260423.mbx

260423.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 Thursday, April 23, 2026, Vol. 27, No. 81 Headlines A R G E N T I N A ARGENTINA: Now More Resilient to External Shocks, Officials Say ARGENTINA: Trump Support Collides With IMF Caution Over Program B E R M U D A BORR DRILLING: S&P Affirms 'B' ICR, Outlook Stable B R A Z I L BANCO DO BRASIL: Fitch Rates Proposed Sr. Unsec. Notes 'BB(EXP)' C O L O M B I A RUTA AL MAR: Fitch Keeps 'B' Sr. Sec. Notes Rating on Watch Neg. D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Pres. Submits US$400M Loan for Tourism Project J A M A I C A JAMAICA: Credit Union Assets And Liabilities Declined in January KLE GROUP: Posts Profit After Prior Year Losses M E X I C O TEXAS INTERNATIONAL: Unsecureds Will Get 100% over 60 Months P U E R T O R I C O ESJ TOWERS: Court Upholds Judgment in DAC Adversary Case - - - - - ================= A R G E N T I N A ================= ARGENTINA: Now More Resilient to External Shocks, Officials Say --------------------------------------------------------------- Santiago del Carril at Buenos Aires Times reports that Argentina's top economic officials said the country has weathered recent external shocks without breaking its exchange-rate regime or triggering major financial stress, arguing the outcome marks a sharp departure from past crises and shows the current policy framework is holding. That was the message delivered by Central Bank Governor Santiago Bausili and Economy Minister Luis Caputo during their appearance at an Atlantic Council event in Washington DC, according to Buenos Aires Times. In the past, episodes of external stress have often ended with a break in Argentina's currency regime, a domestic financial dislocation or both, said the officials. This time, they argued, the framework has held, the report notes. Bausili said this was one of the clearest signs that President Javier Milei's stabilisation program is diverging from past Argentine cycles, the report relays. "Most of the time in Argentina, whenever you went through a situation like that, the system was broken and the regime – in particular the FX regime -- was changed," said the Central Bank chief. "In this case, we came out stronger," the report discloses. Bausili said Argentina's Central Bank is not preparing to loosen policy despite an increase in unemployment -- which hit 7.5 percent at the end of 2025 -- and inflation, which has accelerated since the middle of last year, the report says. Consumer prices rose to 3.4 percent in March and 2.9 percent in February, with annual inflation currently at 32.6 percent, the report notes. The governor said the latest uptick in inflation should be understood as a by-product of relative-price adjustments, rather than evidence that the broader disinflation process has stalled, the report relays. "Our focus in terms of monetary policy remains on underlying inflation trends and not trying to adjust to shocks in relative prices," said the governor, citing petrol and beef prices as examples, the report discloses. "We continue to maintain a tight monetary policy stance and we will continue to do so until we reach a level where our domestic inflation converges to the international inflation level," he declared, the report notes. The International Monetary Fund, which confirmed a staff-level agreement with Argentina on the latest review of its US$20-billion loan programme earlier , has called on the Milei administration to prioritise the accumulation of Central Bank reserves, the report says. Bausili said a reserve build-up that many investors doubted last year is now taking place "at a much faster pace than I think anybody anticipated," noting that the Central Bank purchases were "'almost at the US$6 billion mark' by mid-April, since the start of the year," the report notes. He presented accumulation as another sign that the government's macro framework is starting to gain credibility, the report relays. Total reserves stood at US$45.4 billion as of April 13, according to Central Bank data, the report relays. The IMF wants Argentina's net international reserves to increase by at least US$8 billion this yeare, with the monetary authority purchasing at least US$10 billion in 2026, the report notes. Caputo echoed Bausili's remarks, arguing that Argentina was facing volatility from a stronger external footing than in the past, the report discloses. This stronger position is due in part to the country’s emergence as an energy exporter, argued the minister, noting rising oil and gas output rising from the Vaca Muerta formation, which has helped shift the energy balance into surplus, the report says. This has made the nation more resilient to global shocks, he noted. The report relays that Argentina is no longer among the most vulnerable to global shocks as it now combines fiscal surplus, improving credibility and access to markets for resources the world needs, said Caputo, noting the importance of Argentina's "oil, natural gas, food, critical minerals." Referring to the framework discussed during IMF meetings, he said Argentina is "for the first time in the right quadrant" of countries in the best position -- those with fiscal surpluses and energy exports, the report notes. Caputo said that the government's broader strategy now is to convert macroeconomic order into competitiveness by "lowering taxes, lowering regulations, and improving logistics," rather than relying on what he called the "old-fashioned ways" of previous governments which, in his reading, carried out mega-devaluations to mask deeper productivity problems, the report discloses. The minister pointed to the Milei administration's recent labour reform bill passed by Congress, the government’s to bring undeclared dollar savings into the formal financial system and a new infrastructure agenda covering roads, rail and ports, the report says. Caputo revealed the government had already auctioned more than 9,000 kilometres of roads and planned another 12,000 kilometres of new, arguing that logistics and infrastructure in Argentina would look "totally different" within two years, the report notes. The report relays that he also insisted the administration would not retreat from its current course, stating: "We are not going to move one centimetre from this path." The pitch in Washington was that Argentina is beginning to break with its old crisis script, the report says. Rather than seeing external volatility spill over into a currency rupture or broader financial stress, the two officials argued that the current framework has absorbed the shock and held together, the report notes. For Caputo and Bausili, two of Milei's key lieutenants, that is the clearest sign yet that the stabilisation plan is starting to gain credibility, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Trump Support Collides With IMF Caution Over Program --------------------------------------------------------------- Eugenia Muzio at Buenos Aires Times reports that the conclusion of Argentina's staff-level agreement with the International Monetary Fund (IMF) came with a coded message at the 11th hour, reflecting the pressures facing President Javier Mlei's government -- the institution must respond to a global crisis and the outcome of US elections, which could stress-test the financial backing Argentina has received. During the IMF's Spring Meetings in Washington, the Fund's staff finalized Argentina's numbers but inserted a condition: that the economic team must implement additional measures before any funds are disbursed, according to Buenos Aires Times. The report notes that in the closing lines of the IMF's official statement, the institution led by Kristalina Georgieva noted the following: "IMF staff welcomes the strong and constructive engagement with the authorities and their continued commitment to the programme, including through the implementation of corrective measures to address earlier setbacks. Upon completion of pending measures, the review will be submitted to the IMF Executive Board for consideration." Among analysts in Washington, the reading is that it is "highly unusual" for IMF staff to announce a staff-level agreement while, in the same breath, making it clear that escalation to the Executive Board depends on additional steps. Sources with direct knowledge of the institution's working suggest that the 'asterisk' in the statement could be linked to a specific move on capital controls, although they ruled out any potential demand for a sharp devaluation, the report relays. The Fund's wording implies that corrective actions are in their final stages and that, once the last operational milestone is met, the final green light for disbursement will be granted the report notes. Tug-of-War Behind this bureaucratic delay lies a high-stakes tug-of-war; IMF staff are feeling political pressure from the White House. One insider told Perfil that the technical team is effectively "kicking" the decision upstairs to the Board, where the final battle will be fought, the report discloses. Washington's backing for Milei's government is unequivocal, but driven by short-term electoral logic: US President Donald Trump needs foreign policy wins as he faces mounting fatigue on the domestic front, the report says. The run-up to the November 2026 midterms in the United States is shaping the approval ratings of Trump, who is reeling from a string of six consecutive local electoral defeats, the report relates. In this context, economic support for Argentina has become firm and largely unquestioned at the US Treasury, the report notes. Remarks by US Treasury Secretary Scott Bessent at the Institute of International Finance hinted at the role Washington's economic figureheads are playing in shaping pressure on the IMF. "Argentina has been a fantastic success, the report relays. They are building reserves every day," said Bessent. "Tens of millions of people have been lifted out of poverty and it is very interesting to see that the poorest and the youngest voted for the government of Javier Milei. There is optimism there," he added. For IMF staff, however, US optimism clashes with the cold reality of the data, the report says. In its latest World Economic Outlook report, the Fund revised Argentina's growth prospects for 2026 downwards, the report notes. It now forecasts GDP will improve 3.5 percent this year – half a percentage point lower than predicted six months ago – with annual inflation of 30.4 percent, nearly double the previous estimate, the report discloses. The Fund attributes the overheating to a "negative supply shock" stemming from the war in Iran, which has driven up global logistics costs, the report adds. Parameters The report relays that to safeguard the program's sustainability, the IMF-Argentina staff-level agreement sets out strict parameters across five key fronts, with a particular warning regarding the monetary framework overseen by Central Bank Governor Santiago Bausili: Monetary policy: The main point of friction -- the Fund has called for strengthened operations through "upfront measures to contain interest rate volatility and improve monetary policy transmission and credit allocation." Monetary is to remain "appropriately tight," with the ultimate goal of widening exchange-rate bands to enhance flexibility in the face of external shocks, the report notes. Fiscal policy: Argentina's zero-deficit target is reaffirmed as a non-negotiable anchor, consistent with a primary surplus of 1.4 percent of GDP this year, underpinned by spending restraint but with "sufficient space for targeted social assistance," the report relays. External position: The aim is to increase net international reserves by at least US$8 billion in 2026, requiring Central Bank purchases of no less than US$10 billion over the year, the report says. Financing: A multi-pronged strategy will be deployed to roll over foreign-currency obligations, including local-law debt issuance, asset sales and external borrowing, potentially backed by multilateral lenders, the report relates. Structural reforms: Measures will focus on boosting formal employment and productivity in strategic sectors such as energy, mining and the knowledge economy, the report discloses. Timeline Notably, the IMF's staff made no mention of any request for a waiver from the Board to overlook Argentina's repeated failure to meet its reserve accumulation targets, which it has now missed for a second consecutive time, the report adds. The deadline for the Executive Board to consider Argentina's case is May, when US$805 million falls due to the Fund itself. To avoid placing further strain on its reserves, the Board would need to convene and approve the disbursement before that date, the report relays. Yet political timing appears to be at odds with the urgency of the financing needs. The interval between staff-level agreement sign up and the Board's formal meetings has getting bigger. Historical patterns suggest that the Fund's bureaucracy slows as Argentina's programme becomes more fragile, the report relates. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B E R M U D A ============= BORR DRILLING: S&P Affirms 'B' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Borr Drilling Ltd., an offshore contract drilling company incorporated in Bermuda, and its 'B+' issue rating on Borr's senior secured notes due 2028 and 2030, with the '2' recovery rating on the debt unchanged. The stable outlook reflects S&P's view that Borr's credit measures will remain commensurate with the rating over the next 12 months, including debt-to-EBITDA below 5.0x, supported by its contracted revenue backlog and positive free operating cash flow (FOCF). S&P said, "We anticipate credit measures for Borr Drilling Ltd., an offshore contract drilling company incorporated in Bermuda, will modestly weaken in 2026, including debt to EBITDA of 4.8x-4.9x and funds from operations (FFO) to debt of 8%-10%, as higher-rate contracts end and debt peaks but remains in line with the rating. "As a result, under our revised base-case scenario, we anticipate only modest rating leeway to accommodate lower operating profits in 2026. "We affirmed our 'B' long-term issuer credit rating on Borr and our 'B+' issue rating on Borr's senior secured notes due 2028 and 2030, with the '2' recovery rating on the debt unchanged. "We anticipate Borr's credit metrics will remain relatively soft in 2026 but anticipate some improvements in its leverage ratios from 2027 onward. We anticipate average S&P Global Ratings-adjusted debt to EBITDA of 4.8x-4.9x in 2026 before improving to 4.4x-4.5x in 2027, compared with 4.3x in 2025 and 4.0x in 2024. The deterioration is attributable to both higher debt from acquisitions and a higher amount of convertible notes, adding $150 million and $60 million respectively; and somewhat lower EBITDA owing to lower utilization and day rates. We anticipate Borr will prioritize deleveraging in the near-term but any meaningful improvement in credit metrics will depend on capturing higher day rates and utilization of its fleet, given its high level of gross debt. However, the company will reduce gross debt by about $144 million per year in 2026 and 2027 through its mandatory amortization payments, which we expect it will fund with internal cash flow. As a result, we anticipate that our S&P Global Ratings-adjusted debt will reach $2.2 billion in 2026 before starting to decrease to $2.10 billion by the end of 2027, compared with $2.15 billion at the of 2025 and $2.1 billion at the end of 2024. This incorporates the new $150 million note issued to Noble Corp. in January 2026, which effectively offsets the reduction from amortization, and the company's refinancing of its convertible notes which adds incremental debt of about $60 million. Under our revised base-case scenario, we forecast positive free operating cash flow (FOCF) of about $140 million in 2026 and $155 million in 2027, from $180 million in 2025. "We consider Borr's liquidity position adequate but note that it has material debt maturities beginning in 2028. Earlier this month, the company launched a $300 million, 3.5% convertible senior notes issuance due 2033, with the proceeds primarily refinancing its $239 million, 5% convertible senior unsecured notes due in February 2028. The transaction modestly increases leverage (due to the higher amount and premium to be paid on the 2028 notes, which traded most recently at over 110% of par) but it addresses the company's soonest debt maturity. However, Borr has $1.18 billion of 10% senior secured notes maturing in November 2028 (the anticipated amount in the maturity year is $977 million due to amortization) followed by $792 million of 10.3% senior secured notes maturing in November 2030 (with an anticipated amount in the maturity year of $622 million). "Recent new contracts improve utilization in the remainder of 2026, but 2027 coverage is limited. In April 2026, Borr announced new contracts and extensions across multiple geographies, including the Americas, Europe, Southeast Asia, and West Africa, which improve its company-reported rig utilization in 2026 to about 70%. We anticipate the contracted backlog for 2026 covers about two-thirds of our 2026 revenue assumptions, but as contracts roll off throughout the year and into 2027, contracted revenue (as of year-end 2025 disclosed amounts) covers only 15%-20% of our projected revenue, highlighting that recontracting risk remains. Borr reported a year-end 2025 backlog of about $963 million. While it did not disclose the additional backlog from the recent contract awards, the company disclosed its average contracted day rate to be $134,000/day for the full year of 2026, which is in line with our forecast assumption of $130,000-$140,000 per day over the next two years. We believe the current commodity price outlook will support offshore contract award activity, with the potential to improve global fleet utilization and in turn drive higher rig day rates. Capturing higher rates will be key to improving leverage metrics given Borr's high level of gross debt, so we will closely monitor the company's contracting activity as it moves closer to its senior secured notes' maturity in November 2028. In our projections, we assume new contracts drive Borr's fleet utilization to 70%-75% in 2027. "We do not currently anticipate Borr's Middle East exposure will have a material impact on our 2026 and 2027 projections. In early March, following the conflict's start, Borr announced that its four rigs in the Middle East--one each in Saudi Arabia and the United Arab Emirates, and two in Qatar--had been placed on standby. The company has subsequently announced that it has recommenced operations in Saudi Arabia and expects its three other rigs will be back working in April. The rating also reflects Borr's relatively small size compared with that of other offshore contract drillers. Following its $360 million acquisition of five rigs from Noble Corp. completed in January 2026, Borr's fleet comprised 29 modern jack-up rigs, of which four are warm-stacked (maintained for quicker mobilization). In March 2026, the company announced it would expand its fleet through a newly established joint venture (JV). The JV will be a 50-50 partnership between Borr and Proyectos Globales de Energia y Servicos CME S.A., and will seek to acquire five additional premium jack-up rigs in Mexico for $287 million. We expect Borr to finance the transaction through a $237 million nonrecourse seller's credit, plus $25 million in cash each from the company and its JV partner. The transaction, which we expect will close in third-quarter 2026, remains subject to approvals. "The stable outlook reflects our expectation that Borr will only gradually reduce its leverage amid supportive market conditions because its relatively high debt will require higher day rates and utilization to materially strengthen the balance sheet. While we think the company's young and modern fleet of rigs is attractive to customers, the overall demand for jack-ups remains key to improving day rates and deleveraging. We anticipate the company will generate positive FOCF and maintain a debt-to-EBITDA ratio within 3x-5x, which we view as commensurate with the 'B' rating. "We could lower our rating on Borr in the next 6-12 months if credit metrics deteriorate such that debt to EBITDA is sustainably above 5x or EBITDA interest coverage falls below 2x. Additionally, if we did not foresee a reliable pathway, including supportive market conditions, for the refinancing of the company's 2028 debt maturities, we could take a negative rating action." This could occur if: -- Weaker commodity prices impair demand for offshore drilling services, making it more challenging for the company to recontract its rigs at favorable day rates; -- Borr adopts a more aggressive financial policy on leverage, dividends, and capital expenditure (capex), notably increasing its fleet size speculatively; or -- The company does not address well ahead of time its next significant debt maturities well ahead of their November 2028 maturity date. S&P is unlikely to take a positive rating action in the next 12 months considering Borr's relatively small size and focus on one asset class (shallow water jack-ups). A positive rating action would hinge on the company strengthening its balance sheet such that the debt to EBITDA ratio improved to below 3x. =========== B R A Z I L =========== BANCO DO BRASIL: Fitch Rates Proposed Sr. Unsec. Notes 'BB(EXP)' ---------------------------------------------------------------- Fitch Ratings has assigned Banco do Brasil S.A.'s (BdB) proposed USD500 million-750 million senior unsecured notes an expected Long-term rating of 'BB(EXP)'. The notes will be issued through BdB's Grand Cayman branch. The bank expects to place a tranche issue, due 2031. The net proceeds will be used to finance and/or refinance, in whole or in part, new or existing eligible green projects in accordance with the bank's Sustainable Finance Framework. The final rating is contingent upon the receipt of final documents conforming to the information already received. Key Rating Drivers The expected rating on the notes corresponds to BdB's 'BB'/Stable Long-Term Foreign Issuer Default Rating (IDR) and ranks equal to its other senior unsecured debt. This reflects its senior unsecured status and the equal probability of default and average expected recoveries to the bank. BdB's ratings are equalized with Brazil's IDRs (BB/Stable) and are further underpinned by the bank's Viability Rating. In Fitch's view, the bank would receive support from the federal government, if needed. This reflects the majority of federal government ownership, its key policy role, particularly in rural lending and systemic importance. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The long-term international-scale debt rating would mirror any negative rating action on BdB's LT IDR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The long-term international-scale debt rating would mirror any positive rating action on BdB's LT IDR. Date of Relevant Committee 11 December 2025 Public Ratings with Credit Linkage to other ratings BdB's ratings are equalized with Brazil's sovereign rating. 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 ----------- ------ Banco do Brasil S.A. senior unsecured LT BB(EXP) Expected Rating =============== C O L O M B I A =============== RUTA AL MAR: Fitch Keeps 'B' Sr. Sec. Notes Rating on Watch Neg. ---------------------------------------------------------------- Fitch Ratings has maintained P.A. Concesion Ruta al Mar's (Ruta al Mar) 'B'/'BBB+(col)' UVR-denominated senior secured notes due 2044 on Rating Watch Negative (RWN). The rating reflects Ruta al Mar's limited payment capacity and weak credit profile. Unresolved issues have reduced toll revenue, delayed construction, and blocked the release of trapped cash. Fitch expects shortfalls on upcoming payments, which the company will initially cover with internal liquidity and reserve accounts. Without corrective measures, the transaction could default on its financial obligations by August 2027. The RWN reflects uncertainty about the project's near-term ability to address these challenges and reverse its trajectory. Once arbitration concludes, likely in the coming months, Fitch expects greater clarity regarding the implications for short-term liquidity and potential restructuring of Tranche A debt. The National Infrastructure Agency (ANI) and the concessionaire are also negotiating measures to improve the project's financial flexibility and support continuity. KEY RATING DRIVERS Revenue Risk - Volume - Midrange Ruta al Mar serves a diverse, midsize reference market in Antioquia, Córdoba, Sucre and Bolívar. It connects central Colombia to the northern coast and plays a major role in the broader road network. Most users are commuter or tourist light vehicles. Heavy vehicle volume is likely to increase after the construction concludes. Fitch expects the road to outperform other competing routes given its higher specifications and average cost to end users. Revenue Risk - Price - Midrange Tariffs are legally adjusted for inflation on an annual basis according to the concession agreement. Toll rates are moderate, and the government applies differential tariffs to specific vehicle categories at some toll stations. Infrastructure Dev. & Renewal - Midrange The project depends on a moderately developed capital and maintenance plan funded from project cash flows only. The independent engineer (IE) believes the O&M plan, organizational structure and budget are reasonable and in line with similar projects in Colombia. There is a six-month, forward-looking reserve equal to the O&M costs projected to be incurred during the next six months, and a major maintenance reserve account equivalent to the maximum six-month major maintenance payment amount scheduled for the next 60 months. Debt Structure - 1 - Midrange All debt is senior pari passu and is denominated either in UVR or COP. All the tranches are fully amortizing but one which has a bullet payment. Interest payments for all tranches are indexed to inflation. The amortization profile is backloaded with over 50% of total debt repayment concentrated on the last four years of their respective tenors. Structural features include a six-month DSRA, a lock-up test for dividends distribution, and prepayment mechanisms that are triggered in scenarios of traffic under- and over-performance. Peer Analysis Ruta al Mar is comparable to Fideicomiso P.A. Costera (Costera) and Fideicomiso P.A. Pacifico Tres (Pacifico Tres), both rated 'BB'/Stable and 'AAA(col)'/Stable. All three projects are part of Colombia's 4G toll road program. However, Ruta al Mar is fully exposed to volume risk because it is a private-initiative project. Costera and Pacifico Tres have limited exposure to demand risk, as most of their revenue are derived from ANI contributions, and they receive periodic compensation if toll collections fall below levels established in the concession contract. In addition, Costera's and Pacifico Tres' minimum LLCRs are 1.6x and 1.5x, respectively. These factors support their higher ratings relative to Ruta al Mar's. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further prolonged or adverse outcomes on pending LEEs or ongoing arbitration, without adequate liquid compensation, which could compromise short-term debt service capacity; - Lack of short-term visibility on a debt restructuring for Tranche A, which could weaken debt service capacity through 2027. - Failure to improve liquidity materially during 2026 so the company can fully fund short-term obligations, including the timely renewal of equity LOCs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action is unlikely in the short term, given the RWN. However, the RWN could be removed if Fitch considers liquidity sufficient to cover debt service through 2027. - An arbitration decision or a concessionaire agreement with ANI that supports greater financial flexibility and facilitates restructuring the Tranche A loan. Financial Profile Under Fitch's rating case, debt service coverage ratios (DSCRs) are projected to be 0.7x in 2026 and 2027. The 2026 shortfall is expected to be covered with cash available within the structure, including the DSRA and O&M reserve, but this would be insufficient to cover the debt service payment in 2027 unless project revenue generation significantly improves or the project receives trapped revenue or liquid compensation payments from the ANI. COMPANY PROFILE Ruta al Mar is a public-private partnership concession based on a private initiative. The main purpose of the project is to develop a primary route with high-performance specifications to ensure the Antioquia-Bolivar connection and link the center and south of the country with the northern coast. The project consists of the construction, improvement, and operation of a 491-kilometer-long toll road located in Antioquia, Cordoba, Sucre, and Bolivar, in Colombia. SECURITY The transaction benefits from a usual and customary security package for project financings, including a pledge of the project company's shares, a first-priority security interest in all of the Concessionaire's assets, a pledge of all onshore and offshore accounts, the EPC contract security package, all proceeds from credit enhancements and insurance/reinsurance and a pledge of the right to receive the termination payment under the CA, if applicable. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for P. A. Concesion Ruta al Mar. ESG Considerations P. A. Concesion Ruta al Mar has an ESG Relevance Score of '4' for Exposure to Social Impacts due to social resistance to the installment of La Caimanera toll plaza, resulting in lost revenues that have not been reimbursed by ANI since 2H24. This 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 Prior ----------- ------ ----- P. A. Concesion Ruta al Mar P. A. Concesion Ruta al Mar/ Toll Revenues - First Lien/1 LT LT COP 522 bln 6.75% bond/ note 15-Feb-2044 31574HAA1 LT B Rating Watch Maintained B P. A. Concesion Ruta al Mar/ Toll Revenues – First Lien/1 Natl LT Natl LT COP 522 bln 6.75% bond/ note 15-Feb-2044 31574HAA1 Natl LT BBB+(col)Rating Watch Maintained BBB+(col) =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Pres. Submits US$400M Loan for Tourism Project ------------------------------------------------------------------ Dominican Today reports that President Luis Abinader has submitted a US$400 million loan agreement to the Dominican Congress to finance major water and sanitation projects in the Punta Cana-Bavaro tourism hub, one of the country's fastest-growing regions. The agreement, signed on February 19, 2026, with the Inter-American Development Bank, will be implemented by the National Institute of Drinking Water and Sewerage under Phase III of a comprehensive program aimed at expanding access to potable water, improving sanitation systems, and promoting water reuse in the eastern region, according to Dominican Today. The project seeks to strengthen public health, protect the coastal aquifer, and support sustainable tourism development in Punta Cana-Bavaro by increasing access to safe drinking water and modern sanitation infrastructure, the report notes. It also includes institutional strengthening and integrated water resource management to ensure long-term efficiency and environmental protection, the report relays. Under the terms of the financing, the loan carries a variable interest rate based on SOFR plus additional margins, and will be repaid over 19.5 years in 39 semiannual installments, with a 5.5-year grace period, the report discloses. Payments are scheduled to begin on October 15, 2031, and conclude on October 15, 2050, the report says. For the agreement to take effect, it must be approved by both chambers of Congress and enacted by the Executive Branch, the report adds. If not activated within one year of signing, the contract will become void, the report relays. 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. S&P Global Ratings affirmed its 'BB' long-term foreign and local currency sovereign credit ratings on the Dominican Republic on December 3, 2024. The outlook remains stable. S&P also affirmed its 'B' short-term sovereign credit ratings and kept the transfer and convertibility (T&C) assessment unchanged at 'BBB-'. Fitch, on November 26, 2024, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Positive. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. ============= J A M A I C A ============= JAMAICA: Credit Union Assets And Liabilities Declined in January ---------------------------------------------------------------- RJR News reports that data from the Bank of Jamaica shows that the assets and liabilities of the credit union movement declined in January compared with December last year. The figures indicate that total assets fell to $201.8 billion in January, according to RJR News. This compares with total assets of $212.8 billion at the end of December, when the movement recorded higher levels of investments, loans and fixed assets, the report notes. The data reflects a month-over-month contraction in the financial position of the credit union sector, the report relays. This was due to reductions across several categories, including investments, loans, fixed assets and repurchase agreements, despite an increase in cash holdings, the report says. At the end of January, the movement held $12.7 billion in cash, $21 billion in investments, $9.9 billion in repurchase agreements and $136.3 billion in loans, the report discloses. 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. KLE GROUP: Posts Profit After Prior Year Losses ----------------------------------------------- RJR News reports that KLE Group has reported a return to profitability for the year ended December 31, following losses in the previous year. The company posted a net profit of $2.9 million, compared with a loss of $25.7 million in 2024, notes the report. Revenue for the year totaled $78.8 million dollars, while gross profit came in at $63.7 million, according to RJR News. KLE Group also recorded operating profit of $27.6 million, a turnaround from an operating loss of nearly $20 million in the prior year, the report notes. However, the company's performance was impacted by finance costs of just over $10 million, as well as a share of losses from an associate, which amounted to $19.2 million, the report says. The results reflect an improvement in the company's overall financial position as it continues efforts to stabilize and grow its operations, the report adds. KLE Group Limited engages in the real estate and property management activities in Jamaica. =========== M E X I C O =========== TEXAS INTERNATIONAL: Unsecureds Will Get 100% over 60 Months ------------------------------------------------------------ Texas International Enterprises, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Plan of Reorganization dated April 7, 2026. The Debtor is a Texas Corporation headquartered in Laredo, Texas. It is in the business of hauling freight over the highways to and from the United States/Mexican Border. The Debtor has 1,115 trucks and 1192 trailers. The owner of the Debtor is Oscar A. Gomez. He has been the president and CEO of the company since its inception in September of 2011. The Debtor has eighteen full-time employees including its Chief Financial Officer Mr. Jose Gonzalez who is responsible for maintaining the books and records of the Debtor. The company also uses the services of drivers who are independent contractors and outsources 135 administrative employees in Mexico. The Debtor's principal creditor is Commercial Credit Group, Inc., (CCG). Debtor has until recently enjoyed a good relationship with CCG. When Debtor began to not have the cash flow to service its CCG debt, CCG refinanced the debt in an effort to help the Debtor continue its operations. Debtor eventually fell several months behind, and CCG began to repossess its collateral by seizing two trucks on December 6, 2025. The trucks were hauling loads for two of the Debtor's principal clients. The Debtor feared that more of its trucks would be seized and more of its customers would lose or not receive their loads, thereby causing greater liability for Debtor. The Debtor believes there is sufficient equity in the company, and enough business with sufficient income for it to reorganize and pay all the allowed claims against it in a reasonable time. For these reasons, the Debtor availed itself of this Court's jurisdiction and bankruptcy protection. Class 19 consists of General Unsecured Claims. The Plan proposes to pay the CCG unsecured indebtedness ($12,113,570) in full in sixty months. The balance of the unsecured debt ("Non-CCG Unsecured Debt") is $4,426,132.12. Debtor will pay the Non-CCG Unsecured Debt by paying $10,000.00 per month for 60 months to be shared pro-rata by the non-CCG unsecured creditors. During the 60 months Debtor will sell the Yellow Titled trucks and construction equipment and will apply the net proceeds from these sales to the payment of the non-CCG unsecured creditors on a pro-rata basis. If, at the end of the 60 months, any portion of the Non-CCG Unsecured Debt remains unpaid, Debtor will increase the monthly payments to be shared by the unsecured creditors to $15,000.00 until the Non-CCG Unsecured Debt is paid in full. This results in a 100% payment to the non-CCG unsecured creditors. Payments and distributions under the Plan will be funded from the Debtor's cash flow. Debtor's projected cash flow indicates that these amounts will be sufficient to fund the Plan and pay the Debtor's operating expenses and make proposed Plan payments. The Plan Proponent's financial projections show that the Debtor will have an aggregate annual cash flow, after paying operating expenses and post-confirmation taxes, of $10,187,216.25. A full-text copy of the Combined Disclosure Statement and Plan dated April 7, 2026 is available at https://urlcurt.com/u?l=QDFa3i from PacerMonitor.com at no charge. Counsel to the Debtor: Carl M. Barto, Esq. LAW OFFICE OF CARL M. BARTO 817 Guadalupe Laredo, TX 78040 Telephone: (956) 725-7500 Facsimile: (956) 722-7639 E-mail: emblaw@netscorp.net About Texas International Enterprises Texas International Enterprises Inc. operates as a multifaceted company with interests in various commercial and service-based industries. The organization is built on principles of reliability, operational efficiency, and market adaptability. By focusing on sustainable growth and client satisfaction, Texas International Enterprises Inc. continues to strengthen its presence in its respective markets. Texas International Enterprises commenced its Chapter 11 case (Bankr. Case No. 25-50133) on December 6, 2025. In its petition, the Debtor listed estimated assets of $10 million to $50 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jeffrey P. Norman presides over the matter. The Debtor is represented by Carl M. Barto, Esq. of the Law Office of Carl M. Barto. ===================== P U E R T O R I C O ===================== ESJ TOWERS: Court Upholds Judgment in DAC Adversary Case -------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico denied the Motion for Relief from Judgment as Void and for Stay of Discovery filed by De Angel & Compania CPA, LLC ("DAC") in the adversary proceeding captioned as COMMITTEE OF UNSECURED CREDITORS FOR ESJ TOWERS, INC., Plaintiffs vs. AIG INSURANCE COMPANY - PUERTO RICO; ARCO PUBLICIDAD, LLC; BALLHER, CORP.; DE ANGEL & COMPANIA CPA, LLC; ECOLAB MANUFACTURING, INC.; LIBERTY MOBILE PUERTO RICO, INC.; MCCLOSKEY & BONNIN VALUATION GROUP, PSC; RCI, LLC; AND WHITE RHINO, INC., Defendants, ADVERSARY NO. 24-00041 (Bankr. D.P.R.). On June 10, 2022, the Debtor filed a voluntary petition for relief under Chapter 11 and began managing its affairs and operating its business as a debtor-in-possession. DAC was listed as a non-priority unsecured creditor in Schedule E/F. Thereafter, on August 3, 2022, the Debtor filed an Application for appointment of DAC as auditor for debtor, which was granted. On June 3, 2024, the Official Committee of Unsecured Creditors filed an adversary complaint against DAC and other defendants seeking to avoid and recover post-petition transfers received by DAC under Sections 549(a) and 550(a)(1) of the Bankruptcy Code, inter alia. On September 3, 2024, default was entered against DAC. On October 10, 2024, the court entered a Partial Judgment by Default against DAC in the amount of $1,377.75, plus costs. On January 9, 2026, DAC filed the Motion for Relief from Judgement alleging that service of the summons and complaint failed to comply with Fed. R. Bankr. P. 7004(b)(3) and 14 L.P.R.A. Sec. 3781 by failing to identify any qualifying officer or agent, warranting relief under Fed. R. Civ. P. 60(b)(4). DAC also requests a protective order under Fed. R. Civ. P. 26, that post-judgment discovery be quashed, the Committee's motion to compel be denied, and that discovery be stayed. The Committee served summons and a copy of the complaint on DAC's resident agent, to an address that corresponds to such resident agent, as available in the Registry of Corporations and Entities of the Department of State for the Commonwealth of Puerto Rico. The court finds that service was proper under Fed. R. Civ. P. 4(e)(1) (service on an individual) and (h)(1)(A) (service on a corporate entity) by virtue of Rule 4.4(e). On the same vein, the court finds that service was proper under Fed. R. Bankr. P. 7004(b)(3), which authorizes service on a corporation through an agent authorized by appointment or designated by law. The court further finds that the Committee has met its burden of establishing personal jurisdiction over DAC. The default judgment against DAC is thus not void under Fed. R. Civ. P. 60(b)(4) for lack of personal jurisdiction due to improper service. A copy of the Court's Opinion and Order dated April 9, 2026, is available at http://urlcurt.com/u?l=aqHYYG About ESJ Towers ESJ Towers, Inc. owns the ESJ Towers in Carolina, Puerto Rico. The luxury apartments and condo units at ESJ Towers have direct access to Isla Verde Beach, widely considered one of the best in Puerto Rico. ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as 50 million in both assets and liabilities. ESJ President Keith St. Clair signed the petition. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill, PSC Law Offices as bankruptcy counsel; Ramon Luis Nieves, Esq., at RL Legal Consulting Services, LLC and Luis Daniel Muniz, Esq., as special counsel; Dage Consulting CPAS, PSC as financial advisor; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and De Angel & Compania, PA, LLC as auditor. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 12, 2022. The committee tapped the Law Office of Jonathan A. Backman as lead bankruptcy counsel; Julio Cesar Alejandro Serrano, Esq., at JCAS Law as local counsel; and Dage Consulting CPAS, PSC as financial advisor. The court confirmed the Debtor's Chapter 11 plan of reorganization on May 21, 2024. ********* 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 * * *