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251128.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, November 28, 2025, Vol. 26, No. 238 Headlines B R A Z I L NEW FORTRESS: Delays Q3 Filing, Seeks Covenant Holidays C A Y M A N I S L A N D S ITTIHAD INTERNATIONAL: Fitch Gives Trust Certs. Final 'BB-' Rating C H I L E AUTOMOTORES GILDEMEISTER: Launches Exchange for 2027 & 2035 Notes C O L O M B I A CANACOL ENERGY: Seeks Chapter 15 Relief in U.S. to Recognize CCAA E C U A D O R ECUADOR: Fitch Hikes LT Sr. Unsec. Debt Rating to 'B-' E L S A L V A D O R EL SALVADOR: Fitch Affirms 'B-' LT Senior Unsecured Debt Rating M E X I C O LEISURE INVESTMENTS: Plan Exclusivity Extended to January 26, 2026 T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: 10% Wage Hike Could Trigger Job Losses, Strain TRINIDAD & TOBAGO: EU Carbon Tax Threatens T&T Exports V E N E Z U E L A CITGO PETROLEUM: Rusoro Accuses Gold Reserve of Hindering Sale VENEZUELA: OKs 15-Yr Extension of Russia-linked Oil Joint Ventures VENEZUELA: Three Int'l Airlines Cancel Flights After US Warning - - - - - =========== B R A Z I L =========== NEW FORTRESS: Delays Q3 Filing, Seeks Covenant Holidays ------------------------------------------------------- New Fortress Energy Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is working diligently and plans to file its Quarterly Report on Form 10-Q for the three months ended September 30, 2025 as soon as practicable. The Company believes it is necessary to file for an extension of the filing of the Quarterly Report to accurately reflect the outcome of significant ongoing negotiations related to amendments to institute covenant holidays with respect to financial covenants in certain debt agreements and a forbearance with respect to a scheduled payment of interest due November 17, 2025, on its New 2029 Notes that, if not granted, would require the Company to consider the impact of events of defaults in such debt agreements on the Company's liquidity, which is likely to be material and adverse. The outcome of these agreements would also require the Company to consider the impact on the disclosures contained in the interim unaudited financial statements for the interim period ended September 30, 2025. As a result, the Company has determined that it is unable, without unreasonable effort or expense, to file its Quarterly Report within the prescribed time period. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. =========================== C A Y M A N I S L A N D S =========================== ITTIHAD INTERNATIONAL: Fitch Gives Trust Certs. Final 'BB-' Rating ------------------------------------------------------------------ Fitch Ratings has assigned Ittihad International Investment LLC's (Ittihad, BB-/Stable) USD550 million 7.375% maturing in November 2030 trust certificates a final 'BB-' rating. The rating is in line with Ittihad's Long-Term Issuer Default Rating (IDR) and senior unsecured rating of 'BB-'. Ittihad International II Ltd is the issuer of the certificates and trustee. The trustee is an exempted company with limited liability incorporated in the Cayman Islands and has been incorporated solely for the purpose of participating in the transactions contemplated by the transaction documents to which it is a party for and its shares are held by Maples FS Limited as share trustee. Citibank N.A., London Branch is acting as delegate of the trustee. Ittihad is the obligor, lessee and service agent. The proceeds will be used for the repayment of existing sukuk maturing 2028, refinancing of around USD50 million bank loans and partial settlement around USD20 million of a revolving credit facility. Key Rating Drivers The issuance rating is aligned with Ittihad's IDR. This reflects Fitch's view that a default of the senior unsecured obligations would reflect a default of Ittihad, in accordance with the agency's rating definitions. Fitch has given no consideration to any underlying assets or collateral provided, as it believes that the trustee's ability to satisfy payments due on the certificates will ultimately depend on Ittihad satisfying its unsecured payment obligations to the trustee under the transaction documents described in the prospectus and other supplementary documents. The sukuk structure include a guarantee from wholly owned subsidiaries of Ittihad, such as Ittihad Paper Mill and other guarantors in favour of the trustee. In addition to Ittihad's propensity to ensure repayment of Ittihad International, Fitch believes it would also be required to ensure full and timely repayment of Ittihad International II's sukuk obligations, due to its role and obligations under the sukuk structure and documentation, which include especially but not limited to the features below: - The rental payment by the lessee and the instalment of the deferred sale price, are intended to fund the periodic distribution amount payable by the trustee under the certificates. - On any dissolution or obligor event, the aggregate amounts of deferred sale price then outstanding will become immediately due and payable; and the trustee will have the right under the purchase undertaking to require Ittihad to purchase from the trustee all of trustee's rights, title, interests, benefits and entitlements in, to and under the lease assets at an exercise price. - The exercise price payable by Ittihad under the purchase undertaking to the trustee, together with the aggregate amounts of the deferred sale price then outstanding, if any, are intended to fund the dissolution distribution amount payable by the trustee under the trust certificates. - The dissolution distribution amount should equal the sum of the outstanding face amount of the certificates; and any accrued but unpaid periodic distribution amounts relating to such certificates. - The lessee (Ittihad) undertakes to permit the lessor and any person authorised by the lessor at all reasonable times, subject to the lessor having given 15 days' notice in writing, to inspect and examine the condition of the lease assets. If the lessee fails to comply, it would constitute a dissolution event. - If Ittihad, as lessee, fails to keep and maintain the security or optimum condition (other than fair wear and tear) of the lease assets, the lessor will be entitled, but not obliged, on giving 15 business days' notice to take possession of the lease assets for the purpose of taking all necessary steps or measures or doing all acts as may be necessary (at the cost and expense of the lessee) to ensure that the lease assets are in suitable condition for the purpose for which they are currently employed or intended to be employed. - In a total loss event, if there is a shortfall from the insurance proceeds on the occurrence of a total loss event or partial loss event, Ittihad undertakes to pay the shortfall amount directly into the collection account. If the servicing agent does not comply with the obligation to insure the lease assets against total or partial loss, it will immediately deliver written notice to the trustee and the delegate of such non-compliance and the details thereof, and this will constitute a dissolution event. - Ittihad's payment obligations under the transaction documents will be direct, unsubordinated, unconditional and unsecured obligations (subject to the limitation of liens provisions) and at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations from time to time outstanding. - Additionally, Ittihad's subsidiaries (acting as guarantors) will unconditionally, irrevocably and jointly and severally guarantee, in favour of the trustee, the delegate and the agents, the due and punctual performance by Ittihad of all of its payment obligations under, and in accordance with the terms of, the transaction documents to which the Ittihad is a party. To the extent that Ittihad does not pay any sum payable by it under the transaction documents by the time and on the date specified for such payment, the guarantors will pay that sum as directed. - The payment obligations of each guarantor under the guarantee will be direct, unconditional, unsubordinated and (subject to the limitation of liens provisions) unsecured obligations of the guarantor, which at all times rank at least equally with all other present and future unsecured and unsubordinated obligations of the guarantor from time to time outstanding. - The sukuk documentation includes an obligation on Ittihad to ensure that at all times, the tangible asset ratio (defined as the ratio of the value of the lease assets to the aggregate value of the lease assets and the outstanding deferred sale price) is more than 50%. Failure of Ittihad to comply with this obligation will not constitute an obligor event. If the tangibility asset ratio falls below 33% (tangibility event), the certificates will be delisted and certificate holders will have the option to require the redemption of all or any of its certificates at the dissolution distribution amount. In this event, there would be implications on the tradability and listing of the certificates. - Fitch expects Ittihad to maintain the tangibility ratio above 50% with support from the asset base held by multiple sellers (wholly owned subsidiaries of Ittihad). The tangible fixed assets totaled over AED1.7 billion as of 1H25. - The sukuk documentation includes a change-of-control clause. It also includes restrictive covenants, negative pledge and cross acceleration provisions; financial reporting obligations to the trustee/delegate; and certain Ittihad events. It also includes cross-default clauses. - The service agent will service the lease assets in accordance with the AAOIFI Shariah Standards. - Certain transaction documents will be governed by English law while others will be governed by the laws of Abu Dhabi, the federal laws of the United Arab Emirates and the Cayman Islands. Fitch does not express an opinion on whether the relevant transaction documents are enforceable under any applicable law. However, Fitch's rating on the certificates reflects the agency's belief that Ittihad would stand behind its obligations. Fitch does not express an opinion on the certificates' compliance with sharia principles when assigning ratings to the issued certificates. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Ittihad's senior unsecured rating - Adverse changes to the roles and obligations of Ittihad and Ittihad International II under the sukuk's structure and documents Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Ittihad's senior unsecured rating For Ittihad's rating sensitivities, see 'Fitch Upgrades Ittihad's IDR to 'BB-'; Stable Outlook, dated 31 October 2025. Liquidity and Debt Structure Ittihad had AED668 million of readily available cash, before AED 120 million cash restriction (under its criteria), as of 1H25 and an undrawn committed revolver facility of USD342 million (around AED1,250 million equivalent), after drawing USD108 million during 2025. The issuer uses part of its revolving credit facility to fund working-capital as part of its commodity trading businesses, which are backed by receipt of payments against commodity delivery. Issuer Profile Ittihad is based in the United Arab Emirates, with operations across various segments of consumer goods manufacturing (paper and chemicals for different industries), infrastructure and building materials manufacturing (copper rods, steel bars and cement), business services and healthcare. Date of Relevant Committee 31-Oct-2025 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 ----------- ------ ----- Ittihad International II Ltd senior unsecured LT BB- New Rating BB-(EXP) ========= C H I L E ========= AUTOMOTORES GILDEMEISTER: Launches Exchange for 2027 & 2035 Notes ----------------------------------------------------------------- Automotores Gildemeister SpA announced on Nov. 22, 2025, that AG Chile Holding II SpA, a newly incorporated holding company, has commenced: (i) an offer to all Eligible Holders of the Company's 7.50% Junior Secured Notes due 2027 to exchange any and all of their outstanding Existing Junior Notes for new 7.50% Senior Secured PIK Toggle Notes due 2032 to be issued by the Issuer, and cash, and (ii) an offer to all Eligible Holders of the Company's 10.00% Subordinated Notes due 2035 to exchange any and all of their outstanding Existing Subordinated Notes for new 10.00% Subordinated Secured PIK Toggle Notes due 2035 to be issued by the Issuer, and cash. Upon the consummation of the Exchange Offers and the related Consent Solicitations, the Issuer will become the parent of the Company. The New Notes will bear interest at a rate and in the manner set forth in the Exchange Offering Memorandum and will have such other terms and provisions as described in the Exchange Offering Memorandum. In connection with the Exchange Offers, the Issuer is soliciting consents from Eligible Holders of the Existing Notes to adopt certain proposed amendments to the indentures governing the Existing Notes to: (a) eliminate substantially all of the restrictive covenants, certain events of default and related provisions and definitions contained in each of the Existing Notes Indentures and the Existing Notes and (b) with respect to the Existing Junior Notes and the indenture governing the Existing Junior Notes only, release the liens on all of the collateral securing such Existing Junior Notes and eliminate any requirement to provide collateral in the future to secure the Existing Junior Notes. The Issuer's obligation to accept for exchange Existing Notes validly tendered (and not validly withdrawn) pursuant to the Exchange Offers and related Consent Solicitations is subject to the satisfaction or waiver of certain conditions set forth in the Issuer's confidential offering memorandum and consent solicitation statement, dated November 21, 2025, including the condition that Eligible Holders representing at least 98% of the outstanding aggregate principal amount of each series of Existing Notes validly tender (and do not validly withdraw) such Existing Notes on or prior to the Expiration Time. Subject to applicable law, the Issuer reserves the right, in its sole discretion, to increase, decrease or otherwise change the Minimum Tender Amount and/or waive the Minimum Participation Condition. The Issuer may waive certain conditions without extending the Exchange Offers or the Consent Solicitation, subject to applicable law. As of the date of the Exchange Offering Memorandum, Eligible Holders beneficially owning over 95% of the outstanding aggregate principal amount of the Existing Junior Notes and over 95% of the outstanding aggregate principal amount of the Existing Subordinated Notes have entered into an exchange support agreement with the Company and the Issuer pursuant to which the Supporting Noteholders have agreed to validly tender (and not validly withdraw) all of the Existing Notes they hold in the applicable Exchange Offers and to deliver Consents in the related Consent Solicitations on or prior to the Early Exchange Time. As a result of the agreement by the Supporting Noteholders pursuant to the Exchange Support Agreement to validly tender (and not validly withdraw) all of their Existing Notes in the Exchange Offers and to provide their Consents to the Proposed Amendments in the Consent Solicitations, the Issuer and the Company expect to receive the requisite Consents necessary to adopt the Proposed Amendments. The Exchange Offers and the Consent Solicitations will expire at 5:00 P.M., New York City time, on December 22, 2025, unless extended. Subject to the satisfaction or waiver of the conditions of the Exchange Offers and Consent Solicitations described in the Exchange Offering Memorandum, including the Minimum Participation Condition, the Requisite Consents Condition (as defined and further described in the Exchange Offering Memorandum) and the General Conditions, and the tender acceptance procedures described in the Exchange Offering Memorandum: (A) for each $1,000 principal amount of Existing Junior Notes validly tendered (and not validly withdrawn) at or prior to 5:00 P.M., New York City time, on December 5, 2025, unless extended or the Expiration Time and accepted for exchange, Eligible Holders of Existing Junior Notes will be eligible to receive $1,000 in value consisting of: (a) $775 in principal amount of New 2032 Notes and (b) $225 in cash and (B)(i) for each $1,000 principal amount of Existing Subordinated Notes validly tendered (and not validly withdrawn) at or prior to the Early Exchange Time and accepted for exchange, Eligible Holders of Existing Subordinated Notes will be eligible to receive $1,000 in value consisting of: (a) $970 in principal amount of New 2035 Notes and (b) $30 in cash, and (ii) for each $1,000 principal amount of Existing Subordinated Notes validly tendered after the Early Exchange Time and at or prior to the Expiration Time and accepted for exchange, Eligible Holders of Existing Subordinated Notes will be eligible to receive (i) $980 in principal amount of New 2035 Notes and (iii) $20 in cash. Accrued and unpaid interest on the Existing Notes validly tendered (and not validly withdrawn) at or prior to the Early Exchange Time will be paid in cash by the Issuer to, but not including, the early settlement date of the Exchange Offers, which is expected to occur promptly after the Early Exchange Time and no later than four business days after the Early Exchange Time. Accrued and unpaid interest on the Existing Notes validly tendered (and not validly withdrawn) after the Early Exchange Time and at or prior to the Expiration Time will be paid in cash by the Issuer to, but not including, the final settlement date of the Exchange Offers, which is expected to occur promptly after the Expiration Time and no later than three business days after the Expiration Time. Rights to withdraw tendered Existing Notes and to revoke delivered Consents will terminate at 5:00 P.M. New York City time on December 5, 2025, unless extended, except for certain limited circumstances where additional withdrawal rights are required by law or by the terms and conditions set forth in the Exchange Offering Memorandum. Each Eligible Holder that tenders Existing Notes into the Exchange Offers will be deemed to have given its Consent to the Proposed Amendments with respect to the Existing Notes that it has tendered. No additional consideration will be paid for the delivery of Consents. Subject to applicable law and the terms and conditions set forth in the Exchange Offering Memorandum, the Expiration Time with respect to each Exchange Offer and related Consent Solicitation can be extended independently of: (i) the Withdrawal Deadline for such Exchange Offer and (ii) the Early Exchange Time, the Expiration Time or Withdrawal Deadline with respect to the other Exchange Offer. Notwithstanding the foregoing, the Issuer reserves the right to amend any of the terms of either Exchange Offer and Consent Solicitation in its sole discretion without extending the Early Exchange Time, the Expiration Time or the Withdrawal Deadline or otherwise reinstating withdrawal rights, subject to applicable law and the terms and conditions set forth in the Exchange Offering Memorandum. The New Notes will be issued in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof. If, under the terms of the applicable Exchange Offer, a tendering Eligible Holder is entitled to receive New Notes of either series in a principal amount that is not an integral multiple of $1.00, the Issuer will round downward such principal amount of New Notes to the nearest integral multiple of $1.00. This rounded amount will be the principal amount of such series of New Notes the Eligible Holders will receive, and no additional cash will be paid in lieu of any principal amount of such series of New Notes not received as a result of rounding down. Each participating Eligible Holder must validly tender (and not validly withdraw) all of the Existing Notes it holds in order to validly participate in the Exchange Offers and Consent Solicitations. =============== C O L O M B I A =============== CANACOL ENERGY: Seeks Chapter 15 Relief in U.S. to Recognize CCAA ----------------------------------------------------------------- Canacol Energy Ltd., announces that the Company and certain of its subsidiaries filed for relief under Chapter 15 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. The petitions for relief seek recognition of the Company's Canadian proceeding commenced under the Companies' Creditors Arrangement Act, or CCAA, in the Court of King's Bench of Alberta as a foreign main proceeding. Relief under Chapter 15 of the U.S. Bankruptcy Code is intended to safeguard a company's U.S.-based assets and facilitate cooperation between U.S. courts and foreign judicial proceedings. In conjunction with the petitions, the foreign representative sought provisional relief and a stay of proceedings to prevent creditor actions while it develops a plan of arrangement pursuant to the restructuring provisions of the CCAA. At a hearing held on November 20, 2025, the U.S. Bankruptcy Court granted the provisional relief requested by the foreign representative on an unopposed basis and scheduled the hearing on the foreign representative's recognition motion for December 11, 2025, at 11:00 a.m. ET. KPMG Inc. is serving as the authorized foreign representative in the Chapter 15 cases. The foreign representative is represented by the U.S. firm Pachulski Stang Ziehl & Jones LLP. About Canacol Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCQX in the United States of America under the symbol CNNEF, the Bolsa de Valores de Colombia under the symbol CNEC. ============= E C U A D O R ============= ECUADOR: Fitch Hikes LT Sr. Unsec. Debt Rating to 'B-' ------------------------------------------------------ Fitch Ratings has upgraded Ecuador's Long-Term (LT) debt ratings to 'B-' from 'CCC+' and assigned a Recovery Rating of RR3, removing it from Under Criteria Observation (UCO). The rating actions reflect the application of Fitch's new Sovereign Rating Criteria (September 2025) and for the first time incorporate recovery assumptions into sovereign debt ratings. Key Rating Drivers The senior unsecured LT debt ratings are one notch above Ecuador's LT Foreign Currency (FC) Issuer Default Ratings (IDR). Fitch expects good recovery prospects in a default scenario, given the sovereign does not have high public debt burdens, measured as government debt to GDP or general government interest payments as a percentage of revenue, relative to debt carrying capacity. General government debt/GDP, estimated at 51%, is significantly lower than the 'B/C/D' median (67.2%) and closer to peers in the 'B' category (51.4%). Fitch does not expect this to change over Fitch's forecast horizon. Interest payments-to-revenue, estimated at 9.7%, are below the 'B' median of 15%, giving Ecuador greater fiscal space than its 'C' peers. On Aug. 7, 2025, Fitch affirmed Ecuador's LT FC IDR at 'CCC+'. Fitch typically does not assign Rating Outlooks to sovereigns with a rating of 'CCC+' or below. The following ESG issues are Key Rating Drivers for the LT FC IDR and, in turn, for these bonds: ESG-Governance: Ecuador 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 its proprietary Sovereign Rating Model. Ecuador has a medium WBGI ranking at 36.6, reflecting high political uncertainty, moderate voice and accountability, weak rule of law, and weak control of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrade of Ecuador's LTFC IDR: Its latest rating action of Aug. 7, 2025 highlighted the following IDR downside sensitivity: - Public Finances: Greater financing strains that could jeopardize repayment capacity, or signs of weaker willingness to service commercial debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upgrade of Ecuador's LTFC IDR, by more than one notch: Its latest rating action of Aug. 7, 2025 highlighted the following IDR upside sensitivities: - Structural: A reduction in political risk and uncertainty, consistent with improved governability, and continued implementation of economic and fiscal reforms; - Public Finances: Fiscal consolidation that supports a sustained reduction in government financing needs with an improvement in financing access and a stable/downward trajectory for the debt-to-GDP ratio. ESG Considerations The ESG profile is in line with that of Ecuador, as outlined in its rating action commentary of Aug. 7, 2025 Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Ecuador senior unsecured LT B- Upgrade RR3 CCC+ ===================== E L S A L V A D O R ===================== EL SALVADOR: Fitch Affirms 'B-' LT Senior Unsecured Debt Rating --------------------------------------------------------------- Fitch Ratings has affirmed El Salvador's Long-Term debt ratings at 'B-' and assigned a Recovery Rating of 'RR4', following the removal of the ratings from Under Criteria Observation (UCO). The rating actions reflect the application of Fitch's new Sovereign Rating Criteria (September 2025) and the inclusion of recovery assumptions into sovereign debt ratings for the first time. Key Rating Drivers The senior unsecured long-term debt ratings are equalized with El Salvador's Long-Term (LT) Foreign Currency (FC) Issuer Default Ratings (IDR), reflecting Fitch's expectation of average recovery prospects in a default scenario, given El Salvador's relatively high levels of debt (general government debt/GDP of 87% at YE 2024) and the absence of any other clearly identifiable criteria factors that would cause us to notch the debt up or down from the IDR. On April 30. 2025, Fitch affirmed El Salvador's LT FC IDR at 'B-' with a Stable Rating Outlook. The following ESG issues represent Key Rating Drivers for the LT FC IDR and in turn these bonds. ESG - Governance: El Salvador 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 its proprietary Sovereign Rating Model. El Salvador has a medium WBGI ranking at 41%, reflecting a moderate level of regulatory quality, rights for participation in the political process, institutional capacity, and control of corruption. The rating on these bonds is sensitive to any changes in the LT FC IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Public Finances: Emergence of financing strains that weaken willingness and/or capacity to service government debt, for example due to fiscal deterioration that increases financing needs or deterioration in financing sources; - External Finances: Significant decline in external liquidity that heightens risks to financial stability and debt repayment capacity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public Finances: Fiscal consolidation that supports a sustained reduction in government debt-to-GDP, interest-to-revenue, and financing needs; - External Finances: Sustained improvement of foreign reserves that ease risks to the financial system and strengthens debt repayment capacity. ESG Considerations The ESG profile is in line with that of El Salvador, as outlined in its rating action commentary of April 30, 2025. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- El Salvador senior unsecured LT B- Affirmed RR4 B- =========== M E X I C O =========== LEISURE INVESTMENTS: Plan Exclusivity Extended to January 26, 2026 ------------------------------------------------------------------ Judge Laurie Selber Silvestein of the U.S. Bankruptcy Court for the District of Delaware extended Leisure Investments Holdings LLC, and certain of its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 26, 2026, and March 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the requested extension of the Exclusive Periods is reasonable given the current status of the Chapter 11 Cases and the progress achieved to date. The Debtors have made significant progress in the months that the Chapter 11 Cases have been pending, demonstrated most recently by the successful auction conducted regarding many of the Debtors' Florida assets. As the Debtors move toward confirmation and the eventual wind down of their estates, the demands on their attention and resources will remain. The Debtors claim that in addition to finalizing the Sales and advancing toward confirmation, the Debtors and their professionals will continue to focus on maximizing the value of their estates by efficiently managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtors note that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value-maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: 10% Wage Hike Could Trigger Job Losses, Strain ----------------------------------------------------------------- Joel Julien, writing for Trinidad and Tobago Express, reports that Trinidad and Tobago cannot afford a 10% salary increase for public servants, economist Prof Roger Hosein has warned. Hosein said the country's long-term economic health, not short-term politics, is what will ultimately protect public servants, according to Trinidad and Tobago Express. He also cautioned that the proposed pay rise could come at the cost of job losses, the report notes. Hosein's warning comes in the wake of the Personnel Department of the Chief Personnel Officer formally placing a 10% wage increase offer before the Public Services Association (PSA), the report relays. Acting Chief Personnel Officer (CPO) Wendy Barton met with the PSA's executive and its president Felisha Thomas, along with officials from the Ministry of Finance, at the department's Alexandra Street, St Clair office, where the union received a written offer covering the 2014–2016 and 2017–2019 bargaining periods, the report discloses. "Wage-setting in the public sector of an economy where gross domestic product (GDP) crashed almost 20% since 2015 cannot be treated as a routine industrial relations exercise, because it shapes macroeconomic outcomes," Hosein said, the report notes. "When wages rise without productivity gains or new revenue, the wage bill absorbs an increasing share of non-energy revenues, compressing the Government's budget constraint, crowding out capital expenditure, and weakening long-run productivity," he added. Hosein warned that T&T's macroeconomic reality is far tighter than political rhetoric suggests, with declining energy output, falling reserves, weak non-energy growth, and a shrinking labour force eroding the buffers that once supported wage increases, the report relays. "In today's environment, any wage negotiation must recognise that fiscal space is narrower than at any point in the past 25 years, making macroeconomic prudence central, not optional, to the discussion," Hosein said, the report says. Hosein said the country's arrears bill is even more sobering, the report relays. "Based on the approximate figures previously issued by the former minister of finance and confirmed by public service sources as accurate, backpay for the entire public service amounts to roughly $16 billion once COLA (cost of living allowance) consolidation is included, if all unions who received the 4% is adjusted to 10%," he added. 'Matter of Macroeconomic Stability' Hosein said even if the settlements were limited to the Public Services Association (PSA) and the National Union of Government and Federated Workers (NUGFW), arrears still fall between $4 and $7 billion, the report relays. "The broader State sector is a separate problem entirely, as entities such as T&TEC (Trinidad and Tobago Electricity Commission) carry unresolved arrears that could overall reach $27 billion if treated similarly. These are not abstract numbers. They represent demands that would have to be financed through higher debt and reduced State capital injections," he added. "Some argue that a 10% wage increase is simply a matter of political will. It is not. It is a matter of macroeconomic stability. A sustainable economy, not a temporary political gesture, is what truly protects public servants in the long run," Hosein said, the report notes. Hosein said as the Government's wages and salaries rise, the country's overall fiscal balance deteriorates, the report says. Hosein said, according to the data, once wages push past $7-8 billion, the country's fiscal position consistently collapses into deficits, the report relays. He provided a graph to support his claim, the report notes. "This pattern reflects a structural expenditure problem, where recurrent spending expands faster than revenue capacity, especially in a stagnant, mature energy-based economy. The downward bend of the curve suggests diminishing fiscal space, meaning each additional dollar of wage spending produces a disproportionately larger deficit," he added. The report notes that Hosein said with this country's debt service rising sharply, from about US$169 million in 2015 to over US$800 million by 2024, the Government should be very cautious in raising the wage bill by 10%, as it would likely have to adjust employment levels. "The facts would show that non-energy revenues are not as elevated as we would like, and the wage to non-energy revenue ratio in 2025 is marginally higher than in 2015. As this ratio climbs, a Hicks-type substitution becomes unavoidable. Specifically, as labour costs rise while fiscal space tightens, the State may need to substitute away from labour because it cannot adjust taxes or output rapidly, nor can it borrow indefinitely without undermining reserves," he added. "Even more, the data show capital expenditure has already been compressed relative to wages: wages are now over 230% of capital expenditure compared with 144% in 2015, so that headcount reduction, hiring freezes, or technological substitution may have to become part of the way the public sector manages its labour force," Hosein said, the report relays. Hosein said that cutting capital spending to fund a 10% wage increase would undermine the key budget item that supports long-term economic growth, the report discloses. "Capital expenditure's weight in the budget has already collapsed, falling from 17% of wages and transfers in 2015 to 9-11% after 2019, precisely when the economy needed investment to offset declining gas output and boost non-energy exports," he added. "This period also coincides with the sharpest deterioration in net official reserves, which dropped from US$9.9 billion in 2015 to approximately US$4.6 billion in 2025. Further, diverting funds from infrastructure, digitalisation, industrial parks, or renewable energy into wages would push T&T deeper into a consumption-heavy expenditure mix, reduce future revenue elasticity, and widen the structural deficit," Hosein said, the report relays. He said cutting capital investment to fund wage increases would hurt competitiveness, slow economic diversification, and reduce foreign exchange at a time when these resources are already strained, the report notes. "So, all policymakers: please take note," he said. 'Can Destabilize the Fiscal Anchors' Hosein said data shows that higher public sector wages tend to push up domestic costs, making exports less competitive and imports cheaper, the report says. He warned that a 10% wage increase could worsen Dutch-disease effects and further reduce the country's ability to earn foreign exchange, the report relays. "T&T has entered a phase where macroeconomic choices can no longer be cushioned by energy windfalls or a deep block of reserve buffers. With structurally weaker gas output, a shrinking labour force, rising pension obligations, and tightening foreign exchange conditions, fiscal policy must shift from indulgence to discipline—it's as simple as that," he added. "A 10% wage increase may sound straightforward politically, but in an economy where recurrent expenditure already exceeds productive capacity, such an expansion would destabilize the fiscal anchors that protect jobs, public services, and long-run growth," Hosein said, the report notes. Hosein said the responsible path now is to safeguard solvency, rebuild the investment pipeline, and restore competitiveness, the report discloses. He said these priorities would not be able to be met if the State locks itself into unaffordable wage obligations, the report notes. "If the State insists on going the route of the 10% increase to contain the fiscal shock, Government should phase arrears roughly over a minimum of three fiscal years to reduce the immediate cash flow impact; avoid COLA consolidation; and keep allowance adjustments to a minimum so that the recurrent bill does not permanently escalate," Hosein said, the report says. "Part of the arrears can also be settled through non-cash mechanisms such as leave swaps or HDC-type certificates--tools used successfully in the past. These instruments still create a future liability and therefore require careful design and strict limits, but they offer a more responsible way to navigate a constrained fiscal environment," he said. TRINIDAD & TOBAGO: EU Carbon Tax Threatens T&T Exports ------------------------------------------------------ Trinidad and Tobago Guardian reports that early in the new year, Trinidad and Tobago's (T&T) energy industry will meet the dawn of a new era. On January 1, 2026, the much-anticipated Carbon Border Adjustment Mechanism (CBAM), presented by the European Union (EU), takes effect. CBAM is an EU policy that places a carbon cost on certain imported goods to prevent "carbon leakage" and encourage global decarbonisation, according to Trinidad and Tobago Guardian. After Mozambique, T&T is the second largest exporter of carbon intensive products to Europe, the report notes. According to a July 2024 report produced by Dr Preeya Mohan and Dr Jaymieon Jagessar of the University of the West Indies (UWI), this country's exports to the EU affected by the CBAM are inorganic chemicals (US$721.9 million, or 28 per cent of T&T exports to the EU), mineral fuels (US$687.4 million, or 27 per cent of T&T exports to the EU), organic chemicals (US$499.5 million, or 19.5 per cent of T&T exports to the EU), and fertilisers (US$411.8 million, or 16 per cent of T&T exports to the EU), the report relays. An EU carbon tax on some T&T exports to Europe could dissuade companies within the Union from buying T&T chemicals and fertilisers, the report says. Opportunity Not Obstacle On the sidelines of the United Nations Climate Change Conference in Belem, Brazil, Vicente Hurtado Roa, sat down with the Sunday Business Guardian to explore the implications and opportunities for T&T, the report relays. Roa is the head of unit at the European Commission for CBAM. He understands the impact such a measure will have on the twin-island republic but insists this country must look at the opportunities, the report notes. "We are aware of the fact that you rely a lot on the exports of those goods. I understand that there are also discussions and plans to export hydrogen, and in particular green hydrogen, to the EU, and I think the CBAM has to be seen as an opportunity, on one hand, for a country like T&T to decarbonise, to have a push for decarbonisation of those goods. That will allow you also to compete in better conditions with respect to other countries which have a higher degree of carbon intensity," he added. It's a point Philip Julien agrees with, the report notes. The founder of Kenesjay Green has become the leading voice of advocacy for this country to accelerate its green hydrogen ambitions, the report relays. He told the Sunday Business Guardian in a statement, "One could argue that the whole world is moving too slow in developing green hydrogen. One only has to look at the target metrics set some years ago, compared to today. In Trinidad's case, compared to most of the world, it can be one of the quickest in realising green hydrogen projects, in part because of the immediate market for hydrogen found in T&T's ammonia and methanol plants, which are urgently requiring additional feedstock to compensate for the ongoing natural gas shortfall," the report discloses. Roa insisted in the interview that T&T cannot go wrong with the production of green energy, the report says. The report relays that when asked if this country risks losing the EU as one of its main trading partners, he responded, "There is a strategy in the EU to rely more and more on electricity, green electricity, and also green hydrogen. But we will need to import electricity and hydrogen from third countries. This is precisely the reason why hydrogen and electricity are also part of the CBAM. We don't import so much for the moment, but we are aware that we will need to import more. We don't want to stop importing. What we want to make sure is that, of course, we are importing green products." A transitional period for CBAM started in October 2023, and when asked if he had seen any evidence to suggest that European companies will be discouraged from importing T&T carbon-intensive products, Roa said, "It's difficult to say that we have seen companies doing this or that. What I can tell you is that, in particular, the largest importers, they have been able to produce data, and that's important," the report relays. "Overall, I can tell you that those importers who are importing more than 1,000 tonnes per year, they were able, on average, to rely on real emissions, so they have the data around 85-90 per cent, which is quite high. I think that shows that everybody is understanding the system and everybody is complying with the system. It's true that maybe some small importers were not really giving the information timely." Are T&T Companies Ready? With the onset of CBAM approaching fast, Mohan, who is a senior fellow at the Sir Arthur Lewis Institute of Social and Economic Studies at UWI, could not say whether local companies which export carbon-intensive products to the EU are ready, the report notes. In a telephone interview, Mohan said, "Looking at CBAM and exporters, you need to have the exporters of the products, the ammonia, the fertiliser, measure the carbon content of their products and I'm not sure if we're ready for that. Through our stakeholder consultations, the feedback we would have received is that there is a need to build technical capacity within the private sector and develop a robust Monitoring, Reporting and Verification (MRV) system so that they are able to measure the carbon content of their products," the report discloses. But Mohan says the EU CBAM is just the beginning. Other countries like the UK are quickly following, the report says. "The issue comes where when you read the design of the EU CBAM and the UK CBAM that's going to be coming out very soon, is that it was made very clear that the product scope is going to expand, which means that any product we produce, not just in energy but in manufacturing, could be affected. Fuels could also be affected which would affect tourism and travel. This is not to cause panic but to understand that CBAM implementers intend to update the product scope through regular review and we are at the mercy of the product scope, whatever they choose to include, and a contentious one for us would be methanol," said the economist, the report notes. Mohan says while CBAM pushes T&T to decarbonise, one way around the EU import tax is to implement a domestic carbon tax and carbon market, the report relays. "Ultimately, if we pay a carbon tax in Trinidad, we do not pay the CBAM tax to the EU. So, in order to pay a carbon tax here, we need to price our carbon and we need to develop a domestic carbon market," Mohan explained, the report says. Carbon on the Stock Exchange At COP30 in Brazil last week, Minister of Planning, Economic Affairs and Development, Kennedy Swaratsingh, said T&T must find a way to trade carbon credits, the report relays. "We have to do new forms of reforestation. So, for example, like where the oil sands are, finding ways in which we can put some of the emissions back into the ground. We have to find new ways that we can continue to evolve in the mangrove sector, even on the blue side, as well on the blue economy side," said Swaratsingh. "We haven't explored those enough . . . We can't produce enough carbon credits in order to deal with some of the large institutions that buy these credits on international market, but what we are thinking about is developing a carbon platform in the Stock Exchange and trading with other countries that trade carbon credits, like South Korea and some of the others," the minister said, the report notes. CBAM may be an external pressure, but it now stands as the strongest internal push for T&T to rethink the future of its energy engine, the report adds. ================= V E N E Z U E L A ================= CITGO PETROLEUM: Rusoro Accuses Gold Reserve of Hindering Sale -------------------------------------------------------------- Joyce Hanson at law360.com reports that Rusoro Mining has accused Gold Reserve, a fellow creditor of Venezuela, of trying to undermine an auction process in Delaware federal court for Citgo Petroleum Corp.'s parent company "in any manner possible, and at any cost." Citgo Petroleum Corporation is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Based in Houston, Texas, Citgo is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo.) As reported in the Troubled Company Reporter-Latin America on September 2025, Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB' with a Recovery Rating of 'RR1'. VENEZUELA: OKs 15-Yr Extension of Russia-linked Oil Joint Ventures ------------------------------------------------------------------ Mayela Armas at Reuters reports that Venezuela's National Assembly approved a 15-year extension of the joint ventures between state company PDVSA and a unit of Russia's Roszarubezhneft that operate two oilfields in the South American country's western region, according to a session broadcast on TV. The partnerships may continue operating the Boqueron and Perija oilfields through 2041 with the goal of producing some 91 million barrels or 16,600 barrels per day of crude, said lawmakers before approving the extension, according to Reuters. The total investment is estimated at about $616 million, the report relays. The agreement was signed between PDVSA and Roszarubezhneft's Moscow-based unit Petromost, two lawmakers told Reuters. Roszarubezhneft, owned by a unit of the Russian Ministry of Economic Development, was incorporated in 2020 and soon afterwards acquired the Venezuelan holdings of Russian state-run oil company Rosneft (ROSN.MM), as Washington imposed sanctions on two of Rosneft's units for trading Venezuelan oil, the report discloses. Venezuela's PDVSA also remains under U.S. sanctions, which in recent years have limited foreign investment and partners willing to do business in the South American country, the report adds. About Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean sea. The capital is the city of Caracas. Hugo Chavez was president to Venezuela from 1999 to 2013. The Chavez presidency was plagued with challenges, which included a 2002 coup d'etat, a 2002 national strike and a 2004 recall referendum. Nicolas Maduro was elected president in 2013 after the death of Chavez. Maduro won a second term at the May 2018 Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president. The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. Moody's has withdrawn its 'C' local currency and foreign currency ceilings for Venezuela in September 2022. Standard & Poors has also withdrawn its 'SD/D' foreign currency sovereign credit ratings and 'CCC-/C' local currency ratings on Venezuela in September 2021 due to lack of sufficient information. Fitch withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the imposition of U.S. sanctions on the country's government. VENEZUELA: Three Int'l Airlines Cancel Flights After US Warning --------------------------------------------------------------- Reuters reports that three international airlines canceled their flights departing from Venezuela last Saturday, Nov. 22, the day after the U.S. Federal Aviation Administration warned major airlines of a "potentially hazardous situation" when flying over the country. Brazil's Gol, Colombia's Avianca and TAP Air Portugal canceled their flights departing from Caracas, according to Flightradar24 and the official website of Simon Bolivar Maiquetia International Airport. Aeronautica Civil de Colombia said in a statement there were "potential risks" of flying in the Maiquetia area "due to the deterioration of security conditions and increased military activity in the region," according to Reuters. TAP Air Portugal confirmed it canceled its flights schedules, the report notes. "This decision follows information issued by the United States aviation authorities, which indicates that safety conditions in Venezuelan airspace are not guaranteed," the company told Reuters. Spain's Iberia also said it was canceling their flights to Caracas until further notice, the report relays. The Spanish company's flight scheduled to Madrid from Venezuela's capital departed, the report says. "The company will assess the situation to decide when to resume flights to that country," an Iberia spokesperson told Reuters. Copa Airlines and Wingo kept their flights departing from Maiquetia, the report relays. The U.S. FAA notice cited the "worsening security situation and heightened military activity in or around Venezuela" and said threats could pose risks for aircraft at all altitudes, the report discloses. There has been a massive American military buildup in the region in recent months, including the U.S. Navy's largest aircraft carrier, at least eight other warships, and F-35 aircraft, the report relays. Latam Airlines (LTM.SN) flight to Bogota scheduled has also been canceled, Flightradar24 says, the report notes. About Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean sea. The capital is the city of Caracas. Hugo Chavez was president to Venezuela from 1999 to 2013. The Chavez presidency was plagued with challenges, which included a 2002 coup d'etat, a 2002 national strike and a 2004 recall referendum. Nicolas Maduro was elected president in 2013 after the death of Chavez. Maduro won a second term at the May 2018 Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president. The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. Moody's has withdrawn 'C' local currency and foreign currency ceilings for Venezuela in September 2022. Standard & Poors has also withdrawn its 'SD/D' foreign currency sovereign credit ratings and 'CCC-/C' local currency ratings on Venezuela in September 2021 due to lack of sufficient information. Fitch withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the imposition of U.S. sanctions on the country's government. ********* 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 * * *