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       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, May 12, 2026, Vol. 27, No. 94

                           Headlines



A R G E N T I N A

IRSA INVERSIONES: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable


B R A Z I L

BANCO DE DESENVOLVIMENTO: Fitch Affirms 'BB' LT IDR, Outlook Stable
BANCO REGIONAL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
HELIX ENERGY: Hornbeck Transaction No Impact on Moody's 'Ba3' CFR
HELIX ENERGY: S&P Places 'B+' ICR on Watch Pos. on Announced Merger
STATE OF MARANHAO: Fitch Affirms Then Withdraws 'BB' IDR



C A Y M A N   I S L A N D S

NAVIGATOR GLOBAL: Creditors' Proofs of Debt Due June 26
O'CONNOR GLOBAL: Creditors' Proofs of Debt Due June 26


G U A T E M A L A

GUATEMALA: S&P Affirms 'BB+/B' Sovereign Credit Ratings


M E X I C O

BANCO PLATA: Fitch Publishes 'B+' Long-Term IDR, Outlook Positive
GRUPO ELEKTRA: S&P Affirms 'B+' Long-Term ICR, Outlook Negative


N I C A R A G U A

NICARAGUA: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable


P U E R T O   R I C O

PHOENIX FUND: Has Deal on Cash Collateral Access
SIEMPRE NUNCA: Taps Glenn Carl James as Special Counsel


V E N E Z U E L A

PDVSA: Taps White & Case Ahead of Restructuring Talks

                           - - - - -


=================
A R G E N T I N A
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IRSA INVERSIONES: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed IRSA Inversiones y Representaciones
S.A.'s (IRSA) Long-Term Foreign Currency (FC) and Local Currency
(LC) Issuer Default Ratings (IDRs) at 'B-' and 'B', respectively.
Fitch has also affirmed the company's senior unsecured bonds at 'B'
with a Recovery Rating of 'RR3'. The Outlook for the corporate
ratings is Stable.

The LC IDR reflects IRSA's strong business profile as one of the
largest real estate companies in Argentina, supported by a
high-quality and diversified property portfolio. The rating is also
supported by its conservative financial metrics and adequate debt
maturity profile. IRSA's FC IDR is constrained by Argentina's 'B-'
Country Ceiling. The Recovery Rating of 'RR3' supports a one-notch
uplift for the instrument rating from the issuer's Foreign Currency
IDR.

Key Rating Drivers

Weak Operating Environment Constrains Ratings: IRSA's assets and
operations are in Argentina (B-), which tempers its ratings.
Despite the recent improving trajectory, Argentina continues to
face challenging economic conditions. As a result, Fitch assumes
IRSA's operational and financial strategy will remain prudent.
Inflation and currency weakness continue to be a significant risk
for the company. While IRSA's retail rents are mostly tied to
inflation, office and hotels rents are tied to the U.S. dollar,
mitigating some of these risks.

Strong Business Position: IRSA's business profile is underpinned by
its strong market share and good operating cash flow. It is the
leading commercial real estate company in Argentina, with an asset
base that shows high-quality, prime locations, healthy occupancy
rates and strong brand recognition. IRSA's GLA is composed of
373,000 sq m in 16 shopping malls, 58,000 sq m in five office
buildings, and 79,000 sq m in three hotels with 718 rooms. The
company is also involved in the recently launched 'Ramblas del
Plata', a multistage, mixed-use development project that includes
residential, office and retail space.

Healthy Operational Metrics: Fitch expects IRSA to maintain EBITDA
above USD180 million over the ratings horizon. Fitch estimates
shopping malls represent just under 90% of rental EBITDA. Mall
activity should remain healthy, driven by maintenance of occupancy
rates above 95%, healthy renewal rates and contracts with a high
fixed component. Office occupancy rate was 97% as of 3Q26, which
Fitch expects to continue over the medium term. Hotels occupancy is
recovering, with a rate of 69% in 3Q26 vs. 67% in 3Q25, and Fitch
expects this segment to remain additive to EBITDA.

Resumption in Growth Strategy: IRSA is resuming growth, after
reducing leverage and recovering from the pandemic's effects. Its
USD300 million unsecured bond due 2035 issued in early 2025 and the
additional USD180 million reopening in the 4Q25 materially improved
financial flexibility and support this strategy. Fitch expects IRSA
to remain selective in its investments and will monitor its ability
to balance growth, dividends and liquidity. Recently announced
projects include the acquisition of Terrazas del Mayo and Al Oeste
malls and the development of Distrito Diagonal mall. Base case
includes annual capex of USD80 million over the next 24 months,
dividends of USD116 million in the current fiscal year, and USD60
million per year thereafter.

Prudent Leverage: Fitch estimates IRSA can maintain prudent
leverage metrics over the next 24 months. Fitch projects debt to
EBITDA will increase but remain near 3.5x gross and below 2.5x net.
Loan-to-value should remain under 20%. Fitch assumes the company
can hold a minimum of USD120 million in cash and cash equivalents.
Fitch expects the company to reduce financing needs, particularly
in Ramblas del Plata, by transferring development risk to
third-party construction companies.

Peer Analysis

IRSA ratings are primarily driven by Argentina's weak operating
environment, which compares negatively to regional peers. The
company's business and financial profile are similar to regional
peers with retail and office portfolios like FIBRA Soma
(BBB-/Stable), Parque Arauco (BBB/Stable) and Plaza (BBB/Stable).

IRSA has adequate portfolio granularity, low loan-to-value, low net
EBITDA leverage, and limited tenant concentration. Consolidated
occupancy levels are consistently over 95% and leases have a
duration between two and three years in its shopping malls (~90% of
EBITDA). In terms of scale, IRSA is comparable to FIBRA Soma but is
significantly smaller than Parque Arauco and Plaza.

Fitch’s Key Rating-Case Assumptions

- Occupancy rates to remain at or above 97% in the malls, at or
above 95% in the offices and at or above 63% in hotels;

- EBITDA of no less than USD175 million-USD195 million annually
over the next 24 months;

- Capex of USD80 million annually over the next 24 months;

- Dividends of USD116 million in the FY2026 and of USD60 million in
the FY2027;

- Cash and marketable securities of no less than USD120 million.

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb+, Moderate), Access to Capital (bb+,
Moderate), Liability Profile (a, Lower), Property Portfolio (bb+,
Moderate), Rental Income Risk Profile (bbb-, Moderate),
Profitability (bb-, Higher), Financial Structure (a-, Moderate),
and Financial Flexibility (bb, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2025, 60% for the forecast year 2025, 15% for the forecast year
2026 and 5% for the forecast year 2027.

- The Governance assessment of 'Some Deficiencies' results in an
adjustment of -1 notch.

- The Operating Environment assessment of 'ccc+' results in an
adjustment of -1 notch.

- The other risk elements adjustment applies and results in an
adjustment of -1 notch.

- The SCP is 'b'.

To derive the IDR:

- Country ceiling considerations apply and result in an adjustment
of -1 notch.

Recovery Analysis

IRSAs bonds have an 'RR3' Recovery Rating to reflect Fitch's
above-average recovery expectation for creditors in the event of
default.

The recovery analysis assumes that IRSA would be liquidated in
bankruptcy rather than restructured as a going concern (GC), due to
its large tangible asset base consisting of class A shopping malls,
office buildings and hotels.

Liquidation Assumptions:

- A 10% administrative claim.

- Applied a 50% discount to the company's balance sheet valuation
of its investment properties to reflect a likely distressed sale of
assets.

- To compare the liquidation valuation with a GC valuation, Fitch
estimated a GC EBITDA of around USD100 million and an Enterprise
value multiple of 5.5x. The GC EBITDA calculation is a discount of
close to 50% of Fitch's estimated EBITDA at FY2025. It assumes
further peso devaluation and potential stress to IRSA's cash
generation in the event of a reorganization.

With these assumptions, Fitch's waterfall generated recovery
computation (WGRC) for the senior unsecured notes is in the 'RR2'
band. However, under Fitch's "Country-Specific Treatment of
Recovery Ratings Criteria", the Recovery Rating for corporate
issuers in Argentina is capped at 'RR4'.

Fitch may exceed the cap in certain situations where the indicators
used to derive the country caps do not reflect the risks specific
to an issuer by applying a criteria variation. When Fitch assesses
that an issuer's foreign currency default would most likely be
caused by exchange controls, Recovery Ratings on foreign currency
instruments can be assigned above the cap. Ratings may also be
assigned above the cap when an issuer is in distress, or in
default, and recoveries are expected to be higher than implied by
the cap. Fitch therefore assigns an 'RR3' to IRSAs senior unsecured
bonds.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A downgrade of the Argentine Country Ceiling could result in a
downgrade of IRSA's IDRs;

- Debt-to-EBITDA above 4.5x gross or 3.5x net;

- Liquidity, measured as cash/short-term debt, falls below 1.0x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade of the Argentine Country Ceiling could result in an
upgrade of IRSA's IDRs, while maintaining debt-to-EBITDA below 3.5x
gross or 2.5x net and strong liquidity profile.

Liquidity and Debt Structure

IRSA had close to USD367.4 million in cash and equivalents as of
March 2026. The company has a total debt of around USD651.7 million
as of the same date, with annual maturities ranging from USD40
million to USD50 million during fiscal year 2026 to fiscal year
2028. IRSA has adequate cash reserves, and Fitch expects funds from
operations (FFO) to be above USD100 million annually. This,
together with access to refinancing of local maturities and renewed
access to international markets, should be sufficient to repay
short-term obligations, fund the current capex program and pay a
prudent level of dividends.

IRSA's liquidity could be affected by currency fluctuations because
its operations are ARS based and its debt is mostly in USD.

Issuer Profile

IRSA is a premier real estate operator in Argentina, primarily
focused on the acquisition, development, and management of shopping
centers. It is the country's market leader in the segment. The
company also owns several office buildings and three premium
hotels.

Criteria Variation

Fitch assigns Argentina to Group D, where the Recovery Ratings are
capped at 'RR4'. Fitch applied a criteria variation to the Recovery
Rating as explained in the Recovery Analysis.

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 IRSA Inversiones y Representaciones S.A.

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
   -----------                  ------           --------   -----
IRSA Inversiones y
Representaciones S.A.    LT IDR    B- Affirmed              B-
                         LC LT IDR B  Affirmed              B

   senior unsecured      LT        B  Affirmed    RR3       B



===========
B R A Z I L
===========

BANCO DE DESENVOLVIMENTO: Fitch Affirms 'BB' LT IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Banco de Desenvolvimento do Espirito
Santo S.A.'s (Bandes) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BB' and Short-Term Local and Foreign
Currency IDRs at 'B'. The Rating Outlook is Stable. Fitch has also
affirmed Bandes' Shareholder Support Rating (SSR) at 'bb' and
Long-Term National Rating at 'AAA(bra)'/Outlook Stable.

Key Rating Drivers

Ratings Driven by Shareholder Support: Bandes' IDRs and National
Ratings primarily reflect its Shareholder Support Rating (SSR) and
the anticipated support from its main shareholder, the Espirito
Santo state government. Fitch views Bandes as a crucial entity in
the state's development strategy, playing a significant role in the
local economy by offering loans and onlending to corporations,
small and medium-sized enterprises (SMEs), and state
municipalities.

High Support Propensity: In Fitch's view, the shareholder's
likelihood of providing support to Bandes, if necessary, is high.
This reflects the bank's strategic role and significance as a
development institution in Espirito Santo.

Fitch considers the regulation of the bank in relation to the
financial capacity of Espirito Santo as a key factor influencing
Bandes' rating. Due to the regulator's active monitoring of the
bank's processes and the restrictions placed on funding options for
Brazilian development banks, Fitch believes there are no regulatory
obstacles preventing the state from providing support to Bandes.

Fitch also considers Bandes' manageable size, the high reputational
risk to the state, the strong operational integration between the
state and Bandes, the recent history of support, and the bank's
status as a state-owned institution.

No Viability Rating: Fitch does not assign a Viability Rating (VR)
to Bandes as its business model relies entirely on the support from
Espirito Santo.

Fostering Regional Economic Growth: Bandes is closely aligned with
Espírito Santo's public-policy agenda and plays a relevant role in
supporting the state's economic development through lending, fund
management and related financial services. Its activities are
focused on SMEs, corporates and municipalities, with credit
directed to strategic sectors and investment projects, including
innovation and low-carbon initiatives.

In 2025, the bank's credit portfolio totaled BRL692.9 million. Its
own operations and the state funds it manages together injected
BRL1.7 billion into the local economy. This reinforces Bandes'
importance as a regional development institution and as a key
execution vehicle for government-led economic initiatives.

Credit Risk Drives Profile: Bandes' risk profile is shaped
predominantly by credit risk, reflecting its concentrated
development lending mandate focused on SMEs and corporates in a
single Brazilian state. The absence of a trading book, derivatives
activity or foreign-exchange exposure materially limits market risk
and simplifies the overall risk structure. Risk controls are
anchored in a formal Risk Appetite Statement with defined
thresholds for delinquency, sector concentration and
climate-related exposures, reinforced by a three-lines-of-defense
model and a dedicated Chief Risk Officer.

However, the bank's narrow geographic scope, single-state
concentration and exposure to a limited set of economic sectors
constrain the risk profile assessment, as portfolio performance
remains highly sensitive to local macroeconomic conditions and
sector-specific stress. These factors are partly offset by
conservative underwriting standards, robust collateralization
requirements and strong capital buffers that provide substantial
loss-absorption capacity.

Asset Quality Pressure: Bandes' asset quality weakened in 2025,
with the 90-day delinquency ratio rising to 4.48% from 1.3% at YE
2024, although still within its 5% in its Risk Appetite Statement
(RAS). In Fitch's framework, impaired loans/gross loans is the core
asset-quality metric, and this ratio increased to 12.84% from
11.05%, reflecting pressure from high interest rates, a weaker
operating environment and sector concentration. Impaired loans
peaked at 13.8% in February before easing to 12.8% at YE 2025,
while reserve coverage remained strong at 250.3%, providing a
meaningful buffer.

Stronger Earnings: Bandes' profitability improved materially in
2025, with operating profit/RWAs, Fitch's core earnings metric,
rising to 11.0% on an annualised 1H25 basis, above the 5.7%-9.2%
range recorded in 2021-2024. Pre-tax profit increased 79% YoY to
BRL119.9 million and net income reached BRL83.2 million, 20% above
budget. Performance was supported by stronger treasury income in a
high-rate environment, credit recoveries of BRL70.7 million, and
lower credit provisioning charges.

Robust Capital Buffer: Bandes' capitalization remained a key rating
strength in 2025, with its CET1 ratio rising to 54.7% at YE 2025
from 43.3% at YE 2024, supported by strong internal capital
generation and a BRL26.3 million capital increase. Capital quality
is high, with Tier 1 and total capital equal to CET1, while
leverage metrics remained sound, including tangible common
equity/tangible assets of 23.6%.

Developing Funding Base: Bandes' funding profile reflects its
development-bank model, with low customer deposits and gross
loans/customer deposits of 290.9% at YE 2025, but the bank has
continued to broaden funding through new instruments and stable
institutional sources. Funding is supported by LCD issuance of
BRL34.8 million, multilateral borrowings of BRL167.8 million and
BNDES (Banco Nacional de Desenvolvimento Econômico e Social)/FINEP
(Financiadora de Estudos e Projetos)/FUNGETUR (Fundo Geral do
Turismo) onlending totaling BRL455.8 million, while liquidity
remains underpinned by a sizable stock of liquid assets and a sound
internal LCR.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDRs, National Ratings and SSR

- A deterioration of Fitch's view of the State of Espirito Santo's
creditworthiness;

- A deterioration on Fitch's view of the State of Espirito Santo's
propensity to support Bandes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

IDRs, National Ratings and SSR

- Fitch's improved view of the State of Espirito Santo's
creditworthiness;

- Fitch's improved view of the State of Espirito Santo's propensity
to support Bandes.

Public Ratings with Credit Linkage to other ratings

Bandes' SSR and IDRs are linked to the credit quality of its
parent, Espirito Santos State.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                         Rating           Prior
   -----------                         ------           -----
Banco de
Desenvolvimento do
Espirito Santo S.A.   LT IDR              BB Affirmed   BB
                      ST IDR              B  Affirmed   B
                      LC LT IDR           BB Affirmed   BB
                      LC ST IDR           B  Affirmed   B
                      Natl LT       AAA(bra) Affirmed   AAA(bra)  
                      Natl ST       F1+(bra) Affirmed   F1+(bra)
                      Shareholder Support bb Affirmed   bb

BANCO REGIONAL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Banco Regional de Desenvolvimento do
Extremo Sul's (BRDE) Long-Term Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'BB' and Short-Term Local and Foreign
Currency IDRs at 'B'. Fitch has also affirmed BRDE's National
Long-Term Rating at 'AAA(bra)' with a Stable Rating Outlook and
National Short-Term Rating at 'F1+(bra)'. The Rating Outlook for
the IDRs is Stable.

Key Rating Drivers

Ratings Driven by Shareholder Support: BRDE's ratings are driven by
Fitch's expectation of support from its shareholders, the states of
Parana, Santa Catarina and Rio Grande do Sul. This is reflected in
the bank's Shareholder Support Rating (SSR) of 'bb', aligned with
Parana's IDRs of 'BB'/Stable. Fitch does not publicly rate Santa
Catarina or Rio Grande do Sul, but the creditworthiness and support
propensity of all three shareholder states remain central to the
ratings. BRDE's legal structure, public development mandate, equal
ownership by the three states and absence of dividend distributions
reinforce Fitch's view that support would be timely and sufficient,
if needed.

High Propensity to Support: Fitch believes BRDE's shareholder
states have a strong incentive to support the bank, given its
strategic role in executing regional development policy and
financing long-term investment across southern Brazil. BRDE remains
closely aligned with the public policy priorities of Paraná, Santa
Catarina and Rio Grande do Sul, including support for productive
chains, SMEs, rural producers, infrastructure, innovation,
sustainability and municipal development. The bank's role as an
institutional channel for state-supported programs reinforces its
policy importance and supports Fitch's assessment of a high
propensity to provide support.

Regional Development Role: BRDE's franchise remains anchored in its
clearly defined mandate as a regional development bank. The bank
operates within the CODESUL (Conselho de Desenvolvimento e
Integração Sul) development framework and maintains a visible
role in financing productive investment across most municipalities
in southern Brazil, with additional activity in Mato Grosso do Sul.
Its updated 2025-2030 strategic plan reinforces alignment with
regional priorities by emphasizing productive chains, cities,
innovation and environmental sustainability. Fitch views this
mandate-driven franchise as credit-supportive because it
strengthens BRDE's institutional relevance to its shareholder
states.

Business Model Remains Focused: BRDE's operating model is
straightforward and consistent with its public policy role. The
bank has no subsidiaries, operates with lean governance and
combines direct lending with indirect origination through
cooperatives and partner institutions. This structure supports
transparency, preserves focus on the core mandate and allows BRDE
to reach rural producers and smaller companies without relying on a
costly branch network. The bank's growing involvement in
public-private partnerships structuring, municipal advisory
mandates and innovation-linked financing broadens its execution
platform without materially changing its core risk profile.

No VR Assigned: Fitch does not assign BRDE a Viability Rating, as
the bank's business model is largely determined by its policy role.
BRDE's standalone financial profile is therefore not the primary
driver of the ratings, although its conservative risk appetite,
strong capitalization, sound asset quality and prudent liquidity
management remain important considerations in Fitch's overall
credit assessment.

Moderate Risk Profile: BRDE's risk profile remains moderate and
consistent with its role as a regional development bank focused on
long-term lending. Growth remains disciplined. BRDE's credit
portfolio reached BRL24.1 billion in 2025, increasing 12.1% year on
year. New approvals totaled BRL5.6 billion, down 5.5% from 2024,
but still within historical levels. Growth was stronger in rural
producers and micro and small enterprises, supported by public
programs and the bank's development role. Lending to municipalities
and medium-sized companies declined. In Fitch's view, the loan mix
remained aligned with BRDE's traditional areas of expertise and did
not materially broaden the risk profile.

Strong Asset Quality: BRDE's asset quality remained sound in 2025,
supported by conservative underwriting and a largely performing
loan book. Gross loans totaled BRL24.2 billion at end-2025, with
Stage 1 exposures representing 84.8% of the portfolio, Stage 2
loans 12.0% and Stage 3 loans 3.2%. The impaired loan ratio remains
contained for a development bank with regional concentration and
long-tenor lending. Flood-related renegotiations in Rio Grande do
Sul totaled BRL1.25 billion, or 5.15% of the loan portfolio, and
remain a monitoring point, but their performance does not indicate
broader asset-quality deterioration.

Prudent Provisioning: BRDE's provisioning remains conservative and
well aligned with expected loss dynamics. Loan loss reserves
totaled BRL640.5 million at end-2025, equivalent to 2.6% of gross
loans. Provisions are strongly concentrated in impaired assets,
with Stage 3 reserves accounting for BRL568.7 million, or 88.8% of
total reserves. Stage 3 coverage stood at 72.5%, providing a robust
buffer against loss realization.

Profitability Rebounds: BRDE's earnings improved materially in
2025, mainly reflecting lower credit costs after elevated
provisioning in 2024. Operating profit increased 73% year on year,
while loan impairment charges declined to BRL133 million from
BRL344 million following provisions related to borrower
reclassifications and the severe floods in Rio Grande do Sul in the
prior year. Recoveries of previously written-off loans remained
meaningful at BRL245 million. Fitch views the recovery in
profitability as credit-supportive, as it strengthens internal
capital generation without indicating a shift toward higher-risk
revenue sources.

Strong Capitalization: BRDE's capitalization remains a key credit
strength. The bank's Common Equity Tier 1 ratio reached 19.9% at
end-2025, materially above its 14% internal minimum and 16%
management target. This provides robust headroom to absorb credit,
provisioning or valuation shocks without impairing the bank's
strategic role. Capital generation is supported by retained
earnings and the absence of dividend distributions. Fitch views
BRDE's capital management as conservative, with risk appetite
calibrated around preserving capital buffers rather than maximizing
profitability.

Funding Diversification Advances: BRDE's funding profile continues
to diversify, although long-term development funding remains the
main pillar. Banco Nacional de Desenvolvimento Econômico e Social
(BNDES) accounted for close to 57% of total funding in 2025, which
is still relevant but materially below historical levels. The
gradual reduction in BNDES's dependence is credit supportive
because it improves funding flexibility and reduces concentration
in a single source.

BRDE also continued to expand market access through instruments
such as development credit notes, bank deposit certificates and
financial bills. The bank's liability structure remains broadly
aligned with the maturity of its assets, which is important given
the long-tenor nature of development lending. BRDE also maintains a
portfolio of liquid financial assets, mainly fixed-income fund
quotas, supporting cash management and providing an additional
liquidity buffer.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- As BRDE's ratings are driven by the SSR, they can be downgraded
if one or more of its shareholders' creditworthiness deteriorates;

- There may also be a downgrade if Fitch perceives a deterioration
of the propensity of the controlling states to support BRDE.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An improvement of Fitch's view of the creditworthiness of the
three shareholders states;

- An improvement of Fitch's view of the three shareholders'
propensity to support BRDE.

The National Scale rating cannot be upgraded, as it is at the
maximum level of the scale.

Public Ratings with Credit Linkage to other ratings

BRDE's ratings are driven by the support from the shareholders
Paraná State, Rio Grande do Sul State and Santa Catarina State.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                         Rating           Prior
   -----------                         ------           -----
Banco Regional de
Desenvolvimento do
Extremo Sul (BRDE)    LT IDR              BB Affirmed   BB
                      ST IDR              B  Affirmed   B
                      LC LT IDR           BB Affirmed   BB
                      LC ST IDR           B  Affirmed   B
                      Natl LT       AAA(bra) Affirmed   AAA(bra)
                      Natl ST       F1+(bra) Affirmed   F1+(bra)
                      Shareholder Support bb Affirmed   bb

HELIX ENERGY: Hornbeck Transaction No Impact on Moody's 'Ba3' CFR
-----------------------------------------------------------------
Moody's Ratings commented that Helix Energy Solutions Group,
Inc.'s (Helix, Ba3 stable) proposed merger with Hornbeck Offshore
Services, Inc. (Hornbeck, unrated) raises credit uncertainties,
but does not currently affect Helix's ratings, including its Ba3
Corporate Family Rating and B1 senior unsecured notes rating, or
its stable outlook. While the combination increases earnings scale
and is largely leverage neutral, the combined entity will have
increased exposure to the highly cyclical and largely commoditized
offshore marine services industry. At the same time, significant
uncertainties remain regarding the combined company's future
capital structure, growth strategy and financial policies.

The proposed transaction is structured as an all-stock reverse
merger, where Helix shareholders will own 45% of the combined
company at close, and Hornbeck shareholders 55%. The combined
company will continue to be publicly traded, and led by Hornbeck's
CEO with the seven member board of directors including three
members from Helix and four members from Hornbeck. The proposed
merger has been approved by the board of directors of both
companies and is expected to close in the second half of 2026,
subject to the approval of Helix's shareholders and regulatory
approvals.

The proposed combination will expose Helix to a more cyclical and
largely commoditized industry. While the combined entity will
benefit from larger scale, Hornbeck's offshore support vessels
operate in a highly cyclical, fragmented, and competitive market,
which typically offers limited revenue visibility beyond 12
months.

There is inherent execution risk related to the anticipated
synergies of $75 million per year within three years of closing,
and the scope of the synergies is limited because there is not much
direct business overlap between the two companies.

The combination is largely leverage neutral, with pro forma Moody's
adjusted debt to EBITDA anticipated to be around 2.0x at close
based on the details disclosed to date. However, Moody's notes that
Hornbeck's senior secured term loan raises notching implications
for Helix's senior unsecured notes (currently rated B1) depending
on the final capital structure. There is also limited information
regarding the combined company's future growth strategy and
financial policies. As more details are provided regarding these
and other matters Moody's will take more definitive rating actions
as warranted.

Helix Energy Solutions Group, Inc. is a publicly traded offshore
oil and gas services company specializing in well intervention,
shallow water decommissioning, and subsea robotics. The company is
headquartered in Houston, Texas and operates in key offshore oil
and gas markets including the US Gulf of America, Brazil, the North
Sea, Asia Pacific and West Africa. Headquartered in Covington,
Louisiana, Hornbeck Offshore Services, Inc. is a privately-held
company providing offshore service vessels to the energy industry
primarily in the Gulf of America and Latin America, as well as to
the US government, offshore wind and other non-oilfield customers.


HELIX ENERGY: S&P Places 'B+' ICR on Watch Pos. on Announced Merger
-------------------------------------------------------------------
S&P Global Ratings affirmed all its ratings on Houston-based
offshore services provider Helix Energy Solutions Group Inc. and
placed the 'B+' issuer credit rating on CreditWatch with positive
implications.

The CreditWatch reflects the likelihood S&P will affirm or raise
the rating one notch following close, which S&P anticipates in the
second half of 2026, and it has additional information on pro forma
operating plans and financial policy.

On April 23, 2026, Helix Energy (B+/Stable/--) announced it agreed
to merge with offshore supply vessel operator Hornbeck Offshore
Services Inc. (unrated) in an all-stock transaction.

S&P said, "We expect Helix will benefit from a larger operating
scale and additional operating areas and services while maintaining
a moderate leverage profile of around 2x.

"We believe the proposed transaction will expand scale and
diversity. We will, however, need additional clarity on the
combined company's operating plans including utilization figures,
day rate estimates, and capital investment plans to confirm our
view of the pro forma entity's stronger competitive position." The
combined company will have expanded services, with a fleet of
offshore support vessels combined with Helix's well intervention,
subsea robotic, and deepwater construction services. While the
combined company remains entirely exposed to offshore markets,
about 20% of future revenue will be from non-oil and gas related
markets, including renewables and defense. It will also be more
geographically diversified than stand-alone Helix and have a
stronger presence in the Americas, including the high-growth
Brazilian offshore market. Earnings could benefit from economies of
scale and additional operating flexibility from additional
geographies.

The pro forma company targets $75 million of annual synergies
within three years from cross-selling, integrated solutions, fleet
optimizations, and operating efficiencies.

S&P said, "We await information on the combined company's capital
structure and financial policy. An upgrade will depend not only on
the pro forma leverage of the combined entity, but also on how much
equity will be owned by Hornbeck's previous financial sponsors. Our
rating on Helix reflects its moderate financial policy, including
S&P Global Ratings-adjusted leverage of 1.8x-2x over our forecast
period. The CreditWatch positive placement reflects our view that
pro forma leverage should remain relatively aligned with our
current expectations, based on public disclosures citing a strong
balance sheet and low leverage.

"Our assessment of financial risk will also incorporate our view
financial sponsor ownership, if any. While the ownership structure
of Hornbeck is confidential, Ares Management holds a significant
portion of shares. We believe companies controlled by financial
sponsors tend to follow more aggressive financial policies to
achieve desired returns over a typically finite holding period. We
typically cap the financial risk assessment of financial sponsor
owned companies--nonfinancial corporate entities in which one or
more sponsors own at least 40% of common equity or retain most of
the voting rights and control through preference shares, and we
consider that the sponsors exercise control of the company either
solely or jointly.

"We could affirm the rating on the combined company if leverage is
meaningfully higher than our expectation or financial sponsor
control over the combined company that offsets expected business
improvement, in our view, and likely result in no rating change.

"We placed our issuer credit rating on Helix on CreditWatch with
positive implications to reflect the likelihood we will affirm or
raise the rating one notch following close of the merger with
Hornbeck, which we anticipate in the second half of 2026, and we
have additional information on pro forma operating plans, capital
structure, and financial policy."



STATE OF MARANHAO: Fitch Affirms Then Withdraws 'BB' IDR
--------------------------------------------------------
Fitch Ratings has affirmed the State of Maranhao's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'
with a Stable Outlook. Fitch also affirmed the state's Short-Term
Foreign and Local Currency IDRs at 'B', as well as its Long-Term
National Scale Rating at 'AAA(bra)' with a Stable Outlook,
Short-Term National Scale Rating at 'F1+(bra)'. The Standalone
Credit Profile (SCP) has been assessed at 'ccc+'. Fitch has
subsequently withdrawn all the ratings for commercial reasons.

Maranhao's SCP of 'ccc+' reflects substantial credit risk and the
state's low willingness to service debt without external support,
despite an adequate operating balance. The Long-Term IDRs are
uplifted by five notches from the SCP, reflecting intergovernmental
support from the sovereign for all of the state's debt, as
demonstrated by the activation of the sovereign guarantee in July
2023.

Fitch has withdrawn all ratings due to commercial reasons.

KEY RATING DRIVERS

Standalone Credit Profile

Fitch assesses the State of Maranhao SCP at 'ccc+'. This reflects a
combination of a 'Weaker' risk profile, a 'aaa' financial profile,
and a seven-notch asymmetric risk adjustment to Management and
Governance to reflect two payment failures, in line with Fitch's
International Local and Regional Governments Rating Criteria.

Risk Profile:

Maranhao's 'Weaker' risk profile resulted from a mix of 'Weaker'
and 'Midrange' assessments of six key risk factors, as outlined
below.

Revenue Robustness: 'Weaker'

Fitch evaluates this factor as 'Weaker' due to the state's
dependence on transfers from a 'BB' rated counterpart (the
sovereign).

The Brazilian tax collection framework transfers to states and
municipalities a large share of the responsibility for tax
collection. Constitutional transfers exist as a mechanism to
compensate poorer entities. For that reason, Fitch views a high
dependency on transfers as a weak feature for Brazilian local and
regional governments (LRGs).

The primary metric for Revenue Robustness is the transfers ratio
(transfers/operating revenue). Fitch classifies LRGs that report a
transfer ratio above or equal to 40% as weaker and those with a
ratio below 40% as 'Midrange'. Maranhao reports low fiscal
autonomy, driving this factor to 'Weaker'. As of 2024, transfers
represented 46.6% of operating revenue.

Revenue Adjustability: 'Weaker'

Fitch assesses Revenue Robustness as 'Weaker', reflecting Brazilian
states' reliance on a narrow taxpayer base and the track record of
federal intervention in state tax policy. Additional tax-raising
capacity is limited by relatively weak socioeconomic indicators and
tax rates that are close to the constitutional ceiling.

Expenditure Sustainability: 'Midrange'

Fitch evaluates this factor as 'Midrange' due to adequate operating
margins during the last few years.

States' responsibilities are moderately countercyclical because
they handle healthcare, education and law enforcement. Expenditure
grows with revenue due to earmarked revenue. States and
municipalities must allocate a share of revenue to healthcare and
education, causing procyclical behavior in good times; high revenue
growth leads to increased spending. However, the significant weight
of personal expenditure and salary rigidity means downturns do not
cause similar drops in expenditure despite lower revenue.

Maranhao reports moderate control over expenditure growth, with
sound margins. Operating margins averaged 14.1% from 2021-2025 and
15.4% by the end of 2025.

Expenditure Adjustability:

Brazilian local governments have a rigid cost structure, driving
this factor to 'Weaker'. As per the Brazilian Constitution, there
is low affordability of expenditure reduction, especially for the
payroll bill and pensions. As a result, whenever there is an
unpredictable reduction in revenue, operating expenditure does not
automatically decrease in parallel.

Maranhao's personal expenditure was 40.8% of total expenditure in
2025. This item has very limited flexibility for adjustments given
salary rigidity and a limited ability to manage human resources or
pensions. Other operating expenditure was close to 45.8% of total
expenditure in 2025 and has some flexibility for adjustments but
are still limited by constitutional mandates on healthcare and
education. Capex was 12.7% of total expenditure in 2025 and
averaged 9.6% between 2021 and 2025. Brazilian LRGs often rely on
investment cuts in challenging economic scenarios.

Liabilities and Liquidity Robustness: 'Weaker'

Maranhao's failure to provide proof of payment for the last
installment of its loan with BofA in July 2023 triggered the
activation of the sovereign guarantee.

The state had a debt contract with BofA that was supposed to be
fully amortized in 2023. The last amortization of the BofA loan was
expected for July 24, 2023. Maranhao failed to provide proof of
payment for the final installment of its loan with BofA, which
amounted to BRL266.42 million for principal plus interest,
converted from USD56.2 million.

The failure to provide proof was followed by the activation of the
sovereign guarantee and a subsequent sovereign payment on July 27,
2023, within the grace period. The state had another episode of
failure to pay principal and interest on the BofA loan in July
2020, making this the second time in three years that the state has
resorted to external support to perform its debt service.

There is a moderate national framework in place for debt and
liquidity management, as there are prudential borrowing limits and
restrictions on loan types. Under the Fiscal Responsibility Law
(LRF) of 2000, Brazilian LRGs must comply with indebtedness limits.
Consolidated net debt for states cannot exceed two times or 200% of
net current revenue. Maranhao reported a debt ratio of 5.35% as of
December 2025.

There is moderate off-balance sheet risk stemming from the pension
system, which is a burden for most Brazilian LRGs, especially for
states, given their mandate over education and public security.
Another significant contingent liability is the payment of judicial
claims, known as precatorios.

Access to new loans is restricted, as Brazilian LRGs are not
allowed to access the market through bond issuances. Lenders
consist mainly of public commercial and development banks, as well
as multilateral organizations. Loans are often guaranteed by the
federal government, especially for foreign currency loans. For this
reason, the federal government maintains strict control over new
lending to LRGs.

Liabilities and Liquidity Flexibility: 'Weaker'

Fitch evaluates these factors as 'Weaker' due to the state's
history of weak cash positions despite recent improvements.

The federal government has a framework to provide emergency
liquidity support by extending the maturity date for the state's
federal debt. Fitch assesses the entity's available liquidity,
excluding sovereign support, to determine whether the assessment
for liabilities and liquidity flexibility is 'Weaker' or
'Midrange'.

Fitch's liquidity metric for Brazilian LRGs is the ratio of
short-term financial obligations to net cash, based on the previous
version of the CAPAG system used by the Brazilian National
Treasury. The CAPAG assesses which entities qualify for federal
government guarantees.

Maranhao reported a three-year average liquidity ratio of 75.6% for
2023-2025, an improvement from 173.6% for 2022-2024. As of December
2025, the metric improved to 26.5%. The historical performance
still weighs on the 'Weaker' assessment, and an improvement would
require liquidity metrics to remain at current levels for a longer
period.

Financial Profile: 'aaa category'

Maranhao's Financial Profile is assessed at 'aaa'. Fitch's rating
case forward-looking scenario indicates that the payback ratio (net
adjusted debt to operating balance), the primary metric for the
financial profile assessment, will reach an average of 1.3x for the
2028-2030 period, which is aligned with a 'aaa' assessment. The
actual debt service coverage ratio (ADSCR), the secondary metric,
is projected at an average of 2.8x for 2028-2030, aligned with a
'aa' assessment. Fitch does not apply an override to the overall
financial profile because the secondary metric is only one category
below the primary metric. Fiscal debt burden is projected at 9% for
the same period.

Other Rating Factors

Fitch applies a seven-notch asymmetric risk to Management and
Governance due to the state's track record of nonpayment of its
external debt despite having an adequate operating balance, which
triggered the sovereign guarantee. Fitch views the margin for
safety at the SCP level as very low.

ESG Governance - Creditor Rights: Maranhao's use of sovereign
support to cover its external debt service reflects both a breach
of legal documentation that requires full debt-service payments and
the state's very low willingness to pay.

Short-Term Ratings

Maranhao Short-Term Foreign and Local Currency ratings are
positioned at 'B' following the Rating Correspondence Table. For
the national scale, the correspondence table indicates an
'F1+(bra)' short-term rating.

National Ratings

Maranhao's national scale rating is assigned at 'AAA(bra)' through
the national correspondence table, reflecting the sovereign support
for the state´s debt.

Peer Analysis

Maranhao's SCP is positioned based on rating definitions because of
substantial credit risk following the non-payment of the most
recent scheduled amortization for its BofA loan. As a result,
Argentinian provinces and the State of Rio de Janeiro are its
closest peers, as they have defaulted or activated federal
guarantees in the recent past. The positioning of Maranhao's SCP at
'ccc+' reflects adequate coverage metrics in the following 12-24
months and relates to the state's low willingness to pay without
resorting to external sources, despite an adequate operating
balance.

Issuer Profile

Maranhao is located in northeastern Brazil and has a population of
7.2 million or roughly 3% of Brazil's total. Its revenue sources
are strongly influenced by transfers from the national government.
Its main spending responsibilities cover education, healthcare and
law enforcement. Maranhao's per capita GDP is equivalent to 42.6%
of the national average.

Key Assumptions

Risk Profile:

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Midrange'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Financial Profile: 'aaa'

Asymmetric Risk: '-7'

Support (Budget Loans): '5'

Support (Ad Hoc): 'N/A'

Rating Cap (LT IDR): 'N/A'

Rating Cap (LT LC IDR) 'N/A'

Rating Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2021-2025 figures and 2026-2030 projected
ratios. The key assumptions for the scenario include:

- Yoy 4.8% increase in operating revenue on average in 2026-2030;

- Yoy 4.6% increase in tax revenue on average in 2026-2030;

- Yoy 6.9% increase in operating expenditure on average in
2026-2030;

- Net capital balance of - BRL 3,979 million on average in
2026-2030;

- Cost of debt: 6.6% on average in 2026-2030.

Quantitative assumptions - Sovereign Related

Figures reflect Fitch's sovereign actuals for 2025 and forecasts
for 2026-2030, respectively. No weights are included, and no
changes since the last review are shown because none of these
assumptions was material to the rating action.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Not applicable, as the ratings have been withdrawn.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Not applicable, as the ratings have been withdrawn.

Climate Vulnerability Signals

The Climate.VS for 2035 for the State of Maranhao is 50. Maranhao's
Climate VS score does not directly affect its SCP, which is already
at a low speculative level. Following the withdrawal of ratings for
Maranhao, Fitch will no longer be providing the associated
Climate.VS or ESG Relevance Scores.

ESG Considerations

The State of Maranhao of has an ESG Relevance Score of '5' for
Creditor Rights due to the use of sovereign support to cover its
external debt service, which reflects the breach of legal
documentation stating full debt service payments and the very low
willingness to pay, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in an
implicitly lower rating.

The State of Maranhao has an ESG Relevance Score of '4' for
Demographic Trends due to the negative weight of the state's
poverty rate on its revenue-raising ability and the pressing demand
for expenditure in healthcare, education and other social services,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

The State of Maranhao has an ESG Relevance Score of '4' for Rule of
Law, Institutional & Regulatory Quality, Control of Corruption
because the government's effectiveness and institutional and
regulatory quality were not sufficient to prevent the state from
resorting to external financial support, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The State of Maranhao has an ESG Relevance Score of '4' for Human
Development, Health and Education due to its Human Development
Index (calculated as a geometric average of health, education and
income), which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

Public Ratings with Credit Linkage to other ratings

The ratings of the State of Maranhao are linked to the sovereign
rating.                    

   Entity/Debt            Rating                Prior
   -----------            ------                -----
Maranhao,
State of         LT IDR    BB     Affirmed      BB
                 LT IDR    WD     Withdrawn
                 ST IDR    B      Affirmed      B
                 ST IDR    WD     Withdrawn
                 LC LT IDR BB     Affirmed      BB
                 LC LT IDR WD     Withdrawn
                 LC ST IDR B      Affirmed      B
                 LC ST IDR WD     Withdrawn
                 Natl LT AAA(bra) Affirmed      AAA(bra)
                 Natl LT WD(bra)  Withdrawn
                 Natl ST F1+(bra) Affirmed      F1+(bra)
                 Natl ST WD(bra)  Withdrawn



===========================
C A Y M A N   I S L A N D S
===========================

NAVIGATOR GLOBAL: Creditors' Proofs of Debt Due June 26
-------------------------------------------------------
The creditors of Navigator Global Fund Segregated Portfolio, which
is in liquidation, are required to file their proofs of debt by
4:00 p.m. Cayman Island Time, June 26, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings.

Owen Walker is the Joint Official Liquidator.

R&H Restructuring VL Services Ltd is the Authorized Trustee.

The company's trustee is:

         Ross Hinds
         Tel No: +1 (345) 814 8769
         Email: RHinds@rhrestructuring.com

O'CONNOR GLOBAL: Creditors' Proofs of Debt Due June 26
------------------------------------------------------
The creditors of O'Connor Global Convertible Arbitrage Master
Limited, which is in voluntary liquidation, are required to file
their proofs of debt by June 26, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings.

Owen Walker is the authorized signatory for and on behalf of R&H
Restructuring VL Services Ltd, Authorized Trustee.

The company's trustee is:

         Billy Foley
         Tel No: +1 (345) 949 7576
         Email: Bfoley@rhrestructuring.com




=================
G U A T E M A L A
=================

GUATEMALA: S&P Affirms 'BB+/B' Sovereign Credit Ratings
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' foreign currency and local
currency sovereign credit ratings on Guatemala and its 'B'
short-term ratings. The outlook remains stable. Our 'BBB' transfer
and convertibility assessment remained unchanged.

Outlook

The stable outlook indicates S&P's view that cautious macroeconomic
policies and low government debt will persist in the next two
years, despite mildly higher fiscal deficits stemming from the
planned rise in infrastructure spending.

Downside scenario

S&P could downgrade Guatemala in the next 12-24 months if
medium-term GDP growth trajectory was to worsen as a result, for
example, of an unexpectedly sharp fall in remittances and domestic
consumption, potentially eroding the country's fiscal and external
position.

Upside scenario

S&P could raise the ratings in the next 12-24 months if we see
signs of greater collaboration between the government and Congress,
which could improve policy implementation, strengthen the economy's
resilience, and boost incomes. This could raise investor confidence
and lead to higher-than-expected economic growth, higher per capita
income, and better social indicators.

Rationale

The 'BB+' ratings on Guatemala reflect its history of macroeconomic
stability and economic resiliency. Key credit strengths include its
manageable fiscal deficits, very low net debt, strong external
position, and consistent record of sound monetary policy.
Conversely, the ratings incorporate our view of Guatemala's still
developing public institutions, historically high perceived
corruption, fragmented political landscape that can at times limit
policymaking effectiveness, and high infrastructure needs that
limit economic growth.

Institutional and economic profile: Long history of macroeconomic
resilience amid ongoing social development needs

-- S&P expects economic growth of 3.5% annually on average over
2026-2029.

-- Negotiations between the government and Congress have recently
increased collaboration on policy initiatives and progress on the
government's reform agenda.

-- Guatemala has maintained cautious fiscal and monetary policies
despite still evolving political institutions.

Guatemala's consumption-driven economy has been fueled by
extraordinarily high remittances. However, the country has
challenges in diversifying its sources of growth and increasing
public and private investment. S&P said, "We expect the economy to
grow 3.5% over 2026-2029, decelerating from 4% growth, on average,
over the past four years. We assume remittances will stabilize in
nominal terms following more restrictive U.S. migration policies.
Although there have not been significant deportations from the
U.S., lower incentives have substantially reduced new migration
from Guatemala, which could limit future remittances. As a result,
we forecast remittances to gradually decline as a share of GDP but
remain at the current high level of around 20% of GDP in the next
few years."

Guatemala's strong macroeconomic policy record should help mitigate
adverse effects from external shocks. In S&P's opinion, the
country's strong external position (high international reserves and
net external creditor position) and long-standing fiscal prudency
(net general government debt below 20% of GDP) will help it cope
with more restrictive U.S. policies on migration and remittances.

Guatemala has been able to navigate trade uncertainty, and S&P
thinks the negative impact from U.S. trade tariffs will be limited.
Guatemala's economy is relatively closed compared with those of
regional peers, with exports accounting for only 16% of GDP,
compared with around 40% in the other Central American countries.

In addition, a good relationship with the U.S. government has
facilitated a reciprocal trade agreement that reduced tariffs on
around 70% of Guatemalan exports. Guatemalan exports' effective
tariff rate is currently lower than for most peers in Latin America
(most of which still have the 10% global tariff) and most
competitors in Asia.

S&P estimates Guatemala's per capita GDP at $7,200 for 2026 and
gradually increasing over the next 4 years. Despite the stability
of its macroeconomic policy, Guatemala still has high
poverty--representing about 56% of the population in 2023 (last
data available)--and a large informal economy that employs about
70%-80% of the working-age population.

Weak social conditions and a poor infrastructure will likely
continue to limit growth. However, the country is taking steps to
bolster its energy supply, with recent bids related to electricity
generation that could represent about US$3.5 billion - $5.0 billion
of private investment over the next five years. On the other hand,
a recent electricity transmission bidding process was declared void
and will be relaunched, highlighting concerns regarding the
country's future electricity connectivity.

Following high political uncertainty early in President Bernardo
Arevalo's term, growing political consensus between the government
and Congress allowed key legislation to be approved, including a
law to prioritize road infrastructure investments and
public-private partnerships. Having relatively low representation
in Congress, the government had to resort to higher budget
allocations to subnational governments to gain political support
for some of these reforms.

Despite some progress, the government continues to have delays in
passing budgets in time and executing some of its infrastructure
plans. These projects include modernizing Quetzal Port, with
assistance from the U.S. Army Corps of Engineers, updating the
airports, constructing a subway in Guatemala City, and road
infrastructure across the country. S&P expects the government will
advance these projects over the next 5 years. In addition, the
recently approved public-private partnership law could unlock more
funding for needed infrastructure in the country.

Throughout 2026, the government has been filling in key positions
in the public sector and the judiciary that could reshape
Guatemalan institutions. This includes the country's constitutional
court, electoral tribunal, the General Attorney, heads of the
Central Bank, and the banking sector oversight authority. These
appointments could help bolster Guatemala's checks and balances,
advance its reform agenda, and attend to issues such as corruption
and growing security concerns. However, there is a risk of higher
uncertainty ahead of 2027 presidential and legislative elections.

Flexibility and performance profile: very strong external, fiscal
position and monetary policy credibility.

-- The government plans to increase capital expenditure, posting
somewhat higher deficits.

-- Years of strong remittance inflows and high international
reserves support external resilience, despite a potential
deceleration in inflows.

-- The central bank's long history of credible monetary policy and
relatively stable exchange rate has kept core inflation anchored
around its target of 4% +/- 1%.

A history of cautious macroeconomic policies has allowed Guatemala
to consistently run manageable fiscal deficits and post the lowest
net debt level in Latin America. S&P said, "We expect the
government to increase fiscal deficits in the next three years to
advance capital investment, including large infrastructure
projects. As a result, we forecast a change in net general
government debt at 2.3% of GDP in 2026-2028."

General government revenue will remain low by international
comparisons and almost flat at around 17% of GDP. The government
does not plan any major reforms to the tax system. The increased
revenue in recent years stemmed from implementing electronic
invoices, digital tax declaration forms, and better monitoring at
customs, among other measures. S&P thinks efforts to further
increase tax revenue through improved efficiency will have a
limited effect.

S&P said, "Given our assumption of mildly higher fiscal deficits,
we project government net debt to increase to about 20% of GDP and
interest burden to remain approximately 9% of government revenues
in 2026-2029. Our net debt figure deducts government liquid assets
and intra-public sector debt holdings by the country's social
security institute."

Guatemala's debt and interest burden are exposed to the risk of the
domestic currency's sharp deterioration, because about 50% of the
sovereign's debt is denominated in U.S. dollars. However, exposure
to foreign currency has been consistently decreasing from about 60%
in 2015. Nevertheless, the government benefits from a favorable
debt profile, with almost 90% of its debt at fixed rates and a long
maturity profile.

S&P believes the government could also access funding from domestic
financial institutions in a stress scenario, as banks' exposure to
the central government is estimated at 15% of banking assets
(excluding exposure to the central bank, which is entirely for
monetary policy purposes).

Guatemala has posted 10 years of current account surpluses because
of substantial increases in remittances. The solid external
position will remain a key rating strength over the coming years.
S&P said, "We expect current account surpluses to gradually narrow
over 2026-2029, as remittance growth decelerates and imports rise
due to government spending on infrastructure projects. Persistently
higher energy prices could also lower the current account surplus,
as Guatemala is a net energy importer (oil and gas imports account
for 4% of GDP or 15% of total imports). We expect foreign direct
investment to remain low, at about 1% of GDP in the next four
years."

S&P expects Guatemala's narrow net external debt to be 24% of
current account payments and a net asset position of 11% of CAPs
during 2026-2029. Remittances and external borrowings have allowed
the government to accumulate a substantial international reserve,
reaching 26% of GDP in 2025, and for the private sector to
consistently reduce its net external debt.

Guatemala's external position will remain subject to potential
changes in remittances, stemming from changes in migration flows
and/or potential taxes from the U.S. on remittances, raising risks
to external financing. Nevertheless, S&P thinks external liquidity
will remain strong in the next four years, with gross external
financing needs averaging 60% of current account receipts and
usable reserves.

Guatemala's sound monetary policy continues to reflect the central
bank's commitment to control inflation as well as its operational
independence and a very stable (but floating) currency over the
past few decades. Inflation dropped to 1.6%, on average in 2025,
below the central bank's target of 4% (+/- 1%), although core
inflation and expectations are well within the target. As a result,
the central bank has marginally reduced its monetary policy rate to
3.5% since February 2026.

S&P said, "However, we think there is room for improving monetary
transmission mechanisms, given Guatemala's relatively shallow
domestic capital markets, low banking penetration, and high use of
cash in the economy. The country's inflation has been more linked
to international price developments, and we expect the current
energy price shock to temporarily weigh on inflation in 2026. We
project inflation to return to the midpoint of the central bank's
target of 4% in the next two years.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable." At the onset of the committee, the chair confirmed
that the information provided to the Rating Committee by the
primary analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed  

  Guatemala  

  Sovereign Credit Rating                 BB+/Stable/B
  Transfer & Convertibility Assessment    BBB
  Senior Unsecured                        BB+



===========
M E X I C O
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BANCO PLATA: Fitch Publishes 'B+' Long-Term IDR, Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has published Banco Plata S.A., Institucion De Banca
Multiple's (Plata) Long-Term (LT) Local and Foreign Currency Issuer
Default Ratings (IDRs) at 'B+' and Short-Term (ST) Local and
Foreign Currency IDRs at 'B'.

In addition, Fitch has assigned Plata a 'b+' Viability Rating (VR)
and a 'no support or ns' Government Support Rating (GSR) in
accordance with the Bank Rating Criteria.

The Outlook for the LT IDRs is Positive.

Key Rating Drivers

IDR Driven by VR: Plata's IDRs are driven by its 'b+' VR, which is
in line with the implied VR and reflects its expanding business
profile, supported by rapidly growing operating revenue and
increasing scale, as well as sound capitalization supported by
shareholders to sustain this pace in growth. The ratings also
consider controlled asset quality despite a high growth appetite,
declining losses, funding flexibility, and high liquidity
availability.

Plata received authorization from the local regulator to operate as
a bank in February 2026 and officially commenced banking operations
in March 2026.

Ratings with Positive Outlook: The Positive Outlook on the bank's
LT IDRs reflects strengthening trends in Plata's credit profile,
particularly in earnings and profitability, capitalization and
leverage, and funding and liquidity. If sustained, these
improvements could support higher key rating driver (KRD) scores
and lead to positive rating action over the next two years.

Resilient Operating Environment: Fitch expects operating conditions
for Mexican banks to remain broadly resilient despite macroeconomic
pressure. The 'bb+'/Stable operating environment (OE) assessment
reflects Fitch's forecast of stable conditions for the banking
sector.

Slower domestic economic growth, trade uncertainty, and external
geopolitical risks, including potential spillovers from the Middle
East conflict, could increase inflation, market volatility and GDP
pressures. However, Mexico's large and diversified economy, low
financial inclusion and government economic development initiatives
should help its banking sector to continue generating consistent
business volumes.

Expanding Franchise, Specialized Business Model: Plata is a
digital-first challenger bank focused on unsecured consumer
lending, with credit cards as its core product. Fitch's business
profile assessment of 'bb-' is above the implied category,
reflecting the bank's growing scale, expanding customer base and
rising revenue, despite its limited operating history. This
assessment also reflects business diversification and market
positioning that remain modest relative to higher-rated banks on
the international scale.

As of 1Q26, total operating income (TOI) increased 1.9x year over
year (yoy) in local currency to USD112 million (2025: USD276
million), above the USD83 million average for 2022-2025 and
surpassing some similarly scored banks in Latin America. Fitch
expects revenue momentum to remain strong, supported by low credit
penetration in Mexico and sustained demand in its core credit card
franchise.

Clear Strategy; Good Execution: Fitch considers Plata's senior
management team to be credible and experienced, with good execution
to date despite the company's short operating history in the
country. The team's strong background in digital financial services
supports its strategy and product development. The bank plans to
launch additional products in the short term, which could
strengthen the attractiveness of its platform and improve results
over time.

Governance structure and practices were established recently, and
Fitch believes their effectiveness remains to be tested over a
longer period, although they align with local regulatory
requirements.

High Growth Appetite: Plata's 'b+' risk profile score reflects its
concentrated product mix and aggressive growth appetite, typical of
an early-stage entity. Total loans grew 1.7x yoy at year-end 2025
and 1.4x yoy at 1Q26, outpacing peers. This is partly mitigated by
robust underwriting and the highly revolving nature of its credit
card portfolio, which gives Fitch clearer and more timely
visibility into asset-quality trends despite rapid growth.

Fitch views risk controls as broadly adequate for the bank's
current stage of development, although their effectiveness remains
untested through a broader economic cycle. Strong capitalization
provides some loss-absorption capacity, but rapid expansion
continues to pose execution and asset-quality risks, in the
agency's view.

Asset Quality Reflects Product Focus: The 'b+' asset quality score
is below the implied category, reflecting Plata's higher impaired
loan generation due to its high-risk, high-yield consumer lending
model. The stage 3 loans ratio rose to 4.8% at 1Q26 from 4.4% at
end-2025 and 3.4% in 2024, while impaired loans remained well
reserved. Cost of risk was 23.9% at 1Q26, above that of some
consumer unsecured banking peers.

Fitch expects asset quality to remain sensitive amid rapid growth,
although the rollout of additional banking products may support
customer diversification and enhance borrower assessment, helping
to moderate credit risks over time.

Improving but Still Weak Profitability: Plata's earnings and
profitability score of 'ccc+' with a positive trend reflects
ongoing, albeit narrowing, losses as the bank advances toward break
even. The operating loss to average assets ratio improved to -16.5%
in 1Q26 from -28.1% in 2025 and -70.8% in 2024, although earnings
remain constrained by expansion-related spending. Fitch believes
Plata's business model has the potential to generate strong
profitability over time, supported by high margins in its
credit-card-focused franchise, provided credit risks remain well
controlled as the bank continues to scale.

Capitalization a Rating Strength: Plata's 'bb-' capitalization and
leverage assessment reflects a relative strength in its credit
profile, with capital size and metrics that compare favorably with
some domestic and regional peers. Shareholder support has offset
rapid loan growth, with more than USD500 million injected since
inception. At 1Q26, the Fitch Core Capital (FCC) to Risk-Weighted
Assets (RWA) ratio was 12.2%, tangible equity-to-assets stood at
11.8%, and the company-reported total capitalization ratio was
18.0%.

The positive score trend reflects Fitch's expectation that
additional shareholder support in 2026 and improving internal
capital generation will help maintain capitalization metrics above
those of its peers over the medium term, although these could come
under pressure from aggressive loan and asset growth.

Well-Managed Liquidity: Plata's liquidity position benefits from
its highly revolving portfolio, which results in a higher share of
cash-convertible assets than peers with longer-tenor loan books.
Unsecured funding represented 48.8% of total funding at end-2025,
up from zero at end-2023, driven by unsecured market debt
issuances, although the funding mix remains concentrated in
wholesale sources. Refinancing risks are moderated by a long
weighted-average debt maturity profile.

The funding and liquidity score of 'b+' with a positive trend
captures the prospective benefits of deposit-taking for funding
diversification and funding cost reduction over the medium term.
Plata reported deposits of USD78 million at 1Q26, resulting in a
loans-to-deposits ratio of 933.5%. The metric reflects the early
stage of the bank's deposit franchise, launched in mid-March 2026,
and is therefore of limited comparability with established peers.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A weakening of the business profile, evidenced by an inability to
scale operations or sustain revenue growth, resulting in sustained
or widening operating and net losses and a delayed path to
profitability;

- A material deterioration in asset quality, evidenced by a
sustained increase in Stage 3 loans or credit losses, or a decrease
in Fitch's core capitalization and leverage metric below 10%
without timely and credible capital restoration measures;

- A marked deterioration in the funding and liquidity profile, as
indicated by reduced or more expensive access to funding, or
material pressures on liquidity and refinancing.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Ratings could be upgraded if Plata continues to increase
operating income and scale relative to larger industry peers.
Sustained improvement in Plata's financial profile, particularly
through a material and consistent rise in profitability, increased
capitalization, and further progress in funding diversification,
flexibility, and cost structure, would support positive rating
momentum.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

No Government Support Factored In: Plata's GSR of 'No Support'
reflects Fitch's view that sovereign support cannot be relied upon,
given the bank is not a domestic systemically important bank
(D-SIB). The assessment also considers Plata's recent launch of
banking operations and deposit-taking activities, which underpin
its still-emerging deposit market share and limited
interconnectedness within Mexico's financial system relative to
larger banks.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

GSR: There is no downside potential for the GSR. Upside potential
is limited and can only occur over time with a material growth of
the bank's systemic importance.

ST IDR: Plata'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;
therefore, a change in Plata's Short-Term IDR would likely require
a multi-notch change in the Long-Term IDR.

VR ADJUSTMENTS

The business profile score of 'bb-' is above the 'b & below'
category implied score due to the following adjustment reason:
historical and future developments (positive).

The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason: impaired loan
formation (negative).

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           
   -----------                        ------           
Banco Plata S.A.,
Institucion De
Banca Multiple       LT IDR             B+ Publish
                     ST IDR             B  Publish
                     LC LT IDR          B+ Publish
                     LC ST IDR          B  Publish
                     Viability          b+ New Rating
                     Government Support ns New Rating

GRUPO ELEKTRA: S&P Affirms 'B+' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit
ratings on Grupo Elektra S.A.B. de C.V. and core subsidiary Nueva
Elektra del Milenio S.A. de C.V. and removed the ratings from
CreditWatch, where they were placed with negative implications on
Nov. 20, 2025.

The negative outlook reflects the potential for a downgrade over
the next six to 12 months if Grupo Elektra's liquidity deteriorates
amid significant cash payments for the tax settlement and upcoming
debt maturities or if its operating and financial performance
becomes weaker than expected.

S&P now has greater clarity on Grupo Elektra S.A.B. de C.V.'s
strategy to meet the Mexican peso (MXN) 25 billion tax settlement
it reached with the Mexican tax authority. Although the agreement
involves significant cash outflows, we expect the company to keep
its key credit metrics and liquidity position consistent with the
rating over the next 12 months.

Moreover, the company reported steady operating and financial
performance, as well as a solid cash balance, at the end of the
first quarter of 2026.

Despite the payments toward its tax settlement, S&P expects Grupo
Elektra's retail division to maintain key credit metrics.

S&P said, "We expect adjusted funds from operations (FFO) to debt
above 20% and EBITDA interest coverage above 2.0x over the next 12
months. Meanwhile, we forecast revenue growth above 2% and EBITDA
margin above 17%, which should result in EBITDA exceeding Mexican
peso (MXN) 14.0 billion. The settlement with the Mexican tax
authority amounts to about MXN25 billion, plus interest." As part
of the agreement, the company already paid about MXN6.5 billion in
January 2026, and the remaining balance is being paid through 18
monthly installments.

S&P said, "In March 2026, the retail division reported about
MXN22.3 billion in accessible cash and liquid investments, which we
believe will help to meet the remaining tax liability of about
MXN16.7 billion, plus interest. In addition, we expect Grupo
Elektra to continue implementing actions to mitigate the impact of
the tax settlement, including receiving up to MXN7.9 billion in
dividends from its financial division through 2026, monetizing
other current assets totaling about MXN3.2 billion, reducing
discretionary operating costs, cutting capital expenditure, and
deferring dividend payments to preserve cash."

However, the negative rating outlook on Grupo Elektra reflects the
possibility of a downgrade if the retail division's liquidity
erodes beyond our expectations. This division has a long history of
revenue growth and solid EBITDA generation even during challenging
economic conditions, partly due to the credit support provided by
its financial arm to customers. However, global geopolitical and
trade tensions could intensify inflationary pressure and lower
consumption, weakening the division's revenue, EBITDA, and cash
flow generation.

In our base case, we expect the retail division to maintain
adequate liquidity. However, weaker-than-expected cash flow
generation, a lack of progress on the sale of other current assets,
or a delay in the dividends received from the financial division
could strain its liquidity.

S&P said, "Furthermore, we believe Grupo Elektra will need to
execute a refinancing plan for its upcoming debt maturities to
avoid liquidity pressure, given the significant cash outflows
related to its tax settlement. In our view, the company continues
to benefit from good access to capital markets, as demonstrated by
the partial refinancing of its local notes (CEBURES) in March
2026.

"Our rating on Nueva Elektra de Milenio mirrors that on its parent
company, due to its status as a core subsidiary. We will continue
to move our rating on Nuevo Elektra in tandem with that on Grupo
Elektra. However, we could also revise down Nueva Elektra's
stand-alone credit profile by one or more notches if we believed
cash requirements from the group to comply with the tax payments in
the next 12 months could pressure its financial or liquidity
position."

Banking division Banco Azteca's stable profitability and healthy
capitalization provide cushion to support the group's fiscal
liabilities. The bank's increasing consumer lending, along with
solid net interest margins stemming from efficient funding costs,
has translated into operating revenue growth in recent years. That
growth, coupled with the bank's improving efficiency ratio] and
controlled cost of risk, has resulted in improving profitability
and healthy capital buildup. This allowed the financial division to
support the group's fiscal obligations without pressuring expected
solvency.

S&P said, "We project the bank's internal capital generation will
be sufficient to support the projected business expansion. We
forecast a risk-adjusted capital (RAC) ratio of around 8.4% for the
next 12 months after an expected dividend payment to the group.

"However, we could revise our view of capital and earnings if our
projected RAC ratio fell below 7%. This could happen if loan
portfolio growth significantly surpassed our expectations, without
being compensated by internal capital generation, or if dividend
payments exceeded our projections and affected capital buildup.

"In our view, Banco Azteca's loan portfolio remains riskier than
the average of the financial system, resulting in weaker asset
quality indicators. The bank serves a higher-risk population, given
some clients belong to the informal sector. Thus, we expect
nonperforming assets (NPAs) to be around 4.5% and net charge-offs
(NCOs) to be about 10.5% on average for the next 12 months,
significantly above the respective 2.4% and 2.5% averages for the
Mexican banking system.

"However, we believe the bank will be able to contain further
deterioration, given recent enhancements to risk management
policies. Also, coverage has remained consistently above 100%,
which might help contain any further impact on the bank's capital
base and profitability from heightened credit losses. If the bank
deviates from our expectations, with NPAs and NCOs to total loans
consistently above 15%, we could revise down our assessment of its
risk position."

The negative outlook reflects the potential for a downgrade over
the next six to 12 months if Grupo Elektra's liquidity position
deteriorates amid significant payments related to its tax
settlement and upcoming debt maturities. In addition,
weaker-than-expected cash flow generation, a lack of progress on
the sale of other current assets, or a delay in dividends to be
received from its financial division could strain liquidity and
affect the company's overall credit quality.

S&P could downgrade Grupo Elektra if any of the following scenarios
occur:

-- The retail division's liquidity comes under pressure, with cash
sources over uses falling below 1.2x, or the average life of its
debt falls below two years and the company does not commit to a
clear action plan to improve it;

-- The retail division's adjusted FFO to debt falls below 12% or
its EBITDA interest coverage falls below 1.5x consistently;

-- Banco Azteca's asset quality further deteriorates, with NPAs
and NCOs to total loans consistently above 15%, raising the cost of
risk and hampering profitability; or

-- Banco Azteca's projected RAC ratio falls below 7.0%, given
weaker internal capital generation while its loan portfolio growth
remains constant. This could also happen if the bank has
extraordinary capital outflows, such as higher-than-expected
dividend payouts, that are not offset with internal capital
generation.

S&P said, "Our group credit profile remains a weighted average of
the individual stand-alone credit profiles of Grupo Elektra's
retail and banking divisions. The scenarios above are downside
scenarios for each business division that could ultimately pressure
Grupo Elektra's credit quality.

"We could revise the outlook to stable in the next 12 months if
GE's operating and financial performance in both the retail and
financial divisions meets or exceeds our estimates, while the
company continues to meet its tax settlement payments and does not
face significant debt maturities or liquidity pressure."

Specifically, S&P could revise the outlook to stable if all of the
following conditions occur:

-- The retail division's ratio of liquidity sources over uses
remains well above 1.2x over the next 12 months;

-- The retail division's adjusted FFO to debt approaches 20% and
its EBITDA interest coverage is well above 2.0x consistently; and

-- The bank's projected RAC ratio remains in line with S&P's
expectations at above 7.0%, with NPAs and NCOs to total loans
consistently below 15.0%.




=================
N I C A R A G U A
=================

NICARAGUA: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Nicaragua's Long-Term Foreign Currency
(LT FC) Issuer Default Rating (IDR) at 'B' with a Stable Rating
Outlook.

Nicaragua's ratings and Outlook reflect a prudent fiscal policy and
twin surpluses that support the accumulation of external and fiscal
buffers. Set against these strengths are heightened geopolitical
vulnerabilities (including economic sanctions), a higher share of
foreign currency debt and financial dollarization relative to
peers, weak governance, and low GDP per capita.

Key Rating Drivers

Sustained Fiscal Surplus: Nicaragua has posted general government
surpluses since 2022, reaching a record 3.5% of GDP in 2025. Strong
tax collections, reflecting remittance-driven consumption and
one-offs from enhanced fiscal enforcement measures, combined with a
lower interest bill drove the strong performance despite 20% growth
in capex. Fitch expects the surplus to fall to 2.9% and 2.1% of GDP
in 2026 and 2027, respectively, as growth normalizes, the interest
burden rises amid lower concessional financing, and subsidy
spending increases as the government absorbs higher oil costs to
prevent changes to retail prices.

Debt Declining; Strong Fiscal Buffers: Sustained surpluses have
allowed the government to repay higher-interest local-currency
bonds and build deposits, which reached 16.8% of GDP at end-2025.
General government debt fell to 39.1% of GDP in 2025 from 39.7% in
2024 and is forecast to remain on a firm downward path, reaching
36.3% in 2026 and 33.9% in 2027, well below the projected 'B'
median of 51%. In 2025, the government issued 4%-of-GDP in
non-tradable, 100-year, zero-interest, cordoba-denominated bonds to
the central bank (BCN), to replace existing accounts payable
related to the early 2000s banking crisis and exchange-rate losses,
rather than for financing purposes, which prevented a larger
decline in debt/GDP.

The foreign currency (FC) debt share fell from 92.9% in 2024 to
83.3% in 2025 due to this operation with the BCN. The FC share
remains substantially above the 'B' median of 60.3%, highlighting a
shallow domestic capital market and exposing debt dynamics to
currency risk, though this is mitigated by substantial reserves
supporting the crawling-peg regime.

Lower, More Concentrated External Financing: Net external financing
continued declining, reaching 0.6% of GDP in 2025 from 2.4% in 2023
in the context of a strong fiscal position. Multilateral
disbursements have declined, resulting in net repayments in 2025,
while private external creditor disbursements increased
significantly, surpassed only by those from CABEI, which remains
Nicaragua's largest foreign creditor. Fitch expects sustained net
debt repayments to multilateral creditors and increased reliance on
more expensive bilateral and private foreign creditors over the
forecast period.

U.S. Policy Risks: U.S. sanctions have been tightened and broadened
after the seizure of U.S. private sector assets. New sanctions have
moved from individuals to sector-wide measures targeting
revenue-generating industries, including mining and
telecommunications, seeking to weaken the administration's
structural funding. A further tightening of sanctions is a risk.
Tighter U.S. immigration policy also poses a challenge given high
remittance dependence. A sustained rise in deportations could weigh
on remittance flows and GDP growth over the medium term. U.S.
duties resulted in a decline in FTZ exports, though those exempted
gold products.

Growth to Stabilize in Coming Years: Real GDP growth rose to 4.9%
in 2025 from 3.6% in 2023. Consumption remained the main growth
driver, bolstered by a surge in remittances that appears related to
U.S. immigration policy. Additionally, private and public
investment saw significant growth. Net imports further weigh on
growth as remittance-fueled growth has led to faster import growth
relative to export growth, further exacerbated by U.S.
protectionism but partially mitigated by higher gold prices. Fitch
expects growth to stabilize between 3.5% and 4% in 2026-2027 amid
decelerating remittances and higher oil prices.

Inflation Picks Up: Inflation picked up to 3.6% yoy as of March
2026 after a record low of 0.64% in July 2025. The BCN cut its
policy rate to 5.75%, maintaining a positive differential to the
Fed. The crawling peg's depreciation rate against the U.S. dollar
has been maintained at 0% since 2024. Credit growth remains robust
due to abundant liquidity and continued normalization following the
2018 socioeconomic crisis.

External Position Strengthens: Nicaragua's current account surplus
reached a record high of 9.5% of GDP in 2025 amid high gold prices
and a jump in remittances inflows. Remittances are no longer being
disaggregated in the balance of payment data, but Fitch estimates
they reached roughly 27% of GDP in 2025, with trend growth in line
with the other high remittance dependent economies in the region.
Sustained surpluses continue to drive FX reserve accumulation. As
of March 2026, reserves stood at USD9.4 billion, covering more than
90% of broad money and around seven months of current external
payments, significantly above the 'B' median of 4.4 months.

The sovereign net external debtor position has continued to improve
and reached 1.4% of GDP in 2025, well below the 'B' median of 17.6%
of GDP. Net FDI narrowed slightly to 6.8% of GDP in 2025 from 7.1%
in 2024, as economic growth outpaced the increase in inflows. Net
FDI inflows increased by nearly 8%, driven by a 19% increase in
reinvested earnings, which now account for approximately 70% of
total FDI, up from 63% in 2024.

Governance Pressures Remain: Political tensions persist under the
Ortega-Murillo co-presidency. The government's crackdown on civil
society groups has led to sanctions from the U.S. (mainly targeting
individuals) and large emigration. The 2027 electoral cycle will
unfold amid domestic political consolidation and shifting external
pressures whose combined trajectory could either reinforce the
prevailing political order or bring more volatility.

ESG - Governance: Nicaragua has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model.
Nicaragua has a low WBGI ranking at 14, reflecting episodes of
political violence, weak political participation rights and uneven
application of the law.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Structural: Adverse geopolitical events tightening of
international sanctions and/or domestic political developments that
severely impair macroeconomic stability and/or external finances;

- External: A sharp and sustained decline in international reserves
due to, for example, reduced access to external financing or a
deterioration in the current account balance;

- Macro: Deterioration in the policy mix that results in depletion
of financial buffers and heightens macroeconomic vulnerabilities.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Structural: Reduced geopolitical risks, including the easing of
international tensions and sanctions, that improve the sovereign's
access to external financing;

- Macro/Fiscal: Maintenance of prudent policy settings and strong
economic growth that deliver significant further improvements in
financial buffers and public debt/GDP.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Nicaragua a score equivalent to a
rating of 'B' on the LT FC IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to an LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Debt Instruments: Key Rating Drivers

Fitch does not currently rate any debt instruments for this
sovereign.

Country Ceiling

The Country Ceiling for Nicaragua is 'B+', 1 notch above the LT FC
IDR. This reflects moderate constraints and incentives, relative to
the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Nicaragua.

ESG Considerations

Nicaragua has an ESG Relevance Score of '5' for Political Stability
and Rights as Worldwide Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Nicaragua has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Nicaragua has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
Worldwide Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Nicaragua has a percentile
rank below 50 for the respective Governance Indicator, this has a
negative impact on the credit profile.

Nicaragua has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Nicaragua, as for all sovereigns. As
Nicaragua has a fairly recent restructuring of public debt in 2008,
this has a negative impact on the credit profile.

Nicaragua has an ESG Relevance Score of '3' for International
Relations and Trade as sanctions by the U.S. government and the
geopolitical tensions they stem from pose downside risks for the
real economy and have complicated external financing availability,
which is relevant to the rating in combination with other factors.

Fitch's ESG Relevance Scores are not inputs in the rating process;
they are an observation on the relevance and materiality of ESG
factors in the rating decision.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Nicaragua        LT IDR          B  Affirmed    B
                 ST IDR          B  Affirmed    B
                 LC LT IDR       B  Affirmed    B
                 LC ST IDR       B  Affirmed    B
                 Country Ceiling B+ Affirmed    B+



=====================
P U E R T O   R I C O
=====================

PHOENIX FUND: Has Deal on Cash Collateral Access
------------------------------------------------
Driven, P.S.C., acting as court-appointed receiver and
debtor-in-possession, and Acrecent Financial LLC, a secured
creditor, advise the U.S. Bankruptcy Court for the District of
Puerto Rico that they have reached an agreement regarding Phoenix
Fund LLC's use of cash collateral and now desire to memorialize
the terms of this agreement into an agreed order.

The stipulation is designed to allow the receiver temporary access
to certain funds -- specifically interest payments owed by
Universal Insurance Company (UNICO) under a surplus note held by
the Debtor's subsidiary -- while preserving Acrecent's claimed
first-priority security interest in those funds.

The parties acknowledge that these payments are property of the
bankruptcy estate but also constitute Acrecent's cash collateral.
Because the total amount owed under the surplus note exceeds the
debt to Acrecent, the agreement contemplates that Acrecent will
ultimately be paid in full from those proceeds, with any remaining
excess proceeds(potentially up to $10 million) preserved for the
benefit of the estate, subject to further court approval.

Under the stipulation, the receiver is authorized to use a portion
of the interest payments from the petition date through early
August 2026 to cover necessary estate expenses, including
professional fees, through a negotiated carve-out from Acrecent's
collateral.

In exchange, the receiver agrees to make specified monthly adequate
protection payments to Acrecent (approximately $184,931 each for
May, June, and July 2026), contingent on actually receiving
sufficient funds from the interest payments. The agreement also
requires that previously consigned funds held by the court and
future payments from UNICO be released directly to the receiver for
use in accordance with the stipulation. During this period,
Acrecent agrees to forbear from enforcing its rights against the
collateral, allowing time for the receiver to negotiate with UNICO
and reconcile the exact amount owed to Acrecent under its loan
documents.

The stipulation preserves the receiver's ability to investigate and
potentially challenge Acrecent's broader claims, liens, or loan
balances, except for temporarily recognizing Acrecent's lien on the
surplus note and related payments for purposes of this interim
arrangement.

A copy of the motion is available at https://urlcurt.com/u?l=ZquDYD
from PacerMonitor.com.

                  About The Phoenix Fund LLC

The Phoenix Fund LLC is a Puerto Rico based private equity firm
formed in 2018 and headquartered in Guaynabo, Puerto Rico. The
company focuses on making strategic equity and debt investments in
privately held businesses in Puerto Rico and international
markets.

Phoenix Fund LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.P.R. Case No. 26-00712) on February 23,
2026.

Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the
case. In its petition, the Debtor reports estimated assets between
$500 million and $1 billion and estimated liabilities between $100
million and $500 million.

The Debtor is represented by Alexis Fuentes Hernandez, Esq. of
Fuentes Law Offices, LLC.

Acrecent Financial, as secured creditor, is represented by:

   Brian K. Tester, Esq.
   Paul R. Cortés-Rexach, Esq.
   McCONNELL VALDÉS, LLC
   P.O. Box 364225
   San Juan, PR 00936-4225
   Tel. (787) 250-5638
   bkt@mcvpr.com
   prcr@mcvpr.com

Driven, P.S.C., as receiver, is represented by:

   Luis C. Marini-Biaggi, Esq.
   Ignacio J. Labarca-Morales, Esq.
   MARINI PIETRANTONI MUÑIZ LLC
   250 Ponce De León Ave., Suite 900
   San Juan, PR 00918
   Tel.: 787.705.2171
   Fax: 787.936.7494
   lmarini@mpmlawpr.com
   ilabarca@mpmlawpr.com


SIEMPRE NUNCA: Taps Glenn Carl James as Special Counsel
-------------------------------------------------------
Siempre Nunca, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Glenn Carl James Law
Offices as special counsel.

The firm will continue the prosecution of a cause of action against
Automated Cutting System LLC dba Shopsaber CNC, before the United
States District Court for the District of Puerto Rico, case no.
24-01184.

The firm will be paid on a contingency fee basis.

The firm will seek reimbursement of costs and expenses.

Glenn Carl James Law Offices is a "disinterested person" within the
meaning of 11 U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Glenn Carl James, Esq.
     Glenn Carl James Law Offices
     605 Ave. Condado, Ofic. 518
     Edif. San Alberto
     San Juan, PR 00907
     Phone: (787) 616-2885
  
       About Siempre Nunca, LLC

Siempre Nunca, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 26-01040)
on March 11, 2026, listing $500,001 to $1 million in assets and
$100,001 to $500,000 in liabilities.

Judge Enrique S Lamoutte Inclan presides over the case.

Javier Vilarino, Esq. at Vilarino & Associates LLC serves as the
Debtor's counsel.





=================
V E N E Z U E L A
=================

PDVSA: Taps White & Case Ahead of Restructuring Talks
-----------------------------------------------------
WSJ Pro Bankruptcy reports that Venezuela's state-owned oil
company, Petroleos de Venezuela SA, has hired law firm White & Case
to protect its interests in the pending Citgo Petroleum sale as the
country girds for a debt restructuring.

The U.S. Treasury Department authorized Venezuela and PdVSA to hire
advisers to help execute what is considered one of the largest and
most complex sovereign-debt restructurings in history, according to
the report.

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information.  At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

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