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251127.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 27, 2025, Vol. 26, No. 237 Headlines B R A Z I L BANCO MASTER: Fitch Cuts LT IDR to 'D' Then Withdraws Rating WALKER EDISON: Updates Liquidating Plan Disclosures C A Y M A N I S L A N D S DEER INVESTMENT: Fitch Hikes Long-Term IDR to 'B-', Outlook Stable MONTEGO BAY AIRPORT: Fitch Puts 'BB+' Notes Rating on Watch Neg. MONTEGO BAY AIRPORT: Moody's Alters Outlook on 'Ba3' Rating to Neg. D O M I N I C A N R E P U B L I C [] DOMINICAN REPUBLIC: Exports Total US$11.954BB Through October J A M A I C A JAMAICA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable M E X I C O AXTEL SAB: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable BRASKEM IDESA: Fitch Lowers Long-Term IDRs to 'C' P U E R T O R I C O DORADO PUTT PR: Section 341(a) Meeting of Creditors on December 4 T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Recovery in Economic Confidence Stalls in Q3 - - - - - =========== B R A Z I L =========== BANCO MASTER: Fitch Cuts LT IDR to 'D' Then Withdraws Rating ------------------------------------------------------------ Fitch Ratings has downgraded Banco Master S.A.'s (Master) Long-Term Foreign- and Local-Currency Issuer Default Rating (IDR) to 'D' from 'CC' and its National Long-Term Rating to 'D(bra)' from 'CC(bra)'. The downgrades follow the decree of extrajudicial liquidation of Master on Nov. 18, 2025 and related regulatory actions affecting other entities within the group. Master's Viability Rating (VR) has been downgraded to 'f' from 'cc'. Fitch has also downgraded Master's Short-Term Foreign- and Local-Currency IDRs to 'D' from 'C', and its National Short-Term Rating to 'D(bra)' from 'C(bra)'. The Government Support Rating (GSR) is affirmed at 'ns' (no support). The VR of 'f' reflects that the bank has effectively failed as per Fitch's definition of a bank failure, while the IDRs at 'D' reflect that the bank has, or will, effectively register a broad-based default on its financial obligations upon entering the intervention and liquidation process. Following these rating actions, Fitch is withdrawing Master's ratings, as the entity is under regulatory resolution and has defaulted. Fitch will no longer provide ratings or analytical coverage for Master. Key Rating Drivers IDRs, VR, NATIONAL RATING The Long- and Short-Term IDRs and National Ratings have been downgraded to 'D'/'D(bra)', in accordance with Fitch's Bank Rating Criteria, which deems a default rating appropriate when an entity has entered bankruptcy, administration, receivership, liquidation or any other formal winding-up procedure. Master's VR has been downgraded to 'f' from 'cc', indicating that Fitch views the entity as having failed. The liquidation reflects acute and irreversible deterioration in funding and liquidity, significance governance weaknesses, and evidence of irregular credit origination and misrepresentation of asset quality, which together resulted in the bank's loss of viability absent extraordinary measures. Regulatory and judicial actions--including the appointment of a court-mandated liquidator, the freezing of assets of the controlling shareholders and former executives, and parallel arrests by the Federal Police--highlight the severity of supervisory findings and governance concerns. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Negative Rating Sensitivities are no longer relevant as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive Rating Sensitivities are no longer relevant as the ratings have been withdrawn. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS GOVERNMENT SUPPORT RATING Master's Government Support Rating of 'ns' remains unchanged and has been affirmed and withdrawn. The rating reflects Fitch's assessment that extraordinary support from public authorities was not expected, given the bank's limited systemic importance. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: Rating Sensitivities are no longer relevant as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: Rating Sensitivities are no longer relevant as the ratings have been withdrawn. ESG Considerations Fitch has Master's ESG Relevance score for Financial Transparency at '4' due to delays in the presentation of audited financial statements, raising concerns about governance, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This 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. Entity/Debt Rating Prior ----------- ------ ----- Banco Master S.A. LT IDR D Downgrade CC LT IDR WD Withdrawn ST IDR D Downgrade C ST IDR WD Withdrawn LC LT IDR D Downgrade CC LC LT IDR WD Withdrawn LC ST IDR D Downgrade C LC ST IDR WD Withdrawn Natl LT D(bra) Downgrade CC(bra) Natl LT WD(bra) Withdrawn Natl ST D(bra) Downgrade C(bra) Natl ST WD(bra) Withdrawn Viability f Downgrade cc Viability WD Withdrawn Government Support ns Affirmed ns Government Support WD Withdrawn WALKER EDISON: Updates Liquidating Plan Disclosures --------------------------------------------------- WEH Liquidating, LLC f/k/a Walker Edison Holdco LLC and Its Debtor Affiliates submitted a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated November 11, 2025. The Debtors filed these chapter 11 cases to pursue a sale of all or substantially all of their Assets with the goal of maximizing the recovery for their Estates and Creditors. To that end, the Bankruptcy Court entered the Bidding Procedures Order granting certain of the relief sought in the Sale Motion, including, among other things, (a) approving the bidding procedures, which established the key dates and times related to the Sale and auction, (b) approving assumption procedures, and (c) authorizing the Debtors' entry into and performance under the Asset Purchase Agreement. The Bidding Procedures Order also established a bid deadline of September 22, 2025. The Debtors did not receive any bids for their Assets other than the Stalking Horse Bid prior to the bid deadline. As a result, the Debtors cancelled the auction. At the Sale Hearing, the Debtors were able to resolve the GXO Limited Objection through the GXO Stipulation. The Bankruptcy Court scheduled the Kenco Limited Objection for hearing on October 8, 2025. The Debtors and Kenco engaged in good faith negotiations and as a result, the Debtors were able to resolve the Kenco Limited Objection. On October 7, 2025, the Bankruptcy Court entered an order approving the Kenco Stipulation. On October 2, 2025, the Bankruptcy Court entered the Sale Order. The Sale to the Purchaser closed on October 7, 2025. At Closing, the Sale Proceeds were $16,214,369.00, which is subject to adjustment pursuant to the Asset Purchase Agreement. Additionally, after the Closing of the Sale, the corporate names of the Debtors were changed to WEH Liquidating, LLC, WEI Liquidating, LLC, WEFC Liquidating, LLC, and EWF Liquidating, LLC. Like in the prior iteration of the Plan, except to the extent that the Holder of an Allowed Claim in Class 4 agrees to less favorable treatment (or such other treatment which the Debtors or the Liquidating Trustee, as applicable, and the Holder of such Allowed Class 4 Claim have agreed upon in writing), each Holder of an Allowed Claim in Class 4 shall receive their Pro Rata share of the Series B Liquidating Trust Interests. The allowed unsecured claims total $30,000,000 to $34,000,000. This Class will receive a distribution of 0.5% to 60% of their allowed claims. On the Effective Date, all Interests shall be transferred to the Liquidating Trust, and each Holder of an Interest in the Debtors shall receive no Distribution pursuant to the Plan. The Plan implements a structure, first approved by the Bankruptcy Court in the Final DIP Order, by which Holders of Allowed General Unsecured Claims will receive a meaningful share of any of the proceeds of Utah Litigation. This structure was set forth in the Global Settlement by and between the Debtors, the Committee, the DIP Secured Parties, the Prepetition ABL Lender and the Prepetition Term Loan Secured Parties. The Liquidating Trust Assets include: (i) all Cash held by the Debtors as of the Effective Date, excluding amounts held in trust with respect to the Professional Fee Account but including the Initial Estate Payment, (ii) the Utah Litigation Assets, (iii) Litigation DIP Loan Proceeds, (iv) Other Litigation Assets, and (v) Other Assets, all of which are being transferred pursuant to this Plan to the Liquidating Trust upon the Effective Date. A full-text copy of the Combined Disclosure Statement and Liquidating Plan dated November 11, 2025 is available at https://urlcurt.com/u?l=0hKaCE from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: MORRIS, NICHOLS, ARSHT & TUNNELL LLP Robert J. Dehney, Sr., Esq. Donna L. Culver, Esq. Daniel B. Butz, Esq. Scott D. Jones, Esq. Jonathan M. Weyand, Esq. 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@morrisnichols.com dculver@morrisnichols.com dbutz@morrisnichols.com sjones@morrisnichols.com jweyand@morrisnichols.com About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. =========================== C A Y M A N I S L A N D S =========================== DEER INVESTMENT: Fitch Hikes Long-Term IDR to 'B-', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has upgraded Deer Investment Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. The upgrade follows the follow-on investment and refinancing completed on 7 November 2025. Liquidity should improve with the investment and as Fitch expects Deer's Fitch-adjusted free cash flow (FCF), including net interest expense, to become neutral to positive. The Stable Outlook reflects its forecast that leverage will remain high. Fitch expects profitability to improve gradually, which could lead to slight deleveraging, but Fitch believes Deer would not have sufficient cash flow to meaningfully deleverage in the near term. Key Rating Drivers Lower Interest Expenses: Fitch expects FCF to turn positive from 2026, with lower cash interest expenses from the refinancing. The refinancing includes a reduction in the second-lien (2L) term loan B (TLB) balance, a change to payment-in-kind for the 2L interest, and an extension of the revolving credit facility (RCF) maturity from 2027 to 2029. EBITDA interest coverage should improve to a more sustainable level of 2x, allowing cash flow to cover capex and working-capital movements more easily. Increased cash flow would help to maintain stable liquidity headroom. Not a Distressed Debt Exchange: Fitch does not consider the refinancing to be a distressed debt exchange since Fitch does not think it was done to avoid a default. The follow-on investment and refinancing, initiated by Carlyle, shows commitment to support Deer's available liquidity and deleveraging. Deer had sufficient liquidity prior to refinancing to support its narrowing negative FCF before the earliest maturity for the 1L RCF in 2027, under the original loan terms that have now mostly been extended to 2029. High Leverage: Fitch expects that EBITDA net leverage will be lower after the follow-on investment, but it may stay elevated in the near term at around 7x. Fitch estimates the EBITDA margin has recovered in 2025 to around 18.0%, from the trough level of 15.5% in 2023. Fitch believes FCF should break even or turn slightly positive, although the amount of spare capital after paying the annual loan amortisation will be limited for further debt paydown. Gradual Profitability Improvement: Fitch expects profitability to remain stable or improve gradually at an EBITDA margin of 18%-19%. The gross profit margin has been stable in 1H25 compared with 2H24, with further improvements possible following efficiency gains at Deer's Mexico plant. Fitch expects revenue from key customers to have stabilised, and execution of its new award pipeline and continued cost control are key factors in raising profitability further. Refinancing Risk Manageable: Fitch expects Deer will have more time to improve its operations and cash flow following the partial extension of the 1L RCF maturity to 2029. Only USD10 million of the 1L RCF will mature under the original terms in 2027 and can reasonably be covered by available liquidity, while the remaining RCF balance will be extended to the later maturity date. Niche Market Leader: Deer owns HCP Global Limited, the largest APAC manufacturer of rigid packaging for beauty and skincare products and the second-largest globally. HCP has a share of around 5% in the fragmented market, with the top-five manufacturers making up less than 20% of market share. Fitch expects HCP's market position to be supported by high entry barriers and long-term relationships with key customers. New entrants must set up production facilities and pass a rigorous qualification process before becoming global suppliers for beauty brands. Peer Analysis Deer has a smaller scale and more limited and cyclical product range in comparison with packaging peers in the 'B' rating category, such as Reno de Medici S.p.A. (RDM; B-/Negative), a European producer and distributor of recycled paper board. Deer's lower leverage and improving FCF generation supports its Stable Outlook compared with RDM, which is facing uncertainty around its EBITDA recovery. Deer's credit profile is similar to that of Ardagh Metal Packaging S.A. (AMP; B-/Rating Watch Evolving, Standalone Credit Profile: b). AMP has lower leverage and a stronger business profile as one of the leading metal beverage can producers globally, which justifies its Standalone Credit Profile compared with Deer. Deer is similar to diversified industrial company XSYS Germany Holding GmbH (B-/Stable), with both having relatively small scale in a niche market segment and similarly high leverage. Key Assumptions - Revenue to rise by 2%-3% annually in 2025-2026 - EBITDA margin of 18% in 2025-2026 - Capex intensity of 5% in 2025-2026 - No dividends paid RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Upgrade: - Deterioration in liquidity headroom due to negative FCF - EBITDA interest coverage sustained below 1.5x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - A clear deleveraging path, with positive FCF generation and EBITDA net leverage sustained below 5.0x - EBITDA interest coverage sustained above 2.5x Liquidity and Debt Structure Fitch believes Deer's liquidity headroom has increased after the follow-on investments and refinancing in November 2025. This amount will supplement its available cash of USD16 million, along with the undrawn committed RCF balance of around USD54 million as of end-June 2025. The company's short-term debt balance of USD31 million includes a yuan-denominated revolver, which can be rolled over, and mandatory amortisation of USD4 million on the TLB. Issuer Profile Deer is an investment vehicle set up by Carlyle to acquire HCP, a manufacturer of cosmetic packaging for beauty brands. The acquisition was completed in August 2022. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Deer Investment Holdings Limited LT IDR B- Upgrade CCC+ MONTEGO BAY AIRPORT: Fitch Puts 'BB+' Notes Rating on Watch Neg. ---------------------------------------------------------------- Fitch Ratings has placed the 'BB+' rating assigned to Montego Bay Airport Revenue Finance Ltd.'s (MoAir) USD385 million notes due in 2035, related to Sangster International Airport in Montego Bay, Jamaica, on Rating Watch Negative (RWN). The Rating Watch reflects the elevated uncertainty regarding the magnitude and duration of Hurricane Melissa's impact on the airport physical infrastructure, on passenger traffic and on the issuer's ability to meet debt service payments without straining liquidity. It also reflects limited visibility into the timing of traffic recovery, given the airport's reliance on high exposure to tourism demand and the timing and effectiveness of restoring critical national infrastructure and tourism assets. Fitch expects the December 2025 coupon to be fully covered with liquidity available within the debt structure, as set out in the transaction documents. Fitch expects to resolve the RWN within six months as additional information becomes available on damage assessments, repair timelines, funding sources and recovery trends. Greater clarity on the near- to medium-term trajectory for tourism demand and progress on airport restoration will inform the resolution of the Rating Watch. RATING RATIONALE The rating reflects the revenue risk related to Sangster International Airport (SIA, or Montego Bay Airport [MoAir]) in Jamaica, the main airport and gateway for tourism in the country. It serves one of the most important leisure destinations in the Caribbean. The airport is a strategic asset for the country, given the importance of the tourism industry to the country's economy. Despite competition from other Caribbean destinations, traffic at MoAir is resilient with low volatility. Almost all traffic is from international passengers, mainly from North America, but is adequately diversified in terms of carriers and origins. A hybrid-till regulatory regime governs maximum aeronautical tariffs, subject to reviews every five years, incorporating inflation indexation among other factors. The issuer is a special-purpose vehicle (SPV) entitled to receive concession fees directly from the concessionaire into offshore accounts. Therefore, the transaction structure isolates the airport's cost and operating risks. The debt is senior, U.S. dollar-denominated, with a fixed interest rate and a bullet maturity in 2035. The debt benefits from a six-month offshore debt service reserve account (DSRA) and an adequate covenant package that includes limitations on additional indebtedness and restricted payments. It also benefits from a top-up payment mechanism from the Government of Jamaica (GoJ; Long-Term Foreign- and Local-Currency Issuer Default Ratings [IDRs]: BB-/Positive). The refinancing risk is considered manageable and mitigated by the perpetual ownership and the strategic and essential nature of the asset for the country. Besides, Fitch considers the sponsor's adequate market access positive, as notes refinancing will rely on international capital markets due to the limited size of Jamaica's domestic credit market. Under Fitch's rating case, maximum leverage, measured as net debt to cash flow available for debt service (CFADS), is projected to be 8.1x in 2026, with expected deleveraging to around 5.9x at refinancing in 2035. These metrics are considered adequate for the rating, according to Fitch's applicable criteria. Although MoAir's revenues are U.S. dollar-denominated and collected offshore, payments are made by the concessionaire. This exposes the transaction to transfer and convertibility (T&C) risk. However, this risk is mitigated as most of the concessionaire's revenue is collected offshore. Fitch expects MoAir to have sufficient access to U.S. dollar liquidity to preserve debt service if short-lived capital controls are imposed. The top-up payment provision from the GoJ, as well as the possibility for excess cash from MoAir to be distributed to the government, create incentives to prevent capital controls from affecting debt repayment. The aforementioned factors, including supportive financial metrics, justifies a one-notch uplift from Jamaica's Country Ceiling of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Issuer's available liquidity is insufficient to cover upcoming coupon payments; - Long recovery period that results in long-term impacts on the airport's demand, leading to a weaker liquidity and credit profile; - Deterioration in Jamaica's sovereign credit profile, particularly the risk of imposing capital controls. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action is unlikely in the short term given the rating is on Negative Watch; - Outlook could be stabilized if sufficient operating cashflow to cover debt service without tapping reserve accounts. SECURITY The security package for the notes includes: - Pledge/charge over all shares of the issuer; - Pledge/charge over all assets of the issuer, including rights over the issuer's revenues; - Security assignment/charge over the concession fees or the 28% of the airport's gross revenues prior to its "true sale" to the issuer; - Lien over offshore accounts, including a revenue account, debt service reserve account (DSRA) and accrual account. 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. Climate Vulnerability Signals(P) The Climate.VS for Montego Bay Airport Revenue Finance Ltd. is 53. Exposure to climate events, such as Hurricane Melissa, that can disrupt airport operations and affect the issuer's longterm credit profile. Any potential future impact on the rating may differ from the illustrative rating impact in the Climate.VS framework, reflecting the evolution of Fitch's assessment. Entity/Debt Rating Prior ----------- ------ ----- Montego Bay Airport Revenue Finance Ltd. Montego Bay Airport Revenue Finance Ltd. /Airport Revenues – Senior Secured Debt/1 LT LT BB+ Rating Watch On BB+ MONTEGO BAY AIRPORT: Moody's Alters Outlook on 'Ba3' Rating to Neg. ------------------------------------------------------------------- Moody's Ratings changed the outlook to negative from positive of Montego Bay Airport Revenue Finance Limited (MoAir) and changed the outlook to negative from stable of Kingston Airport Revenue Finance Limited (KingAir). Concurrently, Moody's affirmed their Ba3 ratings of the senior secured debt for both issuers. The rating actions follows the Category 5 Hurricane Melissa making landfall in Jamaica on October 28th. Environmental risks were a key driver for the rating actions. RATINGS RATIONALE -– MONTEGO BAY AIRPORT REVENUE FINANCE LIMITED The decision to change the outlook to negative from positive on Montego Bay Airport Revenue Finance Limited (MoAir) reflects the significant operational disruption caused by Hurricane Melissa and the heightened the risk of a protracted recovery in the trajectory of passenger traffic leading to sustainable deterioration of its credit profile. Moody's expects a material traffic decline during the last quarter of 2025 and the first half of 2026, followed by a gradual recovery. The region's relatively small service area and reliance on tourism makes Moody's projections highly dependent on the pace of restoration of surrounding lodging infrastructure and reconstruction efforts. The affirmation of the Ba3 rating is supported by the issuer's liquidity reserves, which include a cash-funded accrual account of $15 million and a six-month debt service reserve account (DSRA). Moody's expects the issuer to draw on these reserves during 2026 and the first half of 2027 before traffic volumes normalize. The built-in liquidity structure provides buffer to support a short-term traffic downturn during 2026 in line with updated traffic forecasts that consider an annual passenger downturn of around 30% relative to 2024 pre-hurricane levels. Under the revised traffic forecast and excluding potential proceeds from business interruption insurance, Moody's expects debt service coverage to fall below 1.0x in 2026, prompting the issuer to rely on its available liquidity reserves. The revised case incorporates a gradual recovery in passenger volumes during 2027 and 2028, with traffic remaining roughly 10% below Moody's original projections. Moody's expects financial metrics to begin normalizing after 2027, as the most relevant component of the concession fees received are the "Additional Concession Fees" paid once a year during March when the airport exceeds a pre-defined revenue benchmark. The negative outlook reflects the limited visibility on both the timing and strength of the passenger recovery and the risk that a protracted pace of traffic recovery translates into credit metrics that are no longer supportive by the Ba3 rating. Moody's recognizes that under both concession agreements, the operators maintain a standard physical loss or damage insurance covering damage to the airport in addition to a business interruption insurance in respect of revenues for a period not less than 12 months (not less than 9 months for Kingston). The insurance proceeds can only be used to replace affected property, and with respect to business interruption, to cover loss of concession fees and operator's revenue loss. Moody's base case analysis on the liquidity buffers excludes potential insurance proceeds, given the potential delays associated with the amount of the claims and collection process. -– KINGSTON AIRPORT REVENUE FINANCE LIMITED The outlook change to negative from stable on Kingston Airport Revenue Finance Limited (KingAir) reflects the transaction's compressed coverage ratios, which are around 1.3x, with limited buffers to sustain a traffic downturn despite a resilient passenger base. The airport sustained limited structural damage from Hurricane Melissa, and Moody's expects its passenger profile—predominantly diaspora travelers— to support a much faster traffic recovery compared to that of Montego Bay. While Moody's expects a more limited traffic impact and a quicker rebound at the Kingston Airport, the negative outlook captures the risk that a slower than anticipated recovery pace results in weaker credit metrics not consistent with the current Ba3 rating. Sustaining the Ba3 rating are the issuer's adequate liquidity reserves, which include a six-month debt service reserve account (DSRA), which Moody's considers sufficient under Moody's revised base case that incorporates a downturn of 10% during 2026 relative to the original traffic prospects. OUTLOOK -– MONTEGO BAY AIRPORT REVENUE FINANCE LIMITED The negative outlook reflects Moody's expectations that traffic volumes will remain below pre-hurricane levels for the next 12–18 months, given the region's reliance on tourism and the dependence on surrounding lodging infrastructure, constraining financial metrics in the short-term and causing liquidity reserves to be used. -– KINGSTON AIRPORT REVENUE FINANCE LIMITED The negative outlook captures the impact that Hurricane Melissa will have on traffic volume throughout the next 12-18 months. While Moody's expects a faster recovery compared to Montego Bay airport given the traffic profile is underpinned by diaspora, the negative outlook recognizes the buffer for changes in traffic prospects are more limited given more compressed coverage ratios. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS -– MONTEGO BAY AIRPORT REVENUE FINANCE LIMITED Given the negative outlook, a rating upgrade seems unlikely in the near future. The rating would be stabilized if (FFO + interest expense / interest expense) and FFO/debt are above 1.6x and 6%, respectively. The rating would be downgraded if the rating of the Government of Jamaica is downgraded. The rating would also face negative pressure if the airport records weaker-than-expected passenger traffic volumes and if recovery is extended beyond 2026. Quantitatively, downwards pressure will arise if (FFO + interest expense / interest expense) and FFO/debt are below 1.6x and 6%, respectively, on a sustained basis. Moreover, evidence of cash transfer disruptions from the operator to the issuer could lead to negative pressure. -– KINGSTON AIRPORT REVENUE FINANCE LIMITED Given the negative outlook, a rating upgrade seems unlikely in the near future. The rating could be stabilized if KingAir records improved passenger traffic volume, and key metrics of (FFO + interest expense / interest expense) and FFO/Debt are above 1.2x and 3%, in addition to a credit rating upgrade of the Government of Jamaica. The rating would be downgraded if the rating of the Government of Jamaica is downgraded. The rating would also face negative pressure if the airport records weaker-than-expected passenger traffic volumes, such that (FFO + interest expense / interest expense) and FFO/debt are below 1.20x and 3%, respectively, and trustee calculated DSCR is positioned below 1.30x on a sustained basis. Moreover, evidence of cash transfer disruptions from the operator to the issuer could lead to negative pressure. PROFILE Montego Bay Airport Revenue Finance Limited ("MoAir") is an orphan SPV incorporated in the Cayman Islands that issued $400 million non-amortizing senior secured notes with a 10-year tenor. The proceeds from the financing will be applied to fund a six-month debt service reserve account, fund the initial accrual account funding, pay transaction costs and expenses, and to make a one-time payment to the Government of Jamaica for the financing of certain water infrastructure projects. MoAir financing structure contemplates the monetization of SIA's concession fees that is currently paid to the Airports Authority of Jamaica, the Government's agency in charge of developing Jamaica's airports. The SPV will purchase the right to receive SIA's concession fees, which includes the total present concession fees (equivalent to roughly 31% of the current airport revenues), and future concession fees (28% of future total airport revenues if the concession is terminated or amended). The security package includes the true sale of such MoAir revenue share, rights under the government top-up agreement, shares of the Issuer and all assets and accounts of the MoAir SPV. Kingston Airport Revenue Finance Limited is a special purpose company incorporated in the Cayman Islands that issued $480 million senior secured notes with a 12-year tenor that partially amortize through 2036. The proceeds from the financing will be applied to fund a six-month debt service reserve account, to pay transaction costs and expenses, and to make a onetime payment to the Government of Jamaica for the repayment of outstanding debt obligations and the financing of certain infrastructure projects related to the modernization and rehabilitation of roads. The transaction contemplates the financing of the Issuer's purchase of the rights to 53.22% of the gross airport revenues of Norman Manley International Airport in Kingston, Jamaica. In 2018, the Government sold a 25-year concession to the Mexican airport operator Grupo Aeroportuario del Pacifico which grants them rights for the limited duration of the concession to 46.88% of NMIA's gross airport revenues, along with the obligation to operate and maintain NMIA with those revenues. LIST OF AFFECTED RATINGS Issuer: Kingston Airport Revenue Finance Limited Affirmations: Senior Secured, Affirmed Ba3 Outlook Actions: Outlook, Changed To Negative From Stable Issuer: Montego Bay Airport Revenue Finance Limited Affirmations: Senior Secured, Affirmed Ba3 Outlook Actions: Outlook, Changed To Negative From Positive The principal methodology used in these ratings was Privately Managed Airports and Related Issuers published in November 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. =================================== D O M I N I C A N R E P U B L I C =================================== [] DOMINICAN REPUBLIC: Exports Total US$11.954BB Through October ---------------------------------------------------------------- Dominican Today reports that Dominican exports totaled US$11.954 billion between January and October, marking a 10% increase compared to the same period last year, according to Minister of Industry, Commerce and MSMEs, Victor Bisono. He emphasized that this growth reflects a country that "dares, innovates, and turns perseverance into progress," according to Dominican Today. October also set a milestone, registering the highest export performance for that month in the past 13 years, with more than US$1.25 billion exported, the report notes. Bisono highlighted the strong expansion of modern services exports, which reached US$2.289 billion last year, representing a 29% increase over 2023 and a 175% increase since 2019, the report recalls. This, he said, demonstrates that the Dominican Republic is not only a producer of goods but also a creator and exporter of talent, knowledge, and innovation, the report says. He attributed these results to the government's long-term vision of an open, globally connected economic policy focused on sustainable development, the report notes. The minister noted that the country captures 30% of all foreign direct investment entering the Caribbean and Central America and expressed confidence that the Dominican Republic will reach a historic US$5 billion in foreign investment by the end of this year, 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. As reported in the Troubled Company Reporter-Latin America on Nov. 18, 2025, Fitch Ratings has affirmed Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Positive Outlook. 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. ============= J A M A I C A ============= JAMAICA: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Stable ------------------------------------------------------------- Fitch Ratings has affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised its Outlook to Stable from Positive. Key Rating Drivers Outlook Revised to Stable from Positive: The Outlook revision reflects the significant damages inflicted on Jamaica from Hurricane Melissa, which Fitch expects to lead to an economic contraction and require significant reconstruction costs. The government estimates economic damages of around 30% of GDP (USD6 billion-USD7 billion), although the estimates are preliminary and could be significantly larger. Fitch expects the economy to contract in 2025, with significant uncertainties around the pace of recovery, given adverse effects that could linger for key sectors like tourism, agriculture and mining. Economic contraction and fiscal deficits will interrupt the prior strong downward trend in government debt/GDP, which is still above the 'BB' median and vulnerable to changes in the exchange and interest rates. The rating affirmation and Stable Outlook also reflect mitigating factors to the major hurricane shock, including insurance and contingency funds (combined totals at nearly USD250 million), multilateral lines of credit (at nearly USD384 million), and expected large private insurance flows (estimated insured damages range from USD1 billion-USD2.5 billion). Additionally, Fitch expects Jamaica's foreign reserve position to remain healthy, aided by increased remittance inflows, strong relations with international financial institutions and a benign debt amortization profile for the next few years. Despite considerable uncertainty regarding the impact of Hurricane Melissa, Fitch sees headroom at the current rating to accommodate negative economic growth and fiscal metric implications. Economic Contraction: Fitch estimates an economic contraction of 1.5% in 2025 followed by a modest recovery of 1.8% in 2026. Tourism receipts could decline by 15% yoy in 2025, and by a similar level in 2026. However, this could be steeper if large hotels remain closed beyond February 2026, posing further downside on its growth baseline. In 2024, tourism inflows represented nearly 20% of GDP, but Fitch expects remittances to rise substantially, partially offsetting tourism losses. Remittances were nearly 16% of GDP in 2024. Fiscal Deficit: The government it will suspend its Fiscal Responsibility Law (FRL) for the next two years. Fitch forecasts the general government balance to swing to significant deficits in the fiscal year ended March 2026 (FY 2025) and FY 2026 from a balanced position in FY 2024. Government revenues will suffer from the economic shock while spending will rise sharply given large reconstruction costs. Fitch assumes a deficit of 3.2% of GDP for FY 2025 from a surplus of 0.2% in FY 2024. Fitch expects the deficit to widen further in FY 2026 as reconstruction spending ramps up. Debt/GDP to Rise: The two-year suspension of the FRL will prevent debt/GDP from falling below 60% by FY 2027- as targeted. Fitch now expects debt/GDP to rise in FY 2025 and FY 2026- that will bring debt to GDP close to 68% by end-2026. Jamaica's government has a strong decade-plus track record of adhering to a solid fiscal framework, which has resulted in a sharp reduction in debt/GDP. Fitch believes the government remains committed to its fiscal framework and will actively seek to reduce its debt burden once reconstruction efforts are achieved. Current Account Deficit: Fitch estimates the current account will move into a deficit in 2026 from a sizeable 3.1% of GDP surplus in 2024. The fall in tourism receipts and mining exports will be tempered by a rise in remittances. Imports will rise substantially with reconstruction. Unlike many Caribbean and Central American peers, Jamaica has a floating exchange rate that should help stabilize the balance of payments if unexpected pressures emerge. The Bank of Jamaica has 6.6 months of current external payments (USD6.2 billion) in international reserves, which compares favorably to the 'BB' median of 4.8 months. Strengths and Weaknesses: Jamaica's 'BB-' rating is supported by World Bank Governance Indicators that are substantially stronger than 'BB'-medians, although violent crime hinders investment and growth. The rating is also supported by GDP per capita above the 'BB'-median, moderate inflation and commodity dependence. The two main political parties have supported the reforms that have lowered debt-to-GDP to 64.7% at end-FY 2024 from 135% in FY 2012. ESG - Governance: Jamaica has an ESG Relevance Score (RS) of '5[+]' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption, as is the case for all sovereigns. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. Jamaica has a medium WBGI ranking at 56.4, reflecting its track record of peaceful political transitions, accountability of the government to civil society and regulatory quality. Climate Risk: Fitch believes Jamaica faces significant medium-term risks from climate change given its relatively high exposure to physical risks such as more frequent and severe storms and floods. ESG - Governance: Jamaica has an ESG Relevance Score (RS) of '5[+]' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in Fitch's proprietary Sovereign Rating Model. Jamaica has a medium WBGI ranking at 56.4, reflecting a recent track record of peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, established rule of law and a moderate level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Macro/Public Finances/External: Significantly larger than expected economic losses and a hit to economic growth and/or much slower pace of recovery from the hurricane. New external shock that leads to greater than expected deterioration in public finances and/or external liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public Finances: Renewed decline in the government debt-to-GDP ratio and interest burden that brings the debt burden closer to the peer median; - Macro/External: Lower economic damages and impact on economic growth performance and/or faster economic recovery than expected. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Jamaica a score equivalent to a rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee did not adjust the output from the SRM to arrive at the final LT FC IDR.} Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Senior Unsecured Debt Equalized: The senior unsecured long-term debt ratings are equalized with the applicable long-term IDR, as Fitch assumes recoveries will be 'average' when the sovereign's long-term IDRs is 'BB-' and above. No Recovery Ratings are assigned at this rating level. The senior unsecured short-term debt ratings are equalized with the applicable short-term IDR. Country Ceiling The Country Ceiling for Jamaica is 'BB', 1 notch above the LT FC IDR. This reflects moderate constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of +1 notch above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Jamaica. ESG Considerations Jamaica has an ESG Relevance Score of '5[+]' for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Jamaica has a percentile rank above 50 for the respective Governance Indicator, this has a positive impact on the credit profile. Jamaica has an ESG Relevance Score of '5[+]' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Jamaica has a percentile rank above 50 for the respective Governance Indicators, this has a positive impact on the credit profile. Jamaica has an ESG Relevance Score of '4[+]' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Jamaica has a percentile rank above 50 for the respective Governance Indicator, this has a positive impact on the credit profile. Jamaica has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Jamaica as for all sovereigns. As Jamaica restructured its public debt in 2013, this has a negative impact on the credit profile. 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 ----------- ------ ----- Jamaica LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Country Ceiling BB Affirmed BB senior unsecured LT BB- Affirmed BB- =========== M E X I C O =========== AXTEL SAB: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable ------------------------------------------------------------ Fitch Ratings has upgraded Axtel, S.A.B de C.V.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB' from 'BB-'. Fitch has also upgraded Axtel's National Long-Term Rating to 'A(mex)' from 'A-(mex)'. The Rating Outlook is Stable. The upgrade of Axtel's ratings reflects Fitch's expectation of continued deleveraging to around 2.0x net leverage by 2026, refinancing of upcoming maturities, and strong cash flow generation. The continued growth in Axtel's enterprise segment and a strong contract pipeline in the infrastructure and government lines support the ratings. The ratings are tempered by Axtel's smaller operating scale compared to global operators. Key Rating Drivers Deleveraging Path: Fitch forecasts Axtel will reduce net leverage to around 2.0x by 2026 through strong cash flow generation and debt reduction. As of YTD 3Q25, the company reduced debt by 15% through prepayment of debt maturities. Fitch expects net leverage improvement in YE 2025 to around 2.3x from 2.9x in 2024. Fitch expects Axtel to refinance its upcoming 2027 and 2028 maturities related to loans with the International Finance Corporation (IFC), Export Development Canada (EDC), and its syndicated loans. Small Scale in Competitive Market: Axtel operates in a competitive landscape that constrains its ratings to the 'BB' category. In fixed enterprise telecom services, Axtel is Mexico's second largest participant, competing with Telefonos de Mexico, S.A.B. de C.V. (Telmex; A-/Stable), which has maintained a dominant market position in Mexico. Axtel's market share is smaller in IT services, but its competitive position is more balanced, given the fragmented nature of this segment. Solid Performance: Fitch forecasts a 2025 EBITDA margin of around 30%, supported by a 1Q25 one-off from wholesale provision recoveries. Fitch expects Axtel's margin to stabilize at about 28% in 2026 and beyond. In the enterprise segment (71% of revenues), rapid growth in cloud and cybersecurity solutions, which have lower margins, offsets declines in legacy voice services. Axtel also benefits from a strong pipeline of government and enterprise contracts, leading to double-digit growth in these business lines. The company has successfully reduced service costs, improving EBITDA margin to 29.5% in 2024 from 25.6% in 2023. Strong Cash Flow Generation: Fitch expects the company to generate stable and strong CFO through the rating horizon. Working capital normalization, manageable capex, and lower interest paid will result in strong free cashflow generation in the medium term while maintaining net leverage around 2.0x. As of LTM 3Q25, Axtel generated positive FCF of MXN1.15 billion. Peer Analysis Axtel has a stronger financial profile than Cable & Wireless Communications Limited (CWC; BB-/Stable), with net leverage below 2.5x compared to 4.5x at CWC. CWC benefits from more diversification, stronger scale and market position, which is partially offset by its moderate capital structure. CWC primarily operates in a series of duopoly markets, which supports stronger EBITDA margins than Axtel's. Axtel and Empresa de Telecomunicaciones de Bogota, S.A., E.S.P (ETB; BB+/Negative) both have limited scale and business and geographical diversification. ETB and Axtel have similar net leverage below 2.5x. Axtel operates in a similar market as Total Play Telecomunicaciones, S.A.P.I. de C.V. (B-/Stable), but has a stronger financial profile. Axtel's ratings are not influenced by Mexico's Country Ceiling (BBB+). Key Assumptions - Revenue of MXN12.5 billion in 2025, growing mid-single-digits thereafter, driven by growth in IT and cybersecurity, and a pipeline of infrastructure and government contracts; - EBITDA margins around 30% in 2025, stabilizing around 28% in 2026 and beyond; - Refinancing of 2027 and 2028 maturities concluding in 2026; - Capital intensity around 12%-13%; - Annual shareholder distributions beginning in the medium term after reaching 2.0x net leverage. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Prolonged deterioration in revenue and EBITDA from macroeconomic headwinds and competitive pressures; - Large shareholder distributions that prevent continued deleveraging; - Total debt/EBITDA sustained above 3.5x or net debt/EBITDA sustained above 3.0x; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action requires a consistent improvement in business scale and diversification; - Sustained improving performance, with stable and growing EBITDA margins; - Sustained (CFO-Capex)/Debt above 10%. Liquidity and Debt Structure Fitch expects Axtel to successfully conclude the debt refinancing of its large 2027 and 2028 maturities in early 2026. Axtel's liquidity is supported by a manageable amortization schedule, strong banking relationships, and positive FCF. Axtel had readily available cash and equivalents of MXN717 million as of September 30, 2025, compared to short-term debt of MXN492 million, which consists mainly of payments to the Bancomext and IFC loans. The company also has USD50 million available in undrawn committed credit lines. The total debt of MXN9.3 billion is mainly composed of MXN 3.2 billion in syndicated loans, a MXN3 billion loan with Bancomext, a MXN1.8 billion bilateral loan with EDC, and a MXN1.1 billion bilateral loan with the IFC. Issuer Profile Axtel, S.A.B. de C.V. (BB/Stable) is a Mexican provider of telecommunications and information technology (IT) services to corporate and government clients. Axtel is unique among Fitch-rated telecoms companies in Latin America, which tend to derive most of their revenue from retail consumers. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Axtel, S.A.B. de C.V. LT IDR BB Upgrade BB- LC LT IDR BB Upgrade BB- Natl LT A(mex) Upgrade A-(mex) BRASKEM IDESA: Fitch Lowers Long-Term IDRs to 'C' ------------------------------------------------- Fitch Ratings has downgraded Braskem Idesa SAPI's Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) to 'C' from 'CC'. Fitch has also downgraded Braskem Idesa's senior secured bonds to 'C' with a Recovery Rating of 'RR4' from 'CC'/'RR4'. The 'C' rating is in line with Fitch's rating definition for an issuer that has entered into a grace period following non-payment of a material financial obligation. Fitch believes it is highly unlikely that Braskem Idesa will receive support from its shareholders or sell its assets in a time frame that would support its liquidity. Key Rating Drivers Missed Bond Coupon Payment: Braskem Idesa did not pay the interest due on Nov. 18, 2025, and entered the contractual grace period as of today. Under the indenture, missed interest has a five-day grace period and becomes an event of default if unpaid thereafter. Upon an event of default, other than bankruptcy, holders of at least 25% of the outstanding principal may direct the trustee to accelerate the notes, making all principal and accrued interest immediately due and payable. Such acceleration could precipitate a distressed debt exchange (DDE) or broader restructuring. Recovery Analysis The recovery analysis for Braskem Idesa assumes a liquidation approach to valuation. Liquidation Approach Inputs: - MXN1,700 million of inventory valued at 50%; - MXN29,400 million of PP&E valued at 50%; - Total liquidation value USD31,240 million; - A 10% administrative claim. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior secured notes is in the 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Mexico is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Failure to pay coupon within the grace period would result in a downgrade to 'RD'; - Filing for bankruptcy protection would result in a downgrade to 'D'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Resolution of the missed interest payment for the 2026 bond within the grace period. Issuer Profile Braskem Idesa, S.A.P.I. is a polyethylene producer with operations in the city of Coatzacoalcos, Mexico. Its annual production is 1.05 million tons of high- and low-density polyethylene. It began operations in early 2016. 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 Braskem Idesa SAPI has an ESG Relevance Score of '4' for Governance Structure due to shareholder concentration, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Braskem Idesa SAPI has an ESG Relevance Score of '4' for Financial Transparency due to lack of footnotes and adequate disclosures, 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 ----------- ------ -------- ----- Braskem Idesa SAPI LT IDR C Downgrade CC LC LT IDR C Downgrade CC senior secured LT C Downgrade RR4 CC ===================== P U E R T O R I C O ===================== DORADO PUTT PR: Section 341(a) Meeting of Creditors on December 4 ----------------------------------------------------------------- A 341(a) Meeting of Creditors is set for December 4, 2025, at 10:00 AM and will be held by phone for AUST and trial attorneys. The last day to challenge discharge or dischargeability is February 2, 2026. Creditors must file proofs of claim by March 4, 2026, while government entities have until April 28, 2026. On October 29, 2025, Dorado Putt PR LLC filed Chapter 11 protection in the District of Puerto Rico. According to court filing, the Debtor reports $22,389,444 in debt owed to 1 and 49 creditors. About Dorado Putt PR LLC Dorado Putt PR LLC operates as an investment company engaged in financial and investment activities, based in San Juan, Puerto Rico, serving the local financial services industry. Dorado Putt PR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04894) on October 29, 2025. In its petition, the Debtor reports total assets of $39,696,936 and total liabilities of $22,389,444. The Debtor is represented by Alexis Fuentes Hernandez, Esq. of Fuentes Law Offices, LLC. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Recovery in Economic Confidence Stalls in Q3 --------------------------------------------------------------- Trinidad and Tobago Newsday reports that the ACCA and IMA Global Economic Conditions Survey (GECS) revealed that confidence among global accountants declined slightly in the third quarter of 2025 following some recovery in the second quarter, and it remains stuck at a low level by historical standards. The survey's other key indicators also declined and suggest some caution regarding global economic prospects. The Global New Orders Index saw a second consecutive fall, placing it at its lowest level in the post-pandemic period, although it is not particularly depressed by historical standards, according to Trinidad and Tobago Newsday. The Capital Expenditure Index is at its weakest since the aftermath of Russia's invasion of Ukraine, while the subdued Employment Index attests to sluggish job markets in a number of economies, the report notes. Caution also seemed to be the order of the day among chief financial officers in our survey. Jonathan Ashworth, chief economist, ACCA, said: "The global economy proved more resilient than expected in the first half of 2025, despite the major disruptions to international trade, the report relays. However, all our key indicators declined by varying degrees in the third quarter, the report discloses. While the readings don't necessarily indicate that a major slowdown is imminent, they nonetheless point to the risk of some slowing in global growth over the next few quarters," the report relays. Some important regions saw improvements in confidence, the report says. While North America enjoyed a strong rise - aided in part by another improvement in sentiment among US accountants - confidence in the region remains at a low level and the forward-looking New Orders Index experienced a large drop to reach its lowest point since the height of the pandemic in the second quarter of 2020, the report recalls. Alain Mulder, senior director, Europe Operations & Global Special Projects at IMA said: "Uncertainty persists on the prospects for the US economy, the report says. The jobs market has slowed, but GDP growth was likely solid again in the third quarter, the report notes. Overall, our indicators point to quite a challenging economic backdrop and suggest the risk is for some slowing in growth over coming months, the report relays. But with monetary policy set to become less restrictive, stock markets at record highs, and strength in AI-related investment likely to continue, a major slowdown is not a central-case scenario," the report discloses. Asia Pacific's confidence rise may be attributed to the resilience of the global economy and some decline in tariff-related uncertainty. By contrast, confidence fell quite sharply in Western Europe, amid a large decline in the UK, the report says. Fears about large tax rises in the upcoming Budget are likely weighing on UK accountants' sentiment, the report relays. Meanwhile, it is no surprise that economic pressures continue to dominate risk perceptions among accountants globally, closely followed by geopolitical uncertainty, the report notes. Cybersecurity was also ranked highly, reflecting its systemic reach across sectors and regions, with the survey revealing cyber risk is no longer just a challenge for IT teams - it has become a governance and cultural issue, the report adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *