACION QUIPORT: S&P Gives Prelim. 'B' Rating to New Sr. Debt ----------------------------------------------------------------- S&P Global Ratings, on Oct. 30, 2025, assigned its 'B' preliminary rating to Corporacion Quiport S.A.'s (Quiport or the project) proposed senior debt. The stable outlook reflects its expectation of Quiport's continued resilience to sovereign stress, supported by its financial structure, including a 12-month DSRA for the bond issuance and a six-month DSRA for the bank loan. Quiport is a special purpose vehicle operating UIO (the project or the asset) in Ecuador under a concession agreement with the Municipality of Quito, valid from 2006 until January 2041. The new airport, inaugurated in 2013, is Ecuador's primary international gateway, handling the majority of the country's international passenger and cargo traffic. The concession provides a stable operating framework with revenues derived from both regulated and unregulated activities. Quiport's regulated revenue component is indexed to both U.S. and Ecuadorian inflation. The Municipality of Quito receives 11% of regulated revenue, increasing to 12% from 2036; S&P incorporates this obligation into its cash flow projections. Current traffic is evenly split, with approximately 50% domestic and 50% international--representing 95% of total traffic from origin and destination (O&D) flights. However, international revenues account for more than 80% of total revenue. Ecuador's fully dollarized economy eliminates foreign exchange risk for the project. Quiport plans to issue a $300 million 12-year senior secured bond issuance (144A/Reg S), complemented by a $200 million 10-year senior secured bank loan with a floating rate indexed to the Tasa Pasiva Referencial in Ecuador, plus a spread to be determined. It will primarily use these proceeds to prepay debt, pay transaction costs, fund reserve accounts, and fund general corporate purposes and dividends. In addition, the project benefits from a $15 million senior unsecured working capital facility. S&P said, "We assign a preliminary 'B' issue rating to the proposed senior debt financing with a stable outlook, but a final rating will depend on the final transaction details and conditions. Accordingly, the preliminary rating shouldn't be construed as evidence of the final rating. If we don't receive the final documentation within a reasonable time frame, or if the final transaction departs from our assumptions, we reserve the right to withdraw or change the rating. "We view the project as able to withstand a hypothetical sovereign stress event, which allows us to rate it one notch above the sovereign credit rating on Ecuador (B-/Stable/B). Our preliminary rating on Quiport's debt is one notch above the rating on Ecuador, supported by the project's resilience under a hypothetical sovereign stress scenario. We based this assessment on our stress test that incorporates a 20% reduction in passenger levels, no aeronautical rate adjustments, a 30% increase in operations and maintenance (O&M) expenses, and a doubling of the floating interest rate. We believe the project could withstand these conditions without depleting its debt service reserve account (DSRA), which covers 12 months of debt service payments for the senior notes and six months of payments for the bank loan." Furthermore, the project's accounts are held offshore with an investment-grade rated financial institution, with direct revenue transfers by the airport operator, eliminating foreign exchange risk due to the dollarization of both revenues and debt. S&P said, "We assess Ecuador's country risk as '6' (on a scale of '1' to '6', with '1' as the strongest), which is the main risk factor in our assessment of the project's operational environment, and leads to an operations phase business assessment (OPBA) of '11', compared to the typical '6' assigned to similar airport project financing transactions such as Montego Bay in Jamaica and Aerostar in Puerto Rico. "Our view of Ecuador's country risk reflects its 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 sovereign rating. Poor public security and energy shortages have exacerbated governing challenges. Finally, the country's high dollarization and its lack of monetary policy reduce its ability to manage external shocks. "Given the importance of Quito's airport as the main international airport in Ecuador, we expect traffic will grow 2%-3% in the next few years, leading to debt service coverage ratios (DSCRs) of about 1.5x. Leveraging its position as Ecuador's primary international gateway and a significant cargo hub (second only to Guayaquil, with approximately 35% market share), we project continued traffic growth of 2%-3% annually. This resilience is further supported by Quiport's predominantly O&D passenger profile--approximately 95% of passengers--which offers more stability than hub-and-transit models. "In this context, we project a minimum DSCR of approximately 1.5x and a median annual DSCR of 1.7x." The project's operational risks drive the preliminary rating because Quiport does not bear construction risk at this stage. The project's operational phase will extend from the debt placement date until 2035 for the senior bank loan and 2037 for the senior bond issuance, without the airport making expansionary investments to increase its annual passenger capacity. The stable outlook reflects our expectation of Quiport's continued resilience to sovereign stress, supported by its financial structure, including a 12-month DSRA for the bond issuance and a six-month DSRA for the bank loan. S&P said, "We anticipate continued sufficient cash flow, even amid potential sovereign stress, providing adequate cushion. We project airport traffic to increase by approximately 1.5%-2.0% over the next 12-24 months, reflecting the airport's strategic importance as Ecuador's primary air gateway." S&P could lower the rating on Quiport if it takes a negative rating action on Ecuador. Additionally, a downward revision of Quiport's stand-alone credit profile (SACP) due to significant deviations in financial performance, passenger volume, or maintenance needs, resulting in a revised base case DSCR of 1.3x or below, could trigger a downgrade. Government interference affecting cash flow (such as tariff freezes, mandated new expansionary capital expenditures; both without compensation) could also limit our rating on Quiport's debt to that on the sovereign. Assuming all other factors remain unchanged, S&P could raise the rating in the next 12 months if it takes a positive rating action on Ecuador. ============= J A M A I C A ============= CARIBBEAN CEMENT: Continues to be a Standout Market for Cemex ------------------------------------------------------------- Jamaica Observer reports that Caribbean Cement Company Limited (CCC) was featured as Cemex's noteworthy market in its South, Central America and the Caribbean (SCAC) segment which saw a six per cent rise in revenue to US$295 million for the third quarter. CCC generated $8.07 billion (US$50.07 million) in consolidated revenue for the third quarter (July to September), a 30 per cent improvement over the $6.21 billion generated in the comparative period, according to Jamaica Observer. The increase in sales was attributed to increased production capacity following the recent US$42-million ($6.7-billion) debottleneck project which was officially commissioned in June, the report notes. CCC produced a record 109,682 metric tonnes of cement in July, exceeding the 103,869 metric tonnes figure set in March 2021, the report. The Jamaican cement company also had improved weather conditions in Q3 2025 compared to Q3 2024 which had heavy rainfall activity, including the passage of Hurricane Beryl, the report says. CCC had its annual maintenance shutdown during Q3 2024 compared to the current period where the event occurred in Q2 2025, the report discloses. These positive factors have contributed to the company's sales exceeding $8 billion for each reported quarter in 2025, the report recalls. "This strong performance was driven by several factors: the completion of the debottlenecking project in Jamaica, allowing us to substitute low-margin imports with domestically produced cement; benefits from savings realised under Project Cutting Edge; improved demand conditions in both Colombia and Jamaica; and a more favourable prior-year comparison base," said Louisa "Lucy" P Rodriguez, chief communications officer of CEMEX SAB de CV during the earnings call, the report notes. She added, "In Jamaica, we are seeing tourism-related developments, along with improved bag cement sales supported by remittances." The recent expansion investment also resulted in CCC's gross profit margin for the third quarter reaching 50 per cent. This means that the company kept $0.50 out of every $1 generated in revenue after account for its cost of sales. While the company's gross profit increased 131 per cent from $1.76 billion to $4.05 billion, the prior period saw CCC importing cement to cover the gap formed from its annual maintenance exercise, the report says. The imported cement carries lower margins for the business which also saw an increase in repairs and maintenance costs during that period, the report relates. After accounting for operating expenses, CCC's operating profit before other income and expenses grew 228 per cent from $1.01 billion to $3.31 billion, the report notes. CCC benefited from a $196.96-million insurance claim and paid $171.15 million, a 30 per cent increase, in royalty and service fees to other Cemex subsidiaries in Q3 2025, the report recalls. The company had a lower net financial expense and reported a foreign exchange loss during the quarter, the report notes. As a result of these factors, CCC reported $3.23 billion in profit before tax (PBT), a 307 per cent increase over the $794.56 million in Q3 2024. Net profit for the period was $2.29 billion with an earnings per share (EPS) of $2.70, the report discloses. For the nine months period, CCC's consolidated revenue improved 14 per cent to $24.40 billion with gross profit coming in slightly higher at $9.39 billion, the report relays. Although CCC had a four per cent rise in PBT to $6.49 billion, a 26 per cent rise in its tax bill to $1.66 billion resulted in net profit declining two per cent to $4.83 billion, the report relates. EPS for the nine months was $5.68 with the trailing 12 months EPS at $6.90, the report says. "During the quarter, Carib Cement achieved an average reduction of 35 kilogrammes of CO2 per tonne of cement produced. This substantial decrease is directly linked to the successful implementation of the debottleneck project, which involved a series of targeted technological and process upgrades. Central to this was the installation of a new main baghouse and kiln stack, which has significantly improved the capture of particulate matter and enhanced overall production efficiency," stated the third quarter report signed by Chairman Paris A Lyew-Ayee and Managing Director Jorge Martinez Mora, the report relays. CCC's total assets increased 10 per cent over the nine months to $44.96 billion with the company spending $3.96 billion in capital expenditure which pushed its property, plant and equipment to $30.30 billion, the report notes. Cash and cash equivalents also increased to $9.13 billion with $8.6 billion (US$53.7 million) held in a deposit investment account with CEMEX Innovation Holdings Limited, the report discloses. Total liabilities stood at $13.63 billion as deferred income tax liabilities grew 35 per cent to $3.94 billion. Shareholder's equity increased 11 per cent to $31.33 billion which translated to a book value of $36.81, the report says. CCC's share price closed October 24 at $92.41 which leaves the stock up nine per cent in 2025 with a market capitalisation of $78.66 billion, the report notes. This translates to a price to earnings ratio of 13.39 times and a price to book ratio of 2.51 times, the report says. CCC's stock hit a new 52-week high of $106 on September 30 with that price also being the best bid price at the end of trading, the report discloses. CCC paid a $2.0979 dividend totalling $1.79 billion on September 16 to shareholders on record as of July 28, the report says. With $7.4642 per share or $6.35 billion in dividends paid since September 2022, Trinidad Cement Limited (TCL) and Cemex have collected $5.02 billion since then, the report notes. CCC's third quarter report revealed that $221 million in dividends have not been collected by shareholders and is restricted to 12 years before it can be written back to the company's books, the report relates. TCL and Cemex own 79.04 per cent of CCC's ordinary shares, the report notes. While Cemex remains on top of the shareholder list, there have been some notable changes in the top 10 shareholding list, the report notes. Sagicor Pooled Equity Fund and Sagicor Sigma Equity had minimal declines in their holdings during the third quarter while remaining the fourth and fifth largest shareholders with 1.22 per cent and 1.00 per cent, respectively, the report relays. However, ATL Group Pension Fund Trustees Nominee Limited emerged as the eighth largest shareholder during the quarter with 6,119,150 shares or 0.72 per cent of the company, the report relays. PAM – Pooled Equity Fund, managed by the VM Group, has bought an additional 313,722 shares during the first nine months to increase its position to 6,054,339 shares, the report discloses. Barita Investments Limited bought 1,174,773 shares during the quarter to remain the 10th largest shareholder with 5,162,301 shares, the report relays. The Barita Capital Growth Fund occupied the 10th largest spot with 3.59 million shares at the end of March before Barita Investments took the slot during the June period, the report adds. About Caribbean Cement Caribbean Cement Company Limited, together with its subsidiaries, manufactures and sells cement and clinker in Jamaica and other Caribbean countries. The company was incorporated in 1947 and is based in Kingston, Jamaica. As reported in the Troubled Company Reporter-Latin America on Aug 10, 2023, Jamaica Observer said that high cost attributed to a scheduled annual maintenance exercise done during the first quarter sent operational earnings and six months profit falling for cement manufacturer Carib Cement at the end of June. For the reporting period, net profit, which amounted to $2.4 billion, was approximately 20 per cent below the $3 billion earned for the half-year mark in 2022, according to Jamaica Observer. Operating earnings for the period also fell by about 24 per cent to total $3.6 billion when compared to the $4.8 billion seen for last year's period, the report noted. JAMAICA: IDB Expands Credit Line to Support Hurricane Response -------------------------------------------------------------- The Inter-American Development Bank (IDB) expanded its Emergency Credit Line for Jamaica and stands ready to support the country in its emergency response to Hurricane Melissa. The Bank is ready to provide, upon government request, up to US$300 million in fast-disbursing resources to support humanitarian assistance, restore essential services for the population, and back other emergency measures being implemented. These funds are part of the IDB Contingent Credit Facility (CCF) originally approved in 2018 to help the country respond to natural disasters and other emergencies. The IDB's Board of Executive Directors expanded the total available amount in the credit line, reinforcing its commitment to Jamaica's resilience and recovery efforts. "We are working hand-in-hand with the government of Jamaica and its partners to address the devastating impacts of Hurricane Melissa," said IDB Group President Ilan Goldfajn. "This expanded facility enables Jamaica to respond rapidly and effectively, while also strengthening its long-term resilience to future disasters," he added. In addition, the Bank is making available other instruments to support the recovery response, including: Emergency technical cooperation grant of up to US$500,000, pending approval by the IDB 's Board of Executive Directors, to cover urgent humanitarian needs. Immediate response facilities that can finance rehabilitation efforts of up to US$20 million per project. Reformulation of existing projects with the Bank to redirect resources toward disaster-related expenses and accelerate recovery efforts. In the past two years, the IDB has worked with the country to expand its financial protection. Besides expanding the CCF, the Bank signed a memorandum of understanding with the World Bank in August 2023 to extend support for the region, including Jamaica, on the effective use of complementary instruments that strengthen both the reserve fund and existing risk-transfer mechanisms. In addition to financial support, and in alignment with the climate-resilience pillar of the regional program ONE Caribbean and Ready and Resilient Americas, the IDB has worked closely with Jamaica to strengthen its institutional capacity and improve its ability to respond effectively to disasters. Earlier this year, the Bank provided training and conducted simulation exercises with national entities to enhance preparedness, efforts that can enable faster and more coordinated emergency responses. Similar initiatives have been successfully carried out in The Bahamas, Belize, Panama, and the Dominican Republic, reinforcing regional resilience and readiness. Coordination is also underway with the European Union, the United Kingdom, the World Food Programme, and other regional and international partners. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ======= P E R U ======= PERU: IDB OKs $106MM Loan for Digital Inclusion in Rural Areas -------------------------------------------------------------- The Inter-American Development Bank (IDB) has approved a $106 million loan to expand broadband internet access in rural areas of Peru, promoting economic development and social inclusion. The project will benefit approximately 900 population centers in Apurímac, Ayacucho, and Junín through the installation of fixed broadband telecommunications infrastructure, technological equipment, Public Digital Access Spaces (EPAD, its Spanish acronym), and the creation of Digital Access Centers (CAD in its Spanish acronym). EPADs will offer free WiFi access, while CADs will provide free internet, digital services, and IT training, bringing new opportunities to local communities. Backed by an investment loan from the IDB, the program prioritizes vulnerable populations, including women and Indigenous communities. It will train 908 community digital leaders and 908 digital assistants, strengthening their skills to efficiently manage and operate the CADs. Additionally, the initiative will connect 977 educational institutions and 115 healthcare facilities, and train 520 teachers and 115 healthcare workers, facilitating access to public services such as education, health, and administrative procedures. The project is expected to help 27,390 people acquire digital skills through training and free computer access at the CADs. It is also expected to reduce service costs by attracting new internet service providers into these regions. This initiative aligns with the goals of the PRONATEL program from the Ministry of Transport and Communications (MTC), which seeks to expand digital connectivity in hard-to-reach areas. The implementation period is expected to be 6.5 years, and the IDB loan has a repayment term of 19 years, with a 6.5-year grace period and an interest rate based on SOFR. The MTC will contribute $26.5 million in counterpart funding to complete the project's financing. ===================== P U E R T O R I C O ===================== ASOCIACION HOSPITAL: Cash Collateral Access Extended thru Nov. 28 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico extended the stipulation between Asociacion Hospital Del Maestro, Inc. and its secured creditor, Banco Popular de Puerto Rico, related to the use of cash collateral. Under the stipulation, the Debtor is authorized to use $291,158 in cash collateral for the period from October 15 to November 28 solely to satisfy the operating expenditures set forth in its budget. Banco Popular de Puerto Rico's consent and the Debtor's right to use the cash collateral will terminate automatically on November 28 or upon the occurrence of an event triggering default. The "adequate protection" provisions contained in the stipulation remain in full force and effect. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by: Luis C. Marini-Biaggi, Esq. Carolina Velaz-Rivero, Esq. Marini Pietrantoni Muniz, LLC 250 Ponce De León Ave. Suite 900 San Juan, PR 00918 Tel.: (787) 705-2171 lmarini@mpmlawpr.com cvelaz@mpmlawpr.com ASOCIACION HOSPITAL: Hires IEC Consulting as Investment Consultant ------------------------------------------------------------------ Asociacion Hospital del Maestro, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ IEC Consulting, LLC as its investment consultant in its Chapter 11 case. IEC Consulting, LLC will provide these services: (a) assist the Debtor in identifying and contacting potential investors or purchasers; (b) provide advice and analysis regarding potential investment structures; (c) assist in the negotiation of investment and purchase agreements; (d) prepare and deliver reports and recommendations regarding investor interest and proposals; and (e) perform all other consulting and advisory services necessary or desirable to advance the Debtor's restructuring objectives. IEC Consulting, LLC will be compensated at $150 per hour with a monthly cap of 40 hours ($5,000), and a transaction fee equal to 1.5% of the gross proceeds from any completed investment or sale transaction. The Debtor asserts that IEC Consulting, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ivan E. Colon IEC Consulting, LLC PO Box 360493 San Juan, PR 00936 Telephone: (787) 645-7870 E-mail: ivancolon311@gmail.com About Asociacion Hospital El Maestro Asociacion Hospital El Maestro, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on Aug. 25, 2025, listing under up to $50 million in both assets and liabilities. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as counsel and CPA Luis R. Carrasquillo & CO, PSC as financial consultant. =============== X X X X X X X X =============== LATAM: IDB Drives Digital Integration in Region ----------------------------------------------- The International Development Bank (IDB) related that for the first time at the regional level in Latin America and the Caribbean, citizens will be able to complete digital public service transactions in another country using their national digital identity. This historic milestone was presented during the XIX Annual Meeting of the Inter-American Digital Government Network (Red Gealc), with the launch of the IdLAC software - a technology platform developed as a regional public good with support from the Inter-American Development Bank (IDB). What is IdLAC? IdLAC is a digital identity broker that acts as a secure bridge between digital identity providers (IDPs) and public or private services (SPs) that need to verify users' identities. This platform allows individuals to access multiple digital services with a single account, without needing to register or authenticate multiple times. It can be used for public transactions such as renewing driver's licenses, requesting certificates, paying taxes, submitting migration declarations, registering exports and imports, among others. Regional Interoperability During the event in Guatemala, a live demonstration of the software was conducted. Citizens from Uruguay, Colombia, and Brazil were able to authenticate through IdLAC using their national digital credentials to complete a migration procedure in Chile. The software redirected each user to their country's digital identity system, and then returned the necessary information to Chile's system to complete the procedure. IdLAC is part of the Regional Digital Citizen initiative, driven by the IDB through its Regional Public Goods Initiative, with support from the World Bank, Co-Develop, the OAS, and the Red Gealc working groups on digital identity. The technical development was led by Uruguay (Agesic), with Chile serving as Red Gealc's chair country in 2025. In addition to the countries that participated in the demonstration (Uruguay, Colombia, Brazil, and Chile), eight other countries have already joined the development of IdLAC: Argentina, Bolivia, Costa Rica, Ecuador, Guatemala, Paraguay, Peru, and the Dominican Republic. A new cohort will allow more countries to integrate into this regional ecosystem. IdLAC strengthens interoperability, security, and trust between digital identity systems, promoting technological sovereignty and regional standardization. It is a concrete example of how digital cooperation can improve access to public services and make life easier for citizens across Latin America and the Caribbean. ********* 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 * * *