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251114.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 Friday, November 14, 2025, Vol. 26, No. 228 Headlines A R G E N T I N A ARGENTINA: US$870-Million Boost of IMF Holdings Points to US Aid PAMPA ENERGIA: S&P Rates Up to $500MM New Unsec. Notes 'B-' TRANSPORTADORA DE GAS: Moody's Assigns 'B2' CFR, Outlook Stable B R A Z I L BRAZIL: Bank Tightens Rules for Virtual Assets, Cryptocurrency OI SA: Brazil Court Declares Firm Bankrupt and Shares Plummet C O L O M B I A BOGOTA: Fitch Assigns 'BB+' Rating on Sr. Unsecured COP 2.3T Notes M E X I C O PEMEX: Rescue Soars Past Budget as Gov't. Buys Time on Debt Wall P A N A M A UEP PENONOME II: Moody's Alters Outlook on 'Ba3' Rating to Negative P U E R T O R I C O PANADERIA EL DEPORTIVO: Seeks Chapter 7 Bankruptcy in Puerto Rico PROFESSIONAL HONDA: Taps Monge Robertin as Restructuring Advisor - - - - - ================= A R G E N T I N A ================= ARGENTINA: US$870-Million Boost of IMF Holdings Points to US Aid ---------------------------------------------------------------- Buenos Aires Times reports that Argentina's holdings at the International Monetary Fund (IMF) jumped last month by the same amount that the US government's assets declined, as data from the lender could indicate a new form of US financial aid to President Javier Milei's government. In October, Argentina's special drawing rights, the IMF's reserve asset, increased by 640.8 million SDRs (US$870 million), while US holdings fell by the same amount compared to September, according to data published on the IMF's website, according to Buenos Aires Times. On November 1, Argentina also made interest payments to the IMF totaling about 621 million SDRs, which stems from the nation's own debts with the lender in Washington, the report notes. Press offices for the US Treasury Department, IMF and Argentina's Economy Ministry didn't respond to requests for comment, while Argentina's Central Bank declined to comment. The SDRs are assets created by the IMF that are distributed to countries in proportion to their quota, the report says. Countries at the IMF can channel their SDR holdings to other nations if asked, the report discloses. To be sure, the IMF data doesn't confirm Argentina's SDR holdings increased because it drew down on the swap line with the US, and it's unclear if it's used the swap for other purposes so far, the report relays. However, US Treasury Secretary Scott Bessent acknowledged on MSNBC that Milei's government had tapped a "small amount" of the swap line that the two nations signed last month, the report discloses. The Treasury Department has not released any public details about the terms of the agreement and has not responded to repeated requests for comment on the aid program since Argentina's Central Bank announced it on October 20, the report discloses. Bessent provided Milei, a top US ally in Latin America, with a sweeping rescue package as the libertarian leader faced a market sell-off before his party won midterm elections in late October and turned around investors' sentiment, the report says. Beyond the US$20-billion swap, Treasury also bought Argentine pesos and started talks with Wall Street banks to line up more financing for Argentina, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. The upgrade reflects the launch of a new IMF program, among other things. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. Moody's Ratings, in January 2025, raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. PAMPA ENERGIA: S&P Rates Up to $500MM New Unsec. Notes 'B-' ----------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating to Pampa Energia S.A.'s (B-/Stable/--) proposed senior unsecured notes for up to $500 million with a 12-year tenor. Pampa will use the proceeds for general corporate purposes, including refinancing a portion of its outcoming maturities. S&P said, "We rate the proposed notes at the same level as the issuer credit rating because we don't believe the company has material financial obligations that would rank ahead of its unsecured debt by way of structural or contractual subordination in a default scenario. "Our 'B-' ratings on Pampa are lower than its 'bb-' stand-alone credit profile (SACP). We continue to limit our ratings on Pampa by our transfer and convertibility assessment in Argentina. Although the Milei administration has gradually eased restrictions on transferring funds abroad, particularly for debt payments and imports, we believe Argentina's macroeconomic conditions, and especially its external position, remain fragile. "Our SACP on Pampa reflects its competitive position as a strong and integrated player in the Argentine energy sector, as well as its low leverage and ample liquidity, tempered by its exposure to the country's fragile economy and volatile regulatory framework. Pampa is currently facing an intensive investment phase to develop its Rincon de Aranda shale oil field, which will grow and increase revenue diversification in the E&P business and enhance its export revenues in the medium term. "We expect Pampa to report an S&P-adjusted EBITDA of about $900 million in 2025 and between $1.3 billion and $1.4 billion in 2026 and S&P-adjusted debt to EBITDA of about 2.2x and 1.5x, respectively. On the other hand, we forecast negative free cash flow (including interest and taxes) through 2026 amid large investments to develop the Rincon de Aranda shale oil project, only turning positive by 2027." The rating on the bond is subject to S&P's review of the final issuance documentation. TRANSPORTADORA DE GAS: Moody's Assigns 'B2' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings assigned a B2 corporate family rating to, Transportadora de Gas del Sur S.A. (TGS). At the same time, Moody's assigned a B2 rating to the proposed USD500 million senior unsecured notes due in 2035. The outlook is stable. The assigned rating is based on preliminary documentation received by us as of the rating assignment date and confirmation of issuance amounts. Moody's do not expect changes to the debt amount or documentation reviewed over this period, nor Moody's anticipates changes in the main conditions that the notes will carry. Should issuance conditions and/or final documentation of the notes deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. RATINGS RATIONALE The B2 ratings reflect TGS's strong business profile as Argentina's leading energy infrastructure company, with a diversified revenue streams across regulated gas transportation, liquids production, and midstream services, and its robust operating performance. Constraining the rating is the company's exposure to Argentina's challenging macroeconomic and regulatory environment, as well as its high exposure to US dollar-denominated debt. The proposed senior unsecured notes will fund the expansion of the Perito Moreno gas pipeline, a USD700 million project that will add 14 million cubic meters per day of transport capacity. The project will begin generating incremental cash flows from April 2027, supporting deleveraging and further diversifying the company's revenue base. TGS's credit profile benefits from recent regulatory developments, including a 675% tariff increase in April 2024 and the extension of its transportation license through 2047, which support predictable cash flows in the regulated segment. At the same time, the company's business mix continues to evolve, with unregulated activities—liquids and midstream—projected to account for a growing share of EBITDA over the next several years. This shift is expected to enhance cash flow diversification. Moody's expects TGS's leverage, as measured by debt/EBITDA, to temporarily increase and peak at around 1.9x by December 2025 following the new issuance, before declining below 1.5x, as the Perito Moreno project ramps up and additional projects come online. Interest coverage remains strong, with projected EBITDA/interest expense at approximately 8.0x in 2026, reflecting prudent financial management and a conservative capital structure. Liquidity is currently adequate, with approximately USD634 million in cash and equivalents as of June 2025, and a pro-forma cash position of additional USD500 million following the new bond issuance. The company faces no significant short-term debt maturities, with major repayments to be concentrated in 2031 and 2035, which supports a comfortable amortization profile. Accumulated cash reflects historically low dividend distributions, which Moody's assumes will eventually increase as internal cash generation remains robust. ESG CONSIDERATIONS Environmental risks stem from waste and pollution associated with its gas processing operations, combined with moderate carbon transition and physical climate risks. Social risks reflect the potential for adverse regulatory or political intervention amid affordability concerns in Argentina's challenging economic environment. Governance risks consider the country's restrictive financial conditions, balanced by prudent financial management and a solid track record which is reflected in a governance issuer profile score of G-3. ESG factors do not materially influence the rating outcome, as indicated by a Credit Impact Score of CIS-2. RATING OUTLOOK The rating carries a stable outlook, that is aligned with that of the Government of Argentina (Caa1 stable). The stable outlook also reflects Moody's expectations that TGS operating and financial performance will remain robust over the next 12 to 18 months sustaining strong credit profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the company's rating will be subject to its ratings' relative position to the Government of Argentina's rating. An upward rating movement will further require an improvement in operating conditions and financial metrics. A downgrade of the sovereign rating, deterioration in the operating environment or a significant negative shift in government policies or regulations will likely result in negative pressures on TGS' rating. LIST OF AFFECTED RATINGS Issuer: Transportadora de Gas del Sur S.A. Assignments: LT Corporate Family Rating, Assigned B2 Senior Unsecured, Assigned B2 Outlook Actions: Outlook, Assigned Stable The principal methodology used in these ratings was Midstream Energy published in October 2025. For TGS, the difference between the scorecard-indicated outcome, both historical and projected, and the actual B2 rating assigned to the company exceeds two notches, reflecting the credit links with the Government of Argentina and its exposure to the local operating environment and regulatory framework. Transportadora de Gas del Sur S.A. (TGS) is one of the largest natural gas transportation companies in Latin America, operating more than 9,248 kilometers of pipelines. The company transports about 60% of the natural gas consumed in Argentina, serving distributors and major consumption centers, including the City and Province of Buenos Aires. =========== B R A Z I L =========== BRAZIL: Bank Tightens Rules for Virtual Assets, Cryptocurrency -------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Brazil's central bank released long-awaited rules for trading virtual assets, including cryptocurrencies, that will extend existing rules against money laundering and terrorism financing to virtual-‌asset service providers. Latin America's largest economy approved a legal framework for cryptocurrencies in 2022, but ‌its rollout hinged on complementary regulation from the central bank, which later held four public consultations on the matter, according to globalinsolvency.com. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. OI SA: Brazil Court Declares Firm Bankrupt and Shares Plummet ------------------------------------------------------------- globalinsolvency.com reports that nine years after its first request for court protection, Oi has been declared bankrupt by a Rio de Janeiro court. ValorInternational.globo.com reported that Judge Simone Gastesi Chevrand of the 7th Business Court of Rio de Janeiro - where the company's restructuring case is being handled - in her ruling, ordered the suspension of all lawsuits and enforcement actions against the telecom carrier, as well as a ban on any sale or encumbrance of the bankrupt entity's assets, according to globalinsolvency.com. The market reacted swiftly to the decision, sending the company's shares tumbling, the report notes. About Oi Group Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the 'Brazilian Bankruptcy Law'), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15 proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791). Ojas N. Shah, as foreign representative, signed the petitions. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 cases are assigned to Judge Sean H. Lane. In the Chapter 15 cases, the Debtors are represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. The company exited bankruptcy protection in December 2022. =============== C O L O M B I A =============== BOGOTA: Fitch Assigns 'BB+' Rating on Sr. Unsecured COP 2.3T Notes ------------------------------------------------------------------ Fitch Ratings has assigned Bogota, the Capital District of Colombia's, (Bogota) senior unsecured COP 2.3 trillion 13.1404% notes, due Nov. 5, 2035, a long-term rating of 'BB+'. The proceeds will be used for financing of the development of certain projects included in the District Development Plan as part of the Distrito Capital de Bogotá's green development policies. Key Rating Drivers The notes' rating is at the same level as Bogota's Long-Term Foreign Currency Issuer Default Rating (IDR) of 'BB+' as they will constitute senior, direct, general, unconditional and unsecured obligations of Bogota and will rank pari passu in right of payment with Bogota's other external unsecured obligations and despite being denominated in COP, will be payable in USD. On June 11, 2025, Fitch affirmed Bogota's IDRs and senior unsecured debt ratings. Issuer Profile Bogota is Colombia's capital city and its most important economic hub. As of 2024, its population is estimated at close to eight million. Bogota's GDP per capita is more than 1.6x the national average. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - A downgrade of Bogota's Long-Term Foreign Currency IDR would be reflected in the notes' rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - An upgrade of Bogota's Long-Term Foreign Currency IDR would be reflected in the notes' rating. Summary of Financial Adjustments - Fitch's analysis considers the city's annual budget, which includes Bogota's public establishments. Fitch does not consider the revenue and expenditure of Universidad Distrital for its analysis but does consider Bogota's transfers to the university as part of operating expenditure. - Revenue collected on behalf of CAR de Cundinamarca are excluded from revenue, and transfers of revenue to CAR de Cundinamarca are excluded from expenditure. - Ordinary dividends from Grupo Energia Bogota S.A. E.S.P. GEB (BBB/Negative) are reclassified from capital revenue to operating revenue. - Non-recurring transfers reported as current transfers are reclassified as capital transfers. - Fiscal surplus from previous fiscal years is excluded from revenue, and payment of expenses committed during previous fiscal years are excluded from expenditure. - Bogota's operating expenditure is based on a Fitch estimate and includes items reported under "investment expenditure" that Fitch believes to be recurring in nature. These include staff and other operating costs of the education sector, subsidies and grants for utilities, health insurance, and transportation, among others. - Personnel expenses include social security contributions to the National Fund for Teachers' Benefits (FOMAG) postponed due to insufficient resources. Additionally, payments made for debts from previous fiscal years are excluded. - The analysis excludes pass-through withdrawals from the National Fund for Territorial Pensions (Fonpet) used to cover pension obligations as well as the expenses covered with these resources. - Some other items of minor significance are reclassified between revenue accounts according to Fitch's opinion of their true nature. Date of Relevant Committee 10 June 2025 Public Ratings with Credit Linkage to other ratings Bogota's ratings are capped by the sovereign's BB+ rating. 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 ----------- ------ Bogota, Distrito Capital senior unsecured LT BB+ New Rating =========== M E X I C O =========== PEMEX: Rescue Soars Past Budget as Gov't. Buys Time on Debt Wall ---------------------------------------------------------------- Florencia Belen Ruiz at Rio Times Online reports that Mexico's federal support for the state oil company Pemex has surged far beyond what Congress planned for this year, after a September operation in which the government issued debt and used the proceeds to help the company repurchase its own bonds. By the end of the third quarter, transfers and the capital injection totaled roughly 20.8 billion dollars - about 179 percent above the budget line - putting the rescue among the largest single uses of federal resources this year, according to Rio Times Online. Officials argue the maneuver is neutral in consolidated accounts because Pemex books the infusion as income, the report notes. In practical terms, the state is assuming more of the financing burden so the company can smooth a heavy schedule of maturities due through 2026, the report relates. Supporters say that stabilizing a strategic energy company protects jobs, secures fuel supplies, and calms markets, the report notes. Critics counter that it deepens Mexico's exposure to an indebted and operationally strained enterprise while crowding out other priorities, the report discloses. The scale frames an opportunity-cost debate, the report says. Third-quarter outlays to shore up Pemex exceeded federal spending on public education over the same period, the report relays. Meanwhile, the oil firm's upstream production struggles to grow, refining remains weak, and supplier payables persist - pressures that make one-off rescues tempting but rarely transformative. Mexico ties Pemex aid to reform and results, the report discloses. Looking ahead, the 2026 spending plan contemplates another large transfer - about 14.4 billion dollars - earmarked for amortizing market debt and bank loans, conditioned on Pemex improving its own balance by the same amount so the federal deficit target remains intact, the report relays. The company's strategic plan still points to financial self-sufficiency by 2027. Meeting that goal will require more than accounting symmetry: higher and more reliable production, disciplined capital allocation, and relentless cost control, the report notes. For investors and taxpayers, the question is whether this is the last bridge or an early payment on further commitments, the report says. A credible path would anchor policy in transparency, market discipline, and measurable operating gains—principles that tend to restore confidence without writing blank checks, the report discloses. If those gains do not materialize, Mexico risks tying more public money to a model that has struggled to deliver, with fewer resources left for classrooms, housing, and growth-friendly reforms, the report adds. As reported in the Troubled Company Reporter – Latin America in October 2025, Fitch Ratings removed Petroleos Mexicanos' (PEMEX) Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) from Rating Watch Positive (RWP) and upgraded them to 'BB+' from 'BB'. The Rating Outlook is Stable. Fitch has also removed PEMEX's outstanding senior unsecured notes from RWP and upgraded the rating to 'BB+' from 'BB'. The upgrade follows Pemex's successful execution of a USD9.9 billion tender offer across eight security series funded with cash proceeds from the Mexican government. The transaction indicates increased linkage between PEMEX and the sovereign, resulting in an increase in the company's Oversight, Linkage and Support (OLS) assessment. Fitch now rates PEMEX only one level below Mexico's sovereign rating instead of two levels below it, resulting in the upgrade. =========== P A N A M A =========== UEP PENONOME II: Moody's Alters Outlook on 'Ba3' Rating to Negative ------------------------------------------------------------------- Moody's Ratings has changed the rating outlook of UEP Penonome II, S.A. (UEP II) to negative from stable and has affirmed the company's Ba3 $262.6 million senior secured notes. RATINGS RATIONALE The change in outlook to negative reflects Moody's expectations of more compressed debt service coverage ratios (DSCRs) following the introduction of transmission charges during 2024 that were previously not applied to nonconventional renewable energy projects in Panama, which Moody's expects to persist until the project's debt is fully repaid. As a result, operating expenses have increased, causing operating margins to decline from approximately 66% to 60%. In addition, cash flow variability stemming from resource risks associated with persistent and unpredictable weather patterns increases Moody's perceptions of credit risk, particularly in light of the project's anticipated exposure to merchant risk beginning in 2030. Moody's expects market dynamics to evolve in a way that will cause prices to decline more than previously anticipated during the 2026–2033 period. The issuer's contracted profile through 2030 will mitigate the impact of lower market prices in the short to medium term. However, as some of UEPII's power purchase agreements (PPAs) expire, merchant exposure will increase, and DSCR sensitivity to merchant prices will be higher. Moody's expects the average DSCR over the 2026–2029 period to be 1.12x, approaching the downgrade trigger threshold. On a last twelve-month (LTM) basis through June 2025, actual generation remained below one-year P50 and P90 scenarios. Specifically, generation was 23% lower than the P50 estimate and 12% below the P90 estimate. This follows periods of consistent challenging resource availability and volatile weather patterns. The UEP II credit considers that the PPAs follow the generation profile of wind farms, exposing revenue to lower wind speeds and climate-related events. UEP Penonome II, S.A.'s Ba3 senior secured notes rating reflects its diverse cash flow from contracts with creditworthy off-takers, including government-affiliated distribution companies and large corporate clients in Panama, supported by competitive non-hydro renewable technology. However, the rating is constrained by the volatile merchant exposure from 2030 to 2038, climate-related resource volatility, and weaker liquidity, along with a low projected average debt service coverage ratio of 1.12x over the next 4 years, as per Moody's updated projections. This is including Moody's revised assumptions on relatively higher transmission costs and lower spot price curves. Also, the credit includes an unfunded six-month debt service reserve account (DSRA), which will escalate to a 12-month DSRA for the merchant period, supported by a letter of credit. RATING OUTLOOK The outlook incorporates Moody's assumptions that coverage ratios will be below 1.2x average for the next 12-18 months, or that the generation profile will continue to display higher resource volatility than initially anticipated. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Given the negative rating outlook, there is limited potential for the rating to be upgraded over the next 12-18 months. If the DSCR records level above 1.2x with low volatility on a sustained basis, the generation profile is closer to P50 and there is greater predictability with respect to operating and maintenance costs, the outlook could be stabilized. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Generation issues leading to a generation profile lower than P90 for the wind project or cost increases that lead to a DSCR below 1.10x on a sustained basis, or both, could trigger a rating downgrade. Additionally, more frequent occurrence of physical climate events that increase the volatility of revenue could exert rating downward pressure. PROFILE UEP Penonome II, S.A. is a generation company that owns 5 wind farms with a combined installed capacity of 215 MW in the Coclé province in Panama, operating since 2015: Marañón (17.5 MW), Rosa de los Vientos I (52.5 MW), Rosa de los Vientos II (50 MW), Nuevo Changres (62.5 MW) and Portobello (32.5 MW), a total of 86 turbines. Additionally, the issuer is supported by the Tecnisol operating companies that act as guarantors of UEP II and are composed by four solar generation plants with a combined installed capacity of 40 MW that are located in the Chiriquí Province. LIST OF AFFECTED RATINGS Issuer: UEP Penonome II, S.A. Affirmations: Senior Secured, Affirmed Ba3 Outlook Actions: Outlook, Changed To Negative From Stable The principal methodology used in this rating was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ===================== P U E R T O R I C O ===================== PANADERIA EL DEPORTIVO: Seeks Chapter 7 Bankruptcy in Puerto Rico ----------------------------------------------------------------- Panaderia El Deportivo LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of Puerto Rico (Bankr. D.P.R. Case No. 25-04960) on October 31, 2025. According to the bankruptcy petition, the company reported liabilities valued between $0 and $100,000. Panaderia El Deportivo L.L.C. also disclosed that it has between 1 and 49 creditors. Panaderia El Deportivo LLC is a limited liability company. Honorable Bankruptcy Judge Maria de los Angeles Gonzalez handles the case. The Debtor is represented by Homel Mercado Justiniano, Esq. of 8 CALLE RAMIREZ SILVA. PROFESSIONAL HONDA: Taps Monge Robertin as Restructuring Advisor ---------------------------------------------------------------- Professional Honda & Acura, Inc. seeks approval from the US Bankruptcy Court for the District of Puerto Rico to employ Monge Robertin Advisors, LLC, as its insolvency and restructuring advisor. The firm will assist the Debtor in the preparation of a plan of reorganization; evaluate its financial condition; participate in negotiations for post-petition equity funding or financing; review claims of creditors; and provide other services in connection with its Chapter 11 case. Monge Robertin will be paid at these hourly rates: Jose M. Monge Robertin, CPA $275 Maria Pena, MST, CIRA $175 Systems Support Staff $85 Accounting Assistants $45 Jose Monge Robertin, a certified public accountant employed with MRA, disclosed in a court filing that the firm and its employees neither hold nor represent any interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Jose M. Monge Robertin, CPA Monge Robertin Advisors LLC 60 Georgetti St., Rio Piedras San Juan, PR Phone: (787) 745-0707 Email: cpamonge@cirapr.com About Professional Honda & Acura, Inc. Professional Honda & Acura, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04497) on October 3, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Francisco J. Ramos Gonzalez, Esq. at FRANCISCO J RAMOS & ASOCIADOS CSP,represents the Debtor as counsel. ********* 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 * * *