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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

          Wednesday, February 18, 2026, Vol. 27, No. 35

                           Headlines



A R G E N T I N A

ARGENTINA: Inflation Sped up for Fifth Straight Month in January
ARGENTINA: State Spending Falls to Lowest Level in a Decade


B R A Z I L

COSAN SA: S&P Affirms 'BB' ICR & Alters Outlook to Negative
RUMO SA: S&P Affirms 'BB/B' ICRs & Alters Outlook to Negative


E L   S A L V A D O R

BANDESAL: Moody's Affirms 'B3' LT Foreign Currency Issuer Rating


G U A T E M A L A

CENTRAL AMERICA BOTTLING: Fitch Affirms 'BB' IDR, Outlook Stable


J A M A I C A

JAMAICA: Debt Servicing to Account for 26% of Upcoming Budget


M E X I C O

LEISURE INVESTMENTS: Plan Exclusivity Period Extended to April 27
[] Fitch Affirms Ratings on Three Latin American Telecom Companies


P A N A M A

NG PACKAGING: Fitch Affirms 'BB+' IDR, Outlook Negative


P A R A G U A Y

PARAGUAY: IDB OKS $200MM to Finances Segment of Bi-Oceanic Corridor


P U E R T O   R I C O

BLD REALTY: Court Narrows Claims in Perfect Price Adversary Case


X X X X X X X X

LATAM: ECCU Being Tested by High Levels of Public Debt, IMF Says
[] Fitch Affirms Ratings of Six Latin American Telecom Companies
[] Fitch Affirms Ratings on 10 Latin American Midstream Companies

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Inflation Sped up for Fifth Straight Month in January
----------------------------------------------------------------
Patrick Gillespie at Bloomberg News reports that inflation in
Argentina sped up for the fifth straight month in January as Javier
Milei confronts the fallout from the resignation of the head of the
national statistics agency because of a disagreement with the
president.

Consumer prices rose 2.9 percent last month compared to December,
above the 2.4 percent median estimate of analysts surveyed by
Bloomberg and a tick above the previous period, according to
Bloomberg News.  From a year ago, the inflation rate rose to 32.4
percent, according to data published Tuesday by the INDEC national
statistics bureau, Bloomberg News notes.

Food, restaurants, hotels and utilities led all categories in price
increases in January, Bloomberg News relays.

Bloomberg News discloses that the figures come after former INDEC
chief Marco Lavagna abruptly resigned as Milei postponed the
agency's decision to begin publishing inflation data with a new
methodology that would have taken effect with the January report.
Argentina's current inflation index is based on a basket of goods
that hasn’t changed in two decades and it’s widely considered
to be outdated, Bloomberg News relays.

Officials from the International Monetary Fund are also in Buenos
Aires to review the government's US$20-billion programme, and
they're expected to specifically discuss the timing of the new
methodology, Bloomberg News says.  The IMF hasn't commented yet on
Milei's decision to postpone the new version, Bloomberg News
relays.

Economy Minister Luis Caputo has been trying to contain the
repercussions, noting that Argentina's inflation-linked bonds
didn’t move on Lavagna’s resignation, Bloomberg News discloses.
Caputo says Lavagna left on good terms but that he and Milei
didn’t agree with him on when to implement the new basket of
goods – which is expected to give greater weight to services that
didn’t exist 20 years ago – until inflation cooled further,
Bloomberg News says.  

While consumer price hikes have slowed significantly since Milei
took office facing triple-digit inflation rates, he’s struggling
to push ahead with his austerity agenda, partly by cutting
subsidies on utility bills, and quell inflation at the same time,
Bloomberg News relates. After monthly inflation touched 1.5 percent
in mid-2025, it’s gradually crept up due to a range of factors,
Bloomberg News notes.

Beyond January, the risks to the upside look set to increase,
Bloomberg News discloses.  Milei plans to raise consumers'
electricity and gas bills again in February to help maintain the
government's fiscal surplus, Bloomberg News says. Costs for
education and clothing also tend to jump in March with the return
of school in the Southern Hemisphere, Bloomberg News notes.

Inflation is still expected to cool this year, albeit at a slower
pace, Bloomberg News relays.  Economists surveyed by the Central
Bank in January had forecast 22 percent annual inflation by the end
of the year, Bloomberg News adds.

                       About Argentina

Argentina is a country located mostly in the southern half of
South America. Its capital is Buenos Aires. Javier Milei is the
current president of Argentina after winning the November 19,
2023 general election. He succeeded Alberto Angel Fernandez
in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank.  Historically, however,
its economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion.  The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.

Moody's Ratings on July 17, 2025, upgraded Argentina's
long-term foreign currency and local currency issuer ratings to
Caa1 from Caa3 and changed the outlook to stable from positive.
The upgrade reflects Moody's views that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event. In January 2025, Moody's raised Argentina's local
currency ceiling  to B3 from Caa1 and the foreign currency ceiling
to Caa1 from Caa3.  

Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered
its local currency sovereign credit ratings on Argentina to
'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from
'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024.


ARGENTINA: State Spending Falls to Lowest Level in a Decade
-----------------------------------------------------------
Buenos Aires Times reports that Argentina's state spending fell by
5.1 percentage points of GDP between 2023 and 2025, standing at
around 14.5 percent of GDP – the lowest level in the past
decade.

According to a new report by free-market think tank Fundacion
Libertad, the adjustment was concentrated mainly in public works,
economic subsidies and discretionary transfers to provinces and
universities, the report relays.

Social benefits (including retirements, allowances and pensions,
among others) represented close to 66 percent of total spending in
2025, up from just over 54 percent in 2023, reflecting deep cuts
elsewhere in the budget rather than an expansion of spending,
according to Buenos Aires Times.

Family allowances and the Universal Child Allowance (AUH) were the
only items to show growth, with an increase of 0.22 points of
output, the report notes.

According to the Fundacion Libertad, the adjustment during
President Javier Milei's administration of Argentina has focused on
budget items not linked to income policies or social benefits, the
report says.

There was a significant reduction in discretionary transfers to
provinces and universities, as well as in public works, concluded
the Rosario-based think tank, the report discloses.

                   Public Works Leads Way

Within the overall cut of 5.1 percentage points of GDP, the largest
adjustment was in public works, which fell by 1.24 percent of
output, reducing it to a minimum, the report relays.

Social benefits not related to retirements, pensions, the AUH or
family allowances recorded a decline equivalent to 1.12 percent of
GDP, said the foundation, the report notes.

Subsidies, both for energy and transport, were reduced by around
one percentage point of output compared with 2023, the report
relates.

Public-sector wages accounted for a cut of 0.71 percent of GDP,
while transfers to provinces and universities contracted by a
similar amount, close to 0.7 percent of GDP, according to Fundacion
Libertad.

Retirements and pensions accounted for a reduction of just 0.13
percent of GDP, a marginal figure compared with the overall
adjustment, the report relays.  However, in real terms they stand
at historically low levels and are also below those of previous
years as a share of state spending, the report discloses.

                          Subsidies

Another significant item was economic subsidies, both for energy
and transport, the report discloses.  Taken together in 2025, these
subsidies represented around one percent of GDP, the report says.
That's below 2024, when they reached 1.4 percent of GDP, and half
of the figure recorded in 2023, when they accounted for close to
two percent, the report relays.

Subsidies stood above two percent of GDP for several years and
remained consistently above that threshold between 2020 and 2023,
the report recalls.

Within the breakdown of subsidies, there was a marked reduction in
energy subsidies as a share of GDP, which fell from elevated levels
to around 0.6 percent of output in 2025, the report discloses.
Transport subsidies have halved over the past two years and
currently stand at around 0.3 percent of GDP, the report adds.

                       About Argentina

Argentina is a country located mostly in the southern half of
South America. Its capital is Buenos Aires. Javier Milei is the
current president of Argentina after winning the November 19,
2023 general election. He succeeded Alberto Angel Fernandez
in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank.  Historically, however,
its economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June
2025 with an associated disbursement of about US$2 billion.  The
program is expected to help catalyze additional official
multilateral and bilateral support, and a timely re-access to
international capital markets.

Moody's Ratings on July 17, 2025, upgraded Argentina's
long-term foreign currency and local currency issuer ratings to
Caa1 from Caa3 and changed the outlook to stable from positive.
The upgrade reflects Moody's views that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event. In January 2025, Moody's raised Argentina's local
currency ceiling  to B3 from Caa1 and the foreign currency ceiling
to Caa1 from Caa3.  

Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered
its local currency sovereign credit ratings on Argentina to
'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from
'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024.




===========
B R A Z I L
===========

COSAN SA: S&P Affirms 'BB' ICR & Alters Outlook to Negative
-----------------------------------------------------------
S&P Global Ratings, on Feb. 12, 2026, revised the outlook on its
rating on Cosan S.A. to negative from stable and affirmed its 'BB'
rating on the company. S&P also affirmed its 'BB' issue-level
ratings on Cosan Overseas Limited and Cosan Luxembourg S.A.'s
senior unsecured notes. The '3' (65%) recovery rating remains
unchanged.

On Feb. 9, 2025, S&P downgraded Raizen S.A., a joint venture (JV)
between Cosan S.A. and Shell plc, to 'CCC+' and placed the ratings
on CreditWatch with negative implications. This reflected the
increased likelihood of Raizen's debt restructuring after the
hiring of financial and legal advisors to evaluate alternatives to
optimize its capital structure and liquidity.

Although S&P does not anticipate any immediate cross debt payment
acceleration or cash impact for Cosan, it believes risks related to
the debt restructuring of its JV could emerge, potentially
weakening Cosan's financial flexibility.

The negative outlook reflects the possibility of Cosan's downgrade
because of uncertainties over Raizen's capital structure and how
this could affect Cosan, especially in terms of market perception
and confidence. The outlook also reflects S&P's view of weaker
governance standards, related to Raizen's unclear policies.

S&P said, "We believe immediate impacts on Cosan from Raizen's
potential debt restructuring are limited. SAO PAULO (S&P Global
Ratings) Feb. 12, 2026—S&P Global Ratings took the ratings
actions described above. Cosan is not a guarantor for any of debts
of Raizen and it recently announced the early amortization of its
2029, 2030, and 2031 senior unsecured notes, which included
cross-default clauses. Cosan's remaining debt, including the local
market debt and the perpetual bond, doesn't have any cross-default
clause. Therefore, we believe the chances of a debt payment
acceleration at Cosan's level are remote. We understand that the
existing BNDES financing allows the bank to rediscuss the debts of
all Cosan subsidiaries if a default occurs at Raízen based on the
bank's economic group definition. However, Cosan benefits from
ample liquidity to potentially pay down BNDES debt if needed, and
that there is headroom to renegotiate the terms. The subsidiaries
Raízen, Rumo, and Compass have R$527 million, R$ 1.5 billion, and
R$ 2.8 billion of BNDEs loans, respectively, as of Sept. 30,
2025."

However, the spillover effect is difficult to forecast. Despite
Raizen's status as a JV, its proximity, track-record, and
historical relevance to Cosan could impair the latter's financial
flexibility and market access. In addition, in S&P's view, the
ongoing developments at Raizen signals a riskier decision-making at
the group level. Those factors led us to reassess Cosan's
management and governance (M&G) score to moderately negative from
neutral.

Cosan's capital inflow and recent debt refinancing increase the
leverage cushion for the rating. S&P said, "With the proceeds from
the December 2025 follow-on, through which Cosan raised R$10.5
billion, we expect its gross debt to drop to about R$12 billion
from R$21.6 billion as of September 2025 and from R$36.3 billion as
of December 2024. This should also lower the holding's interest
burden, which we forecast to drop to close to R$1 billion in 2026
from our forecast of R$3.0 billion in 2025. On a consolidated
basis, these factors, together with resilient performance of
Cosan's subsidiaries such as Rumo, Compass, and Moove, will allow
Cosan's net leverage to stay at 2.5x-3.0x in 2026, compared with
4.0x in the 12 months ended Sept. 30, 2025 (before the
capitalization) and 4.0x at the end of 2024."

More importantly, consistent dividend upstream (except from
Raízen), lower interest burden, and unused proceeds from the
follow-on will support a healthy cash balance at the holding level,
which S&P estimates close to R$6 billion, which more than covers
interest burden and other outflows such as resuming dividend
payments. This surplus provides financial flexibility for Cosan in
the scenario of higher uncertainties at Raizen's level, which could
require some kind of support from shareholders.

Still, S&P highlights that any higher-than-expected cash outflows
to support Raizen, which could raise Cosan's leverage or depress
its liquidity, could also be a trigger for an eventual downgrade.

The negative outlook on Cosan reflects the uncertainties over
Raizen's capital structure and how it could take a toll on Cosan,
especially in terms of market perception and confidence.

S&P said, "We could downgrade Cosan if adverse developments at
Raizen weaken the overall market perception and raise reputation
risks for Cosan, or if cash outflows to support Raizen would
pressure Cosan's liquidity and leverage, impairing its strategy to
continue to reduce its leverage. In this scenario, we expect
Cosan's debt to EBITDA trending to 4.0x and FFO to debt below 20%,
consistently, while cash position to meet interest burden would
weaken.

"We could revise the outlook to stable if changes in Raizen's
capital structure won't raise Cosan's cash outflows or worsen the
market risk perception. In this scenario, we expect Cosan to
maintain debt to EBITDA at 2.5x-3.0x in 2026 thanks to dividend
upstream, potential additional asset sales, and increasing EBITDA
at the subsidiaries."


RUMO SA: S&P Affirms 'BB/B' ICRs & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Rumo S.A. to negative
from stable and affirmed its 'BB/B' issuer credit ratings. S&P also
affirmed its 'BB' issue rating on the company's senior unsecured
notes, and the '3' recovery rating remains unchanged.

The negative outlook reflects our expectation that the ratings on
Cosan will continue limiting those on Rumo.

S&P said, "We believe Cosan S.A., Rumo S.A.'s parent company, is
facing risks associated with a potential debt restructuring at its
joint venture Raizen, especially in terms of market perception and
confidence. We revised the outlook on Cosan to negative from stable
and affirmed our 'BB' ratings.

"We limit the ratings on Rumo at the level of those on Cosan
because the parent controls Rumo with a majority on the board of
directors for the past several years and an economic stake of
30.3%."

The negative outlook reflects S&P's expectation that the ratings on
the parent, Cosan, will continue limiting those on Rumo.

S&P would lower the ratings on Rumo if it lowered the ratings on
Cosan.

S&P said, "We could also lower the ratings and revise down Rumo's
stand-alone credit profile (SACP) to 'bb-' if operating performance
weakens owing to tougher competition and higher-than-projected
capex. In this scenario, we would see debt to EBITDA approaching
3.5x, funds from operations (FFO) to debt close to 20%, and
consistently negative free operating cash flow (FOCF).

"We could revise the outlook to stable if we take the same action
on Cosan. This could occur if a solution for Raizen's capital
structure develops without signs of a more material impact on
Cosan's expected cash outflows or market risk perception.

"We could revise up Rumo's SACP if the company achieves greater
scale and broader business diversification. An improved SACP could
also stem from leverage remaining consistently below our
projections, with net debt to EBITDA under 2.0x, FFO to debt above
30%, and FOCF to debt exceeding 25% on a sustained basis."




=====================
E L   S A L V A D O R
=====================

BANDESAL: Moody's Affirms 'B3' LT Foreign Currency Issuer Rating
----------------------------------------------------------------
Moody's Ratings has affirmed all ratings and assessments assigned
to Banco de Desarrollo de El Salvador (Bandesal), including the
bank's foreign currency long-term issuer rating at B3, and its
baseline credit assessment (BCA) and adjusted BCA, both at b3. The
bank's long-term and short-term counterparty risk ratings of B2/NP
and long-term and short-term counterparty risk assessments (CRAs)
of B2(cr)/NP(cr) were also affirmed. The outlook on the long-term
issuer rating was changed to positive from stable.

The action follows Moody's affirmation of the Government of El
Salvador's sovereign bond rating of B3 and the outlook revision to
positive from stable.

RATINGS RATIONALE

In affirming Bandesal's B3 issuer rating and b3 BCA, Moody's
acknowledges the bank's strong capitalization, improved
profitability and early signs of asset quality stabilization,
trends Moody's expects to continue over the next 12 to 18 months.
Moody's also anticipates broadly stable funding from multilateral
organizations and further improvement in liquidity metrics as
credit growth moderates.

Bandesal's B3 issuer rating is constrained by the Government of El
Salvador's sovereign rating, reflecting Moody's views that as a
state-owned bank, Bandesal's creditworthiness is intrinsically
interlinked with that of the government. These interlinkages are
mainly related to the impact of the sovereign credit profile on the
bank's operating and funding structure. As a government-owned
development institution, Bandesal has a public mandate fully
aligned to the government's economic and social development agenda
with a funding limitation to multilaterals resources.

Moody's expects future profitability to benefit from the bank's
direct lending platform and lower funding costs as international
interest rates gradually ease. However, bottom-line results are
likely to moderate as the bank strengthens provisioning standards
to reflect its riskier asset mix. As a non-deposit-taking
institution, Bandesal relies primarily on funding from multilateral
organizations. While this base remains concentrated, it has helped
mitigate refinancing and interest rate risks, supporting stronger
margins.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Bandesal's B3 rating would be upgraded if the Government of El
Salvador's sovereign bond rating was to be upgraded considering
Moody's assessments of full support and that Bandesal's BCA remains
constrained by the sovereign rating.

Conversely, downward pressure on the bank's ratings would arise
following a downgrade of the sovereign rating. On a standalone
basis, its BCA of b3 could be affected by a sharp and unexpected
deterioration in asset quality as the bank advances its direct
lending strategy, or by a material decline in profitability.

The principal methodology used in these ratings was Banks published
in November 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.




=================
G U A T E M A L A
=================

CENTRAL AMERICA BOTTLING: Fitch Affirms 'BB' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed seven Latin American alcoholic and
non-alcoholic beverage companies' ratings and their related
subsidiaries' ratings.

  1. Arca Continental, S.A.B. de C.V.
  2. Becle, S.A.B. de C.V.
  3. Bepensa, S.A. de C.V.
  4. Coca-Cola FEMSA, S.A.B. de C.V.
  5. Compania Cervecerias Unidas S.A.
  6. Embotelladora Andina S.A.
  7. The Central America Bottling Corporation

These actions follow Fitch's updates to its "Corporate Rating
Criteria" and "Sector Navigators - Addendum to the Corporate Rating
Criteria" on Jan. 9, 2026. The companies' ratings and Rating
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

For Arca Continental, S.A.B. de C.V.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Moderate), Market and Competitive Positioning (a-, Higher),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bbb+,
Moderate), Financial Structure (aa+, Higher), and Financial
Flexibility (a, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb' results in
no adjustment.

- The SCP is 'a'.

Fitch made no adjustments to the SCP resulting in a Local and
Foreign Currency IDR of 'A'.

For Becle, S.A.B. de C.V.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb,
Moderate), Financial Structure (a-, Higher), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'a-' results in no
adjustment.

- The SCP is 'bbb'.

Fitch made no adjustments to the SCP resulting in a Local and
Foreign Currency IDR of ' BBB'.

For Bepensa, S.A. de C.V.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics
(bbb+, Moderate), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bbb-,
Moderate), Financial Structure (bb+, Higher), and Financial
Flexibility (bb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb+' results in
no adjustment.

- The SCP is 'bbb-'.

Fitch made no adjustments to the SCP resulting in a Local and
Foreign Currency IDR of 'BBB-'.

For Coca-Cola FEMSA, S.A.B. de C.V.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Moderate), Market and Competitive Positioning (a, Higher),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bbb+,
Moderate), Financial Structure (a+, Higher), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb+' results in
an adjustment of -1 notch.

- The SCP is 'a-'.

Application of Fitch's "Parent and Subsidiary Linkage
Considerations Rating Criteria" results in an equalized approach
with the consolidated profile of its parent, Fomento Economico
Mexicano S.A.B. de C.V. (FEMSA), rated 'A'.

For Compania Cervecerias Unidas S.A.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bb,
Moderate), Financial Structure (a-, Higher), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb-' results in
no adjustment.

- The SCP is 'bbb+'.

Fitch made no adjustments to the SCP resulting in a Local and
Foreign Currency IDR of 'BBB+'.

For Embotelladora Andina S.A.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Moderate), Market and Competitive Positioning (a-, Higher),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bbb,
Moderate), Financial Structure (a, Higher), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb' results in an
adjustment of -2 notches.

- The calibration adjustment applies and results in an adjustment
of +1 notch.

- The SCP is 'bbb+'.

Fitch made no further adjustments to the SCP resulting in a Local
and Foreign Currency IDR of 'BBB+'.

For The Central America Bottling Corporation

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Higher), Sector Characteristics
(bbb+, Lower), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bb+,
Moderate), Financial Structure (bb-, Moderate), and Financial
Flexibility (bb, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb' results in no
adjustment.

- The SCP is 'bb'.

Fitch made no adjustments to the SCP resulting in a Local and
Foreign Currency IDR of 'BB'.

RATING ACTIONS

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Bepensa, S.A. de C.V.

                        LT IDR      BBB-  Affirmed    BBB-
                        LC LT IDR   BBB-  Affirmed    BBB-

Arca Continental,
S.A.B. de C.V.   

                        LT IDR      A     Affirmed    A
                        LC LT IDR   A     Affirmed    A

Becle, S.A.B. de C.V.  

                        LT IDR      BBB   Affirmed    BBB
                        LC LT IDR   BBB   Affirmed    BBB

   senior unsecured     LT          BBB   Affirmed    BB

Coca Cola Southwest
Beverages LLC

   senior unsecured     LT          A     Affirmed    A

The Central America
Bottling Corporation

                        LT IDR      BB    Affirmed   BB
                        LC LT IDR   BB    Affirmed   BB
   senior unsecured     LT          BB    Affirmed   BB

Compania Cervecerias
Unidas S.A. (CCU)

                        LT IDR      BBB+  Affirmed   BBB+
                        LC LT IDR   BBB+  Affirmed   BBB+
  senior unsecured      LT          BBB+  Affirmed   BBB+

Coca-Cola FEMSA,
S.A.B. de C.V.     

                        LT IDR      A     Affirmed   A
                        LC LT IDR   A     Affirmed   A
  senior unsecured      LT          A     Affirmed   A

Embotelladora
Andina S.A.  

                        LT IDR      BBB+ Affirmed    BBB+
                        LC LT IDR   BBB+ Affirmed    BBB+
  senior unsecured      LT          BBB+ Affirmed    BBB+




=============
J A M A I C A
=============

JAMAICA: Debt Servicing to Account for 26% of Upcoming Budget
-------------------------------------------------------------
RJR News reports that the cost of servicing Jamaica's $2.3 trillion
public debt will gobble-up 26% of the country's 2026/2027
expenditure budget which is projected at $1.44 trillion.

Interest payments are projected at $211 billion, while the
repayment of the principal is programmed at $168 billion and
capital spending at $99 billion, according to RJR News.

Meanwhile, wages and salaries and employee compensation are
projected at $555 billion, the report notes.

Some $519 billion of this amount is made up of wages salaries,
while the remaining $36 billion represents employer contributions,
the report says.

Wages and salaries account for 39% of the expenditure budget, the
report discloses.

This means that debt service charges and the wages and salaries
bill will now account for 65% of the upcoming budget, the report
adds.

            About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.   




===========
M E X I C O
===========

LEISURE INVESTMENTS: Plan Exclusivity Period Extended to April 27
-----------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware extended Leisure Investments Holdings LLC,
and certain of its affiliates' exclusive periods to file a plan of
reorganization and obtain acceptance thereof to April 27 and June
29, 2026, respectively.

As shared by Troubled Company Reporter, the Debtors claim that the
requested extension of the Exclusive Periods is reasonable given
the current status of the Chapter 11 Cases and the progress
achieved to date. The Debtors are currently in the process of
documenting the proposed disposition of their Mexican assets and
anticipate submitting to the Court a chapter 11 plan that will
effectuate the Debtors go-forward strategy. As the Debtors move
toward confirmation and the eventual wind down of their estates,
the Debtors and their professionals will continue to focus on
maximizing the value of their estates by efficiently managing
ongoing chapter 11 administrative tasks for the benefit of their
stakeholders.

The Debtors explain that the companies and their professionals have
expended, and will continue to expend, substantial resources to
maintain control over their books, records, and operations. Even
so, the Debtors have diligently pursued their marketing and sale
strategy, which is nearing consummation. The Debtors require
additional time to submit a chapter 11 plan that effectuates the
Debtors' sale transactions and ultimate wind down strategy.

The Debtors assert that throughout the chapter 11 process, they
have endeavored to establish and maintain cooperative working
relationships with their primary creditor constituencies.
Importantly, the Debtors are not seeking the extension of the
Exclusive Periods to delay administration of the Chapter 11 Cases
or to exert pressure on their creditors, but rather to continue the
orderly, efficient, and cost-effective chapter 11 process. Thus,
this factor also weighs in favor of the requested extension of the
Exclusive Periods.

The Debtors further assert that termination of the Exclusive
Periods would adversely impact their efforts to preserve and
maximize the value of the estates and the progress of the Chapter
11 Cases. If the Court were to deny the Debtors' request for an
extension of the Exclusive Periods, any party in interest would be
permitted to propose an alternative chapter 11 plan for the
Debtors, which would only foster a chaotic environment and cause
opportunistic parties to engage in counterproductive behavior in
pursuit of alternatives that are neither value-maximizing nor
feasible under the circumstances of the Chapter 11 Cases.

Counsel to the Debtors:

     Robert Brady, Esq.
     Sean T. Greecher, Esq.
     Allison S. Mielke, Esq.
     Jared W. Kochenash, Esq.
     Young Conaway Stargatt & Taylor LLP
     Rodney Square
     100 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253
     Email: rbrady@ycst.com
            sgreecher@ycst.com
            amielke@ycst.com
            jkochenash@ycst.com

                About Leisure Investments Holdings

Leisure Investments Holdings LLC and affiliates are operating under
the name "The Dolphin Company," manage over 30 attractions,
including dolphin habitats, marinas, water parks, and adventure
parks, located in eight countries across three continents. Their
primary operations are based in Mexico, the United States, and the
Caribbean, with locations in Jamaica, the Cayman Islands, the
Dominican Republic, and St. Kitts. These attractions are home to
approximately 2,400 animals from more than 80 species of marine
life, including a variety of marine mammals such as dolphins, sea
lions, manatees, and seals, as well as birds and reptiles. As of
2023, the marine mammal population at the Debtors' parks includes
roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals.

Leisure Investments Holdings LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on
March 31, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $100 million and $500 million each.

Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.

The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq.,
Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels.
The Debtors' restructuring advisor is Riveron Management Services
LLC.  The Debtors' claims and noticing agent is Kurtzman Carson
Consultants, LLC d/b/a Verita Global.

[] Fitch Affirms Ratings on Three Latin American Telecom Companies
------------------------------------------------------------------
Fitch Ratings has affirmed three Latin American (LatAm) telecom
companies, one LatAm tower company and their related subsidiaries'
ratings:

  1. América Móvil, S.A.B. de C.V.
  2. Total Play Telecomunicaciones, S.A.P.I de C.V.
  3. Grupo Televisa, S.A.B.
  4. Operadora de Sites Mexicanos S.A. de C.V.

These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

América Móvil, S.A.B. de C.V.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb+, Moderate), Sector Characteristics
(bbb, Lower), Market & Competitive Positioning (a-, Moderate),
Diversification and Asset Quality (a, Moderate), Company
Operational Characteristics (bbb+, Lower), Profitability (a-,
Moderate), Financial Structure (a-, Higher), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are assessed based on
standard financial period parameters of 20% weight for the
historical fiscal year 2024, 40% for the forecast year 2025 and 40%
for the forecast year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment Impact assessment of 'bb+' results in
an adjustment of -1 notch.

- The calibration adjustment applies and results in an adjustment
of +1 notch.

- The SCP is 'a-'.

- Fitch made no adjustments to the SCP, resulting in a FC and LC
IDR of 'A-'.

Total Play Telecomunicaciones, S.A.P.I. de C.V.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (b+, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb+,
Moderate), Financial Structure (bb-, Moderate), and Financial
Flexibility (b, Higher).

- The quantitative financial subfactors are assessed based on
standard financial period parameters of 20% weight for the
historical fiscal year 2024, 40% for the forecast year 2025 and 40%
for the forecast year 2026.

- Weakest link considerations adjustment is applied based on
Financial Flexibility factor and results in an adjustment of -1
notch(es).

- The Governance assessment of 'Deficient' results in an adjustment
of -1.

- The Operating Environment assessment of 'bb+' results in an
adjustment of 0.

- The SCP is 'b'.

- Fitch made no adjustments to the SCP, resulting in a FC and LC
IDR of 'B'.

Grupo Televisa, S.A.B.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb+,
Moderate), Financial Structure (bb-, Higher), and Financial
Flexibility (bbb, Moderate).

- The quantitative financial subfactors are assessed based on
standard financial period parameters of 20% weight for the
historical fiscal year 2024, 40% for the forecast year 2025 and 40%
for the forecast year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb+' results in an
adjustment of 0.

- The SCP is 'bb+'.

- Fitch made no adjustments to the SCP, resulting in a FC and LC
IDR of 'BB+'.

Operadora de Sites Mexicanos, S.A.B. de C.V.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (a,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (a,
Moderate), Financial Structure (a, Higher), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are assessed based on
standard financial period parameters of 20% weight for the
historical fiscal year 2024, 40% for the forecast year 2025 and 40%
for the forecast year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb+' results in an
adjustment of -1 notch.

- The SCP is 'bbb+'.

- Fitch made no adjustments to the SCP, resulting in a FC and LC
IDR of 'BBB+'.

Recovery Analysis

Refer to the RAC for Total Play.

RATING SENSITIVITIES

Refer to the RAC for each issuer.

Liquidity and Debt Structure

Refer to the RAC for each issuer.

Issuer Profile

Refer to the RAC for each issuer.

Summary of Financial Adjustments

Refer to the RAC for each issuer.

Sources of Information

Refer to the RAC for each issuer.

Public Ratings with Credit Linkage to other ratings

Refer to the RAC for each issuer.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for AMX, Total Play, Televisa or Opsimex.

ESG Considerations

Refer to the RAC for each issuer.

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
America Movil
S.A.B. de C.V.    

                     LT IDR      A-   Affirmed            A-
                     LC LT IDR   A-   Affirmed            A-
   senior unsecured  LT          A-   Affirmed            A-

Grupo Televisa S.A.B.

                     LT IDR      BB+  Affirmed            BB+
                     LC LT IDR   BB+  Affirmed            BB+
   senior unsecured  LT          BB+  Affirmed            BB+

Operadora de Sites
Mexicanos, S.A.B. de C.V.  

                     LT IDR      BBB+  Affirmed           BBB+
                     LC LT IDR   BBB+  Affirmed           BBB+
  senior unsecured   LT          BBB+  Affirmed           BBB+

Telefonos de Mexico
S.A.B. de C.V.    

                     LT IDR      A-    Affirmed           A-
                     LC LT IDR   A-    Affirmed           A-

Total Play
Telecomunicaciones,   
S.A.P.I. de C.V.  

                     LT IDR      B     Affirmed           B
                     LC LT IDR   B     Affirmed           B
    senior unsecured LT          CCC+  Affirmed   RR6     CCC+
    senior secured   LT          B     Affirmed   RR4     B

America Movil B.V.

   senior unsecured  LT          A-   Affirmed            A-




===========
P A N A M A
===========

NG PACKAGING: Fitch Affirms 'BB+' IDR, Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed two Latin American Diversified
Manufacturing companies and their related subsidiaries' ratings:

   1. Controladora Mabe S.A. de C.V. (Mabe)
   2. NG Packaging & Recycling Corporation Holdings S.A. (SMI)

These rating actions follow Fitch's update of its "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The criteria changes do not
affect the companies' ratings or Outlooks.

Corporate Rating Tool Inputs and Scores

For Mabe

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Moderate), Market & Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb-,
Moderate), Financial Structure (bbb+, Higher), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025, 30% for the forecast year
2026 and 30% for the forecast year 2027.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb-' results in
no adjustment.

- The SCP is 'bbb'.

The IDR is the same as the SCP.

For SMI

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb+,
Moderate), Financial Structure (b+, Higher), and Financial
Flexibility (bbb-, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb+' results in no
adjustment.

- The SCP is 'bb+'.

The IDR is the same as the SCP.

RATING ACTIONS

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
NG Packaging & Recycling
Corporation Holdings S.A.       LT IDR    BB+  Affirmed   BB+

San Miguel Industrias PET S.A.

   senior unsecured             LT        BB+  Affirmed    BB+

NG PET R&P Latin America, S.A.

   senior unsecured             LT        BB+  Affirmed    BB+

Controladora Mabe
S.A. de C.V. (Mabe)  

                                LT IDR    BBB  Affirmed    BBB
                                LC LT IDR BBB  Affirmed    BBB
   senior unsecured             LT        BBB  Affirmed    BBB




===============
P A R A G U A Y
===============

PARAGUAY: IDB OKS $200MM to Finances Segment of Bi-Oceanic Corridor
-------------------------------------------------------------------
The Board of Executive Directors of the Inter-American Development
Bank (IDB) has approved a $200 million loan to finance the
construction of a vital section of the Bi-Oceanic Corridor in
Paraguay.

The operation will improve transportation, expand access to markets
and services for people in western Paraguay, and stimulate
international trade in the area served by the corridor.

At over 2,300 miles long, the Bi-Oceanic Corridor integrates the
region via a continuous land route between the Atlantic and Pacific
oceans. It crosses the strategically important and productive areas
of central-eastern Brazil, western Paraguay, northern Argentina,
and northern Chile, including the ports of Antofagasta, Iquique,
and Mejillones.

The project is part of the IDB Group's South Connection program,
which aims to better connect the region, boost its competitiveness,
and promote sustainable growth in South America.

The three segments of the corridor in Paraguay follow the 325-mile
National Highway PY15, which links Carmelo Peralta on the Brazilian
border with Pozo Hondo on the Argentine border.

The loan will finance the design, construction, and maintenance of
63.7 miles of Segment II and 5 miles of access road to the city of
Mariscal Estigarribia. The operation will also improve 17 miles of
the eastern route for accessing the industrial area of the city of
Loma Plata, which feeds into the corridor.

The project will directly benefit the population and economic
sectors of the departments of Alto Paraguay and Boquerón,
including over 7,000 primary sector producers who account for much
of the country’s agricultural output.

Approximately 28,700 people, including 1,700 from Indigenous
communities, will gain better access to hospital services. The
project will also improve access to secondary school for an
estimated 99 towns, including 23 Indigenous communities.

The $200 million loan has a 22.5-year repayment term, an 8-year
grace period, and an interest rate based on the Secured Overnight
Financing Rate (SOFR).



=====================
P U E R T O   R I C O
=====================

BLD REALTY: Court Narrows Claims in Perfect Price Adversary Case
----------------------------------------------------------------
Judge Midred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted in part, and denied in part,
Michael A. Pabon's motion for summary judgment in the adversary
proceeding captioned as BLD REALTY INC., Plaintiff v. PERFECT PRICE
INC.; PERFECTO RIVERA IZQUIERDO; LATIN INVESTMENT CORP.; RAMON CLAS
VAZQUEZ; MICHAEL A. PABON RIVERA; PRODUCTOS LA PERFECTA, CORP.;
JOHN DOE 1-5, Defendants, ADVERSARY CASE NO. 22-00034 (Bankr.
D.P.R.).

The Plaintiff, BLD Realty Inc., filed a ten-count complaint against
various defendants. In a prior opinion and order, the court
dismissed the second, third, fourth, fifth, sixth, and seventh
counts of the complaint The first, eighth, ninth, and tenth counts
of the complaint survived. The first cause of action seeks a
declaratory judgment that the monies owned by co-defendants
Perfecto Price, Inc. and Mr. Perfecto Rivera constitute property of
the estate, pursuant to 11 U.S.C. Sec. 541. The eight cause of
action involves a turnover of property, pursuant to 11 U.S.C. Sec.
542. The ninth cause of action seek damages for tortious
interference and/or collusion, and the last count seeks to pierce
the corporate veil. Pabon moves for summary judgment on the
remaining counts.

In his motion for summary judgment, Pabon shows that he is not
named as a party defendant in the first and eight counts of the
complaint and that those counts should be denied as to him. The
Court agrees. Pabon is therefore entitled to judgment in his
favor.

Pabon, however, is not entitled to summary judgment as to the ninth
and tenth counts of the complaint because these counts involve
issues of controverted facts. The ninth action pertains to damages
for tortious interference and/or collusion. The disputed facts are
the existence of a contract and/or agreement between BLD and
Triangle REO PR Corp. BLD owned two real properties. BLD had a
mortgage with Triangle which allegedly was being paid from the rent
monies received by Perfect Price, Inc. Mr. Perfecto Rivera,
president of Perfect Price, Inc., guaranteed the rental payment
from his corporation to BLD. The complaint avers that while BLD and
Triangle were negotiating a discount payoff amount, Perfect Price,
Inc. and its owner ceased to pay rent to BLD and interfered in the
negotiations with Triangle. Then another corporation, Latin
Investment Corp., purchased the mortgage note from Triangle. It is
alleged that all the defendants are related and conspired to take
BLD's two real properties. For those averments, BLD asserts in the
tenth count that the corporate veil should be pierced. It is also
controverted whether defendants' action interfered with the alleged
contract and/or agreement as well as the dates of such alleged
actions.

The Court grants in part as to first and eight counts of the
complaint but denies in part as to the ninth and tenth counts of
the complaint.

A copy the Court's Opinion and Order dated February 6, 2026, is
available at https://urlcurt.com/u?l=5B5xuT

                      About BLD Realty

BLD Realty, Inc. is the fee simple owner of two real properties
located at Barrio Espinosa in Vega Alta, P.R., having an aggregate
value of $1.34 million. The company is based in Guaynabo, P.R.

BLD Realty filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.P.R. Case No. 22-00802) on
March 24, 2022, listing $1,900,571 in assets and $3,834,736 in
liabilities. Roberto Santos Ramos serves as Subchapter V trustee.

Carmen D. Conde Torres, Esq., at C. Conde & Assoc. serves as the
Debtor's legal counsel.




===============
X X X X X X X X
===============

LATAM: ECCU Being Tested by High Levels of Public Debt, IMF Says
----------------------------------------------------------------
The IMF says the Eastern Caribbean Currency Union's role as pillar
of regional stability is being tested because of the high levels of
public debt.

The fund noted that uneven fiscal discipline across member
countries is having a negative impact on its ability to respond to
shocks such as Hurricane Melissa.

The IMF also says this test is not due to a new crisis but a
familiar problem - the return to growth since the COVID-19 pandemic
- but limited improvements in government finances and the heavy
debt burdens as a result.

The international lending agency says the tourism and construction
sectors have been driving growth in these countries and inflation
is easing

But the debt to GDP ratios have stopped declining at a time when
growth is slowing and global risks are intensifying.

It is against this background that it concluded that the union's
long standing target to reduce the debt to GDP ratio to 60% by the
year 2035 is at risk.


[] Fitch Affirms Ratings of Six Latin American Telecom Companies
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of six Latin American
(LatAm) telecommunication companies and their related
subsidiaries:

  1. Empresa Nacional de Telecomunicaciones S.A.
  2. VTR Finance N.V - VTR Comunicaciones SpA.
  3. Une EPM Telecomunicaciones S.A
  4. Empresa de Telecomunicaciones de Bogotá S.A., E.S.P.
  5. Colombia Telecomunicaciones S.A E.S.P BIC
  6. Telecom Argentina S.A

These actions follow Fitch's updates to its "Corporate Rating
Criteria" and "Sector Navigators Addendum to the Corporate Rating
Criteria" on Jan. 9, 2026. The criteria changes do not affect the
companies' ratings or Outlooks.

Corporate Rating Tool Inputs and Scores

Empresa Nacional de Telecomunicaciones S.A.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb+,
Moderate), Financial Structure (bbb, Higher), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb' results in
no adjustment.

- The SCP is 'bbb-'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in no impact on the final rating.

VTR Finance N.V - VTR Comunicaciones SpA.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (b, Moderate), Sector Characteristics (bbb,
Lower), Market & Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (b-,
Moderate), Financial Structure (ccc, Moderate), and Financial
Flexibility (b+, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the forecast year 2025,
40% for the forecast year 2026 and 20% for the forecast year 2027.

- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch(es).

- The Governance Impact assessment of 'Some Deficiencies' results
in no adjustment.

- The Operating Environment Impact assessment of 'bbb+' results in
no adjustment.

- The SCP is 'b-'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a(n) bottom-up +2 approach.

Une EPM Telecomunicaciones S.A

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb-,
Moderate), Financial Structure (bbb-, Moderate), and Financial
Flexibility (bb, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025, 20% for the forecast year
2026, 20% for the forecast year 2027 and 20% for the forecast year
2028.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb' results in no
adjustment.

- The SCP is 'bb+'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in a(n) same credit profile for both parent and subsidiary
approach.

Empresa de Telecomunicaciones de Bogotá S.A., E.S.P.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb+, Moderate), Sector Characteristics
(bbb, Lower), Market & Competitive Positioning (bb, Higher),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb-,
Moderate), Financial Structure (bb-, Higher), and Financial
Flexibility (bb-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb' results in no
adjustment.

- The SCP is 'bb'.

To derive the IDR:

- Application of Fitch's Government Related Entities Considerations
Rating Criteria results in a standalone approach.

Colombia Telecomunicaciones S.A, E.S.P BIC

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bb+, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bb-,
Moderate), Financial Structure (b+, Moderate), and Financial
Flexibility (b+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'bb' results in no
adjustment.

- The calibration adjustment applies and results in an adjustment
of +1 notch(es).

- The SCP is 'bb+'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in a standalone approach.

Telecom Argentina S.A

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (bbb+, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bb+,
Moderate), Financial Structure (bb, Moderate), and Financial
Flexibility (bb-, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'ccc+' results in an
adjustment of -2 notches.

- The other risk elements adjustment applies and results in an
adjustment of -1 notch.

- The SCP is 'b'.

To derive the IDR:

- Country ceiling considerations apply and result in an adjustment
of -1 notch.

RATING ACTIONS

   Entity/Debt                     Rating         Recovery   Prior
   -----------                     ------         --------   -----
UNE EPM Telecomunicaciones S.A.

                          LT IDR    BB+ Affirmed             BB+
                          LC LT IDR BB+ Affirmed             BB+

Empresa de
Telecomunicaciones de
Bogota, S.A., E.S.P.    

                          LT IDR    BB  Affirmed             BB
                          LC LT IDR BB  Affirmed             BB

Telecom Argentina S.A.  

                          LT IDR    B-  Affirmed             B-
                          LC LT IDR B   Affirmed             B
   senior unsecured       LT        B   Affirmed   RR3       B

VTR Comunicaciones SpA

   senior secured         LT        BB  Affirmed   RR2       BB

Empresa Nacional de
Telecomunicaciones S.A.  

                          LT IDR    BBB- Affirmed            BBB-
                          LC LT IDR BBB- Affirmed            BBB-
   senior unsecured       LT        BBB- Affirmed            BBB-

VTR Finance N.V.       

                          LT IDR    B+   Affirmed            B+
                          LC LT IDR B+   Affirmed            B+

Colombia
Telecomunicaciones
S.A. E.S.P. BIC  

                          LT IDR    BB+  Affirmed            BB+
                          LC LT IDR BB+  Affirmed            BB+
   senior unsecured       LT        BB+  Affirmed            BB+


[] Fitch Affirms Ratings on 10 Latin American Midstream Companies
-----------------------------------------------------------------
Fitch Ratings has affirmed 10 Latin American midstream companies'
ratings and maintained one on Rating Watch Negative:

  1. Infraestructura Energetica Nova, S.A.P.I. de C.V.
  2. Sempra Infrastructure Partners, LP
  3. Esentia Gas Enterprises, S. de R.L. de C.V.
  4. GNL Quintero S.A.
  5. Promigas S.A. E.S.P.
  6. Transportadora de Gas Internacional S.A. ESP (TGI)
  7. Transportadora de gas del Peru, S.A. (TGP)
  8. Transportadora Associada de Gas S.A. - TAG
  9. Transportadora de Gas del Sur S.A. (TGS).
10. Oleoducto Central S.A. (OCENSA)
11. A.I. Candelaria (Spain), S.A.

These actions follow the update of Fitch's 'Corporate Rating
Criteria' and the 'Sector Navigators Addendum to the Corporate
Rating Criteria' on Jan. 9, 2026. The companies' ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

Infraestructura Energetica Nova, S.A.P.I. de C.V.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb, Moderate), Market & Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb, Higher), Profitability (bbb,
Moderate), Financial Structure (a+, Lower), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb+' results in
no adjustment.

- The SCP is 'bbb'.

Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB';
Outlook Stable

Sempra Infrastructure Partners, LP

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bb, Higher), Market & Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb, Lower), Company Operational
Characteristics (bbb, Moderate), Profitability (bbb, Moderate),
Financial Structure (bbb+, Higher), and Financial Flexibility (a-,
Moderate).

- Assessments of the quantitative financial subfactors include
bespoke calculations.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb' results in
no adjustment.

- The SCP is 'bbb'.

Fitch made no adjustments to the SCP, resulting in an IDR of BBB;
Outlook Stable.

Esentia Gas Enterprises, S. de R.L. de C.V.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb, Higher), Profitability (bbb,
Moderate), Financial Structure (bb+, Moderate), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb+' results in
no adjustment.

- The SCP is 'bbb-'.

Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB-'; Outlook Stable.

GNL Quintero S.A.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (a-, Higher), Profitability (a,
Moderate), Financial Structure (a+, Higher), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb+' results in
no adjustment.

- The SCP is 'a-'.

Fitch made no adjustments to the SCP, resulting in an IDR of 'A-';
Outlook Stable.

Promigas S.A. E.S.P.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb,
Higher), Financial Structure (bbb-, Moderate), and Financial
Flexibility (bb-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb' results in no
adjustment.

- The SCP is 'bbb-'.

Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB-'; Rating Watch Negative.

Transportadora de Gas Internacional S.A. ESP (TGI)

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb, Moderate), Market and Competitive Positioning (bbb,
Moderate), Diversification and Asset Quality (bb-, Moderate),
Company Operational Characteristics (bbb, Moderate), Profitability
(bbb, Moderate), Financial Structure (a+, Lower), and Financial
Flexibility (bb, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb' results in no
adjustment.

- The SCP is 'bb+'.

To derive the IDR of 'BBB-'; Outlook Stable:

- The application of Fitch's Parent Subsidiary Linkage
Considerations Rating Criteria resulted in an equalized approach.

Transportadora de gas del Peru, S.A. (TGP)

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bbb+, Higher), Profitability (bbb+,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bbb-' results in
no adjustment.

- The SCP is 'bbb+'.

Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB+';Outlook Stable.

Transportadora Associada de Gas S.A. - TAG

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb, Higher), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (bb, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 40% weight for the forecast year 2023,
20% for the historical year 2024 and 40% for the forecast year
2025.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'bb' results in an
adjustment of -1 notch.

- The SCP is 'bbb-'.

To derive the IDR of 'BB+'; Outlook Stable:

-The application of country ceiling considerations resulted in an
adjustment of -1 notch.

Transportadora de Gas del Sur S.A. (TGS).

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bb,
Moderate), Financial Structure (a+, Lower), and Financial
Flexibility (b, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

- The Governance Impact assessment of 'Good' results in no
adjustment.

- The Operating Environment Impact assessment of 'ccc+' results in
an adjustment of -1 notch.

- The other risk elements adjustment applies and results in an
adjustment of -1 notch.

- The SCP is 'b-'.

Fitch made no adjustments to the SCP, resulting in an IDR of
'B-';Outlook Stable.

Oleoducto Central S.A. (OCENSA)

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bb+, Moderate), Market and Competitive Positioning (bbb,
Moderate), Diversification and Asset Quality (bb, Moderate),
Company Operational Characteristics (bb, Higher), Profitability
(bbb, Moderate), Financial Structure (a+, Lower), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Some Deficiencies' results
in an adjustment of -1 notch.

- The Operating Environment Impact assessment of 'bb' results in no
adjustment.

- The SCP is 'bb'.

Fitch made no adjustments to the SCP, resulting in an IDR of 'BB';
Outlook Stable.

A.I. Candelaria (Spain), S.A.

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bb+, Moderate), Market and Competitive Positioning (bbb,
Moderate), Diversification and Asset Quality (bb, Moderate),
Company Operational Characteristics (bb, Higher), Profitability
(bbb, Moderate), Financial Structure (bbb, Lower), and Financial
Flexibility (bb, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- The Governance Impact assessment of 'Some Deficiencies' results
in an adjustment of -1 notch.

- The Operating Environment Impact assessment of 'bb' results in no
adjustment.

- The SCP is 'bb'.

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a top-down -1 approach.

Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-';
Outlook Stable.

RATING ACTIONS

   Entity/Debt                    Rating          Recovery   Prior
   -----------                    ------          --------   -----
Transportadora de
Gas del Sur S.A. (TGS)

                         LT IDR    B- Affirmed               B-  
                         LC LT IDR B- Affirmed               B-
   senior unsecured      LT        B  Affirmed    RR3        B

Oleoducto Central
S.A. (OCENSA)          

                         LT IDR    BB Affirmed               BB
                         LC LT IDR BB Affirmed               BB

Promigas S.A. E.S.P.   

                         LT IDR    BBB-  Rating Watch        BBB-
                                         Maintained          
                         LC LT IDR BBB-  Rating Watch        BBB-
                                         Maintained         
   senior unsecured      LT        BBB-  Rating Watch
                                         Maintained          BBB-

Esentia Gas Enterprises,
S. de R.L. de C.V.      

                         LT IDR    BBB-  Affirmed            BBB-
                         LC LT IDR BBB-  Affirmed            BBB-
   senior secured        LT        BBB-  Affirmed            BBB-

A.I. Candelaria
(Spain), S.A.            

                         LT IDR    BB-   Affirmed            BB-
                         LC LT IDR BB-   Affirmed            BB-
   senior secured        LT        BB-   Affirmed            BB-

GNL Quintero S.A.        

                         LT IDR    A-    Affirmed            A-  
                         LC LT IDR A-    Affirmed            A-
   senior unsecured      LT        A-    Affirmed            A-

Infraestructura
Energetica Nova,
S.A.P.I. de C.V.     

                         LT IDR    BBB   Affirmed           BBB
                         LC LT IDR BBB   Affirmed           BBB
   senior unsecured      LT        BBB   Affirmed           BBB

Transportadora
Associada de Gas
S.A. – TAG               LT IDR    BB+   Affirmed           BB+
                         LC LT IDR BBB-  Affirmed           BBB-

Transportadora de Gas
Internacional S.A. ESP (TGI)

                         LT IDR    BBB-  Affirmed           BBB-
                         LC LT IDR BBB-  Affirmed           BBB-
   senior unsecured      LT        BBB-  Affirmed           BBB-

Transportadora de Gas
del Peru, S.A. (TGP)   

                         LT IDR    BBB+  Affirmed           BBB+
                         LC LT IDR BBB+  Affirmed           BBB+
   senior unsecured      LT        BBB+  Affirmed           BBB+

Sempra Infrastructure
Partners, LP             

                         LT IDR   BBB   Affirmed            BBB
   senior unsecured      LT       BBB   Affirmed            BBB



                           *********


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 * * *