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251111.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 Tuesday, November 11, 2025, Vol. 26, No. 225 Headlines B R A Z I L FS INDUSTRIA DE BIOCOMBUSTIVEIS: Moody's Alters Outlook to Negative C A Y M A N I S L A N D S ANF MERGECO: Chapter 15 Case Summary D O M I N I C A N R E P U B L I C [] DOMINICAN REPUBLIC: Frente Amplio Calls for Enforcement of Law E C U A D O R ECUADOR: IDB OKs $250MM Loan to Enhance Care for Chronic Diseases E L S A L V A D O R EL SALVADOR: IDB OKs $500MM Loan to Reduce Flood Vulnerability J A M A I C A JAMAICA: BOJ Withdraws $145.5B From Market to Stabilize Dollar P U E R T O R I C O TINER EMPREENDIMENTOS: Chapter 15 Case Summary T R I N I D A D A N D T O B A G O STANDARD DISTRIBUTORS: Sale Deal Amid Retail Sluggishness TRINIDAD & TOBAGO: Navigates Geopolitics as Borrowing Risks Mount - - - - - =========== B R A Z I L =========== FS INDUSTRIA DE BIOCOMBUSTIVEIS: Moody's Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings has affirmed FS Industria de Biocombustiveis Ltda (FS)'s Ba3 Corporate family rating. At the same time, Moody's affirmed the Ba3 rating of the Backed Senior Unsecured notes issued by FS Luxembourg S.a r.l. guaranteed by FS. The outlook changed to negative from stable. RATINGS RATIONALE The negative outlook is prompted by the deployment of the investment on the fourth operating mill, which Moody's expects to lead to negative free cash flow generation in 2025-26 and an increase gross leverage in the near term. In addition to the initial capex for the construction, the ramp-up will include high working capital needs anticipating the beginning of operations of the new mill at year-end 2026. Additionally Moody's observes a downward trend scenario for ethanol prices because of lower overall international gasoline prices and the expectation ample supply of ethanol through the 2026-27 harvest, ending March 2027. Although the new mill increases production capacity it fails to provide further product or geographical diversification. FS ratings are supported by the company's adequate liquidity and business model, which allows for certain predictability of credits metrics, increased crushing capacity, sustained demand for ethanol in the coming years and abundant availability of corn as feedstock. In 2024-2025, Moody's-adjusted EBITDA reached BRL2.9 billion, favored by higher ethanol prices harvest-over-harvest and a low corn costs of BRL44/bag. Moody's adjusted gross leverage stood at 3.6x by the end of the harvest. For 2025-2026, Moody's expects EBITDA of around BRL 3.3 billion supported by an adequate relation of ethanol prices to a still low corn cost of around BRL43/bag. Gross leverage is expected to peak during the harvest with higher debt levels to fund the construction of a new mill at Campo Novo dos Parecis, in the state of Mato Grosso, Brazil, closing at 3.7x at harvest end. On July 25, FS announced the construction of its fourth corn ethanol mill. Funding for the project is already secured, incorporated in Q1 2026 results, taking gross leverage to 3.8x as of June 2025. Total capital spending is estimated at BRL2 billion. The new mill is expected to ramp-up in December 2026 contributing with an additional 540 million liters of ethanol production. Despite volatile spreads, Moody's expects FS to maintain adequate credit metrics for the Ba3 rating level. While leverage could increase during periods of weak spreads, Moody's expects the company to generate positive free cash flow absent of expansion investments. FS rating incorporates the company's adequate leverage and liquidity, and large scale among ethanol producers in Brazil (the company is the second largest producer that uses corn as feedstock). FS is a low-cost producer with favorable access to corn feedstock and is located in a region with high demand for animal feed, a co-product of the ethanol production process. The company has a low carbon footprint, benefiting from the sustained growth in demand for biofuels. Additionally, the company has a strong track record of growing organically. FS' rating is constrained by its high exposure to the dynamics of the ethanol and corn markets; and the consequent susceptibility to sharp price volatility, event risks, weather imbalances and global trade flow, which can cause momentary leverage spikes, as observed in the 2023-24 harvest. The exposure to corn prices is partially offset by its animal nutrition business, given that the price of dried distillers grains is directly correlated to that of corn and soybean meal. Few mills and concentration in a single commodity in a single region exacerbate FS' commodity risks. Liquidity is adequate with BRL4.6 billion in cash and BRL0.9 billion in short-term debt, mainly working capital lines. Moody's believes FS will maintain an active liability management to avoid a concentration of maturities in the short-term. RATING OUTLOOK The negative outlook incorporates Moody's expectations that FS will expansion investments will lead to negative free cash flow generation and pressure leverage in the near-term. The outlook incorporates prudent shareholder distributions, which should not jeopardize liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FS' ratings are constrained by the concentration and single-line commodity exposure of its business (corn ethanol and related co-products). An upgrade would require further business diversification that reduces geographic and commodity risk exposure, coupled with a robust financial position, consistent positive free cash flow, low leverage and adequate liquidity. Quantitatively, an upgrade would require the following: Debt/EBITDA below 3.0x; Retained cash flow (RCF)/Net Debt above 15%; EBITDA/interest expense above 5.0x; all on a sustained basis. A downgrade could result from a consistent increase in leverage or a deterioration in liquidity. Large shareholder distributions or the deployment of large investments that compromise short-term credit metrics and liquidity could trigger a downgrade. Quantitatively, a downgrade would require the following: Debt/EBITDA above 4.0x; RCF/Net debt below 12.5%; EBITDA/interest expense below 2.5x; all on a sustained basis. FS is headquartered in Lucas do Rio Verde, Mato Grosso, Brazil. The company produces ethanol from corn feedstock. It also commercializes the co-products generated in the production process, including dried distillers grains, wetcake, corn oil for livestock feed, and electricity and steam. FS is a limited liability company controlled by US-based Summit Agricultural Group (Summit) (with a 70.7% stake), and other shareholders (including Marino J. Ferraz, Amerra Chapada LLC, Miguel V. Ribeiro, and Paulo S. Franz). In the 204-25 harvest, FS generated net revenue of BRL10.7 billion ($1.9 billion, converted using the average rate for the period), with a Moody's-adjusted EBITDA margin of 28.3%. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. =========================== C A Y M A N I S L A N D S =========================== ANF MERGECO: Chapter 15 Case Summary ------------------------------------ Two affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- ANF MergeCo Ltd. 25-32482 142 Seafarers Way 2507 George Town Grand Cayman KY1-1104 Cayman Islands AXIA Network Foundation 25-32483 Business Description: AXIA Network Foundation, in official liquidation, is an exempted foundation company incorporated in the Cayman Islands, and its wholly owned subsidiary, ANF MergeCo Ltd., also in official liquidation, is an exempted company under Cayman law. Both entities hold the assets and liabilities of the AXIA Group, a network of 36 affiliated companies focused on developing digital currency, which began winding down operations in early 2023. The Debtors entered official liquidation in the Cayman Islands on April 3, 2025. Chapter 15 Petition Date: October 30, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: TBD Foreign Representatives: Christopher Kennedy and Alexander Lawson Foreign Proceeding: Liquidation proceedings in the Cayman Islands subject to the supervision of the Grand Court of the Cayman Islands under Cause No. FSD2025-0030 (DDJ) and Cause No. FSD2025-0029 (DDJ) Foreign Representatives' Counsel: Toby L. Gerber, Esq. Jason Blanchard, Esq. Michael Berthiaume, Esq. NORTON ROSE FULBRIGHT US LLP 2200 Ross Avenue, Suite 3600 Dallas TX 75201 Tel: (214) 855-8000 Fax: (214) 855-8200 Email: toby.gerber@nortonrosefulbright.com jason.blanchard@nortonrosefulbright.com michael.berthiaume@nortonrosefulbright.com -- and -- Francisco Vazquez, Esq. NORTON ROSE FULBRIGHT US LLP 1301 Avenue of Americas New York, New York 10019 Tel: (212) 408-5100 Fax: (212) 541-5369 Email: francisco.vazquez@nortonrosefulbright.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PBXABHQ/ANF_MergeCo_Ltd__txnbke-25-34282__0001.0.pdf?mcid=tGE4TAMA =================================== D O M I N I C A N R E P U B L I C =================================== [] DOMINICAN REPUBLIC: Frente Amplio Calls for Enforcement of Law ----------------------------------------------------------------- Dominican Today reports that the Frente Amplio (FA) has called on President Luis Abinader's administration to comply with Article 327 of the Tax Code (Law 11-92) and Regulation No. 139-98, which mandate an annual inflation adjustment to preserve the real value of income and prevent unfair tax burdens on salaried workers. The organization noted that the last adjustment was applied in 2017, leaving the income tax (ISR) brackets frozen despite the continued rise in the cost of living, according to Dominican Today. According to the FA, accumulated inflation has surpassed 45% since 2017, while wages and the income tax exemption threshold remain stagnant, the report notes. This situation, they argued, forces thousands of employees to pay taxes on incomes that barely cover basic needs, the report relays. The group criticized the government for acknowledging the fairness of indexation—something both President Abinader and Finance Minister Magin Diaz have done—yet continuing to suspend it annually through budget laws, the report discloses. FA leader Cabral emphasized that obeying the law is not optional and urged the government to prioritize social justice in fiscal decisions, the report says. He denounced the persistence of large tax exemptions for corporate sectors while workers earning modest salaries are increasingly burdened, the report notes. The Frente Amplio concluded by demanding the immediate reinstatement of the inflation adjustment mechanism and the implementation of measures to protect the purchasing power of Dominican families, ensuring that economic growth benefits the population as a whole, the report relays. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= E C U A D O R ============= ECUADOR: IDB OKs $250MM Loan to Enhance Care for Chronic Diseases ----------------------------------------------------------------- The Inter-American Development Bank (IDB) is lending $250 million to help Ecuador reduce morbidity and mortality from chronic, noncommunicable diseases by strengthening prevention, diagnosis, and access to comprehensive treatment. The program, which has been approved by the IDB's Board of Executive Directors, will improve decision-making by creating clinical protocols and operational standards for health facilities, as well as by implementing information systems to monitor chronic diseases. The operation will enable Ecuador to purchase equipment for primary care and specialized treatment of chronic diseases and cancer. It will also strengthen healthcare personnel and roll out an information system for better patient follow-up. The program will benefit the estimated 10.2 million people of all ages served by Ecuador's Ministry of Public Health. Chronic, noncommunicable diseases account for 53% of deaths in Ecuador. In 2023, cardiovascular diseases were the country's leading cause of death. The IDB loan has a 25-year repayment, a 5.5-year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR). ===================== E L S A L V A D O R ===================== EL SALVADOR: IDB OKs $500MM Loan to Reduce Flood Vulnerability -------------------------------------------------------------- The Executive Board of the Inter-American Development Bank (IDB) has approved a Conditional Credit Line for Investment Projects (CCLIP) of up to $500 million, aimed at reducing the vulnerability of El Salvador's population to flooding. As part of this credit line, the Board also approved an initial individual loan of $150 million to finance a project focused on the Metropolitan Area of San Salvador (AMSS). The AMSS population faces high vulnerability to increasingly frequent and intense flood events that cause loss of life, significant economic damage, and disruptions to daily activities. The project financed by the first loan will address the main causes of this vulnerability, including gaps in access to adequate urban drainage services, challenges in planning and strengthening technical capacities for efficient management, the need to improve early-warning systems, and limitations in the proper disposal of solid waste within drainage systems. The program will fund the development and maintenance of urban drainage infrastructure, including the construction of detention ponds and the rehabilitation and operation of sustainable urban drainage systems. It will also support the rehabilitation of vaults designed to store large volumes of rainwater during intense storms and release it in a controlled manner, as well as the recovery and strengthening of culverts. This project will directly benefit about 5,100 households (15,200 people) and approximately 700 establishments (businesses, public institutions), which will have access to adequate urban drainage. Additionally, 100% of the AMSS population will benefit from an improved early warning system and awareness campaigns. Likewise, 70% of the personnel participating in the planned workshops will obtain certifications in urban drainage management and early warning systems. The project also includes institutional strengthening of the Ministry of Public Works and Transportation and improving the effectiveness of the flood early warning system. The first individual loan of $150 million has a repayment term of 23 years, a grace period of 7.5 years, and an interest rate based on SOFR. ============= J A M A I C A ============= JAMAICA: BOJ Withdraws $145.5B From Market to Stabilize Dollar -------------------------------------------------------------- RJR News reports that the Bank of Jamaica (BOJ) says that as of Nov. 5, 2025, it has now absorbed $145.5 billion in liquidity from the financial system as a part of efforts to stabilise the Jamaican dollar. This follows the Nov. 5 auction of another 6% per annum certificate of deposit, the central bank's main tool for mopping up excess cash in circulation, according to RJR News. A total of 284 bids, worth $47.9 billion, were submitted by financial institutions and individuals from both the public and private sectors, the report notes. However, the BOJ accepted only 184 bids, totalling $31.5 billion it targeted to withdraw from the market, the report relays. It accepted bids carrying an average interest rate of 5.95% per annum, with a lowest at 5% for $47 million and the highest at 8.15% for $500 million, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== TINER EMPREENDIMENTOS: Chapter 15 Case Summary ---------------------------------------------- Affiliated companies that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Tiner Empreendimentos e Participacoes S.A. 25-22720 Brazil TBR Construcoes e Incorporacoes Ltda. Alegria Empreendimentos e Participacoes Ltda. LCR Locacao e Transporte de Equipamentos e Maquinas Para Construcao Civil, Industria e Comercio Ltda. Vitron Industria e Comercio de Vidros Ltda. ASOX Industria e Comercio de Metais Ltda. Revon Importacao, Distribuicao e Comercializacao de Pisos e Revestimentos Ltda. Business Description: Tiner Empreendimentos e Participacoes S.A. is a Brazil-based company engaged in real estate development and investment, forming part of the Tiner Group, which originated in Portugal in 1984 through Tiner SGPS. The group operates across the civil construction, logistics, and financial sectors, with activities extending into property management and real estate fund administration. In Brazil, Tiner expanded its operations through subsidiaries including TBR Construcoes, Alegria Empreendimentos, LCR Locacao, Vitron Industria, ASOX, and Revon, supporting its diversification and growth in the real estate and construction industries. Chapter 15 Petition Date: October 28, 2025 Court: United States Bankruptcy Court Southern District of Florida Judge: TBD Foreign Representative: F. Rezende Consultoria e Administracao Judicial, the judicial administrator of the bankruptcy estate of Tiner Empreendimentos, et al. Praca Franklin Delano Roosevelt n. 200, 6th Fl. Sao Paulo CEP 01303-020 Brazil Signed by: Frederico Antonio Oliveira de Rezende Foreign Proceeding: Bankruptcy Liquidation proceeding pending before the 1st Bankruptcy and Reorganization Court of the Central District of Sao Paulo Foreign Representative's Counsel: Leyza B. Florin, Esq. SEQUOR LAW 1111 Brickell Avenue Suite 1250 Miami FL 33131 Tel: (305) 372-8282 Email: lflorin@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of Tiner Empreendimentos' Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZIBJZRY/Tiner_Empreendimentos_e_Participaes__flsbke-25-22720__0001.0.pdf?mcid=tGE4TAMA ===================================== T R I N I D A D A N D T O B A G O ===================================== STANDARD DISTRIBUTORS: Sale Deal Amid Retail Sluggishness --------------------------------------------------------- Trinidad and Tobago Newsday reports that developments concerning local furniture and appliance outlet Standard Distributors bring into sharp focus the continued softening of the retail sector. For decades, the Standard brand has been a household name ever since the first store opened in 1945. But branches across the country, and one in Barbados, were reportedly closed on November 1, with Ansa McAL later announcing the sale of the company to Term Finance, according to Trinidad and Tobago Newsday. "Term Finance will evolve Standard's operations and brand into a dedicated credit provider and e-commerce platform, leveraging Standard's 80-year experience and hire-purchase knowledge to offer best-in-class credit products to the market at strategically placed branches to be established," Ansa McAL said, the report notes. The transaction, whose terms have not been disclosed, is expected to be completed by December 31, pending approvals, the report relays. Term Finance has signalled plans to transform Standard into a credit provider and e-commerce platform under the new name Standard Credit, the report discloses. These developments come as the retail sector continues to face post-covid19 pandemic challenges, the report says. The Central Statistical Office's index of retail sales of household appliances and furnishings shrank by 3.5 per cent and then 5.2 per cent in the second quarter and third quarter, respectively, of 2023, the report notes. Things rebounded somewhat last year. But there was a sharp drop in the first quarter of 2025, with the index down by 7.8 per cent, the report relays. The overall retail index fell by 3.7 per cent in that quarter, in a sign that the problem is not just among furniture stores but across the board, the report discloses. The report notes that Central Bank figures suggest one of the key indicators of economic health on the ground, retail sales, has been in a constant decline since 2024. The sale of Standard Distributors just before Christmas is hardly an encouraging omen, the report relates. That online shopping has eaten into the business of physical stores is news to no one, the report says. Amazon, Shein, Walmart, eBay, Fashion Nova, Web Source, Skybox – these are just some of the sites routinely receiving traffic from TT shoppers, the report relays. But high shipping costs for larger, bulkier household fixtures have meant furniture stores have theoretically had something of an advantage over all others, especially because people do still need to visit showrooms when it comes to what they want at home, the report says. Some local manufacturers have also maintained a retail presence as it relates to things like wood products, the report notes. The deeper issue seems to be an unwillingness by consumers to splash the cash, the report relays. This could reflect both reduced disposable income – worrying given robust banking liquidity, contained inflation and stable employment levels – and low consumer confidence, the report notes. If customers are unwilling to borrow and spend more than they earn, that might also say something about attitudes to banks and financial institutions, the report discloses. And with housing demand not being met, it might be safe to infer furniture stores are feeling the brunt of that imbalance, too, the report says. The government's approach to boosting growth through sustained spending and institutional strengthening will not harm economic activity, the report relays. But the softening of the furnishings sector highlights the real extent of the challenge, the report adds. TRINIDAD & TOBAGO: Navigates Geopolitics as Borrowing Risks Mount ----------------------------------------------------------------- Vishanna Phagoo at Trinidad Express reports that the Government of Trinidad and Tobago faces mounting financial and geopolitical headwinds as fiscal pressures intensify and tensions with Venezuela cloud the outlook for gas production and investor confidence. Former minister in the Ministry of Finance Mariano Browne said the administration's borrowing position is already under severe strain, with total financing needs estimated at $19 billion for the current fiscal year, according to Trinidad Express. "Of that figure, $15.2 billion are loans that have to be refinanced because they can't be repaid . . . there is no money to do so," Browne explained in response to questions from Express Business via WhatsApp, the report notes. "The remaining $3.88 billion represents the estimated fiscal deficit. But that deficit is understated, because it does not include either the proposed 10% wage negotiation, which only covers up to 2019, or the increased National Insurance contributions that the Government must also pay," he added. Those additional obligations, he said, would significantly increase the borrowing requirement and must be viewed in the context of the Standard and Poor's (S&P) report released on September 25, which warned that without credible fiscal reform and evidence of sustainable growth, T&T's sovereign credit rating could be downgraded within the next six to 24 months, the report discloses. The report notes that Browne cautioned, "Since there is nothing in the budget speech that projects GDP growth or demonstrates fiscal sustainability then the downside scenario of the S&P report becomes the more probable outcome." The S&P downside scenario explicitly warns that ratings could be lowered if the Government fails to take timely corrective steps to strengthen public finances, ensure long-term balanced growth, and maintain the country's strong external profile, the report says. It also notes that failure to address a prolonged weakening of public finances and diminishing foreign exchange reserves would signal institutional shortcomings that limit the Government's capacity to build buffers and respond to negative shocks, the report relays. Browne argued that beyond the numbers, the country faces a confidence problem, one that could cascade across the financial system, the report discloses. "Quite apart from the announcements coming out of Venezuela in response to T&T's negative comments, the debt situation would lead to a loss of confidence and a decline in the Government's credit rating and credibility. This will impact investor confidence and will lead to monetary policy changes, which will affect the banking sector," the report notes. He also warned that the Dragon gas project cannot be counted on to support growth projections, the report relays. "The Dragon gas project cannot be factored into any calculation of GDP for the foreseeable future," Browne stated. "It will remain on the shelf until there is a change in the US approach to Venezuela," he added. Venezuela's recent repudiation of arrangements regarding the Manatee gas field, he added, further complicates matters. "We do not have sight of the contracts or agreements with Venezuela. In any event, if this becomes a dispute, it could take time to resolve, which would affect the project's start date and its positive contribution to T&T's GDP and Government tax revenues," the report notes. According to Browne, national security and regional tensions also have a direct bearing on economic stability, the report says. "National security concerns always have an impact on investor confidence. Any prospect of upheaval or civil disturbance will have a negative impact on investor confidence. The same goes for crime. Should US military actions continue, this would have a wider impact in T&T and perhaps in the region, especially in relation to tourism," he said, the report relays. Implications for Growth and Stability Economist Dr Sandra Sookram offered a detailed assessment of the likely short- and medium-term effects on GDP, revenues, external accounts, and investor sentiment, arguing that while the Dragon suspension removes an upside, it does not create an immediate macroeconomic shock, the report notes. "The suspension removes the incremental upside previously projected from the Dragon field gas. It does not trigger an immediate macroeconomic contraction," she said in a WhatsApp exchange with Express Business, the report says. She pointed to alternative gas supply projects that are already advancing—including bpTT's Cypre (first gas expected 2025), Shell's Manatee (final investment decision 2024, first gas 2027), and Shell's Aphrodite (FID in June 2025)—as well as restructured Atlantic LNG contracts that have already increased the Government's take from LNG exports, the report relays. However, the external accounts remain under pressure, the report notes. "Gross official reserves stood between 5.4 and 6.6 months of import cover at end-August 2025, according to Central Bank data. That provides some, but narrowing, space for managed FX intervention alongside complementary fiscal measures," she said, the report discloses. Sookram said investors in both energy and manufacturing pay close attention to two variables: secure feedstock and predictable policy, and that the Government must clearly communicate both, the report says. "A clear Government message can address both: open bid rounds and existing licences remain in force; gas supply is being backfilled from Cypre, Manatee, Aphrodite, and domestic ECMA acreage; and market access via Caricom, the EU Economic Partnership Agreement, and bilateral FTAs will be maintained," the report relays. She added that the successful Atlantic LNG renegotiation demonstrates that the Government can still conclude complex commercial agreements under pressure, a signal that can help calm investor nerves, the report notes. On industrial production, Sookram explained that Point Lisas Industrial Estate has operated below nameplate capacity since 2016 due to gas curtailments, leaving some spare capacity that can absorb scheduling delays, the report relates. "If Venezuelan gas is deferred, existing allocation protocols can prioritise ammonia and methanol trains, with Cypre and Manatee volumes ring-fenced for LNG. Output loss is therefore primarily a matter of sequencing and optimisation and should not, on current information, require widespread shutdowns," she added. She emphasized that continuous technical dialogue with downstream operators would determine the exact export-earnings profile over the next two years, the report discloses. Sookram also highlighted a series of monetary and fiscal policy tools that could be deployed to manage temporary stress, the report relays. "The Central Bank can increase forex sales to authorized dealers if widening spreads or order imbalances signal temporary market stress. These actions would be targeted, pre-announced, and tied to observable indicators to smooth volatility without encouraging speculative demand or depleting reserves unnecessarily," she explained, the report notes. In addition, the Central Bank could adjust the repo rate or liquidity operations, tools it has already used effectively in 2025 to maintain stability, the report says. On the fiscal side, she said, the Ministry of Finance could: -- re-phase capital expenditure toward high-local-content projects -- offer temporary relief on key State-imposed port, energy, and regulatory charges affecting petrochemical exporters -- accelerate environmental and fiscal approvals for non-Venezuelan upstream investment. With two-thirds (67–70%) of Government debt denominated in T&T dollars, she noted, any fiscal adjustment would "largely avoid balance-of-payments pressure," the report adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter 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 * * *