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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
Friday, May 22, 2026, Vol. 27, No. 102
Headlines
A R G E N T I N A
ARGENTINA: Feels Relief as Inflation Slows for 1st Time in 11 Mos.
ARGENTINA: Soaring Household Defaults Rock Banks and Fintechs
GENERACION MEDITTERRANEA: Early Exchange Draws 92% Participation
B R A Z I L
NEW FORTRESS: Receives Nasdaq Minimum Bid Price Deficiency Notice
G U Y A N A
GUYANA: Rising Global Prices Blamed For High Fuel Cost
J A M A I C A
CARIBBEAN PRODUCERS: Incurs US$1.1 Million Net Loss in Q1
FINANCIAL SELECT: Incurs Over $50.6MM in 2026 1st Quarter
JAMAICA: Economy Contracts by 5.9%, PIO Says
M E X I C O
BANCA MIFEL: Fitch Affirms 'BB/B' LongTerm IDRs, Outlook Positive
BANCO VE POR MAS: Fitch Affirms BB/B LongTerm IDRs, Outlook Stable
BANCREA SA: Fitch Affirms 'BB-/B' LongTerm IDRs, Outlook Stable
P U E R T O R I C O
PANADERIA RICA: Carlos Garcia Miranda Named Subchapter V Trustee
T R I N I D A D A N D T O B A G O
TRINIDAD EXPRESS: To Cut Journalists in Restructuring Exercise
U R U G U A Y
URUGUAY: Seeks Compromise on Hydrogen Plant With Argentina
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A R G E N T I N A
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ARGENTINA: Feels Relief as Inflation Slows for 1st Time in 11 Mos.
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Buenos Aires Times reports that after a string of negative
headlines and plunging polling ratings, President Javier Milei has
been cut a break – according to the INDEC national statistics
bureau, inflation slowed in April for the first time in 11 months.
Data published by Argentina's statistics agency showed that
consumer prices rose 2.6 percent last month, decelerating for the
first time since May 2025, according to Buenos Aires Times.
INDEC's consumer price index (CPI) indicates hikes of 12.3 percent
this year, with inflation over the last 12 months totaling 32.4
percent, the report notes.
April's increases were led by transport (which rose 4.4 percent),
education (up 4.2 percent) and communication (4.1 percent), the
report discloses.
Housing and utilities, clothing and footwear, household equipment
and maintenance and restaurants and hotels all posted above average
increases for the month, the report says.
At the other end of the scale was recreation and culture, which
rose just one percent, the report relates. Food and non-alcoholic
beverages, a sector that normally weighs heavily on household
budgets, increased 1.5 percent, the report says. The preceding
month, they had soared 3.4 percent, the report notes.
The regional breakdown showed that inflation was at its highest in
Greater Buenos Aires and the northeast of the country, the report
discloses.
Regulated prices soared 3.4 percent, propelled by hikes in
transport and electricity, while core inflation came in at 2.3
percent. Seasonal prices remained unchanged from March, the report
says.
Separately, INDEC reported that a family of four needed an income
of 1,469,768 pesos (around US$1,050 at the official exchange rate)
in April to avoid falling into poverty, with 665,053 pesos (US$478)
to be classified as living in extreme poverty, the report relays.
The cost of the total basic basket (CBT), which defines the poverty
line, rose by 2.5 percent month-on-month, whilst the basic food
basket (CBA), which defines extreme poverty, increased by 1.1
percent, reported INDEC, the report discloses.
Both increases were below the average inflation rate, the report
notes.
'Back to Normal'
President Milei cheered the release of the data, declaring in a
post on social media that inflation was "back to normal" after
months of acceleration, the report relays.
Confirmation that the upward trend has been broken is a major boost
for the head of state and comes amid a string of negative headlines
concerning corruption allegations, further austerity measures and
his own plummeting popularity, the report notes.
The figure was achieved "despite coup attempts by politicians and
their business allies, claimed Milei on X, who also noted the
impact of the 'external shock' caused by the war in the Middle
East," the report discloses.
Later, in an interview with the streaming channel Neura Media, the
President said he would only feel "relief" when the monthly
inflation figure "is zero," the report discloses.
Several top officials also weighed in to cheer INDEC's news, the
report relates.
"The National CPI recorded a monthly change of 2.6 percent in
April, broken down into a 2.3 percent rise in the core CPI, 4.7
percent in the regulated category and zero percent in seasonal
items. The change in the overall level was the lowest since
November last year, whilst core inflation was the lowest since
October," said Economy Minister Luis Caputo in a post on X, the
report says.
"Inflation in April stood at 2.6 percent, the lowest for the month
of April since 2017, excluding, of course, the [Covid-19] lockdown
period in 2020. The basic basket of goods, meanwhile, recorded a
change of 1.1 percent – the lowest since August 2025," noted
Cabinet Chief Manuel Adorni in another post on social media, the
report relays.
"Inflation is returning to a downward trend. God bless the
Argentine Republic," added the official, who is under investigation
for alleged illicit enrichment by the courts, the report notes.
On the streets of Buenos Aires, however, many shoppers felt that
inflation is still on the rise, the report discloses.
"In this country, everything goes up [in price] every two minutes,"
said Adriana García, a 60-year-old French tutor. She said the
official figure was 'a fabrication' that doesn't "reflect everyday
life," the report relates.
Garcia complained in particular about transport prices, one of the
biggest risers last month. Since May 1, a subway ticket in Buenos
Aires has cost 1,490.36 pesos, around US$1.05, the report
discloses.
"People don't really feel the drop in inflation mainly because
wages have lagged behind inflation," said economist Guido Zack.
Lowering runaway price hikes was one of Milei's key campaign
promises. When he took office in December 2023, annual inflation
stood at around 211 percent and the La Libertad Avanza leader
promptly devalued the peso, the report notes.
Two years on, following a draconian fiscal adjustment, inflation
has fallen to around 32 percent – the lowest annual figure in
eight years, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country’s economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) — with an approved immediate
disbursement of an equivalent of US$9.65 billion. Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.
On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June 2025 with an
associated disbursement of about US$2 billion. The program is
expected to help catalyze additional official multilateral and
bilateral support, and a timely re-access to international capital
markets.
Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term
Foreign Currency and Local Currency Issuer Default Rating (IDR) to
'B-' from 'CCC+'. The rating Outlook is Stable.
S&P Global Ratings, on Dec. 17, 2025, raised its local currency
sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P
also raised its long-term foreign currency sovereign credit rating
to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign
currency rating. The outlook on the long-term ratings is stable. In
addition, S&P raised its issue ratings on local currency bonds to
'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment
is unchanged.
Moody’s Ratings, on July 17, 2025 upgraded the Government of
Argentina’s long-term foreign currency and local currency issuer
ratings to Caa1 from Caa3 and changed the outlook to stable from
positive. The upgrade reflects its view that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024, and
confirmed such ratings in November 2025.
ARGENTINA: Soaring Household Defaults Rock Banks and Fintechs
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Ignacio Olivera Doll at Bloomberg News reports that a sharp rise in
household delinquencies is shaking Argentina’s banks and fintech
firms, presenting another challenge to President Javier Milei's
ambitious economic overhaul.
The number of households falling behind on debt payments jumped to
a 15-year high of 11.5 percent of total loans in March, from 2.6
percent at the end of 2024, according to figures published by the
Central Bank this month, according to Bloomberg News.
That jump is eroding the earnings of banks and other financial
companies, forcing many to raise provisions for bad loans while
some report first-quarter losses, Bloomberg News relays. Four
institutions – Uala, Compañía Financiera Argentina, Banco de
Servicios Financieros and Banco del Sol – received capital
injections in recent months to offset the equity erosion, according
to FIX SCR, the local affiliate of Fitch Ratings in Argentina,
Bloomberg News discloses.
“The problem was that many banks and fintechs came out with the
accelerator pressed too hard on lending in 2024, when Argentina’s
macro was only just beginning to stabilise,” said Fernanda
López, senior director at FIX SCR, Bloomberg News says.
The banking sector tremors are, at least in part, an outgrowth of
Milei’s reform agenda, which has succeeded in lowering
Argentina’s endemic inflation while hitting various parts of the
economy, Bloomberg News relates. The slide in annual inflation –
from 290 percent at the start of Milei’s administration to under
33 percent today – came as a shock to households used to debt
being inflated away in real terms, Bloomberg News notes.
Meanwhile, higher utility rates ate into disposable income, while
the country’s growth took a hit late last year, Bloomberg News
says.
Damage throughout the banking sector has been widespread, though
some analysts said lenders have avoided a worst-case scenario as
they moved to buttress capital and the Central Bank provided
support, Bloomberg News discloses.
Stressed banks included Banco de Servicios Financieros,
Carrefour’s financial arm in Argentina, which needed a capital
injection after delinquencies rose above 49 percent in the first
quarter, according to Central Bank figures, Bloomberg News relays.
Uala received a US$197-million capital injection in March, after
delinquency reached 39.5 percent in February, Bloomberg News says.
That figure was measured before write-offs, which reduced the ratio
to around 15 percent, according to a person familiar with the
matter, Bloomberg News notes.
Compania Financiera Argentina, a consumer lender known as Efectivo
Sí that is focused on lower-income segments, reported a 26 percent
drop in equity at the end of 2025 and announced a capital injection
before being absorbed by Banco Columbia for a little over US$30
million, according to a company statement, Bloomberg News says.
The company still shows a delinquency rate of 39 percent, according
to February data published by the central bank, Bloomberg News
relates.
Cost Cutting
The blow is also pushing banks to cut costs in order to preserve
capital, Bloomberg News says.
Banco Supervielle launched voluntary separation plans in March and
April aimed at reducing its workforce by about 500 people from a
total of more than 2,900 employees, according to people familiar
with the matter, Bloomberg News relates. Across the banking
system, lenders have already cut 6,000 jobs over the past year from
a workforce that numbered 96,000 at the end of 2024, Bloomberg News
says.
“Lenders are focusing heavily on recovery efforts, using their
commercial teams to offer borrowers longer maturities and interest
waivers. They are doing so because they see willingness to pay on
the part of individuals, but not the ability to pay,” Lopez said,
Bloomberg News notes.
The Central Bank has been trying to relieve some of the pressure,
Bloomberg News relays. In April, it loosened monetary policy,
pushing rates down toward 20 percent a year even as inflation was
still running at 32 percent, and relaxed reserve requirements to
free up liquidity, Bloomberg News discloses. Central Bank
officials also urged banks and financial technology firms to offer
delinquent borrowers relief through longer maturities, lower rates
and waivers on penalty interest, according to people familiar with
the matter, Bloomberg News notes.
Alejandro Butti, chief executive officer at Banco Santander
Argentina, said the jump in household defaults reflected last
year’s elevated real interest rates and real wages that have
failed to grow over the past 10 months, Bloomberg News says. He
believes delinquencies are nearing a peak and should ease as rates
decline, Bloomberg News relays.
“The recovery in real wages starting in April should help reduce
delinquencies,” he said at an event in Buenos Aires, Bloomberg
News notes.
Others are less convinced the worst is over, Bloomberg News says.
“We still haven’t seen the peak in delinquency,” said Marcelo
De Gruttola, vice-president for financial institutions at Moody’s
Ratings. Still, “we are starting to see the pace of
deterioration slow,” he added.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.
Argentina has the third largest economy in Latin America. The
country’s economy is an upper middle-income economy for fiscal
year 2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
In March 2022, the International Monetary Fund (IMF) approved a
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota) — with an approved immediate
disbursement of an equivalent of US$9.65 billion. Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.
On April 11, 2025, the IMF further approved a 48-month Extended
Fund Facility (EFF) arrangement for Argentina totaling US$20
billion (or 479 percent of quota), with an immediate disbursement
of US$12 billion, and a first review planned for June 2025 with an
associated disbursement of about US$2 billion. The program is
expected to help catalyze additional official multilateral and
bilateral support, and a timely re-access to international capital
markets.
Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term
Foreign Currency and Local Currency Issuer Default Rating (IDR) to
'B-' from 'CCC+'. The rating Outlook is Stable.
S&P Global Ratings, on Dec. 17, 2025, raised its local currency
sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P
also raised its long-term foreign currency sovereign credit rating
to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign
currency rating. The outlook on the long-term ratings is stable. In
addition, S&P raised its issue ratings on local currency bonds to
'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment
is unchanged.
Moody's Ratings, on July 17, 2025 upgraded the Government of
Argentina’s long-term foreign currency and local currency issuer
ratings to Caa1 from Caa3 and changed the outlook to stable from
positive. The upgrade reflects its view that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024, and
confirmed such ratings in November 2025.
GENERACION MEDITTERRANEA: Early Exchange Draws 92% Participation
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Generacion Mediterranea S.A. and Central Termica Roca S.A.,
announced on May 20, 2026, the results as of the Early
Participation Date of the previously announced offer to exchange
any and all of their outstanding 11.000% Senior Secured Notes due
2031 for the Companies' newly issued Senior Secured Fixed Rate
Step-Up Notes due 2034 and Value Recovery Notes due 2036 and their
solicitation of consents of the holders of the Existing Notes to
amend certain provisions of the indenture pursuant to which the
Existing Notes were issued and to release all of the collateral
securing the Existing Notes, upon the terms and subject to the
conditions set forth in the Exchange Offer Memorandum and
Solicitation Statement, dated May 4, 2026.
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 19, 2026, Existing Notes for an aggregate principal amount
equal to approximately US$325,863,842, or 92.06% of all Existing
Notes were validly tendered for exchange in the Exchange Offer.
Below are additional details with respect to the early results of
the Exchange Offer.
Title of Existing Notes(1): 11.000% Senior Secured Notes due 2031
CUSIP/ISIN: Rule 144A: 36875KAJ0 / US36875KAJ07
Regulation S: P46214AG0 / USP46214AG00
Original Principal Amount of Existing Notes(2): US$353,963,822
Total Principal Amount Tendered as of the Early Participation Date:
US$325,863,842
Percentage of the Original Principal Amount Outstanding: 92.06 %
1. The Existing Notes are currently listed on BYMA and traded
on A3 Mercados S.A.
2.No scheduled amortizations, voluntary redemptions or
repurchases have been made in respect of the Existing Notes since
the first issue date thereof.
Consent Solicitation Results; Minimum Participation Condition
As of the Early Participation Date, the Companies have received the
affirmative consent of holders representing more than 85% aggregate
participation of the Existing Notes then outstanding in order to
(i) substantially eliminate the restrictive covenants and certain
events of default with respect to the Existing Notes, (ii) change
the governing law of the Existing Notes Indenture (as defined in
the Exchange Offer Memorandum and Solicitation Statement) to the
laws of England and Wales (which amendment shall only be
implemented to the extent the Exchange Offer is not consummated
pursuant to its terms and the Companies and the Ad Hoc Group decide
to pursue the Scheme), and (iii) release all of the collateral
securing the Existing Notes, direct each of the Existing Notes
Trustee, the Argentine Collateral Agent and the Onshore Trustee
(each term as defined in the Exchange Offer Memorandum and
Solicitation Statement) to release all of the collateral securing
the Existing Notes and execute all documents necessary to release
all of the collateral securing the Existing Notes.
Supplemental Indenture
The Companies expect to execute the supplemental indenture that
will give effect to the Proposed Amendment to Release Collateral
(as defined in the Exchange Offer Memorandum and Solicitation
Statement) and the Proposed Indenture Amendment (as defined in the
Exchange Offer Memorandum and Solicitation Statement) but will not
become operative unless and until the Companies pay the applicable
Exchange Consideration and deliver an officer's certificate to the
Existing Notes Trustee certifying that the applicable Exchange
Consideration has been paid to all Eligible Holders that have
validly tendered, and not validly withdrawn and accepted for
exchange in the Exchange Offer.
The Proposed Amendment to Release Collateral, once operative, will
release and authorize the release of all of the collateral securing
the Existing Notes, and direct each of the Argentine Collateral
Agent and the Onshore Trustee to release the collateral securing
the Existing Notes and to execute documents necessary to release
all of the collateral securing the Existing Notes. The release of
all of the collateral securing the Existing Notes will follow the
procedures provided in the Existing Notes Indenture.
Amendments to the Early Participation Date
The Companies hereby amend the Early Participation Date of the
Offer and Solicitation, as set forth in the Exchange Offer and
Consent Solicitation Memorandum, as follows. Except as otherwise
stated herein, all other terms and conditions of the Offer and
Solicitation as stated in the Offer and Solicitation Documents
remain the same.
The Companies, as courtesy to Eligible Holders, announced the
extension of the Early Participation Date of the Offer and
Solicitation, from 5:00 p.m., New York City time, on May 19, 2026,
to 5:00 p.m., New York City time, on May 27, 2026. Holders who have
not already done so may tender their Existing Notes for exchange
until the New Early Participation Date and still receive the Early
Exchange Consideration (as defined in the Exchange Offer Memorandum
and Solicitation Statement).
Existing Notes validly tendered, and not validly withdrawn by the
Withdrawal and Revocation Date may no longer be withdrawn, and
related consents validly delivered and not validly revoked by the
Early Participation Date may no longer be revoked, except as may be
required by applicable law.
The Expiration Date of the Exchange Offer is on June 2, 2026, at
5:00 p.m. (New York City time), which remains unchanged after the
extension described in the paragraph above.
Settlement Date
The Companies hereby announce their decision to not exercise their
right to pursue Early Settlement (as defined in the Exchange Offer
Memorandum and Solicitation Statement) of the Exchange Offer, and
anticipate the settlement date to be promptly after the Expiration
Date (such date, as hereby amended, unless further amended, the
"Settlement Date"). The Companies expect to issue and deliver the
applicable principal amount of New Notes and VRI Notes, together
with the Early Exchange Consideration, in exchange for any Existing
Notes validly tendered and accepted for exchange, and not validly
withdrawn on or prior to the New Early Participation Date, in the
amount and manner described in the Exchange Offer Memorandum and
Solicitation Statement, promptly after the Expiration Date
Clean-up Call
In accordance with Section 5(e) of the certificates in global form
evidencing the Existing Notes, if holders of 90.0% in aggregate
principal amount of the outstanding Existing Notes (the "Clean-Up
Call Threshold") accept the Exchange Offer, the Companies may elect
to request holders of any Existing Notes that remain outstanding
after the Settlement Date to exchange such Existing Notes for the
Late Exchange Consideration provided to the participating holders
in the Exchange Offer (subject to applicable procedures of The
Depository Trust Company).
As 92.06% of all Existing Notes were validly tendered for exchange
in the Exchange Offer, the Companies hereby announce their intent
to exercise their right to make the Clean-Up Call.
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 global
coordinator, dealer manager and solicitation agent (the "Global
Coordinator, Dealer Manager and Solicitation Agent") for the
Exchange Offer and the Consent Solicitation.
For further information, any questions or requests for assistance
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. Eligible Holders may also contact
their broker, dealer, commercial bank, trust company or other
nominee for assistance concerning the Offer and Solicitation.
Eligible Holders who desire to complete an electronic eligibility
letter should access the website
https://projects.sodali.com/albanesi2031 operated by Morrow Sodali
International LLC, trading as Sodali & Co, or contact the
Information and Exchange Agent via email to
albanesi@investor.sodali.com, or at the telephone numbers +1 (203)
658-9457 (New York, United States) or +44 (20) 4513-6933 (London,
United Kingdom).
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B R A Z I L
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NEW FORTRESS: Receives Nasdaq Minimum Bid Price Deficiency Notice
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New Fortress Energy Inc. announced in a regulatory filing that it
received written notice from the Listing Qualifications Department
of The Nasdaq Stock Market notifying that, based on the closing bid
price of the Company's Class A common stock, par value $0.01 per
share, for 30 consecutive trading days prior to May 1, 2026, the
Company no longer complies with the minimum bid price requirement
for continued listing on The Nasdaq Global Market. Nasdaq Listing
Rule 5450(a)(1) requires listed securities to maintain a minimum
bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A)
provides that a failure to meet the Minimum Bid Price Requirement
exists if the deficiency continues for a period of 30 consecutive
trading days.
The Notice has no immediate effect on the listing of the Common
Stock on Nasdaq. Pursuant to the Nasdaq Listing Rules, the Company
has been provided an initial compliance period of 180 calendar days
to regain compliance with the Minimum Bid Price Requirement. To
regain compliance, the closing bid price of the Common Stock must
be at least $1.00 per share for a minimum of 10 consecutive trading
days prior to October 28, 2026, and the Company must otherwise
satisfy Nasdaq's requirements for continued listing. If the Company
does not regain compliance within the compliance period(s),
including any extensions that may be granted by Nasdaq, the Common
Stock will be subject to delisting.
The Company intends to actively monitor the closing bid price of
its Common Stock and evaluate all available options to regain
compliance with the applicable Nasdaq listing rules. To that end,
the Company intends to seek stockholder approval for the
implementation of a reverse split of the Company's outstanding
common stock. Although the Company is taking definitive steps to
regain compliance with the applicable rules, there can be no
assurance that the Company will be successful in its effort to
regain compliance with the Nasdaq listing rules.
About New Fortress Energy Inc.
New Fortress Energy Inc., a Delaware corporation, is a global
energy infrastructure company founded to help address energy
poverty and accelerate the world's transition to reliable,
affordable and clean energy. The Company owns and operates natural
gas and liquefied natural gas infrastructure, ships and logistics
assets to rapidly deliver turnkey energy solutions to global
markets. The Company has liquefaction, regasification and power
generation operations in the United States, Jamaica, Brazil and
Mexico. The Company has marine operations with vessels operating
under time charters and in the spot market globally.
As of December 31, 2025, the Company had $10.6 billion in total
assets, $10.2 billion in total liabilities, and $309.6 million in
total stockholders' equity.
On March 17, 2026, the Company entered into an RSA with certain
noteholders and lenders, and upon completion of the transactions
contemplated in this agreement, the Company will have a new capital
structure and the current debt facilities in default will no longer
be outstanding.
* * *
In November 2025, S&P Global Ratings lowered its Company credit
rating on New Fortress Energy Inc. (NFE) to 'SD' (selective
default) from 'CCC'. At the same time, S&P lowered its issue level
rating on NFE's 12% senior secured notes due 2029 to 'D' from
'CCC-'. The downgrade reflects NFE's decision to enter into a
forbearance agreement. S&P will reevaluate its ratings on NFE
before the end of November as more information becomes available.
The Company has initiated a process to evaluate its strategic
alternatives to improve its capital structure. It has retained
Houlihan Lokey Capital, Inc. as financial advisor and Skadden,
Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in
this evaluation. The Company, along with its advisors, is
considering all options available, including asset sales, capital
raising, debt amendments and refinancing transactions, and other
strategic transactions that seek to provide additional liquidity
and relief from acceleration under its debt agreements.
As part of this process, the Company is engaging in discussions
with various existing stakeholders and potential investors. There
are inherent uncertainties as the outcome of these negotiations and
potential transactions are outside management's control, and
therefore there are no assurances that management will be
successful in these negotiations and that any of these potential
transactions will occur.
In addition, there can be no assurances that these transactions
will sufficiently improve the Company's liquidity or that the
Company will otherwise realize the anticipated benefits.
Moreover, if the Company fails to obtain amendments and
forbearance, the Company may be required or compelled to pursue
additional restructuring initiatives to preserve value and
optionality, including possible out-of-court restructurings, or
in-court relief, which could have a material and adverse impact on
the Company's stockholders.
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G U Y A N A
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GUYANA: Rising Global Prices Blamed For High Fuel Cost
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Trinidad and Tobago Express reports that the Guyana government has
blamed rising global oil prices for the reason behind the increases
in fuel prices here even as the Irfaan Ali administration has been
absorbing billions of Guyana dollars in a bid to cushion the
population from the impact.
Finance Minister Dr Ashni Singh in addressing the recent increases
in fuel prices, said that Guyana, despite being a crude oil
producer, still imports refined fuel products from the
international market and is therefore affected by fluctuations in
global oil prices, according to Trinidad and Tobago Express.
"As a result of global developments, the world market price for oil
has been increasing in recent weeks and months," Singh said, adding
that the government has implemented several measures to protect
consumers from the full impact of those increases, the report
notes.
He said among those measures was the complete removal of excise
taxes on fuel, with Singh noting that the measure has resulted in
savings of approximately Guy$100 billion annually for the Guyanese
consumer, the report relates.
"At a micro level, Guyanese consumers are saving about Guy$500 per
gallon of diesel or gasoline purchased at the petrol station," he
said, adding that the government has also absorbed higher fuel
costs incurred by the Guyana Power and Light Incorporated (GPL) and
the Guyana Water Incorporated (GWI), both of which rely heavily on
fuel for their operations, the report discloses.
He said electricity tariffs have remained unchanged despite higher
operational costs because the government intervened financially to
prevent increases from being passed on to consumers, the report
says.
"We have said we will not pass on those increases through
electricity tariffs," Singh said, noting that increases at the fuel
pumps in Guyana have been significantly lower than the actual rise
in global crude oil prices because of deliberate policy
interventions by the government, the report relays.
He said the government remains committed to cushioning citizens
from global economic shocks while maintaining stable utility costs,
the report discloses.
Meanwhile, President Ali is urging public transportation providers
and other stakeholders to act responsibly and avoid excessive fare
increases, the report adds.
=============
J A M A I C A
=============
CARIBBEAN PRODUCERS: Incurs US$1.1 Million Net Loss in Q1
---------------------------------------------------------
RJR News reports that Caribbean Producers Jamaica (CPJ) is
reporting a first quarter loss as the company continues to recover
from recent disruptions linked to hurricane impacts.
For the three months ended March, 2026, CPJ posted a net loss of
just over US$1.1 million, according to RJR News. This compares
with a net profit of US$1.8 million in the same period last year,
the report notes.
The company says the first quarter reflected a critical period of
stabilization and recovery for its operations, particularly in
hospitality markets that are still not fully operational, the
report relays.
FINANCIAL SELECT: Incurs Over $50.6MM in 2026 1st Quarter
---------------------------------------------------------
RJR News reports that the Financial Select Fund recorded a net loss
of just over $50.6 million for the three months ending March 31.
The loss was driven by an unrealized decline in the value of
financial assets amounting to $64.8 million, according to RJR News.
This was only partially offset by dividend income of $17.3 million,
the report notes. As a result, total income for the period came in
at negative $46.1 million, the report relays.
On the expenditure side, total expenses fell to $4.5 million, down
from $5.5 million in the corresponding period last year, the report
says.
The Financial Select Fund seeks to track the performance of an
index of Jamaican financial sector stocks listed on the Jamaica
Stock Exchange, using a representative sampling approach, the
report notes.
JAMAICA: Economy Contracts by 5.9%, PIO Says
--------------------------------------------
Trinidad Express reports that the Jamaican economy contracted by an
estimated 5.9% during the January to March 2026 quarter, compared
with the corresponding quarter of 2025, the director general of the
Planning Institute of Jamaica (PIO) Dr Wayne Henry said.
He told reporters that the performance for the review quarter
largely reflected the lingering impact of Hurricane Melissa that
hit the island in October last year on productive activities,
according to Trinidad Express. He said that the impact of the
hurricane led to an estimated contraction in all industries with
the exception of financial & insurance activities and public
administration & defence; as well as a reduction in the employed
labour force and lower levels of business and consumer confidence,
which constrained domestic demand, the report notes.
"The hurricane's impact was compounded by weakened external demand,
largely reflecting the intensification of geopolitical tensions in
the Middle East. The resulting disruptions to supply chains and
surging energy prices curtailed trade flows and dampened external
demand," he added, the report relays.
The mining sector suffered the largest impact, contracting by
26.6%, followed by agriculture at 20.3%, manufacturing at 7.7% and
construction, which fell by 1.3%, the report notes.
The usually dominant accommodations and food services or tourism
sector also experienced a sharp downturn of 20.4%, negatively
impacted by a 17% fall in visitor arrivals and a 27.5% reduction in
total stopover arrivals, the report discloses. Total visitor
expenditure for the period declined by 21.3%, amounting to US$976.4
million, the report says.
Henry said that for the fiscal year 2025-26, real value added is
estimated to have declined by 1.7% and that the out-turn for the
fiscal year reflected a contraction in all industries, and that the
downturn for the fiscal year largely stemmed from the negative
impact of Hurricane Melissa, the report relates.
Regarding the employment out-turn, the Statistical Institute of
Jamaica (STATIN) reporting on the Labour Force Survey for January
2026, showed that the unemployment rate was 3.6%, down 0.1
percentage point relative to January 2025, the report says.
Henry said that for the period April–June 2026, prospects for the
economy are generally negative, the report adds.
About Jamaica
Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism. Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.
On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook. In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2. The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.
===========
M E X I C O
===========
BANCA MIFEL: Fitch Affirms 'BB/B' LongTerm IDRs, Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed Banca Mifel, S.A. Institución de Banca
Multiple, Grupo Financiero Mifel's (Banca Mifel) Long and
Short-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB' and 'B', respectively. Fitch has also affirmed the bank's
Viability Rating (VR) at 'bb' and its Government Support Rating
(GSR) at 'no support'. The Rating Outlook for the long-term ratings
is Positive.
Fitch also has affirmed Banca Mifel's Long- and Short-Term National
Scale ratings at 'A+(mex)'/'F1(mex)', respectively. The Rating
Outlook for the Long-Term National ratings is Positive.
Key Rating Drivers
Improving Standalone Credit Profile: The Positive Outlook on Banca
Mifel's ratings reflects Fitch expectation that the bank will
continue consolidating positive trends in total operating income
(TOI) and profitability over the next two years while strengthening
capital metrics that help to mitigate risks associated with its
credit growth. Fitch believes the bank's consolidated and
relatively diversified business model will support these trends,
positioning its financial profile more resilient to economic stress
and favorably against midsized peers.
Resilient Operating Environment: Fitch expects operating conditions
for Mexican banks to remain broadly resilient despite macroeconomic
headwinds. The 'bb+'/stable Operating Environment assessment
reflects Fitch's views of stable conditions for the banking sector.
Slower domestic economic growth, trade uncertainty and external
geopolitical risks, including potential Middle East conflict
affects, could increase inflation, market volatility and slow GDP
growth. However. Mexico's large and diversified economy, low
financial inclusion and government economic development initiatives
should help banking sector continue generating consistent business
volumes.
Consistent Business Growth, Good Performance: Banca Mifel's
business profile score of 'bb', with a positive trend, reflects
consistent business volume growth and gradual diversification,
supporting its increased total operating income (TOI). Despite
modest market share in loans and deposits, the bank has
demonstrated competitive strength within its target segments,
underpinning business expansion. Fitch expects Banca Mifel to
maintain this positive trajectory and continue narrowing the gap in
size and TOI with higher-rated specialized and larger Mexican
banks, despite ongoing operating environment risks. As of March
2026 (1Q26), TOI amounted to USD118 million, representing 18.5%
annual growth in local currency (2022-2025 average: USD324
million).
Controlled Asset Quality: The bank's stage 3 loans ratio was 2.4%
at 1Q26 (2022-2025 average: 2.3%), consistent with its rating and
favorable compared to most close peers. Fitch expects the ratio to
remain below 3%, supported by the ongoing reduction of mortgage
loans originated by a Mexican government housing institute,
sustained commercial loan growth, and prudent underwriting that
mitigates credit risk. Individual borrower concentrations remain
moderate, with the top 20 exposures representing 1.4x CET1 at
1Q26.
Improved Profitability: With an operating income to risk weighted
assets (RWA) ratio of 4.4% at 1Q26 and an average of 3.8% over the
past four years, Banca Mifel's earnings profile shows a positive
trend and strengthening within its rating category. This
improvement reflects strong income generation growth, controlled
loan impairment charges, and solid operating efficiency. While
Fitch expects some margin pressure from lower interest rates, this
will be offset to some extent by the bank's gradual shift towards
higher-margin products and increased deposits, which will benefit
funding costs. Due to the sustained positive trajectory in
profitability, there may be potential for upward adjustment of the
score if these trends persist.
Capital Buffers to Support Growth: Fitch expects Banca Mifel's
capital ratios to strengthen, supported by robust internal capital
generation and recent Tier 1 capital notes, despite anticipated
rising RWAs according to the bank´s strategic plans and ongoing
dividend payments. The bank's CET1 to RWA ratio was 17.0% at 1Q26
and 17.1% at YE25, levels Fitch considers strong relative to the
bank's risk profile.
Growing Deposit Base: Banca Mifel's funding structure benefits from
an increasing deposit base in recent years, resulting in an
improved loans-to-deposits ratio, which was 105.6% at 1Q26, and
lower funding costs, with interest expense on customer deposits to
average customer deposits at 5.8% (1Q25: 10.0%). Depositors'
concentrations are gradually reducing as the banks increasing its
deposits base; the top 20 represented 26.8% at 1Q26. The bank's
wholesale funding, mainly through credit lines from development
banks and local debt issuances, complements the bank's funding
structure. However, Fitch expects core deposits to remain the main
funding source. Liquid assets represented a strong 37.1% of total
assets at 1Q26.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A significant deterioration in asset quality and profitability
weakens its capital position, particularly if its operating profit
to APR metric remains below 2% and its CET1 to APR ratio
consistently falls below 14%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The ratings could be upgraded if there is a material
strengthening of the business profile, reflected by sustained
growth in total operating income, while maintaining an operating
profit to RWA metric near 4% and a CET1 ratio of around 15% or a
total capitalization ratio consistently above 17%.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Short-Term IDRs: Banca Mifel's Short-Term IDR is linked to the
Long-Term IDR through Fitch's rating mapping. The 'B' Short-Term
IDR is the only option for Long-Term IDRs in the 'BB' and 'B'
categories.
Hybrid Capital Notes: The AT1 at 'B-' is four notches below the VR,
comprising two notches for loss severity risk due to deep
subordination and two notches for non-performance risk, given the
fully discretionary and non-cumulative coupon payments. The
notching is in line with Fitch's baseline notching for AT1
instruments.
Debt Backed by Third-party Partial Credit Support: Banca Mifel's
debt, with a 45% partial guarantee from El Fondo de Garantía y
Fomento para la Agricultura, Ganadería y Avicultura (FONDO,
'AAA(mex)'/Stable), is rated three notches above Banca Mifel's
national LT rating at 'AA+(mex)'. This reflects higher expected
recovery in case of default, 31% to 50% above the base recovery
rate, according to Fitch's criteria.
The three-notch uplift also considers features of the partial
guarantee that reduce loss severity for bondholders, including
payment subordination to the guarantor, no subrogation rights, and
direct, unconditional execution supported by a credit line from
Banco de Mexico, trustee of FONDO.
Government Support Rating: Banca Mifel's 'ns' GSR reflects Fitch
assessment that there is no reasonable assumption of sovereign
support. This is because the bank is not considered as a domestic
systemically important bank (D-SIB) and has low market share and
interconnectedness within the financial system. At 1Q26, Banca
Mifel customer deposits represented 1.0% of the Mexican banking
system.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
- ST IDRs are sensitive to changes in the LT IDRs;
- If the bank's VR were downgraded, the AT1 would not necessarily
be downgraded, due to rating compression under Fitch's current
criteria, which allows for an overall notching of -3 when the
anchor issuer's VR is 'bb-' or lower. AT1 securities would be
upgraded based on changes to Banca Mifel's VR.
- Given the partially guaranteed nature of the debt and the
guarantor's highest national rating, the issuance rating could only
improve if the guarantee structure is strengthened or total
recovery rates for holders increase. The rating could also be
upgraded if Banca Mifel's LT national rating upgrades. Conversely,
the issuance rating could be downgraded if Banca Mifel or FONDO's
LT national ratings are downgraded, or if the guarantee's
contractual terms are weakened.
- GSR upside potential is limited and can only occur over time with
a material growth of the bank's market share. There is no downside
potential for the GSR.
Summary of Financial Adjustments
Fitch's tangible equity 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 Prior
----------- ------ -----
Banca Mifel, S.A.,
Institucion de Banca
Multiple, Grupo
Financiero Mifel LT IDR BB Affirmed BB
ST IDR B Affirmed B
LC LT IDR BB Affirmed BB
LC ST IDR B Affirmed B
Natl LT A+(mex) Affirmed A+(mex)
Natl ST F1(mex) Affirmed F1(mex)
Viability bb Affirmed bb
Government Support ns Affirmed ns
junior
subordinated LT B- Affirmed B-
guaranteed Natl LT AA+(mex) Affirmed AA+(mex)
BANCO VE POR MAS: Fitch Affirms BB/B LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco Ve por Mas, S.A. Institucion de
Banca Multiple, Grupo Financiero Ve por Mas's (BBX+) Long- and
Short-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB' and 'B', respectively, the Viability Rating (VR) at 'bb'
and its Government Support Rating (GSR) at 'no support' (ns).
Fitch has also affirmed the Long- and Short-Term National Scale
Ratings of BBX+, Casa de Bolsa Ve por Mas, S.A. de C.V., Grupo
Financiero Ve por Mas (CBBX+) and Arrendadora Ve por Mas, S.A. de
C.V. Sofom E.R., Grupo Financiero Ve por Mas (ABX+) at 'A+(mex)'
and 'F1(mex)', respectively. The Rating Outlook on the Long-Term
IDRs and National Ratings is Stable.
Key Rating Drivers
Ratings Driven by Intrinsic Creditworthiness: BBX+'s IDRs and
National Ratings are driven by its intrinsic creditworthiness, as
reflected in its 'bb' VR, which is aligned with its implied level.
The VR reflects the bank's established franchise in Mexico with a
relatively diversified business model, as well as its good
financial profile supported by improving profitability and stable
capitalization levels.
Business Model Remains Consistent: BBX+'s business profile is
underpinned by a consistent business model, reflected in total
operating income (TOI) of USD237.3 million at YE25, up 17.5% from
2024 in local currency. The bank's business model is centered on
lending to corporates, middle-market companies and, to a lesser
extent, individuals through mortgage products, complemented by
transactional, treasury and trust-related services. While its
market position remains modest relative to larger domestic banks,
Fitch expects the bank will continue to maintain a degree of
revenue diversification and business stability that supports its
ratings.
Resilient Operating Environment: Fitch expects operating conditions
for Mexican banks to remain broadly resilient despite macroeconomic
headwinds. The 'bb+'/stable Operating Environment assessment
reflects Fitch's views of stable conditions for the banking sector.
Slower domestic economic growth, trade uncertainty and external
geopolitical risks — including potential Iran conflict affects
— could increase inflation, market volatility and slow GDP
growth. However, Mexico's large and diversified economy, low
financial inclusion and government economic development initiatives
should help the banking sector continue generating consistent
business volumes.
Stable Asset Quality: The bank's asset quality continues to reflect
moderate impairment levels, mainly in its commercial loan
portfolio, and remains weaker than most similarly rated peers.
Nevertheless, Fitch expects the Stage 3 loans to gross loans ratio
to remain around 3% over the rating horizon, supported by stable
underwriting standards. At 1Q26, this ratio was 3.0% (2022-2025
average: 3.0%). Reserve coverage remains adequate and provides a
reasonable buffer against potential credit losses.
Stable Profitability: Fitch upgraded the earnings and profitability
score to 'bb'/stable from 'bb-'/positive, reflecting the bank's
gradual improvement in profitability in recent years. At 1Q26, the
operating profit to risk-weighted assets (RWAs) ratio reached 2.4%
(2022-2025 average: 2.7%), supported by continued discipline in
administrative expenses, a growing net interest margin and
contained loan impairment charges. Fitch expects this ratio to
remain close to 3% over the rating horizon.
Capitalization Provides Adequate Loss Absorption: BBX+'s
capitalization remains stable, supported by earnings retention,
moderate dividend distributions and controlled balance sheet
expansion, which Fitch expects to continue over the rating horizon.
At 1Q26, the common equity Tier 1 (CET1) ratio was 14.6% (YE25:
14.6%), and Fitch does not expect material changes in trajectory of
the metrics and will continue to be sustained by earning
generation.
Good Funding and Liquidity: Fitch believes BBX+'s funding and
liquidity profile remains good and better than peers. The structure
is primarily supported by customer deposits and higher portion of
demand deposits. At 1Q26, the customer deposits to total non-equity
funding ratio was 56.6%, while the gross loans to customer deposits
ratio stood at 102.9% (2022-2025 average: 101.7%). Fitch expects
customer deposits to remain the main source of financing. Deposit
concentration is lower relative to local mid-sized bank peers.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A sustained deterioration of BBX+'s financial performance marked
by weakened asset quality metrics, resulting in the bank's
operating profit to RWA ratio sustaining below 2% and its CET1 to
RWA ratio sustaining below 14%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- A significant strengthening in BBX+'s business profile over the
medium term marked by a sustained increase in TOI, reflecting
improvements in its financial profile with operating profit to RWA
metrics close to 4% and CET1 to RWA metrics consistently close to
17%.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Short-Term IDRs: BBX+'s Short-Term IDRs are linked to the Long-Term
IDRs through Fitch's rating mapping. The 'B' Short-Term IDRs are
the only option for Long-Term IDRs in the 'BB' and 'B' categories.
Government Support Rating: BBX+'s GSR of 'no support' reflects
Fitch expectation that there is no reasonable assumption of
sovereign support. This is because the bank is not considered a
domestic systemically important bank (D-SIB) and has low market
share and interconnectedness within the country's financial system.
At YE25, BBX+ customer deposits represented 0.8% of the Mexican
banking system's total deposits.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Short-Term IDRs are sensitive to changes in the Long-Term IDRs;
- There is no downside potential for the GSR.
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Short-Term IDRs are sensitive to changes in the Long-Term IDRs;
- For the GSR, upside potential is limited and can only occur over
time with material growth of the bank's market share.
SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS
Ratings at the Same Level as BBX+: ABX+'s and CBBX+'s national
ratings are equalized with BBX+'s ratings. This reflects Fitch's
view that there is a high likelihood that both entities would
receive extraordinary support from their parent, Grupo Financiero
Ve por Más, S.A. de C.V. (GFBX+), if needed. Fitch considers the
credit profile of the holding company to be fully linked to that of
its main operating subsidiary, BBX+. This assessment also considers
GFBX+'s legal commitment to provide support to its subsidiaries.
Furthermore, Fitch's analysis incorporates the strategic relevance
of both entities to the group's overall operations and business
strategy.
SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Any negative movement would be driven by a negative action on
BBX+'s ratings.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Any positive movement would be driven by a positive action on
BBX+'s ratings.
VR ADJUSTMENTS
The business profile score of 'bb' is above the 'b and below'
category implied score due to the following adjustment reason(s):
business model (positive).
Summary of Financial Adjustments
CBBX+: Fitch's calculation of tangible equity excluded the balance
sheet items of prepaid expenses and other deferred assets from
shareholders' equity.
ABX+ and BBX+: Fitch's calculation of tangible equity excluded the
balance sheet items of prepaid expenses, goodwill and other
deferred assets from shareholders' equity.
Public Ratings with Credit Linkage to other ratings
The ratings of ABX+ and CBBX+ are driven by the institutional
support from BBX+ rated at 'BB'/Stable.
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
----------- ------ -----
Casa de Bolsa Ve
por Mas, S.A. de
C.V., Grupo
Financiero Ve por Mas Natl LT A+(mex) Affirmed A+(mex)
Natl ST F1(mex) Affirmed F1(mex)
Arrendadora Ve por
Mas, S.A. de C.V.,
Sociedad Financiera
de Objeto Multiple,
Entidad Regulada,
Grupo Financiero
Ve por Mas Natl LT A+(mex) Affirmed A+(mex)
Natl ST F1(mex) Affirmed F1(mex)
Banco Ve por Mas,
S.A., Institucion
de Banca Multiple,
Grupo Financiero
Ve por Mas LT IDR BB Affirmed BB
ST IDR B Affirmed B
LC LT IDR BB Affirmed BB
LC ST IDR B Affirmed B
Natl LT A+(mex) Affirmed A+(mex)
Natl ST F1(mex) Affirmed F1(mex)
Viability bb Affirmed bb
Government Support ns Affirmed ns
BANCREA SA: Fitch Affirms 'BB-/B' LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Bancrea, S.A., Institucion de Banca
Multiple's (Bancrea) Long- and Short-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB-' and 'B',
respectively. Fitch has also affirmed Bancrea's Viability Rating
(VR) at 'bb-' and Government Support Rating (GSR) at 'no support'
or 'ns'. The Rating Outlook for the Long-Term IDRs is Stable. Fitch
has additionally affirmed Bancrea's National Long- and Short-Term
ratings at 'A(mex)'/Stable and 'F1(mex)', respectively.
Key Rating Drivers
Ratings Diven by Intrinsic Performance: Bancrea's IDRs and National
Scale ratings are derived from the bank's standalone credit
profile, captured in its VR of 'bb-'. The VR reflects the bank's
consistent, well-executed business profile and its relatively high
risk appetite, driven by relevant concentrations in the lending
portfolio and strong balance sheet growth under its expansion
strategy. Bancrea's VR also reflects a consistent financial
profile, reasonable asset quality metrics, improved profitability,
adequate capital levels, and a stable funding structure.
Resilient Operating Environment: Fitch expects operating conditions
for Mexican banks to remain broadly resilient despite macroeconomic
headwinds. The 'bb+'/Stable Operating Environment assessment
reflects Fitch's views of stable conditions for the banking sector.
Slower domestic economic growth, trade uncertainty and external
geopolitical risks, including the potential effects of the conflict
in the Middle East, could raise inflation, increase market
volatility and slow GDP growth. However. Mexico's large and
diversified economy, low financial inclusion and government
economic development initiatives could support the banking sector
in continuing to generate consistent business volumes.
Effective Strategy Execution Underpins Business Profile: Bancrea's
well-defined strategy and consistent execution of its main business
targets have supported gradual growth in operations and sustained
performance. These factors are reflected in the 'bb-' business
profile score with a Stable Outlook. This is evident in continued
income improvement, with total operating income (TOI) of around
USD171 million at YE25, up 42% yoy, and up 25% yoy as of 1Q26. The
score also reflects Bancrea's modest market position, although it
has increased gradually in recent years.
Prudent Asset Quality, Relevant Concentration Exposure: Fitch
expects Bancrea's asset quality to remain in line with its 'bb'
score over the rating horizon, supported by prudent risk controls.
However, high debtor concentration poses an ongoing challenge, as
evidenced by Stage 3 loans rising to 1.9% at YE25 and 2.6% in 1Q26
(averaging 0.9% in 2022-2025), due to credit deterioration in two
large borrowers. The bank's recovery efforts and anticipated credit
growth should reduce Stage 3 metrics to between 1% and 2%, below
some rated peers. The effectiveness of Bancrea's collection and
credit policies will be key to managing asset quality and
concentration risk.
Continued Improvement in Profitability: Fitch upgraded Bancrea's
earnings and profitability score to 'bb' from 'bb-', due to its
sustained business growth, stable net interest margins, improved
operating efficiency, and reasonable credit costs, which have
increased modestly. These factors have led to a gradual
strengthening of its profitability ratios. As of YE25, its
operating profit to risk weighted assets (RWA) ratio was 3.0% and
the 2022-2025 average was 2.4%. This level is comparable to that of
similarly rated mid-sized banks. At 1Q26, the ratio was 2.2%.
Capital Buffers Enhance Loss Absorption Capacity: Bancrea maintains
steady capitalization levels, supported by gradual profitability
improvement amid continued loan growth and its first dividend
payment in 2025. As of YE25, its common equity tier 1 (CET1) to RWA
ratio was 10.5%, similar to YE24. This was less favorable than that
of some similarly rated peers, but consistent with its 'bb-'
capitalization and leverage score. Additionally, Bancrea's
loss-absorption capacity is also strengthened by its hybrid debt
instruments, which contribute to regulatory capital metrics of more
than 13%. As of 1Q26, its CET1 ratio and total capital regulatory
metric were 10.4% and 13.5%, respectively.
Sustained Funding and Liquidity Profile: Bancrea's funding profile
continues to be supported by its favorable deposit base and stable
funding structure, which remain well aligned with its 'bb' score.
The bank's deposits have grown steadily in line with its business
strategy and its reasonable management of funding costs. In
addition, Bancrea's non-deposit funding consists primarily of
credit lines with local development banks. As of YE25, its
loan-to-deposits ratio was 110.2% and the 2022-2025 average was
113.9%.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Bancrea's ratings could be downgraded if its financial profile
weakens because of deteriorating asset quality and a weaker capital
position. Negative rating action could arise if the CET1 to RWA
ratio remains consistently below 10%, the total regulatory
capitalization ratio remains below 12%, or the operating profit to
RWA ratio falls consistently below 1.25%. A downgrade could also
result from a consistent decline in TOI due to sustained business
deterioration.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- A sustained increase in TOI and a reduction in credit
concentrations, together with CET1-to-RWA ratios maintained
consistently near 12%, a total regulatory capitalization ratio
maintained at 15% and an operating profit-to-RWA ratio maintained
above 2% could lead to positive rating action.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Short-Term IDRs: Bancrea'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.
No Government Support: Fitch believes government support is
unlikely because Bancrea is not considered a domestic systemically
important bank (D-SIB), which is reflected in the bank's GRS of
'ns'. As of 1Q26, Bancrea's customer deposits represented just 0.5%
of the Mexican banking system.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
- ST IDRs are sensitive to changes in the LT IDRs;
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- There is no downside potential for the GSR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Upside potential is limited for the GSR and can only occur over
time with material growth in the bank's market share.
VR ADJUSTMENTS
The business profile score of 'bb-' is above the 'b & below'
category implied score due to the following adjustment reason:
management, governance and strategy (positive).
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 Prior
----------- ------ -----
Banco Bancrea, S.A.,
Institucion de
Banca Multiple LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT A(mex) Affirmed A(mex)
Natl ST F1(mex) Affirmed F1(mex)
Viability bb- Affirmed bb-
Government Support ns Affirmed ns
=====================
P U E R T O R I C O
=====================
PANADERIA RICA: Carlos Garcia Miranda Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Carlos Garcia Miranda as
Subchapter V trustee for Panaderia Rica Dona Inc.
Mr. Garcia Miranda will be paid an hourly fee of $150 for his
services as Subchapter V trustee and will be reimbursed for work
related expenses incurred.
Mr. Garcia Miranda declared that he is a disinterested person
according to Section 101(14) of the Bankruptcy Code.
About Panaderia Rica Dona Inc.
Panaderia Rica Dona Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-02074) on May 6,
2026. At the time of the filing, Debtor had estimated assets of
between $50,001 and $100,000 and liabilities of between $500,001
and $1 million.
Homel Antonio Mercado Justiniano, Esq., is the Debtor's legal
counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD EXPRESS: To Cut Journalists in Restructuring Exercise
--------------------------------------------------------------
Peter Christopher at Trinidad and Tobago Guardian reports that the
Trinidad Express informed the Banking, Insurance and General
Workers Union (BIGWU), which represents its staff, that the company
is planning a restructuring exercise that would see editorial staff
reduced from 33 to 26 employees.
Under the restructuring plan outlined, two sub-editors, a night
editor (a position being made redundant) and four reporters (three
from Port-of-Spain and one from San Fernando) are expected to be
retrenched, according to Trinidad and Tobago Guardian.
BIGWU has indicated that it intends to take action to protect
workers, the report notes.
The report relays that in a letter to staff, the union said, "We
deeply understand that this is an incredibly tense and distressing
time for everyone. Facing the threat of job losses strikes at the
very heart of our livelihoods and our families. However, we want to
assure you in no uncertain terms: your Union is actively seized of
this matter."
The report notes that the union added, "While the company frames
this as a 'proposed restructuring review,' strict legal procedures
must be followed under the law. We will hold management fully
accountable to those legal frameworks. The Banking, Insurance and
General Workers Union (BIGWU) is already reviewing the details, and
the Executive will be issuing a formal, robust response to the
company very soon."
A meeting on the proposed restructuring was held with staff, the
report discloses.
The announcement comes just two weeks after the newspaper’s
parent company, One Caribbean Media, reported an after-tax profit
of $4.36 million for the three-month period ended March 31, 2026,
the report recalls.
However, in its financial report on May 7, Chairman Faarees Hosein
said, "The Trinidad media business continued to navigate a
challenging advertising market, which is showing early signs of
recovery. We are rolling out enhanced multimedia packages and
compelling value propositions. Additionally, we are making
progress toward achieving better cost and structural efficiencies.
Our other regional media businesses have demonstrated resilience in
a tough industry landscape and are also pursuing strategic
initiatives to secure sustainable business models," the report
says.
It has been a difficult year for local media, with reduced
advertising from both government and private sector entities
impacting operations across the industry, the report notes.
In January, the Newsday ceased operations, with Maria Daniel of
Ernst & Young (EY) appointed to oversee the liquidation and wind-up
of the company's affairs, the report relays. Several of the
company's assets at El Socorro were listed for sale. Sixty
employees were left jobless following the closure, the report
notes.
In July last year, Digicel Group shut down its digital media house
Loop and announced that regional sports broadcaster SportsMax would
have its final broadcast on August 8, the report discloses. More
than 100 workers were affected by that decision, the report adds.
=============
U R U G U A Y
=============
URUGUAY: Seeks Compromise on Hydrogen Plant With Argentina
----------------------------------------------------------
Buenos Aires Times reports that Uruguay and Argentina say they are
making progress in talks to address a dispute over a
multibillion-dollar green hydrogen plant planned on the Uruguayan
side of a shared border river.
Argentina's Foreign Minister Pablo Quirno travelled to Montevideo
to meet his Uruguayan counterpart Mario Lubetkin for the second
time in six months to discuss the US$5-billion project proposed by
multinational company HIF, according to Buenos Aires Times.
"This meeting can only be seen as positive, as a substantial step
forward in a process that still requires several more stages before
it can be finalised," Lubetkin, Uruguay's top diplomat, told
reporters after the meeting, the report notes.
Uruguay informed Argentina that it is currently assessing the
project's environmental impact study, the report relates. It is
also considering alternative locations for a possible relocation of
the plant, which is one of Buenos Aires' key requests, the report
says.
The original proposed site is in the northern department of
Paysandú, a few kilometres from the Uruguay River, which forms the
natural border between the two countries, the report discloses.
The project has caused concern in the Argentine city of Colon over
its potential impact on the environment and the region’s tourism
industry, the report notes.
Quirno welcomed Uruguay's decision to take into account Argentina's
environmental observations during the review process, the report
relays.
"Argentina has a highly conciliatory and pro-investment position.
The region needs greater investment," he said, adding: "We are
seeking win-win solutions and trying to avoid future conflicts,"
the report discloses.
The report notes that he also stressed that Uruguay "has every
right to accept investments that meet its requirements," while
noting that its willingness to engage in dialogue helps to "avoid
conflicts."
"These are not facts, these are processes," Lubetkin said during
the joint press conference, the report relays.
"What we began on November 26 was a process in which we explained
to the Argentine authorities the basic aspects of this project, and
they expressed certain concerns as well as strong incentives," the
Uruguayan foreign minister added.
The minister also highlighted the political tone of bilateral
relations and the level of dialogue achieved between the two
governments, the report discloses.
He noted that there had been "many meetings" between both sides in
recent months to address not only this issue but also other
strategic matters on the bilateral agenda, the report says.
Although the relocation of the plant has not yet been decided,
local media reports suggest it is most likely to be moved to
another area within the same department, the report relays.
Entre Ríos Province Governor Rogelio Frigerio took part in a
working meeting in Montevideo with Argentine and Uruguayan
officials to advance discussions, the report notes.
The meeting included officials from Argentina's Foreign Ministry,
members of the Uruguayan government, Uruguay's environment and
industry ministers, and the mayors of the cities Colon and
Paysandu, according to local media, the report discloses.
During the meeting, the Uruguayan government confirmed it is
evaluating alternative locations for the proposed synthetic fuel
refinery in Paysandú in response to concerns raised by Argentina,
the report notes.
It was also confirmed that the city of Colon would be included
within the project's area of influence for the purposes of
preparing the Environmental Impact Assessment, the report relates.
Argentine authorities stressed the need to take every precaution to
avoid potential adverse effects on existing economic activities in
riverside communities linked to the sustainable use of the Uruguay
River, the report says.
Montevideo and Buenos Aires have clashed diplomatically in the past
over the construction of industrial plants near the Uruguay River,
the report discloses.
In 2010, the two countries resolved a dispute over the installation
of a pulp mill in Uruguay near the shared river, the report
recalls.
Tabare Vazquez, Uruguay's president at the time, later said after
leaving office that he had even considered the possibility of an
armed conflict with the neighbouring country, the report adds.
*********
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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Chapman, Editors.
Copyright 2026. All rights reserved. ISSN 1529-2746.
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* * * End of Transmission * * *