251113.mbx

251113.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 13, 2025, Vol. 26, No. 227 Headlines A R G E N T I N A PROVINCE OF CHUBUT: Fitch Affirms 'CC' Issuer Default Ratings PROVINCE OF NEUQUEN: Fitch Hikes Currency IDRs to CCC- B R A Z I L ABRA GROUP: Moody's Affirms 'Caa1' CFR, Outlook Stable BANCO MODAL: Moody's Withdraws 'Ba1' Deposit Ratings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Average Mortgage Interest Rate at Banks is 11% J A M A I C A JAMAICA: BOJ Intervenes in Forex Market With Another US$30M JAMAICA: Moody's RMS Puts Melissa Insured Loss Between $3BB to $5BB P U E R T O R I C O HABE INTERNATIONAL: Seeks Chapter 7 Bankruptcy in Puerto Rico PET HOTELS: Court OKs Corozal Property Sale to Millenium Records T R I N I D A D A N D T O B A G O LJ WILLIAMS: Posts Narrower Loss for 6 Mos. Ended Sept. 30 U R U G U A Y URUGUAY: IDB OKs $200 Million to Strengthen Public Security - - - - - ================= A R G E N T I N A ================= PROVINCE OF CHUBUT: Fitch Affirms 'CC' Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed the province of Chubut's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CC'. Ratings at this level typically do not carry Ratings Outlooks due to their high volatility. Chubut's Standalone Credit Profile (SCP) is assessed at 'cc'. Fitch has also affirmed Chubut's senior secured step-up notes of USD650 million due in 2030 (Bocade) at 'CC'. Fitch expects that Chubut's actual debt service coverage ratio (ADSCR) will remain below 1.0x over the next 12 months within its scenario horizon. The province faces a significant maturity concentration of its Bocade bonds in 2025-2027, which are secured by pledged oil royalty revenues. The rating also incorporates the macroeconomic context, unfavorable prospects for hydrocarbon royalty receipts, operating expenditure pressures stemming from the lagged effects of inflation, and a high share of U.S. dollar-denominated debt. KEY RATING DRIVERS The 'cc' SCP results from the application of the Lower Speculative Grade of Fitch's "International Local and Regional Government Rating Criteria." Fitch qualitatively assesses the province's risk of default and the remaining margin of safety based on overall performance and guided by rating definitions. The 'cc' SCP indicates that Chubut has a substantial credit risk, and a default is probable or likely due to exposure to significant refinancing needs and high liquidity risk accompanied by weak debt coverage metrics (ADSCR below 1x). The SCP considers comparison with peers, including the provinces of Neuquen and Entre Rios. Risk Profile: 'Vulnerable' The 'Vulnerable' assessment weighs the sovereign IDR below the 'B' category rather than Argentina's implied operating environment of 'bb'. The risk profile reflects the combination of six 'Weaker' key risk factors, as outlined below. Revenue Robustness: 'Weaker' The 'Weaker' assessment considers the province's local revenue dependency on the hydrocarbon sector — a highly cyclical economic activity — and the country's complex and imbalanced fiscal framework for local and regional governments (LRGs). Chubut's revenue structure highlights a moderate fiscal autonomy, reliance on cyclical oil and gas royalties, and transfers from a 'CCC+' sovereign. The more balanced revenue composition relative to Argentine peers is undermined by the dependency on commodity sales, which is highly cyclical. Transfers represented on average 42.6% operating revenues between 2020 and 2024 and 41.3% in 2024. Chubut is heavily dependent on the hydrocarbon sector, with royalties representing 24.3% of operating revenues on average in 2024. Prospects for royalty revenues are weak, reflecting lower oil and gas prices and declining production from Chubut's fields. Other tax and transfer revenues are expected to broadly track inflation and real GDP growth. Revenue Adjustability: 'Weaker' Fitch perceives local revenue adjustability for Argentine LRGs as low and challenged by the country's large and distortive tax burden, and by high inflation that affects affordability. The volatile macroeconomic environment further limits subnationals' ability to increase tariffs and expand the tax base to boost local operating revenues. Structurally high inflation also constantly erodes real-term revenue growth and affects affordability. Local taxes performed in line with inflation throughout 2024. Hydrocarbon royalties add cyclicality and volatility to Chubut's finances because local taxes are somewhat concentrated in the sector. This revenue is influenced by exogenous factors such as local and external market conditions and national regulation. Expenditure Sustainability: 'Weaker' Argentine provinces have high expenditure responsibilities, including healthcare, education, security, social security and inter-urban transportation. The country's fiscal regime is structurally imbalanced due to revenue-expenditure decentralization, which leads to Fitch's 'Weaker' assessment of its expenditure sustainability. Chubut's budgetary performance has been volatile across the years due to its commodity-based economy and high inflationary environment. Operating margins averaged 13% between 2020 and 2024 but ranged from a minimum of -5.5% in 2020 to a maximum of 20.4% in 2021. The high inflationary environment leads to constant pressures to adjust wages, its main expenditure item. However, as of 2024 the payroll bill was approximately 20% below the level recorded in 2017 in real terms. The lagged effect that inflation tends to have on expenditures because of real-term wage recomposition expectations compounds the weakness of expenditure predictability, or sustainability in Fitch criteria terminology. Fitch estimates the province's operating balance will lower to an average of 9.3% for 2025-2027. Chubut is responsible for its pension regime and to date has not joined the national government pension harmonization plan. It also has the highest ratio of staff expenses to total expenditure among Argentine provinces. Expenditure Adjustability: 'Weaker' Argentine subnationals' infrastructure needs and expenditure responsibilities are high, with low leeway or flexibility to cut expenses. National capex is low and insufficient to translate capex burdens to LRGs. Fitch views the flexibility to cut expenses for the province as weak relative to international peers. Chubut's capex-to-total-expenditure ratio averaged 10.5% for 2020-2024. As of 2024, staff costs corresponded with 63.6% of total expenditures, translating into high expenditure rigidity for the province. This further limits the province's ability to perform expenditure cuts. Chubut reports one of the highest ratios of personal expenditures to total expenditures among Argentine provinces. Liabilities and Liquidity Robustness: 'Weaker' There is a weak national framework for debt and liquidity management and an underdeveloped local financial market, which led Argentine LRGs to issue debt in foreign currency, causing a structural reliance on external markets for financing. Chubut's direct debt totaled ARS714 billion at YE 2024. Approximately 60% of debt is denominated in foreign currency. Exposure to FX risk and capital controls are a significant fragility of Argentine LRGs. There is significant maturity concentration in 2025-2028. The DDE of Chubut's senior secured bonds created some fiscal space for 2021-2022, but starting in 2023 capital repayments became more sizable. The province will perform capital payments of USD100 million annually for its foreign bonds between 2025 and 2027 and USD78 million in 2028. These bonds count with pledged royalty revenues as collateral. The province made capital payments of USD100 million in 2025 with the last quarterly instalment as of Oct. 26, 2025. Liabilities and Liquidity Flexibility: 'Weaker' Fitch perceives the Argentine national framework in place for liquidity support and funding available to subnationals as 'Weaker' as there are no formal emergency liquidity support or bailout mechanisms. National capital controls are another risk captured in the liquidity flexibility assessment, as the imposition of exchange regulations could ultimately affect LRGs' ability to fulfil their financial obligations. Argentine provinces rely mainly on their own unrestricted cash for liquidity. Financial Profile: 'aa category' Fitch classifies Chubut as a type B LRG and refers to a payback ratio as a primary metric. Chubut's financial profile improved to 'aa' from 'a' due to an improvement to its primary metric, assessed at 3.4x by the end of 2026. The improvement reflects stable operating margins in 2023-2024, more favorable FX projections and significant maturity concentrations within Fitch's rating horizon. Nonetheless, Chubut's ADSCR remains below 1x, aligned with the 'b' category. Chubut's ADSCR is estimated at 0.8x once the pension deficit is incorporated into the operating balance. Fiscal debt burden is projected at 27.1% by the end of 2026. The overall financial profile considers an override to the primary metric due to the significantly weaker coverage ratio. Prospects for royalty revenues are weak, reflecting lower oil and gas prices and declining production from Chubut's fields. Other tax and transfer revenues are expected to broadly track inflation and real GDP growth. Operating expenditures are projected to rise faster than inflation in 2025-2026 due to payroll adjustments to the lagged effects of inflation. Debt Ratings Province of Chubut's USD650 million step-up senior secured notes due in 2030 (Bocade notes) are rated 'CC'. The bonds are rated at the same level as the province's IDRs. These bonds count with pledged royalty revenues as collateral. Bocade's 2021-2024 coverage has been above the transaction's 1.35x requirement. Peer Analysis Province of Chubut's 'cc' SCP is derived from a 'Vulnerable' risk profile and a 'aa' financial profile score but also reflects substantial credit risk, including the risk of a probable default. The SCP considers comparison with peers, including the Provinces of Entre Rios, Neuquen and Salta. Fitch does not apply any asymmetric risk or extraordinary support from the upper-tier government. The rating is based on Fitch's rating definitions. Fitch classifies the province of Chubut as a type B LRG, as it covers debt service from cash flow annually. Issuer Profile Province of Chubut is located in the Patagonian region in the south of Argentina, where socioeconomic indicators tend to be better than the national average. Chubut is in a strategic geographic position, with natural scenery and tourist attractions, including access to the Atlantic Ocean. Chubut is Argentina's second-largest oil producer and its fifth-largest gas producer. Key Assumptions Risk Profile: 'Vulnerable' Revenue Robustness: 'Weaker' Revenue Adjustability: 'Weaker' Expenditure Sustainability: 'Weaker' Expenditure Adjustability: 'Weaker' Liabilities and Liquidity Robustness: 'Weaker' Liabilities and Liquidity Flexibility: 'Weaker' Financial Profile: 'aa' Asymmetric Risk: 'N/A' Support (Budget Loans): 'N/A' Support (Ad Hoc): 'N/A' Rating Cap (LT IDR): Rating Cap (LT LC IDR) Rating Floor: 'N/A' Quantitative assumptions - Issuer Specific Fitch's rating action is driven by the following assumptions for reference metrics under its 2025-2026 rating case scenario: - Payback ratio: 3.4x; - Actual debt service coverage ratio: 0.8x; - Fiscal debt burden: 27.1%. Fitch's rating case is a through-the-cycle scenario that incorporates a combination of revenue, cost and financial risk stresses. It is based on 2020-2024 figures and 2025-2027 projected ratios. The key assumptions for the scenario include the following: - Average operating revenue growth of 31.4% for 2025-2027, assuming growth below average inflation toward the medium term, which considers unfavorable receipts from hydrocarbon royalties due to lower prices and declining production; - Average tax revenue growth of 34.2% for 2025-2027, aligned with inflation; -- Average transfers growth of 38.3 for 2025-2027, aligned with nominal GDP growth; - Average opex growth of 36.1% for 2025-2027, assuming growth above inflation toward the medium term due to real-term expenditure recomposition; - Average capital expenditure/total expenditure of 4% for 2025-2027, below the historical average reflecting the expected decline in operating margins; - Cost of debt considers noncash debt movements due to currency depreciation, with an average annual exchange rate of ARS1,191/USD1.00 for 2025, ARS1,458/USD1.00 for 2026 and ARS1,668/USD1.00 for 2027; - Consumer price inflation (annual average percent change) of 45% for 2025, 34% for 2026 and 24% for 2027. Quantitative assumptions - Sovereign Related Figures as per Fitch's sovereign actual for 2024 and forecast for 2025-2027, respectively. (No weights and changes since the last review were included as none of these assumptions were material to the rating action.) Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Signs of deeper liquidity stress that could compromise debt repayment capacity in the short to medium term include evidence of increased refinancing risk in its local and foreign currency debt, as well as any regulatory restrictions to LRGs accessing FX; - The Foreign Currency IDR would be downgraded if there were any indications of any credit event that reflects a near-default situation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved operating balances that strengthen the ADSCR to above 1.0x on a sustained basis under Fitch's rating case projection horizon. ESG Considerations Chubut, Province of has an ESG Relevance Score of '4' for Rule of Law, Institutional & Regulatory Quality, Control of Corruption due to the negative effect the weak regulatory framework and national policies of the sovereign have over the province, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Chubut, Province of has an ESG Relevance Score of '4' for Biodiversity and Natural Resource Management due to the province's significant economic and financial exposure to the hydrocarbon sector, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Chubut, Province of has an ESG Relevance Score of '4' for Creditor Rights. Chubut concluded its DDE in December 2020 and complied with negotiated terms throughout 2021-2024. The DDE continues to weigh on its credit profile and is relevant to the rating, which has a negative impact on the credit profile, and is relevant to the rating[s] 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 Prior ----------- ------ ----- Chubut, Province of LT IDR CC Affirmed CC LC LT IDR CC Affirmed CC senior secured LT CC Affirmed CC PROVINCE OF NEUQUEN: Fitch Hikes Currency IDRs to CCC- ------------------------------------------------------ Fitch Ratings has upgraded the Province of Neuquen's (PN) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC-' from 'CC'. Fitch reassessed Neuquen's Standalone Credit Profile (SCP) at 'ccc-'. Fitch relied on its rating definitions to position the province's ratings and SCP. The upgrade reflects Neuquen's improved SCP to 'ccc-', driven by a projected actual debt service coverage ratio (ADSCR) above 1x in Fitch's rating case (2025-2027), which indicates relatively lower refinancing risk. The projected ADSCR rose to 1.05x from 0.82x due to better budgetary performance in 2024. The upgrade also reflects a more balanced pension burden at YE 2024, which eased some liquidity pressures. Since 2024 and throughout 2025, Neuquen has relied less on short-term debt to cover seasonal cash imbalances. Neuquen's 'CCC-' rating still reflects a substantial credit risk under Fitch's rating definitions and relative to international peers. KEY RATING DRIVERS Standalone Credit Profile The 'ccc-' SCP results from the application of the 'Lower Speculative Grade' of Fitch's International Local and Regional Government Rating Criteria. Fitch qualitatively assesses the province's risk of default, and the remaining margin of safety is based on overall performance and guided by rating definitions. The 'ccc-' SCP indicates Neuquen has a substantial credit risk and a default is possible due to exposure to significant refinancing needs and high liquidity risk accompanied by weak debt coverage metrics (ADSCR above but close to 1x). The SCP considers comparison with peers, including the Provinces of Chubut and Salta. Risk Profile: 'Vulnerable' The 'Vulnerable' assessment weighs the sovereign IDR below the 'B' category rather than Argentina's implied operating environment of 'bb'. The risk profile reflects the combination of six 'Weaker' key risk factors, as outlined below. Revenue Robustness: 'Weaker' The 'Weaker' assessment considers the province's local revenue dependency on the hydrocarbon sector, which is highly cyclical and the country's complex and imbalanced fiscal framework for LRGs. The province relies less on federal transfers from the co-participation regime, with these transfers accounting for approximately 12.8% of total revenue at YE 2024 from a 'CCC+' sovereign counterparty. Other revenue sources (including co-participation, other federal current transfers, and social security contributions) accounted for 32% of total revenue. However, local tax collection accounted for 24.5% of total revenue and royalties of approximately 33%. Federal co-participation transfers decreased by around a real 12% in 2024 due to the considerable regulatory changes and economic contraction and historically high inflation. Total revenue grew a real 7.8% as of September 2025, driven by better local tax dynamics as well as higher federal current and capital transfers. Revenue Adjustability: 'Weaker' For Argentine LRGs, local revenue adjustability is perceived as low and challenged by the country's large and distortive tax burden, combined with a weak macroeconomy, and high inflation levels that affects affordability. National GDP fell by 1.8% in 2023 and 1.3% in 2024; for 2025, better macroeconomic prospects signal an estimated growth of 4.36%. Local taxes rose about 8% in real terms in 2024 and continued to grow by around 7.8% in real terms as of September 2025, driven by higher gross income tax rates on financial activities, construction, and telecommunications, and by stronger local economic conditions in 2025. Hydrocarbon royalties add cyclicality and volatility to PN's finances because local taxes are highly concentrated in the sector. These revenues depend on external factors, including local and global market conditions and national regulation. Higher oil production and productivity in 2023 drove an 18.5% real increase in hydrocarbon royalties, followed by 8.0% real growth in 2024. As of September 2025, oil and gas production continued to rise, but lower commodity prices limited real royalty growth to about 2.4% year over year. Expenditure Sustainability: 'Weaker' Argentine LRGs face high expenditures due to structurally high inflation. The Argentine fiscal regime's revenue expenditure decentralization is structurally imbalanced, leading to Fitch's 'Weaker' assessment of its expenditure sustainability. PN's budgetary performance is volatile due to its commodity-based economy and track record of opex growing close to and above average inflation in most years. In 2020-2024 PN's operating balance averaged 7.4% of operating revenues (when including the entity's social security burden), presenting volatility. The entity's operating balance improved in YE 2024 towards 12.8% of operating revenues considering real term growth of local taxes (8.1%) and hydrocarbon royalties (8.0%) and overall of operating revenues above opex dynamics that decreased mainly due to historically high inflation. As of September 2025, opex grew above operating revenues, due to salary adjustments and growing goods and services, as the province aims to boost capex levels. However, the province's improved 2024 budgetary performance provides financial cushion throughout the year, which also reflected in a lower reliance on short-term financial instruments relative to past years. PN is among the provinces that did not transfer its pension scheme to the nation. Since 2024, higher employer and employee contributions have made the social security fund more balanced than in prior years. The fund also posted an economic surplus not seen previously. Fitch will monitor whether this balance persists and continues to ease pressure on provincial finances. Expenditure Adjustability: 'Weaker' For Argentine subnationals, infrastructure needs and expenditure responsibilities are deemed as high, while the flexibility to cut expenses is low. National capex is low and insufficient in translating capex burdens to LRGs. Fitch views the province's flexibility to cut expenses as weak relative to international peers. In YE 2024 PN's staff expenses totaled a high 53.4% of operating expenses. High infrastructure needs mean there is not much leeway to adjust capex as infrastructure works are relevant for hydrocarbon sector development. In YE 2024, the province recorded a low level of capex, at around 6.2% of expenditure. However, it is worth noting that as of Sept. 2025 Neuquen is accelerating capex levels relative to 2024. As per the province's 2025 budget and Law 3481, an authorized borrowing of around USD328 million is considered in case of need, however the province intends to increase capex but with own revenues and to contain debt levels in a decreasing trend. Fitch will monitor the province's capex levels and financing sources. Liabilities and Liquidity Robustness: 'Weaker' Neuquen's exposure to unhedged foreign currency debt is a significant weakness, along with the inadequate national framework for debt and liquidity and underdeveloped local market. The assessment also considers the 'CCC+' sovereign rating, with Argentina having restructured its debt in 2020, which significantly limited external market access for LRGs. However, hydrocarbon royalties, linked to the exchange rate, represented on average 33% of the PN's operating revenue during 2020-2024. Direct debt at YE 2024 totalled ARS1,040.4 billion, mostly denominated in foreign currency (93.1%), and total debt grew 9.7% relative to 2023 mainly due to currency depreciation. The PN's TICADE notes are secured with hydrocarbon royalties, which are linked to the U.S. dollar and payable in Argentine pesos. TICADE's coverage has increased from an average of 2.4x in 2021 to 4.25x in 2024 and 3.8x through 2025. Debt relief from the PN's 2020 distressed debt exchanges (DDEs) resulted in improved ADSCRs above 1.0x from YE 2021 to YE 2023, and in YE 2024, coupled with improved budgetary results, resulted in an ADSCR of 1.8x. Liquidity needs have been more controlled throughout 2024-2025, reflected in less reliance on short-term debt instruments compared to previous years. The province's upgrade also reflects an improved ADSCR expected close to but above 1x during Fitch's rating case and averaging 1.04x in 2025-2027, even in a scenario of an expected lower operating balance in 2025 compared to YE 2024 as observed in Sept. 2025 financials. The latter signals a relatively lower refinancing risk for Neuquen compared to Fitch's previous rating case scenario (were ADSCR averaged 0.9x). Liabilities and Liquidity Flexibility: 'Weaker' Fitch perceives the Argentine national framework in place for liquidity support and funding available to subnationals as 'Weaker' as there are no formal emergency liquidity support or bailout mechanisms established. Although recently capital control regulation expired, the re-imposition of exchange regulations could ultimately affect LRGs' ability to fulfil their financial obligations. In December 2024, the province had liquidity totalling around ARS281.5 billion. The province created a stabilization and development fund in 2021, according to Law No. 3269, which became effective on Jan. 1, 2022. The countercyclical fund is being used to pay debt services (principal and interest) in case of need. At YE 2024 the fund totalled ARS54.09 billion and as of June 2025 ARS57.2 billion. Overall, Neuquen's liquidity coverage ratio averaged 1.6x during 2020-2024, improving towards 2.2x in YE 2024 (2023: 1.4X), Fitch expects a ratio on average of 1.7x in 2025-2027. Financial Profile: 'aa' category The score reflects a 'aaa' primary payback ratio of 2.4x for 2026 under Fitch's rating case. The financial profile also factors in an override from the 'bb' ADSCR of 1.05x in 2026; and an average ADSCR of above 1.0x In 2025-2027 (an improved level relative to the 'b' score in Fitch's past review). Neuquen's ADSCR consider the province's pension burden. The province will have debt service payments of USD335 million (considering debt in ARS and USD at Fitch's average exchange rate) during 2025 and of USD285 million in 2026. Fitch's rating case scenario considers Neuquen's improved budgetary performance as of YE 2024 and lower results for YE 2025 considering Sept. 2025 trends of opex growth above inflation and above operating revenue growth, with an average estimated operating balance of around 5.1% for 2025-2027. Fitch classifies Neuquen as a Type B LRG and refers to a payback ratio as a primary metric. Other Rating Factors Fitch does not apply any asymmetric risk or extraordinary support from the upper-tier government. Short-Term Ratings Not applicable. National Ratings Not applicable. Debt Ratings Fitch also upgraded PN's issue ratings to 'CCC-', which include TICADE senior secured step-up notes for an original USD348.69 million due May 12, 2030 and an outstanding of USD185 million as of Sept. 2025, and TIDENEU senior unsecured step-up notes for an original USD366 million and outstanding of USD290 million due April 27, 2030. The bonds are rated at the same level as the province's IDRs. Peer Analysis Neuquen's rating is derived from a 'Vulnerable' Risk Profile and a 'aa' Financial Profile score. The SCP considers comparison with peers, including the Provinces of Chubut and Salta. Fitch does not apply any asymmetric risk or extraordinary support from upper-tier government. The rating is based on Fitch's rating definitions. Issuer Profile The Province of Neuquen is located in southwest Argentina. The province's economy is highly concentrated in the hydrocarbon sector. As of August 2025, the province remains the country's main crude oil and gas producer, contributing 61% and 72%, respectively, to the national total. Qualitative assumptions: Risk Profile: 'Vulnerable' Revenue Robustness: 'Weaker' Revenue Adjustability: 'Weaker' Expenditure Sustainability: 'Weaker' Expenditure Adjustability: 'Weaker' Liabilities and Liquidity Robustness: 'Weaker' Liabilities and Liquidity Flexibility: 'Weaker' Risk Profile: Revenue Robustness: Revenue Adjustability: Expenditure Sustainability: Expenditure Adjustability: Liabilities and Liquidity Robustness: Liabilities and Liquidity Flexibility: Financial Profile: Asymmetric Risk: Support (Budget Loans): Support (Ad Hoc): Rating Cap (LT IDR): Rating Cap (LT LC IDR) Rating Floor: Quantitative assumptions - Issuer Specific Fitch's rating action is driven by the following assumptions for reference metrics under its 2025-2027 rating case scenario: - Payback ratio: 2.4x; - Actual debt service coverage ratio: 1.05x; - Fiscal debt burden: 13.5%. Fitch's rating case is a through-the-cycle scenario, which incorporates a combination of revenue, cost and financial risk stresses. It is based on 2020-2024 figures and 2025-2027 projected ratios. The key assumptions for the scenario include the following: - Operating revenue average growth of 41.8% for 2025-2027; assuming growth below average inflation towards the medium term. - Operating expenditure average growth of 46.5% for 2025-2027; assuming growth above average inflation towards the medium term. - Average capital expenditure/total expenditure levels of around 9.0%; aligned with the province's 2020-2024 historical average. - Additional debt in 2025 aligned with Neuquen's authorized budget; - Cost of debt considers non-cash debt movements due to currency depreciation with an average exchange rate of ARS1,190.6 per U.S. dollar for 2025 (year end 1,756), ARS1,985.5 for 2026 (year end 2,214.7), and ARS2,414.1 for 2027 (year end 2,613.4); - Consumer price inflation (annual average % change) of 45% for 2025, 34% for 2026, 24% for 2027. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The IDR could be lowered if Neuquen's estimated actual DSCR drops below 1.0x in tandem with a liquidity coverage ratio below 1.0x underpinned by lower operating margins and unrestricted cash, regardless of whether the payback ratio remains below 5x. - If there are indications of any credit event such as the announcement of a distressed debt exchange (DDE) or default like situation under Fitch's rating definitions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - If the ADSCR remains in line with projections above 1x, underpinned by stable operating margins, this could lead to structural and sustainable liquidity metrics in a scenario of less uncertainty. In addition, it should compare adequately with Argentine peers. ESG Considerations Province of Neuquen has an ESG Relevance Score of '4' for Rule of Law, Institutional & Regulatory Quality, Control of Corruption due to the negative impact of a weak regulatory framework and national policies on the province's governance, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Province of Neuquen has an ESG Relevance Score of '4' for Biodiversity and Natural Resource Management due to the province's significant economic and financial concentration in the volatile hydrocarbon sector, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Province of Neuquen has an ESG Relevance Score of '4' for Creditor Rights due to as despite the entity´s improved willingness to service and repay its debt obligations, the 2020 DDE continues to weigh on its credit profile and debt coverage is expected to remain pressured, 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 Prior ----------- ------ ----- Neuquen, Province of LT IDR CCC- Upgrade CC LC LT IDR CCC- Upgrade CC senior unsecured LT CCC- Upgrade CC senior secured LT CCC- Upgrade CC =========== B R A Z I L =========== ABRA GROUP: Moody's Affirms 'Caa1' CFR, Outlook Stable ------------------------------------------------------ Moody's Ratings affirmed Abra Group Limited (Abra)'s Caa1 corporate family rating and the Caa1 ratings to the $710 million backed senior secured notes and $610 million backed senior secured term loan due in 2029 and to the $618 million backed senior secured exchangeable notes due 2028 issued by Abra Global Finance and unconditionally and irrevocably guaranteed by Abra. The outlook for Abra and Abra Global Finance is stable. RATINGS RATIONALE Abra's Caa1 ratings reflect the group's size, scale, market position and good business profile of its main subsidiaries Gol Linhas Aereas Inteligentes S.A. ("Gol", B3 stable) and Avianca Group International Limited ("Avianca", B1 stable), with significant cross selling, network and loyalty program coordination synergies, and increased connectivity and geographic diversity within Latin America. The Group consolidates an over 300 aircraft fleet, with scheduled flights serving over 25 countries and more than 150 destinations with approximately 70 million passengers transported and more than 40 million members in its loyalty programs. The company's adequate liquidity at the holding level also supports the rating. The rating is limited by Abra's capital structure as its only sources of cash are management fees from Avianca and Gol, and principal and interest payments from the senior secured and exchangeable take-back debt instruments issued by Gol and held by Abra. Importantly, this debt represents a second lien claim on Gol's collateral, which is primarily composed of intangible assets. While the current loan-to-value ratio is close to 70%, in a credit stress scenario, the realizable value of these intangibles could be materially lower, further increasing the probability of default and expected loss. The prevalence of Payment in Kind (PIK) interest and high-coupon debt compounds leverage and creates substantial refinancing risk, highlighting the need to optimize Abra's capital structure through liability management efforts. Abra's $710 million backed senior secured notes and $610 million backed senior secured term loan due 2029 and $618 million senior secured exchangeable notes due 2028 are rated Caa1, in line with the company's corporate family rating. This reflects the instruments' collateral package, which includes a first-priority lien on the subsidiaries that hold 100% of the equity interests of Avianca, including Wamos Air and Avianca's convertible debt investment in SKY (which converts into 41% of the equity interest in SKY); a first-priority lien on the subsidiaries that hold a 78% economic interest in Gol; a second-priority lien on Gol's $659 million secured notes and on its $250 million senior secured convertible notes, both due in 2030; and a first-priority lien on the cash accounts at Abra and a pledge of any intercompany loans at Abra. The secured notes comprise total debt issued at Abra's holding company level. Abra has adequate liquidity with $77 million in cash. Abra's main source of cash relates to management fees from Gol and Avianca and the cash payments from Gol's take back secured notes due 2030. Abra's main cash outflows relate to its notes' interest payments (about $80 million-$90 million per year) and annual expenses at the holding company level of around $65 million per year. Management fees in 2025 will be close to $46 million increasing to $60 million annually through 2027. However, these cash inflows will be just enough to cover operating expenses. Considering interest payments and amortizations, Gol's payments to Abra will be around $100 million annually through 2027 providing coverage for the cash interest payment at Abra. For the 2025 – 2027 period Moody's expects a cash coverage to interest expense to be at least 2.0x. Moody's do not anticipate dividend payouts from Gol or Avianca at least for the next two years. Abra's stable outlook reflects Moody's expectations that its operating and financial performance will remain relatively stable over time, supported by the performance of its main subsidiaries, Gol and Avianca. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of Abra's rating would require additional sources of cash that improve its debt service coverage and further liability management efforts resulting is a sustainable capital structure. Conversely, Abra's rating could be downgraded if the credit profile of Gol or Avianca deteriorates, or if its liquidity at the holding company level deteriorates, with coverage of cash interest below 1x on a sustained basis. The principal methodology used in these ratings was Passenger Airlines published in August 2024. 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. BANCO MODAL: Moody's Withdraws 'Ba1' Deposit Ratings ---------------------------------------------------- Moody's Ratings has withdrawn all ratings of Banco Modal S.A. (Modal), including the Ba1 and Not Prime long- and short-term local- and foreign-currency deposit ratings, as well as the Baa3 and Prime-3 local- and foreign-currency counterparty risk ratings, in the long- and short-term, respectively. The bank's baseline credit assessment (BCA) and adjusted BCA were also withdrawn at ba3 and ba1, respectively. Counterparty risk assessments (CRAs) were also withdrawn at Baa3(cr) and Prime-3(cr), in the long- and short-term. The outlook on the long-term deposit ratings was changed to rating withdrawn from stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Average Mortgage Interest Rate at Banks is 11% ------------------------------------------------------------------ Dominican Today reports that the average mortgage rate across multiple banks is 11.81%, according to Central Bank statistics. In comparison, the preferential rate applied to "A" type customers stood at 9.49% on the 5th of this month, a behavior intended for new financing negotiations, according to Dominican Today. In contrast, several borrowers claim that their previously negotiated (old) home loans are still high, the report notes. In the financial market, financing is governed by risk, i.e., not only by a customer's ability to pay at a given time, but also by the user's age, the duration of the financing, and other indicators that the bank analyzes before giving the go-ahead, the report says. Compared to October of this year, the mortgage rate in local banks shows a virtually imperceptible increase for new businesses, the report relays. On October 28, 2025, it stood at 11.27%, and on November 5, negotiations closed at 11.81%, 11.69%, 12%, and 9.49%, in the latter case for a loan with a preferential rate, the report notes. According to BCRD statistics, the rate ranges for the mortgage and/or development sector were 11.13% and 9.75% in February they were 11.03% and 9.91%, in March 11.83% and 9.81%, in April 11.84% and 10.07, in May 12.14% and 10.9%, in June 12.11 and 10.97%, in July at 12.43% and 10.49%, in August at 11.63% and 10.59%, in September at 11.27% and 10.02%, and in October at 11.27% and 9.24%, the report relays. However, in October, some customers with old loans that had operated at a fixed rate for a specific term received notifications of increases, as the loans were closed during a real estate fair, the report discloses. One of these customers said that he was paying a monthly installment at a fixed rate of 9% for three years, which expired last September, and was increased to 13.5% in October, at market rates, the report notes. The increase, the buyer said, has caused instability in his finances, and he must accept it to avoid falling behind, defaulting, or losing his home, the report relays. He advocates changing the methodology for such increases because, as with his family, there are others in similar situations, the report says. As of October 28 of this year, commercial rates were 13.27% in commercial banks, and 18.60% for consumer and/or personal loans, the report discloses. Meanwhile, the preferential rates applied that month were 11.02% on average, 11.14% for commercial loans, 12.39% for consumer and/or personal loans, and 9.24% for mortgages, the report notes. Savings and Loan Associations (AAyP) closed negotiations on the same date with mortgage interest rates of 13.13% and 12.14%, and average rates of 13.65% and 12.54%, the report relays. Meanwhile, in October 2024, they were 13.78% and 11.71%; on the same date in 2023, they were 12.68% and 10.35%; in 2021, they were 9.69% and 7.93%; and in 2022, they were 11.41% and 10.60%, the report discloses. The BCRD indicates that the lending rate fell from 15.3% to 13.9% in the same period, indicating that the monetary policy transmission mechanism continues to function, the report says. The weighted average deposit rate for multiple banks stood at 6.6% and the lending rate at 13.9% in October 2025, the report relates. Factors In the construction sector, this is an activity with significant economic mobility, as the authorities themselves recognize that for every job created in the area, at least seven are generated in related activities, which in turn boost the economy, the report relays. As of September, the construction sector declined by 2.0%, according to the BCRD, the report notes. The decline in the sector, therefore, affects the economy, the report says. One crucial issue in the operation is the lending rate in the financial system, which is transmitted almost immediately because there are prior negotiations with depositors or investors who are paid deposit rates, the report discloses. The Monetary Policy Rate is now 5.25% per annum, which should be reflected in at least three to four months, the report says. Other market factors influence interest rates, including the rise in the exchange rate, possible uncertainties due to tax changes, liquidity programs through the legal bank reserve, and rises or falls in the Federal Reserve (FED) reference rate and the BCRD Monetary Policy Rate, the report relays. The BCRD indicates that the weighted average deposit rate for commercial banks stood at 6.6% and the lending rate at 13.9% in October 2025, the report discloses. Likewise, the BCRD published an analysis reporting the release of RD$81 billion for different productive sectors, including MSMEs, of which RD$54 billion has been released from the legal reserve, and RD$13 billion is still available, which will allow for continued credit expansion and lower interest rates to finance productive activity, the report relays. As of October 31, 2025, 84% of the authorized amount under this liquidity program had been placed, totaling RD$68 billion, the BCRD reported, the report notes. Of the resources released from the legal reserve, RD$21.528 billion went to the commerce sector and RD$11.993 billion to construction, the report discloses. RD$8.864 billion went to the MSME sector, RD$3.655 billion to manufacturing, RD$1.212 billion to agriculture, and RD$806 million to exports, the report says. "The disbursements include RD$3.678 billion for the acquisition of low-cost housing by low-income families and RD$2.632 billion for mortgage loans in general," he adds. In a study by Italo López on the effect of interest rate transfers in the Dominican market, "evidence of asymmetry in the evolution of rates with respect to monetary policy movements" is determined, the report notes. Liquidity Program As of October 2025, according to the Central Bank, the weighted average of commercial bank lending rates had fallen from May 2025, the month before the adoption of the liquidity program, the report relays. The average lending rate fell from 14.99% in May 2025 to 13.95% in October, a 104-basis-point decline, the report notes. This decrease has been more significant in the lending rates of the productive sectors benefiting from the measures, with a drop from 14.35% in May to 13.13% in October of this year, a downward adjustment of 122 basis points, 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 Intervenes in Forex Market With Another US$30M ----------------------------------------------------------- RJR News reports that the Bank of Jamaica on Nov. 7 intervened in the foreign exchange market for the 26th time this year. The central bank pumped another US$30 million in the market in order to help stabilize the dollar, which had been under heavy pressure before Hurricane Melissa, according to RJR News. This comes after it intervened with US$30 million on Nov. 6, pushing the total value of interventions to US$710 million since the start of the year, the report relays. The central bank has also taken $145.5 billion out of circulation with its 6% per annum certificates of deposits since the start of the year, the report discloses. The devastating impact of Hurricane Melissa on the agricultural sector and the economy will lead to an even greater demand for foreign exchange to purchase goods and services as well as more pressure on the dollar, 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. JAMAICA: Moody's RMS Puts Melissa Insured Loss Between $3BB to $5BB ------------------------------------------------------------------- artemis.bm reports that Moody's RMS Event Response has provided a best estimate for the insurance and reinsurance industry losses from recent hurricane Melissa of $3.5 billion, with a range of between $3 billion and $5 billion anticipated. The catastrophe risk modelling arm of Moody's said that its estimate is based on both the privately insured hurricane wind and flood impacts in Jamaica, and includes post-event loss amplification and additional non-modeled sources of loss, according to artemis.bm. "This estimate represents insured losses associated primarily with wind impacts in Jamaica, the island hardest hit by the Category 5 hurricane. Insured losses for other impacted Caribbean islands, including the Bahamas, Haiti, and the Turks and Caicos Islands, are expected to be minimal," Moody's explained, the report relays. Moody's estimate encompasses losses from property damage and business interruption to residential, commercial, industrial, and automobile lines of business, takes into account the potential for post-event loss amplification (PLA), including potential super-cat impacts related to infrastructure damage to roads, power networks, etc., as well as non-modeled losses from extended business interruption and precipitation-induced flooding, the report says. Moody's also noted that it does not take into account payouts under sovereign disaster insurance programs, including the CCRIF and the World Bank supported IBRD Jamaica catastrophe bond, the report notes. The estimate from Moody's RMS analysis and models can be compared to other insured loss estimates already announced, the report says. Cotality had said hurricane Melissa is estimated to have caused insured losses in a range from US $1 billion to US $2.5 billion in Jamaica, the report discloses. Meanwhile, Verisk's Extreme Event Solutions division had said that insured industry losses to onshore property in Jamaica from Hurricane Melissa will likely range between $2.2 billion and $4.2 billion, the report notes. Karen Clark & Company (KCC) pegged its estimate for the insurance industry loss from recent major hurricane Melissa at US $2.4 billion, the report relays. So Moody's is on the higher side of the other early risk modeller estimates to come out, at this stage, the report says. Jeff Waters, Director – North Atlantic Hurricane Models, Moody's, said, "Hurricane Melissa was truly a generational event for Jamaica and will be the storm that defined the 2025 North Atlantic hurricane season. While the capital city of Kingston was largely spared from damaging winds, many other towns were devastated by a combination of catastrophic winds and widespread inland flooding. Being an island, repairs and recovery will inevitably go through significant supply chain challenges, even as several key ports on the island remain operational. For these reasons, we expect recovery efforts to take several months, if not years," the report relays. Raj Vojjala, Managing Director, Modeling and Analytics, Moody's, added, "In collaboration with local (re)insurers, several field reconnaissance surveys highlighted a dichotomy in Jamaica's building stock between the insured and uninsured, the report discloses. Most insured buildings are well-built, traditionally designed for seismic risk with concrete or reinforced masonry structures, which are also resilient to high winds, the report says. In contrast, uninsured residential buildings largely exhibit less stringent build quality or enforcement of wind design provisions, due in part to a lack of major hurricane landfalls since Gilbert in 1988. As a result, as Melissa's catastrophic winds tracked across the island, immense damage was caused to several communities," the report relays. 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 ===================== HABE INTERNATIONAL: Seeks Chapter 7 Bankruptcy in Puerto Rico ------------------------------------------------------------- HABE International Restaurants Inc. sought Chapter 7 protection in the Puerto Rico bankruptcy court on October 22, 2025. The company's filing reports less than $100,000 in assets, debts between $100,001 and $1 million, and 1 to 49 creditors. About HABE International Restaurants Inc. HABE International Restaurants Inc. operates in the restaurant industry. HABE International Restaurants Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04786) on October 22, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Mildred Caban Flores handles the case. The Debtor is represented by Wilbert Lopez Moreno, Esq. of Wilbert Lopez Moreno & Asociados. PET HOTELS: Court OKs Corozal Property Sale to Millenium Records ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has granted Pet Hotels LLC 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, which has an appraisal value of $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 Court has authorized the Debtor 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 Debtor has provided timely supplements the motion with the title search report, parties in interest are granted until November 10, 2025, to file any objection to the proposed sale. 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. ===================================== T R I N I D A D A N D T O B A G O ===================================== LJ WILLIAMS: Posts Narrower Loss for 6 Mos. Ended Sept. 30 ---------------------------------------------------------- Andrew Gioannetti at Trinidad and Tobago Newsday reports that LJ Williams Ltd, the parent company of The Home Store Ltd, has reported a modest improvement in its financials for the six months ending September 30. While the group's turnover fell to $71.35 million from $73.30 million a year earlier, it has trimmed losses, according to Trinidad and Tobago Newsday. The group recorded a loss before tax of $488,000 for the period, down from a $974,000 loss in the same period last year, the report notes. Its condensed financials, published on November 6, show sales of $71.355 million for the half-year and an operating profit of $2.14 million, offset by finance costs of $2.63 million, the report relays. After taxation and minority adjustments, the group recorded a net loss attributable to shareholders of $867,000 and total comprehensive loss of $875,000 for the period, the report discloses. Total assets stood at $225.71 million, supported by non-current assets of $145.14 million and current assets of $80.57 million, the report says. Management attributed the improved loss position to cost-cutting measures implemented amid a difficult retail trading environment, the report notes. In his review, chairman Lawford Dupres said the reduction in the loss "is an improvement on the previous year's performance," the report relays. He cited weaker consumer spending and constrained access to foreign exchange as material headwinds for the distribution side of the business, the report says. Operational adjustments included a reduction in the number of Home Store outlets to concentrate resources on higher-performing locations and reduce overhead, the report discloses. The Home Store operation in Guyana was highlighted as performing above budget, while the Food & Allied division remained the company's mainstay and delivered 7.5 per cent sales growth in the period, the report says. By contrast, the Hardware division reported weaker sales, attributed in part to reduced exports, while the Shipping division recorded a 17 per cent rise in sales versus the prior comparable period, the report relates. On the balance sheet, retained earnings stood at $44.398 million and reserves at $34.597 million, the report notes. The group's statement notes that foreign exchange availability will remain a key factor for the import distribution business in the coming months and that management will continue to prioritise cost control and focus on outlets that have proven "greater promise," the report adds. ============= U R U G U A Y ============= URUGUAY: IDB OKs $200 Million to Strengthen Public Security ----------------------------------------------------------- The Inter-American Development Bank (IDB) Board of Executive Directors approved a Conditional Credit Line for Investment Projects (CCLIP) of up to $200 million to support the strengthening of public security and justice in Uruguay. As part of this credit line, the Board approved an initial individual loan of $25 million for the program "More Security I: Advancing Key Areas of Public Security Management." The program aims to improve the effectiveness of the prison system, strengthen criminal investigations, and modernize police training. Uruguay is facing growing challenges related to organized crime, including multiple issues in its prison system, the need to improve criminal investigations, and the imperative to prepare the police force for future challenges. To address these, the program will enhance prison management through the construction and equipping of a new Assessment and Referral Center (CED) in the interior of the country, and the implementation of new technologies and protocols to strengthen prison security. It will also promote the modernization of the National Police, incorporating scientific and technological equipment to improve criminal investigations, including cybercrime. A new competency-based police training model will be developed, featuring specialized programs in investigation, leadership, and criminal analysis, all structured within a credit-based university career path. The project aims to improve safety conditions for inmates and working conditions for prison staff; enhance police capacity to identify perpetrators of homicides and other crimes; and strengthen the institutional capacity of the police to become more effective public servants. This operation is part of the IDB's regional Alliance for Security, Justice, and Development, which promotes evidence-based solutions to strengthen security and justice institutions in Latin America and the Caribbean. The Ministry of the Interior will be the executing agency for the program. The financing is provided under a Specific Investment Loan, with a repayment term of 24.5 years, a six-year grace period, and a five-year disbursement period. ********* 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 * * *