260408.mbx

260408.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, April 8, 2026, Vol. 27, No. 70 Headlines B A H A M A S FTX TRADING: Ex-Chief Engineer Settles CFTC Fraud Case for $3.7MM FTX TRADING: Merchant's Bid for Withdrawal of Reference Denied B R A Z I L BANCO BMG: Moody's Affirms 'B1' LT Deposit Ratings, Outlook Stable WHIRLPOOL CORP: Fitch Lowers LongTerm IDR to BB-, Outlook Negative C O L O M B I A ARIS MINING: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable COLOMBIA: Rift w/ Central Bank Clouds Future Rate Decisions D O M I N I C A N R E P U B L I C DOMINICAN REP: Commits to Protect Food Supply Amid Global Crisis J A M A I C A JAMAICA: JMEA Urging Businesses to Increase Use of Local Materials P A N A M A MULTIBANK INC: Fitch Hikes Long-Term IDR to BB+, Outlook Positive P U E R T O R I C O ASOCIACION HOSPITAL: Gets Extension to Use BPPR's Cash Collateral - - - - - ============= B A H A M A S ============= FTX TRADING: Ex-Chief Engineer Settles CFTC Fraud Case for $3.7MM ----------------------------------------------------------------- Rick Archer of Law360 reports that the U.S. Commodity Futures Trading Commission said Wednesday that a New York federal judge has approved an order resolving fraud claims against the former chief engineer of the now-defunct cryptocurrency platform FTX. The action is part of the regulator's broader enforcement response to the company's collapse. The agency alleged that the former engineer played a role in deceptive practices involving customer assets and internal controls at the exchange. Those actions, the CFTC said, contributed to investor harm and raised serious concerns about governance within the platform, according to report. Under the court-approved order, the case has been resolved through financial penalties and other relief. The CFTC emphasized that it will continue pursuing enforcement actions against individuals involved in misconduct in digital asset markets, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page @ cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FTX TRADING: Merchant's Bid for Withdrawal of Reference Denied -------------------------------------------------------------- The Hon. Jennifer L. Hall of the U.S. District Court for the District of Delaware denied the motion for leave filed by Merchant Oasis Ltd. in the case captioned as FTX TRADING LTD., ALAMEDA RESEARCH LTD., NORTH DIMENSION INC., and MACLAURIN INVESTMENTS LTD., Plaintiffs, v. KEY SOLUTION DEVELOPMENT LTD., MERCHANT OASIS LTD., AND CHARLES YANG, INC., Defendants, Civ. No. 25-138-JLH (D. Del.). The motion for leave is denied without prejudice to Merchant's right to renew its request for withdrawal of the reference at such time as the proceeding is ready for trial. Before the District Court is the motion of Merchant Oasis Ltd. ("Movant"), defendant in the adversary proceeding currently pending in the United States Bankruptcy Court for the District of Delaware, which seeks an order withdrawing reference of the adversary proceeding under 28 U.S.C. Sec. 157(d) for cause. The adversary proceeding is captioned FTX Recovery Trust v. Key Solutions Development, Ltd., Adv. No. 24-50185 (KBO) (Bankr. D. Del.). On or about November 11 and November 14, 2022, the above-captioned debtors ("Debtors") filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code. It is by now a matter of public record that the individuals who ran the FTX Group (referred to in the Complaint as the "FTX Insiders") operated a wide-ranging and complex scheme to misappropriate FTX Group assets for, among other things, private homes and jets, political and "charitable" contributions, and various investments. These investments included the transfers at issue in the underlying adversary proceeding, in which it is alleged that Movant, Merchant Oasis, received over $1.3 million of misappropriated funds in connection with an alleged scheme involving shares of Genesis Block Ltd -- a Hong Kong-based cryptocurrency trading firm. On or about November 4, 2024, plaintiffs FTX Trading LTD., Alameda Research LTD., North Dimension Inc., and Maclaurin Investments LTD. ("Plaintiffs") filed a complaint initiating the adversary proceeding (the "Original Complaint') against Movant, Merchant Oasis, and defendants Genesis Block, Bluebird, Key Solution, Clement Ip, Hung Ka Ho, Tin Ka Yu, Charles Yang, Myth Success Ltd., GB Holdings, Ltd., GBV Capital, Inc., Nai Him Leslie Tam, Able Rise Corporate Development Ltd., GBC Technologies Ltd., and D21 Solutions Ltd. (together, the "Defendants"'). Through the Complaint, Plaintiffs seek a judgment against Genesis Block and Bluebird declaring that all shares of Genesis Block held by Bluebird are Plaintiffs' property. In the alternative, Plaintiffs seek to avoid and recover alleged fraudulent transfers to Merchant Oasis and other defendants who allegedly benefitted from the scheme. Plaintiffs also seek disallowance and equitable subordination of all claims Defendants have filed in the Chapter 11 cases. Of the twenty-six (26) claims for relief asserted in the Original Complaint, Movant asserts, only five claims seek relief against Movant. Four claims are fraudulent transfer allegations under state and federal law, and the fifth claim for relief seeks recovery of the alleged avoidable transfer under Sec. 550(a)(1) of the Bankruptcy Code. Movant asserts that it is not a creditor of the Debtors, has not filed a proof of claim in the underlying chapter 11 cases, has not submitted to the jurisdiction to the Bankruptcy Court, and has demanded a trial by jury. On February 3, 2025, Movant filed the Motion for Leave seeking withdrawal of the reference of the adversary proceeding to the District Court. Movant's primary argument is that even if the Delaware Bankruptcy Court finds that the claims in the adversary proceeding are core proceedings, it may only conduct a jury trial if it is designated to do so by the district court and all parties consent. Movant does not consent to a jury trial in the Delaware Bankruptcy Court. Therefore, Movant argues, cause exists to withdraw the reference. Conversely, Plaintiffs argue that Movant has not carried its burden of establishing cause at such a preliminary stage of the proceeding, where the claims are core, there are pending motions to dismiss, and no other Defendants in the adversary proceeding have sought to withdraw the reference. According to Plaintiffs, the proper time for the District Court to consider whether to withdraw the reference is when the adversary proceeding 1s ready for trial. The District Court agrees. According to the District Court, even assuming that Movant has demonstrated that it is entitled to a trial by jury, it has shown no reason why its refusal to consent to a jury trial before the Bankruptcy Court requires that the reference be withdrawn now, rather than when the adversary proceeding is ready for trial. Even if the District Court concludes that, at some future time, it must oversee a jury trial, withdrawal of the reference now is premature. A copy of the Court's Memorandum dated March 17, 2026, is available at @ urlcurt.com/u?l=xnBPCp from PacerMonitor.com. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page @ cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== BANCO BMG: Moody's Affirms 'B1' LT Deposit Ratings, Outlook Stable ------------------------------------------------------------------ Moody's Ratings has affirmed all ratings and assessments assigned to Banco BMG S.A. (BMG), including its B1 long-term local and foreign currency bank deposit ratings and Ba3 long-term local and foreign currency counterparty risk ratings. The baseline credit assessment (BCA) and adjusted BCA of b1, the long and short-term counterparty risk assessments of Ba3(cr) and Not Prime(cr), respectively, as well as the short-term local and foreign currency bank deposit ratings and counterparty risk ratings of Not Prime were also affirmed. The outlook on the long-term deposit ratings remains stable. RATINGS RATIONALE In affirming BMG's b1 BCA, Moody's acknowledges the bank's continuous improvement in profitability over the past three years, alongside its strategy to gradually diversify away from its core payroll products, which accounted for 72% of total loans in 2025. However, the bank's still highly concentrated business model in a regulated segment and its narrow capital remain a rating constraint. In 2025, BMG reported an improvement in asset quality metrics, with stage 3 loans declining by 270 basis points to 6% as of December. This improvement primarily resulted from a strategic decision to run off its portfolio of payroll loans in the United States, which had historically reported elevated delinquency rates. However, as BMG continues to expand into riskier unsecured consumer and private payroll loans, which accounted for 10% of total loans in 2025, its portfolio risk profile is likely to increase over the next two years. At the same time, BMG has maintained adequate loan-loss reserve coverage, amounting to 114% of stage 3 loans at the end of 2025, which, together with the large share of low-risk loans in its portfolio, helps mitigate potential pressure on asset risk. Performance has improved consistently over the past three years, with net income to tangible assets rising to 1.3% in 2025, from 1.0% in 2024 and 0.6% in 2023, supported by continued cost-efficiency measures, lower credit costs, and strong loan origination capabilities. This improvement occurred despite a slowdown in lending volumes to pensioners toward the end of 2025, which affected the entire industry and led to a 36% contraction in the bank's payroll loan origination volumes compared with the prior year. Looking ahead, profitability is expected to benefit from the rapid growth of higher-yield private payroll loans, as well as from continued efforts to increase product penetration within its sizeable customer base. BMG's b1 BCA remains constrained by its low tangible common equity (TCE) to risk-weighted assets ratio, which stood at just 1.2% in December 2025. Moody's capital assessment reflects adjustments to TCE that include, among other factors, the lower loss-absorption capacity of the large stock of deferred tax assets. From a regulatory perspective, the bank's core capital ratio stood at 9.7% at the end of 2025, still weak relative to similarly rated peers. Capitalization is expected to remain low in the next 12 to 18 months, reflecting the bank's strategy of maintaining elevated dividend payouts while complying with the phased implementation of IFRS provisions and other regulatory requirements through 2028. The bank's long track record of use of securitization structures and non-recourse loan sales provides some capital management flexibility, although this remains dependent on secondary market conditions. The affirmation of the b1 BCA reflects its efforts to reduce reliance on brokered deposits as part of its funding diversification strategy, although these resources still remain a relevant portion of its deposit base that accounted for 67% of total funding in 2025. BMG maintains a very high liquidity coverage ratio of 627% as of December 2025, alongside a positive maturity gap profile, mitigating refinancing risks and providing some protection against periods of heightened market volatility. The stable outlook reflects Moody's expectations that BMG will maintain adequate profitability and asset quality, helping contain potential pressure on its relatively low capitalization and regulatory challenges related to its core products. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on BMG's BCA could result from a material and sustainable improvement in the bank's core capitalization and profitability levels. Conversely, BMG's ratings could be downgraded if there is a sustained fall in profitability or sudden deterioration in asset quality metrics, or if its liquidity position were to reduce materially compared to historic levels. The principal methodology used in these ratings was Banks published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WHIRLPOOL CORP: Fitch Lowers LongTerm IDR to BB-, Outlook Negative ------------------------------------------------------------------ Fitch Ratings has downgraded Whirlpool Corporation's ratings, including the company's Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB+' and unsecured debt ratings to 'BB' with a Recovery Rating of 'RR4' from 'BB+'/'RR4'. Fitch has affirmed Whirlpool's Short-Term IDR and commercial paper (CP) ratings and Whirlpool Europe B.V.'s CP rating at 'B'. The Rating Outlook is Negative. The downgrade reflects Fitch's expectation that margin recovery will take longer than expected. This would result in elevated leverage despite Whirlpool's recent issuance of common stock and mandatory convertible preferred stock to reduce debt. The Negative Outlook reflects continuing margin pressure from a weak demand environment, tariff impacts, and ongoing competitive pressures. These factors could delay Whirlpool's deleveraging trajectory, including execution of its pricing strategy and cost-reduction initiatives in the current environment. Higher oil prices and uncertainty regarding the potential effects of the ongoing conflict in Iran also contribute to the Outlook. Key Rating Drivers Margin Improvement Slower than Expected: Fitch expects EBITDA margins will settle between 7.5%-8.5% in 2026 and 8%-9% in 2027, modestly above 2025 levels but lower than Fitch's prior expectation of margins settling between 9%-10% in 2026 and 2027. The lower expectation is driven by continued weakness in housing activity and repair and remodel (R&R) spending, which Fitch now expects will be flat in 2026 rather than low-single digit growth. Fitch expects positive price/mix from execution of its pricing strategy and new product launches in 2025, as well as cost reduction initiatives to more than offset the negative impact of previously enacted tariffs. Higher oil prices will also pressure margins in the near term. An extended conflict in which oil prices remain around $100/barrel would be a significant supply shock, adding inflation and demand headwinds. Subdued Demand Environment: Fitch expects flat demand for Whirlpool's products in 2026 but forecasts revenue will grow 3.5%-4.5% organically, driven by meaningful product launches in 2025. Fitch's rating case forecast anticipates existing home sales, housing starts, and R&R spending will be flat in 2026 with weaker demand for larger discretionary R&R projects. The conflict in Iran threatens this outlook through multiple mechanisms. Higher oil prices are fueling renewed inflation risks. This could potentially delay Federal Reserve rate cuts and keep 30-year mortgage rates above 6%, compared to Fitch's previous expectations of 6% by the end of 2026. This elevated mortgage rate stickiness and volatility, combined with deteriorating consumer confidence indices, undermine buyer sentiment precisely as the spring selling season is in full swing. Leverage Remains Elevated: Whirlpool's leverage will decline after issuing $575 million mandatory convertible preferred stock and $522 million common stock to repay debt, although it will remain above the negative sensitivities for the 'BB' IDR through at least the middle of 2027. Fitch expects EBITDA leverage will be around 5x at YE2026 and below 4.5x at YE2027. This assumes margin improvement and further debt reduction in the next two years, including Fitch's assignment of 50% equity credit to the recently issued mandatory convertible preferred stock. Further deleveraging could be achieved from the sale of additional stake in Whirlpool of India, although Fitch's rating case forecast does not incorporate this. Adequate Financial Flexibility: Whirlpool has adequate liquidity to navigate the weak operating environment. The company raised $1.1 billion from a recent preferred stock and common equity issuance. This liquidity will repay the EUR500 million note maturing in November 2026 and short-term debt. Whirlpool also plans to enter into a new secured revolver to replace one maturing in May 2027. Fitch expects excess cash from the recent offering, FCF, and revolver availability to repay its EUR600 million senior notes maturing in November 2027. Fitch expects an FCF margin below 1% in 2026 and 1.2% to 1.7% in 2027, assuming capex of 2.5%-3.0% of revenues and steady dividends. Leading Market Positions: Whirlpool's strong market share positions in core markets lead to higher and more stable operating margins over time. Additionally, the diversity of the company's geographic exposure, end-market exposure and distribution are credit positives relative to more U.S. centric building products peers with more concentrated exposure to particular end markets or channels. Whirlpool is the world's leading home appliance manufacturer with strong market positions in key countries including the U.S., Brazil, the U.K., Canada, Italy, France, Mexico and India. Litigation Risk: Whirlpool has exposure to risks associated with ongoing litigation and tax matters. The company is defending against certain tax assessments by the Brazilian government and an investigation by the French Competition Authority. Unfavorable rulings or settlements in these cases could result in a material use of cash for Whirlpool and constrain discretionary cash flow or negatively affect credit metrics. Peer Analysis Whirlpool's leverage metrics are weaker than 'BB' category and investment grade building products companies, including Standard Building Solutions (BB/Stable), Gibraltar Industries (BB/Stable), MasterBrand, Inc. (BB+/Stable), Masco Corporation (BBB/Stable) and Fortune Brands Innovations, Inc. (BBB/Stable). Whirlpool's EBITDA margins are also lower than these peers, reflecting the competitive nature of the appliance industry. Whirlpool's scale, global diversity, end-market exposure and channel diversity are favorable compared with these peers. Fitch’s Key Rating-Case Assumptions - Organic revenues improve 3.5%-4.5% in 2026 and improves 2.5%-3.5% in 2027; - EBITDA margin of 7.5% to 8.5% in 2026 and 8% to 9% in 2027; - FCF margin 0.5%-1% in 2026 and 1%-2% in 2027; - 2026 senior note maturity and short-term debt repaid from preferred stock and equity issuance; - Whirlpool's mandatory convertible preferred stock is assigned 50% equity credit; - Capex of 2.5%-3% of revenues and no dividend increases in 2026 and 2027. 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 (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 (bb-, Higher), and Financial Flexibility (bbb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 40% for the forecast year 2026, 40% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.3x; - (CFO-capex)/debt sustained below 6%; - FCF margin sustained below 1%. Factors that Could, Individually or Collectively, Lead to an Outlook Revision to Stable - Improvement in margins and cash flow, leading to EBITDA leverage at or below 4.3x or FCF margin trending towards 1.5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.8x; - (CFO-capex)/debt sustained above 8%; - FCF margin above 2%. Liquidity and Debt Structure Whirlpool had adequate liquidity as of Dec. 31, 2025, with $669 million in cash and more than $3.1 billion of borrowing capacity under its revolving credit agreement that matures in May 2027. Approximately $644 million of consolidated cash was held by subsidiaries in foreign countries. Whirlpool expects to enter into a new senior secured revolving credit facility to replace the existing $3.5 billion unsecured revolving credit facility. Fitch expects the new credit facility will provide a lower borrowing capacity than the existing facility to better align with Whirlpool's anticipated liquidity needs given the divestiture of its European operations and the sale of a majority stake in Whirlpool of India. The company has meaningful debt maturities in the next three years, including EUR500 million of senior notes maturing in November 2026, EUR600 million maturing in November 2027 and EUR500 million maturing in 2028. The recent issuance of preferred stock and common equity addresses its 2026 maturity. Fitch expects FCF, cash on hand and revolver availability to support the repayment of its $703 million senior notes maturing in November 2027. Issuer Profile Whirlpool Corp. is a global leader in the manufacturing, marketing and distribution of home appliances. The company's products include laundry appliances, refrigerators and freezers, cooking appliances, dishwashers and other small domestic appliances. Summary of Financial Adjustments Per Fitch's Corporate Hybrids Treatment and Notching Criteria, Fitch has assigned 50% equity credit to Whirlpool's $575 million mandatory convertible preferred stock. This assignment reflects the subordination of the preferred stock relative to the company's unsecured debt, the lack of covenants, the mandatory conversion in three years, and the ability to defer coupon payments. The 50% equity credit also reflects the cumulative nature of the deferred dividends and the potential that Whirlpool may need to settle a portion of the dividend in cash. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Whirlpool Corp. ESG Considerations Fitch has changed Whirlpool's ESG Relevance Score to '2' from '4' for Customer Welfare - Fair Messaging, Privacy & Data Security because Fitch believes the risk of potential legal claims in relation to the role played by a Hotpoint-brand appliance in the Grenfell Tower fire in the UK has lessened. Whirlpool has reached an agreement with its insurers regarding coverage for all likely future financial obligations arising out of this incident. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Whirlpool Europe B.V. senior unsecured ST B Affirmed B Whirlpool Finance Luxembourg S.a.r.l. senior unsecured LT BB Downgrade RR4 BB+ Whirlpool Corp. LT IDR BB Downgrade BB+ ST IDR B Affirmed B senior unsecured LT BB Downgrade RR4 BB+ senior unsecured ST B Affirmed B Whirlpool EMEA Finance S.a r.l. senior unsecured LT BB Downgrade RR4 BB+ =============== C O L O M B I A =============== ARIS MINING: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Aris Mining Corporation's (Aris) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. Fitch has also affirmed Aris' senior unsecured notes at 'B+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Aris' ratings reflect its junior precious metals mining position, with production around 300,000 oz, large dependence on a single asset (the Segovia mine), medium cost position at the third quartile and reserve life less than 10 years on its major mine. Aris' ability to sustain sound profitability and low leverage while managing execution risks to pursue business growth and diversification are also embedded in the ratings. Fitch's current forecast considers Aris' brownfield expansions at Segovia and Marmato in Colombia and assumes investments in greenfield Toroparu instead of shareholder remuneration. Throughout the rating period, gross leverage is expected to be about 0.6x, with EBITDA interest coverage above 15x. Key Rating Drivers Preparing Growth and Diversification: Aris' ratings are constrained by its single asset risk as well as product and geographic concentration. Fitch's forecast reflects a conservative view of the Marmato ramp-up, with Segovia therefore remaining the source of approximately 80% of revenue over the forecast horizon while Marmato grows its contribution over time. Higher output and diversification will sustain increased scale when record prices subside and improve size comparisons with 'B+' peers. Fitch will monitor asset allocation decisions regarding the development of projects Toroparu (Guyana) and Soto Norte (Colombia), which have the potential to add nearly 500,000 oz of gold per year. Gradual Production Increase: Fitch expects that Aris' steady state toward 500,000 oz from more than 300,000 oz targeted for 2026 will progress gradually over four years to factor in a degree of execution risk in the various projects in the Marmato operation. Segovia's ramp-up is targeted to end in 2026 after which the 255,000 oz output will grow to 300,000 oz in 2027. The main growth focus will be the bulk mining zone carbon-in-pulp plant ramp-up in Marmato after the decline and crosscut facilities completion in 2026. Segovia's current reserves sustain seven years of 2025 production. Exploration in Segovia extended reserves 12% to 1.5 million oz of gold contained in 2025 from its previous study, and project Soto Norte brings 4.6 million oz of contained gold in reserves supporting overall mine life. Contract Mining Partners: Aris expects contract mining partners (CMPs) to provide about 35% of Segovia's production from 2026 onward (40% in 2025), supporting higher mill feed and helping formalize local miners. At Marmato, CMP ounces are expected to increase from 3,000 oz in 2025 to 5,000 oz in 2026, ramping with initiatives launched from the recent settlement with the Colombian government that ended a legacy ICSID legacy arbitration. However, CMP costs are volatile because mill feed purchases depend on grade, volumes, and spot gold prices. Changing Cost Position: Segovia's owner-mining all-in sustaining cost was USD1,534/oz and that of CMPs was USD1,973/oz in 2025, which places Segovia in the second quartile in the global cost curve according to Wood Mckenzie, balancing Marmato's top third-quartile position. This may improve as the CIP plant and ramp-up gradually benefit Marmato in 2027. Gold Price Sensitivity: Fitch expects EBITDA to be approximately USD740 million in 2026 and USD753 million in 2027, based on its gold price assumptions. A USD100/oz drop in the price of gold would reduce EBITDA by roughly USD30 million. Fitch's rating case assumes gold prices at USD4,500/oz in 2026 moderating to USD3,800/oz in 2027, USD3,300/oz in 2028, USD2,700/oz in 2029 and USD2,300/oz thereafter. This compares with realized gold prices of USD3,526/oz in 2025 and the current gold price above USD4,500/oz as of March 30, 2026. Low Leverage: Aris' anticipated low leverage profile during the construction of the Marmato bulk mining zone and the Segovia second mill ramp-up is a credit strength. Considering average total debt of USD460 million as the gold notes phase out in 2027, total EBITDA leverage is expected to be 0.6x in 2026 and 2027 and reach a net cash position down from 1.1x and 0.3x in 2025. Fitch treats the Wheaton financing for Marmato Lower as non-debt and assumes gold-linked notes will be fully repaid. Considering Fitch's midcycle assumptions, leverage would be closer to 1.0x. Aris sets a maximum total EBITDA leverage ratio of 3.0x. FCF Upswing: Record gold prices and rising production at an average cost position turned FCF to reach USD68 million in 2025 with a margin of 7.3%, a margin which Fitch projects will continue in 2026 with USD740 million of EBITDA, USD410 million of capital expenditures and minimal working capital requirements, and FCF at USD107 million. For 2027, Fitch's projected base case EBITDA and FCF are USD753 million and USD54 million, respectively. Fitch expects Aris to remain committed to maintaining a sound credit profile and supporting business growth. If current prices hold, Fitch expects Aris to accelerate capex in other projects rather than pay dividends during the forecast period. Peer Analysis Aris produces 300,000 oz of gold from two mining operations in Colombia, comparable to Ero Copper Corporation's (Ero Copper; B+/Stable) 280,000 oz of gold equivalent from two Brazilian mines. However, this is lower than IAMGOLD Corporation's (IAG; B+/Positive) 770,000 oz from two mines in Burkina Faso and Canada, Eldorado Gold Corporation's (Eldorado Gold; B+/Stable) more than 485,000 oz from mines in Canada, Greece and Turkey, and Compania de Minas Buenaventura S.A.A.'s (Buenaventura; BB/Stable) 600,000 oz gold equivalent from mines in Peru. Aris has an 18-year mine life based on reserves, including seven years at its largest mine and more than 30 years including project reserves. This is similar to Ero Copper's 18 years, but longer than Eldorado Gold's 15 years and IAG's seven years. Buenaventura's main gold mines have a four-year mine life but benefit from significant silver and base metals production and stakes in long-lived assets like Cerro Verde (20-30 years). Aris' third-quartile cost position is similar to IAG's and more favorable than the fourth-quartile positions of Ero Copper and Buenaventura, but less competitive than Eldorado Gold's second-quartile position. Aris' leverage profile, with total EBITDA leverage of 1.1x in 2025, is higher than IAG's 0.5x and Buenaventura's 0.8x, but lower than Ero Copper's 1.5x and Eldorado Gold's 1.3x. Fitch’s Key Rating-Case Assumptions - Gold prices of USD4,500/oz in 2026, USD3,800/oz in 2027 and USD3,300/oz in 2028; - Fitch-projected gold sales reach 300,000 oz in 2026, 360,000 oz in 2027 and 410,000 oz in 2028; - Capex is USD410 million in 2026, about USD420 million in 2027 and nearly USD470 million in 2028. Figures include expenses in Toroparu and Soto Norte; - Dividends and stock buybacks remain suspended; - Wheaton Precious Metals financing for Marmato Bulk Mining Zone of USD82 million in 2026 and USD138 million in 2027 for Toroparu. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bb, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 20% for the forecast year 2029. - '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+'. Recovery Analysis The recovery analysis assumes that Aris would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. The GC EBITDA estimate of USD250 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption incorporates the industry's transition from peak gold prices to a sustainably weak gold price environment, which would stress the capital structure. An EV multiple of 6.0x EBITDA is applied to the GC EBITDA to calculate the post-reorganization enterprise value. The choice of this multiple reflects the average cost position of Aris' currently operating mines and the single asset risk. The allocation of value in the liability waterfall analysis results in a Recovery Rating of 'RR3' for the senior unsecured notes. However, according to Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," Fitch applies a cap of 'RR4' to reflect its view that all EBITDA will come from Colombia (Group D). Therefore, Fitch caps the instrument's RR at 'RR4', resulting in a 'B+' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative FCF or a material deterioration in cost position or production profile; - Prolonged strikes or mine closures that would halt or significantly lower gold production; - Deterioration of the company's liquidity position; - Large debt-funded acquisitions; - EBITDA leverage at 3.3x or higher on a sustained basis; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Annual gold production sustained above 600,000 oz, with average all-in sustaining costs trending toward the lower half of the global cost curve; - Increase in diversification over the medium term, including reduction of exposure to Segovia; - A successful extension of the Segovia mine life; - EBITDA leverage sustained below 2.3x. Liquidity and Debt Structure Aris has a track record of maintaining robust cash balance and limited exposure to refinancing risks. The company plans to fund its ongoing capital expenditures through cash on hand, internal cash flow generation and proceeds from the Marmato and Toroparu streams with Wheaton. Over the rating horizon, Fitch expects Aris to post average FCF of more than USD70 million, with FCF margins at almost 5% and average interest coverage of more than 20x. As of Dec. 31, 2025, Aris reported Fitch-adjusted cash and equivalents of USD392 million and total debt of USD519 million. Debt is comprised of USD450 million of senior unsecured notes due in 2029 and a carrying value of USD76 million gold linked notes with yearly payments that end in 2027. Future advance deposits of USD82 million from streaming contracts with Wheaton, payable on completion of construction milestones, will help to fund the final stage of the Marmato bulk mining zone project, which Fitch considers operating expenditure. Issuer Profile Aris is a Canadian-based precious metals miner. It is the largest gold and silver producer in Colombia with two underground operations. Aris is building a brownfield expansion and studying greenfield projects in Guyana and Colombia. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Aris. ESG Considerations Aris Mining Corporation has an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to the company's partial reliance on third-party contract mining partners for its gold production, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Aris Mining Corporation has an ESG Relevance Score of '4' for Labor Relations & Practices due to the company's exposure to local unrest in the communities surrounding its Marmato and Segovia mining operations, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Aris Mining Corporation LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ COLOMBIA: Rift w/ Central Bank Clouds Future Rate Decisions ----------------------------------------------------------- Reuters reports that Colombia faces mounting uncertainty ‌after the government's decision to withdraw from the central bank's board cast doubt on future decisions following a 100-basis-point interest rate hike, analysts warned on Wednesday, April 1. Finance Minister German Avila, the government's representative on the central bank board, announced his withdrawal from the body with the support of President Gustavo Petro, according to the report. The move followed the board's decision to raise the benchmark interest rate to 11.25% in a split 4-2-1 vote, the report notes. As reported in the Troubled Company Reporter-Latin America in December 2025, Fitch Ratings has downgraded Colombia's Long-Term Foreign Currency (LT FC) Issuer Default Rating (IDR) to 'BB' from 'BB+'. The Rating Outlook is Stable following the downgrade. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Commits to Protect Food Supply Amid Global Crisis ---------------------------------------------------------------- Dominican Today reports that President Luis Abinader led a high-level meeting with representatives from the Dominican Republic's main business, industrial, commercial, and agricultural sectors to coordinate actions aimed at mitigating the effects of the global economic crisis and protecting consumer purchasing power. The initiative focuses on safeguarding price stability, particularly for essential goods, while ensuring that vulnerable populations are shielded from potential economic shocks, according to Dominican Today. As part of the strategy, both government and private sector leaders agreed to hold a follow-up meeting in two weeks to assess progress and respond to any changes in the international landscape, the report notes. During the discussions, authorities analyzed current price trends, including rising hydrocarbon costs driven by tensions in the Persian Gulf, the report relays. Despite these external pressures, officials emphasized that there are no significant factors justifying major increases in food prices, as raw material costs remain stable with only minor fluctuations in freight, the report says. The private sector expressed full cooperation, committing to coordinate any potential price adjustments with the government to reduce their impact on consumers, the report notes. This collaborative approach mirrors past efforts during global disruptions such as the COVID-19 pandemic and the Ukraine conflict, reinforcing a unified response to economic challenges, the report discloses. The meeting underscores the Dominican Republic's proactive strategy to maintain economic stability, control inflation, and protect households amid ongoing global uncertainty, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: JMEA Urging Businesses to Increase Use of Local Materials ------------------------------------------------------------------ RJR News reports that Cecil Foster, Vice-President of the Jamaica Manufacturers & Exporters Association and Managing Director of FosRich, is urging businesses to increase their use of locally produced raw materials. Mr. Foster, speaking on Radio Jamaica's Real Business, said this is critical to reducing Jamaica's high import bill, according to RJR News. He noted that spending on raw materials and intermediate goods reached US$2.1 billion during the first eleven months of last year -- about US$500 million more than the country earned from total merchandise exports over the same period, the report notes. He also pointed out that the import bill for food and consumer goods stood at US$1.9 billion, the report relays. Mr. Foster said these two categories account for nearly 60 per cent of Jamaica's total import bill of US$6.8 billion, the report says. He stressed that the "Buy Jamaican Campaign" is therefore targeting both producers and consumers as part of efforts to reduce reliance on imports and strengthen the local economy, 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. =========== P A N A M A =========== MULTIBANK INC: Fitch Hikes Long-Term IDR to BB+, Outlook Positive ----------------------------------------------------------------- Fitch Ratings has upgraded Multibank, Inc.'s (Multibank) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB', Long-Term National Rating to 'AA+(pan)' from 'AA(pan)', and Shareholder Support Rating (SSR) to 'bb+' from 'bb'. Fitch also upgraded Multibank's senior unsecured Long-Term rating to 'BB+' from 'BB', senior unsecured national Long-Term rating to 'AA+(pan)' from 'AA(pan)', and subordinated national Long-Term rating to 'AA-(pan)' from 'A+(pan)'. Fitch has removed the Rating Watch Positive (RWP) on all Long-Term Ratings and assigned a Positive Rating Outlook to the Long-Term IDR and Long-Term National Rating, in line with BAC International Bank, Inc.'s (BIB; BB+/Positive) ratings, from which Multibank now derives its support-driven ratings. Fitch has also affirmed Multibank's Short-Term IDR at 'B', Short-Term National Rating at 'F1+(pan)', and Senior Unsecured Debt Short-Term National Rating at 'F1+(pan)'. These rating actions on Multibank follow the completion of the transaction first announced on Oct. 28, 2025. BAC International Corporation (BIC), BIB's holding company, acquired a majority stake in Multi Financial Group Inc. (MFG) and its subsidiaries, including Multibank, from Banco de Bogota. BIC plans to integrate them into its business model. The companies announced the transaction close on March 18, 2026. Multibank is now consolidated under BIC and will operate independently from its sister company, BIB, during the expected merger process. As previously noted, Multibank's ratings and Outlook align with those of BIB, BIC's main subsidiary, which are underpinned by BIB's intrinsic credit profile as captured in its Viability Rating (VR). The Positive Outlook on BIB's Long-Term IDRs reflects BIB's increased share of earning assets in Panama after it acquired Multi Financial Group, Inc., including Multibank, Inc. For more information, see "Fitch Revises BAC International Bank's Outlook to Positive; Affirms IDR at 'BB+'". In this review, Fitch does not assess Multibank's VR or the underlying factors that determine it. Key Rating Drivers Shareholder Support from BIB: Multibank's IDRs and national ratings reflect Fitch's view that, if required, the bank would receive support from its sister company, BIB, as captured in Multibank's SSR of 'bb+'. The upgrade of Multibank's SSR to 'bb+' from 'bb' follows the change of control upon transaction completion and does not reflect a change in Multibank's financial profile to date. Consequently, Multibank's Long-Term IDRs and Outlook are aligned with those of BIB. High Integration: Fitch's support assessment is driven by Multibank's high level of management and operational integration with the group and BIC's 99.6% ownership stake. The assessment also reflects Multibank's strategic importance in strengthening the parent's local and regional franchise, as well as the potential reputational risk BIB could face if Multibank defaults. Strategic Subsidiary: Fitch's support assessment for Multibank considers its acquisition to be a strategic move by BIB to increase its market share in Panama, with Multibank playing a key role in supporting BIB's growth and expanding its presence in the country. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating actions on BIB's IDRs and national ratings would trigger similar actions on Mulitbank's IDRs, SSR, and national ratings; - By execution risk from the merger with BIB and Fitch's perceives a reduced strategic role of Multibank. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating actions on BIB's IDRs and national ratings would trigger similar actions on Mulitbank's IDRs, SSR, and national ratings; - Multibank's Short-Term National Rating has no upside potential because it is at the highest level of the rating scale. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Senior Unsecured Debt: The ratings of Multibank's outstanding long-term global-scale and national-scale senior unsecured obligations are equal to the issuer's ratings because the obligations' likelihood of default is the same as Multibank's. Subordinated Debt: The ratings of Multibank's outstanding long-term national scale subordinated obligations are two notches below the anchor ratings, the Long-Term National Scale Rating, reflecting loss severity given the instrument characteristics (no coupon flexibility). OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Multibank's senior unsecured and subordinated debt would reflect any downgrade of the bank's ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Multibank's senior unsecured and subordinated debt would reflect any upgrade of the bank's ratings. Sources of Information The principal sources of information used in the analysis are described in the Applicable Criteria. Public Ratings with Credit Linkage to other ratings Ratings are support-driven from BAC International Bank, Inc. 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 ----------- ------ ----- Multibank, lnc. LT IDR BB+ Upgrade BB ST IDR B Affirmed B Natl LT AA+(pan) Upgrade AA(pan) Natl ST F1+(pan) Affirmed F1+(pan) Shareholder Support bb+ Upgrade bb senior unsecured LT BB+ Upgrade BB senior unsecured Natl LT AA+(pan) Upgrade AA(pan) subordinated Natl LT AA-(pan) Upgrade A+(pan) senior unsecured Natl ST F1+(pan) Affirmed F1+(pan) ===================== P U E R T O R I C O ===================== ASOCIACION HOSPITAL: Gets Extension to Use BPPR's Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico granted the seventh extension of the stipulation between Asociacion Hospital Del Maestro, Inc. and Banco Popular de Puerto Rico to use the secured creditor's cash collateral. The stipulation is extended from March 25 to April 17, with all prior terms and conditions remaining in effect. Under the stipulation, the Debtor is authorized to use up to $146,859 in cash collateral strictly in accordance with a detailed budget. These funds may only be used for specified "permitted expenditures," and spending is limited both by category and by monthly caps. The Debtor is not allowed to exceed the authorized amount, deviate from the budget (subject to limited variance allowances), or use funds beyond the agreed period unless further court approval is obtained. As protection, the Debtor agrees to make a $50,000 payment to the bank during the extension period. A copy of the stipulation is available at https://urlcurt.com/u?l=s9f2hI from PacerMonitor.com. The original stipulation, first filed on August 27, 2025, authorized the Debtor to use the bank's cash collateral for a limited period and was approved shortly thereafter. Since the initial expiration on September 22, 2025, the parties have repeatedly sought and obtained six prior extensions from the court, each allowing continued use of cash collateral for short, defined periods while maintaining the protections afforded to the bank. These extensions reflect an ongoing need for the Debtor to access operating funds while negotiations and case administration continue under Chapter 11. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. a financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, LLC. ********* 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. 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