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251215.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 Monday, December 15, 2025, Vol. 26, No. 249 Headlines A R G E N T I N A ARGENTINA: Central Bank to Allow Banks to Provide Crypto Services ARGENTINA: Milei Cuts Export Taxes on Soy, Corn and Wheat BLOCKFI INC: Secures Final Court OK of $13MM Settlement B R A Z I L BRAZIL: Central Bank Holds Key Rate at Lofty 15% UNIDAS LOCACAOES: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos. D O M I N I C A N R E P U B L I C DOMINICAN REP: Massive Supermarket Imports Destroy MSME Industry DOMINICAN REP: Pork Production Set to Rise; Imports Still Essential E L S A L V A D O R BANCO DE DESARROLLO: Moody's Affirms 'B3' Long Term Issuer Rating M E X I C O CYDSA S.A.B: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable P U E R T O R I C O DORADO PUTT: Unsecured Creditors Will Get 100% of Claims in Plan - - - - - ================= A R G E N T I N A ================= ARGENTINA: Central Bank to Allow Banks to Provide Crypto Services ----------------------------------------------------------------- Reuters reports that Argentinian newspaper, La Nacion said that the Central Bank of Argentina (BCRA) is analyzing lifting the crypto ban on banks and allowing them to provide account holders with digital asset-related services, According to La Nacion, the new rules for banks could be ready as soon as April 2026, quoting sources close to the BCRA, says Reuters. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Milei Cuts Export Taxes on Soy, Corn and Wheat --------------------------------------------------------- Jonathan Gilbert at Bloomberg News reports that President Javier Milei's government reduced export duties on soybeans, corn and wheat as he seeks to make good on a repeated promise to do away with the levies, which have held back Argentina's farmers for years. "Eliminating export tariffs has always been a priority," Economy Minister Luis Caputo said in a post on X, according to Bloomberg News. "And we'll continue doing everything possible to achieve that goal as soon as possible," Bloomberg News relays. Caputo said that the lower tariffs are permanent, a sign that Milei is trying to boost the agriculture industry in the long run, Bloomberg News relays. Other reductions this year were for a limited period of a time only in an effort to accelerate trading and get dollars in the door quicker to help the government, Bloomberg News notes. Farming is a pillar of Argentina's economy, yet production has been hampered for two decades by government interventions and is falling further behind neighboring Brazil, Bloomberg News discloses. The two agricultural powerhouses are also navigating Donald Trump's trade war, with China purchasing more South American crops amid US tariffs, Bloomberg News relays. Argentine farmers are currently harvesting a huge wheat crop and planting soybeans, Bloomberg News says. The new tariff levels will be: Soy meal and soy oil: 22.5 percent, down from 24.5 percent; Soybeans: 24 percent, down from 26 percent; Wheat: 7.5 percent, down from 9.5 percent; Corn: 8.5 percent, down from 9.5 percent, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. BLOCKFI INC: Secures Final Court OK of $13MM Settlement ------------------------------------------------------- Emily Lever of Law360 reports that a New Jersey federal judge on December 5, 2025, granted final approval to a $13.2 million settlement resolving claims brought by investors who alleged losses tied to their dealings with the collapsed cryptocurrency lender BlockFi Inc. The ruling clears the way for compensation to be distributed to class members who claimed they were harmed when the company entered bankruptcy following industry-wide turmoil. As part of the approval, the court authorized payments of $10,000 to each qualifying class member. The settlement marks a significant recovery for investors seeking redress after BlockFi's failure, providing closure to litigation that emerged amid the broader instability in the digital asset lending sector, according to report. About BlockFi Inc. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi was building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. It made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan was assigned to the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. In October 2023, BlockFi announced that its bankruptcy plan became is effective, and the company emerged from bankruptcy. =========== B R A Z I L =========== BRAZIL: Central Bank Holds Key Rate at Lofty 15% ------------------------------------------------ The Wall Street Journa rleports that Brazil's central bank held its key interest rate steady at a steep level, as expected, and maintained its hawkish outlook as inflation remained above target. The bank's monetary policy committee, known as Copom, kept its Selic rate at 15% -- among the world's highest levels -- for a fourth consecutive meeting and gave no indication that a cut might be coming anytime soon, according to the report. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. UNIDAS LOCACAOES: Fitch Affirms 'BB-' IDR, Alters Outlook to Pos. ----------------------------------------------------------------- Fitch Ratings has affirmed Unidas Locacoes e Servicos S.A.'s (Unidas) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. Fitch has also affirmed Unidas' Long-Term National Scale Rating and its local senior unsecured issuances at 'AA(bra)'. Fitch has revised the Rating Outlook for the corporate ratings to Positive from Stable. The Positive Outlook reflects faster-than-expected deleveraging, with net leverage projected to remain below 3.5x within the rating horizon, alongside the preservation of Unidas' market position, stronger profitability, and increased revenue visibility driven by a higher contribution from fleet and equipment rentals. Fitch's view of declining interest rates over the coming years should further support cash flow and growth. The IDRs also reflect the company's moderate scale within Brazil's competitive car, fleet, and heavy machinery and equipment rental markets, balanced by high revenue predictability in some businesses. Fitch's analysis incorporates a positive track record of support from the controlling shareholder. Key Rating Drivers Above-Average Business Profile: Unidas' reasonable scale and business profile allow above-average bargaining power with original equipment manufacturers (OEMs) and enable the company to capture economies of scale. As of September 2025, Unidas' total fleet was around 117,000 vehicles: 56,700 in rent-a-car (RaC) and 60,400 in fleet and equipment rental. Fitch projects that the compound annual grow rate (CAGR) for the total fleet and net rental revenue will be around 1.4% and 5.3%, respectively, during the 2025-2029 period. Fitch forecasts net revenue of BRL7.4 billion in 2025, including BRL3.9 billion in rental revenue, with a year-end fleet of 114,700 vehicles. For 2026, Fitch projects net revenue of BRL8.2 billion, including BRL4.1 billion in rental revenue, with a year-end fleet of 114,400 vehicles. Solid Operating Margins: EBITDA should grow gradually based on organic growth and adequate margins. The rating scenario considers that balanced demand and supply dynamics, increasing rental rates, and a marginally improving used car sales market should enable a gradual return on invested capital (ROIC) spread recovery in late 2026 that is closer to historic levels. The maintenance of higher interest rates for a longer period may postpone spread normalization and is the main threat the industry faces. Fitch forecasts EBITDA of BRL2.6 billion (35% margin) in 2025 and BRL2.7 billion (33% margin) in 2026. Business Predictability: Unidas' strong and reasonably predictable operating cash generation, based on long-term contracts for fleet rental of light vehicles and heavy machinery and equipment, is positive for the ratings. Fitch expects the share in EBITDA for these segments to increase to 62% from 2025 on, compared to 47% in 2023 and 58% in 2024. The diversification among these segments and the RaC segment is important to the company's credit profile. Fitch expects Unidas to rightly price the sale of its light vehicles at the end of the contracts, as this is crucial for the rental companies. Negative FCF: The rating scenario considers that cash flow from operations (CFO) should gradually increase, along with EBITDA, to BRL1.6 billion in 2025 and BRL1.4 billion in 2026. Nevertheless, FCF should remain negative in the range of BRL600 million to BRL800 million due to average annual total capex of BRL5.7 billion from 2026 to 2029. This is partially funded the by sales of vehicles and an average dividend distribution of BRL100 million. Moderate Leverage: Adequate rental rates and a ROIC spread in line with historic industry levels should enable the company to conciliate its mild growth and fleet renewal with moderate financial leverage. Fleet growth should be primarily debt funded in the rating scenario. Consolidated net leverage (IFRS-16 adjusted), measured by net debt/EBITDA, should average 3.4x in 2025-2027, compared to an average of 4.2x from 2021 to 2024. In the last 12 months ended September 2025, total debt/EBITDA and net debt/EBITDA were 5.0x and 3.4x, respectively. Capital-Intensive Industry: The capital-intensive nature of the rental industry, which demands sizable and regular investments to grow and renew the fleet, pressures the financial profile of the companies in the sector during strong expansion periods. Therefore, lower funding costs and strong access to credit markets are key competitive advantages. On the other hand, the business model allows the companies to postpone fleet renewal and adjust its size, if needed. Peer Analysis Compared to Simpar S.A. (Local Currency and Foreign Currency IDRs BB-; long-term National Scale Rating AA(bra)/Stable), Unidas has a smaller scale, less diversified business portfolio. Unidas has higher profitability (EBITDA margins around 10% higher between 2025 and 2029) and lower net leverage compared to Simpar's 4.5x and strong liquidity position. Compared to Unidas, Localiza Rent a Car S.A. (Local Currency and Foreign Currency IDRs BB+; long-term National Scale Rating AAA(bra)/Stable) has significantly greater scale, stronger negotiating power with suppliers, and an overall more robust business profile. Localiza also has a stronger financial profile based on lower leverage around 2.5x, lower cost of capital and more proven access to credit markets. Fitch’s Key Rating-Case Assumptions - Average annual capex of BRL5.4 billion between 2025 and 2029; - Total fleet of 114,700 vehicles at YE 2025, 114,400 vehicles at YE 2026, and CAGR of 2.0% from 2026 to 2029; - Fleet rental rates higher, on average, at 4.6% between 2025 and 2029; - RaC rental rates higher, on average, at 4.1% between 2025 and 2029; - Dividends distribution of BRL100 million yearly starting in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Net debt/EBITDA consistently above 5.0x; - Deterioration of the company's business position; - Declining EBITDA and profitability levels; - Worsening liquidity profile; - A perception of lower financial flexibility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Preserve market position with margins at historical levels; - Net debt/EBITDA consistently below 4.0x. Liquidity and Debt Structure Unidas' adequate liquidity position and proven access to local funding are key credit considerations, with cash covering its short-term debt by an average over 2.7x during the last four years. The group's expected negative FCF, a result of organic growth and fleet renewal, should be financed by a combination of cash and additional debt in the rating scenario. As of September 2025, Unidas had BRL4.1 billion of cash and equivalents and BRL12.8 billion of total debt, with BRL2.5 billion due up to YE2026, BRL3.0 billion in 2027 and BRL3.9 billion in 2028. The group's consolidated debt is mainly comprised of local capital market debt (67%) and bank loans (32%). Unidas' financial flexibility is also supported by the group's ability to postpone growth capex in response to the economic cycle and by its considerable pool of unencumbered assets. The market value of the fleet is about 1.3x net debt. Issuer Profile Unidas is one of Brazil's largest providers of RaC, fleet rental, and heavy equipment and machinery rental services, and it also sells used vehicles and equipment. Its controlling shareholder is CEDAR Fundo de Investimento em Participações. Summary of Financial Adjustments - The non-cash costs related to the sale of long-lived assets will not impact FFO but will impact FCF; - All capex, growth and maintenance will be considered at the CFI. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our 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 ----------- ------ ----- Unidas Locacoes E Servicos S/A LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- Natl LT AA(bra) Affirmed AA(bra) senior unsecured Natl LT AA(bra) Affirmed AA(bra) =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Massive Supermarket Imports Destroy MSME Industry ---------------------------------------------------------------- Dominican Today reports that the Dominican Confederation of Micro, Small, and Medium Enterprises (Codopyme) expressed concern over denunciations by national cookie producers and the Dominican National Brewery, which have revealed the devastating impact of massive imports from supermarket chains on the local market. The MSMEs guild affirms that these new denunciations confirm what it has systematically warned about the supply model based on indiscriminate imports, which it points out is displacing Dominican production, destroying jobs, and putting at risk the sustainability of the national productive fabric, especially that of manufacturing MSMEs, according to Dominican Today. What Cannot Be Ignored? Fernando Pinales, president of Codopyme, maintains that cookie producers have reported a sharp drop in sales due to the aggressive increase in imported products, many of which lack proper controls or have prices impossible to compete with under asymmetrical conditions, the report relays. He adds that the beer industry, as seen in the recent case between Cervecería Nacional Dominicana and imported Wala beers, shows that even large-scale industrial sectors are affected by this practice, the report discloses. Damage to Manufacturing MSMEs Codopyme expressed in a note that for months it has warned that private labels and direct purchases at origin by supermarkets are displacing thousands of national producers, particularly micro and small companies that cannot compete on equal terms, the report says. They point out that this situation puts at stake thousands of direct and indirect jobs generated by manufacturing MSMEs, the national agricultural and industrial value chain, the fiscal sustainability of the country due to the reduction of domestic production, food security, and the ability to produce essential goods locally, and the industrial diversification that the Dominican Republic has built over decades, the report notes. The entity made an urgent call to the Government, the National Congress, and the regulatory agencies to adopt immediate measures and to review the import practices of supermarket chains, ensuring that there are no abuses of dominant positions or unfair competition practices, the report relays. Codopyme also urged the authorities to establish clear rules for the participation of domestic producers on supermarket shelves, similar to models in other countries in the region, and to strengthen the Internal Trade Directorate to ensure the practical defense of the interests of domestic producers and MSMEs, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. DOMINICAN REP: Pork Production Set to Rise; Imports Still Essential ------------------------------------------------------------------- Dominican Today reports that domestic pork output in the Dominican Republic is expected to climb by 6%-8% this year, offering a promising boost ahead of the holiday season. However, this improvement doesn't eliminate the need for imports, Agriculture Minister Limber Cruz cautioned, particularly given ongoing challenges related to African swine fever (ASF), according to Dominican Today. Speaking just two weeks before Christmas, Cruz emphasized that while staple food supplies like chicken, rice, and potatoes are stable, pork production alone won't meet local demand, the report notes. Historically, the country's farms have only supplied around 70% of pork consumption, meaning imports, mostly under the DR-CAFTA agreement, remain critical this season, the report relays. These imports are no small expense. Fedoporc president Miguel Angel Olivo reports that the country will spend over USD300 million to bring in pork, mostly from the United States, the report says. Before ASF, local slaughterhouses processed between 100,000–110,000 pigs per month, now that figure has plummeted to around 35,000, according to Olivo, the report notes. Still, the rise in production offers a silver lining for small-scale farmers who supply the smaller "Christmas roast" pigs beloved by Dominican families, the report discloses. Olivo noted confidently that there should be no shortages of these seasonal favorites thanks to strong performance from small producers of piglets, the report says. To fortify the industry, the Ministry of Agriculture and the Banco Agricola have launched the Porcine Biosafety Investment Fund, the report relays. This USD 10 million initiative -- equally co-funded by the U.S. USDA's APHIS -- will provide targeted loans to farms meeting stricter biosecurity standards, the report notes. The aim: to reduce disease spread and stabilize long-term domestic production, adds the report. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ===================== E L S A L V A D O R ===================== BANCO DE DESARROLLO: Moody's Affirms 'B3' Long Term Issuer Rating ----------------------------------------------------------------- Moody's Ratings has affirmed all ratings and assessments assigned to Banco de Desarrollo de El Salvador (Bandesal), including the bank's foreign currency long-term issuer rating at B3, and its baseline credit assessment (BCA) and adjusted BCA, both at b3. The bank's long-term and short-term counterparty risk ratings of B2/NP and long-term and short term counterparty risk assessments (CRAs) of B2(cr)/NP(cr) were also affirmed. The outlook of the long-term issuer rating remains stable. RATINGS RATIONALE In affirming Bandesal's B3 issuer rating and b3 BCA, Moody's recognizes the bank's strong capitalization—its key credit strength—along with improved profitability metrics and early signs of asset quality stabilization, which Moody's expects to persist over the next 12 to 18 months. Moody's also anticipates broad stability in funding from multilateral organizations and continued improvement in liquidity metrics as credit growth moderates. Bandesal's strong capitalization provides a substantial buffer to absorb losses and support its loan growth strategy. In Q3 2025, tangible common equity (TCE) represented 44.4% of risk-weighted assets (RWA), up from 41.8% at year-end 2024. Moody's expects this ratio to remain broadly stable over the next 12 to 18 months, supported by improved earnings generation, moderate loan growth, and controlled dividend payments to the government. Since 2021, the bank has accelerated the expansion of its direct lending portfolio to small and medium-sized enterprises, now representing 40% of its loan book, while maintaining indirect lending through other financial institutions at 60% as of September 2025. This shift has increased asset risk, with problem loans peaking at 4.7% in December 2024 but improving in 2025 as underwriting standards strengthened and credit growth moderates. As of September, problem loans declined to 3.1% from 4.3% a year earlier, while loan growth remained broadly flat as of September 2025 following an average annual increase of 8.3% over the past three years. Moreover, loan-loss reserves also rose to 117% of problem loans, up from 78%, providing a stronger buffer against unexpected losses. Moody's expects this positive trend in asset quality to continue over the next 12 to 18 months. Moody's expects future profitability to benefit from the bank's direct lending platform and lower funding costs as international interest rates gradually ease. However, bottom-line results are likely to moderate as the bank strengthens provisioning standards to reflect its riskier asset mix. Net income to tangible banking assets reached a historic high of 2.1% in September 2025, up from 1.6% a year earlier, supported by higher-yielding loans and improved efficiency metrics. This performance also reflected a reversal of loan-loss provisions, which accounted for 20.7% of pre-provision income. As a non-deposit-taking institution, Bandesal relies primarily on funding from multilateral organizations. While this base remains concentrated, it has helped mitigate refinancing and interest rate risks, supporting stronger margins. Bandesal's B3 issuer rating is constrained by the Government of El Salvador's sovereign rating, reflecting Moody's views that as a state-owned bank, Bandesal's creditworthiness is intrinsically interlinked with that of the government. These interlinkages are mainly related to the impact of the sovereign credit profile on the bank's operating and funding structure. As a government-owned development institution, Bandesal has a public mandate fully aligned to the government's economic and social development agenda with a funding limitation to multilaterals resources. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The B3 issuer rating of Bandesal is positioned at the same level of the sovereign bond rating and its BCA remains constrained by the sovereign rating. The bank's BCA and rating could be upgraded if the Government of El Salvador's sovereign bond rating was upgraded, provided that the bank's financial profile remained sound. Conversely, downward pressure on the bank's ratings would arise following a downgrade of the sovereign rating. On a standalone basis, its BCA of b3 could be affected by a sharp and unexpected deterioration in asset quality as the bank advances its direct lending strategy, or by a material decline in profitability. The principal methodology used in these ratings was Banks published in November 2025. 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. =========== M E X I C O =========== CYDSA S.A.B: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Cydsa, S.A.B. de C.V.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) and senior unsecured debt at 'BB+'. The Rating Outlook is Stable. The ratings reflect Cydsa's mid-sized operations, limited geographic diversification, and exposure to price volatility in its chlorine and caustic soda business. Cydsa benefits from a diversified business mix, low costs, resilient operations, vertical integration, and strong domestic brand recognition in table salt. The ratings are limited by its scale and geographic diversification. The Stable Outlook reflects strong operating results, with EBITDA margins expected to hover around 29% over the next three years, driven by demand, efficiencies, and improved pricing in the Salt and Chlorine & Caustic Soda segments. FCF should remain positive through the cycle, despite a one-off increase in capex in 2026 due to turbine maintenance. Key Rating Drivers Midsize Producer: Cydsa is a midsize, vertically integrated, domestically focused chemical company in Mexico (BBB-/Stable) with a diversified portfolio of products and services. Fitch estimates that 30% of EBITDA comes from the Salt segment, which adds stability to the company's more volatile chemicals portfolio and is a key rating differentiator compared with pure chemical peers in the region. Cydsa's operating scale and geographic footprint place it in the 'BB' category. Resilient Operating Performance: Fitch projects EBITDA of MXN4.2 billion in 2025 and a margin of 26%, reflecting higher one-off costs that increased electricity consumption from the grid. The Salt and Chlorine & Caustic Soda segments, which have demonstrated resilient demand and operating efficiencies, along with a more favorable pricing environment, should help keep margins at around 29% over the next three years. Cydsa's share of installed chlorine-caustic soda capacity in Mexico increased to 59% as of 3Q25, from 51% in FY 2023, following the completion of the membrane plant in Coatzacoalcos, Veracruz, with a capacity of 220,000 electrochemical units (ECUs). Positive FCF: Fitch estimates Cydsa will be FCF positive over the rating horizon, despite a one-off increase in capex in 2026 due to turbine maintenance. Fitch projects aggregate capex of USD250 million between 2026 and 2028, of which around 60% is growth capex that could be adjusted according to market conditions, supporting financial flexibility. This expectation also includes average dividend payments of USD15 million per year. Deleveraging Capacity: Fitch projects net leverage of 3.0x and gross leverage of 3.5x in 2025, with a clear deleveraging path toward 2.0x and 2.3x, respectively, by 2027. Fitch expects Cydsa to fund its operations with internal cash flow and incur no major incremental debt. This should strengthen Cydsa's cash flow profile and provide additional deleveraging headroom. Peer Analysis Cydsa is well positioned relative to small scale chemical producers with limited regional diversification, which are typically rated in the low 'BB' or below rating categories. Cydsa's business profile is more diversified, and its cash flows are more stable than those of Braskem Idesa, SAPI (RD). Cydsa's business profile is supported by the strong brand recognition of its household salt products, and its cost position in its chlorine-alkali chain segment benefits from important investments in technology and operations in the energy processing and logistics. Larger and more diversified chemical companies with lower leverage, including Orbia Advance Corporation, S.A.B. de C.V. (BBB-/Stable) or Alpek, S.A.B. de C.V. (BBB-/Negative), are typically rated in the low to mid 'BBB' category due to their stronger financial markets access and broader geographic diversification. Chemical companies rated in the 'BBB' category tend to be product leaders across broader regions, often spanning several continents. Fitch’s Key Rating-Case Assumptions - Cydsa generates annual EBITDA in the range of MXN4.0 billion to MXN5.5 billion between 2025 and 2027; - Salt revenue of USD310 per metric ton in 2025, with an average of USD313 in 2026 and 2027; - Salt volumes grow at nearly 0.5% per year from 2025 to 2027, in line with expected population growth; - Caustic soda reference prices of USD680 per metric ton in 2025, USD705 in 2026 and USD790 in 2027; - Capex of roughly USD82 million in 2025, USD120 million in 2026 and USD70 million in 2027; - Fitch estimates dividends of USD15 million from 2026 to 2027 and share buybacks of USD6 million per year. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectation of sustained net debt/EBITDA above 3.0x on a consolidated basis, and gross debt/EBITDA above 4.0x; - A further steep decline of chlorine and caustic soda prices that erodes Cydsa's EBITDA or competitive dynamics, weakening Cydsa's caustic soda business; - Material increases in dividends that impacts liquidity; - Any change or disruption in the contract with PEMEX for the underground storage business could pressure the ratings; - Large debt-financed acquisitions or investments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA of at least USD400 million and adequate portfolio diversification; - Sustained net debt/EBITDA below 1.5x and gross debt/EBITDA below 2.0x. Liquidity and Debt Structure Fitch believes Cydsa will fund its operations with internal cash flows and without material incremental debt. As of Sept. 30, 2025, the company had cash and equivalents of MXN2.2 billion, which covers 3.5x of its short-term debt. The ratings base case assumes that debt will be at or below MXN14 billion over the next three years. Additionally, Cydsa has actively reduced its exposure to USD-denominated debt to 43% of the total debt balance in September 2025, down from 66% in 2023. Issuer Profile Cydsa, S.A.B. de C.V. is a mid-scale chemical producer in Mexico, with a diversified portfolio of products. The company manufactures and commercializes salt for household and food industry use, as well as chlorine-caustic soda, refrigerant gases and also operates underground hydrocarbon storage. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our 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 ----------- ------ ----- Cydsa, S.A.B. de C.V. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ===================== P U E R T O R I C O ===================== DORADO PUTT: Unsecured Creditors Will Get 100% of Claims in Plan ---------------------------------------------------------------- Dorado Putt PR LLC filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement describing its Plan of Reorganization dated December 2, 2025. The Debtor was incorporated on August 19, 2022 as a limited liability corporation pursuant to the laws of the Commonwealth of Puerto Rico. Its sole purpose was to invest in other companies with high growth potential. As part of its investment strategy, Debtor decided to invest in Promethean Fund IV, LP ("Promethean" or the "Fund"), which is a private equity fund formed in 2022 and managed by Promethean Investments, located in Edinburgh, United Kingdom. In accordance with the Private Placement Memorandum submitted to Debtor, Promethean was formed to invest in the "consumer, leisure, entertainment, and hospitality sectors in the United States and the United Kingdom." Promethean made a capital call to all the limited partners who participated in the Backstop, which Debtor understands is unwarranted and artificially created by BlackRock and Promethean. After Debtor and other limited partners refuse to pay the capital call, Promethean filed an arbitration proceeding to collect the capital calls. Even though Debtor made various good faith settlement offers to Promethean to pay the capital call over time to avoid litigation, Promethean rejected Debtor's offers, which prompted the bankruptcy filing. The Debtor's Plan contemplates the collection of capital, either directly or through payments on the Capital Contribution Note, from the Debtor's majority member to pay 100% of all claims. With such funds, Debtor will pay 100% of all Allowed Administrative Expense Claims, 100% of all Allowed Priority Tax Claims, 100% of the rejection damages claims of all rejected executory contracts; and 100% of all Allowed General Unsecured Claims. Class 1 consists of the Allowed General Unsecured Claims. Holders of General Unsecured Claims will be paid in full satisfaction of their claims, 100% of their allowed claims, together with interest at 5.5% per annum, or at such other rate as is determined to be a market rate by the Bankruptcy Court, from the petition date to the payment date, funded from the capital contributions to be made by Debtor's majority Member, in a period not exceeding twelve months, with payments to commence after payment in full of the Class 2 Claims if necessary. Class 1 is impaired under the Plan, and the holders of such claims will be entitled to vote to accept or reject the Plan. The allowed unsecured claims total $266,279.76. Class 2 consists of the Allowed Rejection Damages Claim of Promethean. Promethean as a holder of a rejection damages claim estimated in the amount of $250,000 (comprised basically of legal fees) will receive 100% of its allowed claim, together with interest at 5.5% per annum, or at such other rate as is determined to be a market rate by the Bankruptcy Court, funded from capital contributions to be made by Debtor's majority Member. The holders of Membership Units will not receive any distribution under the Plan but will retain their interest in Debtor unaltered. The Debtor's proposed payments to ALL classes in the Plan will be funded from the capital contributions to be made by Debtor's single largest member, and cash available in Debtor's DIP accounts. A full-text copy of the Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=JRrUJ9 from PacerMonitor.com at no charge. Counsel to the Debtor: Alexis Fuentes-Hernandez, Esq. FUENTES LAW OFFICES, LLC San Juan, PR 00902-2726 Tel. (787) 722-5215, 5216 Fax. (787) 483-6048 E-Mail: fuenteslaw@icloud.com 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. ********* 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 * * *