260313.mbx

260313.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 Friday, March 13, 2026, Vol. 27, No. 52 Headlines B O L I V I A BOLIVIA: IDB OKs $500MM Loan to Modernize Social Protection System B R A Z I L BANCO BRADESCO: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable COSAN SA: Fitch Lowers IDR to 'BB-', On Watch Negative COSAN SA: S&P Lowers ICR to 'BB-', On CreditWatch Negative OI SA: S&P Discontinues 'D' ICR on Missed Interest Payment RAIZEN SA: S&P Downgrades ICR to 'SD' on Debt Restructuring RUMO SA: S&P Lowers ICR to 'BB-', On CreditWatch Negative USINAS SIDERURGICAS: Fitch Affirms 'BB' IDR, Outlook Stable C A Y M A N I S L A N D S DEER INVESTMENT: Fitch Affirms 'B-' IDR, Outlook Stable VAKIF KATILIM: Fitch Gives BB- LongTerm Rating on USD1.5BB Certs J A M A I C A JAMAICA: BOJ Says Outstanding Certs of Deposit Valued at $141BB JAMAICA: DBJ Providing $45M Boost for Businesses Hit by Hurricane NCB JAMAICA: Fitch Ratings Removes Negative Ratings Watch P U E R T O R I C O PHARMA + VET: Seeks Approval to Hire Elite Find as Accountant PHARMA + VET: Seeks to Hire Juan C Bigas Law Office as Counsel X X X X X X X X [] Fitch Affirms Ratings on Four LatAm Building Materials Cos. [] Fitch Affirms Ratings on Two LatAm Oil Field Services Cos. - - - - - ============= B O L I V I A ============= BOLIVIA: IDB OKs $500MM Loan to Modernize Social Protection System ------------------------------------------------------------------ The Inter-American Development Bank (IDB) will support the government of Bolivia with $500 million to strengthen the country's social protection system and expand direct access to state assistance for the most vulnerable families. The funds will be used to create a new social household registry, a cutting-edge tool that will improve the allocation of public resources. This will ensure more transparent management, strengthens the system of direct transfers, and enables better support for families by using technical criteria to distribute resources according to their needs, prioritizing the most vulnerable households. The new social registry will also enhance the state’s ability to respond to unforeseen and disruptive crises, such as health emergencies, that require immediate attention. The program will benefit approximately 1 million people living in poverty or vulnerability. The Inter-American Development Bank (IDB), a member of the IDB Group, is devoted to improving lives across Latin America and the Caribbean. =========== B R A Z I L =========== BANCO BRADESCO: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has affirmed Banco Bradesco S.A.'s (Bradesco) long-term local and foreign currency deposit ratings at Ba1, following the affirmation of the bank's Baseline Credit Assessment (BCA) and Adjusted BCA at ba1. Moody's have also affirmed the bank's short-term local and foreign currency deposit ratings at Not Prime, the foreign currency senior unsecured MTN program rating at (P)Ba1, the long-term and short-term local and foreign currency Counterparty Risk Ratings at Baa3 and Prime-3, respectively, and long-term and short-term Counterparty Risk Assessments at Baa3(cr) and Prime-3(cr), respectively. The outlook on Bradesco's long-term deposit ratings remains stable. As part of the rating action, Moody's are also affirming all ratings and assessments assigned to Banco Bradesco S.A., Grand Cayman Branch, including the (1) Ba1 and (P)Ba1 foreign currency senior unsecured debt and MTN program ratings; and (2) the Baa3/Prime-3 long-term and short-term local and foreign currency Counterparty Risk Ratings and Baa3(cr)/Prime-3(cr) long-term and short-term Counterparty Risk Assessments. The outlook on the senior unsecured ratings assigned to the bank's Cayman branch also remains stable. RATINGS RATIONALE The affirmation of Bradesco's ratings and assessments reflects its strong and diversified banking and insurance franchises in Brazil and broad distribution capabilities that support resilient, recurring earnings, steady capital replenishment as well as stable access to funding in the domestic and international markets. Since the launch of its transformation plan in early 2024, Bradesco has demonstrated gradual and sustained improvements in loan mix quality and profitability, a trajectory Moody's expects to persist over the next 12 to 18 months. Bradesco's profitability benefits from its meaningful presence in several fee-based businesses beyond its core retail and commercial banking operations, including insurance, credit cards, payment services and asset management activities. The bank's net income-to-tangible assets ratio rose to 1.1% in 2025 from 0.9% a year earlier, although it remained below the 1.3% average shown over 2018 to 2022. Looking ahead, while footprint optimization and elevated technology spending are expected to continue weighing on the cost structure, the ongoing growth of business origination and efficiency gains from the bank's multi-year transformation should support further profitability improvements. However, stiff competition, alongside slowing economic activity in 2026, is likely to constrain more pronounced near-term gains. Capitalization will remain weaker than that of global peers under Moody's preferred tangible common equity (TCE) metric, which includes a substantial deduction for the bank's sizable deferred tax assets. In 2025, the TCE to risk-weighted assets ratio stood at 8.3%, compared with an average of 10.6% reported by its domestic peers. Nevertheless, the bank has maintained adequate regulatory buffers, with its common equity tier 1 ratio consistently around 11% for the past three years. Moody's expects recurring revenue streams to continue supporting Bradesco's capital generation over the next 12 months. Over the past three years, Bradesco has adopted a more cautious approach toward riskier segments and unsecured exposures. During this period, the bank has expanded government-guaranteed SME lending and rebalanced its retail loan mix toward payroll-deducted and other secured products, while directing unsecured lending growth mostly toward higher-income borrowers. Total secured loan book accounted for 59.3% of total in December 2025, compared to 48.5% three years earlier. Supported by this strategy, in 2025, the bank reported a 120 basis point reduction in problem loans (measured by stage 3 assets to gross loans), to 7.2%, despite a broader deterioration in asset quality across the Brazilian financial system. Bradesco's Ba1 deposit ratings take into account Moody's expectations of a high level of government support based on the bank's dominant system deposit market share of 10.9% as of September 2025, as well as the bank's importance to the country's overall banking system. However, this support assumption does not result in any ratings uplift because Bradesco's BCA is already at the same level as the Government of Brazil's (Brazil) Ba1 sovereign rating. The stable outlook on Bradesco's ratings is in line with Brazil's rating outlook. It also reflects Moody's expectations that the bank's credit fundamentals will remain adequate over the next 12 to 18 months, supported by its capacity to generate resilient, recurring earnings across economic cycles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Bradesco's ba1 BCA and Ba1 ratings are at the same level as Brazil's Ba1 sovereign rating, and therefore, upward movement on the ratings is unlikely in the absence of a sovereign rating upgrade. Downward pressure on the bank's BCA, however, could emerge from a sustained increase in problem loans, weakened capital position and subdued profitability levels. In addition, because Bradesco's ratings are at the same level of Brazil's Ba1 government bond rating, a downgrade of the sovereign would likely result in a downgrade of the bank's BCA, as well as its deposits and debt ratings. The principal methodology used in these ratings was Banks published in November 2025. Banco Bradesco S.A.'s BCA is set two notches above the "Financial Profile" initial score of ba3 to reflect the bank's diversified earnings and funding structures. COSAN SA: Fitch Lowers IDR to 'BB-', On Watch Negative ------------------------------------------------------ Fitch Ratings has downgraded Cosan S.A.'s (Cosan) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB-' from 'BB' and its National Scale Rating to 'A+(bra)', from 'AAA(bra)'. Fitch has also downgraded the perpetual notes unconditionally and irrevocably guaranteed by Cosan to 'BB-' from 'BB' and its unsecured debentures to 'A+(bra)' from 'AAA(bra)'. Fitch has placed all ratings on Rating Watch Negative (RWN). The downgrade reflects Cosan's persistently pressured financial structure and financial flexibility, with the company relying on asset sales to repay long-term debt. Fitch has also reassessed Cosan's management strategy and risk tolerance as negative considerations, despite proceeds from recent follow-on offering used for debt reduction. The RWN reflects execution risk associated with Cosan's divestment strategy to repay debt and improve its credit metrics. The timing and condition of asset sales remain uncertain. A failure to execute such strategy within next few months could result in Fitch further downgrading Cosan's ratings. Key Rating Drivers Continued Strain on Financial Profile: Fitch's projects Cosan's net loan-to-value (LTV) to remain around 45% and FFO interest coverage near 1.0x following recent debt prepayments. These metrics are weak for the rating category and highlight the need for further deleveraging. Cosan's financial flexibility benefits from the absence of material debt maturities until 2028, which mitigates pressure from weak credit metrics. This cushion could erode over time if the company delays execution of planned divestments. Fitch's base case scenario assumes no support from the company to its non-controlled subsidiary, Raizen S.A. (Raizen; CCC), which presents substantial credit risks. Neutral to Positive FCF: Fitch projects Cosan will report FCF averaging approximately BRL100 million annually over the next few years, despite high interest payments. Fitch's base case assumes annual average annual dividend upstreaming of BRL2.3 billion to Cosan, primarily from Compass Gás e Energia S.A. (Compass) and Rumo S.A. (Rumo), and no dividends distributions by Cosan. The base case scenario incorporates Cosan's ability to maintain dividends received above interest payments, which is critical to company's ability to manage its debt over the coming years as it pursues deleveraging. Risk Tolerance Downgrade: Fitch considered the Risk Tolerance factor within the Management assessment as 'b' due to Cosan's previous adoption of riskier strategies that materially weakened its credit profile. These strategies resulted in B category leverage and financial flexibility. The company is now pursuing a defensive strategy to preserve liquidity and reduce leverage by selling equity stakes in its portfolio companies and using proceeds to repay debt. Enhanced Ownership Structure: Cosan's ownership structure after follow-on added minority financial investors (BTG Holding and Perfin Infra), while maintaining the existing controlling shareholder, was beneficial to its credit profile. Fitch expects Cosan to adopt a more disciplined investment approach, aligned with its portfolio divestment strategy, to support deleveraging. Fitch's rating case does not assume any asset acquisitions within the rating horizon nor dividends distribution, which helps mitigate execution risks. Quality Asset Portfolio: Cosan's asset quality portfolio is a key strength underpinning its ratings, given expected flow of dividends mainly from Rumo and Compass. These subsidiaries are market leaders in the railway and natural gas distribution sectors, respectively. Fitch assesses the overall credit quality of Cosan's weighted portfolio as consistent with a 'bb-' level, considering residual value from Raizen ownership. Peer Analysis Cosan's ratings compare unfavorably with those of Votorantim S.A.'s (VSA; BBB/Stable) and National Scale Rating (AAA(bra)/Stable), one of Latin America's largest industrial conglomerates. VSA has a diversified business portfolio, strong market position in the industries in which it participates, and geographic diversification with strong operations in the Americas. Cosan's assets are primarily located in Brazil. Cosan's financial structure is also weak compared with VSA, which has low leverage and a conservative financial profile. Cosan's credit profile is weaker than that of KUO S.A.B. de C.V. (KUO; BB/Positive), a Mexican group with diversified business portfolio in the consumer, automotive and chemical industries. Fitch expects KUO's net leverage level to be lower compared with its expectations for Cosan. Fitch’s Key Rating-Case Assumptions - Follow on of BRL10.5 billion in the 4Q2025 and subsequent BRL9 billion debt prepayment; - Annual average of dividends received from subsidiaries of BRL2.3 billion in 2026-2028; - No dividends distribution; - No support to Raizen; - No asset sales. 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 (b+, Moderate), Portfolio Credit Characteristics (bb+, Moderate), Portfolio Diversification (bb, Moderate), Risk Appetite and Investment Track Record (bb-, Moderate), Transparency and Execution of Investment Strategy (bb, Lower), Access to Capital (bb, Moderate), Financial Structure (b, Higher), and Financial Flexibility (b+, Moderate). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The Other Risk Elements assessment results in a +1 adjustment given the potential effects of asset sales in deleveraging and increasing financial flexibility. - The SCP is 'bb-'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/ Downgrade - Recurrent net and gross LTV ratios above 55% and 60%, respectively and FFO interest coverage below 1.0x; - Failure to prepay debt from divestments; - Fitch's perception of Cosan's weaker financial flexibility. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/ Upgrade - A removal of the RWN would be linked to strengthened LTV ratios and financial flexibility above Fitch's estimates in addition to debt prepayment from divestments. Liquidity and Debt Structure The recent follow-on strengthened Cosan's financial flexibility temporarily and remains an important consideration for its ratings. Its extended amortization schedule also mitigates refinancing risks as next principal amortization is in 2028. The holding company's adjusted debt of BRL29 billion by the end of September 2025 should reduce to around BRL20 billion until mid-2026 as Cosan prepays debt with follow-on proceeds. The company fully called its international bonds maturing in 2029, 2030 and 2031 in the total amount of around BRL6.0 billion and should prepay additional BRL2.0 billion debt in the next months. By the end of September 2025, Cosan's adjusted cash and marketable securities balance was high at BRL3.5 billion. Fitch estimates the company's cash balance of around BRL7.5 billion by mid-February 2026 and assumes that Cosan will maintain adequate liquidity of above BRL1.5 billion over the next three years. Issuer Profile Cosan is the holding company of the Brazilian conglomerate with presence in sugar and ethanol, natural gas, railway operations, and distribution of fuels and lubricants segments. Mr. Rubens Ometto controls the group with a 21.3% stake. 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 2024 revenue-weighted Climate.VS for Cosan S.A. for 2035 is 38 out of 100, suggesting low exposure to climate-related risks in that year. For further information on how Fitch perceives climate-related risks in the industrials sector, see Utilities - Long-Term Climate Vulnerability Signals Update. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Cosan Overseas Limited senior unsecured LT BB- Downgrade BB Cosan S.A. LT IDR BB- Downgrade BB LC LT IDR BB- Downgrade BB Natl LT A+(bra) Downgrade AAA(bra) senior unsecured Natl LT A+(bra) Downgrade AAA(bra) COSAN SA: S&P Lowers ICR to 'BB-', On CreditWatch Negative ---------------------------------------------------------- S&P Global Ratings, on March 6, 2026, lowered the ratings on Cosan S.A. and on the perpetual notes issued by Cosan Overseas Ltd. to 'BB-' from 'BB'. S&P also placed the ratings on CreditWatch with negative implications. The CreditWatch negative placement reflects substantial uncertainties over Raizen's situation and how it will affect Cosan, especially in terms of market risk perception and confidence, including risks for its subsidiaries in accessing capital markets to fund investments and for refinancing. If Raizen's financial and operating challenges won't ease, risks for Cosan will rise. Cosan and Shell have failed to reach an agreement on how to help Raizen. The joint venture announced this week that it's evaluating an overhaul of its heavy capital structure, including a capital injection from Shell (R$3.5 billion) and R$500 million from the holding company Aguassanta Investimentos S.A. Although Cosan's controlling entity would participate in the capitalization, the group itself would not, signaling a change from Cosan's previous public statements, given that following the December 2025 follow-on, Cosan announced that it could use part of the proceeds to support Raizen. The immediate spillover effect on Cosan seems limited, in terms of cross default among debts or guarantees, or immediate refinancing needs. However, longer-term reputational risks could rise, which could impair Cosan's and its subsidiaries' financial flexibility. Also, S&P believes the shift in the approach to Raizen's challenges could dent market confidence in the group and create a weak precedent for risk management in its other subsidiaries. This has led S&P to reassess its score of Cosan's management and governance to negative from moderately negative, with a one notch impact on the rating. Cosan's liquidity is currently at comfortable levels, but spillover effects are uncertain. With a consolidated cash position of R$16.1 billion as of September 2025, the proceeds from the follow-on (R$10.75 billion), and the projected cash generation off for 2026, Cosan has more than enough financial resources to fund its investments, working capital needs, dividends, and debt repayments, including the R$9 billion debt reduction through the repurchase of the 2029, 2030, and 2031 bonds and other local debt. Additionally, the potential IPO of Compass could further contribute to liquidity and deleveraging, although timing and amounts are currently uncertain. S&P said, "We estimate Cosan will have about R$7.5 billion in cash in 2026 at the holding level, no significant maturities until 2028, and debt close to R$15 billion following recent debt payments. As a result, interest burden should decline to close to R$1 billion in 2026. On a consolidated basis, we forecast debt to EBITDA of 2.5x-3.0x, despite capital expenditure (capex) of R$8.5 billion and dividends of R$1.2 billion this year. Our base-case scenario excludes R$1.5 billion that Cosan publicly commented it could inject in Raizen through the follow-on proceeds. If that were to occur, debt to EBITDA would be closer to 3.0x." Also, in a scenario of any potential cash outflow to support Raizen, Cosan's liquidity cushion could tighten, and its credit profile could weaken. The CreditWatch negative placement reflects substantial uncertainties over Raizen's financial and operating difficulties and how they could spill over to Cosan, especially in terms of market perception and confidence, including risks for its subsidiaries to continue accessing capital markets to fund investments and for refinancing. OI SA: S&P Discontinues 'D' ICR on Missed Interest Payment ---------------------------------------------------------- S&P Global Ratings discontinued its ratings on Oi S.A. This follows its downgrade of the company to 'D' after it missed the interest payment on its 2026 senior secured notes that was due on Jan. 30, 2026, and amid the company's prolonged judicial reorganization process. RAIZEN SA: S&P Downgrades ICR to 'SD' on Debt Restructuring ----------------------------------------------------------- S&P Global Ratings lowered its rating on Raizen S.A. to 'SD' (selective default) from 'CCC-'. S&P also lowered the issue-level ratings on Raizen Fuels Finance S.A.'s senior notes to 'D' from 'CCC-'. At the same time, S&P withdrew the recovery rating on the senior notes. The downgrade reflects that the out-of-court restructuring request covers most, not all, of Raizen's debt. Raizen S.A. announced that it has filed a request for an out-of-court debt restructuring at the São Paulo State Court, which would cover R$65.1 billion of the company's debt out of the total R$70 billion as of December 2025. Raizen will have 90 days from the court's acceptance of the filing to gain sufficient support from creditors in order for the court to ratify the restructuring. During this period, the company will suspend the payment of any interest or principal related to the covered unsecured debt, including its senior notes. The company aims to restructure its unsecured debt of R$65.1 billion, as well as other intercompany claims, out of the total of R$70 billion as of December 2025. The potentially restructured debt would include bank debt, senior notes and local debt. Raizen has obtained the approval for its plan from creditors holding more than 47% of the debt under the restructuring agreement. In accordance with the law, the company will have 90 days from the court's acceptance of the filing to reach sufficient support from creditors for the court's ratification of the plan, upon which the amended terms and conditions will apply to 100% of the covered debt. During the 90-day period, Raizen will suspend the payment of any interest or principal related to the covered debt under the original terms, which results in the default of the rated debt. RUMO SA: S&P Lowers ICR to 'BB-', On CreditWatch Negative --------------------------------------------------------- S&P Global Ratings lowered its ratings on Cosan S.A., Rumo S.A.'s parent, to 'BB- ' from 'BB' and placed the ratings on CreditWatch with negative implications. S&P said, "We limit the ratings on Rumo at the level of those on Cosan because the parent controls Rumo with a majority on the board of directors for the past several years and an economic stake of 30.3%. "As a result, we lowered the long-term issuer and issue ratings on Rumo to 'BB-' from 'BB' and placed them on CreditWatch with negative implications. The 'B' short-term rating and the '4' recovery rating remain unchanged. "The CreditWatch placement reflects the same action on Cosan, which indicates our view of high uncertainties remaining around Raízen's situation and how this could affect the group." S&P Global Ratings' downgrade and CreditWatch placement on Rumo S.A. mirrors the same action on its parent, Cosan S.A. S&P has lowered the ratings on Rumo to 'BB-' from 'BB' and placed it on CreditWatch with negative implications, mirroring the rating action on Cosan, because of an increased risk perception and lower financial flexibility due to governance issues related to Raízen's financial and operating challenges. Immediate impacts on Cosan and Rumo from the circumstances at Raizen seem to be limited, in terms of cross default among debts or guarantees, or immediate refinancing needs. But longer-term reputational risks could rise, which could impair Cosan's and its subsidiaries' financial flexibility. S&P said, "In addition, we believe the change in Cosan's speech around Raizen's situation indicates governance weakness as it creates a weak precedent for risk management in the group's subsidiaries. This led us to reassess Rumo's management and governance score to moderately negative from neutral." S&P caps Rumo's ratings at the level of Cosan's since Cosan controls Rumo with a majority on the board of directors for the past several years and an economic stake of 30.3%. Rumo maintains an adequate liquidity position, with approximately R$ 7 billion in cash as of December 2025, which along with expected solid operating cash flows provide cushion to cover its large capital expenditures, short-term debt, and expected dividends this year. S&P said, "The CreditWatch negative placement reflects our expectation that the ratings on the parent, Cosan, will continue to limit those on Rumo. We would solve the CreditWatch on Rumo once we take the same action on Cosan." USINAS SIDERURGICAS: Fitch Affirms 'BB' IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed the ratings of two Latin American steel-making companies and their related subsidiaries -- Gerdau S.A. and Usinas Siderurgicas de Minas Gerais S.A. (Usiminas). 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 Gerdau S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb, Moderate), Financial Structure (a, Moderate), 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 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 of 'BBB'/Stable. Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) 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 (bb-, Higher), Company Operational Characteristics (b+, Moderate), Profitability (b+, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the 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 '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'/Stable. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Usiminas International S.a r.l. senior unsecured LT BB Affirmed BB Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Gerdau Trade Inc. senior unsecured LT BBB Affirmed BBB Gerdau S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB GUSAP III LP senior unsecured LT BBB Affirmed BBB =========================== C A Y M A N I S L A N D S =========================== DEER INVESTMENT: Fitch Affirms 'B-' IDR, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed the ratings on five APAC diversified industrial companies: 1. Deer Investment Holdings Limited 2. Contemporary Amperex Technology Co., Limited (CATL) 3. CRRC Corporation Limited 4. Midea Group Co., Ltd. 5. Weichai Power Co., Ltd. These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators - Addendum to the Corporate Rating Criteria' on January 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Deer 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 (bb, lower), market and competitive positioning (b, moderate), diversification and asset quality (bb-, moderate), company operational characteristics (bb, moderate), profitability (b+, higher), financial structure (ccc, higher), and financial flexibility (b, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 50% for the forecast year 2026 and 30% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Fitch made no adjustment to the SCP, resulting in an IDR of 'B-'. CATL 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 (a-, higher), diversification and asset quality (bbb+, moderate), company operational characteristics (a-, moderate), profitability (a-, higher), financial structure (a+, moderate), and financial flexibility (a, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'A-'. CRRC 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 (a, moderate), diversification and asset quality (bb+, lower), company operational characteristics (a, higher), profitability (bb-, lower), financial structure (a+, higher), and financial flexibility (a, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'a'. To derive the IDR: - Application of Fitch's 'Government-Related Entities Rating Criteria' results in an equalised approach, leading to an IDR of 'A'. Midea Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb+, lower), sector characteristics (bbb, lower), market and competitive positioning (a-, higher), diversification and asset quality (a-, moderate), company operational characteristics (bbb, moderate), profitability (bbb, moderate), financial structure (a+, higher), and financial flexibility (a+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'a'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'A'. Weichai Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): management (bbb, lower), sector characteristics (bbb-, moderate), market and competitive positioning (bbb, moderate), diversification and asset quality (bbb, moderate), company operational characteristics (bbb, moderate), profitability (bb+, moderate), financial structure (a, higher), and financial flexibility (a, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BBB+'. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Deer Investment Holdings Limited LT IDR B- Affirmed B- CRRC Corporation Limited LT IDR A Affirmed A senior unsecured LT A Affirmed A Midea Group Co., Ltd. LT IDR A Affirmed A senior unsecured LT A Affirmed A Weichai Power Co., Ltd. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Midea Investment Development Company Limited senior unsecured LT A Affirmed A Contemporary Amperex Technology Co., Limited LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- VAKIF KATILIM: Fitch Gives BB- LongTerm Rating on USD1.5BB Certs ---------------------------------------------------------------- Fitch Ratings has assigned Vakif Katilim Bankasi A.S's (Vakif Katilim; BB-/Positive) USD1.5 billion trust certificate issuance programme, housed under Vakif Katilim Sukuk Programme Ltd , a long-term rating of 'BB-' and short-term rating of 'B'. Fitch has also assigned the programme long- and short-term ratings excluding government support of 'B(xgs)' and 'B(xgs)', respectively. The ratings are in line with Vakif Katilim's Issuer Default Ratings (IDRs) and IDRs(xgs). The programme documentation allows for the issuance of senior unsecured and subordinated notes, but the programme ratings only apply to the senior unsecured debt. Vakif Katilim Sukuk Programme Ltd, the issuer and trustee, is a special purpose vehicle (SPV), incorporated in the Cayman Islands, solely to issue certificates (sukuk) under the programme and enter into the transactions contemplated by the transaction documents. Vakif Katilim is the obligor, seller and service agent. BNY Mellon Corporate Trustee Services Limited acts as the delegate of the trustee. Key Rating Drivers The trust certificate issuance programme's ratings are driven solely by Vakif Katilim's Long- and Short-Term IDRs of 'BB-' and 'B' respectively, which are driven by the bank's Government Support Rating of 'bb-', reflecting potential support from the Turkish authorities considering the bank's state ownership, importance of participation banking to the government and record of capital support. This reflects Fitch's view that default of these senior unsecured obligations would equal a default of Vakif Katilim in accordance with Fitch's rating definitions. Fitch has given no consideration to any underlying assets, or any collateral provided, as it believes that the issuer's ability to satisfy payments due on the certificates will ultimately depend on Vakif Katilim satisfying its unsecured payment obligations to the trustee under the transaction documents described in the base prospectus and other supplementary documents. In addition to Vakif Katilim's propensity to ensure repayment of the sukuk, in Fitch's view, Vakif Katilim would also be required to ensure full and timely repayment of Vakif Katilim Sukuk Programme Ltd's obligations due to the bank's various roles and obligations under the sukuk structure and documentation, which include especially - but are not limited to - the features below: Vakif Katilim will ensure sufficient funds are available to meet the periodic distribution amounts in full and in a timely manner on each periodic distribution date. On any dissolution event, the aggregate amounts of the deferred sale price then outstanding will become immediately due and payable; and the trustee will have the right to require Vakif Katilim to purchase all of the issuer's rights, title, interests, benefits and entitlements under the wakala assets at the exercise price specified in the documentation. The outstanding deferred sale price and the exercise price together are intended to fund the dissolution distribution amount payable by the trustee under the relevant certificates, which should equal the sum of the outstanding face amount of such series; and any accrued but unpaid periodic distribution amounts for such certificates or other amount specified in the applicable pricing supplement. The payment obligations of Vakif Katilim under the transaction documents will be direct, unconditional, unsubordinated and unsecured obligations (subject to certain negative pledge provisions) and shall rank at least pari passu with claims of all other unsecured and unsubordinated creditors, from time to time outstanding, save those whose claims are preferred solely by any bankruptcy, insolvency, liquidation or other similar laws of general application. In a total loss event, Vakif Katilim undertakes to pay any shortfall in insurance proceeds. If Vakif Katilim cannot properly insure the assets within 60 days of the first tranche issue date of a series, it will deliver written notice to the trustee and the delegate, triggering a dissolution event. The transaction documents also include an obligation on Vakif Katilim to ensure that the tangibility ratio is more than 50% at all times. Failure by Vakif Katilim to comply with this obligation will not constitute a dissolution event. However, if the tangibility ratio falls below 33% (tangibility event), this would result in the certificate holders having a put right. The certificates would then be delisted and each certificate holder can exercise a put option to have their holdings redeemed, in whole or in part, at their dissolution distribution amount. Fitch expects Vakif Katilim to maintain the tangibility ratio at above 50% with support from its extensive asset base. The transaction documents include a right-to-register clause by Vakif Katilim under certain events and circumstances. Fitch does not believe this clause is sufficient for it to treat the debt as secured or higher ranking than existing indebtedness, due to uncertainties and complexities related to legal framework and regulations, Vakif Katilim's willingness and ability to register, and a lack of precedents. Vakif Katilim sukuk programme includes negative pledge and cross-default provisions, financial reporting obligations, obligor event and restrictive covenants. Certain aspects of the transaction will be governed by English law while others are governed by the Turkish and Cayman Islands law. Fitch does not express an opinion on whether the relevant transaction documents are enforceable under any applicable law. However, Fitch's rating on the certificates reflects the agency's belief that Vakif Katilim would stand behind its obligations. When assigning ratings to the certificates to be issued, Fitch does not express an opinion on the certificates' compliance with sharia principles. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The programme ratings could be downgraded following a downgrade of Vakif Katilim's IDRs and IDRs(xgs). The programme ratings are also sensitive to negative changes to the roles on obligations of Vakif Katilim under the sukuk structure and documents. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The programme ratings could be upgraded following an upgrade of Vakif Katilim's IDRs and IDRs(xgs). Public Ratings with Credit Linkage to other ratings Vakif Katilim's ratings are driven by support from the Turkish authorities. The ratings housed under Vakif Katilim Sukuk Programme Ltd are driven by Vakif Katilim's ratings. ESG Considerations The ESG Relevance Score for Management Strategy of '4' reflects an increased regulatory burden on all Turkish banks. Management ability across the sector to determine their own strategy and price risk is constrained by regulatory burden and also by the operational challenges of implementing regulations at the bank level. This has a moderately negative impact on the banks' credit profiles and is relevant to the banks' ratings in combination with other factors. Vakif Katilim also has ESG Relevance Scores of '4' for Governance Structure due to potential government influence over its boards' effectiveness and management strategy in the challenging Turkish operating environment, which has a negative impact on the bank's credit profile and is relevant to the ratings in conjunction with other factors. ESG Relevance Score of '4' for Governance Structure also reflects Vakif Katilim's Islamic banking nature where the bank's operations and activities need to comply with sharia principles and rules, which entails additional costs, processes, disclosures, regulations, reporting and sharia audit. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Islamic banks also have an ESG Relevance Score of '3' for Exposure to Social Impacts, above sector guidance for an ESG Relevance Score of '2' for comparable conventional banks, which reflects that Islamic banks have certain sharia limitations embedded in their operations and obligations, although this only has a minimal credit impact on Islamic banks. 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 ----------- ------ Vakif Katilim Sukuk Programme Ltd senior unsecured LT BB- New Rating senior unsecured ST B New Rating senior unsecured LT (xgs) B(xgs) New Rating senior unsecured ST (xgs) B(xgs) New Rating ============= J A M A I C A ============= JAMAICA: BOJ Says Outstanding Certs of Deposit Valued at $141BB --------------------------------------------------------------- RJR News reports that Bank of Jamaica (BOJ) said the value of its outstanding certificates of deposit was rise to $141 billion last Monday, March 9 following a settlement of a new auction. The central bank conducted a 25-month certificate of deposit auction, offering an interest rate of 6% per year, according to RJR News. Nearly 300 bids were submitted by institutional investors, individuals and public sector agencies, with a combined value of $37.7 billion, the report notes. 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: DBJ Providing $45M Boost for Businesses Hit by Hurricane ----------------------------------------------------------------- RJR News reports that the Development Bank of Jamaica (DBJ) says it will be providing $45 million to six of its business clusters, which were affected by Hurricane Melissa last year. This, as it enters the second phase of M5 Business Recovery Program, according to RJR News. The funds will be channelled through the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) program, which is supported by the Inter-American Development Bank (IDB) and the European Union (EU), the report notes. DBJ Managing Director Dr. David Lowe says the support from the IDB and the EU is a reflection of their shared confidence in the program, the report relays. The clusters that will benefit are strawberry, pepper, cocoa, peanut and pimento production and tourism, 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. NCB JAMAICA: Fitch Ratings Removes Negative Ratings Watch --------------------------------------------------------- RJR News reports that credit ratings agency Fitch Ratings has removed the negative ratings watch placed on National Commercial Bank Jamaica, despite expectations of slower economic activity and rising loan risks. Fitch says it still expects reconstruction costs to increase and the bank's level of non-performing loans to grow, but the agency believes the bank's strong position in Jamaica's banking sector supports its current rating, according to RJR News. According to Fitch, NCB controls about 35 per cent of the $2.8 trillion in assets held by commercial banks and 31 per cent of the sector's two trillion dollars in deposits as at the end of December last year, the report notes. Because of this dominant market share, Fitch says the bank continues to hold a BB- credit rating, although that rating remains below investment grade, the report relays. Meanwhile, Fitch says the B+ rating for NCB Financial Group, the parent company of NCB, also remains below investment grade, the report says. ===================== P U E R T O R I C O ===================== PHARMA + VET: Seeks Approval to Hire Elite Find as Accountant ------------------------------------------------------------- Pharma + Vet Inc., LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire 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 thereafter; (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 $200. 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 Pharma + Vet Inc. LLC Pharma + Vet Inc., LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00687) on February 20, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as bankruptcy counsel. PHARMA + VET: Seeks to Hire Juan C Bigas Law Office as Counsel -------------------------------------------------------------- Pharma + Vet Inc., LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan C Bigas Law Office to handle its Chapter 11 case. Juan C Bigas Law Office received a retainer in the amount of $15,000, against which the firm will bill on the basis of $350 per hour. In addition, the firm will seek reimbursement for work-related expenses. As disclosed in court filings, Juan C Bigas Law Office is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Juan Carlos Bigas Valedon, Esq. Juan C Bigas Law Office 515 Ferrocarril Urb. Santa Maria Ponce, PR 00717 Phone: (787) 259-1000 Email: cortequiebra@yahoo.com citas@preguntalegalpr.com About Pharma + Vet Inc. LLC Pharma + Vet Inc., LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00687) on February 20, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as bankruptcy counsel. =============== X X X X X X X X =============== [] Fitch Affirms Ratings on Four LatAm Building Materials Cos. -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of four Latin American (LatAm) building materials companies and one engineering and construction company as well as their related subsidiaries: 1. Cemex, S.A.B. de C.V. (Cemex) 2. Votorantim S.A.'s (VSA) 3. Votorantim Cimentos S.A.'s (VCSA) 4. GCC, S.A.B. de C.V.'s (GCC) 5. Dexco S.A. (Dexco) 6. CLISA - Compania Latinoamericana de Infraestructura y Servicios' (CLISA) 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 Cemex Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market & Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb-' Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDRof 'BBB-.' VSA Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a, 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. - Assessments of the quantitative financial subfactors also include bespoke calculations. - Additional sector considerations adjustment is applied based on Mining sector and results in an adjustment of -1 notch(es). - 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 IDRof 'BBB.' VCSA Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (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. - Assessments of the quantitative financial subfactors also include bespoke calculations. - 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 IDRof 'BBB.' GCC 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+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (a+, Lower), Financial Structure (a+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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 IDRof 'BBB.' Dexco 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, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb+, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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.' CLISA 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 (ccc, Moderate), Market and Competitive Positioning (ccc+, Moderate), Diversification and Asset Quality (ccc, Higher), Company Operational Characteristics (b-, Moderate), Profitability (ccc, 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. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'ccc+' results in no adjustment. - The SCP is 'ccc'. Fitch made no adjustments to the SCP, resulting in a Foreign and Local Currency IDR of 'CCC.' RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Cemex, S.A.B. de C.V. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- subordinated LT BB Affirmed BB GCC, S.A.B. de C.V. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Dexco S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Votorantim Cimentos S.A. (VCSA) LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB Votorantim S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB CLISA-Compania Latinoamericana de Infraestructura y Servicios LT IDR CCC Affirmed CCC LC LT IDR CCC Affirmed CCC senior secured LT CCC Affirmed RR4 CCC Votorantim Cimentos International S.A. senior unsecured LT BBB Affirmed BBB [] Fitch Affirms Ratings on Two LatAm Oil Field Services Cos. ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of two Latin American oil field services and business services companies and their affiliated subsidiaries: 1. Oceanica Engenharia e Consultoria S.A. 2. Constellation Oil Services Holding 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 Oceanica Engenharia e Consultoria S.A. (Oceanica) 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 (bb, Lower), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Lower), Financial Structure (b-, Moderate), and Financial Flexibility (b-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'b-'. Constellation Oil Services Holding 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 (b, Moderate), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb-, Lower), Financial Structure (bb-, Moderate), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Oceanica Lux senior secured LT B- Affirmed RR4 B- Oceanica Engenharia e Consultoria S.A. LT IDR B- Affirmed B- LC LT IDR B- Affirmed B- Constellation Oil Services Holding S.A. LT IDR B Affirmed B LC LT IDR B Affirmed B senior secured 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 * * *