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T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, January 8, 2026, Vol. 27, No. 6
Headlines
A R G E N T I N A
ANDIS: Milei Shuts Down Agency Due to Corruption Claims
ARGENTINA: Carves Path for Savers to Stop Stashing Cash Under Couch
ARGENTINA: Still US$2.4 Billion Short for January Bond Payments
B R A Z I L
NEW FORTRESS: Secures Lender Forbearance on Debt Defaults
PROEMA AUTOMOTIVA: Chapter 15 Case Summary
C O L O M B I A
AVIANCA GROUP: Fitch Rates New USD600MM Sr. Secured Notes 'B+'
COLOMBIA: Peso Firms as Oil-Led Equity Rally Tests New Highs
G U Y A N A
GUYANA: Exports More Agro-processed Foods to the Caribbean
T R I N I D A D A N D T O B A G O
NATIONAL ENTERPRISE: Recovers From Loss With $15.3MM Profit
TRINIDAD & TOBAGO: Central Bank Repo Rate to Stay at 3.5%
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A R G E N T I N A
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ANDIS: Milei Shuts Down Agency Due to Corruption Claims
-------------------------------------------------------
Buenos Aires Times reports that Argentina's government has
announced it will shutter the ANDIS national disability agency, the
body at the centre of corruption allegations involving President
Javier Milei's sister.
The agency's functions will be absorbed by the Health Ministry,
without any cuts to the benefits it provides to more than three
million people, Cabinet Chief Manuel Adorni said, according to
Buenos Aires Times.
Since Milei took office in December 2023, ANDIS has been placed
under trusteeship and subjected to an audit, a process the
government says has identified tens of thousands of irregular
claims, the report notes.
The review led to interruptions in services and complaints from
welfare recipients, who mobilised allies to stage a series of
protests demanding more funding for the agency and disability
support programs, the report says.
ANDIS was thrust into scandal after Argentina's courts ordered
raids on its headquarters and those of Suizo Argentino, a major
pharmaceutical distributor, over an alleged scheme involving bribes
and kickbacks to secure state contracts, the report relays.
The case has put the President's sister, Karina Milei - his most
powerful aide who serves as presidential chief-of-staff - firmly in
the spotlight, the report notes.
President Milei has denied any wrongdoing on the part of his
sister, who has not commented publicly on the allegations, the
report discloses.
The scandal broke after the publication in mid-August of alleged
audio recordings in the local press, the report notes.
In the clips, a voice purportedly belonging to the former head of
ANDIS, Diego Spagnuolo - Milei's former personal lawyer - claims
that Karina Milei and her associates received a three percent cut
of sums paid out by the agency for the purchase of medicines from
Suizo Argentino, the report relays.
Shortly after the claims became public, Spagnuolo was removed from
his post and charged by the courts as the alleged
leader of a criminal association, the report discloses. Around 20
people have since testified in the investigation, including a
former official at Argentina's Economy Ministry, the report says.
Spagnuolo has denied all charges and has reportedly told the courts
that the recordings were falsified and manipulated, the report
notes. Prosecutors, however, have upheld the accusations on the
basis of additional evidence
and are continuing their investigation, 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.
S&P Global Ratings on Dec. 17, 2025, raised its local currency
sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'.
S&P also raised its long-term foreign currency sovereign credit
rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term
foreign currency rating. The outlook on the long-term ratings
is stable. In addition, S&P raised its issue ratings on local
currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and
convertibility assessment is unchanged.
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.
Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term
Foreign and Local Currency Issuer Ratings to B (low) from CCC
in November 2024.
ARGENTINA: Carves Path for Savers to Stop Stashing Cash Under Couch
-------------------------------------------------------------------
David Feliba at Bloomberg News reports that after decades of
financial crises, Argentines tend to keep their money just about
anywhere except a bank – under the couch, dug in the backyard or
in bulletproof bunkers.
President Javier Milei convinced nearly 300,000 Argentines to
declare over US$20 billion in a tax amnesty program that
established that deposits above US$100,000 had to remain untouched
in bank or brokerage accounts until January 1, 2026, to avoid a
levy, according to Bloomberg News. After that, Argentines with the
so-called CERA accounts will be free to move their money - a test
of locals' confidence in the libertarian leader, as well as a
possible inflection point for Argentines' saving habits, Bloomberg
News notes.
"Changing the 'under-the-mattress' culture in Argentina will take
years," said Sebastian Domínguez, chief executive
of SDC tax advisors and a professor at the University of Buenos
Aires, Bloomberg News says. "Something has clearly
changed - it's not the same as two years ago - but Argentina's
history is hard to erase. It takes election after election to stay
on this path."
Rooted in past crises - most notably the 2001 collapse, when dollar
deposits were converted into pesos overnight - millions of
Argentines hoard cash at home, acutely aware of how rapidly
financial conditions can deteriorate, Bloomberg News discloses. As
recently as October, a market sell-off sent locals rushing to buy
greenbacks for fear of another political pendulum swing before the
midterm elections, Bloomberg News says.
The tide may be turning under Milei after his party prevailed in
the midterm vote and he won support in Congress to pass the first
annual budget in years, Bloomberg News relays. Inflation has also
dropped sharply on his watch and pre-election rumours of a peso
devaluation have dissipated, Bloomberg News notes.
Milei has another card up his sleeve to keep savings in the bank
and coax more undeclared funds into the economy to underpin growth,
Bloomberg News relays. Congress just passed his legislation called
the Fiscal Innocence Law, which significantly raises the minimum
levels before Argentina's tax authority can pursue citizens for tax
evasion and other financial crimes, Bloomberg News notes. The main
aim is to encourage greater use of undeclared funds without fear of
legal scrutiny down the line, Bloomberg News relays.
"There's nearly US$200 billion sitting under mattresses that could
be earning interest and generating credit," Economy Minister Luis
Caputo said at a conference with local investors in December,
Bloomberg News notes. "It doesn't make sense, but most Argentines
do it - and that has to change," Bloomberg News adds.
Private sector dollar deposits in the financial system have more
than doubled since Milei took office two years ago to US$36
billion, the highest since a run on the banks in early 2002,
Bloomberg News recalls. It’s a positive development, but still a
fraction of the estimated US$204 billion of cash Argentines hold
outside banks, according to a Central Bank report from last year,
Bloomberg News says.
Argentina's last major tax amnesty took place under the
market-friendly government of Mauricio Macri, who launched a
programme in 2016 that attracted even larger sums, totalling around
US$120 billion, Bloomberg News notes. However, an economic crisis
doomed his presidency by 2019 and dollar deposits nosedived again
once the leftist Peronist movement returned to power and tightened
capital controls, Bloomberg News relays.
Under Milei, the end of the CERA lockup would mark a "particularly
important test," local broker Grit Capital Group said in a note to
investors, adding that there is a "meaningful possibility"
households and companies could move capital abroad once
restrictions lift, Bloomberg News discloses.
"Confidence is building, but the default choice for high-net-worth
Argentines remains to keep their dollar
savings offshore," said Walter Stoeppelwerth, the firm’s chief
investment officer, Bloomberg News says.
According to the tax agency, the amnesty brought nearly US$24.5
billion into CERA special accounts, Bloomberg News relays. At a
recent press conference, Central Bank Governor Santiago Bausili
said the amount that remains locked
in the system - and could potentially be withdrawn starting in
January - is now "well below US$20 billion," Bloomberg News notes.
Neither the Central Bank nor tax agency responded to requests for
updated figures or on whether the government is taking preventive
measures, Bloomberg News discloses.
Some analysts expect Argentines to rotate some of the freely
available funds into investment portfolios, adding that rising
dollar deposits is significant in a country where the banking
system remains structurally small, Bloomberg News says.
The fact that they continue to grow is a sign of trust toward
Milei's economic program, said Pilar Tavella, head of macro and
sovereign strategy at Balanz, Bloomberg News notes.
"So far, we are not seeing urgency to pull funds out," she said.
"There will be some movement, but we expect it to be contained,"
she added, notes the report.
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.
S&P Global Ratings on Dec. 17, 2025, raised its local currency
sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'.
S&P also raised its long-term foreign currency sovereign credit
rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term
foreign currency rating. The outlook on the long-term ratings is
stable. In addition, S&P raised its issue ratings on local
currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and
convertibility assessment is unchanged.
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.
Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term
Foreign and Local Currency Issuer Ratings to B (low) from CCC
in November 2024.
ARGENTINA: Still US$2.4 Billion Short for January Bond Payments
---------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that with just a few
trading days left ahead of a crucial January 9 deadline,
Argentina's Treasury only has US$1.9 billion of the US$4.3 billion
it owes despite recent efforts to bolster the country's stash of
dollars.
Economy Minister Luis Caputo still has options though as he looks
to scrape together the rest, according to Bloomberg News. They
include a possible repurchase agreement - effectively a loan - with
Wall Street banks or potentially tapping Argentina's US$20-billion
swap line with the US Treasury Department, the report notes.
For now, Caputo has downplayed the likelihood of selling bonds
abroad in January, Bloomberg News relays.
Argentine authorities took steps to prepare a repurchase agreement,
with the Economy Minister executing a debt swap with the Central
Bank, one element of the government's previous repos with banks,
Bloomberg News says.
Bond investors remain broadly optimistic that the January 9 payment
- which includes principal and interest - will be made, with
Argentina's global bonds maturing in 2030 trading at around 85
cents on the dollar, up 44 percent since September, according to
data compiled by Bloomberg.
With the looming maturity, President Javier Milei's government must
either step up its dollar purchases, secure a bank loan or deploy
one of the other tools that Caputo has pitched, Bloomberg News
relays. That task is being complicated by a market that remains
concerned about the government's demand for dollars and any impacts
on the peso, Bloomberg News notes.
"The issue is there are only five trading days left. Six months
ago, we would have seen this as a small amount relative to the
trade surplus," Bloomberg News quoted Juan Manuel Pazos, chief
economist at local brokerage One618, as saying last December 31,
2025. "But with five trading days to go before the maturity, it
looks like a pretty large share of the FX market's daily volume."
Argentina's Economy Ministry and Central Bank declined to comment,
notes the report.
The peso has been trading at around 1,450 against the dollar
recently, with daily swings of less than one percent
since November 26, Bloomberg News relays. Argentina's government
since the start of its term in 2023 has used the
exchange rate as a key anchor for domestic prices as it fights
inflation, Bloomberg News notes.
Argentine officials in early December accelerated their
accumulation of dollars using two main channels: a limited
hard-currency debt sale of less than US$1 billion as well as
regular purchases in the official market, Bloomberg News says.
That quickly raised the Argentine Treasury's existing dollar
holdings, with balances climbing from less than US$100 million on
December 4 to about US$2.1 billion most recently, according to
figures by the Central Bank, Bloomberg News notes.
One last resort for the January 9 maturity could be the BCRA, but
its net reserves are effectively zero or even negative, according
to estimates by different private consultants, which is why the
Treasury needs to build up its deposits, Bloomberg News relays.
"The news flow out of Argentina is uniformly positive," if one
overlooks the BCRA's net reserves and the Treasury's US$1.9-billion
dollar deposit at the Central Bank, said Walter Stoeppelwerth, CIO
at local brokerage Grit Capital Group, in a report to clients,
Bloomberg News discloses.
Recent changes to the country's foreign exchange framework could
make it easier to grow dollar reserves starting this month,
Bloomberg News says. Under the new rules, the BCRA will index its
crawling peg to the prior month's inflation rate rather than the
previous rate of one percent a month, implying faster nominal
depreciation, Bloomberg News relays. Argentine inflation has been
trending above 2% since August, Bloomberg News notes.
Alongside the shift, the Central Bank outlined a more structured
approach to buying dollars and building reserves, including limits
around day-to-day interventions aimed at reducing uncertainty about
how and when officials will step
into the market while balancing exchange-rate stability with debt
payments, Bloomberg News says.
The BCRA in a statement framed the latest shift as the start of a
program to support growth, keep prices stable and
rebuild liquid reserves, Bloomberg News relays. The Central Bank
said it will balance monetary discipline and reserve accumulation.
Still, that might prove challenging, Pazos said. "They'll have to
buy a lot every day to get there or borrow from someone," he said,
referring to the US$2.4 billion Argentina's Treasury remains short
of, Bloomberg News adds.
About Argentina
Argentina is a country located mostly in the southern half of
South America. Its capital is Buenos Aires. Javier Milei is the
current president of Argentina after winning the November 19,
2023 general election. He succeeded Alberto Angel Fernandez
in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however,
its economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion. Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.
On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion. The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.
S&P Global Ratings on Dec. 17, 2025, raised its local currency
sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'.
S&P also raised its long-term foreign currency sovereign credit
rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term
foreign currency rating. The outlook on the long-term ratings
is stable. In addition, S&P raised its issue ratings on local
currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and
convertibility assessment is unchanged.
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.
Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. 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
===========
NEW FORTRESS: Secures Lender Forbearance on Debt Defaults
---------------------------------------------------------
New Fortress Energy Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company, as
borrower, did not make the interest payment of approximately
$30,644,000 due under that certain Credit Agreement, dated as of
October 30, 2023, by and among the Company, as the borrower, the
guarantors from time to time party thereto, Morgan Stanley Senior
Funding, Inc., as administrative agent and collateral agent, and
each of the other financial institutions from time to time party
thereto as lenders, on December 10, 2025, and has informed the
lenders that it does not plan to make certain principal payments
due on December 31, 2025.
An event of default under the TLB Credit Agreement arose on
December 17, 2025, when the contractual grace period for interest
payments on the loans expired, and an event of default under the
TLB Credit Agreement would arise on December 31, 2025 when the
Company fails to make the principal payments then due.
In response, on December 17, 2025, the Company and certain of its
subsidiaries entered into a forbearance agreement with certain
lenders to the TLB Credit Agreement constituting the "Required
Lenders" thereunder, pursuant to which such lenders agreed to
forbear from accelerating or exercising remedies in respect of
such
events of default.
Unless earlier terminated, the Term Loan B Forbearance Agreement
will terminate on January 9, 2026.
Upon the termination of the Term Loan B Forbearance Agreement, if
a
further forbearance or debt restructuring is not agreed to, the
lenders could accelerate the outstanding principal balance of the
loans and all other amounts owing under the TLB Credit Agreement
and other loan documents, in which case substantially all of the
Company's other outstanding debt would become payable on demand.
The Term Loan B Forbearance Agreement contains conditions,
covenants, termination rights and other provisions customary for
forbearance agreements of that type.
Term Loan A Forbearance Agreement:
Additionally, the Company did not make the interest payment of
approximately $1,600,000 due under the TLA Credit Agreement on
December 10, 2025.
An event of default under the TLA Credit Agreement arose on
December 17, 2025, when the contractual grace period for interest
payments on the loans expired. On December 17, 2025, the Company
and certain of its subsidiaries entered into a forbearance
agreement, with certain lenders to the TLA Credit Agreement,
pursuant to which such lenders agreed to forbear from accelerating
or exercising remedies in respect of such event of default.
Unless earlier terminated, the Term Loan A Forbearance Agreement
will terminate on January 9, 2026.
Upon the termination of the Term Loan A Forbearance Agreement, if
a
further forbearance or debt restructuring is not agreed to, the
lenders could accelerate the outstanding principal balance of the
loans and all other amounts owing under the TLA Credit Agreement
and other loan documents. The Term Loan A Forbearance Agreement
contains conditions, covenants, termination rights and other
provisions customary for forbearance agreements of that type.
Concurrently, the Company executed amendments to its Letter of
Credit Facility, Revolving Credit Facility, and Term Loan A Credit
Facility.
Amendment of Letter of Credit Facility:
As of December 17, 2025, the Company entered into the Thirteenth
Amendment Agreement, by and among the Company, as the borrower,
the
guarantors party thereto, Natixis, New York Branch, as
administrative agent, and each of the other financial institutions
party thereto, as lenders and issuing banks, which amends that
certain Letter of Credit and Reimbursement Agreement, dated as of
July 16, 2021, by and among the Company, as the borrower, the
guarantors from time to time party thereto, Natixis, New York
Branch, as administrative agent and collateral agent, and each of
the other financial institutions from time to time party thereto,
as lenders and issuing banks, to provide that if, among other
things, the Company fails to maintain the Term Loan A Forbearance
Agreement and the Term Loan B Forbearance Agreement in full force
and effect or materially violates its terms, an event of default
would occur under the Letter of Credit Agreement.
If such events of default occur, the lenders and issuing banks
would have the right to require cash collateralization of all
outstanding letters of credit issued pursuant to the Letter of
Credit Agreement.
If the lenders and issuing banks choose to exercise such rights
under those facilities, substantially all of the Company's
outstanding indebtedness could be accelerated, and the Company may
be required or compelled to pursue additional restructuring
initiatives to preserve value and optionality, including possible
out of court restructurings, or in-court relief, which could have
a
material and adverse impact on stockholders.
The Thirteenth Amendment also, among other things and subject to
certain exceptions described therein, removes certain flexibility
the Company had to pay dividends and other distributions, incur
indebtedness for borrowed money, consummate asset sales, make
intercompany transfer of assets and make investments.
Amendment of Revolving Credit Facility:
As of December 17, 2025, the Company entered into the Fourteenth
Amendment Agreement, by and among the Company, as the borrower,
the
guarantors party thereto, MUFG Bank, Ltd., as administrative
agent,
and each of the other financial institutions party thereto, as
lenders and issuing banks, which amends that certain Credit
Agreement, dated as of April 15, 2021, by and among the Company,
as
the borrower, the guarantors from time to time party thereto, MUFG
Bank, Ltd., as administrative agent and collateral agent, and each
of the other financial institutions from time to time party
thereto
as lenders, to provide that if, among other things, the Company
fails to maintain the Term Loan A Forbearance Agreement and the
Term Loan B Forbearance Agreement in full force and effect or
materially violates its terms, an event of default would occur
under the RCF Credit Agreement.
If such events of default occur, the lenders would have the right
to accelerate the repayment of the outstanding principal under the
RCF Credit Agreement.
If the lenders and issuing banks choose to exercise such rights
under those facilities, substantially all of the Company's
outstanding indebtedness could be accelerated, and the Company may
be required or compelled to pursue additional restructuring
initiatives to preserve value and optionality, including possible
out of court restructurings, or in-court relief, which could have
a
material and adverse impact on stockholders.
The Fourteenth Amendment also, among other things and subject to
certain exceptions described therein, removes certain flexibility
the Company had to pay dividends and other distributions, incur
indebtedness for borrowed money, consummate asset sales, make
intercompany transfer of assets and make investments.
Amendment of Term Loan A Credit Facility:
As of December 17, 2025, the Company entered into the Seventh
Amendment Agreement, by and among the Company, as the borrower,
the
guarantors party thereto, Morgan Stanley Senior Funding, Inc., as
administrative agent, and each of the other financial institutions
party thereto as lenders, which amends that certain Credit
Agreement, dated as of July 19, 2024, by and among the Company, as
the borrower, the guarantors from time to time party thereto,
Morgan Stanley Senior Funding, Inc., as administrative agent and
collateral agent, and each of the other financial institutions
from
time to time party thereto as lenders, to provide that if, among
other things, the Company fails to maintain the Term Loan B
Forbearance Agreement in full force and effect or materially
violates its terms, an event of default would occur under the TLA
Credit Agreement.
If such events of default occur, the lenders would have the right
to accelerate the repayment of the outstanding principal under the
TLA Credit Agreement.
If the lenders choose to exercise such rights under those
facilities, substantially all of the Company's outstanding
indebtedness could be accelerated, and the Company may be required
or compelled to pursue additional restructuring initiatives to
preserve value and optionality, including possible out of court
restructurings, or in-court relief, which could have a material
and
adverse impact on stockholders.
The Seventh Amendment also, among other things and subject to
certain exceptions described therein, removes certain flexibility
the Company had to pay dividends and other distributions, incur
indebtedness for borrowed money, consummate asset sales, make
intercompany transfer of assets and make investments.
About New Fortress Energy Inc.
New Fortress Energy Inc., a Delaware corporation, is a global
energy infrastructure company founded to help address energy
poverty and accelerate the world's transition to reliable,
affordable and clean energy. The Company owns and operates natural
gas and liquefied natural gas infrastructure, ships and logistics
assets to rapidly deliver turnkey energy solutions to global
markets. The Company has liquefaction, regasification and power
generation operations in the United States, Jamaica, Brazil and
Mexico. The Company has marine operations with vessels operating
under time charters and in the spot market globally.
As of September 30, 2025, the Company had $11.9 billion in total
assets, $10.8 billion in total liabilities, and a total
stockholders' equity of $1.1 billion.
* * *
In November 2025, S&P Global Ratings lowered its issuer credit
rating on New Fortress Energy Inc. (NFE) to 'SD' (selective
default) from 'CCC'. At the same time, S&P lowered its issue level
rating on NFE's 12% senior secured notes due 2029 to 'D' from
'CCC-'. The downgrade reflects NFE's decision to enter into a
forbearance agreement. S&P will reevaluate its ratings on NFE
before the end of November as more information becomes available.
The Company has initiated a process to evaluate its strategic
alternatives to improve its capital structure. It has retained
Houlihan Lokey Capital, Inc. as financial advisor and Skadden,
Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in
this evaluation. The Company, along with its advisors, is
considering all options available, including asset sales, capital
raising, debt amendments and refinancing transactions, and other
strategic transactions that seek to provide additional liquidity
and relief from acceleration under its debt agreements.
As part of this process, the Company is engaging in discussions
with various existing stakeholders and potential investors. There
are inherent uncertainties as the outcome of these negotiations
and
potential transactions are outside management's control, and
therefore there are no assurances that management will be
successful in these negotiations and that any of these potential
transactions will occur.
In addition, there can be no assurances that these transactions
will sufficiently improve the Company's liquidity or that the
Company will otherwise realize the anticipated benefits.
Moreover, if the Company fails to obtain amendments and
forbearance, the Company may be required or compelled to pursue
additional restructuring initiatives to preserve value and
optionality, including possible out-of-court restructurings, or
in-court relief, which could have a material and adverse impact on
the Company's stockholders.
PROEMA AUTOMOTIVA: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor: Proema Automotiva S.A.
515 Estela, Block E, Suite 81
Sao Paulo, SP 04 01100
Brazil
Business Description: Proema Automotiva S.A. is a Brazilian
automotive components manufacturer
based in Sao Bernardo do Campo, Sao
Paulo, producing systems such as
steering columns, gearshift mechanisms,
pedal assemblies, and machined parts
for engines and suspensions.
Chapter 15 Petition Date: December 31, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-12957
Foreign Representative: Fernando Celso De Aquino Chad
515 Estela, Block E, Suite 81
Sao Paulo, SP 04 01100
Brazil
Foreign Proceeding: 9th Civil Court of Sao Bernardo do
Campo, Case 1027309-48.2014.8.26.0564
Foreign
Representative's
Counsel: Merielen Dal Ri Ziviani, Esq.
KELLNER HERLIHY GETTY & FRIEDMAN, LLP
470 Park Avenue South, 7th Floor
New York NY 10016
Tel: (212) 889-2821
Email: m.dalriziviani@khgflaw.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
on PacerMonitor at:
https://www.pacermonitor.com/view/LCJNJIQ/Proema_Automotiva_SA_and_Fernando__nysbke-25-12957__0001.0.pdf?mcid=tGE4TAMA
===============
C O L O M B I A
===============
AVIANCA GROUP: Fitch Rates New USD600MM Sr. Secured Notes 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of
'RR4' to Avianca Midco 2 PLC's proposed senior secured bonds of
around USD600 million. Avianca Midco 2 PLC is a wholly owned
subsidiary of Avianca Group International Ltd. (Avianca), which
will unconditionally and irrevocably guarantee the issuance. Net
proceeds will be used to redeem a portion of the 2028 notes and for
general corporate purposes. Fitch currently rates Avianca's
Long-Term Foreign Currency and Local Currency Issuer Default
Ratings 'B+'. The Rating Outlook is Stable.
Avianca's rating reflects the industry's high cyclicality risks and
the company's solid market position in Latin America, lean cost
structure, moderate leverage and good liquidity position. These
strengths are tempered by limited financial flexibility due to an
unencumbered asset base. The successful of the current bond
issuance helps to reduce refinancing risks in the medium term
following prepayment of part of the 2028 notes.
KEY RATING DRIVERS
Solidifying Business Strategy: Avianca has been optimizing its
network and product offering to boost profitability amid more
balanced market dynamics. The company has rationalized domestic
capacity in Colombia, with continued network optimization. Avianca
has launched 13 new international routes during 2025, with a
footprint of 162 routes across 83 destinations. Avianca is focused
on maintaining a leadership position in the strategic markets of
Colombia, Central America and Ecuador while enhancing its
international footprint and expanding business class offerings
across the entire network to capture premium revenues.
Medium-term challenges for Avianca include maintaining strong
operating margins in a more competitive environment and/or under
different fuel price cycles while maintaining its adequate credit
profile.
Diversified Regional Market Position: Avianca's business model
combines a solid brand and with one of the largest operations in
Latin America. The company's sound international routes, cargo
operations and loyalty program support adequate business
diversification. Avianca's flexible business model has allowed it
to rotate capacity within the region and maintain solid load
factors of 80%-82% over the past few years.
During the LTM period ended Sept. 30, 2025, Fitch estimates around
34% of Avianca's revenue distribution (points of sale) was from
Colombia, 19% from North America, 22% from Central America, 11%
from Europe and the remainder from various jurisdictions.
Increasing Operations, Good Cost Structure: Fitch expects Avianca's
operating cash flow to continue to improve in 2025 due to solid
domestic traffic levels and better dynamics in the international
segment, relatively lower fuel prices, cost efficiencies, and
capacity expansion. Fitch forecasts adjusted EBITDAR averaging
around USD1.6 billion in 2025 and in 2026, up from USD1.3 billion
in 2024. The efficient cost base, business premium revenue and
lower fuel prices are driving record EBITDAR margins, with Fitch's
base case of 26%-27% in 2025-2026.
Positive FCF: Avianca's stronger operating cash flow generation is
resulting in better-than-expected FCF. In its base case, Fitch now
expects FCF to be positive after cash flow from operations grows to
cover capex for fleet modernization and ongoing business growth.
Fitch forecasts Avianca's FCF generation to be around USD68 million
in 2025 and USD128 million in 2026 after increasing capex. Fitch
assumed capex of USD440 million in 2025 and USD560 million in 2026.
As per the company's bond indenture limitations, Fitch does not
foresee shareholder returns in the short to medium term.
Manageable Credit Metrics: Fitch's base-case scenario forecasts
total and net EBITDAR leverage at around 3.4x and 2.6x,
respectively, during 2025. That is an improvement from 4.4x and
3.5x, respectively, in 2024 and significant progress from its
Chapter 11 exit year in 2022 (6.2x and 5.0x, respectively). For
2026 and 2027, total and net leverage should remain near 3.4x and
2.5x, respectively. Fitch expects Avianca to remain cautious
regarding its inorganic growth strategy, as any M&A opportunities
should be led by its parent company, ABRA Group Limited (ABRA).
Improved Refinancing Exposure: The success current bond issuance
reduces medium-term refinancing risk following partial prepayment
of the 2028 notes and complements Avianca's exchange of its tranche
A-1 senior secured notes, due 2028, in early 2025. The company aims
to simplify its capital structure as a performing carrier, removing
restrictive Chapter 11-era covenants, releasing guarantees and
discharging collateral. Fitch expects the company will maintain
solid cash balances, with cash/LTM revenue of 15%-20% (21% in
September). Avianca's liquidity position is enhanced by an undrawn
USD200 million RCF due 2027. Above-Average Industry Risks: The
high-risk airline sector is cyclical and capital-intensive due to
structural challenges, as well as being prone to exogenous shocks.
High fixed costs combined with swings in demand and fuel prices
typically translate into volatile profitability and cash flows.
Exposure to foreign exchange fluctuations for Latin America
competitors constitutes an additional risk, as costs are mostly in
U.S. dollars and a large part of the company's cash flows are in
local currency. For Avianca, this risk is somewhat mitigated by its
international operations (85% of capacity).
PEER ANALYSIS
Avianca's rating is below LATAM Airlines Group S.A.'s (BB/Positive)
due to relatively higher leverage and weaker market diversification
and financial flexibility. Avianca's business and credit profile is
stronger than GOL Linhas Aereas Inteligentes S.A.'s
(CCC+/Positive), a sister company also owned by Abra. Avianca is
more diversified, has a stronger capital structure and a higher
liquidity position. Its ratings are constrained by limited
financial flexibility in terms of an unencumbered asset base and
the industry's high risks.
Fitch expects Avianca's net leverage to remain moderate at 2.6x and
2.5x in 2025 and 2026, respectively, while GOL's leverage is
expected to remain high during 2025 at 5.4x and to decline to 4.1x
in 2026 and 3.5x by 2027. Fitch forecasts LATAM's total and net
adjusted leverage/EBITDAR ratios at around 2.1x and 1.4x during
2025 and 2026, with robust cash balances (cash plus RCF to LTM
revenues on average above 25%).
Relative to North American peers, Avianca's rating is lower due to
structural and financial factors. American Airlines, Inc.
(B+/Stable), United Airlines, Inc. (BB+/Stable), and Air Canada
(BB/Stable) all benefit from significant scale, global route
networks, relatively lower leverage, stronger liquidity, and
greater access to capital markets.
FITCH'S KEY RATING-CASE ASSUMPTIONS
-- Fitch's base case during 2025 and 2026 includes an increase in
available seat kilometers to 71,000 and 74,000 respectively;
-- Load factors around 80.5% during 2025-2026;
-- Steady cargo operations;
-- Jet fuel ranging around USD2.65-USD2.75 in 2025-2026;
-- Capex of USD440 million in 2025 and USD560 million in 2026;
-- No dividend distributions.
RECOVERY ANALYSIS
The recovery analysis assumes Avianca would be considered a going
concern (GC) in bankruptcy and the company would be reorganized
rather than liquidated. Fitch has assumed a 10% administrative
claim.
Avianca's GC EBITDA is USD500 million which incorporates EBITDA
post-pandemic, adjusted by lease expenses, plus a discount of 20%.
This correlates to an average of USD561 million during 2016-2019,
reflecting intense volatility in the airline industry in Latin
America. The GC EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the valuation of the company. The enterprise value
(EV)/EBITDA multiple applied is 5.5x, reflecting Avianca's strong
market position in Colombia, Central America and Ecuador.
Fitch applies a waterfall analysis to the post-default enterprise
valuation based on the relative claims of the debt in the capital
structure. The debt waterfall assumptions consider the company's
total debt. These assumptions result in a Recovery Rate for the
secured debt within the 'RR1' range, but due to the soft cap of
Colombia at 'RR4', Avianca's senior secured debt is rated
'B+'/'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- Dividend distributions eroding the company's credit metrics;
-- Liquidity deterioration to cash LTM revenues below 15%;
-- Gross and net leverage ratios consistently above 4.0x and 3.5x,
respectively;
-- EBITDA fixed-charge coverage sustained at or below 1.8x;
-- Competitive pressures leading to severe loss in market share or
yield deterioration;
-- Aggressive growth strategy leading to a consolidation movement
financed with debt.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- Total and net leverage below 3.5x and 3.0x, respectively, on a
sustainable basis.
-- Sound business strategy within Avianca's main markets' air
traffic, supported by healthy yields and load factors;
-- Ability to maintain a strong cost structure, with adjusted
EBITDAR margins above 25% on a sustainable basis across varying
fuel price environments;
-- Maintenance of a strong liquidity position (cash/LTM revenue
consistently above 20%) and a well-spread debt amortization
profile with no major refinancing risks in the medium term;
-- EBITDAR fixed-charge coverage sustained at or above 2.5x;
-- ABRA's ability to improve its capital structure and refinancing
exposure, reducing pressures on Avianca per dividends upstream.
LIQUIDITY AND DEBT STRUCTURE
Avianca has maintained a solid liquidity position that is strong
for the rating category. As of Sept. 30, 2025, Avianca had around
USD1.2 billion in cash and cash equivalents, compared with USD493
million of short-term debt. During the same period, Avianca's total
debt was USD5.3 billion, and was mainly composed of USD2.8 billion
of leasing obligations, USD1.1 billion of exchange notes due 2028,
and USD1 billion of new secured notes due 2030.
Avianca's cash position of USD1.2 billion is sufficient to cover
maturities until mid-2027. Avianca's liquidity position is further
strengthened by an undrawn revolving credit facility due 2027 in
the amount of USD200 million.
ISSUER PROFILE
Avianca is the leading airline in Colombia, Ecuador and Central
America, with one of the largest operations in Latin America.
Avianca operates passenger and cargo transportation, with
international operations representing 83% of total capacity.
COLOMBIA: Peso Firms as Oil-Led Equity Rally Tests New Highs
------------------------------------------------------------
Rio Times Online reports that Colombia's markets opened Jan. 6 with
the peso firmer and equities still wearing Jan.6's s relief rally,
as traders weighed a softer U.S. dollar -- DXY hovered near 98.2 --
against lingering geopolitical noise and steadier oil.
In FX, USD/COP was indicated near 3,758 early Jan. 6, below the
official TRM of 3,770.03, according to Rio Times Online.
Jan. 5's session was the real story: Set-FX figures cited locally
put the average close at 3,770.42, down 20.35
versus the day’s TRM of 3,790.77, after opening at 3,817.77 and
trading 3,732.60–3,845.00, the report notes.
Turnover was about $888 million across 1,170 transactions, the
report says. Corficolombiana strategist Mauricio Acevedo framed
the Venezuela news as "one more headline" for COP in the near term,
adding that any lasting normalization would likely matter more
through trade and risk premia than overnight FX swings, the report
discloses.
Technically, the daily USD/COP chart still reads as a broader
downtrend: rallies look corrective unless the pair
can reclaim roughly 3,780–3,820. The 4-hour view fits that
story—more of a bounce and consolidation than a clean reversal,
the report relays.
Equities delivered the sharper move, the report notes. The MSCI
COLCAP surged 3.15% to 2,134.26, with reported
turnover around COP 217.27 billion, the report relates. Ecopetrol
rose about 5.2% to COP 2,020, trading roughly
COP 60.68 billion on 31.09 million shares, the report discloses.
Local advisors tied the rally to Brent's advance (about 1.68% in
their recap) and oil supply chatter; Gregorio Gandini also cited
OPEC not increasing output as supportive, the report relays.
Top Winners (Mon): ISA +7.20%; Grupo Sura +6.24%; Ecopetrol +5.21%;
Almacenes Éxito +5.12%; Grupo Cibest (P) +4.13%, the report says.
Top Losers (Mon): Enka −3.45%; Cementos Argos (P) −1.95%;
Nutresa −1.36%; Grupo Argos −0.93%; Promigas −0.46%, the
report discloses.
Offshore, the old iShares Colombia ETF (ICOL) is gone; Global X's
COLO had about $116.9 million in assets, roughly $3.6 million of
five-day inflows, and about 624,000 shares traded Jan. 6, the
report relays.
With BanRep's policy rate still 9.25%, carry helps -- but the next
decisive move will likely come from oil and headlines, not charts,
the report notes.
===========
G U Y A N A
===========
GUYANA: Exports More Agro-processed Foods to the Caribbean
----------------------------------------------------------
RJR News reports that Guyana's President Dr. Irfaan Ali says the
country has taken another step in strengthening regional food
security, following the recent export of two containers of
agro-processed foods to the Caribbean.
Dr. Ali says the shipment represents a concrete move toward
converting agricultural production into real wealth for the
Guyanese people, according to RJR News. He stressed that the
export was not symbolic, but rather a practical result of policies
aimed at transforming Guyana into a competitive and diversified
economy, the report notes.
The Guyanese president says those policies place families, farmers,
young people and small businesses at the centre of national growth
and development, the report says.
Dr. Ali also noted that Guyana is rapidly emerging as a key
supplier of food to the wider Caribbean, as the region
seeks to reduce its dependence on imported food, the report adds.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
NATIONAL ENTERPRISE: Recovers From Loss With $15.3MM Profit
-----------------------------------------------------------
Mya Quamie at Trinidad and Tobago Newsday reports that the National
Enterprises Ltd (NEL) has recorded a profit after
tax of $15.3 million, recovering from the $349 million in
unrealised fair value losses in 2024.
This is a 104 per cent increase, according to Trinidad and Tobago
Newsday.
For this period, NEL was not only able to maintain operating
expenses but decrease them by nine per cent while dividend income
also increased by 14 per cent to $129 million from $113 million,
the report notes.
Cashflow also saw a healthy $172 million in cash and cash
equivalents, the report relates.
NEL noted the financial year saw the return of positive performance
by NGC and TTLNG, which previously comprised Atlantic LNG train
one, and is now part of the restructured unified ALNG that includes
trains two, three and four, the report says.
Praising the company's growth, director David Robinson said, "NEL
has kept an unwavering focus on delivering value
to our shareholders even in the face of chronic uncertainty in
global and local markets, geopolitical
threats and forecasting challenges with uneven gas supplies.
"This resilience in the face of multiple challenges underscore not
just the sustainability of our underlying assets
but also the ability to seize new opportunities to add value and
position our portfolio of companies and
investments for profitable growth. NEL is confident that this
turnaround in performance is the platform from where our
shareholders can consistently receive sustained value for both the
short and long-term horizons."
The company also noted its corporate social responsibility efforts
in education, youth development, social welfare, arts and culture,
the report relays.
"NEL supported programmes such as financial literacy, school
fundraisers and entrepreneurship incubator programs, underscoring
our strategic focus on empowering future generations and
contributing to cultural and social enrichment in our communities,"
the report notes.
The statement also noted NEL's 2024 total dividend payments of $156
million or $0.26 per share, the report says.
"NEL's trailing dividend yield of 7.3 per cent for fiscal 2024 is
one of the highest on the local stock market and compares
favourably to other market returns," the report adds.
TRINIDAD & TOBAGO: Central Bank Repo Rate to Stay at 3.5%
---------------------------------------------------------
Trinidad and Tobago Express reports that the Central Bank of
Trinidad and Tobago has maintained its policy repo rate at 3.5%,
citing well-contained inflation, improving liquidity conditions,
and lingering weakness in the non-energy sector.
In its Monetary Policy Committee announcement, the Bank said the
decision was taken against a backdrop of modest global economic
prospects and tentative domestic growth, according to Trinidad and
Tobago Express.
"Global economic prospects remain modest as persistent geopolitical
tensions and trade policy uncertainty dampen economic activity,"
the Committee noted, the report notes.
It also pointed to the International Monetary Fund's October 2025
World Economic Outlook, which projected world output growth of 3.2%
in 2025, marginally lower than the 3.3% recorded in 2024, the
report relays.
The Committee stated that while economic growth in the United
States has shown resilience despite labour market challenges and
above-target inflation, the Central Bank said other major economies
continue to face softer growth alongside stubbornly elevated
inflation, the report says.
International energy prices, which the Bank described as a
barometer of global economic conditions, have softened in recent
months, the report discloses. Crude oil prices (West Texas
Intermediate) fell below US$60 per barrel, averaging US$59.57 per
barrel in November 2025 and remaining under that level in December,
the report relays.
Natural gas prices in both the Japan-Korea market and the National
Balancing Point also continued to decline from earlier 2025 levels,
the report relays.
Globally, monetary policy has shifted towards easing, with central
banks placing greater emphasis on supporting economic growth. The
Bank highlighted that several monetary authorities reduced policy
rates between October and December 2025, the report notes.
In particular, the US Federal Reserve lowered its federal funds
target range by 0.25% to 3.50–3.75% in December
and announced the commencement of buy-backs of short-term
government bonds amounting to US$40 billion per month to support
market liquidity, the report notes.
As a result, short-term US treasury yields softened, while interest
rates on T&T three-month treasuries firmed, the report relays. This
narrowed the negative T&T–US interest rate differential on
three-month treasuries to -74 basis points as of December 26, 2025,
from -230 basis points in July 2025, the report says.
Energy Sector Up
Domestically, a rebound in energy sector activity provided some
support to overall economic performance, the report notes. The
Bank said a boost to natural gas production in the second quarter
of 2025, following first gas from bpTT's Cypre field and the
bpTT/EOG Mento field, underpinned a 10.4% year-on-year increase in
energy sector output, the report relays.
Data from the Ministry of Energy and Energy Industries showed
natural gas production rose by 11.7% year-on-year in the second
quarter, while crude oil production increased by 8.9%, the report
notes. Petrochemical output also expanded, with ammonia production
rising by 23.6% and urea by 51.3%, although methanol output
declined by 12.7%, the report discloses.
In contrast, the non-energy sector continued to lose momentum. The
Central Bank said indicators pointed to softer performances in
distribution, construction and manufacturing, which offset gains in
the finance and utilities sectors, the report says.
Inflation remained subdued during the second half of 2025, the
report recalls. Headline inflation measured 0.5% year-on-year in
November 2025, down from 1.5% in June, the report notes. Core
inflation rose by 0.5%, while food inflation slowed to 0.8%, helped
by lower international food prices and limited weather-related
disruptions to domestic agriculture, the report says. Building
material price increases also eased to 1.5% year-on-year in the
third quarter, compared with 2.2% in the previous quarter, the
report relays.
Domestic financial conditions were described as “finely
balanced,” the report discloses.
While system liquidity constraints have eased, private sector
credit growth has slowed, the report relays. Commercial banks'
excess reserves averaged $4.4 billion in November 2025, rising to
$5.3 billion by mid-December, after falling to $3.5 billion in
October, the report notes.
Meanwhile, private sector credit growth slowed to 6.3% year-on-year
in October 2025 from 8.6% in June, the report relays. Business
credit growth decelerated to 6.6% from 11.8%, while consumer
lending growth eased to 8.0%, reflecting lower demand for credit
cards, motor vehicle loans and bridging finance, the report notes.
Mortgage lending increased by 5.8%, the report discloses.
The report stated that global inflationary pressures have moderated
more than initially expected following the announcement of the US
reciprocal tariff regime in April 2025, creating room for major
central banks to shift
focus towards weaker economic conditions, Trinidad and Tobago
Express relays.
Safeguarding Forex
Locally, the Committee acknowledged rising uncertainty stemming
from geopolitical tensions between the United States
and neighboring Venezuela, but noted that inflation remains low and
liquidity conditions have improved, the report relays.
"However, economic growth is somewhat tentative. The positive
effect of higher energy production in the second quarter of 2025,
driven by two new natural gas fields, may be partially offset by a
non-energy sector that is losing momentum across several
sub-sectors. This suggests that the domestic economy is still in
need of support to engender a sustained recovery," it stated, the
report discloses.
The report also highlighted the importance of safeguarding the
country's foreign reserves, given T&T's high import dependence,
Trinidad and Tobago Express relays.
Foreign reserves rose from US$4.6 billion in October 2025 to US$5.3
billion as of December 19, 2025, although the Bank cautioned that
conventional indicators of reserve adequacy warrant close
monitoring, the report notes.
"Against this backdrop, given T&T's high propensity to import,
safeguarding the country's international reserves
becomes paramount. T&T's foreign reserves stabilised in recent
months, moving from US$4.6 billion in October 2025 to US$5.3
billion as of December 19, 2025. However, conventional
international indicators of reserve
adequacy suggest close monitoring is warranted," it stated, the
report relays.
The Committee said it would continue to monitor the effects of
recent wage adjustments on aggregate demand and
import growth and remains prepared to take further policy action to
balance reserve protection with support
for domestic economic activity, the report notes.
The next Monetary Policy Announcement is scheduled for March 27,
2026, the report adds.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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