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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 25, 2026, Vol. 27, No. 40
Headlines
B R A Z I L
AZUL SA: Exits Chapter 11 Bankruptcy Proceedings
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: RD$2,000 Banknotes in Circulation on Feb. 24
DOMINICAN REPUBLIC: Tobacco Exports Rise 1.4% in 2025
H O N D U R A S
HONDURAS: Economy Remains Resilient, IMF Says
J A M A I C A
JAMAICA: BOJ Accepts 20 Bids for US$15 Million Market Intervention
M E X I C O
PROAMPAC PG: Fitch Affirms 'B' IDR, Outlook Stable
P U E R T O R I C O
S & D TALLER: Seeks Approval to Hire Elite Find as Accountant
X X X X X X X X
[] Fitch Affirms Ratings on Four Latin American Chemical Companies
[] Fitch Affirms Ratings on Three Latin America Telecom Companies
- - - - -
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B R A Z I L
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AZUL SA: Exits Chapter 11 Bankruptcy Proceedings
------------------------------------------------
Natalia Siniawski at Reuters reports that Brazilian airline Azul SA
related in a securities filing that it has formally exited its
bankruptcy proceedings.
The company said it has reached its main targets with the
restructuring process, including strengthening its capital
structure, increasing liquidity, and reducing indebtedness,
according to Reuters.
The carrier said it has cut debt and lease obligations by
approximately $2.5 billion during the restructuring process, which
also included raising nearly $1.4 billion through debt and $950
million in equity investments, the report notes.
Azul filed for Chapter 11 in the United States in May 2025 aiming
to restructure its debt, the report notes. It was part of a wave
of Latin American airlines seeking bankruptcy protection following
the impact of COVID-19 in the sector, the report relays.
Aeromexico, Colombia-based Avianca and Azul's two largest rivals,
Gol and LATAM Airlines have all also filed for bankruptcy since the
beginning of 2020, the report adds.
About Azul S.A.
Azul S.A. and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28,
2025, listing up to $10 billion in both assets and liabilities.
Judge Sean H. Lane oversees the case.
The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal &
Segal LLP as counsel.
On June 13, 2025, the United States Trustee for Region 2 appointed
the Committee under section 1102 of the Bankruptcy Code.
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D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: RD$2,000 Banknotes in Circulation on Feb. 24
----------------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic (BCRD) announced that starting Tuesday, February 24, 2026,
the RD$2,000 banknotes dated 2025 will be in circulation.
"These banknotes, whose manufacture was ordered through an
international public tender in May 2025, contain the same security
features as the RD$2,000 banknotes currently in circulation," the
Central Bank stated, according to Dominican Today.
In that regard, he noted that these banknotes will maintain their
legal tender status for the payment of all public and private
obligations, the report notes.
Specifications of RD$2,000 Bills
This issuance is made pursuant to the provisions contained in
Articles 228, 229, and 230 of the Constitution of the Dominican
Republic and Article 25, paragraphs a) and c) of the Monetary and
Financial Law No. 183-02, the report relays.
The Central Bank urges citizens to consult the information
available on its website if they have any questions regarding these
or other banknotes or coins, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
DOMINICAN REPUBLIC: Tobacco Exports Rise 1.4% in 2025
-----------------------------------------------------
Dominican Today reports that the Dominican Republic Tobacco
Institute (INTABACO) reported that exports of tobacco and related
products rose 1.4% in 2025, increasing from US$1.340 billion in
2024 to US$1.359 billion, an annual gain of 1.183 billion pesos.
The figures were announced by INTABACO director Ivan Hernandez
Guzman following the signing of a cooperation agreement with the
Technological University of Santiago (UTESA), according to
Dominican Today. The agreement, signed by UTESA president and
chancellor Frank Rodriguez Gonzalez, will support hands-on training
for agricultural students in tobacco cultivation, curing, and cigar
making at the university’s farm in Estancia del Yaque, Santiago
province, the report notes.
Rodríguez Gonzalez said the partnership will benefit thousands of
students and help supply skilled labor to a sector that ranks as
the country’s third-largest export industry, after gold and
medical supplies, the report relays. Hernandez Guzman added that
the tobacco industry generates more than 122,000 direct and
indirect jobs, including 38,000 in free trade zones, making it one
of the leading job creators nationwide, the report relays.
INTABACO also reported that 11 Dominican tobacco products and
derivatives are exported to 142 countries by 287 companies
operating in eight provinces, the report notes. Government support
for the sector includes financing, training, and infrastructure
projects such as free trade zones in San Juan, the report says.
According to data from Dominican Republic Export and Investment
Center (ProDominicana), the United States is the top destination
for Dominican tobacco exports, followed by markets such as India,
Haiti, Canada, Puerto Rico, the Netherlands, China, Belgium,
Germany, and Colombia, along with strong demand across Europe, the
Caribbean, Asia, and the Middle East, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
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H O N D U R A S
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HONDURAS: Economy Remains Resilient, IMF Says
---------------------------------------------
An International Monetary Fund (IMF) team led by Emilio Fernandez
Corugedo visited Tegucigalpa on a fact-finding mission from
February 16 to 20, 2026, to meet with the new authorities, discuss
recent economic developments, challenges, opportunities, and
exchange views on the authorities' policy agenda in the context of
the IMF’s continued engagement with Honduras. At the conclusion
of the visit, Mr. Fernandez Corugedo issued the following
statement:
"The team would like to thank the Honduran authorities for the
productive meetings held over the past days, and for the strong
commitment shown across the public sector to an open, transparent
and productive dialogue.
"The Honduran economy remains resilient, with robust growth and
inflation within the BCH tolerance range, while favorable export
prices and remittances continue to help bolster international
reserves. In this context, sovereign spreads have declined
consistently over the past weeks.
"The authorities emphasized their commitment to safeguarding
monetary and financial stability, fiscal sustainability, and
inclusive growth. Discussions focused on monetary and exchange rate
policies, including steps to promote the institutional
strengthening of the central bank and further enhance the
functioning of the foreign exchange system while maintaining a
healthy level of international reserves. The team also discussed
measures to improve public sector efficiency and reallocate
resources from current spending toward public investment and
priority social needs, particularly in health. The IMF and
authorities agreed on the importance of a consistent, prudent and
well-coordinated policy mix, including well-sequenced structural
reforms, to preserve macroeconomic and financial stability as well
as to support growth.
"Beyond macroeconomic stability, IMF engagement in Honduras has
sought to advance structural reforms to boost inclusive growth.
Strengthening transparency, accountability and governance,
including on public financial management, remains essential to
build trust and ensure the efficient use of public resources. In
that regard, the submission to the National Congress of the public
procurement law this week represents a significant milestone. In
the energy sector, decisive reforms are critical not only to
mitigate fiscal risks but also to unlock resources for priority
investment and boost private sector competitiveness. Similarly, the
timely passage and effective implementation of the Anti-Money
Laundering and Countering the Financing of Terrorism (AML/CFT)
framework will be key to safeguarding the integrity of the
financial system. The IMF commends the submission of the pertinent
laws to the National Congress this week on this urgent matter ahead
of the 2026 Financial Action Task Force (FATF) evaluation. Through
their recent actions, authorities have shown determination to
effectively advance these important reforms which will contribute
to creating fiscal space for much-needed investment and social
needs while fostering economic growth.
"The IMF team thanks President Asfura and the Honduran authorities
for their warm hospitality and open and productive discussions. The
IMF team looks forward to continuing close dialogue with
authorities as they implement their ambitious economic agenda in
support of macroeconomic stability and the well-being of the people
of Honduras."
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J A M A I C A
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JAMAICA: BOJ Accepts 20 Bids for US$15 Million Market Intervention
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RJR News reports that the Bank of Jamaica said it received 47 bids
worth US$39.7 million for the US$15 million it made available to
the foreign exchange market.
The funds were offered to importers needing US currency to pay for
food, raw materials, intermediate goods, oil, capital goods, spare
parts, machinery and services, according to RJR News.
However, the Bank says it accepted only 20 of the bids to supply
the full US$15 million, the report notes.
The lowest successful bid price was J$156.03, 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.
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M E X I C O
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PROAMPAC PG: Fitch Affirms 'B' IDR, Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed ProAmpac PG Borrower LLC (ProAmpac)
Issuer Default Rating (IDR) at 'B'. The Rating Outlook is Stable.
Fitch has also affirmed the issue-level ratings of the existing RCF
and first lien term loan at 'B+' with a Recovery Rating of 'RR3'
and the second lien secured bonds at 'B-'/'RR5'. Fitch has also
assigned issue-level ratings of 'B+'/'RR3' to the proposed RCF and
first lien term loans. Fitch will withdraw the ratings on the
existing debt upon repayment.
The affirmation reflects ProAmpac's transformative $1.5 billion
acquisition of TC Transcontinental Packaging (TCP), which
substantially increases scale and diversification while lowering
leverage within current sensitivity levels. The transaction
includes a substantial equity component and a refinancing that
extends maturities. The rating balances enhanced market position
against execution risk from the company's largest acquisition to
date.
Key Rating Drivers
Transformative Scale Enhancement: ProAmpac's $1.5 billion
acquisition of TCP is the company's largest transaction to date and
positions the combined entity among the larger flexible packaging
producers in North America. The acquisition increases pro forma
revenue above $4 billion and EBITDA above $700 million, compared to
ProAmpac's standalone LTM 3Q25 revenue of around $2.4 billion and
EBITDA of around $420 million. TCP's strong presence in dairy and
meat markets, which represent over $3 billion in aggregate market
size, addresses a key strategic gap in ProAmpac's portfolio.
The transaction enhances geographic diversification, adding
manufacturing capacity across Canada, Mexico, Latin America, the
U.K. and New Zealand. TCP's established positions in economically
resilient end markets, with 40% of revenue from non-discretionary
food, pet food and medical segments, reinforces ProAmpac's
defensive demand profile. The combined entity will operate over 70
manufacturing facilities, providing operational flexibility and
enhanced customer service capabilities.
High but Sustainable Leverage: Fitch expects pro forma leverage of
approximately 6.3x, below pre-transaction levels, due to
substantial equity contributions and anticipated synergies. The
funding structure includes approximately $375 million in common
equity and $200 million in preferred equity, with the preferred
equity receiving 50% equity treatment in Fitch's analysis.
Management targets $92 million in synergies, including $50 million
from procurement, which are incorporated in Fitch's EBITDA
forecast
through 2027.
Fitch expects ProAmpac to deleverage modestly through the forecast
period as it realizes synergies and benefits from improved scale.
The comprehensive refinancing extends first lien term loan
maturities to 2033 from 2028, reducing near-term refinancing
pressure. The company's leverage remains elevated relative to 'B'
rated packaging peers but is supported by the combined entity's
enhanced scale, diversified end-market exposure and demonstrated
cash flow generation.
Execution Risk: The TCP acquisition tests ProAmpac's integration
capabilities as it is the company's largest transaction to date.
ProAmpac has completed 15 acquisitions over the past five years,
demonstrating M&A execution capabilities, but TCP's size presents
heightened complexity. Fitch views execution risk as manageable
given cultural alignment between the two organizations,
complementary product portfolios with limited customer overlap, and
TCP's well-invested asset base requiring minimal near-term
capital.
As integration progresses and synergies materialize, the overall
business profile should strengthen, supporting deleveraging and
reducing transaction-related risks.
Stable End Markets and Customers: ProAmpac benefits from
diversified exposure across economically resilient food and
beverage, consumer products and healthcare markets. The TCP
acquisition substantially expands ProAmpac's presence in the dairy
and meat markets, which represent over 25% of TCP's revenue. The
combined entity's customer base includes well-established
relationships with Scotts, The Home Depot, Inc. (A/Stable) and
Amazon.com, Inc. (AA-/Stable), alongside a broad range of
middle-market brands. The expanded customer base further reduces
concentration risk. ProAmpac's substrate-agnostic strategy
positions them to meet evolving sustainability targets.
Cash Flow Generative Business: Fitch expects the combined entity to
generate positive FCF throughout the forecast period, supported by
enhanced scale, operational leverage and synergy realization. The
company's vertical integration in plastics and comprehensive fiber
capabilities support margin stability. Increased geographic
diversification provides resilience against regional economic
fluctuations. Contractual cost pass-throughs cover roughly half of
sales, offering moderate protection to margins against variable raw
materials. The percent of sales covered by these contracts is
supportive of the 'B' rating but remains lower than
investment-grade peers.
Preferred Equity Receives 50% Equity Treatment: Fitch has assigned
50% equity treatment to the proposed preferred equity, reflecting
its structural subordination and perpetual tenor with
payment-in-kind (PIK) interest. The preferred equity ranks senior
only to common equity and junior to all debt obligations in the
capital structure. The PIK feature eliminates mandatory cash
payment requirements, reducing liquidity pressure. However, the
preferred equity does not benefit from the deep subordination and
governance features typical of instruments receiving full equity
treatment.
Peer Analysis
ProAmpac's 'B' IDR positions it in the middle tier of flexible
packaging peers. After Clydesdale Acquisition Holdings, Inc.'s
(Clydesdale; BB/Stable) acquisition of Pactiv Evergreen, the
combined company is nearly three times the size of ProAmpac with
superior EBITDA margins and nearly two turns less leverage by the
end of the forecast period. Clydesdale and ProAmpac share similar
end markets, with Clydesdale mostly exposed to the food service
industry. Clydesdale's lower leverage and larger scale results in
a
rating three notches higher.
The rating is one notch above Mercer International Inc. (Mercer;
B-/Negative). Mercer is exposed to more cyclical sectors of pulp
and lumber. Cyclical weakness in these markets has limited
Mercer's
ability to deleverage, resulting in sustained elevated leverage.
ProAmpac's exposure to more stable end markets and enhanced scale
post-acquisition support the one-notch differential.
ProAmpac is rated two notches below Domtar Corporation (Domtar;
BB-/Negative). Domtar is exposed to cyclical pulp and lumber while
also producing paper. Domtar's pulp and lumber businesses continue
to operate at near break-even levels, while the paper business
provides the majority of cash flow generation. The company's
Negative Outlook reflects current profitability pressure, with
leverage still below that of ProAmpac.
TriMas Corporation (TriMas) operates three different segments in
packaging, aerospace and specialty products. The end-market
diversity offers stability in earnings and the company's
conservative financial policy results in leverage materially below
ProAmpac, supporting its higher rating.
Fitch’s Key Rating-Case Assumptions
- 2026 is pro forma for the acquisition;
- Modest margin expansion in later forecast years due to
synergies;
- Organic revenue growth slightly above Fitch's GDP forecast;
- Capex per management guidance;
- Acquisition in 2028 reflecting ongoing roll-up strategy;
- Secured overnight financing rate (SOFR) rate assumptions per
Chatham Financial from 2025 to 2028 are 4.5%, 3.5%, 3.3% and 3.5%,
respectively.
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 (bb+, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb-, Moderate), Profitability (b+,
Moderate), Financial Structure (b-, Higher), and Financial
Flexibility (b+, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 5% weight for the historical year
2024, 15% for the forecast year 2025, 45% for the forecast year
2026, 30% for the forecast year 2027 and 5% for the forecast year
2028.
- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'b'.
Recovery Analysis
- The recovery analysis assumes that ProAmpac would be reorganized
as a going concern in bankruptcy rather than liquidated;
- A bankruptcy scenario could result from a distressed economic
environment that the company struggles to pass raw material price
increases to customers. In addition, if the company is unable to
integrate the proposed acquisition fully leading to EBITDA margins
in the low teens. The company's high interest expense causes a
full
draw on the revolver while persistently and materially negative
FCF
leads the company into a liquidity crisis;
- Fitch assumes the revolver is 100% drawn;
- Fitch has assumed a 10% administrative claim.
Going Concern Approach
Fitch increased the going concern EBITDA to $530 million from $380
million, representing what Fitch believes the pro forma company
could reasonably generate in a distressed economic environment as
the company emerges from bankruptcy.
Fitch typically assigns enterprise value (EV)/EBITDA multiples
between 4.5x and 6.0x for packaging peers. ProAmpac's exposure to
mostly stable end markets, large manufacturing footprint, degree
of
vertical integration within plastics, and mostly positive FCF
generation leads Fitch to use a 5.5x multiple.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Sustained negative FCF or prolonged evidence of EBITDA margin
deterioration;
- EBITDA interest coverage sustained below 1.5x;
- EBITDA leverage sustained above 7.0x;
- Any sizable acquisition that materially increases execution
risk.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage sustained below 6.0x with a clearly articulated
capital allocation policy;
- Sustain improvement in EBITDA margins and consistent FCF;
- EBITDA interest coverage sustained above 2.5x.
Liquidity and Debt Structure
As of Sept. 30, 2025, ProAmpac had approximately $40 million of
cash on hand and undrawn committed RCF capacity of $162 million
for
a total available liquidity of $202 million. Fitch expects total
available liquidity to increase with the proposed transaction. A
mostly positive FCF forecast provides capacity to fund operations
and meet mandatory amortization of the company's term loans.
With this transaction, substantially all the company's capital
structure, excluding its revolver (maturity 2031), matures in
2033,
providing manageable refinancing headroom. In addition, the
company
continually demonstrates ability to raise capital to fund
acquisitions. Fitch sees refinancing in 2031 and 2033 as likely.
Issuer Profile
Incorporated in 2015, Cincinnati, OH-based ProAmpac is a global
manufacturer of flexible film and fiber packaging solutions. Once
the TPC Acquisition is completed, it will have over 11,000
employees, 11 design centers, 83 manufacturing sites, and 5,000
customers in 10 countries.
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 the company.
ESG Considerations
The highest level of ESG credit relevance is a score of '3',
unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they
are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
ProAmpac PG
Borrower LLC
LT IDR B Affirmed B
senior secured LT B+ New Rating RR3
senior secured LT B+ Affirmed RR3 B+
Sr Secured 2nd Lien LT B- Affirmed RR5 B-
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P U E R T O R I C O
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S & D TALLER: Seeks Approval to Hire Elite Find as Accountant
-------------------------------------------------------------
S & D Taller Del Maestro, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Elite
Find, LLC as accountant.
The firm will render these services:
(a) close out the Debtor's books as of the date of the filing
of this case, and open new books as of the next day therafter;
(b) establish a new bookkeeping system to replace the system
heretofore used by the Debtor;
(c) prepare the periodic statements of the Debtor operations
as required by the rules of this court;
(d) prepare and file the Debtor's state and federal tax return
for the fiscal year which ended in the semester prior to
the date of the filing of this case;
(e) prepare general ledger and disbursements register;
(f) reconcile the account;
(g) prepare certified interim financial statements as needed;
(h) prepare annual financial statements and returns;
(i) tax and management counseling; and
(j) represent in tax investigations.
Manuel Villapol, CPA, the primary accountant in this
representation, will be billed at his hourly rate of $250.
Mr. Villapol 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:
Manuel Villapol, CPA
Elite Find, LLC
Sevilla Biltmore E39
Guaynabo, PR 00969
Telephone: (787) 944-4741
Email: mvillapol21@gmail.com
About S & D Taller Del Maestro LLC
S & D Taller Del Maestro LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04152)
on September 16, 2025, listing $100,001 to $500,000 in both assets
and liabilities.
Judge Mildred Caban Flores oversees the case.
The Debtor tapped Juan Carlos Bigas Valedon, Esq., at Juan C. Bigas
Law Office as counsel and Manuel Villapol, CPA, at Elite Find, LLC
as accountant.
===============
X X X X X X X X
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[] Fitch Affirms Ratings on Four Latin American Chemical Companies
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of four Latin American
(LatAm) chemical companies and their related subsidiaries.
1. Braskem S.A. (Braskem)
2. Braskem Idesa SAPI (Braskem Idesa)
3. Cydsa, S.A.B. de C.V. (Cydsa)
4. Orbia Advance Corporation, S.A.B. de C.V (Orbia)
These actions follow the update of Fitch's: Corporate Rating
Criteria" and "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
Braskem S.A. (Braskem)
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 (b+,
Moderate), Market and Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (bbb, Lower), Company Operational
Characteristics (b+, Moderate), Profitability (ccc-, Moderate),
Financial Structure (ccc-, Higher), and Financial Flexibility (ccc,
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.
- B+ to CC considerations apply in its analysis and result in an
adjustment of -2 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 'cc'.
Fitch made no adjustments to the SCP, resulting in a Foreign and
Local Currency IDR of 'CC'.
Braskem Idesa SAPI (Braskem Idesa)
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 (b+,
Moderate), Market and Competitive Positioning (b, Lower),
Diversification and Asset Quality (ccc+, Moderate), Company
Operational Characteristics (b+, Lower), Profitability (ccc-,
Moderate), Financial Structure (ccc-, Higher), and Financial
Flexibility (ccc, 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.
- Other Risk Elements apply in its analysis and result in an
adjustment of -4 notch(es).
- The Governance assessment of 'Some Deficiencies' results in no
adjustment.
- The Operating Environment assessment of 'bb+' results in no
adjustments.
- The SCP is 'rd'.
Fitch made no adjustments to the SCP, resulting in a Foreign and
Local Currency IDR of 'RD'.
Cydsa, S.A.B de C.V. (Cydsa)
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 (bb, Moderate),
Diversification and Asset Quality (bb, Higher), Company Operational
Characteristics (bbb-, Moderate), 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 assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'bb+' results in no
adjustment.
- The SCP is 'bb+'.
Fitch made no adjustments to the SCP, resulting in a Foreign and
Local Currency IDR of 'BB+'.
Orbia Advance Corporation, S.A.B. de C.V. (Orbia)
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+, Higher), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb+,
Moderate), Financial Structure (b, 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 'a-' results in no
adjustment.
- The SCP is 'bbb-'.
Fitch made no adjustments to the SCP, resulting in a Foreign and
Local Currency IDR of 'BBB-'.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Braskem Idesa SAPI
LT IDR RD Affirmed RD
LC LT IDR RD Affirmed RD
senior secured LT C Affirmed RR4 C
Braskem Netherlands
Finance B.V.
senior unsecured LT CC Affirmed RR4 CC
subordinated LT C Affirmed RR6 C
Cydsa, S.A.B. de C.V.
LT IDR BB+ Affirmed BB+
LC LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed BB+
Braskem America
Finance Company
senior unsecured LT CC Affirmed RR4 CC
Orbia Advance Corporation,
S.A.B. de C.V.
LT IDR BBB- Affirmed BBB-
LC LT IDR BBB- Affirmed BBB-
senior unsecured LT BBB- Affirmed BBB-
Braskem S.A.
LT IDR CC Affirmed CC
LC LT IDR CC Affirmed CC
[] Fitch Affirms Ratings on Three Latin America Telecom Companies
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of three Latin American
(LatAm) telecommunications companies, one wireless tower issuer,
and their related subsidiaries:
1. Cable & Wireless Communications Limited
2. Digicel International Finance Limited
3. Liberty Communications of Puerto Rico LLC
4. Sitios Latinoamerica, S.A.B. de C.V.
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
Cable & Wireless Communications Limited
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 (bbb+,
Moderate), Financial Structure (bb-, Moderate), 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.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'bb-' results in no
adjustment.
- The SCP is 'bb-'.
- Fitch made no adjustments to the SCP, resulting in a FC and LC
IDR of 'BB-'.
Digicel International Finance Limited
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bb-, 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 (bb-, Moderate), 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.
- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'b' results in an
adjustment of -1 notch.
- The SCP is 'b'.
- Fitch made no adjustments to the SCP, resulting in a FC IDR of
'B'.
Liberty Communications of Puerto Rico LLC
Fitch scored the issuer as follows, using its CRT to produce the
SCP:
- Business and financial profile factors (assessment, relative
importance): Management (bb-, Lower), Sector Characteristics (bbb,
Moderate), Market and 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 (ccc, 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.
- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch.
- The Governance assessment of 'Some Deficiencies' results in no
adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'ccc'.
- Fitch made no adjustments to the SCP, resulting in a FC IDR of
'CCC'.
Sitios Latinoamerica, 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 (bbb,
Moderate), Financial Structure (bbb-, 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 assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'bb+' results in no
adjustment.
- The SCP is 'bbb-'.
- Fitch made no adjustments to the SCP, resulting in a FC and LC
IDR of 'BBB-'.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
DIFL US LLC
senior secured LT B Affirmed RR4 B
Cable & Wireless
Communications Limited
LT IDR BB- Affirmed BB-
LC LT IDR BB- Affirmed BB-
Coral-US Co-Borrower LLC
senior secured LT BB- Affirmed RR4 BB-
Digicel International
Finance Limited
LT IDR B Affirmed B
senior secured LT B Affirmed RR4 B
LCPR Senior Secured
Financing Designated
Activity Company
senior secured LT CCC+ Affirmed RR3 CCC+
Sites Del Peru S.A.C.
senior unsecured LT BBB- Affirmed BBB-
Sitios Latinoamerica,
S.A.B. de C.V.
LT IDR BBB- Affirmed BBB-
LC LT IDR BBB- Affirmed BBB-
senior unsecured LT BBB- Affirmed BBB-
Sable International
Finance Limited
senior secured LT BB- Affirmed RR4 BB-
Liberty Communications
of Puerto Rico LLC
LT IDR CCC Affirmed CCC
senior secured LT CCC+ Affirmed RR3 CCC+
C&W Senior
Finance Limited
senior unsecured LT BB- Affirmed RR4 BB-
LCPR Loan
Financing LLC
senior secured LT CCC+ Affirmed RR3 CCC+
*********
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 * * *