260518.mbx

260518.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, May 18, 2026, Vol. 27, No. 98 Headlines A R G E N T I N A AES ARGENTINA: Fitch Hikes LongTerm IDRs to 'B-', Outlook Stable GENERACION MEDITTERRANEA: 49.41% Notes Tendered, APE Set May 21 B A H A M A S FTX GROUP: Fenwick Hit With Suit in DC Over $525MM Losses B R A Z I L BANCO YAMAHA: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable GENERAL SHOPPING: Fitch Affirms CC Foreign and Local Currency IDRs C A Y M A N I S L A N D S CONNECTICUT HEALTHCARE: Chapter 15 Case Summary D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Signs Oil Exploration Agreement with Guyana J A M A I C A JAMAICA: BOJ Reports Strong Demand in May 13 Certificates Auction JAMAICA: Consumer Prices Drop 0.3% in April P U E R T O R I C O TOPPER CORP: Seeks to Hire Batista Law Group P.S.C. as Counsel S U R I N A M E SURINAME: Central Bank Needs to Establish Macroprudential Strategy - - - - - ================= A R G E N T I N A ================= AES ARGENTINA: Fitch Hikes LongTerm IDRs to 'B-', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has upgraded AES Argentina Generacion S.A.'s (AAG) Long-Term Foreign Currency and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+'. The Rating Outlook is Stable. AAG's ratings reflect the company's exposure to the Argentine sovereign (B-/Stable) due to the electricity sector's exposure to CAMMESA, as its main counterparty. CAMMESA has paid its obligations to AAG on schedule the last two years. Fitch assesses AAG's ratings on a standalone basis from its parent, The AES Corporation (BBB-/Stable). The parent does not provide legal guarantees and has low strategic and operational incentives to support AAG. Key Rating Drivers Counterparty Exposure Improved: AAG's counterparty exposure has improved with the upgrade of the Argentine sovereign IDR to (B-/Stable) from (CCC+). AAG relies on payments from CAMMESA, which receives government subsidies and represents electricity generators, transmission, distribution and large consumers or wholesale market participants known as Mercado Mayorista Electrico. In the last 12 months as of FY2025, CAMMESA paid invoices in about 48 days, close to the 42-day contracted payment period. Fitch assumes CAMMESA will pay 52 days after billing. Prolonged payment delays would pressure AAG financially, as occurred in previous years. Improved Regulatory Risk: Fitch expects the gradual liberalization of the electricity sector to have a neutral effect in the medium term. The process has positive elements, including a gradual reduction of CAMMESA's role, but Fitch does not expect material changes in AAG's margins. On Nov. 1, 2025, Resolution 400/2025 set guidelines for the gradual normalization of the electricity sector under a more decentralized approach. Generators can manage their own fuel supply and declare variable production cost based on established reference values by CAMMESA. Remuneration involves defining prices for demand and the implementation of marginal cost signals for energy traded in the spot markets. Additionally, generators may contract directly with private offtakers. Fitch will monitor developments as the regulatory framework evolves. Strong Credit Metrics: As of December 2025, USD-based leverage was 1.3x, while EBITDA interest coverage was 3.5x. Fitch expects USD-denominated leverage for YE2026 to be 1.8x, including around USD170 million in debt and USD90 million in EBITDA. Fitch expects FCF to be negative in 2026 including capex for the wind expansion and dividend payments of about USD3 million and turn positive in 2027 and 2028. Fitch projects the company to average below 2.0x EBITDA over the rating horizon. Renewable's Driving Expansion: Fitch projects a 100 MW wind expansion project at the Vientos Bonarenses plant to come online in 1Q2027. The new capacity will to be contracted with private industrial customers and should offset the hydro expirations with projected incremental revenue of around USD20 million. AAG will fund the expansion with around USD40 million in equity and USD120 million in debt with a mix of development and commercial banks. Parent Linkage: The ratings are based on AAG's standalone credit profile, because overall legal, operational and strategic incentives for its parent to support AAG, if needed, are low. AAG is fully owned by AES, but there are no guarantees from the parent or cross-default clauses. Strategic incentives are low, as AAG does not provide a significant financial contribution to AES. While both entities have the same core business and there is some common material management, operational benefits to the parent are not material. Fitch rates AAG on a standalone basis because all three linkage factors are low. Peer Analysis AAG's ratings reflect exposure to CAMMESA as an offtaker, which is reliant on subsidies from the Argentine government. This is also the case for Argentine utility and energy peers Pampa Energia S.A. (Pampa; B/Positive) and MSU Energy S.A. (CCC+). AAG is concentrated only in the electricity generation sector, presenting a balanced portfolio between thermal, wind and hydro assets. MSU's 750MW is fully contracted with PPAs with CAMMESA. The first PPA will expire at the end of 2027, when they will be exposed to the spot market unless new PPAs are signed. Pampa has a more diversified business profile as a leading company in electricity generation, distribution, transmission, gas production and transportation. MSU and GEMSA have only thermal operations and are mainly exposed to CAMMESA. In terms of credit metrics, Fitch forecasts AAG's USD-based 2026 YE leverage at 1.8x, compared with Pampa at 2.4x and MSU Energy S.A. at 3.9x. On a net basis, AAG's leverage was 0.8x at FY2025, reflecting USD48 million of cash and equivalents. Fitch estimates AAG's projected gross leverage will average below 2.0x through 2028. Fitch's Key Rating-Case Assumptions - Gross generation totaling 4,725 (GWh), in 2026 and 4,833 (GWh) in 2027 and 2028 - CAMMESA making payments in 52 days through 2028 - Additional 100MW of wind capacity coming online in 2027 at a price of USD58/MWh - Incremental debt of USD120 related to wind farm taken in 2026 at a rate of 9.5% - U.S. dollar-denominated receivables related to FONINVEMEM of about USD15 million in 2026, all related to Guillermo Brown - Dividend payments of 30% of previous year NI - Growth capex of USD120 million in 2026 and maintenance capex of USD15million from 2026-2028 - Capacity remuneration price to average around 6,400 USD/MWh and 8,000 USD/MWh at Paraná and San Nicolás plants from 2026-2028, respectively - AAG achieves generation capacity factors of 13% for thermal assets, 20% for hydro and 40% for wind during the rating horizon Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('b+', Moderate), diversification and asset quality ('bb', Moderate), company operational characteristics ('b', Higher), profitability ('b+', Moderate), financial structure ('bbb+', Lower), and financial flexibility ('b-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'ccc+' results in an adjustment of -1 notch(es). The SCP is 'b-'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach and an IDR of 'B-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade to the ratings of Argentina could result in a negative rating action; - Significant and sustained delayed payments by CAMMESA. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade to the ratings of Argentina could result in a positive rating action, as long as the SCP is in-line or above Argentina's IDR; - Reduction in exposure to CAMMESA through the ongoing electricity market liberalization in Argentina. Liquidity and Debt Structure As of Dec. 31, 2025, AAG reported available cash of ARS72.1 billion (USD48 million) and no committed lines of credit. The company's main debt is their Class 2 USD120 million bonds, which began its four semi-annual amortizations in 1Q26. AAG also expects to incur USD120 million of debt to fund the 100 MW wind expansion. USD-denominated FONINVEMEM payments will be fully paid in 2Q of this year, totaling USD15 million. Following the repayment, the company will own an equity stake of up to 30% in Guillermo Brown, which the funds paid to the company were used invested for the construction. Issuer Profile AES Argentina Generacion S.A. (AAG), which is 100% owned by the AES Corporation (BBB-/Stable), is an electricity generation company in Argentina with an installed capacity of 1,951MW. 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 Climate.VS for 2035 for AES Argentina S.A. is 55 due to its coal transition period for energy generation. The company's 675MW San Nicolas plant burns majority coal but can also burn fuel oil and gas. Fitch expects the company to continue to consume majority coal at the San Nicolas plant over the rating horizon. However, this does not affect their current ratings as the company has flexibility in which fuel to burn, as well as the expansion on wind renewables. For further information on how Fitch views climate-related risks in the utilities sector, see "Utilities - Long-Term Climate Vulnerability Signals Update." 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 ----------- ------ ----- AES Argentina Generacion S.A. LT IDR B- Upgrade CCC+ LC LT IDR B- Upgrade CCC+ GENERACION MEDITTERRANEA: 49.41% Notes Tendered, APE Set May 21 --------------------------------------------------------------- Generacion Mediterranea S.A. and Central Termica Roca S.A., announced the results as of the Expiration Date of their previously announced offer to exchange any and all of the Companies' outstanding 9.625% Senior Notes due 2027 for the Companies' newly issued Fixed Rate Step-Up Senior Notes due 2036 (as more fully described in the Exchange Offer and Consent Solicitation Memorandum), and their solicitation of consents of the holders of the Existing Notes to provide instructions and grant a power of attorney with express voting instructions to Morrow Sodali International LLC, trading as Sodali & Co, to, among other things, accept the APE Offer (as defined in the Exchange Offer and Consent Solicitation Memorandum), upon the terms and subject to the conditions set forth in the Exchange Offer and Consent Solicitation Memorandum, dated April 10, 2026 (as amended pursuant to the press releases dated April 24, 2026 and May 8, 2026, the "Exchange Offer and Consent Solicitation Memorandum"), and the Companies' press release dated April 10, 2026, and the related Eligibility Letter. Morrow Sodali International LLC, trading as Sodali & Co, acting as information and exchange agent for the Offer and Solicitation, advised the Companies that, as of 5:00 p.m. (New York City time) on May 8, 2026, Existing Notes for an aggregate principal amount equal to approximately US$57.9 million were validly tendered for exchange and provided instructions in the APE Solicitation. Based on the following results, the Issuers hereby inform to holders of the Existing Notes validly tendered that (i) none of the Existing Notes that have been tendered in the Exchange Offer will be accepted for exchange for New Notes, and (ii) the Issuers intend to proceed with the Issuers' APE and, therefore, no New Notes will be issued to holders of Existing Notes who have validly tendered their Existing Notes in the Exchange Offer until the APE Settlement Date. In addition, Existing Notes that have been tendered in the Exchange Offer will remain blocked in an account with the applicable clearing system until the APE Settlement Date. Below are additional details with respect to the final results of the Offer and Solicitation. 9.625% Senior Notes due 2027(1) * CUSIP / ISIN (Rule 144A): 36875K AD3 / US36875K AD37 * CUSIP / ISIN (Regulation S): P46214 AC9 / USP46214 AC95 * Outstanding Principal Amount of Existing Notes without Amortization(2): $117,088,652 * Total Principal Amount Tendered as of the Offer Expiration Date: $57,851,985 * Percentage of the Original Principal Amount Outstanding: 49.41% * Exchange Consideration(3)(4): $724.00 * Early Tender Premium(5)(6)(7): 0.50% per annum on the outstanding principal amount of Existing Notes (1) The Existing Notes are currently listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST") and are listed on BYMA and traded on A3 Mercados (each as defined herein). (2) This amount does not reflect any amortizations. The outstanding principal amount of the Existing Notes of US$117,088,652 is subject to a variable amortization factor (the "Amortization Factor") which is calculated in accordance with amortization payments made in accordance with the terms and conditions of the Existing Notes. No future amortizations are expected to be made by the Companies under the Existing Notes. As of the date of the Exchange Offer and Consent Solicitation Memorandum, and as of (and on or after) the Early Participation Date and the Expiration Date (as defined in the Exchange Offer and Consent Solicitation Memorandum), the Amortization Factor has been 64%. (3) Per US$1,000 principal amount of the Existing Notes before the application of the relevant amortization factor to the outstanding principal amount of the Existing Notes that are validly tendered, and not validly withdrawn and accepted for exchange in the Exchange Offer. (4) A principal amount of New Notes equal to US$724 per US$1,000 principal amount of Existing Notes before the application of the relevant amortization factor that is contemplated in the Exchange Consideration and accounts for the capitalization in full of accrued and unpaid interest (excluding any defaulted interest) under the Existing Notes through the Reference Date (as defined in the Exchange Offer and Consent Solicitation Memorandum). No accrued interest after the Reference Date is contemplated in the Exchange Consideration (whether in the form of New Notes, in cash or otherwise) and the Companies do not expect to otherwise pay accrued interest on the Existing Notes (whether in the form of New Notes, in cash or otherwise) at any time after the Reference Date, excluding for the avoidance of doubt, in the form of Early Tender Premium as detailed below. (5)Except for the Early Tender Premium, no additional consideration will be paid in connection with the Offer and Solicitation. The Early Tender Premium will be applied to the outstanding principal amount of Existing Notes reflecting all amortizations through the date of the Exchange Offer Memorandum and Solicitation Statement, plus accrued and unpaid interest thereon through the Reference Date. (6) The Early Tender Premium shall only be paid to Eligible Holders of Existing Notes that participated in the Offer and Solicitation on or prior to the New Early Participation Date even if the Companies' decision to pursue the Issuers' APE (as defined in the Exchange Offer and Consent Solicitation Memorandum). The Early Tender Premium shall accrue from (and including) the Reference Date to (but excluding) the applicable Settlement Date (as defined in the Exchange Offer and Consent Solicitation Memorandum) and will be computed on the basis of a 365-day year and actual number of days elapsed. (7) The Early Tender Premium corresponds to a portion of unpaid compensatory and default interest under the Existing Notes accrued until the Settlement Date. APE Solicitation Results As of the Expiration Date, the Companies have received the APE Instructions (as defined in the Exchange Offer and Consent Solicitation Memorandum) of holders representing 49.41% of the Existing Notes, in order for the APE Agent to enter into the Issuers' APE. Additionally, pursuant to the Companies' local exchange offer and consent solicitation to exchange the Local Notes for new notes, the Companies received valid tenders of Local Notes in an aggregate principal amount equivalent to US$337.1 million, out of a total outstanding principal amount equivalent to US$442.1 million of Local Notes, representing 76.24% of the principal amount of the outstanding Local Notes as of the expiration date of such offer. Consequently, considering the amount of valid tenders of Local Notes and related consents that the Companies have received, the Companies informed their decision to proceed with the APE Closing of the Existing Local Notes (as defined in the Exchange Offer and Consent Solicitation Memorandum), which can and will include the Existing Notes not exchanged for New Notes, as provided in the Offer and Solicitation Documents. DTC participants must sign and execute the APE Instruction duly notarized and apostilled or legalized before an Argentine consulate. The Companies also informs that the CACs Closing of the Existing Local Notes has not and will not occur and that the Companies determined that a sufficient level of participation (including through the Offer and Solicitation) is expected to be obtained to achieve the majorities required to implement the Issuers' APE in accordance with the Argentine Bankruptcy Law No. 24,522 and its amendments (Ley De Concursos y Quiebras, the "LCQ") or with the consent of any other lower capital and headcount majority, as permitted under any applicable laws, rules, regulations or judicial precedents that may be enacted or issued, as interpreted or applied by the national court of first instance in commercial matters based in the City of Buenos Aires, Argentina, and therefore such APE Condition (as defined in the Exchange Offer and Consent Solicitation Memorandum) is satisfied. For more information about the Issuers' APE, see "The Offer and Solicitation-APE Solicitation" in the Exchange Offer and Consent Solicitation Memorandum. APE Solicitation The Issuers hereby announce that the following events are expected to occur, as part of the Issuers' APE: (a) an APE Meeting will be held to discuss the execution of the Issuers' APE, at which meeting the APE Agent will consent on behalf of the Participating Holders to the approval of the Issuers' APE; (b) if the Issuers' APE is approved by the APE Meeting, the Issuers will deliver to the APE Agent the APE Offer, which acceptance by the APE Agent on behalf of the Participating Holders, on the basis of the instructions provided and powers granted under the APE Solicitation, will imply the execution of the Issuers' APE pursuant to the provisions of Title II, Chapter VII of the LCQ, and whereupon such Participating Holders will accept the restructuring of the debt represented by the Existing Notes; (c) the APE Agent, acting on behalf of the Participating Holders, will enter into the Issuers' APE by delivering an acceptance letter to the APE Offer; (d) pursuant to the provisions of the Issuers' APE, the Issuers will issue New Notes on the APE Settlement Date (which is expected to be within five (5) business days after the last publication of the legal notice (edicto) required in the APE homologation process) to the Participating Holders as may be necessary to exchange all the Existing Notes validly tendered under the Offer and Solicitation and accepted by the Issuers and, if applicable, pay the Early Tender Premium to Participating Holders that tendered their Existing Notes on or prior to the Early Participation Date; (e) the Issuers will file the Issuers' APE with the Court, in compliance with all other requirements set forth in the LCQ, for purposes of seeking court approval for the Issuers' APE under the terms of Section 76 of the LCQ; (f) after filing the Issuers' APE before the Court, the Issuers will use their commercially reasonable efforts to obtain the Court approval for the Issuers' APE in the terms of Section 76 of the LCQ, and will not withdraw such request until its approval or until the rejection of the Court approval has been finalized; and (g) the Issuers may at any time file the Issuers' APE with a United States court for purposes of its recognition pursuant to the provisions of Chapter 15 of the United States Bankruptcy Code. In the event that the Issuers terminate, withdraw or abandon the APE Solicitation, any Existing Notes tendered by Eligible Holders in connection with the Offer and Solicitation will be promptly unblocked and returned by the applicable clearing system to the accounts of the relevant Eligible Holders, and all APE Instructions and powers granted to the APE Agent pursuant to the APE Solicitation will be deemed automatically revoked and of no further force or effect. In such circumstances, Eligible Holders will be free to trade, transfer or otherwise dispose of their Existing Notes without restriction, and no Exchange Consideration or Early Tender Premium will be payable to any holder in connection with the Offer and Solicitation. The Issuers will notify the APE Agent, the Information and Exchange Agent, the Dealer Manager and the Argentine Information Agents of any such termination, withdrawal or abandonment as soon as reasonably practicable, and will announce such event through a press release or notice in accordance with the procedures described in the Exchange Offer Memorandum and Solicitation Statement. Ongoing Exchange Offer and Consent Solicitation for the 11.0% Senior Secured Notes due 2031 On May 4, 2026, the Companies announced the commencement of an offer to holders thereof to exchange any and all of the Companies' outstanding 11.000% Senior Secured Notes due 2031 ("2031 Notes") for the Companies' newly issued Senior Secured Fixed Rate Step-Up Notes due 2034 and Value Recovery Notes due 2036. Eligible Holders validly tendering on or prior to May 19, 2026 will be eligible to receive: (A) US$1,000 in principal amount of the New 2034 Notes per each US$1,000 principal amount of the 2031 Notes, and (B) US$156 in principal amount of VRI Notes per each US$1,000 principal amount of 2031 Notes. Eligible Holders tendering after May 19, 2026 but prior to June 2, 2026 will be eligible to receive: (A) US$950 in principal amount of New 2034 Notes per each US$1,000 principal amount of 2031 Notes, and (B) US$148 in principal amount of VRI Notes per each US$1,000 principal amount of 2031 Notes . Eligible Holders tendering at any time on or prior to June 2, 2026 will be eligible to receive on the applicable settlement date, an amount in cash equal to US$5.00 per each US$1,000 in principal amount of 2031 Notes. Once successfully completed the above referred transactions, the Companies would effectively have rescheduled almost all of their US$ 1.5 billion in financial debt obligations. Information and Exchange Agent and Dealer Manager and Solicitation Agent Sodali & Co is acting as the Information and Exchange Agent for the Offer and Solicitation. BCP Securities, Inc. is acting as dealer manager and solicitation agent for the Exchange Offer and the Consent Solicitation. For further information about the Offer and Solicitation, please contact the Information and Exchange Agent, in London, at The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB, United Kingdom, by telephone: +44 20 4513 6933, and in New York, at 430 Park Avenue 14th Floor, New York, NY 10022, by telephone: +1 203 658 9457 or by email at albanesi@investor.sodali.com. Holders who desire to obtain and complete an Eligibility Letter in order to receive the Exchange Offer and Consent Solicitation Memorandum should visit the Exchange Offer Website at https://projects.sodali.com/albanesi. ============= B A H A M A S ============= FTX GROUP: Fenwick Hit With Suit in DC Over $525MM Losses --------------------------------------------------------- Emily Lever at law360.com reports that a group of former FTX customers has sued Fenwick & West LLP in federal court in Washington over its work representing FTX from 2018 to 2022, seeking to recover more than $525 million for losses stemming from the cryptocurrency exchange's collapse. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== BANCO YAMAHA: Moody's Affirms Ba1 Deposit Ratings, Outlook Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Banco Yamaha Motor Do Brasil S.A.'s (Banco Yamaha) long- and short-term local and foreign currency deposit ratings at Ba1 and Not Prime, respectively. Moody's have also affirmed the bank's long- and short-term local and foreign currency Counterparty Risk Ratings at Baa3 and P-3 and long- and short-term Counterparty Risk Assessments at Baa3(cr) and P-3(cr), respectively. Moody's also affirmed the bank's b1 Baseline Credit Assessment (BCA), and affirmed its adjusted BCA at ba1 that incorporates support from its parent Yamaha Motor Company Limited (Baa1 stable). The outlook on the long-term deposit ratings remains stable. RATINGS RATIONALE Banco Yamaha's b1 BCA reflects its monoline captive finance model, focused solely on financing motorcycle sales by Yamaha Motor do Brasil Ltda (Yamaha Brasil), which limits earnings diversification. At the same time, the BCA benefits from a solid capital buffer and high net interest margins, which help absorb the high loan delinquency typical of its concentration in motorcycle financing—an activity more sensitive to economic downturns and labor market conditions. The bank's strong reliance on wholesale funding and its modest liquidity buffer is balanced against prudent asset-liability management. The bank's high loan growth, as well as elevated household debt and elevated interest rates in Brazil, continue to pressure asset quality. Problem loans reached 12.1% of gross loans in 2025, well above the systemwide auto loan delinquency rate of 5.6%. Renegotiated loans rose to BRL191 million in December 2025 from BRL100 million at year-end 2023, or 5.4% of total loans. The bank's weak asset quality is partly mitigated by adequate provisioning: loan-loss reserves represented 13.6% of gross loans and covered 112.2% of problem loans as of December 2025. Moody's b1 BCA also reflects heightened volatility in profitability due to sensitivity to interest rates and high provisioning costs. Moreover, high credit costs will remain a challenge for Banco Yamaha's profitability. After adjusting for the impact of interest rate derivatives, profitability improved compared to 2024, which was heavily affected by a sharp increase in loan loss provisions. In 2025, Moody's preferred capitalization ratio of tangible common equity (TCE) as a percentage of risk-weighted assets (RWA) fell primarily related to an expansion in RWAs resulting from 10.9% lending growth and increased levels of deferred tax assets (DTAs) arising from timing differences; Banco Yamaha's TCE/RWA declined to 10.2% from 19.1% at the end of 2024. Capital levels also faced some downward pressure from a net accounting loss during the year and a one-time regulatory equity adjustment. Nevertheless, the bank's total regulatory capital ratio remained strong at 18.6% as of December 2025, well above the regulatory minimum. In line with other captive banks, Banco Yamaha's funding is highly reliant on long term funding from institutional depositors and lenders, resulting in an ample exposure to less stable funding, equivalent to 43.1% of tangible assets as of year-end 2025. Core bank liquidity to tangible assets stood at 9.2%, mostly comprised by repos, a level relatively low when compared to similarly rated banks. Banco Yamaha's Ba1 long-term local currency deposit rating reflects the bank's BCA of b1 and Moody's assessments of a very high probability of support from its ultimate parent Yamaha Motor Company Limited (Baa1 stable). Banco Yamaha is a full subsidiary of Yamaha Motor Brasil Finance, which is wholly owned by Yamaha Motor Company Limited. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The b1 BCA could be upgraded if there is a material improvement in the bank's liquidity and funding profile and its reliance on market fund were to fall. The deposit ratings could also be affected positively if there is an upgrade of the parent's Baa1 issuer rating. Negative pressure on Banco Yamaha's BCA would result from further deterioration of asset quality and profitability due to a material increase in provisions for loan losses and funding costs. A consistent decline in profitability would compromise the bank's capacity to replenish capital through earnings, which could be negative in the long run. The principal methodology used in these ratings was Banks published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. GENERAL SHOPPING: Fitch Affirms CC Foreign and Local Currency IDRs ------------------------------------------------------------------ Fitch Ratings has affirmed General Shopping e Outlets do Brasil S.A.'s (GSB) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CC' and the Long-Term National Scale Rating at 'CC(bra)'. Fitch has also affirmed General Shopping Investment Limited's senior secured notes due in 2026 at 'CC' with a Recovery Rating of 'RR4' and subordinated perpetual notes at 'C'/'RR6'. Fitch has affirmed General Shopping Finance Limited's unsecured perpetual notes at 'C'/'RR6'. The issuances are fully and irrevocably guaranteed by GSB. GSB's ratings reflect its elevated credit risk profile driven by an unsustainable business base and unrecoverable leverage profile. A default of some kind appears likely, as GSB has exhausted most avenues for raising additional funds to face its 2026 maturities. The company's weak cash flow generation is insufficient to support its unsustainable capital structure, which is further constrained by high indebtedness, material foreign exchange (FX) mismatch and a limited unencumbered asset pool. Key Rating Drivers Exhausted Alternatives for Additional Funds: GSB began 2026 with a cash position of BRL79 million and Fitch-estimated EBITDA of BRL70 million to BRL75 million. These resources are insufficient to cover the short-term debt maturities of BRL109 million — including the USD9 million secured notes due in August — and an interest payment of approximately BRL70 million. GSB has also exhausted its headroom for asset sales, which have been a source of funding to address interest and principal payments. Fair value of properties was BRL733 million at YE 2025, of which only BRL27 million was unencumbered. Fitch believes it is unlikely that GSB can raise new debt. Irredeemable Business Model: GSB's business model has weakened following a material asset transfer by its shareholders to a real estate investment fund in 2019. This transaction substantially diminished cash flow generation and increased creditor exposure to a narrower range of performing assets. At YE 2025, GSB's asset base comprised ownership in 15 properties with a gross leasable area (GLA) of only 81,000 sq m, a significant decrease from approximately 200,000 sq m before the transfer. The five largest malls comprise more than 70% of GLA. Rental income accounts for 32.5% of gross revenue, while service exploitation represents67.5%. This revenue distribution deviates from the predominant structure observed by the company's main peers. Unrecoverable Capital Structure: Fitch views GSB's financial leverage as unrecoverable, which poses significant risks to its credit profile and business continuity. At YE 2025, net adjusted leverage stood above 20x, net loan-to-value (LTV) ratio exceeded 100%, and net equity is negative. There are no prospects of deleveraging under the rating case. Material FX Mismatch: GSB's debt profile is primarily composed of perpetual USD notes. Total adjusted debt amounted to BRL1.5 billion at YE 2025, consisting of BRL787 million in subordinated perpetual notes (with 50% equity credit), BRL547 million in unsecured perpetual notes, BRL51 million in secured notes due 2026, and BRL153 million in secured local debt. All EBITDA is generated in Brazilian reais, while roughly 90% of its total debt is denominated in U.S. dollars. Equity Treatment Rationale: The subordinated perpetual notes qualify for 50% equity credit as they meet Fitch's criteria about deep subordination, with an effective maturity of at least five years, full discretion to defer coupons for at least five years and limited events of default. These are key equity-like characteristics. Equity credit is limited to 50% because of the hybrid's cumulative interest coupon, which Fitch considers more debt-like in nature. Since 2H2015, the company has exercised its right to defer the payment of interest under the notes. Accumulated deferred interest surpasses BRL700 million. ESG - Management Strategy and Governance Structure: GSB has a track record of recurring operational and debt restructuring processes in recent years due to challenges in implementing business strategy and maintaining competitive positions within its key markets. GSB's below-average execution of its strategy has contributed to a materially weaker operational performance and unsustainable capital structure. GSB's owners have a strong influence over management, which has resulted in decisions related to the company making operational and financial strategies that have been detrimental to its creditors. Peer Analysis GSB's 'CC' rating reflects its weakened business base, unsustainable financial leverage, negative FCF profile, poor unencumbered assets pool and aggressive financial policy, which compares negatively to its regional peers. GSB's ratings are well below Latin American shopping mall operator peers Parque Arauco S.A. (BBB/Stable), Plaza S.A. (BBB/Stable), IRSA Inversiones y Representaciones S.A. (B-/Stable), ALLOS S.A. (AAA(bra)/Stable), Iguatemi S.A. (AAA(bra)/Stable) and Multiplan Empreendimentos Imobiliarios S.A. (AAA(bra)/Stable). Fitch’s Key Rating-Case Assumptions - Steady-owned GLA; - Occupancy rate close to 95%; - Annual investments of BRL7.5 million; - No dividend payments. 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 (ccc-, Higher), Access to Capital (ccc-, Moderate), Liability Profile (ccc, Lower), Property Portfolio (ccc, Moderate), Rental Income Risk Profile (bb-, Lower), Profitability (b-, Moderate), Financial Structure (ccc-, Moderate), and Financial Flexibility (ccc-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Material Failures' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'cc'. Recovery Analysis Fitch applies a bespoke approach to recovery for issuers rated 'B+' and below, using the higher of going concern (GC) and liquidation estimates to enterprise valuation. The recovery analysis assumes that GSB would be liquidated in bankruptcy based on the expectation that its investment properties (BRL220 million assuming a 70% discount on it to reflect a likely distressed sale of assets) would be greater than the enterprise value as a GC (BRL160 million). The GC enterprise value assumes an EBITDA 50% below the one reported in 2025 to reflect the company's operational performance when facing a distress scenario and an enterprise value/EBITDA multiple of 4.5x. The USD9 million secured notes due in 2026 have been assigned a Recovery Rating of 'RR4'. The bespoke analysis indicated the potential for higher recovery; however, Fitch capped the ratings at 'RR4' in accordance with its "Country Specific Treatment of Recovery Rating Criteria," which caps recovery ratings in Brazil at 'RR4' due to concerns about issues such as creditors' rights during a debt restructuring or the consistent application of the rule of law. The unsecured perpetual notes and the subordinated perpetual notes have been rated one notch down for the IDR to indicate below average or poor recovery prospects in the event of a default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade may occur if, in Fitch's judgment, a default or default-like process has begun, which Fitch would reflect in the IDR at 'C'; - Formally filing for bankruptcy protection. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Material improvement in the company's liquidity and financial leverage through some combination of the following actions: equity injection, asset sales with limited impact on cash flow generation, and lower FX exposure. Liquidity and Debt Structure As of Dec. 31, 2025, GSB had BRL79 million of readily available cash and total adjusted debt, considering the 50% equity credit for the subordinated perpetual notes, of BRL1.5 billion. Upcoming debt amortizations are BRL109 million in 2026, BRL16 million in 2027, and BRL16 million in 2028. GSB's EBITDA interest coverage ratio should remain weak, at or below 1x. Issuer Profile GSB is a Brazilian shopping mall developer and operator. As of December 2025, it managed 15 projects with an owned GLA of 80,910 sq m. Summary of Financial Adjustments - Fitch applies 50% equity credit on the subordinated perpetual notes. 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 GSB. ESG Considerations GSB has an ESG Relevance Score of '5' for management strategy because of its track record of recurring operational and debt restructuring processes following challenges in implementing its strategy and maintaining competitive positions in its key markets. GSB's below-average execution of its strategy has contributed to a materially weaker operational performance and unsustainable capital structure. This has a negative impact on the credit profile and is highly relevant to the rating. GSB has an ESG Relevance Score of '5' for its governance structure because of GSB's owners' strong influence on management, which has resulted in decisions related to the company's operational and financial strategies that have been detrimental to its creditors. This has a negative impact on the credit profile and is highly relevant to the ratings. GSB has an ESG Relevance Score of '4' for group structure, reflecting complexity, transparency and related-party transactions, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. GSB has an ESG Relevance Score of '4' for financial transparency due to the poor quality of financial disclosures, 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. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- General Shopping Investment Limited Subordinated LT C Affirmed RR6 C senior secured LT CC Affirmed RR4 CC General Shopping Finance Limited (GSF) senior unsecured LT C Affirmed RR6 C General Shopping e Outlets do Brasil S.A. LT IDR CC Affirmed CC LC LT IDR CC Affirmed CC Natl LT CC(bra)Affirmed CC(bra) =========================== C A Y M A N I S L A N D S =========================== CONNECTICUT HEALTHCARE: Chapter 15 Case Summary ----------------------------------------------- Chapter 15 Debtor: Connecticut Healthcare Insurance Company Marsh Management Services Cayman Ltd. Governors Square, Building 4, Floor 2 23 Lime Tree Bay Avenue P.O. Box 1051 Grand Cayman KY1-1102 Cayman Islands Business Description: Connecticut Healthcare Insurance Company is a Cayman Islands-based captive insurance company owned by Prospect ECHN, Inc. The company, licensed as a Class B insurer and managed through Marsh Management Services Cayman Ltd. in Grand Cayman, provided insurance coverage for healthcare-related liabilities, including personal injury, wrongful death, medical malpractice and similar tort claims associated with Prospect Medical Holdings-related entities. Chapter 15 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-32010 Judge: Hon. Stacey G Jernigan Foreign Representatives: Michael Pearson and Orla O'Regan JTC Special Situations Ltd. (JTC) 60 Nexus Way, 6th Floor Cayman Bay P.O. Box 769 Grand Cayman KY1-9006 Cayman Islands Foreign Proceeding: Grand Court of Cayman Islands Financial Services Division - Cause No. FSD 93 Foreign Representatives' Counsel: Vienna F. Anaya, Esq. JACKSON WALKER LLP 2323 Ross Avenue, Suite 600 Dallas, TX 75201 Tel: (214) 953-6000 Email: vanaya@jw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JNMHIOQ/Connecticut_Healthcare_Insurance__txnbke-26-32010__0001.0.pdf?mcid=tGE4TAMA =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Signs Oil Exploration Agreement with Guyana --------------------------------------------------------------- Dominican Today reports that the governments of the Dominican Republic and Guyana signed an agreement to jointly explore and potentially develop oil and natural gas resources in the onshore Berbice block, marking a major step in their expanding energy partnership. Under the deal, the Dominican Petroleum Refinery will represent the Dominican state and receive a 10% stake in the project without requiring an upfront capital investment, according to Dominican Today. If commercially viable reserves are discovered, the Dominican Republic would gain access to crude oil or natural gas under preferential terms, strengthening the country's long-term energy security, the report notes. The initiative stems from a memorandum of understanding signed in 2023 by President Luis Abinader and President Mohamed Irfaan Ali, the report relays. The project has involved technical coordination between the Ministry of Energy and Mines, Refidomsa, and Guyanese authorities, the report notes. Officials say the partnership could pave the way for additional joint ventures, including a possible refinery and petrochemical complex, as both countries deepen cooperation in energy, trade, and investment, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: BOJ Reports Strong Demand in May 13 Certificates Auction ----------------------------------------------------------------- RJR News reports that the Bank of Jamaica said there was a strong demand in the May 13 auction of its 5.75% fixed rate certificate of deposit, with investors offering more than double the amount the central bank sought to raise. The bank said private financial institutions, individuals and public sector entities submitted bids totalling $32.5 billion, although it intended to absorb only $15 billion from the market, according to RJR News. The move forms part of the central bank's efforts to contain inflation, which was initially projected within a target range of 4-6%, the report notes. That target was later revised upward to 7.5%, and further adjustments could be considered following rising inflation indicators in the United States, the report relays. The average interest rate on the accepted bids was 5.65% per annum, the report notes. The central bank says the total value of certificates of deposit currently outstanding stands at $100 billion, the report dicloses. The next auction is scheduled for May 20, when the bank is also expected to make another decision on interest rates, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: Consumer Prices Drop 0.3% in April ------------------------------------------- RJR News reports that the Statistical Institute of Jamaica (STATIN) says consumer prices declined by 0.3 per cent in April of 2026. According to the latest Consumer Price Index report, the decline was mainly driven by lower electricity rates, which contributed to a 4.3 per cent fall in the index for the category Housing, Water, Electricity, Gas and Other Fuels, the report notes. STATIN says the group, Electricity, Gas and Other Fuels, recorded a significant 12.5 per cent decline during the month, according to RJR News. However, the overall reduction in consumer prices was partially offset by higher food and transportation costs, the report relays. The Food and Non-Alcoholic Beverages division increased 0.6 per cent, mainly due to higher prices for agricultural produce, including ripe banana, orange and watermelon, the report discloses. Meanwhile, the Transport division rose by 1.1 per cent because of increased petrol prices, the report says. STATIN says Jamaica's point-to-point inflation rate, as at April 26, stood at 4.3 per cent, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. ===================== P U E R T O R I C O ===================== TOPPER CORP: Seeks to Hire Batista Law Group P.S.C. as Counsel -------------------------------------------------------------- Topper Corporation seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Batista Law Group, P.S.C. as counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its Chapter 11 case and related proceedings; (b) represent the Debtor in matters arising in the bankruptcy case; (c) assist the Debtor in planning and conducting the bankruptcy proceedings due to its need for competent legal counsel; and (d) perform all other legal services necessary for the administration and handling of the Debtor's Chapter 11 case, subject to court approval. The firm received from the Debtor a retainer of $8,000. The firm will be paid at these rates: Jesus E. Batista Sanchez, Esq. $350 per hour Associates $275 per hour Paralegals $110 per hour Mr. Sanchez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jesus E. Batista Sanchez, Esq. The Batista Law Group, P.S.C. Capital Center I 239 Ave. Arterial de Hostos, Suite 206 San Juan, PR 00918-1475 Telephone: (787) 620-2856 Facsimile: (787) 777-1589 E-mail: jeb@batistasanchez.com About Topper Corporation Topper Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01815) on April 23, 2026, with $100,001 to $500,000 in both assets and liabilities. Jesus Enrique Batista Sanchez, Esq., at The Batista Law Group, Psc represents the Debtor as legal counsel. =============== S U R I N A M E =============== SURINAME: Central Bank Needs to Establish Macroprudential Strategy ------------------------------------------------------------------ The technical assistance report presents the findings of a CARTAC mission to support the Central Bank of Suriname in developing a comprehensive macroprudential policy framework. The report assesses institutional arrangements, systemic risk conditions, and the existing prudential toolkit, identifying key risks arising from interconnectedness and banking concentration. It highlights the importance of establishing a macroprudential strategy, strengthening governance and inter-agency coordination, and enhancing data and analytical capabilities. The report recommends expanding the macroprudential toolkit—particularly through capital-based and liquidity measures—while emphasizing the need for a phased, capacity-aligned implementation strategy. A central recommendation is the adoption of a formal macroprudential strategy to improve transparency, accountability, and policy effectiveness. Overall, the report provides a structured roadmap to support financial stability and foster sustainable financial sector development in Suriname through a robust and forward-looking macroprudential framework. As reported in the Troubled Company Reporter-Latin America on April 6, 2026, Moody's Ratings has affirmed the Government of Suriname's issuer and senior unsecured ratings at Caa1, and maintained the outlook at positive. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *