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251112.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 Wednesday, November 12, 2025, Vol. 26, No. 226 Headlines A R G E N T I N A YPF SA: Hails Milei Agenda as Abu Dhabi Joins Argentina's LNG Push C A Y M A N I S L A N D S ITTIHAD INT'L: Fitch Assigns BB-(EXP) Rating on Trust Certificates C O L O M B I A SIERRACOL ENERGY: Fitch Rates Sr. Unsecured Notes 'B+' D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Banco Popular Sets Benchmark in Resilience J A M A I C A JAMAICA: BOJ Pumps US$30 Million Into Forex Market M E X I C O FREIGHT TECHNOLOGIES: Sets 2025 Annual Meeting for December 18 P U E R T O R I C O DORADO PUTT: Hires Luis R. Carrasquillo as Financial Consultant PET HOTELS: To Sell Corozal Property to Millenium Records U R U G U A Y URUGUAY: IDB OKs $60MM to Improve Secondary Education V E N E Z U E L A VENEZUELA: Gas On Pause, Says Energy Expert - - - - - ================= A R G E N T I N A ================= YPF SA: Hails Milei Agenda as Abu Dhabi Joins Argentina's LNG Push ------------------------------------------------------------------ Jonathan Gilbert at Bloomberg News reports that state-run YPF SA said Argentina's oil and gas industry would benefit from sweeping tax and labour reforms that President Javier Milei is drafting after he won a mandate from voters to press ahead with his libertarian experiment. "The big reform for our industry was done," YPF Chief Executive Officer Horacio Marin told Bloomberg Television's Joumanna Bercetche in Abu Dhabi, citing special conditions for energy investors enshrined in law, known as RIGI, and deregulated oil and fuel markets. "There are new reforms for the tax and labor regime that will also help a lot because we need to be more modern, so that will help our product,"he added. Business leaders have lamented the burden of Argentina's tax and labour laws for years, arguing they've held back investment, Bloomberg News relays. Employment rules in particular have been hard to overhaul because of the country's powerful trade unions, Bloomberg News discloses. Change would no doubt favour growth in the Vaca Muerta, a shale patch in Patagonia where YPF has spearheaded development as Argentina tries to mirror the US boom in the Permian Basin, Bloomberg News notes. Plans are in the works to ship both shale oil and gas from the prized Argentine formation, Bloomberg News relays. In the Persian Gulf nation, YPF announced that the overseas investment arm of Abu Dhabi National Oil Co is looking to become a partner in its project to build a floating LNG terminal with Italy's Eni SpA, confirming an earlier Bloomberg News report. Marín said he hoped to get a binding commitment from XRG within a month as YPF and Eni work on a financing deal for the project, which is targeting production of 12 million tons a year, Bloomberg News discloses. If the project does go ahead – a definitive decision may come as soon as mid-2026 – it will require some of the biggest liquefaction vessels ever built, Marin said, Bloomberg News says. "I am very proud because there were no LNG projects before President Milei took power, and now we have one of six millions tons and this one, which I am very positive will become a reality," he added. Bloomberg News relays that other highlights from the interview: -- The LNG project is targeting a market window in 2030, when there could be global gas shortfall -- YPF is budgeting for crude prices next year at between US$60 and US$70 a barrel -- The VMOS shale oil export project is on track to be operational by end-2026, though port construction is a potential bottleneck. =========================== C A Y M A N I S L A N D S =========================== ITTIHAD INT'L: Fitch Assigns BB-(EXP) Rating on Trust Certificates ------------------------------------------------------------------ Fitch Ratings has assigned Ittihad International Investment LLC's (Ittihad) benchmark trust certificates, to be issued through Ittihad International II Ltd (Ittihad International II), an expected rating of 'BB-(EXP)'. The expected rating is in line with Ittihad's Long-Term Issuer Default Rating (IDR) and senior unsecured rating of 'BB-'. The assignment of the final rating is contingent on the receipt of final issuance documents materially conforming to information already reviewed. If the sukuk is not issued, or is issued under materially different terms than Fitch has assumed, Fitch will review the rating. Ittihad International II is the issuer of the certificates and trustee. The trustee is an exempted company with limited liability incorporated in the Cayman Islands and has been incorporated solely for the purpose of participating in the transactions contemplated by the transaction documents to which it is a party for and its shares are held by Maples FS Limited as share trustee. Citibank N.A., London Branch is acting as delegate of the trustee. Ittihad is the obligor, lessee and service agent. Key Rating Drivers The issuance rating is aligned with Ittihad's IDR. This reflects Fitch's view that a default of the senior unsecured obligations would reflect a default of Ittihad, in accordance with the agency's rating definitions. Fitch has given no consideration to any underlying assets or collateral provided, as the agency believes that the trustee's ability to satisfy payments due on the certificates will ultimately depend on Ittihad satisfying its unsecured payment obligations to the trustee under the transaction documents described in the prospectus and other supplementary documents. The sukuk structure include a guarantee from wholly owned subsidiaries of Ittihad such as Ittihad Paper Mill and other guarantors in favour of the trustee. In addition to Ittihad's propensity to ensure repayment of Ittihad International, Fitch believes it would also be required to ensure full and timely repayment of Ittihad International II's sukuk obligations, due to its role and obligations under the sukuk structure and documentation, which include especially but not limited to the features below: - The rental payment by the lessee and the instalment of the deferred sale price, are intended to fund the periodic distribution amount payable by the trustee under the certificates. - On any dissolution or obligor event, the aggregate amounts of deferred sale price then outstanding will become immediately due and payable; and the trustee will have the right under the purchase undertaking to require Ittihad to purchase from the trustee all of trustee's rights, title, interests, benefits and entitlements in, to and under the lease assets at an exercise price. - The exercise price payable by Ittihad under the purchase undertaking to the trustee, together with the aggregate amounts of the deferred sale price then outstanding, if any, are intended to fund the dissolution distribution amount payable by the trustee under the trust certificates. - The dissolution distribution amount should equal the sum of the outstanding face amount of the certificates; and any accrued but unpaid periodic distribution amounts relating to such certificates. - The lessee (Ittihad) undertakes to permit the lessor and any person authorised by the lessor at all reasonable times, subject to the lessor having given 15 days' notice in writing, to inspect and examine the condition of the lease assets. If the lessee fails to comply, it would constitute a dissolution event. - If Ittihad, as lessee, fails to keep and maintain the security or optimum condition (other than fair wear and tear) of the lease assets, the lessor will be entitled, but not obliged, on giving 15 business days' notice to take possession of the lease assets for the purpose of taking all necessary steps or measures or doing all acts as may be necessary (at the cost and expense of the lessee) to ensure that the lease assets are in suitable condition for the purpose for which they are currently employed or intended to be employed. - In a total loss event, if there is a shortfall from the insurance proceeds on the occurrence of a total loss event or partial loss event, Ittihad undertakes to pay the shortfall amount directly into the collection account. If the servicing agent does not comply with the obligation to insure the lease assets against total or partial loss, it will immediately deliver written notice to the trustee and the delegate of such non-compliance and the details thereof, and this will constitute a dissolution event. - Ittihad's payment obligations under the transaction documents will be direct, unsubordinated, unconditional and unsecured obligations (subject to the limitation of liens provisions) and at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations from time to time outstanding. - Additionally, Ittihad's subsidiaries (acting as guarantors) will unconditionally, irrevocably and jointly and severally guarantee, in favour of the trustee, the delegate and the agents, the due and punctual performance by Ittihad of all of its payment obligations under, and in accordance with the terms of, the transaction documents to which the Ittihad is a party. To the extent that Ittihad does not pay any sum payable by it under the transaction documents by the time and on the date specified for such payment, the guarantors will pay that sum as directed. - The payment obligations of each guarantor under the guarantee will be direct, unconditional, unsubordinated and (subject to the limitation of liens provisions) unsecured obligations of the guarantor, which at all times rank at least equally with all other present and future unsecured and unsubordinated obligations of the guarantor from time to time outstanding. - The sukuk documentation includes an obligation on Ittihad to ensure that at all times, the tangible asset ratio (defined as the ratio of the value of the lease assets to the aggregate value of the lease assets and the outstanding deferred sale price) is more than 50%. Failure of Ittihad to comply with this obligation will not constitute an obligor event. If the tangibility asset ratio falls below 33% (tangibility event), the certificates will be delisted and certificate holders shall have the option to require the redemption of all or any of its certificates at the dissolution distribution amount. In this event, there would be implications on the tradability and listing of the certificates. - Fitch expects Ittihad to maintain the tangibility ratio above 50% with support from the asset base held by multiple sellers (wholly owned subsidiaries of Ittihad). The tangible fixed assets totaled over AED1.7 billion as of 1H25. - The sukuk documentation includes a change-of-control clause. It also includes restrictive covenants, negative pledge and cross acceleration provisions; financial reporting obligations to the trustee/delegate; and certain Ittihad events. It also includes cross-default clauses. - The service agent shall service the lease assets in accordance with the AAOIFI Shariah Standards. - Certain transaction documents will be governed by English law while others will be governed by the laws of Abu Dhabi, the federal laws of the United Arab Emirates and the Cayman Islands. Fitch does not express an opinion on whether the relevant transaction documents are enforceable under any applicable law. However, Fitch's rating on the certificates reflects the agency's belief that Ittihad would stand behind its obligations. Fitch does not express an opinion on the certificates' compliance with sharia principles when assigning ratings to the certificates to be issued. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Ittihad's senior unsecured rating - Adverse changes to the roles and obligations of Ittihad and Ittihad International II under the sukuk's structure and documents Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Ittihad's senior unsecured rating For Ittihad's rating sensitivities, see 'Fitch Upgrades Ittihad's IDR to 'BB-'; Stable Outlook, dated 31 October 2025. Liquidity and Debt Structure Ittihad had AED668 million of readily available cash, before AED 120 million cash restriction, as of 1H25 and undrawn committed revolver facility of USD342 million (around AED1,250 million equivalent), after USD108 million was drawns during 2025. The issuer uses working-capital facilities as part of its commodity trading businesses, which are short term and backed by receipt of payments against commodity delivery. Refinancing risk is low for the short-term facilities as they are asset backed and Fitch assumes continuous roll over each year. Issuer Profile Ittihad is based in the United Arab Emirates, with operations across various segments of consumer goods manufacturing (paper and chemicals for different industries), infrastructure and building materials manufacturing (copper rods, steel bars and cement), business services and healthcare. Public Ratings with Credit Linkage to other ratings The sukuk's ratings are derived from Ittihad's Long-Term IDR and are in line with the company's senior unsecured rating. 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 ----------- ------ Ittihad International II Ltd senior unsecured LT BB-(EXP) Expected Rating =============== C O L O M B I A =============== SIERRACOL ENERGY: Fitch Rates Sr. Unsecured Notes 'B+' ------------------------------------------------------ Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of 'RR4' to the benchmarked size senior unsecured notes to be co-issued by SierraCol Energy Andina, LLC, SierraCol Energy Arauca, LLC and Colombia Energy Development Co. SierraCol Energy Limited will guarantee the notes, which rank pari pasu with existing unsecured debt. Net proceeds will fund a tender offer for the 2028 notes and pay a special dividend. Fitch currently rates SierraCol Energy Limited's Long-Term Foreign and Local Currency Issuer Default Rating (IDR) 'B+'. The Rating Outlook is Stable. SierraCol's ratings reflect its modest, stable, low-cost production profile with two main assets in the Caño Limon area and La Cira Infantas and an established operating history in Colombia. Fitch expects SierraCol to maintain solid production, averaging a gross 45,000 boed over the rating horizon and a 1P reserve life averaging 7.0 years. Fitch expects leverage profile to remain strong below 2.5x over the rating horizon. SierraCol's small size and low diversification of its oil fields constrain the ratings. Key Rating Drivers Small Production Scale: SierraCol's ratings are constrained by its production size, projected to average 45,000 boed over the next four years, which falls below the 75,000 boed rating threshold for the 'BB' category. The company's production is concentrated, with 85% coming from its main assets in Caño Limon area and La Cira Infantas, with Ecopetrol S.A. (BB+/Negative) as a partner in both assets. SierraCol produces high-quality crude, with 94% having an API gravity between 25-35, allowing for preferential local sales to Ecopetrol under contracts that secure pricing above the Vasconia discount. Cost Efficient: SierraCol's costs are in line with producers in conventional assets in Latin America. Fitch estimates its half-cycle costs at USD25/boe and full-cycle costs at USD41/boe for 2024. Fitch's full-cycle cost calculation includes the half-cycle cost, a three-year average FD&A for 1P of USD14/boe, and a 15% return on capital investment at USD2/boe. The company benefited from a realized oil price of USD74/bbl in 2024, higher than peers due to the superior quality of its crude. In addition, it benefited from low transportation costs of USD1/boe, stemming from a legacy contract with Ecopetrol. Strong Leverage Metrics: Fitch expects to remain below 2.5x over the rating horizon. The company's debt-to-proved, developed, and producing (PDP) reserves is projected at USD16/boe, with total debt/1P at USD12/boe, in 2025, decreasing to USD13/boe and USD10/boe by 2027. These projections assume an average reserve replacement ratio of 101% for both PDP and 1P, with an average reserve life of five and seven years, respectively, supported by an estimated average capex of USD165 million annually. Financial Flexibility: Fitch expects SierraCol to finance all capex projects with internal cash flows. Based on Fitch's price deck and production forecasts, cash flow from operations (CFO) should cover capex by more than 1.9x over the next four years. As of September 2025, the company had adequate liquidity, with USD149 million in cash and cash equivalents, plus USD119 million in undrawn committed credit lines. Its primary debt obligation is a USD600 million bond maturing in June 2028, of which USD 300 million will be repurchased upon completion of the tender offer. Peer Analysis SierraCol's credit and business profile is comparable with other independent oil producers in Colombia. GeoPark Limited (B+/Stable), Frontera Energy Corporation (B/Stable), and Gran Tierra Energy Inc. (B+/Stable) are all constrained to the 'B' category, given the inherent operational risk associated with small scale and low diversification of their oil and gas production. SierraCol's production profile compares favorably with other 'B' rated oil exploration and production companies operating in Colombia. SierraCol's gross production averaged 44,800 boed in 2024, higher than Geopark's 34,000 boed, Gran Tierra's 34,700 boed, and Frontera's 39,700 boed. SierraCol's 1P reserve life of 6.6 years in 2024 is below Frontera's 7.3 years and Gran Tierra's 6.9 years. Fitch expects SierraCol's strong capital structure to have gross leverage below 2.5x over the rating horizon and debt/PDP of USD15/boe and total debt/1P of USD11/boe. This is lower than most peers in Latin America. Key Assumptions - Fitch's price deck for Brent of $70 for 2025, $65 for 2026-2027 and $60 for 2028; - Average daily gross production of 45,000 boed over the rating horizon; - Reserve replacement ratio of 101% per annum over the rated horizon; - Lifting and transportation cost average of $19boe over the rated horizon; - SG&A cost average of $3.1boe over the rated horizon; - Consolidated capex to average $180 million annually for the years 2025 and 2026, and $150 million annually for 2027 and 2028; - The proceeds from the new issuance will fund the tender offer for the 2028 Notes and pay a special dividend; - Minimum cash balance assumed at $100 million over the rated horizon; - Effective tax rate of 35% over the rated horizon. Recovery Analysis The recovery analysis assumes that SierraCol would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: - A 10% administrative claim. - The GC EBITDA is estimated at USD423 million. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of SierraCol. - Enterprise valuation multiple of 4.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior unsecured notes and unsecured loan are in the 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. The Recovery Rating for the senior secured notes and unsecured loan are therefore 'RR4' with 50% recoveries in a hypothetical event of default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Extraordinary dividend payments that exceed FCF and weaken liquidity; - Sustainable net production falls below 30,000 boed; - Reserve life declines to below 6.0 years on a sustained basis; - A significant deterioration of total debt/EBITDA to 3.0x or more. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net production rising consistently to 75,000 boed on a sustained basis while maintaining a total debt to 1P reserves of USD5.00 barrel or below; - Reserve life is unaffected as a result of production increases, at approximately seven to eight years. Liquidity and Debt Structure SierraCol's cash and cash equivalents balance as of Septermber 2025 was USD149 million, plus USD119 million in undrawn amounts of committed credit lines. Fitch projects that capex will be funded with internal cash flows. SierraCol has a favorable debt maturity profile. The new USD600 million issuance will fund USD300 million of the tender offer for the 2028 Notes (currently USD 600 million outstanding) and a special dividend. Fitch anticipates that SierraCol will experience negative FCF in 2025 due to the special dividend funded by the new issuance, before stabilizing to a neutral position in the subsequent years. EBITDA interest coverage ratios are projected to decline significantly over the years, with resulting in an interest coverage ratio at or below 5.0x by 2028. Issuer Profile SierraCol Energy Limited is an independent oil producer created after Carlyle acquired Occidental Petroleum Corporation's operations in Colombia in December 2020. SierraCol is the second largest oil producer in Colombia with assets in the Llanos, Middle Magdalena, and Putumayo basins. 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 SierraCol Energy Limited has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to growing importance of the continued development and execution of the company's energy-transition strategy, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- SierraCol Energy Arauca, LLC senior unsecured LT B+ New Rating RR4 Colombia Energy Development Co. senior unsecured LT B+ New Rating RR4 SierraCol Energy Andina, LLC senior unsecured LT B+ New Rating RR4 =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Banco Popular Sets Benchmark in Resilience -------------------------------------------------------------- Dominican Today reports that the Dominican financial sector has taken center stage in regional cybersecurity efforts, as Banco Popular Dominicano hosted a high-level delegation from the Central American Council of Superintendents of Banks, Insurance, and Other Financial Institutions (CCSBSO). The visit, which took place during the committee's XV Ordinary Meeting in Santo Domingo, was specifically organized for the delegation to gain firsthand knowledge of Banco Popular's sophisticated cyber defenses and technological infrastructure, according to Dominican Today. A Look Inside World-Class Security Hubs The core focus of the technical visit was an in-depth examination of the bank's Security Operations Center (SOC) and its Network Operations Center (NOC), the report notes. Supervisors and cybersecurity heads from a twenty-person delegation representing financial superintendencies in Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Panama, and the Dominican Republic were keen to learn about the bank's protocols for monitoring threats, managing technological risks, and its incident response models, the report relays. The delegates from the CCSBSO were unanimous in their assessment, concluding that Banco Popular is now a regional benchmark for both ciberresilience and banking technology infrastructure, the report discloses. Global Certifications Bolster Confidence Banco Popular's technological hubs are not merely impressive; they are backed by rigorous international validation, the report says. The NOC holds the prestigious Tier III certification for Design, Construction, and Operations, guaranteeing that the unit meets strict international standards for operational efficiency, redundancy, and availability, the report discloses. Meanwhile, the SOC is distinguished by its SOC 2 Design and Execution certifications, validating its robust compliance controls concerning security, confidentiality, and availability, the report notes. The SOC further solidifies its commitment to best practices through its membership in FIRST (Forum of Incident Response and Security Teams), a premier global network of cybersecurity professionals, the report says. Investment Drives Client Experience During the delegation's visit, Banco Popular's Executive President, Christopher Paniagua, reiterated the institution's commitment to continuous innovation and cyber defense for its clientele, the report relays. Paniagua emphasized that the substantial annual investment in technology directly translates to better client service, stating that this constant commitment has allowed the bank to "optimize key processes, reduce response times, and offer more agile and personalized solutions," the report discloses. Furthermore, he confirmed the institution's readiness to continue cooperating and exchanging best practices to build an increasingly secure and resilient financial system across the Caribbean and Central America, the report notes. This official integration is poised to strengthen the Dominican Republic's image as a stable financial hub, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: BOJ Pumps US$30 Million Into Forex Market -------------------------------------------------- RJR News reports that the Bank of Jamaica intervened in the foreign exchange market with US $30 million on November 6 in order to help stabilise the dollar. The Jamaican currency fell to $161.90, although the Bank of Jamaica took $31.5 billion out of circulation, according to RJR News. A one per cent fall in the value of the Jamaican dollar against the US dollar leads to an increase in public debt of $14 billion and additional $600 million in interest charges, the report notes. Some 62 per cent of the debt is denominated in US dollars, the report relays. The value of the Jamaican dollar has so far declined by three per cent since the start of the year and means that $42 billion will be added to the debt stock at the end of the fiscal year, 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. =========== M E X I C O =========== FREIGHT TECHNOLOGIES: Sets 2025 Annual Meeting for December 18 -------------------------------------------------------------- Freight Technologies, Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it will hold its 2025 Annual Meeting of Shareholders on December 18, 2025, at 1:00 p.m. Monterrey, Mexico time at its office at Emilio Zola Num. 743 Piso 4, Int. 1, Col. Obispado, Monterrey, Nuevo Leon, Mexico CP 64060. The record date for the determination of the shareholders entitled to vote at the 2025 Annual Meeting, or any adjournments or postponements thereof, will be the close of business on November 4, 2025. The Company is expected to mail on or about November 10, 2025, a notice of 2025 Annual Meeting and a proxy statement describing the matters to be voted upon at the 2025 Annual Meeting along with a proxy card, enabling the shareholders to indicate their votes to all shareholders entitled to vote at the 2025 Annual Meeting. On November 10, 2025, the Company is also expected to furnish the Proxy Materials to the Securities and Exchange Commission, on a Report of Foreign Private Issuer on Form 6-K and make the Proxy Materials available on its website at https://fr8technologies.com/. About Freight Technologies, Inc. Freight Technologies (Nasdaq: FRGT) is a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem. As of June 30, 2025, the Company had $17.06 million in total assets, $8.28 million in total liabilities, and $8.78 million in total stockholders' equity. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. ===================== P U E R T O R I C O ===================== DORADO PUTT: Hires Luis R. Carrasquillo as Financial Consultant --------------------------------------------------------------- Dorado Putt PR, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire CPA Luis R. Carrasquillo & Co., P.S.C. to serve as financial consultant in its Chapter 11 case. Carrasquillo will provide these services: (a) strategic counseling and advice; (b) pro forma modeling preparation; (c) financial and business assistance; (d) preparation of documentation as requested for and during Debtor's Chapter 11; and (e) recommendations and financial/business assessments regarding issues specifically related to the Debtor. The Debtor has retained Carrasquillo on the basis of a $25,000 retainer, against which Carrasquillo bills and will bill according to the hourly billing rates specified in the application, subject to the Court's approval. Carrasquillo and its members are "disinterested persons" as defined in Section 101(14) of the Bankruptcy Code. They are not creditors or insiders of the Debtor, have no material adverse interest, and have no connections with the Debtor, its creditors, or the U.S. Trustee that would affect their independence. The firm can be reached at: CPA Luis R. Carrasquillo & Co., P.S.C. 28th Street, TIâ€"26 Turabo Gardens Caguas, PR 00725 Telephone: (787) 746-4555 (787) 746-4556 E-mail: luis@cpacarrasquillo.com About Dorado Putt PR, LLC Dorado Putt PR, LLC operates as an investment company engaged in financial and investment activities, based in San Juan, Puerto Rico, serving the local financial services industry. Dorado Putt PR, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 25-04894) on October 28, 2025. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Fuentes Law Offices, LLC serves as the Debtor's legal counsel. PET HOTELS: To Sell Corozal Property to Millenium Records --------------------------------------------------------- Pet Hotels LLC seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico, to sell commercial property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is located at Corozal, Puerto Rico. The appraisal value of the Corozal property is valued at $217,000.00. The Debtor, is a Wyoming limited liability company, authorized to do business in Puerto Rico, with principal ownership held by russell Magnus von Zolp IV. The Debtor wants to sell the Property to Millenium Records LLC, a Wyoming limited liability company, authorized to do business in Puerto Rico, with principal ownership held by Rosario Bello. The Buyer agrees to purchase the Property located in Corozal, Puerto Rico: B224-B226 Calle Prolongacion Bou, Corozal, Puerto Rico 00783, together with all improvements and fixtures. The purchase price of the Property is $185,000 and payable as follows: Buyer shall obtain a first mortgage loan in the amount of $135,000 from a third-party lender, the Seller shall provide a second loan in the amount of $50,000, amortized over 60 months (5 years) at an annual interest rate of 7.42%, payable in equal monthly installments. The Debtor wants to sell the Property free and clear of encumbrances. If the Buyer fails to close after Bankruptcy Court approval, the Debtor may retain the $1,000 deposit as liquidated damages. About Pet Hotels LLC Pet Hotels LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-02627) on June 10, 2025. At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Judge Maria De Los Angeles Gonzalez presides over the case. Robert Millan, Esq., at Millan Law Offices serves as the Debtor's bankruptcy counsel. ============= U R U G U A Y ============= URUGUAY: IDB OKs $60MM to Improve Secondary Education ----------------------------------------------------- The Inter-American Development Bank (IDB) is lending $60 million to help Uruguay enhance access and quality in its secondary education system. This operation is the third under a Conditional Credit Line for Investment Projects approved in 2016 to finance a broader program of educational support for secondary students. The new loan aims to lower drop-out rates and the share of students who repeat grades. The program, focusing on students in the most vulnerable situations, will also expand an educational model that extends school hours to provide more learning opportunities and reinforce student-school ties. The program will counteract high absenteeism rates, which are more acute in vulnerable contexts. It will implement a tutoring plan for first-time scholarship students to support their transition and overcome learning gaps, focusing on the knowledge they need to continue progressing through their education. In pursuing this objective, the program will also strengthen information systems and attendance records by deploying better technological tools. The program will directly benefit students in vulnerable situations with 60,000 scholarships and social and educational orientation activities. It will grant an additional 35,000 students the opportunity to attend extended school day centers. The IDB loan has a 22.5-year repayment term, an 8-year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR). ================= V E N E Z U E L A ================= VENEZUELA: Gas On Pause, Says Energy Expert ------------------------------------------- Raphael John-Lall at Trinidad and Tobago Guardian reports that U.S. energy economist Dr. Francisco Monaldi believes that the breakdown of the relationship between Trinidad and Tobago and Venezuela is only a "pause" and inevitably business will triumph over politics with energy negotiations resuming. Monaldi is a lecturer in energy economics at Rice University's Department of Economics, and a lecturer in energy management at the Jones Graduate School of Business, according to Trinidad and Tobago Guardian. In an interview with the Business Guardian, he gave his opinion on the latest developments between T&T and Venezuela, the report notes. He agrees with the position taken by Shell that, instead of abandoning the possibility of a gas deal between the two countries, the situation must be monitored, the report relays. It was reported in the Business Guardian that Shell said it is monitoring the diplomatic fallout between T&T and Venezuela and assessing any possible impact on the Dragon gas project, the report says. "I think that's what they should do. I mean, Shell has to monitor events. They know that this is unlikely to lead to an elimination of the treaty or cancelling of the contract. This is just a pause, most likely. And in any scenario, they have to monitor that to see how events unfold. And depending on that, things might eventually get on track again or not," Monaldi said, the report discloses. Energy Minister Dr Roodal Moonilal said the decision by Venezuela to end negotiations would not affect the Manatee gas project, which remains on track, the report notes. "The Manatee project is safe and will proceed," he said, adding that the ministry had confirmed its status with stakeholders, the report says. In July 2024, Shell T&T took the final investment decision on the Manatee gas field, the report relates. Monaldi agreed with Moonilal's position on the Manatee project, the report notes. "I also agree as was said by the government official that the Manatee field will proceed because Venezuela already gave the authorisation to T&T under the treaty to just develop its side of the field and so I think it is going to continue. And it's going to be unaffected on that side. However, the project that could be affected is Dragon which hasn't started yet and it doesn't have even a final investment decision and perhaps it could have some impact on the Manakin-Cocuina project of BP because they were aiming to also extract on the Venezuelan side," the report discloses. Venezuelan President Nicolas Maduro announced that all energy agreements between both countries were suspended, the report relays. Also, Prime Minister Kamla Persad-Bissessar has been banned from entering Venezuela, the report notes. Both countries have been in talks for years on the Dragon gas field, which lies in Venezuela's waters, with T&T and Venezuela signing a 30-year agreement in December 2023, the report recalls. ********* 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. 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