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260424.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, April 24, 2026, Vol. 27, No. 82 Headlines A R G E N T I N A YPF SA: Investors to Pursue Arbitration in $16BB Argentina Case B R A Z I L NEW FORTRESS: Uses $265.9MM Sale-Leaseback Proceeds to Repay Debt PARANA BANCO: S&P Withdraws 'BB-' LT ICR, Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: External Debt up Nearly US$12BB Since 2022 E C U A D O R ECUADOR: To Receive USD394MM Disbursement From IMF EFF Arrangement G U A T E M A L A BANCO INDUSTRIAL: Moody's Affirms 'Ba1' Deposit Ratings - - - - - ================= A R G E N T I N A ================= YPF SA: Investors to Pursue Arbitration in $16BB Argentina Case --------------------------------------------------------------- Bob Van Voris, writing for Bloomberg News, reports that former YPF SA investors who saw their US$16.1-billion US judgment against Argentina thrown out on appeal last month have told the trial judge that they intend to pursue international treaty arbitration along with further appeals. A lawyer for the investors on Tuesday, April 21, asked US District Judge Loretta Preska in New York to let them use evidence from the court case in a planned arbitration, notes the report. But he said they also planned to continue contesting the appeals court ruling for Argentina. The report recalls that Preska awarded the plaintiffs the massive judgment in 2023, finding that the Argentine government violated their rights in its 2012 nationalisation of oil company YPF. But the US Second Circuit Court of Appeals reversed her on March 27, saying she misinterpreted Argentine law. Litigation funder Burford Capital Ltd, which has been financing the suit and would have taken a large share of the award, said after the ruling that it was looking at taking the case to arbitration as well appealing the case to the full Second Circuit or the US Supreme Court, relates Bloomberg News. Burford shares plunged after the Second Circuit's ruling, and are currently down around 40% since then in both New York and London, adds the report. About YPF SA YPF S.A. is a vertically integrated, majority state-owned Argentine energy company, engaged in oil and gas exploration and production, and the transportation, refining, and marketing of gas and petroleum products. Founded in 1922, YPF was an oil company established as a state enterprise. YPF was later privatized under president Carlos Menem and was bought by the Spanish firm Repsol in 1999, and the resulting merged company was call Repsol YPF. In 2012, about 51% of the firm was renationalized and this was initiated by President Cristina Fernandez Kirchner. The government of Argentina agreed to pay $5 billion compensation to Repsol. As reported in the Troubled Company Reporter-Latin America in December 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings at 'CCC+'. Fitch also affirmed YPF's outstanding senior unsecured notes at 'CCC+' with a Recovery Rating of 'RR4'. The company's Standalone Credit Profile (SCP) is 'b', and its ratings are aligned with Fitch's "Government Related Entities (GRE) Criteria," reflecting its government ownership and strategic importance. In September 2024, S&P Global Ratings assigned its 'CCC' issue-level rating to YPF S.A.'s (CCC/Stable/--) proposed senior unsecured notes due 2031. =========== B R A Z I L =========== NEW FORTRESS: Uses $265.9MM Sale-Leaseback Proceeds to Repay Debt ----------------------------------------------------------------- New Fortress Energy Inc. disclosed in a regulatory filing that NFE Power PR LLC, a subsidiary of the Company, entered into an Asset Purchase Agreement with Macquarie Energy LLC, and NFE Turbines LLC, a subsidiary of the Company, entered into a Master Lease Agreement, pursuant to which the parties agreed to consummate a sale and leaseback transaction with respect to certain turbines. The Company entered into a parent guarantee in respect of Lessee's obligations pursuant to the Lease, and the Company guarantees Seller's obligations pursuant to the Purchase Agreement. On the same date, the Company completed the sale of the Equipment for a purchase price of $265,882,500.00, and entered into the Lease pursuant to which Lessee will lease the Equipment from Macquarie for a 10-year term, expected to begin on July 1, 2026. The Company used the net proceeds from the Sale-Leaseback Transaction to repay certain indebtedness of the Company. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its Company credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. PARANA BANCO: S&P Withdraws 'BB-' LT ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings withdrew its long-term 'BB-' and short-term 'B' issuer credit ratings on Parana Banco S.A. at the issuer's request. The outlook on the long-term rating was stable at the time of the withdrawal. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: External Debt up Nearly US$12BB Since 2022 -------------------------------------------------------------- Dominican Today reports that the Dominican Republic's external debt has climbed significantly, rising by US$11.86 billion between 2022 and February 2026 to reach US$48.21 billion, according to official public credit data. The increase represents a 32.6% growth over the period, reflecting a steady upward trend in the country's international financial obligations, according to Dominican Today. Figures show that external debt stood at US$36.36 billion in 2022 and continued to grow year by year, reaching US$38.85 billion in 2023, US$40.74 billion in 2024, and closing 2025 at US$45.48 billion, the report notes. So far in 2026, it has already increased by more than US$2.73 billion, highlighting continued borrowing pressures, the report relates. External debt now represents 74.5% of the Dominican Republic's non-financial public sector debt and is equivalent to 49% of the country's Gross Domestic Product (GDP), the report says. In local terms, this amounts to approximately RD$2.9 trillion, based on an exchange rate of RD$60.20 per dollar, the report notes. The growing debt burden underscores the scale of resources the government must allocate to meet its external commitments, directly impacting fiscal planning and the national budget, the report discloses. It also serves as a key indicator for investors and international organizations evaluating the country's economic stability and debt sustainability, 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. 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. ============= E C U A D O R ============= ECUADOR: To Receive USD394MM Disbursement From IMF EFF Arrangement ------------------------------------------------------------------ The Executive Board of the International Monetary Fund (IMF) completed the fifth review of Ecuador's arrangement under the Extended Fund Facility (EFF). The Board's decision enables an immediate disbursement of SDR 280.5 million (US$394 million), bringing total disbursements under the arrangement to SDR 2.7 billion (about US$3.7 billion). Ecuador's 48-month EFF arrangement was approved by the Executive Board in May 2024 and augmented in July 2025, providing access equivalent to SDR 3.75 billion (about US$5 billion). The arrangement supports policies to strengthen fiscal and debt sustainability, protect vulnerable groups, rebuild liquidity buffers, safeguard macroeconomic and financial stability, and advance structural reforms to foster sustainable and inclusive growth. Real GDP rebounded strongly in 2025 amid low inflation, labor market outcomes are improving, and ample liquidity in the financial system has supported stronger credit growth. The current account balance continues to record sizable surpluses, contributing to a sustained rise in international reserves to record-high levels. High global oil prices are expected to support the fiscal and external balances. The authorities continue to make significant progress in implementing their economic reform plan supported by the EFF arrangement. Ecuador returned to international capital markets in January 2026 for the first time since 2019, with a bond issuance of US$4 billion (including a debt buy-back operation of US$3 billion). The authorities’ program has also helped catalyze financial support from multilateral and bilateral partners. The authorities have enacted measures to streamline tax expenditures, strengthen revenue, and enhance public spending efficiency to address the fiscal underperformance of late 2025 and return to the program's fiscal consolidation path, while increasing space for priority social and investment spending. All other program targets for the fifth review were met. Effective implementation of the fiscal consolidation plan and the reform agenda supported by the EFF arrangement is projected to keep public debt on a firm downward trajectory and maintain sustained access to international capital markets. Continued progress on the reform agenda is expected to yield significant growth dividends over the medium term. The authorities met two structural benchmarks related to the mining sector’s fiscal regime and the Anti-Money Laundering/Combating the Financing of Terrorism framework. They also continue to advance the development of local credit and debt markets and the strengthening of financial supervision and resolution frameworks. Following the Executive Board’s discussion, Mr. Nigel Clarke, Deputy Managing Director and Acting Chair, issued the following statement: "The Ecuadorian authorities continue to demonstrate strong commitment to their economic program supported by the EFF arrangement. They have enacted measures to address the fiscal underperformance of late 2025 and return to the program's fiscal path. All other program targets for the fifth review have been met. In addition, the authorities continued advancing their ambitious structural reform agenda. "Real GDP rebounded strongly in 2025 amid low inflation, and is expected to grow by 2.5 percent in 2026, supported by domestic demand and buoyant nonoil exports. The current account balance continues posting large surpluses, supporting a steady build-up of international reserves to record-high levels. "The authorities remain committed to strengthening the fiscal position and safeguarding fiscal sustainability. They have taken firm policy actions to streamline tax expenditures, strengthen fiscal revenue, and enhance public expenditure efficiency, while increasing space for priority social and investment spending. Ecuador has successfully regained access to international capital markets and sovereign debt spreads have declined to their lowest levels since 2018. "The authorities are strongly committed to strengthening the social safety net. They continue expanding the coverage of social protection for lower-income households, surpassing program targets, and have implemented effective measures to mitigate the impact of reforms on vulnerable groups. "Efforts to advance the financial sector policy agenda and develop domestic capital markets continue. Financial supervision is being enhanced. The authorities are also committed to assessing and closing gaps in the resolution framework, strengthening financial system oversight and regulation, and enhancing the interest rate system to improve credit allocation and growth. "Structural reforms to boost competitiveness and create jobs remain a key focus. The authorities are working to attract private investment into high-potential sectors, including mining, hydrocarbons, and energy. They are strengthening energy resilience by increasing electricity supply and enhancing preparedness to natural disasters. They are also working to enhance governance and the AML/CFT framework. Decisive implementation of the economic reform agenda would help unlock significant growth dividends over the medium term and reinforce macroeconomic resilience for the benefit of all Ecuadorians." ================= G U A T E M A L A ================= BANCO INDUSTRIAL: Moody's Affirms 'Ba1' Deposit Ratings ------------------------------------------------------- Moody's Ratings has affirmed certain ratings and assessments of Banco Industrial S.A. (Banco Industrial or Industrial). The bank's long-term local- and foreign-currency deposit ratings were affirmed at Ba1, as well as its Ba1 long term-local- and foreign-currency counterparty risk ratings (CRR). Moody's also affirmed its long- and short-term counterparty risk assessments (CRAs) at Ba1(cr) and Not Prime(cr), respectively, as well as its short-term local- and foreign-currency deposit ratings and CRRs at Not Prime. Moody's also upgraded the bank's baseline credit Assessment (BCA) and adjusted BCA to ba2 from ba3, and its junior subordinate debt rating to B2 (hyb) from B3 (hyb). The outlook on the long-term deposit ratings remains stable. RATINGS RATIONALE In upgrading Banco Industrial's BCA to ba2, Moody's recognizes the bank's leading position in Guatemala's commercial banking sector, which supports its long track record of solid asset quality and stable profitability. While recent efforts to diversify the loan portfolio have led to a modest increase in asset risk, the bank's disciplined risk management practices, together with broadly favorable macroeconomic conditions in Guatemala—including low inflation, a supportive labor market, exchange-rate stability, and strong GDP growth— will likely continue to support this expansion into retail banking services. Moody's assessment also reflects Industrial's strong funding profile, predominantly underpinned by low-cost, granular core customer deposit base, which remains a key credit strength. Liquidity remains strong, mostly concentrated in Government of Guatemala's (Ba1 stable) securities, further enhancing the bank's financial flexibility. Industrial's strategy continues to focus on the expansion towards the retail segment, leading to higher problem loan ratio that reached 2.0% at the end of 2025, up from 1.8% a year earlier, which, however, remained below the system average of 2.4% last year. Loan growth moderated sharply to 7%, with consumer lending below the average annual rate of 18% between 2022 and 2024, reflecting the adoption of more cautious underwriting standards. Despite the diversification efforts, the bank still retains a predominantly commercial loan book, which accounted for 68% of total loans in 2025, resulting in a high borrower concentration risk, with the top 20 exposures equal to 1.3x tangible common equity last December. Asset quality is further supported by collaterals that covered 51% of the loan portfolio at the end of 2025, and 101% of loan loss reserves as a percentage of problem loans. Capitalization remains modest and represents Banco Industrial's key challenge to its financial profile. Tangible common equity to risk-weighted assets (TCE/RWA) increased to 11.3% in 2025 from 10.8% a year earlier, supported by a slowdown in loan growth, but remains below the levels observed among similarly rated ba2 peers. In addition, the dividend payout ratio was reduced to around 45% in 2025, from a historical range of 60%–70%, which has supported internal capital generation. The ba2 BCA also takes into account the strength of having a stable and low-cost funding structure, supported by the largest deposit base in Guatemala (27% of total deposits in the system as of 2025), predominantly sourced from retail customers. The bank also maintains diversified market funding sources to match its foreign-currency lending, which accounted for 43% of gross loans in 2025. Stable exchange rate conditions and broadly supportive macroeconomic fundamentals help mitigate refinancing and foreign-currency funding risks. The Ba1 long-term deposit rating benefits by one notch of uplift from the bank's ba2 BCA, incorporating Moody's assumptions of very high probability of government support in the case of need. This support assumption reflects the bank's systemic importance as the largest bank in the country, with a 27% share of system deposits as of December 2025. The stable outlook reflects Moody's expectations that Industrial's financial fundamentals will remain sound over the next 12 to 18 months and is consistent with the stable outlook on the Government of Guatemala's Ba1 sovereign rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Further upward pressure on Industrial's ba2 BCA could arise from a significant and sustained improvement in capitalization, alongside consistent improvement in asset quality and profitability metrics. An upgrade of the Government of Guatemala's sovereign rating would also likely result in a corresponding upgrade of the bank's deposit ratings, reflecting the incorporation of government support. Conversely, downward pressure on the bank's deposit ratings could follow a downgrade of the Government of Guatemala's sovereign rating. In addition, negative pressure on the BCA could arise from an unexpected and sustained decline in capitalization, as well as higher and persistently elevated asset risks, leading to a material weakening in profitability. 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. ********* 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 * * *