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260330.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 Monday, March 30, 2026, Vol. 27, No. 63 Headlines B R A Z I L BANCO MASTER: Brazil Audit Court Sidesteps Ruling as Probes Unfold COMPANHIA SIDERURGICA: Surges After Securing $1.2B Loan Deal NEW FORTRESS: Delays 2025 10-K Filing Amid Financial Restatement H O N D U R A S HONDURAS: S&P Affirms 'BB-/B' SCRs, Alters Outlook to Stable J A M A I C A JAMAICA: Beverage Industry Exec Warn of Fallout Due to Added Taxes JAMAICA: BOJ Reports Year-To-Date Losses of $10.7 Billion JAMAICA: Byles Says Traditional Economic Indicators Insufficient M E X I C O COEUR MINING: S&P Ups Issuer Rating to 'BB' on New Gold Acquisition P A R A G U A Y FRIGORIFICO CONCEPCION: Moody's Cuts CFR, Sec. Notes Rating to Caa1 P E R U TERMINALES PORTUARIOS: S&P Withdraws 'BB+' Rating on Sr. Sec. Debt - - - - - =========== B R A Z I L =========== BANCO MASTER: Brazil Audit Court Sidesteps Ruling as Probes Unfold ------------------------------------------------------------------ Reuters reports that Brazil's federal audit court TCU deferred its ruling on the Banco Master case despite the conclusion of an internal audit amid elements under review by other authorities that are necessary for its decision, the judge overseeing the ‌case said. In February, Reuters had already reported that the TCU audit did not give any recommendations regarding the central bank's conduct in the liquidation of Banco Master in November amid a sharp liquidity crisis and alleged sale of fraudulent credit portfolios, according to the report. About Banco Master Banco Master, S.A., formerly known as Banco Maxima, is a financial institution that provides corporate credit, foreign exchange, and treasury services, and later expanded into real estate credit as well as fund and wealth management activities. The bank began operations in 1974 and broadened its business lines in the mid-1990s as part of its growth strategy within the financial service sector. Banco Master filed a Chapter 15 Petition with the U.S. Bankruptcy Court for the Southern District of Florida on December 10, 2025 (Case No. 25-24568), with the Hon. Scott M Grossman presiding. COMPANHIA SIDERURGICA: Surges After Securing $1.2B Loan Deal ------------------------------------------------------------ SeekingAlpha.com reports that Brazil's Companhia Siderurgica Nacional (SID) jumped 10.9% in trading after saying it reached agreement for a group of banks to extend the company a $1.2B loan, easing concerns about its ability to meet near-term obligations. The credit line is expected to be partially secured by certain assets designated for sale and can be increased to $1.4B, Bloomberg reported, citing a regulatory filing, notes the report. The the loan will support for the company until it can raise cash with asset sales, according to the filing, notes Bloomberg. CSN also said it intends to use the proceeds of the credit facility to refinance debt and pay related fees and expenses. The lenders include Morgan Stanley, Citigroup Inc., Credit Agricole, HSBC, Banco XP, BNP Paribas, Banco do Brasil's New York branch and Banco Bradesco, the filing reads, the report relays. As reported in the Troubled Company Reporter-Latin America on March 20, 2026, S&P Global Ratings lowered its ratings on Companhia Siderurgica Nacional (CSN) to 'B' from 'B+'. NEW FORTRESS: Delays 2025 10-K Filing Amid Financial Restatement ---------------------------------------------------------------- New Fortress Energy Inc. disclosed in a regulatory filing that it is working diligently and plans to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as soon as practicable. The Company reported on March 17, 2026, that the Audit Committee of the Board of Directors concluded that the Company's previously issued financial statements for the years ended December 31, 2024 and 2023 included in the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2024, filed on June 30, 2025, and each of the Company's previously issued financial statements included in its Quarterly Reports on Form 10-Q as of and for each of the interim periods in 2025 and 2024 should no longer be relied upon. The Company requires additional time to complete a restatement of its historical financial statements related to the incorrect presentation of certain capital expenditures on its statements of cash flows. Additionally, certain errors were identified in the capitalization of interest, as well as other insignificant errors, that require restatement of the Company's 2025 interim financial statements. The Company continues to work diligently to complete the remaining review and restatement procedures. As a result, the Company has determined that it is unable, without unreasonable effort or expense, to file the Annual Report within the prescribed time period. The Company expects to file the Annual Report, including all required restated financial statements, no later than March 31, 2026, or as soon as practicable; however, the timing of the filing may be subject to further delay, and the Company cannot provide assurance regarding the definitive filing date while this work remains in progress. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. =============== H O N D U R A S =============== HONDURAS: S&P Affirms 'BB-/B' SCRs, Alters Outlook to Stable ------------------------------------------------------------ On March 26, 2026, S&P Global Ratings revised its outlook on Honduras to stable from negative and affirmed the 'BB-/B' long- and short-term sovereign credit ratings. The transfer and convertibility assessment remains at 'BB-'. Outlook The stable outlook incorporates S&P's view of lower political uncertainty in Honduras following last year's tight elections. It also incorporates the significant shift in government policies, focusing on fiscal consolidation and productive relationships with the private sector, multilateral lending institutions, and the U.S. Downside scenario S&P could lower the ratings in the next six to 12 months if weaker external conditions were to dampen private-sector investment, both domestic and external, and limit economic growth prospects, pressuring the government's efforts to contain fiscal pressures. Upside scenario S&P could raise the ratings in the next six to 12 months if the significant shift in policies allows for faster-than-expected implementation of structural reforms that result in stronger rule of law and meaningful institutional improvements, leading to consistently higher long-term GDP growth, while the government successfully addresses the long-standing weaknesses in the energy sector. Rationale The 'BB-' long-term ratings on Honduras reflect the country's low per capita GDP and its weak democratic institutions with recurrent episodes of political turmoil. On the other hand, the country has also maintained low fiscal deficits and a favorable debt profile, with most sovereign debt coming from official sources at concessional conditions. Remittances, which account for 30% of GDP, have proven to be a source of external inflows of hard currency into the country, which have also translated into higher domestic consumption. Institutional and economic profile: Political uncertainty has eased following tight elections, with a significant shift in policies by the new government -- Following a very uncertain electoral period late last year, the new government has significantly shifted policies in Honduras, with a focus on fiscal consolidation and much closer relationships with the private sector and the international community. -- S&P projects that GDP growth will slow to 3% in coming years from the normalization of remittances this year and the impact of external shocks from higher energy prices. -- The country's per capita GDP, estimated to be $3,900 in 2026, is among the lowest in the region, while its social indicators compare unfavorably with those at most of its peers. In S&P's view, the high political uncertainty during last year's elections has eased. Honduras held presidential and legislative elections in November 2025, and Nasry Asfura from Partido Nacional was elected president with 40% of the vote. Asfura's margin of victory over Salvador Nasralla from Partido Liberal was less than 1 percentage point. Asfura's party also had a good result in the legislative elections, putting it in a position to assemble working majorities to pass reforms. Following the elections, there's been a significant shift in the government's policies, with a focus on fiscal consolidation and closer relationships with the private sector and the international community. The incoming government promptly announced that the country would return to the international arbitration court known as ICSID, and it held conversations with top officials in the U.S. and the main multilateral lending institutions. Furthermore, following an increase in borrowings and supplier debt during the transition period, the government passed a law to reorganize the public sector, eliminating or merging ministries and giving it more flexibility to reduce spending. The government is also working with Congress to pass an amendment for the 2026 budget (which wasn't approved because of congressional paralysis late last year); the amendment shrinks the budget and makes use of available funds from multilateral lending institutions. A relatively weak institutional framework constrains the country's economic performance. S&P said, "We think per capita GDP will be around $3,900 in 2026, among the lowest figures in the region. Remittances account for 30% of GDP; we project that GDP growth will slow to 3% in 2026-2029, given a remittances slowdown that'll hamper domestic consumption and given more strained financial conditions globally, with high energy prices impacting Hondurans' disposable income." The new government will have the challenge of attending to Honduras' structural social demands. Poverty in Honduras is high at around 60% (with extreme poverty at 40%), and about 75% of the working-age population works in the informal sector. Steps to strengthen the rule of law and foster competition and private investment could raise the country's growth rate. Long-standing problems in the energy sector have affected economic growth, increasing costs and deterring private investment. Despite efforts to cut energy losses and arrears owed by the state-owned energy transmission and distribution company (known as ENEE) in accordance with its IMF program, losses remain high, and the government will need to continue supporting that company. Attending to this issue is key to Honduras attracting more domestic and external investment. Furthermore, Honduras is highly exposed to extreme weather events, such as hurricanes, tropical storms, and earthquakes. As a result, the government has expressed interest in IMF financing under the Resilience and Sustainability Facility, which could be considered in subsequent IMF program reviews. Flexibility and performance profile: The government is reversing the increase in debt that occurred during the political transition, and it faces more complicated external conditions -- The new government is committed to fiscal consolidation, following a jump in expenditures, an increase in debt by the central bank, and high arrears from the previous government. S&P projects that the change in net general government debt will be equal to roughly 3% of GDP, on average, over the next four years, following a spike to 6% of GDP in 2025. -- Honduras will face more strained external conditions, with slowing remittances, higher energy import prices, and lower export prices for main products such as coffee. -- The central bank recently shifted to more flexible monetary and exchange rate policies. S&P expects that the new government will remain committed to fiscal consolidation, following a sharp deterioration of fiscal accounts during the last political transition. As a result of the political uncertainty late last year, Congress didn't approve a 2026 budget, and it has had to use a rerun of the 2025 budget until the current government approves an amendment. Furthermore, there's been a sizable increase in supplier debt (estimated at around 2.4% of GDP) and an extraordinary increase in central bank debt, which boosted the annual change in net general government debt to 6% of GDP in 2025. S&P said, "However, we believe the government has presented an initial plan to contain the fiscal slippage; that plan calls for a smaller public sector, reversing the high increase in personnel in recent years, and redirecting resources toward capital expenditure. We don't expect major changes to government revenue in 2026, other than efficiency measures. "We estimate that the average annual change in net general government debt will be equal to around 3% of GDP over the next three years, taking into account the government's commitment to gradual fiscal consolidation." The current medium-term fiscal framework and fiscal responsibility law target a deficit of 1% of GDP for the nonfinancial public sector. The fiscal consolidation measures are in line with Honduras' IMF program (for around $830 million), with planned disbursements from 2023 to 2026. The program's fourth review has been delayed since the previous government didn't fully meet the program's target. But S&P believes a joint fourth and fifth review could be performed in coming months, allowing for the disbursement of around $240 million. In addition to fiscal consolidation, the government is also committed to improving the financial health of ENEE and avoiding central bank financing of the fiscal deficit, among other structural benchmarks. Despite efforts from different governments, there hasn't been a meaningful improvement in ENEE's financial standing, with still high arrears to electricity generators and its losses in the grid at around 38%. The company is likely to run financial losses of 1.1%-1.2% of GDP annually over the next three years, funded by government transfers and borrowings. As a result of Honduras' moderate fiscal deficits, S&P projects that net general government debt will stabilize at around 41% of GDP in 2026-2029. S&P deducts intergovernmental debt holdings from its calculation of general government debt, and S&P deducts government liquid assets to calculate net general government debt. About 40% of Honduras' total debt is owed to official creditors, and around 70% of its debt is in foreign currency, exposing it to risks from sudden exchange rate fluctuations. S&P projects that interest payments will hover near 9.7% of general government revenue in 2026-2029. In S&P's view, improved relationships with the private sector and the international community will reduce the risk of contingent liabilities from ongoing lawsuits by private-sector companies in international courts. The government's decision to reinstate Honduras at ICSID should favor the country's rule of law. Late last year, the single largest judicial claim against the government from a firm in the free-trade zone was substantially reduced by 90%--to 2.4% of GDP from 24% of GDP. S&P said, "We estimate that Honduras posted a current account surplus in 2025, although we expect it to be reversed in 2026, given weaker external conditions. We project current account deficits at 1.7% of GDP in 2026, gradually deteriorating to 3% of GDP in 2026-2029. This stems from a remittances slowdown due to changes in U.S. immigration policy, and fear of deportation led Hondurans living in the U.S. to front-load remittances in 2025. (We expect the inflows to normalize in the next three years.)" Moreover, higher energy import prices and lower export prices, mainly for coffee, are worsening Honduras' trade balance. Honduras remains vulnerable to further tariffs by the U.S., its main market for exports of textiles and electrical equipment. Despite a better relationship with the private sector, foreign direct investment is likely to remain low in the short term--at around 1.5% of GDP over the next four years--because of tepid investor sentiment. As a result, S&P expects narrow net external debt to marginally worsen to around 10%-15% of current account receipts over the same period. Net international reserves increased markedly to almost $11 billion in March 2026 from $6.4 billion in October 2024--a result of an improved current account balance, disbursements from the IMF, and the extraordinary external conditions last year. S&P forecasts that gross external financing needs will average 90% of current account receipts and usable reserves over the next three years. The government faces external commercial debt amortization of $700 million in 2027. It's likely to try to tap international debt markets in 2026 to roll over this capital payment, if financial conditions globally improve. The government has introduced more flexibility in monetary and exchange rate policies in recent years, meeting its commitments to the IMF. The central bank increased its policy rate to 5.75% from 3% and allowed a steeper depreciation of the lempira. Having said that, we believe that limited exchange rate flexibility in the past and the small size of the domestic capital markets limit the effectiveness of monetary policy. The foreign exchange market has improved following the higher availability of dollars in the economy. The central bank changed the system for allocating dollars to the market in 2023 because of allegations that private banks had discretionarily supplied foreign exchange to their clients under the previous system. As a result, the central bank returned to an auction system from interbank market allocation. Exchange agents are obliged to surrender foreign currency inflows to the central bank. Although the change resulted in a large gap in the foreign exchange market last year, better external conditions have enabled the central bank to fully meet the daily demand for hard currency. The central bank's more restrictive monetary policy (from monetary policy rate increases and tighter reserve requirements for the banking sector) will curb inflation to where it's closer to the middle of the central bank's target (4.0% plus or minus 1 percentage point) over the next three years. As a result, credit growth has decelerated markedly. S&P expects credit growth of nearly 9% annually in 2026-2029, following four years of growth at an average of 15%. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List Ratings Affirmed; Outlook Action To From Honduras Sovereign Credit Rating BB-/Stable/B BB-/Negative/B Ratings Affirmed Honduras Transfer & Convertibility Assessment Local Currency BB- Senior Unsecured BB- ============= J A M A I C A ============= JAMAICA: Beverage Industry Exec Warn of Fallout Due to Added Taxes ------------------------------------------------------------------ RJR News reports that Chairman of Caribbean Producers Jamaica, Richard Pandohie and Clement 'Jimmy' Lawrence, chairman of the Spirits Pool Association, say the tax hike on alcoholic beverages will lead to an increase in informal activities in order to beat the system and to remain competitive. They argue that there will be a reduction in demand and a fallout in revenues and investments if the tax is passed onto the consumer who is already under pressure, according to RJR News. They, however, stressed that company margins will get thinner if they absorb the tax, while adding that this will lead to lower levels of profitability and investments, the report notes. The two beverage industry executives also warned that the tax could put compliant businesses at a competitive disadvantage compared to those not paying it, potentially driving more operators underground in an effort to remain competitive and viable, the report relays. 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: BOJ Reports Year-To-Date Losses of $10.7 Billion --------------------------------------------------------- RJR News reports that the Bank of Jamaica (BOJ) is reporting year-to-date losses of $10.7 billion. The central bank said total assets have grown by about 8 per cent to reach $1.3 trillion as at March 11, according to RJR News. Foreign assets recorded a single increase rising by roughly 21 per cent to $1.1 trillion, the report notes. However, local assets edged down slightly, declining by less than 1 per cent over the period, the report relays. On the liability side, demand liabilities surged about 21 per cent to $802 billion, while other liabilities increased by approximately 4 per cent, the report notes. Despite the losses, the bank's capital and reserves rose by around 23 per cent to $59.5 billion, reflecting continued balance sheet expansion, 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: Byles Says Traditional Economic Indicators Insufficient ---------------------------------------------------------------- RJR News reports that Bank of Jamaica Governor Richard Byles has asserted that traditional indicators such as GDP growth, asset expansion, profit growth and market share are no longer sufficient to measure economic success in today's environment. Byles, speaking at the Caribbean CFO Summit under the theme "Redefining Economic Leadership: Rebuilding Resilient Financial Ecosystems in Emerging Markets," said economic leadership must also be assessed by a country's resilience -- its ability to withstand shocks, adapt to rapid and disruptive change, and support sustainable development, according to RJR News. He argued that this requires the strengthening of macro-economic buffers, including maintaining strong foreign reserves, implementing flexible and responsive monetary policy, and adhering to prudent fiscal rules, 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. =========== M E X I C O =========== COEUR MINING: S&P Ups Issuer Rating to 'BB' on New Gold Acquisition ------------------------------------------------------------------- S&P Global Ratings raised its rating on Chicago-based Coeur Mining Inc. to 'BB' from 'B+' and removed it from CreditWatch, where S&P placed it with positive implications on Nov. 4, 2025. S&P said, "At the same time, we assigned our 'BBB-' issue-level rating and '1' recovery rating to the newly upsized $1 billion revolving credit facility. We also raised our issue-level rating on the existing senior unsecured debt to 'BB' from 'BB-' and revised the recovery rating to '3' from '2'. Concurrently, we assigned our 'BB' issue-level rating and '3' recovery rating to the proposed senior unsecured debt involved in the obligor exchange." The positive outlook reflects the potential for a higher rating as Coeur establishes a track record of low leverage and stable production while integrating the new assets. Coeur Mining Inc. has acquired all issued and outstanding shares of Toronto-based New Gold Inc. in an all-equity transaction valued at approximately $7 billion. The acquisition strengthened Coeur's competitive position through increased scale and operating breadth, almost doubling its production volume from seven mines in total, concentrated in less risky jurisdictions. S&P expects leverage below 1x based on our estimates of stronger earnings and cash flow, its favorable outlook for gold, silver, and copper prices, and the company's stated conservative financial policy. The addition of the New Afton and Rainy River mines strengthens Coeur's competitive profile. The acquisition increases the company's scale by almost doubling its production to about 1.25 million gold equivalent ounces. Its operating breadth also increases with seven operating mines in less risky jurisdictions of Canada, Mexico and U.S. However, Coeur will derive about half of its annual revenues from Canadian assets, which represents some concentration risk, partly mitigated by the stability of the country. The two additional mines add new operating jurisdictions and mines with good cost characteristics, which will improve product diversity and operational efficiency. The addition of meaningful copper by-product volumes from the New Afton mine improves mineral diversity and lowers the cost profile of the mine and that of the combined entity. However, most of the company's operating assets are still located within the third and fourth quartile of the global industry cost curve. Additionally, 4 out of the seven mines have 9 years or fewer of mine life, including the two newly added assets. On the other hand, Coeur has been successful in replacing depleted resources at some of its mines, thereby maintaining production and life-of-mine over the past 10 to 15 years. For example, Wharf's mine life was five years when the company acquired it in 2015. By Dec. 31, 2025, Coeur successfully increased the life of mine to 12 years through years of investment in exploration. Overall, S&P does not expect significant operational synergies, which is typical of mergers in the mining industry. Mining assets are often isolated, which can preclude the asset-level cost savings that often characterize takeovers in other sectors. Mergers in mining improve portfolio breadth and corporate sustainability by adding reserves and resources. Favorable precious metals prices and various growth projects have enhanced Coeur's earnings profile. Coeur could generate S&P Global Ratings-adjusted EBITDA of $2.5 billion-$3.0 billion and free operating cash flows of $1.3 billion-$1.8 billion in fiscal 2026, after accounting for capital expenditure (capex) of $400 million-$460 million. It will use more than half of the proposed capex for various growth projects which could maintain or further enhance the earnings profile. S&P expects gold and silver prices to moderate over the next 12-24 months from recent highs but remain solidly above historic prices of less than $2,000/ounce. Coeur recently completed a period of heavy capex on the Rochester mine expansion in 2024, which increased throughput and production volumes at the mine beginning that same year. This also coincided with the start of the rapid rise in gold and silver prices. At the same time, Coeur aggressively expanded over the last 12 months, completing the acquisition of SilverCrest in February 2025 and now New Gold Inc. The combination of these acquisitions, expansion projects and favorable price outlook for gold and silver have increased Coeur's earnings and cash flow profile S&P said, "We expect leverage well below 1x supported by conservative financial policies. Upon close of the New Gold acquisition, Coeur announced an enhanced shareholder distribution policy which includes a $750 million authorized share repurchase program and fixed semi-annual dividends of 2 cents per share. We expect these distributions will be financed with free operating cash flows based on our forecast for robust earnings and cash flow generation over the next 12 â€“ 24 months. The company has publicly stated it would maintain a net cash position at all times, with a minimum cash balance equal to its gross debt. As a result, we expect Coeur to maintain leverage well below 1x, with a significant cushion to absorb earnings volatility." Coeur's rolling-12-month leverage as of Sept. 30, 2025, was below 1x, driven by higher earnings and repayment of debt levels. Over the past 36 months, Coeur reduced its S&P Global Ratings-adjusted debt through debt-for-equity exchanges and recently utilized free cash flows to pay down all drawings under its revolving credit facility, creating a permanent cushion in its credit metrics even before the combination. Coeur financed its recent acquisitions with equity issuance, preserving balance sheet flexibility and strength. S&P expects the combined entity to have low S&P Global Ratings-adjusted debt of about $1.3 billion comprising about $700 million of unsecured notes and $600 million of debt-like obligations such as asset retirement obligations, pension liabilities, and stream obligations. S&P said, "We believe the company's continuation of its conservative financial policy and maintaining stable operations following the aggressive growth will be key determinants for a higher rating because it currently lacks a track record of operating with such low debt leverage. Therefore, we account for this lack of operating history by applying a negative one-notch comparable rating analysis adjustment. "The positive outlook reflects our expectation for record EBITDA and free cash flows over the next 12 months, supported by the company's enhanced earnings profile from recent acquisitions and a favorable outlook for gold, silver, and copper prices. We expect Coeur will generate robust cash flows to finance high capex associated with various projects that will either maintain or enhance its production profile. "We could revise our outlook on Coeur to stable over the next 12 months if it runs into challenges with operations at any of assets or prolonged operational disruptions at any of its mines lead to lower-than-expected volumes. We could also lower our ratings if the company undertakes debt-financed shareholder distributions or acquisitions that may harm its credit profile. In such scenarios, we would expect leverage to rise above 1.5x. "We could raise our rating on Coeur within the next 12 months if it establishes a track record of operating with leverage below 1.5x, supported by our commodity price assumptions and a stable production profile. We would also expect further clarity on its financial policy and commitment to maintaining conservative financial policies that support low leverage." =============== P A R A G U A Y =============== FRIGORIFICO CONCEPCION: Moody's Cuts CFR, Sec. Notes Rating to Caa1 ------------------------------------------------------------------- Moody's Ratings has downgraded to Caa1 from B2 Frigorifico Concepcion S.A.'s (FriCon) corporate family rating and backed senior secured notes' rating. The outlook for the ratings was changed to negative from stable. RATINGS RATIONALE The downgrade to Caa1 reflects heightened liquidity and refinancing risk, driven by FriCon's continued negative cash flow generation (Moody's adjusted), limited access to long-term financing, which has prevented the company from extending its debt maturity profile, as previously expected. These factors have constrained the company's financial flexibility and increased execution risk around future liability management. The negative outlook reflects Moody's expectations that refinancing risk will remain elevated over the next 12–18 months, given FriCon's limited access to long-term financing and ongoing inability to generate positive free cash flow. Although FriCon's senior secured notes are not due until July 2028, the company's weak liquidity profile and limited market access increase execution risk well ahead of maturity. Despite relatively stable operating margins, FriCon has been unable to reverse cash outflows, primarily because of structurally high working capital requirements associated with its growing export-oriented business model. As a result, free cash flow has remained negative, increasing reliance on short-term debt and exacerbating refinancing risk. Liquidity risk is further exacerbated by a more restrictive global financing environment, particularly for lower rated issuers. Elevated interest rates and tighter global credit conditions, partly influenced by ongoing geopolitical tensions in the Middle East, will further constrain access to cross border capital markets. In addition, disruptions related to the conflict will require FriCon to reroute part of its exports to alternative markets, increasing working capital needs and overall costs. In the nine months ending September 2025, roughly one-third of sales went to Asia, 3% to the Middle East, and most of the rest to Latin America. As of September 2025, the company held approximately $60 million in cash against around $263 million of short-term debt, while generating approximately $158 million of Moody's adjusted negative free cash flow over the preceding twelve months. Negative cash flow was driven primarily by working capital absorption, particularly inventory and receivables linked to the company's export-oriented business model. While most of FriCon's debt is denominated in US dollars, the company does not employ financial hedging instruments. Export revenues provide a partial natural hedge, however. Management has initiated asset divestment processes in Paraguay, including the sale of El Nido pig farm, the Inka pork plant, and All Par Casings S.A., with expected proceeds to be used for debt reduction. While these measures could partially alleviate liquidity pressure, execution risk remains, and Moody's do not view asset sales alone as sufficient to restore a sustainable liquidity profile. Governance considerations remain a credit weakness and constrain the rating. FriCon has highly concentrated ownership, with approximately 95% held by a single individual, and limited board independence. The company's historical debt-funded growth strategy has contributed to elevated leverage and balance-sheet risk. While management has stated its intention to improve leverage and liquidity, tangible improvements in financial policy and cash flow discipline have yet to be demonstrated. FriCon's ratings continue to be supported by its leading position in beef and pork processing in Paraguay, Bolivia, and Brazil, and its geographically diversified export base, which provides some resilience against localized market disruptions. FriCon's ratings are primarily constrained by its smaller scale compared with Latin American peers with global operations. This risk is partially mitigated by the diversification provided by the company's export revenue. Additional constraints include exposure to the cyclical nature of the protein industry and overall volatility in protein prices, especially given the concentration in beef, the main revenue driver. A sudden rise in cattle costs could significantly affect EBITDA and working capital requirements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Downward pressure could result from a further deterioration in liquidity, failure to execute asset sales or apply proceeds to debt reduction. Upward pressure could develop if the company demonstrates sustained improvement in liquidity, successfully extends debt maturities and adopts a more conservative and consistent financial policy. COMPANY PROFILE Founded in 1997 and headquartered in Asuncion, Paraguay, FriCon has a leading position in the production and sale of fresh beef and pork in Paraguay, Bolivia and Brazil, with a diversified portfolio of global clients. Since 2017, FriCon has also incorporated industrialized product lines such as burgers, premium burgers, meatballs and sausages. As of September 2025, around 48% of revenue came from exports to 37 countries, with the remainder from local market sales. The principal methodology used in these ratings was Protein and Agriculture published in October 2025. FriCon's Caa1 rating is two notches below the B2 indicated by Moody's Protein and Agriculture rating methodology scorecard as of September 2025, due to refinancing risk affecting short-term liquidity. ======= P E R U ======= TERMINALES PORTUARIOS: S&P Withdraws 'BB+' Rating on Sr. Sec. Debt ------------------------------------------------------------------ S&P Global Ratings withdrew its 'BB+' issue rating on Terminales Portuarios Euroandinos Paita S.A.'s senior secured debt at the issuer's request. The outlook was stable at the time of the withdrawal. ********* 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 * * *