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260219.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, February 19, 2026, Vol. 27, No. 36 Headlines A R G E N T I N A PROVINCE OF CORDOBA: Fitch Rates USD800MM Unsec Notes Due 2035 'B-' B E R M U D A SIU-FUNG CERAMICS: Court Denies Chapter 15 Recognition B R A Z I L ELETRONUCLEAR: Collapse by March as Angra 3 Limbo Burns $1BB RAIZEN SA: Fitch Lowers LongTerm IDRs to B, Still on Watch Negative VALE SA: Incurs $3.8 Billion Loss Due to Nickel Impairment C O L O M B I A FRONTERA ENERGY: Fitch Puts 'B' Rating on Unsec Notes on Watch Pos. GEOPARK LIMITED: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive RIO PAMPLONITA: Fitch Gives 'BB' Rating on Two Loan Tranches J A M A I C A JAMAICA: Business Community Wary About New Taxes P U E R T O R I C O ANCARLO BROTHERS: Hires Landrau Rivera as Counsel T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: Manipulating Economic Data, Ex Minister Says - - - - - ================= A R G E N T I N A ================= PROVINCE OF CORDOBA: Fitch Rates USD800MM Unsec Notes Due 2035 'B-' ------------------------------------------------------------------- Fitch Ratings has assigned Province of Cordoba's (B-/Stable Outlook) USD800 million 8.60% senior unsecured U.S.-dollar notes due 2035 a final rating of 'B-'. The notes are rated at the same level as the province's Issuer Default Ratings (IDRs). The notes will be a direct, unconditional, unsecured, and unsubordinated general obligation of the province and will rank pari passu in right of payment compared with its other unsecured obligations. The notes are governed by and construed in accordance with the laws of the state of New York. The final rating is in line with the expected rating that Fitch assigned on Jan. 23, 2026, as the receipt of final documentation conformed to the information already received. The province used the net proceeds from the sale of the notes for the repurchase of the step-up international notes due 2027 validly tendered and accepted in the tender offer, and the remainder to finance infrastructure projects and/or repay existing liabilities. On Feb. 3, 2026, the province announced the tendered aggregate amount of the existing notes validly tendered was USD33,533,562. The aggregate purchase amount accepted for purchase was USD33,533,562, 28.70% of the outstanding principal amount of the remaining existing notes (USD116,826,096) after July's 2025 tender offer. The success of the operation confirms the favorable business climate that is beginning to take shape after the 2025 local elections that supported President Javier Milei's macroeconomic policies and after Argentina's Congress passed the 2026 budget, the first approved by legislators since Milei took office in late 2023, boosting international investor confidence. Key Rating Drivers The notes' final rating is at the same level as Cordoba's Long-Term Foreign Currency IDR of 'B-', which reflects an adequate debt service coverage ratio for the next 12 months. On July 30, 2025, Fitch upgraded the Province of Cordoba's ratings. For details, please see "Fitch Upgrades Province of Cordoba to 'B-'; Outlook Stable" at www.fitchratings.com. Cordoba's current Standalone Credit Profile is 'b-' and the province continues to meet Fitch's criteria requirements for a rating of 'B-', which is above Argentina's 'CCC+' sovereign rating, due to its strong budget, lack of need for external debt refinancing and sufficient liquidity. This transaction is Cordoba's second international issuance; the first took place in July 2025 for USD725 million due 2032. Cordoba is positioning itself as the first Argentine subnational to access external credit this year, serving as a benchmark for other provinces looking to manage refinancing risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Argentina's 'B-' Country Ceiling, as well as any regulatory restrictions to access foreign exchange that heightens refinancing risks; - The IDRs could be downgraded if the estimated actual DSCR drops below 1.0x in tandem with a liquidity coverage ratio below 1.0x underpinned by lower operating margins and unrestricted cash, regardless of whether the payback ratio remains below 5x, resulting in the rating being guided directly by rating definitions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Argentina's 'B-' Country Ceiling could positively benefit Cordoba's IDRs if the financial profile remains in line with projections of a payback ratio below 5.0x and actual debt service coverage ratio improves to above 2.0x. Date of Relevant Committee 28-Jul-2025 Public Ratings with Credit Linkage to other ratings Province of Cordoba's ratings are aligned with Argentina's Country Ceiling and are above the sovereign's ratings. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Cordoba, Province of senior unsecured LT B- New Rating B-(EXP) ============= B E R M U D A ============= SIU-FUNG CERAMICS: Court Denies Chapter 15 Recognition ------------------------------------------------------ Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas denied the petition of the foreign representatives for Siu-Fung Ceramics Holdings Limited for recognition of the Siu-Fung Group liquidation and Siu-Fung Seigfried Lee's bankruptcy as foreign main proceedings. Siu-Fung Ceramics Holdings Limited ("SFCH") was incorporated in Bermuda on August 12, 1993, pursuant to the Laws of Bermuda in accordance with the provisions of the Companies Act, 1981 of Bermuda with the status as an exempted company. On October 22, 1993, SFCH was registered in Hong Kong under Part XI of Chapter 32 of the Companies Ordinance of the Laws of Hong Kong (hereinafter and shortly thereafter established its principal place of business in Hong Kong. Siu-Fung Ceramics Concept Company Limited ("SFCCC") was incorporated in the British Virgin Islands on September 21, 1994 pursuant to the Laws of the BVI in accordance with the provisions of the International Business Companies Act (No. 8 of 1984) of the BVI. The registered office of SFCCC is located at a post office box in the BVI, and its principal place of business is in Hong Kong. NHD Systems (Holdings) Limited ("NHD Holdings") was incorporated in Hong Kong on July 30, 1992, pursuant to Chapter 32. NHD Holdings' registered office is located in Hong Kong. NHD Systems (Asia) Limited ("NHD Asia") was incorporated on March 12, 1995, in Hong Kong pursuant to Chapter 32. NHD Asia's registered office is in Hong Kong. Siu-Fung Concept Limited (SFC") was incorporated in Hong Kong on May 20, 1983, pursuant to Chapter 32. SFC's registered office is in Hong Kong. Central to this Chapter 15 Petition for Recognition are investment interests SFC held in a major joint venture in Beijing known as Siu-Fung Ceramics (Beijing) Sanitary Ware Company Limited ("BSW"). In May and June of 2000, the Siu-Fung Group entities were placed into "winding-up" liquidation proceedings by the High Court of the Hong Kong Special Administrative Region Court of First Instance. On June 14, 2000, the HK High Court appointed Messrs. Alan Chung Wah Tang and Gabriel Chi Kok Tam jointly and severally as provisional liquidators of SFCH. At the time of his appointment, Mr. Tang was a partner at KPMG and had extensive experience as a liquidator and trustee in Hong Kong insolvency proceedings. The Siu-Fung Group's liquidation proceedings remain active and pending since the original HK High Court Orders were issued in 2000. Siu-Fung Seigfried Lee was a major shareholder, director, and chairman of the Siu-Fung Group. In 1995 and 1996, because of serious financial difficulties the Siu-Fung Group was experiencing at the time, Mr. Lee provided personal guarantees to secure financing for the Group from a number of Hong Kong lending institutions, including Hongkong and Shanghai Banking Corporation, Limited, and DBS Bank (Hong Kong) Limited. Despite Mr. Lee's efforts, the Group continued to experience a deteriorating financial position. In 1997, HSBC demanded Mr. Lee repay HK$177.63 million due under various term loan facilities, and on January 18, 2001, filed a "bankruptcy petition for indebtedness in the aggregate sum of HK$322 million" against Mr. Lee. On May 8, 2001, Mr. Lee was adjudged bankrupt per a HK High Court Order (the "Lee 2001 Bankruptcy"). On September 19, 2002, at a general meeting of creditors, Mr. Tang and Alison Wong Lee Fung Ying were appointed as joint and several trustees for the Lee 2001 Bankruptcy. Mr. Tang has remained the trustee of the Lee 2001 Bankruptcy since his appointment in 2002, and currently acts in that role alongside his co-trustee Anita Hou Chung Man, who replaced Ms. Wong on April 9, 2015. In 2001, Mr. Tang left KPMG and temporarily ceased being a liquidator for the Siu-Fung Group. Mr. Lee received a personal discharge in the Lee 2001 Bankruptcy as of May 8, 2005. Under Hong Kong Law, despite Mr. Lee's personal discharge, Mr. Tang remained in his position as trustee and continued with his statutory duty of collecting, realizing, and distributing the assets of the bankrupt that fell within the estate. In connection with his duties as trustee, Mr. Tang continued to investigate Mr. Lee and his family members and their involvement with allegedly fraudulent transfers of assets of the SiuFung Group prior to and during the Siu-Fung Group liquidation proceedings. According to Mr. Tang, despite Mr. Lee having received a personal discharge, these continued investigations were necessary because (i) Mr. Lee and his family members have been uncooperative with discovery orders issued in the Lee 2001 Bankruptcy and ongoing Siu-Fung Group liquidation proceedings, and (ii) investigating possible fraudulent transfers may provide the basis for additional claims against Mr. Lee in the Lee 2001 Bankruptcy under Hong Kong law. Mr. Tang has issued multiple reports in the Lee 2001 Bankruptcy relating to these investigations over the last 24 years and has engaged in more substantive investigations of Mr. Lee and his family members since 2016 following Mr. Tang's reappointment as joint liquidator for the SiuFung Group. Upon Mr. Tang's reappointment in May and June of 2016, Terry Lap Kee Kan replaced Mr. Tam as joint liquidator alongside Mr. Tang.30 Mr. Tang, Mr. Kan, and Ms. Hou (the "Foreign Representatives" or "FRs") have remained as joint and several liquidators and/or trustees of the Siu-Fung Group and the Lee 2001 Bankruptcy, respectively, until the present. Siu-Fung Group Liquidation Proceedings With respect to the Siu-Fung Group liquidation proceedings, the Frs argue each of the requirements for recognition under section 1517 are satisfied and ask the Court to recognize the liquidation as a foreign main proceeding. With respect to section 109(a), the Frs argue the Siu-Fung Group Debtors have two forms of assets in the United States sufficient to satisfy the debtor-eligibility requirement: (i) potential claims the Debtors allegedly have against Mr. Lee and third parties in the United States based on the allegedly fraudulent transfer of BSW assets before, during, and after the Siu-Fung Group liquidation proceedings (the "Potential Claims") and (ii) the postpetition Archer Retainer deposited by the FRs into Archer's client trust account on behalf of the Siu-Fung Group. Mr. Lee opposes recognition of the Siu-Fung Group liquidation proceedings on grounds that (i) the FRs have not proven the liquidation proceedings are foreign proceedings within the meaning of section 101(23), and (ii) the FRs have not proven that any of the Siu-Fung Group Debtors had any assets in the United States at the time of the filing of the petition for recognition. The Court concludes that while the requirements of section 1517 are otherwise satisfied and the Siu-Fung Group liquidation proceedings are foreign main proceedings, the FRs have failed to demonstrate the Siu-Fung Group Debtors had a presence in the United States at the time of the filing of the Chapter 15 petition, and therefore section 109(a) is not satisfied. Accordingly, the petition for recognition as to the Siu-Fung Group liquidation proceedings must be denied. The Lee 2001 Bankruptcy With respect to the Lee 2001 Bankruptcy, the FRs argue each of the requirements for recognition under section 1517 are satisfied and ask the Court to recognize the proceeding as a foreign main proceeding, or, in the alternative, as a foreign nonmain proceeding. The Parties do not dispute section 109(a) is satisfied as Mr. Lee has clearly been shown to possess property in the United States at the time the petition for recognition was filed. In opposition to recognition of the Lee 2001 Bankruptcy, Mr. Lee argues that proceeding does not constitute a foreign proceeding within the meaning of section 101(23) and therefore section 1517 is not satisfied. Mr. Lee argues against foreign main recognition on grounds that Mr. Lee's COMI is allegedly in the United States, rather than Hong Kong.167 With respect to foreign nonmain recognition, Mr. Lee argues there is no proof to maintain the FRs' position that Mr. Lee maintains an establishment in Hong Kong. Finally, Mr. Lee argues the FRs' petition should be denied under the section 1506 public policy exception. The Court must deny recognition of the Lee 2001 Bankruptcy. The Frs failed to meet their burden of proving Mr. Lee's COMI is in Hong Kong, and therefore the Lee 2001 Bankruptcy cannot be a foreign main proceeding. The FRs also failed to meet their burden of proving Mr. Lee maintains an establishment in Hong Kong, and therefore the Lee 2001 Bankruptcy cannot be a foreign nonmain proceeding. Accordingly, because section 1517 is not satisfied, the Court need not and will not take a position on Mr. Lee's arguments with respect to section 1506. In the Court's view, the FRs' evidence fails to meet the "rather high" bar of proving Mr. Lee maintained an establishment in Hong Kong as of July 19, 2024, the date the petition for recognition was filed. Accordingly, the Court must conclude the FRs have failed to prove the Lee 2001 Bankruptcy is a foreign nonmain proceeding within the meaning of section 1517(b)(2). Given the FRs have failed to prove the Lee 2001 Bankruptcy is either a foreign main or foreign nonmain proceeding, the requirements for recognition under section 1517(a) have not been satisfied, and the Court must deny recognition of that proceeding under Chapter 15. The Court denies recognition of both the Siu-Fung Group liquidation proceedings as well as the Lee 2001 Bankruptcy. Vince Sullivan of Law360 Bankruptcy Authority says the ruling leaves the Hong Kong proceeding without U.S. enforcement support, including the ability to invoke the automatic stay against creditors here. The opinion highlights the importance of demonstrating a tangible U.S. connection when seeking cross-border relief. A copy the Court's Memorandum Opinion dated February 10, 2026, is available at https://urlcurt.com/u?l=IoDhLc from PacerMonitor.com. About Siu-Fung Ceramics Holdings Limited Siu-Fung Ceramics Holdings Limited manufactures and sells ceramic products such as tiles, sanitary ware and tableware. Siu-Fung Ceramics Holdings Limited sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33299) on July 19, 2024. The Foreign Proceeding is Companies (Winding Up and Miscellaneous Provisions)(Amendment) Ordinance 2016 and Bankruptcy (Amendment) Ordinance 2005 pursuant to Hong Kong Laws The Debtors in Foreign Proceedings are Siu-Fung Ceramics Holdings Limited; Siu-Fung Ceramics Concept Company Limited; NHD Systems (Holdings) Limited; NHD Systems (Asia) Limited; Siu Fung Concept Limited; Siegfried Lee Siu-Fung; and Siu Fung Siegfried Lee. The Debtor's foreign representatives Alan CW Tang, Anita CM Hou, and Terry LK Kan. Foreign Representative's Counsel is Stephen M. Packman, Esq., at ARCHER & GREINER, P.C. =========== B R A Z I L =========== ELETRONUCLEAR: Collapse by March as Angra 3 Limbo Burns $1BB ------------------------------------------------------------ Adele Cardin at Rio Times Online reports that Eletronuclear, the state company that runs Brazil's only nuclear plants, has set March as its financial breaking point — not because of any operational failure, but because Brasilia still cannot decide what to do with Angra 3, a reactor whose construction began in 1984 and has been stalled since 2015. The two-thirds-complete project devours roughly R$1 billion (US$194 million) per year: R$800 million in debt service to BNDES and Caixa Econômica Federal, plus R$200 million to maintain 14,000 pieces of idle equipment stored in 35 warehouses, according to Rio Times Online. Brazil's audit court has flagged R$2 billion in waste over the past two years, the report notes. Interim president Alexandre Caporal compared the company's slide to the meltdown at Correios, Brazil's postal service, and warned cash reserves will last only until mid-March, the report relays. The real danger is a contractual trigger called "cross-acceleration." If Eletronuclear defaults on any obligation, creditors could demand immediate repayment of nearly R$7 billion in Angra 3 loans - and seize Angra 2's revenue, pledged as collateral. That would cut the income stream keeping Brazil's two operating reactors running and their workers paid, the report discloses. Angra 3 Decision Still Deferred The National Energy Policy Council (CNPE), an 18-minister body chaired by Energy Minister Alexandre Silveira, holds the decision, the report relays. The council has discussed Angra 3 at least four times since December 2024, deferring each time. It met again this week and postponed once more, the report notes. Management Minister Esther Dweck told Reuters the government expects a ruling by mid-year, noting that abandoning the project costs nearly as much as finishing it: a BNDES study put completion at R$23.9 billion versus R$22–26 billion to walk away, the report discloses. Silveira supports completion. The Finance Ministry resists new fiscal commitments, the report says. The picture is further complicated by an ownership shuffle: J&F's Ambar Energia signed a R$535 million deal in October to buy Axia Energia's (formerly Eletrobras) stake, but the transaction hasn't closed, leaving Eletronuclear without an engaged private shareholder, the report says. The report relays that Caporal's message is blunt: the company does not need a Treasury bailout today - it needs someone to make a call on a 40-year project, the report discloses. "Any other measure," he said, "will just be more of the extraordinary liquidity gymnastics we’ve been doing for the past year and a half," he added. RAIZEN SA: Fitch Lowers LongTerm IDRs to B, Still on Watch Negative ------------------------------------------------------------------- Fitch Ratings has downgraded Raizen S.A.'s and Raizen Energia S.A.'s (jointly, Raizen) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B' from 'BBB-' and Raizen Fuels Finance S.A.'s senior unsecured notes due in 2027, 2032, 2034, 2035, 2037 and 2054 to 'B' from 'BBB-' and assigned a Recovery Rating of 'RR4' to all instruments. Fitch has also downgraded Raizen's National Long-Term Ratings and its second, third and fourth debentures issued by Raizen S.A. and fourth and fifth debentures issued by Raizen Energia S.A to 'BBB- (bra)' from 'AAA (bra)'. Fitch maintained Raizen's IDRs and international issuances and placed the company's National Scale Ratings and local issuances on Rating Watch Negative (RWN). The multi-notch downgrade to 'B' and the RWN reflect shareholders' failure to execute a material capital injection within the timeframe set when the issuer was placed on RWN, weaker-than-expected operating performance, and a more challenging liquidity position. Key Rating Drivers Multi-Notch Downgrade: The multi-notch downgrade to 'B' reflects shareholders' failure to execute a material capital injection within the timeframe established when the issuer was placed on RWN together with an operational performance below Fitch's expectations and a more challenging liquidity situation. The previous rating case indicated a financial profile consistent with the 'b' category. However, the case assumed a expected material equity injection. Under this assumption, Fitch expected the company's credit metrics to realign with the previous 'BBB-' level over the rating horizon. Fitch no longer expects an equity injection within a reasonable timeframe. As a result, leverage and interest burden remain elevated and continue to pressure cash flow generation and liquidity. Elevated Leverage & Refinancing Risk: Fitch projects Raízen's gross and net leverage at around 5.4x and 5.0x over the next two years, which aligns with the 'B' rating category and is high for the sector. Fitch estimates the company has BRL 10.5 billion of debt maturing in the next 18 months. If the company refinances this debt at current market rates, its financial flexibility will weaken further. Liquidity Concerns: The RWN reflects a deterioration if the company fails to raise the necessary capital through divestments and shareholder support within the next six months. Uncertainty persists around the controlling shareholders' incentives and actions (Cosan; rated BB/Negative) and Shell (AA-/Stable). The likelihood of the needed capital injection is uncertain, both in terms of amount and timing. Fitch believes that delays would further weaken the company's financial position. Fitch acknowledges that an injection could materially improve the group's rating, depending on its size, but it is no longer assumed in the rating. Weakening Operational Performance: Since the last review, lower sugar prices and U.S. dollar depreciation have reduced sugar revenue compared with prior assumptions. Volumes and production have fallen below expectations. The October assumption of 73.0 million tonnes is now 70.3 million tonnes. This reflects a smaller milling base following asset divestments. Fitch forecasts EBITDA of BRL10.9 billion in fiscal 2026, and of BRL11 billion in fiscal 2027. High interest expenses and elevated capex (BRL9.5 billion 2026, declining to BRL7.5 billion thereafter) will generate negative FCF through 2027. Fitch does not expect any dividend payments in the next years. Peer Analysis Raizen's IDRs are two notches below FS Indústria de Biocombustíveis Ltda (FS; BB-/Stable), due to a more challenging scenario for Raizen. Fitch’s Key Rating-Case Assumptions - Net revenue of BRL230 billion in FYE March 2026 and of BRL218 billion in FYE March 2027; - EBITDA of BRL10.9 billion in FYE March 2026 and BRL11 billion in FYE March 2027; - Assuming only announced assets sales of around BRL4.9 billion for FYE March 2026. - No dividend payments. - No capital injection. Corporate Rating Tool Inputs and Scores 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, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Lower), Profitability (b, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year March 2025, 40% for the forecast year March 2026 and 40% for the forecast year March 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'b'. Fitch made no adjustments to the SCP resulting in a Local and Foreign Currency IDR of 'B'. Recovery Analysis Due to the 'RR4' country cap for Brazilian corporates, Fitch caps the recovery rating on the senior secured notes at 'RR4', despite higher projected recoveries. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Gross leverage above 5.5x on a consistent basis; - Failure to prepay debt following any cash inflows through capital injection and/or divestments - Deterioration of its financial flexibility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely and will not be considered until the company improves its leverage profile and capital structure. Issuer Profile Raizen is the leading S&E producer and the second-largest fuel distributor in Brazil with a presence in Argentina. The company is a joint venture controlled by Shell Plc and Cosan S.A. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Raizen Fuels Finance S.A. senior unsecured LT B Downgrade RR4 BBB- Raizen S.A. LT IDR B Downgrade BBB- LC LT IDR B Downgrade BBB- Natl LT BBB-(bra) Downgrade AAA(bra) senior unsecured Natl LT BBB-(bra) Downgrade AAA(bra) Raizen Energia S.A. LT IDR B Downgrade BBB- LC LT IDR B Downgrade BBB- Natl LT BBB-(bra) Downgrade AAA(bra) senior unsecured Natl LT BBB-(bra) Downgrade AAA(bra) VALE SA: Incurs $3.8 Billion Loss Due to Nickel Impairment ---------------------------------------------------------- Andre Romani at Reuters reports that Vale SA posted a $3.8 billion net loss for the October-to-December quarter, compared to a $694 million loss in the same period of 2024. Analysts polled at LSEG expected a profit of $2.7 billion, according to Reuters. Vale Base Metals reported a $3.5 billion impairment of its nickel assets located in Canada, the report notes. This was "caused by a downward adjustment in long-term nickel prices based on market estimates," the report discloses. The company also noted a $2.8 billion write-off from deferred taxes assets of subsidiaries, the report says. It increased provisions from Samarco, BHP's joint venture, by $449 millions due to "updates" of a British class action lawsuit related to the fatal 2015 Fundao Tailings Dam collapse, the report relays. Despite the billion dollar loss, core earnings, or adjusted earnings before taxes, depreciation, and amortization, (EBITDA), grew 21% to reach $4.6 billion. Vale's EDITDA was $4.8 billion after excluding non-recurring items, other effects and other factors, the report says. Analysts expected it to reach $4.6 billion, the report discloses. Analysts at Itau BBA & Santander emphasized the $4.8 billion EBITDA as being above both their expectations and those of the market - and predicted a positive share reaction, the report relays. Vale reported that its operating results were boosted by higher prices for copper, its by-products and higher volumes of sold iron ore and Copper, the report notes. The miner noted, however, the effects were partly offset by a stronger Brazilian real, the report says. Analysts had predicted $11 billion in revenue, the report discloses. The company reported a net income of $11.1 billion for the the third quarter, up 9%, the report adds. =============== C O L O M B I A =============== FRONTERA ENERGY: Fitch Puts 'B' Rating on Unsec Notes on Watch Pos. ------------------------------------------------------------------- Fitch Ratings has placed Frontera Energy Corporation's senior unsecured notes on Rating Watch Positive (RWP) at 'B' with a Recovery Rating of 'RR4'. Fitch has also affirmed the company's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Rating Outlook is Stable. The RWP follows GeoPark Limited's (B+/Positive) agreement announcement to acquire Frontera's upstream assets in Colombia for USD400 million. Under the proposed transaction, GeoPark would assume all obligations under Frontera's USD310 million outstanding 2028 unsecured notes, and USD79 million of prepayment facility. Fitch views the acquisition as credit positive as Frontera's bondholders should benefit from a shareholder with stronger consolidated credit profile. The notes will be upgraded once the transaction is completed. Frontera's current ratings reflect its small, concentrated production profile and a proved developed producing (PDP) reserve life of 2.5 years at YE 2024, which is less than peers'. Fitch expects post-sale gross leverage to remain below 3.0x in 2027-2028. Key Rating Drivers Upstream Assets Sale: On Jan. 30, 2026, Frontera announced it had agreed to divest Frontera Petroleum International Holdings B.V. (its Colombian E&P business plus SAARA and Proagrollanos) to GeoPark for up to USD400 million (USD375 million at close and a USD25 million contingent). The transaction is still subject to regulatory approvals and customary closing conditions, expected to occur during 2H26. GeoPark will assume Frontera's USD310 million 2028 senior unsecured notes and the USD80 million Chevron prepayment facility. The senior notes will be transferred to a GeoPark subsidiary, becoming general debt of said subsidiary. Both GeoPark and Frontera's senior notes carry cross acceleration clauses, which reinforces Fitch's view that Frontera's bondholders should benefit from a shareholder with stronger consolidated credit profile. Infrastructure Focus: Considering the closing of the transaction, Frontera operations will be focus on its infrastructure business that includes its participation in Oleoducto de los Llanos Orientales S.A. (ODL) and Puerto Bahia S.A. (Puerto Bahia). Fitch estimates Frontera's post-dividend infrastructure EBITDA will be close to USD80 million following the sale of the upstream business. The transaction will reduce volatility as the post-sale cash flows will be anchored on this more stable infrastructure operations in Puerto Bahia and dividends coming from the 35% equity interest in ODL. Competitive Position: Puerto Bahia is a multimodal maritime terminal and Colombia's largest roll-on/roll-off cargo operator, straightening Frontera's competitiveness via strategic Cartagena location and potential expansion projects such as LPG imports, LNG regasification, and containerized cargo, supporting diversified revenues. The ODL pipeline connects the Rubiales, Quifa, and Llanos-34 blocks to the Monterrey and Cusiana stations in Casanare, which together hold nearly 70% of Colombia's proven reserves. ODL transports about 30% of Colombia's oil production. Proforma Adequate Leverage Profile: Fitch estimates gross leverage, post-sale, should remain below 3.0x in 2026-2028, strong for the current rating compared to the infrastructure leverage metrics. Fitch assumes Frontera's infrastructure EBITDA after recurring dividends to be close to USD80 million and debt hovering around USD180 million. Peer Analysis Frontera's credit and business profile are comparable with other small independent oil producers in Colombia (BB/Stable). The ratings of GeoPark Limited (GeoPark; B+/Positive), SierraCol Energy Limited (SierraCol; B+/Stable) and Gran Tierra Energy Inc. (Gran Tierra; B+/Stable) are all constrained to the 'B' category or below, given the inherent operational risk associated with the small scale and low diversification of oil and gas production. Frontera's eventual focus on infrastructure should provide the company a more predictable cash flow profile, compared to other midstream peers in the country such as Oleoducto Central S.A. (OCENSA; BB/Stable), which has a stronger financial profile, with leverage of 0.3x over the rating horizon, and higher scale. Fitch’s Key Rating-Case Assumptions - Fitch's price deck for Brent oil prices of USD69 in 2025, USD63 in 2025 and 2026, and USD60 in 2027 and 2028; - Gross production average of 42,000 boed; - Average USD5 per barrel (bbl) discount to Brent in 2024; average of USD3/bbl between 2025 and 2027; - COGS averaging USD46/boe in 2026; - Net divesture income proceeds of USD400 million; - Dividends payments of USD370 million in 2026; - Annual dividends received from Oleoducto de los Llanos Orientales S.A (ODL) of USD62 million in 2026. Corporate Rating Tool Inputs and Scores 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, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b-, Higher), Profitability (b+, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'b'. Recovery Analysis The recovery analysis assumes Frontera would be a going concern in bankruptcy and it would be reorganized rather than liquidated. Going Concern Approach - A 10% administrative claim; - The going concern EBITDA is estimated at USD250 million. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of Frontera; - Enterprise value multiple of 4.0x. With these assumptions, its waterfall generated recovery computation (WGRC) for the senior unsecured notes is in the 'RR2' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating (RR) for corporate issuers in Colombia is capped at 'RR4'. The RR for the senior secured notes is therefore 'RR4' with a WGRC output percentage at 50%. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustainable production size declines to below 30,000 boed; - 1P reserve life declines to below seven years on a sustained basis; - A significant deterioration of credit metrics to total debt-to-EBITDA of 3.0x or higher; - A persistently weak oil and gas pricing environment that impairs the longer-term value of its reserve base; - Sustained deterioration in liquidity and operating profile, particularly in conjunction with more aggressive dividend distributions than previously anticipated; - Weakening if the contracted profile that ends up in higher exposure to commodity volatility. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strengthening of the contract portfolio in the infrastructure business; - Net production maintained at 45,000 boed or more, while maintaining a 1P reserve life of seven years or greater and PDP reserve life of at least four years; - Maintain a conservative financial profile with gross leverage of 2.5x or below. Liquidity and Debt Structure As of September 2025, Frontera's cash and cash equivalents balance was USD159 million, excluding USD13 million in restricted cash, which covers interest expenses for the next three years by 1.5x. Frontera debt amortization profile includes USD177 million in amortizing loans maturing, of which USD81 million are due within the next 24 months, while USD310 million in unsecured notes are due in June 2028. The outstanding debt at the infrastructure level is nonrecourse to Frontera. On a pro forma basis, Fitch's base case assumes Frontera's debt will hover around USD200 million between 2027 and 2028. Issuer Profile Frontera Energy Corporation (Frontera) is an oil and gas company incorporated in Canada. It has operations in Latin America, including upstream, pipeline and port facilities assets in Colombia, Ecuador and off-shore Guyana. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Frontera Energy Corporation LT IDR B Affirmed B LC LT IDR B Affirmed B senior unsecured LT B Rating Watch On RR4 B GEOPARK LIMITED: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive ------------------------------------------------------------------ Fitch Ratings has affirmed GeoPark Limited's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+' and its unsecured notes at 'B+' with a Recovery Rating of 'RR4'. The Rating Outlook was revised to Positive from Stable. The Positive Outlook reflects GeoPark's improved business profile upon completion of the planned acquisition of Frontera Energy Corporation's (Frontera, B/Stable) upstream assets in Colombia for up to USD400 million. The acquisition will increase GeoPark's scale and support more resilient cash flow generation through the cycle. The new assets and the company's ability to internally fund its expansion of operations in Vaca Muerta should support operating capacity more in line with the low-end of the 'BB' rating category per Fitch's rating tool model. Positive rating action will also depend on Geopark proactively managing liability to avoid sizeable refinancing risks. Key Rating Drivers Expanding Operations in Colombia: Geopark has agreed to acquire Frontera Petroleum International Holdings B.V. (its Colombian E&P business plus SAARA and Proagrollanos) for up to USD400 million (USD375 million at close + USD25 million contingent). The transaction is subject to customary regulatory conditions and expected to close in 2H26. GeoPark will fund the transaction using the prepayment with Vitol, cash and other liquidity sources, and it will assume Frontera's USD310 million 2028 senior unsecured notes and the USD80 million Chevron prepayment facility. Higher Scale: On a pro forma basis, Fitch expects GeoPark's production to reach 78,000 barrels of oil equivalent per day (boed) by FY2027, in line with the production threshold of the 'BB' category. 1P reserves should be close to 175 mmboe below the 'BB' category threshold of 400 mmboe. Nonetheless, the improved scale should help improve GeoPark's capacity to internally fund its development program, including growth in Vaca Muerta. Fitch forecasts post-acquisition production averaging 69,000 boed in 2026 and 85,000 boed in 2027-2028, with 1P reserve life near seven years. Negative FCF: Fitch's base case assumes FCF will be negative between 2026-2028, as GeoPark deploys a capex plan of nearly USD1.5 billion, as per Fitch estimates, to support the growth of its business in Colombia and Argentina. Fitch's base case does not include new M&A transaction over the next three years. Fitch assumes that capex will be funded with a combination of cash on hand and debt. Fitch does not expect dividends to be paid between 2027-2028. Low-Cost Producer: Fitch expects Geopark to maintain its cost-efficient production profile. The company's competitive advantages stem from its operations in Colombia's onshore oilfields, which result in lower exploration costs, partly from the low transportation costs from selling at the wellhead. In 2024, GeoPark's half-cycle cost was $20.8/boe and the full-cycle cost was $36.5/boe. Lifting costs, excluding transportation, were $11.9/boe. Adequate Leverage: On a pro forma basis, Fitch projects GeoPark's EBITDA leverage will be close to 3.0x in 2026 and 2027, remaining at or below 2.0x afterwards. Fitch also projects debt/1P will be at or below USD8/boe, assuming 1P replacement of 100%. Despite being mainly funded with debt, the acquisition should accelerate deleveraging, due to the new assets' proven cash flow generation. Peer Analysis GeoPark's credit and business profile is comparable to other small independent oil producers in Latin America. The ratings of SierraCol Energy Limited (B+/Stable), Frontera Energy Corporation (B/Stable), and Gran Tierra Energy Inc. (B+/Stable) are all constrained to the 'B' category. This is due to the inherent operational risks associated with the small scale and low diversification of their oil and gas production. Brava Energia S.A.'s (BB-/Positive) gas-focused business and robust reserves differentiate it from the independent producers in Colombia. Over the rating horizon, Fitch expects GeoPark's production to be around 69,000 boed in 2026, which is higher than SierraCol's expected production of 45,000 boed, and Gran Tierra's 50,000 boed. Fitch expects GeoPark's 1P RLI to be at least seven years over the rating horizon, in line with its Colombian peers. GeoPark's half-cycle cost of $20.8/boe and full-cycle cost of $36.5/boe in 2024 are at the lower end of the range for producers in the region. Brava's half-cycle cost was at the higher end of the spectrum at $37.7/boe, with a full-cycle cost of $43.6/boe in 2024. Fitch expects GeoPark, like its Colombian peers, to maintain leverage levels below 2.0x over the next four years. Fitch's Key Rating-Case Assumptions - Average Brent prices from 2025 to 2028 (USD/bbl): 69, 63, 63, 60; - Average production of 69,000 boed in 2026; average of 85,000 boed between 2027-2028; - Annual average capex of USD1.5 billion between 2026-2027; - Production cost per boe of USD22 in 2026-2028; - SG&A plus selling expenses per boe of USD5.0 in 2025; 4.0 between 2026-2028; - EBITDA leverage at or below 3.0x over the rating horizon; - Reserve replenishment ratio annual average of 1P of 100%. Corporate Rating Tool Inputs and Scores 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 (b+, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b, Higher), Profitability (b, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'b+'. Recovery Analysis The recovery analysis assumes that GeoPark would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC approach: - A 10% administrative claim; - GC EBITDA estimated at USD300 million reflecting Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of GeoPark; - EV multiple of 5.0x. With these assumptions, Fitch's waterfall generated recovery computation for the senior unsecured notes is in the 'RR3' band. However, according to Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. The Recovery Rating for the senior secured notes is therefore 'RR4' with 50% recoveries in a hypothetical event of default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustainable production falls below 30,000 boed; - Reserve life declines to below 7.0 years on a sustained basis; - A significant deterioration of total debt/EBITDA to 3.0x or more. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful closing of the acquisition of Frontera; - Net production rising consistently to 75,000 boed on a sustained basis while maintaining 1P reserves reserve life of at least 10 years, consistently; - Maintenance of a conservative financial profile, with gross leverage of 2.5x or below; - Diversification of operations and improvements in realized oil and gas differentials. Liquidity and Debt Structure Fitch views GeoPark's liquidity as adequate. The company had USD197 million in cash available as of September 2025 and USD100 million in committed credit lines. To fund Frontera's acquisition, the company will use cash available plus the prepayment with Vitol of up to USD500 million. Issuer Profile GeoPark Ltd. is a small but growing oil and gas exploration and production company, with producing operations in Colombia and Ecuador. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- GeoPark Limited LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ RIO PAMPLONITA: Fitch Gives 'BB' Rating on Two Loan Tranches ------------------------------------------------------------ Fitch Ratings has published the following Fideicomiso Union Vial Rio Pamplonita S.A.S (Rio Pamplonita) ratings: - USD112 million notes 'BB'/Stable Outlook; - USD80 million loan A 'BB'/Stable Outlook; - USD85.3 million loan B 'BB'/Stable Outlook; - COP1,517 million UVR notes 'BB'/Stable Outlook. RATING RATIONALE The ratings are based on a concession agreement structure that limits revenue risks due to the existence of traffic top-ups and grant payments. The ratings are further supported by an adequate tariff mechanism that allows annual adjustments of toll rates by inflation and a robust debt structure that includes strong structural features, including prefunded reserve accounts, distribution tests and a cash sweep mechanism for traffic under- and overperformance. Under Fitch's rating case, the project's minimum loan life coverage ratio (LLCR) is 1.3x, which is deemed strong for the assigned rating according to applicable criteria and revenue profile, where toll revenues are projected to represent about 20% of the project's total revenues. However, it is constrained by the transaction's exposure to the credit quality of Agencia Nacional de Infraestructura's (ANI) obligations under the concession agreement. ANI is viewed as a credit-linked entity to the government of Colombia (BB/Stable). KEY RATING DRIVERS Revenue Risk - Volume - Midrange Low Exposure to Volume Risk: The project's revenues have limited exposure to volume risk. Under Fitch's rating case, around 80% of revenues over the remaining life of the concession are expected to come from ANI contributions, including future budget allocations (FBA) and top-up payments. The remainder comes from toll collections. Fitch believes the ANI payment obligations under the concession agreement are consistent with the project's credit quality. The road connects Pamplona and Cucuta in the northeast of Colombia, serving as the main route between Colombia's and Venezuela's largest cities. The Los Acacios toll plaza has shown low traffic volatility, while the Pamplonita toll plaza started operations in 2023. There is moderate exposure to revenues from heavy vehicle traffic. The roads face minimal competition from alternative routes and tariffs are considered moderate. Sources of revenue are subject to infrastructure availability, service levels and quality standards based on fulfillment of indicators provided in the concession agreement. There are clearly defined, unambiguous, back-to-back penalty deduction mechanisms in the concession agreement with robust cure periods. Deductions are legally capped at 10%. The contract limits fines imposed on the concessionaire and penalty clauses if the agreement is terminated early. Revenue Risk - Price - Midrange Inflation Adjusted Toll Rates: Tariffs are adjusted annually for the inflation rate at the beginning of the year. In 2023, the Colombian government froze toll rates as part of its anti-inflation policy. By 2025, tariffs had caught up on all pending inflation adjustments. Toll rates are moderate in comparison with competing roads, and if the net present value of toll collections received by the eighth, 13th, 18th and last year of the concession is below guaranteed values, ANI is obligated to cover any shortfalls after any applicable deductions. Infrastructure Dev. & Renewal - Midrange Adequate Maintenance Plan: The project has a moderately developed capital and maintenance plan to be implemented by the concessionaire. The plan will be largely funded from the project's cash flows. The structure includes reserve accounts for operating and maintenance (O&M) and periodic major maintenance expenditures. The O&M plan, organizational structure and budget appear reasonable and in line with similar projects in Colombia. Debt Structure - 1 - Stronger Robust Structural Features: Debt is fully amortizing and senior secured, comprising USD- and Unidad de Valor Real (UVR)-denominated financing. USD-denominated debt is matched with USD-linked currency revenues settled in COP (35% of FBA are USD-linked) and will be partially exposed to variable rate. UVR-denominated debt is indexed to inflation. Structural features are robust and include six-month debt service reserve accounts denominated in USD, cash sweep mechanisms for traffic over- and underperformance, according to preestablished levels, and a target and legal amortization schedule that provide some flexibility for lower-than-expected cash flows. Financial Profile The most relevant financial metric for the project is LLCR, given the transaction's structure. Fitch's base and rating case LLCRs is 1.3x, which is robust for the assigned ratings according to applicable criteria and compared with other similarly rated transactions, in light of the project's low exposure to volume risk. PEER GROUP The project is comparable with Patrimonio Autonomo Union del Sur (Union del Sur), rated 'BB'/Stable. Both projects are part of Colombia's 4G toll road program and have similar risk-attribute assessments. Toll revenues contribute about 15%-20% of total revenues for each project, resulting in comparable exposure to volume risk. Rio Pamplonita and Union del Sur have LLCRs at 1.3x and 1.4x, respectively, and their ratings are both constrained by the counterparty risk under the concession contract of ANI. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in the financial and/or operational performance of the project, leading to a minimum projected loan life coverage ratio below 1.2x under Fitch's rating case assumptions; - Deterioration in the credit quality of ANI's contributions to the project. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in the credit quality of ANI's grantor obligations. SECURITY The security package includes all the assets of the issuer, Fideicomiso Union Vial Rio Pamplonita S.A.S, and Union Vial Rio Pamplonita S.A.S., the co-obligor. The collateral also includes a pledge of all onshore and offshore accounts, pledges of rights and stock, including standby letters of credit, assignments of revenues, the concession and the transaction trust. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Rio Pamplonita's ratings are constrained by the transaction's exposure to the credit quality of ANI's obligations under the concession agreement. ANI is a credit-linked entity to the government of Colombia (Local Currency Issuer Default Rating BB/Stable). Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Fideicomiso Union Vial Rio Pamplonita S.A.S. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Fideicomiso Union Vial Rio Pamplonita S.A.S, Fideicomiso Union Vial Rio Pamplonita S.A.S,/Project Revenues - First Lien/1 LT LT USD 80 mln term loan A 30-Jun-2031 LT BB Publish USD 85.3 mln term loan B 15-Mar-2038 LT BB Publish USD 112 mln bond/note 15-Mar-2041 LT BB Publish UVR 4.4 bln bond/note 15-Mar-2041 P3769#AC8 LT BB Publish ============= J A M A I C A ============= JAMAICA: Business Community Wary About New Taxes ------------------------------------------------ RJR News reports that members of the business community in Jamaica are warning that new taxes coming after Hurricane Melissa could slow economic recovery and a place additional strain on already struggling businesses. The concern follows comments from Finance Minister Fable Williams that tax increases are necessary to help plug the fiscal gap created by the storm, according to RJR News. FosRich CEO and Vice President of the Jamaica Manufacturers and Exporters Association (JMEA), Cecil Foster, says additional taxes will be burdensome for businesses and consumers still trying to recover from the hurricane, the report notes. Garnet Reid, President of the Small Business Association of Jamaica (SBAJ), argues that the sector, already under pressure before the storm, is in no position to absorb new taxes, the report discloses. He says small operators urgently need access to affordable financing to rebuild and expand not higher costs, the report relays. Meanwhile, Senior Investment Advisor at Mayberry Investments Group, Christopher Thomas, says tax increases could further weaken the stock market, which is still recovering from the effects of the COVID-19 pandemic, the report notes. He adds that brokers will now have to work harder to protect clients' investments and what he describes as a contracting environment, 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. ===================== P U E R T O R I C O ===================== ANCARLO BROTHERS: Hires Landrau Rivera as Counsel ------------------------------------------------- Ancarlo Brothers, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Landrau Rivera & Assoc. as counsel. The firm's services include: (a) advise the Debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which it conducts its business, or is involved in litigation; (b) advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, aid it in the orderly liquidation of its assets; (c) advise the Debtor with respect to its negotiations with creditors for the purpose of proposing a viable plan of reorganization; (d) prepare on behalf of the Debtor the necessary legal papers or documents; (e) appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the Debtor as may be required in these proceedings or in connection with the operation of/and involvement with its business; (g) employ other professional services as necessary to complete the Debtor's financial reorganization with Chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Noemi Landrau Rivera, Attorney $250 hour Legal and Financial Assistants $75 hour In addition, the firm will seek reimbursement for expenses incurred. The firm will be paid a retainer in the amount of $15,000. Ms. Rivera disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Telephone: (787) 774-0224 Facsimile: (787) 919-7713 Email: nlandrau@landraulaw.com About Ancarlo Brothers, Inc. Ancarlo Brothers owns a 20,791.76-square-meter parcel of land located at Road 866, Km 3.4, Sabana Seca Ward, Toa Baja, PR, with a comparable sales value estimated at $1.43 million. Ancarlo Brothers Inc. in Toa Baja, PR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 26-00423) on Feb. 4, 2026, listing $1,433,490 in assets and $1,303,440 in liabilities. Javier Eladio Lopez Quinones, signed the petition. LANDRAU RIVERA & ASSOC. serve as the Debtor's legal counsel. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: Manipulating Economic Data, Ex Minister Says --------------------------------------------------------------- Geisha Kowlessar-alonzo at Guardian Trinidad and Tobago reports that former finance minister Colm Imbert has launched a scathing critique on the current United National Congress (UNC) administration, accusing the Government of presiding over an economic contraction. Speaking at a PNM's press conference, Imbert pointed to the 2025 Review of the Economy—a document laid in Parliament by the current administration—as evidence of a brewing crisis, according to Guardian Trinidad and Tobago. The most serious allegation levelled by Imbert involved a perceived "manipulation" of economic figures sent to the international institutions, the report notes. "According to Ministry of Finance estimates, Trinidad and Tobago's real GDP is forecast to contract by 0.8 per cent in 2025, following three consecutive years of economic growth. This is Tancoo's (Finance Minister Davendranath Tancoo's) Review of the Economy . . . Now this touches two issues, first the gentleman issued a press release saying that the IMF said that economic growth was initiated under the UNC in 2025, but he says in the review that there were three years of consecutive growth before he came in, and that the economy declined under him, the report relays. "One of the other disturbing things in that IMF statement is that they've gone and lied to the IMF as well about economic growth. Because if you read that, the IMF is saying that the Ministry of Finance told them the economy grew by 0.8 per cent in 2025. So they take the minus sign in the Review of the Economy, minus 0.8, and they make it a plus 0.8, and they tell the IMF that the economy grew in 2025," Imbert said, the report notes. He further cited the closure of bars and restaurants as a visible symptom of a "troubled" economy, attributing the decline to onerous taxation and a drop in consumer spending, the report says. Warning of a bleak outlook, Imbert noted that the IMF has already labelled economic risks as "tilted to the downside," the report discloses. The report says he suggested that without a sound macroeconomic strategy, a currency devaluation may become "inevitable." "We were able to keep that promise (not to devalue) because of our macroeconomic strategy," Imbert said, contrasting his tenure with the current direction, the report notes. The report relates that in the concluding statement of its Article IV consultation report on T&T, a team from the International Monetary Fund recommended measures aimed at reducing the country's fiscal deficit: -- These include broadening the tax base by phasing out extensive zero ratings and exemptions in the VAT; -- Accelerating the removal of untargeted utility subsidies while protecting the vulnerable households; -- Streamlining transfers to state-owned enterprises and putting them on a sounder financial footing; and -- Improving the efficiency and quality of public expenditure. The aim of the IMF recommendations is to put T&T's debt on a downward path and reduce vulnerabilities, 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 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 * * *