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260427.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, April 27, 2026, Vol. 27, No. 83 Headlines A R G E N T I N A ARGENTINA: Consumer Prices Rose 3.4% in March ARGENTINA: Economic Activity Fell 2.6% in February ARGENTINA: World Bank Plans $2BB Debt Refinance Guarantee G U A T E M A L A BANCO DE DESARROLLO: Moody's Affirms 'Ba1' LT Deposit Ratings J A M A I C A JAMAICA: BOJ Pumps US$40 Million Into Forex Market JAMAICA: IMAJ Exec Calls for Stronger Planning, Less Bureaucracy JAMAICA: PSOJ Calls for to Build More Resilient Tourism Ecosystem M E X I C O BANCA MIFEL: Fitch Assigns 'BB' Long-Term IDR, Outlook Positive CREDITO REAL SAB: Court Upholds Chapter 15 Recognition P E R U HUDBAY PERU: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable P U E R T O R I C O DEL CAMPO AL: Seeks to Hire Luis D. Flores Gonzalez as Counsel - - - - - ================= A R G E N T I N A ================= ARGENTINA: Consumer Prices Rose 3.4% in March --------------------------------------------- Buenos Aires Times reports that consumer prices in Argentina rose by 3.4 percent in March -- the highest monthly increase in a year. Education led March's hikes, rising 12.1 percent in the month, according to Buenos Aires Times. It was followed by transport, up 4.1 percent, and housing, utilities and fuels, which rose 3.7 percent, the report notes. Recreation and culture, up 3.6 percent, also outpaced the general average, the report relays. At the other end of the scale was household equipment and maintenance, up 1.3 percent, and goods and services, which rose 1.7 percent, the report says. All other categories recorded increases of more than two percent last month, the report discloses. The northeast of the country saw the highest increases, while Patagonia recorded the lowest increases, averaging 2.5 percent, the report notes. Prices have risen 9.4 percent this year to date and by 32.6 percent over the last 12 months, INDEC's data shows, the report says. Inflation has accelerated since last May, with monthly inflation above 2.5 percent for the past five months, the report relays. "The data is bad. We don't like the data because inflation disgusts us. However, today there are hard elements that allow us to explain what has happened and, especially, to hope that in the future inflation will return to its downward path," wrote President Javier Milei, reacting to INDEC's data on X, the report discloses. The news is a blow for Milei, who vowed to tame runaway price hikes during campaigning for the Presidency, the report says. He initially enjoyed great success: when Milei took office in December 2023, inflation was running at an annualised rate of 211 percent, the report relates. By the end of last year, it had dropped to just 31.5 percent, the report says. Nevertheless, lowering inflation to a monthly rate below one percent -- a promise Milei said would be reality by this August – has proven difficult, the report notes. Earlier, the International Monetary Fund predicted an annual inflation rate of 30.5 percent -- nearly double its estimate from six months ago, the report notes. Experts consulted by the Central Bank's most recent REM market expectations survey had forecast inflation of three percent for March, with price hikes then decelerating in subsequent months, the report relays. Most private consultancy firms and economists had forecast a rate of between 2.9 percent and 3.3 percent, the report notes. The REM survey forecasts annual inflation of 31.8 percent for the year, the report adds. Caputo's Reasoning Speaking at the Rosario Stock Exchange a day before the data was released, Economy Minister Luis Caputo recognised that the figure would be above three percent, the report relays. He attributed the rise to a price "shock" associated with energy prices, following the conflict in the Middle East, and other seasonal increases in sectors such as education and transport, the report says. March's "Consumer Price Index (CPI) will certainly be above three percent because there was a shock that clearly had a significant impact on everything related to oil, from domestic airfares to transport costs; there are also factors such as education, which is subject to seasonal fluctuations in March," said Caputo in an interview with economist Salvador Di Stefano, the report notes. However, the minister expressed confidence that inflation would ease in the coming months, notes the report. "From April onwards, we will see a process of disinflation and growth; the best months are on the way," he added. Market experts tend to agree, forecasting a decline in the monthly rate from this month onwards, the report relates. The report notes that Caputo repeated that assurance at the AmCham Summit in Buenos Aires, promising that the "next 18 to 20 months" would be the best for Argentina "for decades." "Inflation is a monetary phenomenon and can accelerate due to an increase in the money supply, a drop in demand, or a combination of both. As the lagged impact of last year's pre-election collapse in money demand loses strength, fiscal and monetary discipline will allow inflation to continue converging toward international levels," he later explained in a post on social media, the report says. Failure to tamp down inflation could damage Milei’s re-election hopes, the report relays. Argentines are due to go to the polls next year for a decisive vote that could extend the libertarian's mandate and deepen his economic model, the report discloses. A poll by the Zuban Cordoba consultancy firm found that 60.7 percent of respondents were against Milei's seeking re-election, with just 29.4 percent saying they would grant him a second term in office, the report notes. The poll, based on a sample of 2,200 respondents nationwide, "points to a deterioration in the ruling party’s electoral standing," said the report's authors, the report says. Among the reasons for rejecting Milei's administration, respondents most frequently cited "poor economic management" (47 percent), "unfulfilled promises" (24.7 percent) and "corruption cases" (21.5 percent), 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. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility assessment is unchanged. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: Economic Activity Fell 2.6% in February -------------------------------------------------- Buenos Aires Times reports that economic activity recorded its sharpest contraction since December 2023 in February, falling 2.6 percent compared with January, according to Argentina's INDEC national statistics bureau. INDEC's monthly economic activity estimator (EMAE) fell 2.6 percent compared with January in seasonally adjusted terms, while posting a 2.1 percent decline year-on-year, according to Buenos Aires Times. The decline matches the drop seen in the final month of 2023, marking the worst monthly performance since then, the report notes. The data points to a continued split between sectors driving growth and those dragging on the index, the report discloses. Agriculture, mining and financial intermediation remain above the EMAE average, while industry and commerce continue to struggle, the report says. Compared with February 2025, eight of the sectors that make up the EMAE recorded growth, the report relays. Fishing led the gains with a 14.8 percent rise, followed by mining and quarrying, which expanded 9.9 percent, the report notes. Mining and quarrying had the strongest positive impact on the annual variation, with agriculture, livestock, hunting and forestry also contributing, up 8.4 percent year-on-year, the report notes. Together, the two sectors added 0.8 percentage points to the overall annual result, the report says. However, the broader picture was weighed down by declines in seven sectors, the report discloses. Manufacturing industry fell 8.7 percent year-on-year, while wholesale and retail trade, along with repairs, dropped seven percent, the report relays. "These two sectors subtracted 2.2 percentage points from the year-on-year variation of the EMAE," the INDEC report said, the report adds. Economy Minister Luis Caputo said that despite the February contraction, the underlying trend remains positive, the report notes. He attributed part of the decline to calendar effects, noting that 2026 had two fewer working days than 2025 and was also affected by a general strike, the report relays. The figures underline the uneven nature of the recovery, with export-linked sectors such as mining and agriculture offset by persistent weakness in domestic demand, particularly in industry and commerce, the report says. 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. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility assessment is unchanged. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: World Bank Plans $2BB Debt Refinance Guarantee --------------------------------------------------------- The World Bank Group disclosed in a statement that at the Spring Meetings, it reaffirmed its strong support for Argentina's reform efforts to strengthen the conditions for growth, investment, and job creation, including measures to improve financing conditions and reinforce market and investor confidence. The World Bank Group said it is working on a guarantee of up to US$2 billion to help refinance a relevant portion of Argentina's debt, reduce financing costs, and create better conditions for increased domestic and international private investment. The proposed operation is subject to approval by the World Bank's Board of Executive Directors. In a separate report, Bloomberg earlier said the loan would be mostly backed by the International Bank for Reconstruction and ⁠Development (IBRD) and ⁠the Multilateral Investment ⁠Guarantee Agency (MIGA). 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. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility assessment is unchanged. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ================= G U A T E M A L A ================= BANCO DE DESARROLLO: Moody's Affirms 'Ba1' LT Deposit Ratings ------------------------------------------------------------- Moody's Ratings has affirmed all ratings and assessments of Banco de Desarrollo Rural, S.A. (Banrural). 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 the bank's ba2 baseline credit assessment (BCA) and adjusted BCA, 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. The outlook on the long-term deposit ratings remains stable. RATINGS RATIONALE In affirming Banrural's ratings and assessments, Moody's recognizes the bank's leading position in Guatemala's consumer and SME lending segments, supported by its extensive franchise network that underpins a stable and diversified deposit base. This funding profile is a key credit strength, providing significant financial flexibility and supporting high liquidity buffers. Banrural's BCA also reflects its consistently strong earnings generation and adequate capitalization, which help mitigate the risks associated with its higher asset risk profile and persistently strong loan growth. Asset quality has remained broadly stable compared with the prior year, still above systemwide levels, reflecting the bank's focus on consumer and SME lending, which represented 67% of the loan portfolio in 2025. With a social mandate to provide financial services to segments less served by traditional banks, problem loans stood at 3.7% of gross loans, broadly unchanged from 3.6% a year earlier, while the average ratio for the system stood at 2.4% in the same period. Loan loss reserves remained ample, covering 182% of problem loans at the end of 2025, which helps absorb potential losses amid the accelerated loan growth in 2025. Reorienting its operations towards the Guatemalan market in 2025, the loan book increased 12% in 12 months ended in December 2025, above the 8% system average ratio. Banrural's profitability benefits from its higher-yielding consumer products and a low-cost deposit base that supports a broadly stable performance and strong capital generation. In 2025, net income to tangible assets stood at 2.4%, roughly flat in the year, reflecting an increase in provisioning costs to 1.9% of gross loans, which offset a slightly higher net interest margin in the period (to 6.1% in 2025 from 5.9% in 2024). While loan origination is expected to remain in the low double-digit range, Moody's expects continued pressure in loan loss provisions, still pressuring profitability relative to recent levels in the coming quarters. Banrural's capitalization remains a positive driver to its ba2 BCA, providing substantial loss-absorption buffers and continued support for its growth strategy. In 2025, the tangible common equity (TCE) to risk-weighted assets (RWAs) ratio stood at 23.1%. Banrural's Ba1 local- and foreign-currency long-term deposit ratings incorporate its ba2 BCA and Moody's assessments of a very high likelihood of support from the Government of Guatemala (Ba1 stable) in the event of financial stress. This support assumption is not linked to government ownership, but reflects Banrural's systemic importance as Guatemala's second-largest bank. The stable outlook reflects Moody's expectations that Banrural'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 An upgrade of Banrural's BCA could result from a significant and sustained improvement in asset quality and profitability, which would support consistently stronger capitalization amid the bank's rapid growth strategy. In addition, an upgrade of the Government of Guatemala's sovereign rating could lead to an improvement in the country's Macro Profile and would likely result in a corresponding positive impact on the bank's deposit ratings through the incorporation of government support. Conversely, downward pressure on Banrural's deposit ratings could arise from a downgrade of the Government of Guatemala's sovereign rating. Negative pressure on the bank's ba2 standalone BCA could result from a material deterioration in asset quality, leading to a significant weakening in profitability and capitalization. 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. ============= J A M A I C A ============= JAMAICA: BOJ Pumps US$40 Million Into Forex Market -------------------------------------------------- RJR News reports that there is continued strong demand for foreign exchange in Jamaica, despite healthy levels of reserves. The Bank of Jamaica says members of the productive sector submitted 50 bids, valued at $105.4 million for just US$40 million it offered to the market, according to RJR News. However, the central bank accepted only 22 of those bids, allocating the full US$40 million is available, the report notes. The development comes even as the country's net international reserves have climbed to nearly US$7 billion by the end of March, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: IMAJ Exec Calls for Stronger Planning, Less Bureaucracy ---------------------------------------------------------------- RJR News reports that President of the Incorporated Master Builders Association Richard Mullings says stronger planning and less bureaucracy are critical to reducing the impact of infrastructure challenges on productivity and foreign exchange earnings. Mullings argues that lengthy delays between the conceptualisation and execution of projects often result in conditions on the ground changing significantly, forcing projects to be re-scoped and causing further delays, according to RJR News. He also pointed to late payments from the government to contractors as a major issue, noting that this leads to cost overruns, project setbacks and inconvenience to the public, the report notes. According to him, these delays contribute to prolonged traffic congestion, resulting in lost productive time and foreign exchange losses, the report relays. He was responding to comments by Prime Minister Andrew Holness, who said poor infrastructure planning and execution are key contributors to traffic congestion across the country, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: PSOJ Calls for to Build More Resilient Tourism Ecosystem ----------------------------------------------------------------- RJR News reports that President of the Private Sector Organisation of Jamaica (PSOJ), Patrick Hylton, is urging the government to develop a more resilient tourism ecosystem that takes into account potential global risks. Mr. Hylton says while there are strong opportunities in the sector, greater focus must be placed on building systems that can withstand external shocks, according to RJK News. His comments come amid disruptions in international travel, with major European carriers cutting flights due to soaring jet fuel prices, the report notes. The increase has been linked to supply shortages as a result of the war in the Middle East, the report discloses. The situation has implications for Jamaica, which depends on Europe for a portion of its visitor arrivals, while the United States remains the country's largest source market, the report says. At the same time, several US airlines have been raising ticket and baggage fees to offset higher fuel costs, the report relates. Mr. Hylton says these developments highlight the need for Jamaica to strengthen its tourism model to better withstand global economic and geopolitical challenges, 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. =========== M E X I C O =========== BANCA MIFEL: Fitch Assigns 'BB' Long-Term IDR, Outlook Positive --------------------------------------------------------------- Fitch Ratings has assigned Banca Mifel, S.A. Institucion de Banca Multiple, Grupo Financiero Mifel (Banca Mifel) 'BB' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs), 'B' Short-Term Foreign and Local Currency IDRs, a 'bb' Viability Rating (VR) and 'ns' Government Support Rating (GSR). The Rating Outlook on the Long-Term ratings is Positive. The Positive Outlook reflects Fitch's expectation that Banca Mifel will continue consolidating positive trends in total operating income growth and profitability over the next 12 to 24 months, while strengthening its capital metrics. Fitch believes the bank's consolidated business model will support these trends, favorably positioning its financial profile against peers. Key Rating Drivers Ratings Driven by Intrinsic Creditworthiness: Banco Mifel's IDRs are driven by its 'bb' VR. The bank's VR is aligned with the implied VR, underpinned by its consistent business model and well-established franchise in the corporate and commercial banking segment, focusing on sectors like investment projects, small and medium-sized enterprises (SMEs), and agribusiness, supporting its good financial profile through the cycle. Resilient Operating Environment: Fitch expects operating conditions for Mexican banks to remain broadly resilient despite macroeconomic headwinds. The 'bb+'/stable Operating Environment assessment reflects Fitch's views of stable conditions for the banking sector. Slower domestic economic growth, trade uncertainty and external geopolitical risks, including potential Middle East conflict affects, could increase inflation, market volatility and slow GDP growth. However. Mexico's large and diversified economy, low financial inclusion and government economic development initiatives should help banking sector continue generating consistent business volumes. Consolidated Business Model: Fitch assigned Banca Mifel a business profile score of 'bb', reflecting its specialized business model, solid corporate and commercial banking positions and moderate income diversification. Fitch views the bank's midsized franchise as consolidated and supported by moderate risk appetite, a long operating track record and consistent earnings through the cycle. The score incorporates average total operating income (TOI) of USD323.6 million in 2022-2025, including 20% local-currency growth in 2025. Fitch expects TOI growth to continue as the bank diversifies toward consumer lending and expands infrastructure over the medium term, supporting the positive score outlook. Appropriate Risk Profile, Growth Focus: Fitch views Banca Mifel's risk profile as adequate for its business focus, supported by prudent underwriting standards and good collateral schemes. The bank's exposure to higher-risk segments, including mortgages loan from public entities, SMEs, and agribusiness, is balanced by disciplined risk controls and declining operational risk from legacy mortgage portfolios. Loan growth remains above peers and sector averages (13.4% vs 6.6% at YE 2025). However, asset quality has been resilient and credit costs contained, supporting the bank's 'bb' risk profile score. Steady Asset Quality: Fitch assigns an asset-quality score of 'bb'. Banca Mifel's Stage 3 loan ratio was 2.3% at YE 2025 has remained broadly stable over 2022-2025 (average: 2.3%), reflecting good-quality corporate loans that offset deterioration in the legacy mortgage portfolio. Fitch expects Banca Mifel to sustain healthy ratios, driven by loan growth and prudent credit policies. Loan loss allowances coverage was steady at close to 90%. Profitability with Positive Prospects: Banca Mifel's operating profit/risk-weighted assets (RWA) ratio was 4.4% at YE 2025, maintaining its positive trajectory. This level is supported by a resilient net interest margin (NIM) and solid revenue growth , which offset higher operating expenses. Fitch expects profitability to remain near current levels and improve gradually over the medium term, driven by loan growth, especially in higher-yielding consumer segments, although results will remain sensitive to retail asset quality. Funding strategies to manage NIM pressure also support the 'bb' score with a positive trend. Good Capital Buffers: Banca Mifel's has a 'bb' capitalization and leverage score with a positive trend. This reflects Fitch's expectation that the bank's planned capital strategies will enhance its loss-absorption capacity and further support its solid capital metrics despite the expected business growth. The bank's Common Equity Tier 1 (CET1) to RWA ratio increased to 17.1% at YE 2025 from 16.4% at YE 2024, maintaining a comfortable buffer above the regulatory minimum. Sustained internal capital generation has helped offset the impact of loan growth and recurrent dividend payments, supporting healthy capital headroom. Healthy Funding and Liquidity: The bank's funding structure is consistent with its operating model. Banca Mifel is mainly funded by customer deposits (58.8% of total non-equity funding in YE 2025), which have been stable through the cycle. Other funding sources come from local financial institutions. The loan-to-deposit ratio remains above 100%, at 109.9% in YE 2025 (four-year average: 117.4%). Regulatory liquidity ratios remain above minimum requirements at YE 2025. Fitch assigned a funding and liquidity score of 'bb'. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A significant deterioration in asset quality and profitability weakens its capital position, particularly if its operating profit to APR metric remains below 2% and its CET1 to APR ratio consistently falls below 14%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The ratings could be upgraded if there is a material strengthening of the business profile, reflected by sustained growth in total operating income, while maintaining an operating profit to RWA metric near 4% and a CET1 ratio of around 15% or a total capitalization ratio consistently above 17%. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Short-Term IDRs: Banca Mifel's Short-Term IDR is linked to the Long-Term IDR through Fitch's rating mapping. The 'B' Short-Term IDR is the only option for Long-Term IDRs in the 'BB' and 'B' categories. Government Support Rating: Banca Mifel's 'ns' GSR reflects Fitch assessment that there is no reasonable assumption of sovereign support. This is because the bank is not considered as a domestic systemically important bank (D-SIB) and has low market share and interconnectedness within the financial system. At YE 2025, Banca Mifel customer deposits represented 1.0% of the Mexican banking system. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES - A change in the Short-Term IDR would likely require a multi-notch change in the bank's Long-Term IDR. - GSR upside potential is limited and can only occur over time with a material growth of the bank's market share. There is no downside potential for the GSR. Summary of Financial Adjustments Fitch's tangible capital calculation excluded prepaid expenses and other deferred assets from shareholders' equity. 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 ----------- ------ Banca Mifel, S.A., Institucion de Banca Multiple, Grupo Financiero Mifel LT IDR BB New Rating ST IDR B New Rating LC LT IDR BB New Rating LC ST IDR B New Rating Viability bb New Rating Government Support ns New Rating CREDITO REAL SAB: Court Upholds Chapter 15 Recognition ------------------------------------------------------ In the appeal styled UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION, Appellant, v. CREDITO REAL S.A.B. DE C.V., SOFOM, E.N.R., et al., Appellees, Civ. No. 25-371 (D. Del.), Chief Judge Judge Colm F. Connolly of the U.S. District Court for the District of Delaware will affirm the order of the U.S. Bankruptcy Court for the District of Delaware granting recognition of Credito Real, S.A.B. de C.V., SOFOM, E.N.R.'s insolvency proceeding as a foreign main proceeding and enforcing the Chapter 15 Debtor's plan. On February 7, 2025, Credito Real, S.A.B. de C.V., SOFOM, E.N.R. (the "Chapter 15 Debtor"), a Mexican company, through its Foreign Representative, filed a Chapter 15 petition seeking, inter alia, (1) recognition of its insolvency proceeding (the "Concurso Proceeding") as a foreign main proceeding pursuant to section 1517 of the Bankruptcy Code; and (2) an order rendering assistance to the Mexican court, pursuant to sections 1521(a)(7) and 1507 of the Bankruptcy Code, by recognizing and enforcing the Chapter 15 Debtor's plan (the "Concurso Plan"), which had been approved by the Mexican court overseeing the Concurso Proceeding, and which contained a provision releasing certain direct claims (including, for fraud and other intentional wrongdoing) held by third parties against certain non-debtors -- a provision often referred to as a nonconsensual third-party release. Appellant, United States International Development Finance Corporation ("DFC"), an agency of the United States of America and claimant in the Concurso Proceeding, objected to the entry of an order granting full force and effect to the Concurso Plan based on the nonconsensual third-party release it contained. Relying on the Supreme Court's decision in Harrington v. Purdue Pharma LP, 603 U.S. 204 (2024), DFC argued that the Bankruptcy Court lacked statutory authority to approve such a release under Chapter 15 and that the release was "manifestly contrary to the public policy" of the U.S. within the meaning of § 1506 of the Bankruptcy Code. On March 11, 2025, the Bankruptcy Court issued its Order Granting (I) Recognition of Foreign Main Proceeding, (II) Full Force and Effect to Concurso Plan and Certain Related Relief (the "Enforcement Order"), overruling DFC's objection for the reasons set forth in its thorough opinion, In re Credito Real, S.A.B. de C.V., SOFOM, E.N.R., 670 B.R. 150 (Bankr. D. Del. 2025). On March 25, 2025, DFC filed a timely notice of appeal. On April 1, 2025, the Bankruptcy Judge issued his Opinion in support of the Enforcement Order. The Bankruptcy Judge addressed each of DFC's arguments, finding that Chapter 15's broad grant of authority permits enforcement of foreign court orders containing nonconsensual third-party releases. The court found Purdue to be inapplicable because the Supreme Court limited its decision to Chapter 11's specific provisions, which have no bearing on Chapter 15's separate framework for international comity and cooperation with foreign courts in foreign insolvency proceedings. The Bankruptcy Court emphasized procedural and fundamental fairness of the Concurso Proceeding and determined that creditor interests were sufficiently protected under section 1522 of the Bankruptcy Code. Finally, the Bankruptcy Court determined that the Release was not "manifestly contrary" to U.S. public policy, emphasizing the narrow construction of this exception and the availability of nonconsensual third-party releases in section 524(g) of the Bankruptcy Code. In this case, the Bankruptcy Court determined that enforcement of the Concurso Plan (including the Release) was proper under the broad authority granted by sections 1521(a) and 1507 of the Bankruptcy Code. DFC argues that the Bankruptcy Court erred in holding that it had the power to enforce a nonconsensual third-party release under Chapter 15. According to DFC, sections 1521(a)(7) and 1507(a) are "catch-all" provisions, and the Bankruptcy Court should have interpreted them in the same way that the Purdue court interpreted Sec. 1123(b)(6). In DFC's view, the Supreme Court's decision last year in Purdue provides a roadmap for interpreting broad, catch-all statutory language in the Bankruptcy Code, including the provisions of chapter 15 on which the Bankruptcy Court relied. DFC further argues that the court abused its discretion in enforcing the Concurso Plan as the Release is "manifestly contrary to the public policy" of the U.S. within the meaning of section 1506 of the Bankruptcy Code. According to the District Court, DFC's assertion that Purdue "provides a roadmap" to interpret provisions in Chapter 15 fails to account for the fundamental structural and functional differences between Chapter 11 and Chapter 15. The catch-all provisions in Chapter 15 are part of a recognition and enforcement framework, drafted specifically to empower courts to assist foreign proceedings where appropriate. The District Court holds the Bankruptcy Court did not err in rejecting the effort to conflate these frameworks and holding that Purdue has no bearing on whether the Release may be recognized in a Chapter 15 case. The Bankruptcy Court further determined that enforcement of the Concurso Plan (including the Release) and Concurso Order was authorized under both sections 1521(a) and 1507. DFC argues that section 1521(a) does not authorize third-party releases because they are "not specifically enumerated" and it says the Bankruptcy Court's reliance on section 1521(a)(7) was misplaced. But section 1521(a) allows the court to grant any appropriate relief to a Chapter 15 debtor in order to preserve the value of the debtor's assets and facilitate the administration of the foreign proceeding. As the Bankruptcy Court found, this provision explicitly grants broad judicial discretion, including the ability to enforce the terms of a foreign restructuring plan. DFC's focus on the unavailability of third-party releases under Chapter 11 also ignores the broader language of section 1521(a), which expressly permits any appropriate relief necessary to effectuate the objectives of Chapter 15. According to the District Court, when read together, sections 1521(a) and 1521(a)(7) grant courts broad discretion to approve relief that protects debtor assets and creditor interests, unless explicitly excluded, and third-party releases are not among those exclusions. In sum, by authorizing any appropriate relief, section 1521 empowers courts to facilitate outcomes in foreign proceedings that promote fairness, comity, and the efficient resolution of cross-border insolvencies. The Bankruptcy Court's decision that the Release could be enforced under section 1521(a) is supported by the text and purpose of Chapter 15, the District Court concludes. DFC argues that this application of comity is optional, claiming that a bankruptcy court can fully satisfy its statutory duty of comity without providing any discretionary relief requested under Sections 1507 or 1521. The District Court further finds the Bankruptcy Court did not clearly err in finding that the Concurso Proceeding included these hallmarks of procedural fairness and did not violate section 1507(b). The Bankruptcy Court carefully reviewed the record and found that the Concurso Proceeding provided DFC and other creditors with notice, an opportunity to be heard, and meaningful judicial review. According to the District Court, the Bankruptcy Court did not err in holding that section 1507(a) authorizes enforcement of third-party releases where the relief aligns with the principles of comity, fairness, and U.S. public policy. Nor did it abuse its discretion in extending comity to the Mexican Court's judgment, which it found to be the product of a procedurally sound, transparent, and equitable restructuring process. DFC has provided no basis to determine that finding was clearly erroneous. Judge Connolly holds, "It is well settled that U.S. bankruptcy courts can give effect to foreign orders in recognized foreign proceedings pursuant to the authority granted in Chapter 15, even when those orders contain relief unavailable under U.S. law. DFC's arguments misconstrue the Supreme Court's narrow holding in Purdue, applicable in Chapter 11 cases, as well as the statutory framework of Chapter 15 and its core policy objectives. Accordingly, I will affirm the Enforcement Order." A copy of the Court's Opinion is available at https://urlcurt.com/u?l=5RNWy3 from PacerMonitor.com. Counsel for Appellant: Benjamin Butterfield, Esq. Theresa Foudy, Esq. Darren Smolarski, Esq. MORRISON & FOERSTER LLP 250 West 55th Street New York, NY 10019-9601 Phone: (212) 468-8000 Fax: (212) 468-7900 E-mail: bbutterfield@mofo.com tfoudy@mofo.com dsmolarski@mofo.com Kevin M. Capuzzi, Esq. John C. Gentile, Esq. BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP 1313 North Market Street Suite 1201 Wilmington DE 19801 Phone: (302) 442-7010 Fax: (302) 442-7012 E-mail: kcapuzzi@beneschlaw.com jgentile@beneschlaw.com Counsel for Appellees: John K. Cunningham, Esq. Richard S. Kebrdle, Esq. Claire M. Campbell, Esq. WHITE & CASE LLP, 1221 Avenue of the Americas New York, NY 10020-1095 Phone: (212) 819-8200 Fax: (212) 354-8113 E-mail: jcunningham@whitecase.com rkebrdle@whitecase.com claire.campbell@whitecase.com Jason N. Zakia, Esq. WHITE & CASE LLP 300 N. LaSalle Drive Chicago, IL 60654 Phone: (312) 881-5400 Fax: (312) 881-5450 E-mail: jzakia@whitecase.com Mark D. Collins, Esq. John H. Knight, Esq. Amanda Steele, Esq. RICHARDS LAYTON & FINGER P.A., One Rodney Square 920 North King Street Wilmington, DE 19801 Phone: (302) 651-7700 Fax: (302) 651-7701 E-mail: collins@rlf.com knight@rlf.com steele@rlf.com About Credito Real SAB Credito Real SAB de CV SOFOM ENR is a Mexico-based company that provides consumer financing. Credito is Mexico's biggest payroll lender and second largest non-bank lender after Real Unifin. Credito Real provides loans, either by providing direct financing to consumers or by establishing financing programs with consumer financing dealers that sell to Credito Real the collection rights from consumer financing products. It also provides financing directly to individuals that are employed by corporations with payroll deduction agreements with consumer financing dealers authorized by Credito Real. Credito Real operates through a number of subsidiaries, including AFS Acceptance LLC. Three alleged creditors signed a petition to send Credito Real to Chapter 11 bankruptcy on June 22, 2022 (Bankr. S.D.N.Y. Case No. 22-10842). Institutional Multiple Investment Fund LLC, of Boston, Massachusetts; Banco Monex, S.A., of Mexico, and Solitaire Fund, of Liechtenstein, who claim to own an aggregate $8 million of unsecured bond debt, signed the involuntary Chapter 11 petition. David H. Botter, Esq., at Akin Gump Strauss Hauer & Feld LLP is advising the three bondholders. Despite efforts by bondholders to force the company to pursue a Chapter 11 restructuring in the U.S., the Debtor opted to pursue proceedings in Mexico instead. On June 28, 2022, Angel Francisco Romanos Berrondo, one of the Debtor's shareholders and the former CEO of Credito Real, filed a petition, in his capacity as a shareholder, with the Mexican Court seeking to commence the Mexican Liquidation Proceeding. On June 30, 2022, the Mexican Court entered an order commencing the dissolution and liquidation proceedings for the Company and appointing Mr. Fernando Alonso-de-Florida Rivero as the Mexican Liquidator. The liquidator for Credito Real filed a Chapter 15 bankruptcy petition (Bankr. D. Del. Case No. 22-10630) on July 14, 2022, to seek U.S. recognition of the Mexican proceedings. The petition was signed by Robert Wagstaff, the foreign representative of the liquidator. Richards, Layton & Finger, P.A., led by John HenryKnight, is counsel in the U.S. case. ======= P E R U ======= HUDBAY PERU: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Hudbay Minerals Inc. and HudBay Peru S.A.C. (HB Peru) at 'BB-'. Fitch also affirmed Hudbay's senior unsecured debt rating at 'BB-' with a Recovery Rating of 'RR4' and Hudbay's and HB Peru secured RCF at 'BB+'/'RR2'. The Rating Outlook is Stable. Hudbay's ratings and Outlook reflect its mid-tier size, concentration in three mines, and extensive track record of operating copper mines from exploration to production. The ratings also consider Hudbay's low-cost position at Snow Lake in Manitoba, Canada, and Constancia, Peru, with mine lives extending through 2040. Fitch expects Hudbay to maintain its EBITDA leverage below 3.5x through 2028. Key Rating Drivers Favorable Low-Cost Position: Fitch expects average annual payable metal sold to be approximately 135,000 tonnes for copper and 241,000 ounces for gold between 2026 and 2028 and for Hudbay to retain its relative cost position. According to the Wood MacKenzie's 2026 Copper C1 + Sustaining Capex cost curve, Snow Lake has a first-quartile cost position which benefits from the high gold production, Constancia has a third-quartile cost position, and Copper Mountain has a fourth-quartile cost position. The mine plan for Constancia supports a 15-year mine life, Snow Lake supports a 16-year mine life, and Copper Mountain supports a 21-year mine life. Hudbay has an extensive track record of operating copper mines from exploration to production and has several projects in the exploration and development phases. Conservative Financial Policies: Fitch views Hudbay's conservative capital-allocation policy as favorable to its credit profile. Hudbay's stated financing strategy for sanctioning Copper World includes a committed minority joint venture partner (executed a 30% JV with Mitsubishi in Jan. 2026), a renegotiated optimal streaming transaction, net debt-to-EBITDA of less than 1.2x, minimum cash of USD600 million and limited (up to USD350 million) nonrecourse project debt. Hudbay prioritizes operational improvements, low-risk and low capital requirement brownfield expansions in advance of moving forward on large-scale greenfield projects. Hudbay's EBITDA leverage was 1.0x as of Dec. 31, 2025. Under Fitch's ratings case assumptions, which have copper prices moderating to $10,000/tonne and gold prices moderating to $2,700/ounce through 2029, the capital budget (excluding Copper World) can be funded with no incremental debt and EBITDA leverage will remain below 3.5x. Copper Exposure: While copper accounted for approximately 55% of consolidated revenues in 2025, Fitch believes Hudbay has meaningful commodity diversification through its gold production, and to a lesser extent, its molybdenum and zinc. Hudbay estimates that a 10% change in the price of copper from the company's 2026 base case of $4.75/pound (lb) would change operating cash flow before working capital by USD98 million in 2026. Hudbay's average realized copper price was USD4.64/lb in 2025, compared to USD4.18/lb in 2024. Fitch's rating case assumptions for copper are USD5.22/lb in 2026, USD4.99/lb in 2027, and about USD4.54/lb thereafter. Copper World Potential: Fitch views the USD1.5 billion phase 1 project favorably, given the 2023 pre-feasibility study indications of 85,000 tonnes of annual copper production at sustaining cash costs of USD1.81/lb over a 20-year mine life. Fitch's rating case does not include production however includes the capex spend over the forecast, with the project expected to be approved in 2H2026. Hudbay stated the project will only proceed if the definitive feasibility study shows an internal rate of return greater than 15% and financial targets are met. Recovery Rating Criteria Variation: Fitch has applied a criteria variation for HB Peru and Hudbay's RCF ratings two notches above the IDR at 'BB+' with a Recovery Rating of 'RR2', above the 'RR3' that would result from applying Fitch's "Country-Specific Treatment of Recovery Ratings Criteria." The over-collateralization provided by the security directly for the Hudbay RCF and through Hudbay's cross-collateralization of the HB Peru RCF is consistent with a higher Recovery Rating above 'RR3'. A weighted average of the country caps for Canada and Peru, would otherwise result in 'RR3', based on where economic value could be realized under the criteria. Peer Analysis Hudbay, with 2025 payable copper sales at 114,534 tonnes (t), has smaller production and fewer mines than copper producer Capstone Copper Corp. (BB-/Stable), with 2025 payable copper production of 224,764t, although Hudbay has a better cost position. Hudbay's lower cost profile and significant gold production results in higher EBITDA. Fitch expects the companies to be fairly similar in terms of 2026 EBITDA after distributions to noncontrolling interests as Capstone Copper's Mantoverde mine continues to ramp up. Hudbay's average first-quartile cost position of Wood Mackenzie's 2026 Copper C1 + Sustaining Capex cost curve which benefits from the high gold production is lower than Capstone Copper's average cost position in the third quartile. Hudbay's EBITDA leverage of 1.0x at YE 2025 is low for the rating category. Fitch expects this to continue while copper and gold prices remain above its mid-cycle assumptions. Fitch views Hudbay's exposure to Peru and Capstone's exposure to Chile as relatively low jurisdictional risk exposure. Fitch’s Key Rating-Case Assumptions - Average annual payable copper sold at about 135,000t and average annual payable gold sold at about 237,000oz between 2026 and 2029 from currently operating mines; - Copper prices of USD11,500/t in 2026, USD11,000/t in 2027, and USD10,000/t thereafter; - Gold prices of USD4,500/oz in 2026, USD3,800/oz in 2027, USD3,300/oz in 2028, USD2,700/oz in 2029, and USD2,300/oz thereafter; - Zinc prices of USD2,998/t in 2026, USD2,800/t in 2027, USD2,601/t in 2028, USD2,646/t in 2029, and USD2,254/t thereafter; - Average annual capex between 2026 to 2028 of approximately USD910 million with the assumed capex spend for Copper World; - Assumes Arizona Sonoran Copper Company Inc. acquisition closes in 2Q25 as anticipated; - No change in dividends. 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, Lower), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Lower), Financial Structure (bbb+, Lower), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 30% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.5x; - Sustained negative FCF before major development capital; - A material reduction in average mine life. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Reduced completion risk and funding strategy which mitigates risk associated with the Copper World project; - Improved size and scale; - EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure Cash on hand was approximately USD568.9 million as of Dec. 31, 2025, and USD424.8 million was available under the aggregate USD450 million secured RCFs after USD25.2 million for letters of credit. The Hudbay Minerals revolver and the HB Peru revolver both mature on Nov. 13, 2028. Revolver covenants include maintaining secured debt-to-EBITDA at less than 3.0x, interest coverage ratio at greater than 3.0x and net debt-to-EBITDA ratio at less than 4.0x. Hudbay used cash and USD272 million of their RCF to repay the USD472.5 million 2026 note that matured on April 1, 2026. The remaining note, the USD542.4 million 6.125% note matures in April 2029. Issuer Profile Hudbay Minerals Inc., a mid-sized Americas based mining company, produces copper with gold, silver and molybdenum by-products in Constancia; copper with gold and silver by-products at Copper Mountain, British Columbia; and gold with copper, zinc and silver by-products in Snow Lake, Manitoba. Criteria Variation Variation on their revolvers: the company's revolvers are cross collateralized by Peruvian and Canadian assets. The Canadian assets provide overcollateralization of both revolvers, leading to them all being 'RR2' versus an 'RR3'. 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 Hudbay Minerals 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 Recovery Prior ----------- ------ -------- ----- HudBay Peru S.A.C. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ Hudbay Minerals Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR2 BB+ ===================== P U E R T O R I C O ===================== DEL CAMPO AL: Seeks to Hire Luis D. Flores Gonzalez as Counsel -------------------------------------------------------------- Del Campo Al Norte Restaurant Corporation seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Law Offices of Luis D. Flores Gonzalez as counsel. The firm will render these services: (a) counsel the Debtor with respect to its duties, powers, and responsibilities in this case under the laws of United States and Puerto Rico in which it conducts its operations, do business, or is involved in litigation; (b) advise the Debtor in connection with its reorganization planning; (c) assist the Debtor with respect to all negotiation with creditors for the purpose arranging a feasible Plan of Reorganization; (d) prepare on behalf of the Debtor the necessary legal documents as may be needed in present case; (e) appear before the Bankruptcy Court, in which the Debtor asserts a claim or defense directly or indirect related to the present bankruptcy case; and (f) provide other legal services for the Debtor required in this proceedings, or related with operation. The firm will be paid at these hourly rates: Luis Flores Gonzalez, Attorney $250 Legal Assistants $60 Other Paraprofessional $40 Prior to the filing of this petition, the firm received a retainer in the amount of $5,000 from the Debtor. Mr. Flores Gonzalez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Luis D. Flores Gonzalez, Esq. Law Offices of Luis D. Flores Gonzalez Suite MZ-9 VIG Tower Santurce, PR 00907 Telephone: (787) 758-3606 Email: ldfglaw@yahoo.com About Del Campo Al Norte Restaurant Del Campo Al Norte Restaurant Corporation operates in the restaurant and food service industry, providing dining and hospitality services. Del Campo Al Norte Restaurant Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01003) on March 9, 2026. In its petition, the Debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor is represented by Luis D. Flores Gonzalez, Esq. ********* 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. 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