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260311.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 Wednesday, March 11, 2026, Vol. 27, No. 50 Headlines J A M A I C A JAMAICA: Commissioner Doubts Can Spend Full $205BB Capital Budget JAMAICA: Manufacturers, Bankers in Talks to Modify Tax Proposals JAMAICA: MSMEs Discouraged as Banks Following Meeting with Banks P A R A G U A Y PARAGUAY: IDB OKs $10MM-Loan to Expand Business Innovation P E R U [] Fitch Affirms Ratings on Seven LatAm Mining Companies P U E R T O R I C O HERBALIFE LTD: Moody's Affirms B1 CFR, Rates New Lien Loans Ba2 PARAISO INFANTIL: Retains Monge Robertin Advisors as Advisors S U R I N A M E SURINAME: IMF to Close Resident Representative Office X X X X X X X X [] Fitch Affirms Ratings on 10 LatAm Utilities - - - - - ============= J A M A I C A ============= JAMAICA: Commissioner Doubts Can Spend Full $205BB Capital Budget ----------------------------------------------------------------- RJR News reports that Fiscal Commissioner Courtney Williams said he has serious doubts that central government and self-financing public sector agencies will be able to spend the full $205 billion capital budget, or 5.3 per cent of GDP, projected for the 2026/2027 fiscal year. The capital, or growth budget, for self-financing public bodies has been set at $105 billion, while the central government's capital allocation is projected at $99.7 billion, according to RJR News. However, Williams says past performance raises concerns about whether the funds will actually be used, the report notes. He noted that both the government and public agencies have a history of weak execution of capital projects, making it unrealistic to expect the entire allocation to be spent this year, the report relays. As an example, he pointed out that the capital budget for the current fiscal year was projected at $134 billion, but the actual spending will be significantly lower, 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. JAMAICA: Manufacturers, Bankers in Talks to Modify Tax Proposals ---------------------------------------------------------------- RJR News reports that members of the Jamaica Manufacturers and Exporters Association (JMEA) and the Jamaica Bankers Association (JBA) have been meeting with the Ministry of Finance in an effort to secure a modification of the recent tax package and a reduction in interest rates. The manufacturers and exporters say these changes are necessary because the tax package and the interest rate regime make the sector uncompetitive in both the domestic and export markets, which has resulted in large trade deficits, according to RJR News. The trade deficit jumped to US$4.8 billion during the first 10 months of last year when imports climbed by 1.4 per cent to US$6.2 billion and exports tumbled by 8.1 per cent to US$1.4 billion, the report notes. They also say that the impact of the current war between the USA, Israel and Iran on global oil prices will lead to a further increase in this deficit, 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. JAMAICA: MSMEs Discouraged as Banks Following Meeting with Banks ---------------------------------------------------------------- RJR News reports that members of Jamaica's micro, small and medium-sized enterprise (MSME) sector say they are feeling discouraged following a meeting with commercial bankers about high lending rates. Cecil Foster says operators in the MSME sector left the meeting with the Jamaica Bankers Association feeling despondent and heartbroken, after bankers outlined reasons they say prevent them from reducing loan rates. According to Foster, the bankers argue that the current average lending rate of about 12 per cent per year cannot be reduced at this time because of the high cost of deposits and the asset tax imposed on financial institutions. However, Foster pointed out that the average deposit rate remains below one per cent, while the asset tax represents only about a quarter of the one per cent of the financial sector's total assets, which stood at roughly $3 trillion at the end of December last year. He said affordable financing is critical for small and medium-sized businesses to recover, expand operations and create more well-paying jobs. Foster also noted that although the Bank of Jamaica has reduced its policy's interest rate from 7.5 to 5.5 per cent, commercial banks have yet to lower their lending rates to customers, particularly those in the MSME sector. 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 A R A G U A Y =============== PARAGUAY: IDB OKs $10MM-Loan to Expand Business Innovation ---------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a $10 million loan to strengthen the innovative capacity of companies and entrepreneurs in Paraguay. The operation will support the Business Innovation Program II (PROINNOVA II), which will be implemented by the National Science and Technology Council (CONACYT). The program aims to increase investment in innovation by established firms, foster technology‑based entrepreneurship, and promote the development of specialized talent in innovation management and technology transfer. PROINNOVA II will finance technological development projects, the incorporation of innovation managers, the strengthening of technology service centers, and resources to enable young firms to validate prototypes and business models. It will also support the training of more than 600 private‑sector professionals in areas such as innovation management, technology transfer, green innovation, intellectual property, and open innovation, as well as capacity building for 500 public‑sector officials. The program is aligned with Paraguay's national priorities on productivity, economic diversification, and sustainable development, as well as with the IDB Group’s Country Strategy with Paraguay 2025–2029. The loan has a maturity of 24.5 years, a six‑year grace period, and an interest rate based on SOFR. ======= P E R U ======= [] Fitch Affirms Ratings on Seven LatAm Mining Companies -------------------------------------------------------- Fitch Ratings has affirmed the ratings of seven Latin American (LatAm) mining companies: 1. Antofagasta PLC 2. Compania de Minas Buenaventura S.A.A. 3. Coporacion Nacional del Cobre de Chile (CODELCO) 4. Grupo Mexico, S.A.B. de C.V. 5. Minsur S.A. 6. Southern Copper Corporation (SCC) 7. Volcan Compania Minera S.A.A. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Antofagasta PLC 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+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb+'. Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDR 'BBB+'; Outlook Stable. Compania de Minas Buenaventura S.A.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDR 'BB'; Outlook Stable. Corporacion Nacional del Cobre de Chile (CODELCO) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (b-, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - 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'. To derive the IDR: Application of Fitch's Government Related Entities Considerations Rating Criteria results in a top-down -1 approach. Grupo Mexico, S.A.B. de C.V. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (a-, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'bbb+'. Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDR 'BBB+'; Outlook Stable. Minsur S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bbb-, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb-'. Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDR 'BBB-'; Outlook Stable. Southern Copper Corporation (SCC) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (a-, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb+'. Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDR 'BBB+'; Outlook Stable. Volcan Compania Minera S.A.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, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Lower), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'b'. Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDR 'B'; Outlook Positive. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Corporacion Nacional del Cobre de Chile (CODELCO) LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Compania de Minas Buenaventura S.A.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Minsur S.A. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Grupo Mexico, S.A.B. de C.V. LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ Southern Copper Corporation (SCC) LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Volcan Compania Minera S.A.A. LT IDR B Affirmed B LC LT IDR B Affirmed B senior secured LT B Affirmed RR4 B Antofagasta PLC LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ ===================== P U E R T O R I C O ===================== HERBALIFE LTD: Moody's Affirms B1 CFR, Rates New Lien Loans Ba2 --------------------------------------------------------------- Moody's Ratings affirmed Herbalife Ltd.'s (Herbalife) B1 Corporate Family Rating, B1-PD Probability of Default Rating and Ba2 rating on the existing senior secured revolving credit facility. Moody's also affirmed HLF Financing SaRL, LLC's (HLF) ratings, consisting of a Ba2 rating on the $800 million 12.25% backed senior secured notes due April 2029, a Ba2 rating on the $400 million senior secured first lien term loan B due April 2029, and a B3 rating on the $600 million backed senior unsecured notes due June 2029. Moody's also assigned a Ba2 rating to Herbalife's proposed senior secured first lien revolving credit facility and HLF's proposed senior secured first lien term loan A and term loan B. At the close of the proposed refinancing transaction, Moody's expects to withdraw the ratings on the existing senior secured revolving credit facility, the existing term loan B and the 12.25% backed senior secured notes due 2029, as these instruments will be repaid. Herbalife's SGL-2 speculative grade liquidity rating (SGL) is unchanged. The outlook for Herbalife and HLF is stable. Herbalife plans to utilize the proceeds from a new $125 million term loan A, a $125 million draw on a $425 million revolving credit facility, a new $500 million term loan B and approximately $500 million of additional pari-passu secured debt to repay the $370 million outstanding balance on the existing term loan B and the $800 million 12.25% senior secured notes due 2029, fund transaction fees and increase cash by approximately $10 million. The transaction is credit positive because it will extend the company's maturity profile and meaningfully reduce cash interest expense to support the company's deleveraging strategy. Moody's estimates interest savings of approximately $40 to $50 million annually will improve interest coverage and free cash flow available for debt reduction. The affirmations reflect Herbalife's improving operating trends, sustained free cash flow generation, and continued focus on debt reduction, balanced against persistent business and execution risks and high competition in the nutrition and weight loss industry that requires consistent investment to maintain and grow market share. Herbalife's reliance on the direct selling business model also necessitates ongoing investment to attract and retain distributors. These factors as well as sensitivity to economic conditions contribute to earnings and volume volatility. RATINGS RATIONALE Herbalife's B1 CFR rating reflects its niche product and service offering within the highly competitive nutrition and weight loss industry, reliance on the direct selling channel, and strong free cash flow generation, balanced against execution risk inherent in sustaining distributor recruitment and productivity. The company offers weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products in 95 markets around the world supported by customer engagement and coaching, which differentiate its offering but also create reliance on ongoing distributor activity to sustain volumes and revenue growth. Herbalife's strategies to restore growth are showing increasing effectiveness, evidenced by improving distributor trends and a return to positive volume growth in the third quarter of 2025. Moody's expects sales volumes to remain modestly positive through 2026 and into 2027, supported by improving distributor engagement, product innovation, and digital initiatives. Execution risk remains given the lag between recruitment and volume realization and the need to translate product and digital innovation into durable, organic volume growth. Herbalife's broad geographic diversification supports its credit profile by mitigating localized weakness, although uneven regional performance and ongoing softness in certain markets continue to weigh on overall stability. The company continues to benefit from cost discipline and restructuring actions implemented over the past two years, which are contributing to an improved operating margin and stronger free cash flow generation than previously expected. Herbalife remains committed to a previously announced plan to reduce its total outstanding debt to $1.4 billion by the end of 2028 and suspended share repurchases in 2023, which previously contributed, along with earnings pressure, to elevated leverage. The plan would entail continued meaningful debt reduction from the approximate $2.1 billion outstanding as of December 2025. Improved operating earnings and the focus on debt reduction is leading to lower leverage with, debt-to-EBITDA (incorporating Moody's adjustments) declining to approximately 3.3x as of December 2025 from 4.4x as of December 2024. Moody's expects leverage to continue to decline in 2026, supported by stable operating performance, strong free cash flow, and interest savings from the proposed refinancing actions. The planned mid-2026 commercial release of Pro2Col in the US, Canada and Puerto Rico and further expansion of the beta version to select EMEA markets in 2026, presents a good opportunity and supports the company's long-term strategy to become a more connected, data driven health and wellness platform, integrating products, community, AI and digital capabilities to better serve customers worldwide. Moody's also expects interest coverage to improve steadily over this period. Herbalife's global multi-level marketing structure continues to present inherent risks, particularly as recruitment dynamics evolve amid changing consumer preferences, increasing e-commerce penetration, and broader employment flexibility. These risks are more pronounced in certain developing markets, where competition and foreign exchange volatility can erode legacy distribution advantages. As a result, Moody's believes Herbalife must continue to maintain prudent financial policies and solid credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Herbalife will maintain stable earnings and good liquidity over the next 12 months, while continuing to reduce debt and improve credit metrics. Moody's forecasts that the company will generate strong free cash flow of at least $200 million in 2026, which will be directed toward debt repayment, supporting a gradual improvement in leverage and interest coverage. Ratings could be upgraded if Herbalife demonstrates successful execution of strategic initiatives including technology enabled personalization and distributor productivity improvements to generate sustained growth in organic sales and profitability with a stable distributor base and strong free cash flow. The company would also need to maintain financial policies that sustain debt-to-EBITDA below 4x, EBITA-to-interest above 2.5x and retained cash flow (RCF)-to-net debt in the mid-20% range to be upgraded. Ratings could be downgraded if earnings decline due to factors such as a contraction in the sales force of product volumes, pricing pressure on higher costs. Debt-to-EBITDA above 5x, EBITA-to-interest below 2x, free cash flow below $100 million, or a deterioration in liquidity could also lead to a downgrade. Marketing terms for the new credit facilities (final terms may differ materially) include the following: incremental pari passu debt capacity up to the greater of $500 million and 67% of consolidated EBITDA, plus unlimited amounts subject to a pro forma first lien net leverage ratio not to exceed 1.50x, with no inside maturity sublimit. A "blocker" provision restricts the transfer of intellectual property (other than intellectual property of de minimis value) from any IP Holding Company to unrestricted subsidiaries, other than non-exclusive licenses. The credit agreement is expected to provide limitations on up tiering transactions, requiring affected lender consent for amendments that subordinate the debt or liens. There is a guarantee coverage requirement subject to 70% of consolidated EBITDA and 70% of the consolidated total assets of parent and its subsidiaries as of the closing date. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. The B1 CFR is two notches below the Ba2 scorecard-indicated outcome, reflecting industry and business model risks that are not fully captured in the scorecard, including Herbalife's reliance on the direct selling model, historically volatile operating performance and intense and increasing competition across the nutrition, weight loss and functional snacking categories. Herbalife Ltd., founded in 1980 and headquartered in Los Angeles, California, is a global health and wellness company that develops and sells weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products through a global network of independent members. The company operates primarily through a direct selling business model, complemented by a large base of distributor owned nutrition clubs that provide community based product consumption and wellness support. As of December 31, 2025, Herbalife had approximately 6.4 million members worldwide, including distributors, preferred members, and independent service providers, operating across 95 markets. For the year ended December 31, 2025, the publicly traded company generated approximately $5.0 billion of net sales. PARAISO INFANTIL: Retains Monge Robertin Advisors as Advisors ------------------------------------------------------------- Paraiso Infantil Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to retain Jose M. Monge Robertin, CPA, CIRA and Monge Robertin Advisors, LLC to serve as its insolvency and restructuring advisors. Monge will provide these services: (a) plan development; (b) liquidation analysis; (c) claims administration and review; (d) tax consulting; (e) financial consulting; (f) feasibility analysis; (g) negotiations with creditors; (h) investment and financing matters; and (i) other matters to assist counsel and Debtor's reorganization. The firm's standard hourly rates are: Jose M. Monge Robertin, CPA, CIRA $275 Maria Peña, MST, CIRA-Tax and Reorganization Partner $175 Brenda Ortiz, MBA, MST, CPNL, Accountant $100 Senior accountant $85 Assistant accountant $45 Staff support $35 As a nonprofit entity, a discount to standard rates of 25% on fees will be provided. Travel time will be billed at 50% of approved timely rates in trips exceeding one hour round-trip. According to court filings, Monge Robertin Advisors, LLC and Jose M. Monge Robertin, CPA, CIRA do not hold or represent any interest adverse to the Estate and are disinterested parties within the meaning of Sections 101(3) and 327 of the Bankruptcy Code. The firm can be reached at: Jose M. Monge Robertin, CPA, CIRA MONGE ROBERTIN ADVISORS, LLC INNOVA Building, 16 Innovacion Ave, Valle Tolima Caguas, PR 00725 Telephone: (787) 745-0707 Direct Phone: (787) 305-1121 Cellphone: (787) 410-1107 Email: cpamonge@cirapr.com About Paraiso Infantil Inc. Paraiso Infantil Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00493) on February 10, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Rolando Emmanuelli Jimenez, Esq., at Bufete Emmanuelli, C.S.P. represents the Debtor as legal counsel. =============== S U R I N A M E =============== SURINAME: IMF to Close Resident Representative Office ----------------------------------------------------- Washington, DC: The International Monetary Fund (IMF) will close its Resident Representative Office in Paramaribo, Suriname, effective end‑April 2026. The office, headed by Mr. Charles Amo‑Yartey, was established in June 2022 to support enhanced engagement following the Executive Board's approval of an Extended Fund Facility (EFF) arrangement for Suriname. Suriname successfully completed the EFF in March 2025, marking the conclusion of a multi‑year program aimed at restoring macroeconomic stability, strengthening public finances, and supporting structural reforms. Program completion reflected sustained policy implementation and progress toward restoring debt sustainability and external viability. Following the end of the EFF, the IMF concluded the 2025 Article IV Consultation with Suriname in January 2026. Suriname is expected to start large scale oil production in the medium term with the potential to generate significant improvements in living standards for its people. At this critical juncture, the IMF will continue its close partnership with Suriname through enhanced bilateral policy consultations, including through Article IV Consultations and Post Financing Assessments,[1] and through intensive capacity development. This engagement will be led from IMF headquarters in Washington, D.C., and through the Caribbean Regional Technical Assistance Center (CARTAC) in Barbados. The Fund expresses its appreciation to the Surinamese authorities for their cooperation and hospitality over the years. =============== X X X X X X X X =============== [] Fitch Affirms Ratings on 10 LatAm Utilities ---------------------------------------------- Fitch Ratings has affirmed the ratings of 10 Latin American utilities: 1. Consorcio Transmantaro S.A. (CTM) 2. Luz del Sur S.A.A. 3. Empresa de Transmision Electrica S.A. 4. Empresa Distribuidora de Electricidad de Mendoza S.A. 5. Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR) 6. Instituto Costarricense de Electricidad y Subsidiarias 7. Interconexion Electrica S.A. E.S.P. 8. Gas Natural de Lima y Callao S.A. 9. Grupo Energia Bogota S.A. E.S.P. (GEB) 10. Transelec S.A. These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Consorcio Transmantaro S.A. (CTM) 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 (a-, Higher), Profitability (a-, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bbb, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+1 approach. Empresa de Transmision Electrica 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 (b, Higher), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bbb, Lower), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in no adjustment. - The SCP is 'b-'. - Application of Fitch's Government Related Entities Considerations Rating Criteria results in a bottom-up +1 approach, resulting in an IDR of 'B'. Empresa Distribuidora de Electricidad de Mendoza S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (ccc+, Higher), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b-, Higher), Profitability (bb, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2024, 40% for the forecast year 2025 and 20% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Argentine Operating Environment Impact assessment of 'ccc+' results in an adjustment of -1 notch(es). - The other risk elements adjustment applies and results in an adjustment of -1 notch(es). Fitch caps EDEMSA's SCP at Argentina's IDR at 'CCC+', given the substantial cash flow it generates from the country. - The SCP is 'ccc+'. Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC+'. Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR) 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 (ccc+, Higher), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b-, Higher), Profitability (b+, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2024, 40% for the forecast year 2025 and 20% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Argentine Operating Environment Impact assessment of 'ccc+' results in an adjustment of -1 notch(es). - The other risk elements adjustment applies and results in an adjustment of -1 notch(es). Fitch caps EDENOR's standalone credit profile at Argentina's IDR at 'CCC+', given the substantial cash flow it generates from the country. - The SCP is 'ccc+'. Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC+'. Instituto Costarricense de Electricidad y Subsidiarias 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 (b+, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb+, Lower), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in no adjustment. - The SCP is 'bb-'. - Application of Fitch's Government Related Entities Considerations Rating Criteria results in an equalized approach, resulting in an IDR of 'BB'. Interconexion Electrica S.A. E.S.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Higher), Market and Competitive Positioning (bbb+, Lower), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb+, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+2 approach. Luz del Sur S.A.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in 'BBB+', reflecting the credit linkage to parent China Yangtze Power Co., Ltd. (CYPC, A/Stable). Gas Natural de Lima y Callao S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), 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. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: BBB. - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+2 approach. Grupo Energia Bogota S.A. E.S.P. (GEB) 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, Higher), Market and Competitive Positioning (bbb, Lower), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bb+, Higher). - The quantitative financial subfactors are based on 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-'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria and Parent Subsidiary Linkage Rating Criteria results in a consolidated +2 approach with the consolidated profile of its Parent Bogota, Capital District (BB/Stable) resulting in a Local and Foreign Currency IDR of 'BBB-'. Transelec S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (a-, Higher), Profitability (a-, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bbb, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'bbb'. Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Interconexion Electrica S.A. E.S.P. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Transelec S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Gas Natural de Lima y Callao S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB Empresa Distribuidora de Electricidad de Mendoza S.A. LT IDR CCC+ Affirmed CCC+ LC LT IDR CCC+ Affirmed CCC+ senior unsecured LT B- Affirmed RR3 B- Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR) LT IDR CCC+ Affirmed CCC+ LC LT IDR CCC+ Affirmed CCC+ senior unsecured LT B- Affirmed RR3 B- Grupo Energia Bogota S.A. E.S.P. (GEB) LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Instituto Costarricense de Electricidad y Subsidiarias LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Consorcio Transmantaro S.A. (CTM) LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Luz del Sur S.A.A. LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Empresa de Transmision Electrica S.A. LT IDR B Affirmed B LC LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B ********* 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 * * *