260106.mbx

260106.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 Tuesday, January 6, 2026, Vol. 27, No. 4 Headlines B A H A M A S FTX GROUP: Convicted Korean Fraudster Files Ch. 15 Over FTX Claims B R A Z I L ALUPAR INVESTIMENTO: Fitch Affirms 'BB+' Foreign Currency IDR BRASKEM SA: Fitch Lowers LongTerm IDRs to 'CC' MRS LOGISTICA: Fitch Affirms 'BB+' Foreign Currency IDR G U A T E M A L A INGENIO MAGDALENA: Fitch Affirms 'BB-' IDRs, Alters Outlook to Neg. J A M A I C A JAMAICA: Net Remittance Flows Fell by 8.3% in October 2025 P E R U VOLCAN COMPANIA: Fitch Hikes LongTerm IDRs to 'B', Outlook Stable P U E R T O R I C O ASOCIACION HOSPITAL: Plan Exclusivity Extended to Feb. 23, 2026 T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Appoints New GSSAS for UK, Western Europe V E N E Z U E L A VENEZUELA: Names Delcy Rodriguez Interim President - - - - - ============= B A H A M A S ============= FTX GROUP: Convicted Korean Fraudster Files Ch. 15 Over FTX Claims ------------------------------------------------------------------ Vince Sullivan at law360.com reports that a Korean citizen jailed over cryptocurrency fraud commenced a Chapter 15 bankruptcy case in Delaware on the last day of 2025 as legal wrangling over ownership of a $355 million claim against defunct crypto exchange FTX proceeds in Seoul. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== ALUPAR INVESTIMENTO: Fitch Affirms 'BB+' Foreign Currency IDR ------------------------------------------------------------- Fitch Ratings has affirmed Alupar Investimento S.A.'s (Alupar) and its subsidiary Alupar Chile Inversiones SpA's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+' and 'BBB-', respectively. Alupar and its subsidiaries' National Scale Ratings and outstanding local debentures were affirmed at 'AAA(bra)', and subsidiary Amazonia Empresa Transmissora de Energia S.A.'s (AETE) at 'AA+(bra)'. Concurrently, Fitch has withdrawn the ratings of Foz do Rio Claro Energia S.A. and AETE due to commercial reasons. The Outlook for the corporate ratings is Stable. Alupar's ratings reflect its low business risk relative to its diversified portfolio of power transmission assets in Brazil, with predictable revenue and high operating margins. Its generation activities help dilute operational and regulatory risks. Fitch expects the group will maintain high financial flexibility and leverage consistent with its rating, despite negative free cash flow (FCF) from high investment cycle. Alupar's Foreign Currency IDR is constrained by Brazil's 'BB+' country ceiling, while Brazil's operating environment limits the Local Currency IDR. The subsidiaries' ratings reflect Alupar's set of legal, strategic and operational incentives to support them. AETE and Foz do Rio Claro National Scale ratings have been withdrawn due to commercial reasons. KEY RATING DRIVERS Predictable Revenue: Alupar's credit profile benefits from its energy transmission and generation operations, mainly in Brazil, supported by a sizable, diversified asset base that dilutes operational and regulatory risks. Transmission concessions will not expire until 2030, while generation concessions extend to 2044, with expirations staggered over subsequent years. For transmission, concession revenue (Permitted Annual Revenues [PAR]) is generated from asset availability, free from demand risk, and is annually adjusted for inflation. This segment represents 80% of the group's consolidated EBITDA. In generation, long-term contracts to sell a large part of the asset's assured energy and partial hydrological risk protection contribute to expected strong, predictable performance. Growing Cash Generation: The operation of new assets and robust EBITDA margins (85%-90%) are expected to increase the group's consolidated cash generation. Using regulatory accounting, Fitch forecasts EBITDA of BRL3.2 billion for 2026 and BRL3.3 billion for 2027, with cash flow from operations (CFFO) reaching BRL2.2 billion annually, despite higher interest payments due to increased debt. Significant investments of BRL7.7 billion from 2026 to 2028 and dividends at 50% of regulatory net income should result in negative FCF from 2026 to 2028, averaging BRL1.1 billion annually. FCF is anticipated to remain positive in 2025 at BRL225 million, benefited by EBITDA and CFFO of BRL2.7 billion and BRL2.0 billion, respectively. Adequate Leverage Ratios: Alupar's consolidated financial leverage is expected to continue to align with its IDRs over the rating horizon, despite the current pre-operational projects portfolio and forecasted net debt increase of BRL2.4 billion from September 2025 through December 2027. According to Fitch's methodology Alupar's adjusted net debt/EBITDA ratios should stay limited below 3.5x, reaching 3.3x in 2025, 3.1x in 2026 and 3.5x in 2027, when investments peak. In the last 12 months (LTM) ended on Sept. 30, 2025, adjusted total debt/EBITDA and adjusted net debt/EBITDA were 4.5x and 3.3x, respectively. Asset Recompositing Is Positive: Fitch considers Alupar's new investments crucial for maintaining consolidated revenue. Of the BRL3.1 billion consolidated PAR for its operating assets in 2025-2026, BRL820 million (26%) is linked to concessions expiring from 2030 to 2032. Alupar's recent success in transmission auctions, including other Latin American markets, are expected to add BRL1.3 billion in revenue once the projects are completed. This increase should phase in gradually through the end of 2029. New projects will require significant additional debt, but the group's positive track record in developing and financing transmission projects mitigates construction risks. Parent Strengthens Subsidiaries' Ratings: Under Fitch's "Parent and Subsidiary Linkage Criteria," Alupar Chile's IDRs and Foz do Rio Claro's National Scale Rating are equalized with Alupar's due to high legal incentives to support both subsidiaries. AETE has limited legal or strategic incentives for support from Alupar. However, moderate operational ties have benefited AETE's rating. Alupar does not guarantee AETE's debt and there are no cross-default provisions. Alupar owns 32.06% of AETE, which contributes only about 1% to Alupar's PAR), but AETE offers operational synergies with four other group assets. HoldCo Guarantees on Rated Debt Instruments: The ratings for debentures issuances of Empresa de Transmissao Baiana S.A (ETB), Transmissora do Café S.A (TCC), Transmissora Paraiso de Energia S.A. (TPE) and Windepar Holding S.A (Windepar) reflect the Alupar's rating as its main shareholder and guarantor of the transactions. Alupar ensures all principal and interest payments on the debentures through the final maturity of each issuance. The debt instruments include acceleration clauses triggered by any filing for judicial reorganization or bankruptcy by the guarantor. PEER ANALYSIS Alupar's financial profile is stronger than Transelec S.A. (BBB/Negative) in Chile. Both share low business risk profiles and predictable cash flows, typical of transmission companies in a regulated industry. The main difference in Alupar's IDRs is due to the location of its main revenue-generating assets. While Transelec operates in a country with higher IDRs, Alupar's ratings are negatively affected by Brazil's 'BB' sovereign IDR. Compared to Transmissora Alianca de Energia Eletrica S.A.'s (Taesa; Local and Foreign Currency IDRs BB+/Stable), also in Brazil, both companies benefit from a diversified transmission portfolio. However, Fitch expects higher leverage metrics for Taesa in the coming years due to strong investment plans and higher dividends distribution, explaining the difference in the Local Currency IDR. FITCH'S KEY RATING-CASE ASSUMPTIONS -- PARs adjusted annually for inflation; -- Generation scaling factor of 0.87 in 2026 and 0.89 in 2027; -- Operating expenses adjusted for inflation; -- Distribution of dividends equal to 50% of net income (net income based on regulatory accounting standards); -- Consolidated capex of BRL7.7 billion over 2026-2028 and no acquisitions or new investments beyond the current portfolio. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A sustained deterioration in Alupar's consolidated financial profile, with net adjusted leverage above 3.5x and EBITDA interest coverage below 2.5x, could trigger a downgrade of the Local Currency IDR; -- A weakening of Alupar's operating environment could lead to a downgrade of the Local Currency IDR; -- A downgrade of Brazil's sovereign rating would likely result in a similar downgrade of Alupar's Foreign Currency IDR; -- A two-notch downgrade of Alupar's Local Currency IDR could lead to a downgrade of the National Scale Rating; -- Reduced incentives or willingness for Alupar to support Alupar Chile could lead to a downgrade of the subsidiary's ratings; -- The National Scale Ratings of ETB, TCC, TPE and Windepar debt instruments could be downgraded if Alupar's corporate guarantee for principal and interest is removed. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Positive rating action for Alupar's Foreign Currency IDR would depend on an upgrade of Brazil's sovereign rating; -- Positive rating action for Alupar's Local Currency IDR would depend on a stronger operating environment and sustained EBITDA interest coverage above 4.5x; -- An upgrade is not applicable to the National Scale Rating as it is already at the highest level. LIQUIDITY AND DEBT STRUCTURE The Alupar group should maintain high liquidity position and broad access to banking and capital markets. As of September 2025, the group's cash position of BRL3.2 billion covered its short-term debt of BRL1.4 billion by 2.2x. Fitch anticipates that operating cash generation from new assets will adequately service debt. On Sept. 30, 2025, total consolidated adjusted debt was BRL12.4 billion, mainly from debentures issuances (BRL10.0 billion or 80%) and Banco Nacional de Desenvolvimento Economico e Social loans (BNDES; BRL390 million, or 3% of the total). The holding company plans to use its significant cash reserves to meet project needs, maintaining a debt maturity schedule compatible with its cash flow expectations. As of Sept. 30, 2025, its cash position was BRL1.3 billion (41% of the consolidated amount), exceeding total debt of BRL890 million. This debt is comprised of a single BRL850 million debenture issuance due in 2034. Dividends totaling BRL1.1 billion received in the LTM ended Sept. 30, 2025, are the main funding source, with a total debt-to-received dividends ratio of 0.8x. Alupar aims to keep net debt-to-dividends received below 1.0x over the coming years. ISSUER PROFILE Alupar is a non-operational holding company active in the energy transmission and generation segments mainly in Brazil, with small operations in other Latin America countries. The company's shares are traded at B3 in Brazil. SUMMARY OF FINANCIAL ADJUSTMENTS Net revenues and EBITDA net of construction revenues and cost. RATING ACTIONS Rating Prior ------ ----- AETE - Amazonia Empresa Transmissora de Energia S.A. Natl LT AA+(bra) Affirmed AA+(bra) Natl LT WD(bra) Withdrawn Foz do Rio Claro Energia S.A. Natl LT AAA(bra) Affirmed AAA(bra) Natl LT WD(bra) Withdrawn Alupar Chile Inversiones SpA LT IDR BB+ Affirmed BB+ LC LT IDR BBB- Affirmed BBB- Windepar Holding S.A. senior secured Natl LT AAA(bra) Affirmed AAA(bra) TPE - Transmissora Paraiso de Energia SA senior secured Natl LT AAA(bra) Affirmed AAA(bra) ETB - Empresa de Transmissao Baiana SA Guaranteed Natl LT AAA(bra) Affirmed AAA(bra) TCC - Transmissora Caminho do Cafe S.A. senior secured Natl LT AAA(bra) Affirmed AAA(bra) Alupar Investimento S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BBB- Affirmed BBB- Natl LT AAA(bra) Affirmed AAA(bra) senior unsecured Natl LT AAA(bra) Affirmed AAA(bra) BRASKEM SA: Fitch Lowers LongTerm IDRs to 'CC' ---------------------------------------------- Fitch Ratings has downgraded Braskem S.A.'s (Braskem) Long-Term Local Currency Issuer Default Rating (IDR) and Long-Term Foreign Currency IDRs to 'CC' from 'CCC+'. Fitch has also downgraded Braskem America Finance Company's senior unsecured rating to 'CC', with a Recovery Rating of 'RR4', from 'CCC+'/'RR4'; and Braskem Netherlands Finance B.V.'s senior unsecured rating to 'CC'/'RR4' from 'CCC+/RR4', and its subordinated rating to 'C'/'RR6' from 'CCC-'/'RR6'. Fitch has also downgraded Braskem's National Scale and Senior Unsecured ratings to 'CC(bra)' from 'CCC+(bra)' and 'CC(bra)'/'RR4' from 'CCC+(bra)'/'RR4', respectively. The downgrades reflect Fitch's uncertainty about Braskem's willingness to meet upcoming debt obligations, including coupon payments scheduled for January 2026, and indicate that a debt restructuring is possible in the near term. KEY RATING DRIVERS Heightened Interest Payment Risk: Braskem faces concentrated coupon obligations of approximately USD130 million in January 2026, spanning coupons on its 2028 notes (due Jan. 10), 2031 notes (due Jan. 12), 2081 notes ( due Jan. 23), and 2030 and 2050 notes (due Jan. 31). While the company reported USD1.3 billion in cash as of September 2025 and subsequently fully drew its USD1.0 billion standby credit facility in October, Fitch assesses Braskem's reliance on balance-sheet liquidity and bank lines as evidence of tightening financial flexibility amid elevated event risk and uncertain recovery in operating cash flow. The clustering of coupon payments materially heightens near-term non-payment risk, and Fitch has limited visibility into Braskem's ability and willingness to meet upcoming obligations in full and on time, absent a credible, executable funding plan. Elevated Debt Restructuring Risk: Braskem must maintain funding access through banks or capital markets to avoid restructuring as petrochemical spreads faced continued downward pressure. The company's engagement of financial advisors may signal an imminent restructuring or other debt actions that could be detrimental to bondholders. Sale of Novonor's Stake: Fitch will assess Braskem's final structure, financing and governance of Braskem if the proposed acquisition of the company's shares by a fund advised by IG4 is completed. PEER ANALYSIS Braskem's ratings reflect the company's heightened refinancing risk and severe liquidity pressure amid a prolonged downturn in the petrochemical cycle and restricted access to credit lines. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Brazil polyethylene projected revenue of USD4.0 billion, USD4.0 billion and USD4.1 billion during 2025-2027; -- Brazil polypropylene projected revenue of USD2.0 billion USD2.0 billion and USD2.0 billion during 2025-2027; -- Brazil vinyls projected revenue of USD600 million, USD600 million and USD650 million during 2025-2027; -- Brazil ethylene/propylene projected revenue of USD800 million, USD950 billion and USD950 billion during 2025-2027; -- U.S. and Europe polypropylene projected revenue of USD3.0 billion, USD3.3 billion and USD3.6 billion during 2025-2027; -- Polyethylene-ethane reference spreads of USD770/ton in 2025, USD790/ton in 2026 and USD810/ton in 2027; -- Polyethylene-naphtha reference spreads of USD440/ton in 2025, USD450/ton in 2026 and USD460/ton in 2027; -- Polypropylene-propylene reference spreads of USD400/ton in 2025, USD400/ton in 2026 and USD450/ton in 2027; -- Polyvinyl chloride reference spreads of USD330/ton in 2025, USD340/ton in 2026 and USD390/ton in 2027; -- Annual maintenance capex of approximately USD400 million; -- No dividends to shareholders during the analysis horizon. RECOVERY ANALYSIS The recovery analysis for Braskem America Finance's senior unsecured notes and Braskem Netherlands Finance B.V.'s senior unsecured and subordinated notes assumes that Braskem would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: -- A 10% administrative claim; -- The GC EBITDA is estimated at USD820 million. The GC EBITDA estimate reflects Fitch's assessment of a sustainable, post-reorganization EBITDA level on which Fitch bases Braskem's valuation; -- EV multiple of 6.0x. With these assumptions, Fitch's Waterfall Generated Recovery Computation (WGRC) for the senior unsecured and subordinated notes is in 'RR4' and 'RR6', respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Failure to meet interest payment; -- A Fitch-defined default process has commenced; -- Announcement of a Distress Debt Exchange (DDE) or any type of debt restructuring. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- While Fitch does not anticipate an upgrade in the near term due to the company's elevated leverage, securing funding to stabilize liquidity could support an upgrade. LIQUIDITY AND DEBT STRUCTURE Braskem reported a BRL7.3 billion (USD1.3 billion) cash balance as of September 2025, excluding Idesa, and in October the company announced it has fully withdrawn its stand-by credit facility in the amount of USD1.0 billion. Given Fitch's projected negative FCF, this position could decline significantly in the coming quarters, further weakening liquidity. Total debt was BRL47.5 billion (USD 8.4 billion) as of September 2025. ISSUER PROFILE Braskem S.A. produces and sells chemicals, petrochemicals, fuels, steam, water, compressed air and industrial gases. The company's plants in Brazil, the U.S., Germany and Mexico produce thermoplastic resins such as polyethylene, polypropylene and polyvinyl chloride. RATING ACTIONS Rating Prior ------ ----- Braskem Netherlands Finance B.V. senior unsecured LT CC Downgrade RR4 CCC+ subordinated LT C Downgrade RR6 CCC- Braskem America Finance Company senior unsecured LT CC Downgrade RR4 CCC+ Braskem S.A. LT IDR CC Downgrade CCC+ LC LT IDR CC Downgrade CCC+ Natl LT CC(bra) Downgrade CCC+(bra) senior unsecured Natl LT CC(bra) Downgrade RR4 CCC+(bra) MRS LOGISTICA: Fitch Affirms 'BB+' Foreign Currency IDR ------------------------------------------------------- Fitch Ratings has affirmed MRS Logistica S.A.'s (MRS) Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB+', Long-Term Local Currency IDR at 'BBB-' and Long-Term National Scale Rating at 'AAA(bra)'. Fitch has also affirmed the Long-Term National Scale Rating for MRS's unsecured debentures and promissory notes at 'AAA(bra)'. The Rating Outlook for the corporate ratings is Stable. The ratings reflect MRS's mature railroad operations, strong and resilient cash generation and margins, conservative capital structure, and adequate liquidity. The company's business model benefits from captive demand for transportation, take-or-pay protection clauses in most contracts, and a well-defined tariff model. MRS's operating environment limits its Local Currency IDR, while Brazil's 'BB+' Country Ceiling constrains its Foreign Currency IDR. The Stable Outlook incorporates Fitch's expectation that net adjusted debt/EBITDAR will remain below 3.0x and liquidity will stay strong, despite elevated capex and additional concession obligations. KEY RATING DRIVERS Solid Business Profile: MRS operates a mature and important railway concession in Brazil, which expires in 2056. MRS is the sole provider of railway transportation for its major clients, who are also primary shareholders, resulting in a strong market position. Its network connects Brazil's central region with key southeast ports. Limited competition from other transportation modes enhances cash flow predictability. Railway transportation in Brazil has strong demand, low operator competition, high barriers to entry and medium to high profitability. These factors, along with substantial opportunities to improve the country's transportation infrastructure, create a favorable credit environment for Brazilian railway companies. Captive Clients: MRS's rating is supported by demand from captive customers, enforceable take-or-pay clauses in most contracts, and favorable long-term sector fundamentals. The company's main individual shareholder, Mineracoes Brasileiras Reunidas S.A. (MBR), is controlled by Vale S.A. (Vale; BBB+/Stable). In 2024, MBR and Vale together contributed nearly 45% of MRS's revenue. Both MBR and Vale rely heavily on MRS's iron ore transportation capacity. Other major shareholders are also heavily reliant on MRS for iron ore transportation including Companhia Siderurgica Nacional (CSN; BB/Negative; 40.7%), Usinas Siderurgicas de Minas Gerais (Usiminas; BB/Stable; 8.4%) and Gerdau S.A. (BBB/Stable; 3.4%). Captive cargo accounts for about 60% of the volume transported by MRS. Shareholder Agreement Protects Profitability: MRS's shareholder agreement includes a tariff model that protects the company's profitability and cash flow. In recent years, MRS's operating cash flow has shown resilience against economic downturns, unfavorable exchange rates, and fluctuations in fuel and iron ore prices. The tariff model sets annual freight rates for each captive client based on predefined cargo volumes and a target return-over-equity ratio. It also allows for monthly tariff adjustments in response to significant cost fluctuations, especially for fuel. This model has consistently delivered high EBITDAR margins of 50% to 55% through various economic cycles. Concession Contract Amendment: Fitch views the recent amendment to the Southeast Rail Network concession operated by MRS as neutral to its credit profile. The added BRL2.8 billion concession fee, payable over 10 years from July 2026, will reduce EBITDA by approximately BRL250 million-BRL350 million annually, partly offset by optimization of certain investments originally contemplated in the contract, supporting the concession's economic and financial balance. The amendment will add about BRL1.6 billion as present value of the lease debt in 2026; however, Fitch expects the capital structure to remain aligned with the current ratings. Improving Operating Cash Flow: Fitch projects MRS's EBITDAR at BRL4.0 billion and cash flow from operations (CFO) at BRL2.3 billion in 2025, and BRL4.3 billion and BRL2.5 billion, respectively, in 2026. Increases in both captive and non-captive freight orders and tariffs support EBITDAR growth, partially offsetting the additional concession fee that was approved in September 2025. Fitch's base scenario assumes volumes of 211 million tons in 2025 and 218 million tons in 2026. Average tariffs are expected to increase, ranging from BRL36 to BRL38 per ton, during this period. Negative FCF: MRS' steady operating cash flow will partially fund its sizable investment plan under the concession renewed in 2022 and amended in 2025. Fitch expects negative FCF, averaging negative BRL1.1 billion per year in 2025-2026 and around negative BRL3.0 billion annually in 2027-2028. Annual investments are expected to be around BRL3.0 billion in 2025-2026, rising to roughly BRL5.0 billion in 2027-2028, with CFO covering about 60% of these investments. Fitch's base case assumes a 50% payout of net income in 2026, dropping to 25% from 2027 while capex pressures cash flow. Lower Leverage Headroom: MRS's net adjusted debt/EBITDAR is expected to remain below 3.0x despite negative FCF and added concession liabilities. Fitch's base case adds BRL1.6 billion of lease debt in 2026, lifting net lease-adjusted debt to BRL9.1 billion from BRL6.2 billion as of Sept. 30, 2025. Net adjusted leverage is projected at 2.1x in 2026, rising to 2.6x-2.8x in 2027-2028. Over the past five years, the net adjusted debt/EBITDAR ratio was around 2.0x, supporting the company's ability to execute its aggressive capex plan. Funds from operations (FFO)-adjusted net leverage is also expected to remain low, at 2.0x-3.0x. PEER ANALYSIS MRS's rating is below those of the other mature rail companies in North America, which are generally rated in the high 'BBB' to low 'A' range. MRS's 'BBB-' rating negatively compares with that of Grupo Ferroviario Mexicano, S.A. de C.V (GFM; BBB+/Stable) in Mexico and Union Pacific Corporation (UPC; A-/Rating Watch Positive) in the U.S. Although the three railroads operate with similar business profiles and competitive positions in their respective markets, GFM and UPC are more mature, more geographically diversified with access to Mexican, U.S. and Canadian markets, and less leveraged. Compared with other Brazilian railroads, MRS is best positioned given its strong business profile with captive clients (shareholders) rated 'BBB' or below, consistent operating cash flow generation, relatively flat operating margins, low leverage, and sound liquidity. Rumo S.A. (BB+/AAA(bra)/Stable) and VLI S.A. (AAA(bra)/Stable) have presented negative FCF trends from substantial capex plans that need to be financed and higher leverage, which is compatible with their growth momentum. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Heavy haul volumes increase by 4.5% in 2025 and 4.4% in 2026; -- General cargo volumes increase by 2.8% in 2025 and 2.3% in 2026; -- Tariffs increase by 3.9% in 2025 and by inflation from 2026 onward; -- Capex of BRL16.5 billion for 2025-2028, with BRL6.0 billion in 2025-2026; -- Payout of 50% of net income in 2026 and 25% from 2027 onward. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Deterioration of EBITDAR margins to lower than 40% on a sustainable basis; -- Net adjusted debt-to-EBITDAR ratios consistently above 3.0x; -- Severe deterioration in the credit quality of its major clients/shareholders; -- A deterioration of Brazil's operating environment could lead to a downgrade of the Local Currency IDR; -- A lower Country Ceiling for Brazil would lead to a downgrade of the Foreign Currency IDR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Improvements in cargo diversification and credit quality of its major clients/shareholders, combined with a better operating environment in Brazil, could lead to an upgrade of the Local Currency IDR; -- A higher Country Ceiling for Brazil (currently at BB+) would lead to an upgrade of the Foreign Currency IDR. LIQUIDITY AND DEBT STRUCTURE MRS has a robust liquidity profile that is supported by an adequate cash position and manageable debt amortization schedule. The company also benefits from proven access to banking and capital markets. Fitch expects year-end cash of about BRL4.0 billion, covering short-term debt by more than 2.0x. As of September 2025, MRS's cash and marketable securities reached BRL4.5 billion, which covered short-term debt of BRL1.6 billion by 2.2x. Lease-adjusted debt was BRL10.7 billion, mainly comprised of BRL7.7 billion in debentures (72%), BRL1.2 billion in rental obligation (11%) and BRL1.1 billion in outstanding debt with Banco Nacional de Desenvolvimento Economico e Social (BNDES; 10%). ISSUER PROFILE Brazilian railroad concessionaire MRS operates a mature railnet. It transports heavy haul (60% of total volume) and general cargo (40% of total volume). MRS's capital belongs to Vale and subsidiaries (44%), CSN and subsidiaries (38%), Usiminas (11%) and others. SUMMARY OF FINANCIAL ADJUSTMENTS -- Net derivatives and lease liability adjusted to debt; -- Depreciation and amortization removed from costs and allocated as other operating expenses; -- Interest on rental obligation and amortization of right of use impacts EBITDA. RATING ACTIONS Rating Prior ------ ----- MRS Logistica S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BBB- Affirmed BBB- Natl LT AAA(bra) Affirmed AAA(bra) senior unsecured Natl LT AAA(bra) Affirmed AAA(bra) ================= G U A T E M A L A ================= INGENIO MAGDALENA: Fitch Affirms 'BB-' IDRs, Alters Outlook to Neg. ------------------------------------------------------------------- Fitch Ratings has affirmed Ingenio Magdalena, S.A.'s (IMSA) Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) at 'BB-' and revised the Outlook to Negative from Stable. The Outlook reflects EBITDA leverage above the rating threshold over the next 12-18 months. Leverage was expected below 3x by YE 2025 but rose after large investments and acquisition of an 80% stake in Caña Brava. Fitch expects leverage to fall as integration advances, synergies emerge, and projects generate cash flow by YE 2026. Deleveraging pace and magnitude are key rating considerations. An Outlook revision to Stable depends on executing the deleveraging plan and achieving metrics consistent with the rating within 18-24 months. The ratings reflect IMSA's leading position in Guatemala's sugar and biomass power sectors and stable cash flows, supported by domestic sales and energy operations. Ratings also reflect agriculture risks, including price volatility and climate events that pressure performance and constrain deleveraging. KEY RATING DRIVERS Leverage Temporarily Increasing: IMSA's leverage will likely remain high in the near term due to USD 105 million of additional debt for the Caña Brava acquisition and ongoing capex, including the Casa Elvira mill expansion and the solar park project. On a proforma basis, including a full year of Caña Brava operations, Fitch projects EBITDA gross leverage to rise to 4.2x at YE 2025 from 3.3x at YE 2024. The company must deleverage in a difficult operating environment, with volatile and potentially lower sugar prices that could pressure cash flow and slow debt reduction. Fitch expects gross leverage to fall to about 3.5x by 2027, assuming operations stabilize across all assets, new investments reach steady-state production, and commodity prices remain supportive. Caña Brava Acquisition: Fitch views this acquisition as strategically positive for IMSA. It adds geographic revenue diversification, entry into Peru's growing sugar market, greater production capacity, and a stronger business profile. Caña Brava has 9,000 hectares of land, sugarcane crushing capacity of 1.5 million tons a year, sugar production of 320,000 metric tons (MT), ethanol output of 190,000 liters, and about 75 GWh of electricity generation. Solid Market Position: IMSA is Guatemala's leading sugar producer and exporter, with a 24% domestic market share in sugarcane crushing and average annual processing of 6.4 million tonnes. Fitch expects sugar operations to account for about 65% of consolidated EBITDA after the Caña Brava acquisition, with energy generation near 25%. The energy business, which supplies about 10% of Guatemala's electricity consumption using sugarcane bagasse and coal, is supported by power purchase agreements (PPAs) with an average remaining life of seven years. The EBITDA mix reflects higher sugarcane production and stable contracted energy revenues. Expectations of Temporary Negative FCF: Fitch expects IMSA to generate negative FCF in 2025 and 2026 due to significant investments related to the new 25 MW solar project, the new mill, Caña Brava integration, and maintenance capex. Capex is projected at about USD 166 million in total for 2025-2026, averaging around 11.5% of revenue. After these investments begin generating cash flow, Fitch expects FCF to turn neutral to positive, driven by Caña Brava's full integration, incremental revenues from the solar project and Casa Elvira mill, and normalized capex levels. Relatively Stable Cash Flows: About 50% of IMSA's revenue over the medium term should come from domestic sugar sales and power generation, supporting strong cash flow visibility. IMSA supplies 24% of Guatemala's sugar demand in a heavily regulated market with historically stable prices above international levels. The electricity division generates close to 25% of consolidated EBITDA. About 90% of its 246 MW installed capacity is contracted under long-term PPAs with an average seven-year remaining life, providing predictable cash flow from capacity availability revenues. A new 25 MW solar project should begin operations by 2027 under a 15-year PPA. PEER ANALYSIS IMSA's cash flow profile is more stable than FS Industria de Biocombustiveis Ltda. (BB-/Stable), a corn-based ethanol producer with greater exposure to input and output price volatility. IMSA's electricity business provides stable contracted revenues, while domestic sugar sales exhibit lower correlation with international sugar prices, supporting cash flow predictability. The Caña Brava acquisition strengthens IMSA's business profile through improved geographic and operational diversification. However, IMSA's gross leverage will rise to 4.4x at YE 2025 before declining to about 3.5x by 2027 as operations stabilize. For FS, the adjusted net leverage will be around 3.5x to 3.7x over the next few years. IMSA's ratings are three notches below Raizen S.A. (BBB-/Negative Watch) reflecting IMSA's smaller scale and weaker liquidity. Raizen is a leading sugar and ethanol producer and the second largest fuel distributor in Brazil. Fitch expects average net leverage for Raizen near 4.0x over the long-term due to higher debt. IMSA is also rated one notch below Tereos SCA (BB/Stable). Tereos' rating reflects its resilient position as the second-largest sugar producer globally and moderate product diversification. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Additional debt of USD 105 million to fund Caña Brava's acquisition; -- Caña Brava operations start consolidating in July 2025; -- Casa Elvira mill expected to begin operations by the end of 2026 with a capacity of 1.4 million MT; -- Solar plant coming online in 2026, with a capacity of 32MW; -- Productivity yields of 111 tons per hectare per average from 2025 to 2028; -- Average consolidated sugar production and purchase of 870.000 tons per year between 2025-2028; -- Average energy sales of 1,300,000 megawatt-hours (MWh) per year between 2025-2028; -- Average domestic sugar prices in U.S. dollars at 34.6 cents/lbs through 2028; -- Export sugar prices in U.S. dollars in 2025 and 2026 at hedged price and average price of 18.2 cents/lbs from 2027 through 2028; -- Fitch price deck for coal costs with costs declining over rating horizon; -- Dividends policy remains at 30% of net income in 2025 to 2028; -- Maintenance capex of around USD 25 million per year, and capex expansion of USD 60 million in 2025 and USD 30 million in 2026. -- Maintained committed and available credit facilities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Sustained weakness in local sugar prices or in the contractual position of the electricity business; -- Midcycle EBITDA leverage above 3.5x; -- Weaker financial flexibility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Significant increase in scale; -- Positive FCF through the cycle; -- Midcycle EBITDA leverage below 2.0x. LIQUIDITY AND DEBT STRUCTURE IMSA has historically maintained a tight liquidity profile. As of 3Q25, the company had USD 111 million in short-term debt and USD 15 million of cash on hand. IMSA currently holds a USD 50 million credit line and maintains a USD 100 million committed credit facility, of which USD 45 million remains available. The company manages price volatility through a hedging program that typically aims to fix export prices for 80% or more of production. IMSA also buys coal and grid power to generate electricity outside the sugar harvest, which can create cost volatility in the energy division. ISSUER PROFILE Ingenio Magdalena, S.A. is a sugar mill company located in Guatemala with a market leading position in the production of sugar and byproducts. The company is also the largest biomass power generator from sugar cane bagasse in the country. ============= J A M A I C A ============= JAMAICA: Net Remittance Flows Fell by 8.3% in October 2025 ---------------------------------------------------------- RJR News reports that the Bank of Jamaica said net remittance flows fell by 8.3 per cent in October 2025, declining to US$238 million compared with the same month in 2024. The central bank says the drop was mainly driven by a 6.9 per cent decline in inflows, which fell to US$19 million, along with a 10.5 per cent increase in outflows to US$2.1 million, according to RJR News. Net remittance flows is the difference between money sent back by Jamaicans living and working abroad and that sent overseas by Jamaicans, the report notes. Despite the October decline, the central bank says net remittance inflows for the period April 1 to October 31 totalled US$1.9 billion, the report relays. That represents an increase of 1.3 per cent, or US$23 million, compared with the same period last year, the report notes. Over that period, inflows rose by 1.4 per cent, or US$28 million, while outflows increased by 3.8 per cent to just over US$5 million, 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. In December 2025, Moody's Ratings upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to Ba3 from B1, and the senior unsecured shelf rating to (P)Ba3 from (P)B1. The outlook has been changed to stable from positive. Also in December 2025, S&P revised its outlook on Jamaica to stable from positive. At the same time, S&P affirmed its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. S&P's transfer and convertibility assessment remains 'BB+'. Fitch Ratings in November 2025, affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised its Outlook to Stable from Positive. ======= P E R U ======= VOLCAN COMPANIA: Fitch Hikes LongTerm IDRs to 'B', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded Volcan Compania Minera S.A.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B' from 'B-'. Fitch has also assigned a final rating of 'B' with a Recovery Rating 'RR4' to its senior secured notes due 2032. Additionally, Fitch has upgraded Volcan's outstanding senior unsecured notes due in 2026 and senior secured notes due 2030 to 'B'/'RR4' from 'B-/'RR4'. The Rating Outlook is Positive. The upgrade reflects Volcan's lower refinancing risks and increased financial flexibility following the completion of 2032 bond issuance with less restrictive financial covenants. The Positive Outlook reflects Volcan's progress on the Romina expansion and Fitch's expectation of ongoing improvements in Volcan's credit metrics in the medium term, given sustained positive FCF, EBITDA leverage below 3.0x, and interest coverage above 6.0x. Timely Romina execution, effective operating capacity, and Volcan's capital allocation strategy are key elements to trigger a positive rating action. KEY RATING DRIVERS Refinancing Risks Dissipates: Volcan's new USD750 million senior secured 2032 bond materially reduces near-term refinancing risk and improves financial flexibility due to the removal of restrictive financial covenants. The new 2032 notes, currently ranked pari passu with the 2030 notes, include a collateral release condition linked to the full repurchase of the 2030 notes (currently 12% outstanding). When this condition is satisfied, the new notes will become senior unsecured, with covenants similar to the 2026 notes. Proceeds were used to fully repay the USD327.5 million syndicated loan and retire USD264.6 million (88%) of the 2030 notes, with plans to refinance the remaining USD35.3 million during 2026 and settle the USD68 million due next February 2026. Volcan is expected to have no major debt maturities before 2032, resulting in more rating headroom for its ongoing Romina's capex financing phase. Rising Production, Lowering Costs: Fitch expects Volcan's operational recovery to continue. The company aims for total zinc production of for more than 240,000 metric tons (MT) in 2025 and nearly 340,000 MT in 2027 after past operations stoppages, and from new mining zones and continued operations streamlining. Yauli is expected to continue to improve its third-quartile position toward the peer average. Romina Remains Key: The resulting cost reductions and mine life improvement following the completion of Romina are key to Volcan's business sustainability and help strengthen its credit profile. The polymetallic Romina mine is the main near-term growth project of Volcan and is expected to start commercial production by the end of 2026. It will replace the aging Alpamarca mine and will use its operating plant. Fitch expects Romina to contribute 10% of revenue in 2026 and 20% in 2027. Capex to Pressure FCF Generation: Fitch expects EBITDA to reach about USD507 million in 2026, driven by recovering operations and supportive prices. Total capex is expected to increase to USD287 million in 2025 and remain at the same level of USD294 million in 2026 during the final stage of Romina's construction. Despite the high capex, FCF is projected to be positive in 2025-2027, averaging USD35 million, as metal prices remain strong and production recovers. Low Leverage: Fitch expects Volcan to maintain low leverage metrics with an improved maturity profile. EBITDA leverage and net leverage are expected to reach 2.0x and 1.3x in 2025, respectively, and decline to 1.5x and 1.2x in 2026, as higher zinc and silver output from Yauli and Chungar, the early ramp-up of Romina, and favorable prices. Fitch expects Volcan to manage its credit profile carefully as it navigates positive price prospects and, after Romina's expansion, decisions on business growth and shareholder returns. PEER ANALYSIS Volcan's low mining life is a key rating constraint. Consolidated reserves imply about five years of mine life, which is low for underground peers. This level is lower to Buenaventura (+10 years), Aris (18 years) and Ero (17 years). In terms of metals diversification, it exceeds that of Ero Copper Corp (B+/Stable) and Aris Mining Corp (B+/Stable), matches that of Compania de Minas Buenaventura S.A.A. (BB/Stable) and Minsur S.A. (BBB-/Stable). Volcan operates only in Peru, like Buenaventura and Minsur, while Ero operates in Brazil and Aris in Colombia. Its scale is larger than that of Ero and Aris, similar to Buenaventura, and smaller than Minsur. Fitch expects Volcan's capital structure and liquidity to be similar to that of all the named peers, with leverage at the middle of the group, including versus similarly rated Aris and Ero. Volcan's all-in sustaining cost (AISC) is in the third quartile of the zinc AISC curve, which is better than Buenaventura and Ero (both fourth in their metals) and similar to Aris (third). Fitch expects Volcan's gross and net leverage to average 1.7x and 1.2x, respectively, over the next three years. This is higher compared to peers: Buenaventura (1.3x and 0.4x), Minsur (0.8x and 0.6x) and Ero Copper (1.2x and 1.0x). FITCH'S KEY RATING-CASE ASSUMPTIONS -- Average zinc price of USD2,820/tonne in 2025, USD2,650/tonne in 2026, and USD2,550/tonne in 2027; -- Average silver price of USD38/ ounce (oz) in 2025, USD38/oz in 2026, and USD28/oz in 2027; -- Zinc output of 240,000 MT, 290,000 MT, and 340,000 MT in 2025, 2026, and 2027, respectively; -- Silver output of 13 million oz, 15 million oz, and 16 million oz in 2025, 2026, and 2027, respectively; -- Yauli's zinc and silver production grows 4% and falls 10%, respectively, in 2025, grows 5% and 20% in 2026, and remain stable in 2027; -- Fitch expects Yauli to contribute more than 50% of revenues in 2025; -- Romina is expected to start operations during 2026 and achieve full production in 2027. Fitch expects Romina expansion, to contribute 10% of revenues in 2026 and 20% in 2027; -- Capex of USD287 million, USD294 million, and USD244 million in 2025, 2026, and 2027, respectively; -- No dividends; -- No additional asset sales. RECOVERY ANALYSIS Going-Concern Approach The recovery analysis assumes that Volcan would be considered a going concern in an event of bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation in a low zinc price environment. An enterprise valuation multiple of 4.5x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: the historical bankruptcy case study exit multiples for peer companies were 4.0x-6.0x, improving financial subfactors, mid-quality assets, and high-quality counterparties despite challenging dynamics in a volatile and commoditized industry. Fitch applies a waterfall analysis to the post-default enterprise valuation based on the relative claims of debt in the capital structure. The debt waterfall assumptions consider the company's pro forma debt following refinancing and debt exchange as well as the debt-funded capex for Romina. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' for the secured bonds and syndicated facility debt and to 'RR3' to the unsecured debt. However, per Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," Peru, where EBITDA is generated, is considered Group D. Therefore, Fitch caps the instruments' Recovery Ratings at 'RR4', resulting in no rating uplift from the IDR 'B' for both first-lien bonds and syndicated facility, and for the unsecured ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Further delays in the construction and ramp-up of Romina; -- Negative FCF over the rating horizon deteriorating liquidity; -- EBITDA to interest expense coverage ratio consistently below 3.0x; -- A sustained EBITDA leverage ratio of more than 4.0x with an unwillingness or inability to deleverage; -- A sustained EBITDA net leverage ratio of more than 3.5x with an unwillingness or inability to deleverage. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Completion of Romina in a timely manner, resulting in improvements in the cost profile, production and reserve life; -- Positive to neutral FCF over the rating horizon; -- EBITDA to interest expense coverage ratio consistently above 5.0x; -- A sustained EBITDA leverage ratio of less than 3.5x in a sustained basis; -- A sustained EBITDA net leverage ratio of less than 3.0x in a sustained basis. LIQUIDITY AND DEBT STRUCTURE The issuance of 2032 notes has reduced refinancing risk for Volcan. The company prepaid the remaining USD327.5 million of the syndicated loan and partially completed an tender for its 2030 notes in around 88% of total, in amount of USD264.6 million. Volcan plans to use remaining proceeds to refinance its 2026 unsecured notes and the balance of its 2030 secured notes, extending the next material amortization to 2032. Gross debt is projected to be about USD750 million at YE 2026, excluding commercial prepayments. As of Sept. 30, 2025, cash and equivalents were USD206 million against total debt of USD709 million, including of USD68 million of unsecured notes due 2026, USD327.5 million of a secured syndicated loan maturing in 2029, USD300 million of secured notes due 2030 and USD25 million of commercial prepayments on concentrates. ISSUER PROFILE Volcan is a polymetallic miner with a third-quartile cost position on the global zinc cost curve per CRU. It has operated in Peru for over 75 years. Volcan produces zinc, lead, and silver. RATINGS ACTION Rating Prior ------ ----- Volcan Compania Minera S.A.A. LT IDR B Upgrade B- LC LT IDR B Upgrade B- senior secured LT B Upgrade RR4 B- senior unsecured LT B Upgrade RR4 B- senior secured LT B New Rating RR4 B(EXP) ===================== P U E R T O R I C O ===================== ASOCIACION HOSPITAL: Plan Exclusivity Extended to Feb. 23, 2026 --------------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico extended Asociacion Hospital Del Maestro, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 23, 2026 and April 24, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the tasks of transitioning its operations and reconciling them with this ongoing proceeding, coupled with the unique complexity of navigating into this bankruptcy proceeding, just after being subject to garnishments with IRS, managing the business basically "COD" (cash on demand), and getting access to cash through cash collateral stipulations, made forming a plan of reorganization within the first 120 days virtually impossible. The Debtor claims that it is not seeking an extension of its Exclusive Periods to pressure creditors. To the contrary, the Debtor has cooperated and worked constructively and in good faith with all of its officers in the three months since the filing to comply with all requirements, filing and duties, and resolve all matters that have come into play through consent. To this date the Debtor efforts have been aimed towards stabilizing Debtor's operations and reconciling them with this ongoing proceeding. Further, all matters that have arisen have been resolved in an amicable fashion with all interested parties. The Debtor asserts that consistent with its fiduciary duty, the company will use these extended Exclusive Periods to continue to negotiate with interested parties to reach a reorganization or, at the very least, propose in good faith a plan that maximizes value for all. Debtor has acted and will continue in good faith, being forthcoming in diligence, analysis, and collaboration with all parties. The Debtor's substantial progress in negotiating with its creditors and administering its case supports the extension of the Exclusive Periods. Further, whatever alternative or strategy is to be implemented, necessarily will be required to be discussed and even potentially approved by Banco Popular de Puerto Rico (BPPR) as secured creditor. Certainly, upon receipt of a formal offer from an interested party, Debtor and its secured creditor will have context and substance to engage in conversations that may lead to the filing of a consensual plan. Asociacion Hospital Del Maestro, Inc. is represented by: Wigberto Lugo Mender, Esq. Lugo Mender Group, LLC 100 Carr. 165 Suite 501 Guaynabo, PR 00968 Telephone: (787) 707-0404 Facsimile: (787) 707-0412 Email: wlugo@lugomender.com About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by: Luis C. Marini-Biaggi, Esq. Carolina Velaz-Rivero, Esq. Marini Pietrantoni Muniz, LLC 250 Ponce De León Ave. Suite 900 San Juan, PR 00918 Tel.: (787) 705-2171 lmarini@mpmlawpr.com cvelaz@mpmlawpr.com ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Appoints New GSSAS for UK, Western Europe ------------------------------------------------------------- Trinidad and Tobago Newsday reports that Caribbean Airlines (CAL) Cargo has announced new partnerships with two General Sales and Service Agents (GSSAs), giving customers across its cargo network easier access to European trade and ensuring that shippers in Europe benefit from equally convenient access to Caribbean markets. To support seamless, reciprocal connectivity, Caribbean Airlines Cargo's latest GSSA's are APG Inc. Western Europe and ANA Aviation Services Lts, according to Trinidad and Tobago Newsday . APG Inc will represent Caribbean Airlines Cargo (BW) in: Andorra, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, the Netherlands, Norway, Portugal, San Marino, Slovenia, Spain, Sweden, Switzerland, Turkey, and Vatican City, the report relays. CAL said in a release that this extensive coverage will ensure increased visibility and commercial opportunities for BW, the report says. Additionally, customers have reliable local support for bookings, rates and service inquiries throughout Western Europe, the report discloses. ANA Aviation Services Limited (Network Airline Services) will represent CAL Cargo in the UK, the report relays. With its long-standing industry experience and strong UK footprint, Network Airline Services will represent Caribbean Airlines Cargo (BW) across England, Scotland, Wales, and Northern Ireland, providing convenient access to cargo solutions from all major UK regions, the report relays. Caribbean Airlines' general manager (Cargo and New Business) Marklan Moseley commenting on the new GSSA appointments said, "These partnerships are designed to give our customers, both in the Caribbean and across Europe, the ease and convenience of smooth, reciprocal trade. "With APG and Network Airline Services, shippers now have trusted local contacts who are ready to support their needs on both sides of the Atlantic, the report notes. Both APG and Network Airline Services bring deep market knowledge and a commitment to service excellence that aligns with our mission of providing reliable customer support and we look forward to working together to better serve our customers across these key markets," the report adds. About Caribbean Airlines Caribbean Airlines Limited provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on Oct. 21, 2025, Joel Julien at Trinidad and Tobago Express said that Caribbean Airlines Limited has finally submitted its audited financial statements for the year ended December 31, 2016, nearly nine years after the financial period closed. The independent audit by KPMG Chartered Accountants, completed in April 2025, resulted in a qualified opinion after the auditors were unable to fully verify the accuracy of several key financial items reported by the airline for that year, in part due to the prolonged duration of the audit, according to Trinidad and Tobago Express. Caribbean Airlines is among many airlines whose business has been greatly affected in 2020 by the slowdown of international travel caused by the COVID-19 pandemic. The government of Trinidad & Tobago guaranteed a US$65 million loan for the airline, and that funding has helped with the airlines' cash flow shortfall since May 2020. In September 2020, the airline related it will be taking cost-cutting measures to help keep it afloat. The measures, which was to affect some 1,700 employees, included salary deductions, no-pay leaves and lay-offs. ================= V E N E Z U E L A ================= VENEZUELA: Names Delcy Rodriguez Interim President -------------------------------------------------- Matias Sebastian Lopez at Rio Times Online reports that Venezuela's leadership moved quickly to contain a power vacuum after U.S. special forces captured Nicolas Maduro in Caracas and transferred him to New York to face U.S. narco-terrorism and drug-trafficking charges first announced in 2020. The Supreme Court's Constitutional Chamber ordered Vice President Delcy Rodríguez to assume the role of interim president, saying it was necessary to guarantee "administrative continuity" and the nation's defense during Maduro's "forced absence," according to Rio Times Online. The ruling said the court would debate the legal framework to ensure continuity of the state and "defense of sovereignty," the report relays. President Donald Trump cast the raid as both punishment and policy, the report notes. He said the United States would "run" Venezuela until a "safe" transition could be arranged and warned a second strike was possible if the remaining leadership did not cooperate, the report discloses. Supporters called it overdue accountability for a narco-state; critics called it an illegal kidnapping, the report says. Reuters reported the operation involved months of planning, a rehearsed safe-house scenario, and more than 150 aircraft; it also knocked out power in parts of Caracas and struck military installations, the report relays. Cuba said 32 of its military and intelligence personnel were killed in the raid, the report notes. Rodriguez, 56, is no placeholder, the report relates. Vice president since 2018 and also oil minister, she has served as foreign minister and finance chief and is widely viewed as part of the regime's core, the report discloses. Her brother, Jorge Rodriguez, leads the National Assembly, underscoring how tightly the interim arrangement remains inside the ruling circle, the report relays. The immediate question is whether Washington's pressure breaks that circle -- or hardens it, notes the report. Markets are already betting both ways: gold surged on safe-haven demand, and JPMorgan said distressed Venezuela and PDVSA bonds -- trading around 28–32 cents on the dollar -- could pop on hopes of political change and eventual debt restructuring, the report notes adds. About Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean sea. The capital is the city of Caracas. Hugo Chavez was president to Venezuela from 1999 to 2013. The Chavez presidency was plagued with challenges, which included a 2002 coup d'etat, a 2002 national strike and a 2004 recall referendum. Nicolas Maduro was elected president in 2013 after the death of Chavez. Maduro won a second term at the May 2018 Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president. The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. Moody's has withdrawn its 'C' local currency and foreign currency ceilings for Venezuela in September 2022. Standard & Poors has also withdrawn its 'SD/D' foreign currency sovereign credit ratings and 'CCC-/C' local currency ratings on Venezuela in September 2021 due to lack of sufficient information. Fitch withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the imposition of U.S. sanctions on the country's government. ********* 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 2026. 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 * * *