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251217.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, December 17, 2025, Vol. 26, No. 251 Headlines A R G E N T I N A ARGENTINA: Thousands Protest as Milei-backed Mining Bill Wins OK ARGENTINA: UK Denies Milei's Claim Over Lifting of Arms Sales B R A Z I L AZUL SA: U.S. Court OKs Plan; Signals Hard Reset For Airline Market C O L O M B I A BANCO DAVIVIENDA: Fitch Affirms BB+ Long-Term IDR, Outlook Negative SCOTIABANK COLPATRIA: Fitch Lowers IDR to 'BB+', Outlook Negative E C U A D O R GUAYAQUIL MERCHANT: Fitch Affirms 'BB-' Rating on 2019-1 Notes H A I T I HAITI: U.S. to Extend HOPE/HELP Program to Protect Jobs H O N D U R A S INVERSIONES ATLANTIDA: Fitch Lowers Long-Term IDR to 'CCC' J A M A I C A JAMAICA: Government Revises Fiscal Targets M E X I C O DEL MONTE: Continues to Search for Buyer in Chapter 11 P E R U PERU: Gets $307MM IDB Loan to Expand Stormwater Drainage Services P U E R T O R I C O BEYOND MANAGEMENT: Unsecureds Will Get 1.78% of Claims in Plan - - - - - ================= A R G E N T I N A ================= ARGENTINA: Thousands Protest as Milei-backed Mining Bill Wins OK ---------------------------------------------------------------- Buenos Aires Times reports that lawmakers in Mendoza Province approved a controversial mining project despite fierce opposition from thousands of local residents who fear its environmental impact on access to water. Following a vote in the provincial lower house, Mendoza senators endorsed a package of copper and gold mining proposals that have the support of President Javier Milei's national government, according to Buenos Aires Times. Ahead of the legislative debate, protesters had rallied in the provincial capital to pressure lawmakers to reject the proposals, the report notes. Highlighting concerns over mining projects and their impact on the local area, many held up signs reading: "El agua de Mendoza no se negocia" ("Mendoza's water is not up for negotiation"), the report relays. Local authorities deployed a large security operation involving more than 500 police officers and fencing blocking off access to the legislature, the report discloses. Named "San Jorge," the Uspallata project - in Argentina's west, near the Chilean border - involves an investment of more than US$500 million, the report says. The bill authorizes the development of the mining concession and clears the way for an open-pit copper mine and gold operation across the defined parcels of the project area, the report notes. It is backed by provincial Governor Alfredo Cornejo, a leader from the Union Civica Radical (UCR), the report relays. An environmental impact statement of the project was approved by a wide majority in both chambers, the report notes. "San Jorge is the gateway for Mendoza to engage in mining and position itself globally as a province with mining potential," ruling-party senator Natacha Eisenchlas said in closing the debate, the report says. The report discloses that after the vote, the project's CEO, Fabian Gregorio, said in a statement that approval "allows us to take another step" and that "a phase of technical feasibility work now begins." Resistance The project has faced resistance from local residents, the report relays. In recent weeks there have been demonstrations in towns such as Uspallata, San Carlos, Lavalle and the provincial capital of Mendoza, the report notes. A group of around 2,000 protesters – made up of assemblies from different towns in the region, social organisations and members of political parties – set off in a caravan, marching from Uspallata, the epicentre of the main mining project, to the local legislature, the report relays. The two-day "Asamblea por el Agua de Uspallata" covered over 100 kilometres, passing through Potrerillos, Cacheuta, Blanco Encalada and Luján de Cuyo before reaching the capital, the report discloses. All along the route stopping points every seven or eight kilometres had been organised for water, food and rest zones, permitting more people to join the march on bicycles or in vehicles, the report says. Parallel caravans from Lavalle, Valle de Uco and Eastern Mendoza joined the rally as it approached the provincial capital, the report notes. The rallies were the largest mobilisations by the Mendoza environmental movement since the mass demonstrations of 2019 against Law 7722, the report relays. Critics say the Proyecto San Jorge bill - recently rebranded PSJ Cobre Mendocino (Mendoza Copper) - represents a grave risk to the availability of water in the region, the report notes. "Most scientific reports are negative or worrying," said Carlos Russo, a member of the Pure Water Assembly of Las Heras – the jurisdiction to which Uspallata belongs, the report says. "It is an area of pristine waters, of springs, and downstream, there are one-and-a-half million of us living there," he added. Opposition Peronist Senator Félix González (Partido Justicialista) argued that the project's environmental impact statement is inaccurate, the report says. He predicted that legal action was "almost certain," the report discloses. Milei-Backed Bill The report relays that President Milei waded into the row, describing the push as "an enormous opportunity for Mendoza." He said that it would bring in "an investment of US$500 million to mine 40,000 tons of concentrated copper annually." "To nobody's surprise, Kirchnerism is not joining in, following their line of the last 25 years of always being against the private sector, investment, progress and employment," said the head of state, the report notes. The report relays that the President also declared his support for the province, describing it as "highly competitive." "Mendoza has positioned its emblematic wines in the most demanding markets of the world. With the same competitive level, it is now seeking to position itself as a mining producer," the report discloses. He also pointed out that the "new" Argentina will grow via "the three main vectors of the economy: agriculture, energy and mining," the report notes. Milei has repeatedly stated his desire to turn Argentina into a major copper-exporting power, following the example of neighbouring Chile, the world's leading producer with reserves greater than Argentina's, the report says. The national government plans to send a bill to Congress in the coming days that would reform Argentina's Glacier Protection Law. The initiative aims to give provinces more freedom to move forward with mining projects, the report notes. According to the Cámara de Empresas Mineras, Argentina could triple its copper exports - about US$4.6 billion in 2024 - by 2032, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: UK Denies Milei's Claim Over Lifting of Arms Sales ------------------------------------------------------------- Buenos Aires Times reports that the United Kingdom has pushed back on a claim by President Javier Milei stating that Argentina is in negotiations with London to lift a weapons ban that has been in place since the Malvinas (Falklands) War over 40 years ago. In an interview with British newspaper The Daily Telegraph newspaper, Milei said the government has begun speaking to Downing Street about the arms export restrictions, according to Buenos Aires Times. He suggested those talks had been delegated to the Defence Ministry. But a British Foreign Office spokesperson denied those claims in a statement, saying: "There are no specific talks with Argentina about the UK relaxing its arms export controls," the report notes. The Islas Malvinas, known as the Falkland Islands in the UK, is a self-governing British overseas territory. Home to just over 3,000 people, it lies nearly 13,000 kilometres (8,000 miles) from London and just 480 kilometres from the coast of Argentina, the report says. Then-UK prime minister Margaret Thatcher sent a military taskforce to reclaim the islands in 1982 after Argentina, then led by a brutal military dictatorship, sent troops to invade and assert its sovereignty claim, the report discloses. A total of 649 Argentines, 255 Britons and three islanders were killed in 74 days of fighting, the report relays. Since then, Britain has a policy of continuing "to refuse licences for export and trade of goods judged to enhance Argentine military capability," according to the UK government's website, the report relays. The report notes that asked if negotiations to allow the sale of weapons with British components to Argentina had begun, Milei told the Telegraph in his interview: "Absolutely." "There are no world powers without military power," he told the right-wing newspaper, the report relays. "There is no country that counts in the international context if they can't defend their borders," he added. The Telegraph said the talks were being propelled by a "lobbying effort . . . from Argentina and the US to change the rules," the report notes. A Downing Street spokesperson denied any "specific" talks on the arms embargo are underway, the report discloses. The British government statement did say that Prime Minister Keir Starmer's Labor administration was interested in discussions in other areas, the report relays. "More broadly, we look forward to deepening our co-operation with Argentina across areas including trade, science and culture to deliver growth for the British people," it added. Diplomatic sources in Buenos Aires say Milei's government is also keen to boost trade, the report notes. Historic Visit on Way? Milei also told the paper he intends to visit Britain, with a trip pencilled in for April or May next year, the report says. The last Argentine president to visit the United Kingdom was Carlos Menem, when he traveled to London in October 1998, the report recalls. The Telegraph said Milei intends to meet with Prime Minister Sir Keir Starmer, as well as opposition leaders, including far-right Reform Party leader Nigel Farage, the report notes. The report notes that Milei, who has previously described Thatcher as one of his political idols, praised Farage's "vision" and said he would "learn a lot" on a trip to the UK. The UK PM has also been invited to Buenos Aires for an official visit, he confirmed, the report relays. The La Libertad Avanza leader also suggested he wanted to see the Malvinas given over to Argentina via diplomatic means, the report notes. "Since I consider that the solution is to be sought through peaceful and diplomatic solutions, I think that the best way to show the willingness on the part of Argentina is to show that we also have a commercially adult relationship," Milei told the Telegraph, the report says. "Sovereignty of the Falkland Islands is not up for negotiation and we will defend its right to self-determination," responded the UK government in its statement, the report relays. Britain insists it has historically ruled the islands and notes that residents voted 99.8 percent in favour of remaining British in a 2013 referendum, the report notes. Argentina has claimed the archipelago, located some 600 kilometres off its coast in the South Atlantic, for nearly 200 years, the report discloses. It says its claim lies in the fact that the United Kingdom "occupied the islands by force in 1833, expelled the original population and did not allow their return, violating Argentina's territorial integrity," the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== AZUL SA: U.S. Court OKs Plan; Signals Hard Reset For Airline Market ------------------------------------------------------------------- Rio Times Online reports that a U.S. bankruptcy judge has confirmed Azul's restructuring plan, pushing the carrier into the final stage of Chapter 11. The ruling in the Southern District of New York, by Judge Sean H. Lane, allows Azul to implement the deal, according to Rio Times Online. Azul says the plan cuts net debt from about $7.0 billion to roughly $3.7 billion. In reais, it described a drop from over R$37 billion ($7.0 billion) to about R$19.9 billion ($3.8 billion), the report notes. The mechanics are straightforward. Parts of creditor claims convert into shares. Lease contracts are renegotiated. Some aircraft may be returned if terms do not improve, the report relays. Fresh capital is central. Azul set out an equity rights offering of up to $950 million, the report notes. It says $850 million is backstopped by strategic partners, the report discloses. Reuters reported United Airlines and American Airlines agreed to invest up to $300 million in Azul equity, the report says. The expectation is minority stakes and board influence, plus closer commercial cooperation, the report relays. For Azul, that can improve international connectivity and feed passengers into Brazil's domestic network, the report says. The story behind the story is why a Brazilian airline is being rebuilt in a U.S. courtroom. Aviation finance is largely dollar-based, the report relays. Many leases and bond terms are tied to New York law. When the real weakens, fuel and lease costs rise in local terms, the report discloses. The report notes that add pandemic-era balance-sheet damage and aircraft delivery disruptions, and cash buffers shrink fast. The short-term message is stability. Azul says it is operating normally, including loyalty programs and customer support, the report relates. The longer-term message is discipline. A confirmed plan forces timelines, governance changes, and hard trade-offs, the report relays. It leaves little room for comforting promises, the report says. Azul's target is to exit Chapter 11 in early 2026. If it delivers, Brazil avoids a disorderly failure that would have hit routes, jobs, and regional access, the report adds. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. =============== C O L O M B I A =============== BANCO DAVIVIENDA: Fitch Affirms BB+ Long-Term IDR, Outlook Negative ------------------------------------------------------------------- Fitch Ratings has affirmed Banco Davivienda S.A.'s (Davivienda) Long and Short Term Local and Foreign Currency Issuer Default Ratings (IDRs) at 'BB+' and 'B', respectively. Fitch has also affirmed Davivienda's Viability Rating (VR) at 'bb+'. The Outlook for the Long-Term IDRs is Negative. The rating actions follow the closing of the transaction under which Davivienda will integrate The Bank of Nova Scotia's (BNS) operations in Colombia, Costa Rica, and Panama into Davivienda Group S.A. The closing was announced on Dec. 1, 2025, following the initial agreement disclosed on Jan. 6, 2025. As Davivienda previously disclosed, in Colombia and Costa Rica the BNS operations will operate independently from Davivienda's operations during the initial integration phase. During this period, the BNS banks in those countries will operate under the DAVIBank brand. In Panama, upon closing, Banco Davivienda Panama has incorporated the assets and liabilities of BNS's local operation, consolidating both into a single entity operating under the Davivienda brand. No rating action was taken on Davivienda's national ratings or on other Davivienda subsidiaries and related entities, such as Grupo Bolivar. The affirmation of Davivienda's ratings reflects Fitch's view that the transaction does not impact the bank's operations, strong business profile, or financial performance. Key Rating Drivers Davivienda's IDRs are driven by its VR, which is one notch above the 'bb' implied VR and reflects the bank's strong business profile. This positively affects Davivienda's credit profile, reflecting its leading market position in Colombia as the second-largest bank and adequate franchise in Central America. This assessment also factors in sound risk management, a recovery in financial performance despite the recent challenging operating environment (OE), as well as its good capital position, and large, stable deposit base. With the incorporation of BNS operations in Costa Rica and Panama, Davivienda reports pro forma increases of 14% in gross loans and 18% in both deposits and equity as of September 2025. Following completion of the transaction, Davivienda expects a 20-30 basis point increase in its Common Equity Tier 1 Ratio. Fitch has assessed that, with the integration of BNS operations in Costa Rica and Panama, Davivienda's quantitative and qualitative factors remain commensurate in its current rating category. Upside potential is limited by operating environment constraints, integration challenges, and the ongoing work to normalize asset quality and profitability —mainly in Colombia —which will depend on disciplined lending standards and the pace of growth. For more on Davivienda's key rating drivers, see "Fitch Affirms Davivienda's IDR at 'BB+'; Outlook Negative," published on Nov.18, 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade VR and IDRs - Ratings could be downgraded if asset quality deterioration is not contained below 4% and the operating profit-to-RWAs ratio consistently falls below Fitch's 1.25% expectation over the next 12-24 months, leading to a sustained CET1 ratio consistently below 10%; - A deterioration in Fitch's assessment of Davivienda's business or risk profiles could also trigger a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade VR and IDRs - Given the OE constraints, a ratings upgrade is unlikely in the medium term; - Over the longer term, an upgrade could occur if the OE improves and the bank's financial profile strengthens. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS - Davivienda's AT1 notes are rated four notches below its VR. This reflects higher loss severity due to deep subordination and additional nonperformance risk relative to the VR, given the high CET1 writedown trigger of 5.125% and full coupon cancellation discretion. The notes were affirmed following the affirmation of Davivienda's VR. - Davivienda's Tier 2 subordinated notes are rated two notches below its 'bb+' VR, reflecting loss severity only. No non-performance notching is applied because the notes lack additional loss-absorption features. The notes have limited loss-absorption capacity due to their relatively low principal writeoff trigger (regulatory CET1 at or below 4.5%). Fitch believes the trigger would not activate early enough to prevent a non-viability event for the bank. The bank's Government Support rating of 'bb' reflects Davivienda's size, systemic importance and the sovereign's historical support policy. Fitch believes there is a high probability of sovereign support. Colombia's ability to provide such support is reflected in the sovereign's Long-Term IDR (BB+/Negative). OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Davivienda's subordinated and junior subordinated debt ratings will reflect any action on the bank's VR. - Davivienda's GS is sensitive to changes in assumptions about Colombia's propensity or ability to provide timely support to the bank. VR ADJUSTMENTS The Business profile score of 'bbb-' is above the 'bb' category implied score due to the following adjustment reason(s): Business model (Positive). The Earnings & profitability score of 'bb-' is above the 'b & below' category implied score due to the following adjustment reason(s): Historical and future metrics (Positive). The Viability Rating of 'bb+' is in line with the implied Viability Rating. The following factor(s) was identified as relevant: Business profile (Positive). 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 ----------- ------ ----- Banco Davivienda S.A. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability bb+ Affirmed bb+ Government Support bb Affirmed bb Subordinated LT BB- Affirmed BB- junior subordinated LT B Affirmed B SCOTIABANK COLPATRIA: Fitch Lowers IDR to 'BB+', Outlook Negative ----------------------------------------------------------------- Fitch Ratings has removed DAVIbank S.A. (formerly Scotiabank Colpatria S.A.-SBC) Long and Short Term Local and Foreign Currency Issuer Default Ratings (IDRs), National Long-Term Rating, and Shareholder Support Rating from Rating Watch Negative (RWN). At the same time, Fitch downgraded DAVIbank's Long-Term and Short-Term IDRs to 'BB+' and 'B' from 'BBB-' and 'F3', respectively, and its Shareholder Support Rating (SSR) to 'bb+' from 'bbb-'. The Rating Outlook on the Long-Term IDRs is Negative, aligned with that of Banco Davivienda (Davivienda) and the sovereign. Fitch also affirmed the bank's Viability Rating (VR) at 'bb', and its Colombian national ratings, including the local senior unsecured debt, at 'AAA(col)' and 'F1+(col)'. The Rating Outlook on the national Long-Term rating is Stable. The RWN on DAVIbank's local subordinated debt was also removed, and the rating was downgraded to 'AA(col)' from 'AAA(col)'. The rating actions on DAVIbank follow the closing of the transaction announced in early 2025, to integrate The Bank of Nova Scotia's (BNS) operations in Colombia, Costa Rica, and Panama into Davivienda Group S.A. (DaviGroup). The transaction closed and was announced on Dec. 1, 2025. DAVIbank is now consolidated under the newly created holding company DaviGroup and will operate independently from Banco Davivienda during the integration process. This also led to a change in the bank's legal name and commercial brand to DAVIBank S.A. As previously announced by Fitch, DAVIbank's ratings and Outlook have converged toward those of Davivienda, which are driven by Davivienda's intrinsic credit profile as reflected in its VR. The Outlook on DAVIbank's Long-Term IDRs is Negative, in line with Colombia's sovereign rating. Key Rating Drivers Shareholder Support from Davivienda: DAVIBank S.A.'s IDRs and national ratings reflect Fitch's view of the support it would now receive from its sister company, Banco Davivienda S.A. (Davivienda; BB+/Negative), if needed, as indicated by DAVIbank's Shareholder Support Rating (SSR) of 'bb+'. DAVIbank's SSR was downgraded to 'bb+' from 'bbb-' following the change in control upon the completion of the transaction and do not reflect a deterioration on DAVIbank's financial profile. As a result, DAVIbank's Long-Term Foreign-Currency and Local-Currency IDRs and their Outlook are aligned with those of Davivienda. Core Subsidiary: Fitch's support assessment is primarily influenced by DAVIbank's key role for Davivienda and for its holding company, DaviGroup, within their local and international strategy, as DAVIbank contributes to expanding the parent's local and regional presence. The assessment also considers the reputational risks that the Davivienda group could face in the event of a possible default of its subsidiary. No rating actions were taken on other related entities. Viability Rating: DAVIbank's 'bb' Viability Rating (VR) is driven by its business profile and is expected to benefit from its linkage to DaviGroup. The VR also reflects the bank's improving financial performance and tight, but strengthening, capital metrics. Challenged, Improving Asset Quality: DAVIbank's asset quality has improved, supported by higher loan growth (8.8% YTD as of 3Q25) and significant charge-offs taken in 2023-2024. As of September 2025, the 90-day NPL ratio was 3.0% (December 2024:3.6%). Fitch expects this ratio to remain in the 3.0%-3.5% range in the short term. Recovering Profitability: After two years of weakening profitability, DAVIbank's operational and net income improved in 2025. This is a consequence of the loan growth and lower loan impairment charges (LIC) amid decreasing NIM and higher income from fees and commissions. Positive margin trends, a stabilized operating environment (OE), and efficiency gains under the new structure should support the bank's recovery, enabling break-even by end-2025 and a more pronounced rebound in 2026. The positive trend in the 'b' earnings and profitability factor could be affected by transaction and operational risks during consolidation, although this is not Fitch's base case. Tight, Improving Capitalization: As of September 2025, the bank's CET1 to RWA ratio was 9.3% (Dec. 24: 7.5%), supported by a recent capital injection ahead of the transaction and lower pressure from LIC. The bank's ratio remains lower than that of its local and international peers. DAVIbank's regulatory capital ratio was 11.5% as of September 2025 and includes subordinated debt and perpetual bonds classified by the regulator as Additional Tier 1 (AT1) capital. Fitch expects the CET1 ratio to remain low but improve relative to 2023 and 2024 levels. Adequate Funding Profile: As of September 2025, DAVIbank's loan-to-deposit ratio was 98.4%, comparable to that of local peers. The bank's main source of funding is customer deposits, which are predominantly retail and have grown in line with the loan portfolio. Fitch expects the bank to maintain its adequate liquidity management, with its core ratio remaining around 100% in the midterm. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating actions on Davivienda's IDRs and national ratings would trigger similar actions on DAVIbank's IDRs, SSR, and national ratings; - The bank's IDRs could also be affected by a negative sovereign rating action; - DAVIbank's VR could be pressured by deteriorating asset quality that weakens its financial performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Given the constrained OE and the current Negative Outlook on the IDRs, an upgrade is unlikely in the medium term; - The VR has limited upside in the short to medium term; however, a sustained return to significantly stronger profitability and a CET1 ratio consistently above 10% could support an upgrade; - The national ratings do not have upside potential, as they are already at the highest possible local rating. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Senior Unsecured and Subordinated Debt - DAVIbank's local senior unsecured bonds are rated at the same level as its National Long-Term Rating, reflecting the same likelihood of default and expected average recoveries as the bank. - DAVIbank's local subordinated debt was downgraded to 'AA(col)' from 'AAA(col)'. It is rated two notches below the revised anchor (the National Long-Term Rating), minus two for loss severity and zero for nonperformance risk, given there is no coupon flexibility. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES DAVIbank's local senior debt rating and subordinated debt rating would move in line with its National Long-Term rating. VR ADJUSTMENTS Fitch has assigned a Capitalization and Leverage score above the implied score due to the following adjustment reason: Capital flexibility and ordinary support (positive). Sources of Information The principal sources of information used in the analysis are described in the Applicable Criteria. Public Ratings with Credit Linkage to other ratings Ratings are support-driven from Banco Davivienda S.A.. 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 Recovery Prior ----------- ------ -------- ----- Scotiabank Colpatria S.A. LT IDR BB+ Downgrade BBB- ST IDR B Downgrade F3 LC LT IDR BB+ Downgrade BBB LC ST IDR B Downgrade F3 Natl LT AAA(col) Affirmed AAA(col) Natl ST F1+(col) Affirmed F1+(col) Viability bb Affirmed bb Shareholder Support bb+ Downgrade bbb- senior unsecured Natl LT AAA(col) Affirmed AAA(col) subordinated Natl LT AA(col) Downgrade AAA(col) ============= E C U A D O R ============= GUAYAQUIL MERCHANT: Fitch Affirms 'BB-' Rating on 2019-1 Notes -------------------------------------------------------------- Fitch Ratings expects to rate Guayaquil Merchant Voucher Receivables Limited's $150 million series 2026-1 notes at 'BB-(EXP)'. Fitch has also affirmed the outstanding series of notes at 'BB-'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Guayaquil Merchant Voucher Receivables Limited 2019-1 401539AA9 LT BB- Affirmed BB- 2025-1 LT BB-(EXP) Expected Rating Transaction Summary The transaction is backed by future flows due from American Express Company (AXP), Visa International Service Association (Visa), and MasterCard International Incorporated (MasterCard) related to international merchant vouchers (MVs) acquired by Banco Guayaquil, S.A. (BG) in Ecuador. Fitch's ratings address timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS Future Flow Ratings Driven by Originator's Credit Quality: The ratings of these future flow transactions are driven by the Long-Term (LT) Issuer Default Rating (IDR) of the originator, BG. On Oct. 23, 2025, Fitch affirmed BG's LT IDR at 'CCC+' and Viability Rating (VR) at 'ccc+'. BG's IDR is driven by its VR, but the ratings are capped by Ecuador's 'ccc+' operating environment (OE) score, which is aligned with the sovereign rating and reflects ongoing economic challenges. Strong Going-Concern Assessment: Fitch uses a Going Concern Assessment (GCA) score to gauge the likelihood that the originator of a future flow transaction will remain in operation throughout the transaction's life. Fitch has upgraded the GCA score assigned to BG to 'GC1' from 'GC2'. BG's 'GC1' score reflects its systemic importance as Ecuador's second-largest private bank, with relevant market shares in the banking system's loans, deposits, and assets. Its diversified loan portfolio, strong franchise, and solid reputation also support its critical role in the national payment system. Notching Uplift from IDR: The 'GC1' score allows a maximum six-notch rating uplift from the bank's IDR, pursuant to Fitch's future flow methodology. However, the uplift is tempered to four notches from BG's Long-Term IDR, given the high level of future flow debt relative to BG's non-deposit funding and Fitch reserving the maximum notching uplift for originators rated at the lowest end of the rating scale. High Future Flow Debt: Fitch estimates that future flow debt will represent approximately 6% of BG's total funding and 35% of BG's non-deposit funding, using nonconsolidated financials as of September 2025 and taking into account the proposed $150 million merchant voucher (MV) issuance together with the outstanding balances on the series 2019-1 notes, as well as BG's diversified payment rights (DPR) program. Fitch tempers the notching differential for originators that have future flow debt greater than 30% of the overall non-deposit funding and are expected to remain above this threshold over the medium term. Fitch expects future flow debt to remain one of the primary sources of funding for the bank, but if programs' leverage increases beyond current levels, the future flow ratings could be further constrained. Coverage Levels Commensurate with Assigned Rating: Coverage levels have remained more than sufficient to cover quarterly debt service payments and remain commensurate with the rating on the outstanding notes. When considering average rolling quarterly flows over the past five years and the maximum periodic debt service over the life of the program, including the outstanding series 2019-1 notes and the proposed $150 million issuance, Fitch's projected minimum quarterly debt service coverage ratio (DSCR) is 4.9x throughout the life of the program. De-dollarization Risk: While the dollarization regime anchors macroeconomic stability, the risk of de-dollarization exists. It would occur only in an extreme scenario and would be a major shock to Ecuador's system. Sovereign/Diversion Risks Reduced: The structure mitigates certain sovereign risks by collecting cash flows offshore until investors are paid. Fitch believes diversion risk is mitigated by notice, consent and agreements signed by AXP, Visa and MasterCard. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transactions' ratings are sensitive to changes in BG's credit quality, which in turn is sensitive to changes in the credit quality of Ecuador and its OE. A one-notch deterioration in BG's credit quality could lead to a downgrade of the transaction's ratings if the future flow debt relative to the bank's non-deposit funding ratio is expected to remain consistently above the 30% threshold outlined in Fitch's "Future Flow Securitization Rating Criteria." The transactions' ratings are sensitive to the credit card acquiring business line's performance and ability to continue operating, as reflected in the bank's GCA score. Changes in Fitch's view of the bank's GCA score could lead to a change in the transactions' ratings. In addition, the merchant voucher program could be sensitive to significant changes in the credit quality of AXP and/or Visa, and/or MasterCard to a lesser extent. Any changes in these variables will be analyzed in a rating committee to assess the possible impact on the transaction ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The main constraint on the transactions' ratings is the originator's rating and BG's OE. If upgraded, Fitch will consider whether the same uplift could be maintained. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The future flow ratings are driven by the credit risk of Banco Guayaquil, S.A. as measured by its Long-Term IDR. 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. ========= H A I T I ========= HAITI: U.S. to Extend HOPE/HELP Program to Protect Jobs ------------------------------------------------------- Dominican Today reports that the U.S. Congress is moving to renew the HOPE/HELP trade preference program, which has been crucial for Haiti's textile industry and indirectly benefits the Dominican Republic. The initiative allows Haitian-made garments to enter the U.S. duty-free, sustaining tens of thousands of jobs in Haiti and thousands more across the border. Industrial parks like Codevi, near the Dominican Republic border, employ up to 26,000 workers thanks to these benefits, according to Dominican Today. For every three jobs created in Haiti, one formal job emerges in the Dominican Republic, strengthening economic ties between the two nations, the report notes. Without renewal, tariffs of up to 30% could hit Haitian exports, threatening regional stability and increasing migration pressures, the report relays. Lawmakers argue that maintaining HOPE/HELP is vital for economic recovery in Haiti and for preserving cross-border employment that supports both economies, the report discloses. By 2022, the textile industry accounted for over 80% of Haiti's export earnings, the report says. Termination of the program on September 30 threatened to reverse these gains. Without it, Haitian exporters would face tariffs as high as 20–30 percent, undermining competitiveness, the report adds. =============== H O N D U R A S =============== INVERSIONES ATLANTIDA: Fitch Lowers Long-Term IDR to 'CCC' ---------------------------------------------------------- Fitch Ratings has downgraded Inversiones Atlantida, S.A.'s (Invatlan) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC' from 'B', its senior debt rating to 'CCC' with a Recovery Rating of 'RR4' from 'B'/'RR4', and its Short-Term Foreign and Local Currency IDRs to 'C' from 'B'. Fitch has maintained the ratings on Rating Watch Negative (RWN). The downgrades resulted from the high liquidity and execution risks related to the upcoming USD300 million debt maturity on May 19, 2026. Although the entity has plans to address the bond repayment, Fitch notes that implementation of such measures faces challenges, including the short time remaining until the bond's maturity, an increasingly uncertain local operating environment due to political instability, and the significant size of the bond in relation to the company's current and future liquidity. The RWN on all ratings reflects the ratings' downside potential if Fitch sees additional delays in the strategy, increasing pressures and less room to meet the maturity debt. Fitch will continue monitoring the execution of Invatlan's liquidity strategy and expects to review the ratings again at least 90 days prior to the bond's maturity date. Future rating actions will be driven by the factual achievements (or lack thereof) in addressing this debt repayment. Fitch has also downgraded to 'CCC(EXP)'/'RR4'/RWN and simultaneously withdrawn Invatlan's senior debt expected rating, as it is no longer expected to convert to a final rating. Key Rating Drivers Invatlan's Liquidity and Execution Risks Persist: Fitch considers Invatlan's liquidity management and contingent plans have become significantly less prudent over the past year, constraining flexibility ahead of the May 2026 bond maturity. Liquidity risk is elevated given the proximity of the maturity, and delays or shortfalls in the execution of identified available sources could further compress the company's capacity to meet obligations in a timely manner. Fitch believes that a timelier execution and materialization of Invatlan's strategy remains critical to mitigate near-term risks and preserve financial flexibility. Main Subsidiary's Credit Profile Is Factored into Invatlan's Ratings, but Intrinsic Considerations at the Holding Level Are Increasingly Driving the Ratings: Invatlan's ratings are linked to the credit profile of its main subsidiary, Banco Atlantida, S.A. (Atlantida). The holding company is now rated various notches below Atlantida, primarily due to the heightened and rapidly deteriorating liquidity and refinancing risks, although the high double leverage is also considered. Fitch does not rule out the possibility of additional downgrades in the near future, which could lead to a greater rating differentiation between both entities due to the increased liquidity risks, even if double leverage does not change significantly. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch expects to review the ratings and the RWN after assessing the materialization of Invatlan's contingency plan and their impact on its credit profile. If liquidity and execution risks increase significantly, Fitch does not rule out additional downgrades of the ratings to reflect the potentially increasing possibility of a default; - A significant reduction in dividend transfers from Invatlan's main subsidiaries that ultimately affects its liquidity to service debt, or a sustained increase of double leverage to above 200%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Although it is not the immediate scenario given Invatlan's current challenges, the RWN could be resolved and the ratings eventually upgraded if Invatlan's near-term funding strategies are completed successfully to an extent that materially reduces the current and future liquidity, refinancing and execution risks. A certain degree of notching down from Atlantida's ratings, however, is expected to remain. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Invatlan's Senior Secured Notes: The rating on the senior secured notes is aligned with Invatlan's issuer ratings. Although the notes are secured, Fitch believes the collateral mechanism does not materially change default risk and/or enhance recovery prospects. Under Fitch's criteria, recoveries are considered average, consistent with a Recovery Rating of 'RR4'. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The global senior secured debt rating would mirror any change to Invatlan's IDRs; - Negative rating factors are not applicable for the expected rating as it has been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The global senior secured debt rating would mirror any change to Invatlan's IDRs; - Positive rating factors are not applicable for the expected rating as it has been withdrawn. Public Ratings with Credit Linkage to other ratings Invatlan's IDRs are linked to Banco Atlantida's IDRs. ESG Considerations Invatlan has an ESG Relevance Score of '4' for Management Strategy due to risks associated with the company's ability to execute its strategy to pay its senior unsecured debt. These execution risks have a negative impact on the credit profile and are relevant to the ratings in conjunction with other factors. Invatlan has an ESG Relevance Score of '4' for Financial Transparency due to lagging or missing information disclosure. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Inversiones Atlantida S.A. LT IDR CCC Downgrade B ST IDR C Downgrade B LC LT IDR CCC Downgrade B LC ST IDR C Downgrade B senior secured LT CCC Downgrade RR4 B senior secured LT CCC(EXP)Downgrade RR4 B(EXP) senior secured LT WD Withdrawn ============= J A M A I C A ============= JAMAICA: Government Revises Fiscal Targets ------------------------------------------ RJR News reports that Finance Minister Fayval Williams says the government has been forced to revise its fiscal targets for the year as the economy reels from the impact of Hurricane Melissa. She disclosed that the fiscal balance - originally projected to be at zero - essentially, a balanced budget, has now been revised to a deficit of 3.5% of GDP, according to RJR News. Minister Williams also confirmed that the growth outlook has been downgraded sharply, moving from the previously expected 2.2% expansion to a contraction of 4.3%, the report notes. In addition, the fiscal rules will be temporarily relaxed for one year to allow a lower primary surplus, the report relays. The surplus, which represents the funds set aside to service the national debt, had been targeted at 5.2% of GDP - about $180 billion, the report says. Ms. Williams says reducing that target will give the government the fiscal space needed to support national recovery and reconstruction efforts, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== DEL MONTE: Continues to Search for Buyer in Chapter 11 ------------------------------------------------------ Matt Durr of MLive reports that Del Monte Foods is still operating under Chapter 11 as it pursues a buyer for the company. The historic food company, which has been serving American families for 139 years with canned fruits and vegetables, said mounting financial liabilities have created operational pressures. The company's portfolio includes the Del Monte brand as well as Contadina, Joyba, and College Inn. CEO Greg Longstreet explained that a court-supervised sale process is the most efficient way to strengthen the company, improve its capital structure, and prepare it for a sustainable future, according to report. As part of the bankruptcy proceedings, Del Monte secured $912.5 million in new financing to maintain normal operations. The company has continued production during this period, including key packing seasons, while navigating shifts in consumer demand and broader economic challenges, the report states. Longstreet emphasized that, despite the difficulties, Del Monte remains dedicated to its core mission of providing high-quality, nutritious food. He thanked employees, growers, customers, vendors, and lenders for their support and said the company is working toward long-term growth under a potential new ownership structure, the report cites. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. ======= P E R U ======= PERU: Gets $307MM IDB Loan to Expand Stormwater Drainage Services ----------------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a loan of $307.8 million to finance a project aimed at improving and expanding access to urban wastewater treatment and stormwater drainage services in the city of Juliaca, Puno region, Peru. The project also seeks to enhance the operational and financial management of the Water and Sanitation Service Provider SEDAJuliaca, responsible for delivering water and sanitation services, and the Provincial Municipality of San Román, responsible for providing stormwater drainage services, in order to improve their performance and service quality. This is the second operation under a Conditional Credit Line for Investment Projects (CCLIP), approved by the Board in December 2023 to support the provision of water, sanitation, and stormwater drainage services in this Peruvian city. The project will directly benefit around 48,000 households through wastewater treatment and will reduce the physical vulnerability of 13,400 households to flooding thanks to the stormwater drainage system. More than 140,000 households will benefit indirectly from the implementation of the wastewater treatment system. The program aligns with Conexión Sur, a regional initiative that seeks to improve connectivity and competitiveness in South America to promote sustainable growth. The $307.8 million loan has a repayment term of 17 years, a grace period of 6.5 years, an interest rate based on SOFR, and a local counterpart of $68.2 million. ===================== P U E R T O R I C O ===================== BEYOND MANAGEMENT: Unsecureds Will Get 1.78% of Claims in Plan -------------------------------------------------------------- Beyond Management Development Investment Group Corp. filed with the U.S. Bankruptcy Court for the District of Puerto Rico an Amended Disclosure Statement describing its Plan of Reorganization dated December 2, 2025. The Debtor is a for profit corporation, duly registered and authorized to do business in the Commonwealth of Puerto Rico. The Debtor is engaged in the business of operating a beauty salon in the Condado area of San Juan, Puerto Rico. In a nutshell, the Debtor had to file the instant case to stop the garnishment of the funds from its bank account by the Municipality of San Juan. While operating as a Debtor in possession under Chapter 11 Case, the Debtor kept operating its beauty salon and maximizing its revenues so that funds be available to fund its proposed Chapter 11 Plan dated December 02, 2025. Debtor also proceeded to request a determination from the Treasury Department to eliminate certain debts under said agency statute of limitations and received some $177,000.00 in Federal Tax Refunds that will be devoted to fund the proposed Chapter 11 Plan. Class 3 consists of the Unsecured Claim filed by American Express National Bank in the amount of $1,540.22. Except to the extent that the holder agrees to less favorable treatment, in full and final satisfaction of each Allowed General Unsecured Claim, each holder of an Allowed General Unsecured Claim shall receive 1.78% of the amount of such holder's Allowed General Unsecured Claim, plus allowed interest payable on the Effective Date. Each Allowed Common Equity Interest shall be unimpaired under the Plan, and, pursuant to section 1124 of the Bankruptcy Code, all of the legal, equitable and contractual rights to which such Equity Interest entitles a holder in respect of such Equity Interest shall be fully reinstated and retained. The Debtor shall continue to exist, as a Reorganized Debtor, after the Effective Date as a separate entity, with all the powers available to such legal entity, in accordance with applicable law and pursuant to their constituent documents, as modified by the Plan. All Cash necessary to make payments and Plan Distributions shall be obtained from the Cash of the Reorganized Debtors as generated from its operations and the Cash held in the Contested Claims Reserve, if any, as applicable. A full-text copy of the Amended Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=xu0d2k from PacerMonitor.com at no charge. Counsel to the Debtor: Hector Eduardo Pedrosa-Luna, Esq. The Law Offices of Hector Eduardo Pedrosa Luna P.O. Box 9023963 San Juan, PR 00902 Telephone: (787) 920-7983 Facsimile: (787) 754-1109 Email: hectorpedrosa@gmail.com About Beyond Management Development Investment Group Beyond Management Development Investment Group Corp. is engaged in the business of operating a beauty salon in the Condado area of San Juan, Puerto Rico. The Debtor filed Chapter 11 petition (Bankr. D.P.R. Case No. 25-01160) on March 17, 2025, listing under $1 million in both assets and liabilities. The Law Offices of Hector Eduardo Pedrosa Luna serves as the Debtor's counsel. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *