260310.mbx

260310.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, March 10, 2026, Vol. 27, No. 49 Headlines B R A Z I L BRAZIL: Corn and Fertilizer Cut Off by Iran Conflict BRAZIL: Food Sector Reaches 10.9% of GDP in 2025 RAIZEN SA: S&P Cuts ICR to 'CCC-' on Heightened Restructuring Risk J A M A I C A JAMAICA: Oil Prices Surge Past $100 Per Barrel M E X I C O DEL MONTE: Lenders Challenge Ch. 11 Settlement Approval P U E R T O R I C O ANCARLO BROTHERS: Hires Pedro Betancourt Diaz as Real Estate Agent ESJ TOWERS: Court Narrows Claims in Wincig, et al., Adversary Case OFG BANCORP: S&P Withdraws 'BB-' Issuer Credit Rating X X X X X X X X [] Caribbean Region Faces Major Financing Gap, CBD Says [] Fitch Affirms Ratings on Three LatAm Resto & Consumer Companies - - - - - =========== B R A Z I L =========== BRAZIL: Corn and Fertilizer Cut Off by Iran Conflict ---------------------------------------------------- Rafael Silva Santos at Rio Times Online reports that Brazil's relationship with the Middle East runs in two directions, and the war in Iran now threatens both. The country sends corn, soybeans, chicken and beef through the Strait of Hormuz to some of its most important food customers, according to Rio Times Online. In return, it brings back the fertilizer its farms cannot function without, the report notes. With Operation Epic Fury entering its second week and Hormuz effectively closed to commercial traffic, Brazilian agribusiness faces the predicament of losing an export market and a critical input supply simultaneously, the report relates. The numbers explain the anxiety. Iran was the largest single buyer of Brazilian corn in 2025, purchasing roughly 9 million tonnes - 20% of total shipments, according to Reuters and government trade data, the report discloses. It was also a major destination for soybeans and sugar, the report says. Across the broader Middle East, Brazil sent 30% of its poultry exports and 32% of its corn to the region last year, the report notes. The Arab League accounted for $10.3 billion of the country's food exports, making it the second-largest bloc buyer after Asia, the report relays. Rerouting the Chicken The Brazilian Animal Protein Association (ABPA) confirmed that poultry companies are renegotiating shipping routes with the agriculture ministry, the report says. Cargo previously routed through Hormuz and Suez is being sent via the Cape of Good Hope, adding two weeks in transit and raising fuel costs by up to 40%, the report relates. Hapag-Lloyd is already charging $3,500 per refrigerated container for Gulf-bound shipments, the report notes. Shipping agency Alphamar reported ten vessels with over 600,000 tonnes of Brazilian soybeans and soymeal scheduled for Iran, cargoes that may be diverted if conditions worsen, the report says. The timing offers one small mercy: Brazil's corn shipments are concentrated in the second half of the year, meaning peak season for the most Iran-dependent commodity is months away, the report discloses. The Fertilizer Chokepoint The more consequential risk may be on the import side. Brazil covered 100% of its urea needs through imports in 2025, and data from consultancy Agrinvest shows that 41% of those imports — nearly 3 million tonnes — transited the Strait of Hormuz, the report relates. Iran alone supplied 17% of Brazilian urea, exporting between 4.5 and 5.5 million tonnes globally from an annual production of about 9 million tonnes, the report discloses. Iranian producers have now halted output, and Egyptian urea plants are offline after Israel’s declaration of emergency disrupted gas deliveries, the report notes. Rio Times Online relates that Urea sellers across the Middle East withdrew price lists within days of the strikes. Saudi Arabia raised its reference price to $450 per tonne from $402, and Brazilian urea prices jumped $32 per tonne in the first week, the report discloses. Hudie Consulting founder Thamires Cateli said the war has effectively paralyzed the global nitrogen fertilizer spot market, the report says. Roughly one-third of all internationally traded nitrogen fertilizer passes through Hormuz, the report relays. What Happens to the Harvest If fertilizer disruptions persist into Brazil's September planting season for the 2026–27 crop cycle, the consequences could reach far beyond farm margins, the report notes. Marcela Kawauti, chief economist at Lifetime Gestora de Recursos, warned that higher international urea prices would raise production costs across Brazilian agriculture, eventually pushing up prices for both fresh and processed food, the report says. Alternative suppliers exist but face constraints, the report discloses. Russia provided about 16% of global urea in 2024, but a drone strike damaged a fertilizer plant in Smolensk last month, the report relates. China has been cutting exports to prioritize domestic supply, the report says. The Gulf region collectively ships 3 to 4 million tonnes of fertilizer monthly, a volume no single alternative can quickly replace, the report notes. Brazil’s trade with Iran may rank only 28th among its export partners, but when one country supplies both your biggest corn market and your most essential farming input, even a middling trade partner becomes an indispensable one, the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. BRAZIL: Food Sector Reaches 10.9% of GDP in 2025 ------------------------------------------------ Rio Times Online reports that every day in 2025, somewhere in Brazil, two new food factories opened their doors. By year's end, 850 new plants had joined an industrial park of 42,000 companies that collectively produced 288 million tonnes of processed food - enough to feed Brazil, supply 190 countries, and generate a record R$1.388 trillion in revenue, according to Rio Times Online. Joao Dornellas, president of the Brazilian Food Industry Association (ABIA), unveiled the figures, calling the sector "without a doubt the largest economic sector in our country," the report notes. The number represents 10.9% of GDP, the highest share ever, the report discloses. Revenue grew 8% nominally, though real sales growth was a more modest 2.2%, the report relays. Production costs rose 5.1%, squeezed by higher diesel, electricity and packaging prices, the report discloses. Yet the industry deliberately absorbed much of the pressure, keeping food inflation at just 1.8% - well under the 4.26% headline IPCA, the report says. Domestic Market Crosses R$1 Trillion For the first time, internal sales alone surpassed R$1 trillion. Retail food sales expanded 8.4%, while the food-service segment grew 10.1% to R$287.9 billion, the report notes. The sector created 51,000 formal jobs, representing nearly 45% of all positions generated by Brazilian manufacturing, the report says. Total direct employment reached 2.125 million, with 8.5 million more across the supply chain. Aggregate payroll grew 9.94%, more than double the inflation rate, the report discloses. Exports Weather the Tariff Storm Brazil held its position as the world's largest exporter of processed food by volume, with shipments reaching $66.7 billion - 19.1% of total national exports, the report relates. The food trade surplus hit $57.5 billion, representing 84% of Brazil’s entire surplus, the report notes. Asia remains the top destination, led by China, followed by the Arab League at $10.3 billion and the European Union at $8.7 billion, the report says. But the headline masks a bruising stretch in the American market, the report relates. US tariffs that peaked at 50% hammered Brazilian food exports between August and November, with sugar shipments dropping nearly 70% month over month, the report discloses. ABIA estimates the tariff regime cost between $500 million and $1 billion in foregone sales, slowing export growth from a trend rate of 3–4% to just 0.7%, the report relays. Even so, US food imports from Brazil totaled $4.9 billion for the year, up 9.2%, as companies front-loaded shipments and redirected products to Mexico, the report notes. The EU Deal and New Risks ABIA views the Mercosur-EU partnership agreement, signed in January after 25 years of negotiations, as a potential game-changer, the report discloses. Tariffs on roughly 92% of Mercosur exports to the bloc will be phased out over a decade, opening access to 720 million consumers, the report notes. Ratification remains uncertain after the European Parliament referred the text to the Court of Justice for review, a process that could take up to two years, the report says. The industry invested R$41.3 billion in 2025, up 6.8%, with two-thirds directed to innovation and new production lines, the report relates. ABIA had pledged R$120 billion between 2023 and 2026; after three years the running total has reached R$116 billion, the report notes. One variable being monitored is the global rise of GLP-1 weight-loss drugs like Ozempic, the report says. In the US, households with users already account for 23% of food purchases, the report relates. JBS CEO Gilberto Tomazoni told investors it represents “a structural change in consumption habits.” Dornellas called the domestic impact "incipient" but acknowledged companies are adapting, the report discloses. Feeding Brazil and Beyond For 2026, ABIA projects 2–2.5% real sales growth and believes exports could breach $70 billion for the first time, the report says. The sector processes 61% of everything Brazil’s farms produce and purchases 68% of family agriculture output - reaching 99% in cocoa and 95% in poultry, the report notes. That connection, Dornellas argued, is what makes food manufacturing the country's most consequential industry. "It’s not just putting food in people's mouths," he said. "It's helping keep Brazil's economy strong," the report adds. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. RAIZEN SA: S&P Cuts ICR to 'CCC-' on Heightened Restructuring Risk ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Raizen S.A. to 'CCC-' from 'CCC+'. S&P also lowered its issue-level rating on Raizen Fuels Finance S.A.'s senior unsecured notes to 'CCC-' from 'CCC+' and kept the recovery rating of '3', with a rounded estimate recovery expectation of 65%, unchanged. The negative outlook reflects the possibility of another downgrade within the next few months if Raizen announces debt restructuring terms that S&P would consider to be equivalent to a default. A debt conversion, which it might view as a distressed exchange, seems very likely. Raizen announced yesterday that it's evaluating the overhaul of its capital structure, which would likely include the conversion of part of its debt into equity. Depending on the proposed terms, S&P could view the latter as a distressed exchange under its criteria, or tantamount to a default. In order to address its heavy capital structure, Raizen just announced that it's evaluating an overhaul that would include: -- A capital injection of R$4 billion, consisting of R$3.5 billion from Shell PLC and R$500 million from the holding company Aguassanta Investimentos S.A. (not rated), controlled by Rubens Ometto; -- Further asset sales and the streamlining of its businesses; and -- The conversion of part of its debt in equity and the extension of the remaining maturities. The shareholders have yet to agree on Raizen's capital structure, the discussion of which is lasting for more than a year. S&P said, "However, contrary to the company's previous statements, the final structure could involve a debt conversion, debt repurchase at a discount, or a renegotiation of terms that we could consider as equivalent to a default. We now view the company's governance as negative, due to the significant shift in the shareholders' approach to Raizen's leverage." As of the end of 2025, Raizen had a solid cash balance of R$17 billion and the full availability of its revolving credit facility of $1 billion (or R$5.4 billion). However, S&P expects cash flow deficits will persist in the next few quarters amid the struggling performance of the company's sugar and ethanol units, recurrent capital expenditure, and a substantial interest burden. This will continue to drain Raizen's liquidity amid its narrower access to capital markets, the stoppage of asset sales previously on track, and the lack of a substantial capital injection, increasing the urgence of a solution in the very near term. S&P will assess the potential impact of the restructuring on Raizen's credit profile, including any changes to its ownership structure, once anything formal is announced. S&P said, "The negative outlook reflects the possibility of a downgrade within the next months if Raizen announces debt restructuring that we would consider to be equivalent to a default. "We could lower our ratings on Raizen if it announces debt restructuring that we consider as equivalent to a default or if it misses any principal or interest payments. "A positive rating action is possible if we no longer believe a default or distressed exchange will occur in the next few months. This might be the result of the company reducing its cash burn, or a significant capital infusion from shareholders." ============= J A M A I C A ============= JAMAICA: Oil Prices Surge Past $100 Per Barrel ---------------------------------------------- RJR News reports that oil prices eclipsed $100 per barrel for the first time in more than three and a half years as the Iran war hinders production and shipping in the Middle East. The price for a barrel of Brent crude, the international standard, was at $107.97 after trading resumed on the Chicago Mercantile Exchange, up 16.5 per cent from its March 6 closing price of $92.69, according to RJR News. West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $106.22 a barrel, the report notes. That's 16.9% higher than it closed March 6 at $90.90, the report relays. Both could rise or fall as market trading continued, the report relays. The increases followed the U.S. crude price jumping by 36 per cent and Brent crude rising by 28 per cent, the report notes. Oil prices have surged as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== DEL MONTE: Lenders Challenge Ch. 11 Settlement Approval ------------------------------------------------------- Emily Lever at law360.com reports that a group of minority lenders to food producer Del Monte has appealed the green light a New Jersey bankruptcy judge gave to a creditor deal last month, weeks after arguing the agreement forfeited causes of action that could be worth more than $200 million. About Del Monte Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. ===================== P U E R T O R I C O ===================== ANCARLO BROTHERS: Hires Pedro Betancourt Diaz as Real Estate Agent ------------------------------------------------------------------ Ancarlo Brothers, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Pedro Betancourt Diaz as real estate broker. The broker will market and sell the Debtor's property located at Road 866 Km 3.4, Sabana Seca Ward, Toa Baja, Puerto Rico. The broker will receive a commission equal to 5 percent of the gross sales price. As disclosed in the court filings, Pedro Betancourt Diaz is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14). The broker can be reached at: Pedro Betancourt Diaz 971 Halcon St. Urb. Country Club Rio Peidras, PR 00924 Tel: (787) 547-6521 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 & Associates serve as the Debtor's legal counsel. ESJ TOWERS: Court Narrows Claims in Wincig, et al., Adversary Case ------------------------------------------------------------------ Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico ruled on the motions to dismiss filed by Fortaleza Equity Partners 2, LLC, Fortaleza Hospitality L.L.C., Fortaleza ESJ, L.L.C., and ESJ Towers Vacation Club LLC, Black Briar Puerto Rico LLC and Black Briar Advisors LLC, and ESJ Towers, Inc. in the adversary proceeding captioned as OWEN WINCIG; REGINA WINCIG; KYLE WINCIG; RYAN WINCIG; TYLER WINCIG, Plaintiffs vs. FORTALEZA EQUITY PARTNERS 2, LLC; FORTALEZA HOSPITALITY L.L.C.; FORTALEZA ESJ, L.L.C.; ESJ TOWERS VACATION CLUB LLC; BLACK BRIAR PUERTO RICO LIMITED LIABILITY COMPANY; BLACK BRIAR ADVISORS LLC; and ESJ TOWERS, INC., Defendants, ADVERSARY NO. 25-00006 (Bankr. D.P.R.). Plaintiffs Owen Wincig, Regina Wincig, Kyle Wincig, Ryan Wincig, and Tyler Wincig are vacation club members pursuant to certain ESJ Towers Vacation Club Owner Agreements for Interval 1171-25. On November 28, 2023, Debtor and Fortaleza Equity filed a Joint Motion For Entry Of Sale Order: (A) Approving Asset Purchase Agreement And Sale Of Substantially All Of Debtor's Assets to the Purchaser, Pursuant To Sections 363 and 365 of the Bankruptcy Code and Bankruptcy Rules 2002, 6004 And 6006, Free And Clear of All Liens, Claims, Interests and Encumbrances, (B) Approving the Bidding Procedures to Solicit Higher and Better Offers and Select the Successful Bidder, and (C) Approving the Form of Asset Purchase Agreement and Sale Order (the "Sale Motion"). On June 11, 2024, Debtor filed a Motion Submitting List of Assumed Vacation Club Membership Agreements (the "Assumed Contracts List"), submitting Schedule 1.2(a) and reflecting the Vacation Club Members assigned by Debtor to ESJ Tower Vacation Club, LLC and assumed thereby, as to which there was no default to be cured by Debtor. On January 30, 2025, Plaintiffs filed an adversary proceeding against the Defendants. On April 29, 2025, Plaintiffs filed an Amended Complaint alleging, inter alia, that Fortaleza and Black Briar have obstructed payments from Plaintiffs and the use of valid and enforceable vacation club membership rights following the sale; that the sale was premised on the understanding that timeshare memberships would not be disturbed by the sale which was made clear by the Amended Bidding Procedures Order; that assuming, in arguendo, that the Court had not specifically provided for the preservation and continuation of vacation club memberships upon the sale, which is denied, the Assumed Agreements List is still irrelevant and has no bearing or effect over the membership rights of Plaintiffs" for it does not comply with the statutory or procedural requirements of Section 365 for contract rejection or with rejection of timeshare rights under 11 USCS 365(h)(2); and lack of notice. The Amended Complaint pleads four (4) counts: a. First, judgment declaring that (a) the Agreement was not rejected; (b) the Assumed Agreements List is irrelevant and of no consequence to the rights of Plaintiffs; (c) the Agreement was not terminated; (d) the Agreement remains valid and enforceable at the time of the sale and to the filing of the Amended Complaint; (e) Defendants failed to comply with the Bidding Procedures Order and Sale Order by failing to preserve and respect Plaintiffs' rights under the Agreement, when the sale of assets was subject to the rights of vacation club members like Plaintiffs; (f) Defendants' attempts at cancellation or termination of Plaintiffs' rights are inconsistent with the Bidding Procedures Order and Sale Order's mandate to protect vacation club members' rights. b. Second, Defendants be held in civil contempt for willful violation of the Bidding Procedures Order, the Sale Order, and the Confirmation Order, and sanctions imposed, including daily fines, until compliance is restored; Fortaleza and the Black Briar be ordered to reinstate Plaintiffs' membership rights immediately, prohibited from obstructing payments from Plaintiffs, canceling or otherwise interfering with Plaintiffs' vacation club membership rights, and/or denying Plaintiffs access to their vacation club privileges in violation of the Agreement and orders. c. Third, Defendants acknowledge, respect, and/or reinstate Plaintiffs' vacation club membership rights, be permanently enjoined from obstructing payments from Plaintiffs, canceling or otherwise interfering with Plaintiffs' vacation club membership rights denying Plaintiffs access to their vacation club privileges in violation of the Agreement and orders d. Fourth, attorneys' fees and costs. On June 13, 2025, the ESJ Towers Vacation Club, Fortaleza ESJ, and Fortaleza Equity Partners, and Fortaleza Hospitality filed a Motion to Dismiss Amended Complaint pursuant to Fed. R. Civ. P. 12(b)(6) averring that Club Membership Agreements not included in the Assumed Contracts List were not assumed by Fortaleza ESJ as part of the Sale, and, thus, were deemed expressly rejected pursuant to the language of the Plan. On July 16, 2025, Black Briar filed a Motion to Dismiss pursuant to Fed. R. Civ. P. 12(b)(6) whereby Black Briar Advisors argues that pursuant to a Management Agreement by and between it and Debtor, Black Briar Advisors' role was strictly administrative and operational; that the decisions concerning termination of timeshare memberships did not fall within the scope of "routine management" and solely Debtor's responsibility; and that any actions taken after May 2024, including the termination of timeshare memberships in or around June 2024, had absolutely nothing to do with Black Briar Advisors and cannot be attributed to them because they had been terminated previously thereto. The Court ruled as follows: 1. Counts I, II, III, and IV are dismissed against the Debtor under Fed. R. Civ. P. 12(b)(6); 2. Count I is dismissed with respect to (i) Fortaleza Equity, (ii) Fortaleza ESJ, and (iii) ESJ Tower Vacation Club under Fed. R. Civ. P. 12(b)(6); 3. The Court abstains from hearing Count I asserted by and against non-debtor third parties under 28 U.S.C. Sec. 1334(c)(1), that is, (i) Fortaleza Hospitality, (ii) Black Briar PR, and (iii) Black Briar Advisors; and 4. The Court abstains from hearing Counts II, III and IV asserted by and against non-debtor third parties under 28 U.S.C. Sec. 1334(c)(1), that is, (i) Fortaleza Equity, (ii) Fortaleza ESJ, (iii) ESJ Tower Vacation Club, (iv) Fortaleza Hospitality, (v) Black Briar PR, and (vi) Black Briar Advisors. A copy of the Court's Opinion and Order dated February 24, 2026, is available at http://urlcurt.com/u?l=TC8zxDfrom PacerMonitor.com About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as 50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsels; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. OFG BANCORP: S&P Withdraws 'BB-' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew its 'BB-' issuer credit rating on Puerto Rico-based bank holding company OFG Bancorp at the company's request. The outlook was stable at the time of the withdrawal. The rating on Oriental Bank, its operating subsidiary, remains at 'BB+' with a stable outlook. =============== X X X X X X X X =============== [] Caribbean Region Faces Major Financing Gap, CBD Says ------------------------------------------------------- RJR News reports that The Caribbean Development Bank (CDB) said region faces a major financing gap as it tries to meet its development goals. Jason Cotton, acting Director of Economics at the Bank, says the Caribbean will need US$65 billion to US$72 billion, but the available funding is far less, according to RJR News. Mr. Cotton says the gap between what is required and what is available is of concern, the report notes. He notes that the CDB disbursed about US$390 million in loans and technical assistance in 2023, the largest amount in the bank's history, the report relays. However, he says the bank's concessional funding pool has only about US$460 million available for the 2025 to 2028 funding cycle, the report discloses. That funding will support projects focused on poverty reduction, climate resilience, social services and infrastructure development, the report adds. [] Fitch Affirms Ratings on Three LatAm Resto & Consumer Companies ------------------------------------------------------------------ Fitch Ratings has affirmed the ratings of three Latin American (LatAm) restaurant and consumer companies and their related affiliates: 1. Arcos Dorados Holdings Inc. 2. Alsea, S.A.B. de C.V. 3. Natura Cosmeticos S.A. These actions follow Fitch's update of "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Arcos Dorados Holdings Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in no adjustment. - The SCP is 'bbb-'. Fitch made no adjustments to the SCP, resulting in a Foreign Currency IDR of 'BBB-'. Alsea, S.A.B. de C.V. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'bb+'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB+'. Natura Cosméticos S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (bbb-, 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. - Assessments of the quantitative financial subfactors also include bespoke calculations. - 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 Local and Foreign Currency IDR of 'BB+'. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Alsea, S.A.B. de C.V. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Arcos Dorados B.V. senior unsecured LT BBB- Affirmed BBB- Natura Cosmeticos S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natura &Co Luxembourg Holdings S.a r.l. senior unsecured LT BB+ Affirmed BB+ Arcos Dorados Holdings Inc. LT IDR BBB- Affirmed BBB- ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *