260428.mbx

260428.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 Tuesday, April 28, 2026, Vol. 27, No. 84 Headlines A R G E N T I N A ARGENTINA: Economic Activity Posts Biggest Slump Since 2023 CHUBUT PROVINCE: Moody's Rates New Senior Secured Notes 'Caa1' GENERACION MEDITTERRANEA: Early Results Show $52M in Note Exchange B A R B A D O S BERGER PAINTS: Shutting Down Barbados Operations, Cuts 44 Jobs B R A Z I L BANCO C6 SA: Moody's Rates New Senior Unsecured Notes 'Ba3' OCEANICA LUX: Moody's Rates New Senior Secured Notes 'B3' RAIZEN SA: Bank Creditors Said to Make Restructuring Proposal D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Vehicle Imports Continue to Fall G U A T E M A L A BANCO DE LOS TRABAJADORES: Moody's Affirms 'Ba2' Deposit Ratings J A M A I C A CARIBBEAN CEMENT: Heavy Rainfall Disrupting Production P U E R T O R I C O YAJIKA RESTAURANTS: Case Summary & Nine Unsecured Creditors - - - - - ================= A R G E N T I N A ================= ARGENTINA: Economic Activity Posts Biggest Slump Since 2023 ----------------------------------------------------------- Buenos Aires Times reports that Argentina's economy contracted sharply in February, posting its biggest monthly decline since 2023, as retail and manufacturing continue to struggle. Economic activity fell 2.6 percent from January, well below the 0.5 percent drop estimated by Bloomberg Economics, according to government data published Wednesday, April 22, 2026, Buenos Aires Times discloses. From a year ago, the gross domestic product proxy fell 2.1 percent, far below the 0.5 percent median estimate of economists surveyed by Bloomberg, according to Buenos Aires Times. Argentina grew 0.4 percent on the month in January. Economy Minister Luis Caputo said earlier this month in Rosario that the country's economy will post growth in April while monthly inflation will slow as well, the report report relays. March tax collection data already shows that economic activity has started to rebound, President Javier Milei said at an event, the report discloses. In March, the trade balance delivered a US$2.5 billion surplus, "the highest for the month since 1990 and a clear sign of economic momentum," according to a JPMorgan note, the report says. The first quarter delivered a US$5.3-billion surplus on an export surge, a sharp uptick from US$1 billion a year ago, the note said, the report relays. Exports on the month in March turned around sharply from a 14.5 percent drop in February to a 19.8 percent surge, according to the INDEC national statistics bureau, the report says. Monthly inflation, which Milei vowed to slow below one percent this year, picked up to 3.4 percent in March and hasn't slowed in 10 months, the report notes. It's still a significant improvement from the crisis Milei inherited, but his disinflation campaign has lost momentum, the report discloses. "Very weak Argentine activity in February tempered the optimism raised by robust gains in December and January. Yet early indicators for March suggest another bounce is in store. We still see the economy expanding solidly this year, even if at more moderate pace than our expectation after the October midterms," said Jimena Zuniga, Argentina economist for Bloomberg Economics, the report notes. Milei asked Argentines earlier this month to be patient with the country's economic turnaround, employing a rare tone of humility amid declining poll numbers and a worsening outlook for blue-collar industries, the report says. His approval rating last month hit its lowest since he took office in falling to 36 percent, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News, the report discloses. "We know that the last months were hard," he wrote on X, the report relays. "That's why we’re asking for patience. This is the right path. Changing it would be to blow up what's been achieved," he added. Economists in Argentina revised down their 2026 growth estimates to 3.3 percent while marking up inflation estimates for the year to 29 percent, according to the Central Bank’s March survey, 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. CHUBUT PROVINCE: Moody's Rates New Senior Secured Notes 'Caa1' -------------------------------------------------------------- Moody's Ratings has assigned a Caa1 (Global Scale foreign currency) rating to the senior secured global notes to be issued by the Province of Chubut for up to USD650 million, with final maturity in 2036 (New Notes). The rating on the notes is aligned with Chubut's long-term foreign currency issuer rating. The outlook is stable. Proceeds will be used mainly for liability management, with any remaining funds directed to priority public works, as permitted under provincial law. The New Notes will be denominated in US dollars, with interest paid quarterly. Principal will amortize in quarterly installments following a three-year grace period, with final maturity in 2036. The assigned rating is based on preliminary documentation received by us as of the rating assignment date and confirmation of issuance amounts. Moody's do not expect changes to the debt amount or documentation reviewed over this period, nor do Moody's anticipates changes to the main terms and conditions of the notes. Should issuance conditions and/or final documentation of the notes deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. RATINGS RATIONALE The Caa1 senior secured rating assigned to the new notes, which constitute direct, senior, and secured obligations of the Province of Chubut, is aligned with the province's foreign-currency issuer rating. Although the notes benefit from structural protections and a pledge of hydrocarbon royalties, these features do not provide sufficient insulation from the province's broader credit profile to warrant rating differentiation above the issuer level at this stage. While the pledge of hydrocarbon royalties provides additional protection to noteholders and supports debt service capacity, the secured structure remains exposed to Argentina's sovereign and regulatory framework and to structural features of the domestic hydrocarbons sector. In particular, the province's royalty base reflects the gradual decline of conventional production and a sector transition toward unconventional resources outside Chubut, which constrains the long-term stability of pledged revenues. While current coverage metrics remain adequate, these dynamics limit the degree of separation between the secured notes and the province's underlying credit quality, supporting alignment of the secured instrument with the issuer and senior unsecured risk despite the presence of collateral. The credit profile of the Province of Chubut (Caa1 stable) reflects a history of volatile operating and financial performance, tight liquidity, and moderate to high leverage, including the impact of the new issuance. The transaction is expected to smooth the province's debt maturity profile by addressing near-term amortization concentrations and reducing short-term refinancing pressures, partially alleviating an otherwise challenging liability structure. Offsetting these constraints, Chubut benefits from US dollar-linked revenues derived from hydrocarbon royalties, which provide a natural hedge against currency volatility and support debt service capacity, albeit within a volatile and structurally evolving sector. Consistent with other Argentine regional and local governments (RLGs), the province's credit profile remains constrained by strong macroeconomic and financial linkages with the Government of Argentina (Caa1 stable), incorporating Moody's expectations of elevated systemic risks, including macroeconomic instability and constrained market access. Chubut reported relatively solid operating performance in recent years, although fiscal results weakened in 2025 amid real increases in personnel expenditures and lower activity in the oil sector following the reallocation of investment toward unconventional fields out of the province. Chubut's operating margin declined to around 1.8% of operating revenue in 2025, from average 15.4% in 2023-24, reflecting tighter fiscal flexibility. Hydrocarbon related revenues remain a key, albeit volatile, source of fiscal income and liquidity, averaging around 20% of total revenues over the past three years, and provide partial insulation against currency volatility given their linkage to foreign currency denominated hydrocarbons. The province's leverage declined sharply over the past two years, with net direct and indirect debt falling to 29.9% of operating revenue in 2025, from average 66.8% in 2023-24, primarily reflecting the effects of a controlled official exchange rate and limited net new borrowing. Following the new issuance and associated liability management actions, leverage is expected to increase to around 44.1% of operating revenue during 2026, consistent with the assigned rating category. The transaction will smooth near term amortization peaks and reduce short term refinancing risk, improving the province's debt maturity profile despite its still high exposure to foreign currency denominated debt. Net proceeds from the issuance are expected to be used primarily for liability management and short term refinancing purposes, including the refinancing of the province's outstanding BOCADE 2030 international notes through a concurrent tender offer, as well as the repayment of other upcoming international and local currency debt maturities. These actions are expected to reduce near term refinancing pressures and support liquidity. Remaining proceeds are expected to be allocated to public works and capital expenditure, in line with applicable provincial authorizations. RATING OUTLOOK The stable outlook for the Province of Chubut is aligned with the stable outlook for the sovereign rating and reflects Moody's expectations that the economic and financial pressures faced by the province will not change materially over the next 12–18 months. The outlook also incorporates Moody's expectations that bondholders will not face losses exceeding those captured in the Caa1 rating category. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the strong macroeconomic and financial linkages between the Government of Argentina and the Province of Chubut, an upgrade of Argentina's sovereign ratings that leads to an improvement of the operating environment and/or diminishing idiosyncratic risks could lead to an upgrade of the province's ratings. Conversely, a downgrade in Argentina's bond ratings or further systemic deterioration, or both, would exert downward pressure on the ratings. Increased idiosyncratic risks would also translate into a downgrade. The principal methodology used in this rating was Regional and Local Governments published in May 2024. 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. GENERACION MEDITTERRANEA: Early Results Show $52M in Note Exchange ------------------------------------------------------------------ Generacion Mediterranea S.A. and Central Termica Roca S.A., announced the results as of the Early Participation Date of their previously announced offer to exchange any and all of the Companies' outstanding 9.625% Senior Notes due 2027 for the Companies' newly issued Fixed Rate Step-Up Senior Notes due 2036 (as more fully described in the Exchange Offer and Consent Solicitation Memorandum), and their solicitation of consents of the holders of the Existing Notes to provide instructions and grant power of attorney with express voting instructions to Morrow Sodali International LLC, trading as Sodali & Co, to, among other things, accept the APE Offer (as defined in the Exchange Offer and Consent Solicitation Memorandum), upon the terms and subject to the conditions set forth in the Exchange Offer and Consent Solicitation Memorandum, dated April 10, 2026, the Companies' press release dated April 10, 2026, and the related Eligibility Letter. HIGHLIGHTS * Approximately US$52 million of Existing Notes, or 44.30% of all Existing Notes, to be exchanged * Early Exchange Consideration extended through New Early Participation Date * Companies received valid tenders of Local Notes representing 76.24% of the principal amount thereof, and expect to obtain support to proceed with the APE filing Morrow Sodali International LLC, trading as Sodali & Co, acting as information and exchange agent for the Offer and Solicitation, advised the Companies that, as of 5:00 p.m. (New York City time) on April 23, 2026, Existing Notes for an aggregate principal amount equal to approximately US$52 million were validly tendered for exchange. Additional details with respect to the early results of the Exchange Offer. Description: 9.625% Senior Notes due 2027 CUSIP / ISIN (Rule 144A): 36875K AD3 / US36875K AD37 CUSIP / ISIN (Regulation S): P46214 AC9 / USP46214 AC95 Outstanding Principal Amount of Existing Notes without Amortization(2): $117,088,652 Exchange and Solicitation (Total Principal Amount Tendered as of the Early Participation Date): $51,871,773 Exchange and Solicitation (Percentage of the Original Principal Amount Outstanding): 44.30% Exchange Consideration(3)(4): $724.00 Early Tender Premium(5)(6)(7): 0.50% per annum on the outstanding principal amount of Existing Notes (1) The Existing Notes are currently listed on the Singapore Exchange Securities Trading Limited and are listed on BYMA and traded on A3 Mercados. (2) This amount does not reflect any amortizations. The outstanding principal amount of the Existing Notes of US$117,088,652 is subject to a variable amortization factor which is calculated in accordance with amortization payments made in accordance with the terms and conditions of the Existing Notes. No future amortizations are expected to be made by the Companies under the Existing Notes. As of the date of the Exchange Offer and Consent Solicitation Memorandum, and as of (and on or after) the Early Participation Date and the Expiration Date (as defined in the Exchange Offer and Consent Solicitation Memorandum), the Amortization Factor is, and is expected to be, 64%. (3) Per US$1,000 principal amount of the Existing Notes before the application of the relevant amortization factor to the outstanding principal amount of the Existing Notes that are validly tendered, and not validly withdrawn and accepted for exchange in the Exchange Offer. (4) A principal amount of New Notes equal to US$724 per US$1,000 principal amount of Existing Notes before the application of the relevant amortization factor that is contemplated in the Exchange Consideration and accounts for the capitalization in full of accrued and unpaid interest (excluding any defaulted interest) under the Existing Notes through the Reference Date (as defined in the Exchange Offer and Consent Solicitation Memorandum). No accrued interest after the Reference Date is contemplated in the Exchange Consideration (whether in the form of New Notes, in cash or otherwise) and the Companies do not expect to otherwise pay accrued interest on the Existing Notes (whether in the form of New Notes, in cash or otherwise) at any time after the Reference Date, excluding for the avoidance of doubt, in the form of Early Tender Premium. (5) Except for the Early Tender Premium, no additional consideration will be paid in connection with the Offer and Solicitation. The Early Tender Premium will be applied to the outstanding principal amount of Existing Notes reflecting all amortizations through the date of this Exchange Offer Memorandum and Solicitation Statement, plus accrued and unpaid interest thereon through the Reference Date. (6) The Early Tender Premium shall only be paid to Eligible Holders of Existing Notes that participate in the Offer and Solicitation on or prior to the Early Participation Date even if the Companies decide to pursue the Issuers' APE. The Early Tender Premium shall accrue from (and including) the Reference Date to (but excluding) the applicable Settlement Date (as defined in the Exchange Offer and Consent Solicitation Memorandum) and will be computed on the basis of a 365-day year and actual number of days elapsed. (7) The Early Tender Premium corresponds to a portion of unpaid compensatory and default interest under the Existing Notes accrued until the Settlement Date. Existing Notes validly tendered, and not validly withdrawn by the Withdrawal and Revocation Date may no longer be withdrawn, and related consents validly delivered and not validly revoked by the Early Participation Date may no longer be revoked, except as may be required by applicable law. APE Solicitation Results As of the Early Participation Date, the Companies have received the APE Instructions (as defined in the Exchange Offer and Consent Solicitation Memorandum) of holders representing 44.30% of the Existing Notes, in order for the APE Agent to enter into the Issuers' APE. Additionally, pursuant to the Companies' local exchange offer and consent solicitation to exchange the Local Notes for new notes, the Companies received valid tenders of Local Notes in an aggregate principal amount equivalent to US$337.1 million, out of a total outstanding principal amount equivalent to US$442.1 million of Local Notes, representing 76.24% of the principal amount of the outstanding Local Notes as of the expiration date of such offer. Consequently, considering the amount of valid tenders of Local Notes and related consents that the Companies have received, the Companies informed their intention to proceed with the APE Closing of the Existing Local Notes (as defined in the Exchange Offer and Consent Solicitation Memorandum), which can and will include the Existing Notes not exchanged for New Notes, as provided in the Offer and Solicitation Documents. DTC participants must sign and execute the APE Instruction duly notarized and apostilled or legalized before an Argentine consulate. Participating Holders who have already delivered a PDF copy of the APE Instruction prior to the Early Participation Date must ensure that the original APE Instruction is delivered to the APE Agent no later than five Business Days following the Early Participation Date. Amendments to the Early Participation Date The Companies hereby amend the Early Participation Date of the Offer and Solicitation, as set forth in the Exchange Offer and Consent Solicitation Memorandum, as follows. Except as otherwise stated herein, all other terms and conditions of the Offer and Solicitation as stated in the Offer and Solicitation Documents remain the same. The Companies, as courtesy to their Eligible Holders, announced the extension of the Early Participation Date of the Offer and Solicitation, from 5:00 p.m., New York City time, on April 23, 2026, to 5:00 p.m., New York City time, on May 6, 2026 (such date and time, as hereby amended, after this press release is published, unless further extended, the "New Early Participation Date"). Holders who have not already done so may tender their Existing Notes for exchange until the New Early Participation Date and still receive the Early Tender Premium. Expiration Date of the Exchange Offer is on May 8, 2026, at 5:00 p.m. (New York City time), which remains unchanged after the extension described in the paragraph above. DTC participants must sign and execute the APE Instruction duly notarized and apostilled or legalized before an Argentine consulate. Participating Holders who deliver the APE Instruction prior to the New Early Participation Date must ensure that the original APE Instruction is delivered to the APE Agent no later than five Business Days following the New Early Participation Date. In addition, a PDF copy of the completed APE Instruction (which does not require notarization or apostille/legalization) must be submitted to the APE Agent by email on or before the Early Participation Date. Information and Exchange Agent and Dealer Manager and Solicitation Agent Sodali & Co is acting as the Information and Exchange Agent for the Offer and Solicitation. BCP Securities, Inc. is acting as dealer manager and solicitation agent for the Exchange Offer and the Consent Solicitation. For further information about the Offer and Solicitation, please contact the Information and Exchange Agent, in London, at The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB, United Kingdom, by Telephone: +44 20 4513 6933, and in New York, at 430 Park Avenue 14th Floor New York, NY 10022, by Telephone: +1 203 658 9457 or by email at albanesi@investor.sodali.com. Holders who desire to obtain and complete an Eligibility Letter in order to receive the Exchange Offer and Consent Solicitation Memorandum should visit the Exchange Offer Website at https://projects.sodali.com/albanesi. Disclaimers THE NEW NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (INCLUDING THE RULES AND REGULATIONS THEREUNDER, THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS. THEREFORE, THE NEW NOTES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. The Exchange Offer is being made, and the New Notes are being offered for exchange only to holders of Existing Notes (1) reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act), in a private transaction in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof, and (2) outside the United States, to persons other than "U.S. persons" (as defined in Rule 902 under the Securities Act) and who are not acquiring New Notes for the account or benefit of a U.S. person, in offshore transactions in compliance with Regulation S under the Securities Act. Only holders who have returned a duly completed Eligibility Letter certifying that they are within one of the categories described herein are authorized to receive and review the Exchange Offer and Consent Solicitation Memorandum and to participate in the Offer and Solicitation (such holders, "Eligible Holders"). None of the Companies, the Dealer Manager and Solicitation Agent, the Argentine Information Agents, the Existing Notes Trustee, the Representative of the Existing Notes Trustee in Argentina, the New Notes Trustee or the Information and Exchange Agent makes any recommendation as to whether or not Eligible Holders of Existing Notes should exchange their Existing Notes in the Offer and Solicitation. This press release is qualified in its entirety by the Offer and Solicitation Documents. This press release is for informational purposes only and does not constitute an offer or an invitation to participate in the Offer and Solicitation. The Offer and Solicitation is being made pursuant to the Offer and Solicitation Documents, copies of which will be delivered to holders of the Existing Notes, and which set forth the complete terms and conditions of the Offer and Solicitation. Eligible Holders are urged to read the Offer and Solicitation Documents carefully before making any decision with respect to their Existing Notes. The Offer and Solicitation is not being made to, nor will the Companies accept exchanges of Existing Notes from holders in any jurisdiction in which it is unlawful to make such an offer. This press release is for informational purposes only and does not represent an offer to sell securities or a solicitation to buy securities in the United States or in any other country. This press release is released for disclosure purposes only, in accordance with applicable legislation. It does not constitute marketing material, and should not be interpreted as advertising an offer to sell or soliciting any offer to buy securities issued by the Companies in any jurisdiction where it is illegal to do so. This press release to the market is not for distribution in or into or to any person located or resident in any jurisdiction where it is unlawful to release, publish or distribute this announcement. None of the Companies, the Dealer Manager and Solicitation Agent or the Information and Exchange Agent makes any recommendation as to whether or not Eligible Holders of Existing Notes should exchange their Existing Notes in the Exchange Offer and deliver Consents in the Consent Solicitation. Neither the U.S. Securities and Exchange Commission, any U.S. state securities commission, nor any regulatory authority of any other country has approved or disapproved of the Exchange Offer or the Consent Solicitation, passed upon the merits or fairness of the Exchange Offer or the Consent Solicitation, or passed upon the adequacy or accuracy of the disclosure in the Exchange Offer Memorandum and Consent Solicitation Statement. Neither the delivery of this announcement, the Offer and Solicitation Documents nor any purchase pursuant to the Offer and Solicitation shall under any circumstances create any implication that the information contained in this announcement or the Offer and Solicitation Documents is correct as of any time subsequent to the date hereof or thereof or that there has been no change in the information set forth herein or therein or in the Companies' affairs since the date hereof or thereof. Forward Looking Statements This press release may contain forward-looking statements. Some of these statements include statements regarding our current intent, belief or expectations. While we consider these expectations and assumptions to be reasonable, forward-looking statements are subject to various risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. Forward-looking statements are not guarantees of future performance. Actual results may be substantially different from the expectations described in the forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. We have based these forward-looking statements on current expectations and assumptions about future events. While we consider these expectations and assumptions to be reasonable, they are inherently subject to significant risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. =============== B A R B A D O S =============== BERGER PAINTS: Shutting Down Barbados Operations, Cuts 44 Jobs -------------------------------------------------------------- RJR News reports that 44 workers at Berger Paints Barbados are set to lose their jobs as the company shuts down its manufacturing plant and operations in Barbados. The closure will affect the company's factory, warehouse, colour shops and administrative offices, bringing an end to decades of local production, even as its products remain available on store shelves, according to RJR News. The company said the move is part of a shift to a new distribution model, the report notes. Toni Moore, Member of Parliament and General Secretary of the Barbados Workers' Union, says the decision will have a serious impact on employees, the report relates. Ms. Moore also highlighted the uncertainty now facing the workers, particularly those who are still of working age but may find it challenging to secure new employment opportunities, the report adds. =========== B R A Z I L =========== BANCO C6 SA: Moody's Rates New Senior Unsecured Notes 'Ba3' ----------------------------------------------------------- Moody's Ratings has assigned a Ba3 long-term foreign currency senior unsecured debt rating to the proposed three-year senior unsecured notes to be issued by Banco C6 S.A. (C6), acting through its Cayman Islands branch (Banco C6 S.A. - Cayman Islands Branch). The proposed notes will be issued under the new $5 billion senior unsecured Medium Term Note Program for which Moody's are assigning the a (P)Ba3 rating for both C6 and its Cayman Island Branch. Banco C6 Consignado S.A. and C6 Corretora de Títulos e Valores Mobiliarios Ltda, which are both part of its prudential conglomerate, also guarantee the program and debt issuance. The outlook on C6's Cayman Islands branch senior unsecured debt rating is stable. As part of the rating action, Moody's are also assigning to Banco C6 S.A. – Cayman Island Branch, long-term and short-term local and foreign currency counterparty risk ratings at Ba2/Not Prime, and long-term and short-term counterparty risk assessments at Ba2(cr)/Not Prime(cr). RATINGS RATIONALE The Ba3 rating on the notes to be issued by C6 (acting through its Cayman Island Branch) derives from the bank's ba3 baseline credit assessment (BCA). C6's ba3 reflects its increasing business diversification, robust profitability in 2024 and 2025, and a strengthened deposit franchise. The bank's digital platform and broad network have enabled efficient operations and solid earnings after reaching scale in 2024. Despite accelerated growth resulting in an unseasoned credit portfolio and ongoing concerns about sustained profitability, C6 has demonstrated its ability to replenish capital and is expected to gradually improve capitalization as growth moderates. As of December 2025, total loans reached BRL89.3 billion, with secured lending as the main focus and problem loans remaining below industry averages, although asset risk metrics are expected to normalize as the portfolio matures. C6's capitalization remains low compared to similar Brazilian banks, but strong internal earnings have supported growth and regulatory requirements, with future profits anticipated to strengthen capital metrics. The bank reported BRL2.5 billion net income in 2025, driven by recurring revenue and lower credit costs, though competitive pressures may challenge returns moving forward. Retail banking expansion has brought the client base to 33 million, bolstering funding stability, while liquidity and less stable funds ratios remain adequate. Governance and risk management have been enhanced through a partnership with JPMorgan Chase & Co. (A1 stable), which holds 46% equity and offers key board support. The stable outlook reflects expectations that C6's fundamentals will remain resilient over the next 12 to 18 months despite asset risk pressures from continued high growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of C6's Ba3 ratings could occur if the bank continues to present strong revenue generation that sustains capitalization metrics that are be more aligned to higher rated peers, while reporting adequate asset quality metrics with more moderate loan growth levels. Downward pressure on C6's ratings could occur if there is a sudden fall in profitability fundamentals, which would reduce the already low capital level or if there is a material change in strategy that could result in a sharp increase in problem loans and credit costs. Downward pressure could also arise if its loan loss provisions increase materially because of adverse selection. 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. OCEANICA LUX: Moody's Rates New Senior Secured Notes 'B3' --------------------------------------------------------- Moody's Ratings has assigned a B3 rating to the proposed benchmark-sized senior secured notes due in 2031 to be issued by Oceanica LUX and fully and unconditionally guaranteed by Oceanica Engenharia e Consultoria S.A. The outlook is negative. The proposed issuance is part of Oceanica's liability management strategy and proceeds will be used to fund a tender offer for the company's senior secured notes due 2029, thus reducing the company's average cost of debt and not affecting Oceanica's debt protection metrics. The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by us to date and assume that these agreements are legally valid, binding and enforceable. RATINGS RATIONALE Oceanica LUX's B3 rating is supported by its scale and leading market position in the Brazilian offshore services industry, long-term relationship with its main customer Petroleo Brasileiro S.A. – PETROBRAS (Petrobras, Ba1 stable) and firm backlog of contracts, which provides cash flow visibility through 2030. The company had a fleet of 55 remotely operated vehicles (ROVs) and 18 vessels as of year-end 2025. At the same time, the company had a firm backlog of BRL8.6 billion (BRL12.2 billion as of February 2026), and benefits from contractual protections that enable consistent profitability across commodity price cycles. The company benefits from increasing demand in its offshore energy business in Brazil while pursuing growth in other business segments in the offshore industry. The rating is also supported by the company's improving credit metrics and liquidity related to the ramp-up of its service contracts. The rating is constrained by Oceanica's small size and concentrated operations compared with those of its peers, its exposure to re-contracting and repricing risks despite a track record of no contract cancellation with Petrobras, its growth strategy and the capital intensity of its business. The rating is also constrained by a largely encumbered asset base, high funding costs and a lack of track record of prudent capital allocation through investment cycles. The company's weakened credit metrics and liquidity after the transition and mobilization of several assets in 2024 also constrain the rating. Oceanica's Moody's-adjusted leverage (excluding the credit-linked notes) is currently at 5.9x in 2025 and Moody's expects the ratio to decline to around 4.0x-4.5x in the next 12-18 months. The reduction in leverage between 2024 and 2025 was primarily driven by an increase in EBITDA. Moody's-adjusted EBITDA grew to BRL867 million (or around $155 million) in 2025 from BRL146 million (or around $27 million). This was due to the ramp-up of most of the company's fleet in 2025; five of the company's six SDSV vessels are operational (as opposed to only three in December 2024) with the start of operations of SDSV SUB XII and SDSV SUB XIV day rate contracts. Currently, only four vessels are yet to be deployed. SUB XVII and SUB XIX are continuing their mobilization processes that began in 2025. SUB XIII ceased its hull inspection activities and began mobilization for its day-rate contract in January, while SUB XVIII is likely to cease its hull inspection activities and begin mobilization in April. In addition, SUB XV completed its mobilization and commenced operations in January 2026. Despite this substantial improvement, Oceanica's credit metrics remain somewhat weak. Moreover, the capital intensity of the business still weighs heavily on Oceanica's financial performance as the company is yet to significantly reverse its cash burn. Moody's expects the company's cash flow from operations to amount to around BRL100 million in the next 12-18 months, which will not be sufficient to cover maintenance or expansion of its fleet. Therefore, Moody's expects the company to continue to rely on external funding. LIQUIDITY Oceanica has weak liquidity, with around BRL429 million in cash, and BRL293 in debt maturing until the end of 2026 and only one debt instrument maturing in 2029. The company's notes due 2029 have incurrence covenants setting a maximum net leverage of 4.5x in 2024, gradually declining to 2.5x from 2026 onward, a limit of dividend payments to 25% of net income when leverage is above 3.0x and a capex limit of BRL350 million in 2026. Pro forma to the debt issuance, Oceanica's annual amortizations will decrease substantially. Moody's expects the company to maintain a disciplined approach to capital allocation, including dividend distributions, as it starts to increase its cash from operations. Moody's also expects Oceanica to pursue additional liability management initiatives to address upcoming debt maturities and increase its cash position. RATING OUTLOOK The negative rating outlook reflects Oceanica's high liquidity risks and the ongoing ramp-up of credit metrics and liquidity related to existing contracts and additional liability management initiatives. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the current negative outlook, an upgrade is unlikely in the short term. In the longer term, Oceanica's rating could be upgraded if the company executes its existing backlog, builds an operational and financial track record, continues to secure contract renewals and growth, and increases its scale significantly. Quantitatively, the rating could be upgraded if the company maintains debt/EBITDA below 3.5x, increases interest coverage (EBITDA/interest) above 2.5x, improves its cash flow generation and maintains at least adequate liquidity. Failure to successfully complete additional liability management initiatives, reinforce its cash balance and reduce liquidity risks could trigger a rating downgrade. Liquidity deterioration or changes in financial policy, such as using significant amounts of debt for growth or dividend payments, could also lead to a downgrade. Quantitatively, Oceanica's rating could be downgraded if leverage (measured as debt/EBITDA) remains above 4.5x and liquidity deteriorates. COMPANY PROFILE Headquartered in Rio de Janeiro, Brazil, and founded in 1978, Oceanica Engenharia e Consultoria S.A. (Oceanica) is a leading provider of prevention, contingency and engineering services to the offshore oil and gas industry in Brazil. The company operates a fleet of 55 ROVs and 18 support vessels, with an average fleet age of 16 years. The company generates the totality of its revenue in Brazil and mostly through contracts with Petrobras, and related to prevention services (78% of backlog), followed by engineering (15%) and contingency services (7%). In 2025, the company reported revenue of BRL1.7 billion, with a Moody's-adjusted EBITDA margin of 39.6%. The principal methodology used in this rating was Oilfield Services published in October 2025. RAIZEN SA: Bank Creditors Said to Make Restructuring Proposal ------------------------------------------------------------- Reuters, citing Bloomberg News, reports that Brazilian fuel and sugar giant Raizen's bank ‌creditors have presented the company with a new restructuring proposal. As part of the plan, creditors are proposing that 30% of the proceeds from the sale of Argentine ⁠assets be used to pay down debt, the Bloomberg ⁠report said, citing people familiar with the matter, says Reuters. Creditors are also requesting that Rubens Ometto, the founder of parent Cosan SA, be replaced as Raizen's chairman, echoing a previous proposal by bondholders, the report notes. About Raizen SA Raizen Group, a Brazil-based integrated energy and agribusiness company, operates in ethanol, sugar, and bioenergy production, as well as fuel, biofuel, and lubricant distribution, and during the 2024-crop year sold more than 3.4 billion liters of fuel, produced over 3 billion liters of ethanol, and generated 1.9 GWh of renewable energy. The company, which employs more than 34,000 staff alongside 2,000 apprentices, interns, and service providers nationwide, is ranked as Brazil's second-largest energy and fuel distributor and third-largest non-financial enterprise by net revenue, supplying infrastructure including gas stations, transportation networks, hospitals, and thermoelectric plants. Raizen's financial performance has been affected by macroeconomic downturns, rising interest rates, climate-related crop reductions, and commodity market volatility, which have influenced liquidity and leverage. Raizen sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-10528) on March 12, 2026. Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Raizen S.A. (Lead Case) 26-10528 Raizen Energia S.A. 26-10529 Raizen Centro-Sul Paulista S.A. 26-10530 Raizen Fuels Finance S.A. 26-10531 Blueway Trading Importacao e Exportacao S.A. 26-10532 Raizen Caarapo Acucar e Alcool Ltda. 26-10533 Raizen North America, Inc. 26-10534 Raizen Centro-Sul S.A. 26-10535 Raizen Trading S.A. 26-10536 Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtors' foreign representative is Lorival Nogueira Luz, Jr., Esq. The foreign representative's counsels include Luke A. Barefoot, Esq., David Z. Schwartz, Esq., and Richard C. Minott, Esq. of CLEARY GOTTLIEB STEEN & HAMILTON LLP. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Vehicle Imports Continue to Fall ---------------------------------------------------- Dominican Today reports that in the first three months of this year, vehicle imports decreased by 1,828 units compared to the same period of the previous year, according to the vehicle import bulletin of the General Directorate of Customs (DGA). According to DGA data, from January to March 2026, 30,985 units were imported, a relative variation of -5.57% compared to the first three months of 2025, when imports reached 32,813 units, the report notes. "Vehicle imports in the period January-March 2026 showed a decrease of US$-11.01 million in FOB value compared to the same period of the previous year. SUVs were the highest value imported vehicle, with a 57.87% share," it states, according to Dominican Today. Imports of jeeps, he says, accounted for 49.52%, followed by cargo vehicles and automobiles at 18.69% and 17.91%, respectively, the report relays. The DGA report adds that the import of new vehicles totaled 11,391 units, showing a -9.70% variation, while the number of used vehicles during this period was 19,594, showing a -3.00% variation, the report says. It says that in terms of FOB value, the import of new vehicles amounts to US$265.09 million, showing a variation of -5.27%, while that of used vehicles was US$203.18 million, 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. ================= G U A T E M A L A ================= BANCO DE LOS TRABAJADORES: Moody's Affirms 'Ba2' Deposit Ratings ---------------------------------------------------------------- Moody's Ratings has affirmed all ratings and assessments of Banco de los Trabajadores (Bantrab). The bank's long-term local- and foreign-currency deposit ratings were affirmed at Ba2, as were its Ba2 long-term local- and foreign-currency counterparty risk ratings (CRRs). Moody's also affirmed the bank's ba3 baseline credit assessment (BCA) and adjusted BCA, its long- and short-term counterparty risk assessments (CRAs) at Ba2(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 The affirmation of Bantrab's ratings and assessments acknowledges the bank's strong capital position, steady and ample margins, as well as high liquidity buffers, which partially mitigate the sharp deterioration in profitability and asset quality since 2024. The bank's credit profile remains constrained by the elevated risks stemming from its exposure to the riskier consumer lending segment, that leads to persistently high provisioning levels, while the bank's funding structure is largely reliant on costly institutional-based resources. Although the bank reported improvement in asset risk metrics during 2025 compared to historic highs in 2024, asset quality continues to reflect Bantrab's orientation to consumer lending products, an operation more sensitive to inflation and higher interest rates. At the end of 2025, the bank's problem loan ratio declined to 2.6% of gross loans, from 3.9% a year earlier, following a moderation in loan origination (up by 4.7% in last 12 months) down from double-digit expansion between 2022 and 2024. With a loan loss reserves covering 105% of problem loans in 2025, reserve buffers reflect that 84% of the loan portfolio is granted to public-sector employees and serviced through direct payroll deductions, a mitigation to credit impairments. The bank's ample margins and recurring earning generation support profitability, although earnings have weakened since 2024, pressured by higher regulatory provisioning requirements. As of December 2025, net income to tangible assets remained steady at 1.7%, but still below the average of 2.5% over 2019–2023. However, strong pricing power—supported by the bank's dominant position in the consumer finance segment—continues to underpin its ample net interest margin of 8.3% reported in 2025, despite the elevated funding costs. Moody's expects core earnings to remain robust, although bottom-line results are likely to stabilize at structurally lower levels in 2026, reflecting ongoing regulatory implementation and continued write-offs of nonperforming assets. Bantrab relies heavily on large term deposits from corporate and government-related customers, which weakens funding granularity and results in structurally higher funding costs. In 2025, around 60% were time deposits with high single-name concentrations limiting funding diversification, which lead to a higher cost funding mix relative to its peers. Liquidity management remains a strength supporting the bank's BCA of ba3, with core banking liquidity representing 21.2% of tangible banking assets at the end of 2025, largely held in central bank reserves and Ba1-rated Guatemalan government securities. Bantrab's Ba2 local- and foreign-currency deposit ratings incorporate Moody's assessments of a moderate probability of government support from the Government of Guatemala (Ba1 stable) in a stress scenario. This assumption reflects the bank's 8.0% deposit market share in December 2025 and its systemic importance as a retail bank providing financial services and credit to government employees in Guatemala. The stable outlook reflects Moody's expectations that Bantrab'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 in Bantrab's standalone BCA would result from a consistent reporting of strong profitability metrics, consistent with a sustainable return to good levels of asset quality. The reestablishment of the bank's correspondent relationships with foreign banks would improve funding diversification, a positive for the bank's BCA. Conversely, Bantrab's BCA could be downgraded if asset quality continues to deteriorate in the coming quarters, leading to further pressures in profitability and a significant reduction in its capital position. Downward pressure on the bank's long-term ratings could also develop through a deterioration in the sovereign's credit profile indicating a lower government capacity to provide support and/or a deterioration in the operating environment. The principal methodology used in these ratings was Banks published in November 2025. Banco de los Trabajadores' assigned BCA of ba3 is positioned three notches below the baa3 Financial Profile initial score, reflecting the bank's limited business diversification, higher asset risks since 2024, structurally lower profitability relative to historical levels, and a funding structure characterized by low granularity and diversification. ============= J A M A I C A ============= CARIBBEAN CEMENT: Heavy Rainfall Disrupting Production ------------------------------------------------------ RJR News reports that Caribbean Cement Company is reporting that ongoing heavy rainfall and has disrupted its operations, affecting production levels. The company says the weather conditions have impacted raw materials and caused some equipment and process challenges, according to RJR News. It says that while efforts are underway to restore normal operations, delays are still being experienced due to increased demand and continued bad weather, the report notes. Caribbean Cement says its teams worked over the weekend to stabilize affected equipment and improve operating conditions, the report says. The company notes that additional measures are being implemented to resolve the remaining issues and strengthen overall supply reliability, the report discloses. It is assuring stakeholder that the matter is being treated as a top priority and has reaffirmed its commitment to meeting the needs of the local market while maintaining service standards, the report adds. About Caribbean Cement Caribbean Cement Company Limited, together with its subsidiaries, manufactures and sells cement and clinker in Jamaica and other Caribbean countries. The company was incorporated in 1947 and is based in Kingston, Jamaica. As reported in the Troubled Company Reporter-Latin America on Aug 10, 2023, Jamaica Observer said that high cost attributed to a scheduled annual maintenance exercise done during the first quarter sent operational earnings and six months profit falling for cement manufacturer Carib Cement at the end of June. For the reporting period, net profit, which amounted to $2.4 billion, was approximately 20 per cent below the $3 billion earned for the half-year mark in 2022, according to Jamaica Observer. Operating earnings for the period also fell by about 24 per cent to total $3.6 billion when compared to the $4.8 billion seen for last year's period, the report noted. ===================== P U E R T O R I C O ===================== YAJIKA RESTAURANTS: Case Summary & Nine Unsecured Creditors ----------------------------------------------------------- Debtor: Yajika Restaurants, Inc. Bo Jauca Carr 153 KM 10 HM 7 Santa Isabel, PR 00757 Business Description: Yajika Restaurants, Inc., based in Bo. Jauca, Santa Isabel, Puerto Rico, operates a full-service restaurant providing dine-in food service. The company is located along the Carr. 153 corridor in southern Puerto Rico and serves local customers through a standard restaurant service model. Chapter 11 Petition Date: April 15, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-01661 Judge: Hon. Maria De Los Angeles Gonzalez Debtor's Counsel: Modesto Bigas-Mendez, Esq. MODESTO BIGAS LAW OFFICE PO Box 7462 Ponce, PR 00732 Tel: (787) 844-1444 Fax: (787) 842-4090 E-mail: mbigasmendez@gmail.com Total Assets: $192,864 Total Liabilities: $1,262,169 The petition was signed by David Reyes Viera as president. A full-text copy of the petition, which includes a list of the Debtor's nine largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JXGU4FI/YAJIKA_RESTAURANTS_INC__prbke-26-01661__0001.0.pdf?mcid=tGE4TAMA ********* 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 * * *