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251119.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, November 19, 2025, Vol. 26, No. 231 Headlines A R G E N T I N A ARGENTINA: Economy May Possibly Grow by Up to 10% in '26, Toto Says ARGENTINA: Needs to Build up Foreign Reserves Faster, IMF Warns B R A Z I L BRAZIL: IDB, BNDES Discloses $500MM Contribution to Climate Fund C O L O M B I A PACIFICO TRES: Fitch Affirms 'BB+' Rating on USD and UVR Notes J A M A I C A JAMAICA: BOJ Accepts 263 Bids for $49BB Certificate of Deposit NCB FINANCIAL: Fitch Puts 'B+' LT IDR on Watch Negative M E X I C O MEXICO: IMF OKs New Two-Year USD24BB Flexible Credit Line Deal P E R U CAMPOSOL HOLDING: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable P U E R T O R I C O PALMAS ATHLETIC: Court OKs Deal to Extend Cash Collateral Access ZAGACITY TECH: Hires Cobian Roig Law Offices as Special Counsel X X X X X X X X LATAM: U.S. to Lift Tariffs on Some Products From Some Countries - - - - - ================= A R G E N T I N A ================= ARGENTINA: Economy May Possibly Grow by Up to 10% in '26, Toto Says ------------------------------------------------------------------- Buenos Aires Times reports that Luis 'Toto' Caputo has predicted Argentina's economy could grow by up to as much as 10 percent next year if the government's reform programme is approved by Congress. Speaking at an event organized by the Centro de Investigaciones para el Desarrollo del Seguro (CIDeS) think tank, Argentina's economy minister said confidence in President Javer Milei's government is soaring after his victory in last month's midterm elections, according to Buenos Aires Times. "I could say that Argentina will grow five percent or six percent [next year] and still be understating it: in terms of potential, Argentina could easily grow at nine percent," Caputo said, notes the report. "It's a matter of Argentines believing in what is happening. The elections were a big boost for the business community because they broaden the horizon for reforms and investment for many years to come," he said, the report notes. "It is possible that Argentina will grow by up to 10 percent in 2026," he confidently declared, the report relays. Caputo highlighted Milei's international image, stating that Argentina was benefitting from his leadership, the report discloses. "We have a president who is a global leader and beacon. That is no small thing because Argentina is a country that did not exist on the world stage until a few weeks ago," he added, according to Buenos Aires Times. "I said this when we went to Davos 20 months ago and many thought I was crazy, but today practically everyone knows it. Those who are most surprised are those who travel and see it in person for the first time – it's different to see this in person than to hear about it." Asked about Argentina's exchange rate regime, the head of the Treasury defended the "dirty float" band system against the proposal for a free-floating dollar, the report says. "Some propose that the dollar should float and it's an honest debate. I have no problem with those who think Argentina is in a position to float [the peso freely]. For us, the band system is superior because Argentina is still a country with enormous volatility in the demand for money . . . it is sensitive to any internal or external shock, economic or political," he explained, the report notes. Caputo also reflected on the causes of past economic problems and stressed the performance of his team, the report says. "We did not do badly by chance or because someone was working against us, such as the United States, the IMF or evil businessmen trying to destroy Argentina . . . it was never us. The reality is that we did badly because we did things badly, and today it's the opposite: things are being done right, so things will turn out well," he remarked, the report discloses. The minister expressed confidence that Milei's planned reform program - which would see sweeping changes to tax, labour and pensions systems - would pass through Congress, the report relays. "Most politicians, except for a group we all know, support the reforms the country needs. We have already had meetings with the governors and they have told us that they will support the reforms," said Caputo, the report relates. "There may be some nuances, but they are all on the same page: the fear of ungovernability that existed until a few weeks ago has now dissipated," he concluded, 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. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. 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+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Needs to Build up Foreign Reserves Faster, IMF Warns --------------------------------------------------------------- Buenos Aires Times reports that international Monetary Fund staff urged Javier Milei's government in Argentina to build up its foreign reserves faster as part of the nation's US$20-billion agreement with the lender. The IMF's warning adds fuel to a debate between Milei's team and some investors over whether the government needs to overhaul its currency policy, which has been an Achilles heel in Argentina's past programmes with the fund, according to Buenos Aires Times. "In our discussion with the authorities, we have stressed the need to accelerate reserve accumulation efforts to help better manage volatility and to further strengthen market confidence," spokeswoman Julie Kozack said at a press briefing in Washington, the report notes. "Our view at the IMF is that the chosen regime needs to be consistent with strengthening international reserves and external stability, as well as ensuring strong and sustainable growth in the country." Kozack added that it's up to Argentina, or any IMF member, to choose its currency framework, the report discloses. She said it was too early to say whether the country would achieve or miss the next target for reserve accumulation in its program, which will be reviewed in January, the report says. Economy Minister Luis Caputo confirmed his team plans to accumulate reserves, the report relays. But he cautioned that the targets in Argentina's IMF program were agreed to before a menu of new financing options arose to cover the government's US$4 billion of global bond payments due in January, the report discloses. "We've managed to separate the financial side from the monetary side" of building up reserves, Caputo said at a conference in Buenos Aires, the report says. "Therefore, we now see reserve accumulation as a way to further strengthen the Central Bank's balance sheet. But it's not that we need to accumulate reserves today to pay the January coupon – we are solving that financially," the report added. Since the IMF program started in April, Argentina has let the peso trade within a band that slowly expands in both directions, the report notes. Within the range, Central Bank officials aren't buying reserves to avoid pushing pesos into the market that could ultimately stoke inflation, the report says. While monthly inflation remains relatively low by Argentine standards, the government missed its reserve target in the IMF program earlier this year, the report relays. Lack of reserves resurfaced as a point of concern for investors after Milei's government lost a provincial election in September, triggering a market sell-off that led to US President Donald Trump's administration stepping in to provide a sweeping rescue package, the report discloses. Since Milei's party came back and won the national midterm race in October, investors are calling on Milei to take advantage of renewed market optimism to change its FX policy so it can build up reserves, the report says. "Recent improvement in market conditions does present a window of opportunity for the authorities to strengthen macroeconomic policies, to entrench stability and to accelerate reserve accumulation," Kozack added, relays the report. 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. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. 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+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== BRAZIL: IDB, BNDES Discloses $500MM Contribution to Climate Fund ---------------------------------------------------------------- The Inter-American Development Bank (IDB), the Brazilian Ministry of Environment and Climate Change, and the Brazilian Development Bank (BNDES) signed a letter of intent to enable a $500 million contribution from the IDB to Brazil's National Climate Change Fund (FNMC, its Portuguese acronym). The goal is to deepen collaboration among the three institutions to develop a joint initiative for financing projects through FNMC resources. Actions may include financial contributions from the IDB to the FNMC, strengthening the Fund's capacity to meet Brazil's growing demand for financing for sustainable development projects. The signing ceremony took place during COP30 and was attended by IDB Group President Ilan Goldfajn; the executive secretary of the Ministry of Environment and Climate Change, João Paulo Capobianco; and BNDES President Aloizio Mercadante. "We are strengthening the Climate Fund so that financing reaches those who need it in their daily lives – especially small and medium-sized enterprises and local projects. With greater scale, improved governance, and new partners, we will expand our impact," said Goldfajn. "The Climate Fund fulfills exactly the objective it set out to achieve at the time of its creation: a financial mechanism to enable the ecological transformation that the country needs. The new contribution will strengthen actions to combat climate change in Brazil on several fronts, benefiting our entire population," said Capobianco. "This agreement reinforces Brazil's commitment to ecological transition and addressing the climate emergency. By joining forces, the Brazilian government, BNDES, and the IDB will expand financing for sustainable projects, strengthening the Climate Fund as an important and strategic instrument for promoting sustainable development and positioning Brazil at the forefront of the global environmental agenda," said Mercadante. Managed by the Ministry of Environment and Climate Change and implemented by BNDES, the FNMC provides financing for the development of resilient and sustainable projects, assessments, and initiatives. This project must first undergo the review and approval process of each institution and Brazil'sMinistry of Planning and Budget. As the next step, the Ministry of Environment will submit the request to the External Financing Commission (Cofiex), a collegial body of the Ministry of Planning and Budget responsible for authorizing the preparation of projects with external resources guaranteed by the federal government. 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. =============== C O L O M B I A =============== PACIFICO TRES: Fitch Affirms 'BB+' Rating on USD and UVR Notes -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of the following debt instruments of Fideicomiso P.A. Pacifico Tres (Pacifico Tres) at 'BB+' with a Negative Rating Outlook: - USD260.4 million USD bonds; - COP397,000 million UVR bonds; - COP300,000 million UVR loan. In addition, Fitch has affirmed the national scale ratings of the following instruments at 'AAA(col)' with Stable Outlook: - COP397,000 million UVR bonds; - COP300,000 million UVR loan; - COP450,000 million COP loan A and B; - COP150,000 million COP loan C. The ratings are based on Pacifico Tres' low revenue risk due to traffic top-ups and grantor payments, a strong debt structure with several prefunded reserve accounts, distribution tests, a cash sweep mechanism, and robust liquidity mechanisms. Under Fitch's rating case, Pacifico Tres has a loan life coverage ratio (LLCR) of 1.5x. This metric is strong for the rating category according to applicable criteria and revenue profile, but the rating is limited by the credit quality of the obligations of the Agencia Nacional de Infraestructura (ANI) toward the project. Fitch views ANI as a credit-linked entity to the Government of Colombia (BB+/Negative). The Negative Outlook reflects the potential deterioration of Fitch's view on the credit quality of ANI's contributions to the projects, which is one of their main revenue sources. KEY RATING DRIVERS Revenue Risk - Volume - Midrange Low Exposure to Volume Risk: The project's revenues mainly consist of ANI's contributions and toll revenue streaming from toll collection and top-up traffic payments. Traffic revenue is not subject to demand or price risk, even if traffic volumes are severely below expectations or expected price increases are not implemented. ANI will periodically compensate the concessionaire if toll collections fall below the amounts established in the concession contract. ANI payment obligations under the concession agreement are consistent with its credit quality as the grantor. Sources of revenue are subject to infrastructure availability, service levels and quality standards, based on the fulfilment of indicators provided in the concession agreement. There are clearly defined, unambiguous, back-to-back penalty deduction mechanisms in the concession agreement with robust cure periods. Deductions are legally capped at 10%. Additionally, the contract limits fines imposed on the concessionaire, as well as penalty clauses in case of early termination of the agreement. Revenue Risk - Price - Midrange Inflation-Adjusted Tolls: Tariffs are adjusted annually for the inflation rate at the beginning of the year. In 2023, the Colombian government froze toll rates as part of its anti-inflation policy. In 2024, rates were adjusted to reflect 2022 inflation and half of 2023's inflation. In 2025, tariffs caught up on all pending inflation adjustments. Toll rates are moderate, and if the net present value of toll collections received by the 8th, 13th, 18th and last year of the concession is below guaranteed values, ANI is obligated to cover any shortfalls after any applicable deductions. Infrastructure Dev. & Renewal - Midrange Adequate Maintenance Plan: The project depends on a moderately developed capital and maintenance plan to be implemented directly by the concessionaire. The plan will be largely funded from project cash flows. The concession agreement does not include hand-back requirements, but the concessionaire is required to operate and maintain the road according to the pre-established standards during the concession term. The structure includes a dynamic 12-month forward-looking O&M reserve account for routine and periodic maintenance expenditures. The independent engineer (IE) determined that the O&M plan, organizational structure and budget appear reasonable and in line with similar Colombian projects. The concessionaire has a liquid support instrument equal to the maximum amount of O&M expenses forecast for six months. This instrument must be issued by a financial entity with a minimum credit rating of 'BBB-' or 'AA+(col)'. Debt Structure - 1 - Stronger Robust Debt Structure: The debt is fully amortizing, senior secured, comprising USD-, UVR- and COP-denominated financings. USD-denominated debt, which is matched with USD-linked currency revenue settled in COP (49% of future budget allocations are USD-linked), has also been issued at a fixed rate. Furthermore, the transaction includes a short-term hedging mechanism provided by eligible counterparties to cover foreign exchange risk exposure fully. UVR- and COP-denominated debt is indexed to inflation and is not exposed to basis risk. Structural features include multiple reserve accounts and a cash sweep mechanism. Robust liquidity mechanisms are in place to mitigate the liquidity or budgetary risk, construction delays, and reduced cash flow generation due to low traffic. The transaction has a fully committed revolving subordinated SMF, equal to 15% of outstanding senior debt, in which eligible lenders have committed to disburse funds to the project company when necessary. Additional liquidity includes 12 months of principal and interest prefunded onshore and offshore debt service reserve accounts (DSRA). Financial Profile Fitch's rating case minimum LLCR of 1.5x is strong for the rating category, based on Fitch's applicable criteria and compared with similarly rated transactions, given the project's low volume risk exposure but limited to the counterparty risk credit view of ANI's obligation. The debt service coverage ratio (DSCR) profile will drop below 1.0x within several years. However, Fitch expects cash flow available for debt service shortfall in those years to be covered with funds from the debt service reserve account or additional liquidity sources, if needed. PEER GROUP Pacifico Tres is comparable to Fideicomiso P.A. Costera (Costera), rated 'BB+'/Negative and 'AAA(col)'/Stable. Costera is Pacifico Tres' closest peer, as both concessions are part of the 4G toll road program and share volume, price, infrastructure and development/renewal, and debt structure risk attributes. Pacifico Tres has a slightly lower minimum LLCR at 1.5x, compared to Costera at 1.7x. The international ratings of both projects are constrained by the credit quality of ANI's obligations. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in the financial and/or operational performance of the project, leading to a minimum projected LLCR below 1.3x under Fitch's rating case assumptions; - Deterioration in Fitch's view of the credit quality of ANI's grantor obligations; - A substantial increase in liquidity needs that leads the project to draw on reserves or subordinated facilities without promptly replenishing those reserves or lines. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - For the international-scale ratings, an improvement in Fitch's view of the credit quality of ANI's grantor obligations. SECURITY The secured parties benefit from a first-priority security interest in, control over, and lien on all of the issuer rights in the indenture trustee accounts and the funds, financial assets and other properties deposited and to be deposited in such accounts. Senior lenders share common collateral on a pari passu basis in relation to all current and future debt of the project company. All proceeds from the collateral will be paid to the intercreditor agent, who will, in turn, distribute the monies to the secured parties. None of the parties will have the right to take independent enforcement actions with respect to the common collateral. 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 Prior ----------- ------ ----- Fideicomiso P.A. Pacifico Tres Fideicomiso P.A. Pacifico Tres/Project Revenues - First Lien/1 LT LT BB+ Affirmed BB+ Fideicomiso P.A. Pacifico Tres/Project Revenues - First Lien/1 Natl LT Natl LT AAA(col) Affirmed AAA(col) ============= J A M A I C A ============= JAMAICA: BOJ Accepts 263 Bids for $49BB Certificate of Deposit -------------------------------------------------------------- RJR News reports that the Bank of Jamaica says it received 331 bids or $59 billion from investors for its latest 6% fixed rate certificate of deposit aimed at helping to stabilize the dollar. The central bank was seeking to withdraw $49 billion from circulation and accepted 263 bids totaling that amount at an average interest rate of 5.95% per year, according to RJR News. The lowest bid was 5.5% for $4.4 million, while the highest was 9% for $100 million, the report notes. This move comes after the BOJ intervened in the foreign exchange market four times, injecting US$120 million to ease pressure on the local currency following the economic fallout from Hurricane Melissa, 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. NCB FINANCIAL: Fitch Puts 'B+' LT IDR on Watch Negative ------------------------------------------------------- Fitch Ratings has placed NCB Financial Group Limited (NCBFG) and National Commercial Bank of Jamaica Limited (NCBJ) on Rating Watch Negative (RWN), reflecting uncertainty about the impact that Hurricane Melissa - primarily affecting western Jamaica - will have on the entities. Key Rating Drivers NCBJ Issuer Default Ratings (IDRs) and Viability Rating (VR) The IDR and VR of NCBJ were placed on RWN, reflecting the challenges posed by the recent natural disaster, primarily in western and central Jamaica. The hurricane severely damaged key infrastructure — roads, communications networks, energy distribution and water/health logistics — and is expected to negatively affect agribusiness and tourism. VR Impacts: The specific impact on NCBJ is not yet known; however, the event presents a significant challenge for the bank due to its high exposure to the most affected areas. Fitch views for the financial system — beyond the sovereign rating — is that operating environment (OE) indicators will come under pressure following the event, which could limit the bank's ability to generate business in the country, and any impact on the OE would consequently affect the bank's risk profile. Given this, Fitch assesses NCBJ's challenge in maintaining its credit quality, profitability, and capital and liquidity ratios. As Jamaica's largest bank — holding nearly 40% of the financial system's total assets, with a loan book composition broadly aligned with the country's demographics — a material impact on its business and financial profile cannot be ruled out. Accordingly, Fitch has revised these factors to negative trend. ESG - Exposure to Environmental Impacts: NCBJ's IDRs are anchored by its 'bb-' VR. The VR is strongly supported by the bank's business profile, reflecting its dominant position as Jamaica's largest bank, significant pricing power, limited competitive pressure, and deep, long-standing customer relationships. However, in Fitch's view, the bank's substantial exposure to environmental risks arising from its geographic location, as described above, carries significant weight in its rating actions. Government Support Rating (GSR): NCBJ's GSR has also been placed on RWN, reflecting rapidly evolving uncertainties around Jamaica's capacity and willingness to support the bank amid the aforementioned challenges. Fitch believes the severe impact on the country may necessitate reallocating resources, prioritizing national reconstruction over potential financial support for the bank, if needed. NCBFG NCBFG's ratings are driven by the creditworthiness of its main subsidiary, NCBJ, the country's largest bank by assets and accounting for 53% of the group's consolidated assets. Accordingly, NCBFG's IDR has been placed on RWN in tandem with the bank. In addition, the impact of other business lines of the holding, such as those linked to insurance could be substantial. NCBFG's significant double leverage, which is currently in a downward trend, also weighs on the holding's rating and notching difference compared to the bank. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade NCBJ IDRs and VR - Fitch expects to resolve the RWN within the next six months. Fitch also expects that the quarterly financial results of these financial institutions, as well as the disclosures of emergency aid from the federal government of Jamaica, will bring better visibility into the potential short- and medium-term effects that this event will have on the institution's financial profiles and, ultimately, on its ratings. GSR - Fitch will continue to monitor support capacity and propensity due to possible negative impacts in Jamaica. NCBFG - NCBFG's rating is sensitive to changes in NCBJ's ratings. It would also be negatively affected by alterations to the group structure that diminish NCBJ's significance within the group or increase structural complexity; - The rating relationship between NCBFG and NCBJ could weaken if double leverage remains above 150% for a sustained period. In addition, a deterioration in NCBFG's standalone liquidity profile could weigh on its ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade is unlikely at this time. VR ADJUSTMENTS NCBJ - NCBJ's VR of 'bb-' has been assigned above the 'b+' implied VR due to the following adjustment reason: Business Profile (Positive). - The Business Profile score has been assigned above the implied score due to the following adjustment reason: Market Position (Positive) and Business Model (Positive). - The Funding & Liquidity score has been assigned above the implied score due to the following adjustment reason: Deposit Structure (Positive). Public Ratings with Credit Linkage to other ratings NCBFG's ratings are based on the creditworthiness of NCBJ. ESG Considerations National Commercial Bank Jamaica Limited has an ESG Relevance Score of '5' for Exposure to Environmental Impacts due to its exposure to environmental risks, which recently has been highly sensitive to catastrophic risks from Hurricane Melissa, has a negative impact on the credit profile, and is highly relevant to the rating in conjunction with other factors, resulting in an RWN across the full set of ratings. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NCB Financial Group Limited LT IDR B+ Rating Watch On B+ ST IDR B Rating Watch On B LC LT IDR B+ Rating Watch On B+ LC ST IDR B Rating Watch On B senior secured LT B+ Rating Watch On RR4 B+ National Commercial Bank Jamaica Limited LT IDR BB- Rating Watch On BB- ST IDR B Rating Watch On B LC LT IDR BB- Rating Watch On BB- LC ST IDR B Rating Watch On B Viability bb- Rating Watch On bb- Government Support bb- Rating Watch On bb- =========== M E X I C O =========== MEXICO: IMF OKs New Two-Year USD24BB Flexible Credit Line Deal -------------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) approved a successor two-year arrangement for Mexico under the Flexible Credit Line (FCL) in an amount equivalent to SDR 17.8254 billion (about US$24 billion,[1] equivalent to 200 percent of quota) as requested by the authorities and noted the cancelation by Mexico of the previous arrangement. The Mexican authorities stated their intention to treat the new arrangement as precautionary. This is Mexico's eleventh FCL arrangement since 2009. Since 2017, Mexico has been gradually reducing access under its FCL arrangements. The arrangement approved on November 29, 2017 (see Press Release No. 17/459) was for an original access amount equivalent to SDR 62.389 billion (about US$88 billion), which, at the request of the Mexican authorities, was reduced to SDR 53.4762 billion (about US$74 billion) on November 26, 2018 (see Press Release No. 18/440). The arrangement approved on November 22, 2019 (see Press Release No. 19/431) was for an access amount equivalent to SDR 44.5635 billion (about US$61 billion), which was reduced in the successor arrangements approved in November 2021 (see Press Release No. 21/340) to SDR 35.6508 billion (about US$50 billion) and in November 2023 (see Press Release No. 23/398) to SDR 26.7381 billion (about US$35 billion). Following the Executive Board's discussion on Mexico, Mr. Nigel Clarke, Deputy Managing Director and Acting Chair, made the following statement: Economic activity in Mexico remains soft, constrained by needed fiscal consolidation and still restrictive monetary policy, as well as the dampening effect of trade tensions. Nevertheless, the economy has shown resilience and stability in the face of heightened external uncertainty, owing in part to its very strong macroeconomic policies and institutional policy frameworks, including a flexible exchange rate regime, a credible inflation targeting framework, a fiscal responsibility law, and a well-regulated financial sector. Mexico continues to meet all the Flexible Credit Line (FCL) qualification criteria. The authorities have embarked on an appropriate recalibration of the policy mix, easing monetary policy amid reduced price pressures and unwinding the 2024 fiscal expansion. Going forward, more ambitious fiscal consolidation would prevent further upward drifts in public debt and create valuable fiscal space to cope with shocks. Meanwhile, clear evidence that inflation is on a path to the 3 percent target would allow for further monetary easing. Raising Mexico's potential growth will require closing infrastructure gaps, strengthening the rule of law, and deepening integration with global trading partners. The authorities are firmly committed to maintaining strong policies. Mexico remains exposed to elevated external tail risks. Trade-related risks have risen since the last FCL review. On the other hand, financial conditions have become more accommodative and the country's reserve buffers have increased. The new arrangement under the FCL will continue to play an important role in supporting the authorities' macroeconomic strategy and provide insurance against tail risks while bolstering market confidence. Its lower level of access reflects the Mexican economy's increased buffers and resilience. The authorities intend to treat the arrangement as precautionary. ======= P E R U ======= CAMPOSOL HOLDING: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded Camposol Holding PLC's and Camposol S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B+' from 'B', and Camposol S.A.'s senior unsecured notes to 'B+' with a Recovery Rating of 'RR4' from 'B'/'RR4'. The Rating Outlook is Stable. The upgrade reflects Camposol's deleveraging trajectory since YE 2023, with EBITDA net leverage expected to remain below 2.5x over the next few years, supported by stronger operating performance and neutral-to-positive FCF. The upgrades also reflect improved financial flexibility after ongoing short-term debt refinancing. Camposol's ratings also reflect its adequate business position in Peru's volatile, competitive blueberry market and sector risks inherent to agriculture and berries, including price volatility, climate events, and potential trade restrictions, given that most revenues come from exports. Camposol S.A.'s ratings are aligned with those of its parent, Camposol Holding PLC, a pure holding company with no debt and the bond guarantor. Key Rating Drivers Net Leverage Sustained Below 2.5x: Fitch projects EBITDA net leverage will remain below 2.5x in 2025 and 2026, driven by higher EBITDA margins from better blueberry production yields and lower costs and Selling, General, and Administrative expenses (SG&A). This positively compares with leverage peak of 10.7x in 2022 and 5.2x in 2023. Fitch forecasts sustained net debt of around USD375 million over the next two years, consistent with the financing alternatives the company has considered to address the bond's liability management. Operating Cash Flow to Recover: Fitch expects EBITDA of USD154 million and cash flow from operations (CFO) of USD95 million in 2025, and EBITDA of USD177 million and CFO of USD110 million in 2026. Higher prices and lower production costs should restore EBITDA margins to around 25% from 2025 onward. Fitch projects slightly negative FCF in 2025 and neutral FCF in 2026, as Camposol resumes investments of about USD 85 million per year and pays dividends of USD30 million in 2025 and of USD21 million in 2026. Peru's Competitive Advantage in Blueberries: Peru is the leading blueberry exporter, with very competitive fruit quality and production costs. Camposol, a vertically integrated Peruvian blueberry producer, benefits from value- chain control, including research and product development, growing fields, processing facilities, and sales and distribution. The company aims to stabilize the crop season, reduce quarterly volatility in profitability and cash flow and support more stable sales volumes. Sustained Demand Supports Organic Growth: Blueberries and other fresh products have experienced strong demand in recent years. Fitch believes the market for fresh fruit, particularly blueberries, remains attractive with clear avenues for continued growth. In 2024, blueberries, avocados, and other products represented 69%, 14%, and 17% of Camposol's revenue, respectively. The company has established strong distribution channels to support its well diversified revenues across the globe, with the U.S. representing 50% of total revenues, Europe 32% and Asia 11%. Camposol has a longstanding supply agreements with major global retailers, including Walmart, Costco, Sam's Club, Lidl and Aldi. Exposure to Agricultural and Geopolitical Risks: Camposol is exposed to price and production yield fluctuation, as well as external factors such as the El Nino and La Nina phenomena, which can damage agricultural output and product quality. It is also exposed to geopolitical conflicts and trade tariffs. These risks are especially relevant for the blueberries, which comprise about 70% of revenues. Recent U.S. trade measures have been neutral for Camposol, as Peru has been subject to relatively lower U.S. import taxes in comparison to other countries. Peer Analysis Camposol's IDR's are one notch below Ingenio Magdalena (IMSA, BB-/Stable). Both companies have similar scale and profitability, but IMSA's cash flow is more stable due to energy generation revenue and sugar hedging instruments. Camposol is more exposed to price fluctuations because blueberries lack comparable hedging instruments. IMSA is slightly more leveraged, with EBITDA net leverage expected at 3.0x in FYE 2025 and 2.7x in FYE 2026. Camposol's IDR's are one notch below FS Industria de Biocombustiveis Ltda's (FS; BB-/Stable). FS is one of Brazil's largest corn ethanol producers and faces margin volatility from ethanol and corn price swings. However, FS has significantly larger scale and stronger financial flexibility than Camposol, with a better record of maintaining strong liquidity and longer debt maturity profile. FS also has good access to banks and offshore capital markets and is executing new investments to strengthen its business position. Fitch forecasts EBITDA net leverage of 3.5x in FYE March 2026 and 3.7x in FYE March 2027. Key Assumptions - Volume produced of 153 million tons in FYE 2025 and of 170 million tons in FYE 2026; - Average blueberry prices around USD 7.65 in FYE 2025 FYE 2026; - Gross margin of 38% in FYE 2025 and FYE 2026; - Capex around USD85 million in 2025 and in 2026; - Dividends of USD30 million in 2025 and of USD21 million in 2026. Recovery Analysis For entities rated 'B+' and below, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating (from 'RR1' to 'RR6') and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Fitch's recovery analysis for Camposol assumes it would be reorganized as a going concern (GC) entity rather than liquidated. Fitch assumes a 10% administrative claim. Camposol's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise value. Fitch assumes a GC EBITDA of about USD100 million and a distressed EV multiple of 5x, due to the exposure to the agri-business sector and factors such as climatic events, logistic issues, potential strikes or a shut-down of exports markets. The recovery performed under this scenario resulted in a Recovery Rating of 'RR3'. However, given that the assets are concentrated in Peru (Group D, as per Fitch's criteria), the recovery is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage above 3.5x on sustained basis; - EBITDA interest coverage below 2x; - Reduction of financial flexibility and deterioration of liquidity; - Negative Free Cash flow on sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strong positive FCF; - EBITDA net leverage below 2.0x on a sustained basis; - Stronger scale and business profile. Liquidity and Debt Structure The ratings incorporate the successful execution of the ongoing debt refinancing over the next few months. As of June 2025, Camposol had a cash position of USD30 million and total debt of USD443 million, of which USD127 million is short term. Camposol's main debt consists of USD350 million in unsecured notes due 2027. The company has committed credit facilities of EUR43 million with Rabobank and USD30 million with Santander, and is in the final stage of a new financing alternative to reprofile its senior unsecured notes due 2027. Issuer Profile Camposol is a vertically integrated agro-industrial company in Peru involved in the R&D, genetic development, harvesting, processing and marketing of high-quality agricultural products such as avocados, blueberries and others (tangerines, mangoes, grapes), which are exported to Europe, the United States of America and Asia. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Camposol Holding PLC has an ESG Relevance Score of '4' for Governance Structure due to ownership concentration, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Camposol S.A. has an ESG Relevance Score of '4' for Governance Structure due to ownership concentration, 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 Recovery Prior ----------- ------ -------- ----- Camposol Holding PLC LT IDR B+ Upgrade B LC LT IDR B+ Upgrade B Camposol S.A. LT IDR B+ Upgrade B LC LT IDR B+ Upgrade B senior unsecured LT B+ Upgrade RR4 B ===================== P U E R T O R I C O ===================== PALMAS ATHLETIC: Court OKs Deal to Extend Cash Collateral Access ---------------------------------------------------------------- Palmas Athletic Club, Corp. received another extension from the U.S. Bankruptcy Court for the District of Puerto Rico to use the cash collateral to fund operations. The court granted the motion jointly filed by the Debtor and UBS Trust Company of Puerto Rico, a secured creditor and bond trustee, extending the Debtor's authority to access cash collateral until January 1, 2026; and increasing the monthly "adequate protection" payment to $80,000. The Debtor was previously authorized to access cash collateral pursuant to the court's August 25 order, which approved the stipulation entered into by the Debtor and UBS on August 18. The rest of the terms and conditions of that stipulation remain unaltered. UBS reserves all rights and remedies including, but not limited to, those relating to defaults by the Debtor of its obligations under the stipulation. The Debtor, which owns and operates real estate and recreational facilities at Palmas del Mar, Puerto Rico, filed for Chapter 11 bankruptcy on August 4. The case arises from longstanding financial obligations dating back to a 2000 AFICA bond issuance of $30 million, which funded the development of the property. These obligations, originally owed by the Debtor's predecessor, PCCI, were assumed by the Debtor in 2010, including multiple mortgages and related financial instruments. In 2023, following a PROMESA restructuring, UBS assumed TDF's rights under these financial agreements. UBS is represented by: Luis C. Marini-Biaggi, Esq. Ignacio J. Labarca-Morales, Esq. Marini Pietrantoni Muniz, LLC 250 Ponce De León Ave. Suite 900 San Juan, PR 00918 Tel: (787) 705-2171 lmarini@mpmlawpr.com ilabarca@mpmlawpr.com About Palmas Athletic Club Corp. Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Palmas Athletic Club Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03489) on August 4, 2025. In its petition, the Debtor reported total assets of $16,793,944 and total liabilities of $36,514,983. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Charles A. Cuprill Hernandez, Esq., at Charles A. Cuprill, PSC, Law Offices and CPA Luis R. Carrasquillo & Co., PSC as financial consultant. ZAGACITY TECH: Hires Cobian Roig Law Offices as Special Counsel --------------------------------------------------------------- Zagacity Tech LLC, also known as Era Zagacity Tech LLC, seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Cobian Roig Law Offices as special counsel. The firm will pursue litigation against ATBIZ LLC to prosecute its causes of action not limited to breach of contract and product liability. The firm will charge $200 per hour for its services. The firm received a retainer in the amount of $1,000. Cobian Roig Law Offices is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Eduardo J. Cobian-Roig, Esq. Cobian Roig Law Offices Post Office Box 9478 San Juan, PR 00908 - 9478 Phone: (787) 247-9448 Email: eduardo@cobianroig.com About Zagacity Tech Zagacity Tech LLC distributes and sells technological products, home appliances, audio and TV, in the home and commercial lines. Zagacity Tech LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-03787) on November 17, 2023. The petition was signed by Nestor G. Cardona as president. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Debtor tapped Javier Vilarino, Esq., at Vilarino & Associates LLC as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. =============== X X X X X X X X =============== LATAM: U.S. to Lift Tariffs on Some Products From Some Countries ---------------------------------------------------------------- Reuters reports that the United States said that it will remove tariffs on some foods and other imports from Argentina, Ecuador, Guatemala and El Salvador under framework agreements that will give U.S. firms greater access to those markets. The agreements are expected to help lower prices for coffee, bananas and other foodstuffs, a senior Trump administration official told reporters, adding the administration expected U.S. retailers to pass on the positive effects to American consumers, notes the report. ********* 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. 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